6-K
Birkenstock Holding plc (BIRK)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of May 2025
Commission File Number 001-41836
Birkenstock Holding plc
(Translation of registrant’s name into English)
1-2 Berkeley Square
London W1J 6EA
United Kingdom (Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F ☒ Form 40-F ☐
Explanatory Note
On May 15, 2025, Birkenstock Holding plc issued a press release reporting its fiscal second quarter 2025 (ended March 31, 2025) financial results. A copy of the press release is furnished as Exhibit 99.1 to this Report on Form 6-K and incorporated by reference herein.
The information in this Report on Form 6-K (including Exhibit 99.1 hereto) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Exhibit Index
| Exhibit Number | Description |
|---|---|
| 99.1 | Press Release of Birkenstock Holding plc, dated May 15, 2025. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Birkenstock Holding plc | |
|---|---|
| Date: May 15, 2025 | By:/s/ Ruth Kennedy______________ |
| Name: Ruth Kennedy | |
| Title: Director |
EX-99.1
Exhibit 99.1
| PRESS RELEASE | MEDIA CONTACT<br><br>Birkenstock Holding plc<br><br>ir@Birkenstock-holding.com | ||
|---|---|---|---|
| LONDON, UNITED KINGDOM | May 15, 2025 |
BIRKENSTOCK REPORTS strong fiscal second Quarter 2025 ahead of annual guidance; raises FISCAL 2025 adjusted ebitda guidance to EUR 660-670 million
Birkenstock Holding plc, (together with its subsidiaries, "BIRKENSTOCK”, the “Company” or “we”, NYSE: BIRK) today announces financial results for the second quarter ended March 31, 2025. The Company reports second quarter revenue growth of 19%. On a constant currency basis, revenue growth was 18%, ahead of the Company's annual guidance, driven by strong demand for its products across all segments, channels and categories.
The Company now sees Fiscal 2025 revenue growth at the high-end of previous guidance (15-17% in constant currency) and is increasing its adjusted EBITDA margin guidance to a range of 31.3-31.8%, 50 basis points above previous guidance. This implies an adjusted EBITDA target in the range of EUR 660-670 million, up 19-21% year-over-year.
Financial highlights for the second quarter ended March 31, 2025, (compared to the second quarter ended March 31, 2024):
Revenue of EUR 574 million, an increase of 19% on a reported basis and 18% in constant currency
Strong double-digit revenue growth across all segments; 23% (20% in constant currency) in the Americas, 12% in EMEA (reported and in constant currency) and 30% in APAC (reported and in constant currency)
B2B revenue growth of 19% on a reported basis and 18% in constant currency
DTC revenue growth of 19% on a reported basis and 17% in constant currency
Gross profit margin of 57.7%, up 140 basis points from 56.3% in the second quarter of 2024 due to sales price adjustments (net of input costs), better absorption of the new manufacturing capacity added in September 2023 and favorable currency translation
Net profit of EUR 105 million, up 47% from EUR 72 million; EPS of EUR 0.56, up 47% from EUR 0.38
Adjusted Net profit of EUR 103 million, up 33% from EUR 77 million; Adjusted earnings per share of EUR 0.55, up 34% from EUR 0.41
Adjusted EBITDA of EUR 200 million, up 23% year-over-year; Adjusted EBITDA margin of 34.8%, up 110 basis points from 33.7% a year ago
Cash flows used in operating activities was EUR 18 million; operating cash flow was down EUR 68 million year-over-year, primarily due to the timing of tax payments related to prior periods
Oliver Reichert, CEO of BIRKENSTOCK and Member of the Board of Directors of the Company: “We are off to a very strong start to Fiscal 2025 and now expect to be at the high end of our revenue growth target of 15-17%. Additionally, we are raising our adjusted EBITDA margin target to 31.3-31.8%, implying EUR 660-670 million in adjusted EBITDA. We expect that the tariff situation may create a unique shift in consumer behavior in the footwear category with a split between the few brands, like BIRKENSTOCK, who manage strong brand equity through relative scarcity and those who distribute their products with less discipline and pricing integrity. We will navigate these uncertain times from a position of strength. Our decades-long track record of managing our brand through a consistent engineered distribution strategy puts BIRKENSTOCK in an enviable position to take additional shelf space and gain share. We are a brand with industry leading growth, pricing power, clean inventories, strong profitability, global reach, a very healthy balance sheet and cash generation."
