Good afternoon. I am, today, with Roxane Dufour, CFO of the group. I am Jacques Stern, the CEO of the group, and we will comment to you our Q3 figures. I will start by an executive summary to draw the main key points to have in mind. First, the first nine months of the year has been strong in terms of revenue, with 41% increase. The adjusted EBITDA at the end of nine months had increased by 102% at EUR 115 million, and this translates drop-through of the revenue into adjusted EBITDA of 62.8%. We are also in this Q3 seeing an acceleration of the annualized adjusted EBITDA at EUR 159 million. Roxane will comment on that. And if we go to January figures, the January figures have confirmed the strengths of the recovery in continental Europe with a recovery of 125% versus 118% in Q3, and same in APAC, with the recovery which is now reaching 161% of 2019 in January versus 150% in Q3. I will give you much more information on that in the coming minutes. Just two elements to mention in this main takeaway. You may remember that we have closed the refinancing by early December 2023, which resulted into a new Senior Debt of EUR 610 million and FCF of almost EUR 100 million with a maturity of seven years. Alongside also to mention that Q3, see a very strong improvement of the net leverage ratio at 3.6x versus more than six last year, and we confirmed our objective to go below 2.5 x in terms of net leverage ratio. So, these are really the takeaway, and now I, I will give the floor to Roxane to give you more detail on Q3 and the nine months financial performance. Thank you, Jacques. I'm Roxane Dufour, the CFO of Global Blue, and I will take you through the group's financial performance for the third quarter and the nine-month period ended 31st of December 2023. As a reminder, our financial year runs from April to March, and all the reconciliation to the nearest IFRS metrics are included into the appendix. Let's move to slide seven for our adjusted P&L of the third quarter. We are pleased here to report another solid quarter with significant progress across the business. TFS and AVPS reported sales in -store increased by EUR 1.5 billion, an increase of 27.7% versus Q3 last year. Group revenue increased by 26.2% to EUR 109.4 million versus the same period last year. Turning to adjusted EBITDA, we have delivered a significant improvement to EUR 39.8 million, resulting in an 8.5-point increase in the adjusted EBITDA margin to 36.3%, and with a 69% revenue drop-through to adjusted EBITDA. Finally, we recorded an adjusted net income for the group of EUR 9.1 million versus EUR 6.6 million in Q3 last year. Let's turn now to slide eight for the revenue. Here, you can see that we have delivered another strong quarter, significant growth, delivered a 26.2% increase in revenue versus the same period last year. I will go into the detail per division on the following slides, but you can see here TFS, AVPS, and RTS contributed to a further EUR 22.7 million in revenue with a further EUR 1 million scope effect from TFS and RTS. We then have a EUR 1 million effect impact, which gets us at the end to EUR 109.4 million of revenue in Q3 this year versus EUR 86.7 million last year same period. Turning now to the revenue performance per division. TFS: 74% of our revenue in Q3. TFS delivered a strong performance with an increase in revenue of 24.8% on a reported basis to EUR 80.3 million. On a like-for-like basis, revenue in continental Europe increased by 17.7% to EUR 68 million, while revenue in Asia Pacific increased by 83.5% to EUR 12 million revenue. This strong performance in Asia reflects the ongoing recovery across all origin nationalities with the reopening of the Chinese border in January 2023 being the key driver of the revenue improvement, so especially in Asia, as I mentioned, where sales in-store of shoppers from Mainland China has already recovered to 105% in Q3 this year versus 2019, and Jacques will cover that in more detail later. Turning now to AVPS. AVPS, this is 20% of our group revenue. This division also delivered a strong performance with an increase in revenue of 37.4% on a reported basis to EUR 22.3 million, reflecting a strong performance across both business segments. On a like-for-like basis, revenue in FX Solutions increased by 64% to EUR 10.6 million, while revenue in the acquiring business increased by 26.2% to almost EUR 12 million. As with TFS, AVPS is also benefiting from the ongoing recovery in the travel industry. Turning now to RTS. RTS: 6% of the group revenue in Q3 this year. As a reminder, RTS reflects the acquisition of ZigZag in March 2021, consolidation of Yocuda from September 2021, and the acquisition of Shipup in November 2022. Here, you can see RTS revenue increasing by 11.6% on a reported basis to EUR 6.8 million revenue in Q3 this year. There was an organic growth of 3.9% and an additional EUR 500,000 from the acquisition of Shipup. While like-for-like revenue growth was moderate at 3.9% as a result of the cessation of sales of carriage to ZigZag clients, which is revenue with lower contribution, the like-for-like contribution growth of the segment, which is after carrier cost, was very strong at 80%. Turning now to detail on adjusted EBITDA. The significant improvement in revenue together with the ongoing focus on the cost base led to a 65.2% increase in adjusted EBITDA in Q3 this year. The revenue drop-through is 69.2%, and I will take you through the details here. We begin with our adjusted EBITDA, which was EUR 24.1 million last year. If we look at the additional contribution of each business, contribution being the marginal revenue minus marginal direct variable cost, we have a further EUR 19.4 million in Q3 this year. Considering the EUR 3.8 million impact of fixed cost and then, the scope effect from TFS and RTS and the FX