Birkenstock Holding PLC (BIRK) 2025 Q4 法說會逐字稿

Good morning, and thank you for standing by. Welcome to the Birkenstock fourth quarter and fiscal 2025 earnings conference call. At this time, all participants are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. (Operator Instructions) I would like to remind everyone that this conference call is being recorded.

早上好，感謝您的耐心等待。歡迎參加 Birkenstock 第四季及 2025 財年財報電話會議。目前，所有參與者均處於只聽模式。演講結束後，我們將進行問答環節。（操作員提示）我提醒各位，本次電話會議正在錄音。

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

現在我將電話交給投資者關係總監梅根·庫里克。

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. Nico Bouyakhf, President of EMEA, Klaus Baumann, Chief Sales Officer, and Alexander Hoff, Vice President of Global Finance, will join us for the Q&A.

大家好，感謝各位今天蒞臨收看。參加電話會議的有 Birkenstock Holding PLC 董事兼 Birkenstock 集團執行長 Oliver Reichert，以及 Birkenstock 集團財務長 Ivica Krolo。歐洲、中東和非洲區總裁 Nico Bouyakhf、首席銷售長 Klaus Baumann 和全球財務副總裁 Alexander Hoff 將參加問答環節。

Today we are reporting the results for our fiscal fourth quarter and full year September 30, 2025. You may find the press release and supplemental presentation connected to today's discussion on our Investor Relations website at birkenstock-foldings.com. The company's annual report for the year ended 30 September 2025 on Form 20-F has been filed with the United States Securities and Exchange Commission and has also been posted to our website.

今天，我們將公佈截至 2025 年 9 月 30 日的第四財季和全年業績。您可以在我們投資者關係網站 birkenstock-foldings.com 上找到與今天討論相關的媒體稿和補充簡報。本公司截至 2025 年 9 月 30 日的年度報告（20-F 表格）已提交給美國證券交易委員會，並已發佈在我們網站上。

We would like to remind you that some of the information provided during today's call is forward-looking and accordingly is subject to the safe harbor provisions of federal securities laws. These statements are subject to various risks, uncertainties, and assumptions which could cause our actual results to differ materially from these statements.

我們想提醒您，今天電話會議中提供的一些資訊屬於前瞻性信息，因此受聯邦證券法安全港條款的約束。這些聲明受到各種風險、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。

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-holding.com. We undertake no obligation to revise or update any forward-looking statements or information except as required by law.

這些風險、不確定性和假設已在今天早上的新聞稿以及我們向美國證券交易委員會提交的文件中詳細說明，這些文件可在我們的網站 birkenstock-holding.com 上找到。除法律要求外，我們不承擔任何修訂或更新任何前瞻性陳述或資訊的義務。

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.

我們將引用某些非國際財務報告準則（IFRS）的財務資訊。我們使用非國際財務報告準則指標，因為我們認為這些指標能更準確地反映我們業務的營運績效和根本成果。本非國際財務報告準則財務資訊的列示並非旨在單獨考慮或取代根據國際財務報告準則編製和列示的財務資訊。

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

IFRS 與非 IFRS 指標的調節表可在今天早上的新聞稿和我們提交給美國證券交易委員會的文件中找到。接下來，我要把麥克風交給奧利佛了。

Good morning everybody and thank you for joining us today. As we enter year three as a public company, I would like to spend a few moments to highlight our accomplishments since our IPO in 2023. We have delivered strong double-digit top-line growth in constant currency and generated a consistent 30% plus EBITDA margin without compromising on our disciplined, engineered distribution.

各位早安，感謝大家今天收看我們的節目。在我們作為一家上市公司進入第三年之際，我想花幾分鐘時間重點介紹我們自 2023 年 IPO 以來的成就。我們實現了以固定匯率計算的強勁兩位數營收成長，並持續創造了 30% 以上的 EBITDA 利潤率，同時沒有損害我們嚴謹、精心設計的銷售管道。

We made significant progress in unlocking our white space potentials.

我們在挖掘空白領域潛力方面取得了重大進展。

We deepened our retail footprint and doubled our own store fleet to 97 stores. We have grown our APAC business at an average rate of 36% per year. And we have significantly increased close to our share of business by 10% points to 38%.

我們擴大了零售業務版圖，自有門市數量翻了一番，達到 97 家。我們在亞太地區的業務平均每年成長 36%。我們的市佔率也大幅成長了 10 個百分點，達到 38%。

We generated significant cash flow, allowing us to delever from 3.3 times to 1.5 times while investing over EUR150 million into our production capacity and buying back $200 million in shares.

我們創造了可觀的現金流，使我們的槓桿率從 3.3 倍降至 1.5 倍，同時投資超過 1.5 億歐元用於提高生產能力，並回購了價值 2 億美元的股票。

We achieved all this in an environmental face by fundamental changes in global tariff and international trade, a war in Ukraine, an energy crisis, and a significant decline in the US dollar. Even for a brand like ours, with a history spanning 2.5 centuries, these are unusual times. As our results show, we have navigated them consistently and successfully.

我們在環境方面取得了這一切成就，這得益於全球關稅和國際貿易的根本性變化、烏克蘭戰爭、能源危機以及美元的大幅貶值。即使對於像我們這樣擁有 2.5 個世紀歷史的品牌來說，這也是一個不尋常的時代。我們的結果顯示，我們一直以來都成功地應對了這些問題。

Our brand delivers growth since 250 years. Our performance during these unusual times proved the resilience of our beloved brand. Our healthy brand momentum continued in the fourth quarter. We are very proud to report strong results for our fiscal year 2025, which came in ahead of our guidance.

我們的品牌已經持續成長了250年。我們在這些特殊時期所取得的成績證明了我們深受喜愛的品牌的韌性。第四季度，我們的品牌發展動能依然強勁。我們非常自豪地宣布，2025財年業績表現強勁，超出了我們的預期。

We delivered full year revenue growth of 18% in constant currency above the 15% to 17% range we provided at the beginning of the year. We reached EUR2.1 billion in revenue, the best year in our history. We grew double-digits in every segment and channel. And we improved profitability.

我們實現了全年營收成長18%（以固定匯率計算），高於年初預測的15%至17%的範圍。我們實現了21億歐元的營收，創下了公司史上的最佳業績。我們在每個細分市場和通路都實現了兩位數的成長。我們提高了獲利能力。

Gross margin was up 30 basis points to 59.1%. Adjusted EBITDA margin was up 100 basis points to 31.8%. Most importantly, we accomplished this in the face of significant tariff and currency pressures. Demand for our brand remains very strong across all segments, categories, and channels. We sold over 38 million pairs in fiscal '25, up over 12%.

毛利率上升 30 個基點至 59.1%。調整後 EBITDA 利潤率上升 100 個基點至 31.8%。最重要的是，我們是在面臨巨大關稅和匯率壓力的情況下完成這項工作的。在所有細分市場、品類和通路，對我們品牌的需求依然非常強勁。我們在 2025 財年售出了超過 3,800 萬雙鞋，成長超過 12%。

ASP was up 5% in constant currency, supported by targeted price actions and a higher share of premium products such as closed-toe shoes and leather executions. We are winning in both B2B and B2C, gaining shelf space and taking share.

以固定匯率計算，平均售價上漲了 5%，這得益於有針對性的價格策略以及高端產品（如包頭鞋和皮革製品）份額的增加。我們在B2B和B2C領域都取得了成功，獲得了貨架空間並擴大了市場份額。

Birkenstock had a very strong back to school season, with retail sales at our top 10 partners increasing over 20% year over year. Importantly, we see a continuation of this momentum during the important holiday season, and over 90% of the growth in B2B came from within existing doors.

Birkenstock 的返校季表現非常強勁，我們前 10 大合作夥伴的零售額年增超過 20%。重要的是，我們看到這種勢頭在重要的假期季節得以延續，B2B 業務成長的 90% 以上來自現有客戶。

We remain committed to maintaining relative scarcity and managing tightly our distribution growth. Full price realization, the ultimate indicator for brand health and demand, remains over 90%. This shows incredible brand strength in a market faced with significant discounting by others.

我們將繼續致力於保持相對稀缺性，並嚴格控制分銷成長。品牌健康和需求的最終指標——完全價格實現率——仍然超過 90%。這展現了該品牌在面臨其他品牌大幅折扣的市場環境下，擁有強大的實力。

We delivered as promised in fiscal 2025 in our white space growth opportunities. In own retail, we added. 30 new stores, ending the year with 97 stores and more than doubling our own store fleet since the IPO. The new stores are performing ahead of our expectations in terms of productivity and return of carpets. We plan to open about 40 new stores in 2026, putting us well on track to reach our 150 store target ahead of schedule.

我們在2025財年兌現了承諾，抓住了空白市場成長機會。在自有零售方面，我們新增了 30 家門市，使年底門市總數達到 97 家，自 IPO 以來，我們的自有門市數量增加了一倍多。新店在生產效率和地毯回收方面都超出了我們的預期。我們計劃在 2026 年開設約 40 家新店，這將使我們有望提前實現 150 家門市的目標。

This will allow us to capture more in-person shopping demand and younger shoppers within our own B2C business, and that allows us to showcase the full range of our collection. Close our share of revenue increased by 500 basis points year over year to reach 38% for the year. 10 of our top 20 silhouettes in '25 were closed too.

這將使我們能夠吸引更多離線購物需求和更年輕的消費者，從而更好地開展 B2C 業務，並展示我們全部的產品系列。我們的銷售額佔年增500個基點，達到38%。 2025年我們最暢銷的20款鞋型中，有10款也已停產。

The Boston, a category defining hero silhouette, which turns 50 years in '26, continues to lead the clocks category, a category like sandals we believe we own. At the same time, non-Boston closed to silhouettes grew over 30%.

Boston 是一款定義了鞋款類別的經典鞋型，2026 年迎來了 50 週年，它繼續引領鞋履類別，就像涼鞋一樣，我們相信我們擁有這個類別。同時，非波士頓地區的輪廓成長超過 30%。

Finally, our third white space, APAC, grew 34% in constant currency, approximately double the pace of the more mature markets. APAC increased to 11% share of global revenue, and the APAC segment has the highest ASP.

最後，我們的第三個空白市場亞太地區，以固定匯率計算成長了 34%，大約是成熟市場成長率的兩倍。亞太地區在全球收入中所佔份額增加到 11%，並且亞太地區的平均售價最高。

We expect to continue to steer APAC growth at double the speed of the other segments. Our growth is only limited by our production capacity and disciplined distribution. We, as many other brands did, saw a continued shift toward in-person shopping, especially in the important GenZ group.

我們預計亞太地區的成長速度將繼續保持其他地區兩倍。我們的成長僅受限於我們的生產能力和嚴格的配送體系。和許多其他品牌一樣，我們也看到了消費者持續轉向離線購物，尤其是在重要的 Z 世代群體中。

This consumer most often shops in a multi-brand curated retail environment which is supported by our by our B2B channel. We are a consumer-centric brand in its core meaning. Our desire is to be where the customer is, reach first-time users who need to touch and feel the product and transform them into brand fans for a lifetime.