Fiscal second quarter 2025 results demonstrate strong consumer demand for BIRKENSTROCK products
BIRKENSTOCK reports fiscal second quarter 2025 revenue of EUR 574 million, up 19% compared to the fiscal second quarter of 2024 on a reported basis and up 18% in constant currency. Revenue growth was supported by double-digit unit growth and mid-single-digit growth in Average Selling Price (ASP). Closed-toe shoes continue to out-pace the strong double digit growth of sandals, contributing to the higher ASP.
B2B revenue grew 19% on a reported basis and 18% in constant currency, supported by strong sell-in for the important Spring/Summer season of both sandals and closed-toe silhouettes. As expected, DTC revenue growth accelerated in the quarter, up 19% in reported and 17% in constant currency. Double-digit growth in digital as well as very strong retail performance contributed to the improved DTC trends. The Company opened 6 new owned stores during the fiscal second quarter of 2025, bringing the total number of owned retail stores to 77.
Double-digit revenue growth driven by strength in all segments
In the Americas segment, BIRKENSTOCK delivered second quarter revenue growth of 23% on a reported basis and 20% in constant currency. Both B2B and DTC grew at a strong double-digit pace. B2B growth was led by youth, sporting goods, outdoor and department stores. During the quarter, the Company opened a new store in Nashville, bringing the total number of own stores in the Americas segment to ten.
Revenue in EMEA grew 12% in the second quarter of 2025 in reported and constant currency. DTC growth out-paced B2B during the second quarter, with strong growth in both digital and retail. The Company opened new stores in London and Paris, bringing total stores in the EMEA segment to 37.
In the APAC segment, BIRKENSTOCK achieved revenue growth of 30% on a reported and constant currency basis in the second quarter of 2025. The Company continues to invest in this important growth segment and seeks to increase brand awareness by expanding its physical presence. The Company opened three new owned stores, bringing the total in APAC to 30. Additionally, the Company grew the number of mono-brand partner stores by 20%.
| 2 | BIRKENSTOCK HOLDING PLC | press release | May 15, 2025 |
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Investing in production capacity to meet consumer demand
BIRKENSTOCK invested approximately EUR 21 million in capital expenditures in the second quarter of 2025, primarily to expand production capacity.
BIRKENSTOCK ended the quarter with cash and cash equivalents of EUR 235 million and net leverage of 1.8x as of March 31, 2025, in line with 1.8x at September 30, 2024 due to the normal seasonality in working capital. The Company remains committed to further deleveraging its balance sheet with free cash flow, targeting approximately 1.5x net leverage by the end of Fiscal 2025.
Company updates guidance for Fiscal 2025
BIRKENSTOCK is updating its previous guidance for Fiscal 2025 as follows:
- Revenue growth is expected to be at the high end of 15-17% range in constant currency
- Adjusted EBITDA margin of 31.3-31.8%, up from 30.8-31.3%, implying an adjusted EBITDA range of EUR 660-670 million for the fiscal year
| 3 | BIRKENSTOCK HOLDING PLC | press release | May 15, 2025 |
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Conference call information
BIRKENSTOCK will host a call to discuss fiscal second quarter 2025 results on May 15, 2025, at 8:00 a.m. Eastern Time (1:00 p.m. British Summer Time). A webcast of the call will be accessible on the Company’s Investor Relations website at https://www.birkenstock-holding.com. To join the phone line, please dial 1-888-506-0062 (US) or 1-973-528-0011 (International). The access code for the call is 159335. To access the phone line replay after the conclusion of the call, please dial 1-877-481-4010 (US) or 1-919-882-2331 (International). The access code for the replay is 52272. An archive of the webcast will also be available on BIRKENSTOCK’s Investor Relations website.
