Birkenstock Reports Fiscal First Quarter 2026 Results; Strong Holiday Demand Drove Revenue Growth Of 18% In Constant FX, Ahead the Full-Year Target Of 13-15%
Rhea-AI Summary
Birkenstock (NYSE:BIRK) reported fiscal Q1 2026 revenue of EUR 402 million, up 11.1% reported and 17.8% in constant currency, driven by strong holiday demand across all regions and channels.
Notable results: net profit EUR 51m (+151% YoY), Adjusted EBITDA EUR 106m, margin pressure from currency, U.S. tariffs and channel mix, and EUR 38m capex.
Positive
- Revenue +17.8% in constant currency (EUR 402m total revenue)
- Net profit +151% to EUR 51m (EPS EUR 0.27)
- Adjusted EBITDA EUR 106m (Adjusted EBITDA margin 26.5%)
- Opened 9 own stores, bringing total own retail to 106
- EUR 38m capex including acquisition of Wittichenau site
Negative
- Gross profit margin down 460 bps to 55.7%
- Adjusted gross profit margin down 290 bps
- Adjusted EBITDA margin down 170 bps from prior year
- Net leverage increased to 1.7x from 1.5x (seasonal)
News Market Reaction – BIRK
On the day this news was published, BIRK declined 1.45%, reflecting a mild negative market reaction. Our momentum scanner triggered 3 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $108M from the company's valuation, bringing the market cap to $7.36B at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
BIRK is down 0.42% with mixed peer action: SKX -0.19%, CROX -1.57%, WWW -1.27%, ONON -0.77%, while SHOO is up 4.58%. The lack of uniform direction suggests a stock-specific reaction to its earnings rather than a broad footwear move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Aug 14 | Q3 2025 earnings | Positive | -3.6% | Strong Q3 revenue and margin expansion with reaffirmed FY2025 guidance. |
| Feb 20 | Q1 2025 earnings | Positive | -1.2% | Q1 2025 revenue up 19% with improved profitability and guidance confirmed. |
| Dec 18 | FY 2024 results | Positive | +2.0% | FY2024 revenue and adjusted EBITDA exceeded expectations with strong growth. |
| Feb 29 | Q1 2024 earnings | Positive | -2.4% | Record Q1 2024 revenue up 26% but shares sold off afterward. |
Across recent earnings-related releases, BIRK often posted solid growth and margin metrics while shares tended to drift lower or only modestly higher in the following session.
Over the last several earnings cycles, Birkenstock has consistently delivered double‑digit revenue growth and healthy margins. Fiscal 2024 revenue reached EUR 1.8 billion with a 30.8% adjusted EBITDA margin, and Q1 2025 showed revenue up 19% with profitability improving. Q3 2025 maintained this trajectory, with margins expanding despite currency headwinds. The current Q1 2026 report continues the pattern of broad-based growth, but prior trading history shows share price reactions to strong earnings have often been muted or negative.
Historical Comparison
In the past earnings releases, BIRK’s average next‑day move was -1.32% despite generally strong results. Today’s modest -0.42% reaction to another beat-and-raise style quarter fits this pattern of restrained responses.
Earnings updates show a steady progression: record Q1 2024, accelerating to FY 2024 and FY 2025 revenue and EBITDA ahead of guidance, followed by Q1 2026 maintaining double‑digit growth even under FX and tariff headwinds while sustaining strong profitability.
Market Pulse Summary
This announcement reports Q1 2026 revenue of EUR 402 million with robust constant‑currency growth and sharply higher EPS, offset by lower gross and EBITDA margins due to tariffs, FX, and channel mix. Historically, Birkenstock has combined double‑digit growth with solid profitability, but share reactions around earnings have often been restrained. Investors may monitor progress toward the company’s multi‑year targets, margin recovery versus guided 57.0–57.5% adjusted gross margin, and execution on capacity expansion.
Key Terms
constant currency financial
basis points financial
adjusted gross profit margin financial
eps financial
adjusted ebitda financial
capital expenditures financial
net leverage financial
AI-generated analysis. Not financial advice.
