Birkenstock (NYSE:BIRK) Q4 2025 Earnings Call December 18, 2025 08:00 AM ET Company ParticipantsNico Bouyakhf - President of EMEAPaul Lejuez - Managing DirectorDonna Telsey - CEO and Chief Research OfficerJanine Stichter - Managing DirectorLaurent Vasilescu - Managing DirectorMegan Kulick - Director of Investor RelationsOliver Reichert - Director and CEORandy Konik - Managing DirectorIvica Krolo - CFOLorraine Hutchinson - Managing DirectorConference Call ParticipantsMichael Binetti - Senior Equity AnalystMa ...

Core Insights - The company anticipates stable competition in the pickled vegetable market, with growth primarily driven by existing market competition and new product development in the condiment sector [1][2] Group 1: Revenue and Market Trends - The pickled vegetable category remains the largest segment of the company's product offerings, with limited overall growth expected [1] - The family consumption channel continues to dominate, including large supermarkets, community stores, and farmers' markets, while the restaurant sector has seen a 20% growth in the first three quarters [1] - E-commerce channels have increased promotional spending, resulting in a growth rate of around 10%, although the overall base remains small [1] Group 2: Profit Margins and Cost Outlook - The decline in gross profit for the third quarter is attributed to the introduction of new products, which required higher promotional support, and adjustments in product specifications that affected margins [1] - The company expects stable raw material costs for the coming year, particularly for green vegetable heads, as planting progresses normally [1] Group 3: M&A Activity - The company has terminated its merger and acquisition project due to a lack of agreement on key terms during negotiations, but it remains open to future M&A opportunities in the condiment and compound seasoning sectors [2]