Birkenstock Holding PLC (BIRK) 2025 Q2 法說會逐字稿

Good morning, and thank you for standing by. Welcome to Birkenstock's quarter 2025 earnings conference call. (Operator Instructions) I would like to remind everyone that this conference call is being recorded.

早安，感謝您的支持。歡迎參加 Birkenstock 2025 年季度財報電話會議。（操作員指示）我想提醒大家，本次電話會議正在錄音。

I will now turn over the call to Megan Kulick, Director of Investor Relations.

現在我將把電話轉給投資者關係總監梅根·庫利克 (Megan Kulick)。

Hello, and thank you everyone for joining us today. On the call are Oliver Reichert, Director of Birkenstock Holding PLC and Chief Executive Officer of the Birkenstock Group; and Ivica Krolo, Chief Financial Officer of the Birkenstock Group. David Kahan, President of Americas; Nico Bouyakhf, President of EMEA; and Alexander Hoff, Vice President of Global Finance, will join us for the Q&A.

大家好，感謝大家今天的參加。參加電話會議的有 Birkenstock Holding PLC 董事兼 Birkenstock 集團執行長 Oliver Reichert 和 Birkenstock 集團財務長 Ivica Krolo。美洲區總裁 David Kahan、歐洲、中東和非洲區總裁 Nico Bouyakhf 和全球財務副總裁 Alexander Hoff 將參加我們的問答環節。

Today, we are reporting the financial results for our fiscal second quarter of 2025 ending March 31, 2025. You may find the press release and supplemental presentation connected to today's discussion on our investor relations website at birkenstock-holding.com. We would like to remind you that some of the information during this call is forward-looking, and accordingly, is subject to the safe harbor provision of the Federal Securities Law.

今天，我們將報告截至 2025 年 3 月 31 日的 2025 財年第二季的財務表現。您可以在我們的投資者關係網站 birkenstock-holding.com 上找到與今日討論相關的新聞稿和補充簡報。我們在此提醒您，本次電話會議中的部分資訊具有前瞻性，因此受《聯邦證券法》安全港條款的約束。

These statements are subject to various risks, uncertainties, and assumptions which could cause our actual results to differ materially from these statements. These risks, uncertainties, and assumptions are detailed in this morning's press release, as well as in our filings with the SEC, which can be found on our website at birkenstock-dashfolding.com.

這些聲明受各種風險、不確定性和假設的影響，可能導致我們的實際結果與這些聲明有重大差異。這些風險、不確定性和假設在今天早上的新聞稿以及我們向美國證券交易委員會 (SEC) 提交的文件中均有詳細說明，可在我們的網站 birkenstock-dashfolding.com 上找到。

We undertake no obligation to revise or update any forward-looking statements or information, except as required by law. We will reference certain non IFRS financial information. We use non-IFRS measures as we believe they represent the operational performance and underlying results of our business more accurately. The presentation of this non-IFRS financial information is not intended to be considered by itself or as a substitute for the financial information prepared and presented in accordance with IFRS.

除法律要求外，我們不承擔修改或更新任何前瞻性陳述或資訊的義務。我們將參考某些非國際財務報告準則的財務資訊。我們使用非國際財務報告準則指標，因為我們相信它們更準確地反映我們業務的營運績效和基本結果。本非國際財務報告準則財務資訊的呈現本身並不旨在被視為或取代根據國際財務報告準則編制和呈現的財務資訊。

Reconciliations of IFRS to non-IFRS measures can be found in this morning's press release and in our SEC filings. With that, I'll turn the call over to Oliver.

在今天早上的新聞稿和我們提交給美國證券交易委員會 (SEC) 的文件中可以找到 IFRS 與非 IFRS 指標的對帳表。說完這些，我將把電話轉給奧利佛。

Good morning, everybody, and thank you for joining us. We are meeting today at the moment when the world seems unpredictable. The current context is a stress test for the resilience of business models.

大家早安，感謝大家的收看。我們今天開會的時候，世界似乎還處於難以預測的時刻。目前的環境是對商業模式彈性的壓力測試。

As our results for the second quarter show, we have passed this test very well. Our company is in a good shape, and we are confident about our future. Our performance is rooted in the power of a universal purpose-driven brand that stood the test of time.

正如我們第二季的業績所顯示，我們很好地通過了這次考驗。我們的公司狀況良好，我們對未來充滿信心。我們的業績源自於經得起時間考驗的通用目標驅動品牌的力量。

We control our own supply chain with 95% of our products made in Germany and 100% made in Europe, and 96% of our raw materials sourced in Europe. This helps shield our business from the current disruptions. Once again, we're delivering on the promises we made during our IPO. In the second quarter, we delivered a record EUR574 million in revenues. On a reported basis, this was up 19% year over year. In constant currency, revenue grew by 18% above the high end of our 15% to 17% target for the full year.

我們控制自己的供應鏈，我們的產品 95% 在德國製造，100% 在歐洲製造，96% 的原料來自歐洲。這有助於保護我們的業務免受當前幹擾。我們再次兌現了首次公開募股時所做的承諾。第二季度，我們的營收創下了5.74億歐元的紀錄。據報道，這一數字比去年同期增長了 19%。以固定匯率計算，營收成長了 18%，高於我們全年 15% 至 17% 的目標上限。

Revenue growth was driven by a double-digit volume increase supported by continued ASP growth.

營收成長主要得益於平均售價持續成長帶來的兩位數銷售成長。

The manufacturing capacity we have added over the past two years has allowed us to increase our production to meet the increasing demand for the Birkenstock.

我們在過去兩年中增加的生產能力使我們能夠提高產量，以滿足對 Birkenstock 日益增長的需求。

Sales numbers for our five iconic silhouettes grew double digit, contributing to both volume and ASP growth. At the same time, we continue to tap into the white spaces, which are, as you know, close to shoes, our own retail stores, and the APEC region. All of which contributed to our strong growth.

我們五款標誌性款式的銷量實現了兩位數成長，促進了銷量和平均售價的成長。同時，我們繼續挖掘空白領域，正如你所知，這些領域靠近鞋類、我們自己的零售店以及亞太經合組織地區。所有這些都促進了我們的強勁成長。

As expected, growth in the second quarter was balanced between our B2B and D2C channels, with B2B coming in at 18% and D2C at 17%.

正如預期的那樣，第二季度我們的 B2B 和 D2C 通路的成長保持平衡，其中 B2B 成長 18%，D2C 成長 17%。

The D2C growth was driven by our investments in our online and owned retail stores. Our membership base reached over 10 million loyal members, up over 25% year over year. We are on track with our retail expansion with now 77 owned stores, adding six new doors during the second quarter.

D2C 的成長得益於我們對線上和自有零售店的投資。我們的會員數已超過 1,000 萬忠實會員，較去年同期成長超過 25%。我們的零售擴張計畫進展順利，目前擁有 77 家自有門市，第二季新增了 6 家門市。

As shared, we are heading towards 100 own stores by the end of this fiscal year, and we are confident we will get there.

正如大家所分享的，我們的目標是在本財政年度結束時擁有 100 家自營商店，我們有信心實現這一目標。

During the quarter, revenue from closed-toe silhouettes grew at twice the rate of the overall group and increased share of business by 400 basis points.

本季度，包頭鞋款的營收成長速度是整個集團營收成長速度的兩倍，業務份額增加了 400 個基點。

Demand for closed-toe silhouettes for spring summer '25 was up strong double digits, and we see continued strength as we build our order book for spring, summer '26. Almost half of our top 20 selling silhouettes in the quarter were close toe.

25 年春夏包頭鞋款的需求強勁增長了兩位數，隨著 26 年春夏訂單的增加，我們看到了持續的強勁增長勢頭。本季度，我們最暢銷的 20 款鞋型中幾乎有一半都是貼腳趾的。

Let us now have a brief look at the segment performance. Within our largest segment, the Americas, we experienced continued strong consumer demand for our brand. Revenue in the region was up 23% in reported currency and 20% in constant currency.

現在讓我們簡單看一下該部分的表現。在我們最大的市場美洲，消費者對我們品牌的需求持續強勁。該地區的收入按報告貨幣計算增長了 23%，按固定匯率計算增長了 20%。

Compared to the second quarter of '24, both the B2B and the D2C channel grew double digit. Within the B2B channel, the fastest growth came from our youth, sporting goods, outdoor and department-store partners.

與 24 年第二季相比，B2B 和 D2C 通路均實現了兩位數成長。在B2B通路中，成長最快的是我們的青少年、運動用品、戶外和百貨公司合作夥伴。

America's D2C strengthened in the quarter from investments we made in the digital channel and from our expanded physical retail presence.

由於我們在數位通路上的投資以及實體零售業務的擴大，美國的 D2C 業務在本季度得到了加強。

We opened one new door in Nashville, bringing our own store count in the region to 10. In EMEA, we delivered double digit growth of 12%. In the recently integrated Middle East Africa area we have been taking further actions to be more focused in our growth.

我們在納許維爾開設了一家新店，使我們在該地區的門市數量達到 10 家。在歐洲、中東和非洲地區，我們實現了 12% 的兩位數成長。在最近整合的中東非洲地區，我們一直在採取進一步行動，以更加專注於我們的成長。

D2C remained very strong, outpacing B2B growth by 1.5 times. Within our DTC channel, shoes are the second biggest category behind Classics leather, showcasing the continued momentum in this important area. We increased our brand presence and awareness with the opening of new stores in London and Paris, bringing our store count in EMEA to 37. We created some strong brand moments, bringing our mission to life across the region.

