Clichy, France - February 18, 2025
FOURTH QUARTER & FULL YEAR 2024 RESULTS
Solid net sales performance in Q4 at +4.4%1. Full Year growth at +0.8%1
Robust aEBIT margin at 15.6% and Free Cash Flow at €271m
Solid growth in Q4, with net sales increasing 4.4%1. FY 2024 net sales of €2,197 million, up 0.8%1 with continued strong performance across Europe, Latin America and Middle East and Africa
- Human Expression: FY net sales of €814 million, increasing 0.7%1, driven by good performance in Europe and Middle East and Africa. Q4 growth was +2.8%1.
- Flame for Life: FY net sales of €810 million, decreasing 1.8%1, due to challenging consumption trends in North America, balanced by strong growth across the rest of the Group. Quarterly sequential improvement leading to Q4 net sales growth of +4.1%1.
- Blade Excellence: FY net sales of €543 million, increasing 5.0%1, with robust performance across Europe, Brazil and Middle East and Africa. Q4 growth was +6.7%1.
Strong 2024 adjusted EBIT of €343 million, growing +3.0% year-on-year, adjusted EBIT margin of 15.6%, +90 basis points
2024 adjusted EPS growth for the 5th consecutive year at 6.15 euros (+8% year-on-year)
Outstanding Free Cash Flow generation at €271 million during 2024 (+9% year-on-year)
Acquisition of Tangle Teezer in December 2024, a market-leading, fast-growing and profitable detangling haircare company, in line with BIC's Horizon ambitions
2025 Outlook: the Group expects net sales growth between +4% and +6% at constant currency, adjusted EBIT margin at the same level as 2024, at 15.6%, above BIC's Horizon target, and Free Cash Flow above €240 million
Shareholders' remuneration:
- Proposed ordinary dividend of 3.08 euros per share2 for fiscal year 2024, up 8% year-on-year, representing an estimated amount of €127 million
- Share Buyback program of up to €40m to be executed in 2025
Key Group financial figures
| in million euros | Q4 2023 | Q4 2024 | FY 2023 | FY 2024 |
| Net Sales | 526.1 | 517.5 | 2,263.3 | 2,196.6 |
| Change as reported | (0.1) % | (1.6) % | +1.3% | (2.9) % |
| Change on a constant currency basis excl. Argentina | +2.4% | +4.4% | +3.7% | +0.8% |
| Change on a constant currency basis | +15.9% | +2.9% | +9.2% | +3.1% |
| Adjusted EBIT | 72.7 | 70.7 | 333.1 | 343.1 |
| Adjusted EBIT Margin | 13.8% | 13.7% | 14.7% | 15.6% |
| Group EPS | €1.05 | €0.65 | €5.30 | €5.10 |
| Adjusted Group EPS | €1.23 | €1.40 | €5.70 | €6.15 |
| Free Cash Flow (before acquisitions and disposals) | 106.5 | 74.5 | 248.7 | 270.8 |
| Net Cash Position | 385.4 | 189.3 | 385.4 | 189.3 |
Gonzalve Bich, BIC's Chief Executive Officer commented:
"2024 was a year of execution excellence, building on the remarkable progress we have made since the launch of our Horizon Strategic Plan. As we enter the final chapter of our 5-year Horizon journey, I am extremely proud of our accomplishments, particularly the fact that we have delivered an average annual growth rate of more than 5% through the period, in line with our original mid-single digit growth ambition.
Throughout 2024, we demonstrated resilience in the face of a volatile macroeconomic environment. Our dedicated team members globally rose to the occasion, achieving strong results through disciplined execution, innovation, and the successful promotion of our products. Our consumer-focused marketing campaigns sparked growth across diverse and targeted regions.
This solid commercial execution in 2024, coupled with our high level of operational excellence, meant that our financial ratios outpaced our expectations for the year. We achieved a solid adjusted EBIT margin at 15.6%, we grew adjusted earnings per share for the fifth year in a row, and Free Cash Flow generation remained robust.
We ended the year by laying the foundation for greater value creation for all our stakeholders with the promising acquisition of Tangle Teezer."
2025 Outlook3
In line with BIC's Horizon Plan mid-single digit growth trajectory, net sales are expected to grow between 4% and 6% at constant currency in 2025.
Adjusted EBIT margin is expected to be at the same level as 2024, at 15.6%, above BIC's Horizon target.
Free Cash Flow is expected to be above €240 million.
Key highlights
| in million euros | Q4 2023 | Q4 2024 | FY 2023 | FY 2024 |
| Net Sales | 526.1 | 517.5 | 2,263.3 | 2,196.6 |
| Gross Profit | 271.6 | 256.1 | 1,148.1 | 1,102.7 |
| Gross Profit margin | 51.6% | 49.5% | 50.7% | 50.2% |
| EBITDA | 102.3 | 85.5 | 422.8 | 410.5 |
| EBIT | 64.2 | 33.7 | 320.5 | 289.7 |
| EBIT margin | 12.2% | 6.5% | 14.2% | 13.2% |
| Non-recurring items4 | 8.5 | 37.0 | 12.6 | 53.4 |
| Adjusted EBIT | 72.7 | 70.7 | 333.1 | 343.1 |
| Adjusted EBIT margin | 13.8% | 13.7% | 14.7% | 15.6% |
Net sales
Q4 2024 net sales were up 4.4% at constant currency excl. Argentina, driven by robust growth in Europe, Brazil and Middle East and Africa, particularly in the Blade Excellence and Flame for Life divisions. Performance in North America continued to improve sequentially in Q4.
