EX-99.1 2 birk-ex99_1.htm EX-99.1 EX-99.1

Exhibit 99.1

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PRESS RELEASE

 

MEDIA CONTACT

Birkenstock Holding plc

ir@Birkenstock-holding.com

LONDON, UNITED KINGDOM || May 15, 2025

 

 

 

BIRKENSTOCK REPORTS strong fiscal second Quarter 2025 ahead of annual guidance; raises FISCAL 2025 adjusted ebitda guidance to EUR 660-670 million

 

 

Birkenstock Holding plc, (together with its subsidiaries, "BIRKENSTOCK”, the “Company” or “we”, NYSE: BIRK) today announces financial results for the second quarter ended March 31, 2025. The Company reports second quarter revenue growth of 19%. On a constant currency basis, revenue growth was 18%, ahead of the Company's annual guidance, driven by strong demand for its products across all segments, channels and categories.

 

The Company now sees Fiscal 2025 revenue growth at the high-end of previous guidance (15-17% in constant currency) and is increasing its adjusted EBITDA margin guidance to a range of 31.3-31.8%, 50 basis points above previous guidance. This implies an adjusted EBITDA target in the range of EUR 660-670 million, up 19-21% year-over-year.

 

Financial highlights for the second quarter ended March 31, 2025, (compared to the second quarter ended March 31, 2024):

•
Revenue of EUR 574 million, an increase of 19% on a reported basis and 18% in constant currency
•
Strong double-digit revenue growth across all segments; 23% (20% in constant currency) in the Americas, 12% in EMEA (reported and in constant currency) and 30% in APAC (reported and in constant currency)
•
B2B revenue growth of 19% on a reported basis and 18% in constant currency
•
DTC revenue growth of 19% on a reported basis and 17% in constant currency
•
Gross profit margin of 57.7%, up 140 basis points from 56.3% in the second quarter of 2024 due to sales price adjustments (net of input costs), better absorption of the new manufacturing capacity added in September 2023 and favorable currency translation
•
Net profit of EUR 105 million, up 47% from EUR 72 million; EPS of EUR 0.56, up 47% from EUR 0.38
•
Adjusted Net profit of EUR 103 million, up 33% from EUR 77 million; Adjusted earnings per share of EUR 0.55, up 34% from EUR 0.41

 

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•
Adjusted EBITDA of EUR 200 million, up 23% year-over-year; Adjusted EBITDA margin of 34.8%, up 110 basis points from 33.7% a year ago
•
Cash flows used in operating activities was EUR 18 million; operating cash flow was down EUR 68 million year-over-year, primarily due to the timing of tax payments related to prior periods

 

Oliver Reichert, CEO of BIRKENSTOCK and Member of the Board of Directors of the Company: “We are off to a very strong start to Fiscal 2025 and now expect to be at the high end of our revenue growth target of 15-17%. Additionally, we are raising our adjusted EBITDA margin target to 31.3-31.8%, implying EUR 660-670 million in adjusted EBITDA. We expect that the tariff situation may create a unique shift in consumer behavior in the footwear category with a split between the few brands, like BIRKENSTOCK, who manage strong brand equity through relative scarcity and those who distribute their products with less discipline and pricing integrity. We will navigate these uncertain times from a position of strength. Our decades-long track record of managing our brand through a consistent engineered distribution strategy puts BIRKENSTOCK in an enviable position to take additional shelf space and gain share. We are a brand with industry leading growth, pricing power, clean inventories, strong profitability, global reach, a very healthy balance sheet and cash generation."

 

Fiscal second quarter 2025 results demonstrate strong consumer demand for BIRKENSTROCK products

BIRKENSTOCK reports fiscal second quarter 2025 revenue of EUR 574 million, up 19% compared to the fiscal second quarter of 2024 on a reported basis and up 18% in constant currency. Revenue growth was supported by double-digit unit growth and mid-single-digit growth in Average Selling Price (ASP). Closed-toe shoes continue to out-pace the strong double digit growth of sandals, contributing to the higher ASP.

