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
in million euros
Q2 2024
Q2 2025
H1 2024
H1 2025
Net Sales
618
598
1,139
1,077
Change as reported
(3.2) %
(3.1) %
(3.2) %
(5.5) %
Change on a comparative basis
+1.1%
(2.7) %
+3.3%
(6.4) %
Change on a constant currency basis
+1.1%
+1.4%
+3.3%
(2.4) %
Adjusted EBIT
-
-
170
147
Adjusted EBIT Margin
-
-
14.9%
13.7%
Free Cash Flow (before acquisitions and disposals)
-
-
37
(14)
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
in million euros
H1 2024
H1 2025
Net Sales
1,139
1,077
Gross Profit
562
522
Gross Profit margin
49.3%
48.5%
EBITDA
202
189
EBIT
155
122
EBIT margin
13.6%
11.3%
Non-recurring items1
15
25
Adjusted EBIT
170
147
Adjusted EBIT margin
14.9%
13.7%
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)
in million euros
H1 2024
H1 2025
EBIT
155
122
Finance revenue/costs
0
(11)
Income before tax
155
111
Net Income Group share
111
76
Adjusted Net Income Group share
123
97
Adjusted Group Earnings per share (in euros)
2.95
2.35
Group Earnings per share (in euros)
2.67
1.85
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
in million euros
H1 2024
H1 2025
Net Cash position (beginning of period)
385
189
Net cash from operating activities
+69
+20
Of which operating cash flow
+228
+199
Of which change in working capital
(105)
(141)
Of which others2
(54)
(38)
Capital expenditures
(32)
(34)
Free Cash Flow (before acquisitions and disposals)
37
(14)
Dividend payment
(119)
(127)
Share buyback program
(29)
(13)
Other items
(12)
(14)
Net Cash position (end of period)
262
21
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
in million euros
Q2 2024
Q2 2025
H1 2024
H1 2025
Net Sales
279
253
453
406
Change as reported
(1.5) %
(9.3) %
(1.7) %
(10.3) %
Change on a comparative basis3
+2.3%
(6.1) %
+6.1%
(7.8) %
Change on a constant currency basis
+2.3%
(6.1) %
+6.1%
(7.8) %
Adjusted EBIT
-
-
52
45
Adjusted EBIT Margin
-
-
11.4%
11.0%
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
in million euros
Q2 2024
Q2 2025
H1 2024
H1 2025
Net Sales
195
183
402
354
Change as reported
(5.2) %
(6.4) %
(7.4) %
(11.9) %
Change on a comparative basis5
(2.0) %
(0.9) %
(3.8) %
(8.6) %
Change on a constant currency basis
(2.0) %
(0.9) %
(3.8) %
(8.6) %
Adjusted EBIT
-
-
127
101
Adjusted EBIT Margin
-
-
31.5%
28.6%
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 ReachTM. 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 ReachTM.
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
in million euros
Q2 2024
Q2 2025
H1 2024
H1 2025
Net Sales
139
157
271
302
Change as reported
(3.6) %
+13.7%
+1.0%
+11.6%
Change on a comparative basis7
+3.2%
+1.6%
+10.1%
(1.4) %
Change on a constant ...
