Birkenstock Holding Plc · NYSE:BIRK
Birkenstock — Investor Day (September 2025)
40 slides from Birkenstock's investor day presentation, Sep 25, 2025
Slide 1: Munich Headquarters Visit
BIRKENSTOCK® MUNICH HEADQUARTERS VISIT September 25, 2025
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
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 and inform
Slide 3: The Birkenstock Case – A Unique Value Creation Model
BIRKENSTOCK® THE BIRKENSTOCK CASE – A UNIQUE VALUE CREATION MODEL 250-YEAR-OLD PURPOSE DRIVEN BRAND VERTICALLY INTEGRATED SUPPLY CHAIN ENGINEERED DISTRIBUTION BIRKENSTOCK is the inventor of the footbed and has shaped the principle of walking as intended by nature (“Naturgewolltes Gehen”) Category Ow
Slide 4: Proven Track Record: Revenue CAGR of 20% Since FY14
BIRKENSTOCK® PROVEN TRACK RECORD: REVENUE CAGR OF 20% SINCE FY14 IN € MILLION CAGR FY14 – FY25E: +20% IPO: OCT-23 292 364 452 570 648 722 728 962 1,243 1,492 1,805 2,091 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25E 4
Slide 5: White Spaces Contributing to Strong Revenue Growth
BIRKENSTOCK® WHITE SPACES CONTRIBUTING TO STRONG REVENUE GROWTH Revenue growth at significant multiples compared to Overall growth of 19%1 GEOGRAPHY: APAC CHANNEL: OWN RETAIL PRODUCT: CLOSED-TOE +36% +2X DOUBLED # OF OWN RETAIL STORES TO 902 HIGH THIRTIES CLOSED-TOE SHARE IN FY253 VS. 27% IN FY23 No
Slide 6: Financial Overview
BIRKENSTOCK® FINANCIAL OVERVIEW
Slide 7: Strong Financial Performance - Delivering on Our IPO Promises
BIRKENSTOCK® STRONG FINANCIAL PERFORMANCE - DELIVERING ON OUR IPO PROMISES FY 2024 ACT 22% Revenue GROWTH1 VS. FY 2023 @CC 58.8% GROSS PROFIT MARGIN 30.8% Adjusted EBITDA MARGIN1 YTD 9M 2025 ACT 17% Revenue GROWTH1 VS. YTD 9M 2024 @CC 59.4% GROSS PROFIT MARGIN 33.1% Adjusted EBITDA MARGIN1 FY 20
Slide 8: Strong Adj. EBITDA CAGR of 24% Since FY21
BIRKENSTOCK® STRONG ADJ. EBITDA CAGR of 24% SINCE FY21 IN € MILLION CAGR FY21 – LTM Q3 FY25: +24% 292 425 483 555 645 FY21 FY22 FY23 FY24 FY25 Note: Adjusted EBITDA IS A non-IFRS financial measures. For a reconciliation to the most comparable IFRS measure, please see the Company’s Form 20-F, filed w
Slide 9: YTD FY25: Strong Growth Across All Segments & Channels
BIRKENSTOCK® YTD FY25: Strong growth across all segments & Channels IN € MILLION, UNLESS OTHERWISE STATED | AT CONSTANT CURRENCIES AMERICAS 835 +18% EMEA 574 +13% APAC 158 +32% B2B 1,005 +20% DTC 563 +13% Note: Revenue excl. Corporate/Other (Other, non-product revenue). Growth rates at co
Slide 10: Q3 FY25: Financial Results at a Glance
BIRKENSTOCK® Q3 FY25: Financial results at a glance IN € MILLION, UNLESS OTHERWISE STATED REVENUE 635 +12% (+16% @CC) DTC PENETRATION B2B REVENUE 390 +15% (+18% @CC) GROSS PROFIT I MARGIN DTC REVENUE 244 +9% (+12% @CC) ADJUSTED EBITDA I MARGIN 38% (110)bp 384 | 60.5% +14% |
Slide 11: Rapid Deleveraging Following 2021 Transaction
