Birkenstock Reports Fiscal Third Quarter 2025 Results With 16% Constant F/X Revenue Growth and Significant Margin Improvement Despite Currency Headwinds; Reaffirms FY2025 Targets
Birkenstock (NYSE:BIRK) reported strong fiscal Q3 2025 results with revenue reaching EUR 635 million, up 12% reported and 16% in constant currency. The company achieved significant profitability improvements with gross profit margin of 60.5% (up 100 basis points) and Adjusted EBITDA margin of 34.4% (up 140 basis points).
Key highlights include double-digit revenue growth across all segments: Americas (+16% constant currency), EMEA (+13%), and APAC (+24% constant currency). B2B revenue grew 18% in constant currency, while DTC increased 12%. The company opened 13 new stores during Q3, bringing total retail locations to 90.
Birkenstock reaffirmed its FY2025 guidance, expecting revenue growth at the high end of 15-17% range in constant currency and Adjusted EBITDA margin of 31.3-31.8%. The company also completed a EUR 176 million share buyback, repurchasing 3.9 million shares.
Birkenstock (NYSE:BIRK) ha pubblicato solidi risultati per il terzo trimestre fiscale 2025: i ricavi sono saliti a EUR 635 milioni, in aumento del 12% su base segnalata e del 16% a tassi di cambio costanti. L'azienda ha mostrato un netto miglioramento della redditività, con un margine di profitto lordo del 60,5% (in rialzo di 100 punti base) e un margine Adjusted EBITDA del 34,4% (in rialzo di 140 punti base).
I punti chiave includono una crescita a due cifre dei ricavi in tutti i segmenti: Americas (+16% a tassi costanti), EMEA (+13%) e APAC (+24% a tassi costanti). I ricavi B2B sono cresciuti del 18% a tassi costanti, mentre il DTC è aumentato del 12%. Nel trimestre la società ha aperto 13 nuovi negozi, portando il totale dei punti vendita a 90.
Birkenstock ha confermato le previsioni per l'esercizio 2025, prevedendo una crescita dei ricavi verso l'estremità alta della forchetta 15-17% a tassi costanti e un margine Adjusted EBITDA tra il 31,3% e il 31,8%. Inoltre ha completato un riacquisto di azioni per EUR 176 milioni, riacquistando 3,9 milioni di azioni.
Birkenstock (NYSE:BIRK) presentó sólidos resultados del tercer trimestre fiscal 2025: los ingresos alcanzaron EUR 635 millones, un aumento del 12% informado y del 16% en moneda constante. La compañía mejoró notablemente su rentabilidad, con un margen bruto del 60,5% (subida de 100 puntos básicos) y un margen Adjusted EBITDA del 34,4% (subida de 140 puntos básicos).
Los aspectos más destacados incluyen crecimientos de dos dígitos en todos los segmentos: Americas (+16% a moneda constante), EMEA (+13%) y APAC (+24% a moneda constante). Los ingresos B2B aumentaron un 18% a moneda constante, mientras que el DTC creció un 12%. Durante el trimestre la compañía abrió 13 nuevas tiendas, alcanzando un total de 90 puntos de venta.
Birkenstock reafirmó su guía para el ejercicio 2025, esperando un crecimiento de ingresos en el extremo alto del rango 15-17% a moneda constante y un margen Adjusted EBITDA de 31,3-31,8%. Además completó una recompra de acciones por EUR 176 millones, readquiriendo 3,9 millones de acciones.
Birkenstock (NYSE:BIRK)는 2025 회계연도 3분기 실적을 발표했습니다. 매출은 6억3,500만 유로 (EUR 635 million)로 전표시 기준 12% 증가했고 환율 영향을 제거한 기준에서는 16% 증가했습니다. 수익성도 크게 개선되어 총이익률 60.5%(100 베이시스포인트 개선)과 조정 EBITDA 마진 34.4%(140 베이시스포인트 개선)를 기록했습니다.
주요 내용으로는 모든 사업부에서 두 자릿수 매출 성장을 기록했다는 점이 있습니다: Americas(+16% 환율고정), EMEA(+13%), APAC(+24% 환율고정). B2B 매출은 환율고정 기준으로 18% 성장했고 DTC는 12% 증가했습니다. 분기 중에 13개 신규 매장을 열어 총 매장 수는 90개가 되었습니다.
