# Birkenstock Holding plc (BIRK) Informational only - not investment advice. CIK: 0001977102 SIC: 3140 Footwear, (No Rubber) SIC breadcrumb: [Manufacturing](/division/D/) > [SIC Major Group 31](/major-group/31/) > [SIC 3140 Footwear, (No Rubber)](/industry/3140/) Latest 10-K filed: 2025-12-18 SEC page: https://www.sec.gov/edgar/browse/?CIK=1977102 Filing source: https://www.sec.gov/Archives/edgar/data/1977102/000119312525323599/birk-20250930.htm ## At a glance No standardized annual SEC companyfacts metrics were extracted for this company; the at-a-glance panel is omitted rather than estimated. No market price, no rating, no forecast on this site. Not investment advice. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | ## Financials No standardized annual SEC companyfacts metrics were extracted for this company. ## Quarterly No clean discrete quarterly SEC companyfacts metrics were extracted for this company. ## Filed narrative (10-K & 10-Q) ## Latest quarter (10-Q) No recent 10-Q filing was found in the SEC submissions feed for this filer. ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1977102/000119312525323599/birk-20250930.htm Complete FY 2025 MD&A: /company/BIRK/mda/fy2025/ Extracted from a substantive MD&A body after the formal Item 7 span was a TOC or reference stub. Confidence: high Filing date: 2025-12-18 Report date: 2025-09-30 Overview BIRKENSTOCK is a revered global brand rooted in function, quality and tradition dating back to 1774. We are guided by a simple, yet fundamental insight: human beings are intended to walk barefoot on natural, yielding ground, a concept we refer to as “Naturgewolltes Gehen.” Our purpose is to empower all people to walk as intended by nature. The legendary BIRKENSTOCK footbed represents the best alternative to walking barefoot, encouraging proper foot health by evenly distributing weight and reducing pressure points and friction. We believe our function-first approach is universally relevant; all humans — anywhere and everywhere — deserve to walk in our footbed. We primarily generate revenue through the sale of footbed-based products from our broad portfolio of over 700 silhouettes, anchored by our iconic Core Silhouettes, the Madrid, Arizona, Boston, Gizeh and Mayari. We engineer and produce 100% of our footwear in the EU through our vertically integrated manufacturing operations, thereby ensuring each pair sold meets our rigorous quality standards. Our materials and components are primarily sourced from suppliers in Europe and considered to be processed under the highest environmental and social standards in the industry. Our strongest, most developed segments are the Americas and EMEA, which represented 52% and 37% of revenue, respectively, for the year ended September 30, 2025. Our APAC segment has demonstrated considerable growth potential, which has not been fully realized historically due to the finite nature of our product supply as a result of limited production capacities, and our deliberate decisions to prioritize the Americas and EMEA segments. We optimize growth and profitability through a multi-channel DTC and B2B distribution strategy that we refer to as 'engineered distribution.' We operate our channels synergistically, seeking to grow both simultaneously. We utilize the B2B channel to facilitate brand accessibility while steering consumers to our DTC channel, which offers our complete product range and access to our most desired and unique silhouettes. Across both channels, we execute a strategic allocation and product segmentation process, often down to the single door level, to ensure we sell the right product in the right channel at the right price point. This approach 63 Table of Contents is centered on the strategic calibration of our ASP and employs key levers such as the expansion of our DTC channel, market conversions from third-party distributors, optimization of our wholesale partner network, increased overall share of premium products and strategic pricing. This process allows us to manage the finite nature of our production capacity with a rigorous focus on control of our brand image and profitability. As a result, we drive top-line growth and margins, prevent brand dilution and deepen our connection to consumers. Our DTC footprint promotes direct consumer relationships and provides access to BIRKENSTOCK in its purest form. Our DTC channel enables us to express our brand identity, engage directly with our global fan base, capture real-time data on customer behavior and provide consumers with unique product access to our most distinctive styles. Additionally, our high levels of organic demand creation, together with higher ASPs, support consistently attractive profitability in the DTC channel. Our wholesale strategy is defined by intentionality in partner selection and identifying the best partners in each segment and price point. We segment our wholesale product line availability into specific retailer quality tiers, ensuring we allocate the right product to the right channel for the right consumer. For example, we limit access to our premium 1774 product line and certain collaboration products to a curated group of brand partners. To a great extent, growth is driven by existing doors, as our partners expand the breadth and depth of their BIRKENSTOCK offerings. New doors are primarily in expansionary categories and niche sectors, such as professional, outdoor, children's, and sporting goods retailers. For our wholesale partners, we are a “must carry” brand based on the enthusiasm with which our consumers pursue our products, as evidenced by our brand consistently being amongst the top performers in our core categories at most of our retail partners. We generate significantly more demand from existing and prospective wholesale customers than we can supply, putting us in an enviable position where we can create scarcity in the market and obtain favorable economic terms on wholesale distribution. The early placement of wholesale orders effectively determines sales to the end-consumer approximately six months in advance and aids in our production planning and allocation. In addition, sell-through transparency from important wholesalers provides real-time insight into the overall market and inventory dynamics. The tariffs imposed by the U.S. administration in early April 2025 (Liberation Day), and the countermeasures taken by the EU and other countries since, significantly increased the level of geopolitical and macroeconomic uncertainty. Although we are closely monitoring the tariff and trade policy actions taken by the U.S. administration and other governments, the rapidly changing global trade environment has introduced a significant amount of uncertainty and potential disruption. It cannot be ruled out that such