Birkenstock Q2 revenue slightly misses on currency and tariff headwinds

Overview

• Germany footwear maker's fiscal Q2 revenue grew 8%, slightly missing analyst expectations

• Adjusted EPS for fiscal Q2 fell 9% yr/yr, impacted by tariffs and currency headwinds

• Company confirmed full-year guidance for 13-15% revenue growth and 30%+ adjusted EBITDA margin

Outlook

• Birkenstock confirms fiscal 2026 revenue growth target of 13-15% in constant currency

• Company expects adjusted EPS for fiscal 2026 of EUR 1.90-2.05, inclusive of tariff and F/X impacts

• Birkenstock sees adjusted EBITDA margin of 30.0-30.5% for fiscal 2026

Result Drivers

• CURRENCY AND TARIFF HEADWINDS - Gross profit margin and adjusted EPS declined, mainly due to unfavorable currency translation and incremental U.S. tariffs

• STRONG DEMAND IN APAC - APAC revenue grew 30% in constant currency, the highest among regions, driven by increased closed-toe penetration and higher average selling prices

• WAR IMPACTS EMEA - Conflict in the Middle East negatively affected EMEA revenue by about EUR 6 mln and dampened consumer sentiment in Europe

Company press release: ID:nEQTWxFba

Key Details

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 18 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the footwear peer group is "buy"

• Wall Street's median 12-month price target for Birkenstock Holding PLC is $60.00, about 58.1% above its May 12 closing price of $37.95

• The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 15 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.