Birkenstock (BIRK) Q2 2026 earnings summary

Executive summary

• Revenue grew 8% year-over-year to EUR 618 million (14% in constant currency), demonstrating resilience amid global conflicts, inflation, and tariff headwinds.

• Adjusted net profit declined 10% to EUR 93 million; adjusted EPS was EUR 0.50, down 9%.

• Adjusted EBITDA was EUR 198 million (32.1% margin), down 1% year-over-year.

• Demand remained robust across all regions, with APAC up 30% in constant currency and leading growth.

• Growth was driven by double-digit constant currency increases across all segments and channels.

Financial highlights

• Q2 revenue: EUR 618–680 million (+8% reported, +14% constant currency year-over-year).

• Adjusted EBITDA: EUR 198 million, margin at 32.1%, down 270 bps year-over-year.

• Adjusted EPS: EUR 0.50, down from EUR 0.55; impacted by FX and a EUR 15 million non-cash derivative expense.

• Adjusted gross profit margin: 54.6%, down 310 bps; gross profit margin: 53.9%, down 380 bps.

• Cash and equivalents: EUR 201 million at quarter-end; operating cash flow improved to EUR 29 million.

Outlook and guidance

• Fiscal 2026 guidance: 13%-15% constant currency revenue growth, 10%-12% reported (EUR 2.3–2.35 billion).

• Adjusted gross margin expected at 57%-57.5%, including 200 bps FX and tariff pressure.

• Adjusted EBITDA margin guidance: 30%-30.5%; adjusted EPS: EUR 1.90–2.05, including EUR 0.15–0.20 FX pressure.

• CapEx expected at EUR 110–130 million; net leverage target of 1.3x–1.4x by year-end.

• $200 million share repurchase planned, subject to market conditions.