BIRKENSTOCK® RAPID DELEVERAGING FOLLOWING 2021 TRANSACTION NET DEBT & NET LEVERAGE | IN € MILLION, UNLESS OTHERWISE STATED Net Debt Adj. EBITDA 177 1,6 54 292 234 1,7 38 435 1,6 09 483 1,0 06 555 359 429 >6.0x 5.7x 4.0x 3.3x 1.8x ~1.5x Operating cash flow Apr-21 Sep-21 Sep-22 Sep-23 Sep-24 Sep-25E (
Slide 12: White Space Spotlight: Distribution
BIRKENSTOCK® WHITE SPACE Spotlight: Distribution
Slide 13: We Engineer a Complementary Multi-Channel Distribution
BIRKENSTOCK® we engineer a complementary multi-channel distribution Globally present in over 80 countries, all channels deliver strong margin profiles #B2B Partners ~6,000 #retail stores 13 39 38 #countries BS.COM1 2 27 8 AMERICAS EMEA APAC NOTE: AS OF Q3 FY25; 1 VIA OUR DTC CHANNEL. 13
Slide 14: We Unlock New Audiences and Seek to Build Lifetime Connections
BIRKENSTOCK® We unlock new audiences and SEEK TO build lifetime connections Our distribution allows us to capture demand where it occurs 14
Slide 15: We Remain Very Disciplined in Our B2B Distribution
BIRKENSTOCK® We remain very disciplined in our B2B distribution ~90% of GROWTH COMES FROM existing DOORS1 B2B REVENUE GROWTH +21% p.a. with stable #partners2 TOP 10 STRATEGIC ACCOUNTS 2X growth vs. rest of B2B partners in EMEA2 WHITE SPACE DOORS >5,000 doors with existing or new partners NOTE: 1 est
Slide 16: We Doubled Our Retail Fleet Since 2023
BIRKENSTOCK® We DOUBLED OUR RETAIL FLEET SINCE 2023, reaching 90 STORES Our stores are designed for commercial success MIAMI BOSTON LONDON PARIS SHANGHAI NOTE: AS OF Q3 FY25. 16
Slide 17: Our Stores Are Highly Productive
BIRKENSTOCK® Our stores are highly productive Very strong store economics and halo effect on our online business CAPEX PAY BACK TARGET NEW STORES PERFORMANCE BS.COM HALO EFFECT 12-18 months 1.4X square meter productivity vs. LFL fleet EMEA1 +65% increased BS.com traffic post store opening2 NOTE: 1 E
Slide 18: Retail to Further Accelerate, Targeting Stores by 2027
BIRKENSTOCK® Retail to further accelerate, TARGETING 150 stores by 2027 EXPECTED Approximate share of new store openings 50% APAC 25% AMERICAS 25% EMEA 18
Slide 19: We Complement Our Mono-Brand Presence by ~350 Partner Stores
BIRKENSTOCK® We Complement OUR MONO-BRAND presence by ~350 partner stores MAJORITY OF STORES LOCATED in Apac, followed by EMEA MEXICO DUBAI PHILIPPINES SHANGHAI NOTE: As of end of Q3 2025. 19
Slide 20: Our Membership Is Growing Fast and Fuels Loyalty and Spend
BIRKENSTOCK® OUR Membership is growing fast and fuels loyalty and spend Lifetime connections drive Online growth # MEMBERS SPEND PREMIUM VS. GUESTS1 MEMBER BENEFITS ~11M +25% vs. LY ~20% Member exclusive products Early access to new product launches & consumer moments Exclusive events & workshops NO
Slide 21: Our Mission Is to Give People Access to the Footbed
