Birkenstock Holding Plc · NYSE:BIRK
Birkenstock — Q1 2026 Earnings Presentation
21 slides from Birkenstock's earnings presentation, Feb 12, 2026
Slide 1: Birkenstock Financial Results Q1 FY26
BIRKENSTOCK FINANCIAL RESULTS Q1 FY26 February 12, 202 6
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
CAUTIONARY STATEMENT REGARDING -LOOKING FORWARD 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 infor
Slide 3: Financial Results Q1 FY26 at a Glance
FINANCIAL RESULTSQ1 FY26 ATGLANCE A IN€ MILLION , UNLESS OTHERWISE STATED REVENUE B2B REVENUE DTC REVENUE 402 215 186 +11%[+18%@cc] +18%[+24%@cc] +4%[+12%@cc] DTC PENETRATION ADJ. GROSS PROFIT | MARGIN ADJ. EBITDA | MARGIN 46% 231|57.4% 106|26.5% (300)bp +6%|(290)bp +4%|(170)bp ADJ. NET PROFIT ADJ.
Slide 4: Double-Digit CC Revenue Growth in All Segments and Channels
DOUBLE -DIGIT CC REVENUE GROWTH IN ALLSEGMENTS ANDCHANNELS IN€ MILLION , UNLESS OTHERWISE STATED B2B 215 AMERICAS EMEA APAC +18%|+24%@CC 222 119 60 DTC +5%|+14%@CC +16%|+17%@CC +28%|+37%@CC ADJ. EBITDA 186 MARGIN3 +4%|+12%@CC Note: Revenue by segment, not showing the Corporate/Other-product segmentr
Slide 5: Adj. Gross Profit Margin of 57.4%
ADJ. GROSS PROFIT MARGIN OF 57.4% IN€ MILLION , UNLESS OTHERWISE STATED +6%|(290) bp 231|57.4% 218|60.3% Margin decrease is mainly driven by unfavorable currency translation, incremental US tariffs and channel mix. Adj. Gross Profit | Margin Q1 FY25 Q1 FY26 Note: Adjusted Gross Profit margin -IFRSis
Slide 6: Focused SG&A Cost Management
FOCUSED SG&A COST MANAGEMENT AS % OF Q1 FY26 REVENUE SELLING & DISTRIBUTION EXPENSES: ADJ. GENERAL & ADMINISTRATIVE EXPENSES : €126M €29M Decrease vs. Q1 FY25 is mainly driven by Increase vs. Q1 FY25 is mainly driven by a higher share of B2B revenue. investments in IT infrastructure. 31.2% 7.2% (150
Slide 7: Adj. EBITDA Margin Improvement Offset by FX and Tariffs
ADJ. EBITDA MARGIN IMPROVEMENT OFFSET BY FX AND T AS % OF Q1 FY26 REVENUE 30.1% 50bp 30bp 28.2% 110bp (230bp) (130bp) 26.5% Improved capacity Unfavorable currency Selected sales price absorption in our translation mainly in the Incremental US tariffs adjustments net of inflation manufacturing facili
Slide 8: Adjusted EPS Up +50% vs. Prior Year
ADJUSTED EPS UP +50% VS. PRIOR YEAR IN€,UNLESS OTHERWISE STATED +50% 0.27 0.18 AdjustedEPS (Basic/ Diluted ) Q1 FY25 Q1 FY26 Note: Adjusted EPS asic/Diluted) (B isnon a-IFRS measure . For a reconciliation to the most comparable IFRS measure, please see the Appendix to this presentation. BIRKENSTOCK
Slide 9: Seasonal Working Capital Increase
SEASONAL WORKING CAPITAL INCREASE TRADE WORKING CAPITAL € MILLION, | INAS % OF LTM REVENUE 834|39% 729|35% 683|37% • €149millionrawmaterials/ WIP included in inventory balance • Largest partfinished of goodsare a) carry -over products, and b)contracted value / allocated to 704|34% 832|39% customer o
Slide 10: Seasonal Net Leverage Increase to 1.7x
SEASONAL NET LEVERAGE INCREASE x TO 1.7 NET DEBT & NET LEVERAGE | IN€ MILLION +13% 1.7x 1.5x Leverage increase is driven by typical cash seasonality. NetDebt 997 1,111 LTMAdjusted EBITDA 667 671 Sep-25 Dec-25 Note: Net Leverage calculated Net as debt / LTM Adjusted EBITDA. Net Debt and Adjusted aren
Slide 11: Strong Cash Balance of €229 Million
