Core Insights - Birkenstock's growth strategy emphasizes expanding beyond sandals, targeting opportunities in the Asia-Pacific (APAC) region, direct-to-consumer (DTC) channels, and closed-toe shoes [1][4][5] Financial Performance - The company reported a revenue growth of 41% and EBITDA growth of 38% in the first two years post-IPO, with a deleverage of 55% [2] - Preliminary Q1 FY26 revenue reached EUR 402 million, reflecting an 18% increase on a constant-currency basis and an 11% reported growth [6][7] - Adjusted gross margin fell to 57.4%, down 290 basis points year-over-year, primarily due to foreign exchange and U.S. tariffs [11] Growth Strategy - Management reaffirmed a three-year plan targeting 13-15% constant-currency revenue growth, over 30% EBITDA margins, and approximately 15-17% EPS growth in constant currency [5][12] - The company aims to double APAC revenue by FY28, with expectations of about EUR 1 billion incremental revenue by fiscal 2028 compared to fiscal 2025 [14][18] Regional Insights - In the Americas, the company has around 10,000 distribution points and plans to open 30 additional stores, expecting over 10% growth in the region [15][16] - EMEA is characterized by a strong margin profile and growth opportunities in under-penetrated markets [17] - APAC is positioned in the premium luxury segment, with plans to open 70 stores and add 100 partner stores, expecting revenue to double over three years [18] Supply Chain and Capacity - The vertically integrated supply chain model supports a target of 10% annual unit growth, with significant investments in production facilities [19][20] - Expansion efforts are underway at key sites to enhance production capabilities and efficiency [21]

Core Insights - The company reported a 16% revenue growth in constant currency for the third quarter, achieving double-digit growth across all segments and channels while improving profitability with a gross margin of 60.5% and an EBITDA margin of 34.4% [1][11][14] - The shift towards in-person shopping has positively impacted the brand, particularly in the B2B channel, which has outpaced DTC growth [5][12][32] Financial Performance - Third quarter revenues reached EUR 635 million, with a reported revenue growth of 12% impacted by foreign exchange fluctuations [11][12] - B2B revenue grew 18% in constant currency, while DTC grew 12%, with DTC's share of business decreasing to 38% [12][14] - Adjusted net profit for the quarter was EUR 116 million, reflecting a 26% year-over-year increase, and adjusted EPS rose to EUR 0.62, up from EUR 0.49 [14] Market Dynamics - Retail revenue at the top 10 wholesale partners in the U.S. increased by 25%, while EMEA saw a 20% increase, indicating strong sell-through and inventory turnover [5][8] - The company opened 13 new retail stores, aiming for a total of around 100 by the end of the fiscal year, which is expected to enhance DTC performance [6][9] Product Demand - Demand for classic leather silhouettes and iconic styles like Arizona and Boston remains strong, with closed-toe revenue share increasing by 400 basis points year-over-year [7][12] - The company anticipates that the APAC region will grow twice as fast as other segments for the full year, with a 24% revenue increase in constant currency [9][10] Strategic Initiatives - The company is focused on maintaining relative scarcity in distribution and has implemented price increases to manage the impact of tariffs, with no negative market response observed [17][30] - Investments in production capacity and efficiency improvements are ongoing, with a CapEx target of around EUR 80 million for the year [16][47] Future Outlook - The company expects to achieve the high end of its constant currency revenue growth guidance of 15% to 17% for the fiscal year, despite anticipated currency headwinds [19][20] - The management remains confident in sustaining long-term growth and profitability objectives, with a net leverage target of approximately 1.5x by the end of fiscal '25 [16][17]

