Slides
Page 1
Combined General Meeting MAY 2 , 2 25
Page 2
Legal Opening Statement LAURA VANHOUTTE DIRECTOR – CORPORATE, SECURITIES AND M&A 2 May 20, 2025COMBINED GENERAL MEETING
Page 3
3 AGENDA • 2024 Highlights and 2025 Outlook • FY 2024 Consolidated Results and Q1 2025 Net Sales • Group Supply Chain Strategy and Blade Excellence Division Performance • People and Culture • Horizon Plan and Sustainable Development Strategic Achievements • Tangle Teezer Presentation • Governance May 20, 2025COMBINED GENERAL MEETING
Page 4
2024 Highlights and 2025 Outlook GONZALVE BICH CHIEF EXECUTIVE OFFICER 4 May 20, 2025COMBINED GENERAL MEETING
Page 5
2024 A year of resilience in the face of a volatile macroeconomic environment COMBINED GENERAL MEETING Acquisition of Tangle Teezer, a premium detangling haircare company Attractive shareholders’ remuneration Strong financial results driven by continued operational excellence 5May 20, 2025
Page 6
Ordinary Dividend(1) for 2024 fiscal year 2024 Payout ratio(2) up to €40m 2025 Share buyback program 50% €3.08 Shareholder Remuneration Policy 40 127 167 2025e 120 39 81 2021 134 2022 39 95 210 2023 60 40 110 117 2020 110 7 218 2024 59 40 119 Ordinary dividend Share buyback Exceptional dividend Exceptional share buyback 6 in million euros (1) Payable in June 2025, subject to the approval of the AGM held today – based on 41,621,162 shares as of December 31, 2024 (excluding treasury shares) (2) Dividend per share / Adjusted Group EPS COMBINED GENERAL MEETING May 20, 2025
Page 7
2025 Outlook(1) Full Year Net Sales expected to grow between 0% and 3% at constant currency Adjusted EBIT margin expected to be around 15.0% Free Cash Flow expected to be above 240 million euros 7 (1) This outlook does not reflect possible impacts from the fluid trading environment, particularly changes in US tariffs. COMBINED GENERAL MEETING May 20, 2025
Page 8
FY 2024 Consolidated Results and Q1 2025 Net Sales CHAD SPOONER CHIEF FINANCIAL OFFICER FRANÇOISE TAINE VICE PRESIDENT – GROUP FINANCE CONTROLLER 8 COMBINED GENERAL MEETING May 20, 2025
Page 9
2024 Key Financial Figures 9 NET SALES ADJUSTED EBIT(1) ADJUSTED GROUP EPS(1) FREE CASH FLOW(2) (1) Adjusted means excluding normalized items (2) Before acquisitions and disposals €2,197m Change at constant currency +3.1% Change at constant currency excl. Argentina +0.8% €343m Adjusted EBIT Margin 15.6% Change +90 bps €6.15 Change as reported +7.9% €271m Net Cash Position €189m COMBINED GENERAL MEETING May 20, 2025
Page 10
2024 Performance by Division HUMAN EXPRESSION FLAME FOR LIFE BLADE EXCELLENCE (1) Change at constant currency excluding Argentina (2) Adjusted means excluding normalized items Adjusted EBIT(2): €62m margin: 7.6% Net Sales: €814m +0.7%(1) Adjusted EBIT(2): €269m margin: 33.3% Net Sales: €810m (1.8)%(1) Adjusted EBIT(2): €101m margin: 18.5% Net Sales: €543m +5.0%(1) 10COMBINED GENERAL MEETING May 20, 2025
Page 11
2024 Profit & Loss Statement in million euros 2023 2024 Net Sales 2,263.3 2,196.6 Gross Profit 1,148.1 1,102.7 Adjusted EBIT(1) 333.1 343.1 Non-recurring items 12.6 53.4 EBIT 320.5 289.7 Income before Tax 313.0 297.6 Net Income Group share 226.5 212.0 Group Earnings per share (in euros) 5.30 5.10 Adjusted Net Income Group Share 243.4 255.6 Adjusted Group Earnings per share (in euros) 5.70 6.15 (1) Adjusted means excluding normalized items 11COMBINED GENERAL MEETING May 20, 2025
Page 12
Net Cash Position (1) Including income tax paid and pensions contribution (2) Including €40.0 million of share buyback for cancellation and €15.7 million of free shares to be granted (long term incentives) in million euros Net Cash from Operating Activities: €358m Free Cash Flow before acquisitions and disposals: €271m (1) (2) 385 189 471 113 87 178 56 201 32 December 2023 Net Cash Position Operating cash flow Change in working capital and others CAPEX Dividends paid Share buyback Acquisition (Tangle Teezer) Others December 2024 Net Cash Position 12COMBINED GENERAL MEETING May 20, 2025
Page 13
Q1 2025 Net Sales (10.9)% on a comparative basis (7.0)% on a constant currency basis Net Sales €478m 13COMBINED GENERAL MEETING May 20, 2025
Page 14
