0001193125-26-220435.txt : 20260513 0001193125-26-220435.hdr.sgml : 20260513 20260513060008 ACCESSION NUMBER: 0001193125-26-220435 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20260331 FILED AS OF DATE: 20260513 DATE AS OF CHANGE: 20260513 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Birkenstock Holding plc CENTRAL INDEX KEY: 0001977102 STANDARD INDUSTRIAL CLASSIFICATION: FOOTWEAR, (NO RUBBER) [3140] ORGANIZATION NAME: 04 Manufacturing EIN: 000000000 STATE OF INCORPORATION: Y9 FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-41836 FILM NUMBER: 26970722 BUSINESS ADDRESS: ADDRESS IS A NON US LOCATION: YES STREET 1: 1-2 BERKELEY SQUARE CITY: LONDON PROVINCE COUNTRY: X0 ZIP: W1J 6EA BUSINESS PHONE: 44-1-53-483-5600 MAIL ADDRESS: ADDRESS IS A NON US LOCATION: YES STREET 1: 1-2 BERKELEY SQUARE CITY: LONDON PROVINCE COUNTRY: X0 ZIP: W1J 6EA FORMER COMPANY: FORMER CONFORMED NAME: Birkenstock Holding Ltd DATE OF NAME CHANGE: 20230713 FORMER COMPANY: FORMER CONFORMED NAME: Birkenstock Group Ltd DATE OF NAME CHANGE: 20230509 6-K 1 birk_earnings_release_6-.htm 6-K 6-K

 

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934

For the month of May 2026

Commission File Number 001-41836

Birkenstock Holding plc

 

(Translation of registrant’s name into English)

 

1-2 Berkeley Square

London W1J 6EA

United Kingdom
(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F Form 40-F

 

 

 

 


 

Explanatory Note

 

On May 13, 2026, Birkenstock Holding plc issued a press release reporting its fiscal second quarter 2026 (ended March 31, 2026) financial results. A copy of the press release is furnished as Exhibit 99.1 to this Report on Form 6-K and incorporated by reference herein.

 

The information in this Report on Form 6-K (including Exhibit 99.1 hereto) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

2


 

Exhibit Index

 

Exhibit Number

Description

99.1

Press Release of Birkenstock Holding plc, dated May 13, 2026.

 

3


 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

 

Birkenstock Holding plc

 

 

 

Date: May 13, 2026

 

By:/s/ Ruth Kennedy______________

 

 

Name: Ruth Kennedy

 

 

Title: Director

 

4


EX-99.1 2 birk-ex99_1.htm EX-99.1 EX-99.1

Exhibit 99.1

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PRESS RELEASE

 

MEDIA CONTACT

Birkenstock Holding plc

ir@Birkenstock-holding.com

LONDON, UNITED KINGDOM || MAY 13, 2026

 

 

 

BIRKENSTOCK REPORTS fiscal second quarter 2026 results with revenue growth of 14% in Constant fx despite war, tariffs and inflation; confirms full-year target of 13-15%

 

Birkenstock Holding plc (together with its subsidiaries, "BIRKENSTOCK”, the “Company” or “we”, NYSE: BIRK) today announces financial results for the fiscal second quarter ended March 31, 2026. The Company reports second quarter revenue growth of 8% on a reported basis and 14% in constant currency, within the Company's guidance of 13-15% in constant currency, despite the impact to its business from conflicts in the Middle East.

 

Financial highlights for the second quarter ended March 31, 2026 (compared to the second quarter ended March 31, 2025):

 

Revenue of EUR 618 million, an increase of 8% on a reported basis and 14% in constant currency
Double-digit revenue growth in constant currency across all segments: 4% in the Americas on a reported basis (14% in constant currency), 10% in EMEA on a reported basis (11% in constant currency) and 22% in APAC on a reported basis (30% in constant currency)
B2B revenue growth of 9% (15% in constant currency) and DTC revenue growth of 4% (12% in constant currency)
Gross profit margin of 53.9%, down 380 basis points from 57.7% in the prior-year period primarily due to unfavorable currency translation (230 basis points), incremental U.S. tariffs (90 basis points) and channel mix (30 basis points), partly offset by sales price adjustments (net of inflation) and improved capacity absorption; The decrease is further driven by a 70 basis points impact from the mark-up to cost of sales associated with the acquisition of the long-standing distributor Birkenstock Australia Pty. Ltd., which closed on October 23, 2025
Adjusted gross profit margin of 54.6%, down 310 basis points from 57.7% in the prior year period primarily due to unfavorable currency translation (230 basis points), incremental U.S. tariffs (90 basis points) and channel mix (30 basis points), partly offset by sales price adjustments (net of inflation) and improved capacity absorption

 


