BIRK · CIK 1977102
What Birkenstock Holding plc told the SEC could break it.
Almost everything Birkenstock flagged traces to one structural split: it makes all its footwear in Germany and Portugal from EU-sourced materials — including cork, 95% of it from Portugal — yet sells heavily into the U.S., where the Americas were 52% of fiscal 2025 revenue. That mismatch shows up two ways. On currency, 46% of revenue is in dollars against a mostly-Euro cost base, so a 10% USD depreciation would cut revenue by €87.3 million and adjusted EBITDA by €59.5 million. On trade, the July 2025 U.S.-EU deal puts at least a 15% tariff on EU-made goods, landing directly on its largest market. It also leans on third-party wholesalers, who carried 62% of revenue through its B2B channel.
5 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Commodity & input dependence
- cork (Portugal)high
Cork, one of Birkenstock's most prominent materials, was sourced 95% from suppliers in Portugal in fiscal 2025; leather, jute and cork price/availability swings affect margins.
“In fiscal 2025, we sourced 95% of our cork from suppliers in Portugal.”
SEC filing →As of 2025
Customer concentration
- third-party B2B wholesale channelmedium
Birkenstock depends on third-party wholesalers and distributors: sales through third parties in its B2B channel accounted for 62% of revenue in fiscal 2025, with limited contractual recourse in disputes.
“For the fiscal year ended September 30, 2025, sales through third parties in our B2B channel accounted for 62% of revenues.”
SEC filing →As of 2025
Currency (FX)
- USD revenue vs EUR cost basemedium
46% of revenue is generated in USD while most costs are in Euro; a 10% USD depreciation vs the Euro (from $1.11 to $1.22) would cut revenue by €87.3M and adjusted EBITDA by €59.5M.
“Based on our USD-denominated revenues of $1,062.3 million in the year ended September 30, 2025, a 10% depreciation of the USD against the Euro from $1.11 to $1.22 would result in lower revenues of €87.3 million and corresponding lower adjusted EBITDA of €59.5 million based on the current cost structure.”
SEC filing →As of 2025
Geographic concentration
- Germany & Portugal manufacturing / EU material sourcingmedium
Birkenstock manufactures all core products in Germany and Portugal and sources raw materials (leather, EVA adhesives, latex, jute, wool felt, buckles) from over 200 suppliers in Europe, while 52% of revenue comes from the Americas.
“On the expense side, the majority of our expenses are incurred in Euro because raw materials and semi-finished products are purchased predominantly in Germany or otherwise within the EU, and our core products are manufactured in Germany and Portugal.”
SEC filing →As of 2025
Regulatory & policy
- US tariffs on EU-made goodsmedium
Under the July 2025 US–EU trade deal, all goods imported from the EU to the US face at least a 15% tariff; Birkenstock produces all footwear in the EU while the Americas (U.S.) is 52% of revenue, so the tariff directly hits its largest market.
“On July 27, 2025, the United States and the EU announced a trade deal, subject to which all goods imported from the EU to the United States are subject to at least 15% U.S. tariffs. While we produce all our footwear products in the EU, our Americas segment (which comprises the U.S. market) accounts for a significant portion of our revenue (52% in the year ended September 30, 2025).”
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