6-K

Unaudited Interim Condensed Consolidated Statements of Financial Position


(In thousands of Euros)	Notes	March 31, 2026			September 30, 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	7		391,358			357,496
Right-of-use assets	8		208,298			179,762
Deferred tax assets			18,726			11,556
Other assets	11		24,786			28,425
Total non-current assets			3,750,614			3,666,757

Current assets
Inventories	9		844,706			704,417
Trade and other receivables			298,959			160,245
Current tax assets			3,859			6,544
Other current assets	11		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
Share premium	10		1,992,302			1,992,302
Other capital reserve			69,140			68,920
Retained earnings			898,319			765,905
Accumulated other comprehensive loss			(66,574	)		(104,401	)
Total shareholders' equity			2,893,187			2,722,726

Non-current liabilities
Loans and borrowings	12		1,131,758			1,128,010
Tax receivable agreement liability	13		294,219			302,400
Lease liabilities	8		174,101			149,338
Provisions			4,785			4,413
Deferred tax liabilities			169,994			163,429
Deferred income	14		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	12		16,910			17,133
Tax receivable agreement liability	13		60,881			54,364
Lease liabilities	8		50,073			43,581
Trade and other payables			142,122			136,003
Accrued liabilities			34,150			32,222
Other financial liabilities	11		17,089			4,202
Provisions			25,575			36,338
Contract liabilities			9,654			6,195
Current 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

Unaudited Interim Condensed Consolidated Statements of Comprehensive Income


		Three months ended March 31,						Six months ended March 31,
(In thousands of Euros, except share and per share information)	Notes	2026			2025			2026			2025
Revenue	15		618,333			574,330			1,020,234			936,049
Cost of sales	16		(284,780	)		(242,756	)		(462,736	)		(386,441	)
Gross profit			333,553			331,574			557,498			549,608
Operating expenses
Selling and distribution expenses	16		(138,311	)		(126,501	)		(263,891	)		(244,656	)
General and administrative expenses	16		(32,974	)		(32,447	)		(62,240	)		(56,551	)
Foreign exchange gain (loss)			(6,953	)		2,570			(10,191	)		(9,301	)
Other income, net	6		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	17		(39,762	)		(44,598	)		(58,389	)		(63,731	)
Net profit			81,883			105,113			132,414			125,232
Items that will be reclassified to profit (loss) if certain conditions are met:
Cumulative translation adjustment gain (loss)			39,249			(60,985	)		37,827			42,428
Other comprehensive income (loss), net of tax			39,249			(60,985	)		37,827			42,428
Total comprehensive income			121,132			44,128			170,241			167,660

Earnings per share
Basic	18		0.45			0.56			0.72			0.67
Diluted	18		0.45			0.56			0.72			0.67

Unaudited Interim Condensed Consolidated Statements of Changes in Shareholders’ Equity


(In thousands of Euros, except share information)	Notes	Number of ordinary shares		Share Premium		Other Capital Reserve		Retained Earnings		Accumulated other comprehensive income (loss)			Total equity
Balance at September 30, 2024			187,829,202		2,168,495		68,920		417,578		(29,974	)		2,625,019
Net profit			—		—		—		125,232		—			125,232
Other comprehensive income			—		—		—		—		42,428			42,428
Total comprehensive income			—		—		—		125,232		42,428			167,660
Equity-settled share-based compensation expense	20		—		—		243		—		—			243
Balance at March 31, 2025			187,829,202		2,168,495		69,163		542,810		12,454			2,792,922

Balance at September 30, 2025			183,906,056		1,992,302		68,920		765,905		(104,401	)		2,722,726
Net profit			—		—		—		132,414		—			132,414
Other comprehensive loss			—		—		—		—		37,827			37,827
Total comprehensive income			—		—		—		132,414		37,827			170,241
Equity-settled share-based compensation expense	20		—		—		220		—		—			220
Balance at March 31, 2026			183,906,056		1,992,302		69,140		898,319		(66,574	)		2,893,187

Unaudited Interim Condensed Consolidated Statements of Cash Flows


	Six months ended March 31,
(In thousands of Euros)	2026			2025
Cash flows from operating activities
Net profit		132,414			125,232
Adjustments to reconcile net profit to net cash flows from operating activities:
Depreciation and amortization		61,967			53,504
Loss on disposal of property, plant and equipment		223			54
Finance cost, net		42,954			50,390
Net exchange differences		23,360			8,351
Gain from bargain purchase		(12,291	)		—
Non-cash operating items		220			243
Income tax expense		58,389			63,731
Income tax paid		(65,445	)		(113,596	)
Changes in working capital:
- Inventories and right to return assets		(90,366	)		(68,756	)
- Trade and other receivables		(152,446	)		(134,730	)
- Trade and other payables and accrued liabilities		11,833			(4,971	)
- Other		(10,512	)		(9,385	)
Net cash flows provided by (used in) operating activities		300			(29,933	)

Cash flows from investing activities
Interest received, net of taxes withheld		1,695			3,161
Purchases of property, plant and equipment		(58,430	)		(33,541	)
Proceeds from sale of property, plant and equipment		25			19
Purchases of intangible assets		(1,227	)		(6,094	)
Initial direct costs of right-of-use assets		(632	)		(1,430	)
Acquisition of subsidiary, net of cash acquired		(2,213	)		—
Receipt of government grant		623			1,888
Net cash flows used in investing activities		(60,159	)		(35,997	)

Cash flows from financing activities
Repayment of loans and borrowings		(2,604	)		(4,205	)
Payment of transaction costs related to refinancing		—			(250	)
Interest paid		(22,135	)		(26,294	)
Payments of lease liabilities		(25,100	)		(20,599	)
Interest portion of lease liabilities		(4,633	)		(4,636	)
Payment of tax receivable agreement liability		(14,627	)		—
Net cash flows used in financing activities		(69,099	)		(55,984	)

Net decrease in cash and cash equivalents		(128,958	)		(121,914	)
Cash and cash equivalents at beginning of period		329,067			355,843
Net foreign exchange difference		1,358			1,470
Cash and cash equivalents at end of period		201,467			235,399

Notes to THE Unaudited INTERIM CONDENSED Consolidated Financial Statements

1. GENERAL INFORMATION

Organization and principal activities

Birkenstock Holding plc (as a standalone entity, the "Holding" and, together with its subsidiaries referred to herein as the “Company” or “Birkenstock”) was formed under the name of BK LC Lux Finco 2 S.à r.l. on February 19, 2021, as a limited liability company organized under Luxembourg law, with its business address at 40 Avenue Monterey, Luxembourg. The Holding’s current business address is 1-2 Berkeley Square, London W1J 6EA, UK. The Holding is registered at the Jersey Financial Services Commission under number 148522.

The Company’s immediate parent is BK LC Lux MidCo S.à r.l. (“MidCo”) and the Company’s ultimate controlling shareholder is LC9 Caledonia AIV GP, LLP (“L Catterton”).

The Company manufactures and sells footbed-based products, including sandals and closed-toe silhouettes, and other products, such as skincare and accessories, for everyday leisure and work.

The Company operates in three operating segments based on its regional hubs: (1) Americas, (2) Europe, Middle East and Africa ("EMEA"), and (3) Asia-Pacific (“APAC”) (see Note 5 – Segment information for further details). The Company sells its products through two main channels: business-to-business (“B2B”) (comprising sales made to established third-party store networks), and direct-to-consumer (“DTC”) (comprising sales made on globally owned online stores via the Birkenstock.com domain and sales made in Birkenstock retail stores).

Seasonality

Revenues of our products are affected by a seasonal pattern that is driven in large part by the weather given the nature of our product mix. While we manufacture our footwear year-round, we generally build up inventory between October and January to be prepared for an increased demand during the subsequent summer season in the Northern hemisphere. Starting in May and during the warmer months of the year, demand for our products from our DTC channel increases while demand for our products from our B2B channel peaks from December through March. While these consumer buying patterns lead to a natural seasonality in revenue, unseasonable weather could significantly affect revenue and profitability. Our geographical breadth, customer diversity and our strategic focus on expanding certain product categories and entering new territories help to mitigate part of the effect of seasonality on results of operations.

2. BASIS OF PRESENTATION

Basis of preparation and consolidation

These interim condensed consolidated financial statements were authorized for issuance on May 13, 2026 by the Company’s board of directors.

These interim condensed consolidated financial statements as of March 31, 2026 and for the three and six months ended March 31, 2026 and 2025 have been prepared in accordance with International Accounting Standard ("IAS") 34 "Interim Financial Reporting", as issued by the International Accounting Standards Board (“IASB”). These interim condensed consolidated financial statements should be read in conjunction with the annual consolidated financial statements for the fiscal year ended September 30, 2025, which have been prepared in accordance with IFRS Accounting Standards as issued by the IASB.

These interim condensed consolidated financial statements have been prepared on a historical cost basis except for derivative financial instruments and the initial recognition of assets acquired and liabilities assumed in a business combination which are recorded at fair value.

The interim condensed consolidated financial statements comprise the financial statements of Birkenstock Holding plc and its subsidiaries. All intercompany transactions and balances have been eliminated.

All amounts have been rounded to the nearest thousand, except when otherwise indicated.

The fiscal year of the Company ends on September 30.

The companies consolidated in these interim condensed consolidated financial statements are disclosed in the notes to the annual consolidated financial statements for the fiscal year ended September 30, 2025, except that Birkenstock Australia Pty. Ltd. was acquired during the three months ended December 31, 2025 and is consolidated in these interim consolidated financial statements. See Note 6 - Business combination for further details.

Functional and presentation currency

The functional currency of each of the Company’s subsidiaries is the currency of the primary economic environment in which each entity operates. The reporting currency of the Company is the Euro.

3. SIGNIFICANT ACCOUNTING POLICIES

The accounting policies applied in these interim condensed consolidated financial statements are predominantly the same as those applied by the Company in its consolidated financial statements for the fiscal year ended September 30, 2025. The Company has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.

New and amended standards and interpretations adopted by the Company

The following amended standard became effective for the Company’s fiscal year beginning on October 1, 2025, but did not have a material impact on the unaudited interim condensed consolidated financial statements of the Company:

•

Amendments to IAS 21 – Lack of Exchangeability (effective for annual periods beginning on or after January 1, 2025).

New and amended standards and interpretations issued but not yet effective

The following standard amendments will be effective for the Company's fiscal year beginning October 1, 2026, or thereafter, and are not expected to have a material impact on the unaudited interim condensed consolidated financial statements of the Company:

•

Amendments to IFRS 9 and IFRS 7 – Classification and Measurement of Financial Instruments (effective for annual periods beginning on or after January 1, 2026).

•

Annual Improvements to IFRS Accounting Standards – Volume 11 (effective for annual periods beginning on or after January 1, 2026).

•

IFRS 19 – Subsidiaries without Public Accountability: Disclosures and amendments (effective for reporting periods beginning on or after January 1, 2027).

•

Amendments to IAS 21 – Translation to a Hyperinflationary Presentation Currency (effective for reporting periods beginning on or after January 1, 2027).

•

Amendments to IFRS 9 and IFRS 7 – Contracts Referencing Nature-dependent Electricity (effective for annual periods beginning on or after January 1, 2026).

The Company is currently assessing the potential impact of the following standards:

•

IFRS 18 – Presentation and Disclosure in Financial Statements (effective for annual periods beginning on or after January 1, 2027).

4. SIGNIFICANT ACCOUNTING ESTIMATES, ASSUMPTIONS AND JUDGMENTS

The preparation of Birkenstock’s consolidated financial statements in accordance with IFRS requires management to make estimates and judgments in applying the Company’s accounting policies that affect the reported amounts and disclosures made in the interim condensed consolidated financial statements and accompanying notes. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. The estimates and underlying assumptions are subject to continuous review.

In preparing the interim condensed consolidated financial statements, no significant changes in accounting estimates, assumptions and judgments have occurred compared to the significant accounting judgments, estimates and assumptions discussed in the consolidated financial statements as of and for the fiscal year ended September 30, 2025.

5. SEGMENT INFORMATION

The Company’s operating segments are reported in a manner consistent with the internal reporting provided to and regularly reviewed by the chief operating decision maker (“CODM”), the Chief Executive Officer (“CEO”), and are aligned to the geographical hubs that the Company operates in: Americas; Europe, Middle East, and Africa (“EMEA”); and Asia Pacific ("APAC").

Additionally, the Company has Corporate / Other revenue and expenses, which primarily consists of non-core activities and other administrative costs that are not charged to the operating segments. The CODM uses the measure of adjusted EBITDA to assess operating segments’ performance to make decisions regarding the allocation of resources.

