BIRKENSTOCK HOLDING (+) : Iran in Birkenstocks

Research evidence excerpt

BIRKENSTOCK HOLDING (+) : Iran in Birkenstocks

EQUITIES

GENERAL RETAIL

OUTPERFORM TARGET PRICE EPS 09/26e EPS 09/27eBIRKENSTOCK HOLDING PRICE* USD33.1  TARGET PRICE USD61 (UPSIDE 84%)  -18%  -8% non material

Iran in Birkenstocks

BIRK delivered 14% cc topline growth slightly below buyside expectations of 15-16% cc, largely due14 MAY 2026

Securities Research Report to the Iran conflict. Investors ran away from the stock (down 13%) on concerns around Europe/Iran

Production time: 00:05* (London time)

macro. Adj. EPS of EUR 0.50 was below consensus of EUR 0.59 but would have been roughly in

Research Analysts & Publishing Entities

line ex the EUR 0.08 non-cash charge from the revaluation of senior notes. We relay key takeaways

Laurent Vasilescu after catching up with mgmt. We lower our EBITDA multiple from 18x to 15x as growth prospect isBNP Paribas Securities Corp1

(+1) 212 634 4971 less visible, and hence lower TP from $74 to $61 accordingly but remain OP rated.

Laurent.Vasilescu@us.bnpparibas.com

2Q impact is…realAubrey Tianello, CFA

2Q revenue grew 14% cc, below consensus of 15% cc, primarily due to the Middle East conflictBNP Paribas Securities Corp1

(+1) 212 710 9815 which represents a 1pt hit to total topline and 3pt hit to EMEA revenues. Of the EUR 6m revenue

Aubrey.Tianello@us.bnpparibas.com headwind from the Middle East conflict, half was attributable to weaker consumer sentiment in

Leah Yang, CFA EMEA, while the other half reflected shipping disruptions that BIRK is on track to resolve through

BNP Paribas Securities Corp1 rerouting. Notably, Americas and APAC remain strong, and DTC was up 12% cc despite tough

(+1) 212 884 2565 compares. Americas DTC accelerated to up MSD and Europe DTC was largely in line with the overallleah.x.yang@us.bnpparibas.com