impact, the group delivered an adjusted EBITDA of EUR 39.8 million with an increase in the adjusted EBITDA margin of 8.5 points to 36.3%. Turning now to slide 13 for further detail on the net finance cost. We are showing here a significant increase of EUR 8.3 million in net finance cost. A few points to consider. First, we have an increase in interest cost of EUR 5.3 million. This is due to an increase in interest rate from 3.26% in October-November 2022 last year to this year same period, 6.5% a nd in December, it raised to 8.4% as a result of the refinancing. T hen, we have a negative foreign exchange variation of EUR 3 million versus the same period last year. As a reminder, Q3 last year was impacted by the foreign exchange related to the Certares-Knighthead Equity Transaction and also the supplemental shareholder facility, which was denominated in USD while Global Blue reported in euro. Turning now to the detail of quarterly adjusted EBITDA. Here, we are showing the annualized adjusted EBITDA for the group based on the quarterly recovery. You can see here a steady and consistent improvement in the annualized quarterly adjusted EBITDA. Now, based on the Q3 recovery, the annualized quarterly adjusted EBITDA is at EUR 159 million. This has led to a significant improvement in terms of margin from 28.8% last year same period to this year, 36.7%. Now, I will take you through the financial detail for the nine-month performance. Here, we are showing the adjusted P&L for the nine months over the year, and again, we see the same trends as with the third quarter. TFS and AVPS reported sales in -store increased by EUR 5.9 billion, an increase of almost 45% versus the nine months last year. Group revenue increased by 41% to EUR 317 million. And then turning to adjusted EBITDA, we have delivered a significant improvement to almost EUR 115 million, and with a big improvement in terms of margin, 11 points improvement and a margin now at 36.2%. Finally, we recorded an adjusted net income for the group at EUR 25.3 million, again, a significant improvement versus last year, which was negative at EUR 7.1 million. Let's turn now and get into further details on our adjusted EBITDA. Similar to Q3, we are showing the detail for the nine months. We achieved a 102% increase in adjusted EBITDA versus last year, and we have a drop-through of 63%, starting with our adjusted EBITDA at EUR 56.7 million last year for the same period. If you look at the additional contribution for each business, we have a further EUR 73.3 million in nine months. Then taking into account the fixed cost, EUR 13 million, the scope effect, about EUR 2 million, and then the foreign exchange impact about EUR 500,000, the group delivered an adjusted EBITDA of EUR 114.7 million with an increase, as I mentioned, of the adjusted EBITDA margin, at 36.2%. That means +11 points. Moving now to the D&A and the net finance cost. In terms of adjusted D&A, so we have a slight increase, of EUR 600,000, and now we are at EUR 27.6 million for the period. On an annualized basis, this gives us a D&A of EUR 36 million, which is in line with our current level of CapEx. Then, related to the net finance cost, so we experienced the same trends here, as we had in Q3. The net finance cost increased over the nine-month period by EUR 9 million, and this is due mainly to the interest cost, because they have increased on a blended basis from 3.17% to 6.37%. This was offset by a decrease of other finance costs by EUR 8.3 million, and this is the result of the foreign exchange impact related to Certares-Knighthead transaction and supplemental shareholder facility that I have already explained. Let's turn now to the cash flow statement. After an adjusted EBITDA of EUR 114.7 million, the level of CapEx is EUR 27.9 million. Then you can see here a working capital inflow of EUR 6.1 million in the period, which I will cover in detail on the next slide. You have also a higher level of interest paid, EUR 41 million, and this is mainly due to the interest rates over the period that have been raised over the period. Then the strategic equity investment from Tencent that has been done in November and that resulted in an inflow of EUR 45 million a nd you can also see here the cost related to our refinancing for about EUR 24 million. Finally, our net debt has improved by EUR 41.2 million. Let's turn now to the next slides in order to have a look at the working capital dynamics. As a reminder, our working capital is retained by timing difference between the moments we process the refunds that we make to the international travelers and the moments we receive VAT payments from merchants and tax authorities. We typically refund travelers, on average, 30-45 days before we are paid by the merchant or authorities. As a result, we experience cash flow seasonality through the year with a larger net working capital need during spring/summer months when international shoppers travel more frequently, followed by a working capital unwind during autumn-winter season, our low season. As we have seen the travel industry recover, we have also seen a significant increase in volume, which led to a much higher working capital need. You can see here where we had a particularly high outflow of EUR 43 million during the nine months previous year, meaning financial year 2022-2023, where we were in full recovery. Now, we are in a more settled environment. You can see this stabilize with a more balanced working capital need during spring and summer, followed by working capital excess during the autumn, which has led here to a EUR 6 million inflow. But definitely, we can say that we are in a business with a working capital neutral. Now, turning to an analysis of our net debt position. As of 31st of December 2023, our net financial debt amounted to EUR 508.6 