Servizi
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).
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
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.
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.
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.
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:
Total number of treasury shares held at the end of June 2025: 400,833.
Glossary
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:
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 .
See appendix for detail of non-recurring items
Others include income tax paid and pensions contribution
See glossary
Circana data: Year-to-date June 2025
See glossary
Circana data: Year-to-date June 2025. Estimated total lighter measured market (c.70% total market coverage)
See glossary
Circana data: Year-to-date June 29, 2025
Special bonus paid in 2024 to employees who have not been granted shares under the regular long term incentive plans
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
Impairment due to lower-than-expected recent performance
Including other current financial assets (€3m for 2025 and €2m for 2024)
Attachment
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