Commentary & Deal Flow

Reoffer: 4.50% / 100
Benchmark: DBR 2.6 15-Aug-33 / +173bp

Final Talk: 4.50% area (+/- 12.5)
Price Talk: 4.75% area (+/- 12.5bps)
IPT: 5.00%-5.25%

• Issuer: Birkenstock Group B.V. & Co. KG
• Business: Global German footwear designer, manufacturer, and distributor. HQ: Linz am Rhein, Germany.
• Corporate Ratings: BB+ (neg) / BB+ (sta) (S&P/Fitch)
• Issue Ratings: BB+ / BB+ (S&P/Fitch)
• Instrument: Senior Unsecured Fixed Rate Notes
• Currency: EUR
• Offering Size: €900,000,000
• Trade Date: 16-Jun-26
• Settlement: 19-Jun-26 (T+3)
• Maturity: 15-Jun-33 (7y)
• Coupon: 4.50%
• Issue Price: 100
• YTM: 4.50%
• Spread to Benchmark: 173 bps
• Benchmark: DBR 2.6 15-Aug-33
• Make-Whole: Bunds + 50bps
• Optional Redemption: NC3
• • Commencing 15-Jun-29 – 102.25%
  • Commencing 15-Jun-30 – 101.125%
  • Commencing 15-Jun-31 – 100%
• Equity Claw: 3 year, up to 40% @ 104.50%
• Special Call: 10% per year the first 3 years at 103
• Interest Payment Dates: Semi Annual, 15-Jun / 15-Dec
• First Interest Payment Date: 15-Dec-26
• Day Count: 30/360
• Change of Control: Put @ 101, subject to ratings based portability defined on the OM
• Distribution: Reg S / 144A for life
• Denominations: €100k x €1k
• Listing: TISE
• Governing Law: New York Law
• ISIN:
• • Reg S: XS3410944709
  • 144A: XS3410944881
• Use of Proceeds (UoP): Redemption of the existing Birkenstock Financing S.à r.l. €430m 5.25% sr notes due 30-Apr-29 (callable at 100), €471m share repurchases by Birkenstock Holding PLC or refinancing other indebtedness and GCP, and pay related fees and expenses
• Covenants: Usual and customary investment grade style covenants (with certain limitations on lien, guarantees and on mergers)
• Joint Global Coordinators and Bookrunners: BNP Paribas (B&D), JPM
• Equity Sponsor: L. Catterton (54.1%) (45.9% public float)
• TOE: 16:55 UKT, 16-Jun-26
• FTT: 07:30 UKT, 17-Jun-26
• Target Market: No EU PRIIPs key information document (KID) and no UK disclosure document required by DISC have been prepared as the notes are not available to retail in EEA or UK
• Books Closed: Books closed at 13:00 UKT / 14:00 CET 16-Jun-26; Reconfirms by 14:15 UKT / 15:15 CET 16-Jun-26
• Marketing Schedule:
• • GIC: 15-Jun-26 @ 11:00 UKT / 12:00 CET
  • 1-on-1s: 15-Jun-26 – 16-Jun-26
• DealRoadshow Link: https://dealroadshow.com (Access Code: BOSTON26SLIDES)
• GIC Registration Link: https://evercall.co/oacc/55304