Birkenstock Holding Plc · NYSE:BIRK

Birkenstock — Q3 FY2025 Earnings Presentation

22 slides from Birkenstock's earnings presentation, Aug 14, 2025

  1. Slide 1: Birkenstock Financial Results Q3 FY25

    BIRKENSTOCK: August 14, 2025 BIRKENSTOCK FINANCIAL RESULTS Q3 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 Q3 FY25

    BIRKENSTOCK FINANCIAL RESULTS Q3 FY25

  4. Slide 4: Financial Results Q3 FY25 at a Glance

    BIRKENSTOCK FINANCIAL RESULTS Q3 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 370 +15% | +18% @cc 312 259 63 +10% | +16% oce +13% | 13% ox +21% | +24% or DTC 24h, +9% | +12% @cc Not: Revenue excl CorporateOthe other, no-product revenue, Growth aes

  6. Slide 6: Gross profit margin increase of 100bps

    BIRKENSTOCK GROSS PROFIT MARGIN INCREASE OF 100BPS IN € MILLION, UNLESS OTHERWISE STATED +14% | +100bp, ——— | 384 | 60.5% 336 | 59.5% Margin increase is mainly driven by selected sales price adjustments, net of inflation and improved capacity absorption vs. prio yea partly offset by unfavorable curr

  7. Slide 7: Focused SG&A cost management

    BIRKENSTOCK FOCUSED SG&A COST MANAGEMENT AS % OF 03 FY25 REVENUE SELLING & DISTRIBUTION EXPENSES: ADJ. GENERAL & ADMINISTRATIVE EXPENSES: €163M €31M Decrease vs, 03 FY24 is mainly driven by Increase vs. 3 FY24 is mainly driven by higher share of B28 revenue. higher IT expenses. 25.6% 4.9% (80)bp +40

  8. Slide 8: Strong EBITDA margin expansion in Q3 FY25

    BIRKENSTOCK STRONG EBITDA MARGIN EXPANSION OF 140 BASIS POINTS IN Q3 FY25 AS % OF Q3 FY25 REVENUE 20bp “7 344% 80bp (70bp) (dbp) - 33.0% 120bp Selected sales price adjustments Reflects better absorption af the Higher BZB share vs. the year- Pe | fi a net of inflation, new manufacturing capacity. ago

  9. Slide 9: Adjusted EPS up 27% vs. prior year

    BIRKENSTOCK ADJUSTED EPS UP +27% VS. PRIOR YEAR IN-€, UNLESS OTHERWISE STATED +27 comparable IFS measur, lease see the Agpendc this resentation. BIRKENSTOCK FINANCIAL RESULTS 03 FY25 v 0.62 0.49 Adjusted EPS (Basic/Diluted) 03 FY24 Q3 FY25

  10. Slide 10: Strong inventory-to-sales ratio improvement

    BIRKENSTOCK STRONG INVENTORY-TO-SALES RATIO IMPROVEMENT VS. TRADE WORKING CAPITAL | IN € MILLION AND AS % OF LTM REVENUE 757 | 37% Trade Working Capital 674 | 39% 603 | 33% 819 672 33% Inventory on M05 35% Trade and other receivables 201 11h 242 Trade and other payables (147) (136) (158) Jun-24 Sep-

  11. Slide 11: Net leverage down to 1.7x (1.4x without share buyback)

    BIRKENSTOCK NET LEVERAGE DOWN TO 1.7x (1.4x WITHOUT SHARE BUYBACK) NET DEBT & NET LEVERAGE | IN € MILLION, UNLESS OTHERWISE STATED f -6% 1.8x ' Ix Net Debt 1,006 1,096 LTM Adjusted EBITDA 900 645 Sep-24 Jun-25 Note: Net Leverage calculated asNetdebt/LTM Aajusted EBITDA. Net debt includes Lease abili

  12. Slide 12: Strong operating cash flows & €176M share buyback

    BIRKENSTOCK STRONG OPERATING CASH FLOWS & €176M SHARE BUYBACK IN € MILLION BIRKENSTOCK FINANCIAL RESULTS 03 FY25, a3 FY24 FY25 ACT ACT Net profit rh 129 Repreciatinn and amortization m mR Finance cost, net 45 18 Income tax expense 26 50 Income tax paid . (10) Changes in working capital 96 53 Other 3

