Birkenstock Holding plc (BIRK)

Overview

BIRKENSTOCK is a revered global brand rooted in function, quality and tradition dating back to 1774. We are guided by a simple, yet fundamental insight: human beings are intended to walk barefoot on natural, yielding ground, a concept we refer to as “Naturgewolltes Gehen.” Our purpose is to empower all people to walk as intended by nature. The legendary BIRKENSTOCK footbed represents the best alternative to walking barefoot, encouraging proper foot health by evenly distributing weight and reducing pressure points and friction. We believe our function-first approach is universally relevant; all humans — anywhere and everywhere — deserve to walk in our footbed.

We primarily generate revenue through the sale of footbed-based products from our broad portfolio of over 700 silhouettes, anchored by our iconic Core Silhouettes, the Madrid, Arizona, Boston, Gizeh and Mayari. We engineer and produce 100% of our footwear in the EU through our vertically integrated manufacturing operations, thereby ensuring each pair sold meets our rigorous quality standards. Our materials and components are primarily sourced from suppliers in Europe and considered to be processed under the highest environmental and social standards in the industry.

Our strongest, most developed segments are the Americas and EMEA, which represented 52% and 37% of revenue, respectively, for the year ended September 30, 2025. Our APAC segment has demonstrated considerable growth potential, which has not been fully realized historically due to the finite nature of our product supply as a result of limited production capacities, and our deliberate decisions to prioritize the Americas and EMEA segments.

We optimize growth and profitability through a multi-channel DTC and B2B distribution strategy that we refer to as 'engineered distribution.' We operate our channels synergistically, seeking to grow both simultaneously. We utilize the B2B channel to facilitate brand accessibility while steering consumers to our DTC channel, which offers our complete product range and access to our most desired and unique silhouettes. Across both channels, we execute a strategic allocation and product segmentation process, often down to the single door level, to ensure we sell the right product in the right channel at the right price point. This approach

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is centered on the strategic calibration of our ASP and employs key levers such as the expansion of our DTC channel, market conversions from third-party distributors, optimization of our wholesale partner network, increased overall share of premium products and strategic pricing. This process allows us to manage the finite nature of our production capacity with a rigorous focus on control of our brand image and profitability. As a result, we drive top-line growth and margins, prevent brand dilution and deepen our connection to consumers.

Our DTC footprint promotes direct consumer relationships and provides access to BIRKENSTOCK in its purest form. Our DTC channel enables us to express our brand identity, engage directly with our global fan base, capture real-time data on customer behavior and provide consumers with unique product access to our most distinctive styles. Additionally, our high levels of organic demand creation, together with higher ASPs, support consistently attractive profitability in the DTC channel.

Our wholesale strategy is defined by intentionality in partner selection and identifying the best partners in each segment and price point. We segment our wholesale product line availability into specific retailer quality tiers, ensuring we allocate the right product to the right channel for the right consumer. For example, we limit access to our premium 1774 product line and certain collaboration products to a curated group of brand partners. To a great extent, growth is driven by existing doors, as our partners expand the breadth and depth of their BIRKENSTOCK offerings. New doors are primarily in expansionary categories and niche sectors, such as professional, outdoor, children's, and sporting goods retailers.

For our wholesale partners, we are a “must carry” brand based on the enthusiasm with which our consumers pursue our products, as evidenced by our brand consistently being amongst the top performers in our core categories at most of our retail partners. We generate significantly more demand from existing and prospective wholesale customers than we can supply, putting us in an enviable position where we can create scarcity in the market and obtain favorable economic terms on wholesale distribution. The early placement of wholesale orders effectively determines sales to the end-consumer approximately six months in advance and aids in our production planning and allocation. In addition, sell-through transparency from important wholesalers provides real-time insight into the overall market and inventory dynamics.

The tariffs imposed by the U.S. administration in early April 2025 (Liberation Day), and the countermeasures taken by the EU and other countries since, significantly increased the level of geopolitical and macroeconomic uncertainty. Although we are closely monitoring the tariff and trade policy actions taken by the U.S. administration and other governments, the rapidly changing global trade environment has introduced a significant amount of uncertainty and potential disruption. It cannot be ruled out that such uncertainty will persist for the foreseeable future. In addition, any recently imposed, new or increased tariffs or other trade barriers could adversely affect consumer behavior and demand for our products, negatively impact our ability to manage inventory and/or dampen economic growth or lead to a recession in certain countries or globally, each of which factors could have a material adverse effect on the Company’s business, financial condition and results of operations. On July 27, 2025, the United States and the EU announced a trade deal, subject to which all goods imported from the EU to the United States are subject to at least 15% U.S. tariffs.

While we produce all our footwear products in the EU, our Americas segment (which comprises the U.S. market) accounts for a significant portion of our revenue (52% in the year ended September 30, 2025). During the year ended September 30, 2025, the tariff actions that became effective in April 2025 did not have a significant impact on our results of operations; however, we have experienced and expect to continue to experience increased adverse foreign currency fluctuations, which we attribute, in part, to the significant uncertainty surrounding the global trade environment. All other factors remaining constant, we expect the new tariffs to result in a modest increase in our cost of sales, and therefore impact our gross profit margin, Adjusted EBITDA margin and net profit margin for the year ending September 30, 2026. We have several levers to respond to, and mitigate, the expected direct impact of the currently applicable and any additional tariffs on the Company’s business and financial results, including through negotiations with suppliers, price

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increases, optimization of the product and geographic mix, and use of efficiencies and economies of scale in production.