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Net profit of EUR 82 million, down 22% year-over-year; EPS of EUR 0.45 down 20% from EUR 0.56 in the second fiscal quarter of 2025
Adjusted net profit of EUR 93 million, down 10% and Adjusted EPS of EUR 0.50, down 9% year-over-year driven by unfavorable currency translation, incremental U.S. tariffs and the non-cash negative revaluation of the embedded derivative of the senior notes of EUR 15 million
Adjusted EBITDA of EUR 198 million, down 1% year-over-year due to currency translation impacts and incremental U.S. tariffs; Adjusted EBITDA margin of 32.1%, down 270 basis points from 34.8% in the prior year period, due to unfavorable currency translation (240 basis points) and incremental U.S. tariffs (90 basis points), partly offset by sales price adjustments (net of inflation) and improved capacity absorption

 

The Company is confirming its guidance for Fiscal 2026:

13-15% revenue growth in constant currency
Adjusted gross profit margin of 57.0-57.5%
Adjusted EBITDA margin of 30.0-30.5%
Tax rate of 26-28%
Adjusted EPS of EUR 1.90-2.05, inclusive of tariff and F/X impacts
Capital expenditures in range of EUR 110-130 million.

 

Oliver Reichert, CEO of BIRKENSTOCK and Member of the Board of Directors of the Company: “Our business proved very resilient in the fiscal second quarter. Despite the ongoing instability in the Middle East, persistent inflationary pressures, US tariff policy evolving unfavorably for us and continued F/X headwinds, we delivered constant currency revenue growth of over 14%. This performance was well within our near-term and long-term target of 13-15%.

We attribute this resilience in times of uncertainty to our long heritage and unique business model. We are a one-of-a-kind purpose-driven brand with a long runway for growth ahead. We provide a globally accessible, relevant and democratized brand experience that serves a broad consumer base across usage occasions and price points across geography, gender, age and income. We are therefore confirming our FY2026 outlook and our three-year plan which calls for 13-15% revenue growth in constant currency and 30%+ adjusted EBITDA margin.

In an overall challenging environment, we continue to see strong opportunities. Our APAC market is growing at twice the pace of the other segments, we are accelerating the pace of our own retail store openings and our closed-toe share of business continues to expand. We have demonstrated resilience in navigating external headwinds and challenging market conditions, while continuing to deliver strong, profitable growth.”

 

Fiscal second quarter 2026 results demonstrate strong consumer demand for BIRKENSTOCK products despite challenging macro environment

BIRKENSTOCK reports fiscal second quarter 2026 revenue of EUR 618 million, up 8% compared to the fiscal second quarter of 2025 on a reported basis and up 14% in constant currency. BIRKENSTOCK continues to see strong global demand for its products, despite a challenging consumer environment impacted by the conflicts in the Middle East.

B2B revenue grew 9% on a reported basis and 15% in constant currency, supported by strong double-digit growth at key partner stores globally. The majority of this growth

 

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BIRKENSTOCK HOLDING PLC || press release || MAY 13, 2026

 


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came from within existing doors driven by an expanded assortment of BIRKENSTOCK styles, high sales velocity and strong full-price realization. DTC revenue was up 4% on a reported basis and 12% in constant currency. The Company further amplified its own-store footprint with the addition of five new own stores during the quarter, bringing the total number of own retail stores to 111 as of March 31, 2026.

Double-digit constant currency revenue growth in all segments

In the Americas segment, BIRKENSTOCK delivered revenue growth of 4% on a reported basis and 14% in constant currency in the second quarter of 2026. The strong double-digit constant currency growth was led by the B2B channel, where the Company continues to take share with key partners, especially emerging youth focused retailers and sports specialty stores. The Company opened two additional own retail stores, bringing the total in the Americas to 17.

In EMEA, revenue growth was 10% on a reported basis and 11% in constant currency. The war in the Middle East negatively impacted EMEA revenue by approximately EUR 6 million and caused an estimated 300 basis point headwind to EMEA growth in the quarter. About half of this was a direct impact as the Company was unable to complete certain deliveries to the region. The remainder was due to muted consumer sentiment in Europe largely attributed to increased energy costs and higher inflation as a result of the war. The Company opened one new own retail store, bringing the total in EMEA to 46.

In the APAC segment, BIRKENSTOCK achieved revenue growth of 22% on a reported basis and 30% on a constant currency basis. APAC showed the highest closed-toe penetration and highest ASP in the quarter compared to the other segments.The Company opened two new own retail stores, bringing the total in APAC to 48.

Investing in production capacity to meet consumer demand

BIRKENSTOCK invested approximately EUR 21 million in capital expenditures during the fiscal second quarter 2026, primarily to add production capacity as well as to expand retail operations globally.

BIRKENSTOCK ended the quarter with cash and cash equivalents of EUR 201 million and net leverage of 1.7x as of March 31, 2026 compared to 1.5x as of September 30, 2025 due to typical cash seasonality.