這位消費者最常在由我們的 B2B 通路支援的多品牌精選零售環境中購物。從本質上講，我們是一個以消費者為中心的品牌。我們渴望出現在客戶所在的地方，接觸那些需要親身觸摸和感受產品的初次用戶，並將他們轉化為終身品牌粉絲。

This strong wholesale growth driven by the younger demographic, which we expect to continue, requires us to produce more pairs in a situation where we are already capacity constrained. At the same time, the strongest demand we see is for our premium executions, which require even more production minutes.

由年輕族群推動的強勁批發成長（我們預計這種成長勢頭還將持續）要求我們在產能已經受限的情況下生產更多鞋款。同時，我們看到最強勁的需求是我們的高級客製化服務，這些服務需要更多的製作時間。

The combination of more wholesale and more premium execution is creating additional pressure on our vertically integrated supply chain. We need to manage growth in our production responsibly. This is why we are steering towards the mid-teens pace of growth for fiscal '26. I will now turn it over to Ivica to discuss our financial results and outlook for '26 in more detail.

批發業務增加和高端產品銷售增多，給我們的垂直整​​合供應鏈帶來了更大的壓力。我們需要負責任地管理生產成長。這就是為什麼我們預計 2026 財年的成長速度將達到 15% 左右。現在我將把發言權交給伊維卡，讓他更詳細地討論我們的財務表現和 2026 年的展望。

Thanks, Oliver. I'm happy to share with you Birkenstock's performance for the fourth quarter and the fiscal year 2025, which exceeded our targets. We achieved this in the face of significant headwind from FX on our reported numbers. We closed the year with a strong fourth quarter with revenues of EUR526 million, growth of 20% in constant currency.

謝謝你，奧利佛。我很高興與大家分享 Birkenstock 第四季和 2025 財年的業績，這些業績都超出了我們的預期目標。儘管外匯市場對我們公佈的業績造成了巨大不利影響，但我們仍然取得了這一成果。我們以強勁的第四季業績為這一年畫上了圓滿的句號，營收達 5.26 億歐元，按固定匯率計算增長了 20%。

Reported revenue growth was over 15% due to the historically strong depreciation of the US dollar compared to the fourth quarter of '24, which caused a 420 basis points drag to revenue growth in the quarter. This brought the full year revenues to EUR2.1 billion, up 18% in constant currency, exceeding the high end of our guidance of 15% to 17%.

由於美元與 2024 年第四季相比出現了歷史性的大幅貶值，導致該季度收入增長下降了 420 個基點，因此報告的收入增長超過 15%。這使得全年營收達到 21 億歐元，以固定匯率計算成長 18%，超過了我們先前 15% 至 17% 的預期上限。

We saw strong growth across all segments in fiscal 2025. The Americas segment was up 18% in constant currency. EMEA was up 14% and APAC up 34% in constant currency. By channel for the year, B2B was up 21% and DTC up 12% in constant currency. As Oliver mentioned, we see sustained strength in our B2B channel. Share of business in the B2B channel was about 62%, up from 60% in fiscal 2024.

2025財年，我們所有業務板塊均實現了強勁成長。美洲地區以固定匯率計算成長了18%。以固定匯率計算，歐洲、中東和非洲地區成長了 14%，亞太地區成長了 34%。按通路劃分，B2B通路較去年同期成長21%，DTC通路較去年同期成長12%（以固定匯率計算）。正如 Oliver 所提到的，我們的 B2B 頻道持續保持強勁勢頭。B2B通路的業務份額約為62%，高於2024財年的60%。

Gross profit margin for the fourth quarter was 58.1%, down 90 basis points year over year. Like for like margins, excluding 120 basis points of pressure from ethic and 100 basis points of pressure from incremental US tariffs were up 130 basis points to 60.3%.

第四季毛利率為 58.1%，年減 90 個基點。在剔除道德因素帶來的 120 個基點壓力和美國逐步加徵關稅帶來的 100 個基點壓力後，同等情況下的利潤率上升了 130 個基點，達到 60.3%。

For the fiscal year, the gross margin improved 30 basis points to 59.1%. Like for like margin, excluding effects and tariff impacts, was up 90 basis points to 59.7%, close to our long-term target of 60%. Selling and distribution expenses were EUR156 million in the fourth quarter, representing 29.7% of revenue. This was down 130 basis points from the prior year.

本財年毛利率提高了30個基點，達到59.1%。不計影響和關稅衝擊，同店利潤率上升 90 個基點至 59.7%，接近我們 60% 的長期目標。第四季銷售和分銷費用為 1.56 億歐元，佔營收的 29.7%。這比上年同期下降了130個基點。

For the full year, selling and distribution expenses totaled EUR564 million or 26.9% of revenue, down from 28% in fiscal 2024, mainly due to a higher B2B share year over year and the reclassification of some expenses into G&A previously recorded in S&D.

全年銷售和分銷費用總計 5.64 億歐元，佔收入的 26.9%，低於 2024 財年的 28%，主要原因是 B2B 份額同比增加，以及之前計入銷售和分銷費用的某些費用重新分類為一般及行政費用。

Adjusted general and administration expenses were EUR35 million or EUR6.7 million of revenue in the quarter, down 30 basis points versus prior year, full year adjusted G&A totaled EUR123 million, or 5.9% of revenue, up 30 basis points from fiscal 2024, mainly due to the reclassification.

經調整的一般及行政費用為 3,500 萬歐元，佔本季收入的 670 萬歐元，較上年同期下降 30 個基點；全年經調整的一般及行政費用總計 1.23 億歐元，佔收入的 5.9%，較 2024 財年增長 30 個基點，主要原因是重新分類。

Adjusted EBITDA in the fourth quarter of EUR147 million was up 17% year over year. Adjusted EBITDA margin of EUR27.8 was up 40 basis points year over year, excluding FX and tariff impacts. Adjusted EBITDA margin was up 280 basis points to 30.2%.

第四季調整後 EBITDA 為 1.47 億歐元，較去年同期成長 17%。經調整後的 EBITDA 利潤率為 27.8 歐元，較去年同期成長 40 個基點（不計匯率和關稅影響）。調整後 EBITDA 利潤率上升 280 個基點至 30.2%。

For the full year 2025, adjusted EBITDA was EUR667 million, up 20% year over year. Full year margin of 31.8% was up 100 basis points year over year and hit the high end of our targeted range, which we increased after the second quarter.

2025 年全年調整後 EBITDA 為 6.67 億歐元，較去年同期成長 20%。全年利潤率為 31.8%，比上年同期增長 100 個基點，達到了我們目標範圍的上限，我們在第二季度後提高了目標範圍。

Adjusted EBITDA margin for fiscal '25, excluding FX and tariff impacts, was 32.5%, up 170 basis points. Adjusted net profit of EUR94 million in the fourth quarter was up 71% year over year. Adjusted EPS for the fourth quarter for the fiscal year, adjusted net profit of $346 million was up 44%, and EPS of EUR1 $0.85. We're up 45% from fiscal '24, driven by strong operational performance, lower interest payments, and a lower effective tax rate.

2025 財年調整後 EBITDA 利潤率（不計匯率和關稅影響）為 32.5%，成長 170 個基點。第四季經調整後的淨利為9,400萬歐元，較去年同期成長71%。經調整後，本財年第四季每股收益為 0.85 美元，經調整後淨利為 3.46 億美元，年增 44%。與 2024 財年相比，成長了 45%，這主要得益於強勁的營運業績、較低的利息支出和較低的實際稅率。

Cash flows from operating activities remain strong at EUR384 million for the fiscal year, down 12% from fiscal 2024, mainly due to the timing of tax payments. We ended the year with cash on cash equivalents of EUR329 million after the repurchase of 3.9 million shares totalling EUR176 million and the partial early repayment of the US dollar term loan of 50 million US dollars in September.

本財年經營活動產生的現金流依然強勁，達到 3.84 億歐元，比 2024 財年下降 12%，主要原因是稅金支付時間。在回購了 390 萬股股票（總​​計 1.76 億歐元）以及在 9 月提前償還了 5,000 萬美元的美元定期貸款後，我們年底的現金及現金等價物為 3.29 億歐元。

Our inventory to sales ratio will declined to 34% for the year from 35% in the fiscal year 2024. Our DSO for the year were healthy 28 days, up from 23 days in 2024, primarily due to the higher B2B mix. During the fiscal year, we spent approximately EUR85 million in CapEx, adding to our production capacity in [Urukka], [Gurlitz], and [Paselberg], and continuing our investments in retail and IT.

本年度，我們的庫存銷售比率將從 2024 財年的 35% 下降至 34%。今年的應收帳款週轉天數 (DSO) 為 28 天，高於 2024 年的 23 天，主要是由於 B2B 業務佔比提高。在本財年，我們在資本支出方面投入了約 8,500 萬歐元，增加了我們在 [Urukka]、[Gurlitz] 和 [Paselberg] 的生產能力，並繼續投資於零售和 IT 領域。

Even with the share buyback we executed in May, our net leverage was 1.5 times at the end of fiscal 2025, down from 1.8 times at the end of fiscal 2024. Without the buyback, the net leverage would have been at 1.2 times.

即使算上我們在 5 月執行的股票回購，到 2025 財年末，我們的淨槓桿率為 1.5 倍，低於 2024 財年末的 1.8 倍。如果沒有股票回購，淨槓桿比率將為 1.2 倍。

Our capital allocation priorities continue to be number one, invest in our business, number two, reduce debt, and three, opportunistic share buybacks. Now turning to our outlook for fiscal 2026. We are expecting significant headwinds from FX and tariffs in fiscal year 2026. Regarding FX, we will see an especially strong headwind in the first half of the year, impacting the quarter over quarter comparison.

我們的資本配置優先事項仍然是：第一，投資我們的業務；第二，減少債務；第三，抓住機會進行股票回購。現在讓我們展望一下2026財年。我們預計2026財年將面臨外匯和關稅的重大不利因素。就外匯市場而言，我們將在今年上半年看到特別強勁的逆風，這將影響季度環比數據。

At today's EUR, US dollar exchange rate of EUR117, we expect approximately 600 basis points to 650 basis points of headwind to revenue growth in both the first and the second quarter and around 300 basis points to 350 basis points for the full year. The margin impact to gross profit and adjusted EBITDA will be 150 basis points to 200 basis points in each of the first two quarters and about 100 basis points for the full year.

以今日歐元兌美元匯率117歐元計算，我們預期第一季和第二季營收成長將面臨約600至650個基點的阻力，全年營收成長將面臨約300至350個基點的阻力。前兩個季度，毛利和調整後 EBITDA 的利潤率影響將達到 150 至 200 個基點，全年影響約為 100 個基點。

As a reminder, nearly all of our COGS are in the EUR, and the majority of SG&A is as well. As such, the absolute EUR impact of movements in FX to revenue flows through about 90% to gross profit and about 67% to adjusted EBITDA. Our guidance for fiscal 2026 assumes today exchange rate will remain the same throughout the remainder of the year.