D2C 仍保持強勁，成長比 B2B 高出 1.5 倍。在我們的 DTC 頻道中，鞋類是僅次於經典皮革的第二大類別，展示了這一重要領域的持續發展勢頭。我們在倫敦和巴黎開設了新店，提高了品牌影響力和知名度，使我們在歐洲、中東和非洲地區的門市數量達到 37 家。我們創造了一些強大的品牌時刻，使我們的使命在整個地區實現。

One highlight was an experimental pop-up store in Les Deux Alpes in France where we hosted over 3,000 brand fans and members in a month.

其中一個亮點是我們在法國萊德薩阿爾卑斯開設的實驗性快閃店，一個月內我們接待了超過 3,000 名品牌粉絲和會員。

The APEC region was again the fastest growing segment in the quarter. Our largest white space region grew by 30%, driven by very strong growth in our D2C channel. We opened three new owned retail stores in India, Japan, and China, bringing the total number of stores in the region to 30.

亞太經合組織地區再次成為本季成長最快的地區。我們最大的空白區域成長了 30%，這得益於我們 D2C 通路的強勁成長。我們在印度、日本和中國開設了三家新的自有零售店，使該地區的門市總數達到 30 家。

We also expanded our strategic partnerships, increasing our mono-brand partner doors by 20%, driving very strong double-digit growth in our B2B channel.

我們也擴大了策略合作夥伴關係，將單一品牌合作夥伴數量增加了 20%，推動了 B2B 通路實現強勁的兩位數成長。

Consistent with the other segments, closed toe and higher price premium leather executions are growing faster than the regional average and contributing to positive ASP growth in the region. Our top three markets in terms of revenue were Australia, China, and Japan.

與其他細分市場一致，封閉式鞋頭和更高價格的高檔皮革產品的成長速度高於區域平均水平，並推動了該地區平均售價的正成長。就收入而言，我們的三大市場是澳洲、中國和日本。

All grew significantly above segment average with China more than doubling in revenue year over year.

所有業務的成長都遠高於行業平均水平，其中中國業務的收入比去年同期增長了一倍多。

As a reminder, we're just beginning to enter Greater China in a meaningful way and see the opportunity for continued strong growth in this market.

提醒一下，我們才剛開始以有意義的方式進入大中華區，並看到了這個市場繼續強勁成長的機會。

The strong results make us confident for our important spring/summer selling season as we are seeing great momentum across all product channels, categories, and segments. I will now turn it over to Ivica to discuss our financial results in more detail.

強勁的業績讓我們對重要的春夏銷售季充滿信心，因為我們看到所有產品通路、類別和細分市場都呈現強勁發展勢頭。現在我將把時間交給 Ivica 來更詳細地討論我們的財務表現。

Thanks, Oliver. I'm happy to share with you Birkenstock's performance for the second quarter of 2025, which came in ahead of our expectations.

謝謝，奧利佛。我很高興與大家分享 Birkenstock 2025 年第二季的業績，該業績超出了我們的預期。

Second-quarter revenues were EUR574 million with growth of 19% on a reported in 18% in constant currency, above the high end of our 15% to 17% annual guidance for the year.

第二季營收為 5.74 億歐元，成長 19%，以固定匯率計算則為 18%，高於我們今年 15% 至 17% 的年度預期上限。

It is expected growth in B2B and B2C were balanced in the quarter, with B2B up 19%, 18% in constant currency, and B2C up 19%, 17% in constant currency.

預計本季 B2B 和 B2C 的成長將保持平衡，其中 B2B 成長 19%，以固定匯率計算為 18%，B2C 成長 19%，以固定匯率計算為 17%。

B2C's share of business was 24% equal to the prior year. As a reminder, the second quarter is seasonally or heaviest in terms of B2B mix, given the timing of the sell into our partners for the spring/summer season.

B2C 業務份額為 24%，與上年持平。提醒一下，考慮到我們向合作夥伴銷售產品的時間是春夏季，因此第二季是 B2B 產品組合季節性最強的季度。

Gross margin for the quarter was 57.7%, up 140 basis points year over year. Better absorption of costs related to a new manufacturing facility contributed about 50 basis points.

本季毛利率為57.7%，較去年同期成長140個基點。更好地吸收與新製造工廠相關的成本貢獻了約 50 個基點。

The remainder is made up by selected price adjustments, net of higher input costs, and favorable currency translation.

剩餘部分由選定的價格調整、扣除更高的投入成本和有利的貨幣換算構成。

Selling and distribution expenditures were EUR127 million in the second quarter, representing 22% of revenue, down 150 basis points from the prior year mainly due to the reclassification of expenses into G&A previously recorded in S&D.

第二季銷售和分銷支出為 1.27 億歐元，佔收入的 22%，比上年下降 150 個基點，主要原因是將先前記錄在銷售和分銷中的支出重新分類為一般及行政費用 (G&A)。

General administration expenses were EUR32 million or 5.6% of revenue in the quarter, up 150 basis points year over year due to the reclassification as well as higher IT expenses primarily related to the ERP conversion in the Americas.

本季一般管理費用為 3,200 萬歐元，佔營收的 5.6%，年增 150 個基點，原因是重新分類以及主要與美洲 ERP 轉換相關的 IT 費用增加。

Adjusted EBITDA in the second quarter of EUR200 million was up 23% year over year, and margin of 34.8% was up 110 basis points year over year.

第二季調整後EBITDA為2億歐元，較去年成長23%，利潤率為34.8%，較去年同期成長110個基點。

This was primarily due to the improvement of gross profit margin and the favorable currency translation partially offset by the higher G&A.

這主要是由於毛利率的提高和有利的貨幣換算，但被更高的一般及行政費用部分抵銷。

Adjusted net profit of EUR103 million in the second quarter was up 33% year over year, and adjusted EPS was EUR0.55, up from EUR0.41 from a year ago.

第二季調整後淨利為1.03億歐元，較去年同期成長33%，調整後每股盈餘為0.55歐元，高於去年同期的0.41歐元。

Cash flows used in operating activities during the second quarter were EUR18 million, down from 68 million compared to last year due to the timing of tax payments relating to prior years.

第二季經營活動所用現金流為 1,800 萬歐元，較去年同期的 6,800 萬歐元有所下降，原因是報稅時間與前幾年有關。

We ended the quarter with cash and cash equivalents of EUR235 million. We continued to proactively manage working capital and we improved our inventory-to-sales ratio to 36%, down from 40% in Q2 2024, and our DSO for the quarter were 46% in line with 44% a year ago.

本季末我們的現金和現金等價物為 2.35 億歐元。我們繼續積極管理營運資金，並將庫存銷售比率從 2024 年第二季的 40% 提高至 36%，本季的 DSO 為 46%，與去年同期的 44% 持平。

During the quarter, we spent approximately EUR21 million in capital expenditures, adding to our production capacity in [Arwaberg], Gurlitz, and Aruka, and continuing our investments in retail and IT.

本季度，我們花費了約 2,100 萬歐元的資本支出，增加了我們在 [Arwaberg]、Gurlitz 和 Aruka 的生產能力，並繼續在零售和 IT 領域進行投資。

We are on track to meet our CapEx targets of around EUR80 million for the year.

我們預計將實現今年約 8,000 萬歐元的資本支出目標。

Our net leverage was 1.8 times as of March 31, 2025, down slightly from 1.9 at the end of Q1.

截至 2025 年 3 月 31 日，我們的淨槓桿率為 1.8 倍，較第一季末的 1.9 倍略有下降。

As is typical, we expect to see positive operating cash flow contribution in Q3 and Q4 due to the seasonality of all working capital.

通常情況下，由於所有營運資金的季節性，我們預計第三季和第四季的營運現金流貢獻將為正值。

As we look forward to the remainder of fiscal 2025, we believe we are well positioned to meet or exceed our stated growth and profitability objectives. Birkenstock is less exposed to tariffs with 100% of our production and 96% of all materials sourced from Europe and no-contract manufacturing from Asia.

展望 2025 財年剩餘時間，我們相信我們已做好準備，能夠實現或超越既定的成長和獲利目標。Birkenstock 受關稅影響較小，因為我們 100% 的生產和 96% 的所有材料都來自歐洲，並且沒有在亞洲進行合約製造。

We already have taken appropriate actions to mitigate the impact on tariffs both near term and long term. We have multiple levers to pull and are in a strong position with experience in managing inflationary pressures, including tariffs. First, the consistency and demand together with our engineer distribution and scarcity model allows for pricing flexibility.

我們已經採取了適當的行動來減輕關稅的短期和長期影響。我們擁有多種手段，在管理包括關稅在內的通膨壓力方面擁有豐富的經驗。首先，一致性和需求以及我們的工程師分佈和稀缺性模型允許定價靈活性。

For a full offset of tariff impact, we would need only a low-single digit price increase globally, which is consistent with our historical level of pricing actions. Pricing is not the only lever we have though. Given our vertical integration, additional levers include efficiencies in production, vendor negotiations, the optimization of product mix, and the allocation of products between the different regions. This, together with our strong inventory position, gives us the confidence that we can mitigate the fiscal 2025 tariff impact.

