Q2 2026 Birkenstock Holding PLC Earnings Call Transcript
Key Points
- Birkenstock Holding PLC (BIRK) reported a strong revenue growth of over 14% in constant currency, within their target range of 13%-15%.
- The company's adjusted EBITDA margin remained robust at over 32%, despite challenges from FX and tariffs.
- APAC region showed impressive growth, doubling the pace of other regions, with a 30% increase in constant currency.
- The direct-to-consumer (D2C) business saw significant growth, with own retail increasing over 60% in constant currency.
- Birkenstock Holding PLC (BIRK) opened 5 new retail stores, bringing the global total to 111, and is on track to meet its target of 140 stores by the end of fiscal 2026.
- The company faced significant headwinds from the depreciation of the US dollar, Canadian dollar, and Asian currencies, which negatively impacted revenue growth by 640 basis points.
- Gross profit margin decreased by 380 basis points year-over-year, with adjusted gross profit margin down 310 basis points.
- Adjusted net profit fell by 10% year-over-year, with adjusted EPS down 9% from the previous year.
- The ongoing conflicts in the Middle East have disrupted supply chains, reducing EMEA revenue by about EUR6 million and growth by 300 basis points.
- Tariff increases have added pressure on margins, with tariffs now 10 percentage points higher than pre-Liberation Day levels.
Good morning. Thank you for standing by. Welcome to Birkenstock's second quarter 2026 earnings conference call. (Operator Instructions) I would like to remind everyone that this conference call is being recorded. I would now like to turn the call over to Megan Kulick, Director of Investor Relations.
Hello, and thank you everyone for joining us today. On the call are Oliver Reichert, Director of Birkenstock Holding plc and Chief Executive Officer of the Birkenstock Group; and Ivica Krolo, Chief Financial Officer of the Birkenstock Group. Nico Bouyakhf, President of EMEA; and Alexander Hoff, VP of Global Finance, will join us for Q&A.
Today, we are reporting the financial results for our fiscal second quarter ended March 31, 2026. You may find the press release and the supplemental presentation connected to today's discussion on our investor relations website at birkenstock-holding.com. Results have been filed on Form 6-K with the SEC.
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