The adjustments to EBITDA relate to foreign exchange gains and losses and other non-recurring acquisition-related expenses.

As a result of the July 2024 IFRS Interpretations Committee (“IFRIC”) agenda decision that clarified certain IFRS 8 – Operating Segments disclosure requirements, the Company has additionally disclosed Cost of sales by segment starting with the year ended September 30, 2025. The segment information for the three and six months ended March 31, 2025 has been conformed to the current period presentation.

Assets and liabilities are neither reported nor reviewed by the CODM at the operating segment level.


	Three months ended March 31, 2026
	Americas	EMEA	APAC	Total Reportable Segments
Revenue1	324,359	235,131	58,561	618,051
Cost of sales	(158,842)	(95,825)	(30,105)	(284,772)
Reportable Segments Adjusted EBITDA	100,275	92,465	17,453	210,193
Corporate/Other Adjusted EBITDA				(11,860)
Foreign exchange loss				(6,953)
Acquisition-related:
Distributor mark-up reversal2				(4,121)
EBITDA				187,259
Depreciation and amortization				(31,809)
Finance cost, net				(33,805)
Profit before tax				121,645


	Three months ended March 31, 2025
	Americas	EMEA	APAC	Total Reportable Segments
Revenue1	312,524	212,845	47,820	573,189
Cost of sales	(132,949)	(89,450)	(18,886)	(241,285)
Reportable Segments Adjusted EBITDA	112,859	81,057	17,308	211,224
Corporate/Other Adjusted EBITDA				(11,159)
Foreign exchange gain				2,570
EBITDA				202,635
Depreciation and amortization				(27,312)
Finance cost, net				(25,612)
Profit before tax				149,711


	Six months ended March 31, 2026

	Americas	EMEA	APAC	Total Reportable Segments
Revenue1	546,133	354,349	118,879	1,019,361
Cost of sales	(255,627)	(146,545)	(60,542)	(462,714)
Reportable Segments Adjusted EBITDA	167,668	120,275	37,124	325,067
Corporate/Other Adjusted EBITDA				(20,337)
Foreign exchange loss				(10,191)
Acquisition-related:
Gain from bargain purchase				12,291
Distributor mark-up reversal2				(10,921)
Transaction costs				(185)
EBITDA				295,724
Depreciation and amortization				(61,967)
Finance cost, net				(42,954)
Profit before tax				190,803


	Six months ended March 31, 2025

	Americas	EMEA	APAC	Total Reportable Segments
Revenue1	523,224	315,604	94,923	933,751
Cost of sales	(216,116)	(129,441)	(39,178)	(384,735)
Reportable Segments Adjusted EBITDA	179,251	107,848	31,509	318,608
Corporate/Other Adjusted EBITDA				(16,450)
Foreign exchange loss				(9,301)
EBITDA				292,857
Depreciation and amortization				(53,504)
Finance cost, net				(50,390)
Profit before tax				188,963

1The remainder of the Company's revenue relates to "Other", the Company's non-core activities. See Note 15 – Revenue from contracts with customers.

2Represents 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 such inventory is sold by Birkenstock Australia Pty. Ltd. to third-party customers post-acquisition. See Note 6 – Business combination.

6. BUSINESS COMBINATION

On October 23, 2025, Birkenstock International Asia GmbH completed the acquisition of Birkenstock Australia Pty. Ltd. ("Birkenstock Australia"), the Company's long-standing distributor in Australia. Birkenstock International Asia GmbH acquired 100% of the shares of Birkenstock Australia. This acquisition was made to invest in the Australian market and to further unlock growth potential in the APAC region. The acquisition is accounted for as a business combination using the acquisition method. Birkenstock Australia contributed sales of €28.6 million and income of €12.3 million since the acquisition date of October 23, 2025. Had Birkenstock Australia been acquired at the beginning of fiscal year 2026, additional sales of €4.3 million and income of €0.3 million would have been recognized during the six months ended March 31, 2026. The results of Birkenstock Australia are included in the APAC operating segment.

A final purchase price of AUD $24.5 million (€13.8 million) was agreed upon during the three months ended March 31, 2026. On April 22, 2026, the second tranche of AUD $12.5 million (€7.6 million) was paid to the seller and AUD $3.0 million (€1.8 million) was transferred into an escrow account. The escrow amount is expected to be released on April 22, 2027.

The purchase price allocation is preliminary as the fair value of certain working capital items have not yet been finalized and may be subject to minor adjustments during the measurement period in accordance with IFRS 3.

The preliminary fair values of assets acquired and liabilities assumed in the acquisition are as follows:


(EUR in thousands)
Assets
Intangible assets (other than goodwill)		689
Property, plant and equipment		577
Right-of-use assets		5,683
Deferred tax assets		535
Other current and non-current assets		704
Inventories		39,501
Trade and other receivables		4,862
Cash and cash equivalents		2,715
Total assets		55,266
Liabilities
Lease liabilities		(5,656)
Provisions		(27)
Deferred tax liabilities		(207)
Trade and other payables		(88)
Accrued liabilities		(751)
Contract liabilities		(331)
Current tax liabilities		(897)
Other current liabilities		(53)
Total liabilities		(8,010)

Total identifiable net assets at fair value		47,256

Gain on bargain purchase		12,291
Total consideration		34,965

Cash consideration payable to Sellers		13,763
Settlement of Accounts receivables from Birkenstock Australia		21,202
Total consideration		34,965

As part of the acquisition, €21.2 million of pre-existing trade payables owed by Birkenstock Australia to the Company were identified, which relate to inventory purchases made prior to the acquisition. This amount was recognized by the Company as Accounts receivables. In accordance with IFRS 3, this arrangement constitutes a pre-existing relationship that is effectively settled upon acquisition as the amounts are eliminated upon consolidation. This settlement is accounted for separately from the acquisition with no gain or loss recognized as the carrying value of the receivables substantially represented their fair value.

Consistent with the Company's accounting policies, the €12.3 million gain on bargain purchase has been recognized as "Other income, net" during the six months ended March 31, 2026. The gain on bargain purchase arose primarily as the seller was motivated to exit the business in connection with retirement with a focus on ensuring seamless succession and continuity of the exclusively affiliated distribution operations in Australia.

As of March 31, 2026, the Company incurred €0.4 million of acquisition-related costs. €0.2 million was incurred and recognized as "General and administrative expenses" during the six months ended March 31, 2026, with the remainder recognized during the year ended September 30, 2025.

7. PROPERTY, PLANT AND EQUIPMENT

During the six months ended March 31, 2026 and 2025, the Company acquired property, plant and equipment with costs of €54.9 million and €33.0 million, respectively. €18.0 million of the additions during the six months ended March 31, 2026 relate to the acquisition of the production and logistics facility in Wittichenau, Germany. Additionally €0.6 million of the additions relate to the acquisition of Birkenstock Australia. See Note 6 - Business combination. The remainder predominately relates to capital expenditures in the production facilities in Arouca, Portugal, Pasewalk, Germany, and Görlitz, Germany.

8. RIGHT-OF-USE ASSETS

During the six months ended March 31, 2026 and 2025, the Company added right-of-use assets with costs of €54.0 million and €35.3 million, respectively. The additions during the six months ended March 31, 2026 mainly related to warehouses and new retail stores. Additionally, €5.7 million of the additions related to the acquisition of Birkenstock Australia. See Note 6 - Business combination.

9. INVENTORIES


	March 31, 2026		September 30, 2025
Raw materials		75,498		71,951
Work in progress		83,386		64,525
Finished goods		685,822		567,941
Inventories		844,706		704,417

During the three and six months ended March 31, 2026, inventories of €197.3 million and €293.3 million, respectively, were recognized in Cost of sales. During the three and six months ended March 31, 2025, €163.2 million and €231.2 million, respectively, were recognized in Cost of sales.

As part of the Cost of sales, write-downs of inventories during the six months ended March 31, 2026 amounted to €4.7 million. During the three months ended March 31, 2026, €1.7 million of write-downs were reversed as the Company was able to sell its older inventories. During the three and six months ended March 31, 2025, write-downs of inventories amounted to €5.8 million and €8.8 million, respectively.

10.

EQUITY

As of March 31, 2026 and September 30, 2025, the Company had 183,906,056 no par value ordinary shares outstanding. As of March 31, 2025, the Company had 187,829,202 no par value ordinary shares outstanding.

Capital Reorganization

Prior to the IPO, the Company completed a capital reorganization. On October 2, 2023, the Company converted its share capital, comprised of 182,721,369 ordinary shares of €1.00 par value into 182,721,369 no par value ordinary shares.

In addition, on October 10, 2023, the Company entered into the TRA with MidCo in consideration for the repurchase of 5,648,465 ordinary shares of the Company from MidCo, which were subsequently cancelled. Please refer to Note 13 – Tax Receivable Agreement for further details on the TRA.

Initial Public Offering

On October 13, 2023, the Company closed its IPO. Birkenstock issued and sold 10,752,688 ordinary shares at an initial public offering price of $46.00. As result of the IPO, the Company had 187,825,592 no par value ordinary shares outstanding. The total proceeds from the IPO available to Birkenstock, net of underwriting discounts and commissions but before expenses, amounted to $473.6 million (€450.0 million). The underwriting commission fees for the IPO totaled €19.8 million. The deferred offering costs, which were deducted from Share Premium as part of the IPO transaction, amounted to €3.0 million. The Company used the majority of the proceeds received from the IPO, together with cash on hand, to repay €100.0 million in aggregate principal amount of the loan outstanding under the agreement with AB-Beteiligungs GmbH (the "Vendor Loan") and $450.0 million (€423.8 million) in aggregate principal amount of borrowings outstanding under the USD-denominated facility under the Senior Term Facilities Agreement entered into by our subsidiary, Birkenstock Limited Partner S.à r.l., in April 2021 (the "Original USD Term Loan").

Secondary Offerings

In June and July 2024, the Company completed secondary offerings of 16,100,000 ordinary shares on behalf of MidCo ("selling shareholder") at a price of $54.00 per share and incurred €1.9 million in associated costs.

On May 30, 2025, the Company completed another secondary offering of 14,000,000 ordinary shares on behalf of MidCo at a price of $52.50 per share (the "May 2025 Secondary Offering"). On the same day, as part of this secondary offering, the underwriters exercised their option to purchase an additional 2,100,000 ordinary shares at $52.50 per share. This resulted in the sale of a total of 16,100,000 ordinary shares, which were held by the selling shareholder. The Company incurred €1.7 million in costs associated with the May 2025 Secondary Offering on behalf of MidCo. These costs were recorded in "General and administrative expenses".

The Company did not issue additional ordinary shares and did not receive any proceeds from the secondary offerings.

MidCo remains the Company's controlling shareholder after both secondary offerings.

Share Redemption

On May 30, 2025, in connection with the May 2025 Secondary Offering, the Company repurchased 3,927,344 ordinary shares by way of redemption from the underwriters ("Share Redemption"). The ordinary shares were repurchased at $50.925 per share, which equals the May 2025 Secondary Offering price per share, less underwriting discounts and commissions. The ordinary shares redeemed by the Company pursuant to the Share Redemption were subsequently cancelled and are no longer outstanding. The Share Redemption was recognized as a €176.4 million reduction to Share premium during the year ended September 30, 2025.

11. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT

The following table presents the fair values and fair value hierarchy of the Company’s financial instruments that are carried at fair value on a recurring basis in the consolidated statements of financial position:

           
          Fair value

           
          Level

          Measurement

          March 31, 2026

          September 30, 2025

          Other assets

Senior Note - embedded derivative

3

FVtPL

18,254

22,796

          Other current assets

Currency derivative

2

FVtPL

1,736

16,851

          Other financial liabilities

Currency derivative

2

FVtPL

7,441

347

Changes in fair value of derivative assets and liabilities are recognized within the consolidated statements of profit or loss.

The Company does not carry any further financial instruments at fair value either on a recurring or non-recurring basis. The derivative assets and liabilities are reflected in the statements of financial position within other assets, other current assets and other financial liabilities.