Full Year 2024 net sales were up 0.8% at constant currency excl. Argentina with solid performance across Europe, Latin America and Middle East and Africa, partially offset by challenging market trends and lower consumption in North America, notably during the first half.
Gross profit
Q4 2024 gross profit margin decreased by 2.1 points to 49.5%. Excluding the fair value adjustment on the Power Purchase Agreement in France and on the Virtual Power Purchase Agreement in Greece5, Q4 2024 gross profit margin increased 40 basis points to 52.0%, driven by favorable price and mix, currency fluctuations and manufacturing efficiencies. This was partially offset by an increase in raw material costs.
Full Year 2024 gross profit margin decreased by 50 basis points at 50.2%. Excluding the special bonus6 and the fair value adjustment on the Power Purchase Agreement in France and on the Virtual Power Purchase Agreement in Greece, FY 2024 gross profit margin increased 40 basis points to 51.1%, driven by favorable price and mix, manufacturing efficiencies and positive currency fluctuations. This was partially offset by unfavorable fixed cost absorption and higher raw material costs.
Adjusted EBIT margin
Q4 2024 adjusted EBIT margin was stable year-on-year at 13.7%, mainly attributable to favorable price and mix, currency fluctuations, manufacturing efficiencies and lower brand support, offset by higher operating and other expenses.
FY 2024 adjusted EBIT margin was up 90 basis points, at 15.6%, driven by favorable price and mix, manufacturing efficiencies, positive currency fluctuations, as well as lower brand support investments versus last year.
Key components of the change in adjusted EBIT margin
| Key components of the change in adjusted EBIT margin (in points) | Q1 2024 vs. Q1 2023 | Q2 2024 vs. Q2 2023 | Q3 2024 vs. Q3 2023 | Q4 2024 vs. Q4 2023 | 2024 vs. 2023 |
| +0.5 | +0.8 | (0.1) | +0.4 | +0.4 |
| (0.1) | - | +1.0 | +0.9 | +0.5 |
| (1.4) | +0.1 | +2.8 | (1.4) | - |
| Total change in Adjusted EBIT margin | (1.0) | +0.9 | +3.7 | (0.1) | +0.9 |
Net income and earnings per share (EPS)
| in million euros | Q4 2023 | Q4 2024 | FY 2023 | FY 2024 |
| EBIT | 64.2 | 33.7 | 320.5 | 289.7 |
| Finance revenue/costs | (3.5) | 6.9 | (7.5) | 7.9 |
| Income before Tax | 60.6 | 40.6 | 313.0 | 297.6 |
| Net Income Group share | 45.1 | 27.0 | 226.5 | 212.0 |
| Adjusted Net Income Group Share | 52.7 | 58.3 | 243.4 | 255.6 |
| Adjusted Group Earnings per share (in euros) | 1.23 | 1.40 | 5.70 | 6.15 |
| Group Earnings per share (in euros) | 1.05 | 0.65 | 5.30 | 5.10 |
Full Year 2024 finance revenue was 7.9 million euros compared to a cost of 7.5 million euros last year, mainly due to favorable impact of the fair value adjustments to financial assets denominated in US Dollar against the Brazilian Real. Full Year 2024 effective tax rate was 28.8% vs. 27.6% in FY 2023.
Change in net cash position
| Change in net cash position (in million euros) | 2023 | 2024 |
| Net Cash position (beginning of period) | 359.9 | 385.4 |
| Net cash from operating activities | +353.3 | +357.7 |
| +469.2 | +471.0 |
| (27.4) | +17.7 |
| (88.5) | (131.1) |
| Capital expenditures | (104.6) | (86.9) |
| Free Cash Flow (before acquisition and disposals) | 248.7 | 270.8 |
| Dividend payment | (110.2) | (178.0) |
| Share buyback program8 | (116.2) | (55.7) |
| Acquisitions | - | (201.3) |
| Other items | +3.2 | (31.9) |
| Net Cash position (end of period) | 385.4 | 189.3 |
Full year 2024 Operating Cash flow was 471 million euros. Free Cash Flow (before acquisitions and disposals) was 271 million euros.
Shareholders' remuneration for full year 2024
- A total dividend amount of €178 million euros, or €4.27 per share comprised of:
- An ordinary dividend of €2.85 per share was paid on June 12, 2024.
- An extraordinary dividend of €1.42 per share was paid on September 18, 2024.
- €55.7 million in share buybacks were completed by Société BIC in 2024. This includes €40 million of share buyback for cancellation and €15.7 million of free shares to be granted (long term incentives). 907,577 shares were purchased at an average price of €61.36 per share.
