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Company Research18 Apr 2024
Companies That Had Their IPO in 2023: Cautious Optimism
The cautiously optimistic market in 2023 saw stocks rebounded upwards, and interest in IPOs picked up from the previous year.
Birkenstock (BIRK) investor relations material
Birkenstock Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary18 Dec, 2025
Executive summary
Fiscal 2025 revenue grew 16% (18% in constant currency) to EUR 2.1 billion, surpassing guidance, with double-digit growth across all regions and channels and over 38 million pairs sold, up 12% year-over-year.
Adjusted EBITDA rose 20% to EUR 667 million, with margin expanding to 31.8%, at the high end of guidance.
Net profit increased 82% to EUR 348 million, with adjusted net profit up 44% to EUR 346 million and adjusted EPS up 45% to EUR 1.85.
Expanded own retail footprint to 97 stores, with plans to open 40 more in 2026; APAC business grew 31% reported (34% constant currency).
Maintained over 90% full price realization, demonstrating strong brand health amid industry-wide discounting.
Financial highlights
Full-year revenue reached EUR 2.1 billion, up 16% reported and 18% constant currency; Q4 revenue EUR 526 million, up 20% in constant currency.
Gross profit margin improved to 59.1%, up 30 bps, with gross profit EUR 1,240 million.
Adjusted EBITDA margin up 100 bps to 31.8%; adjusted EBITDA EUR 667 million.
Adjusted net profit for the year was EUR 346 million, up 44%; adjusted EPS EUR 1.85, up 45% year-over-year.
Cash flow from operations was EUR 384 million, with net leverage reduced to 1.5x despite share buybacks.
Outlook and guidance
Fiscal 2026 guidance: constant currency revenue growth of 13%-15%, reported growth of 10%-12% to EUR 2.3-2.35 billion due to FX headwinds.
Adjusted EBITDA expected at least EUR 700 million, margin of 30%-30.5% (32%-32.5% excluding FX/tariffs).
Adjusted EPS guidance EUR 1.90-EUR 2.05, tax rate 26%-28%, CapEx EUR 110-130 million, net leverage target 1.3-1.4x.
Plan to open 40 new stores and repurchase up to USD 200 million in shares in 2026.
Margin pressure expected in FY26 due to new U.S. tariffs and FX, with mitigation levers identified.
Capacity expansion's long-term revenue impact
Pricing power vs. FY26 margin headwinds
Balance of share buybacks vs. growth CapEx
Future capacity expansion beyond 2026?
How to accelerate D2C growth?
Long-term closed-toe share of sales?
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Next Birkenstock earnings date
Q1 202619 Feb, 2026
Next Birkenstock earnings date
Q1 202619 Feb, 2026
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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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