uncertainty will persist for the foreseeable future. In addition, any recently imposed, new or increased tariffs or other trade barriers could adversely affect consumer behavior and demand for our products, negatively impact our ability to manage inventory and/or dampen economic growth or lead to a recession in certain countries or globally, each of which factors could have a material adverse effect on the Company’s business, financial condition and results of operations. On July 27, 2025, the United States and the EU announced a trade deal, subject to which all goods imported from the EU to the United States are subject to at least 15% U.S. tariffs. While we produce all our footwear products in the EU, our Americas segment (which comprises the U.S. market) accounts for a significant portion of our revenue (52% in the year ended September 30, 2025). During the year ended September 30, 2025, the tariff actions that became effective in April 2025 did not have a significant impact on our results of operations; however, we have experienced and expect to continue to experience increased adverse foreign currency fluctuations, which we attribute, in part, to the significant uncertainty surrounding the global trade environment. All other factors remaining constant, we expect the new tariffs to result in a modest increase in our cost of sales, and therefore impact our gross profit margin, Adjusted EBITDA margin and net profit margin for the year ending September 30, 2026. We have several levers to respond to, and mitigate, the expected direct impact of the currently applicable and any additional tariffs on the Company’s business and financial results, including through negotiations with suppliers, price 64 Table of Contents increases, optimization of the product and geographic mix, and use of efficiencies and economies of scale in production. Key Financial Highlights Key highlights for the year ended September 30, 2025 compared to the year ended September 30, 2024 include: • Revenue of €2.1 billion, an increase of 16% on a reported basis and 18% in constant currency • Double-digit revenue growth across all segments; 15% on a reported basis (18% in constant currency) in the Americas, 14% in EMEA (reported and in constant currency) and 31% on a reported basis (34% in constant currency) in APAC • B2B revenue growth of 20% on a reported basis and 21% in constant currency • DTC revenue growth of 11% on a reported basis and 12% in constant currency • Gross profit margin of 59.1%, up 30 basis points from 58.8% in fiscal 2024 due to sales price adjustments (net of input costs) and better absorption of manufacturing capacity, partly offset by channel mix, unfavorable currency translation (30 basis points), and incremental U.S. tariffs (30 basis points) • Net profit of €348.3 million, up 82% from €191.6 million; EPS of €1.87, up 83% from €1.02 • Adjusted Net profit of €345.7 million, up 44% from €240.3 million; Adjusted EPS of €1.85, up 45% from €1.28 • Adjusted EBITDA of €667.0 million, up 20% year-over-year; Adjusted EBITDA margin of 31.8% up 100 basis points from 30.8% a year ago, due to sales price adjustments (net of input costs) and better absorption of manufacturing capacity, partly offset by unfavorable currency translation (40 basis points) and incremental U.S. tariffs (30 basis points) • Cash flows from operating activities of €384.3 million; operating cash flow was down €44.4 million year-over-year, primarily due to the timing of tax payments and changes in working capital • Net leverage declined to 1.5x as of September 30, 2025, down from 1.8x as of September 30, 2024 • The Company repurchased and cancelled 3.9 million shares on May 30, 2025 for €176.4 million, reducing average shares outstanding for the fiscal year by 1.1 million; shares outstanding at September 30, 2025 totaled 183.9 million, down 3.9 million from September 30, 2024 Non-IFRS Financial Measures We report our financial results in accordance with IFRS; however, management believes that certain non-IFRS financial measures provide useful information in measuring the operating performance and financial condition of the Company and therefore uses them to make decisions. Management believes this 65 Table of Contents information presents helpful comparisons of financial performance between periods by excluding the effect of certain non-recurring items. We use non-IFRS financial measures, such as constant currency revenue, constant currency revenue growth, adjusted EBITDA, adjusted EBITDA margin, adjusted net profit (loss), adjusted net profit (loss) margin and adjusted basic / diluted earnings (loss) per share to supplement financial information presented in accordance with IFRS. We believe that excluding certain items from our IFRS results allows management to better understand our consolidated financial performance from period-to-period and better project our future consolidated financial performance as forecasts are developed at a level of details different from that used to prepare IFRS-based financial measures. Moreover, we believe these non-IFRS financial measures provide our stakeholders with useful information to help them evaluate our operating results by facilitating an enhanced understanding of our operating performance and enabling them to make more meaningful period-to-period comparisons. These measures do not have a standardized meaning prescribed by IFRS and therefore they may not be comparable to similarly titled measures presented by other companies, and they should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with IFRS. Constant Currency Revenue and Constant Currency Revenue Growth [[GREPCENT_TABLE]] [["","Year ended September 30,"],["(In thousands of Euros, unless otherwise stated)","2025","","2024"],["Revenue","","2,097,429","","","1,804,690"],["Revenue, constant currency","","2,125,195","","","1,819,706"],["Revenue growth, constant currency","","18","%","","22","%"]] [[/GREPCENT_TABLE]] Our reporting currency is the Euro, and changes in foreign exchange rates can significantly affect our reported results and consolidated trends. The majority of non-Euro transactions are denominated in USD. The effect of currency exchange rates on our business is an important factor in understanding period-to-period comparisons, which in turn are used in financial and operational decision-making. By viewing our results of operations on a constant currency basis, the effects [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/BIRK/mda/fy2025/ All MD&A years: /company/BIRK/mda/ ## Macro cross-references Indicators mapped to this company's SIC classification (industry 3140 Footwear, (No Rubber)) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/BIRK.md · JSON record: /company/BIRK.json · machine TOC for the whole site: /llms.txt