Key Financial Highlights

Key highlights for the year ended September 30, 2025 compared to the year ended September 30, 2024 include:

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Revenue of €2.1 billion, an increase of 16% on a reported basis and 18% in constant currency

•
Double-digit revenue growth across all segments; 15% on a reported basis (18% in constant currency) in the Americas, 14% in EMEA (reported and in constant currency) and 31% on a reported basis (34% in constant currency) in APAC

•
B2B revenue growth of 20% on a reported basis and 21% in constant currency

•
DTC revenue growth of 11% on a reported basis and 12% in constant currency

•
Gross profit margin of 59.1%, up 30 basis points from 58.8% in fiscal 2024 due to sales price adjustments (net of input costs) and better absorption of manufacturing capacity, partly offset by channel mix, unfavorable currency translation (30 basis points), and incremental U.S. tariffs (30 basis points)

•
Net profit of €348.3 million, up 82% from €191.6 million; EPS of €1.87, up 83% from €1.02

•
Adjusted Net profit of €345.7 million, up 44% from €240.3 million; Adjusted EPS of €1.85, up 45% from €1.28

•
Adjusted EBITDA of €667.0 million, up 20% year-over-year; Adjusted EBITDA margin of 31.8% up 100 basis points from 30.8% a year ago, due to sales price adjustments (net of input costs) and better absorption of manufacturing capacity, partly offset by unfavorable currency translation (40 basis points) and incremental U.S. tariffs (30 basis points)

•
Cash flows from operating activities of €384.3 million; operating cash flow was down €44.4 million year-over-year, primarily due to the timing of tax payments and changes in working capital

•
Net leverage declined to 1.5x as of September 30, 2025, down from 1.8x as of September 30, 2024

•
The Company repurchased and cancelled 3.9 million shares on May 30, 2025 for €176.4 million, reducing average shares outstanding for the fiscal year by 1.1 million; shares outstanding at September 30, 2025 totaled 183.9 million, down 3.9 million from September 30, 2024

Non-IFRS Financial Measures

We report our financial results in accordance with IFRS; however, management believes that certain non-IFRS financial measures provide useful information in measuring the operating performance and financial condition of the Company and therefore uses them to make decisions. Management believes this

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information presents helpful comparisons of financial performance between periods by excluding the effect of certain non-recurring items.

We use non-IFRS financial measures, such as constant currency revenue, constant currency revenue growth, adjusted EBITDA, adjusted EBITDA margin, adjusted net profit (loss), adjusted net profit (loss) margin and adjusted basic / diluted earnings (loss) per share to supplement financial information presented in accordance with IFRS. We believe that excluding certain items from our IFRS results allows management to better understand our consolidated financial performance from period-to-period and better project our future consolidated financial performance as forecasts are developed at a level of details different from that used to prepare IFRS-based financial measures. Moreover, we believe these non-IFRS financial measures provide our stakeholders with useful information to help them evaluate our operating results by facilitating an enhanced understanding of our operating performance and enabling them to make more meaningful period-to-period comparisons.

These measures do not have a standardized meaning prescribed by IFRS and therefore they may not be comparable to similarly titled measures presented by other companies, and they should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with IFRS.

Constant Currency Revenue and Constant Currency Revenue Growth

Our reporting currency is the Euro, and changes in foreign exchange rates can significantly affect our reported results and consolidated trends. The majority of non-Euro transactions are denominated in USD.

The effect of currency exchange rates on our business is an important factor in understanding period-to-period comparisons, which in turn are used in financial and operational decision-making. By viewing our results of operations on a constant currency basis, the effects of foreign currency volatility, which is not indicative of our actual results of operations, are eliminated, enhancing the ability to understand our operating performance.

Constant currency information compares results between periods as if exchange rates had remained constant. We define constant currency revenue as total revenue excluding the effect of foreign exchange rate movements and use them to determine constant currency revenue growth on a comparative basis. Constant currency revenue is calculated by translating the current period foreign currency revenue using the prior period exchange rate. Constant currency revenue growth is calculated by determining the increase in current period revenue over prior period revenue, where current period foreign currency revenue is translated using prior period exchange rates. For example, USD-denominated constant currency revenue for the year ended September 30, 2025 and the year ended September 30, 2024 was calculated using the average exchange rate of $1.11 to €1 and $1.08 to €1, respectively.

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Reconciliation of Revenue to Constant Currency Revenue

The table below presents a reconciliation of constant currency revenue to the most comparable IFRS measure, revenue, for the periods presented.

Adjusted EBITDA and Adjusted EBITDA Margin

Adjusted EBITDA is defined as net profit for the period adjusted for income tax expense, finance cost net, depreciation and amortization, further adjusted for the effect of events such as:

•
Share-based compensation expenses relating to the management investment plan;

•
IPO-related costs consisting of consulting as well as legal fees;

•
Costs associated with the secondary offerings on behalf of the selling shareholder;

•
Acquisition-related transaction costs such as legal, consulting fees and travel expenses; and

•
Realized and unrealized foreign exchange gain (loss).

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Reconciliation of Net Profit to Adjusted EBITDA

The table below presents a reconciliation of net profit to adjusted EBITDA for the periods presented:

(1)
Represents share-based compensation expenses relating to the management investment plan.

(2)
Represents IPO-related costs, which include consulting as well as legal fees.

(3)
Represents costs associated with the secondary offerings on behalf of the selling shareholder. The secondary offerings were completed on June 28, 2024 and May 30, 2025.

(4)
Represents costs associated with the acquisition of Birkenstock Australia Pty Ltd. Costs mainly include legal, consulting fees and travel expenses.