The fair value of the redemption feature embedded in the Senior Notes is calculated using a "with-and-without" approach. The "with-scenario" refers to the fair value of the Senior Notes inclusive of the redemption feature and is estimated using a binomial lattice model in a risk-neutral framework and specifically, a Black-Derman-Toy ("BDT") model, whereas the "without-scenario" refers to the fair value exclusive of the redemption feature which is estimated through the use of a discounted cash-flow analysis ("DCF"). Both BDT and DCF models fall under the income approach. The yield volatility and credit spread are both unobservable inputs to the model. Since the note value is an observable input, the credit spread is assumed to be back solved after changing the yield volatility to match the note value. During the three and six months ended March 31, 2026, a €14.7 million and €4.5 million decrease in fair value was recorded through "Finance cost, net", respectively, using 40% yield volatility and 1.07% credit spread. A 2.5% increase/decrease in yield volatility would result in a €1.1 million increase/decrease in fair value during the six months ended March 31, 2026. During the three and six months ended March 31, 2025, a €5.6 million and €8.8 million decrease in fair value was recorded through "Finance cost, net", respectively, using 40% yield volatility and 1.36% credit spread. A 2.5% increase/decrease in yield volatility would result in a €1.3 million increase/decrease in fair value during the six months ended March 31, 2025.

The following table presents the fair value and fair value hierarchy of the Company’s loans and borrowings carried at amortized cost:


(EUR in thousands)	Level	Nominal value		Carrying value		Fair value
March 31, 2026
EUR Term Loan	2		375,000		375,206		379,700
USD Term Loan	2		103,294		103,291		106,387
Vendor Loan	2		217,408		226,128		230,901
Senior Notes	2		428,500		444,043		457,944

September 30, 2025
EUR Term Loan	2		375,000		375,112		387,500
USD Term Loan	2		103,731		103,677		107,246
Vendor Loan	2		217,408		221,391		230,176
Senior Notes	2		428,500		444,963		450,961

The following table presents the fair value and fair value hierarchy of the Company's Tax receivable agreement liability carried at amortized cost:


	Level	Carrying value	Fair value
March 31, 2026
Tax receivable agreement liability	3	355,100	387,472

September 30, 2025
Tax receivable agreement liability	3	356,764	370,080

There were no transfers between levels during any reporting period.

There were also no changes in the Company’s valuation processes, valuation techniques and types of inputs used in the fair value measurements during the reporting period.

Financial risk management

The Company has exposure to credit risk, liquidity risk and market risk. The interim condensed consolidated financial statements do not include all financial risk information and disclosures required in the annual financial statements and should be read in conjunction with the Company’s annual financial statements for the fiscal year ended September 30, 2025.

Capital management

The board of directors of the Company monitors the Company’s capital management on a regular basis. The Company continually assesses the adequacy of the Company’s capital structure and capacity and adjusts within the context of the Company’s strategy, economic conditions, and risk characteristics of the business.

12. LOANS AND BORROWINGS

The Company has the following principal and interest payable amounts outstanding for loans and borrowings:


(EUR in thousands)	Year of maturity	March 31, 2026			September 30, 2025
Non-current liabilities
EUR Term Loan	2029		375,000			375,000
USD Term Loan	2029		98,225			98,641
Vendor Loan	2029		217,408			217,408
Vendor Loan - interest payable	N/A		8,720			3,983
Senior Notes	2029		428,500			428,500
			1,127,853			1,123,532
Senior Note initial embedded derivative			28,637			28,638
Less: amortization under the effective interest method			(24,732	)		(24,160	)
			1,131,758			1,128,010

Current liabilities
EUR Term Loan - interest payable	N/A		2,048			2,242
USD Term Loan - current portion	2026		5,069			5,090
USD Term Loan - interest payable	N/A		420			428
Senior Notes - interest payable	N/A		9,373			9,373
			16,910			17,133

On March 9, 2026, an additional €5.0 million of the Company’s existing €225.0 million revolving credit facility ("RCF") was separated into a new ancillary facility. With the already existing €10.0 million ancillary facility, the Company now has a total of €15.0 million for global guarantees, which will allow the Company to support new global store openings. As a result, €210.0 million of the RCF is available and remains undrawn as of March 31, 2026.

13. TAX RECEIVABLE AGREEMENT

On October 10, 2023, the Holding entered into the Tax Receivable Agreement ("TRA") with MidCo (together with its permitted successors and assignees' shareholders, the "TRA Participants"). Pursuant to the TRA, the Company must make certain tax benefit payments (which are to be paid in cash in USD) to MidCo as consideration for the Company’s repurchase of 5,648,465 of its ordinary shares from MidCo (please refer to Note 10 - Equity). The TRA requires the Company to make payments to the TRA Participants equal to 85% of certain tax savings (or expected tax savings) in respect of certain tax benefits resulting from the Transaction or that were otherwise available to the Company as of the date of the IPO. Under the TRA, the Company will retain the benefit of the remaining 15% of the applicable tax savings. The timing of payments under the TRA will vary depending upon a number of factors, including the amount, character and timing of the Company's taxable income in the future.

As of October 10, 2023, the future payments expected to be made under the TRA totaled approximately $239.4 million for the USD tranche and €298.9 million for the EUR tranche over the upcoming 12 years (equaling the approximate undiscounted TRA payments). The fair value (level 3 Fair Value assessment) of the liability for these future payments was determined to be €355.8 million as of October 10, 2023. At inception the fair value was calculated based on expected cash flows with an assumption regarding expected tax payments denominated in USD and EUR as well as discounting to a present value using the original discount rate. As the fair value is not less than the amount payable on demand and the TRA could have been terminated at inception, the fair value was determined under the assumption of an early termination. The fair value at inception, together with the respective expected cash flows, determined an effective interest rate for the USD tranche and an effective interest rate for the EUR tranche.

Payments under the TRA are expected to be made in periods following the filing of a tax return in which the Company is able to utilize certain tax benefits to reduce taxes paid to a tax authority. The impact of any changes in the projected obligations under the TRA as a result of changes in the future taxable income, changes in tax legislation or tax rates, or other factors that may impact the Company’s tax savings will be reflected in "Finance cost, net", in the consolidated statements of comprehensive income in the period in which the change occurs.

Subsequent to its inception, the TRA is measured at amortized cost taking into consideration the current expected cash flows from the USD tranche as well as the EUR tranche and the original effective interest rate. The liability is discounted via the effective interest method and the expenses are recognized within "Finance cost, net." The TRA requires payments to be made in USD and for the EUR tranche to be translated to USD at a spot rate determinable on the date of filing the US tax return for the respective fiscal year. At the end of each reporting period, the TRA liability is remeasured from USD to the Company's functional currency, EUR, for both the USD cash flow tranche and any EUR cash flow tranche that has since been translated into USD under the terms of the agreement. The resulting foreign exchange gain or loss is recognized in the statements of comprehensive income (loss).

The total balance of the TRA liability as of March 31, 2026 amounted to €355.1 million, €60.9 million of which is classified as current. The total balance of the TRA liability as of September 30, 2025 amounted to €356.8 million, €54.4 million of which was classified as current. During the three and six months ended March 31, 2026, $17.3 million (€14.6 million) of the USD tranche was paid to MidCo.

14. GOVERNMENT GRANT

During fiscal year 2023, the Company was awarded a government grant by the state of Mecklenburg-Vorpommern, amounting up to €11.3 million, conditional on the investment in a production facility and the creation of 400 permanent jobs in Pasewalk, Germany. The grant is recognized as deferred income and is released to the statement of comprehensive income over the useful life of the respective assets. During the six months ended March 31, 2026 and 2025, €0.6 million and €1.9 million of cash from the state of Mecklenburg-Vorpommern was received, respectively. Both cash receipts were recorded as a reduction of Other current assets.

15. REVENUE FROM CONTRACTS WITH CUSTOMERS

For disaggregation of revenue by geography refer to Note 5 – Segment information. Disaggregation of revenue by sales channels was as follows:


	Three months ended March 31,				Six months ended March 31,
	2026		2025		2026		2025
B2B		471,670		432,484		686,793		614,529
DTC		146,381		140,705		332,568		319,222
Other		282		1,141		873		2,298
Revenue		618,333		574,330		1,020,234		936,049

Our B2B and DTC channels generate revenue across each of our reportable segments. The distribution between B2B and DTC revenue in our reportable segments approximates the distribution of the consolidated group.

16. OPERATING EXPENSES

The following summarizes the depreciation, amortization, personnel costs, and impairment recognized in operating expenses during the three and six months ended March 31, 2026 and 2025:


	Three months ended March 31,		Six months ended March 31,
	2026	2025	2026	2025
Cost of sales	(8,685)	(6,888)	(16,667)	(13,434)
Selling and distribution expenses	(13,241)	(10,658)	(25,806)	(20,783)
General and administrative expenses	(2,691)	(2,557)	(5,164)	(5,004)
Total depreciation	(24,617)	(20,103)	(47,637)	(39,221)

Cost of sales	(60)	(54)	(130)	(108)
Selling and distribution expenses	(6,574)	(6,827)	(13,077)	(13,578)
General and administrative expenses	(558)	(328)	(1,123)	(498)
Total amortization	(7,192)	(7,209)	(14,330)	(14,184)

Cost of sales	(60,359)	(56,147)	(114,457)	(109,265)
Selling and distribution expenses	(34,615)	(29,663)	(65,960)	(55,993)
General and administrative expenses	(15,582)	(14,785)	(30,374)	(27,524)
Total personnel costs	(110,556)	(100,595)	(210,791)	(192,782)

Selling and distribution expenses	—	—	—	(99)
Total impairment	-	—	—	(99)

Additionally, Selling and distribution expenses predominantly consist of selling and marketing expenses as well as logistics expenses. Selling and marketing expenses amounted to €35.9 million and €72.4 million during the three and six months ended March 31, 2026, respectively. Selling and marketing expenses were €37.8 million and €72.3 million during the three and six months ended March 31, 2025, respectively. Logistics expenses amounted to €36.3 million and €66.4 million during the three and six months ended March 31, 2026. Logistics expenses were €35.1 million and €66.2 million during the three and six months ended March 31, 2025.

17. INCOME TAX

The Company determined the reporting period's income tax expense based on an estimate of the annual effective income tax rate in the respective countries applied to the pre-tax result before the tax effect of any discrete items of this reporting period. The components of income tax expense are as follows:


	Three months ended March 31,		Six months ended March 31,
	2026	2025	2026	2025
Current income taxes	(39,309)	(36,049)	(59,417)	(56,025)
Deferred income taxes	(453)	(8,549)	1,028	(7,706)
Income tax expense	(39,762)	(44,598)	(58,389)	(63,731)

18. EARNINGS PER SHARE

Basic and diluted earnings per share is calculated by dividing net profit attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the reporting period.

The calculation of earnings per share is as follows:


	Three months ended March 31,				Six months ended March 31,
	2026		2025		2026		2025
Weighted number of outstanding shares		183,906,056		187,829,202		183,906,056		187,829,202
Number of shares with dilutive effects		4,245		309		3,650		248
Weighted number of outstanding shares (diluted)		183,910,301		187,829,511		183,909,706		187,829,450

Profit attributable to ordinary shareholders		81,883		105,113		132,414		125,232
Basic		0.45		0.56		0.72		0.67
Diluted		0.45		0.56		0.72		0.67

19. COMMITMENTS AND CONTINGENCIES

Commitments

In the normal course of its business, the Company enters into purchase obligations related to property, plant and equipment and intangible assets that do not meet the criteria for recognition as at period-end as the asset has not been received and/or costs have not been incurred. The Company also enters into certain lease contracts for buildings, equipment, and vehicles, which do not meet the criteria for recognition as a lease liability as at each period-end.

The aggregated commitments as of March 31, 2026 and September 30, 2025 are as follows:


	March 31, 2026	September 30, 2025
Purchase commitments	41,057	43,526
Future lease payments1	36,955	6,090
Total	78,012	49,616

1Relates to leases not yet commenced to which the Company is committed via signed contracts.

Contingencies

The Company is defending an action brought by a French distributor as a result of the termination of a business relationship. The plaintiff's initial claim amounted to €94.7 million. On January 25, 2024, the commercial court of Nancy, France, delivered its ruling in favor of the Company. The plaintiff appealed against the decision of the commercial court of Nancy on March 14, 2024 and filed their briefing and claim with the Paris Court of Appeal on June 14, 2024. The Company filed its briefing in response on November 12, 2024. The plaintiff reduced some of its claims but also introduced a new claim. In appeal, their claims total approximately €41.6 million. This change is mainly because the plaintiff made no claim in the appeal regarding the alleged loss of clientele. A court decision on the appeal is not expected before the end of the first half of calendar year 2026. The Company has recognized a provision for management’s best estimate of probable cash outflow.

20. RELATED PARTY TRANSACTIONS

In the course of the Company’s ordinary business activities, the Company enters into related party transactions with its shareholders and key management personnel.