為了完全抵消關稅的影響，我們只需要在全球範圍內進行低個位數的價格上漲，這與我們歷史性的定價行動水準一致。但定價並不是我們唯一的手段。鑑於我們的垂直整​​合，額外的槓桿包括生產效率、供應商談判、產品組合優化以及不同地區之間的產品分配。這一點，加上我們強大的庫存狀況，使我們有信心減輕 2025 財年關稅的影響。

While FX was a benefit to us in the first half of the year, the recent depreciation in the dollar will create a headwind to our reported growth and margins in the third and fourth quarter.

雖然外匯在上半年對我們有利，但近期美元貶值將對我們第三季和第四季報告的成長和利潤率造成阻力。

But despite the tariff and FX headwinds we face in the second half, we are confident that we will be able to meet or beat our financial targets for fiscal year 2025.

儘管下半年我們面臨關稅和外匯阻力，但我們有信心實現或超越 2025 財年的財務目標。

Based on the results to date and the current trends we are seeing in the business, we now expect to be at the high end of our constant currency revenue growth guidance of 15% to 17%.

根據迄今為止的結果和我們在業務中看到的當前趨勢，我們現在預計收入成長將達到 15% 至 17% 的固定匯率指導上限。

More importantly, provided we do not see any further weakening of the dollar and no additional tariffs on imports from the EU to the US, we now expect adjusted EBITDA margin of 31.3% to 31.8%, 50 basis points above our previous guidance. This implies an adjusted EBITDA target in the range of EUR660 million to EUR670 million, up 19% to 21% year over year. And now, I'll be handing back to Oliver.

更重要的是，如果我們不看到美元進一步走弱，且美國不對歐盟進口產品徵收額外關稅，我們現在預計調整後的 EBITDA 利潤率將達到 31.3% 至 31.8%，比我們之前的預期高出 50 個基點。這意味著調整後的 EBITDA 目標在 6.6 億歐元至 6.7 億歐元之間，年增 19% 至 21%。現在，我將把權力交還給奧利佛。

Thanks Ivica. The first half results of our fiscal 2025 demonstrate the strength of our brand with strong double-digit revenue growth, excellent margins, and significant progress in our white-space growth initiatives.

謝謝 Ivica。我們 2025 財年上半年的業績證明了我們品牌的實力，強勁的兩位數收入增長、優異的利潤率以及白色空間增長計劃的重大進展。

We expect that the tariff situation may create a unique shift in consumer behavior in the footwear category with the split between the few brands like Birkenstock, who manage strong brand equity through relative scarcity and those who distribute their products with less discipline and pricing integrity.

我們預計，關稅狀況可能會導致鞋類消費者行為發生獨特的轉變，即像 Birkenstock 這樣的少數品牌透過相對稀缺性管理強大的品牌資產，而其他品牌在分銷產品時紀律性和定價誠信較低。

We will navigate through these uncertain times from a position of strength as we have successfully done in the past. Think about COVID, where we came through the challenge stronger than before. And don't forget about the import tariffs previously imposed by the US administration, which we completely absorbed without any loss of sales.

我們將以實力雄厚的優勢度過這些不確定的時期，就像我們過去成功做到的那樣。想想新冠疫情，我們比以前更堅強地度過了挑戰。並且不要忘記美國政府先前徵收的進口關稅，我們完全吸收了這些關稅，而沒有造成任何銷售損失。

That's why I am confident today. Our decades-long track record of managing our brand through a consistent engineered distribution strategy puts Birkenstock in a strong position to take additional shelf space and gain share. We are a brand with industry-leading growth, pricing power, clean inventories, strong profitability, global reach, a very healthy balance sheet, and cash generation.

這就是我今天充滿信心的原因。我們數十年來一直透過一致的精心設計的分銷策略來管理我們的品牌，這使得 Birkenstock 處於有利地位，可以佔據更多的貨架空間並獲得份額。我們是一個擁有領先產業成長、定價能力、清潔庫存、強勁獲利能力、全球影響力、非常健康的資產負債表和現金產生能力的品牌。

We believe there are few consumer companies better positioned today to drive steady long-term growth and shareholder returns.

我們相信，目前很少消費品公司比我們更有能力推動長期穩定成長和股東回報。

I would now kindly ask the operator to open our Q&A session. Thank you.

現在我請接線生開始我們的問答環節。謝謝。

(Operator Instructions) Matthew Boss, JPMorgan.

（操作員指示）摩根大通的馬修·博斯。

Great. Thanks and congrats on another really nice quarter.

偉大的。謝謝並祝賀您又度過了一個非常愉快的季度。

Thanks man.

謝謝老兄。

So Oliver, could you speak to your confidence in your outlook for the rest of the year and your raised EBITDA margin guidance despite the elevated macro uncertainty with tariffs and foreign exchange, or really what are you seeing in your current business to give you this confidence?

那麼奧利弗，您能否談談您對今年剩餘時間前景的信心，以及儘管關稅和外匯帶來的宏觀不確定性增加，您仍然提高了 EBITDA 利潤率預期，或者您實際上在目前的業務中看到了什麼讓您有這種信心？

Good morning, Matt. Thank you for your question. Let me tell you one thing. For us, the whole situation is an opportunity and not a risk. Be assured we will fully offset the effect of the existing tariffs.

早安，馬特。感謝您的提問。讓我告訴你一件事。對我們來說，整個情況是一個機遇，而不是風險。請放心，我們將完全抵消現有關稅的影響。

We are aware that currency is moving around quite a bit, but as always, we will share FX impact with full visibility. So of course, we have factored the current FX level into our margin outlook. But most importantly, we and our partners are not seeing any changes to consumer behavior and demand out there. When it comes to product and to our product, there's no change at all.

我們知道貨幣波動很大，但與往常一樣，我們將充分透明地分享外匯影響。因此，我們當然已將目前的外匯水準納入我們的利潤率展望中。但最重要的是，我們和我們的合作夥伴沒有看到消費者行為和需求有任何變化。就產品和我們的產品而言，沒有任何變化。

Full-price realization remains at 90% and our order book from wholesalers remains very very strong without any cancellations. So I think that's the ultimate test of truth to undermine the strength of the brand and pricing power. We are well positioned to take shelf space and we could speed up, of course, our retail expansion if we have an opportunity.

全價實現率仍維持在 90%，來自批發商的訂單仍然非常強勁，沒有任何取消。所以我認為這是破壞品牌實力和定價權的最終真理考驗。我們已做好充分準備佔據貨架空間，當然，如果有機會，我們可以加快零售擴張的速度。

Thanks Oliver and Matt, maybe to add on your question with regards to EBDA margin as compared to our original guidance, it's two drivers for that. Mostly it is coming from gross margin improvement from first error absorption, and then second pricing net of installations, which are the two key drivers for improved EBDA margin over the course of this year.

感謝 Oliver 和 Matt，也許可以補充你們關於 EBDA 利潤率的問題，與我們最初的指導相比，有兩個驅動因素。這主要得益於首先是誤差吸收，然後是扣除安裝費用後的第二次定價帶來的毛利率提高，這是今年 EBDA 利潤率提高的兩個關鍵驅動因素。

Well, it's a great color. Best of luck.

嗯，顏色很棒。祝你好運。

Simeon Siegel, from BMO.

來自 BMO 的 Simeon Siegel。

Thanks. Hey, everyone. Really nice ongoing broad strength. So nice to see. To follow up a little bit, so just among everything else, the D2C in America's strength is really great, likely encouraging to many investors. Could you just speak to the implied top-line deceleration in the back half, which I think looks a little bit below the 18% performance. And then, gross margin was nicely better and really great to see the ongoing improvement from the passive ramp. How should we think about the progression of gross margin going forward, maybe add any color there from just again stripping out effects to your point or any remaining passive implications versus just the underlying gross margin dynamics? Thanks guys.

謝謝。嘿，大家好。確實很好，持續的廣泛力量。很高興看到。進一步說，除其他因素外，美國的 D2C 實力確實非常強大，這可能會鼓舞許多投資者。您能否談談下半年隱含的營收減速情況，我認為下半年的營收成長速度略低於 18%。然後，毛利率明顯提高，並且很高興看到被動成長的持續改善。我們應該如何看待未來毛利率的進展，也許可以添加一些色彩，從再次剝離對您的觀點的影響或任何剩餘的被動影響到僅僅是潛在的毛利率動態？謝謝大家。

Thanks Simeo Siegel (inaudible). So as with our B2B we have an order book which provides us with great visibility in terms of growth, but as you also know, the second half is more B2C heavy compared to the first half of the fiscal year. So we have naturally less visibility as a result of that.

感謝 Simeo Siegel（聽不清楚）。因此，與我們的 B2B 一樣，我們有一個訂單簿，它為我們提供了成長方面的極大可見性，但正如你所知，與財年上半年相比，下半年的 B2C 業務更為重要。因此，我們的知名度自然會降低。

And given the current macro conditions, we are, as you are aware, prudent in our planning given this reduced visibility in the second half. In terms of cadence or seasonality, the third quarter is typical, will be the slowest growth quarter for the year.