ABOUT BIRKENSTOCK
Birkenstock Holding plc is the ultimate parent company of Birkenstock Group B.V. & Co. KG and its subsidiaries. BIRKENSTOCK is a global brand which embraces all consumers regardless of geography, gender, age and income and which is committed to a clear purpose - encouraging proper foot health. Deeply rooted in studies of the biomechanics of the human foot and backed by a family tradition of shoemaking that can be traced back to 1774, BIRKENSTOCK is a timeless «super brand» with a brand universe that transcends product categories and ranges from entry-level to luxury price points while addressing the growing need for a conscious and active lifestyle. Function, quality and tradition are the core values of the Zeitgeist brand which features products in the footwear, sleep systems and natural cosmetics categories. BIRKENSTOCK is the inventor of the footbed and has shaped the principle of walking as intended by nature ("Naturgewolltes Gehen").
INVESTOR & MEDIA CONTACT
Birkenstock Holding plc
ir@birkenstock-holding.com
| 4 | BIRKENSTOCK HOLDING PLC | press release | May 15, 2025 |
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this press release may constitute “forward-looking” statements and information within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to our current expectations and views of future events, including our current expectations and views with respect to, among other things, our operations and financial performance. In particular, such forward-looking statements include statements relating to our fiscal 2025 outlook. Forward-looking statements include all statements that do not relate to matters of historical fact. In some cases, you can identify these forward-looking statements by the use of words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “estimate” and “potential,” “aim,” “anticipate,” “assume,” “continue,” “could,” “expect,” “forecast,” “guidance,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would” or similar words or phrases, or the negatives of those words or phrases. The forward-looking statements contained in this press release are based on the Company’s management’s current expectations and are not guarantees of future performance. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward- looking statements. Our actual results could differ materially from those expected in our forward-looking statements for many reasons, including: our dependence on the image and reputation of the BIRKENSTOCK brand; the intense competition we face from both established companies and newer entrants into the market; our ability to execute our DTC growth strategy and risks associated with our e-commerce platforms; our ability to adapt to changes in consumer preferences and attract new customers; harm to our brand and market share due to counterfeit products; our ability to successfully operate and expand retail stores; losses and liabilities arising from leased and owned real estate; risks relating to our non-footwear products; failure to realize expected returns from our investments in our businesses and operations; our ability to adequately manage our acquisitions, investments or other strategic initiatives; our ability to manage our operations at our current size or manage future growth effectively; our dependence on third parties for our sales and distribution channels; risks related to the conversion of wholesale distribution markets to owned and operated markets and risks related to productivity or efficiency initiatives; operational challenges relating to the distribution of our products; deterioration or termination of relationships with major wholesale partners; global or regional health events; seasonality, weather conditions and climate change; adverse events influencing the sustainability of our supply chain or our relationships with major suppliers or increases in raw materials or labor costs; our ability to effectively manage inventory; unforeseen business interruptions and other operational problems at our production facilities; disruptions to our shipping and delivery arrangements; failure to attract and retain key employees and deterioration of relationships with employees, employee representative bodies and stakeholders; risks relating to our intellectual property rights; risks relating to regulations governing the use and processing of personal data; disruption and security breaches affecting information technology systems; natural disasters, public health crises, political crises, civil unrest and other catastrophic events beyond our control; economic conditions impacting consumer spending, such as inflation, tariffs and other trade policy actions, the deterioration of consumer sentiment, and a deterioration of the macroeconomic situation generally, and our ability to react to any of them; currency exchange rate fluctuations; risks related to litigation, compliance and regulatory matters; risks and costs related to corporate responsibility and ESG matters; inadequate insurance coverage, or increased insurance costs; tax- related risks; risks related to our indebtedness; risks related to our status as a foreign private issuer and a “controlled company”; and the factors described in the sections titled “Cautionary Statement Regarding Forward-Looking Statements” and “Risk Factors” in our Annual Report on Form 20-F filed with the Securities and Exchange Commission on January 18, 2024 as updated by our reports on Form 6-K that update, supplement or supersede such information. Any forward-looking statement made by us in this press release speaks only as of the date of this press release and is expressly qualified in its entirety by the cautionary statements included in this press release. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law.
