Birkenstock Holding (BIRK) 6-K Current report (foreign)

Exhibit 99.1

Birkenstock Holding plc
Recast Financial Information -

Segment Revenue, Adjusted EBITDA, EBITDA and Net Profit

(Unaudited, in thousands of Euros)

Selected financial data by segment (unaudited)

Fiscal year ended September 30, 2024

					Year ended September 30, 2024
(In thousands of Euros)	Americas		EMEA		APAC		Total Reportable Segments		Corporate / Other			Total
Net Profit (loss)													191,602
Add (Less):
Income tax expenses (benefit)													102,180
Finance cost, net													127,300
Depreciation and amortization													101,291
EBITDA		—		—		—		—		—			522,373
Add (Less) Adjustments:
Realized and unrealized FX gains / losses (1)													19,641
IPO-related costs (2)													7,460
Share-based compensation expenses (3)													3,591
Secondary Offering related costs (4)													1,890
Adjusted EBITDA		301,266		230,840		53,199		585,304		(30,349	)		554,955
Revenue		943,710		687,891		168,807		1,800,408		4,282			1,804,690

(1)

Represents the primarily non-cash impact of foreign exchange rates within profit (loss). We do not consider these gains and losses representative of operating performance of the business because they are primarily driven by fluctuations in the USD to Euro foreign exchange rate on intercompany receivables for inventory and intercompany loans.

(2)

Represents IPO-related costs, which include consulting as well as legal fees.

(3)

Represents share-based compensation expenses relating to the management investment plan.

(4)

Represents costs associated with the secondary offering on behalf of the selling shareholder. The secondary offering was completed on June 28, 2024.

Fiscal year ended September 30, 2023

					Year ended September 30, 2023
(In thousands of Euros)	Americas		EMEA		APAC		Total Reportable Segments		Corporate / Other			Total
Net Profit (loss)													75,022
Add (Less):
Income tax expenses (benefit)													78,630
Finance cost, net													107,036
Depreciation and amortization													83,413
EBITDA		—		—		—		—		—			344,101
Add (Less) Adjustments:
Realized and unrealized FX gains / losses (1)													36,056
IPO-related costs (2)													30,603
Share-based compensation expenses (3)													65,393
Other (4)													6,553
Adjusted EBITDA		291,712		175,526		36,369		503,607		(20,901	)		482,706
Revenue		804,690		561,805		120,126		1,486,621		5,289			1,491,911

(1)

Represents the primarily non-cash impact of foreign exchange rates within profit (loss). We do not consider these gains and losses representative of operating performance of the business because they are primarily driven by fluctuations in the USD to Euro foreign exchange rate on intercompany receivables for inventory and intercompany loans.

(2)

Represents IPO-related costs, which include consulting as well as legal fees.

(3)

Represents share-based compensation expenses relating to the management investment plan.

(4)

Represents non-recurring expenses that we do not consider representative of the operating performance of the business, primarily comprised of relocation expenses of € 4.6 million for fiscal 2023, restructuring expenses of €2.0 million for fiscal 2023.

Three months ended September 30, 2024

	Three months ended September 30, 2024
(In thousands of Euros)	Americas		EMEA		APAC		Total Reportable Segments		Corporate / Other			Total
Net Profit (loss)													52,464
Add (Less):
Income tax expenses (benefit)													25,781
Finance cost, net													19,283
Depreciation and amortization													29,098
EBITDA		—		—		—		—		—			126,626
Add (Less) Adjustments:
Realized and unrealized FX gains / losses (1)													(1,654	)
Adjusted EBITDA		66,693		55,452		14,222		136,367		(11,394	)		124,973
Revenue		225,346		181,796		47,947		455,088		675			455,763

(1)

Represents the primarily non-cash impact of foreign exchange rates within profit (loss). We do not consider these gains and losses representative of operating performance of the business because they are primarily driven by fluctuations in the USD to Euro foreign exchange rate on intercompany receivables for inventory and intercompany loans.

Three months ended June 30, 2024

	Three months ended June 30, 2024
(In thousands of Euros)	Americas		EMEA		APAC		Total Reportable Segments		Corporate / Other			Total
Net Profit (loss)													74,640
Add (Less):
Income tax expenses (benefit)													36,255
Finance cost, net													44,578
Depreciation and amortization													24,809
EBITDA		—		—		—		—		—			180,282
Add (Less) Adjustments:
Realized and unrealized FX gains / losses (1)													4,157
Secondary Offering related costs (2)													1,890
Adjusted EBITDA		89,922		88,232		18,126		196,280		(9,952	)		186,329
Revenue		282,865		229,048		52,044		563,957		801			564,758

(1)

Represents the primarily non-cash impact of foreign exchange rates within profit (loss). We do not consider these gains and losses representative of operating performance of the business because they are primarily driven by fluctuations in the USD to Euro foreign exchange rate on intercompany receivables for inventory and intercompany loans.

(2)

Represents costs associated with the secondary offering on behalf of the selling shareholder. The secondary offering was completed on June 28, 2024.

2 BIRKENSTOCK HOLDING PLC || RECAST FINANCIAL INFORMATION

Three months ended March 31, 2024

	Three months ended March 31, 2024
(In thousands of Euros)	Americas		EMEA		APAC		Total Reportable Segments		Corporate / Other			Total
Net Profit (loss)													71,652
Add (Less):
Income tax expenses (benefit)													33,470
Finance cost, net													27,389
Depreciation and amortization													24,137
EBITDA		—		—		—		—		—			156,648
Add (Less) Adjustments:
Realized and unrealized FX gains / losses (1)													5,483
IPO-related costs (2)													166
Adjusted EBITDA		93,097		62,689		9,996		165,783		(3,486	)		162,297
Revenue		254,046		189,519		36,732		480,297		947			481,244

(1)

Represents the primarily non-cash impact of foreign exchange rates within profit (loss). We do not consider these gains and losses representative of operating performance of the business because they are primarily driven by fluctuations in the USD to Euro foreign exchange rate on intercompany receivables for inventory and intercompany loans.

