<p>Birkenstock Holding plc ((BIRK)) 已召开第二季度财报电话会议。以下是会议的主要亮点。</p>
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<p>Birkenstock 最近的财报电话会议对增长和品牌实力表达了信心，尽管报告的盈利能力受到压力。管理层强调了以固定汇率计算的两位数收入增长、直销渠道的强劲势头以及严谨的执行，同时承认外汇波动、更高的美国关税和地区性干扰是近期对利润和收益的拖累。</p>
<h2>强劲的收入增长在目标范围内</h2>
<p>Birkenstock 报告第二季度收入为 6.18 亿欧元，同比报告增长 8%，以固定汇率计算增长 14%，完全符合其 13%–15% 的增长目标。报告和固定汇率数据之间的差距突显了外汇掩盖了强劲的潜在需求，但公司强调运营表现依然稳健。</p>
<h2>亚太和美洲地区表现突出</h2>
<p>从地区来看，亚太地区表现突出，以固定汇率计算增长 30%，是其他地区的两倍多，且平均售价最高，封闭式鞋款的渗透率最高。美洲地区以 14% 的固定汇率增长，得益于强劲的 B2B 订单和关键批发客户的销售额增长超过 30%。</p>
<h2>直销和自营零售推动品牌势头</h2>
<p>直销渠道持续获得市场份额，自营零售收入以固定汇率增长超过 60%，同店销售加速增长至两位数。Birkenstock 在本季度开设了五家新店，使门店总数达到 111 家，并计划在财年结束前达到大约 140 家自营门店。</p>
<h2>剔除外汇和关税后的盈利能力依然强劲</h2>
<p>调整后的 EBITDA 为 1.98 亿欧元，同比报告下降 1%，因外汇和关税对利润率造成压力，但潜在盈利能力更强。剔除这些不利因素后，EBITDA 增长约 13%，调整后的 EBITDA 利润率将增加约 60 个基点，达到约 35.4%，调整后的毛利率也同比略有上升。</p>
<h2>全价销售和产品组合的强劲表现</h2>
<p>品牌的定价能力依然强劲，全价销售率超过 90%，对折扣的依赖有限，突显了严格的库存控制。封闭式鞋款进一步获得市场关注，渗透率上升 300 个基点，封闭式鞋型中 20 款热销款中有 11 款为封闭式鞋，非波士顿木屐的增长速度最快。</p>
<h2>现金生成稳健，流动性充足</h2>
<p>尽管投资加大，Birkenstock 在第二季度产生了 2900 万欧元的经营现金流，较去年同期的 1800 万欧元现金使用有显著改善。公司在季度末持有 2.01 亿欧元的现金及现金等价物，并预计全年资本支出为 1.1 亿至 1.3 亿欧元，以支持产能和零售扩张。</p>
<h2>扩大生产和缓解瓶颈</h2>
<p>在运营方面，集团正在加大生产力度，以支持每年销售对的目标增长 10%，并在 Arouca、Görlitz、Stroth、Pasewalk 和新的 Wittichenau 建设中投入 2100 万欧元的第二季度资本支出。管理层还在增加半成品鞋面的预生产，以缓解组装瓶颈，并在需求高峰期提高产出。</p>
<h2>重申增长目标和资本配置计划</h2>
<p>管理层重申其 2026 财年的固定汇率收入增长目标为 13%–15%，调整后的 EBITDA 至少为 7 亿欧元，即使在外汇和关税压力下也意味着 30%–30.5% 的利润率。董事会还计划在本财年回购最多 2 亿美元的股票，同时希望将年末净杠杆保持在 1.3 倍至 1.4 倍的范围内，不包括任何额外的回购。</p>
<h2>外汇逆风影响报告结果</h2>
<p>货币波动是一个主要的影响因素，美元、加元和几种亚洲货币的贬值大约削减了 640 个基点的第二季度收入增长。外汇使调整后的 EBITDA 减少了 2700 万欧元，调整后的净利润和每股收益分别减少约 1700 万欧元和 0.09 欧元，管理层预计全年报告收入将受到约 350 个基点的外汇拖累。</p>
<h2>关税上涨压缩利润率</h2>
<p>美国平均关税暴露的急剧上升至略高于 20%，相比于 2025 年 4 月前的约 10%，是对利润率的另一个重大逆风。更高的关税在第二季度将调整后的毛利率压缩了约 90 个基点，预计如果当前关税结构持续，将在第三季度对毛利和 EBITDA 利润率造成约 100 个基点的压力，在第四季度造成约 50 个基点的压力。</p>
<h2>尽管销量强劲，报告的利润率和每股收益仍然压缩</h2>
<p>在报告基础上，调整后的毛利率下降至 54.6%，同比下降约 310 个基点，而调整后的 EBITDA 利润率收窄至 32.1%，下降 270 个基点。调整后的净利润下降 10% 至 9300 万欧元，调整后的每股收益下降 9% 至 0.50 欧元，管理层强调外汇、关税和一次性因素解释了大部分压缩。</p>
<h2>中东冲突抑制 EMEA 表现</h2>
<p>中东冲突对 EMEA 地区产生了直接影响，导致第二季度损失约 600 万欧元的收入，相当于该地区约 300 个基点的增长和集团约 100 个基点的增长。管理层指出，因运输中断和欧洲部分地区消费者信心低迷，存在 1000 万至 1200 万欧元的持续收入风险。</p>
<h2>较高的库存和关税资本化受到审查</h2>
<p>库存上升，库存与销售比率从一年前的 36% 增加至 39%，在货币中性基础上为 37%，引起了一些投资者的关注。这一增长反映了原材料和半成品的故意增加 19%，主要是为了在生产前缓解瓶颈以及应对更高关税，而不是需求放缓。</p>
<h2>非现金衍生品费用增加了每股收益的波动性</h2>
<p>本季度还包括了 1500 万欧元的非现金费用，约合每股 0.08 欧元，源于对公司高级票据相关嵌入式衍生品的重新评估。管理层警告称，类似的估值波动可能会在赎回日期附近再次出现，尽管这些波动不会影响现金流或基础运营，但会增加报告收益的噪音。</p>
<h2>杠杆、回购和 IEEPA 退款时机风险</h2>