| 5 | BIRKENSTOCK HOLDING PLC | press release | May 15, 2025 |
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Non-IFRS Financial Information and other metrics
This press release includes “non-IFRS measures” that are financial measures that either exclude or include amounts that are not excluded or included in the most directly comparable measures calculated and presented in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). Specifically, we make use of the non-IFRS financial measures Adjusted EBITDA, Adjusted EBITDA Margin, Constant Currency Revenue growth, Adjusted EPS (Basic/Diluted), Adjusted Net profit, Net leverage and Net debt, which are not recognized measures under IFRS and should not be considered as alternatives to net income (loss), as a measure of financial performance or any other performance measure derived in accordance with IFRS.
We discuss non-IFRS financial measures in this press release because they are a basis upon which our management assesses our performance, and we believe they reflect underlying trends and are indicators of our business. Additionally, we believe that such non-IFRS financial measures and similar measures are widely used by securities analysts, investors and other interested parties as a means of evaluating a company’s performance.
Our non-IFRS financial measures may not be comparable to similarly titled measures used by other companies. Our non-IFRS financial measures have limitations as analytical tools, as they do not reflect all the amounts associated with our results of operations as determined in accordance with IFRS. Our non-IFRS financial measures should not be considered in isolation, nor should they be regarded as a substitute for, or superior to, measures calculated and presented in accordance with IFRS. A reconciliation is provided in the tables accompanying this press release for each non-IFRS financial measure in this press release to the most directly comparable financial measure stated in accordance with IFRS. A reconciliation is not provided for any forward-looking non-IFRS financial measures as such a reconciliation is not available without unreasonable efforts.
Average selling price (“ASP”) is calculated by dividing our total revenue from sales of footwear pairs by the number of footwear pairs sold. Prior to fiscal 2024, ASP was calculated by dividing our total revenue by our total number of units of all products sold. The difference between these two methods is immaterial. Our management uses group ASP in managing and monitoring the performance of the business. We believe presenting a directional change in ASP provides useful information to investors as it helps facilitate an enhanced understanding of our operating results and enables them to make more meaningful period-to-period comparisons, particularly because a change in ASP is typically one of several principal drivers of our revenue development between periods. However, in channels and segments, ASP can vary significantly based on various factors and circumstances, and, therefore, management believes that quantifying ASP or the directional change thereof at segment or channel level would provide a level of granularity not considered helpful and potentially misleading.
| 6 | BIRKENSTOCK HOLDING PLC | press release | May 15, 2025 |
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Birkenstock Holding plc
Consolidated Statements of Profit
(In thousands of Euros, except share and per share information)
| Three months ended March 31, | Six months ended March 31, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Revenue | 574,330 | 481,244 | 936,049 | 784,168 | ||||||||
