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    Edouard Aubin • Morgan Stanley

    Edouard Aubin's questions to Birkenstock Holding PLC (BIRK) leadership

    Edouard Aubin's questions to Birkenstock Holding PLC (BIRK) leadership • Q3 2025

    Question

    Edouard Aubin of Morgan Stanley sought clarification on whether DTC growth would reaccelerate in Q4 from its Q3 rate and asked if most goods for fiscal 2025 were shipped pre-tariff, thereby limiting the financial impact in the current year.

    Answer

    CFO Ivica Krolo confirmed that DTC growth is expected to accelerate in Q4, but B2B will still outpace it for the quarter and the full year. He also affirmed that the company's strong inventory position, established prior to the tariff changes, helps mitigate the adverse effects for the current fiscal year.

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    Edouard Aubin's questions to Birkenstock Holding PLC (BIRK) leadership • Q2 2025

    Question

    Edouard Aubin sought clarification on whether tariff impacts are primarily a fiscal 2026 event due to inventory positioning and asked for a hypothetical EBIT impact from a 10% depreciation of the US dollar versus the euro.

    Answer

    CFO Ivica Krolo confirmed that the company's strong inventory position helps to fully offset the adverse effects from tariffs in fiscal 2025. VP of Global Finance Alexander Hoff provided a sensitivity analysis, stating that a 0.05 change in the USD/EUR exchange rate would result in approximately a €37 million impact on revenue and a €26 million impact on EBITDA.

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