STRONG CASH BALANCE €229 OFMILLION IN€ MILLION Q1 FY25 FY26 ACT ACT Net profit 20 51 Depreciation and amortization 26 30 Finance cost, net 25 9 Income tax expense 19 19 Income tax paid (51) (48) Changes in working capital (68) (89) Other 16 1 Operating Cash Flow (12) (28) Investing Cash Flow (15) (3
Slide 12: Birkenstock: Appendix
BIRKENSTOCK: APPENDIX
Slide 13: Income Statement
INCOME STATEMENT IN€ MILLION Q1 FY25 FY26 Revenue 362 402 Cost of sales (144) (178) Gross profit 218 224 Selling and distribution expenses (118) (126) General and administrative expenses (24) (29) Foreign exchange gain (loss) (12) (3) Other income (expense), net 0 12 Profit from operations 64 78 Fin
Slide 14: Balance Sheet
BALANCE SHEET IN€ MILLION Sep Dec Sep Dec 2024 2025 2024 2025 Goodwill 1,512 1,510 TOTAL SHAREHOLDERS' EQUITY 2,723 2,772 NON-CURRENT NON-CURRENT Intangible assets (other than goodwill) 1,577 1,570 Loans and borrowings 1,128 1,129 Property, plant and equipment 357 379 Lease liabilities 149 159 Right
Slide 15: Cash Flow Statement
CASHFLOWSTATEMENT IN€ MILLION Q1 FY25 FY26 Net profit (loss) 20 51 Depreciation & amortization 26 30 Finance cost, net 25 9 Net exchange differences 16 13 Gain from bargain purchase - (12) Non-cash operating items 0 0 Income tax expense 19 19 Income tax paid (51) (48) Changes in working capital (68)
Slide 16: Reconciliation of Non-IFRS Measures (1/6)
RECONCILIATION OF -IFRSMEASURES NON (1/6) REVENUE |€ IN MILLION Q1 Q1 Constant Currency FY25 FY26 Growth [%] Growth [%] B2B 182 215 18% 24% DTC 179 186 4% 12% Corporate / Other 1 1 (49)% (49)% Total Revenue 362 402 11% 18% Americas 211 222 5% 14% EMEA 103 119 16% 17% APAC 47 60 28% 37% Corporate / O
Slide 17: Reconciliation of Non-IFRS Measures (2/6)
RECONCILIATION OF -IFRSMEASURES NON (2/6) GROSS PROFIT AND G&A € MILLION | IN Q1 Q1 FY25 FY26 Gross Profit 218 224 Add (Less) Adjustments: 1 Distributor mark-up reversal - 7 Adjusted Gross Profit 218 231 Margin 60.3% 57.4% Q1 Q1 FY25 FY26 General and administrative expenses (24) (29) Add Adjustments
Slide 18: Reconciliation of Non-IFRS Measures (3/6)
RECONCILIATION OF -IFRSMEASURES NON (3/6) EBITDA |€IN MILLION Q1 Q1 FY25 FY26 Net profit (loss) 20 51 Income tax expense 19 19 Finance cost, net 25 9 Depreciation & amortization 26 30 EBITDA 90 108 Add (Less) Adjustments: 1 Distributor mark-up reversal - 7 2 Acquisition-related transaction costs - 0
Slide 19: Reconciliation of Non-IFRS Measures (4/6)
RECONCILIATION OF -IFRSMEASURES NON (4/6) NET PROFIT €| MILLION IN Q1 Q1 FY25 FY26 Net profit (loss) 20 51 Add (Less) Adjustments: 1 Distributor mark-up reversal - 7 2 Acquisition-related transaction costs - 0 3 Gain from bargain purchase - (12) Acquisition-related items - (5) 4 Realized and unreali
Slide 20: Reconciliation of Non-IFRS Measures (5/6)
RECONCILIATION OF -IFRSMEASURES NON (5/6) EARNINGS PER SHARE €, UNLESS | IN OTHERWISE STATED Q1 Q1 FY25 FY26 Net profit (loss) (in € million) 20 51 Adjusted Net profit (loss) (in € million) 33 49 Weighted number of outstanding shares (# million) 187.8 183.9 EPS (Basic/Diluted) 0.11 0.27 Adjusted EPS
Slide 21: Reconciliation of Non-IFRS Measures (6/6)
RECONCILIATION OF -IFRSMEASURES NON (6/6) NET DEBT AND NET LEVERAGE € MILLION | IN Sep Dec 2025 2025 Loans and borrowings (Non-current) 1,128 1,129 USD Term Loan (Current) 5 5 Lease liabilities (Non-current) 149 159 Lease liabilities (Current) 44 48 Cash and cash equivalents 329 229 Net Debt 997 1,1