Birkenstock Q2 2025 Earnings Report

Birkenstock EPS Results

• Actual EPS: $0.58
• Consensus EPS: $0.57
• Beat/Miss: Beat by +$0.01
• One Year Ago EPS: $0.38

Birkenstock Revenue Results

• Actual Revenue: $623.54 million
• Expected Revenue: $567.84 million
• Beat/Miss: Beat by +$55.70 million
• YoY Revenue Growth: +19.30%

Birkenstock Announcement Details

• Quarter: Q2 2025
• Date: 5/15/2025
• Time: Before Market Opens
• Conference Call Date: Thursday, May 15, 2025
• Conference Call Time: 8:00AM ET

Birkenstock (NYSE:BIRK) manufactures and sells footwear products. It also offers sandals, shoes, closed-toe silhouettes, skincare products, and accessories. The company sells its products through e-commerce sites and a network of owned retail stores, as well as business-to-business channels. It operates in the United States, Brazil, Canada, Mexico, Europe, APMA, and internationally. Birkenstock Holding plc was founded in 1774 and is based in London, the United Kingdom. Birkenstock Holding plc is a subsidiary of BK LC Lux MidCo S.à r.l.

Birkenstock Q2 2025 Earnings Call Transcript

Key Takeaways

• Record €574 million Q2 revenue, up 19% reported (18% in constant currency), surpassing the high end of its 15–17% full-year growth target.
• Gross margin rose to 57.7% (+140 bps yoy) driven by better absorption at new facilities and selective pricing actions, while adjusted EBITDA margin guidance was raised to 31.3–31.8%.
• B2B and DTC sales grew in balance (18% and 17%), supported by a 25% increase in a 10 million+ member base and expansion to 77 owned stores (on track to reach 100 this year).
• Closed-toe silhouettes outgrew sandals by 2x, boosting their mix by 400 bps as Birkenstock taps white-spaces in closed-toe shoes, premium leathers, own stores and APAC markets.
• Regional growth remained robust with Americas +23%, EMEA +12% and APAC +30%—China more than doubled revenues with just initial market entries.

Presentation

[Operator]

Good morning, and thank you for standing by. Welcome to Birken stock's Second Quarter twenty twenty five Earnings Conference Call. Session. The company has allocated sixty minutes in total to this conference call. I would like to remind everyone that this conference call is being recorded.

[Operator]

I will now turn over the call to Megan Kulik, Director of Investor Relations.

[Megan Kulick, Director Investor Relations at Birkenstock]

Hello, and thank you, everyone, for joining us today. On the call are Oliver Reichert, Director of Birkenstock Holding plc and Chief Executive Officer of the Birkenstock Group and Ivica Krollo, Chief Financial Officer of the Birkenstock Group. David Khan, President of Americas, Niko Bujov, President of EMEA and Alexander Hoff, Vice President of Global Finance will join us for the Q and A. Today, we are reporting the financial results for our fiscal second quarter of twenty twenty five ending 03/31/2025. You may find the press release and supplemental presentation connected to today's discussion on our Investor Relations website at berkenstockholding.com.

[Megan Kulick, Director Investor Relations at Birkenstock]

We would like to remind you that some of the information during this call is forward looking and accordingly is subject to the Safe Harbor provision of the federal securities law. These statements are subject to various risks, uncertainties and assumptions, could cause our actual results to differ materially from these statements. These risks, uncertainties and assumptions are detailed in this morning's press release, as well as in our filings with the SEC, which can be found on our website at birkenstockholding.com. We undertake no obligation to revise or update any forward looking statements or information except as required by law. We will reference certain non IFRS financial information.

[Megan Kulick, Director Investor Relations at Birkenstock]

We use non IFRS measures as we believe they represent the operational performance and underlying results of our business more accurately. The presentation of this non IFRS financial information is not intended to be considered by itself or as a substitute for the financial information prepared and presented in accordance with IFRS. Reconciliations of IFRS to non IFRS measures can be found in this morning's press release and in our SEC filings. With that, I'll turn the call over to Oliver.

[Oliver Reichert, Chief Executive Officer and Director at Birkenstock Holding PLC]

Good morning, everybody, and thank you for joining us. We are meeting today at a moment when the world seems unpredictable. The current context is a stress test for the resilience of business models. As our results for the second quarter show, we have passed this test very well. Our company is in a good shape and we are confident about our future.

[Oliver Reichert, Chief Executive Officer and Director at Birkenstock Holding PLC]

Our performance is rooted in the power of a universal purpose driven brand that stood the test of time. We control our own supply chain with 95% of our products made in Germany and 100% made in Europe and 96% of our raw materials sourced in Europe. This helps shield our business from the current disruptions. Once again, we're delivering on the promises we made during our IPO. In the second quarter, we delivered a record €574,000,000 in revenues.

[Oliver Reichert, Chief Executive Officer and Director at Birkenstock Holding PLC]

On a reported basis, this was up 19% year over year. In constant currency, revenue grew by 18% above the high end of our 15% to 17% target for the full year. Revenue growth was driven by double digit volume increase, supported by continued ASP growth. The manufacturing capacity we have added over the past two years has allowed us to increase our production to meet the increasing demand for Birkenstock. Sales numbers for our five iconic silhouettes grew double digit, contributing to both volume and ASP growth.

[Oliver Reichert, Chief Executive Officer and Director at Birkenstock Holding PLC]

At the same time, we continue to tap into the white spaces, which are, as you know, closed toe shoes, our own retail stores, and the APAC region, all of which contributed to our strong growth. As expected, growth in the second quarter was balanced between our B2B and DTC channels, with B2B coming in at 18% and DTC at 17%. The DTC growth was driven by our investments in our online and owned retail stores. Our membership base reached over 10,000,000 loyal members, up over 25% year over year. We are on track with our retail expansion with now 77 owned stores, adding six new doors during the second quarter.

[Oliver Reichert, Chief Executive Officer and Director at Birkenstock Holding PLC]

As shared, we are heading towards 100 owned stores by the end of this fiscal year and we are confident we will get there. During the quarter, revenue from closed toe silhouettes grew at twice the rate of the overall group and increased share of business by 400 basis points. Demand for closed toe silhouettes for springsummer 'twenty five was up strong double digits and we see continued strength as we build our order book for SpringSummer twenty twenty six. Almost half of our top 20 selling silhouettes in the quarter were close to. Let us now have a brief look at the segment performance.