B2B revenue grew 19% on a reported basis and 18% in constant currency, supported by strong sell-in for the important Spring/Summer season of both sandals and closed-toe silhouettes. As expected, DTC revenue growth accelerated in the quarter, up 19% in reported and 17% in constant currency. Double-digit growth in digital as well as very strong retail performance contributed to the improved DTC trends. The Company opened 6 new owned stores during the fiscal second quarter of 2025, bringing the total number of owned retail stores to 77.

Double-digit revenue growth driven by strength in all segments

In the Americas segment, BIRKENSTOCK delivered second quarter revenue growth of 23% on a reported basis and 20% in constant currency. Both B2B and DTC grew at a strong double-digit pace. B2B growth was led by youth, sporting goods, outdoor and department stores. During the quarter, the Company opened a new store in Nashville, bringing the total number of own stores in the Americas segment to ten.

Revenue in EMEA grew 12% in the second quarter of 2025 in reported and constant currency. DTC growth out-paced B2B during the second quarter, with strong growth in both digital and retail. The Company opened new stores in London and Paris, bringing total stores in the EMEA segment to 37.

In the APAC segment, BIRKENSTOCK achieved revenue growth of 30% on a reported and constant currency basis in the second quarter of 2025. The Company continues to invest in this important growth segment and seeks to increase brand awareness by expanding its physical presence. The Company opened three new owned stores, bringing the total in APAC to 30. Additionally, the Company grew the number of mono-brand partner stores by 20%.

 

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BIRKENSTOCK HOLDING PLC || press release || May 15, 2025

 

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Investing in production capacity to meet consumer demand

BIRKENSTOCK invested approximately EUR 21 million in capital expenditures in the second quarter of 2025, primarily to expand production capacity.

BIRKENSTOCK ended the quarter with cash and cash equivalents of EUR 235 million and net leverage of 1.8x as of March 31, 2025, in line with 1.8x at September 30, 2024 due to the normal seasonality in working capital. The Company remains committed to further deleveraging its balance sheet with free cash flow, targeting approximately 1.5x net leverage by the end of Fiscal 2025.

Company updates guidance for Fiscal 2025

BIRKENSTOCK is updating its previous guidance for Fiscal 2025 as follows:

•
Revenue growth is expected to be at the high end of 15-17% range in constant currency
•
Adjusted EBITDA margin of 31.3-31.8%, up from 30.8-31.3%, implying an adjusted EBITDA range of EUR 660-670 million for the fiscal year

 

 

 

 

 

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BIRKENSTOCK HOLDING PLC || press release || May 15, 2025

 

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Conference call information

BIRKENSTOCK will host a call to discuss fiscal second quarter 2025 results on May 15, 2025, at 8:00 a.m. Eastern Time (1:00 p.m. British Summer Time). A webcast of the call will be accessible on the Company’s Investor Relations website at https://www.birkenstock-holding.com. To join the phone line, please dial 1-888-506-0062 (US) or 1-973-528-0011 (International). The access code for the call is 159335. To access the phone line replay after the conclusion of the call, please dial 1-877-481-4010 (US) or 1-919-882-2331 (International). The access code for the replay is 52272. An archive of the webcast will also be available on BIRKENSTOCK’s Investor Relations website.

 

 

ABOUT BIRKENSTOCK

Birkenstock Holding plc is the ultimate parent company of Birkenstock Group B.V. & Co. KG and its subsidiaries. BIRKENSTOCK is a global brand which embraces all consumers regardless of geography, gender, age and income and which is committed to a clear purpose - encouraging proper foot health. Deeply rooted in studies of the biomechanics of the human foot and backed by a family tradition of shoemaking that can be traced back to 1774, BIRKENSTOCK is a timeless «super brand» with a brand universe that transcends product categories and ranges from entry-level to luxury price points while addressing the growing need for a conscious and active lifestyle. Function, quality and tradition are the core values of the Zeitgeist brand which features products in the footwear, sleep systems and natural cosmetics categories. BIRKENSTOCK is the inventor of the footbed and has shaped the principle of walking as intended by nature ("Naturgewolltes Gehen").

