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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 20-F

(Mark One)

    REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended March 31, 2024

OR

    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

    SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report _____

For the transition period from _____ to _____

Commission file number: 001-394771799983

GLOBAL BLUE GROUP HOLDING AG

(Exact name of Registrant as specified in its charter)

Switzerland

(Jurisdiction of incorporation)

Zürichstrasse 38, 8306 Brüttisellen, Switzerland
+41 22 363 77 40
(Address of principal executive offices)

Jeremy Henderson-Ross
Tel: +41 22 363 77 40
Route des Fléchères 7A
1274 Signy
Switzerland
1



(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Copies to:

Kenneth B. Wallach
Xiaohui (Hui) Lin
Simpson Thacher & Bartlett LLP
425 Lexington Avenue
New York, New York 10017
(212) 455-2000

Securities registered or to be registered pursuant to Section 12(b) of the [Act]:
 Title of each classTrading SymbolName of each exchange on which registered
Ordinary Shares, nominal value CHF 0.01 per shareGBNew York Stock Exchange
Warrants to purchase ordinary shares
GB.WT
New York Stock Exchange
Securities registered or to be registered pursuant to Section 12(g) of the Act:

None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

None

Indicate the number of outstanding shares of each of the issuer’s classes of capital stock or common stock as of the close of the period covered by the annual report.

Ordinary shares: 199,574,701

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the U.S. Securities Act of 1933, as amended.

☐ Yes    ☒ No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”).

☐ Yes    ☒ No

Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes    ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
2




Yes    ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐
Accelerated filer
Non-accelerated filer ☐
Emerging growth company

If an emerging growth company that prepares its financial statements in accordance with US GAAP, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.

† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 USC. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

US GAAPInternational Financial Reporting StandardsOther
as issued by the International Accounting Standards Board
                                         
If “Other” has been checked in response to the previous question indicate by check mark which financial statement item the registrant has elected to follow.

☐ Item 17    ☐ Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

☐ Yes     No


3



Table of Contents
Page
4



Table of Contents
Page
5



Forward-looking statements
Some of the statements in this Annual Report on Form 20-F constitute forward-looking statements that do not directly or exclusively relate to historical facts. You should not place undue reliance on such statements because they are subject to numerous uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. Forward-looking statements include information concerning our possible or assumed future results of operations, including descriptions of our business strategy. These statements are often, but not always, made through the use of words or phrases such as “believe,” “anticipate,” “could,” “may,” “would,” “should,” “intend,” “plan,” “potential,” “predict,” “will,” “expect,” “estimate,” “project,” “positioned,” “strategy,” “outlook” and similar expressions. All such forward-looking statements involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed in the statements.
Among the key factors that could cause actual results to differ materially from those projected in the forward-looking statements are the following:
currency exchange rate risk in the conduct of business;
high dependence on international travel;
dependence on the overall level of consumer spending, which is affected by general economic conditions and spending patterns;
sensitivity of net working capital to short-term, month-to-month volume growth, and any rapid volume growth and short-term, temporary surge of its net working capital;
decrease in VAT rates or changes in VAT or VAT refund policies;
changes in the regulatory environment, licensing requirements and government agreements;
adaptation and enhancement of our existing technology offerings and ensuring continued resilience and uptime of our underlying technology platform;
loss of merchant accounts or Post-Purchase Solutions retailers to our competitors due to the competitive market;
disintermediation of third-party serviced Tax Free Shopping (TFS) processes;
price harmonization or convergence between destination markets and home markets;
taxation in multiple jurisdictions, which is complex and often requires making subjective determinations subject to scrutiny by, and disagreements with, tax regulators;
adverse competition law rulings;
integrity, reliability and efficiency of Global Blue’s compliance systems and framework;
dependence of TFS business on airport concessions and agreements with agents;
risks associated with operating in emerging markets;
risks associated with the ongoing conflict between Russia and Ukraine, although we have no operations in Russia;
risks associated with strategic arrangements or investments in joint ventures with third parties;
failure to identify external business opportunities or realize the expected benefits from our strategic acquisitions;
6



