BIRKENSTOCK FINANCIAL RESULTS Q1 FY26 February12, 2026 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 information within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the s ...

Group 1 - Birkenstock reported first-quarter preliminary revenue below Wall Street expectations [1] - Consumer spending on non-essential items has become more cautious due to rising economic uncertainty [1]

Core Viewpoint - Birkenstock Holding plc reported strong financial results for the fourth quarter and fiscal year ended September 30, 2025, with revenue growth exceeding expectations due to robust consumer demand across all segments, channels, and categories [1] Financial Performance - The company achieved a fiscal 2025 revenue growth of 16% and 18% on a constant currency basis, surpassing its guidance of 15-17% [1]

Financial Data and Key Metrics Changes - The company reported full-year revenue growth of 18% in constant currency, reaching €2.1 billion, exceeding the initial guidance of 15%-17% [6][13] - Gross margin increased by 30 basis points to 59.1%, while adjusted EBITDA margin rose by 100 basis points to 31.8%, meeting the high end of the target range [7][16] - Adjusted net profit for the fourth quarter was €94 million, up 71% year over year, with adjusted EPS of €0.51, a 76% increase from the previous year [16] Business Line Data and Key Metrics Changes - The Americas segment grew by 18% in constant currency, EMEA by 14%, and APAC by 34% in constant currency [13] - B2B channel revenue increased by 21%, while D2C channel revenue grew by 12% in constant currency [14] - The closed-toe share of revenue increased by 500 basis points year over year to 38% [10] Market Data and Key Metrics Changes - The company sold over 38 million pairs in fiscal 2025, a 12% increase, with average selling price (ASP) up by 5% in constant currency [8] - The APAC segment now accounts for 11% of global revenue, with the highest ASP among regions [10] Company Strategy and Development Direction - The company plans to open about 40 new stores in 2026, aiming for a total of 150 stores ahead of schedule [9][23] - The focus remains on maintaining brand scarcity and managing distribution tightly, with full price realization over 90% [9][40] - The company is investing in production capacity and innovation to meet growing demand, particularly in the premium product segment [11][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in strong brand demand despite external challenges such as tariffs and currency fluctuations [6][24] - The company anticipates significant headwinds from foreign exchange and tariffs in fiscal 2026, projecting a slower revenue growth rate of 13%-15% [18][20] - Management emphasized that growth is limited by production capacity rather than demand, with plans to increase capacity to meet future needs [45] Other Important Information - The company repurchased shares worth $200 million and reduced net leverage from 3.3 times to 1.5 times [5][17] - Capital expenditures for the year were approximately €85 million, focused on increasing production capacity [17] Q&A Session Summary Question: What is driving the more conservative growth outlook for 2026? - Management noted strong demand globally, particularly in the U.S., but highlighted production capacity as the limiting factor for growth [26][28] Question: Can you elaborate on the margin outlook for 2026? - Management indicated that FX and tariffs would significantly impact margins, with a total drag of about 200 basis points expected [31][33] Question: How do you see channel growth in 2026? - Management expects B2B to continue outpacing D2C growth, driven by strong performance in the youth market and in-person shopping [36][40] Question: What are the expectations for closed-toe shoes in the long term? - Management anticipates continued growth in closed-toe shoes, projecting a share increase beyond 40% as new silhouettes gain popularity [57][58]

Core Insights - Birkenstock Holding plc is set to release its fourth-quarter earnings results on December 18, with analysts expecting earnings of 36 cents per share, an increase from 29 cents per share in the previous year [1] - The consensus estimate for quarterly revenue is $521.1 million, compared to $455.76 million reported last year [1] - The company provided a positive outlook for 2025 on September 25 [1] Stock Performance - Birkenstock shares fell by 1.8%, closing at $46.40 on Wednesday [2] Analyst Ratings - BTIG analyst Janine Stichter maintains a Buy rating with a price target of $72 [3] - Telsey Advisory Group analyst Dana Telsey holds an Outperform rating with a price target of $70 [3] - Guggenheim analyst Simeon Siegel initiated coverage with a Buy rating and a price target of $60 [3] - JP Morgan analyst Matthew Boss maintained an Overweight rating but reduced the price target from $81 to $66 [3] - UBS analyst Jay Sole maintained a Buy rating and slightly reduced the price target from $77 to $76 [3]

Core Viewpoint - Birkenstock Holding plc will report its fourth quarter and full fiscal year 2025 financial results on December 18, 2025, before the US market opens [1] Financial Reporting - The financial results will cover the period ended September 30, 2025 [1] - A conference call and live webcast with the investment community is scheduled for 8:00 a.m. on the same day [1]

Core Insights - Birkenstock has acquired its long-time distributor in Australia to ensure a seamless succession for the founders of Birkenstock Australia, Marcel and Manuela Goerke [1][2] - The acquisition aims to facilitate effective knowledge transfer and protect key business relationships while minimizing operational risks [2] - Marcel Goerke will continue to support the transition as managing director, reporting to Klaus Baumann, chief sales officer of the Birkenstock Group [2] Company Growth and Strategy - The acquisition is part of Birkenstock's strategy to actively invest in its Australian business, enhancing resources for independent retailers and Birkenstock stores [3] - Birkenstock Australia, established in the early 1990s, has grown to approximately 60 employees and generates an annual revenue of AU$88.6 million [3] - The acquisition will be executed through Birkenstock International Asia GmbH, ensuring continuity for contracts, assets, and employees [3] Market Position and Future Potential - Birkenstock Australia operates from Melbourne, with two owned stores, a partner store in Sydney, and an online shop, supported by over 300 wholesale partners [4] - The CEO of Birkenstock highlighted the success of Birkenstock Australia, noting it has one of the highest per capita sales of Birkenstock products globally [4] - The ownership transition is expected to unlock significant growth potential for the brand in the Australian market, catering to a large fan base [4]

Financial Performance - In FY23, Birkenstock's revenue grew by 20% at constant currency, with a gross profit margin of 62.1% and an adjusted EBITDA margin of 32.4%[22] - In H1 FY24, revenue increased by 24% at constant currency, the gross profit margin was 58.2%, and the adjusted EBITDA margin was 31.1%[24] - H1 FY24 revenue reached €784 million, compared to €644 million in H1 FY23, representing a 22% increase[54] - Adjusted EBITDA for H1 FY24 was €244 million, compared to €224 million in H1 FY23[51] Segment and Channel Growth - In H1 FY24, the APMA (Asia Pacific, Middle East, and Africa) region experienced revenue growth of 46%[27] - Europe's revenue grew by 25% and Americas grew by 20% in H1 FY24[27] - B2B channel revenue increased by 21% and DTC (Direct-to-Consumer) channel revenue increased by 31% in H1 FY24[27] - DTC revenue share increased from 28% in H1 FY23 to 34% in H1 FY24[32] Strategic Initiatives - Birkenstock is expanding its production capacity with capital investments, with approximately EUR 180 million invested during FY22-24[48] - The company is expanding its owned retail store network, with 12 new stores opened since June 2023, bringing the total to 57 by March 2024[36] - Birkenstock is expanding beyond sandals, with closed-toe and leather products representing over 20% of revenue in expansionary categories[43]

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]