Birkenstock Holding Plc · NYSE:BIRK
Birkenstock — FY2025 Earnings Presentation
25 slides from Birkenstock's earnings presentation, Dec 18, 2025
Slide 1: Birkenstock Financial Results FY25
December 18, 2025 BIRKENSTOCK FINANCIAL RESULTS FY25
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: Financial Results FY25
BIRKENSTOCK FINANCIAL RESULTS FY25 »\ Spe Oe ’ 7 L q
Slide 4: Financial Results FY25 at a Glance
FINANCIAL RESULTS FY25 AT A GLANCE IN € MILLION, UNLESS OTHERWISE STATED REVENUE B2B REVENUE DTC REVENUE 2,097 1,298 795 +16% [+18% @cc] +20% [+21% @cc] +11% [+12% @cc] DTC PENETRATION GROSS PROFIT | MARGIN ADJUSTED EBITDA | MARGIN 38% 1,240 | 59.1% 667 | 31.8% (200)bp +17% | +30bp +20% | +100bp ADJ
Slide 5: Double-Digit Revenue Growth in All Segments and Channels
DOUBLE-DIGIT REVENUE GROWTH IN ALL SEGMENTS AND CHANNELS IN € MILLION, UNLESS OTHERWISE STATED B2B AMERICAS EMEA APAC 1,298 +20% | +21% @cc 1,086 785 222 +15%| +18% @cc +14% | +14% @cc +31% | +34% @cc DTC 795 +11% | +12% @cc Note: Revenue excl. Corporate/Other (other, non-product revenue). Growth ra
Slide 6: ASP +5% at CC | Pairs +12% Supported by Strong B2B Demand
ASP +5% AT CC | PAIRS +12% SUPPORTED BY STRONG B2B DEMAND Channel Mix c. -20% PAIRS ASP1) Like-for-like pricing c. 65% +12% Product Mix c. 50% +5% @CC Rising demand with strong sell- through in wholesale fulfilled by capacity expansion. Region Mix c. 5% 1) ASP derived on footwear pairs and revenue o
Slide 7: Gross Profit Margin Increase of 30bps
GROSS PROFIT MARGIN INCREASE OF 30BPS IN € MILLION, UNLESS OTHERWISE STATED +17% | +30bp 1,240 | 59.1% Margin increase is mainly 1,061 | 58.8% driven by selected sales price adjustments, net of inflation and improved capacity absorption vs. prior year partly offset by channel mix, unfavorable curren
Slide 8: Focused SG&A Cost Management
FOCUSED SG&A COST MANAGEMENT AS % OF FY25 REVENUE ADJ. SELLING & DISTRIBUTION EXPENSES: ADJ. GENERAL & ADMINISTRATIVE EXPENSES: €564M €123M Decrease vs. FY24 is mainly driven by a Increase vs. FY24 is mainly driven by higher share of B2B revenue and cost investments in IT infrastructure and cost rec
Slide 9: Adj. EBITDA Margin Up 100 Basis Points vs. Prior Year
ADJ. EBITDA MARGIN UP 100 BASIS POINTS VS. PRIOR YEAR AS % OF FY25 REVENUE 32.5% 20bp (40bp) 31.8% 70bp (30bp) 30.8% 80bp Reflects a higher B2B Selected sales price Reflects better EUR/USD exchange rate share resulting in higher adjustments net of absorption of the new (Avg. 1.11 vs. 1.08 in Increme
Slide 10: Adjusted EPS Up +45% vs. Prior Year
ADJUSTED EPS UP +45% VS. PRIOR YEAR IN €, UNLESS OTHERWISE STATED +45% 1.85 1.28 Adjusted EPS (Basic/Diluted) FY24 FY25 Note: Adjusted EPS (Basic/Diluted) is a non-IFRS measure. For a reconciliation to the most comparable IFRS measure, please see the Appendix to this presentation. BIRKENSTOCK FINANC
Slide 11: Continued Inventory-to-Sales Ratio Improvement
CONTINUED INVENTORY-TO-SALES RATIO IMPROVEMENT TRADE WORKING CAPITAL | IN € MILLION AND AS % OF LTM REVENUE 729 | 35% 603 | 33% 564 | 38% • €135 million raw materials / WIP included in inventory balance • Largest part of finished goods are a) carry-over products, and 704 b) contracted value / alloca
Slide 12: Net Leverage Down to 1.5x (1.2x Without Share Buyback)
NET LEVERAGE DOWN TO 1.5x (1.2x WITHOUT SHARE BUYBACK) NET DEBT & NET LEVERAGE | IN € MILLION, UNLESS OTHERWISE STATED -17% 1.8x 1.5x Net Debt 1,006 997 LTM Adjusted EBITDA 555 667 Sep-24 Sep-25 Note: Net Leverage calculated as Net debt / LTM Adjusted EBITDA. Net debt includes Lease liabilities. Net
Slide 13: OCF Strength Enables Investments, Buybacks & Deleveraging