Birkenstock는 2025 회계연도 가이던스를 재확인했으며, 매출 성장률을 환율고정 기준 15–17% 범위의 상단에서 예상하고 조정 EBITDA 마진을 31.3–31.8%로 제시했습니다. 또한 1억7,600만 유로(EUR 176 million) 규모의 자사주 매입을 완료해 390만 주를 재매입했습니다.
Birkenstock (NYSE:BIRK) a publié de solides résultats pour le troisième trimestre fiscal 2025. Le chiffre d'affaires a atteint EUR 635 millions, en hausse de 12% en données publiées et de 16% en monnaies constantes. La société a nettement amélioré sa rentabilité, avec une marge brute de 60,5% (+100 points de base) et une marge EBITDA ajustée de 34,4% (+140 points de base).
Parmi les points clés, on note une croissance à deux chiffres des revenus dans tous les segments : Amériques (+16% à taux constants), EMEA (+13%) et APAC (+24% à taux constants). Les revenus B2B ont progressé de 18% à taux constants, tandis que le DTC a augmenté de 12%. La société a ouvert 13 nouveaux magasins au cours du trimestre, portant le réseau à 90 points de vente.
Birkenstock a confirmé ses objectifs pour l'exercice 2025, prévoyant une croissance du chiffre d'affaires au haut de la fourchette 15–17% en taux constants et une marge EBITDA ajustée de 31,3–31,8%. Elle a également finalisé un rachat d'actions de EUR 176 millions, rachetant 3,9 millions d'actions.
Birkenstock (NYSE:BIRK) meldete starke Ergebnisse für das Fiskalquartal Q3 2025. Der Umsatz erreichte EUR 635 Millionen, ein Anstieg von 12% ausgewiesen und 16% in konstanten Währungen. Das Unternehmen verbesserte seine Profitabilität deutlich mit einer Bruttomarge von 60,5% (plus 100 Basispunkte) und einer bereinigten EBITDA-Marge von 34,4% (plus 140 Basispunkte).
Zu den wichtigen Punkten zählt das zweistellige Umsatzwachstum in allen Segmenten: Americas (+16% in konstanten Währungen), EMEA (+13%) und APAC (+24% in konstanten Währungen). Der B2B-Umsatz wuchs in konstanten Währungen um 18%, der DTC-Umsatz um 12%. Im Quartal wurden 13 neue Filialen eröffnet, womit die Gesamtzahl der Verkaufsstellen nun bei 90 liegt.
Birkenstock bestätigte seine Prognose für das Geschäftsjahr 2025 und erwartet ein Umsatzwachstum am oberen Ende der Spanne von 15–17% in konstanten Währungen sowie eine bereinigte EBITDA-Marge von 31,3–31,8%. Außerdem wurde ein Aktienrückkaufprogramm über EUR 176 Millionen abgeschlossen und 3,9 Millionen Aktien zurückgekauft.
- Revenue grew 16% in constant currency with double-digit growth across all regions
- Gross profit margin improved 100 basis points to 60.5%
- Adjusted EBITDA margin increased 140 basis points to 34.4%
- Net profit surged 73% to EUR 129 million
- EPS grew 75% to EUR 0.69
- Expanded retail presence with 13 new store openings
- Strong B2B revenue growth of 18% in constant currency
- Operating cash flow declined by EUR 21 million due to tax payments timing
- Currency headwinds impacted reported growth (12% vs 16% constant currency)
- Net leverage increased to 1.7x (from potential 1.4x) due to share buyback
- Impact of 15% US/EU tariff agreement requiring pricing adjustments
Insights
Birkenstock delivers strong Q3 with 16% constant currency growth and margin expansion despite FX headwinds; fundamentals remain robust.