 

Conference call information

BIRKENSTOCK will host a webcast to discuss fiscal second quarter 2026 results on May 13, 2026, at 8:00 a.m. Eastern Time (1:00 p.m. British Summer Time). The webcast will be accessible on the Company’s Investor Relations website at https://www.birkenstock-holding.com. To join the event, please register via the general audience webcast link Birkenstock Fiscal Second Quarter 2026 Results - Events Platform - Q4. Covering analysts who wish to participate in the live Q&A session are required to pre-register. An archive of the webcast will also be available on BIRKENSTOCK’s Investor Relations website.

 

 

ABOUT BIRKENSTOCK

Birkenstock Holding plc is the ultimate parent company of Birkenstock Group B.V. & Co. KG and its subsidiaries. BIRKENSTOCK is a global brand which embraces all consumers regardless of geography, gender, age and income and which is committed to a clear purpose - encouraging proper foot health. Deeply rooted in studies of the biomechanics of the human foot and backed by a family tradition of shoemaking that can be traced back to 1774, BIRKENSTOCK is a timeless «super brand» with a brand universe that transcends product categories and ranges from entry-level to luxury price points while addressing the growing need for a conscious and active lifestyle. Function, quality and tradition are the core values of the Zeitgeist brand which features products in

 

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BIRKENSTOCK HOLDING PLC || press release || MAY 13, 2026

 


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the footwear, sleep systems and natural cosmetics categories. BIRKENSTOCK is the inventor of the footbed and has shaped the principle of walking as intended by nature ("Naturgewolltes Gehen").

INVESTOR & MEDIA CONTACT

Birkenstock Holding plc

ir@birkenstock-holding.com

 

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BIRKENSTOCK HOLDING PLC || press release || MAY 13, 2026

 


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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Certain statements in this press release may constitute “forward-looking” statements and information within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to our current expectations and views of future events, including our current expectations and views with respect to, among other things, our operations and financial performance. In particular, such forward-looking statements include statements relating to our fiscal 2026 outlook. Forward-looking statements include all statements that do not relate to matters of historical fact. In some cases, you can identify these forward-looking statements by the use of words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “estimate” and “potential,” “aim,” “anticipate,” “assume,” “continue,” “could,” “expect,” “forecast,” “guidance,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would” or similar words or phrases, or the negatives of those words or phrases. The forward-looking statements contained in this press release are based on the Company’s current expectations and are not guarantees of future performance. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward- looking statements. Our actual results could differ materially from those expected in our forward-looking statements for many reasons, including: our dependence on the image and reputation of the BIRKENSTOCK brand; the intense competition we face from both established companies and newer entrants into the market; our ability to execute our DTC growth strategy and risks associated with our e-commerce platforms; our ability to adapt to changes in consumer preferences and attract new customers; our ability to attract and retain customers, and the effectiveness and efficiency of our marketing efforts; risks related to merchandise returns; harm to our brand and market share due to counterfeit products; our ability to successfully operate and expand retail stores, and our dependence on favorable lease terms, brand awareness and the ability to hire adequate staff to successfully operate such retail stores; economic conditions impacting consumer spending, such as inflation, tariffs and other trade policy actions, the deterioration of consumer sentiment, a deterioration of the macroeconomic situation generally, and our ability to react to any of them; the relative illiquidity of our real property investments and our ability to sell properties on reasonable terms in response to changing economic, financial and investment conditions; risks related to our non-footwear products; failure to realize expected returns from our investments in our businesses and operations; our ability to adequately manage our acquisitions, investments or other strategic initiatives; our ability to manage our operations at our current size or manage future growth effectively; currency exchange rate fluctuations; risks related to global or regional health events; our dependence on third parties for our sales and distribution channels, as well as deterioration or termination of relationships with major wholesale partners; risks related to the conversion of wholesale distribution markets to owned and operated markets and risks related to productivity or efficiency initiatives; operational challenges related to the distribution of our products; seasonality, weather conditions and climate change; adverse events influencing the sustainability of our supply chain or our relationships with major suppliers, or increases in raw materials or labor costs; our ability to effectively manage inventory; unforeseen business interruptions and other operational problems at our production facilities, as well as disruptions to our shipping and delivery arrangements; fluctuations in product costs and availability due to fuel price uncertainty; failure to attract, hire, train and retain key employees and deterioration of relationships with employees, employee representative bodies and stakeholders; our dependence on the services and reputation of our Chief Executive Officer; adequate protection, maintenance and enforcement of our trademarks and other intellectual property rights; regulations governing the use and processing of personal data, as well as disruption and security breaches affecting information technology systems; payment-related risks related to the use of credit cards and debit cards; the reliance of our operations, products, systems and services on complex IT systems; risks related to international markets; risks related to litigation, compliance and regulatory matters, including corporate responsibility and ESG matters; risks related to climate change and regulatory responses to it; inadequate insurance coverage, or increased insurance costs; compliance with existing laws and regulations or changes in such laws and regulations; tax-related risks; risks related to our amount of indebtedness, its restrictive covenants and our ability to repay our debt; control by our Principal Shareholder whose interests may conflict with ours or yours in the future; material weaknesses identified in our internal control over financial reporting and our ability to remediate such material weaknesses; our status as a foreign private issuer and as a “controlled company” within the meaning of the NYSE rules; natural disasters, public health crises, political crises, civil unrest and other catastrophic events beyond control and the factors described in the sections titled “Cautionary Statement Regarding Forward-Looking Statements” and “Risk Factors” in our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission on December 18, 2025, as updated, from time to time, by our reports on Form 6-K that update, supplement or supersede such information. Any forward-looking statement made by us in this press release speaks only as of the date of this press release and is expressly qualified in its entirety by the cautionary statements included in this press release. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law.