Update on BIC's Horizon Strategic Plan
During 2024, the Group continued to roll out its 2025 Horizon strategic ambitions:
- In December, BIC acquired Tangle Teezer a market-leading, premium detangling haircare company, supporting BIC's Horizon strategy by gaining exposure to a scaled, fast-growing and profitable business with meaningful upside potential. As part of BIC, Tangle Teezer is well positioned to reach further scale and gain market-leading positions in BIC's key regions. Tangle Teezer's expertly designed products, combined with BIC's unique commercial and supply chain capabilities will continue to drive long-term profitable growth.
- BIC continued to focus on Revenue Growth Management by streamlining the Group's portfolio to better meet consumer needs and optimize product mix. In 2024, this resulted in an 11% reduction in SKUs, leading to a total of 40% SKU reduction since 2019. BIC also continued to improve its net sales per SKU ratio by 15% in 2024. It almost doubled since 2019, with newly created products positively contributing.
- BIC pursued its strong commercial execution through the launch of impactful advertising campaigns which yielded tremendous results. In the US and Europe, BIC continued its long-lasting partnership with Snoop Dogg and Martha Stewart to promote its iconic utility pocket lighter EZ Reach. In Human Expression, BIC launched several campaigns during the Back-to-School season such as "Go Make WOW" for BIC Kids in Europe, and a 4-Color campaign "A pen for every side of you" featuring Charlie Puth in the US. In Blade Excellence, BIC partnered in Brazil with famous TV personality Lo Bosworth for the digital campaign "Tickle your senses", promoting the new added-value Soleil Escape female shaver.
- eCommerce was a key growth driver with core ecommerce sales increasing double digits at constant currency. This growth was fueled by all three divisions in key regions, particularly North America, Europe and Latin America. Best-performing products online included the mechanical pencil in the US, the iconic 4-Color pen and the added-value Flex 5 Hybrid shaver in Europe.
Operational Trends by Division
Human Expression
| in million euros | Q4 2023 | Q4 2024 | FY 2023 | FY 2024 |
| Volumes in million units | - | - | 6,073 | 5,999 |
| % Change | - | - | (6.9) % | (1.2) % |
| Net Sales | 170.9 | 161.7 | 845.9 | 813.9 |
| Change as reported | (2.7) % | (5.4) % | +0.8% | (3.8) % |
| Change on a constant currency basis excluding Argentina | (1.6) % | +2.8% | +2.8% | +0.7% |
| Change on a constant currency basis | +20.2% | (1.1) % | +10.2% | +2.9% |
| Adjusted EBIT | (0.0) | (1.6) | 60.5 | 61.5 |
| Adjusted EBIT Margin | (0.0) % | (1.0) % | 7.2% | 7.6% |
Full Year 2024 Human Expression net sales were up 0.7% at constant currency excl. Argentina. In Q4, net sales were up 2.8%.
In Europe, net sales growth was up by mid-single digits in 2024. Performance came from key countries such as France, Poland, the Netherlands and Spain, all boosted by distribution gains notably in the discounters' channel. BIC's widespread advertising campaigns such as "A pen for every side of you" and "Go make WOW" during the Back-to-School season also contributed to market share gains such as in France (+1.4 pts9). The iconic Ball Pen and 4-Color products were key contributors to growth, the latter benefiting from its successful decors such as the Olympics and Pastel.
In North America, despite challenging consumption trends, BIC's historical stationery segments in the US including ball pens, highlighters and mechanical pencils performed well, contributing to solid growth in Q4. Growth was also strong across the discounters and e-commerce channels, the latter growing double digit, fueled by a solid Back-to-School season in the US. However, the overall net sales performance in the region was negatively impacted by soft results in the Digital Writing and Skin Creative segments.
In Latin America, net sales grew low-single digits in Mexico, driven by both ball pens as well as the value-added coloring segment. This was more than offset by the negative performance in Brazil, impacted by a competitive trading environment notably in the modern mass market, as well as a softer Back-to-School season.
In Middle East and Africa, net sales grew double digit fueled by distribution gains in Western Africa and a solid Back-to-school sell-in performance in South Africa. Performance came notably from the ball pen and the marking segments as well as Lucky Stationery pens in Nigeria.
In Q4 2024, Human Expression adjusted EBIT margin declined 1 point at -1.0%, due to higher raw material and electricity costs, operating and other expenses as well as net sales negative operating leverage. This was partially offset by favorable product mix, currency fluctuations and lower brand support.
In 2024, the adjusted EBIT margin increased 40 basis points to 7.6%, driven by positive currency fluctuations, favorable price and mix, as well as lower operating and other expenses and brand support. This was partially offset by unfavorable fixed cost absorption and higher raw material and electricity costs.