OCF STRENGTH ENABLES INVESTMENTS, BUYBACKS & DELEVERAGING IN € MILLION FY FY24 FY25 ACT ACT Net profit 192 348 Depreciation and amortization 101 114 Finance cost, net 127 80 Income tax expense 102 122 Income tax paid (15) (133) Changes in working capital (88) (154) Other 10 8 Operating Cash Flow 429
Slide 14: Outlook FY26
BIRKENSTOCK: OUTLOOK FY26
Slide 15: Guidance FY26
GUIDANCE FY26 • We expect revenue to grow 13-15% at constant currencies and 10-12% at reported currencies. As a GUIDANCE FY26 result, reported revenue is projected at €2,300-€2,350 million, assuming the current EUR/USD exchange rate of +13-15% 1.17. REVENUE INCREASE • We expect an adjusted gross pro
Slide 16: Appendix
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Slide 17: Income Statement
INCOME STATEMENT IN € MILLION FY Q4 FY24 FY25 FY24 FY25 Revenue 1,805 2,097 456 526 Cost of sales (744) (858) (187) (220) Gross profit 1,061 1,240 269 306 Selling and distribution expenses (507) (564) (141) (156) General and administrative expenses (113) (125) (32) (36) Foreign exchange gain (loss)
Slide 18: Balance Sheet
BALANCE SHEET IN € MILLION Sep Sep Sep Sep 2024 2025 2024 2025 Goodwill 1,555 1,512 TOTAL SHAREHOLDERS' EQUITY 2,625 2,723 Intangible assets (other than goodwill) 1,639 1,577 Loans and borrowings 1,170 1,128 NON-CURRENT NON-CURRENT Property, plant and equipment 319 357 Lease liabilities 143 149 Righ
Slide 19: Cash Flow Statement
CASH FLOW STATEMENT IN € MILLION FY Q4 FY24 FY25 FY24 FY25 Net profit (loss) 192 348 52 94 Depreciation & amortization 101 114 29 32 Loss on disposal of property, plant and equipment 0 0 0 0 Change in expected credit loss (1) 2 (0) (0) Finance cost, net 127 80 19 11 Net exchange differences 7 5 (14)
Slide 20: Reconciliation of Non-IFRS Measures (1/6)
RECONCILIATION OF NON-IFRS MEASURES (1/6) REVENUE | IN € MILLION Q4 Q4 Constant Currency FY24 FY25 Growth [%] Growth [%] B2B 240 293 22% 26% DTC 215 232 8% 12% Corporate / Other 1 1 108% 108% Total Revenue 456 526 15% 20% Americas 225 250 11% 18% EMEA 182 211 16% 17% APAC 48 64 33% 38% Corporate / O
Slide 21: Reconciliation of Non-IFRS Measures (2/6)
RECONCILIATION OF NON-IFRS MEASURES (2/6) OPERATING EXPENSES | IN € MILLION FY Q4 FY24 FY25 FY24 FY25 Selling and distribution expenses (507) (564) (141) (156) Add Adjustments: 1 Share-based compensation expenses 0 - - - 0 - - - Adjusted Selling and distribution expenses (507) (564) (141) (156) FY Q
Slide 22: Reconciliation of Non-IFRS Measures (3/6)
RECONCILIATION OF NON-IFRS MEASURES (3/6) EBITDA | IN € MILLION FY Q4 FY24 FY25 FY24 FY25 Net profit (loss) 192 348 52 94 Income tax expense 102 122 26 7 Finance cost, net 127 80 19 11 Depreciation & amortization 101 114 29 32 EBITDA 522 663 127 144 Add (Less) Adjustments: 1 Share-based compensation
Slide 23: Reconciliation of Non-IFRS Measures (4/6)
RECONCILIATION OF NON-IFRS MEASURES (4/6) NET PROFIT | IN € MILLION FY Q4 FY24 FY25 FY24 FY25 Net profit (loss) 192 348 52 94 Add (Less) Adjustments: 1 Share-based compensation expenses 4 - - - IPO-related costs2 7 - - - Secondary offering related costs3 2 2 - 0 4 Acquisition-related transaction cos
Slide 24: Reconciliation of Non-IFRS Measures (5/6)
RECONCILIATION OF NON-IFRS MEASURES (5/6) EARNINGS PER SHARE | IN €, UNLESS OTHERWISE STATED FY Q4 FY24 FY25 FY24 FY25 Net profit (loss) (in € million) 192 348 52 94 Adjusted Net profit (loss) (in € million) 240 346 55 94 Weighted number of outstanding shares (# million) 187.6 186.5 187.8 183.9 EPS
Slide 25: Reconciliation of Non-IFRS Measures (6/6)
RECONCILIATION OF NON-IFRS MEASURES (6/6) NET DEBT | IN € MILLION Sep Sep 2024 2025 Loans and borrowings (Non-current) 1,170 1,128 USD Term Loan (Current) 8 5 Lease liabilities (Non-current) 143 149 Lease liabilities (Current) 41 44 Cash and cash equivalents 356 329 Net Debt 1,006 997 Adjusted EBITD