DJ EQS-News: BIRKENSTOCK REPORTS RECORD SECOND QUARTER REVENUE, UP 23% Y/Y, DRIVEN BY STRONG CONSUMER DEMAND ACROSS ALL SEGMENTS, CHANNELS AND CATEGORIES; COMPANY RAISES FULL-YEAR REVENUE GROWTH GUIDANCE TO 20%

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EQS-News: Birkenstock Holding plc / Key word(s): Quarter Results/Half Year Report
BIRKENSTOCK REPORTS RECORD SECOND QUARTER REVENUE, UP 23% Y/Y, DRIVEN BY STRONG CONSUMER DEMAND ACROSS ALL SEGMENTS,
CHANNELS AND CATEGORIES; COMPANY RAISES FULL-YEAR REVENUE GROWTH GUIDANCE TO 20%
2024-05-30 / 11:00 CET/CEST
The issuer is solely responsible for the content of this announcement.
PRESS RELEASE
LONDON, UNITED KINGDOM || MAY 30, 2024
BIRKENSTOCK REPORTS RECORD SECOND QUARTER REVENUE, UP 23% Y/Y, DRIVEN BY STRONG CONSUMER DEMAND ACROSS ALL SEGMENTS,
CHANNELS AND CATEGORIES; COMPANY RAISES FULL-YEAR REVENUE GROWTH GUIDANCE TO 20%
Birkenstock Holding plc ("BIRKENSTOCK", the "Company" or "we", NYSE: BIRK) today announces financial results for the
second quarter of fiscal 2024, ended March 31, 2024. The Company reports record second quarter 2024 revenue and
year-over-year growth of 23% on a constant currency basis, driven by continued strong consumer demand for its products
across all segments, channels and categories.
As a result of the strength in the first half of fiscal 2024 and continued demand growth, BIRKENSTOCK is increasing its
fiscal 2024 revenue growth guidance to 20% in constant currency, up from prior guidance of 17-18% and expects an
Adjusted EBITDA margin in the range of 30.0-30.5%. The Company remains confident in its medium to long-term
profitability objectives, including a gross profit margin of approximately 60% and an adjusted EBITDA margin over 30%.
Financial highlights for the second fiscal quarter 2024 ended March 31, 2024, (compared to the fiscal quarter ended
March 31, 2023, unless otherwise stated):
. Revenue of EUR 481 million, an increase of 22% on a reported basis and 23% on a constant currency basis

. Strong double-digit revenue growth across all segments including revenue growth of 21% in the Americas,
21% in Europe and 42% in APMA on a constant currency basis
. DTC revenue growth of 32% and B2B revenue growth of 20% on a constant currency basis
. Gross profit margin of 56.3%, down 320 basis points from 59.5% primarily due to the temporary impact of
production capacity expansion and planned, inflation-related wage adjustments and one-time bonuses for employees at
the Company's production facilities
. Net profit of EUR 72 million, up 45% year-over year from EUR 49 million; EPS of EUR 0.38, up 41% from EUR
0.27
. Adjusted Net profit of EUR 77 million, up 3%, and Adjusted EPS of EUR 0.41, flat year-over-year, due to
higher depreciation and amortization from recent capital investments and IPO-related share increase
. Adjusted EBITDA of EUR 162 million, up 7%. Adjusted EBITDA margin of 33.7% was down 470 basis points from
38.4% a year ago with the decrease consisting of 320 basis points from the decline in Gross profit margin and the
remainder split between incremental public company and administrative costs and investments in retail expansion

. Cash flows from operating activities of EUR 50 million, compared to EUR 57 million a year ago, reflecting
an increase in trade receivables due to the growth in wholesale shipments (expected to be monetized in the third
quarter)
Oliver Reichert, CEO of BIRKENSTOCK Group and Member of the Board of Directors of the Company: "Our results for the
second quarter of 2024 once again demonstrate the strength of our business model and growing demand for our products.
Given our engineered distribution model, demand continues to outpace supply in all segments, channels and categories.
We see strong demand growth in the largely untapped white space areas we have identified across geographies, channels,
categories and usage occasions. At the same time, we continue to see very strong growth in our established markets and
products. Revenue from our five core silhouettes (most of which have been in market for close to 50 years) grew above
20%, in-line with our overall growth - proof of our limited exposure to fashion cycles and the longevity of our brand's
relevance. Given the strong results we have achieved in the first half of fiscal 2024, we are pleased to be raising our
fiscal 2024 revenue growth guidance. We now expect revenue growth of 20% in constant currency, up from our prior
guidance of 17-18%, continuing our 10-year trend of 20% compound annual growth in revenue. We expect our Adjusted
EBITDA margin for fiscal 2024 to be in the range of 30-30.5%. We remain confident in our ability to deliver on our
medium to long-term objectives for gross profit margin of approximately 60% and Adjusted EBITDA margin of over 30%."

