Birkenstock Holding plc Earnings Recaps
Q2 2026
May 15, 2026
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.
Key takeaways
- 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.
Q1 2026
Feb 13, 2026
Birkenstock Holding plc reported a robust Q1 fiscal 2026, achieving €402 million in revenues—an 11% increase on a reported basis and 18% in constant currency, significantly surpassing guidance.
Key takeaways
- B2B sales surged 24% in constant currency, outperforming DTC, which grew 12%.
- APAC revenues rose 37% in constant currency, reflecting strong growth potential in underpenetrated markets.
- Closed-toe products, led by key silhouettes, made up nearly 60% of revenue, indicating successful brand expansion beyond sandals.
- The company remains on track to open 40 new stores this fiscal year, enhancing its direct-to-consumer presence.