Birkenstock has delivered an impressive Q3 performance with revenue reaching
The profitability metrics are particularly noteworthy. Gross margin expanded
The growth story is well-balanced across all dimensions. Geographically, all segments delivered double-digit constant currency growth: Americas (
Closed-toe footwear continues outpacing sandals, gaining
The company's cash position remains solid at
LONDON, UNITED KINGDOM / ACCESS Newswire / August 14, 2025 / Birkenstock Holding plc, (together with its subsidiaries, "BIRKENSTOCK", the "Company" or "we", NYSE:BIRK) today announces financial results for the third quarter ended June 30, 2025. The Company reports third quarter revenue growth of
The Company continues to expect fiscal 2025 revenue growth at the high-end of its guidance range of 15
Financial highlights for the third quarter ended June 30, 2025 (compared to the third quarter ended June 30, 2024):
Revenue of EUR 635 million, an increase of
12% on a reported basis and16% in constant currencyDouble-digit revenue growth across all segments;
10% on a reported basis (16% in constant currency) in the Americas,13% in EMEA (reported and in constant currency) and21% on a reported basis (24% in constant currency) in APACB2B revenue growth of
15% on a reported basis and18% in constant currencyDTC revenue growth of
9% on a reported basis and12% in constant currency
Gross profit margin of
60.5% , up 100 basis points from59.5% in the third quarter of fiscal 2024 due to sales price adjustments (net of input costs) and better absorption of manufacturing capacity, partly offset by unfavorable currency translation and channel mix
Net profit of EUR 129 million, up
73% from EUR 75 million; EPS of EUR 0.69, up75% from EUR 0.40Adjusted Net profit of EUR 116 million, up
26% from EUR 92 million; Adjusted earnings per share of EUR 0.62, up27% from EUR 0.49Adjusted EBITDA of EUR 218 million, up
17% year-over-year; Adjusted EBITDA margin of34.4% , up 140 basis points from33.0% a year ago
Cash flows from operating activities of EUR 261 million; operating cash flow was down EUR 21 million year-over-year, primarily due to the timing of tax payments and changes in working capital
The Company repurchased and cancelled 3.9 million shares on May 30, 2025 for EUR 176 million, reducing average shares outstanding for the third quarter by 1.3 million; shares outstanding at June 30, 2025 totaled 183.9 million, down 3.9 million from March 31, 2025
Oliver Reichert, CEO of BIRKENSTOCK and Member of the Board of Directors of the Company: "Our third quarter results prove the strong foundation of our brand. Reported revenue growth was
Fiscal third quarter 2025 results demonstrate resilient consumer demand for BIRKENSTROCK products
BIRKENSTOCK reports fiscal third quarter 2025 revenue of EUR 635 million, up
B2B revenue grew
Double-digit revenue growth in all segments
In the Americas segment, BIRKENSTOCK delivered third quarter revenue growth of
Revenue in EMEA grew
In the APAC segment, BIRKENSTOCK achieved revenue growth of
Investing in production capacity to meet consumer demand
BIRKENSTOCK invested approximately EUR 22 million in capital expenditures in the third quarter of 2025, primarily to expand production capacity.
BIRKENSTOCK ended the quarter with cash and cash equivalents of EUR 262 million and net leverage of 1.7x as of June 30, 2025 compared to 1.8x at September 30, 2024. Without the share buyback, net leverage would have been 1.4x. The Company remains committed to further deleveraging its balance sheet with free cash flow, targeting approximately 1.5x net leverage by the end of fiscal 2025.
During the quarter, the Company used EUR 176 million of cash to repurchase and cancel 3.9 million ordinary shares.
Company updates guidance for fiscal 2025
BIRKENSTOCK is reiterating its previous guidance for fiscal 2025 as follows:
Revenue growth is expected to be at the high end of 15
-17% range in constant currency
Adjusted EBITDA margin of 31.3
-31.8% , despite the significantly weaker US Dollar
Conference call information
BIRKENSTOCK will host a call to discuss fiscal third quarter 2025 results on August 14, 2025, at 8:00 a.m. Eastern Time (1:00 p.m. British Summer Time). A webcast of the call will be accessible on the Company's Investor Relations website at https://www.birkenstock-holding.com. To join the phone line, please dial 1-888-506-0062 (US) or 1-973-528-0011 (International). The access code for the call is 762592. To access the phone line replay after the conclusion of the call, please dial 1-877-481-4010 (US) or 1-919-882-2331 (International). The access code for the replay is 52636. 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 2025 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 management'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; harm to our brand and market share due to counterfeit products; our ability to successfully operate and expand retail stores; losses and liabilities arising from leased and owned real estate; risks relating 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; our dependence on third parties for our sales and distribution channels; risks related to the conversion of wholesale distribution markets to owned and operated markets and risks related to productivity or efficiency initiatives; operational challenges relating to the distribution of our products; deterioration or termination of relationships with major wholesale partners; global or regional health events; 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; disruptions to our shipping and delivery arrangements; failure to attract and retain key employees and deterioration of relationships with employees, employee representative bodies and stakeholders; risks relating to our intellectual property rights; risks relating to regulations governing the use and processing of personal data; disruption and security breaches affecting information technology systems; natural disasters, public health crises, political crises, civil unrest and other catastrophic events beyond our control; economic conditions impacting consumer spending, such as inflation, tariffs and other trade policy actions, the deterioration of consumer sentiment, and a deterioration of the macroeconomic situation generally, and our ability to react to any of them; currency exchange rate fluctuations; risks related to litigation, compliance and regulatory matters; risks and costs related to corporate responsibility and ESG matters; inadequate insurance coverage, or increased insurance costs; tax- related risks; risks related to our indebtedness; risks related to our status as a foreign private issuer and a "controlled company"; 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 Securities and Exchange Commission on December 18, 2024 as updated 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, 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.