Parent and ultimate controlling party

The ultimate controlling party of the Company is L Catterton.

Transactions with key management personnel

Key management compensation

Key management personnel for the periods presented consisted of our Chief Executive Officer, Chief Financial Officer, Chief Communications Officer, Chief Legal Officer, Chief Product Officer, Chief Sales Officer, the former Chief Technical Operations Officer (for the comparative period), President EMEA, President Americas and the board of directors.

Key management compensation is comprised of the following:


	Three months ended March 31,				Six months ended March 31,
	2026		2025		2026		2025
Short-term employee benefits		5,048		5,207		10,448		9,490
Long-term employee benefits		—		113		—		224
Post-employment benefits		185		203		489		442
Termination benefits		—		476		—		476
Share-based compensation		110		122		220		243
Total		5,343		6,121		11,157		10,875

During the three months ended March 31, 2026 and 2025, director compensation amounted to €0.1 million and €0.2 million during the six months ended March 31, 2026 and 2025. Additionally, certain non-employee directors are granted restricted share units ("RSUs") annually with a total grant date value of €0.3 million. During the three months ended March 31, 2026 and 2025, the Company incurred €0.1 million in RSU related expenses and €0.2 million during the six months ended March 31, 2026 and 2025.

Key management personnel transactions

The Company maintains a long-term business relationship related to the production of advertising content with a model agency owned by a family member of our Chief Executive Officer. During each of the three and six months ended March 31, 2026 and 2025, the Company incurred less than €0.1 million in marketing expenses.

The Company leased administrative buildings from Ockenfels Group GmbH & Co. KG (“Ockenfels”), an entity managed by our Chief Executive Officer and controlled by AB-Beteiligungs GmbH and CB Beteiligungs GmbH & Co. KG, (collectively, the "Predecessor Shareholders"). The lease liability amounted to €2.7 million and €0.9 million as of March 31, 2026 and September 30, 2025, respectively. The corresponding right-of-use assets amounted to €0.6 million and €0.8 million as of March 31, 2026 and September 30, 2025, respectively. Additionally, as of March 31, 2026 and September 30, 2025, the Company also had payables due to Ockenfels in the amount of €1.8 million (Other financial liabilities - current), relating to taxes from activities prior to the Transaction, which was received on behalf of the Predecessor Shareholders.

As of March 31, 2026 and September 30, 2025, the Company had outstanding receivables of €9.8 million (Other current assets) due from Ockenfels, predominantly relating to trade and value added taxes in connection with the Transaction in 2021 and to be reimbursed by Ockenfels in accordance with the agreements governing the Transaction.

Other related party transactions

Transactions with other related parties primarily consisted of consulting fees for management services provided by and expenses reimbursed to L Catterton Management Company LLC and other entities affiliated with L Catterton. The Company incurred less than €0.1 million in expenses during each of the three and six months ended March 31, 2026 and 2025.

The Company recognized €0.2 million and €0.3 million in sales from LVMH affiliated entities during each of the three and six months ended March 31, 2026, respectively. During the three and six months ended March 31, 2025, the Company recognized €0.3 million and €0.4 million in sales from LVMH affiliated entities, respectively. The Company and LVMH are related as a director of the Company is also a director of LVMH.

As of March 31, 2026, the Company has a lease liability of €1.0 million owed to CB Beteiligungs GmbH & Co. KG and €0.8 million as of September 30, 2025. The corresponding right-of-use asset amounted to €1.0 million and €0.7 million as of March 31, 2026 and September 30, 2025, respectively.

During the three and six months ended March 31, 2026, the Company entered into leases with Value Retail Limited affiliated entities and made lease payments in the amount of €0.5 million and €0.6 million, respectively. As of March 31, 2026, the lease liability amounted to €7.1 million. The corresponding right-of-use assets amounted to €6.9 million as of March 31, 2026. The Company and Value Retail Limited are related as directors of the Company are also directors of Value Retail Limited.

As described in Note 10 - Equity, the Company repurchased 3,927,344 ordinary shares from MidCo for €176.4 million during the year ended September 30, 2025.

As described in Note 13 - Tax Receivable Agreement, in October 2023 the Company entered into the TRA with the pre-IPO shareholder MidCo. The outstanding balance of the TRA liability (current and non-current portion) as of March 31, 2026 was €355.1

million and €356.8 million as of September 30, 2025. During the three and six months ended March 31, 2026, USD $17.3 million (€14.6 million) of the USD tranche was paid to MidCo. No payments were made during the three and six months ended March 31, 2025.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion of our financial condition and results of operations should be read in conjunction with the unaudited interim condensed consolidated financial statements and the related notes to those statements included in Item 1 of this report on Form 6-K (the "Report"). We also recommend that you read our discussion and analysis of financial condition and results of operations together with our audited financial statements and the notes thereto, and the section entitled “Risk Factors”, each of which appear in our annual report on Form 20-F for the year ended September 30, 2025 as filed with the SEC on December 18, 2025 (the "Annual Report"). As discussed in the section titled "F. Cautionary Statement Regarding Forward-Looking Statements," the following discussion and analysis contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those identified below in such section.

Rounding adjustments were made to some of the figures included in this document. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them. With respect to financial information set out in this document, a dash (“—”) signifies that the relevant figure is not available or not applicable, while a zero (“0.0”) signifies that the relevant figure is available but is or has been rounded to zero.

A. OPERATING RESULTS

Overview

BIRKENSTOCK is a revered global brand rooted in function, quality and tradition dating back to 1774. We are guided by a simple, yet fundamental insight: human beings are intended to walk barefoot on natural, yielding ground, a concept we refer to as “Naturgewolltes Gehen.” Our purpose is to empower all people to walk as intended by nature. The legendary BIRKENSTOCK footbed represents the best alternative to walking barefoot, encouraging proper foot health by evenly distributing weight and reducing pressure points and friction. We believe our function-first approach is universally relevant; all humans — anywhere and everywhere — deserve to walk in our footbed.

We primarily generate revenue through the sale of footbed-based products from our broad portfolio of over 700 silhouettes, anchored by our iconic Core Silhouettes, the Madrid, Arizona, Boston, Gizeh and Mayari. We engineer and produce 100% of our footwear in the EU through our vertically integrated manufacturing operations, thereby ensuring each pair sold meets our rigorous quality standards. Our materials and components are primarily sourced from suppliers in Europe and considered to be processed under the highest environmental and social standards in the industry.

Our strongest, most developed segments are the Americas and EMEA, which represented 52% and 38% of revenue, respectively, for the three months ended March 31, 2026, and 54% and 35% of revenue for the six months ended March 31, 2026, respectively. Our APAC segment has demonstrated considerable growth potential, which has not been fully realized historically due to the finite nature of our product supply as a result of limited production capacities, and our deliberate decisions to prioritize the Americas and EMEA segments.

We optimize growth and profitability through a multi-channel DTC and B2B distribution strategy that we refer to as engineered distribution. We operate our channels synergistically, seeking to grow both simultaneously. We utilize the B2B channel to facilitate brand accessibility while steering consumers to our DTC channel, which offers our complete product range and access to our most desired and unique silhouettes. Across both channels, we execute a strategic allocation and product segmentation process, often down to the single door level, to ensure we sell the right product in the right channel at the right price point. This approach is centered on the strategic calibration of our average selling price ("ASP") and employs key levers such as the expansion of our DTC channel, market conversions from third-party distributors, optimization of our wholesale partner network, increased overall share of premium products and strategic pricing. This process allows us to manage the finite nature of our production capacity with a rigorous focus on control of our brand image and profitability. As a result, we drive top-line growth and margins, prevent brand dilution and deepen our connection to consumers.

Our DTC footprint promotes direct consumer relationships and provides access to BIRKENSTOCK in its purest form. Our DTC channel enables us to express our brand identity, engage directly with our global fan base, capture real-time data on customer behavior and provide consumers with unique product access to our most distinctive styles. Additionally, our high levels of organic demand creation, together with higher ASPs, support consistently attractive profitability in the DTC channel.

Our wholesale strategy is defined by intentionality in partner selection and identifying the best partners in each segment and price point. We segment our wholesale product line availability into specific retailer quality tiers, ensuring we allocate the right product to the right channel for the right consumer. For example, we limit access to our premium 1774 product line and certain collaboration products to a curated group of brand partners. To a great extent, growth is driven by existing doors, as our partners expand the breadth and depth of their BIRKENSTOCK offerings. New doors are primarily in expansionary categories and niche sectors, such as professional, outdoor, children's, and sporting goods retailers.

For our wholesale partners, we are a “must carry” brand based on the enthusiasm with which our consumers pursue our products, as evidenced by our brand consistently being amongst the top performers in our core categories at most of our retail partners. We generate significantly more demand from existing and prospective wholesale customers than we can supply, putting us in an enviable position where we can create scarcity in the market and obtain favorable economic terms on wholesale distribution. The early placement of wholesale orders effectively determines sales to the end-consumer approximately six months in advance and aids in our production planning and allocation. In addition, sell-through transparency from important wholesalers provides real-time insight into the overall market and inventory dynamics.

On July 27, 2025, the United States and the EU announced a trade deal, subject to which all goods imported from the EU to the United States were made subject to at least 15% U.S. tariffs. On February 20, 2026, the U.S. Supreme Court ruled that U.S. tariffs imposed under the International Emergency Economic Powers Act ("IEEPA") on goods imported into the United States were unauthorized. The ruling has created significant uncertainty regarding the validity of certain tariff measures, and the overall implementation and durability of the trade deal remain uncertain pending further clarification from U.S. authorities and potential legislative action. On the same date, the U.S. administration temporarily imposed a minimum of 10% import surcharges for 150 days, in addition to the originally applicable blended tariff rate of approximately 10%. Surcharges could go up to a maximum of 15%, so that the applicable tariff rate would be approximately 25% in total. On May 7, 2026, the U.S. Court of International Trade ruled that the U.S. administration lacked sufficient justification to enact those 10% across-the-board tariffs; however, the ruling applies only to the impacted plaintiffs. Although we are closely monitoring the tariff and trade policy actions taken by the U.S. administration and other governments, the rapidly changing global trade environment continues to create uncertainty, including with respect to the tariffs and surcharges that may apply following the expiration of the 150 day-period.

While we produce all our footwear products in the EU, our Americas segment (which comprises the U.S. market) accounts for a significant portion of our revenue (52% in the three months ended March 31, 2026). During the three months ended March 31, 2026, the incremental U.S. tariffs introduced in 2025 adversely impacted gross profit margin, net profit margin and adjusted EBITDA margin. Additionally, during the three months ended March 31, 2026 we have experienced negative impacts from foreign currency translation on gross profit margin, adjusted EBITDA margin and on net profit margin, which we attribute, in part, to the significant ongoing uncertainty surrounding the global trade environment. The effect on adjusted EBITDA margin from incremental U.S. tariffs and currency translation totaled approximately 330 basis points in the three and six months ended March 31, 2026. Based on the current landscape, and all other factors remaining constant, we expect the tariffs to result in an increase in our cost of sales, and therefore impact our gross profit margin, adjusted EBITDA margin and net profit margin in fiscal 2026 by approximately 100 basis points. Also, we expect to continue to experience adverse foreign currency fluctuations for the three months ending June 30, 2026 impacting our gross profit margin, adjusted EBITDA margin and net profit margin in fiscal 2026 by approximately 100 basis points.

The recent military conflict in the Middle East involving, among others, Iran, the United States and Israel, have resulted in worldwide geopolitical and macroeconomic uncertainty as well as a challenging consumer environment in the region. During the three months ended March 31, 2026 we have experienced negative impacts from the conflict on our revenue (predominantly in the EMEA segment), gross profit, adjusted EBITDA and net profit. While we cannot predict how the conflict will evolve or the timing and effects thereof, we expect it to continue to negatively affect our revenue and result in an increase in our cost of sales and our selling and distribution expenses, and therefore impact our gross profit margin, adjusted EBITDA margin and net profit margin in fiscal 2026.

Key Financial Highlights

Key highlights for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 include:

•

Revenue of €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), and incremental U.S. tariffs (90 basis points). 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 and channel mix (30 basis points)

•

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

•

Net profit of €82 million, down 22% year-over-year; EPS of €0.45 down 20% from €0.56 in the second fiscal quarter of 2025

•

Adjusted net profit of €93 million, down 10% and Adjusted EPS of €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 €15 million

•

Adjusted EBITDA of €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

Non-IFRS Financial Measures and Other Metrics

We report our financial results in accordance with IFRS; however, management believes that certain non-IFRS financial measures and other metrics provide useful information in measuring the operating performance and financial condition of the Company and therefore uses them to make decisions. Management believes this information presents helpful comparisons of financial performance between periods by excluding the effect of certain non-recurring items.

