Core Insights - Birkenstock reported fiscal first-quarter results that met market expectations, with earnings per share of €0.27 and revenue of €401.9 million, reflecting a 17.8% growth in constant currency [1] Group 1: Revenue Growth - Sales grew at a double-digit rate in constant currency across all regions, with increases of 14% in the Americas, 17% in EMEA, and 37% in APAC [2] - Business-to-business (B2B) revenue advanced 24% in constant currency, while direct-to-consumer sales rose 12% [2] Group 2: Profitability Metrics - Adjusted gross margin declined by 290 basis points year over year to 57.4%, impacted by unfavorable currency translation, U.S. tariffs, and channel mix shifts [3] - Adjusted EBITDA increased by 4% year over year to €106 million, but the adjusted EBITDA margin narrowed by 170 basis points to 26.5% compared to 28.2% in the prior-year period [3]