LONDON, UK / ACCESS Newswire / February 12, 2026 / Birkenstock Holding plc (together with its subsidiaries, "BIRKENSTOCK", the "Company" or "we", NYSE:BIRK) today announces financial results for the fiscal first quarter ended December 31, 2025. As pre-announced on January 12 and January 28, 2026, the Company reports first quarter revenue growth of
Financial highlights for the first quarter ended December 31, 2025 (compared to the first quarter ended December 31, 2024):
Revenue of EUR 402 million, an increase of
11.1% on a reported basis and17.8% in constant currencyDouble-digit revenue growth in constant currency across all segments:
5% in the Americas on a reported basis (14% in constant currency),16% in EMEA on a reported basis (17% in constant currency) and28% in APAC on a reported basis (37% in constant currency)B2B revenue growth of
18% (24% in constant currency) and DTC revenue growth of4% (12% in constant currency)Gross profit margin of
55.7% , down 460 basis points from60.3% in the prior-year period primarily due to unfavorable currency translation (220 basis points), incremental U.S. tariffs (130 basis points) and channel mix. Decrease is further driven by a 170 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. The decrease is partly offset by sales price adjustments (net of inflation) and improved capacity absorptionAdjusted gross profit margin of
57.4% , down 290 basis points from60.3% in the prior year period primarily due to unfavorable currency translation (220 basis points), incremental U.S. tariffs (130 basis points) and channel mix, partly offset by sales price adjustments (net of inflation) and improved capacity absorptionNet profit of EUR 51 million, up
151% year-over-year; EPS of EUR 0.27, up157% from EUR 0.11 in the first fiscal quarter of 2025; Adjusted net profit was up47% and Adjusted EPS up50% year-over-yearAdjusted EBITDA of EUR 106 million, up
4% year-over-year; Adjusted EBITDA margin of26.5% , down 170 basis points from28.2% in the prior year period, due to unfavorable currency translation (230 basis points) and incremental U.S. tariffs (130 basis points), partly offset by sales price adjustments (net of inflation) and improved capacity absorption
Oliver Reichert, CEO of BIRKENSTOCK and Member of the Board of Directors of the Company: "Our results for the first quarter of fiscal 2026 show the continued strong demand for our brand throughout the important holiday season. As we discussed during our Capital Markets Day in New York on January 28th, we believe we are a one-of-a-kind purpose-driven brand with a huge runway for growth ahead. Our unique business model is designed for resilience. We presented our three-year plan which calls for 13
Fiscal first quarter 2026 results demonstrate strong consumer demand for BIRKENSTOCK products during important holiday shopping season
BIRKENSTOCK reports fiscal first quarter 2026 revenue of EUR 402 million, up
B2B revenue grew
Double-digit constant currency revenue growth in all segments
In the Americas segment, BIRKENSTOCK delivered revenue growth of
In EMEA, revenue growth was
In the APAC segment, BIRKENSTOCK achieved revenue growth of
Investing in production capacity to meet consumer demand
BIRKENSTOCK invested approximately EUR 38 million in capital expenditures during the fiscal first quarter 2026, including approximately EUR 18 million paid for the acquisition of the new site in Wittichenau.
BIRKENSTOCK ended the quarter with cash and cash equivalents of EUR 229 million and net leverage of 1.7x as of December 31, 2025 compared to 1.5x as of September 30, 2025 due to typical cash seasonality.
Conference call information
BIRKENSTOCK will host a webcast to discuss fiscal first quarter 2026 results on February 12, 2026, at 8:00 a.m. Eastern Time (1:00 p.m. Greenwich Mean Time). The webcast will be accessible on the Company's Investor Relations website at https://www.birkenstock-holding.com. To join the event, please register via the general audience webcast link Birkenstock Fiscal First Quarter 2026 Results - Events Platform - Q4. Covering analysts who wish to participate in the live Q&A session are required to pre-register. An archive of the webcast will also be available on BIRKENSTOCK's Investor Relations website.
ABOUT BIRKENSTOCK
Birkenstock Holding plc is the ultimate parent company of Birkenstock Group B.V. & Co. KG and its subsidiaries. BIRKENSTOCK is a global brand which embraces all consumers regardless of geography, gender, age and income and which is committed to a clear purpose - encouraging proper foot health. Deeply rooted in studies of the biomechanics of the human foot and backed by a family tradition of shoemaking that can be traced back to 1774, BIRKENSTOCK is a timeless «super brand» with a brand universe that transcends product categories and ranges from entry-level to luxury price points while addressing the growing need for a conscious and active lifestyle. Function, quality and tradition are the core values of the Zeitgeist brand which features products in the footwear, sleep systems and natural cosmetics categories. BIRKENSTOCK is the inventor of the footbed and has shaped the principle of walking as intended by nature ("Naturgewolltes Gehen").