risks associated with data breaches, cybersecurity incidents and other failures or incidents involving Global Blue’s information technology systems or data (or information technology systems or data upon which Global Blue relies);
reliance of the Payments business on relationships with Acquirers and involvement of card schemes;
counterparty risk and credit risk;
losses from fraud, theft and employee error;
risks associated with climate change and environmental, social and governance issues;
inability to attract, integrate, manage and retain qualified personnel or key employees;
complex and stringent laws, regulations and industry standards relating to privacy, data protection and information security in the jurisdictions in which Global Blue operates;
anti-money laundering, economic and trade sanctions and anti-bribery laws and regulation and related compliance costs and third-party risks;
risks relating to intellectual property;
risks relating to Global Blue’s use of open source software;
litigation or investigations involving us, and resulting material settlements, fines or penalties;
seasonalitiy of Global Blue’s operating results;
event of default resulting from failure to comply with covenants or other obligations contained in the Facilities Agreement(as defined “Description of Certain Indebtedness—Banking Facilities and Loans”);
reliance on our operating subsidiaries to provide funds necessary to meet our financial obligations, and the constraint on our ability to pay dividends;
restrictions imposed on our business by our indebtedness, and the risk that a significant increase in our indebtedness could result in changes to the terms on which credit is extended to us;
inability to generate sufficient cash to service our debt obligations;
inability to execute strategic plans due to inability to generate sufficient cash flow;
sustained financial market illiquidity or illiquidity at our financial institutions;
interest rate risks;
currency translation and transaction risk;
impairment of intangible assets;
the control by Silver Lake over us, and potential differences in the interests pursued by Silver Lake from the interests of our other security-holders;
requirement for prior consent of or post-closing notification to the Bank of Italy, as well as restrictions and other requirements, for acquiring a direct or indirect substantial stake in our share capital, for so long as Global Blue Currency Choice Italia S.r.l. (“GBCCI”) holds a license from the Bank of Italy;
limited ability of security-holders to bring an action against the Company or against its directors or officers or to enforce a judgment against the Company;
7



status as an “emerging growth company,” and reduced disclosure and governance requirements applicable to emerging growth companies;
status as a “foreign private issuer,” and reduced or different disclosure and governance requirements applicable to foreign private issuers;
limited availability of attractive takeover proposals due to provisions in the Company’s articles of association (the “Articles of Association”) and Swiss law; and
failure to maintain an effective system of internal controls, and the inability to accurately or timely report our financial condition or results of operations.
These and other factors are more fully described below in the “Summary Risk Factors,” in “Item 3. Key Information—D. Risk Factors” and elsewhere in this Annual Report on Form 20-F and those described from time to time in our future reports to be filed with the Securities and Exchange Commission (the “SEC”).
These risks could cause actual results to differ materially from those implied by forward-looking statements in this Annual Report on Form 20-F.

You are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. New risks and uncertainties come up from time to time, and it is impossible for us to predict these events or how they may affect us. We do not undertake any obligation to update or revise any forward-looking statements after the date of this Annual Report on Form 20-F, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks and uncertainties, you should keep in mind that any event described in a forward-looking statement made in this Annual Report on Form 20-F or elsewhere might not occur.

Because forward-looking statements are based on estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond our control or are subject to change, actual results could be materially different and any or all of these forward-looking statements may turn out to be wrong. Forward-looking statements speak only as of the date made and can be affected by assumptions we might make or by known or unknown risks and uncertainties. Many factors mentioned in this prospectus supplement and the accompanying prospectuses will be important in determining future results. Consequently, we cannot assure you that expectations or forecasts expressed in such forward-looking statements will be achieved. Actual future results may vary materially.