[Oliver Reichert, Chief Executive Officer and Director at Birkenstock Holding PLC]

Within our largest segment, The Americas, we experienced continued strong consumer demand for our brand. Revenue in the region was up 23% in reported currency and 20% in constant currency compared to the second quarter of 'twenty four. Both the B2B and the DTC channel grew double digit. Within the B2B channel, the fastest growth came from our youth, sporting goods, outdoor and department store partners. Americas D2C strengthened in the quarter from investments we made in the digital channel and from our expanded physical retail presence.

[Oliver Reichert, Chief Executive Officer and Director at Birkenstock Holding PLC]

We opened one new door in Nashville, bringing our own store count in the region to 10. In EMEA, we delivered double digit growth of 12%. In the recently integrated Middle East Africa area, we have been taking further actions to be more focused in our growth. DTC remained very strong, outpacing B2B growth by 1.5 times. Within our DTC channel, shoes are the second biggest category behind classics leather, showcasing the continued momentum in this important area.

[Oliver Reichert, Chief Executive Officer and Director at Birkenstock Holding PLC]

We increased our brand presence and awareness with the opening of new stores in London and Paris, bringing our store count in EMEA to 37. We created some strong brand moments, bringing our mission to life across the region. One highlight was an experimental pop up store in Les Des Alpes in France, where we hosted over 3,000 brand fans and members in a month. The APAC region was again the fastest growing segment in the quarter. Our largest white space region grew by 30%, driven by very strong growth in our DTC channel.

[Oliver Reichert, Chief Executive Officer and Director at Birkenstock Holding PLC]

We opened three new owned retail stores in India, Japan, and China, bringing the total number of stores in the region to 30. We also expanded our strategic partnerships, increasing our monobrand partner doors by 20%, driving very strong double digit growth in our B2B channel. Consistent with the other segments, closed toe and higher priced premium leather executions are growing faster than the regional average and contributing to positive ASP growth in the region. Our three top markets in terms of revenue were Australia, China and Japan. All grew significantly above segment average with China more than doubling in revenue year over year.

[Oliver Reichert, Chief Executive Officer and Director at Birkenstock Holding PLC]

As a reminder, we are just beginning to enter Greater China in a meaningful way and see the opportunity for continued strong growth in this market. These strong results make us confident for our important springsummer selling season, as we are seeing great momentum across all product channels, categories and segments. I will now turn it over to Ivica to discuss our financial results in more detail.

[Ivica Krolo, Chief Financial Officer at Birkenstock Holding PLC]

Thanks, Oliver. I'm happy to share with you BurtonStock's performance for the second quarter of twenty twenty five, which came in ahead of our expectations. Second quarter revenues were €574,000,000 with growth of 19% on a reported and 18% in constant currency, above the high end of our 15% to 17% annual guidance for the year. As expected, growth in B2B and B2C were balanced in the quarter with B2B up 1918% in constant currency and B2C up 19%, seventeen % in constant currency. D2C share of business was 24%, equal to the prior year.

[Ivica Krolo, Chief Financial Officer at Birkenstock Holding PLC]

As a reminder, the second quarter is seasonally our heaviest in terms of B2B mix, given the timing of the sell in to our partners for the springsummer season. Gross margin for the quarter was 57.7%, up 140 basis points year over year. Better absorption of costs related to our new manufacturing facility contributed about 50 basis points. The remainder is made up by selected price adjustments, net of higher input costs and favorable currency translation. Selling and distribution expenditures were €127,000,000 in the second quarter, representing 22% of revenue, down 150 basis points from the prior year, mainly due to the reclassification of expenses into G and A previously recorded in S and D.

[Ivica Krolo, Chief Financial Officer at Birkenstock Holding PLC]

General administration expenses were €32,000,000 or 5.6% of revenue in the quarter, up 150 basis points year over year due to the reclassification as well as higher IT expenses, primarily related to the ERP conversion in The Americas. Adjusted EBITDA in the second quarter of €200,000,000 was up 23% year over year and margin of 34.8% was up 110 basis points year over year. This was primarily due to the improvement of gross profit margin and the favorable currency translation, partially offset by the higher G and A. Adjusted net profit of EUR103 million in the second quarter was up 33% year over year and adjusted EPS was EUR0.55, up from EUR0.41 from a year ago. Cash flows used in operating activities during the second quarter were EUR18 million, down from EUR68 million compared to last year due to the timing of tax payments relating to prior years.

[Ivica Krolo, Chief Financial Officer at Birkenstock Holding PLC]

We ended the quarter with cash and cash equivalents of €235,000,000 We continued to proactively manage working capital and we improved our inventory to sales ratio to 36%, down from 40% in Q2 twenty twenty four and our DSO for the quarter were 46% in line with 44% a year ago. During the quarter, we spent approximately €21,000,000 in capital expenditures adding to our production capacity in Parzovag, Gerlitz and Arruca and continuing our investments in retail and IT. We are on track to meet our CapEx targets of around EUR 80,000,000 for the year. Our net leverage was 1.8 times as of 03/31/2025, down slightly from 1.9 at the end of Q1. As is typical, we expect to see positive operating cash flow contribution in Q3 and Q4 due to the seasonality of our working capital.

[Ivica Krolo, Chief Financial Officer at Birkenstock Holding PLC]

As we look forward to the remainder of fiscal twenty twenty five, we believe we are well positioned to meet or exceed our stated growth and profitability objectives. Birkenstock is less exposed to tariffs with 100% of our production and 96% of our materials sourced from Europe and no contract manufacturing from Asia. We already have taken appropriate actions to mitigate the impact on tariffs both near term and long term. We have multiple levers to pull and are in a strong position with experience in managing inflationary pressures including tariffs. First, the consistency in demand together with our engineered distribution and scarcity model allows for pricing flexibility.

[Ivica Krolo, Chief Financial Officer at Birkenstock Holding PLC]

For a full offset of tariff impact, we would need only a low single digit price increase globally, which is consistent with our historical level of pricing actions. Pricing is not the only lever we have though. Given our vertical integration, additional levers include efficiencies in production, vendor negotiations, the optimization of product mix and the allocation of products between the different regions. This, together with our strong inventory position, gives us the confidence that we can mitigate the fiscal twenty twenty five tariff impact. While FX was a benefit to us in the first half of the year, the recent depreciation in the dollar will create a headwind to our reported growth and margins in the third and fourth quarter.