Birkenstock Holding plc
Consolidated Statements of Profit
(In thousands of Euros, except share and per share information)
Three months ended June 30, | Nine months ended June 30, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Revenue | 635,042 | 564,758 | 1,571,091 | 1,348,926 | ||||||||||||
Cost of sales | (250,964 | ) | (228,833 | ) | (637,405 | ) | (556,973 | ) | ||||||||
Gross profit | 384,078 | 335,925 | 933,686 | 791,953 | ||||||||||||
Selling and distribution expenses | (162,771 | ) | (149,185 | ) | (407,427 | ) | (365,824 | ) | ||||||||
General and administrative expenses | (32,960 | ) | (27,377 | ) | (89,511 | ) | (81,754 | ) | ||||||||
Foreign exchange gain (loss) | 9,507 | (4,157 | ) | 206 | (21,295 | ) | ||||||||||
Other income (expense), net | 127 | 267 | 380 | 473 | ||||||||||||
Profit from operations | 197,981 | 155,473 | 437,334 | 323,553 | ||||||||||||
Finance cost, net | (18,302 | ) | (44,578 | ) | (68,692 | ) | (108,017 | ) | ||||||||
Profit before tax | 179,679 | 110,895 | 368,642 | 215,536 | ||||||||||||
Income tax expense | (50,451 | ) | (36,255 | ) | (114,182 | ) | (76,399 | ) | ||||||||
Net profit | 129,228 | 74,640 | 254,460 | 139,137 | ||||||||||||
Earnings per share | ||||||||||||||||
Basic | 0.69 | 0.40 | 1.36 | 0.74 | ||||||||||||
Diluted | 0.69 | 0.40 | 1.36 | 0.74 | ||||||||||||
Shares | 186,479,342 | 187,827,437 | 187,382,557 | 187,522,182 | ||||||||||||
Birkenstock Holding plc
Condensed Consolidated Statements of Financial Position
(In thousands of Euros)
June 30, | September 30, | |||||||
2025 | 2024 | |||||||
Assets | ||||||||
Non-currentassets | ||||||||
Goodwill | 1,515,095 | 1,554,621 | ||||||
Intangible assets (other than goodwill) | 1,585,049 | 1,639,393 | ||||||
Property, plant and equipment | 345,370 | 318,843 | ||||||
Right-of-use assets | 171,943 | 171,334 | ||||||
Deferred tax assets | 980 | 117 | ||||||
Other assets | 30,883 | 37,351 | ||||||
Totalnon-currentassets | 3,649,320 | 3,721,659 | ||||||
Current assets | ||||||||
Inventories | 672,453 | 624,807 | ||||||
Trade and other receivables | 242,014 | 114,302 | ||||||
Current tax assets | 6,753 | 11,263 | ||||||
Other current assets | 74,702 | 57,065 | ||||||
Cash and cash equivalents | 261,834 | 355,843 | ||||||
Total current assets | 1,257,756 | 1,163,280 | ||||||
Total assets | 4,907,076 | 4,884,939 | ||||||
Shareholders' equity and liabilities | ||||||||
Shareholders' equity | 2,632,397 | 2,625,019 | ||||||
Non-currentliabilities | ||||||||
Loans and borrowings | 1,166,088 | 1,169,965 | ||||||
Tax receivable agreement liability | 330,776 | 344,590 | ||||||
Lease liabilities | 143,993 | 143,199 | ||||||
Other provisions | 5,775 | 4,867 | ||||||
Deferred tax liabilities | 157,219 | 131,003 | ||||||
Deferred income | 13,637 | 13,737 | ||||||
Other liabilities | 4,695 | 4,666 | ||||||
Totalnon-currentliabilities | 1,822,183 | 1,812,027 | ||||||
Current liabilities | ||||||||
Loans and borrowings | 15,572 | 24,670 | ||||||
Tax receivable agreement liability | 33,441 | 15,300 | ||||||
Lease liabilities | 40,774 | 40,874 | ||||||
Trade and other payables | 157,733 | 136,280 | ||||||
Accrued liabilities | 32,272 | 29,411 | ||||||
Other financial liabilities | 5,245 | 3,971 | ||||||
Other provisions | 27,773 | 31,164 | ||||||