<p>净杠杆从 9 月底的 1.5 倍上升至 1.7 倍，主要由于季节性因素，公司仍然目标在年末达到 1.3 倍至 1.4 倍，不包括股票回购。Birkenstock 还提到预计将获得约 3000 万欧元的 IEEPA 退款，但时机仍不确定，授权的 2 亿美元回购计划尚未实施，资本回报依赖于现金生成和市场条件。</p>
<h2>指引：尽管宏观摩擦，仍对增长前景充满信心</h2>
<p>展望未来，Birkenstock 重申了 13% 至 15% 的恒定货币收入增长指引，这意味着报告增长为 10% 至 12%，预计达到 23 亿至 23.5 亿欧元，全年外汇逆风约为 350 个基点。公司预计调整后的毛利率为 57.0% 至 57.5%，调整后的 EBITDA 至少为 7 亿欧元，每股收益为 1.90 至 2.05 欧元，资本支出为 1.1 亿至 1.3 亿欧元，年末杠杆为 1.3 倍至 1.4 倍，同时承受约 200 个基点的外汇和关税压力。</p>
<p>Birkenstock 的电话会议描绘了一个仍然需求旺盛的品牌，特别是在亚太地区、美洲及其自有零售渠道，但面临翻译和政策阻力，掩盖了其核心业务的强劲表现。对于投资者而言，关键的收获是管理层仍然致力于其长期增长和利润目标，依靠产能扩张和严格的资本配置，即使短期收益对外汇、关税和地缘政治风险保持敏感。</p>

BIRK

<p>Birkenstock Holding plc 报告了第二季度的财务业绩，收入为 6.18 亿欧元，同比增长 8%。尽管外汇和关税压力影响了盈利能力，但公司实现了两位数的恒定货币增长，特别是在亚太地区，增长达 30%。直接面向消费者的渠道收入增长超过 60%。调整后的息税折旧摊销前利润（EBITDA）为 1.98 亿欧元，因外部压力下降 1%，但基础盈利能力有所改善。管理层重申了 2026 财年的增长目标为 13%-15%，并计划在今年回购最多 2 亿美元的股份</p>

<p>Birkenstock Holding plc ((BIRK)) has held its Q2 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Birkenstock Holding plc ((BIRK)) 已召开第二季度财报电话会议。以下是会议的主要亮点。</p>
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<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级为市场领先者的投资组合，使用智能投资者精选</li>
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</div><p>Birkenstock’s latest earnings call struck a confident tone on growth and brand strength, even as reported profitability came under pressure. Management highlighted double‑digit constant‑currency revenue gains, powerful momentum in direct-to-consumer channels, and disciplined execution, while acknowledging foreign‑exchange swings, higher U.S. tariffs, and regional disruptions as near‑term drags on margins and earnings.</p>
<div class="lb-trans"><p>Birkenstock 最近的财报电话会议对增长和品牌实力表达了信心，尽管报告的盈利能力受到压力。管理层强调了以固定汇率计算的两位数收入增长、直销渠道的强劲势头以及严谨的执行，同时承认外汇波动、更高的美国关税和地区性干扰是近期对利润和收益的拖累。</p>
</div><h2>Strong Top-Line Growth Within Target Range</h2>
<div class="lb-trans"><h2>强劲的收入增长在目标范围内</h2>
</div><p>Birkenstock reported Q2 revenue of EUR 618 million, up 8% year on year on a reported basis and 14% in constant currency, squarely within its 13%–15% growth target. The gap between reported and constant‑currency figures underlines how FX is masking strong underlying demand, but the company stressed that operational performance remains firmly on track.</p>
<div class="lb-trans"><p>Birkenstock 报告第二季度收入为 6.18 亿欧元，同比报告增长 8%，以固定汇率计算增长 14%，完全符合其 13%–15% 的增长目标。报告和固定汇率数据之间的差距突显了外汇掩盖了强劲的潜在需求，但公司强调运营表现依然稳健。</p>
</div><h2>APAC and Americas Lead Regional Outperformance</h2>
<div class="lb-trans"><h2>亚太和美洲地区表现突出</h2>
</div><p>Regionally, Asia-Pacific was the standout, growing 30% in constant currency, more than twice the pace of other regions, with the highest average selling prices and closed‑toe penetration. The Americas delivered 14% constant‑currency growth, fueled by robust B2B orders and partner sell-through rising more than 30% at key wholesale accounts.</p>
