Global Blue targets long term revenue growth 8%-12%

Targets long term: Adjusted EBITDA greater than 50% revenue-to- adjusted EBITDA drop-through: CapEx EUR40-45M annually, of which ~80% is capitalized software; D&A generally in-line with Capex. Net Debt / LTM EBITDA less than2.5x; Organic cash flow generation expected to be prioritized towards debt payment to achieve the target.