Birkenstock Holding Earnings Call Transcripts
Fiscal Year 2026
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Q3 revenue grew 15% in constant currency, prompting a raised full-year outlook for both revenue and adjusted EBITDA. D2C outpaced B2B, retail and digital channels accelerated, and APAC—especially China—delivered standout growth. Margins were pressured by FX and tariffs, but strong cash flow enabled significant share repurchases.
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Revenue grew 14% in constant currency in Q2 2026, with strong demand across all regions and robust D2C growth. Despite FX, tariff, and geopolitical headwinds, guidance for 13%-15% constant currency revenue growth and at least EUR 700 million adjusted EBITDA is reiterated.
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Q1 revenue grew 18% in constant currency, with strong B2B and APAC performance. Despite FX and tariff headwinds, guidance for FY26 remains at 13%-15% constant currency growth, with robust margins and continued investment in retail and capacity.
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Management targets 13%-15% annual revenue growth and 30%+ EBITDA margin through 2028, driven by disciplined expansion, product innovation, and a vertically integrated supply chain. APAC will double revenue, EMEA and Americas grow double digits, and closed-toe products now approach 40% of the mix.
Fiscal Year 2025
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Record fiscal 2025 results with 18% revenue growth and strong double-digit gains across all segments. 2026 guidance reflects capacity constraints and FX/tariff headwinds, but demand remains robust, especially in APAC and among younger consumers.
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Q3 saw 16% constant currency revenue growth, record margins, and strong demand across all regions and channels. B2B outpaced D2C, with robust sell-through and inventory turns, while FX and tariffs were managed through pricing and operational levers.
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Q2 revenue grew 19% year-over-year to EUR 574 million, with strong double-digit growth across all regions and channels. Gross margin and adjusted EBITDA improved, and guidance was raised for both revenue and margin despite tariff and FX headwinds. Premiumization and retail expansion continue to drive performance.
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Record Q1 2025 results featured 19% revenue growth, strong B2B and D2C performance, and robust expansion in closed-toe products and APAC. Guidance for 15%-17% annual growth and improved margins was reiterated, with macro uncertainty and tariffs noted as risks.
Fiscal Year 2024
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Fiscal 2024 saw 22% revenue growth and a 30.8% adjusted EBITDA margin, with strong gains in closed-toe products, APMA, and retail. Fiscal 2025 guidance calls for 15%-17% revenue growth, margin improvement, and continued investment in production and retail expansion.
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Record global growth was driven by strong B2B and consumer loyalty, with expansion into new retail and product categories. Consumers are trading up to premium products, and a return to physical retail is boosting in-store sales. Margin outlook remains stable, supported by vertical manufacturing.
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Record Q3 revenue grew 19% year-over-year, led by strong B2B and D2C performance, with robust demand across all regions and categories. Gross margin was 59.5%, and adjusted EBITDA margin reached 33%. Management reaffirmed guidance for 20% revenue growth and over 30% EBITDA margin for the year.