<div class="lb-trans"><p>从地区来看，亚太地区表现突出，以固定汇率计算增长 30%，是其他地区的两倍多，且平均售价最高，封闭式鞋款的渗透率最高。美洲地区以 14% 的固定汇率增长，得益于强劲的 B2B 订单和关键批发客户的销售额增长超过 30%。</p>
</div><h2>D2C and Owned Retail Power Brand Momentum</h2>
<div class="lb-trans"><h2>直销和自营零售推动品牌势头</h2>
</div><p>Direct-to-consumer channels continued to gain share, with owned retail revenue growing more than 60% in constant currency and same‑store sales accelerating at a double‑digit clip. Birkenstock opened five new stores in the quarter, bringing the fleet to 111 locations, and remains on course to reach roughly 140 owned doors by the end of the fiscal year.</p>
<div class="lb-trans"><p>直销渠道持续获得市场份额，自营零售收入以固定汇率增长超过 60%，同店销售加速增长至两位数。Birkenstock 在本季度开设了五家新店，使门店总数达到 111 家，并计划在财年结束前达到大约 140 家自营门店。</p>
</div><h2>Profitability Resilient Once FX and Tariffs Stripped Out</h2>
<div class="lb-trans"><h2>剔除外汇和关税后的盈利能力依然强劲</h2>
</div><p>Adjusted EBITDA came in at EUR 198 million, down 1% on a reported basis as FX and tariffs weighed on margins, but underlying profitability was much stronger. Excluding those headwinds, EBITDA rose about 13% and the adjusted EBITDA margin would have expanded by roughly 60 basis points to around 35.4%, with adjusted gross margin also slightly higher year on year.</p>
<div class="lb-trans"><p>调整后的 EBITDA 为 1.98 亿欧元，同比报告下降 1%，因外汇和关税对利润率造成压力，但潜在盈利能力更强。剔除这些不利因素后，EBITDA 增长约 13%，调整后的 EBITDA 利润率将增加约 60 个基点，达到约 35.4%，调整后的毛利率也同比略有上升。</p>
</div><h2>Full-Price Sell-Through and Product Mix Strength</h2>
<div class="lb-trans"><h2>全价销售和产品组合的强劲表现</h2>
</div><p>The brand’s pricing power remains intact, with full-price sell-through above 90% and limited reliance on discounting, underscoring tight inventory control. Closed‑toe products gained further traction, with penetration up 300 basis points, 11 of the top 20 styles in closed‑toe silhouettes, and non‑Boston clogs posting the fastest growth.</p>
<div class="lb-trans"><p>品牌的定价能力依然强劲，全价销售率超过 90%，对折扣的依赖有限，突显了严格的库存控制。封闭式鞋款进一步获得市场关注，渗透率上升 300 个基点，封闭式鞋型中 20 款热销款中有 11 款为封闭式鞋，非波士顿木屐的增长速度最快。</p>
</div><h2>Solid Cash Generation and Ample Liquidity</h2>
<div class="lb-trans"><h2>现金生成稳健，流动性充足</h2>
</div><p>Despite heavier investment, Birkenstock generated EUR 29 million of operating cash in Q2, a marked improvement from a cash use of EUR 18 million in the prior year period. The company ended the quarter with EUR 201 million in cash and cash equivalents, and guided full-year capital expenditure to EUR 110–130 million to support capacity and retail expansion.</p>
