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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
Birkenstock (BIRK) investor relations material
Birkenstock CMD 2026 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.CMD 2026 summary28 Jan, 2026
Strategic vision and growth outlook
Targeting 13%-15% constant currency revenue growth and 30%+ EBITDA margin through 2028, with EPS growth 200 basis points above revenue growth, aiming for €1 billion incremental revenue and €2.30–2.35 billion total revenue by FY28.
Americas and EMEA regions forecast double-digit growth, while APAC is expected to double its business by FY28, with APAC D2C outpacing B2B.
Expanding own retail and digital channels, with plans to add ~45 stores in Americas, double to ~80 in EMEA, and grow premium retail to over 400 stores in APAC by FY28.
Product innovation and diversification beyond sandals, with closed-toe products now 38% of business and new introductions contributing to growth.
Maintaining a balanced channel mix, prioritizing full price realization and relative scarcity, with disciplined retail and B2B expansion.
Financial performance and guidance
Q1 FY26 revenue reached €402 million, up 18% in constant currency (+11.1% YoY), with strong growth across all regions and channels.
Adjusted gross margin at 57.4% (down 290 bps YoY) and EBITDA margin at 26.5% (down 170 bps YoY), both impacted by FX and tariffs; excluding these, margins would be up.
Adjusted EPS for Q1 FY26 increased 50% to €0.27, aided by lower tax, improved financials, and share buybacks.
Capital allocation priorities: invest in capacity and retail, repay debt, and continue $200 million annual share buybacks.
Leverage reduced from 3.3x to 1.5x since IPO, with €813 million in operating free cash flow generated over two years.
Regional and channel strategies
Americas: Largest region, contributing 10%+ CAGR over next three years, with B2B leading and DTC driven by new retail expansion; 30–45 new stores planned.
EMEA: Highest margin profile, double-digit growth expected, with selective B2B partner culling, disciplined retail expansion, and increased DTC penetration; 1,500 new doors and 80 partner stores planned.
APAC: Doubling business by FY28, focusing on omnichannel expansion, own retail as a premium brand catalyst, and digital growth; 70 new stores and 100 partner stores planned.
Digital: Re-platforming and enhanced personalization, content, and exclusive offerings in both EMEA and Americas; focus on membership, loyalty, and event-driven engagement.
Membership and loyalty programs scaled to enhance retention and brand advocacy.
What strategies mitigate tariff and FX headwinds
Explain B2B's higher Adj. EBITDA margin
Detail supply chain's role in white space growth
How does steered growth impact market perception?
How will B2B ASP impact future margins?
What new silhouettes diversify revenue drivers?
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Next Birkenstock earnings date
Q1 202612 Feb, 2026
Birkenstock
Next Birkenstock earnings date
Q1 202612 Feb, 2026
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Related articles
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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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