 

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BIRKENSTOCK HOLDING PLC || press release || MAY 13, 2026

 


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Non-IFRS Financial Information and other metrics

This press release includes “non-IFRS measures” that are financial measures that either exclude or include amounts that are not excluded or included in the most directly comparable measures calculated and presented in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). Specifically, we make use of the non-IFRS financial measures adjusted EBITDA, adjusted EBITDA margin, adjusted gross profit, adjusted gross profit margin, constant currency revenue growth, adjusted EPS (Basic/Diluted), adjusted net profit, net leverage and net debt, which are not recognized measures under IFRS and should not be considered as alternatives to net income (loss), as a measure of financial performance or any other performance measure derived in accordance with IFRS.

We discuss non-IFRS financial measures in this press release because they are a basis upon which our management assesses our performance, and we believe they reflect underlying trends and are indicators of our business. Additionally, we believe that such non-IFRS financial measures and similar measures are widely used by securities analysts, investors and other interested parties as a means of evaluating a company’s performance.

Our non-IFRS financial measures may not be comparable to similarly titled measures used by other companies. Our non-IFRS financial measures have limitations as analytical tools, as they do not reflect all the amounts associated with our results of operations as determined in accordance with IFRS. Our non-IFRS financial measures should not be considered in isolation, nor should they be regarded as a substitute for, or superior to, measures calculated and presented in accordance with IFRS. A reconciliation is provided in the tables accompanying this press release for each non-IFRS financial measure in this press release to the most directly comparable financial measure stated in accordance with IFRS. A reconciliation is not provided for any forward-looking non-IFRS financial measures as such a reconciliation is not available without unreasonable efforts.

Average selling price (“ASP”) is calculated by dividing our total revenue from sales of footwear pairs by the number of footwear pairs sold. Prior to fiscal 2024, ASP was calculated by dividing our total revenue by our total number of units of all products sold. The difference between these two methods is immaterial.
Our management uses group ASP in managing and monitoring the performance of the business.
We believe presenting a directional change in ASP provides useful information to investors as it helps facilitate an enhanced understanding of our operating results and enables them to make more meaningful period-to-period comparisons, particularly because a change in ASP is typically one of several principal drivers of our revenue development between periods. However, in channels and segments, ASP can vary significantly based on various factors and circumstances, and, therefore, management believes that quantifying ASP or the directional change thereof at segment or channel level would provide a level of granularity not considered helpful and potentially misleading.

In addition, we also present ASP growth on a constant currency basis. We define constant currency
ASP as ASP excluding the effect of foreign exchange rate movements and use constant currency ASP to
determine constant currency ASP growth on a comparative basis. Constant currency ASP is calculated by
translating the current period foreign currency ASP using the prior period exchange rate. Constant currency
ASP growth is calculated by determining the increase in current period ASP as compared to the prior period
ASP, where current period foreign currency ASP is translated using prior period exchange rates. We believe
that presenting ASP growth on a constant currency basis offers valuable insight to both management and
investors by isolating the Company’s operational performance from foreign exchange rate fluctuations,
which are beyond the Company’s control.

 

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BIRKENSTOCK HOLDING PLC || press release || MAY 13, 2026

 


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Birkenstock Holding plc

Consolidated Statements of Profit

(In thousands of Euros, except share and per share information)

 

 

 

Three months ended March 31,

 

 

Six months ended March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Revenue

 

 

618,333

 

 

 

574,330

 

 

 

1,020,234

 

 

 

936,049

 

Cost of sales

 

 

(284,780

)

 

 

(242,756

)

 

 

(462,736

)

 

 

(386,441

)

Gross profit

 

 

333,553

 

 

 

331,574

 

 

 

557,498

 

 

 

549,608

 

Selling and distribution expenses

 

 

(138,311

)

 

 

(126,501

)

 

 

(263,891

)

 

 

(244,656

)

General and administrative expenses

 

 

(32,974

)

 

 

(32,447

)

 

 

(62,240

)

 

 

(56,551

)

Foreign exchange gain (loss)

 

 

(6,953

)

 

 

2,570

 

 

 

(10,191

)

 

 

(9,301

)

Other income (expense), net

 

 

135

 

 

 

127

 

 

 

12,581

 

 

 

253

 

Profit from operations

 

 