(5)
Represents the primarily non-cash impact of foreign exchange rates within profit (loss). We do not consider these gains and losses representative of operating performance of the business because they are primarily driven by fluctuations in the USD to Euro foreign exchange rate on intercompany receivables for inventory and intercompany loans.

Adjusted Net Profit and Adjusted Net Profit Margin

We define adjusted net profit (loss) as net profit (loss) for the period adjusted for share-based compensation, IPO-related and secondary offering related costs, realized and unrealized foreign exchange gain (loss), the release of capitalized transaction costs and the respective income tax effects as applicable. Adjusted net profit (loss) margin is defined as adjusted net profit (loss) for the period divided by revenue for the same period.

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Reconciliation of Net Profit to Adjusted Net Profit

The table below presents a reconciliation of net profit to adjusted net profit for the periods presented:

(1)
Represents share-based compensation expenses relating to the management investment plan.

(2)
Represents IPO-related costs, which include consulting as well as legal fees.

(3)
Represents costs associated with the secondary offerings on behalf of the selling shareholder. The secondary offerings were completed on June 28, 2024 and May 30, 2025.

(4)
Represents costs associated with the acquisition of Birkenstock Australia Pty Ltd. Costs mainly include legal, consulting fees and travel expenses.

(5)
Represents the primarily non-cash impact of foreign exchange rates within profit (loss). We do not consider these gains and losses representative of operating performance of the business because they are primarily driven by fluctuations in the USD to Euro foreign exchange rate on intercompany receivables for inventory and intercompany loans.

(6)
€16 million represents capitalized transaction costs of the Original Term Loan and the ABL Facility. Due to a new financing agreement (effective August 2, 2024) and replacement of the Original Term Loan and the ABL Facility, transaction costs were fully amortized through finance cost, net, during the third quarter of fiscal 2024. There was a further impact of €11 million from the early repayment of $450 million to the Original USD Term Loan in the first quarter of fiscal 2024.

(7)
Represents income tax effects for the adjustments as outlined above, except for unrealized foreign exchange gain (loss) and share-based compensation expenses since these have not been treated as tax deductible in the initial tax calculation.

Adjusted Basic / Diluted Earnings Per Share

We define adjusted earnings (loss) per share as adjusted net profit (loss) for the period divided by the weighted number of shares outstanding.

Reconciliation of Net Profit (Loss) to Adjusted Earnings (Loss) per share

The table below presents a reconciliation of adjusted earnings (loss) per share to the most comparable IFRS measure, net profit (loss), for the periods presented:

(1)
See "Reconciliation of Net Profit to Adjusted Net Profit" above for a reconciliation of adjusted net profit to net profit.

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Net Debt and Net Leverage

We define net debt as the sum of loans and borrowings (non-current), the current portion of the USD Term Loan, current and non-current Lease liabilities, reduced by the amount of cash and cash equivalents.

Net leverage is defined as a ratio of net debt over adjusted EBITDA for the last twelve months (LTM). Net leverage reduced to 1.5x as of September 30, 2025 compared to 1.8x as of September 30, 2024, mainly due to an increase in adjusted EBITDA which was partly offset by a decrease in cash mainly driven by the repurchase of ordinary shares in the third quarter of the fiscal year 2025.

Reconciliation of Net Debt and Net Leverage

The table below presents a reconciliation of net debt and net leverage to loans and borrowings (non-current) for the periods presented:

Average Selling Price

ASP is calculated by dividing our total revenue from sales of footwear pairs by the number of footwear pairs sold. Prior to fiscal 2024, ASP was calculated by dividing our total revenue by our total number of units of all products sold. The difference between these two methods is immaterial.

Our management uses group ASP in managing and monitoring the performance of the business.

We believe presenting a directional change in ASP provides useful information to investors as it helps facilitate an enhanced understanding of our operating results and enables investors to make more meaningful period-to-period comparisons, particularly because a change in ASP is typically one of several principal drivers of our revenue development between periods. However, in channels and segments, ASP can vary significantly based on various factors and circumstances, and, therefore, management believes that quantifying ASP or the directional change thereof at segment or channel level would provide a level of granularity not considered helpful and potentially misleading.

In addition, we also present ASP growth on a constant currency basis. We define constant currency ASP as ASP excluding the effect of foreign exchange rate movements and use constant currency ASP to determine constant currency ASP growth on a comparative basis. Constant currency ASP is calculated by translating the current period foreign currency ASP using the prior period exchange rate. Constant currency ASP growth is calculated by determining the increase in current period ASP as compared to the prior period ASP, where current period foreign currency ASP is translated using prior period exchange rates. We believe that presenting ASP growth on a constant currency basis offers valuable insight to both management and investors by isolating the Company’s operational performance from foreign exchange rate fluctuations, which are beyond the Company’s control.

Segments

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For the year ended September 30, 2025, our three reportable segments align with our geographic operational hubs: the Americas, EMEA, and APAC as described above, which contributed 52%, 37%, and 11% of revenue, respectively, during the period. The Americas segment includes, among other markets, the United States, Brazil, Canada and Mexico. The United States is our largest and most important market in the Americas. The EMEA segment includes, among others, the key markets of Germany, France, the UK and the United Arab Emirates. Germany, the country of our primary operations and where the BIRKENSTOCK brand originated, accounts for the largest revenue share in Europe. The largest markets in the APAC segment include Australia, Japan, India and China.

Revenue and costs not directly managed nor allocated to the geographic operational hubs are recorded in Corporate / Other. Corporate / Other immaterially contributed to our revenue during the year ended September 30, 2025.

