Birkenstock Holding Plc · NYSE:BIRK

Birkenstock — Q1 FY2025 Earnings Presentation

22 slides from Birkenstock's earnings presentation, Feb 20, 2025

  1. Slide 1: Birkenstock Financial Results Q1 FY25

    BIRKENSTOCK: February 20, 2025 BIRKENSTOCK FINANCIAL RESULTS Q1 FY25

  2. Slide 2: 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 and information within the meaning of Section 27A of the Securities

  3. Slide 3: Financial Results Q1 FY25

    BIRKENSTOCK FINANCIAL RESULTS Q1 FY25

  4. Slide 4: Financial Results Q1 FY25 at a Glance

    BIRKENSTOCK FINANCIAL RESULTS Q1 FY25 AT A GLANCE IN € MILLION, UNLESS OTHERWISE STATED REVENUE B2B REVENUE DTC REVENUE DTC PENETRATION GROSS PROFIT | MARGIN ADJUSTED EBITDA | MARGIN ADJUSTED NET PROFIT ADJUSTED EPS (€) NET LEVERAGE (X LTM ADJ. EBITDA") Note: Unless otherwise stated, all comparisons

  5. Slide 5: Double-digit revenue growth in all segments and channels

    BIRKENSTOCK: DOUBLE-DIGIT REVENUE GROWTH IN ALL SEGMENTS AND CHANNELS IN € MILLION, UNLESS OTHERWISE STATED B2B AMERICAS EMEA APAC 182 +30% 211 103 4] +16% 417% 447% DTC 179 +10% Note: Revenue excl. CorporateOther other, no-product revenue). Growth ats at constant currencies vs. 01 FY24, Revenue gro

  6. Slide 6: Gross profit margin exceeding 60% despite higher B2B share

    BIRKENSTOCK GROSS PROFIT MARGIN EXCEEDING 60° DESPITE HIGHER B2B SHARE IN € MILLION, UNLESS OTHERWISE STATED +18% | (70)bp 1 | 218 | 60.3% 185 | 61.0% Slight margin decrease atibutabet over OTC penetration compared to 1 DL : Gross Profit | Margin Q1 FY24 Q1 FY25 BIRKENSTOCK FINANCIAL RESULTS Q1 FY25

  7. Slide 7: Decrease in SG&A driven by channel mix and operating leverage

    BIRKENSTOCK DECREASE IN SG&A DRIVEN BY CHANNEL MIX AND OPERATING LEVERAGE AS % OF Q1 FY25 REVENUE ADJUSTED SELLING & DISTRIBUTION ADJUSTED GENERAL & ADMINISTRATIVE EXPENSES: €118M EXPENSES: €24M Decrease vs. 01 FY24 is mainly driven by tt ; ‘o channel mix. Effect is partly offset by enn 32.7% ~ 6.7%

  8. Slide 8: Strong EBITDA margin improvement in Q1 FY25

    BIRKENSTOCK STRONG EBITDA MARGIN IMPROVEMENT IN Q1 FY25 AS % OF Q1 FY25 REVENUE 26.9% 70bp Mainly reflects lower consulting expenses in GRA expenses relative to a those incurred during he. 60bp Mainly elates to channel mi, pricing and operating leverage, pally ofset by investments into our retail ex

  9. Slide 9: Adjusted EPS doubled in Q1 FY25

    BIRKENSTOCK ADJUSTED EPS DOUBLED IN Q1 FY25 IN €, UNLESS OTHERWISE STATED +100% 1 0.18 Adjusted EPS 0.09 (Basic/Diluted) Q1 FY24 Q1 FY25 comparable IFS measur, lease see the Agpendc this resentation. BIRKENSTOCK FINANCIAL RESULTS Q1 FY25

  10. Slide 10: Further inventory-to-sales ratio reduction; healthy DSO

    BIRKENSTOCK FURTHER INVENTORY-TO-SALES RATIO REDUCTION; HEALTHY DSO TRADE WORKING CAPITAL | IN-€ MILLION AND AS % OF LTM REVENUE 620 | 40% 603 | 33% 683 | 37% + €128 milion raw materials / WIP included in inventory balance * Largest part of finished goods are a) carry-over products, and —— b) contra

  11. Slide 11: Slight leverage increase due to typical Q1 cash seasonality

    BIRKENSTOCK SLIGHT LEVERAGE INCREASE DUE TO TYPICAL Q1 CASH SEASONALITY NET DEBT & NET LEVERAGE | IN € MILLION, UNLESS OTHERWISE STATED +4 1 Net Debt 1,006 1,081 | LTM Adjusted EBITDA 555 576 Sep-24 Dec-24 Note: Net Leverage calculated asNetdebt/LTM Aajusted EBITDA. Net debt includes Lease abilities