INVESTOR & MEDIA CONTACT

Birkenstock Holding plc

ir@birkenstock-holding.com

 

4

BIRKENSTOCK HOLDING PLC || press release || May 15, 2025

 

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Certain statements in this press release 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 safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to our current expectations and views of future events, including our current expectations and views with respect to, among other things, our operations and financial performance. In particular, such forward-looking statements include statements relating to our fiscal 2025 outlook. Forward-looking statements include all statements that do not relate to matters of historical fact. In some cases, you can identify these forward-looking statements by the use of words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “estimate” and “potential,” “aim,” “anticipate,” “assume,” “continue,” “could,” “expect,” “forecast,” “guidance,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would” or similar words or phrases, or the negatives of those words or phrases. The forward-looking statements contained in this press release are based on the Company’s management’s current expectations and are not guarantees of future performance. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward- looking statements. Our actual results could differ materially from those expected in our forward-looking statements for many reasons, including: our dependence on the image and reputation of the BIRKENSTOCK brand; the intense competition we face from both established companies and newer entrants into the market; our ability to execute our DTC growth strategy and risks associated with our e-commerce platforms; our ability to adapt to changes in consumer preferences and attract new customers; harm to our brand and market share due to counterfeit products; our ability to successfully operate and expand retail stores; losses and liabilities arising from leased and owned real estate; risks relating to our non-footwear products; failure to realize expected returns from our investments in our businesses and operations; our ability to adequately manage our acquisitions, investments or other strategic initiatives; our ability to manage our operations at our current size or manage future growth effectively; our dependence on third parties for our sales and distribution channels; risks related to the conversion of wholesale distribution markets to owned and operated markets and risks related to productivity or efficiency initiatives; operational challenges relating to the distribution of our products; deterioration or termination of relationships with major wholesale partners; global or regional health events; seasonality, weather conditions and climate change; adverse events influencing the sustainability of our supply chain or our relationships with major suppliers or increases in raw materials or labor costs; our ability to effectively manage inventory; unforeseen business interruptions and other operational problems at our production facilities; disruptions to our shipping and delivery arrangements; failure to attract and retain key employees and deterioration of relationships with employees, employee representative bodies and stakeholders; risks relating to our intellectual property rights; risks relating to regulations governing the use and processing of personal data; disruption and security breaches affecting information technology systems; natural disasters, public health crises, political crises, civil unrest and other catastrophic events beyond our control; economic conditions impacting consumer spending, such as inflation, tariffs and other trade policy actions, the deterioration of consumer sentiment, and a deterioration of the macroeconomic situation generally, and our ability to react to any of them; currency exchange rate fluctuations; risks related to litigation, compliance and regulatory matters; risks and costs related to corporate responsibility and ESG matters; inadequate insurance coverage, or increased insurance costs; tax- related risks; risks related to our indebtedness; risks related to our status as a foreign private issuer and a “controlled company”; and the factors described in the sections titled “Cautionary Statement Regarding Forward-Looking Statements” and “Risk Factors” in our Annual Report on Form 20-F filed with the Securities and Exchange Commission on January 18, 2024 as updated by our reports on Form 6-K that update, supplement or supersede such information. Any forward-looking statement made by us in this press release speaks only as of the date of this press release and is expressly qualified in its entirety by the cautionary statements included in this press release. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law.

 

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BIRKENSTOCK HOLDING PLC || press release || May 15, 2025

 

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Non-IFRS Financial Information and other metrics

This press release includes “non-IFRS measures” that are financial measures that either exclude or include amounts that are not excluded or included in the most directly comparable measures calculated and presented in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). Specifically, we make use of the non-IFRS financial measures Adjusted EBITDA, Adjusted EBITDA Margin, Constant Currency Revenue growth, Adjusted EPS (Basic/Diluted), Adjusted Net profit, Net leverage and Net debt, which are not recognized measures under IFRS and should not be considered as alternatives to net income (loss), as a measure of financial performance or any other performance measure derived in accordance with IFRS.

We discuss non-IFRS financial measures in this press release because they are a basis upon which our management assesses our performance, and we believe they reflect underlying trends and are indicators of our business. Additionally, we believe that such non-IFRS financial measures and similar measures are widely used by securities analysts, investors and other interested parties as a means of evaluating a company’s performance.

