Birkenstock Holding Earnings Call Transcripts
Fiscal Year 2026
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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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Guidance is reiterated for 13%-15% constant currency revenue growth and 30%+ EBITDA margin through 2028, with strong regional and channel strategies, disciplined supply chain expansion, and a focus on product innovation and brand scarcity. Demand and brand heat remain robust, with growth balanced across geographies and channels.
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 rose 19% year-over-year to €574 million, with strong growth across all regions and channels. Gross margin improved to 57.7%, and adjusted EBITDA margin guidance was raised to 31.3%-31.8% for FY25. Premiumization, retail expansion, and robust demand support confidence in meeting high-end growth targets.
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Record Q1 results with 19% revenue growth, strong B2B and D2C performance, and robust demand across all regions. Guidance for 15%-17% annual growth and margin expansion reiterated, with closed-toe and APAC segments leading gains.
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.