[Ivica Krolo, Chief Financial Officer at Birkenstock Holding PLC]

But despite the tariff and FX headwinds we face in the second half, we are confident that we will be able to meet or beat our financial targets for fiscal year twenty twenty five. Based on the results to date and the current trends we are seeing in the business, we now expect to be at the high end of our constant currency revenue growth guidance of 15% to 17%. More importantly, provided we do not see any further weakening of the dollar and no additional tariffs on imports from the EU to U. S, we now expect adjusted EBITDA margin of 31.3% to 31.8%, fifty basis points above our previous guidance. This implies an adjusted EBITDA target in the range of EUR660 million to EUR670 million, up 19 to 21% year over year.

[Ivica Krolo, Chief Financial Officer at Birkenstock Holding PLC]

And now I'll be handing back to Oliver.

[Oliver Reichert, Chief Executive Officer and Director at Birkenstock Holding PLC]

Thanks, Ibiza. The first half results of our fiscal twenty twenty five demonstrate the strength of our brand with strong double digit revenue growth, excellent margins, and significant progress in our white space growth initiatives. We expect that the tariff situation may create a unique shift in consumer behavior in the footwear category, with the split between the few brands like Birkenstock who manage strong brand equity through relative scarcity and those who distribute their products with less discipline and pricing integrity. We will navigate through these uncertain times from a position of strength as we have successfully done in the past. Think about COVID, where we came through the challenge stronger than before.

[Oliver Reichert, Chief Executive Officer and Director at Birkenstock Holding PLC]

And don't forget about the import tariffs previously imposed by the U. S. Administration, which we completely absorbed without any loss of sales. That's why I'm confident today. Our decade's long track record of managing our brand through a consistent engineered distribution strategy puts Birkenstock in a strong position to take additional shelf space and gain share.

[Oliver Reichert, Chief Executive Officer and Director at Birkenstock Holding PLC]

We are a brand with industry leading growth, pricing power, clean inventories, strong profitability, global reach, a very healthy balance sheet, and cash generation. We believe there are few consumer companies better positioned today to drive steady long term growth and shareholder returns. I would now kindly ask the operator to open our Q and A session. Thank you.

[Operator]

Thank you. At this time, we will be conducting a question and answer session. As a reminder, the company has asked that you please limit yourself to one question and return to the queue for any follow-up. The company has allocated sixty minutes in total to this conference call. And the first question today is coming from Matthew Boss from JPMorgan.

[Operator]

Matthew, your line is live.

[Matt Boss, Equity Research Analyst at JP Morgan]

Great, thanks and congrats on another really nice quarter.

[Oliver Reichert, Chief Executive Officer and Director at Birkenstock Holding PLC]

Thanks, Matt.

[Matt Boss, Equity Research Analyst at JP Morgan]

So

[Matt Boss, Equity Research Analyst at JP Morgan]

Oliver, could you speak to your confidence in your outlook for the rest of the year and your raised EBITDA margin guidance despite the elevated macro uncertainty with tariffs and foreign exchange? Or really, what are you seeing in your current business to give you this confidence?

[Oliver Reichert, Chief Executive Officer and Director at Birkenstock Holding PLC]

Good morning, Matt. Thank you for your question. Let me tell you one thing. For us, the whole situation is an opportunity and not a risk. Be assured, we will fully offset the effect of the existing tariffs.

[Oliver Reichert, Chief Executive Officer and Director at Birkenstock Holding PLC]

We are aware the currency is moving around quite a bit. But as always, we will share FX impact with full visibility. So of course, we have factored the current FX level into our margin outlook. But most importantly, we and our partners are not seeing any changes to consumer behavior and demand out there. When it comes to product and to our product, there's no change at all.

[Oliver Reichert, Chief Executive Officer and Director at Birkenstock Holding PLC]

Full price realization remains at 90 plus percent and our order book from wholesalers remains very, very strong without any cancellations. So I think that's the ultimate test of truth to undermine the strength of the brand and pricing power. We are well positioned to take shelf space and we could speed up, of course, our retail expansion if we have an opportunity.

[Matt Boss, Equity Research Analyst at JP Morgan]

Wow, it's great color. Best of luck.

[Ivica Krolo, Chief Financial Officer at Birkenstock Holding PLC]

Thanks, Oliver. And Matt, maybe to add on your question with regards to EBITDA margin as compared to our original guidance, it's two drivers for that. Mostly, it is coming from gross margin improvement from first better absorption and then second pricing net of inflations, which are the two key drivers for improved EBITDA margin over the course of this year.

[Matt Boss, Equity Research Analyst at JP Morgan]

Great. Thanks for the color.

[Operator]

Thank you. The next question will be from Simeon Siegel from BMO. Simeon, your line is live.

[Simeon Siegel, Managing Director at BMO Capital Markets]

Thanks. Hey, everyone. Really nice ongoing broad based strength. So nice to see. To follow-up a little bit.

[Simeon Siegel, Managing Director at BMO Capital Markets]

So just among everything else, the D2C in America's strength is really great, likely encouraging to many investors. Could you just speak to the implied top line deceleration in the back half, which I think looks a little bit below the 1H performance? And then gross margin was nicely better and really great to see the ongoing improvement from the Passivak ramp. How should we think about the progression of gross margin going forward? Maybe add any color there from just, again, stripping out FX to your point or any remaining Passivak implications versus just the underlying gross margin dynamics?

[Simeon Siegel, Managing Director at BMO Capital Markets]

Thanks, guys.

[Ivica Krolo, Chief Financial Officer at Birkenstock Holding PLC]

Thanks, Simeon. It's Ivanka. So as you know, with our b to b, we have an order book which provides us with great visibility in terms of growth. But as you also know, the second half is more D2C heavy compared to the first half of the fiscal year. So we have naturally, less visibility as a result of that.

[Ivica Krolo, Chief Financial Officer at Birkenstock Holding PLC]

And given the current macro conditions, we are, as you are, aware, prudent in our planning given this reduced visibility in the second half. In terms of cadence or seasonality, the third quarter as is typical will be the slowest growth quarter for the year. The first reason is just simple mathematics. The sandals share is the heaviest in the third quarter. And while sandals are growing double digit, close to shoes grow two times as fast.

[Ivica Krolo, Chief Financial Officer at Birkenstock Holding PLC]

So the weighted growth is slowest in the third quarter in the fiscal year. So this covers the first part of your question. The second question on gross margin comes back to my initial statement. So we had expected about 50 basis points tailwind to gross margin for the full fiscal year 2025 through better absorption, primarily, however, in the second quarter of the year. Now we're seeing 50 basis points into Q, so we are already slightly ahead of schedule.