鑑於當前的宏觀條件，考慮到下半年的可預見性降低，我們在規劃時非常謹慎。從節奏或季節性來看，第三季是典型的一年中成長最慢的季度。

The first reason is just simple mathematics. The sandals share is the heaviest in the third quarter, and while sandals are growing double digit, close to shoes grow two times as fast. So the weighted growth is slowest in the third quarter in the fiscal year. So this covers the first part of your question.

第一個原因只是簡單的數學。涼鞋份額在第三季最為突出，在涼鞋達到​​兩位數成長的同時，近鞋的成長速度更是快兩倍。因此，本財年第三季的加權成長速度最慢。這涵蓋了你問題的第一部分。

The second question on gross margin comes back to my initial statement. So we had expected about 50 basis points tailwind to gross margin for the full fiscal year '25 for better absorption, primarily, however, in the second quarter of the year. Now, we're seeing 50 basis points in 2Q, so we are already slightly ahead of schedule. We now think that we will be about 75 basis points, which will be the benefit for '25 with the remainder coming in in the fiscal year '26. So as I mentioned earlier, this will be driving the improved gross margin.

關於毛利率的第二個問題回到了我最初的陳述。因此，我們預計 2025 財年全年毛利率將上漲約 50 個基點，以實現更好的吸收，但主要集中在第二季。現在，我們看到第二季的成長率為 50 個基點，因此我們已經略微提前於計劃。我們現在認為，我們的利潤將達到約 75 個基點，這是 25 年的利潤，剩餘的利潤將在 26 財年實現。正如我之前提到的，這將推動毛利率的提高。

That's great, thanks guys, best of luck for the year ahead.

太好了，謝謝大家，祝來年好運。

Mark Altschwager, Baird.

馬克·阿爾特施瓦格，貝爾德。

Thanks for taking my question, and great results. Could you expand more on your plans for tariff mitigation and the impact for demand, the impact on demand for Birkenstock. And relatedly, could you just speak to the timing, any callouts on the timing of when you expect the costs and the offsets to flow through the P&L? Thank you.

感謝您回答我的問題，結果非常好。您能否進一步闡述降低關稅的計劃以及對需求的影響，以及對 Birkenstock 需求的影響。與此相關的是，您能否談談時間安排，您預計成本和抵銷金額將在何時流入損益表？謝謝。

Thank you, Mark. It’s Ivica speaking, yes, sure. So most importantly, and as already mentioned, we will fully offset the existing 2025 tariff impact. As you know, we are a brand with a proud heritage being made in Europe. As such, we are less exposed than most, so 96% of our raw materials -- 96% of our raw materials are sourced from within Europe, and 100% of our manufacturing and final assembly is from the EU. That said, we will offset the tariff impact.

謝謝你，馬克。是的，確實是伊維卡在講話。因此最重要的是，正如前面所提到的，我們將完全抵銷現有的 2025 年關稅影響。如您所知，我們是一個擁有悠久歷史的歐洲品牌。因此，我們的受衝擊比大多數公司都要小，我們的 96% 的原料都來自歐洲，我們的製造和最終組裝 100% 都來自歐盟。也就是說，我們將抵消關稅的影響。

First, we will look at global pricing. So as you know, we have a goal to maintain the global pricing architecture and the tariffs in the US will not change that. We are in a position where we have pricing flexibility without impact on consumer demand, which is very consistent. And as we have also a 90%-plus full-price realization given the brand equity that we've not only built in the US but also beyond.

首先，讓我們來看看全球定價。如你所知，我們的目標是維持全球定價架構，美國的關稅不會改變這一點。我們的定價非常靈活，不會對消費者需求產生影響，這一點非常一致。而且，考慮到我們不僅在美國而且在其他國家建立的品牌資產，我們的全價實現率也超過了 90%。

And second, unlike our competitors, we are virtually vertically integrated, so we have other levers to pull, mainly the ability to gain efficiencies across our value chain. And so overall, in an environment where consumers face pressure from inflation in many areas, we expect to see even more intentional purchasing and a shift between the brands in high demand like we are, and those brands that are struggling will need to gain consumer attention. And as such, referring back to what Oliver said, we do see this indeed as an opportunity to take additional self-space and gain share eventually.

其次，與我們的競爭對手不同，我們實際上是垂直整合的，因此我們還有其他槓桿可以利用，主要是提高整個價值鏈的效率的能力。因此，總體而言，在消費者面臨多領域通膨壓力的環境下，我們預計會看到更多的有意購買，而像我們這樣的高需求品牌與那些苦苦掙扎的品牌之間的轉變將需要吸引消費者的注意力。因此，回顧奧利佛所說的，我們確實認為這是一個獲得更多自我空間並最終獲得份額的機會。

Best of luck. Thank you.

祝你好運。謝謝。

Dana Telsey, Telsey Group.

達娜‧特爾西 (Dana Telsey)，特爾西集團 (Telsey Group)。

Hi, good morning, everyone, and nice to see the progress. As you think of some of the gross margin drivers, particularly on the fact of the ability to better absorb the new manufacturing capacity added in September '23, where are we on that journey? When does it get fully absorbed? And when you talk about the sales price adjustments between closed-toes sandals, what are you doing in terms of pricing to continue to generate this solid-gross margin? Thank you.

大家早安，很高興看到進展。當您考慮一些毛利率驅動因素時，特別是考慮到能夠更好地吸收 23 年 9 月新增的製造產能，我們目前處於什麼階段？什麼時候才能完全吸收？當您談到封閉式涼鞋的銷售價格調整時，您在定價方面做了什麼來繼續產生這種穩定的毛利率？謝謝。

Hi Dana, it's Ivica. On the first part of your question with regards to better absorption and as initially mentioned so we had expected about 50 basis points, tailwind to gross margin for this full year.

你好，Dana，我是 Ivica。關於您問題的第一部分，關於更好的吸收，正如最初提到的那樣，我們預計今年全年毛利率將增長約 50 個基點。

We're now seeing that materializing ahead of schedule, so we now think it will be 75 basis points for this fiscal year, and the overall effect for next year will be additional 75 basis points. So that will be clearly a driver for gross margin improvement.

我們現在看到這一目標提前實現，因此我們現在認為本財年的利率將達到 75 個基點，而明年的整體效應將是額外的 75 個基點。因此這顯然將成為毛利率提高的驅動力。

Got it. And then just on the retail store rollout, I think Nashville opened this past quarter. How are the new stores rolling out? Is the number of new store openings still the same around the world for your own stores, and any learnings of closed toe versus sandals from the stores?

知道了。然後就零售店的推出而言，我認為納許維爾是上個季度開業的。新店開張情況如何？你們在世界各地新開店的數量是否仍然相同？從這些門市中，你們對包頭鞋和涼鞋有什麼看法？

Thank you.

謝謝。

Hi Dana, this is Nico. I'm going to take this question. So as you know, retail is a massive growth pillar for us, and we are very pleased to see that we are currently operating 77 stores. We added 6 stores in this quarter. We opened in less than a year Paris number 2, which is doing really well. We opened London number 3. We opened in Nashville, and we opened also in Shanghai. It's worth mentioning that we don't need that long ramp up period for those stores. It takes a couple of weeks and then they are top 5, top 7, top 8 or top 10 stores from a performance perspective. We remain very disciplined in choosing the right locations, so for us the locations are really mattering the most.

你好，Dana，我是 Nico。我要回答這個問題。如您所知，零售是我們巨大的成長支柱，我們很高興看到我們目前經營 77 家門市。本季我們新增了6家門市。我們在不到一年的時間內就開設了巴黎 2 號店，並且發展得非常好。我們開設了倫敦第三家店。我們在納許維爾開業了，也在上海開業了。值得一提的是，我們不需要為這些商店花費那麼長的時間來提升業務。只需幾週時間，從業績角度來看，他們就會成為前 5 名、前 7 名、前 8 名或前 10 名的商店。我們在選擇正確地點時非常自律，因此對我們來說，地點確實是最重要的。

So we really want to be sure that the financials are right, that the economics is right, and the location is also providing the best consumer experience. We said that we're going to come closer to 100 stores at the end of this fiscal year and closer to 150 stores at the end of 2027, and we are well on track with the store expansion around the new stores. I think it's worth mentioning why we open stores. The retail growth is not just driven by store expansion. We have a very solid and healthy comp growth in our longest standing stores.

因此，我們確實希望確保財務狀況正確、經濟狀況正確，並且地理位置也能提供最佳的消費者體驗。我們說過，到本財年末，我們的門市數量將接近 100 家，到 2027 年底，我們的門市數量將接近 150 家，而且我們在新店擴張方面的工作進展順利。我認為值得一提的是，我們為什麼要開店。零售成長不僅僅由商店擴張推動。我們歷史最悠久的商店都實現了非常穩健和健康的成長。

Laurent Vasilescu, BNP Paribas.

洛朗·瓦西萊斯庫，法國巴黎銀行。

Good morning. Thank you very much. Good morning. Thank you very much for taking my question. Close to increased its mixed rate by 500 basis points in 1H. Is that driven by the boss and as well as other closed to offering? Should we assume a similar rate increase of 500 basis points for the second half? And separately by my math, it looks like the sandal assortment grew low teens in 2Q. Should we assume the samba business grows low double digits for FY 25, similar to last year? Thank you.

