BIC: First Half 2025 Results

Clichy, France – July 30, 2025

FIRST HALF 2025 RESULTS

H1 net sales performance of -2.4% at constant currencies and adjusted EBIT margin of 13.7%

Return to growth in Q2 at constant currencies, with sequential improvement across all divisions and geographies, despite a challenging trading environment. Q2 net sales of €598 million, +1.4% at constant currencies (-2.7% on a comparative basis). H1 net sales of €1,077 million, down 2.4% at constant currencies (-6.4% on a comparative basis).

• Human Expression: Q2 net sales of €253 million, -6.1% at constant currencies, with challenging market trends across the globe, however performance improved sequentially in key regions. H1 net sales were €406 million (-7.8% at constant currencies).
  
  

• Flame for Life: 15 points improvement in Q2 (vs. Q1), with total net sales of €183 million, down 0.9% at constant currencies, mainly driven by the US and Brazil. H1 net sales decreased 8.6% at constant currencies, at €354 million.
  
  

• Blade Excellence: Q2 net sales of €157 million, +19.9% at constant currencies (+1.6% on a comparative basis), mainly fueled by Tangle Teezer and Latin America. H1 net sales up 15.6% at constant currencies, at €302 million (-1.4% on a comparative basis).
  
  

  • Tangle Teezer contributed 4.0 points to Group growth in H1, with strong performance in key markets such as the US and Europe.

H1 2025 adjusted EBIT of €147 million, with a resilient adjusted EBIT margin of 13.7% (versus 14.9% in H1 2024).

H1 2025 adjusted EPS at 2.35 euros (vs. 2.95 euros in H1 2024).

Free Cash Flow generation of -€14 million (vs. €37 million in H1 2024) due to lower operating margin and negative impact from working capital.

Key Group financial figures

Gonzalve Bich, CEO, commented:

“The first half of the year was shaped by a volatile global trading environment and softer consumption. In Q2, BIC returned to growth, up +1.4% at constant currencies—a clear rebound from Q1. All categories and regions contributed to this sequential improvement, led by significant progress in Flame for Life in the U.S. and strong momentum from Tangle Teezer, which added four points to Group growth in H1.

Through disciplined execution, we delivered a resilient 13.7% adjusted EBIT margin in H1.

With a robust operating model and the dedication of our teams worldwide, I remain confident in achieving our 2025 outlook.”

2025 Outlook confirmed

• Net sales are expected to grow between 0% and 3% at constant currency.

• Adjusted EBIT margin is expected to be around 15.0%.

• Free Cash Flow is expected to be above €240 million.
  
  

This outlook excludes possible impacts from the fluid trading environment, particularly from US tariffs.

Key financial highlights

H1 2025 gross profit margin was 48.5% versus 49.3% in H1 2024, driven by higher raw material and electricity costs and unfavorable currency fluctuations. This was partially offset by favorable price and mix, continued manufacturing efficiencies and the positive impact of Tangle Teezer.

H1 2025 adjusted EBIT margin was 13.7% compared to 14.9% last year, mainly driven by gross profit margin decline.

Net income and earnings per share (EPS)

H1 2025 finance costs was 11 million euros, mainly due to the unfavorable impact of the fair value adjustments of financial assets denominated in US dollar and interest charges.

H1 2025 effective tax rate was 31.6%. Without the negative impact of the Rocketbook impairment, the effective tax rate for the period was 29.9%, an increase versus 28.0% in H1 2024 mainly due to the exceptional income tax contribution in France.

Change in net cash position

H1 2025 Free Cash Flow (before acquisitions and disposals) was negative 14 million euros compared to a positive 37 million euros in H1 2024, due to a decline of 29 million euros in operating cash flow and the negative change in working capital versus last year, mainly driven by the negative impact of the change in inventories.

At the end of June 2025, Net Cash position was 21 million euros versus 262 million euros at the end of June 2024 and compared to 189 million euros at the end of December 2024.

Operational Trends by Division

Human Expression

Q2 2025 Human Expression net sales were down 6.1% at constant currencies due to challenging market trends, notably in North America and Latin America.

H1 2025 Human Expression net sales were down 7.8% on a constant currency basis.

• In Europe, H1 net sales were down low single digits, negatively impacted by lower consumer demand in France in the Modern Mass Market and declines in e-commerce in the UK. However, continued distribution expansion in the discounters channel, particularly in Germany, positively contributed to the performance during the quarter. Recent product innovations including the Flat Highlighter, 4-Color Smooth and Pastel, as well as Intensity Paint markers were successfully launched in several countries.
  