Fiscal second quarter 2024 results demonstrate continued strong consumer demand
BIRKENSTOCK reports record second quarter revenue of EUR 481 million, up 23% compared to fiscal second quarter 2023 on
a constant currency basis, continuing its track record of strong double-digit revenue growth. Top-line growth was the
result of strong consumer demand supported by new production capacity and category expansion. Revenue growth benefitted
from increased sales of closed-toe silhouettes, which increased to over 25% of total revenue compared to the high-teens
a year ago.
During the fiscal second quarter, BIRKENSTOCK saw strong growth across all segments and channels and continued to
benefit from significant geographic expansion, increased usage occasions and distribution white space. The Company
opened 6 new owned stores, bringing the total number of owned retail stores to 57.
DTC revenue grew 32% on a constant currency basis in fiscal second quarter 2024 compared to fiscal second quarter 2023,
resulting in a DTC penetration rate of 24%, an increase of 200 basis points year over year. B2B revenue grew 20%
year-over-year as wholesale demand, supported by strong sell-through, remains very strong. The second quarter is the
seasonally highest B2B quarter due to sell-in for the Spring Summer seasons.
Broad-based double-digit revenue growth across all segments, channels and categories
In the Americas, strong consumer momentum and demand for the brand continued to drive record sales in the fiscal second
quarter of 2024. In a relatively flat US consumer market, BIRKENSTOCK delivered constant currency revenue growth of 21%
in the second quarter, supported by continued strength in both the DTC and B2B channels, with DTC penetration in the US
increasing by 200 basis points to 29% compared to 27% in the prior year second quarter. Sell-through at strategic
wholesale accounts grew by 33% as these retailers continue to allocate more shelf space to BIRKENSTOCK in response to
strong consumer demand for additional styles and usage occasions. Revenue growth was driven by both strong volume
growth and ASP growth as premium and closed-toe silhouette penetration continues to improve year-over-year.
In Europe, BIRKENSTOCK continues to see market-leading growth and share gains across the region. Europe grew 21% on a
constant currency basis, driven by strong demand in both the DTC and B2B channels. Sell-through rates at key retail
partners increased an average of 24%, with some up well over 50%. This strength is directly related to the Company's
transformation efforts in the region designed to increase shelf space and ASP through strategic, disciplined
distribution that drives more premium-priced products. ASP grew at a double-digit rate in the quarter as demand for
premium styles priced at over EUR 100 grew by over 60% and demand for closed toe shoes grew by over 80%. The spring and
summer orderbook proved very strong and resulted in the highest quarterly deliveries ever for the region.
In the APMA region, BIRKENSTOCK achieved revenue growth of 42% on a constant currency basis for the fiscal second
quarter 2024, due to strong, emergent consumer demand throughout the region. Revenue growth in the region was driven
equally by volume and ASP growth. Following the overall company trend, demand for closed-toe shoes was especially
strong, up nearly 100% from the prior year second quarter. The Company opened 5 new owned stores, including 4 in India
and 1 in Japan, bringing the total in the APMA region to 20. Additionally, the Company added 11 new mono-brand partner
stores.
Investing in production capacity to meet consumer demand and expand footprint
BIRKENSTOCK continues to invest in increased production capacity to better meet the increasing consumer demand for
BIRKENSTOCK products and expand in white-space markets. The Company invested EUR 17 million in capital expenditures in
the quarter, bringing the total year-to-date to EUR 35 million. As previously communicated, the ongoing capacity
expansion, including the new Pasewalk production facility provides the Company with the bandwidth and flexibility to
expand its footprint into underpenetrated segments and categories. The Company estimates the temporary impact of this
investment in reduced gross margin and Adjusted EBITDA margin by 220 basis points in the second quarter.
BIRKENSTOCK continues to have a strong balance sheet with cash and cash equivalents of EUR 176 million and net leverage
of 2.6x as of March 31, 2024. On May 28, 2024, the Company announced its subsidiaries' refinancing of the existing term
loans and the replacement of the undrawn ABL facility with a new revolving credit facility, including the voluntary
early repayment of approximately USD 50 million. The closing of the transaction and the associated actual repayment of
the existing financing is expected to take place within the next 3 months. The Company remains committed to further
deleveraging its balance sheet with free cash flow.
Financial outlook
Given the strong first half of 2024 and continued demand growth, the Company is raising its fiscal 2024 guidance. The
Company now expects fiscal 2024 reported revenue of EUR 1.77-1.78 billion, reflecting overall revenue growth of
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DJ EQS-News: BIRKENSTOCK REPORTS RECORD SECOND -2-