million, including cash and cash equivalent of EUR 101.4 million. You can see here that there has been a strong improvement of the net leverage ratio, which was mentioned in this introduction by Jacques. So from 6.5x at the end of March 2023, we are now at 3.6x at the end of December 2023. As a reminder, in November, we took the opportunity to renegotiate our Senior Debt to strengthen the balance sheet with, at the end, meaningfully deleveraged the group. The refinancing was closed on the beginning of December and with a Senior Debt at EUR 610 million with maturity of seven years and a revolving credit facility at EUR 97.5 million, which was not drawn at the end of December. Turning now to the key takeaways. First, we are pleased to report a solid recovery with a significant increase of 41% of our revenue, which lands at EUR 317 million. Then thanks to the strong revenue growth and ongoing management on the cost base, we are pleased to report a strong improvement in nine months on our adjusted EBITDA. We are at about EUR 115 million, an increase of 102% versus the same period last year and a drop-through of almost 63% in adjusted EBITDA. On that basis, if we analyze the adjusted EBITDA based on the quarterly performance of the group, there is an acceleration in nine months at EUR 159 million. To strengthen the balance sheet, the group refinanced its total indebtedness with a Senior Debt of EUR 610 million and a revolving credit facility of EUR 97.5 million. This is in place until 2030. Finally, we have delivered a strong key improvement in the net leverage ratio to 3.6 x, and this is reiterating our objective of being below 2.5x. This concludes the financial section, and I will now hand over to Jacques to present the latest trends and the long-term growth of Global Blue. Thank you, Roxane. So quick update on the latest trends, namely January 2024. We have seen across the board a solid performance in improvement versus Q3. You can see here the figures with seven-point improvement of recovery in Europe, 11 points in APAC. So, a good dynamic in January. If we go in detail in page 25, you can see that in Europe, we have reached now 125% recovery to be compared to 118% in Q3. And this is led in particular by an increase of the spend of 34%. If we look in terms of number of international shoppers, we still are below 2019 at 93%. If we go now into the detail of the nationality coming to Europe, continental Europe as a destination, I think I will make a few comments there. First, we are seeing and we have a few slides for you in the coming second. On the U.S., we are seeing a U.S. heading first. Same for the Gulf countries, both nationality or group of nationality being around 275%-300% recovery versus 2019, very strong. Also worth to mention that Mainland China, who used to represent 25% of the spend in 2019, have seen in January an acceleration from 58% in Q3 to 80%. So those will be the two focuses that I would like to share with you. Starting with the Americans, we are seeing that despite some weakness in terms of consumer demand domestically in the U.S., the international spends are very strong, so 290% in January, which is driven by a very strong recovery in terms of number of shoppers, almost 200%, namely 195%, and also a strong increase of the spend of Americans going and shopping in Europe at 49%, leading to this 290% recovery of the spend versus 2019. If we go into a little bit more detail trying to understand why this performance, you can see on this chart where we are comparing consumers who have shopped in the last quarter, so of the calendar year, so our Q3 but calendar year Q4, you can see that as it has been the case since the beginning of the recovery, the recovery is really very strong for high-net-worth individual and Senior Debt. You can see that on high-net-worth individual, so people in our segmentation, which are spending more than 20,000, they are spending on average more than three times what they used to spend in 2019. And in the last quarter, it was even almost four times. So, in summary, American recovery very strong. We see no sign of decline, and it's led by the, I would say, high spender. If we move for Chinese going into Continental Europe as a destination, we see there that the acceleration, as mentioned, in January with 80% recovery, which is a combination of low recovery in terms of number of shoppers, 49%, well below the recovery in terms of air capacity in January. Few explanations. One, the cost of the flight, which remained very high, but also some constraints in terms of visa issuing, which remains important, in particular when travelers want to go to France or to Germany. I will give a little bit more detail in the next slide, which basically explains why we have this low level of recovery of 49% versus air capacity. On the other hand, like for other nationalities, we are seeing a strong increase of the spend, 63%, which led to this 80% recovery in terms of spend. If we move now to the recovery in APAC as a destination, you see that there also, in January, the recovery has been stronger than in Q3, 161% versus 150%. And I would say not like in Europe. It's basically driven by the combination of the strong increase of the international shoppers. We are well above 2019 in APAC as a destination, 118%, but also by a strong increase of spend, 36%, in line with what we are seeing in Europe. When we go to the detail of the latest trends per nationality coming into APAC as a destination, the most important thing on this slide is the acceleration of Mainland China, who used to represent 56% of the spend of 2019 and for which we have seen an acceleration from 105% in Q3 to 127% in January. If we go a little bit more in detail on this Chinese recovery, we see that like in Europe, the number of international travelers is