On that basis, if we analyzed the adjusted EBITDA based on the quarterly performance of our business, there is an acceleration in H1 at EUR142 million. We then have the $100 million equity investment from Tencent which validate confidence in the ongoing travel recovery and support our delivery aging target. Finally, to further strengthen the balance sheet, the group refinance its total indebtedness with a senior debt of EUR610 million and a revolving credit facility of EUR97.5 million in place until 2013. So this conclude the financial section and I will now hand over to Jacques to present the latest trends and the long-term growth driver for Global.
Jacques Stern: Thank you, Roxane. So let’s start by the latest trends and namely October for the tax-free shopping business. So you see that October 2023 is broadly in line with Q2 with a like-for-like performance of 123% which reflect one side, a slight decrease of the recovery in Europe at 115%. And on the other hand, a strong momentum in a back at 147% versus 134% in Q2. If we go to the detail analysis of Europe, continental Europe, you can see that the performance of October reflect a recovery of 91% of international shoppers, but an increase of the spent of 26% which end up with this 115% recovery in terms of spent. If we go to the detail per nationality coming as a destination in continental Europe, you see that if we exclude mainline China, which is on the course of recovery in Russia for the reason that we know, the subtotal of all the other nationality is broadly in line in October versus Q2 at 154%.
And I will have a detailed slide on the US in the coming second, but important to note that we have the bone backs of the Gulf countries at 241% and the rest of the nationality are broadly in line with Q2. If we look to China and I will have there also a slide in the coming minutes, we see a slight acceleration at 52% in October versus 45% in Q2. Couple of slide in order to understand the US shopper recovery and assess the status. You see that October show basically a very stable situation at 260% recovery versus 258% recovery in Q2, which translate one side, an increase of 162% of recovery for the number of traveler, but also an increase of the spent of 60%, which end up to this 260% recovery in terms of spent. When we try to detail per consumer type performance of 260%, you can see in this slide where we have basically compare the consumer who are shopping in each of these periods, so H1-22, H2-22, H1-23 and Q3-23 with the amount that the same person with the same passport number was spending in 2019.
You can see that basically the more affluent or wealthy you are, the more you tend to increase your spent. So I give you an example. If we take Q3-2023, you see that for consumer spending more than EUR20,000 with Global Blue, the increase of the spent is a multiplier of three times versus 2019. Where if we look to the segment below affluent, which are spending more than EUR3000 and less than EUR20000, you see that the multiplier is 1.9 and the rest, i.e. below EUR3000, the multiplier there is below 2019, 0.6. So in average, 60% increase with a multiplier of 1.6. But I think what is important to see here is that the trend has been very, very consistent, including in the last quarter, as you see that the main figures are really stable. So in summary, the US, we are seeing no change and in particular for the more VICO, high networks individual where the spent is still very strong.
If we turn now to the Chinese as a nationality of origin coming to Europe, continental Europe as a destination, we are seeing that in October, a slight increase to 52% level of recovery versus 45% in Q2. And you can see on the right that this is translated into a recovery of 39% in terms of shoppers with an increase spent of 33% ending up to 52% tax-free spent recovery. Worst to mention that link to the lead time required for visa issuance, but also the absence of group travel until now, we have seen that the international shopper recovery is below the air capacity, but those two roadblocks should unwind, I would say in the coming months, in particular the group travel, which I expecting to return by the end of this calendar year or the beginning of next year.
When we look to the same chart that I’ve shown to the US for Chinese coming in Europe, you see that we are seeing the same element. So I remind you, same people with the same number of passport who have shopped during the period shown here versus 2019. And there also we are seeing like American that the more wealthy, either one spending more than 20,000 have a multiplier of spend versus 2019, which is the highest 2.5 time in Q3. And they also, we see a very strong consistency in the data in the next, in the last 18 months. Turning now to APAC as a destination, we see that October have shown a continuous increase of the recovery that 147% versus 2019 versus 134% in Q2. And they also, we are seeing a very strong increase of the spent with 34%.
