Birkenstock Key Management Meeting Takeaways & Model Implications

Research evidence excerpt

Birkenstock Key Management Meeting Takeaways & Model Implications

J P M O R G A N North America Equity Research

18 May 2026

Birkenstock Overweight

BIRK, BIRK US

Key Management Meeting Takeaways & Model Price (15 May 26):$31.19

Implications Price Target (Dec-26):$49.00

Retailing – Department Stores &

Specialty Softlines

Matthew R. Boss, CPA AC

(1-212) 622-2630

matthew.boss@jpmorgan.com

We hosted CFO Ivica Krolo and Director of Investor Relations Megan Kulick for Amanda K. Douglas

investor meetings and thought value-add to share our key takeaways and model (1-212) 622 0316

amanda.douglas@jpmorgan.com

implications.

Lucas Hudson

(1-212) 622-0273

6 Key Management Incremental Takes: lucas.hudson@jpmchase.com

Taya Lindner

Take #1: “Demand” To Date (“that we can control”) Remains Strong and

(1-212) 622-9424

Resilient”: Regarding CEO Reichert’s statement on the 5/13 conference call when taya.lindner@jpmorgan.com

asked about 2H revenues relative to +15% 1H c/c growth “The clear answer to the Brady T Arnette, CFA

first part of your question is that we're not seeing any slowdown in the second half (1-212) 622-0046

of fiscal '26. From everything we see that we can control, of course, demand brady.arnette@jpmorgan.com

remains strong and resilient despite the headwinds from the different conflicts, J.P. Morgan Securities LLC

inflation, FX and tariffs” – management clarified two items during our

meetings:

Quarterly Forecasts (FYE Sep)

Adj. EPS (€)

2025A 2026E 2027E

1. Demand “from everything we can control” (i.e. underlying demand) for the Q1 0.18 0.27A

Birkenstock brand (not YOY revenue growth in 2H vs. 1H) is “not seeing Q2 0.55 0.50A

Q3 0.62 0.75

any slowdown” to date in 2H26 relative to 1H26. Q4 0.51 0.45

2.