Birkenstock Holding Plc · NYSE:BIRK
Birkenstock — Investor Day (January 2026)
70 slides from Birkenstock's investor day presentation, Jan 28, 2026
Slide 1: Capital Markets Day NYC
JANUARY 28, 2026 Capital markets day NYC
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
DISCLAIMER CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS Certain statements in this presentation (the “Presentation”) of Birkenstock Holding plc (together with all of its subsidiaries, the “Company,” “Birkenstock,” “we,” “our,” “ours,” or “us”) may constitute “forward-looking” statements
Slide 3: Capital Markets Day Schedule
CAPITAL MARKETS DAY SCHEDULE 3 9:00 – 9:10 Welcome & Introductions Megan Kulick, Director IR 9:10 – 9:30 Opening Remarks Oliver Reichert, CEO 9:30 – 10:00 Q1 Review & 3-Year Outlook Ivica Krolo, CFO 10:00 – 10:15 Opening Q&A 10:15 – 10:30 Coffee Break 10:30 – 11:30 Segment Overview David Kahan, Pres
Slide 4: Our Mission: Give Everyone Access to the Footbed
27M FY21 28M FY22 30M FY23 34M FY24 38M FY25 post-IPO OUR Mission: GIVE EVERYONE access to the footbed WE HAVE SOLD 72 MILLION FOOTBED PAIRS SINCE IPO pre-IPO 4 +72M PAIRS SINCE IPO
Slide 5: Just Another Boring Footwear Brand?
OMG! JUST ANOTHER BORING FOOTWEAR BRAND? Note: Peer data according to S&P Capital IQ; for Nike and lululemon, figures reflect growth based on L4Q for each peer, calendarized to September FYE; for Hermès, figures reflect changes based on last 2 reported fiscal half-year periods. Adj. EBITDA and Net L
Slide 6: We Delivered on Our Promises
WE DELIVERED ON OUR PROMISES DOUBLED REVENUE IN WHITE SPACES SINCE FY23 Note: 1 As of January 2026, compared to year-end FY23, all other comparisons to FY23 (pre-IPO). APAC DOUBLED our business to €222M revenue in FY25 Own Retail DOUBLED our own retail fleet to over 100 doors1 Closed-Toe DOUBLE
Slide 7: Outperforming Comps in Adj. EBITDA x Revenue Growth
-10 -5 0 5 10 15 20 25 30 35 OUTPERFORMING COMPS IN Adj. EBITDA x REVENUE GROWTH COMBINATION | BUBBLE SIZE = FY25 REV We are one of a KIND FY23-FY25 Revenue CAGR FY25 Adj. EBITDA Margin Note: Peer data according to S&P Capital IQ; for Hermès, Moncler, LVMH, and Brunello Cucinelli figures reflect cha
Slide 8: Huge Runway Ahead
+16% Inhabit-ants2 Penetration Cluster1 Revenue growth FY253 ~510M A +13% ~170M B ~250M C +24% ~3,800M D +43% Note: 1 Penetration clusters rank countries by level of Birkenstock penetration (pairs sold per one million inhabitants) from high (A) to low (D); A: USA, Canada, Germany, Denmark, Austria,
Slide 9: Continuing to Bring the Footbed to the People
30M FY23 34M FY24 38M FY25 FY26 FY27 FY28 ContinuING to bring THE FOOTBED TO THE PEOPLE TARGETING ~10% CAGR IN FOOTWEAR PAIRS SOLD +10% PAIR GROWTH CAGR 9
Slide 10: Preliminary Results Q1 FY26
BIRKENSTOCK PRELIMINARY RESULTS Q1 FY26
Slide 11: Q1 FY26 Preliminary Results
IN € MILLION UNLESS OTHERWISE STATED REVENUE ADJ. EPS (€) ADJ. GROSS PROFIT | MARGIN1 ADJ. EBITDA | MARGIN 231 | 57.4% +6% | (290)bp 402 +11.1% | +17.8% @cc 106 | 26.5% +4% | (170)bp 0.27 +50% Note: All comparisons are to Q1
Slide 12: Strong Revenue Growth Across All Segments & Channels