INVESTOR & MEDIA CONTACT
Birkenstock Holding plc
ir@birkenstock-holding.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this press release may constitute "forward-looking" statements and information within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to our current expectations and views of future events, including our current expectations and views with respect to, among other things, our operations and financial performance. In particular, such forward-looking statements include statements relating to our fiscal 2026 outlook. Forward-looking statements include all statements that do not relate to matters of historical fact. In some cases, you can identify these forward-looking statements by the use of words such as "anticipate," "believe," "could," "expect," "should," "plan," "intend," "estimate" and "potential," "aim," "anticipate," "assume," "continue," "could," "expect," "forecast," "guidance," "intend," "may," "ongoing," "plan," "potential," "predict," "project," "seek," "should," "target," "will," "would" or similar words or phrases, or the negatives of those words or phrases. The forward-looking statements contained in this press release are based on the Company's current expectations and are not guarantees of future performance. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward- looking statements. Our actual results could differ materially from those expected in our forward-looking statements for many reasons, including: our dependence on the image and reputation of the BIRKENSTOCK brand; the intense competition we face from both established companies and newer entrants into the market; our ability to execute our DTC growth strategy and risks associated with our e-commerce platforms; our ability to adapt to changes in consumer preferences and attract new customers; our ability to attract and retain customers, and the effectiveness and efficiency of our marketing efforts; risks related to merchandise returns; harm to our brand and market share due to counterfeit products; our ability to successfully operate and expand retail stores, and our dependence on favorable lease terms, brand awareness and the ability to hire adequate staff to successfully operate such retail stores; economic conditions impacting consumer spending, such as inflation, tariffs and other trade policy actions, the deterioration of consumer sentiment, a deterioration of the macroeconomic situation generally, and our ability to react to any of them; the relative illiquidity of our real property investments and our ability to sell properties on reasonable terms in response to changing economic, financial and investment conditions; risks related to our non-footwear products; failure to realize expected returns from our investments in our businesses and operations; our ability to adequately manage our acquisitions, investments or other strategic initiatives; our ability to manage our operations at our current size or manage future growth effectively; currency exchange rate fluctuations; risks related to global or regional health events; our dependence on third parties for our sales and distribution channels, as well as deterioration or termination of relationships with major wholesale partners; risks related to the conversion of wholesale distribution markets to owned and operated markets and risks related to productivity or efficiency initiatives; operational challenges related to the distribution of our products; seasonality, weather conditions and climate change; adverse events influencing the sustainability of our supply chain or our relationships with major suppliers, or increases in raw materials or labor costs; our ability to effectively manage inventory; unforeseen business interruptions and other operational problems at our production facilities, as well as disruptions to our shipping and delivery arrangements; fluctuations in product costs and availability due to fuel price uncertainty; failure to attract, hire, train and retain key employees and deterioration of relationships with employees, employee representative bodies and stakeholders; our dependence on the services and reputation of our Chief Executive Officer; adequate protection, maintenance and enforcement of our trademarks and other intellectual property rights; regulations governing the use and processing of personal data, as well as disruption and security breaches affecting information technology systems; payment-related risks related to the use of credit cards and debit cards; the reliance of our operations, products, systems and services on complex IT systems; risks related to international markets; risks related to litigation, compliance and regulatory matters, including corporate responsibility and ESG matters; risks related to climate change and regulatory responses to it; inadequate insurance coverage, or increased insurance costs; compliance with existing laws and regulations or changes in such laws and regulations; tax-related risks; risks related to our amount of indebtedness, its restrictive covenants and our ability to repay our debt; control by our Principal Shareholder whose interests may conflict with ours or yours in the future; material weaknesses identified in our internal control over financial reporting and our ability to remediate such material weaknesses; our status as a foreign private issuer and as a "controlled company" within the meaning of the NYSE rules; natural disasters, public health crises, political crises, civil unrest and other catastrophic events beyond control and the factors described in the sections titled "Cautionary Statement Regarding Forward-Looking Statements" and "Risk Factors" in our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission on December 18, 2025, as updated, from time to time, by our reports on Form 6-K that update, supplement or supersede such information. Any forward-looking statement made by us in this press release speaks only as of the date of this press release and is expressly qualified in its entirety by the cautionary statements included in this press release. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law.