ALIX DOLIDON VICE-PRESIDENT FINANCE – GROUP SUPPLY CHAIN 1414 Group Supply Chain Strategy and Blade Excellence Division Performance COMBINED GENERAL MEETING May 20, 2025
Page 15
BIC’s Horizon Plan – Key Priorities Capture Cash Every Day 1. Reducing Cash Conversion Cycle through Working Capital Management and Capex discipline 2. Accounts Receivable improving collections 3. Focusing on Inventory Management Deliver Sustainable Growth 1. Unleash power of our core products via Commercial Growth Drivers 2. Innovate new products and business models to reach new segments 3. Extend through targeted M&A 1. Procurement to lower costs 2. Value Engineering for lower COGS 3. Manufacturing and Supply Chain efficiencies Execute Operating Efficiencies 15COMBINED GENERAL MEETING May 20, 2025
Page 16
BIC’s Group Supply Chain Key Strategic Pillars PEOPLE & CULTURE PROCESS TECHNOLOGY REGIONALIZATIONEND-TO-END GLOBAL LEVERAGE VALUE ADDED PROCUREMENT Interconnected & consumer-centric supply chain Regionally connected Locally focused Leverage our outstanding capabilities Professionalized buying 16COMBINED GENERAL MEETING May 20, 2025
Page 17
Continuous improvement of BIC’s Supply Chain Initiatives Regionalizing our supply network and prioritizing local sourcing Significant logistics optimization and reduction of goods transiting between production sites Enhancing end-to-end supply chain network and process optimization Executing BIC Up program in all shaver and stationery manufacturing plants Rebalancing product portfolio to maximize growth, cost and sustainability >€10 million cost savings (1) ~2% plastic removed from total production(1) 17 Regionalization Manufacturing efficiencies Value Engineering (1) Since launch of program in 2022 COMBINED GENERAL MEETING May 20, 2025
Page 18
Inauguration of plant extension in Saltillo (Mexico), expanding existing manufacturing footprint Production of the Mini Pocket Mouse transferred from Mexico to BIC’s Bizerte facility in Tunisia Production of Brite Liner Highlighter transferred to BIC plants in Saltillo (Mexico) and Samer (France) Regionalization through Global Footprint Optimization 18 COMBINED GENERAL MEETING May 20, 2025
Page 19
Innovation & engagement powered by ideas 40,000+ Ideas received in 2024 25,000+ Ideas implemented in 2024 8,000+ Team members engaged 19 COMBINED GENERAL MEETING May 20, 2025
Page 20
Maximizing Growth through Value Engineering 20 Close to 30% weight reduction of the barrel since 1950 without any loss in quality 30% more BIC Cristal pens are produced made from using the same amount of plastic as when they were first created BIC Cristal penTwin Lady/Silky Touch shavers Upgrade of BIC’s iconic Twin Lady/Silky Touch shavers in Europe and North America, now featuring a handle made from 87% recycled plastic COMBINED GENERAL MEETING May 20, 2025
Page 21
-16% Inventory improvement in volume since 2022 -35% Reduction in SLOB(1) inventory since 2022 -40% SKU reduction vs 2019 A Journey with Great Impact Product and inventory optimization 21 Advancing sustainability 95% of strategic suppliers have adopted BIC’s responsible purchasing program -50% of non-virgin plastic in BIC packaging vs 2019 92% of renewable electricity used at BIC facilities, up vs 76% in 2019 (1) SLOB: Slow and obsolete inventory COMBINED GENERAL MEETING May 20, 2025
Page 22
22 Blade Excellence division performance COMBINED GENERAL MEETING May 20, 2025
Page 23
Blade Excellence Division performance 18.5% adjusted EBIT(2) margin +5.0%(1) Net Sales growth 25% of total Group Net Sales 2024 Key figures Value growth through trade-up Worldwide leadership positions N°2 in the US with 28% market share(3) N°2 in Europe in 2024 with share gains in 7 out of 11 countries(5) N°2 in Mexico and Brazil with 15% and 26% market share respectively(4) 23 (1) Change at constant currency excluding Argentina (2) Adjusted means excluding normalized items (3) In non-refillable. Source: IRI in value, YTD December 2024 (4) In non-refillable. Source: Nielsen in value, YTD December 2024 (5) In total wet shave. Source: NielsenIQ & Circana in value, YTD November 2024 COMBINED GENERAL MEETING May 20, 2025
Page 24
People and Culture ALEXANDRA MALAK CHIEF PEOPLE & WORKPLACE OFFICER 24 COMBINED GENERAL MEETING May 20, 2025
Page 25