  13. Slide 13: Appendix

    BIRKENSTOCK: APPENDIX

  14. Slide 14: Income Statement

    BIRKENSTOCK: INCOME STATEMENT IN-€ MILLION ‘YTD 01-03 03 FY24 25 FY24 F25 Revenue 1,349 71 955 635 Cost of sales (557) (037, (229) (251) Gross profit ™m 934 336 384 Selling and distribution expenses (366) (407, (149) (163) General and administrative expenses (32) (90) (7) (33) Foreign exchange gain

  15. Slide 15: Balance Sheet

    BIRKENSTOCK: BALANCE SHEET IN€ MILLION Sep Jun Sep Jun 2024 2025 2024 2025 Goodwill 1,555 1,515 TOTAL SHAREHOLDERS’ EQUITY 2,625 2.632 = _Intangible assets (other than goodwill) 1,639 1,585 Loans and borrowings 1170 1166 & Property, plant and equipment 319 345 leaseliabiltis 143 at & Right-of-use as

  16. Slide 16: Cash Flow Statement

    BIRKENSTOCK: CASH FLOW STATEMENT IN € MILLION vroot-a3 a Fra W2 Fra W25 Net profit loss) 1397 156 i 7 Depreciation & amortization n a 5 28 Change in expected cre ass (i 2 o 2 Finance ens, net 08 8 8 8 Net exchange dtferences HT 2) 4 (19) Non-cash operating items 2 a o 0) Income tax oxponso % 1% % 0

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

    BIRKENSTOCK: RECONCILIATION OF NON-IFRS MEASURES (1/6) REVENUE | IN € MILLION 03 a Constant Currency FY24 FY25 Growth [%] Growth [%] BIB ul 30 15% 18% ore 203 2h % 12% Corporate / Other 1 1 24% 26% Total Revenue 568 635 1% 1% Americas 783 a2 10% Tdi EMEA 2 ray) 13% 13% APAC 52 43 1% 2% Corporate / O

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

    BIRKENSTOCK: RECONCILIATION OF NON-IFRS MEASURES (2/6) OPERATING EXPENSES | IN € MILLION YTD Q1-U3 U3 Fh FY25 FY24 FY25 Selling and distribution expenses (366) (407) (149) (163) Add Adjustments: Share-based compensation expenses! y : 7 7 7 7 Adjusted Selling and distribution expenses (365) (a (149)

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

    BIRKENSTOCK: RECONCILIATION OF NON-IFRS MEASURES (3/6) EBITDA | IN € MILLION YT0 01-03 @ FY2h FY25 FZ FY25 Net profit (loss) 139 256 rT 129 Income tax expense % 114 36 30 Finance cost, net 108 a 45 18 Depreciation & amortization 2 a z 28 EBITDA 396 519 180 26 Add (Less) Adjustments: Share-based comp

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

    BIRKENSTOCK: RECONCILIATION OF NON-IFRS MEASURES (4/6) NET PROFIT | IN € MILLION YO 01-03 03 Fr2h FDS FY24 FDS Net profit (toss) 139 254 1 129 Add (Less) Adjustments: Share-based compensation expenses! 4 - - - IPO-related costs” 7 - - : Secondary offering related cos 2 2 2 2 Realized and unrealized

  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 YTD U1-U3 03 FQ FY25 FY2A FY25 Net profit (Loss) ‘in € million} 139 234 15 129 Adjusted Net profit (lass) (in € million) 185 22 92 116 Weighted number uf vulstanding shares (4 million) 187.5 187

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

    BIRKENSTOCK: RECONCILIATION OF NON-IFRS MEASURES (6/6) NET DEBT | IN € MILLION Sep Jun 2024 2025 Loans and borrowings (Non-current) 1,170 1,166 USD Term Loan (Current) 8 7 Lease liabilities (Non-current) 43 14k Lease liabilities (Current) 4 4 Cash and cash equivalents 386 262 Net Debt 1,005 1,096 Ad

Birkenstock Holding — Q3 FY2025 Earnings Presentation on 6ix