[Ivica Krolo, Chief Financial Officer at Birkenstock Holding PLC]

We now think that we will be about 75 basis points, which will be the benefit for 2025 with the remainder coming in, in the fiscal year 2026. So as mentioned earlier, this will be driving the improved gross margin.

[Simeon Siegel, Managing Director at BMO Capital Markets]

That's great. Thanks guys. Best of luck for the year ahead.

[Operator]

The next question will be from Mark Altschwager from Baird. Mark, your line is live.

[Mark Altschwager, Senior Research Analyst at Baird]

Thanks for taking my question and great results. Could you expand more on your plans for tariff mitigation and the impact for demand the impact on demand for Birkenstock? And relatedly, could you just speak to the timing, any callouts on the timing of when you expect the costs and the offsets to flow through the P and L? Thank you.

[Ivica Krolo, Chief Financial Officer at Birkenstock Holding PLC]

Thank you, Mark. It's Umitus speaking. Yes, sure. So most importantly, and as Oliver already mentioned, we will fully offset the existing 2025 tariff impact. As you know, we are a brand with a broad heritage being made in Europe.

[Ivica Krolo, Chief Financial Officer at Birkenstock Holding PLC]

As such, we are less exposed than most. So 96% of our raw materials 96% of our raw materials are sourced from within Europe and 100% of our manufacturing and final assembly is from the EU. So that fact will offset the tariff impact. First, we will look at global pricing. So as you know, we have a goal to maintain global pricing architecture and the tariffs in The U.

[Ivica Krolo, Chief Financial Officer at Birkenstock Holding PLC]

S. Will not change that. We are in a position where we have pricing flexibility without impact on consumer demand, which is very consistent. And as we have also a 90% plus full price realization given the brand equity that we've not only built in U. S.

[Ivica Krolo, Chief Financial Officer at Birkenstock Holding PLC]

But also beyond. And second, unlike our competitors, we are virtually vertically integrated. So we have other levers to pull, mainly the ability to gain efficiencies across our value chain. And so overall, in an environment where consumers face pressure from inflation in many areas, we expect to see even more intentional purchasing and a shift between the brands in high demand like we are and those brands that are struggling really to gain consumer attention. And as such referring back to what Oliver has said, we do see this indeed as an opportunity to take additional self space and gain share eventually.

[Mark Altschwager, Senior Research Analyst at Baird]

Best of luck. Thank you.

[Operator]

Thank you. The next question will be from Dana Telsey from Telsey Group. Dana, your line is live.

[Dana Telsey, CEO and Chief Research Officer at Telsey Advisory Group]

Hi, good morning everyone and nice to see the progress. As you think of some of the gross margin drivers, on the fact of the ability to better absorb the new manufacturing capacity added in September 23, Where are we on that journey? When does it get fully absorbed? And when you talk about the sales price adjustments between closed toe sandals, what are you doing in terms of pricing to continue to generate this solid gross margin? Thank you.

[Ivica Krolo, Chief Financial Officer at Birkenstock Holding PLC]

Hi, Dana. It's Ivitz. On the first part of your question with regards to better absorption and as initially mentioned, so we had expected about 50 basis points tailwinds to gross margin for this full year. We are now seeing that materializing ahead of schedule. So we now think it will be 75 basis points for this fiscal year and the overall effect for next year will be additional 75 basis points.

[Ivica Krolo, Chief Financial Officer at Birkenstock Holding PLC]

So that will be clearly the driver for gross margin improvement.

[Dana Telsey, CEO and Chief Research Officer at Telsey Advisory Group]

Got it. And then just on the retail store rollout, I think Nashville opened this past quarter. How are the new stores rolling out? Is the number of new store openings still the same around the world for your own stores? And any learnings of closed toe versus sandals from the stores?

[Dana Telsey, CEO and Chief Research Officer at Telsey Advisory Group]

Thank you.

[Mehdi Nico Bouyakhf, President EMEA at Birkenstock]

Hi, Dana, this is Nico. I'm gonna take this question. So as you know, retail is a massive growth pillar for us, and we are very pleased to see that we are currently operating 77 stores. We added six stores in this quarter. We opened in less than a year Paris number two, which is doing really well.

[Mehdi Nico Bouyakhf, President EMEA at Birkenstock]

We opened London number three, we opened in Nashville, and we opened also in Shanghai. It's worth mentioning that we don't need that long ramp up period for those stores. It takes a couple of weeks, and then they are top five, top seven, top eight or top 10 stores from a performance perspective. We remain very disciplined in choosing the right locations. So for us, the locations are really mattering the most.

[Mehdi Nico Bouyakhf, President EMEA at Birkenstock]

So we really wanna be sure that the financials are right, that the economics is right and the location is also providing the best consumer experience. We said that we're going to come closer to 100 stores at the end of this fiscal year and closer to 150 stores at the end of twenty twenty seven, and we are well on track with the store expansion around the new stores. I think it's worth mentioning, while we open stores, the retail growth is not just driven by store expansion. We have a very solid and healthy comp growth in our longer standing stores.

[Dana Telsey, CEO and Chief Research Officer at Telsey Advisory Group]

Thank you.

[Operator]

Thank you. The next question is coming from Laurent Vasilescu from BNP Paribas.

[Laurent Vasilescu, Managing Director & Senior Equity Analyst at Exane BNP Paribas]

Good morning. Thank you very much. Good morning. Thank you very much for taking my question. Close toed increased its mix rate by 500 basis points in 1H.

[Laurent Vasilescu, Managing Director & Senior Equity Analyst at Exane BNP Paribas]

Is that driven by the Boston as well as other closed toed offering? Should we assume a similar rate increase of 500 basis points for the second half? And separately, my math, it looks like the sandal assortment grew low teens in 2Q. Should we assume the sandal business grows low double digits for FY 2025 similar to last year? Thank you.

[Mehdi Nico Bouyakhf, President EMEA at Birkenstock]

Hi, this is Nico. Thank you for your question. I'm gonna take it. So, closed toe, as you just mentioned, continues to outpace our open toe by this quarter by 2x. And it's worth mentioning why this is an outpacing of our OpenToe business growth double digit.

[Mehdi Nico Bouyakhf, President EMEA at Birkenstock]

We are really pleased to see that this is not only driven by Boston. Boston continues to show a very strong performance, while our non Boston clogs are growing at the same pace. So we are really diversifying our clogs business and they can also offer some pressure off the Boston. When it comes to laced up shoes, like really shoes shoes, this category delivered another record quarter, significantly outgrowing our clogs business. So again, we are diversifying our closed toe business beyond Boston and beyond clogs.