155,450

 

 

 

175,323

 

 

 

233,757

 

 

 

239,353

 

Finance cost, net

 

 

(33,805

)

 

 

(25,612

)

 

 

(42,954

)

 

 

(50,390

)

Profit before tax

 

 

121,645

 

 

 

149,711

 

 

 

190,803

 

 

 

188,963

 

Income tax expense

 

 

(39,762

)

 

 

(44,598

)

 

 

(58,389

)

 

 

(63,731

)

Net profit

 

 

81,883

 

 

 

105,113

 

 

 

132,414

 

 

 

125,232

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

0.45

 

 

 

0.56

 

 

 

0.72

 

 

 

0.67

 

Diluted

 

 

0.45

 

 

 

0.56

 

 

 

0.72

 

 

 

0.67

 

Shares

 

 

183,906,056

 

 

 

187,829,202

 

 

 

183,906,056

 

 

 

187,829,202

 

 

 

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BIRKENSTOCK HOLDING PLC || press release || MAY 13, 2026

 


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Birkenstock Holding plc

Consolidated Statements of Financial Position

(In thousands of Euros)

 

 

March 31,

 

 

September 30,

 

 

 

2026

 

 

2025

 

Assets

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

Goodwill

 

 

1,526,733

 

 

 

1,512,270

 

Intangible assets (other than goodwill)

 

 

1,580,713

 

 

 

1,577,248

 

Property, plant and equipment

 

 

391,358

 

 

 

357,496

 

Right-of-use assets

 

 

208,298

 

 

 

179,762

 

Deferred tax assets

 

 

18,726

 

 

 

11,556

 

Other assets

 

 

24,786

 

 

 

28,425

 

Total non-current assets

 

 

3,750,614

 

 

 

3,666,757

 

Current assets

 

 

 

 

 

 

Inventories

 

 

844,706

 

 

 

704,417

 

Trade and other receivables

 

 

298,959

 

 

 

160,245

 

Current tax assets

 

 

3,859

 

 

 

6,544

 

Other current assets

 

 

64,858

 

 

 

75,090

 

Cash and cash equivalents

 

 

201,467

 

 

 

329,067

 

Total current assets

 

 

1,413,849

 

 

 

1,275,363

 

Total assets

 

 

5,164,463

 

 

 

4,942,120

 

Shareholders' equity and liabilities

 

 

 

 

 

 

Shareholders' equity

 

 

2,893,187

 

 

 

2,722,726

 

Non-current liabilities

 

 

 

 

 

 

Loans and borrowings

 

 

1,131,758

 

 

 

1,128,010

 

Tax receivable agreement liability

 

 

294,219

 

 

 

302,400

 

Lease liabilities

 

 

174,101

 

 

 

149,338

 

Other provisions

 

 

4,785

 

 

 

4,413

 

Deferred tax liabilities

 

 

169,994

 

 

 

163,429

 

Deferred income

 

 

9,611

 

 

 

13,657

 

Other liabilities

 

 

6,855

 

 

 

4,477

 

Total non-current liabilities

 

 

1,791,323

 

 

 

1,765,724

 

Current liabilities

 

 

 

 

 

 

Loans and borrowings

 

 

16,910

 

 

 

17,133

 

Tax receivable agreement liability

 

 

60,881

 

 

 

54,364

 

Lease liabilities

 

 

50,073

 

 

 

43,581

 

Trade and other payables

 

 

142,122

 

 

 

136,003

 

Accrued liabilities

 

 

34,150

 

 

 

32,222

 

Other financial liabilities

 

 

17,089

 

 

 

4,202

 

Other provisions

 

 

25,575

 

 

 

36,338

 

Contract liabilities

 

 

9,654

 

 

 

6,195

 

Tax liabilities

 

 

98,853

 

 

 

106,958

 

Other current liabilities

 

 

24,646

 

 

 

16,674

 

Total current liabilities

 

 

479,953

 

 

 

453,670

 

Total liabilities

 

 

2,271,276

 

 

 

2,219,394

 

Total shareholders' equity and liabilities

 

 

5,164,463

 

 

 

4,942,120

 

 

 

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Birkenstock Holding plc

Consolidated Statements of Cash Flows

(In thousands of Euros)

 

 

 

Three months ended March 31,

 

 

Six months ended March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Net profit (loss)

 

 

81,857

 

 

 

105,113

 

 

 

132,414

 

 

 

125,232

 

Adjustments to reconcile net profit (loss) to net cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

31,809

 

 

 

27,312

 

 

 

61,967

 

 

 

53,504

 

Loss on disposal of property, plant and equipment

 

 

61

 

 

 

37

 

 

 

223

 

 

 

54

 

Finance cost, net

 

 

33,805

 

 

 

25,612

 

 

 

42,954

 

 

 

50,390

 

Net exchange differences

 

 

10,503

 

 

 

(7,756

)

 

 

23,360

 

 

 

8,351

 