Components of our Results of Operations

Revenue

Revenue is primarily recognized from the sale of our products, including sandals, closed-toe silhouettes and other products, such as care essentials and accessories.

During the year ended September 30, 2025, we distributed across the three reporting segments: Americas, EMEA and APAC. Within each segment, we manage a multi-channel distribution strategy, divided between our DTC and B2B channels. Both channels are important to our strategy and provide differentiated economic benefits and insights.

B2B revenue is recognized when control of the goods has been transferred, depending on the agreement with the customer. Following the transfer of control, the customer has the responsibility to sell the goods and bears the risks of obsolescence and loss in relation to the goods.

DTC channel revenue is recognized when control of the goods has been transferred, either upon delivery to e-commerce consumers or at the point of sale in retail stores. Payment of the transaction price is due immediately when the consumer purchases the goods. When the control of goods has transferred, a refund liability recorded in other current financial liabilities and a corresponding adjustment to revenue is recognized for those products expected to be returned. The Company has a right to recover the product when consumers exercise their right of return, which results in recognizing a right to return goods asset included in other current assets and a corresponding reduction to cost of sales.

Other revenue is comprised of revenue not directly allocated to the geographical operating segments, as well as revenue generated by non-product categories. These categories primarily include license revenue from fees paid to us by our licensees in exchange for the use of our trademarks on their products (mainly our sleep systems business). In addition, other revenue consists of revenue from the sale of recyclable scrap materials from the production process.

Cost of sales

Cost of sales is comprised primarily of five types of expenditures: (i) raw materials, (ii) consumables and supplies, (iii) purchased merchandise, (iv) personnel costs, including temporary personnel services, and (v) overhead costs for the production sites. Freight charges for transfer of work-in-progress inventory between production plants, logistical centers and warehouses as well as inbound freight for raw materials are also included in cost of sales. Cost of sales additionally includes expenses associated with tariffs that arise from shipping finished goods to our international distribution network, particularly to the United States. Cost of sales reflect the portion of costs which correspond to the units sold in a given period.

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Gross profit and gross profit margin

Gross profit is revenue less cost of sales and gross profit margin measures our gross profit as a percentage of revenue.

Selling and distribution expenses

Selling and distribution expenses are comprised of our selling, marketing, product innovation and supply chain costs. These expenses are incurred to support and expand our wholesale partner relationships, grow brand awareness and deliver our products to B2B partners, e-commerce consumers and retail stores. These expenses include personnel expenses for sales representatives, processing fees in the DTC channel and depreciation and amortization expenses for store leases, customer relationships and other intangible assets.

Selling costs generally correlate with revenue recognition timing and, therefore, experience similar seasonal trends to revenue with the exception of retail store costs, which are primarily fixed and incurred evenly throughout the year.

Distribution expenses are largely variable in nature and primarily relate to leasing and third-party expenses for warehousing inventories and transportation costs associated with delivering products from distribution centers to B2B partners and end consumers.

As a percentage of revenue, we expect selling and distribution expenses to develop in line with our channel-mix dynamics. During periods of a high DTC share, selling and distribution expenses as a percentage of revenue will be more pronounced compared to periods with a high B2B share. The development will also be influenced by the investments required to expand our retail store fleet.

General and administrative expenses

General and administrative expenses consist of costs incurred in our corporate service functions, such as costs relating to the finance department, legal and consulting fees, HR and IT expenses and global strategic project costs. More specifically, the nature of these costs relates to corporate personnel costs (including salaries, variable incentive compensation and benefits), other professional service costs, rental and leasing expenses for corporate real estate, depreciation and amortization related to software, patents and other rights. General and administrative expenses further include service functions cost in our international sales entities, particularly in the Americas and EMEA. We expect general and administrative expenses to increase as we grow as a publicly traded company.

Foreign exchange gain/(loss)

The foreign currency exchange gain/(loss) consists primarily of differences in foreign exchange rates between the currencies in which our subsidiaries transact and their functional currencies as measured on the respective transaction date.

Finance income/(cost), net

Finance income represents interest earned from third party providers and income from the potential revaluation of the embedded derivative of the Notes.

Finance costs are comprised of interest payable to third party providers for term loan financing arrangements, Notes, Vendor Loan, leases, employee benefits, expenses from the potential revaluation of the embedded derivative of the Notes, interest on the TRA, as well as amortization of transaction costs. Finance costs also include interest expenses arising from lease liabilities recognized in accordance with IFRS accounting principles. Finance costs are recognized in the consolidated income statement based on the effective interest method.

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Income tax (expense) benefit

Income tax includes current income tax and deferred income tax. Income tax is recognized in profit and loss except to the extent that it relates to items recognized in equity or other comprehensive income in which case the income tax expense is also recognized in equity or other comprehensive income. We are subject to income taxes in the jurisdictions in which we operate and, consequently, income tax expense is a function of the allocation of taxable income by jurisdiction and the various activities that impact the timing of taxable events. Our subsidiaries in Germany and the U.S. primarily determine the effective tax rate.

Results of Operations

Comparison of the years ended September 30, 2025 and September 30, 2024

Revenue

Revenue for the year ended September 30, 2025 increased by €292.7 million, or 16%, to €2,097.4 million from €1,804.7 million for the year ended September 30, 2024, driven by both an increase in the number of footwear pairs sold of 12% as well as ASP growth of 3% (5% in constant currency), and growing demand across all product categories, channels and segments throughout the year. Revenue growth was particularly strong in the APAC segment with an increase of 31% for the year ended September 30, 2025. Revenue growth on a reported basis was partially offset by unfavorable currency translation, which is why revenue growth on a constant currency basis was 200 basis points higher at 18% year ended September 30, 2025 as compared to the year ended September 30, 2024.