<div class="lb-trans"><p>尽管投资加大，Birkenstock 在第二季度产生了 2900 万欧元的经营现金流，较去年同期的 1800 万欧元现金使用有显著改善。公司在季度末持有 2.01 亿欧元的现金及现金等价物，并预计全年资本支出为 1.1 亿至 1.3 亿欧元，以支持产能和零售扩张。</p>
</div><h2>Scaling Production and Easing Bottlenecks</h2>
<div class="lb-trans"><h2>扩大生产和缓解瓶颈</h2>
</div><p>Operationally, the group is ramping production to support a targeted 10% annual increase in pairs sold, backed by EUR 21 million of Q2 CapEx into facilities in Arouca, Görlitz, Stroth, Pasewalk, and the new Wittichenau build‑out. Management is also increasing preproduction of semi‑finished uppers to relieve assembly bottlenecks and improve throughput ahead of peak demand.</p>
<div class="lb-trans"><p>在运营方面，集团正在加大生产力度，以支持每年销售对的目标增长 10%，并在 Arouca、Görlitz、Stroth、Pasewalk 和新的 Wittichenau 建设中投入 2100 万欧元的第二季度资本支出。管理层还在增加半成品鞋面的预生产，以缓解组装瓶颈，并在需求高峰期提高产出。</p>
</div><h2>Reaffirmed Growth Targets and Capital Allocation Plans</h2>
<div class="lb-trans"><h2>重申增长目标和资本配置计划</h2>
</div><p>Management reiterated its fiscal 2026 constant‑currency revenue growth target of 13%–15% and adjusted EBITDA of at least EUR 700 million, implying a 30%–30.5% margin even after FX and tariff pressure. The board also plans up to $200 million in share repurchases this fiscal year, while aiming to keep year‑end net leverage in the 1.3x–1.4x range excluding any additional buybacks.</p>
<div class="lb-trans"><p>管理层重申其 2026 财年的固定汇率收入增长目标为 13%–15%，调整后的 EBITDA 至少为 7 亿欧元，即使在外汇和关税压力下也意味着 30%–30.5% 的利润率。董事会还计划在本财年回购最多 2 亿美元的股票，同时希望将年末净杠杆保持在 1.3 倍至 1.4 倍的范围内，不包括任何额外的回购。</p>
</div><h2>FX Headwinds Weigh on Reported Results</h2>
<div class="lb-trans"><h2>外汇逆风影响报告结果</h2>
</div><p>Currency movements were a major swing factor, with depreciation in the U.S. dollar, Canadian dollar, and several Asian currencies shaving roughly 640 basis points off reported Q2 revenue growth. FX reduced adjusted EBITDA by EUR 27 million and cut adjusted net profit and EPS by about EUR 17 million and EUR 0.09 respectively, and management expects around a 350‑basis point FX drag on full‑year reported revenue.</p>
<div class="lb-trans"><p>货币波动是一个主要的影响因素，美元、加元和几种亚洲货币的贬值大约削减了 640 个基点的第二季度收入增长。外汇使调整后的 EBITDA 减少了 2700 万欧元，调整后的净利润和每股收益分别减少约 1700 万欧元和 0.09 欧元，管理层预计全年报告收入将受到约 350 个基点的外汇拖累。</p>
</div><h2>Tariff Hikes Compress Margins</h2>
<div class="lb-trans"><h2>关税上涨压缩利润率</h2>
</div><p>The sharp increase in average U.S. tariff exposure to just above 20%, up from about 10% before April 2025, is another material headwind for margins. Higher duties reduced adjusted gross margin by roughly 90 basis points in Q2 and are projected to weigh on both gross and EBITDA margins by about 100 basis points in Q3 and around 50 basis points in Q4 if current tariff structures persist.</p>
