Bic : Q2 & H1 2020 Results Presentation (English only)

FIRST HALF 2020 RESULTS

July 29, 2020

1

H1 2020 Key Messages

• Weak underlying trends worsened by an uneven COVID-19 epidemic impact
• • Developing countries, where traditional stores are dominant, deeply hit by extended quarantines periods and disrupted supply chains
  • In Mature markets, Superstores and Office Supply channels heavily impacted by school closures and limited business activity
• Market share maintained or increased across our three categories and in almost all regions
• E-commerceNet Sales up 14%
• In Lighters, H1 North America performance affected by convenience stores shifting to hygiene and food, therefore reducing inventories in other product categories
• Improved short-term resilience thanks to prudent management of Operating Expenses
• Focus on Operating Cash Flow
• Accelerated transformation and solid progress in the implementation of our Operating Model
• • Consolidation of our Latin American industrial footprint
  • Strengthened Lighters Business Model with Djeep's acquisition
  • Effectively transitioned non-factory team members to Work from Home
• "BIC 2022 - Invent the Future" transformation plan on track to deliver 50 million euros annualized savings by the end of 2022

2

Q2 & H1 2020 KEY FIGURES

NET SALES		NORMALIZED IFO
Change on a		NIFO Margin %
comparative basis %
Q2 2020		Q2 2020
418.9 M€		67.5 M€
-21.5%		16.1%
H1 2020		H1 2020
775.8 M€		92.9 M€
-18.2%		12.0%

NORMALIZED EPS		NET CASH FROM
	OPERATING
		ACTIVITES
Q2 2020		Q2 2020
1.27€ (-18.1%)		50.8m€
		H1 2020
H1 2020		85.7m€
1.87€ (-23.1%)

NET CASH POSITION

H1 2020

41.5M€

3

STATIONERY
Net Sales		NIFO
Q2	166.9 M€		Q2	18.2 M€
H1	293.9 M€		H1	19.0 M€
	Net Sales*	NIFO margin
4.2%	14.9%	9.2%	2.8%	0.7%	10.9%
-5.8%	-2.3%	-1.7%	-4.8%
		-14.8%
Q1 19	Q2 19	Q3 19	Q4 19	Q1 20	-33.2%
Q2 20

By Geography	H1 2020 Net Sales evolution*
Europe	App. 10% decline
North America	Double digit -decline
Latin America	High double-digit decline
Middle East & Africa	Double-digit decline
Asia and Oceania	High-double-digit decline

1. On a comparative basis (**) Change in value.
   Source: GFK May 2020 data for Europe, NPD May 2020 for the U.S.

MARKET & BIC PERFORMANCE

	EUROPE**		U.S.**
0.3%	0.5%		0.3%	0.5%

			BIC market				BIC market
			share				share
	-9.8%		+0.4 pts		-10.2%		+0.1 pts
2018	2019 2020 YTD	2018	2019 2020 YTD
		May
	May

Superstores and Office Suppliers strongly impacted by school closures and reduced business activity

In Mature Markets, shift towards value products

Developing Markets heavily impacted the epidemic due to extended lockdowns and dominant traditional stores

In India, continued soft performance in domestic sales, compounded by two months of severe quarantine and the closures of our factories

4

LIGHTERS
Net Sales		NIFO
Q2	147.3 M€	Q2	52.5 M€
H1	268.2 M€	H1	87.3 M€
		Net Sales*	NIFO margin
34.2%	36.4%	35.6%	39.8%	28.7%	35.7%
-5.5%	-0.1%	-4.2%	-4.9%
		-11.2%
				-18.7%
Q1 19	Q2 19	Q3 19	Q4 19	Q1 20	Q2 20

By Geography	BIC H1 2020 Net Sales evolution*
Europe	App. 10% decline
North America - U.S. Pocket Lighters	App. 10% decline
Latin America	Double-digit decline
Middle East & Africa	Mid-single digit increase
Asia & Oceania	Flat

(*) Change on a comparable basis

(**) Change in value. Source: IRI data 21 June 2020

MARKET & BIC PERFORMANCE

U.S. Non-Refillable Pocket Lighter**

			2.6%	1.50%	BIC total
					market share
-0.8%-0.9%		-1.8%-2.1%			YTD
			+0.6 pts
2018	-5.9%-5.7%	2020 YTD June	2020 13 Weeks
2019
	Total US	Convenience

U.S. Utility Lighter**

					35.6%			BIC total
					24.3%
	0.5%	4.1%								market share
								YTD
												+5.3 pts
	2018	2019		2020 YTD June Last 13 weeks

Overall Net Sales performance impacted by limited in-store traffic and the closure of Tobacco chains and Convenience stores.

Solid commercial execution and distribution gains in Modern Mass Market

Positive momentum in the U.S. despite continued pressure from lower Convenience store foot-traffic.