Adj. EBITDA MARGIN3 IN € MILLION 222 +5% | 14% @cc AMERICAS 119 +16% | 17% @cc EMEA 60 +28% | 37% @cc APAC 215 +18% | 24% @cc B2B 186 +4% | 12% @cc DTC Strong REVENUE growth across all segments & Channels Note: Revenue b
Slide 13: Adjusted Gross Profit Margin Impacted by External Effects
Adjusted Gross PROFIT MARGIN IMPACTED BY EXTERNAL EFFECTS 13 Note: Adjusted Gross Profit margin is a non-IFRS measure. For a reconciliation to the most comparable IFRS measure, please see the Appendix. Gross Profit Margin Q1 FY25 110bp Sales Price Adjustment (net) (80bp) Channel Mix Effect Gross Pro
Slide 14: Strong Margin Expansion Offset by External Effects
STRONG MARGIN EXPANSION OFFSET BY EXTERNAL EFFECTS Adj. EBITDA Margin Q1 FY25 110bp Sales Price Adjustment (net) 50bp Absorption 30bp Other (230bp) Currency Translation (130bp) Tariffs Adj. EBITDA Margin Q1 FY26 28.2% 30.1% 26.5% Unfavorable currency translation mainly in the Americas and APAC Selec
Slide 15: B2B Is a Great Business
B2b is a great business and NOT A SICKNESS ACCESS POINT FOR A TOUCH-AND-FEEL PRODUCT Average selling price (€) B2B DTC 40+ Gross profit margin (%) Adj. EBITDA margin (%) Orderbook visibility 95+ ~50% ~75% >30% <30% 5-9 Months FY25 15
Slide 16: Outlook FY26-FY28
BIRKENSTOCK OUTLOOK FY26-FY28
Slide 17: FY26-FY28 Outlook: Double-Digit Revenue and EPS Growth
2028T 2026E Revenue growth2 Adj. GROSS PROFIT MARGIN4 ADJ. EBITDA MARGIN +13-15% @cc €2.30 – 2.35BN3 | +10-12% +13-15% @cc ~57-58% 57.0-57.5% Incl tariff and FX headwind of 200bps 30.0-30.5% Incl tariff and FX headwind of 200bps 30%+ FY26-FY28 outlook: Double-digit revenue and eps growth1 ADJ. Eps G
Slide 18: Targeting €1 Billion of Incremental Revenue
Targeting €1 billion of incremental revenue in the next 3 years Note: 1 Targeted incremental annual revenue in FY28 vs. FY25, assuming the mid-point of the 13-15% guidance and a foreign exchange rate of EUR/IUSD 1.17; Constant Currency growth (@cc) of revenue is a non-IFRS measure. For a reconciliat
Slide 19: Americas
BIRKENSTOCK AMERICAS
Slide 20: Americas: Largest Region with Continued Strong Demand Growth
AMERICAS: Largest region with continued strong demand growth Note: Number of stores as of Q4 FY25; 1 via our DTC channel; 2 in FY25 vs LY; 3 estimate for FY25. # Countries via BS.COM1 2 membership growing +19%2 # Retail stores 14 # B2B doors3 ~10,000 Fastest growth in youth/sport multi brand chains
Slide 21: Americas Contributing 10%+ CAGR Over Next Years
AMERICAS CONTRIBUTING 10%+ CAGR OVER NEXT 3 YEARS Emerging youth Fastest growing demographic adding lifetime value B2b continues to lead DTC driven by new retail 21 Note: Targeted growth FY28 vs. FY25.
Slide 22: Unmatched Full-Price Realization
unmatched full-price realization as token of HIGH demand Share of units sold at full MSRP1 for key B2B accounts in the USA A LEADING YOUTH RETAIL CHAIN IN THE MARKET Note: 1 Manufacturer’s suggested retail price; data from latest Fall season from Aug-Dec 2025. # 605 locations 97% A LEADING FULL-LINE
Slide 23: Attacking White Spaces and Increasing Presence at Existing Doors
attackING white spaces and Increase PRESENCE AT existing doors WHITE SPACE ATTACK ACCELERATION IN CURRENT B2B FOOTPRINT ~600 DOORS +90% FROM EXISTING DOORS 23 GROWTH PRIORITIES IN B2B Note: Targets by end of FY28.