<div class="lb-trans"><p>美国平均关税暴露的急剧上升至略高于 20%，相比于 2025 年 4 月前的约 10%，是对利润率的另一个重大逆风。更高的关税在第二季度将调整后的毛利率压缩了约 90 个基点，预计如果当前关税结构持续，将在第三季度对毛利和 EBITDA 利润率造成约 100 个基点的压力，在第四季度造成约 50 个基点的压力。</p>
</div><h2>Reported Margin and EPS Compression Despite Volume Strength</h2>
<div class="lb-trans"><h2>尽管销量强劲，报告的利润率和每股收益仍然压缩</h2>
</div><p>On a reported basis, adjusted gross margin slipped to 54.6%, down about 310 basis points year over year, while adjusted EBITDA margin narrowed to 32.1%, a 270‑basis point decline. Adjusted net profit fell 10% to EUR 93 million and adjusted EPS declined 9% to EUR 0.50, with management emphasizing that FX, tariffs, and one‑offs explain most of the compression.</p>
<div class="lb-trans"><p>在报告基础上，调整后的毛利率下降至 54.6%，同比下降约 310 个基点，而调整后的 EBITDA 利润率收窄至 32.1%，下降 270 个基点。调整后的净利润下降 10% 至 9300 万欧元，调整后的每股收益下降 9% 至 0.50 欧元，管理层强调外汇、关税和一次性因素解释了大部分压缩。</p>
</div><h2>Middle East Conflict Dampens EMEA Performance</h2>
<div class="lb-trans"><h2>中东冲突抑制 EMEA 表现</h2>
</div><p>The conflict in the Middle East had a direct impact on the EMEA region, costing an estimated EUR 6 million of revenue in Q2, equal to roughly 300 basis points of growth for that region and about 100 basis points for the group. Management flagged EUR 10–12 million of ongoing revenue risk tied to shipping disruptions and subdued consumer sentiment in parts of Europe.</p>
<div class="lb-trans"><p>中东冲突对 EMEA 地区产生了直接影响，导致第二季度损失约 600 万欧元的收入，相当于该地区约 300 个基点的增长和集团约 100 个基点的增长。管理层指出，因运输中断和欧洲部分地区消费者信心低迷，存在 1000 万至 1200 万欧元的持续收入风险。</p>
</div><h2>Higher Inventories and Tariff Capitalization Under Scrutiny</h2>
<div class="lb-trans"><h2>较高的库存和关税资本化受到审查</h2>
</div><p>Inventory rose, with the inventory‑to‑sales ratio increasing to 39% from 36% a year ago, or 37% on a currency‑neutral basis, drawing some investor focus. The build reflects a deliberate 19% increase in raw materials and semi‑finished goods, driven by preproduction to ease bottlenecks and the capitalization of higher tariffs rather than a demand slowdown.</p>
<div class="lb-trans"><p>库存上升，库存与销售比率从一年前的 36% 增加至 39%，在货币中性基础上为 37%，引起了一些投资者的关注。这一增长反映了原材料和半成品的故意增加 19%，主要是为了在生产前缓解瓶颈以及应对更高关税，而不是需求放缓。</p>
</div><h2>Noncash Derivative Charge Adds to EPS Volatility</h2>
<div class="lb-trans"><h2>非现金衍生品费用增加了每股收益的波动性</h2>
</div><p>The quarter also included a EUR 15 million noncash expense, roughly EUR 0.08 per share, from revaluing an embedded derivative tied to the company’s senior notes. Management warned that similar valuation swings could recur around call dates, adding noise to reported earnings even though they do not impact cash flow or underlying operations.</p>