BIRKENSTOCK® OUR MISSION IS TO GIVE PEOPLE ACCESS TO THE FOOTBED ENABLED through OUR complementary multi-channel distribution 250-YEAR-OLD BRAND BUILDING LIFETIME CONNECTIONS UNLOCKING NEW AUDIENCES ENGINEERED DISTRIBUTION CAPTURING DEMAND WHERE IT OCCURS MAINTAINING HIGH DISCIPLINE MATERIAL WHITE S
Slide 22: White Space Spotlight: APAC
BIRKENSTOCK® WHITE SPACE SPOTLIGHT: APAC
Slide 23: APAC Expansion: A Multi-Channel Success Story
BIRKENSTOCK® APAC EXPANSION: A MULTI-CHANNEL SUCCESS STORY Since ipo: strong REVENUE GROWTH FOCUSING ON DTC AND HIGH-QUALITY B2B DISTRIBUTION ABOVE AVG REVENUE GROWTH +36% p.a. REVENUE GROWTH1 DTC FOCUS & HIGH-QUALITY B2B +62% | +25%p.a. DTC | B2B Growth1 RETAIL DRIVING AWARENESS 2.5X GROWTH OF DIRE
Slide 24: Huge Untapped Potential in APAC
BIRKENSTOCK® Huge untapped potential in APAC 60% OF GLOBAL POPULATION, <10% REVENUE SHARE – A MAJOR GROWTH OPPORTUNITY NORTH AMERICA EMEA APAC % of WORLD Pop. 5% % of Rev.1 >50% % of WORLD Pop. 30% % of Rev. 1 >35% % of WORLD Pop. 60% % of Rev. 1 <10% Note: World population data: United Nations WEBS
Slide 25: China: Opportunity in the World's Largest Consumer Market
BIRKENSTOCK® China: opportunity in the world’s largest consumer market €5B LUXURY FOOTWEAR MARKET GROWING 8% ANNUALLY1 – RISING WELLNESS-FOCUS FUELS DEMAND POPULATION 1,408M2 Thereof 944M Urban Population2 GDP PER CAPITA ~$13,500 /Year3 DISPOSABLE INCOME ~$7,500 /Year4 Footwear Market $97B5 Thereof
Slide 26: Birkenstock China: Premium Omni-Channel Expansion
BIRKENSTOCK ® CHINA: PREMIUM OMNI-Channel expansion STRONG REVENUE GROWTH POWERED BY PREMIUM RETAIL FOOTPRINT AND LEADING DIGITAL PRESENCE REVENUE GROWTH PREMIUM RETAIL EXPERIENCE DIGITAL GROWTH2 Up 4x Since FY21 15 Retail stores in top luxury/premium retail developments in first and new tier one ci
Slide 27: Birkenstock China: Own Retail as a Catalyst for Premium Brand Leadership
BIRKENSTOCK ® CHINA: Own Retail as A Catalyst for Premium Brand Leadership In-store brand experience vital in delivering brand value to demand premium price point 27
Slide 28: China: Brand Experiences and Community Events
BIRKENSTOCK® CHINA: BRAND EXPERIENCES AND COMMUNITY EVENTS Offline activations fuel emotional loyalty and SOCIAL ENGAGEMENT FOR BRAND AMPLICATION 28
Slide 29: Birkenstock Unlocking China's Growth Potential
BIRKENSTOCK ® UNLOCKING China’s growth potential 3 PILLAR OMNI CHANNEL EXPANSION Continued expansion of own retail and partner stores PRODUCT INNOVATION Shoe acceleration ENGAGEMENT Connecting through community Qualitative digital growth through channel segmentation Classics expansion Delivering pur
Slide 30: White Space Spotlight: Product
BIRKENSTOCK® WHITE SPACE SPOTLIGHT: PRODUCT
Slide 31: Values and Fundamentals Guiding Us Through Product Creation
BIRKENSTOCK® VALUES AND FUNDAMENTALS GUIDING US THROUGH THE PROCESS OF PRODUCT CREATION PRODUCT CREATION Archive Franchise Category STRATEGY CORE VALUES Function Tradition Quality BRAND FUNDAMENTALS Purpose Core Invention Vision 31