5

SHAVERS					US MARKET PERFORMANCE**	0.9%
Net Sales		NIFO
Q2	98.6 M€		Q2	14.3 M€		-2.9%-3.8%	-2.2%	-2.3%		-4.2%		-5.9%-5.5%	-6.5%
	200.7 M€						2018			2019			2020 YTD June
H1		H1	21.9 M€			Total	Refillable	One Piece
						BIC's US MARKET SHARE / One Piece segment**
	Net Sales*	NIFO margin			In value (in pts)
	20.2%	18.7%			14.5%	1.4			0.7		1.9	1.7	1.5	1.9
10.1%	9.1%
		7.5%
10.0%
	7.0%
						-0.5	-0.5	-0.5
								-1.3
	-0.7%		-1.6%	-5.9%			2016	2017		2018		2019	2020
				-11.5%	BIC Market Share change - YTD	BIC Market Share change - 13 weeks
					Overall category impacted by evolving consumer habits, compounded during the
Q1 19	Q2 19	Q3 19	Q4 19	Q1 20		Q2 20
By Geography		BIC H1 2020 Net Sales evolution *	quarantine
					Strong sell-out performance in U.S. one-piece market
	Europe		Mid-dingle digit decline
				+1.5 pts market share gains YTD June
North America - U.S. One-		Mid-dingle digit decline
			Success of new products such as the BIC Soleil Sensitive Advance
	Piece
Latin America		Double-digit decline			Solid performance and increasing distribution for Us, our Gender-Neutral Refillable
Middle East & Africa		Mid single-digit decrease		shaver
		High level of customers' inventories at the start of the year in Mexico, distribution gains in
Asia & Oceania		App. 10% decline
			Argentina
(*) On a comparative basis
(**) Source: IRI total market Year-to-date ending 21-JUN-20												6

Market Share Gains

Stationery in France

YTD May

1.1%

-4.6%

Market in Value BIC sell-out in Value

U.S. Utility Lighters

YTD June	13 weeks
	50.4%
37.8%	35.6%
24.3%

U.S. Market in Value BIC sell-out in value

Shavers in Brazil

21.3%	22.4%
VAL
YTD MAY '19	YTD MAY '20

BIC market share YTD May		BIC market share YTD June
+ 1.3 pts		+ 5.3pts

BIC market share YTD June

+ 1.1 pts

In value	7

Q2 & H1 2020

NET SALES EVOLUTION

Q2

2020

H1

2020

Change

FX impact*

Change in

Argentina

Change on

Q2 2019

Q2 2020

Perimeter**

impact***

a comparative

In million euros

as reported

(in points)

(in points)

(in points)

basis***

Net Sales

544.8

418.9

(23.1)%

(1.5)

(0.1)

0.0

(21.5)%

-8.0M€InM€

USD

+3.6

BRL

-6.1

MXN

-2.4

RUB UAH

-0.8

ZAR

-0.5

AUD

-0.4

TRY

-0.4

CAD

-0.2

Change in

Argentina

Change on

Change

FX impact*

H1 2019

H1 2020

Perimeter**

impact***

a comparative

In million euros

as reported

(in points)

(in points)

(in points)

basis***

Net Sales

960.2

775.8

(19.2)%

(1.0)

(0.1)

0.1

(18.2)%

(*) Forex impact excluding Argentinian Peso (ARS)

1. Acquisition of Lucky Stationery Ltd in Nigeria , closure of Shaver and Stationery offices in China, closure of BIC Graphic Oceania

1. See glossary

		-9.4M€In M€
	USD	+7.4
	BRL	-10.3
	MXN	-2.6
	AUD	-0.8
	ZAR	-0.8
	TRY	-0.8		9
	RUB UAH	-0.5
		CHI	-0.3

H1 2020

FROM NET SALES TO IFO

In million euros				Change on a
	H1 19	H1 20	Change as reported	constant currency	Change on a
	basis*	comparative basis*
Net Sales	960.2	775.8	(19.2)%	(17.7)%	(18.2)%
Gross Profit	478.5	371.2	(22.4%)
Normalized Income	153.1	92.9	(39.3%)
from Operations*
Income from	126.1	24.0	(81.0%)
Operations

(*) See glossary

10

Q2 2020

KEY COMPONENTS OF NORMALIZED* INCOME FROM OPERATIONS MARGIN

18.1%

+ 0.1%

+ 1.1%

- 3.2%

16.1%

13.1%

+ 5.0%

- 1.3%

COGS:

-4.1pts

Net Sales

in

decrease:

- 10.0%

OPEX & related

-6.2 pts

expenses:

-0.5 pts

- 4.6%

0.2%

Q2 2019 Income

Q2 2019

Q2 2019

Change in Gross Brand Support

OPEX and Other

Q2 2020

Q2 2020

Q2 2020 Cello

Others

Q2 2020 Income

From

restructuring

Normalized

Profit margin

Expenses

Normalized

Restructuring

Impairment

From

Operations

costs

Income From

Income From

Costs

Operations

Margin

Operations

Operations

Margin

Margin

Margin

11

H1 2020

KEY COMPONENTS OF NORMALIZED* INCOME FROM OPERATIONS MARGIN

15.9%

+ 0.2%

+ 0.5%

13.1%

COGS:

+ 2.8%

- 4.6%

12.0%

-2.2 pts

OPEX & related

expenses:

