Core Insights - BIC's Q3 2025 net sales were 519 million euros, reflecting a slight increase of +0.3% at constant currency but a decrease of -3.3% when excluding Tangle Teezer [2][4] - The company announced the divestiture of its Cello activities in India, indicating a strategic shift as the growth and profitability of these operations no longer aligned with BIC's ambitions [3][21][22] - Following a soft performance in Q3, BIC revised its FY 2025 outlook, anticipating net sales growth at constant currency in the range of -1% to -1.5% and an adjusted EBIT margin around 13.7% [7][11][8] Financial Performance - Q3 2025 net sales by division showed varied performance: - Human Expression: 192 million euros, down -0.5% at constant currency [6][10] - Flame for Life: 175 million euros, down -4.3% at constant currency [6][15] - Blade Excellence: 146 million euros, up +7.4% at constant currency, but down -6.1% excluding Tangle Teezer [6][20] - For the first nine months of 2025, net sales were 1,595 million euros, a decrease of -5.0% compared to the same period in 2024 [4][25] Regional Performance - In Europe, Q3 net sales were relatively flat at constant currency, with strong Back-to-School sales in Eastern Europe, Germany, and the UK, but weaker performance in Southern Europe [12][24] - North America experienced high-single-digit growth in Q3, driven by a solid performance in the US stationery market, although this was partially offset by poor results in other segments [12][24] - Latin America saw a decline in Q3 net sales, primarily due to competitive pressures in Mexico, while Brazil showed slight improvement [12][24] Strategic Actions - The divestiture of Cello activities in India is part of a broader strategy to sharpen focus on operations and invest in markets with a winning strategy [21][23] - CEO Rob Versloot emphasized the need for swift action to define a clear plan for BIC's future, indicating a commitment to improving operational performance [6][8][23]