Contract liabilities | 9,880 | 7,999 | ||||||
Tax liabilities | 100,206 | 144,730 | ||||||
Other current liabilities | 29,600 | 13,494 | ||||||
Total current liabilities | 452,496 | 447,893 | ||||||
Total liabilities | 2,274,679 | 2,259,920 | ||||||
Total shareholders' equity and liabilities | 4,907,076 | 4,884,939 | ||||||
Birkenstock Holding plc
Consolidated Statements of Cash Flows
(In thousands of Euros)
Three months ended June 30, | Nine months ended June 30, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Net profit (loss) | 129,228 | 74,640 | 254,460 | 139,137 | ||||||||||||
Adjustments to reconcile net profit (loss) to net cash flows from operating activities: | ||||||||||||||||
Depreciation and amortization | 28,250 | 24,809 | 81,754 | 72,193 | ||||||||||||
Loss on disposal of property, plant and equipment | 36 | 82 | 90 | 20 | ||||||||||||
Change in expected credit loss | 1,595 | (412 | ) | 1,781 | (540 | ) | ||||||||||
Finance cost, net | 18,302 | 44,578 | 68,692 | 108,017 | ||||||||||||
Net exchange differences | (10,226 | ) | 4,157 | (1,875 | ) | 21,295 | ||||||||||
Non-cash operating items | (54 | ) | (401 | ) | 189 | 1,993 | ||||||||||
Income tax expense | 50,451 | 36,255 | 114,182 | 76,399 | ||||||||||||
Income tax paid | (10,139 | ) | 1,381 | (123,735 | ) | (8,772 | ) | |||||||||
MIP personal income tax paid / reimbursement, net | - | - | - | (11,426 | ) | |||||||||||
Changes in Working capital: | 53,205 | 96,491 | (164,823 | ) | (112,203 | ) | ||||||||||
- Inventories | 7,187 | 36,043 | (61,623 | ) | (29,859 | ) | ||||||||||
- Right to return assets | (653 | ) | (913 | ) | (599 | ) | (1,191 | ) | ||||||||
- Trade and other receivables | (4,495 | ) | 11,249 | (139,411 | ) | (97,891 | ) | |||||||||
- Trade and other payables | 29,416 | 24,199 | 24,470 | 24,220 | ||||||||||||
- Accrued liabilities | 3,189 | 4,469 | 3,164 | (3,340 | ) | |||||||||||
- Other current financial liabilities | 142 | 256 | 425 | 1,119 | ||||||||||||
- Other current provision | 6,044 | 9,130 | (3,360 | ) | (5,852 | ) | ||||||||||
- Contract liabilities | 5,201 | 456 | 1,856 | 3,330 | ||||||||||||
- Prepayments | (770 | ) | 3,834 | (1,601 | ) | (4,397 | ) | |||||||||
- Other | 7,944 | 7,768 | 11,856 | 1,658 | ||||||||||||
Net cash flows provided by operating activities | 260,648 | 281,580 | 230,715 | 286,113 | ||||||||||||
Interest received net of taxes withheld | 1,156 | 1,337 | 4,317 | 3,501 | ||||||||||||
Purchases of property, plant and equipment | (20,551 | ) | (14,594 | ) | (54,092 | ) | (49,525 | ) | ||||||||
Purchases of intangible assets | (1,705 | ) | (3,827 | ) | (7,799 | ) | (6,130 | ) | ||||||||
Proceeds from sale of property, plant and equipment | 17 | (78 | ) | 36 | - | |||||||||||
Purchase of other assets | - | - | (1,430 | ) | - | |||||||||||
Receipt of government grant | - | - | 1,888 | 8,739 | ||||||||||||
Net cash flows (used in) investing activities | (21,083 | ) | (17,162 | ) | (57,080 | ) | (43,415 | ) | ||||||||
IPO Proceeds, net of transaction costs | - | - | - | 449,214 | ||||||||||||
Repurchase of ordinary shares | (176,382 | ) | - | (176,382 | ) | - | ||||||||||
Repayment of loans and borrowings, net | (1,872 | ) | (770 | ) | (6,077 | ) | (526,048 | ) | ||||||||
Payment of transaction costs related to refinancing | - | - | (250 | ) | - | |||||||||||