We use non-IFRS financial measures, such as constant currency revenue, constant currency revenue growth, adjusted gross profit, adjusted gross profit margin, adjusted EBITDA, adjusted EBITDA margin, adjusted net profit (loss), adjusted net profit (loss) margin and adjusted basic / diluted earnings (loss) per share to supplement financial information presented in accordance with IFRS. We believe that excluding certain items from our IFRS results allows management to better understand our consolidated financial performance from period-to-period and better project our future consolidated financial performance as forecasts are developed at a level of detail different from that used to prepare IFRS-based financial measures. Moreover, we believe these non-IFRS financial measures provide our stakeholders with useful information to help them evaluate our operating results by facilitating an enhanced understanding of our operating performance and enabling them to make more meaningful period-to-period comparisons.

These non-IFRS measures do not have a standardized meaning prescribed by IFRS and therefore they may not be comparable to similarly titled measures presented by other companies, and they should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with IFRS.

Constant Currency Revenue and Constant Currency Revenue Growth


	Three months ended March 31,						Six months ended March 31,
(In thousands of Euros, unless otherwise stated)	2026			2025			2026			2025
Revenue		618,333			574,330			1,020,234			936,049
Revenue, constant currency		655,354			566,400			1,081,407			926,738
Revenue growth, constant currency		14	%		18	%		16	%		18	%

Our reporting currency is the Euro, and changes in foreign exchange rates can significantly affect our reported results and consolidated trends. The majority of non-Euro transactions are denominated in USD.

The effect of currency exchange rates on our business is an important factor in understanding period-to-period comparisons, which in turn are used in financial and operational decision-making. By viewing our revenue on a constant currency basis, the effects of foreign currency volatility, which is not indicative of our actual results of operations, are eliminated, enhancing the ability to understand our revenue development.

Constant currency information compares results between periods as if exchange rates had remained constant. We define constant currency revenue as total revenue excluding the effect of foreign exchange rate movements and use them to determine constant currency revenue growth on a comparative basis. Constant currency revenue is calculated by translating the current period foreign currency revenue using the prior period exchange rate. Constant currency revenue growth is calculated by determining the increase in current period revenue over prior period revenue, where current period foreign currency revenue is translated using prior period exchange rates. For example, USD-denominated constant currency revenue for the three months ended March 31, 2026 and the three months ended March 31, 2025 was calculated using the exchange rate of $1.17 to €1 and $1.05 to €1, respectively.Reconciliation of Revenue to Constant Currency Revenue

The tables below present a reconciliation of constant currency revenue to the most comparable IFRS measure, revenue, for the periods presented.


	Three months ended March 31,					Six months ended March 31,
(In thousands of Euros)	2026		2025			2026		2025
Revenue		618,333		574,330			1,020,234		936,049
Add (Less):
U.S. Dollar impact		30,982		(8,155	)		49,282		(9,221	)
Canadian Dollar impact		1,814		956			2,760		1,206
Other		4,225		(731	)		9,131		(1,296	)
Constant currency revenue		655,354		566,400			1,081,407		926,738


	Three months ended March 31,			Constant Currency Growth [%]
(In thousands of Euros)	2026	2025	Growth
B2B	471,670	432,484	9%	15%
DTC	146,381	140,705	4%	12%
Corporate / Other	282	1,141	(75%)	(75%)
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%)
Revenue	618,333	574,330	8%	14%


	Six months ended March 31,			Constant Currency Growth [%]
(In thousands of Euros, unless otherwise stated)	2026	2025	Growth
B2B	686,793	614,529	12%	18%
DTC	332,568	319,222	4%	12%
Corporate / Other	873	2,298	(62%)	(62%)
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%)
Revenue	1,020,234	936,049	9%	16%

Adjusted Gross Profit and Adjusted Gross Profit Margin


	Three months ended March 31,		Six months ended March 31,
(In thousands of Euros, unless otherwise stated)	2026	2025	2026	2025
Adjusted gross profit	337,674	331,574	568,419	549,608
Adjusted gross profit margin	54.6%	57.7%	55.7%	58.7%

We define Adjusted gross profit as gross profit, exclusive of non-recurring or non operating items such as the impact of the distributor mark-up to inventories sold by the Company to Birkenstock Australia Pty Ltd prior to the acquisition and subsequently to cost of sales as Birkenstock Australia Pty Ltd sells that inventory to third-party customers post-acquisition. Adjusted gross profit margin is defined as adjusted gross profit for the period divided by revenues for the same period. Management uses adjusted gross profit and adjusted gross profit margin to assess operating performance by excluding items that management believes are not indicative of the Company’s ongoing operating results. Management believes this measure provides useful information to investors by facilitating period-to-period comparisons, enhancing understanding of trends in the Company’s cost structure, and aligning external reporting with how operating performance is assessed internally.

Reconciliation of Gross Profit to Adjusted Gross Profit

The table below presents a reconciliation of gross profit to Adjusted gross profit for the periods presented:


	Three months ended March 31,		Six months ended March 31,
(In thousands of Euros)	2026	2025	2026	2025
Gross profit	333,553	331,574	557,498	549,608
Add Adjustments:
Acquisition-related:
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 such inventory is sold by Birkenstock Australia Pty. Ltd. to third-party customers post-acquisition. See Note 6 – Business combination.

Adjusted EBITDA and Adjusted EBITDA Margin


	Three months ended March 31,						Six months ended March 31,
(In thousands of Euros, unless otherwise stated)	2026			2025			2026			2025
Adjusted EBITDA		198,333			200,065			304,730			302,158
Adjusted EBITDA margin		32.1	%		34.8	%		29.9	%		32.3	%

Adjusted EBITDA is defined as net profit for the period adjusted for income tax expense, finance cost net, depreciation and amortization, further adjusted for the effect of events such as:

•

Incremental cost of sales due to the distributor mark-up of inventory sold to Birkenstock Australia prior to acquisition;

•

Acquisition-related transaction costs mainly consisting of legal and consulting fees as well as travel expenses;

•

Gain from bargain purchase; and

•

Realized and unrealized foreign exchange gain (loss).

Reconciliation of Net Profit to Adjusted EBITDA

The table below presents a reconciliation of net profit to Adjusted EBITDA for the periods presented:


	Three months ended March 31,						Six months ended March 31,
(In thousands of Euros)	2026			2025			2026			2025
Net profit		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:
Acquisition-related:
Distributor mark-up reversal(1)		4,121			—			10,921			—
Transaction costs(2)		—			—			185			—
Gain from bargain purchase(3)		—			—			(12,291	)		—
Realized and unrealized FX (gain) / 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)

(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.

Adjusted Net Profit and Adjusted Net Profit Margin


	Three months ended March 31,						Six months ended March 31,
(In thousands of Euros, unless otherwise stated)	2026			2025			2026			2025
Adjusted net profit		92,595			102,689			141,570			135,955
Adjusted net profit margin		15.0	%		17.9	%		13.9	%		14.5	%

We define adjusted net profit as net profit for the period adjusted for the aforementioned acquisition-related costs, realized and unrealized foreign exchange gain (loss) as well as the respective income tax effects for these adjustments. Adjusted net profit margin is defined as adjusted net profit for the period divided by revenue for the same period.

Reconciliation of Net Profit to Adjusted Net Profit

The table below presents a reconciliation of net profit to Adjusted net profit for the periods presented:


	Three months ended March 31,						Six months ended March 31,
(In thousands of Euros)	2026			2025			2026			2025
Net profit		81,883			105,113			132,414			125,232
Add (Less) Adjustments:
Acquisition-related:
Distributor mark-up reversal(1)		4,121			—			10,921			—
Transaction costs(2)		—			—			185			—
Gain from bargain purchase(3)		—			—			(12,291	)		—
Realized and unrealized FX (gain) / loss(4)		6,953			(2,570	)		10,191			9,301
Tax adjustment(5)		(362	)		146			150			1,422
Adjusted net profit		92,595			102,689			141,570			135,955
Adjusted net profit margin		15.0	%		17.9	%		13.9	%		14.5	%

(1)

(2)

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

(3)

(4)

(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.

Adjusted Basic / Diluted Earnings Per Share


	Three months ended March 31,		Six months ended March 31,
(In Euros)	2026	2025	2026	2025
Adjusted earnings per share (EPS)
Basic	0.50	0.55	0.77	0.72
Diluted	0.50	0.55	0.77	0.72

We define adjusted earnings per share as adjusted net profit for the period divided by the weighted number of shares outstanding.

Reconciliation of Net Profit to Adjusted Earnings per share

The table below presents a reconciliation of adjusted earnings per share to the most comparable IFRS measure, net profit, for the periods presented:


(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	81,883	105,113	132,414	125,232
Adjusted net profit(1)	92,595	102,689	141,570	135,955
Weighted number of outstanding shares	183,906,056	187,829,202	183,906,056	187,829,202
Weighted number of outstanding shares (diluted)	183,910,301	187,829,511	183,909,706	187,829,450
Adjusted earnings per share (EPS)
Basic	0.50	0.55	0.77	0.72
Diluted	0.50	0.55	0.77	0.72

(1)

See "Reconciliation of Net Profit to Adjusted Net Profit" above for a reconciliation of adjusted net profit to net profit.

Net Debt and Net Leverage

We define net debt as the sum of loans and borrowings (non-current), the current portion of the USD Term Loan, current and non-current Lease liabilities, reduced by the amount of cash and cash equivalents.

Net leverage is defined as a ratio of net debt over adjusted EBITDA for the last twelve months (LTM). Net leverage increased to 1.7x as of March 31, 2026 compared to 1.5x as of September 30, 2025, mainly determined by an increase in net debt, driven by a seasonal decrease in cash and cash equivalents in the three and the six months ended March 31, 2026.

Reconciliation of Net Debt and Net Leverage

The table below presents a reconciliation of net debt and net leverage to loans and borrowings (non-current) for the periods presented:


	March 31,	September 30,
(In thousands of Euros, unless otherwise stated)	2026	2025
Loans and borrowings (Non-current)	1,131,758	1,128,010
USD Term Loan - current portion	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	1.7x	1.5x

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.

Segments

Our three reportable segments align with our geographic operational hubs: the Americas, EMEA, and APAC as described above, which contributed 52%, 38%, and 9% of revenue, respectively, for the three months ended March 31, 2026 as compared to 54%, 37%, and 8% of revenue, respectively, for the three months ended March 31, 2025. The Americas segment includes, among other markets, the United States, Canada, Brazil and Mexico. The United States is our largest and most important market in the Americas segment. The EMEA segment includes, among others, the key markets of Germany, France and the UK. Germany, the country of our primary operations and where the BIRKENSTOCK brand originated, accounts for the largest percentage of revenue in EMEA. The largest markets in the APAC segment include Australia, Japan, China and India.

Revenue and costs not directly managed nor allocated to the geographic operational hubs are recorded in Corporate/Other. Corporate/Other immaterially contributed to our revenue during the three months ended March 31, 2026 and March 31, 2025.

Components of our Results of Operations

Revenue

Revenue is primarily recognized from the sale of our products, including sandals, closed-toe silhouettes and other products, such as care essentials and accessories.

We currently distribute across three reporting segments: Americas, EMEA and APAC. Within each segment, we manage a multi-channel distribution strategy, divided between our DTC and B2B channels. Both channels are important to our strategy and provide differentiated economic benefits and insights.

B2B revenue is recognized when control of the goods has been transferred, depending on the agreement with the customer. Following the transfer of control, the customer has the responsibility to sell the goods and bears the risks of obsolescence and loss in relation to the goods.

DTC channel revenue is recognized when control of the goods has been transferred, either upon delivery to e-commerce consumers or at the point of sale in retail stores. Payment of the transaction price is due immediately when the consumer purchases the goods. When the control of goods has transferred, a refund liability recorded in other current financial liabilities and a corresponding adjustment to revenue is recognized for those products expected to be returned. The Company has a right to recover the product when consumers exercise their right of return, which results in recognizing a right to return goods asset included in other current assets and a corresponding reduction to cost of sales.