早安.非常感謝。早安.非常感謝您回答我的問題。上半年，其混合利率接近上調 500 個基點。這是由老闆和其他不願意提供的人推動的嗎？我們是否應該假設下半年利率也會增加 500 個基點？另外，根據我的計算，第二季涼鞋的種類似乎增加了百分之十幾。我們是否應該假設 25 財年的桑巴業務成長率與去年類似，為兩位數？謝謝。

Hi this is Nico. Thank you for your question. I'm going to take it. So close toe, as you just mentioned, continues to outpace the open toe by this quarter by 2x, and it's worth mentioning why this is an outpacing of our open toe business growth double digit. We are really pleased to see that this is not only driven by Boston. Boston continues to show a very strong performance while all non-Boston clogs are growing at the same pace, so we are really diversifying our clogs business and they can also offer some pressure off the Boston.

你好，我是 Nico。感謝您的提問。我要去拿它。因此，正如您剛才提到的，本季度，緊身鞋頭的銷量繼續比開放式鞋頭的銷量高出 2 倍，值得一提的是，為什麼這超過了我們的開放式鞋頭業務增長兩位數。我們非常高興地看到，這不僅僅是由波士頓推動的。波士頓木屐繼續表現出非常強勁的表現，而所有非波士頓木屐都以同樣的速度增長，因此我們確實在實現木屐業務多元化，它們也可以給波士頓帶來一些壓力。

When it comes to laced-up shoes, like really shoe shoes, this category delivered another record quarter, significantly outgrowing our clogs business. So again, we are diversifying our closed to business beyond Boston and beyond clogs.

說到繫帶鞋，例如真正的鞋，這個類別又創下了季度紀錄，大大超過了我們的木屐業務。因此，我們再次將業務多元化，不再局限於波士頓和木屐。

In EMEA, just to reference one thing from EMEA, it is already the second biggest category in our online channel. 7 out of the top 20 are laced up shoes, and that all again while sandals are growing double digit.

在 EMEA 地區，僅舉一個 EMEA 地區的例子，它已經是我們線上管道的第二大類別。在排名前 20 名的鞋子中，有 7 款是繫帶鞋，而涼鞋的成長率也達到了兩位數。

Thank you very much.

非常感謝。

Paul Lejuez, Citi.

花旗銀行的 Paul Lejuez。

Hi, this is Kelly on for Paul. Thanks for taking our question. Just want to follow up on some of the gross margin puts and takes. I think last quarter you said gross margin would approach 60% this year, I guess with the raise in the past-to-walk ramp contribution, but maybe some FX I was just curious if you're sort of reiterating that side if you're -- you know raising it. So any color there, and then just secondly on the pricing strategy you took around the price increases in the second quarter is that to offset the tariffs or should we expect more from here? And just any regional color on where and where those price increases are focused.

大家好，我是凱利，代替保羅。感謝您回答我們的問題。只是想跟進一些毛利率的變動。我認為上個季度您說過今年的毛利率將接近 60%，我想這是由於過去人行坡道貢獻的增加，但也許是一些外匯，我只是好奇您是否在重申這一點，如果您 - 您知道提高它。那麼這其中有什麼隱情嗎？其次，您在第二季價格上漲時採取的定價策略是為了抵銷關稅，還是我們應該期待更多？而這些價格上漲的重點和地點都受到區域性色彩的影響。

Thank you.

謝謝。

Thank you for your question. So on gross margin, there will be two drivers. We will have and we will see better absorption in our facility in [Pardevog]. This is the one factor driving that, which is 50 basis points in Q2. But also, we experienced favorable ethics and pricing effects net of inflation, which also contributed to the increase of -- to 150 -- 140 basis points in Q2, generally on pricing and as mentioned we're taking a global approach here as we have done in the past, frankly, so every season we are reviewing prices on a style-by-style basis. We are very surgical when it comes to pricing, however, always maintaining a global -- globally aligned pricing architecture.

感謝您的提問。因此，就毛利率而言，將有兩個驅動因素。我們將會看到我們的設施吸收能力得到更好的提高[帕爾德沃格]。這是推動這一趨勢的一個因素，第二季為 50 個基點。但同時，扣除通貨膨脹因素後，我們經歷了有利的道德和定價效應，這也導致第二季度的定價普遍上漲至 150 至 140 個基點，正如所提到的，我們在這裡採取了全球化的方法，就像我們過去所做的那樣，坦率地說，每個季節我們都會根據每種款式審查價格。然而，我們在定價方面非常謹慎，始終保持全球一致的定價架構。

Thank you.

謝謝。

Jay Sole, UBS.

瑞銀的傑伊·索爾。

Great, thank you so much. Just a question. How are you thinking about cash flow and cash flow uses in the back half of the year and then as you get into the year, obviously the company has a lot of cash in the balance sheet. What, how do you feel about the plans for that cash?

太好了，非常感謝。只是一個問題。您如何看待下半年的現金流和現金流用途？進入今年，顯然公司資產負債表中有大量現金。那麼您對於這筆現金的計畫有何看法？

Thank you.

謝謝。

Hi, Jay, it’s Ivaca again. We've always said that our first priority for the use of cash is to invest in the business and especially in the white space opportunities that we have identified and all already touched on it. So we expect to invest about EUR80 million in CapEx for this year, and that will continue in future years. So this quarter we invested $21 million and this is predominantly in our production facilities in Gerlitz, [Pardevog], but also in Aruka, and also to support our retail expansion.

嗨，傑伊，我又是伊瓦卡。我們一直說，使用現金的首要任務是投資業務，特別是投資我們已經發現並已經觸及的空白領域機會。因此，我們預計今年的資本支出約為 8,000 萬歐元，並且未來幾年仍將持續這項投資。因此，本季我們投資了 2,100 萬美元，主要用於我們位於 Gerlitz、[Pardevog] 的生產設施，但也用於 Aruka 的生產設施，同時也用於支持我們的零售擴張。

We've also said that we would like to continue to reduce our debts and we will continue to do that. And we are fortunate that even after these two priorities we have additional optionality and discretionary cash available as such we are always evaluating the options for the use of cash, and of course including the possibility of share repurchases.

我們也表示，我們希望繼續減少債務，我們將繼續這樣做。我們很幸運，即使在這兩個優先事項之後，我們仍有額外的可選性和可自由支配的現金，因此我們始終在評估使用現金的選擇，當然也包括股票回購的可能性。

Okay, thank you so much.

好的，非常感謝。

Lorraine Hutchinson, Bank of America.

美國銀行的洛林‧哈欽森 (Lorraine Hutchinson)。

Thank you. Good morning. You've called out a trend over the past few quarters of a younger customer trending more toward in-person shopping. Have you seen that build continue and is that a global phenomenon or more focused on North America?

謝謝。早安.您指出，過去幾季出現了一種趨勢，即年輕顧客越來越傾向於親自購物。您是否看到這種建設持續下去？這是全球現象還是主要集中在北美？

Yeah, hi, it's David. Certainly the phenomenon seems to be global. I just think that youth tend to shop more live, and I also think that our brand, because of the tactile shopping experience of coming into contact with Birkenstock, especially for new consumers, the first time, it's a very real experience in our own retail, and I think that's going to continue.

是的，你好，我是大衛。確實，這種現像似乎是全球性的。我只是認為年輕人傾向於更多地進行現場購物，而且我還認為，由於第一次接觸 Birkenstock 的觸覺購物體驗，特別是對於新消費者而言，我們的品牌在我們自己的零售店中是一種非常真實的體驗，我認為這種情況將會持續下去。

Sam Poser, Williams Trading.

威廉斯貿易公司的 Sam Poser。

Thank you for taking my questions. I, I'm wondering, on the demand side in the back half of the year, if, once the impact of the tariff kicks in on other things, are you -- ? How much of it from a demand perspective have you may you have tempered your outlook from a unit perspective or something, given that? And since you run like I -- what percentage your scarcity of the demand right now and will, and is that what gives you the comfort that you're scarce enough that it won't impact the sales, or are you going to say that you're running at 75% of the demand? Is that going to just leak up to 80%, but you'll still be scarce and that's why you're not concerned with the top line?

感謝您回答我的問題。我想知道，在下半年的需求方面，一旦關稅的影響開始影響其他方面，你會-- ？從需求角度來看，您在多大程度上可能從單位角度或其他角度調整了您的觀點？既然您像我一樣運作——您現在和將來的需求稀缺百分比是多少，這是否讓您感到安心，因為您的稀缺程度足夠高，不會影響銷售，或者您是否會說您運營的需求量為 75%？這是否意味著洩漏率將達到 80%，但您仍然會很稀缺，這就是您不關心營業額的原因？

Sam, hey, it's David. Great question.

山姆，嘿，我是大衛。好問題。

As you know, we always manage with what we call relative scarcity. It would be a little hard to say what we think the percentage of relative scarcity is. Having said that, based on the demand, based on the momentum, we find that every time our sales increase and we put a little bit more stock into the market, we see the top line demand continue to increase.

正如你們所知，我們總是利用所謂的相對稀缺性來進行管理。我們認為相對稀缺的百分比是多少，這有點難說清楚。話雖如此，基於需求和勢頭，我們發現每當我們的銷售額增加並且我們向市場投入更多庫存時，我們就會看到頂線需求持續增加。

So I think we're not being cavalier about the fact that consumers might be a little pinched in the wallet, but we see this shift to the products and the brands that are most in demand. So we don't see any impact to the demand we currently see, and I think that's a strong statement that we're not going to ever compromise that balance of stock to sales in the marketplaces around the world.