再次提醒，我們幾乎所有的銷售成本都以歐元計價，銷售、管理及行政費用的大部分也是如此。因此，外匯波動對營收的絕對歐元影響中，約 90% 會傳遞到毛利，約 67% 會傳遞到調整後的 EBITDA。我們對 2026 財年的業績指引假設目前的匯率將在今年剩餘時間內維持不變。

Regarding tariffs, we were able to offset most of the 2025 impact with targeted price increases, including the July US price increase. We also benefited from the fact that the majority of our goods for 2025 were already shipped prior to the increase in tariffs. This will not be the case in 2026, where we expect to see more impact from tariffs and cos than we did in 2025. This will result.

關於關稅，我們透過有針對性的價格上漲抵消了 2025 年的大部分影響，包括 7 月的美國價格上漲。我們也受益於這樣一個事實：我們 2025 年的大部分貨物已經在關稅上調之前發貨了。2026 年情況將有所不同，我們預計關稅和成本的影響將比 2025 年更大。這將導致這樣的結果。

In about a 100 basis points decline in both gross margin and EBITDA margin for 2026. With that explanation behind us, now on to the guidance. For 2026, we are targeting constant currency revenue growth of 13% to 15%, which, as Oliver mentioned, is a slower pace than we saw in 2025. The FX headwind should be about 300 basis points to 350 basis points for the full year, resulting in reported revenue growth of 10% to 12% to EUR2.3 billion to EUR2.35 billion.

預計到 2026 年，毛利率和 EBITDA 利潤率將下降約 100 個基點。解釋完畢，現在進入指導環節。2026 年，我們的目標是以固定匯率計算的營收成長 13% 至 15%，正如 Oliver 所提到的，這比 2025 年的成長速度要慢。全年匯率不利因素預計約為 300 至 350 個基點，導致報告收入成長 10% 至 12%，達到 23 億歐元至 23.5 億歐元。

This goal is based on our capacity constraints and the demand in our B2B channel, especially in the emerging youth segment. We target unit growth of approximately 10% per year. A manageable pace of growth when we consider our supply chain, access to specialized labor and equipment, and our desire to maintain scarcity.

這個目標是基於我們的產能限制和 B2B 通路的需求，尤其是在新興的青年市場中的需求。我們的目標是每年實現約 10% 的銷售成長。考慮到我們的供應鏈、專業勞動力和設備的取得以及我們保持稀缺性的願望，這是一個可控的成長速度。

We expect adjusted gross margin of 57% to 57.5% inclusive of the 100 basis points of pressure from FX and 100 basis points from incremental US tariffs. We expect adjusted EBITDA for at least EUR700 million for the year, implying an adjusted EBITDA margin of 30% to 30.5%, inclusive of the pressure from FXs and tariffs, totaling 200 basis points.

我們預期調整後的毛利率為 57% 至 57.5%，其中包括匯率波動帶來的 100 個基點壓力和美國額外關稅帶來的 100 個基點壓力。我們預計全年調整後 EBITDA 至少為 7 億歐元，這意味著調整後 EBITDA 利潤率為 30% 至 30.5%，其中包括匯率和關稅帶來的壓力，總計 200 個基點。

Excluding the impact of these external factors, forecasted adjusted EBITDA margin would be at 32% to 32.5%. Our expected tax rate should be in the range of 26% to 28%.

剔除這些外部因素的影響，預計調整後的 EBITDA 利潤率將達到 32% 至 32.5%。我們預計稅率應該在 26% 到 28% 之間。

[Adjusted EPS is expected to be EUR1.90 to EUR2.5, including approximately EUR0.15 to EUR0.20] of pressure from FX. This is not including the impact of any additional share repurchases. We intend to repurchase share for a total consideration of $200 million during fiscal 2026, subject to market conditions.

[調整後每股收益預計為 1.90 歐元至 2.5 歐元，其中包括約 0.15 歐元至 0.20 歐元的匯率壓力]。這還不包括任何額外股票回購的影響。我們計劃在 2026 財年以 2 億美元的總對價回購股份，具體金額視市場情況而定。

Capital expenditures should be in the range of EUR110 million to EUR130 million. Net leverage target for the end of fiscal 2026 of 1.3 times to 1.4 times, excluding the impact of any additional share repurchases. Finally, we expect to open about 40 new retail doors globally over the course of the year.

資本支出應在 1.1 億歐元至 1.3 億歐元之間。2026 財年末淨槓桿目標為 1.3 倍至 1.4 倍，不包括任何額外股票回購的影響。最後，我們預計今年將在全球開設約 40 家新的零售門市。

Before I turn back to Oliver to close, I'm excited to announce our plans for a capital markets day at the end of January in New York City. Details on venue and timing will be forthcoming and will be posted on our investor relations website.

在我把話轉回給奧利佛做總結之前，我很高興地宣布我們計劃在一月底在紐約市舉辦資本市場日活動。會議地點和時間等詳細資訊稍後公佈，並將發佈在我們的投資者關係網站上。

We are now in year three of our life as a public company, and we are looking forward to providing you a detailed look into the world of Birkenstock and our vision for growth for the next three years. We hope you can join us for a deep dive into all areas of our unique and dynamic business model.

我們作為一家上市公司已經進入第三年，我們期待為您詳細介紹 Birkenstock 的世界以及我們未來三年的發展願景。我們希望您能加入我們，深入了解我們獨特而充滿活力的商業模式的各個方面。

Thanks, Ivica. 2025 was the strongest year in the over 250 year history of Birkenstock. I am extremely proud of the team and how well and disciplined we steered our business in an overall very challenging context. We remain very optimistic about our future '26 is off to a great start with Birkenstock at the top of gifting lists this holiday season.

謝謝你，伊維卡。 2025年是勃肯鞋250多年歷史上業績最好的一年。我為團隊感到無比自豪，在如此充滿挑戰的環境下，我們依然能夠如此出色、如此自律地管理好業務。我們對未來仍然非常樂觀，2026 年開局良好，Birkenstock 在今年的假期送禮清單上名列前茅。

Demand for the foot bed remains robust and unconstrained. The main constraints we face is in our own production capacity and our desire to maintain scarcity. As we look ahead to the rest of this fiscal year and beyond, we see opportunity.

鞋墊的需求依然強勁且不受限制。我們面臨的主要限制因素是我們自身的生產能力以及我們想要保持稀缺性的願望。展望本財年剩餘時間及未來，我們看到了機會。

The opportunity to continue to take share globally, especially in the fast growing APAC market. Adding to our own retail store fleet. Building on our close to momentum and doubling down on our engineered distribution to maximize profitability.

有機會繼續在全球擴大市場份額，尤其是在快速成長的亞太市場。擴充我們自己的零售門市網路。趁著我們目前的良好勢頭，加倍投入我們精心設計的分銷管道，以實現利潤最大化。

We look forward to seeing you all in New York in January to discuss the next few years of this incredible brand journey. We will dig deeper into our growth drivers, including investments in manufacturing, innovation, new usage occasions, retail, and the APAC segment. I would now kindly ask the operator to open our Q&A session. Thank you.

我們期待一月在紐約與大家見面，共同探討這個品牌未來幾年的精彩發展歷程。我們將深入研究我們的成長驅動因素，包括對製造業、創新、新用途、零售和亞太地區的投資。現在請接線生開啟我們的問答環節。謝謝。

Thank you. (Operator Instructions) Matthew Boss, JP Morgan

謝謝。（操作說明）馬修·博斯，摩根大通

Great thanks. So Oliver, maybe relative to the 20% constant currency revenue growth in the fourth quarter and 18% for the year which both exceeded your plan, you're targeting 13% to 15% constant currency growth for fiscal '26. What's driving the more conservative view for '26? Have you seen any slowdown in demand so far in the first quarter and. How should we think about this more moderate pace of growth within your long-term algorithm?

非常感謝。所以，奧利佛，考慮到第四季度以固定匯率計算的收入成長了 20%，全年成長了 18%（這兩個數字都超過了你的計畫），你或許將 2026 財年的固定匯率成長率目標設定為 13% 到 15%。是什麼因素導致人們對2026年大選持較保守的看法？第一季至今，您是否觀察到需求放緩的跡象？我們該如何看待這種在長期演算法中較為溫和的成長速度？

Matt, hello, thank you for your question. First of all, we see very strong demand for our brand all over the world during the holiday season, in the US, specific, some of our big wholesale partners grew over 30%, so our full price realization is still north of 90%.

馬特，你好，謝謝你的提問。首先，我們看到假期期間全世界對我們的品牌需求非常強勁，尤其是在美國，我們的一些大型批發合作夥伴成長了 30% 以上，因此我們的全價實現率仍然超過 90%。

So since nearly two years, we see a change in consumer journey in the Western Hemisphere. A lot of brands, including us, seeing more traffic and demand coming from a multi-brand environment and in-person shopping at wholesale, especially Gen Z, customers, the consumers. Wholesale partners play successfully the full range of piano of marketing activities online, offline, and social.

因此，近兩年來，我們看到西半球消費者的購買歷程發生了變化。包括我們在內的許多品牌都看到，來自多品牌環境和批發線下購物的流量和需求增加，尤其是 Z 世代顧客和消費者。批發合作夥伴成功地運用了線上、線下和社群媒體等全方位的行銷活動。

They are very attractive partners. This is good news. We have the highest percentage in EBIT. There are margin in wholesale, and brand rookies need to have a physical touch point with our products. They will return to us for their second, third, fourth, and so on pair.

他們是很有魅力的伴侶。這是個好消息。我們的息稅前利潤率最高。批發環節有利潤空間，品牌新手需要與我們的產品實際接觸。他們會再光顧我們，購買第二對、第三對、第四對，以此類推。

These young customers buying into more expensive and more complex executions. Don't worry, we continue to manage scarcity and execute very tight inventory management door by door. But one of our most successful categories in Gen Z, the clock, Boston's, Naples.

這些年輕客戶會購買價格更高、更複雜的產品。別擔心，我們會繼續管控短缺問題，並逐門執行非常嚴格的庫存管理。但我們在 Z 世代中最成功的類別之一，時鐘，波士頓，那不勒斯。

We own the clock category, but from a production perspective, a clock takes more than twice as many production minutes per pair than sandals. So the clock business puts even more pressure on our production minutes and ultimately our production capacity, which is the biggest limitation to our growth.

我們在鐘錶品類中佔據主導地位，但從生產角度來看，生產一副鐘錶所需的時間是涼鞋的兩倍以上。因此，鐘錶業務給我們的生產時間帶來了更大的壓力，並最終影響了我們的生產能力，這是我們成長的最大限制。

So we will produce more than 5 million pairs more in '26. These are the main reasons for our growth algo outlook. The demand is not limiting our growth. The capacity does. On your question about the long-term, Margo, we expect top-line growth over the next three to five years to be in the mid-teens range.

因此，我們將在 2026 年再生產超過 500 萬雙鞋。這些都是我們成長演算法前景的主要原因。需求並未限制我們的成長。容量確實存在。瑪戈，關於你提出的長期問題，我們預計未來三到五年的營收成長將達到15%左右。

We should, we are investing heavily in our pre-production capacity in Portugal, ramping up stitching and pre-forming capacities, especially for our clock styles and more complex and more expensive products.

