Birkenstock Holding plc (BIRK) SEC Filings & Earnings Calls

Significant share dilution from secondary offering reduces EPS and ownership percentage.

“Net increase of ~15.4M shares outstanding after partial redemption.”

Tariff impact on margins: 70bps headwind from U.S. tariffs in Q3, expected to persist

“incremental U.S. tariffs (70 basis points)” · word for word

FX headwind: 60bps impact on gross margin and EBITDA margin in Q3, expected 120bps for FY2026

“unfavorable currency translation (60 basis points); expected 120 basis point adverse impact for fiscal 2026”

Geopolitical risk from Middle East conflict impacting EMEA revenue (EUR 6M in Q2 2026), expected to continue

“adverse impact on EMEA revenue was approximately €6 million during the three months ended March 31, 2026; expected to continue to negatively affect revenue”

Tariff impact on margins: 70bps headwind from U.S. tariffs in Q3, expected to persist

“incremental U.S. tariffs (70 basis points)” · word for word

FX headwind: 60bps impact on gross margin and EBITDA margin in Q3, expected 120bps for FY2026

“unfavorable currency translation (60 basis points); expected 120 basis point adverse impact for fiscal 2026”

Geopolitical risk from Middle East conflict impacting EMEA revenue (EUR 6M in Q2 2026), expected to continue

“adverse impact on EMEA revenue was approximately €6 million during the three months ended March 31, 2026; expected to continue to negatively affect revenue”

Loss of a board member with strategic ties to Financière Agache; minimal near-term risk as Agache remains a strategic investor.

“Financière Agache is and will remain one of our closest strategic investors.” · word for word

Debt refinancing reduces interest expense but increases total debt; share repurchase adds leverage risk.

“Proceeds also for share repurchases; notes are senior unsecured obligations.”

Tariff exposure: US tariffs on EU imports could reach 25%, increasing COGS and pressuring margins.

“goods imported from the EU to the United States were made subject to at least 15% U.S. tariffs... surcharges could go up to a maximum of 15%” · word for word

DTC growth strategy execution risk; e-commerce platform and AI disruption risks.

“If we are unable to effectively execute our DTC growth strategy... our business may be harmed.” · word for word

Share repurchase uses cash and revolver; increases leverage.

“Company intends to fund the share repurchases under the Agreement with a combination of cash on hand and a drawing under its revolving credit facility” · word for word

Margin pressure from FX and tariffs; gross margin down 380bps, adjusted EBITDA margin down 270bps.

“Gross profit margin of 53.9%, down 380 basis points... Adjusted EBITDA margin of 32.1%, down 270 basis points” · word for word

Net profit down 22% due to FX, tariffs, and non-cash derivative revaluation.

“Net profit of EUR 82 million, down 22% year-over-year” · word for word

Political uncertainty, rising tariffs, U.S. dollar weakness, and ongoing war in Ukraine are noted as challenges.

“Despite political uncertainty, rising tariffs, U.S. dollar weakness, and the ongoing war in Ukraine, Birkenstock delivered results that exceeded expectations.” · word for word

Currency translation headwind of 300-350bps on revenue and 100bps on margins; tariff headwind of 100bps on margins.

“currency translation headwind of approximately 300-350 basis points... inclusive of approximately 100 basis points of headwind from currency translation and 100 basis points from incremental tariffs” · word for word

Margin pressure from FX and tariffs

“Unfavorable currency translation (220 bps) and incremental U.S. tariffs (130 bps) impacted gross margin and EBITDA margin.”

Capacity constraint by design

“Vertically integrated supply chain means capacity constrained by design; may limit ability to meet demand.”

FX risk: USD depreciation against EUR reduces reported revenue growth, impacting financial reporting.

“Significant depreciation of the US Dollar vs. the Euro in the fiscal first quarter 2026 compared to the fiscal first quarter 2025” · word for word

Consumer spending risk: macroeconomic conditions could impact discretionary spending on footwear.

“Economic conditions impacting consumer spending, such as inflation, tariffs and other trade policy actions” · word for word

Currency translation headwind expected in FY2026

“currency translation headwind of approximately 300-350 basis points (at current exchange rates)” · word for word

Incremental U.S. tariff headwinds

“incremental U.S. tariffs (100 basis points) impact on gross margin and EBITDA margin” · word for word