Our non-IFRS financial measures may not be comparable to similarly titled measures used by other companies. Our non-IFRS financial measures have limitations as analytical tools, as they do not reflect all the amounts associated with our results of operations as determined in accordance with IFRS. Our non-IFRS financial measures should not be considered in isolation, nor should they be regarded as a substitute for, or superior to, measures calculated and presented in accordance with IFRS. A reconciliation is provided in the tables accompanying this press release for each non-IFRS financial measure in this press release to the most directly comparable financial measure stated in accordance with IFRS. A reconciliation is not provided for any forward-looking non-IFRS financial measures as such a reconciliation is not available without unreasonable efforts.

Average selling price (“ASP”) is calculated by dividing our total revenue from sales of footwear pairs by the number of footwear pairs sold. Prior to fiscal 2024, ASP was calculated by dividing our total revenue by our total number of units of all products sold. The difference between these two methods is immaterial.
Our management uses group ASP in managing and monitoring the performance of the business.
We believe presenting a directional change in ASP provides useful information to investors as it helps facilitate an enhanced understanding of our operating results and enables them to make more meaningful period-to-period comparisons, particularly because a change in ASP is typically one of several principal drivers of our revenue development between periods. However, in channels and segments, ASP can vary significantly based on various factors and circumstances, and, therefore, management believes that quantifying ASP or the directional change thereof at segment or channel level would provide a level of granularity not considered helpful and potentially misleading.

 

6

BIRKENSTOCK HOLDING PLC || press release || May 15, 2025

 

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Birkenstock Holding plc

Consolidated Statements of Profit

(In thousands of Euros, except share and per share information)

 

 

 

Three months ended March 31,

 

 

Six months ended March 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenue

 

 

574,330

 

 

 

481,244

 

 

 

936,049

 

 

 

784,168

 

Cost of sales

 

 

(242,756

)

 

 

(210,084

)

 

 

(386,441

)

 

 

(328,140

)

Gross profit

 

 

331,574

 

 

 

271,160

 

 

 

549,608

 

 

 

456,028

 

Selling and distribution expenses

 

 

(126,501

)

 

 

(113,155

)

 

 

(244,656

)

 

 

(216,639

)

General and administrative expenses

 

 

(32,447

)

 

 

(19,986

)

 

 

(56,551

)

 

 

(54,377

)

Foreign exchange gain (loss)

 

 

2,570

 

 

 

(5,483

)

 

 

(9,301

)

 

 

(17,138

)

Other income (expense), net

 

 

127

 

 

 

(25

)

 

 

253

 

 

 

206

 

Profit from operations

 

 

175,323

 

 

 

132,511

 

 

 

239,353

 

 

 

168,080

 

Finance cost, net

 

 

(25,612

)

 

 

(27,389

)

 

 

(50,390

)

 

 

(63,439

)

Profit before tax

 

 

149,711

 

 

 

105,122

 

 

 

188,963

 

 

 

104,641

 

Income tax expense

 

 

(44,598

)

 

 

(33,470

)

 

 

(63,731

)

 

 

(40,144

)

Net profit

 

 

105,113

 

 

 

71,652

 

 

 

125,232

 

 

 

64,497

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

0.56

 

 

 

0.38

 

 

 

0.67

 

 

 

0.34

 

Diluted

 

 

0.56

 

 

 

0.38

 

 

 

0.67

 

 

 

0.34

 

Shares

 

 

187,829,202

 

 

 

187,825,592

 

 

 

187,829,202

 

 

 

187,370,399

 

 

 

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BIRKENSTOCK HOLDING PLC || press release || May 15, 2025

 

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Birkenstock Holding plc

Condensed Consolidated Statements of Financial Position

(In thousands of Euros)

 

 

March 31,

 

 

September 30,

 

 

 

2025

 

 

2024

 

Assets

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

Goodwill

 

 

1,576,481

 

 

 

1,554,621

 

Intangible assets (other than goodwill)

 

 

1,658,872

 

 

 

1,639,393

 

Property, plant and equipment

 

 

333,608

 

 

 

318,843

 

Right-of-use assets

 

 

176,981

 

 

 

171,334

 

Deferred tax assets

 

 

1,267

 

 

 

117

 

Other assets

 

 

29,113

 

 

 

37,351

 