Other revenue is comprised of revenue not directly allocated to the geographical operating segments, as well as revenue generated by non-product categories. These categories primarily include license revenue from fees paid to us by our licensees in exchange for the use of our trademarks on their products (mainly our sleep systems business). In addition, other revenue consists of revenue from the sale of leather material to our supplier for footbed cuttings/linings, as well as revenue from the sale of recyclable scrap materials from the production process.

Cost of sales

Cost of sales is comprised primarily of five types of expenditures: (i) raw materials, (ii) consumables and supplies, (iii) purchased merchandise, (iv) personnel costs, including temporary personnel services, and (v) overhead costs for the production sites. Freight charges for transfer of work-in-progress inventory between production plants, logistical centers and warehouses as well as inbound freight for raw materials are also included in cost of sales. In addition, duties and tariffs are included in cost of sales. Cost of sales reflect the portion of costs which correspond to the units sold in a given period.

Gross profit and gross profit margin

Gross profit is revenue less cost of sales and gross profit margin measures our gross profit as a percentage of revenue.

Selling and distribution expenses

Selling and distribution expenses are comprised of our selling, marketing, product innovation and supply chain costs. These expenses are incurred to support and expand our wholesale partner relationships, grow brand awareness and deliver our products to B2B partners, e-commerce consumers and retail stores. These expenses include personnel expenses for sales representatives, processing fees in the DTC channel and depreciation and amortization expenses for store leases, customer relationships and other intangible assets.

Selling costs generally correlate with revenue recognition timing and, therefore, experience similar seasonal trends to revenue with the exception of retail store costs, which are primarily fixed and incurred evenly throughout the year. As a percentage of revenue, we expect these selling costs to increase modestly as our business evolves. This increase is expected to be driven primarily by the relative growth of our DTC channel, including the investment required to support additional e-commerce sites and retail stores.

Distribution expenses are largely variable in nature and primarily relate to leasing and third-party expenses for warehousing inventories and transportation costs associated with delivering products from distribution centers to B2B partners and end consumers.

General and administrative expenses

General and administrative expenses consist of costs incurred in our corporate service functions, such as costs relating to the finance department, legal and consulting fees, HR and IT expenses, and global strategic project costs. More specifically, the nature of these costs relates to corporate personnel costs (including salaries, variable incentive compensation and benefits), other professional service costs, rental and leasing expenses for corporate real estate, depreciation and amortization related to software, patents and other rights. General and administrative expenses will increase as we grow as a publicly traded company. We expect these expenses to decrease as a percentage of revenue as we grow due to economies of scale.

Foreign exchange gain/(loss)

The foreign currency exchange gain/(loss) consists primarily of differences in foreign exchange rates between the currencies in which our subsidiaries transact and their functional currencies as measured on the respective transaction date.

Finance income/(cost), net

Finance income represents interest earned from third party providers and income from the potential revaluation of the embedded derivative of the Notes.

Finance costs are comprised of interest payable to third party providers for term loan financing arrangements, Notes, Vendor Loan, leases, employee benefits, expenses from the potential revaluation of the embedded derivative of the Notes, interest on the TRA, as well as amortization of transaction costs. Finance costs are recognized in the consolidated income statement based on the effective interest method.

Income tax (expense) benefit

Income tax includes current income tax and deferred income tax. Income tax is recognized in profit and loss except to the extent that it relates to items recognized in equity or other comprehensive income in which case the income tax expense is also recognized in equity or other comprehensive income. We are subject to income taxes in the jurisdictions in which we operate and, consequently, income tax expense is a function of the allocation of taxable income by jurisdiction and the various activities that impact the timing of taxable events. Our subsidiaries in Germany and the U.S. primarily determine the effective tax rate.

Results of Operations

Comparison of the three and six months ended March 31, 2026 and March 31, 2025


	Three months ended March 31,				Six months ended March 31,
(In thousands of Euros, unless otherwise stated)	2026	2025	Change	% Change	2026	2025	Change	% Change
Revenue	618,333	574,330	44,003	8%	1,020,234	936,049	84,185	9%
Cost of sales	(284,780)	(242,756)	(42,024)	17%	(462,736)	(386,441)	(76,295)	20%
Gross profit	333,553	331,574	1,979	1%	557,498	549,608	7,890	1%
Operating expenses
Selling and distribution expenses	(138,311)	(126,501)	(11,810)	9%	(263,891)	(244,656)	(19,235)	8%
General and administrative expenses	(32,974)	(32,447)	(527)	2%	(62,240)	(56,551)	(5,689)	10%
Foreign exchange gain (loss)	(6,953)	2,570	(9,523)	n.m.	(10,191)	(9,301)	(890)	10%
Other income (loss), net	135	127	8	6%	12,581	253	12,328	n.m.
Profit from operations	155,450	175,323	(19,873)	(11)%	233,757	239,353	(5,596)	(2)%
Finance cost, net	(33,805)	(25,612)	(8,193)	32%	(42,954)	(50,390)	7,436	(15)%
Profit before tax	121,645	149,711	(28,066)	(19)%	190,803	188,963	1,840	1%
Income tax expense	(39,762)	(44,598)	4,836	(11)%	(58,389)	(63,731)	5,342	(8)%
Net profit	81,883	105,113	(23,230)	(22)%	132,414	125,232	7,182	6%

"n.m." means not meaningful.

Revenue

Revenue for the three months ended March 31, 2026 increased by €44.0 million, or 8%, to €618.3 million from €574.3 million for the three months ended March 31, 2025, driven by growing demand across all channels and segments as demonstrated by growth in footwear pairs sold. Revenue growth was particularly strong in the APAC segment with a growth of 22% for the three months ended March 31, 2026. Revenue growth on a reported basis was impacted by unfavorable currency translation of over 600 basis points. On a constant currency basis, revenue for the three months ended March 31, 2026 increased by 14% compared to the three months ended March 31, 2025. On a constant currency basis, ASP positively contributed to revenue growth, which was mainly driven by product mix and selected price increases. In addition, revenue for the three months ended March 31, 2026 was adversely affected by the military conflict in the Middle East, which is estimated to have reduced EMEA revenue by approximately €6 million and to have resulted in an approximately 100 basis points headwind to total revenue growth.

Revenue for the six months ended March 31, 2026 increased by €84.2 million, or 9%, to €1,020.2 million from €936.0 million for the six months ended March 31, 2025, driven by growing demand across all channels and segments as demonstrated by growth in footwear pairs sold. Revenue growth was particularly strong in the APAC segment with a growth of 25% for the six months ended March 31, 2026. Revenue growth on a reported basis was adversely impacted by unfavorable currency translation of approximately 700 basis points. On a constant currency basis, revenue for the six months ended March 31, 2026 increased by 16% compared to the six months ended March 31, 2025. On a constant currency basis, ASP positively contributed to revenue growth, which was mainly driven by product mix and selected price increases. In addition, revenue for the six months ended March 31, 2026 was adversely impacted by the military conflict in the Middle East.

Revenue by channel


	Three months ended March 31,				Six months ended March 31,
(In thousands of Euros, unless otherwise stated)	2026	2025	Change	% Change	2026	2025	Change	% Change
B2B	471,670	432,484	39,186	9%	686,793	614,529	72,264	12%
DTC	146,381	140,705	5,676	4%	332,568	319,222	13,346	4%
Corporate / Other	282	1,141	(859)	(75)%	873	2,298	(1,425)	(62)%
Revenue	618,333	574,330	44,003	8%	1,020,234	936,049	84,185	9%

Revenue generated by our B2B channel for the three months ended March 31, 2026 increased by €39.2 million, or 9% on a reported basis and 15% in constant currency, to €471.7 million from €432.5 million for the three months ended March 31, 2025. Revenue generated by our B2B channel for the six months ended March 31, 2026 increased by €72.3 million, or 12% on a reported

basis and 18% in constant currency, to €686.8 million from €614.5 million for the six months ended March 31, 2025. The increase on both reported and constant currency basis was driven by strong growth across all regions and mainly with existing partners.

Revenue generated by our DTC channel for the three months ended March 31, 2026 increased by €5.7 million, or 4% on a reported basis and 12% in constant currency, to €146.4 million from €140.7 million for the three months ended March 31, 2025, resulting in a DTC penetration of 24% for the three months ended March 31, 2026, down 80 basis points compared to the three months ended March 31, 2025. Revenue generated by our DTC channel for the six months ended March 31, 2026 increased by €13.3 million, or 4% on a reported basis and 12% in constant currency, to €332.6 million from €319.2 million for the six months ended March 31, 2025, resulting in a DTC penetration of 33%, compared to a DTC penetration of 34% for the six months ended March 31, 2025. In constant currency, the development in DTC revenue was supported by growth across all regions. In reported currency, all regions except the Americas contributed positively to the growth development. The Company further amplified its own-store footprint with the addition of five new own stores during the three months ended March 31, 2026, bringing the total number of own retail stores to 111 as of March 31, 2026. On a segment level, DTC revenue growth was strongest in the APAC segment.

Revenue for Corporate/Other for the three months ended March 31, 2026 decreased by €0.9 million, or 75%, to €0.3 million from €1.1 million for the three months ended March 31, 2025. Revenue for Corporate/Other for the six months ended March 31, 2026 decreased by €1.4 million, or 62%, to €0.9 million from €2.3 million for the six months ended March 31, 2025. Other revenue was primarily comprised of sales of leather material to our suppliers for footbed cuttings/linings, as well as sales of recyclable scrap materials from the production process.

Cost of sales


	Three months ended March 31,				Six months ended March 31,
(In thousands of Euros, unless otherwise stated)	2026	2025	Change	% Change	2026	2025	Change	% Change
Cost of sales	(284,780)	(242,756)	(42,024)	17%	(462,736)	(386,441)	(76,295)	20%

Cost of sales for the three months ended March 31, 2026 increased by €42.0 million, or 17%, to €284.8 million from €242.8 million for the three months ended March 31, 2025. Cost of sales for the six months ended March 31, 2026 increased by €76.3 million, or 20%, to €462.7 million from €386.4 million for the three months ended March 31, 2025. The increase was primarily attributable to an increase in number of footwear pairs sold, increased U.S. tariffs, as well as the recognition of incremental cost of sales due to the distributor mark-up applied to inventories sold by the Company to Birkenstock Australia Pty Ltd prior to the acquisition and subsequent sale of that inventory by Birkenstock Australia to third-party customers post-acquisition.

Gross profit and gross profit margin


	Three months ended March 31,				Six months ended March 31,
(In thousands of Euros, unless otherwise stated)	2026	2025	Change	% Change	2026	2025	Change	% Change
Gross profit	333,553	331,574	1,979	1%	557,498	549,608	7,890	1%
Gross profit margin	53.9%	57.7%	(380)bp		54.6%	58.7%	(410)bp

Gross profit for the three months ended March 31, 2026 increased by €2.0 million, or 1%, to €333.6 million from €331.6 million for the three months ended March 31, 2025. Gross profit margin for the three months ended March 31, 2026 contracted by 380 basis points to 53.9% from 57.7% for the three months ended March 31, 2025.

Gross profit for the six months ended March 31, 2026 increased by €7.9 million, or 1%, to €557.5 million from €549.6 million for the six months ended March 31, 2025. Gross profit margin for the six months ended March 31, 2026 contracted by 410 basis points to 54.6% from 58.7% for the six months ended March 31, 2025.

The contraction in gross profit margin mainly reflects external effects from incremental U.S. tariffs and unfavorable currency translation in the three and the six months ended March 31, 2026 as compared to the prior year. Additionally, gross profit margin was negatively impacted by the recognition of incremental cost of sales due to the distributor mark-up applied to inventories sold by the Company to Birkenstock Australia Pty Ltd prior to the acquisition and subsequent sale of that inventory by Birkenstock Australia to third-party customers post-acquisition, and channel mix effects. The negative effects were partly offset by sales price adjustments (net of input cost increases) and the improved absorption in the manufacturing network.

Selling and distribution expenses


	Three months ended March 31,				Six months ended March 31,
(In thousands of Euros, unless otherwise stated)	2026	2025	Change	% Change	2026	2025	Change	% Change
Selling and distribution expenses	(138,311)	(126,501)	(11,810)	9%	(263,891)	(244,656)	(19,235)	8%

Selling and distribution expenses for the three months ended March 31, 2026 increased by €11.8 million, or 9%, to €138.3 million from €126.5 million for the three months ended March 31, 2025. Selling and distribution expenses for the three months ended March 31, 2026 increased to 22.4% of revenue compared to 22.0% of revenue for the three months ended March 31, 2025 mainly driven by the ongoing retail store expansion and partly offset by a slightly higher share of B2B revenue with lower selling and distribution expenses in B2B compared to DTC.

