Birkenstock Holding Plc · NYSE:BIRK
Birkenstock — Q3 2026 Earnings Presentation
21 slides from Birkenstock's earnings presentation, Aug 13, 2026
Slide 1: Birkenstock Financial Results Q3 FY26
BIRKENSTOCK FINANCIAL RESULTS Q3 FY26 August 13, 2026
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 Q3 FY26 at a Glance
FINANCIAL RESULTS Q3 FY26 AT A GLANCE IN € MILLION, UNLESS OTHERWISE STATED REVENUE B2B REVENUE DTC REVENUE 720 442 278 +13% [+15% @cc] +13% [+15% @cc] +14% [+16% @cc] DTC PENETRATION ADJ. GROSS PROFIT | MARGIN ADJ. EBITDA | MARGIN 39% 426 | 59.2% 242 | 33.7% +20bp +11% | (130)bp +11% | (70)bp ADJ.
Slide 4: DTC Growth Acceleration to 16% in Constant Currency
DTC GROWTH ACCELERATION TO 16% IN CONSTANT CURRENCY IN € MILLION, UNLESS OTHERWISE STATED B2B 442 AMERICAS EMEA APAC +13% | +15% @CC 347 297 75 DTC +11% | +14% @CC +15% | +15% @CC +18% | +23% @CC ADJ. EBITDA 278 MARGIN3 +14% | +16% @CC Note: Revenue by segment, not showing the Corporate/Other segmen
Slide 5: Adj. Gross Profit Up 11%
ADJ. GROSS PROFIT UP 11% IN € MILLION, UNLESS OTHERWISE STATED +11% | (130)bp 426 | 59.2% 384 | 60.5% Margin decrease is mainly driven by unfavorable currency translation (60bp), incremental U.S. tariffs (70bp) and product mix, partly offset by improved capacity absorption. Adj. Gross Profit | Margi
Slide 6: Focused SG&A Cost Management
FOCUSED SG&A COST MANAGEMENT AS % OF Q3 FY26 REVENUE SELLING & DISTRIBUTION EXPENSES: ADJ. GENERAL & ADMINISTRATIVE EXPENSES: €186M €33M Increase vs. Q3 FY25 mainly reflects our Decrease vs. Q3 FY25 is mainly driven by retail store expansion and higher logistics lower IT expenses. costs from the mil
Slide 7: Adj. EBITDA Margin Improvement Offset by FX and Tariffs
ADJ. EBITDA MARGIN IMPROVEMENT OFFSET BY FX AND TARIFFS AS % OF Q3 FY26 REVENUE 35.0% 34.4% +50bp (40)bp +50bp (60)bp (70)bp 33.7% Ongoing shift toward more Unfavorable currency Improved capacity complex products with Mainly operating leverage in translation. Mainly EUR/USD absorption in our Increme
Slide 8: Adjusted EPS Up 19% to €0.74
ADJUSTED EPS UP 19% TO €0.74 IN €, UNLESS OTHERWISE STATED +19% 0.74 0.62 Adj. EPS increase is supported by a reduction in the number of outstanding shares following the accelerated share repurchase Adjusted EPS (Basic/Diluted) Q3 FY25 Q3 FY26 Note: Adjusted EPS (Basic/Diluted) is a non-IFRS measure
Slide 9: Inventory Impacted by FX and Tariffs
INVENTORY IMPACTED BY FX AND TARIFFS TRADE WORKING CAPITAL | IN € MILLION, AS % OF LTM REVENUE 951 | 42% 757 | 37% • €159 million raw materials / WIP 729 | 35% included in inventory balance • Largest part of finished goods are a) Core products, and 843 | 37% b) contracted value / allocated to custom
Slide 10: Net Leverage of 1.8x Driven by ASR
NET LEVERAGE OF 1.8x DRIVEN BY ASR NET DEBT & NET LEVERAGE | IN € MILLION +0.3x 1.8x Net leverage increase 1.5x vs. Sep-25 is driven by cash outflows in respect of the accelerated share repurchase (ASR). Net leverage of 1.4x without ASR. Net Debt 997 1,227 LTM Adjusted EBITDA 667 694 Sep-25 Jun-26 N
Slide 11: OCF Generation of ~€250 Million
OCF GENERATION OF ~€250 MILLION IN € MILLION Q3 FY25 FY26 ACT ACT Net profit 129 110 Depreciation and amortization 28 35 Finance cost, net 18 43 Income tax expense 50 50 Income tax paid (10) (77) Changes in working capital 55 84 Other (10) 3 Operating Cash Flow 261 246 Investing Cash Flow (21) (35)