Slide 24: Retail Expansion: Targeting ~45 Stores by FY28
We GROW & OPTIMIZE our STORE fleet, TARGETING ~45 stores by FY28 RETAIL EXPANSION +30 STORES net incremental target FY28 vs. FY25 24 Note: Stores refer to own-retail stores. Growth priorities to expand footprint in own Retail
Slide 25: Growth Priorities in Digital
Membership Loyalty EVENTS CUSTOMER FOCUS ENGAGE & CONVERT SEAMLESS EXPERIENCE Emerging YOUTH SOCIAL COMMERCE website replatform & AI ENABLED TOOLS ACTING AS A DTC BRAND PROVIDING THE MOST OPTIMAL OWN-CHANNEL EXPERIENCE | CREATING BRAND ADVOCACY AND FANDOM 4 Focus areas TO DRIVE DYNAMIC GROWTH IN DIG
Slide 26: EMEA
BIRKENSTOCK EMEA
Slide 27: EMEA: High-Quality Business Originating from Our Birthplace
EMEA: High-Quality Business OriginatING from our Birthplace # Countries via BS.COM 27 membership growing +30%2 # Retail stores # B2B doors3 ~9,000 with ~90% of growth coming from existing doors Best regional Margin Profile with significant headroom to grow 27 Note: Number of stores as of Q4 FY25; 1
Slide 28: EMEA Delivering DD Growth with Highest Regional Profitability
EMEA DELIVERINg DD GROWTH WITH HIGHEST regional PROFITABILITY Broad based engineered growth x1.5+ closed-toe to outpace open-toe demand exceeding supply DTC ACCELERATION deeper direct consumer engagement higher profit per pair HIGHER PENETRATION underpenetrated markets new audiences 28 Note: Targets
Slide 29: Growing with Existing Partners and Expanding Selectively
growing WITH existing partners AND Expanding SELECTIVELY Growth priorities to expand quality distribution in B2B NEW DISTRIBUTION EXISTING PARTNERS ~80% of growth driven by existing partners +1,500 doors door expansion driven by Sports & Outdoor PARTNER RETAIL EXPANSION +80 STORES targeting total >1
Slide 30: Doubling Our Store Fleet, Targeting ~80 Stores
Doubling our STORE fleet, TARGETING ~80 stores Growth priorities to expand footprint in own Retail RETAIL EXPANSION LIKE-FOR-LIKE OPTIMIZATION +40 Stores net incremental target FY28 vs. FY25 +MSD% LFL growth target p.a. Note: Targets by end of FY28; MSD = “mid-single digits”; LFL = like-for-like sto
Slide 31: Unlocking the Next Phase of Online Growth
Unlocking the Next Phase of Online Growth Growth priorities to drive and Convert Demand in Own Digital unique Story led Content Social First campaigning Content Creator Program Culture & COMMUNITY Events Personalization Scaled membership Personalized Retention CUSTOMER SERVICE EXCELLENCE Direct Cros
Slide 32: Further Expanding Our High-Quality Business in EMEA
FURTHER EXPANDING OUR high-quality business IN EMEA DELIVERING SUBSTANTIAL INCREMENTAL GROWTH MATERIAL GROWTH OPPORTUNITIES AHEAD HIGH DEGREE OF DISTRIBUTION DISCIPLINE BEST MARGIN PROFILE 32
Slide 33: APAC
BIRKENSTOCK APAC
Slide 34: APAC: Unleashing the Growth Potential in the Largest FTW Market
APAC: unleashing the growth potential IN THE LARGEST FTW MARKET # Countries via BS.COM1 8 membership growing ~50%2 # Mono-brand stores 245 Own retail catalyzing premium brand experience & Partner mono-brand to reach beyond expansion OF our own & partner store fleet # B2B Doors3 ~2,200 with >70% of g
Slide 35: APAC: Doubling the Business by FY28
APAC: DOUBLING THE BUSINESS BY FY28 DISCIPLINED GROWTH AND PROFITABILTY shoes And clogs becoming a year-around business DTC driven growth deepen direct consumer engagement & raise brand awareness 35
Slide 36: Unlocking the Growth Potential in APAC
UNLocking THE growth potential in APAC Connect through community 3-Pillar omnichannel expansion Product Acceleration 3-Pillar omnichannel expansion 3-Pillar omnichannel expansion Engagement 36 CONNECT PURPOSE EXPERIENCE OWN RETAIL PARTNER RETAIL DIGITAL SHOES CLOGS 1774/SMU
Slide 37: In-Store Brand Experience Is Vital to Premium Price Points
In-Store Brand Experience Is Vital to Delivering Value at Premium Price Points APAC Own Retail as A Catalyst for Premium Brand experience 37 melbourne SENTOSA
Slide 38: Growing & Optimizing Premium Retail by FY28
