Birkenstock’s shares fell sharply by 10.1% after earnings as investors reacted negatively to margin pressure and signs of a cautious outlook amid rising inflation, tariff uncertainty, and geopolitical disruptions despite solid revenue growth.

• Reported revenue grew 8% to EUR 618 million, or 14% in constant currency, driven by strong regional growth including 30% in APAC and 14% in Americas.
• Adjusted EBITDA margin slipped below prior levels, pressured by tariffs, FX headwinds, and rising energy costs, challenging the narrative of margin resilience.
• EMEA growth was notably impaired by an estimated EUR 6 million impact from Middle East conflicts, reducing growth by ~300 basis points in the region and ~100 basis points company-wide.
• Management reiterated fiscal 2026 revenue growth guidance of 13-15%, but heightened inflation and tariff risks raise doubts about delivery.
• Direct-to-consumer retail expanded 60% in constant currency, aided by new store openings, but ongoing investments in online capability signal pressure on profitability going forward.