Financial Data and Key Metrics Changes - The company reported third quarter revenues of $635 million, reflecting a 16% growth in constant currency, within the annual guidance range of 15% to 17% [19] - Reported revenue growth was 12%, with B2B growth outpacing D2C, up 18% in constant currency [19][20] - Gross margin increased by 100 basis points to 60.5%, while adjusted EBITDA margin rose by 140 basis points to 34.4%, marking the best third quarter margin ever [8][22] - Adjusted net profit reached €116 million, a 26% increase year over year, with adjusted EPS rising to €0.62 from €0.49, a 27% increase [23] Business Line Data and Key Metrics Changes - In the Americas, revenue grew by 16% in constant currency, with both B2B and DTC channels showing double-digit growth [14] - EMEA experienced a 13% revenue increase, with B2B outpacing DTC, driven by strong sell-through at retail partners [15] - The APAC region saw a 24% increase in constant currency, with expectations for accelerated growth in the fourth quarter [16] Market Data and Key Metrics Changes - Retail revenue at the top 10 wholesale partners in the U.S. increased by 25%, while in EMEA, it was up 20% [10][11] - The company noted a shift towards in-person shopping, favoring the B2B channel over DTC, with over 90% of B2B growth coming from existing doors [9][20] Company Strategy and Development Direction - The company aims to maintain relative scarcity and manage distribution growth tightly, with plans to reach around 100 stores by the end of the fiscal year [12] - The strategy includes investing in automation, IT, and infrastructure to enhance production capacity and efficiency [32][70] - The company is focused on both B2B and DTC channels, with a commitment to high-quality distribution and full-price realization [46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting growth and profitability objectives despite currency headwinds and tariff impacts [25][27] - The company anticipates that B2B growth will continue to outpace DTC for the fourth quarter and the full year [20][42] - Management highlighted strong demand across all product categories, particularly in emerging youth markets [13] Other Important Information - The company ended the quarter with cash and cash equivalents of €262 million after a share repurchase of €176 million [23][24] - Capital allocation priorities include investing in the business, reducing debt, and opportunistic share buybacks [25] Q&A Session Summary Question: Current demand trends and visibility for fourth quarter acceleration - Management noted exceptional demand in Q3, with capacity constraints being the main issue, and aims for continuous margin improvement as the business scales [31][32] Question: Market response to price increases implemented on July 1 - Management reported no negative impact on demand post-price adjustments, with strong sell-through during the back-to-school season [36][38] Question: Impact of increased EU tariffs on revenue and margins - Management indicated that the effective tariff rate is manageable, with pricing flexibility and other levers to offset impacts [42][44] Question: EMEA growth performance and future expectations - Management acknowledged challenges in capturing full demand due to production capacity but expects a return to mid-high teens growth in EMEA [51][53] Question: Insights on closed toe product growth - Management confirmed a 400 basis point increase in closed toe revenue share, with strong performance across various styles [60][62] Question: Factory expansion plans and supply evolution - Management is on track with factory expansion plans, expecting full absorption by 2026, and is investing in capacity to meet growing demand [70][71] Question: Confidence among wholesale partners - Management noted strong demand from wholesale partners, reflecting consumer behavior and a desire for more product breadth [73][74] Question: DTC business performance and customer trends - Management highlighted strong performance in DTC, with new stores delivering higher ASP and increased transaction values [102][105]

As filed with the Securities and Exchange Commission on June 24, 2024. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Birkenstock Holding plc (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) Jersey 3140 Not Applicable (State or other jurisdiction of (Primary Standard Industrial (I.R.S. Employer incorporation or organization) Clas ...

Table of Contents As filed with the Securities and Exchange Commission on October 4, 2023. Registration No. 333-274483 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 3 to FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Birkenstock Holding plc (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) Jersey 3140 Not Applicable (State or other jurisdiction of incorporation or organization) (Prim ...

Table of Contents As filed with the Securities and Exchange Commission on October 2, 2023. Registration No. 333-274483 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 2 to FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Birkenstock Holding Limited* (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) (State or other jurisdiction of incorporation or organization) Jersey 3140 Not Applicable ...

Table of Contents As filed with the Securities and Exchange Commission on September 15, 2023. Registration No. 333-274483 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 1 to FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Birkenstock Holding Limited* Not Applicable (Translation of Registrant's name into English) Jersey 3140 Not Applicable (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Num ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Birkenstock Holding Limited* (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) Table of Contents As filed with the Securities and Exchange Commission on September 12, 2023 Registration No. 333- 1-2 Berkeley Square London W1J 6EA United Kingdom +44 1534 835600 (Address, including zip code, and telephone num ...