8



Summary Risk Factors
Investing in Global Blue’s securities entails a high degree of risk as more fully described under “Risk Factors”. You should carefully consider such risks before deciding to invest in Global Blue’s securities. These risks include, among others:
Global Blue is subject to currency exchange rate risk in the conduct of its business;
Global Blue’s business is highly dependent on international travel;
Global Blue’s business is dependent on the overall level of consumer spending, which is affected by general economic conditions and spending patterns;
Global Blue’s net working capital is sensitive to short-term, month-to-month volume growth, and any rapid volume growth for any reason would lead to a short-term, temporary surge of its net working capital;
A decrease in Value-Added Tax (“VAT”) rates or changes in VAT or VAT refund policies in countries in which Global Blue operates could negatively affect Global Blue’s business;
Changes in the regulatory environment, licensing requirements and government agreements could adversely affect Global Blue’s business;
Global Blue must continually adapt and enhance its existing technology offerings and ensure continued resilience and uptime of its underlying technology platform to remain competitive in its industry;
Global Blue operates in a competitive market and Global Blue may lose merchant accounts to Global Blue’s competitors;
Global Blue’s business may be adversely affected by disintermediation of Tax-Free Shopping (“TFS”) processes;
Price harmonization or convergence between destination markets and home markets may adversely affect Global Blue’s business;
Global Blue is subject to taxation in multiple jurisdictions, which is complex and often requires making subjective determinations subject to scrutiny by, and disagreements with, tax regulators;
Adverse competition law rulings could restrict Global Blue’s ability to expand or to operate its business as it wishes and could expose Global Blue to fines or other penalties;
The integrity, reliability and efficiency of Global Blue’s internal controls and procedures may not be guaranteed;
Global Blue’s TFS business is dependent on its airport concessions and agreements with agents;
Global Blue operates in emerging markets and is exposed to risks associated with operating in such markets;
Global Blue`s business, results of operations and financial condition may be adversely impacted by the ongoing conflict between Russia and Ukraine;
Global Blue may be adversely affected by risks associated with strategic arrangements or investments in joint ventures with third parties;
Failure to identify external business opportunities or realize the expected benefits from Global Blue’s strategic acquisitions;
Global Blue’s business is subject to complex and stringent laws, regulations and industry standards relating to privacy, data protection and information security in the jurisdictions in which Global Blue operates;
Global Blue’s Payments business relies on relationships with Acquirers and on the involvement of card schemes;
Global Blue is subject to counterparty risk and credit risk;
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Global Blue is subject to losses from fraud, theft and employee error;
Risks associated with climate change and environmental, social and governance (“ESG”) issues may have an adverse effect on the Global Blue’s business, financial condition and results of operations and damage Global Blue’s reputation;
Global Blue may not be able to attract, integrate, manage and retain qualified personnel or key employees;
Global Blue’s business is subject to anti-money laundering, sanctions and anti-bribery regulations and related compliance costs and third-party risks;
Global Blue is subject to risks relating to intellectual property;
Global Blue is subject to risks relating to its use of open source software;
Litigation or investigations involving Global Blue could result in material settlements, fines or penalties;
Seasonality may cause our operating results to fluctuate from quarter to quarter;
Failure to comply with the covenants or other obligations contained in the Facilities Agreement could result in an event of default, and any failure to repay or refinance the outstanding debt under the Facilities Agreement when due could have a material adverse effect on Global Blue;
Global Blue relies on its operating subsidiaries to provide it with funds necessary to meet Global Blue’s financial obligations and Global Blue’s ability to pay dividends may be constrained;
Global Blue’s indebtedness imposes restrictions on Global Blue’s business and a significant increase in Global Blue’s indebtedness could result in changes to the terms on which credited is extended to it;
Global Blue requires cash to service its debt and its ability to generate cash depends on many factors beyond the Company’s control. Any failure to meet its debt service obligations could materially adversely affect the business, results of operations and financial conditions;
Global Blue’s inability to generate sufficient cash flow could affect its ability to execute its strategic plans;
Sustained financial market illiquidity, or illiquidity at our financial institutions, could adversely affect Global Blue’s business, financial conditions and results of operations;
Global Blue is exposed to interest rate risks;
Global Blue is exposed to currency translation and transaction risks;
Global Blue’s consolidated financial statements include significant intangible assets which could be impaired;
If the Company were a passive foreign investment company for U.S. federal income tax purposes for any taxable year, U.S. Holders of our ordinary shares could be subject to adverse U.S. federal income tax consequences.
Fluctuations in operating results, quarter-to-quarter earnings and other factors, including incidents involving Global Blue’s customers and negative media coverage, may result in significant decreases or fluctuations in the price of Global Blue’s securities;
Silver Lake is able to exert control over Global Blue. The interests pursued by Silver Lake could differ from the interests of Global Blue’s other security holders;
For so long as Global Blue Currency Choice Italia S.r.l. holds a license from the Bank of Italy, acquiring a direct or indirect substantial stake in Global Blue’s share capital may require the prior consent of, or post-closing notification to, the Bank of Italy and may be subjected to restrictions and other requirements;
Security-holders have limited ability to bring an action against the Company or against its directors and officers, or to enforce a judgment against the Company or them, because the Company is incorporated in
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Switzerland, because the Company conducts a majority of its operations outside of the United States and because a majority of the Company’s directors and officers reside outside the United States;
Global Blue is an “emerging growth company” and as a result of the reduced disclosure and governance requirements applicable to emerging growth companies, our ordinary shares may be less attractive to investors.
The Company may not be able to make dividend distributions or repurchase shares without subjecting shareholders to Swiss withholding tax;
Global Blue Warrants will become exercisable for ordinary shares and Series A and B Preferred Shares will be convertible into ordinary shares, which would increase the number of securities eligible for future resale in the public market and result in dilution to our shareholders, and may adversely affect the market price of our ordinary shares;
The trading price of the Company’s securities may be volatile;
Reports published by analysts, including projections in those reports that differ from Global Blue’s actual results could adversely affect the price and trading volume of our ordinary shares;
As a ‘foreign private issuer’ under the rules and regulations of the SEC, the Company is permitted to, and may, file less or different information with the SEC than an company incorporated in the United States or otherwise not filing as a ‘foreign private issuer’ and will follow certain home country corporate governance practices in lieu of certain requirements of the NYSE applicable to U.S. companies;
Provisions in the Articles of Association and Swiss law may limit the availability of attractive takeover proposals;
If Global Blue fails to maintain an effective system of internal controls, Global Blue may not be able to accurately or timely report its financial conditions or results of operations, which may adversely affects its business and the price of its securities.
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PART I
ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