[Mehdi Nico Bouyakhf, President EMEA at Birkenstock]

In EMEA, just to reference one thing from EMEA, it is already the second biggest category in our online channel, seven out of top 20 are laced up shoes. And that all again, while sandals are growing double digit.

[Laurent Vasilescu, Managing Director & Senior Equity Analyst at Exane BNP Paribas]

Thank you

[Laurent Vasilescu, Managing Director & Senior Equity Analyst at Exane BNP Paribas]

very much.

[Operator]

you. The next question will be from Paul Lejuez from Citi. Paul, your line is live.

[Analyst]

Hi, this is Kelly on for Paul. Thanks for taking our question. Just want to follow-up on some of the gross margin puts and takes. I think last quarter you said gross margin would approach 60% this year. I guess with the raise in the Passamaqua ramp contribution, but maybe some FX headwinds.

[Analyst]

Just curious if you're sort of reiterating that guide, if you're raising it. So any color there? And then just secondly on the pricing strategy, you took around the price increases in the second quarter. Is that to offset the tariffs? Or should we expect more from here?

[Analyst]

And just any regional color on where those price increases are focused. Thank you.

[Ivica Krolo, Chief Financial Officer at Birkenstock Holding PLC]

Hi. It's Victor speaking. Thank you for your question. So on gross margin, there will be two drivers. We will have and we will see better absorption in our facility in Parzovag.

[Ivica Krolo, Chief Financial Officer at Birkenstock Holding PLC]

This is the one factor driving that, which is 50 basis points in Q2. But also we experienced favorable FX and pricing effects net of inflation, which also contributed to the increase of one hundred and fifty one hundred and fifty sorry, 140 basis points in Q2. Generally on pricing, and as mentioned, we're taking a global approach here as we have done in the past, frankly. So every season, we are reviewing prices on a style by style basis. We are very surgical when it comes to pricing.

[Ivica Krolo, Chief Financial Officer at Birkenstock Holding PLC]

However, always maintaining a globally aligned pricing architecture.

[Analyst]

Thank you.

[Operator]

Thank you. The next question will be from Jay Sole from UBS. Jay, your line is live.

[Jay Sole, Managing Director at UBS Group]

Great. Thank you so much. Just a question. How are you thinking about cash flow and cash flow uses in the back half of the year? And then as you get into the year, obviously, the company has a lot of cash in the balance sheet.

[Jay Sole, Managing Director at UBS Group]

What what how do you feel about the the plans for that cash? Thank you.

[Ivica Krolo, Chief Financial Officer at Birkenstock Holding PLC]

Hi, Jay. It's Ivica again. We've always said that our first priority for use of cash is to invest in the business and especially in the white space opportunities that that we have identified and all of us already touched on it. So we expect to invest about 80,000,000 in CapEx for this year and that will continue in future years. So this quarter, we invested 21,000,000 and this is predominantly in our production facilities in Gurlitz, Parzovak, but also in Aruka and also to support our retail expansion.

[Ivica Krolo, Chief Financial Officer at Birkenstock Holding PLC]

We've also said that we would like to continue to reduce our debt and we will continue to do that. And we are fortunate that even after these two priorities, we have additional optionality and discretionary cash available. As such, we are always evaluating the options for the use of cash and, of course, including the possibility of share repurchases.

[Jay Sole, Managing Director at UBS Group]

Okay. Thank you so much.

[Operator]

Thank you. The next question will be from Lorraine Hutchinson from Bank of America. Lorraine, your line is live.

[Lorraine Hutchinson, Managing Director at Bank of America]

Thank you. Good morning. You've called out a trend over the past few quarters of a younger customer trending more toward in person shopping. Have you seen that build continue? And is that a global phenomenon or more focused on North America?

[David Kahan, President of Americas at Birkenstock]

Yeah, hi, it's David. Certainly the phenomenon seems to be global. I just think that youth tend to shop more live. And I also think that our brand because of the tactile shopping experience of coming into contact with Birkenstock, especially for new consumers the first time, it's a very real experience in our own retail, and I think that's gonna continue.

[Operator]

Thank you. The next question will be from Sam Poser from Williams Trading. Sam, your line is live.

[Sam poser, Equity Analyst at Williams Trading LLC]

Thank you for taking my questions. I'm wondering on the demand side in the back half of the year, if once the impact of the tariff kicks in on other things, are you how much of it from a demand perspective have you may you have tempered your outlook, from a unit perspective or something, given given that? And since you run, like like, I what percentage your scarcity of the demand right now and is that what gives you the comfort that you're scarce enough that it won't impact the sales? Or are you going to say that you're running at 75% of the demand? Is that going to just leak up to 80%, but you'll still be scarce and that's why you're not concerned with the top line?

[David Kahan, President of Americas at Birkenstock]

Sam, hey, it's David. Great question. As you know, we always manage with what we call relative scarcity. It would be a little hard to say what we think the percentage of relative scarcity is. Having said that, based on the demand, based on the momentum, we find that every time our sales increase and we put a little bit more stock into the market, we see the top line demand continue to increase.

[David Kahan, President of Americas at Birkenstock]

So I think we're not being cavalier about the fact that consumers might be a little pinched in the wallet, but we see this shift to the products and the brands that are most in demand. So we don't see any impact to the demand we currently see. And I think that's a strong statement that we're not going to ever compromise that balance of stock to sales in the marketplaces around the world.

[Sam poser, Equity Analyst at Williams Trading LLC]

Thanks. And then Avita, can you break out, can you give us just some like, general thoughts on what the gross margin for the full year is gonna be and, you know, how you're thinking about SG and A in total

[Sam poser, Equity Analyst at Williams Trading LLC]

for the

[Sam poser, Equity Analyst at Williams Trading LLC]

full year?

[Ivica Krolo, Chief Financial Officer at Birkenstock Holding PLC]

Hi, Sam. Yes. Sure. It's Vincent speaking. So on gross margin, as mentioned, the key driver will be the additional absorption, that we are seeing, but also pricing, net of inflationary effects, and this will drive, the increased, gross margin.

