Birkenstock Capital Markets Day: Q1 FY26 Growth Holds as FX, Tariffs Bite; 13%-15% Target Reaffirmed

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MarketBeat

Sat, January 31, 2026 astatine 11:35 AM CST 8 min read

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Birkenstock reported preliminary Q1 FY26 gross of EUR 402 million, up 18% connected a constant‑currency ground (11% reported), but faced a ~670bp FX headwind and U.S. tariffs that pressured margins — adjusted gross borderline fell to 57.4% (‑290 bps) and adjusted EBITDA borderline to 26.5%, portion adjusted EPS roseate to $0.27 (+50%).
Management reaffirmed a three‑year program targeting 13–15% constant‑currency gross growth, a committedness to >30% EBITDA margins, ~15–17% EPS maturation successful changeless currency, and $200 million of yearly buybacks, backed by supply‑chain investments to enactment ~10% yearly portion growth and a program to treble APAC gross by FY28.
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Birkenstock (NYSE:BIRK) executives outlined the company’s maturation strategy and discussed preliminary fiscal first-quarter 2026 results during an capitalist event, emphasizing what enactment described arsenic durable demand, a “relative scarcity” organisation approach, and proviso concatenation investments intended to enactment portion maturation of astir 10% annually.

CEO Oliver Reichert opened by framing Birkenstock arsenic “the inventor of the footbed,” alternatively than a accepted footwear brand, and said the company’s mission—articulated by Karl Birkenstock erstwhile Reichert joined successful 2009—was to “give each quality being entree to the footbed.” Reichert said the institution has delivered 72 cardinal pairs since the IPO and astir 360 cardinal pairs during his tenure.

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Reichert reviewed show since becoming a nationalist company, citing gross maturation of 41% and EBITDA maturation of 38% implicit the archetypal 2 years post-IPO, on with “deleverage of 55%.” He besides referenced EUR 275 cardinal invested successful accumulation and the company, and stock buybacks totaling $200 million.

He reiterated management’s presumption that the brand’s accidental is not constricted to sandals oregon a manner cycle, pointing to what helium described arsenic “white space” successful APAC, the company’s ain retail/DTC footprint, and closed-toe shoes. Reichert said APAC has doubled, the retail fleet has doubled since the IPO, and the closed-toe concern has reached 38% of the mix, which helium said has helped equilibrium seasonal revenue.

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