Total non-current assets

 

 

3,776,322

 

 

 

3,721,659

 

Current assets

 

 

 

 

 

 

Inventories

 

 

699,824

 

 

 

624,807

 

Trade and other receivables

 

 

248,659

 

 

 

114,302

 

Current tax assets

 

 

11,488

 

 

 

11,263

 

Other current assets

 

 

53,816

 

 

 

57,065

 

Cash and cash equivalents

 

 

235,399

 

 

 

355,843

 

Total current assets

 

 

1,249,186

 

 

 

1,163,280

 

Total assets

 

 

5,025,508

 

 

 

4,884,939

 

Shareholders' equity and liabilities

 

 

 

 

 

 

Shareholders' equity

 

 

2,792,922

 

 

 

2,625,019

 

Non-current liabilities

 

 

 

 

 

 

Loans and borrowings

 

 

1,170,874

 

 

 

1,169,965

 

Tax receivable agreement liability

 

 

338,140

 

 

 

344,590

 

Lease liabilities

 

 

148,298

 

 

 

143,199

 

Other provisions

 

 

5,898

 

 

 

4,867

 

Deferred tax liabilities

 

 

142,062

 

 

 

131,003

 

Deferred income

 

 

13,941

 

 

 

13,737

 

Other liabilities

 

 

4,887

 

 

 

4,666

 

Total non-current liabilities

 

 

1,824,100

 

 

 

1,812,027

 

Current liabilities

 

 

 

 

 

 

Loans and borrowings

 

 

29,721

 

 

 

24,670

 

Tax receivable agreement liability

 

 

35,598

 

 

 

15,300

 

Lease liabilities

 

 

41,810

 

 

 

40,874

 

Trade and other payables

 

 

128,632

 

 

 

136,280

 

Accrued liabilities

 

 

29,511

 

 

 

29,411

 

Other financial liabilities

 

 

9,029

 

 

 

3,971

 

Other provisions

 

 

22,105

 

 

 

31,164

 

Contract liabilities

 

 

4,912

 

 

 

7,999

 

Tax liabilities

 

 

85,628

 

 

 

144,730

 

Other current liabilities

 

 

21,540

 

 

 

13,494

 

Total current liabilities

 

 

408,486

 

 

 

447,893

 

Total liabilities

 

 

2,232,586

 

 

 

2,259,920

 

Total shareholders' equity and liabilities

 

 

5,025,508

 

 

 

4,884,939

 

 

 

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BIRKENSTOCK HOLDING PLC || press release || May 15, 2025

 

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Birkenstock Holding plc

Consolidated Statements of Cash Flows

(In thousands of Euros)

 

 

 

Three months ended March 31,

 

 

Six months ended March 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net profit (loss)

 

 

105,113

 

 

 

71,651

 

 

 

125,232

 

 

 

64,497

 

Adjustments to reconcile net profit (loss) to net cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

27,312

 

 

 

24,137

 

 

 

53,504

 

 

 

47,384

 

Loss on disposal of property, plant and equipment

 

 

37

 

 

 

(62

)

 

 

54

 

 

 

(62

)

Change in expected credit loss

 

 

87

 

 

 

(128

)

 

 

186

 

 

 

(128

)

Finance cost, net

 

 

25,612

 

 

 

27,389

 

 

 

50,390

 

 

 

63,439

 

Net exchange differences

 

 

(7,756

)

 

 

5,418

 

 

 

8,351

 

 

 

17,138

 

Non-cash operating items

 

 

122

 

 

 

5

 

 

 

243

 

 

 

2,394

 

Income tax expense

 

 

44,598

 

 

 

33,470

 

 

 

63,731

 

 

 

40,144

 

Income tax paid

 

 

(63,087

)

 

 

(6,312

)

 

 

(113,596

)

 

 

(10,153

)

MIP personal income tax paid / reimbursement, net

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(11,426

)

Changes in Working capital:

 

 

(150,326

)

 

 

(105,609

)

 

 

(218,028

)

 

 

(208,694

)

 - Inventories

 

 

4,444

 

 

 

1,035

 

 

 

(68,810

)

 

 

(65,902

)

 - Right to return assets

 

 

