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Birkenstock’s Brand Powerhouse Moment Meets A 350-Basis-Point FX Drag!

Birkenstock Holding plc reported fiscal second quarter 2026 results demonstrating resilience amid a challenging macroeconomic environment characterized by geopolitical conflicts, inflationary pressures, tariff uncertainties, and currency headwinds. The company achieved reported revenues of EUR 618 million, up 8% year-over-year, with constant currency growth reaching 14%, aligning with the management’s annual guidance of 13% to 15%. Growth was broad-based across all geographic segments, with Americas up 14% in constant currency driven by strong B2B expansion and digital sales; EMEA growing 11% despite an estimated 300 basis point drag due to Middle East disruptions and muted consumer sentiment linked to inflation and energy costs; and APAC delivering the strongest performance with a 30% constant currency increase. Adjusted EBITDA totaled EUR 198 million, slightly down 1% year-over-year primarily impacted by adverse foreign exchange (FX) effects and tariffs, but up 13% excluding these factors. The adjusted EBITDA margin came in at 32.