Revenue by channel

Revenue generated by our B2B channel for the year ended September 30, 2025 increased by €214.2 million, or 20% on a reported basis and 21% in constant currency, to €1,297.9 million from €1,083.7 million for the year ended September 30, 2024. The increase was mainly with existing partners and driven by a strong

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growth in the number of footwear pairs sold across all regions, and further supported by a higher ASP in all regions primarily due to a favorable category mix shift towards higher-priced products (e.g. closed-toe silhouettes increased by 500 basis to 38% share of revenue).

Revenue generated by our DTC channel for the year ended September 30, 2025 increased by €78.1 million, or 11% on a reported basis and 12% in constant currency, to €794.8 million from €716.7 million for the year ended September 30, 2024 with the DTC penetration at 40% for the year ended September 30, 2024 and 38% for the year ended September 30, 2025. The increase in DTC revenue was attributable to growth in the number of footwear pairs sold across all regions, in particular in APAC, increased traffic and higher average order values resulting from a higher ASP due to a favorable product mix, and an increase in average number of items per order. Revenue generated by our own retail stores grew more than twice the growth of the overall business, driven by the addition of 30 net new retail stores globally during the year ended September 30, 2025, resulting in a total number of 97 own retail stores.

Corporate / Other revenue for the year ended September 30, 2025 increased by €0.4 million, or 10%, to €4.7 million from €4.3 million for the year ended September 30, 2024. The developments in Corporate / Other revenue were primarily attributable to sales of leather material to our supplier for footbed cuttings/linings, as well as sales of recyclable scrap materials from the production process.

Cost of sales

Cost of sales for the year ended September 30, 2025 increased by €113.7 million, or 15%, to €857.7 million from €744.0 million for the year ended September 30, 2024. The increase was primarily attributable to an increase in number of footwear pairs sold, an increased share of premium products, such as leather and closed-toe silhouettes (up 500 basis points to 38% share of revenue), as well as modestly higher expenses related to the U.S. tariff actions that became effective in April 2025. The tariff impact primarily relates to the quarter ended September 30, 2025, and was mitigated by available U.S. inventory that had been shipped before the tariffs took effect.

Gross profit and gross profit margin

Gross profit for the year ended September 30, 2025 increased by €179.0 million, or 17%, to €1,239.7 million from €1,060.7 million for the year ended September 30, 2024. Gross profit margin for the year ended September 30, 2025 increased by 30 basis points to 59.1% from 58.8% for the year ended September 30, 2024. The expansion in gross profit margin mainly reflects sales price adjustments (net of input cost increases), and the improved absorption in the manufacturing network, and is partly offset by unfavorable currency translation, channel mix effects as well as incremental U.S. tariffs.

Selling and distribution expenses

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Selling and distribution expenses for the year ended September 30, 2025 increased by €56.5 million, or 11%, to €563.7 million from €507.1 million for the year ended September 30, 2024. The increase was primarily driven by revenue growth and retail expansion investments. Selling and distribution expenses for the year ended September 30, 2025 increased at a slower rate than revenue, to 26.9% of revenue compared to 28.1% of revenue for the year ended September 30, 2024 mainly due to a higher B2B share of business.

General and administrative expenses

General and administrative expenses for the year ended September 30, 2025 increased by €11.7 million, or 10%, to €125.2 million from €113.4 million for the year ended September 30, 2024. The increase in general and administrative expenses was primarily driven by higher IT and legal expenses. As a percentage of revenue, general and administrative expenses decreased by 30 basis points to 6.0% for the year ended September 30, 2025 from 6.3% for the year ended September 30, 2024 mainly due to non-recurring expenses, such as IPO-related costs and share-based compensation expenses, which were incurred in the year ended September 30, 2024.

Foreign exchange loss

Foreign exchange loss for the year ended September 30, 2025 decreased by €17.7 million to €2.0 million from €19.6 million for the year ended September 30, 2024. The development in foreign exchange loss was driven by foreign exchange gains from the EUR conversion of the USD tax receivable agreement liability and the valuation of foreign exchange forward contracts in the year ended September 30, 2025. The impact was offset by foreign exchange losses from the EUR conversion of USD intercompany receivables and payables.

Finance cost, net

Finance cost, net for the year ended September 30, 2025 decreased by €47.7 million, or 37%, to €79.6 million from €127.3 million for the year ended September 30, 2024. The decrease was primarily attributable to the accelerated amortization of €26.9 million capitalized transaction costs related to the early repayment of the Original USD Term Loan of $450.0 million incurred in the year ended September 30, 2024 but not in the year ended September 30, 2025. In addition, due to the early repayments made throughout fiscal years 2024 and 2025, lower interest expenses were incurred in the year ended September 30, 2025, which were partially offset by a change of €9.8 million in the valuation of the embedded derivative of the senior notes.

Income tax expense

Income tax expense for the year ended September 30, 2025 increased by €19.5 million to €121.7 million from €102.2 million for the year ended September 30, 2024. The increase was mainly driven by a higher taxable income in Germany and the United States compared to the year ended September 30, 2024. The increase in income tax expenses was partially offset based on a deferred tax income of €11.6 million for the year ended September 30, 2025 due to the gradual reduction of the German corporate income tax rate from 2028 to 2032.