Selling and distribution expenses for the six months ended March 31, 2026 increased by €19.2 million, or 8%, to 263.9 million from €244.7 million for the six months ended March 31, 2025. Selling and distribution expenses for the six months ended March 31, 2026 decreased to 25.9% of revenue compared to 26.1% of revenue for the six months ended March 31, 2025 mainly driven by a higher share of B2B revenue and partly offset by the ongoing retail expansion.

General and administrative expenses


	Three months ended March 31,				Six months ended March 31,
(In thousands of Euros, unless otherwise stated)	2026	2025	Change	% Change	2026	2025	Change	% Change
General and administrative expenses	(32,974)	(32,447)	(527)	2%	(62,240)	(56,551)	(5,689)	10%

General and administrative expenses for the three months ended March 31, 2026 increased by €0.5 million, or 2%, to €33.0 million from €32.4 million for the three months ended March 31, 2025. As a percentage of revenue, general and administrative expenses decreased by 30 basis points to 5.3% for the three months ended March 31, 2026 from 5.6% for the three months ended March 31, 2025. The absolute increase in general and administrative expenses was primarily driven by higher IT expenses.

General and administrative expenses for the six months ended March 31, 2026 increased by €5.7 million, or 10% to €62.2 million from €56.6 million for the six months ended March 31, 2025. As a percentage of revenue, general and administrative expenses increased by 10 basis points to 6.1% for the six months ended March 31, 2026 from 6.0% for the six months ended March 31, 2025. The increase in general and administrative expenses was primarily driven by higher IT expenses.

Foreign exchange gain (loss)

Foreign exchange loss for the three months ended March 31, 2026 increased by €9.5 million, to €7.0 million from a €2.6 million foreign exchange gain for the three months ended March 31, 2025. The foreign exchange loss was primarily driven by the valuation of foreign exchange forward contracts and the EUR conversion of the USD tax receivable agreement liability in the three months ended March 31, 2026. The impact was partly offset by foreign exchange gains from the EUR conversion of USD intercompany receivables and loans.

Foreign exchange loss for the six months ended March 31, 2026 increased by €0.9 million to €10.2 million from €9.3 million for the six months ended March 31, 2025. The increase was primarily driven by foreign exchange losses from the EUR conversion of USD intercompany loans.

Finance cost, net

Finance cost, net for the three months ended March 31, 2026 increased by €8.2 million, or 32%, to €33.8 million from €25.6 million for the three months ended March 31, 2025. The increase was primarily attributable to a negative revaluation of the embedded derivative of the senior notes and was partly offset by lower interest expenses.

Finance cost, net for the six months ended March 31, 2026 decreased by €7.4 million, or 15% , to €43.0 million from €50.4 million for the six months ended March 31, 2025. The decrease was primarily attributable to lower interest expenses.

Income tax (expense) benefit

Income tax expense for the three months ended March 31, 2026 decreased by €4.8 million, or 11%, to €39.8 million from €44.6 million for the three months ended March 31, 2025. The effective tax rate increased to 32.7% for the three months ended March 31, 2026 from 29.8% for the three months ended March 31, 2025. This development was primarily driven by a higher impact of non-recognized deferred tax assets on tax losses for the three months ended March 31, 2026, as compared to the prior-year period.

Income tax expense for the six months ended March 31, 2026 decreased by €5.3 million, or 8%, to €58.4 million from €63.7 million for the six months ended March 31, 2025. The effective tax rate decreased to 30.6% for the six months ended March 31, 2026 from 33.7% for the six months ended March 31, 2025. This development was primarily impacted by the acquisition of Birkenstock Australia.

Net profit

Net profit for the three months ended March 31, 2026 contracted by €23.2 million to a net profit of €81.9 million from a net profit of €105.1 million for the three months ended March 31, 2025. Net profit margin for the three months ended March 31, 2026 contracted to a net profit margin of 13.2% from 18.3% for the three months ended March 31, 2025. The decrease of net profit was primarily attributable to unfavorable currency translation, incremental U.S. tariffs and the negative revaluation of the embedded derivative of the senior notes.

Net profit for the six months ended March 31, 2026 increased by €7.2 million to a net profit of €132.4 million from a net profit of €125.2 million for the six months ended March 31, 2025. Net profit margin for the six months ended March 31, 2026 contracted to a net profit margin of 13.0% from 13.4% for the six months ended March 31, 2025. The absolute increase was primarily attributable to business growth and lower tax and interest expenses and was partly offset by unfavorable currency translation, incremental U.S. tariffs and the negative revaluation of the embedded derivative of the senior notes.

Adjusted Gross Profit and Adjusted Gross Profit margin


	Three months ended March 31,				Six months ended March 31,
(In thousands of Euros, unless otherwise stated)	2026	2025	Change	% Change	2026	2025	Change	% Change
Adjusted Gross Profit	337,674	331,574	6,100	2%	568,419	549,608	18,811	3%
Adjusted Gross Profit margin	54.6%	57.7%	(310)bp		55.7%	58.7%	(300)bp

Adjusted gross profit for the three months ended March 31, 2026 increased by €6.1 million, or 2%, to €337.7 million from €331.6 million for the three months ended March 31, 2025. The contraction of 310 basis points of the adjusted gross profit margin for the three months ended March 31, 2026 to 54.6% from 57.7% for the three months ended March 31, 2025, was mainly driven by unfavorable currency translation, incremental U.S. tariffs and channel mix effects, and was partly offset by sales price adjustments (net of input cost increases), and the improved absorption in the manufacturing network.

Adjusted gross profit for the six months ended March 31, 2026 increased by €18.8 million, or 3%, to €568.4 million from €549.6 million for the six months ended March 31, 2025. The contraction of 300 basis points of the adjusted gross profit margin for the six months ended March 31, 2026 to 55.7% from 58.7% in the six months ended March 31, 2025 was mainly driven by unfavorable currency translation, incremental U.S. tariffs and channel mix effects, and was partly offset by sales price adjustments (net of input cost increases), and the improved absorption in the manufacturing network.

Adjusted EBITDA and Adjusted EBITDA margin


	Three months ended March 31,				Six months ended March 31,
(In thousands of Euros, unless otherwise stated)	2026	2025	Change	% Change	2026	2025	Change	% Change
Adjusted EBITDA	198,333	200,065	(1,732)	(1)%	304,730	302,158	2,572	1%
Adjusted EBITDA margin	32.1%	34.8%	(270)bp		29.9%	32.3%	(240)bp

Adjusted EBITDA for the three months ended March 31, 2026 decreased by €1.7 million, or (1)%, to €198.3 million from €200.1 million for the three months ended March 31, 2025. The contraction of 270 basis points of the adjusted EBITDA margin for the three months ended March 31, 2026 to 32.1% from 34.8% for the three months ended March 31, 2025, was mainly driven by unfavorable currency translation and incremental U.S. tariffs, and was partly offset by sales price adjustments (net of input cost increases), and the improved absorption in the manufacturing network.

Adjusted EBITDA for the six months ended March 31, 2026 increased by €2.6 million, or 1%, to €304.7 million from €302.2 million for the six months ended March 31, 2025. The contraction of 240 basis points of the EBITDA margin for the six months ended March 31, 2026 to 29.9% from 32.3% in the six months ended March 31, 2025 was mainly driven by unfavorable currency translation, incremental U.S. tariffs and channel mix effects, and was partly offset by sales price adjustments (net of input cost increases), and the improved absorption in the manufacturing network.

Adjusted net profit and Adjusted net profit margin


	Three months ended March 31,				Six months ended March 31,
(In thousands of Euros, unless otherwise stated)	2026	2025	Change	% Change	2026	2025	Change	% Change
Adjusted net profit	92,595	102,689	(10,094)	(10)%	141,570	135,955	5,615	4%
Adjusted net profit margin	15.0%	17.9%	(290)bp		13.9%	14.5%	(60)bp

Adjusted net profit for the three months ended March 31, 2026 decreased by €10.1 million, or 10%, to €92.6 million from €102.7 million for the three months ended March 31, 2025, primarily driven by unfavorable currency translation, incremental U.S. tariffs and the negative revaluation of the embedded derivative of the senior notes.

Adjusted net profit for the six months ended March 31, 2026 increased by €5.6 million, or 4% to €141.6 million from €136.0 million for the six months ended March 31, 2025, primarily driven by lower tax and interest expenses and was partly offset by unfavorable currency translation, incremental U.S. tariffs and the negative revaluation of the embedded derivative of the senior notes, partly offset by lower interest and income tax expenses.

Revenue by segment


	Three months ended March 31,				Six months ended March 31,
(In thousands of Euros, unless otherwise stated)	2026	2025	Change	% Change	2026	2025	Change	% Change
Americas	324,359	312,524	11,835	4%	546,133	523,224	22,909	4%
EMEA	235,131	212,845	22,286	10%	354,349	315,604	38,745	12%
APAC	58,561	47,820	10,741	22%	118,879	94,923	23,956	25%
Reportable segment revenue	618,051	573,189	44,862	8%	1,019,361	933,751	85,610	9%
Corporate / Other	282	1,141	(859)	(75)%	873	2,298	(1,425)	(62)%
Group revenue	618,333	574,330	44,003	8%	1,020,234	936,049	84,185	9%

Revenue for the Americas segment for the three months ended March 31, 2026 increased by €11.8 million, or 4%, to €324.4 million from €312.5 million for the three months ended March 31, 2025, mainly driven by revenue growth in the B2B channel, which outpaced growth in DTC. Revenue growth in the Americas was attributable to an increase in footwear pairs sold, partially offset by negative ASP growth on a reported currency basis due to unfavorable currency translation during the three months ended March 31, 2026. On a constant currency basis ASP increased in both the B2B and DTC channel.

Revenue for the Americas segment for the six months ended March 31, 2026 increased by €22.9 million, or 4%, to €546.1 million from €523.2 million for the six months ended March 31, 2025, mainly driven by revenue growth in the B2B channel, which outpaced growth in DTC. Revenue growth in the Americas was attributable to an increase in footwear pairs sold, partially offset by negative ASP growth on a reported currency basis due to unfavorable currency translation during the six months ended March 31, 2026. On a constant currency basis ASP increased in both the B2B and DTC channel.

Revenue for the EMEA segment for the three months ended March 31, 2026 increased by €22.3 million, or 10%, to €235.1 million from €212.8 million for the three months ended March 31, 2025 driven by growth in both the B2B and DTC channels. Revenue growth in EMEA was attributable to increases in footwear pairs sold and ASP. For the three months ended March 31, 2026, the military conflict in the Middle East negatively impacted EMEA revenue by approximately €6 million and resulted in an estimated 300

basis points headwind to EMEA revenue growth. Management estimates that approximately half of this impact was direct, reflecting the Company’s inability to complete certain deliveries to the region. The remaining impact was primarily attributable to muted consumer sentiment in Europe, which the Company believes was largely driven by increased energy costs and higher inflation as a result of the conflict.

Revenue for the EMEA segment for the six months ended March 31, 2026 increased by €38.7 million, or 12%, to €354.3 million from €315.6 million for the six months ended March 31, 2025 driven by growth in both the B2B and DTC channels. Revenue growth in EMEA was attributable to increases in footwear pairs sold and ASP, partly offset by the impacts of the Iran war.

Revenue for the APAC segment for the three months ended March 31, 2026 increased by €10.7 million, or 22%, to €58.6 million from €47.8 million for the three months ended March 31, 2025 driven by growth in both the B2B and DTC channel with DTC outpacing B2B. The revenue increase in APAC was attributable to growth in footwear pairs sold and ASP.

Revenue for the APAC segment for the six months ended March 31, 2026 increased by €24.0 million, or 25%, to €118.9 million from €94.9 million for the six months ended March 31, 2025 driven by growth in both the B2B and DTC channel with DTC outpacing B2B. The revenue increase in APAC was attributable to growth in footwear pairs sold and ASP.

Revenue for Corporate/Other for the three months ended March 31, 2026 decreased by €0.9 million, or 75%, to €0.3 million from €1.1 million for the three months ended March 31, 2025. Other revenue was comprised of sales of leather material to our supplier for footbed cuttings/linings, as well as sales of recyclable scrap materials from the production process.

Revenue for Corporate/Other for the six months ended March 31, 2026 decreased by €1.4 million, or 62%, to €0.9 million from €2.3 million for the six months ended March 31, 2025. Other revenue was primarily comprised of sales of leather material to our supplier for footbed cuttings/linings, as well as sales of recyclable scrap materials from the production process.

