Core Insights - BIC faced a challenging year in 2025, with net sales of €2,090 million, a decrease of 0.9% at constant currency and 4.7% on a comparative basis, primarily due to difficulties in the US market [2][11] - The company reported an adjusted EBIT of €283 million, down from €343 million in 2024, resulting in an adjusted EBIT margin of 13.6% [3][44] - Adjusted EPS fell to €4.74 from €6.15 in 2024, while free cash flow generation was resilient at €222 million compared to €271 million in the previous year [4][9] Financial Performance - Q4 2025 net sales were €495 million, reflecting a 1.1% increase at constant currency but a 2.3% decline on a comparative basis [2][11] - The gross profit margin for FY 2025 was 48.8%, down from 50.2% in FY 2024, influenced by higher raw material costs and unfavorable currency fluctuations [12][11] - Non-recurring items for FY 2025 amounted to €127 million, significantly higher than €53 million in 2024, primarily due to the disposal of Cello activities in India and the discontinuation of certain product lines [14][11] Strategic Actions and Leadership - A renewed governance and executive leadership team has been established to guide BIC's next phase of growth, with initial strategic actions launched in H2 2025 to streamline the portfolio [5][6] - The integration of Tangle Teezer has been successful, achieving double-digit growth in its first year within BIC [6] - The company is focused on simplifying and transforming its organization to drive sustainable profitable growth and long-term value creation [7][10] Shareholder Returns - BIC announced an ordinary dividend of €2.40 per share for FY 2025, representing a total payout of approximately €98 million with a pay-out ratio of 51% [8] - A renewed share buyback program of up to €40 million is planned for execution in 2026 [8] Market Performance by Division - The Human Expression division saw net sales decline by 9.6% for FY 2025, primarily due to poor performances in Latin America and the US [25][26] - The Flame for Life division experienced a 10.8% decrease in net sales for FY 2025, negatively impacted by weak performance in North and Latin America [33][36] - The Blade Excellence division reported a 10.8% increase in net sales for FY 2025, driven by the strong performance of Tangle Teezer [37][39]

Financial Performance - H1 2025 net sales decreased by 2.4% at constant currencies, totaling €1,077 million, with a comparative decline of 6.4% [2][10] - Adjusted EBIT for H1 2025 was €147 million, resulting in an adjusted EBIT margin of 13.7%, down from 14.9% in H1 2024 [3][11] - H1 2025 adjusted EPS was €2.35, compared to €2.95 in H1 2024, with free cash flow generation of -€14 million, a decline from €37 million in H1 2024 [4][12] Segment Performance - Human Expression segment saw Q2 2025 net sales of €253 million, down 6.1% at constant currencies, with H1 2025 net sales at €406 million, down 7.8% [7][18] - Flame for Life segment reported Q2 2025 net sales of €183 million, down 0.9% at constant currencies, with H1 2025 net sales decreasing by 8.6% [23][24] - Blade Excellence segment achieved Q2 2025 net sales of €157 million, up 19.9% at constant currencies, with H1 2025 net sales increasing by 15.6% [28][29] Geographic Performance - In Q2 2025, net sales in Europe increased by 6.8% at constant currencies, while North America saw a decline of 2.7% [33] - Latin America experienced a significant drop in net sales, down 14.3% in Q2 2025, while Middle East and Africa reported a slight increase of 2.6% [33] - H1 2025 net sales in Asia and Oceania decreased by 11.7% [33] Cost and Margin Analysis - H1 2025 gross profit margin was 48.5%, down from 49.3% in H1 2024, primarily due to higher raw material and electricity costs [10] - The adjusted EBIT margin for the Human Expression segment decreased to 11.0% in H1 2025, driven by increased costs and unfavorable performance [20] - Flame for Life adjusted EBIT margin fell to 28.6% in H1 2025, compared to 31.5% in the previous year, due to net sales decline and higher costs [27] Cash Flow and Net Position - H1 2025 free cash flow was negative at -€14 million, a significant decline from €37 million in H1 2024, attributed to lower operating cash flow and negative working capital changes [15][41] - The net cash position at the end of June 2025 was €21 million, down from €262 million at the end of June 2024 [16][44] Outlook - The company confirmed its 2025 outlook, expecting net sales growth between 0% and 3% at constant currency, with an adjusted EBIT margin around 15.0% and free cash flow above €240 million [9][13]