Flame for Life
| in million euros | Q4 2023 | Q4 2024 | FY 2023 | FY 2024 |
| Volumes in million units | - | - | 1,603 | 1,536 |
| % Change | - | - | (2.7) % | (4.2) % |
| Net Sales | 217.1 | 216.2 | 851.5 | 809.8 |
| Change as reported | (1.1) % | (0.5) % | (2.3) % | (4.9) % |
| Change on a constant currency basis excluding Argentina | +1.7% | +4.1% | (0.3) % | (1.8) % |
| Change on a constant currency basis | +7.8% | +3.0% | +3.3% | (0.9) % |
| Adjusted EBIT | 69.0 | 74.0 | 290.4 | 269.3 |
| Adjusted EBIT Margin | 31.8% | 34.2% | 34.1% | 33.3% |
Full Year 2024 Flame for Life net sales were down 1.8% at constant currency excl. Argentina. In Q4, net sales were up 4.1%.
In Europe, full year net sales increased high single digit, fueled by most countries. Performance was driven by added-value products, as illustrated by the growth of premium lighters such as Djeep and the BIC EZ Reach utility pocket lighter. Additionally, solid commercial execution drove growth through further distribution gains in both the modern mass market and at discounters, notably in Germany, the Netherlands and across Eastern Europe.
In North America, full year net sales growth was negative, however performance improved sequentially throughout the year leading to low-single digit growth in the fourth quarter. In 2024, the US total lighter market was down by 5.0% in value10, negatively impacted by lower consumption trends, particularly during the first half. BIC continued to outpace the market in value (+0.4 pts) driven by the ongoing success of its value-added products such as the BIC EZ Reach lighter, supported by the world-famous advertising campaign with Snoop Dogg and Martha Stewart.
In Latin America, performance was robust in Brazil with double digit growth, fueled by both pocket and utility lighters, in addition to the continued ramp-up of EZ Reach. This was supported by additional distribution gains, solid in-store execution and digital media campaigns.
In Middle East and Africa, net sales performance was solid with mid-single digit growth, driven by strong execution and distribution gains, notably in Nigeria and North Africa.
In Q4 2024, Flame for Life adjusted EBIT margin increased 2.4 points to 34.2%, mainly driven by favorable price and mix as well as lower operating and other expenses.
In 2024, the adjusted EBIT margin was 33.3%, compared to 34.1% last year, mainly due to higher raw material costs, unfavorable fixed cost absorption and negative net sales operating leverage.
Blade Excellence
| in million euros | Q4 2023 | Q4 2024 | FY 2023 | FY 2024 |
| Volumes in million units | - | - | 2,428 | 2,474 |
| % Change | - | - | +3.3% | +1.9% |
| Net Sales | 129.4 | 130.3 | 536.8 | 543.3 |
| Change as reported | +4.4% | +0.6% | +8.0% | +1.2% |
| Change on a constant currency basis excluding Argentina | +8.6% | +6.7% | +11.6% | +5.0% |
| Change on a constant currency basis | +24.3% | +7.9% | +17.8% | +9.7% |
| Adjusted EBIT | 21.9 | 22.5 | 68.4 | 100.6 |
| Adjusted EBIT Margin | 16.9% | 17.3% | 12.7% | 18.5% |
Full Year 2024 Blade Excellence net sales were up 5.0% at constant currency excl. Argentina. In Q4, net sales were up 6.7%.
In Europe, net sales grew high single digit with robust performance across key countries such as Greece, Spain and the Netherlands, driven by innovation such as the Men Hybrid Flex range and the BIC Soleil Escape Women shaver. BIC strong value for money proposition continues resonating with consumers in an inflationary environment and BIC successfully outpaced the market, with share gains in 7 out of 11 countries, becoming the number 2 player in the wet shave market11.
In North America, net sales were negatively impacted by challenging market trends (the market was down 3.1% in value in 202412) and aggressive competition, particularly in the Women's segment. BIC's market share was stable, supported by strong growth in Men where it gained share in value (+1 pt) with added-value products such as Flex 5 Hybrid as well as distributions gains.
In Latin America, net sales grew double digit driven by BIC's successful trade-up strategy in Brazil and Mexico, with further distribution gains in the 3-blade segment, including the Soleil and Flex 3 ranges.
In Middle East and Africa, net sales grew double digit, driven by solid execution and distribution gains. The Flex and Soleil brands were key contributors to growth, notably in the Middle East and North Africa regions.
In Q4 2024, Blade Excellence adjusted EBIT margin was up 40 basis points to 17.3%, versus 16.9% in Q4 2023, driven by favorable currency fluctuations, price and mix as well as lower operating and other expenses. This was partially offset by higher raw material and electricity costs.
In 2024, adjusted EBIT margin reached 18.5%, improving by 5.8 points compared to 12.7% in FY 2023, with a strong gross profit margin improvement driven by favorable price and mix, fixed cost absorption as well as manufacturing efficiencies. This significant improvement was also driven by lower operating and other expenses as well as lower brand support.
BIC Sustainable Development journey
As part of its ongoing Sustainable Development journey, BIC made progress in 2024 advancing its goals and taking further steps to reduce its overall carbon footprint.
| 2025 targets | 2024 achievements | |
| Fostering sustainable innovation in BIC® products | 100% reusable, recyclable or compostable plastic packaging | 85% reusable, recyclable, or compostable plastics in BIC's products packaging |
| Acting against climate change | 100% renewable electricity | 92% renewable electricity |
| Committing to a safe work environment | Zero lost-time incidents across all operations | 81% of total BIC sites reached a zero lost-time incident level |
| Proactively involving suppliers | Work responsibly with its strategic suppliers to ensure the most secure, innovative, and efficient sourcing | 95% of strategic suppliers have integrated the responsible purchasing program |
| Improving lives through education | Improve learning conditions for an estimated 250 million children globally | Estimated number of children with improved learning conditions: 210 million (cumulative since 2018) |
Governance
- BIC announced on December 11th, 2024, preparations for CEO Gonzalve Bich succession by September 30th, 2025.