[Ivica Krolo, Chief Financial Officer at Birkenstock Holding PLC]

So we said, that we will be moving closer to, the 60% gross margin targets and this is what we are, reiterating on the SG and A side. So we are going to continuously invest in infrastructure in IT. And as such, we want to have leg space here to continue and to make the organization future proof to cope with the growth that we are experiencing and demand that we are seeing outside. And also be aware in terms of, selling and distribution expenses that we are continuing to invest in retail, and this is certainly also driving additional, selling and distribution expenses.

[Sam poser, Equity Analyst at Williams Trading LLC]

I guess just real quick. I mean, you you for the first half of the year, you grew your

[Megan Kulick, Director Investor Relations at Birkenstock]

Sam, it's Megan. That's three questions. We're gonna have to move on. I'm sorry.

[Sam poser, Equity Analyst at Williams Trading LLC]

Alright. Bye bye. Alright.

[Operator]

Thank

[Operator]

you. And the next question is coming from Michael Binetti from Evercore. Michael, your line is live.

[Michael Binetti, Senior Managing Director at Evercore ISI]

Thanks guys for taking our question. This is Jesslyn on behalf of Michael. Congrats on a good set of results. Maybe just a little bit on the other markets. Oliver cut out white space and APAC growth and China more than doubled in the quarter.

[Michael Binetti, Senior Managing Director at Evercore ISI]

Maybe talk about the opportunity there and what is the long term store growth plan for the region? And on EMEA, there was a little bit of slowdown in second quarter. So how should we think about second half growth? Any color there would be helpful. You.

[Mehdi Nico Bouyakhf, President EMEA at Birkenstock]

Hey, Jocelyn, this is Mikko. I'm going to touch on the EMEA question. So in EMEA, please let me share that the Q2 of this year is built on a very strong quarter in last year. We did some land grab in B2B last year. And simultaneously, we had a very, very strong DTC performance.

[Mehdi Nico Bouyakhf, President EMEA at Birkenstock]

We saw across our EMEA countries a broad based growth, specifically in our DTC channel, which grew 1.5 times faster than our B2B channel. And our overall sell through rate at strategic wholesale partners is very healthy and we have a very healthy inventory to sales ratio. As you know, we integrated Middle East and Africa together with Europe into one EMEA segment. And we took the opportunity to visit the Middle East and Africa markets and have started to take some rightsizing actions of the business, specifically in the North African business with our distributors. These actions will ensure a focused and also high quality growth in the future, so we are really protecting the quality of our distribution there.

[Mehdi Nico Bouyakhf, President EMEA at Birkenstock]

And then let me also share that Q2 is really the highest B2B shipping quarter. So, you really face with a full order book, you just sometimes face operational limitations in getting the product out across the quarter. That's a bit of more color for EMEA.

[Klaus Baumann, Chief Sales Officer at Birkenstock]

Hello, this is Klaus talking about the APAC region. So we had another very strong season in APAC. B2C was strongly outpacing the B2B part. We are seeing a very strong increase in our traffic, not only online, also in the stores. And we by keeping also our conversion rate, so there's a very positive feedback coming also on the sell out on our new stores.

[Klaus Baumann, Chief Sales Officer at Birkenstock]

Same on the like for like business, we've seen double digit growth in the comparable stores. And in the product sellouts and development, we see similarities to the other markets. We are selling more high priced products and getting all our ICON products also running. Same for the glowstow shoe business, also slowly growing in the APAC region. So we are very confident for what is coming.

[Michael Binetti, Senior Managing Director at Evercore ISI]

Got it. Thanks, guys.

[Operator]

Thank you. The next question will be from Edward Alban from Morgan Stanley. Edward, your line is live.

[Edouard Aubin, Managing Director at Morgan Stanley]

Yeah. Hi, guys. If it catches a clarification, are we right in thinking that most of the inventory you're going to be selling in The U. S. In fiscal twenty twenty five was kind of shipped before the tariff announcement and therefore the tariff news and also the FX from a transactional standpoint should have kind of little impact on your fiscal twenty twenty five.

[Edouard Aubin, Managing Director at Morgan Stanley]

So just wanted to have some clarification. And kind of related to that, can you just give us a hypothetical growth? I know you have mitigating factor, but can you have give us a growth impact on the FX? So let's say, The U. S.

[Edouard Aubin, Managing Director at Morgan Stanley]

Depreciate 10% versus the euro, what's kind of the impact on your EBIT hypothetically? Thank you so much.

[Ivica Krolo, Chief Financial Officer at Birkenstock Holding PLC]

Hi, Edouard. It's Yvessela speaking. So to your first question on the inventory, so we have a strong inventory position, not only in US, but also globally. And certainly, this inventory position in US is helping us to fully offset the 2025 adverse effects from increased tariffs.

[Edouard Aubin, Managing Director at Morgan Stanley]

We should I guess, so we should understand it's mostly FX FY 2026 event rather than FY twenty twenty five event basically in terms of impact?

[Alexander Hoff, Vice President Global Finance at Birkenstock]

Hey, Edouard. This is Alexander speaking. Yes, well, there's always some fluctuation in currency. We also commented on that earlier. Clearly, we saw some tailwind in the first half of the year with the current FX rate.

[Alexander Hoff, Vice President Global Finance at Birkenstock]

We see a little bit of headwind for the remainder of the year if the FX rate stays where it is. Simulating this with the current rates, we will at a full year be exactly on 24 rate. So this shouldn't be at a full year an impact to us. And to simulate it a little bit, so full year approximately $05 change in the U. S.

[Alexander Hoff, Vice President Global Finance at Birkenstock]

Dollar exchange rate will give you $37,000,000 of revenue impact and €26,000,000 of EBITDA impact. This should be a good math to model out.

[Edouard Aubin, Managing Director at Morgan Stanley]

Okay, understood. Thank you.

[Operator]

Thank you. The next question will be from Anna Andreeva from Piper Sandler. Anna, your line is live.

[Anna Andreeva, Managing Director & Senior Research Analyst at Piper Sandler Companies]

Great. Thank you so much. Good morning, and let me add my congrats as well. You mentioned strong trends in the business and 2Q being seasonally the slowest growth quarter, just giving the sandals. Just curious, any additional color you could share on what you're seeing in April and in May?

[Anna Andreeva, Managing Director & Senior Research Analyst at Piper Sandler Companies]

Curious how the closed toe is performing. And are you seeing any signs of pull forward in demand ahead of the tariff in The U. S?

[David Kahan, President of Americas at Birkenstock]

We see no change in demand. It's sell through results through the quarter that we're referencing. We also, whether or not there's requests for a pull forward, we manage that ourselves. So we make the decisions. And right now, the flow of inventory is always managed by us relative to stock to sales ratios.