643

 

 

 

(248

)

 

 

54

 

 

 

(278

)

 - Trade and other receivables

 

 

(173,467

)

 

 

(120,122

)

 

 

(134,916

)

 

 

(109,140

)

 - Trade and other payables

 

 

12,360

 

 

 

15,958

 

 

 

(4,946

)

 

 

21

 

 - Accrued liabilities

 

 

5,827

 

 

 

7,386

 

 

 

(25

)

 

 

(7,809

)

 - Other current financial liabilities

 

 

141

 

 

 

7,035

 

 

 

283

 

 

 

863

 

 - Other current provision

 

 

(3,044

)

 

 

(3,289

)

 

 

(9,404

)

 

 

(14,982

)

 - Contract liabilities

 

 

(5,900

)

 

 

(5,349

)

 

 

(3,345

)

 

 

2,874

 

 - Prepayments

 

 

3,162

 

 

 

1,688

 

 

 

(831

)

 

 

(8,231

)

 - Other current financial assets

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 - Other

 

 

5,508

 

 

 

(9,703

)

 

 

3,912

 

 

 

(6,110

)

Net cash flows provided by operating activities

 

 

(18,288

)

 

 

49,959

 

 

 

(29,933

)

 

 

4,533

 

Interest received net of taxes withheld

 

 

1,270

 

 

 

948

 

 

 

3,161

 

 

 

2,164

 

Purchases of property, plant and equipment

 

 

(18,894

)

 

 

(16,820

)

 

 

(33,541

)

 

 

(34,931

)

Purchases of intangible assets

 

 

(1,953

)

 

 

(1,815

)

 

 

(6,094

)

 

 

(2,303

)

Proceeds from sale of property, plant and equipment

 

 

7

 

 

 

78

 

 

 

19

 

 

 

78

 

Purchase of other assets

 

 

(1,430

)

 

 

-

 

 

 

(1,430

)

 

 

-

 

Receipt of government grant

 

 

-

 

 

 

-

 

 

 

1,888

 

 

 

8,739

 

Net cash flows (used in) investing activities

 

 

(21,000

)

 

 

(17,609

)

 

 

(35,997

)

 

 

(26,253

)

IPO Proceeds, net of transaction costs

 

 

-

 

 

 

(83

)

 

 

-

 

 

 

449,214

 

Repayment of loans and borrowings, net

 

 

(2,051

)

 

 

(764

)

 

 

(4,205

)

 

 

(525,278

)

Payment of transaction costs related to refinancing

 

 

-

 

 

 

-

 

 

 

(250

)

 

 

-

 

Interest paid

 

 

(8,042

)

 

 

(15,030

)

 

 

(26,294

)

 

 

(49,453

)

Payments of lease liabilities

 

 

(10,603

)

 

 

(8,390

)

 

 

(20,599

)

 

 

(16,656

)

Interest portion of lease liabilities

 

 

(2,304

)

 

 

(2,082

)

 

 

(4,636

)

 

 

(3,928

)

Net cash flows (used in) financing activities

 

 

(23,000

)

 

 

(26,349

)

 

 

(55,984

)

 

 

(146,101

)

Net increase (decrease) in cash and cash equivalents

 

 

(62,288

)

 

 

6,001

 

 

 

(121,914

)

 

 

(167,821

)

Cash and cash equivalents at beginning of period

 

 

298,594

 

 

 

169,379

 

 

 

355,843

 

 

 

344,408

 

Net foreign exchange difference

 

 

(907

)

 

 

348

 

 

 

1,470

 

 

 

(859

)

Cash and cash equivalents at end of period

 

 

235,399

 

 

 

175,728

 

 

 

235,399

 

 

 

175,728

 

 

 

9

BIRKENSTOCK HOLDING PLC || press release || May 15, 2025

 

img35391653_0.jpg

Birkenstock Holding plc

 

Reconciliation of Revenue to Constant Currency Revenue

(In thousands of Euros, unless otherwise stated)

 

 

 

Three months ended March 31,

 

 

 

 

 

Constant Currency Growth [%]

 

 

 

2025

 

 

2024

 

 

Growth [%]

 

 

 

 

B2B

 

 

432,484

 