- Sébastien Drecq was appointed in October 2024 as Director representing the employees to the Board of Directors of Société BIC, replacing Pascal Chevallier who resigned on August 31st, 2024.
Other events
- BIC announced on December 11th, 2024, the acquisition of Tangle Teezer, a premium detangling haircare company.
- As of January 1st, 2025, BIC will no longer report its full financial results for each quarter of the year. The full financial results will be communicated twice a year, for the first half and for the full year results publication. For the first and third quarters, BIC will report and comment only on net sales performance.
Appendix
Net sales by geography
| Q4 net sales by geography (in million euros) | Q4 2023 | Q4 2024 | % As reported | % at constant currency | % On a comparative basis |
| Group | 526.1 | 517.5 | (1.6) % | +2.9% | +4.4% |
| Europe | 141.3 | 149.9 | +6.0% | +7.0% | +7.0% |
| North America | 198.7 | 196.4 | (1.2) % | (1.9) % | (1.9) % |
| Latin America | 128.4 | 107.4 | (16.3) % | +1.4% | +8.1% |
| Middle East and Africa | 29.2 | 36.3 | +24.3% | +29.5% | +29.5% |
| Asia and Oceania (including India) | 28.4 | 27.5 | (3.3) % | (3.5) % | (3.5) % |
| FY net sales by geography (in million euros) | FY 2023 | FY 2024 | % As reported | % at constant currency | % On a comparative basis |
| Group | 2,263.3 | 2,196.6 | (2.9) % | +3.1% | +0.8% |
| Europe | 665.9 | 697.8 | +4.8% | +6.8% | +6.8% |
| North America | 882.9 | 818.6 | (7.3) % | (7.2) % | (7.2) % |
| Latin America | 461.7 | 424.9 | (8.0) % | +14.6% | +4.1% |
| Middle East and Africa | 154.2 | 162.5 | +5.4% | +15.8% | +15.8% |
| Asia and Oceania (including India) | 98.6 | 92.8 | (5.9) % | (4.7) % | (4.7) % |
Net sales by division
| Q4 net sales by division (in million euros) | Q4 2023 | Q4 2024 | % As reported | FX impact (in points) | Change in Perimeter (in points) | Argentina impact (in points) | % On a comparative basis |
| Group | 526.1 | 517.5 | (1.6) % | (2.5) % | (0.0) % | (3.5) % | +4.4% |
| Stationery- Human Expression | 170.9 | 161.7 | (5.4) % | (2.1) % | (0.0) % | (6.1) % | +2.8% |
| Lighters- Flame for Life | 217.1 | 216.2 | (0.5) % | (2.5) % | (0.0) % | (2.1) % | +4.1% |
| Shavers- Blade Excellence | 129.4 | 130.3 | +0.6% | (3.5) % | (0.0) % | (2.6) % | +6.7% |
| Other Products | 8.6 | 9.4 | +9.1% | +0.1% | (0.0) % | (0.0) % | +9.0% |
| FY net sales by division (in million euros) | FY 2023 | FY 2024 | % As reported | FX impact (in points) | Change in Perimeter (in points) | Argentina impact (in points) | % On a comparative basis |
| Group | 2,263.3 | 2,196.6 | (2.9) % | (2.2) % | (0.0) % | (1.5) % | +0.8% |
| Stationery- Human Expression | 845.9 | 813.9 | (3.8) % | (2.4) % | (0.0) % | (2.1) % | +0.7% |
| Lighters- Flame for Life | 851.5 | 809.8 | (4.9) % | (1.8) % | (0.0) % | (1.3) % | (1.8) % |
| Shavers- Blade Excellence | 536.8 | 543.3 | +1.2% | (2.9) % | (0.0) % | (0.9) % | +5.0% |
| Other Products | 29.1 | 29.7 | +2.2% | (0.0) % | (0.0) % | (0.0) % | +2.2% |
Impact of Change in Perimeter and Currency Fluctuations on Net Sales
| Impact of Change in Perimeter and Currency Fluctuations on Net Sales (excludes ARS) (in %) | Q4 2023 | Q4 2024 | FY 2023 | FY 2024 |
| Perimeter | - | (0.0) | +0.2 | (0.0) |
| Currencies | (4.5) | (2.5) | (3.1) | (2.2) |
| of which USD | (2.0) | +0.4 | (1.1) | +0.0 |
| of which BRL | +0.1 | (1.6) | +0.1 | (0.7) |
| of which MXN | +0.5 | (0.7) | +0.5 | (0.2) |
| of which NGN | (0.6) | (0.6) | (0.4) | (0.8) |
| of which TRY | (0.4) | (0.2) | (0.4) | (0.5) |
| of which RUB and UAH | (1.0) | (0.2) | (0.8) | (0.2) |
