BIRK: 2Q Review: FX & Tariffs Weigh, But Underlying Fundamentals Hold

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BIRK: 2Q Review: FX & Tariffs Weigh, But Underlying Fundamentals Hold

May 13, 2026

Simeon Siegel, CFA simeon.siegel@guggenheimpartners.com BIRK: 2Q Review: FX & Tariffs Weigh, But Underlying

212 518 9852 Fundamentals Hold

Jonathan Elias

jonathan.elias@guggenheimpartners.com

212 381 7573 Key Message: BIRK reported 2Q CC sales +14% (Americas ~in-line with Street,

Europe and APAC below), GM -310bps (headwinds of ~230bps/90bps from FX/tariffs, Daniel Stroller

daniel.stroller@guggenheimpartners.com respectively, and 30bps from channel mix) and €0.50 EPS (vs. Street's €0.59). Looking

929 788 0322 ahead, management reaffirmed its FY26 guidance (and their three-year plan of +13-15%

CC revenue growth and 30%+ Adj. EBITDA Margin). In this shoot first ask later tape with Edward Wendel, CFA little desire to stick one’s neck out, anything shy of perfect is meeting a heavy sell-off, but edward.wendel@guggenheimpartners.com

415 934 8448 at the end of the day, we continue to see BIRK’s industry leading revenue and margin

profiles as attractive and reiterate our Buy rating.

CC Revenue +14%; FY and 3-Year Guide Reiterated. 2Q +14% CC, +8% reported.

Management reiterated FY26 CC revenue guidance (+13-15%), with 3Q26 and 4Q26 each BIRK BUY expected to be within the same CC range. FX is expected to pressure 3Q by ~200bps,

Birkenstock Holding plc before becoming a ~neutral factor in 4Q. Management noted that while they are "not seeing

Sector: Consumer Discretionary any slowdown in 2H", they also mentioned that "3Q and 4Q are our two largest quarters and

are very DTC heavy, especially in EMEA, which is most directly exposed to these external Earnings Release changes and challenges" and that "it's important that we recognize this uncertainty in our

Share Price $37.95 outlook."