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approximately 19% on a reported basis and 20% on a constant currency basis, up from its prior guidance of EUR 1.74-1.76
billion, growth of 17-18% (in constant currency). Adjusted EBITDA is expected EUR 535-545 million, up from prior
guidance of EUR 520-530 million, resulting in an Adjusted EBITDA margin of 30-30.5%. The Company is reiterating its
medium to long-term profitability objectives for gross profit margin of approximately 60% and adjusted EBITDA margin
over 30%.


Conference call information
BIRKENSTOCK will host a call to discuss fiscal second quarter 2024 results on May 30, 2024, at 8:00 a.m. Eastern Time
(1:00 p.m. Greenwich Mean Time). A webcast of the call will be accessible on the Company's Investor Relations website
at https://www.birkenstock-holding.com. To join the phone line, please dial 1-888-506-0062 (US) or 1-973-528-0011
(International). The access code for the call is 291165. To access the phone line replay after the conclusion of the
call, please dial 1-877-481-4010 (US) or 1-919-882-2331 (International). The access code for the replay is 50256. An
archive of the webcast will also be available on BIRKENSTOCK's Investor Relations website.
ABOUT BIRKENSTOCK
Birkenstock Holding plc is the ultimate parent Company of Birkenstock Group B.V. & Co. KG and its subsidiaries (the
"Birkenstock Group"). BIRKENSTOCK is a global brand which embraces all consumers regardless of geography, gender, age
and income and which is committed to a clear purpose - encouraging proper foot health. Deeply rooted in studies of the
biomechanics of the human foot and backed by a family tradition of shoemaking that can be traced back to 1774,
BIRKENSTOCK is a timeless «super brand» with a brand universe that transcends product categories and ranges from
entry-level to luxury price points while addressing the growing need for a conscious and active lifestyle. Function,
quality and tradition are the core values of the Zeitgeist brand which features products in the footwear, sleep systems
and natural cosmetics categories. BIRKENSTOCK is the inventor of the footbed and has shaped the principle of walking as
intended by nature ("Naturgewolltes Gehen").
INVESTOR & MEDIA CONTACT
Birkenstock Holding plc
ir@birkenstock-holding.com