 

 

362,524

 

 

 

19

%

 

 

18

%

DTC

 

 

140,705

 

 

 

117,773

 

 

 

19

%

 

 

17

%

Corporate / Other

 

 

1,141

 

 

 

947

 

 

 

20

%

 

 

21

%

Total Revenue

 

 

574,330

 

 

 

481,244

 

 

 

19

%

 

 

18

%

Americas

 

 

312,524

 

 

 

254,046

 

 

 

23

%

 

 

20

%

EMEA

 

 

212,845

 

 

 

189,519

 

 

 

12

%

 

 

12

%

APAC

 

 

47,820

 

 

 

36,732

 

 

 

30

%

 

 

30

%

Corporate / Other

 

 

1,141

 

 

 

947

 

 

 

20

%

 

 

21

%

Total Revenue

 

 

574,330

 

 

 

481,244

 

 

 

19

%

 

 

18

%

 

 

 

Six months ended March 31,

 

 

 

 

 

Constant Currency Growth [%]

 

 

 

2025

 

 

2024

 

 

Growth [%]

 

 

 

 

B2B

 

 

614,529

 

 

 

502,934

 

 

 

22

%

 

 

21

%

DTC

 

 

319,222

 

 

 

278,428

 

 

 

15

%

 

 

13

%

Corporate / Other

 

 

2,298

 

 

 

2,806

 

 

 

(18

)%

 

 

(18

)%

Total Revenue

 

 

936,049

 

 

 

784,168

 

 

 

19

%

 

 

18

%

Americas

 

 

523,224

 

 

 

435,499

 

 

 

20

%

 

 

18

%

EMEA

 

 

315,604

 

 

 

277,047

 

 

 

14

%

 

 

13

%

APAC

 

 

94,923

 

 

 

68,816

 

 

 

38

%

 

 

38

%

Corporate / Other

 

 

2,298

 

 

 

2,806

 

 

 

(18

)%

 

 

(18

)%

Total Revenue

 

 

936,049

 

 

 

784,168

 

 

 

19

%

 

 

18

%

 

 

 

 

Three months ended March 31,

 

 

Six months ended March 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Total Revenue

 

 

574,330

 

 

 

481,244

 

 

 

936,049

 

 

 

784,168

 

USD impact

 

 

(8,155

)

 

 

3,364

 

 

 

(9,221

)

 

 

784,168

 

CAD impact

 

 

956

 

 

 

692

 

 

 

1,206

 

 

 

12,104

 

Other currencies impact

 

 

(731

)

 

 

276

 

 

 

(1,296

)

 

 

(781,288

)

Total Revenue @ constant currencies

 

 

566,400

 

 

 

485,576

 

 

 

926,738

 

 

 

799,152

 

Revenue growth @ constant currencies

 

 

18

%

 

 

23

%

 

 

18

%

 

 

24

%

 

 

 

10

BIRKENSTOCK HOLDING PLC || press release || May 15, 2025

 

img35391653_0.jpg

Birkenstock Holding plc

Reconciliation of Net profit to Adjusted Net profit

(In thousands of Euros, except share and per share information)

 

 

 

Three months ended March 31,

 

 

Six months ended March 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net profit (loss)

 

 

105,113

 

 

 

71,652

 

 

 

125,232

 

 

 

64,497

 

Add (Less) Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation expenses(1)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,591

 

IPO-related costs(2)

 

 

-

 

 

 

166

 

 

 

-

 

 

 

7,460

 

Secondary offering related costs(3)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Realized and unrealized FX gains / losses(4)

 

 

(2,570

)

 

 

5,483

 

 

 

9,301

 

 

 

17,138

 

Release of capitalized transaction costs(5)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

10,548

 

Tax adjustment(6)

 

 

146

 

 

 

(282

)

 

 

1,422

 

 

 

(9,501

)

Adjusted Net profit (loss)

 

 

102,689

 

 

 

77,020

 

 

 

135,955

 

 

 

93,733

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Adj. Earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

0.55

 

 

 

0.41

 

 

 

0.72

 

 

 

0.50

 

Diluted

 

 

0.55

 

 

 

0.41

 

 

 

0.72

 

 

 

0.50

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

187,829,202

 

 

 

187,825,592

 

 

 

187,829,202

 

 

 

187,370,399

 

 

(1) Represents share-based compensation expenses relating to the management investment plan.