still, I will say, low, 59% to be compared to an air capacity of 82%. But the increase of spend is much more important, 115%, leading to this 127% level of recovery. And a bit like for the American, this table shows per segment for people having shopped in the last quarter versus 2019, so same passport, what is the multiple of spend that they have. And you see that surprisingly or unsurprisingly, as you want, we see the same trend then for American, i.e., the recovery is really led by High-Net-Worth Individual, which are spending 3x more than what they used to spend in 2019. And the Affluent is around 2x. So almost the same, I would say, figures that you have seen a couple of minutes ago for the U.S. If we project ourselves in terms of next months for Mainland China, few elements to have in mind. First, the willingness to shop and abroad remain very, very strong. You can see that on this slide, every month, we survey more than 10,000 Chinese to judge their willingness to travel and to shop abroad. You see that the willingness is strong at more than 76%. And it has been quite stable for the last few months. In terms of air capacity, we have seen this influx of January in Europe and in APAC, which is very good news. We should remain high, in particular in February, which is Chinese New Year. And obviously, we will see the acceleration of the consumer coming back. We all know that after capacity being in place, you need a couple of months or weeks in order to see the benefit in terms of the number of travelers. So good news from that point of view. And just here, just to mention in terms of air capacity, what we are seeing is that the recovery is very strong in terms of Tier 1 Cities. You see that it's 84% for Europe and 90% for APAC. So Tier 1 cities in China going to Europe or going to APAC, the secondary and the third cities of China being a little bit less, I would say, recovered, which explains also why for those consumers who are spending less than the one from Tier 1 cities, we are seeing this fact that we have a recovery of tourists, which is lower than the air capacity, but an increase of spends, which is higher. One of the reasons being this mixed effect in terms of recovery from travelers coming from Tier 1 versus other cities. And you have on the left the recovery for the various geographies. You see that France, which is one of the hubs for Chinese, but generally for tourists when you come in Europe, still has a low recovery in terms of number of flights. So, in Europe, we are now back to almost 80%. The recovery of France is dragging down the performance in Europe because usually, tourists want first to go in France and then go on other countries. Last element in terms of information about China is the visa issuance, which shows that, one, things are going better because we see more and more countries where Chinese can get their visa in less than seven days. But we still see that France and Germany, which are two key countries in terms of attraction for Chinese, remain, I would say, difficult, if you want, or lengthy, if you want to get a visa. So those things should improve in the coming months. But for now, obviously, they are still one of the reasons why we see this lower number of shoppers versus air capacity. But again, this should improve. Last but not least, if we project ourselves in the coming months, coming quarter, obviously, you know this slide. It's how we simulate based on the recovery on Mainland China what could be the recovery of the EBITDA of the group. And as usual, I will give you a little bit of detail. So, in gray, you will recognize the Q3 annualized figures at EUR 159 million that Roxane mentioned a few minutes ago, which imply 52% recovery in terms of Mainland China. If we simulate a recovery, which hopefully will come in the next quarter of this level of recovery, for example, being at 100% of recovery, you can see that the in-place level of EBITDA would be around EUR 200 million, in this slide to be precise, EUR 202 million. This slide is just there to help you to understand based on different levels of simulation of Chinese what could be the impact, positive impact on Global Blue adjusted EBITDA of next year, which is a good transition to talk about guidance and targets. We issue guidance and targets in September. Two comments there. First, we are confirming our guidance for full year 2023 and 2024 of EUR 145 million-EUR 165 million, having in mind that we reach after nine months EUR 115 million a nd for 2024- 2025, we are looking for an adjusted EBITDA above EUR 200 million. With that in mind, you see also the reiteration of the objective of leverage ratio below EUR 2.5 million. Nothing has changed, but we want to reaffirm those targets and guidance. Last but not least, just to remind you that Global Blue is well hedged in terms of inflation because the top line of Global Blue, i.e., the volume, the SIS, is directly linked to the luxury brands' price increase, which have grown and which will continue to grow higher than the inflation. And there, and on the opposite side, just to remind you, if ever we are getting into a recession, which seems to be not the case in the latest academic scenario. But if ever this is the case, to remind you also that we are well hedged against that thanks to these high-net-worth individuals, which are less sensitive to the economic shock that I was showing to you before. So, in summary, a very healthy Q3 with a positive trend in January and a very strong work of the team in order to strengthen the balance sheet and deleverage the company. So, thanks for listening. And as usual, you can contact our Investor Relations, Frances Gibbons, who will arrange one-on-one meetings between you, Roxane, and myself. Thank you very much.
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