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this press release may constitute "forward-looking" statements and information within the meaning
of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as
amended, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such
forward-looking statements relate to our current expectations and views of future events, including our current
expectations and views with respect to, among other things, our operations and financial performance. In particular,
such forward-looking statements include statements relating to our fiscal year 2024 outlook. Forward-looking statements
include all statements that do not relate to matters of historical fact. In some cases, you can identify these
forward-looking statements by the use of words such as "anticipate," "believe," "could," "expect," "should," "plan,"
"intend," "estimate" and "potential," "aim," "anticipate," "assume," "continue," "could," "expect," "forecast,"
"guidance," "intend," "may," "ongoing," "plan," "potential," "predict," "project," "seek," "should," "target," "will,"
"would" or similar words or phrases, or the negatives of those words or phrases. The forward-looking statements
contained in this press release are based on the Company's management's current expectations and are not guarantees of
future performance. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors
and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those
expected or implied by the forward- looking statements. Our actual results could differ materially from those expected
in our forward-looking statements for many reasons, including: our dependence on the image and reputation of the
BIRKENSTOCK brand; the intense competition we face from both established companies and newer entrants into the market;
our ability to execute our DTC growth strategy and risks associated with our e-commerce platforms; our ability to adapt
to changes in consumer preferences and attract new customers; harm to our brand and market share due to counterfeit
products; our ability to successfully operate and expand retail stores; losses and liabilities arising from leased and
owned real estate; risks relating to our non-footwear products; failure to realize expected returns from our
investments in our businesses and operations; our ability to adequately manage our acquisitions, investments or other
strategic initiatives; our ability to manage our operations at our current size or manage future growth effectively;
our dependence on third parties for our sales and distribution channels; risks related to the conversion of wholesale
distribution markets to owned and operated markets and risks related to productivity or efficiency initiatives;
operational challenges relating to the distribution of our products; deterioration or termination of relationships with
major wholesale partners; global or regional health events such as the COVID-19 pandemic; seasonality, weather
conditions and climate change; adverse events influencing the sustainability of our supply chain or our relationships
with major suppliers or increases in raw materials or labor costs; our ability to effectively manage inventory;
unforeseen business interruptions and other operational problems at our production facilities; disruptions to our
shipping and delivery arrangements; failure to attract and retain key employees and deterioration of relationships with
employees, employee representative bodies and stakeholders; risks relating to our intellectual property rights; risks
relating to regulations governing the use and processing of personal data; disruption and security breaches affecting
information technology systems; natural disasters, public health crises, political crises, civil unrest and other
catastrophic events beyond our control; economic conditions impacting consumer spending, such as inflation; currency
exchange rate fluctuations; risks related to litigation, compliance and regulatory matters; risks and costs related to
corporate responsibility and ESG matters; inadequate insurance coverage, or increased insurance costs; tax- related
risks; risks related to our indebtedness; risks related to our status as a foreign private issuer and a "controlled
company"; and the factors described in the sections titled "Cautionary Statement Regarding Forward-Looking Statements"
and "Risk Factors" in our Annual Report on Form 20-F filed with the Securities and Exchange Commission on January 18,
2024 as updated by our reports on Form 6-K that update, supplement or supersede such information. Any forward-looking
statement made by us in this press release speaks only as of the date of this press release and is expressly qualified
in its entirety by the cautionary statements included in this press release. We undertake no obligation to publicly
update or review any forward-looking statement, whether as a result of new information, future developments, or
otherwise, except as required by law.
NON-IFRS FINANCIAL INFORMATION
This press release includes "non-IFRS measures" that are financial measures that either exclude or include amounts that
are not excluded or included in the most directly comparable measures calculated and presented in accordance with
International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS").
Specifically, we make use of the non-IFRS financial measures Adjusted EBITDA, Adjusted EBITDA Margin, Constant Currency
Revenue, Adjusted EPS, Adjusted Net profit, Net leverage and Net debt, which are not recognized measures under IFRS and
should not be considered as alternatives to net income (loss), as a measure of financial performance or any other
performance measure derived in accordance with IFRS.
We discuss non-IFRS financial measures in this press release because they are a basis upon which our management
assesses our performance, and we believe they reflect underlying trends and are indicators of our business.
Additionally, we believe that such non-IFRS financial measures and similar measures are widely used by securities
analysts, investors and other interested parties as a means of evaluating a Company's performance.
Our non-IFRS financial measures may not be comparable to similarly titled measures used by other companies. Our
non-IFRS financial measures have limitations as analytical tools, as they do not reflect all the amounts associated
with our results of operations as determined in accordance with IFRS. Our non-IFRS financial measures should not be
considered in isolation, nor should they be regarded as a substitute for, or superior to, measures calculated and
presented in accordance with IFRS. A reconciliation is provided in the tables accompanying this press release for each
non-IFRS financial measure in this press release to the most directly comparable financial measure stated in accordance
with IFRS. A reconciliation is not provided for any forward-looking non-IFRS financial measures as such a
reconciliation is not available without unreasonable efforts.

Birkenstock Holding plc
Consolidated Statements of Profit
(Unaudited, In thousands of Euros, except share and per share information)

Six months ended March 31,                               Three months ended March 31, 
2024                          2023                        2024                         2023 

Revenue 784,168 644,173 481,244 395,683
Cost of sales
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(328,140) (255,403) (210,084) (160,233)

Gross profit 456,028 388,770 271,160 235,450
Operating
expenses
Selling and
distribution
expenses (216,639) (172,867) (113,155) (86,748)
General
administration
expenses (54,377) (54,524) (19,986) (32,391)
Foreign
exchange gain
(loss) (17,138) (47,754) (5,483) (16,924)
Other income
(expense),
net 206 3,945 (25) 3,945
Profit (loss)
from
operations 168,080 117,570 132,511 103,332
Finance cost,
net (63,439) (54,664) (27,389) (29,566)
Profit (loss)
before tax 104,641 62,906 105,122 73,766
Income tax
expense (40,144) (22,699) (33,470) (24,373)
Net profit
(loss) 64,497 40,207 71,652 49,393