(2) Represents IPO-related costs, which include consulting as well as legal fees.

(3) Represents costs associated with the secondary offering on behalf of the selling shareholder. The secondary offering was completed on June 28, 2024, with no cost incurred in the three months ended March 31, 2025 and 2024 as well as in the six months ended March 31, 2025 and 2024.

(4) Represents the primarily non-cash impact of foreign exchange rates within profit (loss). We do not consider these gains and losses representative of operating performance of the business because they are primarily driven by fluctuations in the USD to Euro foreign exchange rate on intercompany receivables for inventory and intercompany loans.

(5) Represents the effect of reversing capitalized transaction costs of the Original USD Term Loan due to its early repayment of USD 450 million in the first quarter ended December 31, 2023 and the subsequent impact on finance costs.

(6) Represents income tax effects for the adjustments as outlined above, except for unrealized foreign exchange gain (loss) and share-based compensation expenses since these have not been treated as tax deductible in the initial tax calculation.

 

11

BIRKENSTOCK HOLDING PLC || press release || May 15, 2025

 

img35391653_0.jpg

Birkenstock Holding plc

 

Reconciliation of Net profit to EBITDA and Adjusted EBITDA

(In thousands of Euros)

 

 

 

Three months ended March 31,

 

 

Six months ended March 31,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Net profit (loss)

 

 

105,113

 

 

 

71,652

 

 

 

125,232

 

 

 

64,497

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

44,598

 

 

 

33,470

 

 

 

63,731

 

 

 

40,144

 

Finance cost, net

 

 

25,612

 

 

 

27,389

 

 

 

50,390

 

 

 

63,439

 

Depreciation and amortization

 

 

27,312

 

 

 

24,137

 

 

 

53,504

 

 

 

47,384

 

EBITDA

 

 

202,635

 

 

 

156,648

 

 

 

292,857

 

 

 

215,464

 

Add Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation expenses(1)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,591

 

IPO-related costs(2)

 

 

-

 

 

 

166

 

 

 

-

 

 

 

7,460

 

Secondary offering related costs(3)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Realized and unrealized FX gains / losses(4)

 

 

(2,570

)

 

 

5,483

 

 

 

9,301

 

 

 

17,138

 

Adjusted EBITDA

 

 

200,065

 

 

 

162,297

 

 

 

302,158

 

 

 

243,653

 

 

(1) Represents share-based compensation expenses relating to the management investment plan.

(2) Represents IPO-related costs, which include consulting as well as legal fees.

(3) Represents costs associated with the secondary offering on behalf of the selling shareholder. The secondary offering was completed on June 28, 2024, with no cost incurred in the three months ended March 31, 2025 and 2024 as well as in the six months ended March 31, 2025 and 2024.

(4) Represents the primarily non-cash impact of foreign exchange rates within profit (loss). We do not consider these gains and losses representative of operating performance of the business because they are primarily driven by fluctuations in the USD to Euro foreign exchange rate on intercompany receivables for inventory and intercompany loans.

 

 

Birkenstock Holding plc

Reconciliation of Net debt and Net leverage

(In thousands of Euros, unless otherwise stated)

 

 

 

March 31,

 

 

September 30,

 

 

 

2025

 

 

2024

 

Loans and borrowings (Non-current)

 

 

1,170,874

 

 

 

1,169,965

 

+ USD Term Loan (Current)

 

 

7,964

 

 

 

7,890

 

+ Lease liabilities (Non-current)

 

 

148,298

 

 

 

143,199

 

+ Lease liabilities (Current)

 

 

41,810

 

 

 

40,874

 

- Cash and cash equivalents

 

 

(235,399

)

 

 

(355,843

)

Net debt

 

 

1,133,547

 

 

 

1,006,085

 

Adjusted EBITDA (LTM)

 

 

613,461

 

 

 

554,955

 

Net leverage

 

 

1.8

x

 

 

1.8

x

 

 

12

BIRKENSTOCK HOLDING PLC || press release || May 15, 2025