Interest paid | (18,777 | ) | (24,139 | ) | (45,071 | ) | (73,592 | ) | ||||||||
Payments of lease liabilities | (10,913 | ) | (8,805 | ) | (31,512 | ) | (25,461 | ) | ||||||||
Interest portion of lease liabilities | (2,184 | ) | (2,108 | ) | (6,820 | ) | (6,036 | ) | ||||||||
Net cash flows (used in) financing activities | (210,128 | ) | (35,822 | ) | (266,112 | ) | (181,923 | ) | ||||||||
Net increase (decrease) in cash and cash equivalents | 29,437 | 228,596 | (92,477 | ) | 60,775 | |||||||||||
Cash and cash equivalents at beginning of period | 235,399 | 175,728 | 355,843 | 344,408 | ||||||||||||
Net foreign exchange difference | (3,002 | ) | 23 | (1,532 | ) | (836 | ) | |||||||||
Cash and cash equivalents at end of period | 261,834 | 404,347 | 261,834 | 404,347 | ||||||||||||
Birkenstock Holding plc
Reconciliation of Revenue to Constant Currency Revenue
(In thousands of Euros, unless otherwise stated)
Three months ended June 30, | Constant Currency Growth [%] | |||||||||||||||
2025 | 2024 | Growth [%] | ||||||||||||||
B2B | 390,156 | 340,593 | 15 | % | 18 | % | ||||||||||
DTC | 243,891 | 223,364 | 9 | % | 12 | % | ||||||||||
Corporate / Other | 995 | 801 | 24 | % | 24 | % | ||||||||||
Total Revenue | 635,042 | 564,758 | 12 | % | 16 | % | ||||||||||
Americas | 312,266 | 282,865 | 10 | % | 16 | % | ||||||||||
EMEA | 258,603 | 229,048 | 13 | % | 13 | % | ||||||||||
APAC | 63,178 | 52,044 | 21 | % | 24 | % | ||||||||||
Corporate / Other | 995 | 801 | 24 | % | 24 | % | ||||||||||
Total Revenue | 635,042 | 564,758 | 12 | % | 16 | % | ||||||||||
Nine months ended June 30, | Constant Currency Growth [%] | |||||||||||||||
2025 | 2024 | Growth [%] | ||||||||||||||
B2B | 1,004,685 | 843,527 | 19 | % | 20 | % | ||||||||||
DTC | 563,113 | 501,792 | 12 | % | 13 | % | ||||||||||
Corporate / Other | 3,293 | 3,607 | (9 | )% | (9 | )% | ||||||||||
Total Revenue | 1,571,091 | 1,348,926 | 16 | % | 17 | % | ||||||||||
Americas | 835,490 | 718,364 | 16 | % | 18 | % | ||||||||||
EMEA | 574,207 | 506,095 | 13 | % | 13 | % | ||||||||||
APAC | 158,101 | 120,860 | 31 | % | 32 | % | ||||||||||
Corporate / Other | 3,293 | 3,607 | (9 | )% | (9 | )% | ||||||||||
Total Revenue | 1,571,091 | 1,348,926 | 16 | % | 17 | % | ||||||||||
Three months ended June 30, | Nine months ended June 30, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Total Revenue | 635,042 | 564,758 | 1,571,091 | 1,348,926 | ||||||||||||
USD impact | 15,040 | (2,929 | ) | 5,819 | 9,175 | |||||||||||
CAD impact | 2,061 | 403 | 3,266 | 1,721 | ||||||||||||
Other currencies impact | 1,169 | 1,410 | (127 | ) | 2,813 | |||||||||||
Total Revenue @ constant currencies | 653,311 | 563,641 | 1,580,049 | 1,362,634 | ||||||||||||
Revenue growth @ constant currencies | 16 | % | 19 | % | 17 | % | 22 | % | ||||||||
Birkenstock Holding plc
Reconciliation of Net profit to Adjusted Net profit
(In thousands of Euros, except share and per share information)
Three months ended June 30, | Nine months ended June 30, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Net profit (loss) | 129,228 | 74,640 | 254,460 | 139,137 | ||||||||||||
Add (Less) Adjustments: | ||||||||||||||||
Share-based compensation expenses (1) | - | - | - | 3,591 | ||||||||||||