因此，我認為我們不會輕視消費者錢包可能有點緊張的事實，但我們看到這種向最需要的產品和品牌的轉變。因此，我們認為目前的需求不會受到任何影響，我認為這有力地表明，我們永遠不會損害全球市場上庫存與銷售的平衡。

Thanks. And then Evia, can you just break out, can you give us just some general thoughts on what the gross margin for the full year is going to be and, how you're thinking about SG&A in total for the full year?

謝謝。然後 Evia，您能否簡單介紹一下，您能否給我們一些關於全年毛利率的總體看法，以及您對全年銷售、一般及行政費用總額的看法？

Hi Sam. Yes, sure, it’s Ivica speaking. So on gross margin, as I mentioned, the key driver will be the additional absorption that we are seeing, also pricing net of inflationary effects, and this will drive the increased gross margin. So we said that we will be moving closer to the 60% gross margin target and this is what we are reiterating on the SG&A side.

你好，山姆。是的，當然，我是 Ivica。因此，就毛利率而言，正如我所提到的，關鍵驅動因素將是我們看到的額外吸收，以及扣除通膨影響後的定價，這將推動毛利率的提高。因此，我們說過，我們將更接近 60% 的毛利率目標，這也是我們在銷售、一般及行政費用方面重申的。

So we are going to continuously invest in infrastructure in IT, and as such, we want to have less space here to continue and to make the organization future proof to cope with the growth that we are experiencing and the demand that we are seeing outside. And also be aware in terms of selling and distribution expenses that we are continuing to invest in retail and this is certainly also driving additional selling and distribution expenses.

因此，我們將繼續投資 IT 基礎設施，因此，我們希望在這裡擁有更少的空間來繼續發展，並使組織能夠面向未來，以應對我們正在經歷的成長和我們看到的外部需求。並且要注意，在銷售和分銷費用方面，我們將繼續投資於零售，這肯定也會推動額外的銷售和分銷費用。

I guess just real.

我想這只是真的。

I guess just real quick, I mean, you -- for the first half of the year, you grew your --

我想很快，我的意思是，你——在今年上半年，你的--

It's Megan. That's three questions. We're going to have to move on. I'm sorry.

我是梅根。這是三個問題。我們必須繼續前進。對不起。

Goodbye. Alright.

再見。好吧。

Michael Binetti, Evercore.

邁克爾·比內蒂 (Michael Binetti)，Evercore。

Thanks guys, for taking our question. This is Jasline on behalf of Michael. Congrats on a good set of results. Maybe just a little bit on the other markets. Oliver caught out white face in APEC growth and China more than double in the quarter, maybe talk about the op opportunity there and what is the long-term stock growth plan for the region? And on email, there was a little bit of slowdown second quarter, so how should we think about second half growth? Any color that will be helpful. Thank you.

謝謝大家回答我們的問題。我是邁克爾的代表 Jasline。恭喜你取得了一系列好成績。或許對其他市場也只有一點點影響。奧利弗在亞太經合組織成長和中國本季成長一倍以上方面表現出色，也許可以談談那裡的營運機會以及該地區的長期股票成長計畫是什麼？在電子郵件方面，第二季出現了一些放緩，那麼我們該如何看待下半年的成長？任何有幫助的顏色。謝謝。

Jocelyn, this is Nico. I'm going to touch on the question. So in EMEA, let me share that Q2 this year is built on a very strong quarter in last year. We did some [land] grab in B2B last year and simultaneously we had a very strong BTC performance.

喬斯林，這是尼科。我將談談這個問題。因此，在歐洲、中東和非洲地區，我想分享的是，今年第二季的業績建立在去年非常強勁的一個季度的基礎之上。去年我們在 B2B 領域取得了一些進展，同時我們的 BTC 表現也非常強勁。

We saw across our countries a broad-based growth, specifically in our DPC channel, which grew 1.5x faster than our B2B channel, and our overall alter rate as strategic wholesale partners is very healthy and we have a very healthy inventory-to-sales ratio as we integrated Middle East and Africa together with Europe into one EMEA segment. And we took the opportunity to visit the Middle East and Africa markets and have started to take some right-sizing actions of the business, specifically in the North African business with our distributors.

我們看到，我們所在國家都出現了廣泛的成長，特別是我們的 DPC 管道，其成長速度比 B2B 通路快 1.5 倍，而且，作為戰略批發合作夥伴，我們的整體交換率非常健康，而且由於我們將中東和非洲與歐洲整合為一個 EMEA 地區，我們的庫存銷售比也非常健康。我們藉此機會造訪了中東和非洲市場，並開始採取一些適當的業務調整措施，特別是與我們的經銷商合作開展北非業務。

These actions will ensure a focused and also high-quality growth in the future, so we're really protecting the quality of our distribution there. And then let me also share that Q2 is really the highest B2B shipping quarter. So you really faced with a full order book, you just sometimes face operational limitations in getting the product out across the quarter. That's a bit of more color for EMEA.

這些舉措將確保未來實現重點突出且高品質的成長，因此我們確實在保護我們在那裡的分銷品質。然後我還要分享的是，第二季確實是 B2B 出貨量最高的季度。因此，您確實面臨訂單滿滿的情況，有時您在整個季度推出產品時會面臨營運限制。這對於 EMEA 來說更加豐富多彩。

Hello, this is Klaus talking about the APAC region. So we had another very strong season in APAC. B2C was strongly outpacing the B2B part. We are seeing a very strong increase in our traffic, not only online, also in the stores, and by keeping our conversion rate. So there's a very positive feedback coming also on the sellout on our new stores. Same on the like-for-like business. We've seen a double-digit growth in the comparable stores. And in the product sellouts and development we see similarities to the other markets. We are selling more high priced products and getting all our [icon] products also running.

大家好，我是克勞斯，我來談談亞太地區。因此，我們在亞太地區又度過了一個非常強勁的賽季。B2C 的成長速度遠超過 B2B 的成長速度。我們看到我們的流量出現了非常強勁的成長，不僅是在線的，還有商店的，並且我們的轉換率也保持了增長。因此，我們新店的銷售情況也得到了非常正面的回饋。同類業務也同樣如此。我們看到同店銷售額實現了兩位數的成長。在產品銷售和開發方面，我們看到了與其他市場的相似之處。我們正在銷售更多高價產品，並且也使所有 [icon] 產品正常運作。

Same for the glo to shoe business also slowly growing in the APEC region, so we are very confident for what is coming.

同樣，全球鞋業在亞太經合組織地區也在緩慢成長，因此我們對未來充滿信心。

Got it thanks.

明白了，謝謝。

Edward Apfel, Morgan Stanley.

摩根士丹利的愛德華·阿普菲爾。

Yeah, hi guys. If you can just a clarification, are we right in thinking that most of the inventory you're going to be selling in the US in fiscal '25 was kind of shipped before the tariffs, announcement, and therefore, the tariffs news and also the effects from a transactional standpoint should have kind of little impact on your fiscal '25?

是的，大家好。如果你能澄清一下，我們是否正確地認為，你們在 25 財年在美國銷售的大部分庫存都是在關稅公告之前發貨的，因此，關稅消息以及從交易角度的影響應該對你們的 25 財年影響不大？

So just wanted to have some clarification. And kind of related to that, can you just give us a hypothetical growth? I know you have mitigating factor, but can you give us a growth impact on the effects? So let's say, the USD depreciates 10% versus the euro. What's the impact on your [EBITDA] hypothetically.

所以只是想澄清一下。與此相關的是，您能給我們一個假設的成長嗎？我知道您有緩解因素，但您能告訴我們其對成長的影響嗎？假設美元兌歐元貶值 10%。假設這會對您的 [EBITDA] 產生什麼影響。

Thank you so much.

太感謝了。

Hi, Edward, it’s Ivaca speaking. So to your first question on the inventory, so we have a strong inventory position not only in the US, but also globally, and certainly this inventory position in the US is helping us to fully offset the 2025 adverse effects from increased tariffs.

你好，愛德華，我是伊瓦卡。關於庫存的第一個問題，我們不僅在美利堅合眾國，而且在全球範圍內都擁有強大的庫存地位，而且美國的庫存地位無疑有助於我們完全抵消 2025 年關稅上調帶來的不利影響。

So we should, if you guess -- so we should understand it's mostly an FX FY26 event rather than FY25 event basically in terms of impact?

所以，如果你猜測的話，我們應該明白，從影響角度來看，這主要是 FX FY26 事件，而不是 FY25 事件？

Hey, Edward, this is Alexandre speaking. Yeah, well, there's always some fluctuation in currency. We also commented on that earlier. Clearly we saw some tailwind in the first half of the year, with the current FX rate, we see a little bit of head for the remainder of the year if the FX rate stays where it is.

嘿，愛德華，我是亞歷山大。是的，貨幣總是會有一些波動。我們之前也對此作出了評論。顯然，我們在今年上半年看到了一些順風，按照目前的匯率，如果匯率維持現狀，我們預計今年剩餘時間將會有一些上漲。

Simulating this with the current rate, we will, at a full year, be exactly on '24 rates, so this shouldn't be at the full year, an impact to us and to simulate it a little bit so full year, approximately $0.05 change in the US dollar exchange rate will give you $37 million of revenue impact and $26 million of EBITDA impact. This should be a good math to model out.