  

• In North America, the economic environment remains difficult, particularly in the US. In this context, net sales performance sequentially improved in Q2 versus Q1, while remaining significantly negative in H1. The stationery market declined 1.7% in value⁴ during the first half, with a higher decline in the ball pen segment, to which BIC is most exposed. However, in segments such as mechanical pencil and correction and channels like e-commerce, BIC outperformed the market in H1.
  
  

• In Latin America, net sales performance sequentially improved in Q2 versus Q1, while remaining negative in H1, due to increased competitive pressure across traditional channels in main countries. In Mexico, while performance was soft in ball pens, the growth was solid in gel and coloring pencils, supported by the recent launches of Gel-ocity and BIC® Intensity ranges. In Brazil, growth in coloring was not sufficient to offset the decline in highlighters and mechanical pencils.
  
  

• In Middle East and Africa, H1 net sales were flat. Strong commercial execution in Nigeria, particularly with the success of the iconic BIC Cristal pen, as well as distribution expansion in Morocco were key performance drivers. However, net sales were negatively impacted by market headwinds and competitive pressures in Kenya and South Africa.
  
  

H1 2025 Human Expression adjusted EBIT margin decreased 40 basis points to 11.0%, driven by higher raw material costs, unfavorable Rocketbook performance and currency fluctuations. This was partially offset by favorable price and mix and lower operating expenses.

Flame for Life

Q2 2025 Flame for Life net sales were down 0.9% at constant currencies, significantly improving versus Q1. Despite continued challenging market trends in the US and competitive activity in Latin America, BIC demonstrated resilience with a sequential improvement across all geographies, returning to growth in Europe and the Middle East and Africa.

H1 2025 Flame for Life net sales were down 8.6% at constant currencies.

• In Europe, H1 net sales performance was relatively flat. Following a slow start to the year, growth returned in Q2 fueled by strong momentum for key products including the BIC® Slim pocket lighter and the BIC® EZ Reach^TM. The latter was a standout performer growing double digits in net sales in the first half driven by high in-store visibility, strategic brand partnerships and impactful media activations such as the Snoop Dogg and Martha Stewart campaign. BIC also sustained its momentum in the discounters channel with increased distribution.
  
  

• In North America, net sales in H1 continued to be impacted by the challenging market environment with lower consumption trends. The US lighter market declined 5.4% in value year to date⁶, while BIC continued to gain share (+30 bps) driven by the utility segment (+1.8 points). Net sales performance improved significantly in Q2 with a low single-digit decline, compared to a double digit decline in Q1.
  
  

• In Latin America, net sales decreased high single digits in H1, with a sequential improvement in Q2. In Brazil, BIC gained distribution successfully in the utility lighters segment, however performance was negatively impacted by competition from low-cost lighters. In Mexico, BIC faced tough market conditions in the traditional channel, but net sales improved sequentially driven by decorated lighters and the launch of BIC® EZ Reach^TM.
  
  

H1 2025 Flame for Life adjusted EBIT margin was 28.6% compared to 31.5% last year, mainly due to net sales decline, higher raw material costs, unfavorable fixed costs absorption and currency fluctuations.

Blade Excellence

Q2 2025 Blade Excellence net sales were up 19.9% at constant currencies fueled by Tangle Teezer. Excluding Tangle Teezer, net sales were up 1.6% on a comparative basis, driven by solid growth in Latin America and Middle East and Africa and slight growth in Europe. In North America, performance was challenged by difficult market conditions and competitive pressure.

H1 2025 Blade Excellence net sales were up 15.6% at constant currencies and down 1.4% on a comparative basis.

• In Europe, H1 net sales were up double digits driven by the contribution of Tangle Teezer, with a particularly strong performance in the UK. Excluding Tangle Teezer, H1 net sales slightly decreased on a comparative basis. BIC continued to gain distribution, particularly in Eastern Europe, while value-added products and e-commerce penetration were the main contributors to growth in Western Europe. Recent launches such as the BIC® Hybrid Flex 5, BIC® Click Soleil and BIC® Soleil Escape shavers were supported by impactful advertising campaigns in several countries.
  
  

• In North America, Tangle Teezer’s contribution and solid performance led to double digit net sales growth in H1. Excluding Tangle Teezer, net sales were down mid-single digits driven by a challenging trading environment and continued promotional activity from competition, especially in the Women’s segment. In the Men’s segment, BIC gained market share (+30 bps⁸) with the ongoing success of added-value products such as BIC® Flex 5.
  
  

• In Latin America, net sales increased mid-single digits in H1 with a strong growth rebound in Q2, particularly in Brazil. BIC benefited from distribution gains of its premium products including BIC® Soleil Escape, BIC® Comfort 3 and BIC® Flex 3. In Mexico, BIC continued to generate solid growth in the 3-blade segment, while the Soleil brand was, once again, a key contributor to growth.
  