| Cost of sales | (242,756 | ) | (210,084 | ) | (386,441 | ) | (328,140 | ) | ||||
| Gross profit | 331,574 | 271,160 | 549,608 | 456,028 | ||||||||
| Selling and distribution expenses | (126,501 | ) | (113,155 | ) | (244,656 | ) | (216,639 | ) | ||||
| General and administrative expenses | (32,447 | ) | (19,986 | ) | (56,551 | ) | (54,377 | ) | ||||
| Foreign exchange gain (loss) | 2,570 | (5,483 | ) | (9,301 | ) | (17,138 | ) | |||||
| Other income (expense), net | 127 | (25 | ) | 253 | 206 | |||||||
| Profit from operations | 175,323 | 132,511 | 239,353 | 168,080 | ||||||||
| Finance cost, net | (25,612 | ) | (27,389 | ) | (50,390 | ) | (63,439 | ) | ||||
| Profit before tax | 149,711 | 105,122 | 188,963 | 104,641 | ||||||||
| Income tax expense | (44,598 | ) | (33,470 | ) | (63,731 | ) | (40,144 | ) | ||||
| Net profit | 105,113 | 71,652 | 125,232 | 64,497 | ||||||||
| Earnings per share | ||||||||||||
| Basic | 0.56 | 0.38 | 0.67 | 0.34 | ||||||||
| Diluted | 0.56 | 0.38 | 0.67 | 0.34 | ||||||||
| Shares | 187,829,202 | 187,825,592 | 187,829,202 | 187,370,399 | ||||||||
| 7 | BIRKENSTOCK HOLDING PLC | press release | May 15, 2025 | |||||||||
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Birkenstock Holding plc
Condensed Consolidated Statements of Financial Position
(In thousands of Euros)
| March 31, | September 30, | ||||
|---|---|---|---|---|---|
| 2025 | 2024 | ||||
| Assets | |||||
| Non-current assets | |||||
| Goodwill | 1,576,481 | 1,554,621 | |||
| Intangible assets (other than goodwill) | 1,658,872 | 1,639,393 | |||
| Property, plant and equipment | 333,608 | 318,843 | |||
| Right-of-use assets | 176,981 | 171,334 | |||
| Deferred tax assets | 1,267 | 117 | |||
| Other assets | 29,113 | 37,351 | |||
| Total non-current assets | 3,776,322 | 3,721,659 | |||
| Current assets | |||||
| Inventories | 699,824 | 624,807 | |||
| Trade and other receivables | 248,659 | 114,302 | |||
| Current tax assets | 11,488 | 11,263 | |||
| Other current assets | 53,816 | 57,065 | |||
| Cash and cash equivalents | 235,399 | 355,843 | |||
| Total current assets | 1,249,186 | 1,163,280 | |||
| Total assets | 5,025,508 | 4,884,939 | |||
| Shareholders' equity and liabilities | |||||
| Shareholders' equity | 2,792,922 | 2,625,019 | |||
| Non-current liabilities | |||||
| Loans and borrowings | 1,170,874 | 1,169,965 | |||
| Tax receivable agreement liability | 338,140 | 344,590 | |||
| Lease liabilities | 148,298 | 143,199 | |||
| Other provisions | 5,898 | 4,867 | |||
| Deferred tax liabilities | 142,062 | 131,003 | |||
| Deferred income | 13,941 | 13,737 | |||
| Other liabilities | 4,887 | 4,666 | |||
| Total non-current liabilities | 1,824,100 | 1,812,027 | |||
| Current liabilities | |||||
| Loans and borrowings | 29,721 | 24,670 | |||
| Tax receivable agreement liability | 35,598 | 15,300 | |||
| Lease liabilities | 41,810 | 40,874 | |||
| Trade and other payables | 128,632 | 136,280 | |||
| Accrued liabilities | 29,511 | 29,411 | |||
| Other financial liabilities | 9,029 | 3,971 | |||
| Other provisions | 22,105 | 31,164 | |||
| Contract liabilities | 4,912 | 7,999 | |||
| Tax liabilities | 85,628 | 144,730 | |||
| Other current liabilities | 21,540 | 13,494 | |||
| Total current liabilities | 408,486 | 447,893 | |||
| Total liabilities | 2,232,586 | 2,259,920 | |||
| Total shareholders' equity and liabilities | 5,025,508 | 4,884,939 | |||
| 8 | BIRKENSTOCK HOLDING PLC | press release | May 15, 2025 | ||
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Birkenstock Holding plc
