On top of that, very pleased to report that we have on top of those seven acquired sign 16 acquire, which are in the pipeline. So a very strong and successful launch of our Global Blue Hospitality and Retail Gateway, which are complementary to the GCC/FX solution that we are setting to acquire. Let’s turn now on the long-term guidance and target. So you know that we have released in September, 2023, a set of guidance and long-term target. I give you the highlight of that first, and we reconfirm this guidance following Q2 reporting for the financial year ’23, ’24, and EBITDA guidance between EUR 145 million and EUR 165 million. In terms of next fiscal year, ’24-’25, a target of more than EUR 200 million EBITDA. And for the period post full, I would say a normalization, an objective long-term of revenue of 8% to 12% for the group with revenue to EBITDA drop through above 50%.
And CAPEX, which for all the period are set to be between EUR40 and EUR45 million, of which 80% of capitalized software. Beside those P&L long-term target, three other targets which has been revealed in September. First, that we confirm that in terms of networking capital, this should be neutral in the future, post ’25-’26, in terms of effective staff trade, a rate of 24% to 26%. And as mentioned by Roxane in the Q2 presentation, an objective in terms of net debt to EBITDA below 2.5, i.e. a priority on debt pay down in terms of usage of cash flow. Few slides in order to give you a little bit more detail, especially on the long-term target, i.e. post ’24-’25, which will still be a year of recovery with Chinese coming back in Europe and in APAC.
So post this period, so starting in ’25-’26, as mentioned, we have a target of growth of 10% to 14% in terms of sales in store for tax-free shopping, broadly in line with the last 10 years figures just before COVID. And in particular, with strong objective beside market growth, 6% to 8% of contribution of new country between 1.5% and 2% contribution. Digitalization, so more penetration of our solution thanks to digitalization, 2% to 2.5% growth. And finally, a net retention of between 0.5% and 1.5% contribution coming from net gain from clients in TFS. And this should translate into revenue growth in terms of tax-free shopping between 7% and 11%, as shown on the right of the graph, very consistent. They are also with the 10 years performance before COVID.
If I turn now to FX solution, so they’re also an expectation of growth in terms of volume between 9% and 13%, very much in line. They’re also with the long-term trend pre-COVID, which has reached around 10% and 13.5%, including the acquisition of Currency Select, which would translate there also with revenue growth between 9% and 13%, very much in-line. They’re also with the performance pre-COVID of the FX solution division. Last but not least, just to remind you that Global Blue is well ahead once again, the inflation, and you have in this chart, reminding that if the luxury brand had increased their price of 27% in average versus 2019, the inflation has been brackets only by only 20%, which means that we had a positive impact in terms of P&L.
And probably more importantly today, to remind you that given the positioning of Global Blue in luxury, but more importantly in selling luxury goods to high network individual and more wealthy people, 10% of our consumer base represent almost 50% of our sales in stores, so our volume. Given this particularity of positioning, Global Blue in the last recession has been able to push basically flat figures versus a luxury market down by 8% and travel down by 16%. So in summary, we are ahead again, a recession, but also inflation, which is in this uncertain time important to have in mind. So with that in mind, and for concluding this presentation, just to re-mention that you too have shown, I would say a strong set of results, which are basically following also a very strong Q1, that during the last weeks, we have announced two important capital structure transaction, one, which is this investment of Tencent of $100 million.
And secondly, the fact that we have fully refinanced our debt with now a new package of debt with a maturity extended to 2030. And last but not least, that with the Q2 reporting, we are pleased to reiterate our financial guidance for the year, and in particular, the adjusted EBITDA between EUR145 and EUR165 million. Thank you very much. And with Roxane, we give you another round review for Q3. Thank you very much and bye.
Operator:
Q – Unidentified Analyst:
Unidentified Company Participant:
Roxane Dufour: Bye-bye.