GROWING & OPTIMIZING premium retail to over 400 STORES by FY28 Growth priorities in offline expansion through owned and partner retail OWN RETAIL EXPANSION LFL OPTIMIZATION PARTNER RETAIL EXPANSION +70 stores net incremental target FY28 vs. FY25 +DD% LFL growth target +100 partner store target FY28
Slide 39: Qualitative, Value-Driven Growth in Digital
DELIVERING Qualitative, Value DRIVEN growth in digital 3 Pillars OF Sustainable GrowtH Creating demand through CONSISTENT high-value content Exclusivity & Channel Segmentation CONTENT-LED STRATEGY MERCHANDISE STRATEGY MEMBERSHIP & SERVICES 39 Membership Value & Brand Asset Equity
Slide 40: Birkenstock
— Ce —) i=! i) c a. BIRKENSTOC
Slide 41: Purpose-Driven Iconic Product: The Big 5
purpose driven iconic product - Rooted in our rich archive Key franchise overview (the BIG 5) Arizona (1973) Vision give all people access to an anatomically correct footbed. purpose empower all people to walk the way nature intended Core invention We are in the FOOTBED business 41 Boston (1973) Giz
Slide 42: Extended Consumer Reach and Price Architecture of Arizona
We have extended consumer reach and price architecture of Arizona Franchise Arizona Franchise – selected executions across price points [RRP1 €] 42 EVA 55€ Birkoflor 90€ Suede Leather 120€ Injected rivets 150€ Shearling 150€ Big Buckle 160€ Droplet buckle 200€ 1774 500€ Note: 1RRP = Recommended Reta
Slide 43: Continuously Building ASP Through Product Mix Management
ContinUously building ASP through product mix management Arizona Franchise – examples of detailed product differentiation and uptrading [RRP1 €] 43 EVA “Classic” 55€ EVA Big Buckle 65€ Suede Full Exquisite 180€ Suede leather 120€ Rivets Full Exquisite 230€ Injected rivets 150€ Big Buckle Raffia 250€
Slide 44: Developing the Business Beyond Sandals
We have successfully developed the business beyond sandals Business development of closed- and open-toe products across all categories Closed-toe Open-toe SOB SOB SOB CAGR CAGR >40% >40% 15% 10% Before COVID a “sandals brand” While closed toe grew at an average of >40%, open toe growing at robust do
Slide 45: Closed-Toe Has Improved Quarterly Revenue Balance
Closed-Toe has improved quarterly revenue balance Revenue share of Fiscal year Quarters 19pp 45 15% 34% 20% 31% 13pp 17% 27% 30% 25% Q1 (OCT-DEC) Q2 (JAN-MAR) Q3 (APR-JUN) Q4 (JUL-SEP) FY 2019 FY 2025
Slide 46: We Own the Sandal Category!
We own THE sandal category! 46
Slide 47: Now We Also Own the Clogs Category!
Now We also own the clogs category! 47 Happy birthday Boston Since 1976
Slide 48: New Introductions Broadening Closed-Toe Segment
New introductions Strongly Focus on broadening closed-toe segment wholesale and own retail presence create awareness and consumer touchpoints Revenue Share of all FY23-25 introductions in 2025: 4% Naples, Lutry & Utti grew >150% in FY25 and >180% in Q1 FY261 (5% of Closed Toe segment in Q1 FY26) Hig
Slide 49: Three Major Ways of Innovation
Three major ways of innovation | from function to culture Pillars of product innovation SEASONAL Classic I EVA I shoes Converting regional needs & trends into brand relevant business Archive I color I material I pattern Premium Brand Appeal I attracting influential consumer “triBes” Cultural relevan
Slide 50: Certified Professional Products Strengthen Brand DNA
Certified Professional products strengthen brand DNA Product innovation examples I pure function 50 Melbourne Pro Melbourne “every Day”
Slide 51: Seasonal Innovation Addressing Regional Needs and Trends
Seasonal innovation addressing regional needs and “trends” Product innovation examples I SEASONAL 51 Amsterdam wrapped Maria
Slide 52: 1774: Spearheading Inspiration-Driven Innovation
52 1774: spearheading inspiration driven innovation Product innovation examples I cultural relevance 1774 Birkenstock X Danielle Frankel
Slide 53: 1774: Spearheading Inspiration-Driven Innovation
53 1774: spearheading inspiration driven innovation Product innovation examples I cultural relevance 1774 Birkenstock X Danielle Frankel 53