| Sensitivity to Net Sales and Income Before Tax (IBT) of USD-EUR fluctuation (in %) | FY 2023 | FY 2024 |
| +/- 5% change in USD impact on Net Sales | 1.9 | 1.9 |
| +/- 5% change in USD impact on IBT | 0.8 | 0.3 |
EBIT by division
| EBIT by division (in million euros) | Q4 2023 | Q4 2024 | FY 2023 | FY 2024 |
| Group | 64.2 | 33.7 | 320.5 | 289.7 |
| Margin | 12.2% | 6.5% | 14.2% | 13.2% |
| Stationery- Human Expression | (6.1) | (22.8) | 51.1 | 33.6 |
| Margin | (3.6) % | (14.1) % | 6.0% | 4.1% |
| Lighters- Flame for Life | 67.6 | 72.9 | 288.6 | 262.5 |
| Margin | 31.1% | 33.7% | 33.9% | 32.4% |
| Shavers- Blade Excellence | 21.1 | 7.7 | 67.3 | 82.5 |
| Margin | 16.3% | 5.9% | 12.5% | 15.2% |
| Other Products | 0.7 | (0.5) | (1.0) | (3.8) |
| Unallocated costs | (19.1) | (23.6) | (85.5) | (85.1) |
Adjusted EBIT by division
| Adjusted EBIT by division (in million euros) | Q4 2023 | Q4 2024 | FY 2023 | FY 2024 |
| Group | 72.7 | 70.7 | 333.1 | 343.1 |
| Margin | 13.8% | 13.7% | 14.7% | 15.6% |
| Stationery- Human Expression | (0.0) | (1.6) | 60.5 | 61.5 |
| Margin | (0.0) % | (1.0) % | 7.2% | 7.6% |
| Lighters- Flame for Life | 69.0 | 74.0 | 290.4 | 269.3 |
| Margin | 31.8% | 34.2% | 34.1% | 33.3% |
| Shavers- Blade Excellence | 21.9 | 22.5 | 68.4 | 100.6 |
| Margin | 16.9% | 17.3% | 12.7% | 18.5% |
| Other Products | 0.9 | (0.5) | (0.8) | (3.8) |
| Unallocated costs | (19.1) | (23.6) | (85.5) | (84.6) |
Condensed Profit & Loss
| Condensed Profit and Loss (in million euros) | Q4 2023 | Q4 2024 | FY 2023 | FY 2024 |
| Net Sales | 526.1 | 517.5 | 2,263.3 | 2,196.6 |
| Cost of goods | 254.5 | 261.4 | 1,115.2 | 1,093.9 |
| Gross profit | 271.6 | 256.1 | 1,148.1 | 1,102.7 |
| Administrative & net other operating expenses/ (gain) | 207.4 | 222.4 | 827.6 | 813.0 |
| EBIT | 64.2 | 33.7 | 320.5 | 289.7 |
| Finance revenue/costs | (3.5) | 6.9 | (7.5) | 7.9 |
| Income before tax | 60.6 | 40.6 | 313.0 | 297.6 |
| Income tax expense | (15.6) | (13.6) | (86.5) | (85.6) |
| Net Income Group Share | 45.1 | 27.0 | 226.5 | 212.0 |
| Group Earnings per Share (in euros) | 1.05 | 0.65 | 5.30 | 5.10 |
| Average number of shares outstanding (net of treasury shares) | 42,740,269 | 41,561,522 | 42,740,269 | 41,561,522 |
Balance Sheet
| Balance Sheet (in million euros) | December 31, 2023 | December 31, 2024 |
| Assets | ||
| 623.4 | 610.0 |
| 1.0 | 0.7 |
| 382.3 | 557.1 |
| 151.0 | 157.0 |
| Non-current assets | 1,157.7 | 1,324.8 |
| 558.0 | 538.6 |
| 403.5 | 456.4 |
| 40.6 | 52.4 |
| 19.8 | 6.3 |
| 467.7 | 456.0 |
| Current assets | 1,489.6 | 1,509.7 |
| Total Assets | 2,647.3 | 2,834.5 |
| Liabilities & Shareholders' Equity | ||
| Shareholders' equity | 1,846.6 | 1,793.3 |
| 46.8 | 167.5 |
| 167.6 | 189.1 |
| Non-current liabilities | 214.4 | 356.6 |
| 144.7 | 172.9 |
| 109.4 | 167.4 |
| 332.2 | 344.3 |
| Current liabilities | 586.3 | 684.6 |
| Total Liabilities & Shareholders' Equity | 2,647.3 | 2,834.5 |
Working Capital and Cash Flow
| Working Capital (in million euros) | FY 2023 | FY 2024 |
| Total Working Capital | 560.0 | 556.0 |
| 558.0 | 538.6 |
| 403.5 | 456.4 |
| (144.7) | (172.9) |
| Cash Flow Statement (in million euros) | FY 2023 | FY 2024 |
| Group Net income | 226.5 | 212.0 |
| 138.2 | 132.0 |
| 104.5 | 127.0 |
| Cash Flow from operations | 469.2 | 471.0 |
| (27.4) | 17.7 |
| (88.5) | (131.1) |
| Net cash from operating activities (A) | 353.3 | 357.7 |
| (104.6) | (86.9) |
| (0.0) | (201.3) |
| (9.5) | 4.5 |
| Net cash from investing activities (B) | (114.1) | (283.7) |
| (110.2) | (178.0) |
| 32.5 | 177.9 |
| (116.2) | (55.7) |
| 1.8 | (17.5) |
