Financial Data and Key Metrics Changes - The company reported revenues of €574 million for the second quarter, representing a 19% increase year-over-year and an 18% increase in constant currency, exceeding the annual guidance of 15% to 17% [8][18] - Gross margin improved to 57.7%, up 140 basis points year-over-year, driven by better cost absorption and selected price adjustments [19] - Adjusted EBITDA for the quarter was €200 million, up 23% year-over-year, with a margin of 34.8%, an increase of 110 basis points [20] - Adjusted net profit reached €103 million, a 33% increase year-over-year, with adjusted EPS rising to €0.55 from €0.41 [20] Business Line Data and Key Metrics Changes - Revenue growth was balanced between B2B and DTC channels, with B2B up 18% and DTC up 17% in constant currency [10][18] - Closed toe silhouettes revenue grew at twice the rate of the overall group, increasing their share of business by 400 basis points [11] - The DTC channel accounted for 24% of total business, consistent with the prior year [18] Market Data and Key Metrics Changes - In the Americas, revenue increased by 23% in reported currency and 20% in constant currency, with strong growth in both B2B and DTC channels [12] - EMEA region saw a 12% revenue growth, with DTC outpacing B2B growth by 1.5 times [13] - The APAC region was the fastest growing segment, with a 30% increase driven by strong DTC growth [14] Company Strategy and Development Direction - The company aims to expand its retail presence, targeting 100 owned stores by the end of the fiscal year, having opened six new stores in the second quarter [10][11] - The strategy includes tapping into white spaces such as closed toe shoes and expanding in the APAC region [10][14] - The company is confident in its ability to manage inflationary pressures and tariffs due to its vertical integration and European sourcing [22][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's resilience amid macroeconomic uncertainties, viewing the situation as an opportunity rather than a risk [7][34] - The company expects to meet or exceed its financial targets for fiscal year 2025, with adjusted EBITDA margin guidance raised to 31.3% to 31.8% [25][29] - Management noted that consumer demand remains strong, with no significant changes observed despite macroeconomic pressures [35][36] Other Important Information - The company ended the quarter with cash and cash equivalents of €235 million and improved its inventory to sales ratio to 36% [21] - Capital expenditures for the quarter were approximately €21 million, with plans to invest around €80 million for the year [21][80] Q&A Session Summary Question: Confidence in outlook despite macro uncertainty - Management views the current situation as an opportunity and is confident in offsetting tariff impacts [34][35] Question: D2C strength and implied top line deceleration - Management acknowledged reduced visibility in the second half but emphasized strong order books and growth in closed toe products [43][44] Question: Plans for tariff mitigation - The company is less exposed to tariffs due to European sourcing and has pricing flexibility without impacting consumer demand [50][52] Question: Gross margin drivers and retail store rollout - Management expects gross margin improvements from better absorption and pricing adjustments, with ongoing retail expansion [58][60] Question: Membership growth and its impact on DTC sales - Membership has grown significantly, contributing to higher average purchases and overall DTC performance [117][132]