NON-IFRS FINANCIAL INFORMATION AND OTHER METRICS
This press release includes "non-IFRS measures" that are financial measures that either exclude or include amounts that are not excluded or included in the most directly comparable measures calculated and presented in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS"). Specifically, we make use of the non-IFRS financial measures adjusted EBITDA, adjusted EBITDA margin, adjusted gross profit, adjusted gross profit margin, constant currency revenue growth, adjusted EPS (Basic/Diluted), adjusted net profit, net leverage and net debt, which are not recognized measures under IFRS and should not be considered as alternatives to net income (loss), as a measure of financial performance or any other performance measure derived in accordance with IFRS.
We discuss non-IFRS financial measures in this press release because they are a basis upon which our management assesses our performance, and we believe they reflect underlying trends and are indicators of our business. Additionally, we believe that such non-IFRS financial measures and similar measures are widely used by securities analysts, investors and other interested parties as a means of evaluating a company's performance.
Our non-IFRS financial measures may not be comparable to similarly titled measures used by other companies. Our non-IFRS financial measures have limitations as analytical tools, as they do not reflect all the amounts associated with our results of operations as determined in accordance with IFRS. Our non-IFRS financial measures should not be considered in isolation, nor should they be regarded as a substitute for, or superior to, measures calculated and presented in accordance with IFRS. A reconciliation is provided in the tables accompanying this press release for each non-IFRS financial measure in this press release to the most directly comparable financial measure stated in accordance with IFRS. A reconciliation is not provided for any forward-looking non-IFRS financial measures as such a reconciliation is not available without unreasonable efforts.
Average selling price ("ASP") is calculated by dividing our total revenue from sales of footwear pairs by the number of footwear pairs sold. Prior to fiscal 2024, ASP was calculated by dividing our total revenue by our total number of units of all products sold. The difference between these two methods is immaterial.
Our management uses group ASP in managing and monitoring the performance of the business.
We believe presenting a directional change in ASP provides useful information to investors as it helps facilitate an enhanced understanding of our operating results and enables them to make more meaningful period-to-period comparisons, particularly because a change in ASP is typically one of several principal drivers of our revenue development between periods. However, in channels and segments, ASP can vary significantly based on various factors and circumstances, and, therefore, management believes that quantifying ASP or the directional change thereof at segment or channel level would provide a level of granularity not considered helpful and potentially misleading.
In addition, we also present ASP growth on a constant currency basis. We define constant currency ASP as ASP excluding the effect of foreign exchange rate movements and use constant currency ASP to determine constant currency ASP growth on a comparative basis. Constant currency ASP is calculated by translating the current period foreign currency ASP using the prior period exchange rate. Constant currency ASP growth is calculated by determining the increase in current period ASP as compared to the prior period ASP, where current period foreign currency ASP is translated using prior period exchange rates. We believe that presenting ASP growth on a constant currency basis offers valuable insight to both management and investors by isolating the Company's operational performance from foreign exchange rate fluctuations, which are beyond the Company's control.
Birkenstock Holding plc
Consolidated Statements of Profit
(In thousands of Euros, except share and per share information)