Gain from bargain purchase

 

 

26

 

 

 

-

 

 

 

(12,291

)

 

 

-

 

Non-cash operating items

 

 

110

 

 

 

122

 

 

 

220

 

 

 

243

 

Income tax expense

 

 

39,762

 

 

 

44,598

 

 

 

58,389

 

 

 

63,731

 

Income tax paid

 

 

(17,010

)

 

 

(63,087

)

 

 

(65,445

)

 

 

(113,596

)

Changes in Working capital:

 

 

(152,356

)

 

 

(150,239

)

 

 

(241,491

)

 

 

(217,842

)

 - Inventories and right to return assets

 

 

(1,861

)

 

 

5,087

 

 

 

(90,366

)

 

 

(68,756

)

 - Trade and other receivables

 

 

(178,507

)

 

 

(173,380

)

 

 

(152,446

)

 

 

(134,730

)

 - Trade and other payables and accrued liabilities

 

 

33,200

 

 

 

18,187

 

 

 

11,833

 

 

 

(4,971

)

 - Other

 

 

(5,188

)

 

 

(133

)

 

 

(10,512

)

 

 

(9,385

)

Net cash flows provided by / (used in) operating activities

 

 

28,567

 

 

 

(18,288

)

 

 

300

 

 

 

(29,933

)

Interest received net of taxes withheld

 

 

644

 

 

 

1,270

 

 

 

1,695

 

 

 

3,161

 

Purchases of property, plant and equipment

 

 

(21,297

)

 

 

(18,894

)

 

 

(58,430

)

 

 

(33,541

)

Proceeds from sale of property, plant and equipment

 

 

23

 

 

 

7

 

 

 

25

 

 

 

19

 

Purchases of intangible assets

 

 

(171

)

 

 

(1,953

)

 

 

(1,227

)

 

 

(6,094

)

Proceeds from sale of intangible assets

 

 

(2

)

 

 

-

 

 

 

-

 

 

 

-

 

Initial direct costs of right-of-use assets

 

 

(432

)

 

 

(1,430

)

 

 

(632

)

 

 

(1,430

)

Acquisition of subsidiary, net of cash acquired

 

 

(285

)

 

 

-

 

 

 

(2,213

)

 

 

-

 

Receipt of government grant

 

 

-

 

 

 

-

 

 

 

623

 

 

 

1,888

 

Net cash flows (used in) investing activities

 

 

(21,520

)

 

 

(21,000

)

 

 

(60,159

)

 

 

(35,997

)

Repayment of loans and borrowings

 

 

(1,309

)

 

 

(2,051

)

 

 

(2,604

)

 

 

(4,205

)

Payment of transaction costs related to refinancing

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(250

)

Interest paid

 

 

(5,267

)

 

 

(8,042

)

 

 

(22,135

)

 

 

(26,294

)

Payments of lease liabilities

 

 

(12,803

)

 

 

(10,603

)

 

 

(25,100

)

 

 

(20,599

)

Interest portion of lease liabilities

 

 

(2,317

)

 

 

(2,304

)

 

 

(4,633

)

 

 

(4,636

)

Payment of tax receivable agreement liability

 

 

(14,627

)

 

 

-

 

 

 

(14,627

)

 

 

-

 

Net cash flows (used in) financing activities

 

 

(36,323

)

 

 

(23,000

)

 

 

(69,099

)

 

 

(55,984

)

Net increase (decrease) in cash and cash equivalents

 

 

(29,276

)

 

 

(62,288

)

 

 

(128,958

)

 

 

(121,914

)

Cash and cash equivalents at beginning of period

 

 

229,227

 

 

 

298,594

 

 

 

329,067

 

 

 

355,843

 

Net foreign exchange difference

 

 

1,516

 

 

 

(907

)

 

 

1,358

 

 

 

1,470

 

Cash and cash equivalents at end of period

 

 

201,467

 

 

 

235,399

 

 

 

201,467

 

 

 

235,399

 

 

 

9

BIRKENSTOCK HOLDING PLC || press release || MAY 13, 2026

 


img35391653_0.jpg

Birkenstock Holding plc

 

Reconciliation of Revenue to Constant Currency Revenue

(In thousands of Euros, unless otherwise stated)

 

 

 

Three months ended March 31,

 

 

 

 

 

Constant Currency Growth [%]

 

 

 

2026

 

 

2025

 

 

Growth [%]

 

 

 

 

B2B

 

 

471,670

 

 

 

432,484

 

 

 

9

%

 

 

15

%

DTC

 

 

146,381

 

 

 

140,705

 

 

 

4

%

 

 

12

%

Corporate / Other

 

 

282

 

 

 

1,141

 

 

 

(75

)%

 

 

(75

)%

Total Revenue

 

 

618,333

 

 

 

574,330

 

 

 

8

%

 

 

14

%

Americas

 

 

324,359

 

 

 

312,524

 

 

 

4

%

 

 

14

%

EMEA

 