25 Horizon Plan and Sustainable Development Strategic Achievements GONZALVE BICH CHIEF EXECUTIVE OFFICER COMBINED GENERAL MEETING May 20, 2025
Page 26
Tangle Teezer Presentation 26 GONZALVE BICH CHIEF EXECUTIVE OFFICER COMBINED GENERAL MEETING May 20, 2025
Page 27
27 Governance MAËLYS CASTELLA CHAIR OF THE AUDIT COMMITTEE CAROLE CALLEBAUT PIWNICA CHAIR OF THE REMUNERATION COMMITTEE CANDACE MATTHEWS CHAIR OF THE NOMINATIONS, GOVERNANCE AND CSR COMMITTEE COMBINED GENERAL MEETING May 20, 2025
Page 28
Clear and well-balanced governance 28 MembersWomenNationalities 50% 4 BOARD OF DIRECTORS 12 Audit Committee Remuneration Committee Nominations, Governance and CSR Committee CEO COMBINED GENERAL MEETING May 20, 2025
Page 29
Our Board in 2024 10 meetings – 96% attendance • Approval of financial statements, review of quarterly results • Review of the Group's operating plan and updating of scenarios based on sales forecasts and operating results • Monitoring the Tangle Teezer acquisition project • Studying financing options and securing access to external funding • Risk management • Review of the deployment of the Group's Horizon strategic plan • Monitoring our innovation strategy in each category • Designation of the Nominations, Governance and CSR Committee as the Committee responsible for sustainability issues • Review of the Group's sustainable development program and CSRD topics • Review of the Board's composition in terms of diversity and skills • Review of the remuneration policy for corporate officers • Review of the terms and conditions of the remuneration package awarded to Gonzalve Bich in the context of his departure • Implementation of an ad hoc succession Committee as part of the governance transition • Internal assessment of the Board’s performance • €55,7 million share buyback program launched and implemented(€40 million of share buyback for cancellation and €15.7 million of free shares to be granted) • Approval of the allocation of free shares to employees 29 FINANCE GROUP STRATEGY GOVERNANCE SHARE BUYBACK AND AWARD OF FREE SHARES COMBINED GENERAL MEETING May 20, 2025
Page 30
Our Board in 2024 12 MEMBERS 50% WOMEN(1) 4 NATIONALITIES 50% INDEPENDENT DIRECTORS(1) 10 MEETINGS 96% ATTENDANCE 30 (1) In accordance with the AFEP-MEDEF Corporate Governance Code, directors who represent employees are not factored into the ratio of independent directors. In accordance with French law, directors who represent employees are not included in the figures used to calculate the percentage of women on the Committee. COMBINED GENERAL MEETING May 20, 2025
Page 31
Our Board in 2024 Specialized committees AUDIT COMMITTEE Maëlys Castella Édouard Bich Candace Matthews Jake Schwartz REMUNERATION COMMITTEE Carole Callebaut Piwnica Maëlys Castella Véronique Laury Héla Madiouni NOMINATIONS, GOVERNANCE, AND CSR COMMITTEE Candace Matthews Marie-Aimée Bich-Dufour Carole Callebaut Piwnica 6 MEETINGS 4 MEETINGS 6 MEETINGS 100% 67% 100%67% 92% 75% Independence rate(1) Attendance rate 31 (1) In accordance with the AFEP-MEDEF Corporate Governance Code, directors who represent employees are not factored into the ratio of independent directors COMBINED GENERAL MEETING May 20, 2025
Page 32
32 Audit Committee Report MAËLYS CASTELLA CHAIR OF THE AUDIT COMMITTEE COMBINED GENERAL MEETING May 20, 2025
Page 33
Audit Committee’s work 6 MEETINGS in 2024 75% Independent 92% Attendance 33 Review of annual and interim financial statements and quarterly results Review internal control and audit assignments Review of potential acquisitions (including in-depth analysis of Tangle Teezer acquisition) and the postmortem of closed transactions Review of the related-party agreement relating to the departure conditions of the Chief Executive Officer, Gonzalve Bich Monitoring of the share buyback program Review of risk management Monitoring of the Group’s insurance coverage and its costs Review of cybersecurity management for the Group MAËLYS CASTELLA Independent Chair CANDACE MATTHEWS Independent Director JAKE SCHWARTZ Independent Director ÉDOUARD BICH (Société M.B.D.) Director COMBINED GENERAL MEETING May 20, 2025
Page 34
34 Remuneration Committee Report CAROLE CALLEBAUT PIWNICA CHAIR OF THE REMUNERATION COMMITTEE COMBINED GENERAL MEETING May 20, 2025