我們應該這樣做，我們正在大力投資葡萄牙的預生產能力，提高縫紉和預成型能力，特別是針對我們的鐘錶款式以及更複雜、更昂貴的產品。

Our new purchased facility in [Wittichenau near Dresden] will further increase our [coreglatex] foot bed capacity and our final assembly lines where we currently face the biggest bottlenecks, is the factory will be operational in '27. I believe our investor day, end of January in New York City will help us a lot to further explain and address this topic in more detail.

我們在德勒斯登附近的維蒂興瑙新購買的工廠將進一步提高我們的[coreglatex]鞋墊產能，並改善我們目前面臨最大瓶頸的最終裝配線。該工廠將於2027年投入營運。我相信，一月底在紐約市舉行的投資者日活動將有助於我們更詳細地解釋和探討這個主題。

Great, best of luck.

太好了，祝你好運。

Laurent Vasillescu, BNP. (Operator Instructions)

Laurent Vasillescu，法國巴黎銀行。（操作說明）

Good morning. Thank you. Sorry, I had to 696 with the with the zoom, so I apologize about that. Avisa, I wanted to dig a bit more on the margin outlook for 2026 and the impact from FX and tariffs. Can you walk us through in more detail how FX flows through the P&L? Similarly, you took pricing in July to mitigate the tariff impact. Why are you seeing so much margin pressure for tariffs in 2026, and what more can be done to offset some of this?

早安.謝謝。抱歉，我剛才用縮放功能時遇到了問題，所以對此我深表歉意。Avisa，我想更深入地了解 2026 年的利潤率前景以及外匯和關稅的影響。您能否更詳細地向我們介紹外匯是如何在損益表中流動的？同樣，你們在7月採取了定價策略來減輕關稅的影響。為什麼您認為 2026 年關稅利潤率將面臨如此大的壓力？還可以採取哪些措施來抵銷部分壓力？

Thanks for the question, Laurent. It's it's on. So you, you're right, fiscal 2026 will be heavily impacted by ethics and tariffs. So representing a drag to both growth margin and EBITDA margin of each 100 basis points, which is 200 basis points in total. So excluding these external factors, we do not have under our control, margin would be very consistent with fiscal 2025.

謝謝你的提問，洛朗。開始了。所以你說得對，2026 財年將受到道德和關稅的嚴重影響。因此，每下降 100 個基點，成長利潤率和 EBITDA 利潤率都會受到拖累，總共會受到拖累 200 個基點。因此，撇開這些我們無法控制的外在因素不談，利潤率將與 2025 財年非常一致。

So first, regarding FX flow through and starting with the revenue. The 2026 impact will be 300 basis points to 350 basis points drag on top-line growth for the full year, or about EUR70 million. And given that almost all of our COGS are in EURO, as we are producing in Europe, this absolute impact flows through to gross profit at about 90% or EUR63 million hit to gross profit.

首先，關於外匯流轉，從收入說起。到 2026 年，這將對全年營收成長造成 300 至 350 個基點的拖累，約 7,000 萬歐元。鑑於我們幾乎所有的銷售成本都是以歐元計價的（因為我們是在歐洲生產的），這種絕對影響將直接影響到毛利，毛利將損失約 90%，即 6,300 萬歐元。

Pretty much the same picture for adjusted EBITDA. About two-third of the top-line impact flows through the EBITDA. So overall, these impacts will be more pronounced in the first half when the dollar was at its strongest level before the decline began in April this year.

調整後 EBITDA 的情況也大致相同。約三分之二的營收影響體現在 EBITDA 上。因此，總體而言，這些影響在上半年會更加明顯，因為美元在今年4月開始下跌之前處於最強勢水平。

On a quarterly basis, we expect revenue growth will be impacted by about 600 basis points to 650 basis points and margin by 150 basis points to 200 basis points in both Q1 and Q2. In our fiscal second half, the pressure will be much less year over year. Then with regards to your question on tariffs, so for the full year fiscal 2026, we expect about 100 basis points of margin pressure from incremental tariffs, which is reflected in our forecast.

按季度來看，我們預計第一季和第二季的營收成長將受到約 600 至 650 個基點的影響，利潤率將受到 150 至 200 個基點的影響。在本財年的下半年，壓力將比去年同期小得多。至於您提出的關稅問題，我們預計 2026 財年全年，由於關稅增加，利潤率將面臨約 100 個基點的壓力，這已反映在我們的預測中。

We look at pricing to offset the majority of the incremental tariff impact in absolute terms, which is dollar neutral, however, not margin neutral. So for example, we say we have a $100 shoe with $40, $40 COGS and $60 gross profit. That is a 60% gross margin.

我們考慮透過定價來抵消大部分新增關稅的絕對影響，這在美元上是中性的，但在利潤率上是不中性的。例如，假設我們有一雙售價 100 美元的鞋子，成本為 40 美元，毛利為 60 美元。毛利率為60%。

Now we add $10 of tariffs to COGS. We need to add $10 to price to maintain $60 gross profit, but the margin is now 54.5%. So that is 60/110. If we wanted to maintain a 60% margin, we would have to take pricing of $25 to bring our gross profit to $75 not $60. The price increase would have to be 2.5 times the tariffs. This is not something we would do to our customers, being a democratic brat.

現在我們在銷售成本中增加 10 美元的關稅。我們需要將價格提高 10 美元以維持 60 美元的毛利，但目前的利潤率為 54.5%。所以就是 60/110。如果我們想維持 60% 的利潤率，我們就必須將價格定為 25 美元，這樣我們的毛利才能達到 75 美元，而不是 60 美元。價格上漲幅度必須是關稅的2.5倍。我們這些民主派小孩不會這樣對待我們的客戶。

And as we review prices every season and make adjustments very surgically on a style by star basis. We will continue to mitigate the tariff impact on margin lowering costs in other areas. We do this through production efficiencies, improved logistics, and better terms with suppliers and vendors along our vertically integrated supply chain, but this naturally does take time.

我們每季都會審核價格，並根據星星的風格進行非常精準的調整。我們將繼續透過降低其他領域的成本來減輕關稅對利潤率的影響。我們透過提高生產效率、改善物流以及與垂直整合供應鏈上的供應商和廠商達成更好的條款來實現這一目標，但這自然需要時間。

In addition, our growing share of business in APAC will for the longer-term, reduce our exposure. To the US dollar and to the US tariffs regime.

此外，我們在亞太地區業務份額的不斷增長，從長遠來看，將降低我們的風險敞口。對美元和美國關稅制度而言。

Very helpful Ivica and as a follow-up on a finer point on Matt's question, I know you don't guide by quarter, but just because there's, a lot of pressure on the stock, pre-market on this the 13% to 15% top-line, any finer point on just like, on one, could we assume that, top-line could be up high keys on that front.

伊維卡，你的回答很有幫助。關於馬特的問題，我想補充一點：我知道你不按季度給出業績指引，但鑑於目前股價在盤前交易中承受著很大的壓力，市場普遍預期營收成長13%到15%，那麼，我們是否可以假設營收會大幅成長呢？

Hello, it's Oliver again. Yeah, of course. I mean, the guidance is the guidance, we guide mid-teens, especially on the long-term algorithm, but, I mean, just remember my first comments on the holiday season, especially in the US, business is going super well, so, I understand your worries somehow, but listen, it's really.

大家好，我是奧利佛。當然。我的意思是，指導就是指導，我們指導十幾歲中期的學生，尤其是在長期算法方面，但是，我的意思是，請記住我之前關於假期的評論，尤其是在美國，生意非常好，所以，我多少理解你的擔憂，但是聽著，這真的。

Brand is performing super strong, so, yeah, all good.

品牌表現非常強勁，所以，是的，一切都很好。

Very helpful, Oliver, and we'll look forward to January.

奧利佛，你幫了我很大的忙，我們期待著一月的到來。

Randy Konik, Jefferies.

Randy Konik，傑富瑞集團。

Yeah, can you hear me? Yeah, sorry about that, this unmuted thing. Look, can we talk a little bit about the channel mix a little bit more? I think for the full year B2B was up about 21%, DTC up about 12%, and then in the fourth quarter, the B2B channel was, I think, even stronger, up about 26% in constant currency.

嗯，你聽得到我說話嗎？是啊，抱歉，剛才沒靜音。好，我們能再稍微談談聲道混合的問題嗎？我認為全年B2B成長了約21%，DTC成長了約12%，然後在第四季度，B2B通路的成長勢頭更強勁，以固定匯率計算成長了約26%。

How do you think about channel growth? In 2026, do you think B2B will continue to outpace B2C by such a wide margin as it did? And then what are you trying to do to drive continued faster, even faster growth in the B2C channel? Thanks guys.

您如何看待通路成長？你認為到 2026 年，B2B 的成長速度還會像以前一樣大幅超過 B2C 嗎？那麼，你們正在採取哪些措施來推動 B2C 通路持續、甚至更快成長呢？謝謝各位。

Thanks for the question, Randy. It's if it's again, so as this is a shift that we've been seeing in the business for over a year. In-person shopping is back, especially, within our fastest growing cohort, which is the youth market, where consumers prefer to shop in a multi-brand, retail environment.

謝謝你的提問，蘭迪。如果這種情況再次發生，那麼我們已經在行業中看到這種轉變一年多了。實體店購物又回來了，尤其是在我們成長最快的群體——青年市場中，消費者更喜歡在多品牌零售環境中購物。

This is very favorable to our B2B business where we have over 6,000 high-quality strategic retail partners globally. And they are doing a very good job representing our brand, reaching new consumers through their own advertising and outreach, and this is basically marketing spend that brings consumers to our brand, and it's effectively not spent by us. This is a good thing and supports the very strong margins we are achieving.

這對我們的B2B業務非常有利，我們在全球擁有超過6000家高品質的策略零售合作夥伴。他們很好地代表了我們的品牌，透過他們自己的廣告和推廣活動接觸到了新的消費者，這基本上是為我們的品牌帶來消費者的行銷支出，而實際上並不是我們自己花的錢。這是件好事，也印證了我們目前取得的非常高的利潤率。

We're leaning in both channels, but we can't control where consumers choose to interact with our brand.

我們同時重視這兩個管道，但我們無法控制消費者選擇在哪裡與我們的品牌互動。

We have learned through the experience of other brands that you can't force consumers into one channel or another. All we can do is make sure the touch points they have with the brand are high-quality, educate on the purpose of Birkenstock, strive to maintain scarcity in the channel, and support full price realization regardless of channel, and this is what we're doing. And we are thrilled to see the strong demand regardless of where it is. It means more B stocks on feed and the opportunity to turn the new consumer into a lifetime brand fan who we firmly believe will come, will become a DTC consumer at some point in their consumer journey regardless of where they purchase the first or the second pair.

我們從其他品牌的經驗中了解到，你不能強迫消費者選擇某個管道。我們所能做的就是確保他們與品牌接觸的每一個環節都具有高質量，宣傳 Birkenstock 的宗旨，努力保持渠道的稀缺性，並支持無論通過哪個渠道都能實現全價銷售，而這正是我們正在做的。無論在何處，我們都欣喜地看到強勁的需求。這意味著更多的 B 類庫存，以及將新消費者轉化為終身品牌粉絲的機會。我們堅信，無論他們在哪裡購買第一雙或第二雙鞋，他們最終都會成為 DTC 消費者。

So with regards to B2B outpacing B2C, so yes, we do expect this trend of faster B2B growth to continue in 2026 and for the foreseeable future as we continue to reach more and more consumers who are new to the brand, especially in the younger demographics.

