Slides
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BIC H1 2025 Results Presentation July 31, 2025
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2 Disclaimer This document contains forward-looking statements. Although BIC believes its estimates are based on reasonable assumptions, these statements are subject to numerous risks and uncertainties. A description of the risks borne by BIC appears in section “Risk Factors and Management” of BIC’s 2024 Universal Registration Document filed with the French financial markets authority (“AMF”) on March 27, 2025.
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3 H1 2025 Gonzalve Bich Chief Executive Officer Key Takeaways
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Q2 and H1 2025 Key Takeaways • Return to net sales growth in Q2 driven by all divisions and geographies, at +1.4% at constant currencies, improving by 8.4 points compared to Q1 o H1 net sales down 2.4% at constant currencies • Strong sequential improvement in Flame for Life, almost flat in Q2 at -0.9% at constant currencies, +15 points versus Q1, mainly driven by the US and Brazil • Strong performance of Tangle Teezer, growing double-digits and contributing 4.0 points to Group growth in H1 • Resilient adjusted EBIT margin at 13.7% in H1 4
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5 H1 2025 Operational and Consolidated Results Chris Dayton Interim Chief Financial Officer
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6 H1 2025 Key Financial Figures Net Sales Free Cash Flow4 Adjusted EBIT3 Adjusted EPS3 €147m €2.35 €(14)m Q2 2025 +1.4% at CC1 (2.7) % at CB2 H1 2025 €598m €21m Net Cash Position5 13.7% Adjusted EBIT Margin versus €2.95 in H1 2024 €1,077m (2.4) % at CC1 (6.4) % at CB2 1 On a constant currency basis 2 On a comparative basis 3 See glossary in appendix 4 Free Cash Flow before acquisitions and disposals 5 At the end of June
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Flame For LifeHuman Expression Blade Excellence H1 2025 Division Performance Snapshot 1 Change at constant currencies 2 Adjusted EBIT and Adjusted EBIT Margin: see glossary in appendix Increased competition in Latin America Improvement in the US core stationery business in Q2 Continued distribution gains in Europe 7 €45m aEBIT2 11.0% €406m Net Sales (7.8) %1 €101m aEBIT2 28.6% €354m Net Sales (8.6) %1 €45m aEBIT2 14.7% €302m Net Sales +15.6%1 Return to growth in Q2 in Europe and Middle East and Africa Distribution gains in the utility segment in Brazil Significant improvement in the US vs Q1 despite challenging market trends Solid Q2 rebound in Brazil and continued growth in Mexico Robust performance of Tangle Teezer in the US and Europe Growth in Europe driven by value- added products
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618 59817 25 28 Q2 2024 Net Sales as reported Change on a comparative basis Perimeter impact FX impact Q2 2025 Net Sales as reported (2.7) pts +4.1 pts (4.5) pts 8 Q2 and H1 Net Sales Evolution in million euros 1,139 1,07773 46 35 H1 2024 Net Sales as reported Change on a comparative basis Perimeter impact FX impact H1 2025 Net Sales as reported (6.4) pts +4.0 pts (3.1) pts H1 2025 Q2 2025 Change at constant currencies: +1.4% Change at constant currencies: (2.4) %
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14.9% 13.7% (1.0) pts +0.3 pts (0.5) pts H1 2024 Adjusted EBIT margin Gross Profit Brand Support Operating and Other Expenses H1 2025 Adjusted EBIT margin 2 3 9 H1 Adjusted EBIT Margin1 Evolution 1 See glossary in appendix 2 Excluding Tangle Teezer inventory fair value adjustment in 2025. Excluding special bonus, PPA in France and VPPA in Greece in 2024 3 Excluding non-recurring items