Consolidated Statements of Cash Flows
(In thousands of Euros)
| Three months ended March 31, | Six months ended March 31, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||||||
| Net profit (loss) | 105,113 | 71,651 | 125,232 | 64,497 | ||||||||
| Adjustments to reconcile net profit (loss) to net cash flows from operating activities: | ||||||||||||
| Depreciation and amortization | 27,312 | 24,137 | 53,504 | 47,384 | ||||||||
| Loss on disposal of property, plant and equipment | 37 | (62 | ) | 54 | (62 | ) | ||||||
| Change in expected credit loss | 87 | (128 | ) | 186 | (128 | ) | ||||||
| Finance cost, net | 25,612 | 27,389 | 50,390 | 63,439 | ||||||||
| Net exchange differences | (7,756 | ) | 5,418 | 8,351 | 17,138 | |||||||
| Non-cash operating items | 122 | 5 | 243 | 2,394 | ||||||||
| Income tax expense | 44,598 | 33,470 | 63,731 | 40,144 | ||||||||
| Income tax paid | (63,087 | ) | (6,312 | ) | (113,596 | ) | (10,153 | ) | ||||
| MIP personal income tax paid / reimbursement, net | - | - | - | (11,426 | ) | |||||||
| Changes in Working capital: | (150,326 | ) | (105,609 | ) | (218,028 | ) | (208,694 | ) | ||||
| - Inventories | 4,444 | 1,035 | (68,810 | ) | (65,902 | ) | ||||||
| - Right to return assets | 643 | (248 | ) | 54 | (278 | ) | ||||||
| - Trade and other receivables | (173,467 | ) | (120,122 | ) | (134,916 | ) | (109,140 | ) | ||||
| - Trade and other payables | 12,360 | 15,958 | (4,946 | ) | 21 | |||||||
| - Accrued liabilities | 5,827 | 7,386 | (25 | ) | (7,809 | ) | ||||||
| - Other current financial liabilities | 141 | 7,035 | 283 | 863 | ||||||||
| - Other current provision | (3,044 | ) | (3,289 | ) | (9,404 | ) | (14,982 | ) | ||||
| - Contract liabilities | (5,900 | ) | (5,349 | ) | (3,345 | ) | 2,874 | |||||
| - Prepayments | 3,162 | 1,688 | (831 | ) | (8,231 | ) | ||||||
| - Other current financial assets | - | - | - | - | ||||||||
| - Other | 5,508 | (9,703 | ) | 3,912 | (6,110 | ) | ||||||
| Net cash flows provided by operating activities | (18,288 | ) | 49,959 | (29,933 | ) | 4,533 | ||||||
| Interest received net of taxes withheld | 1,270 | 948 | 3,161 | 2,164 | ||||||||
| Purchases of property, plant and equipment | (18,894 | ) | (16,820 | ) | (33,541 | ) | (34,931 | ) | ||||
| Purchases of intangible assets | (1,953 | ) | (1,815 | ) | (6,094 | ) | (2,303 | ) | ||||
| Proceeds from sale of property, plant and equipment | 7 | 78 | 19 | 78 | ||||||||
| Purchase of other assets | (1,430 | ) | - | (1,430 | ) | - | ||||||
| Receipt of government grant | - | - | 1,888 | 8,739 | ||||||||
| Net cash flows (used in) investing activities | (21,000 | ) | (17,609 | ) | (35,997 | ) | (26,253 | ) | ||||
| IPO Proceeds, net of transaction costs | - | (83 | ) | - | 449,214 | |||||||
| Repayment of loans and borrowings, net | (2,051 | ) | (764 | ) | (4,205 | ) | (525,278 | ) | ||||
| Payment of transaction costs related to refinancing | - | - | (250 | ) | - | |||||||
| Interest paid | (8,042 | ) | (15,030 | ) | (26,294 | ) | (49,453 | ) | ||||
| Payments of lease liabilities | (10,603 | ) | (8,390 | ) | (20,599 | ) | (16,656 | ) | ||||
| Interest portion of lease liabilities | (2,304 | ) | (2,082 | ) | (4,636 | ) | (3,928 | ) | ||||
| Net cash flows (used in) financing activities | (23,000 | ) | (26,349 | ) | (55,984 | ) | (146,101 | ) | ||||
| Net increase (decrease) in cash and cash equivalents | (62,288 | ) | 6,001 | (121,914 | ) | (167,821 | ) | |||||
| Cash and cash equivalents at beginning of period | 298,594 | 169,379 | 355,843 | 344,408 | ||||||||