所以，關於 B2B 成長速度超過 B2C 的問題，是的，我們預計 B2B 成長速度更快的趨勢將在 2026 年以及可預見的未來繼續保持，因為我們將繼續接觸到越來越多對該品牌不熟悉的消費者，尤其是在年輕群體中。

But both channels are growing double-digit. A few points that are very important to this. We are not compromising high-quality distribution and full price realization. We manage inventory in the B2B channel very tightly through engineered distribution model. Full price realization is at over 90%. Stock to sales ratios in the channel are very healthy, and our order book continues to be very strong.

但這兩個管道都實現了兩位數的成長。以下幾點非常重要。我們不會降低分銷品質和保證全價。我們透過精心設計的經銷模式，對 B2B 通路的庫存進行嚴格管理。成交價實現率超過 90%。通路庫存銷售比率非常健康，我們的訂單量也持續強勁。

On your, on the last part of your questions on the DTC channel itself, we are very much focused on accelerating our store rollout to promote the high-quality touch points with the brand and to present the full range of our products, and of course, introduce newness with 97 doors globally.

關於您最後一部分關於 DTC 通路本身的問題，我們非常注重加快門市擴張，以提升品牌的高品質接觸點，展示我們全系列的產品，當然，還將在全球開設 97 家門市，帶來新鮮體驗。

We are not able to capture all in-person demand that we're seeing with our own D2B business. We added 30 stores in 2025, and we should add another 40 in 2026. So, additionally, we are working to drive an even stronger connection to our consumers through more targeted membership benefits, a loyalty program, exclusive styles, content, and special events.

我們無法像透過自己的 D2B 業務那樣，完全滿足所有線下需求。我們在 2025 年新增了 30 家門市，預計 2026 年還將新增 40 家。因此，我們也正在努力透過更有針對性的會員福利、忠誠度計畫、獨家款式、內容和特別活動，與我們的消費者建立更緊密的聯繫。

And when you, and just to follow-up when you say I think you said you're committing to double-digit growth on both channels, is that on a constant currency basis? And lastly, do you expect the again this the growth rate spread to widen or stay about the same or narrow from a, B2B stronger than, DTC, growth rate in 2026? Thanks guys.

還有，我再跟進一下，您剛才說您承諾在兩個管道都實現兩位數的成長，這是以固定匯率計算的嗎？最後，您預計到 2026 年，B2B 業務的成長率高於 DTC 業務的成長率，那麼這種成長率差距會再次擴大、保持不變還是縮小？謝謝各位。

Rennie, with regards to the first part of your question, yes, it's constant currency, and with regards to the second part of your question, so we expect the trend that we are currently seeing to continue.

Rennie，關於你問題的第一部分，是的，它是固定匯率；關於你問題的第二部分，我們預計目前看到的趨勢將會繼續下去。

Lorraine Hutchinson, Bank of America.

洛琳‧哈欽森，美國銀行。

Thank you. Good morning. The growth in EMEA accelerated nicely. What are you seeing in terms of consumer demand in the EU in particular and any comments on first quarter trends there?

謝謝。早安.歐洲、中東和非洲地區的成長勢頭良好，加速發展。您認為歐盟地區的消費者需求為何？對第一季的趨勢有何看法？

Hey, Lorraine. This is Nico. Thank you for your question. Indeed, we projected in the last earnings call an acceleration of growth in and the 17% in Q4 are a significant acceleration versus previous quarter. We saw double-digit growth across B2B and DTC in an overall flat to negative market. So effectively, we continue to be one of the very few chosen brands, and effectively, we take share from many other players.

嗨，洛琳。這是尼科。謝謝你的提問。事實上，我們在上次財報電話會議上預測成長將會加速，而第四季 17% 的成長率與上一季相比有了顯著的提升。在整體市場持平甚至下滑的情況下，B2B 和 DTC 業務均實現了兩位數成長。因此，我們仍然是極少數被選中的品牌之一，並且有效地從許多其他競爭對手手中奪取了市場份額。

Growth, as also part of your question, in Q4 was predominantly driven by a strong consumer appetite for product newness and higher price points. We are particularly pleased with our clothes to performance. This category grew more than two times our overall business and clothes shoes, so laced up shoes, grew almost two times our overall business. Looking at the top 20 styles, in our sales, 10 styles are close to and half of these are closed shoes.

正如您問題中所提到的，第四季的成長主要得益於消費者對新品和更高價格產品的強烈需求。我們對我們的服裝性能特別滿意。這個類別業務成長超過我們整體業務的兩倍，而服裝鞋類，尤其是繫帶鞋，業務成長也接近我們整體業務的兩倍。從銷售前 20 名的款式來看，有 10 種款式與露趾鞋接近，其中一半是露趾鞋。

Just to name a few, Naples, we're onto something here that's, a new Clark silhouette, specifically the wrapped, that we bring towards the consumer, and we see great traction. It's growing triple digit and it's really also outgrowing Boston. And then to name, a close shoe silhouette, the UT is doing really strong, again, strong consumer appetite, from a female consumer, but also from a male consumer.

舉幾個例子來說，那不勒斯，我們正在研發一種新的 Clark 鞋型，特別是包裹式鞋型，我們將其推向消費者，並且我們看到了很好的市場反響。它正以三位數的速度增長，而且實際上已經超過了波士頓。然後，舉例來說，UT 是一款貼合腳型的鞋款，銷量非常強勁，消費者需求旺盛，不僅受到女性消費者的青睞，也受到男性消費者的喜愛。

Your second part of the question was Q1. We're very pleased to see that we are off to a great start in Q1 and see a continuation of the trends that I just mentioned. So, appetite for product newness and higher price points. We're very confident that we again outperform the market and will take share from many other players and be the brand of choice for our consumers. We project our Q1 in em to be very much in line with our overall guidance and as shared in the opening remarks, our growth is not impacted by consumer demand, but our manufacturing capacity and distribution-wise, our will to maintain the quality in our distribution.

你問題的第二部分是 Q1。我們很高興地看到，第一季開局良好，並且延續了我剛才提到的趨勢。因此，消費者渴望產品新穎性和更高的價格。我們非常有信心再次超越市場表現，從其他眾多競爭對手手中奪取市場份額，成為消費者的首選品牌。我們預計第一季業績將與我們的整體預期非常吻合，正如我們在開場白中所述，我們的成長不受消費者需求的影響，而是受到我們的生產能力和分銷管道的影響，以及我們保持分銷品質的決心。

Thank you. And then, it sounds like capacity constraints are the key reason for the slower growth in '26. Would you expect to be back in a position to return to mid to high 10s growth in fiscal '27?

謝謝。而且，產能限制似乎是 2026 年成長放緩的主要原因。您預計在 2027 財年能夠恢復到 10% 至 10% 的成長水準嗎？

Hello, Lauren, it's EBITDA speaking. So, as we are constantly capacity constrained. I've been, we've been for some time. What we are doing is now building up the capacity, to closer the GAAP to the demand. Otherwise, we would not be in a position to serve and keep up with the demands that we are seeing in the market. So overall, our goal is to increase our capacity by, in terms of units, by roughly 10%, for the foreseeable future, and this will certainly help us to serve the demands, going forward. Thank you.

你好，勞倫，我是 EBITDA。因此，我們一直面臨產能限制。我一直都在那裡，我們已經在那裡一段時間了。我們現在正在做的是提升能力，使公認會計準則更貼近市場需求。否則，我們將無法滿足市場需求，也無法跟上市場不斷增長的需求。因此，總體而言，我們的目標是在可預見的未來將產能（以單位計）提高約 10%，這肯定有助於我們滿足未來的需求。謝謝。

Evercore ISI.

Evercore ISI。

Hey guys, thanks. Can you hear me okay?

嘿，夥計們，謝謝。你聽得清楚我說話嗎？

Thank you.

謝謝。

Hey guys, so I guess on the EBITDA margin guidance, could you just help us unpack it a little bit more? You gave us 100 basis points drag from FX, 100 basis points drag from tariff, so we're trying to bridge to the 130 to 175 basis points in total.

大家好，關於 EBITDA 利潤率預期，能否請你們幫我們再詳細解讀一下？你們為我們帶來了 100 個基點的外匯拖累，100 個基點的關稅拖累，所以我們正在努力將總共的拖累縮小到 130 到 175 個基點。

I think when we last checked in you had 75 basis points left to recapture from the factory. How should we think about like for like pricing as a as a good guy offsetting the tariffs? And then it sounds like wholesale grows above DTC. So I think that's a positive on the EBITDA margin rate line. Is there any way to help us size a couple of those components?

我認為上次我們聯繫時，你還有 75 個基點需要從工廠收回。我們該如何看待同類定價，才能讓好人抵銷關稅的影響？而且聽起來批發業務的成長速度超過了直接面向消費者 (DTC) 業務的成長速度。所以我認為這對 EBITDA 利潤率來說是個好消息。有什麼辦法可以幫助我們確定其中幾個組件的尺寸嗎？

Yeah, sure. Hi, Michael. It's Isa speaking. So we closed fiscal '25 with a gross margin of 59.1%. And the external factors, that is tariffs and the drag in currency is representing a drag in total of 200 basis points. So that means 57.1%, and we guided [57 to 57.5]. So what are the puts and takes here?

當然可以。你好，麥可。我是伊薩。因此，我們2025財年的毛利率為59.1%。而外在因素，即關稅和匯率波動，總共造成了 200 個基點的拖累。所以這意味著57.1%，我們指導了[57 至 57.5]。那麼，這裡有哪些買賣雙方呢？

Absorption, and capacity absorption within our production will contribute roughly 60 basis points. You mentioned correctly, Michael, 75, however, the base for, '26 is higher. As such, the positive contribution will be around 60 basis points.

吸收和產能吸收將貢獻約 60 個基點。你說得對，邁克爾，75歲，但是，26年的基數更高。因此，正向貢獻約為 60 個基點。

The next point is on channel as B2B will, outpace B2C growth, there will be a drag, in the, in gross margin, from the channel shift. And this is basically around 50 basis points. So overall, this is neutral. And then what is not embedded, is like for like pricing. And in that respect, the guide of 57 to 57.5 is more conservative.

下一點是關於通路的，因為 B2B 的成長速度將超過 B2C，而通路轉換將對毛利率造成拖累。這大約是 50 個基點。總的來說，這是中性的。而未嵌入的部分，則是同類產品之間的價格差異。從這個角度來看，57 至 57.5 的指導值更為保守。

Okay, and then I'm just curious, a quick follow, a quick couple of follow-ups so you said. I think you said the units grow about 10%, and that's based on some capacity constraints and your desire to control scarcity.

