Global Blue Group Holding AG, a Swiss provider of digital payment services, announced a significant rise in net income for the second quarter on Friday, attributed to an increase in revenue. The company has also decided to expand its previously announced share repurchase program.
According to Jacques Stern, the CEO of Global Blue, "The macro and microeconomic conditions benefiting Global Blue remain very favorable. We are witnessing encouraging trends in the travel industry, especially within the luxury segment, and have achieved substantial progress in executing our management technology strategies."
During the three-month period ending on September 30, the Group's net income climbed to 16.6 million euros, up from 1.8 million euros during the same timeframe last year.
The adjusted net income reported was 20.7 million euros, surpassing last year's figure of 14 million euros.
After excluding certain items, profit before tax reached 32 million euros as compared to the previous year’s 24.4 million euros.
The Adjusted EBITDA rose to 58.7 million euros from 47.2 million euros in the prior year.
Revenues increased to 132 million euros, up from 113.2 million euros recorded the previous year.
Global Blue has elevated its share repurchase program to $15 million from an initial $10 million and extended this initiative by an additional 9 months, pushing the deadline to November 30, 2025.
The company also plans to utilize its available cash reserves to support the increase in share buybacks.
Looking forward to the full year, the company's revised forecast anticipates an adjusted EBITDA ranging from 185 million euros to 205 million euros, compared to its earlier estimate of exceeding 200 million euros. Shares of Global Blue rose by 6.40% to $6.65 during pre-market trading on the New York Stock Exchange.