| Net foreign exchange difference | (907 | ) | 348 | 1,470 | (859 | ) | ||||||
| Cash and cash equivalents at end of period | 235,399 | 175,728 | 235,399 | 175,728 | ||||||||
| 9 | BIRKENSTOCK HOLDING PLC | press release | May 15, 2025 | |||||||||
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Birkenstock Holding plc
Reconciliation of Revenue to Constant Currency Revenue
(In thousands of Euros, unless otherwise stated)
| Three months ended March 31, | Constant Currency Growth [%] | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | Growth [%] | |||||||||
| B2B | 432,484 | 362,524 | 19 | % | 18 | % | |||||
| DTC | 140,705 | 117,773 | 19 | % | 17 | % | |||||
| Corporate / Other | 1,141 | 947 | 20 | % | 21 | % | |||||
| Total Revenue | 574,330 | 481,244 | 19 | % | 18 | % | |||||
| Americas | 312,524 | 254,046 | 23 | % | 20 | % | |||||
| EMEA | 212,845 | 189,519 | 12 | % | 12 | % | |||||
| APAC | 47,820 | 36,732 | 30 | % | 30 | % | |||||
| Corporate / Other | 1,141 | 947 | 20 | % | 21 | % | |||||
| Total Revenue | 574,330 | 481,244 | 19 | % | 18 | % | |||||
| Six months ended March 31, | Constant Currency Growth [%] | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |
| 2025 | 2024 | Growth [%] | |||||||||
| B2B | 614,529 | 502,934 | 22 | % | 21 | % | |||||
| DTC | 319,222 | 278,428 | 15 | % | 13 | % | |||||
| Corporate / Other | 2,298 | 2,806 | (18 | )% | (18 | )% | |||||
| Total Revenue | 936,049 | 784,168 | 19 | % | 18 | % | |||||
| Americas | 523,224 | 435,499 | 20 | % | 18 | % | |||||
| EMEA | 315,604 | 277,047 | 14 | % | 13 | % | |||||
| APAC | 94,923 | 68,816 | 38 | % | 38 | % | |||||
| Corporate / Other | 2,298 | 2,806 | (18 | )% | (18 | )% | |||||
| Total Revenue | 936,049 | 784,168 | 19 | % | 18 | % | |||||
| Six months ended March 31, | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2024 | 2025 | 2024 | |||||||||
| Total Revenue | 574,330 | 481,244 | 936,049 | 784,168 | |||||||
| impact | (8,155 | ) | 3,364 | (9,221 | ) | 784,168 | |||||
| CAD impact | 956 | 692 | 1,206 | 12,104 | |||||||
| Other currencies impact | (731 | ) | 276 | (1,296 | ) | (781,288 | ) | ||||
| Total Revenue @ constant currencies | 566,400 | 485,576 | 926,738 | 799,152 | |||||||
| Revenue growth @ constant currencies | 18 | % | 23 | % | 18 | % | 24 | % |
All values are in US Dollars.
| 10 | BIRKENSTOCK HOLDING PLC | press release | May 15, 2025 |
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Birkenstock Holding plc
Reconciliation of Net profit to Adjusted Net profit
(In thousands of Euros, except share and per share information)
| Three months ended March 31, | Six months ended March 31, | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||||||||
| Net profit (loss) | 105,113 | 71,652 | 125,232 | 64,497 | |||||||
| Add (Less) Adjustments: | |||||||||||
| Share-based compensation expenses(1) | - | - | - | 3,591 | |||||||
| IPO-related costs(2) | - | 166 | - | 7,460 | |||||||
| Secondary offering related costs(3) | - | - | - | - | |||||||
| Realized and unrealized FX gains / losses(4) | (2,570 | ) | 5,483 | 9,301 | 17,138 | ||||||
| Release of capitalized transaction costs(5) | - | - | - | 10,548 | |||||||
| Tax adjustment(6) | 146 | (282 | ) | 1,422 | (9,501 | ) | |||||
| Adjusted Net profit (loss) | 102,689 | 77,020 | 135,955 | 93,733 | |||||||
| - | - | - | - | ||||||||
| Adj. Earnings per share | |||||||||||
| Basic | 0.55 | 0.41 | 0.72 | 0.50 | |||||||
| Diluted | 0.55 | 0.41 | 0.72 | 0.50 | |||||||
| Shares | 187,829,202 | 187,825,592 | 187,829,202 | 187,370,399 |
(1) Represents share-based compensation expenses relating to the management investment plan.