Slide 32: Not a One-Trick Pony: Top-20 Silhouettes
BIRKENSTOCK® Not a one-Trick Pony classics and new products make up our top-20 silhouettes Arizona 1973 Boston 1976 Gizeh 1983 Madrid 1963 Mayari 2009 Florida 1981 Bend 2020 Tokio 1987 Milano 1976 Zermatt 2019 Sydney 2019 London 1986 Buckley 2019 Highwood 2023 Lutry 2023 Franca 2020 Naples 2023 Kyot
Slide 33: Spotlight: Supply Chain
BIRKENSTOCK® SPOTLIGHT: Supply-CHAIN
Slide 34: Our Vertically Integrated Supply Chain
BIRKENSTOCK® our Vertically integrated supply chain 95% of our pairs assembled in our owned factories in Germany 100% OF OUR FOOTWEAR IS MADE IN THE EU 95% OF PRODUCTS ASSEMBLED IN-HOUSE IN GERMANY 100% OF OUR FOOTBEDS ARE MADE IN GERMANY DIRECT AND LONG-TERM PARTNERSHIPS WITH KEY SUPPLIERS ~5,000 S
Slide 35: Footprint of Seven Owned Factories
BIRKENSTOCK® FOOTPRINT OF SEVEN OWNED FACTORIES SIX FACTORIES IN GERMANY, AND ONE IN PORTUGAL GERMANY GÖRLITZ FOOTBEDS | FINAL ASSEMBLY STRÖDT FINAL ASSEMBLY PASEWALK EVA | PU BERNSTADT LEATHER COMPONENTS ÜRZELL FOOTBEDS MARKERSDORF BUCKLES PORTUGAL AROUCA LEATHER COMPONETS 35
Slide 36: Our Supply Chain Is a Focal Point of How We Operate
BIRKENSTOCK® OUR SUPPLY CHAIN IS A FOcal point of how we operate DELIVERING STRONG VALUE TO SHAREHOLDERS FOCAL POINT OF HOW WE OPERATE Control over IP and end-to-end quality from raw material to finished product Direct partnerships with our suppliers and contract manufacturers Speed to innovate and
Slide 37: We Have Proven Scalability of Our Supply Chain
BIRKENSTOCK® WE HAVE PROVEN SCALABILITY OF OUR SUPPLY CHAIN Focus of capacity increase was on eva and pu SINCE FY231… 25% VOLUME GROWTH2 50% PRODUCTION HOURS2 +1,400 EMPLOYEES >50% EVA AND PU CAPACITY INCREASE >2X INCREASE IN CLOGS OUTPUT LIKE-FOR-LIKE PRODUCTION COST REDUCTION Arouca M&A and scalin
Slide 38: While Growth Remained in Leather
BIRKENSTOCK® …WHILE GROWTH REMAINED IN LEATHER Especially strong in articles with higher production minutes Leather Expansion - Revenue Share Textile Leather FY18 FY22 FY23 FY24 FY25 Production times indexed to Arizona Birkoflor 1.0 1.3 1.9 4.5 2.7 3.5 Arizona Birkoflor Arizona Natural Leather Arizo
Slide 39: Four Priorities for Our Supply Chain
BIRKENSTOCK ® four priorities for our supply chain KEY FOCUS ON UNLOCKING GROWTH WITH expansion FACTORY FOOTPRINT Production capacity speed/agility Logistics network EFFICIENCIES ENABLE DOUBLE DIGIT REVENUE GROWTH ONGOING PRODUCTION EXPANSION INCLUDING NEW FACTORY OPENING FLEXIBILITY BETWEEN PRODUCT
Slide 40: Expansion Projects Underway to Support Growth
BIRKENSTOCK ® expansion projects underway to support growth Our next expansion will focus on sandals and clogs with flexibility to adjust GÖRLITZ FURTHER SCALING Status: Construction underway Go live in FY26 Focus: Sandals, Clogs, Footbeds Free-ed up halls in Görlitz after fully moving out EVA/PU pr