[David Kahan, President of Americas at Birkenstock]

So we don't do anything from an inventory standpoint based on anything that has to do with any tariff impact whatsoever.

[Megan Kulick, Director Investor Relations at Birkenstock]

Anna, it's Megan. Can you just repeat the first part of your question? I think you said we said that second quarter is the slowest quarter That's not what we said. We said that our fiscal third quarter seasonally is our slowest growth quarter because it's the highest mix of sandals, and closed toe grows at two x the rate of sandals.

[Anna Andreeva, Managing Director & Senior Research Analyst at Piper Sandler Companies]

Right. Just any additional color on what you're seeing in the demand that just just curious. Any additional kind of a categories or franchises that you guys could pull off?

[Megan Kulick, Director Investor Relations at Birkenstock]

Well, I mean, the sandals business continues to grow very nicely at double digits. Think we're not seeing any slowdown there. It's really just close to close grows faster.

[Anna Andreeva, Managing Director & Senior Research Analyst at Piper Sandler Companies]

All right. Fair enough. Well, thanks so much, and best of luck.

[Operator]

Thank you. The next question will be from Janine Stichter from BTIG. Janine, your line is live.

[Janine Stichter, Managing Director & Analyst - Consumer Retail & Lifestyle Brands at BTIG]

Thanks for taking my question. So nice to see the DTC improvement. I think you mentioned some investments in online or ecommerce initiatives. I was hoping you could elaborate on that and then maybe just share how you're thinking about investments in that channel for the rest of the year. Thank you.

[David Kahan, President of Americas at Birkenstock]

Yeah, thanks Janine. D2C, the biggest growth has come from our membership base. As Oliver said in the opening comments, our membership base, we like to call it a fan base, is over 10,000,000 right now. That's up 25% versus a year ago. And as we market more specifically to that database, to our fan base, the average purchase is 20% higher.

[David Kahan, President of Americas at Birkenstock]

So when you look at allocation of dollars against the D2C space, it's more lasered rather than shotguns. So the return on investment is higher there. We're very happy with the growth in our membership and we think this is just gonna continue. And again, the return on investment from those members is significant.

[Janine Stichter, Managing Director & Analyst - Consumer Retail & Lifestyle Brands at BTIG]

Thank you.

[Operator]

Thank you. The next question will be from Erwin Rambourg from HSBC. Erwin, your line is live.

[Erwan Rambourg, Managing Director, Global Head of Consumer and Retail Equity Research at HSBC]

Hi, thanks a lot for taking my question and congratulations. It's pretty rare to see consumer companies increasing guidance. Maybe a bit of a philosophical question for Oliver. At the time of the IPO, there was this rule of twenty-sixty-thirty, so 20% top line growth, 60% gross margin, 30% margin. I'm wondering how you think about the arbitrage between margin and sales.

[Erwan Rambourg, Managing Director, Global Head of Consumer and Retail Equity Research at HSBC]

You did reference during the IPO process Hermes, for example, which is a company that refuses to increase its margin because every time they have excess contribution, they reinvest everything to continue to feed the top line and brand desirability, brand equity. You're sort of above the 30% margin today. And I'm wondering if there would be a possibility to reinvest some of that to grow at a faster pace. I don't know if it's possible actually to grow at a faster pace, but theoretically Asia growing at 50, not at 30, are you reinvesting quite a bit to move closer to that twenty, sixty, 30? And maybe related to that, your margins at a higher level than expected this year, is that sustainable?

[Erwan Rambourg, Managing Director, Global Head of Consumer and Retail Equity Research at HSBC]

Or are there reasons to believe that there is a particular boost for the current fiscal year that will be non recurring in outer years? Thank you.

[Oliver Reichert, Chief Executive Officer and Director at Birkenstock Holding PLC]

Thank you for your question. Be assured, I try to manage the margin down as good as possible. So I don't want to pass the price on your side, you will start crying because we're delivering, I don't know, 4%, thirty five %. No, jokes aside, we prepare ourselves as I said, because we as a team and as a company, we see this whole situation as a big opportunity for us. So I fully view that there will be on the way second half of the year, but also sometime within twenty six, fifty year transit.

[Oliver Reichert, Chief Executive Officer and Director at Birkenstock Holding PLC]

There will be opportunities for us to develop quicker in own retail to wrap some shelf space to do land grabs wherever other brands are collapsing or fading away. So be assured, we are ready, we are prepared for this and that's why we always keep some powder dry to move on quick and to have enough ammunition to develop the brand quicker and with a more focus on quality. And quality for us means not only growth, it also means margin in the gross profit margin and EBITDA margin of course. One comment, allow me one comment to your question about Asia and the APAC region, it is wiser from my perspective and for our perspective to keep the speed as it is. We decided to roughly grow the double speed compared to the rest of the world within the APAC region.

[Oliver Reichert, Chief Executive Officer and Director at Birkenstock Holding PLC]

It seems like this is exactly the right tuning and the right setup to move on. Yes, we've seen partners and possibilities to be quicker. But honestly, you know, creating more unit growth in this region, creating more logistic issues in this region, we need to prepare our whole organization. Keep in mind, we are fully vertically integrated supply chain, so we have to organize by ourselves. And if you speed up your organization and your growth, then you have to make sure that your company is catching up with all this.

[Oliver Reichert, Chief Executive Officer and Director at Birkenstock Holding PLC]

And it's not easy to organize everything simultaneously. So I think we feel pretty good with our growth algorithm for the APAC region. And again, we are ready to take over shelf space. We are ready to take over own retail spaces much more aggressive like in the past. And we believe that there will be a lot of opportunity out there.

[Oliver Reichert, Chief Executive Officer and Director at Birkenstock Holding PLC]

Thank you.

[Erwan Rambourg, Managing Director, Global Head of Consumer and Retail Equity Research at HSBC]

Thanks a lot, very useful. And maybe just on the second part around the margin being higher than expected this year, is sustainable into the outer year?

[Megan Kulick, Director Investor Relations at Birkenstock]

Hi, Ioann. It's Megan. We do not see anything that's one off this year that would go away next year. In fact, we do expect some gross margin tailwind again further next year given the absorption, the additional absorption of Hasselbalch facility.

[Erwan Rambourg, Managing Director, Global Head of Consumer and Retail Equity Research at HSBC]

Okay, super useful. Thank you so much. Best of luck.