Net profit

Net profit for the year ended September 30, 2025 increased by €156.7 million, or 82%, to €348.3 million from €191.6 million for the year ended September 30, 2024. Net profit margin for the year ended September 30, 2025 expanded to 16.6% from 10.6% for the year ended September 30, 2024. The increase of net profit was primarily attributable to overall business growth, adjusted EBITDA margin expansion, lower

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interest expenses, and a decrease in foreign exchange loss and other non-recurring expenses mainly relating to the IPO. The increase in net profit was partially offset by an increase in income tax expenses as well as higher depreciation and amortization expenses.

Adjusted EBITDA and Adjusted EBITDA margin

Adjusted EBITDA for the year ended September 30, 2025 increased by €112.0 million, or 20%, to €667.0 million from €555.0 million for the year ended September 30, 2024, primarily due to revenue growth of 16%. Adjusted EBITDA margin for the year ended September 30, 2025 expanded by 100 basis points to 31.8% from 30.8% for the year ended September 30, 2024, primarily due to sales price adjustments (net of input cost increases), the improved absorption in the manufacturing network, a positive channel mix effect, and was partly offset by unfavorable currency translation and incremental U.S. tariffs.

Adjusted net profit and Adjusted net profit margin

Adjusted net profit for the year ended September 30, 2025 increased by €105.4 million, or 44%, to €345.7 million from €240.3 million for the year ended September 30, 2024, primarily driven by Adjusted EBITDA growth and a decrease in finance cost, net, partially offset by higher depreciation and amortization as well as higher income tax expenses.

Revenues by segment

Revenue for the Americas segment for the year ended September 30, 2025 increased by €142.0 million, or 15%, to €1,085.7 million from €943.7 million for the year ended September 30, 2024, driven by strong revenue growth in B2B supported by strong growth in the number of footwear pairs sold. Additionally, ASP growth on a constant currency basis positively contributed to revenue growth for the Americas segment during the year ended September 30, 2025, but was partially offset by unfavorable currency translation on a reported basis. In the Americas Segment, B2B revenue growth was more pronounced than DTC revenue growth. In the year ended September 30, 2025, the Company added six new stores in the Americas segment, bringing the total number of own stores to 14.

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Revenue for the EMEA segment for the year ended September 30, 2025 increased by €97.3 million, or 14%, to €785.2 million from €687.9 million for the year ended September 30, 2024, driven by strong revenue growth in both B2B and DTC. Both channels contributed to the overall growth in the number of footwear pairs sold and ASP in the segment, with slightly more pronounced growth in the B2B than DTC channel. In the year ended September 30, 2025, the Company added eight new stores in the EMEA segment, bringing the total number of own stores to 42.

Revenue for the APAC segment for the year ended September 30, 2025 increased by €53.0 million, or 31%, to €221.8 million from €168.8 million for the year ended September 30, 2024, driven by above group-level growth in both the B2B and DTC channel. DTC penetration increased significantly, with DTC outpacing B2B in terms of growth in revenue and footwear pairs sold, supported by retail store expansion and an increase of our digital footprint in the region. In the year ended September 30, 2025, the Company added 16 new stores in the APAC segment, bringing the total number of own stores to 41. B2B growth was supported by a 15% increase of mono-brand partner stores.

Revenue for Corporate / Other for the year ended September 30, 2025 increased by €0.4 million, or 10%, to €4.7 million from €4.3 million for the year ended September 30, 2024. The developments in Corporate / Other revenue were primarily attributable to sales of leather material to our supplier for footbed cuttings/linings, as well as sales of recyclable scrap materials from the production process.

Adjusted EBITDA and Adjusted EBITDA margin by segment

Adjusted EBITDA in the Americas segment for the year ended September 30, 2025 increased by €57.7 million, or 19%, to €358.9 million from €301.3 million for the year ended September 30, 2024, primarily driven by revenue growth of 15%. Adjusted EBITDA margin in the Americas segment expanded by 120 basis points to 33.1% for the year ended September 30, 2025 from 31.9% for the year ended September 30, 2024, mainly due to channel mix effects, as well as an improved fix cost absorption. The expansion was partially offset by a slight decline in gross profit margin due to a negative impact from currency translation, driven by a depreciation of the USD relative to the Euro, as well as negative impacts from incremental U.S. tariffs.

Adjusted EBITDA in the EMEA segment for the year ended September 30, 2025 increased by €42.1 million, or 18%, to €273.0 million from €230.8 million for the year ended September 30, 2024, primarily due to revenue growth of 14%. Adjusted EBITDA margin in the EMEA segment expanded by 120 basis points from 33.6% for the year ended September 30, 2024 to 34.8% for the year ended September 30, 2025, primarily driven by a positive gross profit margin development due to improved capacity absorption. Additionally, the adjusted EBITDA margin increased as a result of improved fix cost absorption as well as due to B2B revenue growth.

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Adjusted EBITDA in the APAC segment for the year ended September 30, 2025 increased by €16.4 million, or 31%, to €69.6 million from €53.2 million for the year ended September 30, 2024, which was primarily driven by revenue growth of 31%. Adjusted EBITDA margin in the APAC segment decreased by 10 basis points from 31.5% for the year ended September 30, 2024 to 31.4% for the year ended September 30, 2025 mainly due to increased selling and distribution expenses in relation to the DTC expansion, as well as unfavorable impacts from currency translation. The contraction was partially offset by a positive gross profit margin development driven by the accelerated expansion of DTC revenue compared to B2B.

Corporate / Other adjusted EBITDA for the year ended September 30, 2025 decreased by €4.2 million to €(34.5) million from €(30.3) million for the year ended September 30, 2024, driven by an increase in the expense base mainly due to increased general administration expenses.

