Birkenstock: Sustaining strong growth despite incremental headwinds

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Birkenstock: Sustaining strong growth despite incremental headwinds

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Birkenstock

Sustaining strong growth despite

incremental headwinds

Reiterate Rating: BUY | PO: 50.00 USD | Price: 33.07 USD

2Q margin should be the trough 13 May 2026

BIRK navigated macro and supply chain volatility with sales results (+14% ccy) in line Equity

with expectations and an EPS miss from below-the-line items. Management reaffirmed

full-year guidance, indicating that the bulk of the tariff and fx margin pressure is behind

Key Changesit. Incremental pressures from the Middle East and tariffs can be largely mitigated

through inventory reallocation and pricing power as demand in the Americas and APAC (EUR) Previous Current

remains strong. We are largely maintaining our F26/F27 EPS and EBITDA estimates but Price Obj. US$60.00 US$50.00

lowering our PO to $50 (from $60), based on 11x F27E EV/EBITDA (was 13x) to reflect 2026E Rev (m) 2,321.5 2,321.9

peer multiple contraction. 2027E Rev (m) 2,640.3 2,645.2

2028E Rev (m) 2,976.6 2,981.0

2026E EPS 1.98 1.97EMEA pressure offset by product reallocation

EMEA grew 11% ccy including 300bp of pressure from the Middle East conflict, split 2028E EPS 2.54 2.51

evenly between reduced shipments to the affected region and consumer sentiment in

the rest of Europe. Management expects 200bp of 2H sales pressure from these factors. Lorraine Hutchinson, CFA

Research Analyst

The company plans to reallocate inventory toward APAC, where demand is high and BofAS

supply is constrained, to offset the EMEA pressure. +1 646 855 0951 lorraine.hutchinson@bofa.com

Pricing will buffer tariff and production cost inflation TrevorResearchTompkinsAnalyst

BIRK reiterated its gross margin guidance despite incremental costs. The conflict in the BofAS +1 646 855 0343