按照當前匯率進行模擬，我們將在全年採用 24 年的匯率，因此這不應該對我們產生影響，為了對全年進行稍微模擬，美元匯率大約 0.05 美元的變化將給您帶來 3700 萬美元的收入影響和 2600 萬美元的 EBITDA 影響。這應該是一個很好的數學模型。

Okay, understood. Thank you.

好的，明白了。謝謝。

Anna Andrea, Piper Sandler.

安娜·安德里亞，派珀·桑德勒。

Great, thank you so much. Good morning and let me add my congrats as well. You mentioned a strong trends in the business, and to you being seasonally the slowest growth quarter, just giving the sandals. Just curious, any additional color you could share on what you're seeing in April and in May? Curious how the clothes show is performing and are you seeing any signs of full forward in demand ahead of the traffic tariffs rather in the US?

太好了，非常感謝。早安，請允許我也向您表示祝賀。您提到了業務的強勁趨勢，而對於您來說，這是季節性增長最慢的季度，這只是給予涼鞋。只是好奇，您可以分享一下您在四月和五月看到的其他情況嗎？好奇服裝展的表現如何，您是否看到在美國交通關稅之前需求全面上漲的跡象？

We see no change in demand and sell through results, through the quarter that we're referencing. We also -- whether or not there's requests for pull forward, we manage that ourselves, so we make the decisions and right now the flow of inventory is always managed by us relative to stock-to-sales ratios. So we don't do anything from an inventory standpoint in shipments based on anything that has to do with any tariff impact whatsoever.

在我們參考的這個季度中，我們看到需求和銷售結果沒有改變。無論是否有提前的要求，我們都自行管理，因此我們做出決定，目前庫存流動始終由我們根據庫存與銷售比率進行管理。因此，從庫存角度來看，我們不會根據與關稅影響相關的任何因素採取任何出貨行動。

Anna, it's Megan. Can you just repeat the first part of your question? I think you said we said the second quarter is the slowest quarter, and that's not what we said. We said that our fiscal third quarter seasonally is our slowest growth quarter because it's the highest mix of sandals, and closed toe grows at 2x the rate of sandals.

安娜，我是梅根。您能重複問題的第一部分嗎？我想你說我們說第二季度是最慢的一個季度，但事實並非如此。我們說，從季節性角度來看，我們的第三財季是成長最慢的季度，因為這是涼鞋混合度最高的季度，而封閉式鞋頭的成長速度是涼鞋的兩倍。

Right, just any additional color on what you're seeing in the demand, and just curious, any additional, kind of a categories of franchises that you guys could call up?

對了，您能提供一些關於需求的額外資訊嗎？只是好奇，您能提供一些其他的特許經營類別嗎？

Well, I mean, the sandals business continues to grow very nicely at double digits. I think we're not seeing any slowdown there. It's really just close-toe grows faster.

嗯，我的意思是，涼鞋業務繼續以兩位數的速度良好成長。我認為我們沒有看到任何放緩。其實只是近腳趾長得更快而已。

Fair enough. Well, thanks so much and best of luck.

很公平。好吧，非常感謝，祝你好運。

Janine Stichter, BTIG.

Janine Stichter，BTIG。

Hi, thanks for taking my question. So nice to see the GTC improvement. I think you mentioned some investments in online or e-commerce initiatives. I was hoping you could elaborate on that and then maybe just share how you're thinking about investments in that channel for the rest of the year? Thank you.

你好，謝謝你回答我的問題。很高興看到 GTC 的改進。我想您提到了一些對線上或電子商務計劃的投資。我希望您能詳細說明這一點，然後分享您對今年剩餘時間在該管道的投資有何看法？謝謝。

Yeah, thanks, Jeanine. D2C, the biggest growth has come from our membership base. As Oliver said in the opening comments, our membership base, we like to call it a fan base, is over 10 million right now. That's up 25% versus a year ago. And as we market more specifically to that database, to our fan base, the average purchase is 20% higher. So when you look at allocation of dollars against the D2C space, it's more lasered rather than shotgun. So the return on investment is higher there. We're very happy with the growth in our membership, and we think this is just going to continue. And again, the return on investment from those members is significant.

是的，謝謝，珍妮。D2C，最大的成長來自於我們的會員基礎。正如奧利佛在開場白中所說，我們的會員基礎（我們喜歡稱之為粉絲基礎）目前已超過 1000 萬。與一年前相比成長了 25%。隨著我們針對該資料庫、針對我們的粉絲群進行更有針對性的行銷，平均購買量提高了 20%。因此，當您查看針對 D2C 領域的資金分配時，它更像是雷射瞄準而不是霰彈槍瞄準。因此那裡的投資報酬率更高。我們對會員數量的增長感到非常高興，我們認為這種增長將會持續下去。再次強調，這些會員的投資報酬率非常可觀。

Okay. Thank you.

好的。謝謝。

[Irwin Rammborg], HSBC.

[Irwin Rammborg]，匯豐銀行。

Hi, thanks a lot for taking my question and congratulations. It's pretty rare to see consumer companies increasing guidance. Maybe a bit of a philosophical question for Oliver. At the time of the IPO, there was this rule of 20%,-60% 30%, so 20% top line growth, 60% gross margin, 30% margin.

你好，非常感謝您回答我的問題，恭喜您。消費品公司增加指導價的情況相當罕見。對奧利佛來說，這或許是個哲學問題。在 IPO 時，有一條 20%、-60%、30% 的規則，即營收成長率為 20%，毛利率為 60%，利潤率為 30%。

I'm wondering how you think about the arbitrage between margin and sales. You did reference during the IPO process, Hermes, for example, which is a company that refuses to increase its margin. Because every time they have excess contribution, they reinvest everything to continue to feed the top line and brand desirability, brand equity.

我想知道您如何看待保證金和銷售額之間的套利。例如，在 IPO 過程中，您確實提到了愛馬仕 (Hermes)，而這家公司拒絕提高其利潤率。因為每當他們有超額貢獻時，他們就會重新投資一切以繼續滿足營收和品牌吸引力以及品牌資產。

You're sort of above the 30% margin today, and I'm wondering if there would be a possibility to reinvest some of that to grow at a faster pace. I don't know if it's possible actually to grow at a faster pace, but theoretically, Asia growing at 50%, not at 30%, or you reinvesting quite a bit to move closer to that 20%, 60%, 30%. And maybe related to that, your margins at a higher level than expected this year, is that sustainable or are there reasons to believe that there is a particular boost for the current fiscal year that will be non-recurring in the in the outer years?

您今天的利潤率已經超過了 30%，我想知道是否有可能將其中的一部分進行再投資，以實現更快的成長。我不知道是否真的有可能以更快的速度成長，但從理論上講，亞洲的成長速度是 50%，而不是 30%，或者你需要進行相當多的再投資才能更接近 20%、60%、30%。也許與此相關的是，今年您的利潤率高於預期，這種利潤率是否可持續，或者是否有理由相信本財年會有特別的增長，而這種增長在未來幾年不會再次出現？

Thank you.

謝謝。

Thank you for your question. Be assured I try to manage the margin down as good as possible, so I don't want to have on your side. You know that you will start crying because we're delivering, I don't know, 34%, 35%. No, but the jokes aside, we prepare ourselves, as I said, because we as a team and as a company, we see this whole situation as a big opportunity for us. So I fully (technical difficulty) with you, that there will be on the way (technical difficulty) second half of the year, but also some time within '26, Fiscal Year ‘26, there will be opportunities for us to develop quicker and on retail to grab some shelf space to do land grabs wherever other brands are collapsing or fading away.

感謝您的提問。請放心，我會盡力降低利潤率，所以我不想站在你這邊。你知道你會開始哭泣，因為我們正在交付，我不知道，34%，35%。不，但撇開玩笑不談，正如我所說，我們已經做好了準備，因為作為一個團隊和一家公司，我們將整個情況視為一個巨大的機會。因此，我完全同意你的觀點（技術難度），今年下半年將會有（技術難度），而且在26財年的某個時候，我們將有機會更快地發展，並在零售方面搶佔一些貨架空間，在其他品牌倒閉或消失的地方搶佔市場。

So be assured we are ready, we're prepared for this, and that’s why we always keep some powder dry to move on quick and to have enough ammunition to develop the brand quicker and with more focus on quality and quality for us means not only growth, it also means margin in the gross-profit margin and EBITDA margin, of course.

所以請放心，我們已經做好準備，這就是為什麼我們總是準備充分，以便快速行動，並擁有足夠的彈藥來更快地發展品牌，並更加註重質量，而質量對我們來說不僅意味著增長，當然還意味著毛利率和 EBITDA 利潤率。

One comment, allow me one comment to your question about Asia and the APAC region. It is wiser from my perspective and from our perspective to keep the speed as it is. We decided to roughly grow the double speed compared to the rest of the world within the APEC region.

