📈 Price History

Ratio Health

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By Category

📊 Sector Averages

About

Birkenstock Holding plc engages in the manufacture and sale of footwear products in the Americas, Europe, the Middle East, Africa, and the Asia Pacific.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding BIRK

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	1.90M	$68.2M	0.09%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q3 2025

Confident Specific

Management repeatedly emphasized strong demand, pricing power, and ability to manage tariffs with no negative impact. They highlighted best-ever Q3 margins (EBITDA +140bps), accelerating sell-through in B2B (up 25% in Americas), and no pushback from price increases. Language like 'exceptional demand', 'strongest ever', 'winner' supports a highly confident and specific tone.

Q4 2025

Confident Specific

Management repeatedly stated 'strong double-digit top-line growth,' 'record year,' 'demand remains very strong,' and 'growth is only limited by our production capacity.' They provided precise figures (18% CC revenue, 31.8% EBITDA margin) and detailed forward guidance.

Q1 2026

Confident Specific

Management repeatedly used concrete numbers (18% constant currency growth, 90%+ full price sell-through, double-digit B2B growth) and forward guidance (at least EUR 700 million EBITDA) while acknowledging headwinds but framing them as manageable. Phrases like 'we are confident in our business model and its resilience' and 'the runway for growth is huge' reinforce this tone.

Q2 2026 latest

Confident Specific

Management expresses confidence in business resilience, citing 14% constant currency revenue growth and over 32% adjusted EBITDA margin despite headwinds from war, tariffs, and inflation. They reiterate 13-15% constant currency growth guidance and provide specific numerical breakdowns of impacts.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis remains intact but with near-term headwinds. Management demonstrated strong execution with 14% constant currency revenue growth and maintained margins above 32% despite FX and tariff pressures. The company is navigating geopolitical disruptions (Middle East war) and inflation by shifting product to other regions and relying on its engineered distribution model. The key watch items for next quarter are: (1) resolution of U.S. tariff uncertainty and timing of IEEPA refunds, (2) continued momentum in APAC and own retail, (3) ability to offset EMEA risks without diluting the full-price sell-through rate (currently >90%). The guidance assumes no further deterioration in macro conditions, so any negative surprise in consumer sentiment or trade policy could pressure the stock. Overall, the call reinforces the resilience narrative but highlights the need to monitor external factors.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Birkenstock Q2 2026: Revenue EUR 680M, 14% constant currency growth, reaffirms 13-15% FY guidance.

Revenue & Profitability

Q2 2026 revenue was EUR 680 million, up 8% reported and 14% in constant currency. Adjusted EBITDA was EUR 198 million (32.1% margin), down 1% year-over-year. Adjusted net profit was EUR 93 million (EUR 0.50 per share), down 10% year-over-year. Full-year FY 2026 guidance: constant currency revenue growth 13-15%, reported revenue EUR 2.3-2.35 billion, and adjusted EBITDA at least EUR 700 million.

Outlook

Management remains confident in strong demand despite multiple headwinds: Middle East conflicts disrupting supply chains, higher energy costs driving inflation (US 3.3%, Eurozone 3% in March/April 2026), and increased U.S. tariffs (now ~20% after Supreme Court ruling). Consumer sentiment in Europe is muted due to double-digit energy cost increases, while APAC demand remains very strong.

Growth Drivers

Key growth drivers include APAC expanding at over 2x the pace of other regions (30% CC), closed-toe penetration up 300 basis points (led by clogs), own retail fleet expansion (111 doors, targeting 140 by year-end, same-store sales up double digits), and strong B2B sell-through (up over 30% at key partners in the Americas). Digital investments are focused on mid/upper funnel and personalization.

Balance Sheet & CapEx

CapEx for Q2 was EUR 21 million, and full-year FY 2026 guidance is EUR 110-130 million. Investments are directed at production capacity expansion in Arouca, Görlitz, Ströth, Pasewalk, and the build-out of Wittichenau, as well as retail store openings and IT infrastructure.

Margins

Q2 adjusted gross margin was 54.6%, down 310 bps year-over-year (230 bps from FX, 90 bps from tariffs). Excluding FX and tariffs, gross margin expanded 10 bps. Full-year FY 2026 adjusted gross margin guidance is 57-57.5%, and adjusted EBITDA margin guidance is 30-30.5%, both inclusive of ~200 bps combined pressure from FX and tariffs. Tariffs are expected to impact Q3 by ~100 bps and Q4 by ~50 bps.

Key Risks

Risks include ongoing Middle East conflicts (direct and indirect EUR 10-12 million revenue risk in EMEA, mitigated by steering to other regions), elevated inflation and energy costs pressuring consumer wallets, U.S. tariff uncertainty (current rate ~20%, IEEPA refunds of ~EUR 30 million uncertain in timing), and persistent FX headwinds (640 bps drag on Q2 revenue growth, expected to ease in H2).

Generated by AI · Q2 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-05-13

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.

Q1 2026 Q1 2026 2026-02-12

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.

Q4 2025 Q4 2025 2025-12-18

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.

Q3 2025 Q3 2025 2025-08-14

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.

Q2 2025 Q2 2025 2025-05-15

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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