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Companies That Had Their IPO in 2023: Cautious Optimism
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Birkenstock (BIRK) investor relations material
Birkenstock Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Aug, 2025
Executive summary
Revenue for Q3 FY25 grew 12% year-over-year to €635 million, with 16% constant currency growth and double-digit increases across all segments and channels.
Net profit surged 73% to €129 million; adjusted net profit rose 26% to €116 million, and adjusted EPS increased 27% to €0.62.
Adjusted EBITDA increased 17% to €218 million, with margin up 140 bps to 34.4%, both record highs for Q3.
B2B channel outperformed DTC, driven by in-person shopping and strong retail partner sell-through, especially in the U.S. and EMEA.
13 new stores opened in Q3, bringing the total to 90 globally; closed-toe product share rose 400 bps year-over-year.
Financial highlights
Gross profit margin improved by 100 bps to 60.5%; adjusted EBITDA margin up 140 bps to 34.4%.
B2B revenue grew 15% to €390 million, DTC up 9% to €244 million; DTC penetration at 38%.
Operating cash flow was €261 million, down €21 million year-over-year due to tax timing and lower working capital release.
Inventory-to-sales ratio improved to 33% from 36% year-over-year.
Net leverage at 1.7x post-buyback, would be 1.4x without; cash at period end €262 million.
Outlook and guidance
Fiscal 2025 revenue growth expected at high end of 15–17% constant currency range.
Adjusted EBITDA margin guidance maintained at 31.3–31.8% despite FX and tariff headwinds.
DTC expected to accelerate in Q4, but B2B will continue to outpace DTC for the full year.
Management confident in ability to manage tariff impacts through pricing, cost discipline, and inventory management.
Company assessing impact of new U.S. and German tax law changes on fiscal 2025 tax position.
How did closed-toe shoes affect ASP?
Why was operating cash flow down YOY?
Explain the impact of US/EU tariffs.
How will EU tariff changes impact '25?
Assess EMEA's capacity vs. demand.
Detail drivers of ASP gains durability.
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Next Birkenstock earnings date
Q4 202518 Dec, 2025
Next Birkenstock earnings date
Q4 202518 Dec, 2025
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Company Research13 Sep 2023
Two And a Half Centuries of Sandal-Making: Birkenstock is Going Public
Birkenstock, a name synonymous with comfortable and high quality sandals, has a rich history dating back over two and a half centuries. The brand's commitment to its heritage, innovative footbed technology, and comfortable footwear products have propelled it into a global powerhouse in its industry.
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Company Research26 Jun 2023
From Startup to Stardom: What is an IPO?
An Initial Public Offering (IPO) is a momentous event in the life of a company. From early-stage startups to mature businesses, the decision to go public through an IPO is a game-changer. But what does it really mean, and why is it crucial for investors to understand the mechanics of IPOs?
Frequently asked questions
Iconic Sandals
Birkenstock Holding is a German shoe manufacturer producing various forms of sandals and shoes. The corporate headquarters are in Neustadt, Rhineland-Palatinete, and nearly all of the production takes place in Germany, something that Birkenstock as a company takes great pride in. Birkenstock shoes are made with contoured cork footbeds that offer support for the foot while promoting a natural style of walking. While Birkenstock is primarily known for its different types of sandals, the company’s portfolio has a vast array of options for consumers spanning a wide price range. Its merchandise is sold worldwide, and its shares are traded on the NYSE.
The History
The Birkenstock history dates back to 1774, as church records mention a Birkenstock family member as a “parishioner and shoemaker.” However, the beginning of the modern form of the company was in the late 19th century when Konrad Birkenstock started producing insoles. A significant development came in 1902 with the introduction of contoured arch support. This became the basis for the "Birkenstock System," an orthopedic principle focused on the idea of "Naturgewolltes Gehen" or natural walking. This design, mimicking the feel of walking on natural surfaces, has since been a consistent feature in Birkenstock's shoe-making approach.
Further reading: Two And a Half Centuries of Sandal-Making: Birkenstock is Going Public
Sandals and More
Known primarily for their signature sandals, the company has developed a range of footwear products over the decades. Their design is distinguished by a contoured footbed made from cork, latex, and jute which molds to the wearer's foot over time, offering a customized fit. Birkenstocks also incorporate high-quality materials, such as leather, suede, and synthetic uppers, to ensure durability. In addition to its iconic sandals, the brand has expanded its product line to include closed-toe shoes, boots, and other varieties.
A Worldwide Reach
Birkenstock merchandise is sold all over the world. Its shoes can be found in retail locations run by other companies, as well as in stores that are completely owned and operated by Birkenstock itself. The company operates its own online store and also sells through third-party channels such as Zalando, Nordstrom, and similar retailers.
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