Three months ended December 31, | ||||||||
2025 | 2024 | |||||||
Revenue | 401,901 | 361,719 | ||||||
Cost of sales | (177,956 | ) | (143,685 | ) | ||||
Gross profit | 223,945 | 218,034 | ||||||
Selling and distribution expenses | (125,580 | ) | (118,155 | ) | ||||
General and administrative expenses | (29,266 | ) | (24,104 | ) | ||||
Foreign exchange gain (loss) | (3,238 | ) | (11,871 | ) | ||||
Other income (expense), net | 12,472 | 126 | ||||||
Profit from operations | 78,333 | 64,030 | ||||||
Finance cost, net | (9,149 | ) | (24,778 | ) | ||||
Profit before tax | 69,184 | 39,252 | ||||||
Income tax expense | (18,627 | ) | (19,133 | ) | ||||
Net profit | 50,557 | 20,119 | ||||||
Earnings per share | ||||||||
Basic | 0.27 | 0.11 | ||||||
Diluted | 0.27 | 0.11 | ||||||
Shares | 183,906,056 | 187,829,202 | ||||||
Birkenstock Holding plc
Consolidated Statements of Financial Position
(In thousands of Euros)
December 31, | September 30, | |||||||
2025 | 2025 | |||||||
Assets | ||||||||
Non-currentassets | ||||||||
Goodwill | 1,509,958 | 1,512,270 | ||||||
Intangible assets (other than goodwill) | 1,570,199 | 1,577,248 | ||||||
Property, plant and equipment | 378,778 | 357,496 | ||||||
Right-of-use assets | 190,953 | 179,762 | ||||||
Deferred tax assets | 15,130 | 11,556 | ||||||
Other assets | 39,346 | 28,425 | ||||||
Totalnon-currentassets | 3,704,364 | 3,666,757 | ||||||
Current assets | ||||||||
Inventories | 831,921 | 704,417 | ||||||
Trade and other receivables | 117,919 | 160,245 | ||||||
Current tax assets | 4,518 | 6,544 | ||||||
Other current assets | 61,731 | 75,090 | ||||||
Cash and cash equivalents | 229,227 | 329,067 | ||||||
Total current assets | 1,245,316 | 1,275,363 | ||||||
Total assets | 4,949,680 | 4,942,120 | ||||||
Shareholders' equity and liabilities | ||||||||
Shareholders' equity | 2,771,971 | 2,722,726 | ||||||
Non-currentliabilities | ||||||||
Loans and borrowings | 1,128,819 | 1,128,010 | ||||||
Tax receivable agreement liability | 306,378 | 302,400 | ||||||
Lease liabilities | 158,910 | 149,338 | ||||||
Other provisions | 4,537 | 4,413 | ||||||
Deferred tax liabilities | 165,102 | 163,429 | ||||||
Deferred income | 9,742 | 13,657 | ||||||
Other liabilities | 6,544 | 4,477 | ||||||
Totalnon-currentliabilities | 1,780,032 | 1,765,724 | ||||||
Current liabilities | ||||||||
Loans and borrowings | 11,389 | 17,133 | ||||||
Tax receivable agreement liability | 54,966 | 54,364 | ||||||
Lease liabilities | 47,568 | 43,581 | ||||||
Trade and other payables | 115,750 | 136,003 | ||||||
Accrued liabilities | 24,753 | 32,222 | ||||||
Other financial liabilities | 10,758 | 4,202 | ||||||
Other provisions | 18,698 | 36,338 | ||||||
Contract liabilities | 11,279 | 6,195 | ||||||
Tax liabilities | 77,405 | 106,958 | ||||||
Other current liabilities | 25,111 | 16,674 | ||||||
Total current liabilities | 397,677 | 453,670 | ||||||
Total liabilities | 2,177,709 | 2,219,394 | ||||||
Total shareholders' equity and liabilities | 4,949,680 | 4,942,120 | ||||||
Birkenstock Holding plc
Consolidated Statements of Cash Flows
(In thousands of Euros)
Three months ended December 31, | ||||||||
2025 | 2024 | |||||||
Net profit (loss) | 50,557 | 20,119 | ||||||
Adjustments to reconcile net profit (loss) to net cash flows from operating activities: | ||||||||
Depreciation and amortization | 30,158 | 26,192 | ||||||
Loss on disposal of property, plant and equipment | 162 | 17 | ||||||
Finance cost, net | 9,149 | 24,778 | ||||||
Net exchange differences | 12,857 | 16,107 | ||||||
Gain from bargain purchase | (12,317 | ) | - | |||||
Non-cash operating items | 110 | 121 | ||||||
Income tax expense | 18,627 | 19,133 | ||||||
Income tax paid | (48,435 | ) | (50,509 | ) | ||||
Changes in Working capital: | (89,135 | ) | (67,603 | ) | ||||
- Inventories and right to return assets | (88,505 | ) | (73,843 | ) | ||||
- Trade and other receivables | 26,061 | 38,650 | ||||||
- Trade and other payables and accrued liabilities | (21,367 | ) | (23,158 | ) | ||||
- Other | (5,324 | ) | (9,252 | ) | ||||
Net cash flows provided by operating activities | (28,267 | ) | (11,645 | ) | ||||
Interest received net of taxes withheld | 1,051 | 1,891 | ||||||