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H1 2025 Profit & Loss Account 1 See glossary in appendix 41,198,105 average outstanding shares (net of treasury shares) H1 2025 non-recurring items: Tangle Teezer inventory fair value adjustment (€6m) and Rocketbook impairment (€19m) in million euros H1 2024 H1 2025 Adjusted EBIT1 170 147 Non-recurring items (15) (25) EBIT 155 122 Finance revenue (costs) 0 (11) Income before Tax 155 111 Net Income Group share 111 76 Group EPS 2.67 1.85 Adjusted Group EPS1 2.95 2.35 H1 2025 finance costs mainly due to unfavorable impact of the fair value adjustments of financial assets denominated in US dollar 10
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11 Working Capital 1 Number of days in net sales (DSO) 2 Number of days in costs of goods (DIO) 556 669 18 153 25 5 9 37 Dec-24 Net Inventory Trade & other Receivables Trade & other Payables Other receivables and payables Investing Activites FX & others Jun-25 67 70 72 Jun-23 Jun-24 Jun-25 182 176 174 Jun-23 Jun-24 Jun-25 Receivables in Days1 Inventory in Days2 in million euros
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189 21 199 179 34 127 13 14 December 2024 Net Cash Position Operating cash flow Change in working capital and others CAPEX Dividend paid Share buyback Others June 2025 Net Cash Position 12 H1 2025 Net Cash Position 1 Including tax paid and pensions contribution 1 in million euros Free Cash Flow: €(14)m Net Cash from Operating Activities: €20m
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13 Gonzalve Bich Chief Executive Officer 2025 Outlook
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14 2025 Outlook confirmed1 Full Year Net Sales expected to grow between +0% and +3% at constant currency Free Cash Flow expected to be above €240 million Adjusted EBIT margin expected to be around 15.0% 1 This outlook excludes possible impacts from the fluid trading environment, particularly from US tariffs
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15 Appendix
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H1 2025 Net Sales Breakdown By Division 38% 33% 28% 1% 7% Middle East & Africa 3% Asia & Oceania 37% Europe 17% Latin America 36% North America Other products 16 By Geography Flame for Life Human Expression Blade Excellence
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17 H1 2025 Net Sales Main Exchange Rate Evolution vs Euro % of net sales Average rates % changeH1 2024 H1 2025 US Dollar 36% 1.08 1.09 (1.0) % Brazilian Real 8% 5.50 6.29 (12.6) % Mexican Peso 5% 18.52 21.80 (15.1) % Canadian Dollar 3% 1.47 1.54 (4.6) % Argentine Peso1 1% 975.76 1,389.26 (29.8) % Indian Rupee 1% 89.98 94.07 (4.3) % Australian Dollar 1% 1.64 1.72 (4.7) % South African Zar 1% 20.24 20.07 +0.9% Nigerian Naira 1% 1,480.25 1,731.52 (14.5) % Non-Euro European countries 13% British Pound 0.85 0.84 +1.5% Russian Ruble 98.21 94.99 +3.4% Polish Zloty 4.32 4.23 +2.0% Turkish Lira 34.28 41.09 (16.6) % 1 Exchange rate at the end of period for ARS as we apply IAS 29 (“Hyperinflation accounting”) for Argentina
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18 Group Figures in million euros Q1 23 Q2 23 H1 23 Q3 23 Q4 23 FY 23 Q1 24 Q2 24 H1 24 Q3 24 Q4 24 FY 24 Q1 25 Q2 25 H1 25 Net Sales 539 638 1,177 560 526 2,263 522 618 1,139 540 517 2,197 478 598 1,077 YoY change as reported +4.5% +4.4% +4.4% (3.4) % (0.1) % +1.3% (3.2) % (3.2) % (3.2) % (3.7) % (1.6) % (2.9) % (8.3) % (3.1) % (5.5) % YoY change on a comparative basis1 +3.8% +9.2% +6.8% +7.2% +15.9% +9.0% +5.9% +1.1% +3.3% +2.7% +2.9% +3.1% (10.9) % (2.7) % (6.4) % YoY change on a constant currency basis1 +4.3% +9.3% +7.0% +7.2% +15.9% +9.2% +5.9% +1.1% +3.3% +2.7% +2.9% +3.1% (7.0) % +1.4% (2.4) % EBIT - - 175 - - 320 - - 155 - - 290 - - 122 Adjusted EBIT1 - - 175 - - 333 - - 170 - - 343 - - 147 EBIT margin - - 14.8% - - 14.2% - - 13.6% - - 13.2% - - 11.3% Adjusted EBIT margin1 - - 14.9% - - 14.7% - - 14.9% - - 15.6% - - 13.7% Net Income Group Share - - 122 - - 227 - - 111 - - 212 - - 76 EPS Group Share - - 2.81 - - 5.30 - - 2.67 - - 5.10 - - 1.85 1 See glossary in appendix. 2023 and 2024 changes on a comparative basis include Argentina.