Financial Data and Key Metrics Changes - The company reported a record revenue of €574 million for the second quarter, representing a 19% year-over-year increase and an 18% increase in constant currency, exceeding the annual guidance of 15% to 17% [6][15][22] - Gross margin improved to 57.7%, up 140 basis points year-over-year, driven by better cost absorption and selected price adjustments [16][19] - Adjusted EBITDA for the quarter was €200 million, up 23% year-over-year, with a margin of 34.8%, an increase of 110 basis points [17][22] - Adjusted net profit reached €103 million, a 33% increase year-over-year, with adjusted EPS rising to €0.55 from €0.41 [18][22] Business Line Data and Key Metrics Changes - Revenue growth was balanced between B2B and DTC channels, with B2B up 18% and DTC up 17% in constant currency [8][15] - Closed toe silhouettes saw revenue growth at twice the rate of the overall group, increasing their share of business by 400 basis points [9][12] - The DTC channel's growth was supported by investments in online and owned retail stores, with a membership base exceeding 10 million, up over 25% year-over-year [8][15] Market Data and Key Metrics Changes - In the Americas, revenue increased by 23% in reported currency and 20% in constant currency, with strong growth in both B2B and DTC channels [10][12] - EMEA experienced 12% growth, with DTC outpacing B2B growth by 1.5 times [11][12] - The APAC region was the fastest-growing segment, with a 30% increase driven by strong DTC growth [12][13] Company Strategy and Development Direction - The company aims to expand its retail presence, targeting 100 owned stores by the end of the fiscal year, with a long-term goal of 150 stores by 2027 [9][56] - The strategy includes leveraging vertical integration to mitigate tariff impacts and maintain pricing flexibility [20][21] - The company is focused on capturing market share and shelf space, particularly in regions where competitors are struggling [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating macroeconomic uncertainties, viewing the current environment as an opportunity rather than a risk [5][29] - The company anticipates continued strong demand across all product channels and categories, with expectations to meet or exceed financial targets for fiscal year 2025 [22][24] - Management noted that the recent depreciation of the dollar may create headwinds for reported growth and margins in the latter half of the year [21][22] Other Important Information - The company is proactively managing working capital, improving its inventory-to-sales ratio to 36% from 40% year-over-year [19] - Capital expenditures for the quarter were approximately €21 million, with plans to invest around €80 million for the year [19][75] Q&A Session Summary Question: Confidence in outlook despite macro uncertainty - Management views the current situation as an opportunity and is confident in fully offsetting tariff effects, with no changes in consumer demand observed [29][30] Question: DTC strength and implied top-line deceleration - Management acknowledged reduced visibility in the second half due to a heavier DTC mix but emphasized strong order books and continued growth in closed toe products [38][39] Question: Plans for tariff mitigation - The company is less exposed to tariffs due to European sourcing and manufacturing, allowing for pricing flexibility without impacting consumer demand [46][47] Question: Gross margin drivers and future expectations - Management expects gross margin improvements to continue, with better absorption and pricing strategies contributing positively [40][41] Question: Cash flow and uses in the back half of the year - The company prioritizes investments in business growth and debt reduction, with potential for share repurchases considered [74][75] Question: Trends in younger customers and in-person shopping - A global trend of younger consumers preferring in-person shopping was noted, enhancing brand engagement [78] Question: Demand outlook in the back half of the year - Management sees no significant impact on demand from tariffs, maintaining a balance of stock to sales [81][82] Question: Membership growth and its impact on DTC sales - Membership has grown significantly, with members spending 20% more on average, indicating a strong return on investment for marketing efforts [113][129] Question: Pricing strategy and product performance - Consumers are increasingly favoring higher price points, with closed toe products outpacing sandals in growth [131]

Company Performance - Birkenstock reported quarterly earnings of $0.58 per share, exceeding the Zacks Consensus Estimate of $0.57 per share, and up from $0.44 per share a year ago, representing an earnings surprise of 1.75% [1] - The company posted revenues of $604.17 million for the quarter ended March 2025, which missed the Zacks Consensus Estimate by 3.39%, compared to $522.51 million in the same quarter last year [2] - Over the last four quarters, Birkenstock has surpassed consensus EPS estimates three times and topped consensus revenue estimates two times [2] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.68 on revenues of $720.28 million, and for the current fiscal year, it is $1.85 on revenues of $2.31 billion [7] - The estimate revisions trend for Birkenstock is mixed, resulting in a Zacks Rank 3 (Hold), indicating that shares are expected to perform in line with the market in the near future [6] Industry Context - The Shoes and Retail Apparel industry, to which Birkenstock belongs, is currently in the bottom 11% of over 250 Zacks industries, suggesting potential challenges for stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Birkenstock's stock performance [5]

Financial Performance Highlights - Revenue increased by 19% to €574 million in Q2 FY25[11], with a constant currency growth of 18%[11] - DTC (Direct-to-Consumer) revenue grew by 19% to €141 million[11], or 17% on a constant currency basis[11] - B2B (Business-to-Business) revenue also increased by 19% to €432 million[11], with a constant currency growth of 18%[11] - Gross profit margin improved by 140 basis points to 57.7% in Q2 FY25[11, 18] - Adjusted EBITDA increased by 23% to €200 million, resulting in a margin of 34.8%[11] - Adjusted net profit rose by 33% to €103 million[11] - Adjusted EPS (Earnings Per Share) increased by 34% to €0.55[11] Regional Performance - Americas revenue increased by 23% to €313 million[14], or 20% on a constant currency basis[14] - EMEA (Europe, Middle East, and Africa) revenue grew by 12% to €213 million[14], both in reported and constant currency[14] - APAC (Asia-Pacific) revenue saw a significant increase of 30% to €48 million[14], both in reported and constant currency[14] Balance Sheet and Cash Flow - Net debt remained stable at 1.8x LTM (Last Twelve Months) Adjusted EBITDA[11, 32] - Trade and other receivables increased to €249 million due to seasonal B2B shipments[30] - Cash flow was impacted by tax payments related to previous years, resulting in a total cash flow of negative €62 million[37]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F ☒ Form 40-F ☐ TABLE OF CONTENTS | | Page | | --- | --- | | PART I - FINANCIAL INFORMATION | 1 | | ITEM 1. FINANCIAL STATEMENTS | 1 | | Unaudited Interim Condensed Consolidated Statements of Fin ...