For reconciliations to the most directly comparable IFRS measure, see section above titled “—Non-IFRS Financial Measures”.

B. Liquidity and Capital Resources

Our primary liquidity requirements are to service our debt, to fund our operations and to fund other general corporate purposes. Our ability to generate cash from our operations depends on our future operating performance, which is dependent, to some extent, on general economic, financial, competitive, market, legislative, regulatory and other factors, many of which are beyond our control, as well as other factors including those discussed in this section and the section titled “Item 3. Key Information—D. Risk Factors” in this Annual Report. We expect to finance our operations and working capital needs for the next 12 months from cash generated through operations.

Cash Flows

The following table summarizes the Company’s consolidated statement of cash flows for the years ended September 30, 2025 and 2024.

Cash flows provided by operating activities

Cash flows provided by operating activities for the year ended September 30, 2025 were €384.3 million, driven by net profit of €348.3 million and adjustments to net profit of €189.6 million, partially offset by cash outflows for working capital of €153.6 million. Adjustments to net profit included depreciation and amortization of €113.5 million, finance costs, net of €79.6 million, income tax expense of €121.7 million, and net exchange differences of €5.4 million, partially offset by income tax payments of €132.8 million. Cash outflows for working capital were largely driven by trade and other receivables of €58.3 million and inventories of €89.1 million, partially offset by a cash inflow of other current provision of €5.6 million and accrued liabilities of €3.1 million.

Cash flows provided by operating activities for the year ended September 30, 2024 were €428.7 million, driven by net profit of €191.6 million and adjustments to net profit of €325.3 million, partially offset by cash outflows for working capital of €88.2 million. Adjustments to net profit included depreciation and

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amortization of €101.3 million, finance costs, net of €127.3 million, income tax expense of €102.2 million, and net exchange differences of €7.2 million, partially offset by income tax payments of €15.0 million. Cash outflows for working capital were largely driven by trade and other receivables of €27.5 million and inventories of €48.0 million, partially offset by a cash inflow of trade and other payables of €12.5 million.

Cash flows used in investing activities

Cash flows used in investing activities for the year ended September 30, 2025 were €79.0 million compared to €58.8 million for the year ended September 30, 2024. The increase in cash flows used in investing activities of €20.2 million was primarily due to an increase in purchases of property, plant and equipment and purchases of intangible assets of €11.1 million, to €85.0 million, as well as the decrease in the receipt of government grant, of €6.9 million, to €1.9 million for the year ended September 30, 2025 from €8.7 million for the year ended September 30, 2024.

Cash flows used in financing activities

Cash flows used in financing activities for the year ended September 30, 2025 were €330.2 million compared to €355.0 million for the year ended September 30, 2024. The decrease in cash flows used in financing activities was mainly driven by a decrease in repayment of loans and borrowings of €1,245.9 million as well as a decrease in interest paid of €38.4 million due to loan repayments. The decrease in cash flows used in financing activities was partially offset by a reduction of proceeds from loans and borrowings of €634.5 million, the non-recurrence of IPO proceeds, net of transaction costs of €449.2 million, as well as a repurchase of ordinary shares of €176.4 million.

Indebtedness

The following table sets forth the amounts owed under the Company’s debt instruments as of September 30, 2025 and September 30, 2024.

During the year ended September 30, 2025, we continued to make substantial early repayments of our outstanding debt as part of our efforts to strengthen our balance sheet and enhance our financial flexibility. On September 8, 2025, we made an early partial repayment of $50.0 million on our Original USD Term Loan.

Net Debt and Net Leverage

The following table presents the Company’s position of net debt as well as net leverage on September 30, 2025 and September 30, 2024.

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Net debt remained largely the same at €1.0 billion on September 30, 2025 due to the lower balance of loans and borrowings due to the above-mentioned early debt repayments, which was partially offset by a lower cash balance on September 30, 2025 compared to September 30, 2024.

In combination with the increase in adjusted EBITDA of 20% for the year ended September 30, 2025, net leverage decreased from 1.8x adjusted EBITDA on September 30, 2024 to 1.5x adjusted EBITDA on September 30, 2025, which is in line with our projected net leverage ratio of ~1.5x, which was achieved despite the share repurchase. Without the share repurchase our net leverage ratio would have been 1.2x on September 30, 2025.

Term Loan and Revolving Credit Facility

On May 28, 2024, Birkenstock Limited Partner S.à r.l., as the company, Birkenstock Group B.V. & Co. KG and Birkenstock US BidCo Inc., as borrowers, and the other loan parties thereto entered into a Term and Revolving Facilities Agreement with Goldman Sachs Bank USA, as agent and security agent, and the lenders party thereto, which includes a Euro-denominated term loan facility (the “EUR Term Loan”) in an aggregate principal amount of €375.0 million and a USD-denominated term loan facility in an aggregate principal amount of $280.0 million (the “USD Term Loan” and, together with the EUR Term Loan, the “Term Loan”). The EUR Term Loan bears interest at a rate per annum equal to EURIBOR plus a margin which ranges between 160 and 260 basis points depending on the leverage and the USD Term Loan bears interest at a rate per annum equal to Term SOFR plus 190 and 290 basis points depending on the leverage. The USD Term Loan amortizes by 1.25% of its outstanding principal amount on a quarterly basis. A Euro-denominated multicurrency revolving credit facility in an aggregate principal amount of €225.0 million was established alongside the Term Loan under the Term and Revolving Facilities Agreement (the “Revolving Credit Facility”, or "RCF", and, together with the Term Loan, the “Term and Revolving Facilities”) replacing the ABL Facility. The RCF bears interest at a rate per annum equal to EURIBOR plus a margin which ranges between 160 and 260 basis points depending on the leverage. During the year ended September 30, 2025, €10.0 million of the €225.0 million RCF was separated to a new Ancillary Facility to be used for guarantees. As result, €215.0 million of the RCF is available and remains undrawn as of September 30, 2025. The Term and Revolving Facilities have an original maturity of February 28, 2029 and are guaranteed on a secured basis by certain German and U.S. subsidiaries of Birkenstock Limited Partner S.à r.l. All proceeds of the Term Loan were applied towards refinancing in full the Original Term Loan under the Senior Term Facilities Agreement on August 2, 2024. The Company made a voluntary prepayment of $50.0 million on the USD Term Loan during the year ended September 30, 2025.