A. Directors and senior management

Not applicable.

B. Advisers

Not applicable.

C. Auditors

Not applicable.

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE

Not applicable.

ITEM 3. KEY INFORMATION

A. [Reserved]

B. Capitalization and indebtedness

Not applicable.

C. Reasons for the offer and use of proceeds

Not applicable.

D. Risk factors

You should carefully consider the following risks and all of the other information set forth in this report, including without limitation "Item 5— Operating and Financial Review And Prospects". The following risk factors have been organized by category for ease of use; however, many of the risks may have impacts in more than one category.

Risks Related to Global Blue’s Industry, Business and Regulatory Environment
Global Blue is subject to currency exchange rate risk in the conduct of its business, including commercial risk if certain currency zones become less attractive for inbound international shoppers.
Global Blue’s business operates globally and Global Blue is subject to currency exchange rate risk. Global Blue’s main service, the TFS business, exposes it to commercial risks due to changes in relative foreign exchange
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rates between international shoppers’ origin and destination currencies, which may reduce the purchasing power of international shoppers, and, consequently, may negatively affect transaction volumes, typically for a short period until the relative foreign exchange rates reverse. This in turn could have a material adverse effect on Global Blue’s business, results of operations and financial condition. Such foreign exchange rate fluctuations can be driven by numerous factors, including inflation, regulatory decisions, government relations, monetary policy and macroeconomic factors that affect appreciation and depreciation between currencies.
These fluctuations may also impact Global Blue’s Payments business as movements in relative foreign exchange rates between origin and destination currency pairs may reduce the number of Payments transactions completed. Such foreign currency exposure could have a material adverse effect on Global Blue’s business, results of operations and financial condition.
Global Blue’s business is highly dependent on international travel, which may be adversely affected by regional or global circumstances or travel restrictions.
Global Blue’s business is highly dependent on international travel. Regional or global circumstances affecting international travel, such as airline strikes, contagious disease outbreaks, natural disasters, international hostilities, civil unrest, terrorist attacks or other similar events, could reduce international travel, which in turn could have a material adverse effect on Global Blue’s business, results of operations and financial condition. In addition, growing focus and awareness of climate change could adversely impact the demand for international travel as some international shoppers may choose to fly less frequently.
For example, contagious disease outbreaks, such as the COVID-19 pandemic, have historically temporarily curtailed, to varying degrees, the number of arrivals by international shoppers to jurisdictions in which Global Blue operates. The COVID-19 pandemic, and the measures adopted by governments, businesses and individuals in response to it, resulted in significant travel disruption, temporary closure of businesses, limit on business-related travel and reduction in the level of economic activity around the world which negatively impacted Global Blue’s business. Moreover, terrorist attacks in recent years in Belgium, England, France, Germany, Sweden, Turkey and other countries have contributed to temporarily depressed levels of tourism growth in Europe and have had an impact on Global Blue’s revenue and exposed Global Blue’s revenue profile to increased volatility. In the past we have experienced, and we may experience again in the future, reduction in revenue due to decreased international traveling following instances of unrest, such as terrorist attacks and protests.
Passenger volumes and international travel may also be affected by travel restrictions. More stringent immigration laws and difficulties in obtaining visas may deter international shoppers and reduce their numbers in countries in which Global Blue operates. In particular, Global Blue’s TFS business provides services to merchants who have a significant number of Chinese international shoppers as customers and would be adversely affected by increased restrictions on Chinese shoppers’ ability to travel internationally. Any such travel restrictions could have a material adverse effect on Global Blue’s business, results of operations and financial condition.
Global Blue’s business is dependent on the overall level of consumer spending, which is affected by general economic conditions and spending patterns.