好的，然後我就好奇地問幾個後續問題，就像你剛才說的。我想你說過銷量成長了大約 10%，這是基於一些產能限制以及你控制稀缺性的願望。

What is the unit growth capacity if you weren't trying to control scarcity? Like what could you produce given where the facilities are at right now? And then Avika, if I'm, if just to clarify, how much the Australia roll-up adds to revenues this year.

如果不試圖控制稀缺性，單位成長能力是多少？以目前的設施條件，你能生產些什麼？然後，Avika，如果我沒記錯的話，為了澄清一下，澳洲的合併今年為收入增加了多少。

Hi Michael, I'm taking the first part as Oliver. It is not really easy to, comment this because it's like, really diverse, picture on what kind of article are we're talking about. That's why I mentioned this, from a production capacity perspective that a clock as an example. Will digest double the time in minutes, in production minutes than an average sample.

嗨，邁克爾，我來扮演奧利佛。要對此進行評論並不容易，因為內容非常多樣化，很難描述我們到底在討論哪種類型的文章。這就是我提到這一點的原因，從生產能力的角度來看，以鐘錶為例。消化時間（以分鐘計）將是普通樣本的兩倍。

So, in total, somehow the multiple is if you sell one pair, in online, it equals more or less 2.5, 2.4 pairs in wholesale. To reach the same financial impact so this alone is a big shift, from a, from a unit perspective that's is also what you can see in our unit versus ASP comparison and that's why we have this 2/3, units and 1/3 ASP. Situation, so the more we grow in wholesale, the more we are capacity restricted. So that's why we are constantly managing these channels as well and try to maneuver us through their article mix and our production minutes and we're constantly capacity constrained. So that is the big jigsaw puzzle at the moment we're deep diving in.

所以，總的來說，如果你在網路上賣出一雙鞋，批發的話，大概相當於賣出 2.5 到 2.4 雙鞋。要達到相同的財務影響，僅此一項就是一個巨大的轉變，從單位的角度來看，這也是您可以在我們的單位與平均售價比較中看到的情況，這就是為什麼我們有 2/3 的單位和 1/3 的平均售價。情況就是這樣，批發業務發展得越快，我們的產能就越受限。所以這就是為什麼我們要不斷管理這些管道，並努力調整他們的文章組合和我們的製作時間，但我們始終面臨產能限制。所以，這就是我們目前正在深入研究的重大難題。

And I'm pretty confident that we can explain it really very transparent and answer all questions in our investor day, end of January in New York because then you will really understand that and that's, I know it's pretty unique and it sounds super weird from outside, but our growth algorithm is not.

我非常有信心，我們可以在一月底於紐約舉行的投資者日上，非常透明地解釋清楚並回答所有問題，因為到那時你們就會真正理解這一點。我知道這很獨特，從外面聽起來也很奇怪，但我們的成長演算法並非如此。

Designed by demand, it's designed by our production capacity. And if people decide to switch to wholesale channels to buy our products, and if they decide to buy into more expensive price groups and more complex price groups, their overall capacity in millions of units are declining because we cannot deliver simply more of the same thing. Do you make sense to you.

這是根據市場需求設計的，也是根據我們的生產能力設計的。如果人們決定轉向批發通路購買我們的產品，並且決定購買價格更高、更複雜的產品，那麼他們的總產能（以百萬計）就會下降，因為我們無法簡單地提供更多相同的產品。你覺得你說的有道理嗎？

Yeah, completely. And then, okay, and then just, yeah, the part please.

是的，完全正確。然後，好的，然後就，嗯，請給我那部分。

Sure, Michael, exhibits are again on the Australian part. So we expect overall an im immaterial, impact on the Australia acquisition for the 2026, P&L. The benefit of this acquisition over the next few years is, we cut out the middleman and take Australia to its full potential in DC and capture the full value directly in our P&L basically. In a way, Australia was a unique situation in that we had a longtime partner who was looking for retirement and basically this was driving the decision to, directly enter this market.

當然，邁克爾，展覽又回到了澳洲那邊。因此，我們預期此次澳洲收購對 2026 年的損益表整體影響不大。未來幾年，此次收購的好處在於，我們可以省去中間環節，讓澳洲在華盛頓特區充分發揮其潛力，並直接在我們的損益表中實現全部價值。從某種意義上說，澳洲的情況比較特殊，因為我們有一位長期合作夥伴想要退休，這基本上促使我們決定直接進入這個市場。

Okay, thanks a lot guys.

好的，非常感謝各位。

Dana Telsey, Telsey Advisory Group.

Dana Telsey，Telsey顧問集團。

Hi, good morning, everyone. As you think about the DTC channel, was there any difference in performance between ecom and the physical stores? And then with your opening of stores in 2026, where are those stores going to be located regionally? How do you think about it? And is there any difference? In store size and where you're going. And then just lastly, for 2026 price increases, any particular way we should think about it or how you're thinking about pricing, whether it's on closed toe or clogs or open toe for '26. Thank you.

大家早安。當您考慮DTC通路時，電商通路和實體店的業績是否有差異？那麼，隨著你們在 2026 年開設新店，這些新店在區域上將位於哪些地區？你對此有何看法？兩者之間有差別嗎？商店尺寸和你要去的地方。最後，關於 2026 年的價格上漲，我們應該如何考慮，或者你們是如何考慮定價的，無論是 2026 年的閉趾鞋、木屐還是露趾鞋。謝謝。

Hi, Dana. This is Nico. I'm going to take the first part of your question. So, as retail is a very important growth pillar for us. We are currently at 97 doors, adding 30, net new stores, and thus, we are actually holding our promise. So we promised to come closer to 100. We're now at, close, very close to 100. What we also did is we actually accelerated the pace of our openings in the second half, adding 20 in the second half versus 10 in the first half.

你好，達娜。這是尼科。我先回答你問題的第一部分。因此，零售業是我們非常重要的成長支柱。我們目前擁有 97 家門市，淨增加 30 家，因此，我們實際上兌現了我們的承諾。所以我們承諾會努力接近100。我們現在已經接近，非常接近 100 了。我們還加快了下半場的開球節奏，下半場增加了 20 次開球，而上半場只有 10 次。

So really getting much more experienced in driving, this expansion. Amongst others, we opened Milan, Mumbai, and Singapore, so really key cities and key connection points for our consumers. For next year, we have plans to add 40 more, so that will bring us to 140, and that will bring us very well set up to reach a total goal that we stated of 150 stores by 2027. Whenever we open a store, they perform really well, so we are very disciplined with our openings and store locations selection.

所以這次擴建讓我累積了更多駕駛經驗。除此之外，我們還在米蘭、孟買和新加坡開設了分店，這些都是對我們消費者非常重要的城市和關鍵連結點。明年我們計劃再增加 40 家門市，這樣一來，我們的門市總數將達到 140 家，這將使我們有信心實現到 2027 年開設 150 家門市的目標。我們每開設一家新店，業績都非常好，所以我們在店鋪開設和選址方面都非常謹慎。

We'll continue to find stores, in the format of 100 square meters, 150 square meters, not AAA locations. We go right next to the AAA locations, and that is really driving, the very healthy economics of each store. The new stores will continue to outperform the longer standing ones. We achieve higher average transaction value driven by higher ASP and more units per transaction.

我們將繼續尋找面積為 100 平方米、150 平方米的店鋪，而不是 AAA 級店鋪。我們緊鄰 AAA 門市，這確實推動了每家門市非常健康的獲利狀況。新開的門市業績將繼續優於老店。我們透過提高平均售價和增加單筆交易的商品數量，實現了更高的平均交易額。

And all this while the same store sales are up high single-digit. So you see that retail is the strongest growing channel and will also outpace in growth our digital channel. With regards to digital, we do continue to see very, strong, growth opportunities in three areas. Markets, so there are some underdeveloped markets, if you will, under penetrated markets with regards to our digital, specifically in Asia and Middle East, where we launch later than in the more mature markets. With regards to consumers, we heard that young consumers, young demographics are under penetrated by us, and so does, that accounts the same for our digital business.

同時，同店銷售額卻實現了接近兩位數的成長。由此可見，零售通路是成長最強勁的通路，其成長速度也將超過我們的數位通路。就數位化而言，我們確實在三個領域繼續看到非常強勁的成長機會。市場方面，有些市場發展不足，或者說，我們的數位化產品滲透率較低，尤其是在亞洲和中東地區，我們在這些地區的推出時間比在更成熟的市場要晚。關於消費者方面，我們了解到，年輕消費者和年輕群體在我們市場上的滲透率較低，我們的數位業務也是如此。

And then on the product side, our expansionary categories like shoes, closed toe, EVA, professional are trending much better in our digital business. So this will also enable us to catch more demand and drive the business in our digital channel. So we'll see retail outpacing digital while we also see substantial growth coming in our digital channel.

在產品方面，我們的擴張類別，如鞋類、閉趾鞋、EVA鞋、專業鞋等，在我們的數位業務中發展勢頭良好。因此，這也將使我們能夠抓住更多需求，並透過我們的數位管道推動業務發展。因此，我們將看到零售業成長超過數位管道，同時我們也看到數位通路將大幅成長。

But then, if it's, on the pricing part. So, as we are reviewing pricing on a season by season and style by style basis and are very surgical to increase, prices throughout the product portfolio. And while we're doing that, again, it comes back to the fact that we are a manufacturing company, so we know what our input costs are, we know what, labor does cost. We know what raw materials, do cost. And this is a very much the bottom, bottom-up exercise that we continue to do as we have done in the past, to pass through inflationary pressures, while at the same time, maintaining our globally aligned, pricing structure.

但是，如果真是這樣的話，那就牽涉到定價部分了。因此，我們正在逐季逐款地審查定價，並非常謹慎地提高整個產品系列的價格。而且，當我們這樣做的時候，歸根結底，我們是一家製造公司，所以我們知道我們的投入成本是多少，我們知道勞動成本是多少。我們知道原料的成本。這正是我們一直以來所堅持的自下而上的做法，即透過應對通膨壓力，同時維持與全球接軌的定價結構。

Very strong holiday season, Dana, hello, this is Oliver speaking.

節慶季節非常火爆，達娜，你好，我是奧利佛。

Very strong holiday season. I mean, do your check in wholesale doors, do the check in New York in the store. It's, one of the must-have gifting items, with a very confident and very, successful, holiday season in the US.

假日季銷售非常熱門。我的意思是，去批發門市核實一下，去紐約的商店核實一下。它是必備的禮品之一，在美國的節慶季節表現非常出色，銷售也非常成功。

Thank you.

謝謝。

Simeon Siegel, Guggenheim Partner.

西蒙·西格爾，古根漢合夥人。

Thanks, hey, everyone morning and afternoon. All right, I had some.

謝謝大家，早安，下午好。好吧，我有一些。

Tim, we can barely hear you. We can barely hear you. You have to digital drops dropouts.

提姆，我們幾乎聽不到你說話。我們幾乎聽不到你的聲音。你必須讓數位時代的輟學生掉線。

You dialed in on the on the landline or?

你是透過座機撥入的嗎？

No, you can.

