Birkenstock Holding plcBIRK

Birkenstock Holding plc completed a major refinancing transaction by closing a €900,000,000 senior notes offering due 2033 in June 2026, issued by its subsidiary Birkenstock Group B.V. & Co. KG, to retire €428.5 million of outstanding 5.25% senior notes due 2029 and finance up to $500 million in share buybacks.

Birkenstock Holding plc manufactures and sells footbed-based products, including sandals and closed-toe silhouettes, through business-to-business wholesaling and direct-to-consumer online and retail channels, operating in regional hubs across the Americas, Europe, Middle East and Africa, and Asia-Pacific. The business model relies on seasonal production builds between October and January to prepare for summer demand, making results sensitive to weather variations and retail channel logistics.

For the fiscal second quarter ended March 31, 2026, revenue increased 8% to €618,333 thousand compared to €574,330 thousand in the prior-year quarter. However, net profit fell 22% to €81,883 thousand from €105,113 thousand, and basic earnings per share declined to €0.45 from €0.56. Reportable segment Adjusted EBITDA was €100,275 thousand for the Americas (down 11%), €92,465 thousand for Europe, Middle East and Africa (up 14%), and €17,453 thousand for Asia-Pacific (up 1%), with the consolidated gross profit margin contracting 380 basis points to 53.9% due to unfavorable foreign exchange translation, incremental U.S. tariffs, and the acquisition mark-up of Birkenstock Australia Pty. Ltd. which closed on October 23, 2025.

This report is compiled using official SEC filings, including the recent Form 6-K and Form 4 submissions. The source pack does not contain any TradingView or physical market chart route, and therefore this report does not present technical support levels or moving average data. Instead, the market mechanism is defined by the issuance of the new 4.500% senior notes to reduce interest expenses and restructure the company corporate debt, which leaves Birkenstock with €1,714.4 million in total pro forma indebtedness, alongside a €110 million drawing under its €225 million revolving credit facility.

Operational changes during the period include the acquisition of Birkenstock Australia Pty. Ltd., which resulted in a €12,291 thousand gain on bargain purchase, and the addition of five new own retail stores, bringing the total own retail footprint to 111 stores. What remains unproven is the ultimate outcome of the Paris Court of Appeal case brought by a French distributor seeking €41.6 million on appeal, where pleadings were scheduled for July 7, 2026. Future SEC filings detailing the cash flow effects of the completed $250 million accelerated share repurchase program and the final court ruling on the French distributor dispute will be necessary to deepen the file.