Birkenstock Holding plc reported fiscal first‑quarter 2026 results on February 12, 2026, with revenue of €402 million, slightly below the consensus estimate of €402 million (or $469.9 million). Adjusted earnings per share came in at $0.31, beating the $0.30 estimate by $0.01, or roughly 4.7 %. The company’s adjusted EBITDA margin was 26.5 %, down from 27.8 % in the prior quarter and below the 30‑30.5 % margin range it has targeted for the full year.
Revenue grew 11 % on a reported basis and 18 % in constant currency, driven largely by strong demand across all segments during the holiday season. The APAC region posted a 37 % constant‑currency increase, while the Americas and EMEA also contributed to the top‑line lift. Currency translation losses and incremental U.S. tariffs weighed on reported revenue, causing the slight miss relative to consensus.
The adjusted EBITDA margin contraction reflects the combined impact of a weaker euro against the dollar and the additional U.S. tariff burden, which eroded pricing power. Compared with Q4 2025, the margin fell from 27.8 % to 26.5 %, indicating that the company’s cost‑control gains were offset by external headwinds. Management noted that pricing power remains intact, but currency volatility and tariff costs continue to pressure profitability.
Birkenstock reaffirmed its fiscal 2026 revenue guidance of €2.30 billion to €2.35 billion, with a constant‑currency growth target of 13‑15 % and an adjusted EBITDA margin goal of 30‑30.5 %. The guidance signals confidence in sustained demand and the ability to maintain high margins despite the current headwinds. The company also reiterated its three‑year plan, which includes adding €1 billion to top‑line revenue by fiscal 2028 while preserving a 30 %+ adjusted EBITDA margin.
Management emphasized that the brand continues to experience strong demand, especially in the holiday period, and that its purpose‑driven model provides resilience. The CEO highlighted the company’s growth runway and its capacity to navigate channel and geographic shifts while maintaining profitability. These comments reinforce the company’s confidence in its long‑term strategy.
Investors remained cautious after the release, focusing on the margin compression and revenue miss despite the EPS beat. The market’s attention to the company’s ability to manage currency and tariff headwinds underscores the importance of the earnings results for assessing Birkenstock’s near‑term performance.
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