Purchases of property, plant and equipment | (37,133 | ) | (14,647 | ) | ||||
Proceeds from sale of property, plant and equipment | 2 | 12 | ||||||
Purchases of intangible assets | (1,056 | ) | (4,141 | ) | ||||
Proceeds from sale of intangible assets | 2 | - | ||||||
Initial direct costs of right-of-use assets | (200 | ) | - | |||||
Acquisition of subsidiary, net of cash acquired | (1,928 | ) | - | |||||
Receipt of government grant | 623 | 1,888 | ||||||
Net cash flows (used in) investing activities | (38,639 | ) | (14,997 | ) | ||||
Repayment of loans and borrowings, net | (1,295 | ) | (2,154 | ) | ||||
Payment of transaction costs related to refinancing | - | (250 | ) | |||||
Interest paid | (16,868 | ) | (18,252 | ) | ||||
Payments of lease liabilities | (12,297 | ) | (9,996 | ) | ||||
Interest portion of lease liabilities | (2,316 | ) | (2,332 | ) | ||||
Net cash flows (used in) financing activities | (32,776 | ) | (32,984 | ) | ||||
Net increase (decrease) in cash and cash equivalents | (99,682 | ) | (59,626 | ) | ||||
Cash and cash equivalents at beginning of period | 329,067 | 355,843 | ||||||
Net foreign exchange difference | (158 | ) | 2,377 | |||||
Cash and cash equivalents at end of period | 229,227 | 298,594 | ||||||
Birkenstock Holding plc
Reconciliation of Revenue to Constant Currency Revenue
(In thousands of Euros, unless otherwise stated)
Three months ended December 31, | Constant Currency Growth [%] | ||||||||||||||||||
2025 | 2024 | Growth [%] | |||||||||||||||||
B2B | 215,123 | 182,045 | 18 | % | 24 | % | |||||||||||||
DTC | 186,187 | 178,517 | 4 | % | 12 | % | |||||||||||||
Corporate / Other | 591 | 1,157 | (49 | )% | (49 | )% | |||||||||||||
Total Revenue | 401,901 | 361,719 | 11 | % | 18 | % | |||||||||||||
Americas | 221,774 | 210,700 | 5 | % | 14 | % | |||||||||||||
EMEA | 119,218 | 102,759 | 16 | % | 17 | % | |||||||||||||
APAC | 60,318 | 47,103 | 28 | % | 37 | % | |||||||||||||
Corporate / Other | 591 | 1,157 | (49 | )% | (49 | )% | |||||||||||||
Total Revenue | 401,901 | 361,719 | 11 | % | 18 | % | |||||||||||||
Three months ended December 31, | ||||||||
2025 | 2024 | |||||||
Total Revenue | 401,901 | 361,719 | ||||||
USD impact | 18,299 | (1,066 | ) | |||||
CAD impact | 947 | 250 | ||||||
Other currencies impact | 4,906 | (565 | ) | |||||
Total Revenue @ constant currencies | 426,053 | 360,338 | ||||||
Revenue growth @ constant currencies | 18 | % | 19 | % | ||||
Birkenstock Holding plc
Reconciliation of gross profit to adjusted gross profit
(In thousands of Euros)
Three months ended December 31, | ||||||||
2025 | 2024 | |||||||
Gross profit | 223,945 | 218,034 | ||||||
Add Adjustments: | ||||||||
Distributor mark-up reversal (1) | 6,800 | - | ||||||
Adjusted gross profit | 230,745 | 218,034 | ||||||
Adjusted gross profit margin | 57.4 | % | 60.3 | % | ||||
(1) Represents the distributor mark-up applied to inventories sold by the Company to Birkenstock Australia Pty Ltd prior to acquisition and the subsequent impact on cost of sales as Birkenstock Australia Pty Ltd sells that inventory to third-party customers post-acquisition.
Birkenstock Holding plc
Reconciliation of net profit to adjusted net profit
(In thousands of Euros, except share and per share information)
Three months ended December 31, | ||||||||
2025 | 2024 | |||||||
Net profit (loss) | 50,557 | 20,119 | ||||||
Add (less) adjustments: | ||||||||
Distributor mark-up reversal (1) | 6,800 | - | ||||||
Transaction costs (2) | 185 | - | ||||||
Gain from bargain purchase (3) | (12,317 | ) | - | |||||
Acquisition-related items | (5,332 | ) | - | |||||
Realized and unrealized FX loss (4) | 3,238 | 11,871 | ||||||
Tax adjustment (5) | 512 | 1,275 | ||||||
Adjusted net profit(loss) | 48,975 | 33,266 | ||||||
Adj. earnings per share | ||||||||
Basic | 0.27 | 0.18 | ||||||
Diluted | 0.27 | 0.18 | ||||||
Shares | 183,906,056 | 187,829,202 | ||||||
(1) Represents the distributor mark-up applied to inventories sold by the Company to Birkenstock Australia Pty Ltd prior to acquisition and the subsequent impact on cost of sales as Birkenstock Australia Pty Ltd sells that inventory to third-party customers post-acquisition.