不，你可以。

We appear to have some technical difficulties on Simon's line. We'll move to the next question. Adrien Duverge, Goldman Sachs

西蒙的線路似乎出現了一些技術故障。我們進入下一個問題。阿德里安·杜維爾格，高盛

Hey, good morning. Good afternoon. Thank you very much for, taking my questions. So I have one, could you please comment on the performance of the new products and the opportunity for continued increase of the price mix as well as the appetite for, customers on the new products. And then I'll have a quick follow-up on that, which is on the share of sales from the cloth to shoes. I think you're now at 38%. What are your expectations for the long-term share of sales, from this? Thank you very much.

嘿，早安。午安.非常感謝您回答我的問題。我有一個問題，您能否評價一下新產品的表現，以及價格組合持續上漲的機會，還有消費者對新產品的需求？然後我會就此做一個簡短的後續討論，即服裝到鞋類的銷售份額。我認為你現在是 38%。您對該產品長期銷售份額有何預期？非常感謝。

Hey, Adrien, this is Nico again. Thank you for your question. Great question indeed. So what we definitely see is that our diversification of product offering is really paying off. Particularly, we are very pleased to see consumers adopting newer closed-toe silhouettes. So closed toe is not just the Boston anymore. Non-Boston silhouettes are growing at the same pace as Boston, so we are truly diversifying our clock business, and we don't just own the sandals category, we now own the sandals and the clocks category.

嘿，Adrien，我是Nico。謝謝你的提問。問得好。因此，我們確實看到，我們產品多元化的策略正在發揮成效。尤其令人欣喜的是，我們看到消費者開始接受新款的包頭鞋款式。所以，現在不只波士頓鞋款才算是包頭鞋了。非波士頓風格的鞋款與波士頓風格的鞋款增長速度相同，因此我們正在真正實現鐘錶業務的多元化，我們不僅擁有涼鞋類別，現在我們還擁有涼鞋和鐘錶類別。

So you'll continue to see, closed toe, outperforming open toe, while open toe, is still growing, and that is also something that we've actively, that we will actively drive forward. So we'll bring back, open-toe silhouettes, we'll rejuvenate open-toe silhouettes, such as the, Madrid, such as fine strap sandals, the Florida, the Maori, so we'll give them more, investment in Product and give them more oxygen and daylight to let them flourish further.

所以你會看到，包頭鞋的表現仍然優於露趾鞋，而露趾鞋仍在增長，這也是我們已經積極推動的事情，我們將繼續積極推動它的發展。所以我們將重新推出露趾鞋款，我們將復興露趾鞋款，例如馬德里系列、精緻的綁帶涼鞋、佛羅裡達系列、毛利系列，我們將加大對它們的投入，讓它們獲得更多的關注和發展空間，從而進一步繁榮發展。

So, where does, close to, grow forward? Where does it go? You see that we have, a very, strong growth trajectory, until now. We once said it will grow over 30%. We're now coming, to 40% and even above, and we'll definitely continue to see this growing further. Closed. Shoes as a market is a huge market for us. Again, we see new silhouettes being adopted by our consumers very fast, like the UT, Highwood, and we're also further diversifying that business into different platforms. Boots are performing very strong during the winter season. High price points. Consumers are not shying away from these products, and again, particularly in our DTC, you'll see these categories trending very well.

那麼，靠近哪裡，向前發展呢？它要去哪裡？您可以看到，到目前為止，我們一直保持著非常強勁的成長勢頭。我們曾說過它會成長超過30%。現在，這一比例已經接近 40% 甚至更高，而且我們肯定會看到這一比例繼續增長。關閉。鞋類市場對我們來說是一個龐大的市場。我們再次看到消費者很快就接受了新的鞋型，例如 UT 和 Highwood，我們也正在進一步將這項業務多元化到不同的平台。靴子在冬季表現非常出色。價格高昂。消費者並沒有迴避這些產品，而且，尤其是在我們的 DTC 產品線中，你會看到這些品類的發展勢頭非常好。

Okay, thank you very much. And maybe just on what I have you, what's the opportunity that you see from further practicing? So I think you mentioned you expect about 10%, 10% volume growth over the next few years. So, should we assume that there is between, like the 3%, the 3% to 5% remaining is from your price list and price mix? Is that how we should think about it?

好的，非常感謝。或許就我目前掌握的情況來看，你認為進一步練習能帶來哪些機會？所以我想你有提到過，你預計未來幾年銷量將成長約 10%。那麼，我們是否應該假設中間還有一部分，例如 3%，剩下的 3% 到 5% 來自你的價格表和價格組合？我們該這樣想嗎？

Hi, Adrian, it's a bit, happy to take your question. So it's certainly a combination, of both. So looking back to 2025, if you disaggregate growth, it's a mix of two-third, with regards to, units and 1/3 with regards to ESP certainly a positive contributor, to higher ASP is definitely the mixed shift that we are seeing. So, cus consumers are choosing intentionally. Higher quality and premium execution, including Cloo, as Nico mentioned, and clearly, this will be driving ESP, besides, of course, that we will continue to take, targeted like for like pricing.

嗨，Adrian，我有點…很高興回答你的問題。所以這肯定是兩者的結合。展望 2025 年，如果將成長分解，就會發現其中三分之二是銷量成長，三分之一是 ESP 成長，ESP 無疑是 ASP 上漲的正面因素，這無疑是我們正在看到的混合轉變。所以，因為消費者是有意識地做出選擇的。正如 Nico 所提到的，更高品質的執行，包括 Cloo，顯然，這將推動 ESP 的發展，當然，除此之外，我們將繼續採取有針對性的同類定​​價策略。

Thank you very much.

非常感謝。

Mark Altschwager, Baird.

馬克·阿爾特施瓦格，貝爾德。

Hi can you hear me?

你好，你聽得到我說話嗎？

Yeah, that's loud and clear.

是的，這很清楚。

Wonderful, thank you for taking the question. With respect to sustaining the mid-teens growth over the next three to five years, can you talk a bit more about what's giving you the confidence that you can continue to add capacity at a fast enough rate to support that growth as the base gets larger, especially as it relates to both labor and components suppliers.

太好了，謝謝你回答這個問題。關於在未來三到五年內保持十幾個百分點的增長，您能否再詳細談談是什麼讓您有信心繼續以足夠快的速度增加產能，以支持隨著基數擴大而增長的這種增長，尤其是在勞動力和零部件供應商方面？

And then as a follow-up, you talked about new capacity expansion for the core product and demand is skewing towards the higher end product. Can you give us a sense of how EVA is trending and how the capacity that you've added in Posava is playing into the growth algorithm? Thank you.

然後，作為後續討論，您談到了核心產品的新產能擴張，以及需求正向高端產品傾斜。您能否介紹EVA的發展趨勢，以及您在Posava新增的產能如何影響成長演算法？謝謝。

Thank you for your question. As I said, in the previous, answer the first question from Matmoss, we are heavily, increasing our pre-production facility in Portugal, which is really a key thing for us to speed up, the processes and speed up, the go to market, sequence from our products. And just keep in mind that, in the near future we'll probably, have a, half-finished goods, warehouse where we simply collect all the uppers and then finally, push. I mean to final assembly when needed and then we the reaction time of this company to be in the market with the right article at the right, door is very, significant, faster than today, the acquisition of Vitticheau, near Dresden, the factory we bought like 80,000 square meters, for 18 million. This will be ready in '27 more or less and then you know they can fill the GAAP of final assembly lines because that's the bottleneck at the moment, as I said and [Kglatex] for bed making.

謝謝你的提問。正如我之前所說，回答 Matmoss 的第一個問題，我們正在大幅增加我們在葡萄牙的預生產設施，這對於我們加快產品上市流程和速度至關重要。請記住，在不久的將來，我們可能會有一個半成品倉庫，我們只需收集所有的上半部分，然後最後進行推廣。我的意思是，在需要時進行最終組裝，然後我們公司將合適的產品及時送到市場上的反應時間非常顯著，比現在快得多。我們收購了位於德勒斯登附近的維蒂肖工廠，我們以 1,800 萬歐元的價格購買了這座佔地 8 萬平方公尺的工廠。這大概會在 2027 年左右完成，然後他們就可以滿足最終裝配線的 GAAP 要求了，因為正如我所說，這是目前的瓶頸，還有 [Kglatex] 的床具製造。

Last but not least, I think you were in [Passeva] with us the same space in [Passeva] next to us is about to be converted into a construction area. And there will be another 80,000 square meters of production, space, and, we will definitely keep a very high flexibility within these spaces to react on the different, perspective of the markets.

最後，我想你之前和我們一起在[Passeva]，[Passeva]我們旁邊的地方馬上就要變成建築工地了。此外，還將新增 8 萬平方公尺的生產空間，我們一定會保持這些空間的高度彈性，以因應市場的不同需求。

And you mentioned the [EVA in Passe]. We're very happy with the EVA, development, especially in the what we call elevated EVA. One example is just a big buckle EVA that's performing very well, but keep in mind, globally we keep our, EVA around maximum 20% share of business here. So, it's a very planned, high scarcity, executed model, from the EVA perspective, and, in Asia, the growth is very strong. Highest ASP in Asia.

你提到了…[EVA in Passe].我們對艙外活動 (EVA) 的發展非常滿意，尤其是我們所謂的高架艙外活動 (EVA)。一個例子就是一款表現非常出色的大扣式EVA產品，但請記住，在全球範圍內，我們將EVA產品的市場份額控制在20%左右。因此，從經濟增加價值 (EVA) 的角度來看，這是一個經過精心策劃、高度稀缺且執行得非常成功的模式，而且在亞洲，這種模式的成長非常強勁。亞洲最高平均售價。

That's a very important, message I would say because that's very rare that you create as a brand the highest ASP in the APAC region. That's what we're doing, and, they're ready for this PU, products direct injected in molds, textile uppers, leather uppers, you name it, and all this will definitely come from [Pivac].

我認為這是一個非常重要的訊息，因為一個品牌能在亞太地區創造最高的平均售價是非常罕見的。這就是我們正在做的，他們已經準備好生產這種PU材質的產品，包括直接注塑成型的鞋面、紡織鞋面、皮革鞋面等等，應有盡有，所有這些都將來自我們。[Pivac]。

Thank you. Sam Poser, Williams Trading

謝謝。Sam Poser，威廉斯交易公司

Thank you for taking my question. Can you all hear me?

感謝您回答我的問題。你們都能聽到我說話嗎？

Yes, we can hear you Sam.

是的，我們能聽到你說話，山姆。

So I just We have 14 days or 13 days left in in Q1. Can you give us an, like an update on what Q1 looks like, in more specifics? I mean, the quarter's over pretty much. So, just wonder, I know you said business is very good and so on.

所以，我們第一季還剩下 13 或 14 天。能否更具體地為我們介紹第一季的計畫？我的意思是，這個季度差不多結束了。所以，我只是好奇，我知道你說過生意很好等等。

But could you give us some details on what the quarter looks like, please, is number one, in more specifics.

但您能否更具體地介紹一下本季的情況？這是第一點。

Sam, can I quickly jump in and give you the first answer?

山姆，我可以先插一句，給你第一個答案嗎？

Oliver. Okay,

奧利佛。好的，

So, you should expect, I mean, Q1 is our smallest quarter, but it will be well above our guidance. Okay? So, easy. From a margin and from a revenue growth perspective or in what respect?