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19 Group Quarterly Figures by Geography in million euros Q1 23 Q2 23 Q3 23 Q4 23 FY 23 Q1 24 Q2 24 Q3 24 Q4 24 FY 24 Q1 25 Q2 25 Europe Net Sales 152 202 171 141 666 160 212 175 150 698 168 226 YoY change as reported +6.1% +9.3% +0.6% +1.6% +4.6% +5.8% +5.0% +2.6% +6.0% +4.8% +4.7% +6.6% YoY change on a comparative basis1 +6.5% +12.7% +8.6% +6.8% +8.9% +10.1% +7.7% +2.7% +7.0% +6.8% (3.5) % (0.2) % YoY change on a constant currency basis1 +6.6% +12.8% +8.6% +6.8% +9.0% +10.1% +7.7% +2.7% +7.0% +6.8% +4.7% +6.8% North America Net Sales 217 259 208 199 883 191 233 198 196 819 167 218 YoY change as reported (6.9) % (2.4) % (12.3) % (9.3) % (7.5) % (12.3) % (10.0) % (4.5) % (1.2) % (7.3) % (12.5) % (6.7) % YoY change on a comparative basis1 (11.4) % +0.2% (5.2) % (4.5) % (5.1) % (11.3) % (10.8) % (3.6) % (1.9) % (7.2) % (18.7) % (7.2) % YoY change on a constant currency basis1 (10.5) % +0.3% (5.0) % (4.5) % (4.8) % (11.3) % (10.8) % (3.6) % (1.9) % (7.2) % (14.8) % (2.7) % Latin America Net Sales 105 112 116 128 462 111 107 99 107 425 87 92 YoY change as reported +24.3% +17.5% +7.3% +25.4% +18.2% +5.7% (4.2) % (14.6) % (16.3) % (8.0) % (21.0) % (14.3) % YoY change on a comparative basis1 +30.2% +28.4% +26.5% +82.9% +42.6% +35.8% +12.8% +12.1% +1.4% +14.6% (10.2) % +0.1% YoY change on a constant currency basis1 +30.2% +28.4% +26.5% +82.9% +42.6% +35.8% +12.8% +12.1% +1.4% +14.6% (10.2) % +0.1% Middle East and Africa Net Sales 42 41 42 29 154 40 41 45 36 162 38 42 YoY change as reported +30.8% +20.7% +16.7% (14.9) % +13.1% (3.8) % (0.1) % +6.7% +24.3% +5.4% (5.0) % +2.6% YoY change on a comparative basis1 +34.5% +32.3% +36.5% +3.0% +26.6% +14.3% +10.4% +13.2% +29.5% +15.8% (7.6) % +6.2% YoY change on a constant currency basis1 +34.5% +32.3% +36.5% +3.0% +26.6% +14.3% +10.4% +13.2% +29.5% +15.8% (7.6) % +6.2% Asia & Oceania Net Sales 23 24 24 28 99 20 25 22 27 93 18 20 YoY change as reported (0.9) % (24.5) % (19.0) % (10.5) % (14.6) % (14.7) % +0.5% (6.8) % (3.3) % (5.9) % (8.2) % (14.5) % YoY change on a comparative basis1 +3.0% (18.0) % (9.1) % (4.8) % (7.9) % (11.2) % +1.8% (6.3) % (3.5) % (4.7) % (7.0) % (8.6) % YoY change on a constant currency basis1 +3.0% (18.0) % (9.1) % (4.8) % (7.9) % (11.2) % +1.8% (6.3) % (3.5) % (4.7) % (7.0) % (8.6) % 1 See glossary in appendix. 2023 and 2024 changes on a comparative basis include Argentina.
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20 Human Expression Quarterly Figures in million euros Q1 23 Q2 23 H1 23 Q3 23 Q4 23 FY 23 Q1 24 Q2 24 H1 24 Q3 24 Q4 24 FY 24 Q1 25 Q2 25 H1 25 Net Sales 177 283 460 215 171 846 174 279 453 200 162 814 153 253 406 YoY change as reported +5.4% +4.9% +5.1% (4.7) % (2.7) % +0.8% (2.0) % (1.5) % (1.7) % (7.0) % (5.4) % (3.8) % (11.9) % (9.3) % (10.3) % YoY change on a comparative basis1 +7.2% +9.2% +8.4% +4.3% +20.2% +9.8% +12.2% +2.3% +6.1% (1.0) % (1.1) % +2.9% (10.5) % (6.1) % (7.8) % YoY change on a constant currency basis1 +8.5% +9.5% +9.1% +4.5% +20.2% +10.2% +12.2% +2.3% +6.1% (1.0) % (1.1) % +2.9% (10.5) % (6.1) % (7.8) % EBIT - - 45 - - 51 - - 45 - - 34 - - 25 Adjusted EBIT1 - - 45 - - 61 - - 52 - - 62 - - 45 EBIT Margin - - 9.7% - - 6.0% - - 10.0% - - 4.1% - - 6.2% Adjusted EBIT Margin1 - - 9.7% - - 7.2% - - 11.4% - - 7.6% - - 11.0% 1 See glossary in appendix. 2023 and 2024 changes on a comparative basis include Argentina.