| Net cash from financing activities (C) | (192.1) | (73.3) |
| Net increase/ (decrease) in cash and cash equivalents net of bank overdrafts (A+B+C) | 47.2 | 0.7 |
| Opening cash and cash equivalents net of bank overdrafts | 415.2 | 467.7 |
| 47.2 | 0.7 |
| 5.3 | (12.4) |
| Closing cash and cash equivalents net of bank overdrafts | 467.7 | 456.0 |
Reconciliation with Alternative Performance Measures
| Adjusted EBIT Reconciliation (in million euros) | Q4 2023 | Q4 2024 | FY 2023 | FY 2024 |
| EBIT | 64.2 | 33.7 | 320.5 | 289.7 |
| Lucky Stationary and Rocketbook earnout (2023) | - | - | (0.5) | - |
| Special team member bonus13 | - | - | - | +7.8 |
| Acquisition costs | +0.8 | +4.3 | +1.9 | +4.3 |
| US supply chain relocation plan | - | - | +3.5 | - |
| Restructuring expenses | +3.3 | - | +3.3 | +5.8 |
| Virtual Power Purchase Agreement in Greece and Power Purchase Agreement in France 14 | - | +12.8 | - | +15.6 |
| Unfavorable French pensions | +4.4 | - | +4.4 | - |
| Inkbox impairment15 | - | +19.9 | - | +19.9 |
| Adjusted EBIT | 72.7 | 70.7 | 333.1 | 343.1 |
| Adjusted Group EPS Reconciliation (in euros) | Q4 2023 | Q4 2024 | FY 2023 | FY 2024 |
| Group EPS | 1.05 | 0.65 | 5.30 | 5.10 |
| Lucky Stationary and Rocketbook earnout (2023) | - | - | (0.01) | - |
| Argentina hyperinflationary accounting (IAS29) | +0.03 | (0.04) | +0.12 | (0.04) |
| Special team member bonus13 | - | - | - | +0.14 |
| Acquisition costs | +0.01 | +0.08 | +0.03 | +0.08 |
| US supply chain relocation plan | - | - | +0.06 | - |
| Restructuring expenses | +0.06 | - | +0.06 | +0.10 |
| Virtual Power Purchase Agreement in Greece and Power Purchase Agreement in France14 | - | +0.24 | +0.06 | +0.29 |
| Unfavorable French pensions | +0.08 | - | +0.08 | - |
| Inkbox impairment15 | - | +0.48 | - | +0.48 |
| Adjusted Group EPS | 1.23 | 1.40 | 5.70 | 6.15 |
| Net cash reconciliation (in million euros) | December 31, 2023 | December 31, 2024 |
| Cash and cash equivalents (1)16 | 477.3 | 459.2 |
| Current borrowings (2) | (91.9) | (149.9) |
| Non-current borrowings (3) | - | (120.0) |
| Net Cash Position (1) - (2) - (3) | 385.4 | 189.3 |
Share Buyback Program
| Société BIC | Number of shares acquired | Average weighted price (in €) | Amount (in €m) | |
| January 2024 | - | - | - | |
| February 2024 | - | - | - | |
| March 2024 | 216,251 | 65.50 | 14.2 | |
| April 2024 | 81,948 | 66.00 | 5.4 | |
| May 2024 | 11,353 | 65.37 | 0.7 | |
| June 2024 | 159,340 | 56.84 | 9.1 | |
| July 2024 | 80,502 | 56.22 | 4.5 | |
| August 2024 | 80,831 | 58.11 | 4.7 | |
| September 2024 | 203,793 | 61.13 | 12.5 | |
| October 2024 | - | - | - | |
| November 2024 | 66,382 | 63.10 | 4.2 | |
| December 2024 | 7,177 | 62.66 | 0.4 | |
| Total | 907,577 | 61.36 | 55.7 |
Capital and Voting Rights
As of December 31, 2024, the total number of issued shares of Société BIC is 41,621,162 shares, representing:
- 59,846,577 voting rights
- 59,417,857 voting rights excluding shares without voting rights
Total number of treasury shares held at the end of December 2024: 428,720.
Glossary
- Organic change or Comparative basis: At constant currencies and constant perimeter. Figures at constant perimeter exclude the impact of acquisitions and/or disposals that occurred during the current year and/or during the previous year, until their anniversary date. All Net Sales category comments are made on a comparative basis. Organic change excludes Argentina Net Sales.
- Constant currency basis: Constant currency figures are calculated by translating the current year figures at prior year monthly average exchange rates.
