Q4 2025 Birkenstock Holding PLC Earnings Call Transcript
Key Points
- Birkenstock Holding PLC (BIRK) reported strong double-digit top-line growth in constant currency, with a consistent 30% plus EBITDA margin.
- The company doubled its own store fleet to 97 stores, enhancing its retail footprint.
- APEC business grew at an average rate of 36% per year, contributing significantly to the company's revenue.
- Birkenstock Holding PLC (BIRK) achieved full-year revenue growth of 18% in constant currency, reaching EUR2.1 billion, the best year in its history.
- The company successfully managed to deleverage from 3.3 times to 1.5 times, while investing over €150 million into production capacity and buying back $200 million in shares.
- Birkenstock Holding PLC (BIRK) faces significant headwinds from FX and tariffs, impacting both gross margin and EBITDA margin by 200 basis points.
- The company's growth is limited by production capacity constraints, particularly in the premium product segment.
- There is a notable pressure on the vertically integrated supply chain due to increased demand for premium executions.
- The company anticipates a slower pace of growth for fiscal 2026, targeting constant currency revenue growth of 13 to 15%, down from 18% in 2025.
- Birkenstock Holding PLC (BIRK) is experiencing a drag on top-line growth due to the historically strong depreciation of the US dollar.
Join us for the Q&A.
Today we are reporting the results for our fiscal fourth quarter and full year September 30th, 2025. You may find the press release and supplemental presentation connected to today's discussion on our investor relations website at Birkenstock-foldings.com. The company's annual report for the year ended 30 September 2025 on Form 20 has been filed with the United States Securities and Exchange Commission and has also been posted to our website.
We would like to remind you that some of the information provided during today's call is forward-looking and accordingly is subject to the safe harbor provisions of federal securities laws. These statements are subject to various risks, uncertainties, and assumptions which could cause our actual results to differ materially from these statements.
These risks, uncertainties, and assumptions are detailed in this morning's press release, as well as in our filings with the SEC, which can be found on our website at Birkenstock-holding.com.
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