Page 35
Remuneration Committee’s work 4 MEETINGS in 2024 CAROLE CALLEBAUT PIWNICA Independent Chair MAËLYS CASTELLA Independent Director HÉLA MADIOUNI Director representing employees 35 VÉRONIQUE LAURY Director 35 Sets remuneration for Board Chair and Directors Remuneration policy to be applied to the Chief Executive Officer, criteria and related targets to be used for the variable remuneration Chief Executive Officer remuneration in the case of departure from the Company Reviews remuneration reports for the Universal Registration Document (Say on Pay) and remuneration resolutions submitted to a vote of the Annual General Meeting (1) In accordance with the AFEP-MEDEF Corporate Governance Code, directors who represent employees are not factored into the ratio of independent directors. 67% Independent(1) 100% Attendance COMBINED GENERAL MEETING May 20, 2025
Page 36
Corporate Officer Remuneration Policy Non-Executive Directors • Fixed remuneration. Amount set at €300,000 per year for the period 2022-2024 and set at €400,000 per year for the period 2025-2027 • Nikos Koumettis: €300,000 for 2024 • Set by the Board of Directors • Separate from the budget approved at the General Meeting for Board Director remuneration • No variable remuneration or shares BOARD CHAIR • Maximum combined remuneration of €550,000 per year in 2024 and of €750,000 per year in 2025OTHER BOARD MEMBERS • Set by the Board of Directors and in line with market practicesANNUAL FIXED REMUNERATION • Remuneration for Committee Chairs • Remuneration for Committee members • Differentiation between the Audit Committee, on the one hand, and the Remuneration Committee, and the Nominations, Governance, and CSR Committee on the other ANNUAL FIXED REMUNERATON COMMITTEE • Remuneration tied to actual Board meeting attendance • From 2025, remuneration tied to actual Committee meeting attendance • Specific remuneration is paid for Board meeting attendance on another continent ANNUAL VARIABLE REMUNERATION ATTENDANCE • Set by the Board of Directors and in line with market practicesANNUAL FIXED REMUNERATION LEAD INDEPENDENT DIRECTOR 36COMBINED GENERAL MEETING May 20, 2025
Page 37
Pay structure FY fixed remuneration paid in respect to 2024 Variable remuneration target for FY 2024 Measure of individual targets met Variable remuneration payout for FY 2024(1) Performance shares awarded in 2024 Valuation using consolidated financial statements method Gonzalve Bich Chief Executive Officer Fixed 24% Target variable 32% Shares 44% €866,531 €1,141,510 i.e. 130% of fixed remuneration as of December 31, 2024 100% €763,613 €1,379,705 Chief Executive Officer Remuneration in Respect to 2024 Itemized annual remuneration totals for 2024 37 (1) Subject to the vote of the Annual General Meeting COMBINED GENERAL MEETING May 20, 2025
Page 38
Chief Executive Officer Remuneration in Respect to 2024 Calculation of the variable compensation 38 Objective Weighting Minimum Target Maximum Achievement level Payout Payout as a % of fixed compensation Net Sales 25% €2,142.5m +6.8% increase at budget currency +10.2% increase at budget currency 12.4% 3.1% 4.03% Group adjusted EBIT 25% €321.1m +6.7% increase at budget currency +10.1% increase at budget currency 37.9% 9.5% 12.32% Group Cash Conversion Cycle 20% 189 days 176 days 169.5 days 121.6% 24.3% 31.62% Personal objectives 30% 11.7% 39.0% 58.5% 100% 30% 39.00% TOTAL 100% - - - - 66.9% 86.96% Base pay as of December 31, 2024 €878,120 % of variable on base pay 86.96% Variable annual compensation €763,613 38COMBINED GENERAL MEETING May 20, 2025
Page 39
2025 Remuneration policy Application of the policy in the event of departure from the Company FY 2025 annual fixed remuneration Variable remuneration target for FY 2025 Performance shares in 2025 Non-compete clause Termination indemnity Performance shares Related-party agreement – consulting services The policy is set in the currency of payment (USD) Facial value Gonzalve Bich Chief Executive Officer USD 950,000 (unchanged) USD 1,235,000 i.e. 130% of the fixed remuneration which will be paid on a pro-rata temporis basis USD 1,700,000 USD 1,800,000 paid for a 12-month period following departure None Performance shares grant maintained on a pro-rata temporis basis and according to initial calendar and performance conditions USD 350,000 for a 6-month period for services related to the transition with the new CEO Chief Executive Officer Remuneration in Respect to 2025 Annual remuneration and remuneration policy in the event of departure from the Company 39COMBINED GENERAL MEETING May 20, 2025