- EBITDA: EBIT before Depreciation, Amortization (excluding amortization of right of use under IFRS 16 standard) and impairment.
- Adjusted EBIT: Adjusted means excluding normalized items.
- Adjusted EBIT margin: Adjusted EBIT as a percentage of Net Sales.
- Net Cash from operating activities: Cash generated from principal activities of the entity and other activities that are not investing or financing activities.
- Free Cash Flow: Net cash flow from operating activities less capital expenditures (capex). Free cash flow does not include acquisitions and proceeds from the sale of businesses.
- Net cash position: Cash and cash equivalents + Other current financial assets - Current borrowings - Non-current borrowings (except financial liabilities following IFRS 16 implementation)
Société BIC consolidated financial statements as of December 31, 2024, were approved by the Board of Directors on February 18, 2025. A presentation related to this announcement is also available on the BIC website (www.bic.com). The Group's Statutory Auditors have largely completed their audit procedures on these consolidated financial statements and the audit report relating to the certification of these financial statements will be issued upon completion of the procedures required for the filing of the Universal Registration Document. This document contains forward-looking statements. Although BIC believes its expectations are based on reasonable assumptions, these statements are subject to many risks and uncertainties. A description of the risks borne by BIC appears in the section, "Risk Management" in BIC's 2023 Universal Registration Document (URD) filed with the French financial markets authority (AMF) on March 28, 2024.
About BIC
A global leader in stationery, lighters, and shavers, BIC brings simplicity and joy to everyday life. For 80 years, BIC's commitment to delivering high-quality, affordable, and trusted products has established BIC as a symbol of reliability and innovation. With a presence in over 160 countries, and over 13,000 team members worldwide, BIC's portfolio includes iconic brands and products such as BIC® 4-Color, BodyMark®, Cello®, Cristal®, Inkbox®, BIC Kids®, Lucky, Rocketbook®, Tattly®, Tipp-Ex®, Wite-Out®, Djeep®, EZ Load, EZ Reach®, BIC® Flex, Soleil®, Tangle Teezer® and more. Listed on Euronext Paris and included in the SBF120 and CAC Mid 60 indexes, BIC is also recognized for its steadfast commitments to sustainability and education. For more, visit www.corporate.bic.com and to see BIC's full range of products visit www.bic.com. Follow BIC on LinkedIn, Instagram, YouTube and TikTok.
BIC's Q4 and FY 2024 earnings conference call and webcast will be hosted by Gonzalve Bich, CEO, and Chad Spooner, CFO on Wednesday, February 19, 2025, at 8:30 AM CET:
- To participate to the webcast: https://channel.royalcast.com/landingpage/bic/20250219_1/
- To participate to the conference call:
| From France: | +33 (0) 1 70 37 71 66 |
| From the UK: | +44 (0) 33 0551 0200 |
| From the USA: | +1 786 697 3501 |
| Vocal access code: | BIC |
Contacts
| Brice Paris VP Investor Relations +33 6 42 87 54 73 brice.paris@bicworld.com Investor Relations investors.info@bicworld.com | Bethridge Toovell VP Global Communications +1 917 821 4249 bethridge.toovell@bicworld.com Isabelle de Segonzac Image 7, Press Relations contact +33 6 89 87 61 39 isegonzac@image7.fr |
Agenda
All dates to be confirmed
| First Quarter 2025 Net Sales | April 23, 2025 (post market close) |
| Annual General Meeting | May 20, 2025 |
| First Half 2025 Results | July 30, 2025 |
| Third Quarter 2025 Net Sales | October 28, 2025 |
1 at constant currency excluding Argentina
2 Payable in June 2025, subject to May 20th 2025 AGM approval- Based on 41,621,162 shares as of December 31 2024 excluding treasury shares
3 This outlook does not reflect possible impacts from the fluid trading environment, particularly changes in US tariffs
4 see page 13 for detail of non-recurring items
5 BIC signed a Virtual Power Purchase Agreement in November 2022 in Greece and a Physical Power Purchase Agreement in November 2023, as part of its Sustainability strategy
6 Special bonus that was paid in Q4 to team members who have not been granted shares under our regular long term incentive plans
7 Others include income tax paid and pensions contribution
8 Includes in 2024 €40.0 million of share buyback for cancellation and €15.7 million of free shares to be granted (long term incentives)
9 IRI Year to date as of December, 2024
10 IRI Year to date as of December, 2024: estimated total lighter measured market (c.70% total market coverage)
11 NielsenIQ (France, Spain, Italy, Poland, Romania, Greece, Portugal, Sweden, Norway, Denmark), Circana (UK); Value sales Year to Date as of November 2024
12 IRI Year to Date as of December, 2024
13 Special bonus that was paid in Q4 to team members who have not been granted shares under our regular long term incentive plans
14 BIC signed a Virtual Power Purchase Agreement in November 2022 in Greece and a Physical Power Purchase Agreement in November 2023, as part of its Sustainability strategy
15 Non-cash item related to an impairment test made in December, due to lower-than-expected performance in 2024 following challenging market conditions
16 Including other current financial assets (€3.2m for 2024 and €9.6m for 2023)