(2) Represents costs associated with the acquisition of Birkenstock Australia Pty Ltd. Costs mainly include legal fees, consulting fees and travel expenses.
(3) Represents the excess of the preliminary fair value of the identifiable assets acquired and liabilities assumed in the acquisition of Birkenstock Australia Pty Ltd over the preliminary aggregate consideration transferred.
(4) Represents the primarily non-cash impact of foreign exchange rates within profit (loss). We do not consider these gains and losses representative of operating performance of the business because they are primarily driven by fluctuations in the USD to Euro foreign exchange rate on intercompany receivables for inventory and intercompany loans.
(5) Represents income tax effects for the adjustments as outlined above, except for unrealized foreign exchange gain (loss) and share-based compensation expenses since these have not been treated as tax deductible in the initial tax calculation.
Birkenstock Holding plc
Reconciliation of net profit to EBITDA and adjusted EBITDA
(In thousands of Euros)
Three months ended December 31, | ||||||||
2025 | 2024 | |||||||
Net profit (loss) | 50,557 | 20,119 | ||||||
Add: | ||||||||
Income tax expense | 18,627 | 19,133 | ||||||
Finance cost, net | 9,149 | 24,778 | ||||||
Depreciation and amortization | 30,158 | 26,192 | ||||||
EBITDA | 108,491 | 90,222 | ||||||
Add adjustments: | ||||||||
Distributor mark-up reversal (1) | 6,800 | - | ||||||
Transaction costs (2) | 185 | - | ||||||
Gain from bargain purchase (3) | (12,317 | ) | - | |||||
Acquisition-related items | (5,332 | ) | - | |||||
Realized and unrealized FX loss (4) | 3,238 | 11,871 | ||||||
Adjusted EBITDA | 106,397 | 102,093 | ||||||
Adjusted EBITDA margin | 26.5 | % | 28.2 | % | ||||
(1) Represents the distributor mark-up applied to inventories sold by the Company to Birkenstock Australia Pty Ltd prior to acquisition and the subsequent impact on cost of sales as Birkenstock Australia Pty Ltd sells that inventory to third-party customers post-acquisition.
(2) Represents costs associated with the acquisition of Birkenstock Australia Pty Ltd. Costs mainly include legal fees, consulting fees and travel expenses.
(3) Represents the excess of the preliminary fair value of the identifiable assets acquired and liabilities assumed in the acquisition of Birkenstock Australia Pty Ltd over the preliminary aggregate consideration transferred.
(4) Represents the primarily non-cash impact of foreign exchange rates within profit (loss). We do not consider these gains and losses representative of operating performance of the business because they are primarily driven by fluctuations in the USD to Euro foreign exchange rate on intercompany receivables for inventory and intercompany loans.
Birkenstock Holding plc
Reconciliation of net debt and net leverage
(In thousands of Euros, unless otherwise stated)
December 31, | September 30, | |||||||
2025 | 2025 | |||||||
Loans and borrowings (Non-current) | 1,128,819 | 1,128,010 | ||||||
+ USD Term Loan (Current) | 5,023 | 5,090 | ||||||
+ Lease liabilities (Non-current) | 158,910 | 149,338 | ||||||
+ Lease liabilities (Current) | 47,568 | 43,581 | ||||||
- Cash and cash equivalents | (229,227 | ) | (329,067 | ) | ||||
Net debt | 1,111,093 | 996,952 | ||||||
Adjusted EBITDA (LTM) | 671,294 | 666,990 | ||||||
Net leverage | 1.7 | x | 1.5 | x | ||||
SOURCE: Birkenstock Holding plc
View the original press release on ACCESS Newswire
FAQ
What were Birkenstock (BIRK) fiscal Q1 2026 revenue and core drivers?
How did Birkenstock (BIRK) profitability change in Q1 2026 compared to last year?
Why did Birkenstock (BIRK) gross margins decline in fiscal Q1 2026?
What did Birkenstock (BIRK) report about regional performance in Q1 2026?
How much did Birkenstock (BIRK) invest in capacity during Q1 2026 and why?
What is Birkenstock’s (BIRK) leverage and cash position at quarter end?