Core Viewpoint - Telsey Advisory Group analyst Dana Telsey maintains an Outperform rating on Birkenstock Holding (BIRK) with a price target of $70, anticipating strong revenue growth and margin improvements in the upcoming second-quarter results [1]. Revenue and Earnings Forecast - Total revenue is projected to grow by 17.7% year-over-year to €566.4 million, slightly below the consensus estimate of €568.2 million [1]. - Adjusted EBITDA is estimated at €193.3 million, up from €162.3 million in the prior-year quarter, closely aligning with the consensus view of €192.9 million, resulting in an adjusted EBITDA margin of 34.1% [5]. Margin Analysis - A gross margin expansion of 30 basis points to 56.6% is expected, marginally exceeding the consensus forecast of 56.5% [2]. - Operating expenses are anticipated to remain flat year-over-year at 27.6%, slightly below the consensus figure of 27.7%, leading to a projected 180-basis-point improvement in pretax profit margin to 24.8%, just under the Street's expectation of a 230-basis-point rise to 25.3% [4]. Market Position and Strategy - Birkenstock benefits from a relative advantage in tariff exposure, manufacturing in Germany and deriving only 52% of its fiscal 2024 revenue from the Americas, which limits vulnerability compared to footwear industry peers [3]. - The company is successfully expanding its closed-toe shoe segment and driving average selling price growth, positioning itself well in a market where consumers are becoming more selective with spending [6]. Current Stock Performance - BIRK shares are currently trading lower by 0.36% at $52.28 [7].

Core Viewpoint - The market anticipates Birkenstock (BIRK) to report a year-over-year increase in earnings driven by higher revenues for the quarter ending March 2025, with actual results being crucial for stock price movement [1][2]. Earnings Expectations - The consensus EPS estimate for Birkenstock is $0.57 per share, reflecting a year-over-year increase of +29.6% [3]. - Expected revenues are projected at $610.3 million, which is a 16.8% increase from the same quarter last year [3]. Estimate Revisions - Over the last 30 days, the consensus EPS estimate has been revised 0.86% higher, indicating a positive reassessment by analysts [4]. - The Most Accurate Estimate for Birkenstock is higher than the Zacks Consensus Estimate, resulting in an Earnings ESP of +2.20% [10][11]. Earnings Surprise Prediction - A positive Earnings ESP is a strong indicator of a potential earnings beat, especially when combined with a Zacks Rank of 1 (Strong Buy), 2 (Buy), or 3 (Hold) [8]. - Birkenstock currently holds a Zacks Rank of 2, suggesting a high likelihood of beating the consensus EPS estimate [11]. Historical Performance - In the last reported quarter, Birkenstock exceeded the expected earnings of $0.16 per share by delivering $0.19, resulting in a surprise of +18.75% [12]. - Over the past four quarters, the company has beaten consensus EPS estimates three times [13]. Conclusion - Birkenstock is positioned as a compelling candidate for an earnings beat, but investors should consider other influencing factors before making investment decisions [16].

Group 1 - Birkenstock (BIRK) shares have increased by 17.3% over the past four weeks, closing at $51.46, with a mean price target of $68.15 indicating a potential upside of 32.4% [1] - The average of 17 short-term price targets ranges from a low of $57 to a high of $95, with a standard deviation of $9.66, suggesting a variability in analyst estimates [2] - Analysts have shown a strong agreement in revising earnings estimates higher, which correlates with potential stock price movements [11][12] Group 2 - The Zacks Consensus Estimate for the current year has increased by 1.8% over the past month, with three estimates going higher and no negative revisions [12] - Birkenstock currently holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates [13] - While the consensus price target may not be a reliable indicator of the extent of potential gains, it does provide a directional guide for price movement [13]

Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company has a team of experienced news journalists who produce independent content across various financial markets [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The content includes insights into sectors such as biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is committed to adopting technology to enhance its content creation and workflow processes [4] - The company utilizes automation and software tools, including generative AI, while ensuring that all published content is edited and authored by humans [5]

Group 1 - The analyst previously held a "hold" rating on Birkenstock (NYSE: BIRK) stock but has changed the stance due to a significant decrease in valuation after a sell-down [1] - The analyst emphasizes a diverse investment approach, incorporating fundamental, technical, and momentum investing strategies to enhance the investment process [1] Group 2 - The article serves as a platform for tracking investment ideas and connecting with like-minded investors [1]