Earnings per
share

Basic 0.34 0.22 0.38 0.27

Diluted         0.34                          0.22                         0.38                        0.27 
Shares                        187,370,399                   182,721,369               187,825,592                    182,721,369 

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Birkenstock Holding plc

Consolidated Statements of Financial Position

Unaudited, In thousands of Euros)

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March 31,                          September 30, 
2024                                 2023 

Assets
Non-current assets

Goodwill                                                       1,576,895                            1,593,917 
Intangible assets (other than goodwill)                        1,676,609                            1,705,736 
Property, plant and equipment                                     303,871                              286,053 
Right-of-use assets                                               164,121                              122,984 
Other assets                                                        50,621                               38,234 
Total non-current assets                                       3,772,117                            3,746,924 

Current assets

Inventories                                                       650,963                              595,092 
Right to return assets                                                1,395                                1,132 
Trade and other receivables                                       200,206                                91,764 
Current tax assets                                                    9,734                              10,361 
Other current assets                                                37,650                               37,789 
Cash and cash equivalents                                         175,728                              344,408 
Total current assets                                           1,075,676                            1,080,546 
Total assets                                                   4,847,793                            4,827,470 

Shareholders' equity and liabilities
Shareholders' equity 2,554,102 2,400,589
Non-current liabilities

Loans and borrowings                                           1,298,763                            1,815,695 
Tax receivable agreement liability                                345,302                                        - 
Lease liabilities                                                 139,203                              103,049 
Provisions for employee benefits                                      2,923                                2,716 
Other provisions                                                      2,088                                2,074 
Deferred tax liabilities                                          112,252                              109,794 
Deferred income                                                     13,477                               10,634 
Other liabilities                                                     4,927                                4,338 
Total non-current liabilities                                  1,918,935                            2,048,300 

Current liabilities

Loans and borrowings                                                29,105                               37,343 
Lease liabilities                                                   34,136                               27,010 
Trade and other payables                                          121,323                              123,012 
Accrued liabilities                                                 30,489                               38,645 
Other financial liabilities                                           4,542                                7,085 
Other provisions                                                    21,320                               36,495 
Contract liabilities                                                  9,878                                7,018 
Tax liabilities                                                   108,627                                83,332 
Deferred income                                                             -                              2,680 
Other current liabilities                                           15,336                               15,961 
Total current liabilities                                         374,756                              378,581 
Total liabilities                                              2,293,691                            2,426,881 
Total shareholders' equity and liabilities                     4,847,793                            4,827,470 Birkenstock Holding plc 

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Consolidated Statements of Cash Flows

Unaudited, In thousands of Euros)

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Six months ended March 31,

Cash flows from operating activities                              2024                               2023 
Net income (loss)                                                          64,497                             40,207 

Adjustments to reconcile net profit (loss) to net cash flows from operating activities

Depreciation and amortization                                              47,384                             40,574 
Change in expected credit loss                                                 (128)                            1,056 
Finance cost, net                                                          63,438                             54,664 
Net exchange differences                                                   17,138                             48,255 
Non-cash operating items                                                     2,394                              3,380 
Income tax expense                                                         40,144                             22,699 
Income tax paid                                                           (10,153)                                 922 

MIP personal income tax paid (11,426) -
Changes in Working capital:

- Inventories                                                            (65,902)                           (89,079) 
- Right to return assets                                                      (278)                            1,162 
- Trade and other receivables                                          (109,140)                          (111,436) 
- Trade and other payables                                                       21                           (3,649) 
- Accrued liabilities                                                      (7,809)                             8,137 
- Other current financial liabilities                                          863                            (8,566) 
- Other current provision                                                (14,982)                             (6,934) 
- Contract liabilities                                                      2,874                              2,096 

- Prepayments                                                              (8,231)    - 
- Other                                                                    (6,094)                                593 
Net cash flows provided by operating activities                              4,611                              4,080 

Cash flows from investing activities

Interest received                                                            2,164     - 
Purchases of property, plant and equipment                                (34,931)                           (50,297) 

Proceeds from sale of property, plant and

equipment                                           -                                                              556 
Purchases of intangible assets                                              (2,303)                               (728) 

Receipt of government grant                                                  8,739     - 
Net cash flows (used in) investing activities                             (26,331)                           (50,469) 

Cash flows from financing activities

IPO Proceeds, net of transaction costs                                   449,214       - 
Repayment of loans and borrowings                                       (525,278)                              (3,844) 

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