 

235,131

 

 

 

212,845

 

 

 

10

%

 

 

11

%

APAC

 

 

58,561

 

 

 

47,820

 

 

 

22

%

 

 

30

%

Corporate / Other

 

 

282

 

 

 

1,141

 

 

 

(75

)%

 

 

(75

)%

Total Revenue

 

 

618,333

 

 

 

574,330

 

 

 

8

%

 

 

14

%

 

 

 

 

 

Six months ended March 31,

 

 

 

 

 

Constant Currency Growth [%]

 

 

 

2026

 

 

2025

 

 

Growth [%]

 

 

 

 

B2B

 

 

686,793

 

 

 

614,529

 

 

 

12

%

 

 

18

%

DTC

 

 

332,568

 

 

 

319,222

 

 

 

4

%

 

 

12

%

Corporate / Other

 

 

873

 

 

 

2,298

 

 

 

(62

)%

 

 

(62

)%

Total Revenue

 

 

1,020,234

 

 

 

936,049

 

 

 

9

%

 

 

16

%

Americas

 

 

546,133

 

 

 

523,224

 

 

 

4

%

 

 

14

%

EMEA

 

 

354,349

 

 

 

315,604

 

 

 

12

%

 

 

13

%

APAC

 

 

118,879

 

 

 

94,923

 

 

 

25

%

 

 

34

%

Corporate / Other

 

 

873

 

 

 

2,298

 

 

 

(62

)%

 

 

(62

)%

Total Revenue

 

 

1,020,234

 

 

 

936,049

 

 

 

9

%

 

 

16

%

 

 

 

 

 

Three months ended March 31,

 

 

Six months ended March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Total Revenue

 

 

618,333

 

 

 

574,330

 

 

 

1,020,234

 

 

 

936,049

 

USD impact

 

 

30,982

 

 

 

(8,155

)

 

 

49,282

 

 

 

(9,221

)

CAD impact

 

 

1,814

 

 

 

956

 

 

 

2,760

 

 

 

1,206

 

Other currencies impact

 

 

4,225

 

 

 

(731

)

 

 

9,131

 

 

 

(1,296

)

Total Revenue @ constant currencies

 

 

655,354

 

 

 

566,400

 

 

 

1,081,407

 

 

 

926,738

 

Revenue growth @ constant currencies

 

 

14

%

 

 

18

%

 

 

16

%

 

 

18

%

 

 

 

10

BIRKENSTOCK HOLDING PLC || press release || MAY 13, 2026

 


img35391653_0.jpg

Birkenstock Holding plc

Reconciliation of gross profit to adjusted gross profit

(In thousands of Euros)

 

 

 

Three months ended March 31,

 

 

Six months ended March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Gross profit

 

 

333,553

 

 

 

331,574

 

 

 

557,498

 

 

 

549,608

 

Add Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

Distributor mark-up reversal(1)

 

 

4,121

 

 

 

-

 

 

 

10,921

 

 

 

-

 

Adjusted gross profit

 

 

337,674

 

 

 

331,574

 

 

 

568,419

 

 

 

549,608

 

Adjusted gross profit margin

 

 

54.6

%

 

 

57.7

%

 

 

55.7

%

 

 

58.7

%

 

(1) Represents the distributor mark-up applied to inventories sold by the Company to Birkenstock Australia Pty Ltd prior to acquisition and the subsequent impact on cost of sales as Birkenstock Australia Pty Ltd sells that inventory to third-party customers post-acquisition.

 

 

11

BIRKENSTOCK HOLDING PLC || press release || MAY 13, 2026

 


img35391653_0.jpg

Birkenstock Holding plc

Reconciliation of net profit to adjusted net profit

(In thousands of Euros, except share and per share information)

 

 

 

Three months ended March 31,

 

 

Six months ended March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Net profit (loss)

 

 

81,883

 

 

 

105,113

 

 

 

132,414

 

 

 

125,232

 

Add (less) adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

Distributor mark-up reversal(1)

 

 

4,121

 

 

 

-

 

 

 

10,921

 

 

 

-

 

Transaction costs(2)

 

 

-

 

 

 

-

 

 

 

185

 

 

 

-

 

Gain from bargain purchase(3)

 

 

-

 

 

 

-

 

 

 

(12,291

)

 

 

-

 

Acquisition-related items

 

 

4,121

 

 

 

-

 

 

 

(1,185

)

 

 

-

 

Realized and unrealized FX loss(4)

 

 

6,953

 

 

 

(2,570

)

 

 

10,191

 

 

 

9,301

 

Tax adjustment(5)

 

 

(362

)

 

 

146

 

 

 

150

 

 

 

1,422

 

Adjusted net profit (loss)

 

 

92,595

 

 

 

102,689

 

 

 

141,570

 

 

 

135,955

 

Adj. earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

0.50

 

 

 

0.55

 

 

 

0.77

 

 

 

0.72

 

Diluted

 

 

0.50

 

 

 

0.55

 

 

 

0.77

 

 

 

0.72

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

183,906,056

 

 

 

187,829,202

 

 

 

183,906,056

 

 

 

187,829,202

 

 

(1) Represents the distributor mark-up applied to inventories sold by the Company to Birkenstock Australia Pty Ltd prior to acquisition and the subsequent impact on cost of sales as Birkenstock Australia Pty Ltd sells that inventory to third-party customers post-acquisition.