IPO-related costs (2) | - | - | - | 7,459 | ||||||||||||
Secondary offering related costs (3) | 1,546 | 1,890 | 1,546 | 1,890 | ||||||||||||
Realized and unrealized FX (gain) loss (4) | (9,507 | ) | 4,157 | (206 | ) | 21,295 | ||||||||||
Release of capitalized transaction costs (5) | - | 16,310 | - | 26,858 | ||||||||||||
Tax adjustment (6) | (5,242 | ) | (5,127 | ) | (3,821 | ) | (14,627 | ) | ||||||||
Adjusted Net profit(loss) | 116,025 | 91,870 | 251,979 | 185,602 | ||||||||||||
Adj. Earnings per share | ||||||||||||||||
Basic | 0.62 | 0.49 | 1.34 | 0.99 | ||||||||||||
Diluted | 0.62 | 0.49 | 1.34 | 0.99 | ||||||||||||
Shares | 186,479,342 | 187,827,437 | 187,382,557 | 187,522,182 | ||||||||||||
(1) Represents share-based compensation expenses relating to the management investment plan.
(2) Represents IPO-related costs, which include consulting as well as legal fees.
(3) Represents costs associated with the secondary offerings on behalf of the selling shareholder. The secondary offerings were completed on June 28, 2024, and on May 30, 2025.
(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 the effect of reversing capitalized transaction costs of the Original USD Term Loan due to its early repayment of USD 450 million in the first quarter ended December 31, 2023 and the subsequent impact on finance costs.
(6) 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 June 30, | Nine months ended June 30, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Net profit (loss) | 129,228 | 74,640 | 254,460 | 139,137 | ||||||||||||
Add: | ||||||||||||||||
Income tax expense | 50,451 | 36,255 | 114,182 | 76,399 | ||||||||||||
Finance cost, net | 18,302 | 44,578 | 68,692 | 108,017 | ||||||||||||
Depreciation and amortization | 28,250 | 24,809 | 81,754 | 72,193 | ||||||||||||
EBITDA | 226,231 | 180,282 | 519,088 | 395,746 | ||||||||||||
Add Adjustments: | ||||||||||||||||
Share-based compensation expenses (1) | - | - | - | 3,591 | ||||||||||||
IPO-related costs (2) | - | - | - | 7,459 | ||||||||||||
Secondary offering related costs (3) | 1,546 | 1,890 | 1,546 | 1,890 | ||||||||||||
Realized and unrealized FX (gain) loss (4) | (9,507 | ) | 4,157 | (206 | ) | 21,295 | ||||||||||
Adjusted EBITDA | 218,270 | 186,329 | 520,428 | 429,981 | ||||||||||||
(1) Represents share-based compensation expenses relating to the management investment plan.
(2) Represents IPO-related costs, which include consulting as well as legal fees.
(3) Represents costs associated with the secondary offerings on behalf of the selling shareholder. The secondary offerings were completed on June 28, 2024, and on May 30, 2025.
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)
June 30, | September 30, | |||||||
2025 | 2024 | |||||||
Loans and borrowings (Non-current) | 1,166,088 | 1,169,965 | ||||||
+ USD Term Loan (Current) | 7,257 | 7,890 | ||||||
+ Lease liabilities (Non-current) | 143,993 | 143,199 | ||||||
+ Lease liabilities (Current) | 40,774 | 40,874 | ||||||
- Cash and cash equivalents | (261,834 | ) | (355,843 | ) | ||||
Net debt | 1,096,278 | 1,006,085 | ||||||
Adjusted EBITDA (LTM) | 645,401 | 554,955 | ||||||
Net leverage | 1.7 | x | 1.8 | x | ||||
SOURCE: Birkenstock Holding plc
View the original press release on ACCESS Newswire
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