  12. Slide 12: Appendix

    BIRKENSTOCK: APPENDIX

  13. Slide 13: Improved cash flow in line with typical Q1 seasonality

    BIRKENSTOCK IMPROVED CASH FLOW IN LINE WITH TYPICAL Q1 SEASONALITY IN € MILLION a . FY24 FY25 ACT ACT Operating Cash Flow (45) (12) Investing Cash Flow (9) (15) Net IPO proceeds 449 - Repayment of loans and borrowings (525) (2) Payment of transaction costs (refinancing! - (0) Cash interest paid (34)

  14. Slide 14: Income Statement

    BIRKENSTOCK: INCOME STATEMENT IN € MILLION a FYZh FY Revenue 309 362 Cost of sales (118) (144) Gross profit 185 718 Operating expenses Selling and distribution expenses (103) (118) General and administrative expenses (34) (24) Foreign exchange gan (loss) (12) (12) Other income (expense), net 0 0 Pro

  15. Slide 15: Balance Sheet

    BIRKENSTOCK: BALANCE SHEET IN€ MILLION Sep Dec Sep Dec 2024 2024 2026 202k _ Goodwill 158 1006 TOTAL SHAREHOLDERS EQUITY 2.625 2709 S Intangible assets (other than goodwill) 1,639 1700 _ Loans and borrowings 1,170 179 S Property, plant and equipment 490 502 SB _Lease liabilities 143 149 BH _Uiher as

  16. Slide 16: Cash Flow Statement

    BIRKENSTOCK: CASH FLOW STATEMENT IN € MILLION a GZ We Wet profit lass) a FT Depreciation & amortization B % Loss on disposal of propery, plant and equipment 0 0 Change in expected credit loss (o) 0 Finance cos, net % % Net exchange dterences 2 6 Non-cash operating items 2 0 Income tax expense 7 w In

  17. Slide 17: Reconciliation of Non-IFRS Measures (1/6)

    BIRKENSTOCK: RECONCILIATION OF NON-IFRS MEASURES (1/6) REVENUE | IN-€ MILLION a a Constant Currency FZ FYI Growth [*] Growth [%] BB i 182 a 0 ore 161 179 11% 10% Corporate / Other 2 1 (38% (38% Total Revenue 303 362 19% 19% Americas 81 m1 18% 16% EMEA 88 108 11% 17% APAC 32 a 4% 1% Conporate Other 2

  18. Slide 18: Reconciliation of Non-IFRS Measures (2/6)

    BIRKENSTOCK: RECONCILIATION OF NON-IFRS MEASURES (2/6) OPERATING EXPENSES | IN € MILLION a FY24 FYI5 Selling and distribution expenses (103) (118) Add Adjustments: Share-based compensation expenses! 0 - rr Adjusted Selling and distribution expenses (103) (118) a1 FY24 FY25 General and administrative

  19. Slide 19: Reconciliation of Non-IFRS Measures (3/6)

    BIRKENSTOCK: RECONCILIATION OF NON-IFRS MEASURES (3/6) EBITDA | IN € MILLION a FY24 FY25 Net profit (loss) 7) wu Income tax expense 7 9 Finance cost, net 36 ub Depreciation & amartization 2 b EBITDA 9 90 Add (Less) Adjustments: Share-based compensation expenses 4 - [PU-related costs’ 7 - Secondary o

  20. Slide 20: Reconciliation of Non-IFRS Measures (4/6)

    BIRKENSTOCK: RECONCILIATION OF NON-IFRS MEASURES (4/6) NET PROFIT | IN € MILLION a FY24 FY25 Net profit (loss) 7) 20 Add (Less) Adjustments: Share-based compensation expenses! 4 - [PO-related costs” 7 - Secondary offering related costs? - - Realized and unrealized FX gains | losses” 12 12 Release of

  21. Slide 21: Reconciliation of Non-IFRS Measures (5/6)

    BIRKENSTOCK: RECONCILIATION OF NON-IFRS MEASURES (5/6) EARNINGS PER SHARE | IN €, UNLESS OTHERWISE STATED a FY24 FY25 Net profit loss) fin € million) 7m 20 Adjusted Net profit (loss) (1n € million} W 3 Weighted number of outstanding shares (in million) 186.9 187.8 EPS (Basic/Diluted) (0.04) O11 Adju

  22. Slide 22: Reconciliation of Non-IFRS Measures (6/6)

    BIRKENSTOCK: RECONCILIATION OF NON-IFRS MEASURES (6/6) NET DEBT | IN € MILLION Sep Dec 2026 70% Loans and borrowings (Non-current) 170 1,179 USD Term Loan (Curent) 8 8 Lease liabilities (Non-current) 143 M9 Lease liabilities (Curent) u a2 Cash and cash equivalents 356 ay Net Debt 7006 1081 Adjusted

Birkenstock Holding — Q1 FY2025 Earnings Presentation on 6ix