(2) Represents costs associated with the acquisition of Birkenstock Australia Pty Ltd. Costs mainly include legal fees, consulting fees and travel expenses.

(3) Represents the excess of the preliminary fair value of the identifiable assets acquired and liabilities assumed in the acquisition of Birkenstock Australia Pty Ltd over the preliminary aggregate consideration transferred.

(4) Represents the primarily non-cash impact of foreign exchange rates within profit (loss). We do not consider these gains and losses representative of operating performance of the business because they are primarily driven by fluctuations in the USD to Euro foreign exchange rate on intercompany receivables for inventory and intercompany loans.

(5) Represents income tax effects for the adjustments as outlined above, except for unrealized foreign exchange gain (loss) and share-based compensation expenses since these have not been treated as tax deductible in the initial tax calculation.

 

12

BIRKENSTOCK HOLDING PLC || press release || MAY 13, 2026

 


img35391653_0.jpg

Birkenstock Holding plc

 

Reconciliation of net profit to EBITDA and adjusted EBITDA

(In thousands of Euros)

 

 

 

Three months ended March 31,

 

 

Six months ended March 31,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Net profit (loss)

 

 

81,883

 

 

 

105,113

 

 

 

132,414

 

 

 

125,232

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

39,762

 

 

 

44,598

 

 

 

58,389

 

 

 

63,731

 

Finance cost, net

 

 

33,805

 

 

 

25,612

 

 

 

42,954

 

 

 

50,390

 

Depreciation and amortization

 

 

31,809

 

 

 

27,312

 

 

 

61,967

 

 

 

53,504

 

EBITDA

 

 

187,259

 

 

 

202,635

 

 

 

295,724

 

 

 

292,857

 

Add adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

Distributor mark-up reversal(1)

 

 

4,121

 

 

 

-

 

 

 

10,921

 

 

 

-

 

Transaction costs(2)

 

 

-

 

 

 

-

 

 

 

185

 

 

 

-

 

Gain from bargain purchase(3)

 

 

-

 

 

 

-

 

 

 

(12,291

)

 

 

-

 

Acquisition-related items

 

 

4,121

 

 

 

-

 

 

 

(1,185

)

 

 

-

 

Realized and unrealized FX loss(4)

 

 

6,953

 

 

 

(2,570

)

 

 

10,191

 

 

 

9,301

 

Adjusted EBITDA

 

 

198,333

 

 

 

200,065

 

 

 

304,730

 

 

 

302,158

 

Adjusted EBITDA margin

 

 

32.1

%

 

 

34.8

%

 

 

29.9

%

 

 

32.3

%

 

(1) Represents the distributor mark-up applied to inventories sold by the Company to Birkenstock Australia Pty Ltd prior to acquisition and the subsequent impact on cost of sales as Birkenstock Australia Pty Ltd sells that inventory to third-party customers post-acquisition.

(2) Represents costs associated with the acquisition of Birkenstock Australia Pty Ltd. Costs mainly include legal fees, consulting fees and travel expenses.

(3) Represents the excess of the preliminary fair value of the identifiable assets acquired and liabilities assumed in the acquisition of Birkenstock Australia Pty Ltd over the preliminary aggregate consideration transferred.

(4) Represents the primarily non-cash impact of foreign exchange rates within profit (loss). We do not consider these gains and losses representative of operating performance of the business because they are primarily driven by fluctuations in the USD to Euro foreign exchange rate on intercompany receivables for inventory and intercompany loans.

 

 

Birkenstock Holding plc

Reconciliation of net debt and net leverage

(In thousands of Euros, unless otherwise stated)

 

 

 

March 31,

 

 

September 30,

 

 

 

2026

 

 

2025

 

Loans and borrowings (Non-current)

 

 

1,131,758

 

 

 

1,128,010

 

+ USD Term Loan (Current)

 

 

5,069

 

 

 

5,090

 

+ Lease liabilities (Non-current)

 

 

174,101

 

 

 

149,338

 

+ Lease liabilities (Current)

 

 

50,073

 

 

 

43,581

 

- Cash and cash equivalents

 

 

(201,467

)

 

 

(329,067

)

Net debt

 

 

1,159,534

 

 

 

996,952

 

Adjusted EBITDA (LTM)

 

 

669,561

 

 

 

666,990

 

Net leverage

 

 

1.7

x

 

 

1.5

x

 

 

13

BIRKENSTOCK HOLDING PLC || press release || MAY 13, 2026

 


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