一條評論，請允許我針對您關於亞洲和亞太地區的問題發表一條評論。從我的角度和我們的角度來看，保持現有的速度是更明智的。我們決定在亞太經合組織地區內，以比世界其他地區大致兩倍的速度成長。

It seems like this is exactly the right tuning and the right setup to move on. Yes, with, seeing partners and possibilities to be quicker. But honestly, you know, creating more unique growth in this region, creating more logistic issues in this region -- we need to prepare our whole organization. Keep in mind we are fully vertically integrated supply chain, so we have to organize by ourselves. And if you speed up your organization and your growth, then you have to make sure that your company is catching up with all this. And it's not easy to organize everything simultaneously, so I think we feel pretty good with our growth algorithm for the APEC region and again.

看起來這正是正確的調整和正確的設置，可以繼續前進。是的，有了，看到合作夥伴和可能性會更快。但老實說，你知道，要在這個地區創造更多獨特的成長，在這個地區創造更多的後勤問題——我們需要為整個組織做好準備。請記住，我們是完全垂直整合的供應鏈，因此我們必須自行組織。如果你加快你的組織和發展，那麼你必須確保你的公司能夠趕上這一切。同時組織所有事情並不容易，所以我認為我們對亞太經合組織地區的成長演算法感到非常滿意。

We are ready to take over shelf space. We are ready to take over own retail spaces much more aggressive like in the past, and we believe that there will be a lot of opportunity out there.

我們已準備好接管貨架空間。我們準備好像過去一樣更積極地接管自己的零售空間，我們相信那裡會有很多機會。

Thank you.

謝謝。

Thanks a lot. Very useful. And maybe just on the second part around the margin being higher than expected this year, is that sustainable into the outer year?

多謝。非常有用。也許只是關於今年利潤率高於預期的第二部分，這種狀況是否能持續到明年？

Hi, Iwin, it's Megan. We do not see anything that's one off this year that would go away next year. In fact, we do expect some gross margin tailwind again further next year given the absorption, the additional absorption of the [Pasta box] facility.

你好，Iwin，我是 Megan。我們認為今年發生的任何一次性事件都不會在明年消失。事實上，考慮到[Pasta box]設施的吸收，以及額外吸收，我們確實預計明年毛利率將進一步上升。

Okay, super useful. Thank you so much. Best of luck.

好的，超級有用。太感謝了。祝你好運。

Sharon Zacha , William Blair.

莎朗‧札查，威廉‧布萊爾。

Hi, yeah, thanks for taking the question. I was hoping you could comment on -- follow up on the comments on membership in the US and kind of how that's trending now as a percent of your D2C sales. And if you do see signups as well in the 10 stores that you have in the US and the membership program, and as a corollary to that, how the membership is also faring in Europe?

嗨，是的，感謝您提出這個問題。我希望您能評論一下——跟進關於美國會員資格的評論，以及它現在佔 D2C 銷售額的百分比趨勢。如果您在美國的 10 家商店和會員計劃中也看到註冊人數，那麼歐洲的會員狀況如何？

Thank you.

謝謝。

Membership, this is David, thanks, Sharon. Membership is growing in the Europe region and in the Americas. We will be fully omni capable very soon to do sign ups in stores. It's less about the sign ups and getting the information in your database, it's more about how you do personalization and segmentation and how you speak to these customers, these brand fans, and how you engage with them.

會員，我是大衛，謝謝，莎倫。歐洲地區和美洲的會員數量正在不斷增加。我們很快就能全面地在商店註冊。這與註冊和獲取資料庫中的信息無關，而更多地與如何進行個人化和細分以及如何與這些客戶、這些品牌粉絲交談以及如何與他們互動有關。

That's where the real long-term benefit is and that's where I think we're seeing. Some of the continued momentum, and growing momentum in our direct to consumer business. Again, 25% more than a year ago and the members spend on average 20% more. So that would tell you that any investment that we make from a technology standpoint, from a resource standpoint, and focusing there will give us a very strong return on investment.

這才是真正的長期利益所在，我認為這也是我們所看到的。我們的直接面向消費者的業務持續保持著成長勢頭。同樣，比一年前增加了 25%，會員平均消費增加了 20%。所以這告訴你，我們從技術角度、從資源角度進行的任何投資，只要集中在那裡，都會為我們帶來非常豐厚的投資回報。

Adrien Duverger, Goldman Sachs.

阿德里安·杜維爾格，高盛。

Hey, thank you for taking my questions. So the question would be on the opportunity that you see from price mix, particularly with new products coming in the second half of ’25. And a follow up on this would be that within each of your product categories in both open and close to shoes, you see a difference in the performance between the different price points of the products, as any difference from your low end and high end products? Thank you very much.

嘿，謝謝你回答我的問題。所以問題在於您從價格組合中看到的機會，特別是 2025 年下半年推出的新產品。接下來的問題是，在你們的每一個產品類別中，無論是開放式還是封閉式的鞋子，你們發現不同價位的產品在性能上存在差異，你們的低端產品和高端產品之間有什麼區別嗎？非常感謝。

Hey, this is Nico. Thank you for your question. What we can generally see, I think we stated that also earlier, is the consumers voting for higher price points within our categories. So what you see is that the leather share has been increasing constantly, also in the leather share increased.

嘿，我是 Nico。感謝您的提問。我想我們之前也提到過，我們通常可以看到的是，消費者投票支持我們產品類別中的更高價格點。所以你看到的是皮革份額一直在增加，皮革份額也在增加。

Our closed-toe business outpaced our sandals business. So again typically higher price points, and within the closed-toe business you also see consumers voting much more for laced up shoes than they did a couple of quarters back. So again, high priced executions within closed door are also trending with our consumers.

我們的包頭鞋業務超過了涼鞋業務。因此，通常價格點會更高，並且在包頭鞋行業中，你也會看到消費者對繫帶鞋的選擇比幾個季度前多得多。因此，高價閉門處決也受到消費者的歡迎。

If it comes to a sandal business specifically, what we definitely see is again consumers coming in and buying much much stronger premium embellishments. So rivet executions, slower executions, all these executions, we are doing pretty well with our consumers many times in our online sold out very quickly, so we are also fast replenishing on those executions. So generally you can see across the business across the categories we definitely have a [primerization] of the business.

如果具體到涼鞋業務，我們肯定會再次看到消費者湧入併購買更強大的高端裝飾產品。因此，鉚釘執行、較慢的執行，所有這些執行，我們都做得很好，我們的線上消費者多次很快售罄，所以我們也在快速補充這些執行。因此，總體而言，你可以看到，在整個業務的各個類別中，我們肯定對業務進行了[初步整理]。

Peter McGoldrick, Stifel.

彼得·麥戈德里克（Peter McGoldrick），Stifel。

Can you talk about the scaling whole-sale opportunity? You call that progress in youth sporting goods, outdoor and department stores. Can you help us think about the forward opportunity for increasing channel representation?

能談談擴大批發銷售的機會嗎？您稱之為青少年體育用品、戶外用品和百貨公司的進步。您能幫助我們思考增加通路代表性的未來機會嗎？

This is David. Thanks for the question. There's limited expansion of our footprint other than current doors. It's very surgical and very strategic, so the vast majority of the growth over 90%, comes from existing retail accounts. It's more expansion of the assortments.

這是大衛。謝謝你的提問。除了現有的門之外，我們的足跡的擴展有限。它非常精準且具有策略性，因此超過 90% 的成長絕大部分來自現有的零售帳戶。它的品種更加豐富了。

And in EMEA just to add a bit more color from our perspective, so there is quite a substantial number of doors and partners that are not yet penetrated and for a reason. So we are quite --we have a very close eye on the quality of the partners.

而從我們的角度來看，在歐洲、中東和非洲地區，有相當多的市場和合作夥伴尚未被滲透，這是有原因的。所以我們非常密切注意合作夥伴的品質。

We always give the example of Foot Locker in Europe. We don't serve them. We don't deliver to them because we don't think that they are currently adding something to a B2B portfolio, so there are more partners in sport and outdoor also in lifestyle segment that we have a close eye on, and that we decide to service when we believe is the right moment.

我們總是舉歐洲的 Foot Locker 的例子。我們不為他們服務。我們沒有向他們提供服務，因為我們認為他們目前沒有在 B2B 產品組合中添加任何東西，因此我們密切關注體育和戶外以及生活方式領域的更多合作夥伴，並且我們決定在合適的時機為他們提供服務。

And yeah, I just want I just want to add one thing because I mean you've seen probably our new product categories and different usage occasions. So yes, on the mid to long term, of course we will add new chains and new doors and new channels because of simply the fact that we will then developing a professional segment, an orthopedic segment, And shoes for the for outdoor -- single-use outdoor also enclosed. So all this incremental usage occasions will definitely create also a broader and wider network of distribution.

是的，我只想補充一點，因為您可能已經看到了我們的新產品類別和不同的使用場合。所以是的，從中長期來看，我們當然會增加新的連鎖店、新的門市和新的管道，因為我們將開發一個專業領域、一個矯形領域，以及戶外鞋——一次性戶外鞋也包括在內。因此，所有這些增量使用場合肯定也會創造越來越廣泛的分銷網絡。

Thank you.

謝謝。

Thank you. And we are at the top of the hour, and that does conclude today's Q&A session, and it also concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。現在時間已經到了，今天的問答環節就此結束，今天的會議也跟著結束。現在您可以斷開線路。感謝您的參與。