Slide 54: 1774: Spearheading Inspiration-Driven Innovation
54 1774: spearheading inspiration driven innovation Product innovation examples I cultural relevance 1774 Birkenstock ensemble 1774 Thibo Denis 54
Slide 55: Birkenstock
BIRKENSTOCK = <— = [= >) ull a. a. —_ Nn
Slide 56: Supply Chain to Support Our Growth
Note: 1 Targeted CAGR FY25-FY28. Supply chain to support our growth 10% UNIT GROWTH CAGR1 15% PRODUCTION HOUR GROWTH CAGR1 Supply chain targets 56
Slide 57: Our Vertically Integrated Supply Chain Is Who We Are
OF RAW MATERIALS SOURCED FROM EUROPE, WITH STRICT ETHICAL STANDARDS 100% OF OUR FOOTBEDS ARE MADE IN GERMANY 100% OF OUR FOOTWEAR IS MADE IN THE EU ~5,000 SKILLED WORKERS AND EXPANDING Note: Data for FY25. OF PRODUCTS ASSEMBLED IN-HOUSE IN GERMANY 95% our Vertically integrated supply chain is who we
Slide 58: Our Supply Chain Is an Asset Providing Value to Shareholders
OUR SUPPLY CHAIN is an asset providing value to shareholders Control over our product, agility, resilience, margin generation and capital deployment Control over IP and quality end-to-end Agility to react to shifts in demand Resilience to supply chain risks Direct partnerships with our suppliers 58
Slide 59: B2B Allows Us to Efficiently Organize Our Supply Chain
B2B allows us to efficiently organize our supply chain High plannability of our business and room to react to changes in demand >70% of all units contracted with 5-9 month visibility 85% of all units carryover allowing for preproduction and production balancing ~5% of all units seasonal and not cont
Slide 60: We Have Proven Our Capability to Scale
In past 2 years, WE HAVE PROVEN our capability to scale 25% VOLUME GROWTH Arouca M&A and scaling Scaled from 100 to 800 workers Expansion to 6.000m2 production area Pasewalk newbuild Expected to be fully absorbed in Q3/FY26 ~10M pairs produced in FY25 Görlitz extension Replacing EVA, PU with footbed
Slide 61: New Expansion Plan Designed for Speed & Flexibility
New expansion plan is designed for speed & flexibility Extensions of existing facilities Brownfield acquisitions …deliver on growth of units and production hours …have a highly positive business case, CAPEX investment reduced by brownfield acquisitions …be designed for speed with faster go-lives/ram
Slide 62: Three Large Expansion Projects Underway
three large expansion projects underway… Go live Fy27 Go live FY26 Go live Fy27 Görlitz extension Footbeds | sandals | clogs Project preparation ~1 year from purchase to production go-live Wittichenau brownfield 1st PHASE: Footbeds | sandals | clogs In construction 2-years from purchase of the land
Slide 63: We Are Adapting Our Logistics Network
We are adapting Our logistics network Unit growth Retail/online expansion APAC growth Future of our logistics B2B growth CONSOLIDATED FOOTPRINT DIRECT SHIPMENTS TO REGIONS LEATHER HUB REGIONAL APAC HUB 63
Slide 64: Appendix
APPENDIX
Slide 65: Reconciliation of Non-IFRS Measures (1/6)
Reconciliation of non-ifrs measures (1/6) Appendix REVENUE | in € million
Slide 66: Reconciliation of Non-IFRS Measures (2/6)
Reconciliation of non-ifrs measures (2/6) Appendix GROSS PROFIT | in € million 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.
Slide 67: Reconciliation of Non-IFRS Measures (3/6)
Reconciliation of non-ifrs measures (3/6) Appendix EBITDA | in € million 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. 2 Represents costs associated with the acquisitio
Slide 68: Reconciliation of Non-IFRS Measures (4/6)
Reconciliation of non-ifrs measures (4/6) Appendix Net profit | in € million 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. 2 Represents costs associated with the acquis
Slide 69: Reconciliation of Non-IFRS Measures (5/6)
Reconciliation of non-ifrs measures (5/6) Appendix Earnings per share | in €, unless Otherwise stated
Slide 70: Reconciliation of Non-IFRS Measures (6/6)
Reconciliation of non-ifrs measures (6/6) Appendix Net Leverage | in € MILLION