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21 Flame For Life in million euros Q1 23 Q2 23 H1 23 Q3 23 Q4 23 FY 23 Q1 24 Q2 24 H1 24 Q3 24 Q4 24 FY 24 Q1 25 Q2 25 H1 25 Net Sales 228 206 434 200 217 852 207 195 402 192 216 810 172 183 354 YoY change as reported +0.9% (1.8) % (0.4) % (7.3) % (1.1) % (2.3) % (9.4) % (5.2) % (7.4) % (4.3) % (0.5) % (4.9) % (17.1) % (6.4) % (11.9) % YoY change on a comparative basis1 (1.3) % +2.8% +0.6% +3.9% +7.8% +3.3% (5.5) % (2.0) % (3.8) % +1.3% +3.0% (0.9) % (15.9) % (0.9) % (8.6) % YoY change on a constant currency basis1 (1.3) % +2.8% +0.6 % +3.9% +7.8% +3.3% (5.5) % (2.0) % (3.8) % +1.3% +3.0% (0.9) % (15.9) % (0.9) % (8.6) % EBIT - - 153 - - 289 - - 121 - - 263 - - 101 Adjusted EBIT1 - - 153 - - 290 - - 127 - - 269 - - 101 EBIT Margin - - 35.2% - - 33.9% - - 30.1% - - 32.4% - - 28.6% Adjusted EBIT Margin1 - - 35.3% - - 34.1% - - 31.5% - - 33.3% - - 28.6% 1 See glossary in appendix. 2023 and 2024 changes on a comparative basis include Argentina.
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22 Blade Excellence in million euros Q1 23 Q2 23 H1 23 Q3 23 Q4 23 FY 23 Q1 24 Q2 24 H1 24 Q3 24 Q4 24 FY 24 Q1 25 Q2 25 H1 25 Net Sales 125 144 268 139 129 537 132 139 271 142 130 543 145 157 302 YoY change as reported +9.9% +13.3% +11.7% +4.9% +4.4% +8.0% +6.2% (3.6) % +1.0% +2.1% +0.6% +1.2% +9.4% +13.7% +11.6% YoY change on a comparative basis1 +9.0% +19.7% +14.7% +17.3% +24.3% +17.8% +18.0% +3.2% +10.1% +10.5% +7.9% +9.7% (4.5) % +1.6% (1.4) % YoY change on a constant currency basis1 +9.0% +19.7% +14.7% +17.3% +24.3% +17.8% +18.0% +3.2% +10.1% +10.5% +7.9% +9.7% +11.0% +19.9% +15.6% EBIT - - 20 - - 67 - - 35 - - 83 - - 39 Adjusted EBIT1 - - 20 - - 68 - - 38 - - 101 - - 45 EBIT Margin - - 7.6% - - 12.5% - - 13.0% - - 15.2% - - 12.8% Adjusted EBIT Margin1 - - 7.6% - - 12.7% - - 14.1% - - 18.5% - - 14.7% 1 See glossary in appendix. 2023 and 2024 changes on a comparative basis include Argentina.
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23 Other Products in million euros Q1 23 Q2 23 H1 23 Q3 23 Q4 23 FY 23 Q1 24 Q2 24 H1 24 Q3 24 Q4 24 FY 24 Q1 25 Q2 25 H1 25 Net Sales 8 6 14 6 9 29 8 5 14 7 9 30 9 5 14 YoY change as reported +6.8% +13.2% +9.4% +2.9% +14.6% +9.3% +2.3% (6.0) % (1.2) % +0.5% +9.1% +2.2% +4.6% (0.9) % +2.4% YoY change on a comparative basis1 +7.4% +14.5% +10.3% +4.4% +15.5% +10.4% +2.4% (6.0) % (1.2) % +0.4% +9.0% +2.2% +4.6% (1.2) % +2.3% YoY change on a constant currency basis1 +7.4% +14.5% +10.3% +4.4% +15.5% +10.4% +2.4% (6.0) % (1.2) % +0.4% +9.0% +2.2% +4.6% (1.2) % +2.3% EBIT - - (1) - - (1) - - (2) - - (4) - - (1) Adjusted EBIT1 - - (1) - - (1) - - (2) - - (4) - - (1) 1 See glossary in appendix. 2023 and 2024 changes on a comparative basis include Argentina.
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Unallocated Costs 24 1 See glossary in appendix in million euros H1 23 FY 23 H1 24 FY 24 H1 25 EBIT (42) (85) (44) (85) (42) Adjusted EBIT1 (42) (85) (45) (85) (43)
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25 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
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26 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).