所以，你們應該會預期，我的意思是，第一季是我們業績最低的一季度，但會遠高於我們的預期。好的？很簡單。從利潤率和收入成長的角度來看，還是從其他方面來看？

Sam, this is Ivica speaking. Oliver is referring to top-line. And in terms of, margin, we're not pre announcing margin for Q1 yet.

山姆，我是伊維卡。奧利佛指的是頂層。至於利潤率，我們目前還不會提前公佈第一季的利潤率。

Okay. Do you anticipate doing that prior to ICR or at ICR?

好的。您預計會在 ICR 之前還是在 ICR 期間進行這項工作？

No, we're not doing, going to do that.

不，我們不會那樣做。

Okay.

好的。

We will give more details, though, at our Capital Markets Day, end of January.

不過，我們將在1月底的資本市場日上公佈更多細節。

And then secondly, I just want to focus on the factories. There's been lots of conversations about that within. Pasawo, Gurlitz, and Portugal. How the existing framework of your production, you have currently, you had recently said that I believe going into Q3, '26, you expect that those production facilities to be pretty much optimized, given all the changes. Now, it's not to say you're not doing other things, expanding Pasaw and the new factory near Dresden. But within that framework, is that still the same expectation and should we expect production capacity to increase going into the back half of fiscal '26?

其次，我只想專注於工廠方面。內部已經就此進行了許多討論。帕薩沃、古利茲和葡萄牙。您目前的生產框架如何？您最近說過，我相信到 2026 年第三季度，考慮到所有的變化，您預計這些生產設施將得到相當程度的最佳化。當然，這並不是說你們沒有在做其他事情，例如擴大 Pasaw 的業務以及在德累斯頓附近新建工廠。但在此框架下，我們的預期是否仍然相同？我們是否應該預期 2026 財年下半年產能會增加？

Sam, this is Oliver speaking. There will be no big impacts, other than optimization within our existing structure. But within '26, all the machines are ordered, so we're waiting for the machines to come, and then we have to implement them, and then we have to roll them out, find the workforce. So it is a constant optimization, of course, and we're constantly, on the edge of the capacity, as you know. Blowing every single horn, that's available, but it's really, it is really tough at the moment, and, the big capacity push will come, once, [Witticheau] is on the net to deliver output from a [Corgla] tech standpoint and very urgently needed from a final assembly standpoint.

山姆，我是奧利佛。除了對現有架構進行最佳化之外，不會有其他重大影響。但到 2026 年，所有機器都已訂購，所以我們正在等待機器到貨，然後我們必須實施這些機器，然後我們必須推廣這些機器，找到勞動力。所以這當然是一個不斷優化的過程，而且如你所知，我們一直都處於產能極限的邊緣。我們正在竭盡全力，但目前的情況確實非常艱難，一旦 [Witticheau] 能夠從 [Corgla] 的技術角度提供產品，並且從最終組裝的角度來看，產能的大幅提升就會到來。

The construction site in [Passeval] will be a longer game because that's simply grassland at the moment, so we have to, build the building first, so that's on the midterm, perspective, and, Portugal is ongoing and all Portugal will double or triple their capacity from.

[Passeval] 的建築工地將是一個長期項目，因為那裡目前只是一片草地，所以我們必須先建造建築物，這是中期計劃，而且，葡萄牙正在不斷發展，葡萄牙的產能將從此翻一番或兩番。

Pre-production and manufacturing standpoint, which is a huge amount, okay, but it is also in the ramp up scenario we need to order lines, machines, and stuff. It's all done, but ramping up workforce, especially in this, very Complicated stuff like stitching, shilling, and all this, it's not that quick.

從生產前期和製造的角度來看，數量非常龐大，好吧，但同時也是在產能爬坡階段，我們需要訂購生產線、機器等等。一切都已完成，但是要迅速增加勞動力，尤其是在縫紉、搬運等非常複雜的工作中，這並不容易。

Paul Lejuez, Citi (Operator Instructions)

保羅‧勒胡茲，花旗銀行（操作說明）

Hey, hopefully you can hear me now, hopefully.

嘿，希望你現在能聽到我說話，希望如此。

Hey Paul, we can hear you loud and clear.

嘿，保羅，我們聽得清清楚楚。

Hey, sorry about that. Curious about your regional plans for F26. I think you talked about pairs being up 10%, curious how that looks by region, how you're thinking about, the three big regions, and, also curious if, given your capacity constraints, if you're having to restrict your distribution in certain regions. I think you had to do that once with AM. Curious if you're facing that again now.

嘿，真抱歉。我對你們在F26的區域規劃很有興趣。我想你提到過交易對數量增長了 10%，我很好奇按地區劃分的情況如何，你是如何考慮三大地區的，另外，考慮到你的產能限制，你是否不得不限制在某些地區的銷售。我想你以前用AM的時候也遇過這種情況。很好奇你現在是否再次面臨這種情況。

Thank you for your question, Paul. You're completely right. I mean, this is the basement of our distribution strategy. It's engineered distribution. So with the light of, margin, perspective on the different regions, Americas, Europe, and APAC, and I said it, before, the highest ASP is coming from the APAC region. Yes, we definitely will shift more product into this region to further develop, the strengths of the brand. They, they're growing very nicely.

謝謝你的提問，保羅。你說得完全正確。我的意思是，這是我們分銷策略的基礎。這是精心設計的分配方式。因此，從利潤率的角度來看，美洲、歐洲和亞太地區，正如我之前所說，亞太地區的平均售價最高。是的，我們一定會向該地區投入更多產品，以進一步發展品牌優勢。它們長得很好。

Best in class quality, that's an important thing, and I know you guys had a lot of success stories in Asia, but they're always margin diluted, they're always low ASPs and they're always mass driven. So it's the opposite with executing in APAC, and this, is now, relatively low hanging fruit for us to shift also, capacity, into Asia. And making sure these territories are well developed over time, and keep in mind, what we said at the, at pre-IPO, our ideal world, Not midterm but long-term will be 1/3 business share America's 13 business share Europe, and 1/3 APAC and right now in APAC we are at 11%, so yes, there's a lot of things we can do and we should continue doing and it's very encouraging what we see in this region. Impacts of tariffs and effects is not that bad in this region, so, yeah, it's the right direction, and, you're completely right.

一流的品質固然重要，我知道你們在亞洲有很多成功的案例，但它們的利潤率總是被稀釋的，平均售價總是很低，而且總是以大眾市場為導向的。因此，在亞太地區執行任務的情況恰恰相反，現在對我們來說，將產能轉移到亞洲也是相對容易實現的。確保這些地區隨著時間的推移得到充分發展，並記住我們在IPO前說過的話，我們理想的長期目標（不是中期目標）是：美洲佔1/3的業務份額，歐洲佔1/3，亞太地區佔1/3。目前我們在亞太地區的市佔率為11%，所以是的，我們有很多事情可以做，也應該繼續做，我們在這個地區看到的情況非常令人鼓舞。在這個地區，關稅的影響和後果並沒有那麼糟糕，所以，是的，這是正確的方向，你完全正確。

Any color you can give around the different growth rates by region, just tied to your guidance, follow your guidance for the year.

您可以根據不同地區的成長率，用任何顏色來區分，只要符合您的指導原則，並遵循您今年的指導原則即可。

APAC is twice the speed compared to the rest of the world, but that's steered. It could be quicker, but that's what we're doing. That's how we, it's also the steering is coming from our capacity restrictions because Honestly speaking, if I have 10 million pairs of clocks available right now, I can send them over to Asia and they're gone in a week. So this is not, the issue I know it sounds super weird. But Paul, believe me, we are not demand constrained. It's all about the capacity. If we don't have enough products, we cannot deliver anything.

亞太地區的經濟發展速度是世界其他地區的兩倍，但這並非偶然。或許可以更快，但我們現在就是這麼做的。這就是我們的方式，這也是我們產能限制所導致的局面，因為說實話，如果我現在有 1000 萬對鐘錶，我可以把它們送到亞洲，一周之內就會售罄。所以這不是問題所在，我知道這聽起來很奇怪。但是保羅，請相信我，我們並非受需求限制。關鍵在於容量。如果產品不足，我們就無法出貨。

Got it. Good luck, guys. Happy holidays.

知道了。祝你們好運。節日快樂。

Janine Stichter, BTIG.

Janine Stichter，BTIG。

Hi, yeah. I want to ask a bit more about the B2B expansion. I think in the past you've pointed to the long-term opportunity at about 5,000 doors on a base of around 12,000. What would the timeline look like on this, especially given the capacity constraints, and how should we think about that as a near term driver of B2B growth? Just wondering if there's any change to what we've seen recently with 90% of B2B growth coming from existing doors. Thank. you.

嗨，是的。我想再問一下關於B2B業務拓展的問題。我認為你過去曾指出，在約 12,000 個客戶的基礎上，長期來看，開設約 5,000 家門市是一個不錯的機會。考慮到產能限制，這項計畫的時間表會是什麼樣的？我們應該如何看待它作為近期 B2B 成長驅動因素的作用？想知道最近90%的B2B成長都來自現有門市的情況是否有改變。謝謝。

Hey, this is Nico. Thank you for your question. Yes, we said there is an opportunity for us, when we select the right doors, that are, 5,000 that are under penetrated by now. So far, we've been very, disciplined in our distribution, our B2B. So since IPO, we didn't add any major number of partners, at all. So growth is really coming from within. Through a broader assortment, through a deeper assortment that our partners are enjoying, while maintaining a full price realization of above 90%, and we're going to stay very close to that discipline while we also unlock new areas of distribution, particularly in sport. As a, recovery, opportunity for our food bed, but also in the outdoors area.

嘿，我是尼可。謝謝你的提問。是的，我們說過，當我們選擇合適的門時，我們就有機會，那就是目前尚未充分利用的 5,000 扇門。到目前為止，我們在分銷和 B2B 業務方面一直非常自律。所以自IPO以來，我們根本沒有增加任何大量的合作夥伴。所以，真正的成長來自於內在。透過更廣泛的產品系列，透過我們合作夥伴所享受的更豐富的產品系列，同時保持 90% 以上的全價實現率，我們將始終堅持這一原則，同時開拓新的分銷領域，尤其是在體育領域。作為恢復的機會，我們的食物床，以及戶外區域。

So that is something that will, bring us a small amount of doors, again, very carefully selected that we will increase in fiscal '26 in those two areas, but, rest assured, we'll look at, full price realization, we'll look at stock to sales ratio, and we'll not put too much pressure out of there with regards to our own DTC.

所以，這將為我們帶來少量的、經過精心挑選的管道，我們將在 2026 財年增加這兩個領域的業務，但請放心，我們會關注全價實現率，我們會關注庫存銷售比率，並且不會對我們自己的 DTC 施加太大壓力。

Helpful caller.

一位熱心的來電者。

Thanks a lot. This does conclude today's call. Thank you for attending. You may now disconnect.

多謝。今天的電話會議到此結束。謝謝各位的出席。您現在可以斷開連線了。