Birkenstock (BIRK) Q1 2026 earnings summary

Executive summary

• Q1 revenue reached EUR 402 million, up 11% reported and 18% in constant currency, surpassing guidance and driven by strong holiday demand across all segments and channels.

• B2B channel outperformed DTC, with B2B up 24% and DTC up 12% in constant currency; both channels delivered double-digit growth.

• APAC revenue grew 37% in constant currency, outpacing Americas and EMEA; DTC growth in APAC exceeded B2B.

• Net profit rose 151% year-over-year to EUR 51 million; adjusted net profit increased 47% to EUR 49 million; adjusted EPS up 50% to EUR 0.27.

• Added 9 new retail stores, ending the quarter with 106 globally, supporting DTC growth.

Financial highlights

• Gross profit margin was 55.7%, down 460 bps year-over-year; adjusted gross margin was 57.4%, down 290 bps, mainly due to FX, tariffs, and channel mix.

• Adjusted EBITDA was EUR 106 million, up 4% year-over-year; adjusted EBITDA margin was 26.5%, down 170 bps.

• Adjusted net profit was EUR 49 million, up 47% year-over-year; net profit increased to EUR 51 million from EUR 20 million in Q1 FY25.

• Adjusted EPS was EUR 0.27, up 50% from EUR 0.18 a year ago.

• Inventory to sales ratio was 39%, flat year-over-year; DSO increased to 20 from 15 due to higher B2B mix.

Outlook and guidance

• FY26 constant currency revenue growth expected at 13%-15%; FX headwinds to reduce reported growth to 10%-12%.

• Adjusted gross margin forecasted at 57%-57.5%, including 100 bps each from FX and tariffs.

• Adjusted EBITDA expected at least EUR 700 million, with margin of 30%-30.5% (32%-32.5% excluding FX/tariffs).

• Adjusted EPS guidance of EUR 1.90-2.05, including 20-50 cents FX pressure.

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