[Operator]

Thank you. The next question will be from Sharon Zackfia from William Blair. Sharon, your line is live.

[Sharon Zackfia, Partner & Head of Consumer Equity Research & Analyst - Restaurants, Lifestyle & Leisure Brands at William Blair & Company, L.L.C]

Hi, thanks for taking the question. I was hoping you could comment on follow-up on the comments on membership in The U. S. And kind of how that's trending now as a percent of your DTC sales. And if you do see sign ups as well in the 10 stores that you have in The US into The membership program And as a corollary to that, how the membership is also faring in Europe?

[Sharon Zackfia, Partner & Head of Consumer Equity Research & Analyst - Restaurants, Lifestyle & Leisure Brands at William Blair & Company, L.L.C]

Thank you.

[David Kahan, President of Americas at Birkenstock]

Membership this is David. Thanks, Sharon. Membership is growing in the Europe region and in The Americas. We will be fully omni capable very soon to do sign ups in stores. It's less about the sign ups and getting the information in your database.

[David Kahan, President of Americas at Birkenstock]

It's more about how you do personalization and segmentation and how you speak to these customers, these brand fans and how you engage with them. That's where the real long term benefit is. And that's where I think we're seeing some of the continued momentum and growing momentum in our direct to consumer business. Again, 25% more than a year ago and the members spend on average 20% more. So that would tell you that any investment that we make from a technology standpoint, from a resource standpoint and focusing there will give us a very strong return on investment.

[Operator]

Thank you. The next question will be from Adrian Duverger from Goldman Sachs. Adrian, your line is live.

[Adrien Duverger, Equity Research Associate at Goldman Sachs]

Hey, thank you for taking my questions. So the question would be on the opportunity that you see from price mix, particularly with new products coming in the second half of twenty twenty five. And a follow-up on this would be that within each of your product categories, in both open and closed toe shoes, do you see a difference in the performance between the different price points of the products? Is it any difference from your low end and high end products? Thank you very much.

[Mehdi Nico Bouyakhf, President EMEA at Birkenstock]

Hey, this is Nicolas. Thank you for your question. What we can generally see, I think we stated that also earlier is the consumers voting for higher price points within our categories. So what you see is that the leather share has been increasing constantly also in Q2, the leather share increased. Our closed toe business outpaced our sandals business.

[Mehdi Nico Bouyakhf, President EMEA at Birkenstock]

So again, typically higher price points. And within the closed toe business, you also see consumers voting much, much more for laced up shoes than they did a couple of quarters back. So again, high priced executions within close to also trending with our consumers. If it comes to our sandal business specifically, what we definitely see is, again, consumers coming in and buying much, much stronger premium embellishments. So rivet execution, flower executions, all these executions are doing pretty well with our consumers.

[Mehdi Nico Bouyakhf, President EMEA at Birkenstock]

Many times, you know, online sold out very quickly, so we are also fast replenishing on those executions. So generally, you can see across the business, across the categories, we definitely have a premiumization of the business.

[Operator]

Thank next question will be from Peter Magoldrick from Stifel. Your line is live, Peter. Thanks for taking my This will be the last question, sorry.

[Peter McGoldrick, Equity Research Associate at Stifel Financial]

Can you talk about the scaling wholesale opportunity? You called out progress in youth, sporting goods, outdoor and department stores. Can you help us think about the forward opportunity for increasing channel representation?

[David Kahan, President of Americas at Birkenstock]

This is David. Thanks for the question. There's limited expansion of our footprint other than current doors. It's very surgical and very strategic. So the vast majority of the growth over 90% comes from existing retail accounts.

[David Kahan, President of Americas at Birkenstock]

It's more expansion of the assortments.

[Mehdi Nico Bouyakhf, President EMEA at Birkenstock]

And in EMEA, just to add a bit more color from our perspective, so there is quite a substantial number of doors and partners that are not yet penetrated and for a reason. So we are quite we're having a very close eye on the quality of the partners. We always give the example of Foot Locker in Europe. We don't serve them. We don't deliver to them because we don't think that they are currently adding something to our B2B portfolio.

[Mehdi Nico Bouyakhf, President EMEA at Birkenstock]

So there are more partners in sport and outdoor, also in lifestyle segment that we have a close eye on and that we decide to service when we believe is the right moment.

[Oliver Reichert, Chief Executive Officer and Director at Birkenstock Holding PLC]

And, yeah, I just wanna add one thing, because I mean, you've seen probably our new product categories and different usage occasions. So yes, on the mid to long term, of course, we will add new chains and new doors and new channels, because of simply the fact that we will then developing a professional segment and orthopedic segment shoes for outdoor, single use outdoor, also in closed toe. So all this incremental usage occasions will definitely create also a broader and wider network of distribution. Thank you.

[Operator]

Thank you. And we are at the top of the hour and that does conclude today's Q and A session. And it also concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

Participants

Executives

• Megan Kulick, Director Investor Relations
• Oliver Reichert, Chief Executive Officer and Director
• Ivica Krolo, Chief Financial Officer
• Mehdi Nico Bouyakhf, President EMEA
• David Kahan, President of Americas
• Klaus Baumann, Chief Sales Officer
• Alexander Hoff, Vice President Global Finance

Analysts

• Matt Boss, Equity Research Analyst at JP Morgan
• Simeon Siegel, Managing Director at BMO Capital Markets
• Mark Altschwager, Senior Research Analyst at Baird
• Dana Telsey, CEO and Chief Research Officer at Telsey Advisory Group
• Laurent Vasilescu, Managing Director & Senior Equity Analyst at Exane BNP Paribas
• Analyst
• Jay Sole, Managing Director at UBS Group
• Lorraine Hutchinson, Managing Director at Bank of America
• Sam poser, Equity Analyst at Williams Trading LLC
• Michael Binetti, Senior Managing Director at Evercore ISI
• Edouard Aubin, Managing Director at Morgan Stanley
• Anna Andreeva, Managing Director & Senior Research Analyst at Piper Sandler Companies
• Janine Stichter, Managing Director & Analyst - Consumer Retail & Lifestyle Brands at BTIG
• Erwan Rambourg, Managing Director, Global Head of Consumer and Retail Equity Research at HSBC
• Sharon Zackfia, Partner & Head of Consumer Equity Research & Analyst - Restaurants, Lifestyle & Leisure Brands at William Blair & Company, L.L.C
• Adrien Duverger, Equity Research Associate at Goldman Sachs
• Peter McGoldrick, Equity Research Associate at Stifel Financial