(2)

Represents IPO-related costs, which include consulting as well as legal fees.

Three months ended December 31, 2023

	Three months ended December 31, 2023
(In thousands of Euros)	Americas		EMEA		APAC		Total Reportable Segments		Corporate / Other			Total
Net Profit (loss)													(7,154	)
Add (Less):
Income tax expenses (benefit)													6,674
Finance cost, net													36,050
Depreciation and amortization													23,247
EBITDA		—		—		—		—		—			58,817
Add (Less) Adjustments:
Realized and unrealized FX gains / losses (1)													11,655
IPO-related costs (2)													7,294
Share-based compensation expenses (3)													3,591
Adjusted EBITDA		51,553		24,466		10,855		86,874		(5,518	)		81,356
Revenue		181,453		87,528		32,084		301,065		1,859			302,924

(1)

Represents the primarily non-cash impact of foreign exchange rates within profit (loss). We do not consider these gains and losses representative of operating performance of the business because they are primarily driven by fluctuations in the USD to Euro foreign exchange rate on intercompany receivables for inventory and intercompany loans.

(2)

Represents IPO-related costs, which include consulting as well as legal fees.

(3)

Represents share-based compensation expenses relating to the management investment plan.

3 BIRKENSTOCK HOLDING PLC || RECAST FINANCIAL INFORMATION

Comparison Revenue by segment

	Twelve months ended September 30,
(In thousands of Euros)	2024		2023		Change			% Change
Americas		943,710		804,690		139,020			17	%
EMEA		687,891		561,805		126,085			22	%
APAC		168,807		120,126		48,681			41	%
Total Reportable Segment		1,800,408		1,486,621		313,787			21	%
Corporate/Other		4,282		5,290		(1,008	)		-19	%
Total		1,804,690		1,491,911		312,779			21	%
	Three months ended September 30,
(In thousands of Euros)	2024		2023		Change			% Change
Americas		225,346		187,238		38,108			20	%
EMEA		181,796		153,222		28,574			19	%
APAC		47,947		32,624		15,323			47	%
Total Reportable Segment		455,089		373,084		82,006			22	%
Corporate/Other		675		1,459		(784	)		-54	%
Total		455,764		374,543		81,222			22	%
	Three months ended June 30,
(In thousands of Euros)	2024		2023		Change			% Change
Americas		282,865		244,102		38,763			16	%
EMEA		229,048		191,089		37,959			20	%
APAC		52,044		36,904		15,139			41	%
Total Reportable Segment		563,957		472,096		91,860			19	%
Corporate/Other		801		1,099		(298	)		-27	%
Total		564,758		473,196		91,562			19	%
	Three months ended March 31,
(In thousands of Euros)	2024		2023		Change			% Change
Americas		254,046		213,551		40,494			19	%
EMEA		189,519		151,378		38,141			25	%
APAC		36,732		29,284		7,448			25	%
Total Reportable Segment		480,297		394,213		86,084			22	%
Corporate/Other		947		1,470		(523	)		-36	%
Total		481,244		395,683		85,561			22	%
	Three months ended December 31,
(In thousands of Euros)	2024		2023		Change			% Change
Americas		181,453		159,799		21,654			14	%
EMEA		87,528		66,117		21,411			32	%
APAC		32,084		21,313		10,771			51	%
Total Reportable Segment		301,065		247,229		53,836			22	%
Corporate/Other		1,859		1,261		598			47	%
Total		302,924		248,490		54,434			22	%

Non-IFRS Financial Measures

We report our financial results in accordance with IFRS; however, management believes that certain non-IFRS financial measures provide useful information in measuring the operating performance and financial condition of the Company and therefore uses them to make decisions. Management believes this information presents helpful comparisons of financial performance between periods by excluding the effect of certain non-recurring items.

We use non-IFRS financial measures, such as Adjusted EBITDA to supplement financial information presented in accordance with IFRS. We believe that excluding certain items from our IFRS results allows management to better understand our consolidated financial performance from period-to-period and better project our future consolidated financial performance as forecasts are developed at a level of detail different from that used to prepare IFRS-based financial measures. Moreover, we believe these non-IFRS financial measures provide our stakeholders with useful

4 BIRKENSTOCK HOLDING PLC || RECAST FINANCIAL INFORMATION

information to help them evaluate our operating results by facilitating an enhanced understanding of our operating performance and enabling them to make more meaningful period-to-period comparisons.

These measures do not have a standardized meaning prescribed by IFRS and therefore they may not be comparable to similarly titled measures presented by other companies, and they should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with IFRS.

Adjusted EBITDA is defined as net profit for the period adjusted for income tax expense, finance cost net, depreciation and amortization, further adjusted for the effect of events such as:

•

Share-based compensation expenses relating to the management investment plan;

•

Relocation expenses relating to the move of our products from a warehouse to a different provider which are considered non-recurring expenses and not representative of the operating performance of the business;

•

Restructuring expenses not relating to the operating performance of the business;

•

IPO-related costs consisting of consulting as well as legal fees;

•

Costs associated with the secondary offering on behalf of the selling shareholder; and

•

Realized and unrealized foreign exchange gain (loss).

5 BIRKENSTOCK HOLDING PLC || RECAST FINANCIAL INFORMATION