Global Blue’s management believes that a significant part of Global Blue’s business serves the leisure segment of the travel industry. In addition to the factors listed under “Global Blue’s business is highly dependent on international travel, which may be adversely affected by regional or global circumstances or travel restrictions”, leisure travel may also be adversely affected by general economic downturns and conditions. The number of transactions and the amount spent by international shoppers in stores is affected by general economic conditions, particularly those which underpin international travel and shopping across the world. Economic recession and other economic indicators, such as levels of employment, levels of disposable income, inflation, consumer credit availability and interest rates, may also negatively impact spending patterns and can affect all of Global Blue’s business segments. A deterioration of market conditions may also slow down or reverse the growth of the middle class in emerging markets, which could in turn reduce international travel and extra-regional shopping spend. A
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materialization of any of the above would have an adverse effect on Global Blue’s business, results of operations and financial condition.
Global Blue’s net working capital is sensitive to short-term, month-to-month volume growth, and any rapid volume growth for any reason would lead to a short-term, temporary surge of its net working capital.
In Global Blue’s TFS business, net working capital is primarily driven by the timing of the payments that Global Blue makes to merchants and international shoppers, and the timing of the payments that it receives from merchants and tax authorities, which makes its net working capital sensitive to short-term, month-to-month volume growth. Typically, Global Blue refunds the VAT (net of transaction fees) to the international shoppers, after which it collects the full VAT from the merchant or tax authorities after approximately thirty (30) days on average and pays the merchant the percentage of the transaction fee after approximately one hundred twenty seven (127) days on average.
If Global Blue experiences rapid month-on-month volume growth, this could lead to a short-term, temporary surge of its net working capital to fund the rapid volume increase in VAT refunds. Very large movements in Global Blue’s net working capital position could have a significant effect on its business and financial condition, if Global Blue is unable to finance, internally or externally, the net working capital needs due to the timing impact of when Global Blue refunds the VAT (net of transaction fees) to the international shopper versus when it collects the VAT from the merchants and tax authorities.
A decrease in VAT rates or changes in VAT or VAT refund policies in countries in which Global Blue operates could negatively affect Global Blue’s business.
Any reduction in VAT rates or adverse changes to VAT policies in Global Blue’s current or potential new markets could have a negative impact on Global Blue’s business and results of operations. For example, the British government abolished the VAT Retail Export Scheme on January 1, 2021, and now overseas visitors to the United Kingdom will no longer be able to obtain a VAT refund on items they buy in the United Kingdom and take home with them in their luggage. Measured by destination country of international shoppers who were using Global Blue’s TFS business during the financial year ended March 31, 2020, the United Kingdom represented 12% of Global Blue’s total revenue. Legal and regulatory changes may also restrict Global Blue’s activities, including through nationalization of the VAT refund scheme or by eliminating the availability of VAT refund schemes altogether, limiting the number of TFS providers within those jurisdictions or restricting Global Blue’s ability to process TFS claims on behalf of international shoppers. Changes in laws and regulations may also place restrictions on Global Blue’s business model, for example by limiting transaction fees that Global Blue charges to international shoppers using Global Blue’s TFS business. Such changes, which are unpredictable and outside of Global Blue’s control, may cause Global Blue to incur higher compliance costs. While VAT rates have historically been increased and many countries have adopted VAT policies in recent years, any such changes to VAT rates or VAT policies could have a material adverse effect on Global Blue’s business, results of operations and financial condition.
Certain countries impose restrictions on the transactions and goods that are eligible for VAT refunds, such as minimum purchase amount or a list of items that are eligible for VAT refunds. An increase in the minimum purchase amount or a reduction in the list of eligible items would lead to a reduction in the number of transactions that are eligible for VAT refunds. In the event there is such a shift in any of the countries in which Global Blue operates, it would have a negative impact on Global Blue’s results of operations.
Changes in the regulatory environment, licensing requirements and government agreements could adversely affect Global Blue’s business.