Birkenstock Holding reported fiscal third-quarter revenue of EUR 720 million, up 13 percent as reported and 15 percent in constant currency, the German footwear maker disclosed in a 6-K filing posted through StockTitan [1]. The company raised its full-year targets. Its reported bottom line went the other way.
Adjusted EBITDA, Birkenstock's preferred profitability measure, rose 11 percent to EUR 242 million, a 33.7 percent margin [1]. On a GAAP basis, net profit fell 15 percent year over year to EUR 110 million [1].
The company was explicit about why the two measures diverged. It attributed the drop in net profit to "non-recurring, non-cash expenses associated with the accelerated share repurchase and the refinancing of the senior notes totalling EUR 22 million" [1]. Those charges are stripped out of adjusted EBITDA, which is how the same quarter can show adjusted profit climbing and reported profit falling.
Birkenstock lifted its outlook for fiscal 2026. It now guides to revenue growth of 15 percent in constant currency and adjusted EBITDA of at least EUR 710 million, implying an adjusted EBITDA margin of 30.2 to 30.5 percent [1].
The divergence is the point for anyone reading a headline off these results. A company can accurately say adjusted profit rose 11 percent and reported profit fell 15 percent in the same three months. The EUR 22 million in accelerated-buyback and refinancing charges, which Birkenstock describes as non-cash, was subtracted from the GAAP figure and set aside from the adjusted one. Which number matters depends on whether you are tracking the operating business or the profit that actually landed on the reported statement this quarter.
