Birkenstock (BIRK) Investor Presentation summary

Unique value creation and brand fundamentals

• 250-year-old, purpose-driven brand with vertically integrated supply chain and high consumer loyalty; over 60% of consumers learn about the brand via word-of-mouth.

• Manufactures all products in Germany and Portugal, sourcing materials mainly from Europe, ensuring quality and minimizing outsourcing risks.

• Efficient marketing with ~90% of buyers acquired through unpaid channels.

• Category ownership in footbed business, with iconic styles remaining relevant for over 50 years.

Financial performance and growth

• Revenue CAGR of 20% since FY14, with FY25E revenue projected at €2,091 million.

• Adjusted EBITDA CAGR of 24% since FY21, reaching €645 million LTM Q3 FY25.

• FY24 revenue grew 22% vs. FY23 at constant currency; FY25 guidance targets 15-17% revenue growth and gross profit margin near 60%.

• Q3 FY25 revenue up 12% (+16% at constant currency), gross profit margin at 60.5%, and adjusted EBITDA margin at 34.4%.

• Rapid deleveraging since 2021, with net leverage reduced to ~1.5x by Sep-25E.

Distribution and channel strategy

• Multi-channel global presence in over 80 countries, with ~6,000 B2B partners and 90 own retail stores as of Q3 FY25.

• Retail fleet doubled since 2023; stores show strong productivity and drive a 65% increase in online traffic post-opening.

• B2B growth is highly disciplined, with ~90% of growth from existing partners and top 10 strategic accounts outperforming others.

• Membership program reached ~11 million, up 25% year-over-year, with members spending ~20% more than guests.