Adjusted EBITDA and Adjusted EBITDA margin by segment


	Three months ended March 31,				Six months ended March 31,
(In thousands of Euros, unless otherwise stated)	2026	2025	Change	% Change	2026	2025	Change	% Change
Americas	100,275	112,859	(12,584)	(11)%	167,668	179,251	(11,583)	(6)%
	30.9%	36.1%	(520)bp		30.7%	34.3%	(360)bp
EMEA	92,465	81,057	11,408	14%	120,275	107,848	12,427	12%
	39.3%	38.1%	120bp		33.9%	34.2%	(30)bp
APAC	17,453	17,308	145	1%	37,124	31,509	5,615	18%
	29.8%	36.2%	(640)bp		31.2%	33.2%	(200)bp
Reportable segment adjusted EBITDA	210,193	211,224	(1,031)	(0)%	325,067	318,608	6,459	2%
	34.0%	36.9%	(290)bp		31.9%	34.1%	(220)bp
Corporate / Other	(11,860)	(11,159)	(701)	6%	(20,337)	(16,450)	(3,887)	24%
	n.m.	n.m.	n.m.		n.m.	n.m.	n.m.
Group adjusted EBITDA	198,333	200,065	(1,732)	(1)%	304,730	302,158	2,572	1%
Adjusted EBITDA margin	32.1%	34.8%	(270)bp		29.9%	32.3%	(240)bp

Adjusted EBITDA in the Americas segment for the three months ended March 31, 2026 decreased by €12.6 million, or 11%, to €100.3 million from €112.9 million for the three months ended March 31, 2025. Adjusted EBITDA margin in the Americas segment contracted by 520 basis points to 30.9% for the three months ended March 31, 2026 from 36.1% for the three months ended March 31, 2025. The margin contraction was mainly driven by unfavorable currency translation and incremental US tariffs. The contraction was partially offset by selective price increases which became effective in July 2025 and a decreased share of selling and distribution expenses in relation to revenue mainly driven by a higher share of B2B revenue with lower selling and distribution expenses in B2B compared to DTC.

Adjusted EBITDA in the Americas segment for the six months ended March 31, 2026 decreased by €11.6 million, or 6%, to €167.7 million from 179.3 million.for the six months ended March 31, 2025. Adjusted EBITDA margin in the Americas segment contracted by 360 basis points to 30.7% for the six months ended March 31, 2026 from 34.3% for the six months ended March 31, 2025. The margin contraction was mainly driven by unfavorable currency translation and incremental tariffs. The contraction was partially offset by selective price increases which became effective in July 2025 and a decreased share of selling and distribution expenses in relation to revenue mainly driven by a higher share of B2B revenue with lower selling and distribution expenses in B2B compared to DTC.

Adjusted EBITDA in the EMEA segment for the three months ended March 31, 2026 increased by €11.4 million, or 14%, to €92.5 million from €81.1 million for the three months ended March 31, 2025. Adjusted EBITDA margin in the EMEA segment expanded by 120 basis points from 38.1% for the three months ended March 31, 2025 to 39.3% for the three months ended March 31, 2026, mainly driven by gross profit margin expansion from improved capacity absorption in the three months ended March 31, 2026 compared to three months ended March 31, 2025.

Adjusted EBITDA in the EMEA segment for the six months ended March 31, 2026 increased by €12.4 million, or 12%, to €120.3 million from €107.8 million for the six months ended March 31, 2025. Adjusted EBITDA margin in the EMEA segment contracted by 30 basis points from 34.2% for the six months ended March 31, 2025 to 33.9% for the six months ended March 31, 2026. The slight margin reduction was mainly driven by retail expansion and the typical seasonality of the retail business.

Adjusted EBITDA in the APAC segment for the three months ended March 31, 2026 increased by €0.1 million, or 1%, to €17.5 million from €17.3 million for the three months ended March 31, 2025. Adjusted EBITDA margin in the APAC segment contracted by 640 basis points from 36.2% for the three months ended March 31, 2025 to 29.8% for the three months ended March 31, 2026. The decrease was mainly driven by unfavorable currency translation and changes in geographic mix.

Adjusted EBITDA in the APAC segment for the six months ended March 31, 2026 increased by €5.6 million, or 18%, to €37.1 million from €31.5 million for the six months ended March 31, 2025. Adjusted EBITDA margin in the APAC segment contracted by 200 basis points from 33.2% for the six months ended March 31, 2025 to 31.2% for the six months ended March 31, 2026, mainly driven by unfavorable currency translation, and partly offset by business growth and operating leverage.

Adjusted EBITDA in Corporate / Other for the three months ended March 31, 2026 decreased by €0.7 million to €(11.9) million from €(11.2) million for the three months ended March 31, 2025.

Adjusted EBITDA in Corporate / Other for the six months ended March 31, 2026 decreased by €3.9 million to €(20.3) million from €(16.5) million for the six months ended March 31, 2025.

For reconciliations to the most directly comparable IFRS measure, see section above titled “—Non-IFRS Financial Measures and Other Metrics.”

B. LIQUIDITY AND CAPITAL RESOURCES

Our primary liquidity requirements are to service our debt, to fund our operations and to fund other general corporate purposes. Our ability to generate cash from our operations depends on our future operating performance, which is dependent, to some extent, on general economic, financial, competitive, market, legislative, regulatory and other factors, many of which are beyond our control, including those discussed in this section and the sections titled “Item 3. Key Information—D. Risk Factors” and "Item 5. Operating and Financial Review and Prospects — D. Factors Affecting Performance and Trend Information" in our Annual Report. We expect to finance our operations and working capital needs for the next 12 months from cash generated through operations.

Cash Flows

The following table summarizes the Company’s consolidated statement of cash flows for the three months ended March 31, 2026 and 2025.


	Three months ended March 31,		Six months ended March 31,
(in thousands of Euros)	2026	2025	2026	2025
Total cash provided by (used in):
Operating activities	28,567	(18,288)	300	(29,933)
Investing activities	(21,520)	(21,000)	(60,159)	(35,997)
Financing activities	(36,323)	(23,000)	(69,099)	(55,984)
Increase (decrease) in cash and cash equivalents	(29,276)	(62,288)	(128,958)	(121,914)
Effects of foreign currency exchange rate changes on cash and cash equivalents	1,516	(907)	1,358	1,470

Cash flows provided by (used in) operating activities

Cash flows provided by operating activities for the three months ended March 31, 2026 were €28.6 million, driven by net profit of €81.9 million and adjustments to net profit of €99.1 million as well as cash outflows from working capital of €152.4 million. Adjustments to net profit mainly included depreciation and amortization of €31.8 million, income tax expense of €39.8 million, net exchange differences of €10.5 million, and finance costs, net of €33.8 million which were partially offset by income tax paid of €17.0 million. Cash outflows for working capital were largely driven by trade and other receivables of €178.5 million

and inventories and right to return assets of €1.9 million, partially offset by trade and other payables and accrued liabilities of €33.2 million.

Cash flows used in operating activities for the three months ended March 31, 2025 were €18.3 million, driven by net profit of €105.1 million and adjustments to net profit of €26.9 million as well as cash outflows from working capital of €150.3 million. Adjustments to net profit mainly included income tax expense of €44.6 million, depreciation and amortization of €27.3 million, and finance costs, net of €25.6 million which were partially offset by income tax paid of €63.1 million. Cash outflows for working capital were largely driven by trade and other receivables of €173.5 million.

Cash flows provided by operating activities for the six months ended March 31, 2026 were €0.3 million, driven by net profit of €132.4 million and adjustments to net profit of €109.4 million as well as cash outflows from working capital of €241.5 million. Adjustments to net profit included depreciation and amortization of €62.0 million, finance cost, net of €43.0 million, income tax expense of €58.4 million, and net exchange differences of €23.4 million, and were partially offset by income tax paid of €65.4 million and gain from bargain purchase of €12.3. Cash outflows from working capital were largely driven by trade and other receivables of €152.4 million and inventories and right to return assets of €90.4 million, partially offset by trade and other payables and accrued liabilities of €11.8 million.

Cash flows used in operating activities for the six months ended March 31, 2025 were €29.9 million, driven by net profit of €125.2 million and adjustments to net profit of €62.9 million as well as cash outflows from working capital of €218.0 million. Adjustments to net profit mainly included income tax expense of €63.7 million, depreciation and amortization of €53.5 million, and finance cost, net of €50.4 million, which were partially offset by income tax paid of €113.6 million. Cash outflows for working capital were largely driven by trade and other receivables of €134.9 million and inventories of €68.8 million.

Cash flows used in investing activities

Cash flows used in investing activities for the three months ended March 31, 2026 were €21.5 million compared to €21.0 million for the three months ended March 31, 2025. The increase in cash flows used in investing activities of €0.5 million was primarily due to an increase in purchases of property, plant and equipment of €2.4 million, to €21.3 million.

Cash flows used in investing activities for the six months ended March 31, 2026 were €60.2 million compared to €36.0 million for the six months ended March 31, 2025. The increase in cash flows used in investing activities was mainly due to an increase in purchases of property, plant and equipment of €24.9 million to €58.4 million, mainly due to the Wittichenau acquisition.

Cash flows used in financing activities

Cash flows used in financing activities for the three months ended March 31, 2026 were €36.3 million compared to €23.0 million for the three months ended March 31, 2025. The increase in cash flows used in financing activities was mainly driven by the first tax receivable agreement payment of €14.6 million and and a €2.2 million increase in lease liability payments, partially offset by a reduction of interest paid (€2.8 million), and lower repayments of loans and borrowings of €0.7 million.

Cash flows used in financing activities for the six months ended March 31, 2026 were €69.1 million compared to €56.0 million for the six months ended March 31, 2025. The increase in cash flows used in financing activities was mainly driven by a tax receivable agreement payment of €14.6 million and an increase of liability payments of €4.5 million to €25.1 million, partially offset by a reduction of interest paid of €4.2 million and lower repayments of loans and borrowings of €1.6 million.

Indebtedness

The following table sets forth the amounts owed under the Company’s debt instruments as of March 31, 2026 and September 30, 2025.


			March 31,			September 30,
(in thousands of Euros)	Currency	Repayment	2026			2025
EUR Term Loan	EUR	2029		375,000			375,000
USD Term Loan	USD	2029		103,294			103,731
Vendor Loan	EUR	2029		226,128			221,391
Senior Notes	EUR	2029		428,500			428,500
Interest Payable				11,841			12,043
Senior Note embedded derivative				28,637			28,638
Amortization under the effective interest method				(24,732	)		(24,160	)
Loans and borrowings				1,148,668			1,145,143

For further information on the Company's debt instruments see "Item 5. Operating and Financial Review and Prospects — B. Liquidity and Capital Resources" in our Annual Report.

Off-Balance Sheet Arrangements

As of the balance sheet dates of March 31, 2026 and September 30, 2025 we did not engage in any off-balance sheet arrangements, as defined in the rules and regulations of the SEC.

C. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are exposed to certain market risks arising from transactions in the normal course of our business. Such risk is principally associated with foreign exchange risk and interest rate risk. For further discussion and a sensitivity analysis of these risks, see Note 6 — Financial risk management objectives and policies to our 2025 audited consolidated financial statements included in our Annual Report.

D. CRITICAL ACCOUNTING ESTIMATES

Refer to Note 3 — Significant accounting policies and Note 4 — Significant accounting estimates, assumptions and judgments to our unaudited interim condensed consolidated financial statements in Item 1 of this Report for a discussion of accounting


	Birkenstock Holding plc


Dated: May 13, 2026


	By:	/s/ Ruth Kennedy
	Name:	Ruth Kennedy
	Title:	Director


	Page
PART I - FINANCIAL INFORMATION	1

ITEM 1. FINANCIAL STATEMENTS	1
Unaudited Interim Condensed Consolidated Statements of Financial Position	2
Unaudited Interim Condensed Consolidated Statements of Comprehensive Income	3
Unaudited Interim Condensed Consolidated Statements of Changes in Shareholders’ Equity	4
Unaudited Interim Condensed Consolidated Statements of Cash Flows	5
Notes to the Unaudited Interim Condensed Consolidated Financial Statements	6
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	20

PART II - OTHER INFORMATION	43

ITEM 1. LEGAL PROCEEDINGS	43
ITEM 1A. RISK FACTORS	43
ITEM 2. INCORPORATION BY REFERENCE	43

SIGNATURES	44

Organization and principal activities

Basis of preparation and consolidation

Functional and presentation currency

PART II OTHER INFORMATION