<div class="lb-trans"><p>本季度还包括了 1500 万欧元的非现金费用，约合每股 0.08 欧元，源于对公司高级票据相关嵌入式衍生品的重新评估。管理层警告称，类似的估值波动可能会在赎回日期附近再次出现，尽管这些波动不会影响现金流或基础运营，但会增加报告收益的噪音。</p>
</div><h2>Leverage, Buybacks, and IEEPA Refund Timing Risks</h2>
<div class="lb-trans"><h2>杠杆、回购和 IEEPA 退款时机风险</h2>
</div><p>Net leverage ticked up to 1.7x from 1.5x at the end of September, mainly due to seasonality, with the company still targeting 1.3x–1.4x by year‑end excluding share repurchases. Birkenstock also noted about EUR 30 million in expected IEEPA refunds but said timing remains uncertain, and the authorized $200 million buyback program has not yet been deployed, leaving capital returns dependent on cash generation and market conditions.</p>
<div class="lb-trans"><p>净杠杆从 9 月底的 1.5 倍上升至 1.7 倍，主要由于季节性因素，公司仍然目标在年末达到 1.3 倍至 1.4 倍，不包括股票回购。Birkenstock 还提到预计将获得约 3000 万欧元的 IEEPA 退款，但时机仍不确定，授权的 2 亿美元回购计划尚未实施，资本回报依赖于现金生成和市场条件。</p>
</div><h2>Guidance: Confident Growth Outlook Despite Macro Friction</h2>
<div class="lb-trans"><h2>指引：尽管宏观摩擦，仍对增长前景充满信心</h2>
</div><p>Looking ahead, Birkenstock reaffirmed guidance for 13%–15% constant‑currency revenue growth, implying 10%–12% reported growth to EUR 2.30–2.35 billion with a full‑year FX headwind of about 350 basis points. The company expects adjusted gross margin of 57.0%–57.5%, adjusted EBITDA of at least EUR 700 million, EPS of EUR 1.90–2.05, CapEx of EUR 110–130 million, and year‑end leverage of 1.3x–1.4x while absorbing roughly 200 basis points of combined FX and tariff pressure.</p>
<div class="lb-trans"><p>展望未来，Birkenstock 重申了 13% 至 15% 的恒定货币收入增长指引，这意味着报告增长为 10% 至 12%，预计达到 23 亿至 23.5 亿欧元，全年外汇逆风约为 350 个基点。公司预计调整后的毛利率为 57.0% 至 57.5%，调整后的 EBITDA 至少为 7 亿欧元，每股收益为 1.90 至 2.05 欧元，资本支出为 1.1 亿至 1.3 亿欧元，年末杠杆为 1.3 倍至 1.4 倍，同时承受约 200 个基点的外汇和关税压力。</p>
</div><p>Birkenstock’s call painted a picture of a brand still in high demand, especially in APAC, the Americas, and its own retail channels, but facing translation and policy headwinds that obscure the strength of its core business. For investors, the key takeaway is that management remains committed to its long‑term growth and margin targets, backed by capacity expansion and disciplined capital allocation, even as near‑term earnings stay sensitive to FX, tariffs, and geopolitical risks.</p>
<div class="lb-trans"><p>Birkenstock 的电话会议描绘了一个仍然需求旺盛的品牌，特别是在亚太地区、美洲及其自有零售渠道，但面临翻译和政策阻力，掩盖了其核心业务的强劲表现。对于投资者而言，关键的收获是管理层仍然致力于其长期增长和利润目标，依靠产能扩张和严格的资本配置，即使短期收益对外汇、关税和地缘政治风险保持敏感。</p>
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Birkenstock 财报电话会议重点强调在外汇不利因素下实现的强劲增长