  

• In Middle East and Africa, H1 net sales were down mid-single digits with a significant improvement in Q2. This performance reflects a solid mix of premiumization and distribution expansion in key markets. Growth contributors included the Flex and Soleil ranges in Morocco and in the Middle East, as well as the one to three blade ranges in Nigeria.
  
  

H1 2025 Blade Excellence adjusted EBIT margin reached 14.7%, improving by 60 basis points versus last year, driven by favorable price and mix, fixed costs absorption, as well as manufacturing efficiencies. However, raw material and electricity costs were unfavorable.

Appendix

Net sales by geography (in million euros)

Net sales by division (in million euros)

Impact of change in perimeter and currency fluctuations on net sales

EBIT and adjusted EBIT by division

Condensed Profit & Loss Statement

Balance Sheet

Working Capital and Cash Flow Statement

Reconciliation with Alternative Performance Measures

Share Buyback Program

Capital and voting rights

As of June 30, 2025, the total number of issued shares of Société BIC is 41,621,162 shares, representing:

• 58,342,007 voting rights

• 57,941,174 voting rights excluding shares without voting rights

Total number of treasury shares held at the end of June 2025: 400,833.

Glossary

• Adjusted: Adjusted means excluding non-recurring items.

• Comparative basis: Change at constant currencies and constant perimeter.

• Constant currency basis: Change at constant currency figures are calculated by translating the current year figures at prior year average exchange rates.

• EBIT: Earnings Before Interest and Taxes.

• Adjusted EBIT margin: Adjusted EBIT as a percentage of Net Sales.

• EPS: Earnings per share.

• Free Cash Flow: Operating cash flow less change in working capital & others less capital expenditures.

• Net cash position: Cash and cash equivalents + Other current financial assets - Current borrowings - Non-current borrowings (excluding financial liabilities as per IFRS 16 definition).

Société BIC consolidated financial statements as of June 30, 2025, were approved by the Board of Directors on July 30, 2025. A presentation related to this announcement is also available on the BIC website (www.bic.com). This document contains forward-looking statements. Although BIC believes its expectations are based on reasonable assumptions, these statements are subject to many risks and uncertainties. A description of the risks borne by BIC appears in the section "Risk Factors and Management" in BIC's 2024 Universal Registration Document (URD) filed with the French financial markets authority (AMF) on March 27, 2025.

Conference call

BIC's H1 2025 results conference call and webcast will be hosted by Gonzalve Bich, CEO, and Chris Dayton, interim CFO, on Thursday, July 31, 2025, at 8:30 AM CET:

• To participate to the webcast: https://channel.royalcast.com/landingpage/bic/20250731_1/

• To participate to the conference call:

Contacts

Agenda

All dates to be confirmed

About BIC

A global leader in stationery, lighters, and shavers, BIC brings simplicity and joy to everyday life. For 80 years, BIC’s commitment to delivering high-quality, affordable, and trusted products has established BIC as a symbol of reliability and innovation. With a presence in over 160 countries, and over 13,000 team members worldwide, BIC’s portfolio includes iconic brands and products such as BIC® 4-Color™, BodyMark®, Cello®, Cristal®, Inkbox®, BIC Kids®, Lucky™, Rocketbook®, Tattly®, Tipp-Ex®, Wite-Out®, Djeep®, EZ Load™, EZ Reach®, BIC® Flex™, Soleil®, Tangle Teezer® and more. Listed on Euronext Paris and included in the SBF120 and CAC Mid 60 indexes, BIC is also recognized for its steadfast commitments to sustainability and education. For more, visit www.corporate.bic.com and to see BIC’s full range of products visit www.bic.com. Follow BIC on LinkedIn, Instagram, YouTube and TikTok.

¹ See appendix for detail of non-recurring items
² Others include income tax paid and pensions contribution
³ See glossary
⁴ Circana data: Year-to-date June 2025
⁵ See glossary
⁶ Circana data: Year-to-date June 2025. Estimated total lighter measured market (c.70% total market coverage)
⁷ See glossary
⁸ Circana data: Year-to-date June 29, 2025
⁹ Special bonus paid in 2024 to employees who have not been granted shares under the regular long term incentive plans
¹⁰ BIC signed a Virtual Power Purchase Agreement in November 2022 in Greece and a Physical Power Purchasing Agreement in November 2023 in France, as part of its Sustainability strategy
¹¹ Impairment due to lower-than-expected recent performance
¹² Including other current financial assets (€3m for 2025 and €2m for 2024)

Attachment

• BIC_H125_Results_PR_EN