Vendor Loan

In connection with the Transaction, we entered into a subordinated vendor loan agreement with AB-Beteiligungs GmbH for a principal amount of €275.0 million that bears interest at a rate of 4.37% per annum. Interest is due annually upon the anniversary of the Transaction and at the Company’s election may be paid in cash or, if not paid in cash, accrues on each annual interest payment date and is included in the principal amount of the Vendor Loan on and following such interest payment date. The Vendor Loan matures on October 30, 2029, which maturity date may be extended at the Company’s election up to three times, with each extension up to six months. The Vendor Loan permits voluntary prepayments to be made and also entitles the lender to require prepayment of outstanding amounts within a prescribed time period upon a change of control, a sale or a listing that results in L Catterton ceasing to own, directly or indirectly, more than 35% of the Company’s ordinary shares.

On October 16, 2023, we made an early partial repayment of €100.0 million on our Vendor Loan.

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Senior Notes and Embedded Derivative

In connection with the Transaction, we issued €430.0 million principal amount of senior notes that bear interest at a rate of 5.25% per annum. The Notes will mature on April 30, 2029. In 2022, the Company repurchased €1.5 million principal amount of Notes in a one-off transaction.

As per the prepayment clause included in the Notes, the Company has recognized this agreement as a hybrid financial instrument which included an embedded derivative. The embedded derivative component was separated from the non-derivative host in the consolidated statements of financial position at fair value, and the changes in the fair value of the derivative financial instrument were recognized in the consolidated statements of comprehensive income (loss), each as included elsewhere in this Annual Report.

Capital Expenditures

In the year ended September 30, 2025, we invested €85.0 million of capital expenditures mainly in growing production capacity in our Pasewalk and Arouca manufacturing facilities, in the retail store expansion, as well as in our IT infrastructure. These investments were financed from cash generated through operations. In comparison, in the year ended September 30, 2024 we invested €73.9 million of capital expenditures.

In the year ending September 30, 2026, we expect to invest approximately €110-130 million of capital expenditures into growing production capacity, as well as retail store expansion. These investments are expected to be financed from cash generated through operations.

Off-Balance Sheet Arrangements

As of the balance sheet dates of September 30, 2025 and September 30, 2024, the Company has not engaged in any off-balance sheet arrangements, as defined in the rules and regulations of the SEC.

Effects of Foreign Currency Fluctuations

Transactional

As a result of the geographic diversity of our customers and operations, we generate a significant portion of our revenues and incur a portion of our expenses in currencies other than the Euro, mostly USD and, to a lesser extent, various other currencies such as CAD, GBP, JPY and INR. As a result of our significant presence in the United States, we are particularly exposed to fluctuations in the exchange rate of the Euro to the USD, and a large portion of our current indebtedness, including a portion of our TRA liability, is denominated in USD. We are also exposed to currency exchange risks as a result of revenues invoiced and expenses incurred in local currencies. We generally seek to align costs with revenues denominated in the same currency, but we are not always able to do so, and our results of operations and financial condition will continue to be impacted by the volatility of the Euro against the USD. We manage our various currency exposures through economic hedging strategies. We annually evaluate the budgeted exchange rates for the following business year and consider the currency market outlook in determining our overall hedging strategy and activities for the next business year. We adjust our hedging strategies from time to time during the year as needed. Between the year ended September 30, 2024 and the year ended September 30, 2025, our hedging ratio was approximately 70% to 80% of our USD exposure from forecasted cash inflows from sales to our subsidiary in the U.S. In line with our approach to USD exposure, we also hedge our CAD and GBP exposures by targeting 80% of the forecasted cash inflows from our subsidiaries in Canada and the United Kingdom on a rolling quarterly basis. We use forward exchange contracts and forward exchange swaps and currency options to hedge our currency risks, most of which have a maturity date of less than one year from the date of initiation. Exchange rate fluctuations, particularly with respect to the exchange rate of the Euro to the USD, have had and are expected to continue to have an impact on our results of operations. In respect to other

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monetary assets and liabilities denominated in foreign currencies, we aim to manage our net exposure by buying or selling foreign currencies at spot rates.

Translational

We report our historical consolidated financial statements in Euro. When translating a subsidiary’s respective functional currency into our reporting currency, assets and liabilities of foreign operations, including goodwill, are translated using the exchange rates at the reporting date. Income and expense items are translated using the average exchange rates prevailing during the period. Equity is translated at historical exchange rates. All resulting foreign currency translation differences are recognized in other comprehensive income and accumulated in the foreign currency translation reserve. See "Note 3—Accounting Policies" to our audited consolidated financial statements included elsewhere in this Annual Report for further discussion on the translational impact of foreign currency.