(2) Represents IPO-related costs, which include consulting as well as legal fees.
(3) Represents costs associated with the secondary offering on behalf of the selling shareholder. The secondary offering was completed on June 28, 2024, with no cost incurred in the three months ended March 31, 2025 and 2024 as well as in the six months ended March 31, 2025 and 2024.
(4) Represents the primarily non-cash impact of foreign exchange rates within profit (loss). We do not consider these gains and losses representative of operating performance of the business because they are primarily driven by fluctuations in the USD to Euro foreign exchange rate on intercompany receivables for inventory and intercompany loans.
(5) Represents the effect of reversing capitalized transaction costs of the Original USD Term Loan due to its early repayment of USD 450 million in the first quarter ended December 31, 2023 and the subsequent impact on finance costs.
(6) Represents income tax effects for the adjustments as outlined above, except for unrealized foreign exchange gain (loss) and share-based compensation expenses since these have not been treated as tax deductible in the initial tax calculation.
| 11 | BIRKENSTOCK HOLDING PLC | press release | May 15, 2025 |
|---|
Birkenstock Holding plc
Reconciliation of Net profit to EBITDA and Adjusted EBITDA
(In thousands of Euros)
| Three months ended March 31, | Six months ended March 31, | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||||||
| Net profit (loss) | 105,113 | 71,652 | 125,232 | 64,497 | |||||
| Add: | |||||||||
| Income tax expense | 44,598 | 33,470 | 63,731 | 40,144 | |||||
| Finance cost, net | 25,612 | 27,389 | 50,390 | 63,439 | |||||
| Depreciation and amortization | 27,312 | 24,137 | 53,504 | 47,384 | |||||
| EBITDA | 202,635 | 156,648 | 292,857 | 215,464 | |||||
| Add Adjustments: | |||||||||
| Share-based compensation expenses(1) | - | - | - | 3,591 | |||||
| IPO-related costs(2) | - | 166 | - | 7,460 | |||||
| Secondary offering related costs(3) | - | - | - | - | |||||
| Realized and unrealized FX gains / losses(4) | (2,570 | ) | 5,483 | 9,301 | 17,138 | ||||
| Adjusted EBITDA | 200,065 | 162,297 | 302,158 | 243,653 |
(1) Represents share-based compensation expenses relating to the management investment plan.
(2) Represents IPO-related costs, which include consulting as well as legal fees.
(3) Represents costs associated with the secondary offering on behalf of the selling shareholder. The secondary offering was completed on June 28, 2024, with no cost incurred in the three months ended March 31, 2025 and 2024 as well as in the six months ended March 31, 2025 and 2024.
(4) Represents the primarily non-cash impact of foreign exchange rates within profit (loss). We do not consider these gains and losses representative of operating performance of the business because they are primarily driven by fluctuations in the USD to Euro foreign exchange rate on intercompany receivables for inventory and intercompany loans.
Birkenstock Holding plc
Reconciliation of Net debt and Net leverage
(In thousands of Euros, unless otherwise stated)
| September 30, | |||||
|---|---|---|---|---|---|
| 2024 | |||||
| Loans and borrowings (Non-current) | 1,170,874 | 1,169,965 | |||
| + Term Loan (Current) | 7,964 | 7,890 | |||
| + Lease liabilities (Non-current) | 148,298 | 143,199 | |||
| + Lease liabilities (Current) | 41,810 | 40,874 | |||
| - Cash and cash equivalents | (235,399 | ) | (355,843 | ) | |
| Net debt | 1,133,547 | 1,006,085 | |||
| Adjusted EBITDA (LTM) | 613,461 | 554,955 | |||
| Net leverage | 1.8 | x | 1.8 | x |
All values are in US Dollars.
| 12 | BIRKENSTOCK HOLDING PLC | press release | May 15, 2025 |
|---|