Slide 12: Appendix
BIRKENSTOCK: APPENDIX
Slide 13: Income Statement
INCOME STATEMENT IN € MILLION YTD Q1-Q3 Q3 FY25 FY26 FY25 FY26 Revenue 1,571 1,740 635 720 Cost of sales (637) (757) (251) (295) Gross profit 934 982 384 425 Selling and distribution expenses (407) (450) (163) (186) General and administrative expenses (90) (95) (33) (33) Foreign exchange gain (loss)
Slide 14: Balance Sheet
BALANCE SHEET IN € MILLION Sep Jun Sep Jun 2025 2026 2025 2026 Goodwill 1,512 1,535 TOTAL SHAREHOLDERS' EQUITY 2,723 2,802 Intangible assets (other than goodwill) 1,577 1,581 Loans and borrowings 1,128 1,678 NON-CURRENT NON-CURRENT Property, plant and equipment 357 406 Lease liabilities 149 189 Righ
Slide 15: Cash Flow Statement
CASH FLOW STATEMENT IN € MILLION YTD Q1-Q3 Q3 FY25 FY26 FY25 FY26 Net profit (loss) 254 242 129 110 Depreciation & amortization 82 97 28 35 Loss on disposal of property, plant and equipment 0 0 0 - Finance cost, net 69 86 18 43 Net exchange differences (2) 26 (10) 3 Gain from bargain purchase - (12)
Slide 16: Reconciliation of Non-IFRS Measures (1/6)
RECONCILIATION OF NON-IFRS MEASURES (1/6) REVENUE | IN € MILLION Q3 Q3 Constant Currency FY25 FY26 Growth [%] Growth [%] B2B 390 442 13% 15% DTC 244 278 14% 16% Corporate / Other 1 0 (87)% (87)% Total Revenue 635 720 13% 15% Americas 312 347 11% 14% EMEA 259 297 15% 15% APAC 63 75 18% 23% Corporate
Slide 17: Reconciliation of Non-IFRS Measures (2/6)
RECONCILIATION OF NON-IFRS MEASURES (2/6) GROSS PROFIT AND G&A | IN € MILLION YTD Q1-Q3 Q3 FY25 FY26 FY25 FY26 Gross Profit 934 982 384 425 Add (Less) Adjustments: 1 Distributor mark-up reversal - 12 - 1 Adjusted Gross Profit 934 995 384 426 Margin 59.4% 57.2% 60.5% 59.2% YTD Q1-Q3 Q3 FY25 FY26 FY25
Slide 18: Reconciliation of Non-IFRS Measures (3/6)
RECONCILIATION OF NON-IFRS MEASURES (3/6) EBITDA | IN € MILLION YTD Q1-Q3 Q3 FY25 FY26 FY25 FY26 Net profit (loss) 254 242 129 110 Income tax expense 114 109 50 50 Finance cost, net 69 86 18 43 Depreciation & amortization 82 97 28 35 EBITDA 519 533 226 238 Add (Less) Adjustments: Distributor mark-up
Slide 19: Reconciliation of Non-IFRS Measures (4/6)
RECONCILIATION OF NON-IFRS MEASURES (4/6) NET PROFIT | IN € MILLION YTD Q1-Q3 Q3 FY25 FY26 FY25 FY26 Net profit (loss) 254 242 129 110 Add (Less) Adjustments: Distributor mark-up reversal1 - 12 - 1 Acquisition-related transaction costs2 - 0 - - Gain from bargain purchase3 - (12) - - Acquisition-rela
Slide 20: Reconciliation of Non-IFRS Measures (5/6)
RECONCILIATION OF NON-IFRS MEASURES (5/6) EARNINGS PER SHARE | IN €, UNLESS OTHERWISE STATED YTD Q1-Q3 Q3 FY25 FY26 FY25 FY26 Net profit (loss) (in € million) 254 242 129 110 Adjusted Net profit (loss) (in € million) 252 275 116 134 Weighted number of outstanding shares (# million) 187.4 183.1 186.5
Slide 21: Reconciliation of Non-IFRS Measures (6/6)
RECONCILIATION OF NON-IFRS MEASURES (6/6) NET DEBT AND NET LEVERAGE | IN € MILLION Sep Jun 2025 2026 Loans and borrowings (Non-current) 1,128 1,678 USD Term Loan (Current) 5 5 Lease liabilities (Non-current) 149 189 Lease liabilities (Current) 44 48 Cash and cash equivalents 329 694 Net Debt 997 1,2