Investing.com -- Birkenstock Holding plc shares fell more than 11% in pre-market trading on Wednesday after the footwear maker reported second-quarter operating profit and adjusted earnings below analyst estimates despite revenue growth.

The company posted second-quarter operating profit of €155.5 million, down 11% from a year earlier and below the Bloomberg consensus estimate of €168.1 million. Revenue rose 7.7% to €618.3 million, compared with analysts’ estimate of €620.3 million.

Adjusted earnings per share were €0.50, compared with €0.55 a year earlier and below the estimate of €0.59. Net income fell 22% to €81.9 million, missing analysts’ estimate of €109.4 million.

Adjusted EBITDA was €198.3 million, down 0.9% from a year earlier and below the estimate of €199.5 million. Adjusted EBITDA margin declined 270 basis points to 32.1%, while adjusted gross profit margin fell 310 basis points to 54.6% from 57.7% a year earlier.

Birkenstock said adjusted gross profit margin included currency headwinds of 230 basis points and incremental U.S. tariffs totaling 90 basis points. The company also cited a non-cash negative revaluation of senior notes totaling €15 million.

“Our business proved very resilient in the fiscal second quarter,” Chief Executive Officer Oliver Reichert said.

“Despite the ongoing instability in the Middle East, persistent inflationary pressures, US tariff policy evolving unfavorably for us and continued F/X headwinds, we delivered constant currency revenue growth of over 14%,” Reichert said.

Americas revenue rose 3.8% to €324.4 million, compared with analysts’ estimate of €325.9 million. EMEA revenue increased 10% to €235.1 million, while APAC revenue rose 22% to €58.6 million.

Birkenstock said the war in the Middle East negatively impacted EMEA revenue by about €6 million and caused an estimated 300 basis point headwind to EMEA growth in the quarter.

Business-to-business revenue rose 9.1% to €471.7 million, below the estimate of €479.3 million. Direct-to-consumer revenue increased 4% to €146.4 million, compared with analysts’ estimate of €145.9 million.

The company said it still expects fiscal 2026 revenue growth at constant currency of 13% to 15%, adjusted EBITDA margin of 30% to 30.5% and adjusted gross profit margin of 57% to 57.5%.

Birkenstock also maintained its fiscal 2026 adjusted earnings per share forecast of €1.90 to €2.05, inclusive of tariff and foreign exchange impacts.