Birkenstock (BIRK) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue grew 8% year-over-year to EUR 618 million (14% in constant currency), demonstrating resilience amid global conflicts, inflation, and tariff headwinds.

• Adjusted EBITDA margin remained strong at 32.1%, with adjusted EBITDA at EUR 198 million, down 1% year-over-year; adjusted net profit was EUR 93 million, down 10%.

• Demand remained robust across all regions, with APAC up 30% in constant currency, Americas up 14%, and EMEA up 11%.

• D2C retail grew over 60% in constant currency, with double-digit same-store sales growth and five new stores opened, totaling 111 globally.

• The company reiterated its fiscal 2026 guidance for 13%-15% constant currency revenue growth and expects to reach 140 stores by year-end.

Financial highlights

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

• Adjusted EBITDA: EUR 198 million, margin at 32.1%, down 1% year-over-year and 270 bps.

• Adjusted EPS: EUR 0.50, down from EUR 0.55; adjusted net profit: EUR 93 million, down 10%.

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

• Operating cash flow: EUR 29 million (vs. EUR -18 million in Q2 2025); cash and equivalents: EUR 201 million.

Outlook and guidance

• Fiscal 2026 constant currency revenue growth guidance reiterated at 13%-15%; reported revenue growth expected at 10%-12% due to FX headwinds.

• Adjusted EBITDA expected at least EUR 700 million for the year, with margin of 30%-30.5%.

• Adjusted EPS guidance: EUR 1.90-EUR 2.05, including EUR 0.15-0.20 FX pressure.

• Adjusted gross margin expected at 57%-57.5% for the year, including 200 bps pressure from FX and tariffs.

• CapEx guidance: EUR 110 million-EUR 130 million; net leverage target: 1.3x-1.4x by year-end.