Page 40
40 Nominations, Governance, and CSR Committee Report CANDACE MATTHEWS CHAIR OF THE NOMINATIONS, GOVERNANCE AND CSR COMMITTEE COMBINED GENERAL MEETING May 20, 2025
Page 41
Nominations, Governance, and CSR Committee’s work 41 Annual review of the CEO's performance and development and setting of objectives Organization of the governance transition in the event of the departure of the Chief Executive Officer, and establishment of an ad hoc succession Committee Review with the Remuneration Committee of the remuneration policy for executive corporate officers, including remuneration package for the Chief Executive Officer on his departure Assisting the Board of Directors in monitoring social, non-discrimination, diversity policies and monitors the annual Talent review process Monitoring the Group's commitments relating to the sustainable development program Quarterly review of CSRD issues, presented by the Group Sustainability Officer Evaluation of the Board performance Evaluation of the qualification of Independent Director CAROLE CALLEBAUT PIWNICA Independent Director CANDACE MATTHEWS Independent Chair MARIE-AIMÉE BICH-DUFOUR Director 6 MEETINGS in 2024 67% Independent 100% Attendance COMBINED GENERAL MEETING May 20, 2025
Page 42
42 Board Evolution in 2025 LAURA VANHOUTTE DIRECTOR – CORPORATE, SECURITIES AND M&A COMBINED GENERAL MEETING May 20, 2025
Page 43
Board Changes in 2025 Term to be renewed 43 GONZALVE BICH Term as Director to be renewed COMBINED GENERAL MEETING May 20, 2025
Page 44
Term as Director to be Renewed Gonzalve BICH(1) Chief Executive Officer and member of the Board of Directors • General management of companies • In-depth knowledge of the Group • International outlook • Innovation • Customers/sales 44 EXPERTISES Director of Société BIC since May 16, 2018 Chief Executive Officer since May 16, 2018 French and American nationalities (1) It is hereby recalled that, on December 11, 2024, the Board of Directors and GonzalveBich announced a transition process regarding the completion of the latter's terms of office, aimed at appointing a new ChiefExecutive Officer by September 30, 2025. His mandates as Chief Executive Officer and Director will terminate simultaneously. COMBINED GENERAL MEETING May 20, 2025
Page 45
Board changes in 2025 Appointment of Directors Appointment as Director 45 ÉDOUARD BICH ESTHER GAIDE Appointment as Independent Director COMBINED GENERAL MEETING May 20, 2025
Page 46
Appointment as Director Édouard BICH 46 Subject to the approval of the Annual General Meeting and the decisions of the Board of Directors: appointment as Chair of the Board of Directors Permanent representative of Société M.B.D., Director of Société BIC since May 24, 2006 French nationality • Finance • In-depth knowledge of the Group EXPERTISES COMBINED GENERAL MEETING May 20, 2025
Page 47
Appointment as Independent Director Esther GAIDE 47 Subject to the approval of the Annual General Meeting and the decisions of the Board of Directors: appointment as Chair of the Audit Committee and member of the Remuneration Committee 30 years of experience in finance Chief Financial Officer in several large international companies French nationality • Finance • International experience • M&A EXPERTISES COMBINED GENERAL MEETING May 20, 2025
Page 48
The Board following the Combined General Meeting of May 20, 2025(1) Independent directors Employee representatives Bich family representatives 48 ÉDOUARD BICH Non-Executive Chair GONZALVE BICH CEO MARIE-AIMÉE BICH-DUFOUR TIMOTHÉE BICH CAROLE CALLEBAUT PIWNICA SÉBASTIEN DRECQ ESTHER GAIDE VÉRONIQUE LAURY HÉLA MADIOUNI CANDACE MATTHEWS JAKE SCHWARTZ MARIE- EDMÉE VALLERY–RADOT - (Société M.B.D) (1) Subject to the vote of the Annual General Meeting and the decisions of the Board of Directors on May 20, 2025. COMBINED GENERAL MEETING May 20, 2025
Page 49
Combined General Meeting MAY 2 , 2 25