- 1.0%

-0.3 pts

Net Sales

decrease:

- 5.4%

-5.9 pts

3.1%

-2.5%

H1 2019 Income	H1 2019	H1 2019	Change in Gross Brand Support	OPEX and	H1 2020	H1 2020	H1 2020 Cello	Others	H1 2020 Income
From	Restructuring	Normalized	Profit margin	Other Expenses	Normalized	Restructuring	Impairment		From
Operations	costs	Income From			Income From	Costs			Operations
Margin		Operations			Operations				Margin
		Margin			Margin

12

H1 2020

FROM NIFO TO GROUP NET INCOME

In million euros	H1 2019	H1 2020
Normalized* IFO	153.1	92.9
Non-recurring items**	27.0	68.9
IFO	126.1	24.0
Finance revenue/costs	(1.7)	+9.9
Income before Tax	124.4	33.9
Income tax expense	(34.8)	(11.8)
Effective tax rate	28.0%	34.8%
Net Income Group share	89.6	22.1
EPS Group Share (in euro)	1.99	0.49
Normalized Net Income Group Share	108.4	84.0
Normalized EPS Group Share (in euro)	2.43	1.87

(*) See glossary	13
(**) Restructuring costs from Transformation plan and Ecuador factory closure, Cello impairment and expenses related to the Covid-19 epidemic

WORKING CAPITAL

BIC Group	June 2019	June 2020
In million euros
Total Working Capital	736.1	648.3
Of which inventories	494.8	484.9
Of which Trade	639.6	517.1
and other receivables
Of which Trade	(151.0)	(140.0)
and other payables

Inventories in million euros

Stationery 234.0

Lighters 139.9

Shavers 102.2

Other Products 8.8

INVENTORIES IN DAYS*

186	218
June 2019	June 2020

• In days of Costs of Goods

RECEIVABLES IN DAYS

74	84
June 2019	June 2020

14

30 JUNE 2020 NET CASH POSITION

In million euros

Operations
95.6
- 9.9
- 31.2
146.9
Net Cash
From Operating activities
+85,7M€
-110.2	-7.4	-2.7	41.5
			-39.6

December 2019	Operating cash flow Change in working	CAPEX	Dividend Payment	Net cash from	Acquisitions*	Others (mainly FX) June 2020 Net
Net Cash Position	capital and others			Share buyback and		Cash Position
				liquidity program

(*) Haco Industries acquisition

15

CONCLUSION

H2 2020: MAIN RISKS ASSOCIATED WITH THE COVID-19 PANDEMIC

• Lower consumer spending and in-store traffic affecting our three categories.
• Timing, roll-out, and conditions of the re-opening of schools and universities in the Northern hemisphere remain uncertain and could jeopardize the success of the Back- to-School season. Pre-BTS plans for the Southern Hemisphere may model those of the North and affect retailer plans.
• Slow rebound in business activity within Office Superstore and Office Supplier channels.
• The lack of improvement of Indian and Latin American economies will continue to impact our performance in these regions.

16

CONCLUSION

OUR PRIORITIES FOR 2020

For the balance of the year, we will continue to focus on protecting Operating Cash Flow generation, and we are on track to achieving the actions announced in May to mitigate the impact of the crisis:

• Managing OPEX, the negative impact of Net Sales decrease on Normalized Income From Operations margin will be partially offset by 15 to 20 million euros OPEX reduction,
• Decreasing inventory levels by approximately 15 to 30 million euros vs. the end of 2019. The coming Back-to-School season will be determinant in achieving this goal,
• Reducing 2020 CAPEX to around 80 million euros

17

THANK YOU

APPENDIX

Q2 and H1 2020 NET SALES

MAIN EXCHANGE RATE EVOLUTION VS. EURO

		Average rates
	% of sales	Q2 2019	Q2 2020	% of change
US Dollar	47%	1.12	1.10	+2.1%
Brazilian Real	4%	4.41	5.91	-25.4%
Mexican Peso	3%	21.51	25.64	-16.1%
Argentina Peso	1%	49.45	74.46	-33.6%
Canadian dollar	3%	1.50	1.53	-1.5%
Australian dollar	2%	1.61	1.68	-4.3%
South African Zar	1%	16.18	19.71	-17.9%
Indian Rupee	1%	78.17	83.53	-6.4%
Non-Euro European countries	9%
Sweden		10.62	10.66	-0.4%
Russia		72.56	79.78	-9.1%
Poland		4.28	4.50	-4.9%
British Pound		0.88	0.89	-1.3%

		Average rates
	% of sales	H1 2019	H1 2020	% of change
US Dollar	43%	1.13	1.10	+2.5%
Brazilian Real	6%	4.34	5.41	-19.7%
Mexican Peso	3%	21.65	23.82	-9.1%
Argentina Peso	1%	46.95	71.12	-34.0%
Canadian dollar	3%	1.51	1.50	+0.2%
Australian dollar	2%	1.60	1.68	-4.6%
South African Zar	1%	16.05	18.30	-12.3%
Indian Rupee	1%	79.10	81.68	-3.2%
Non-Euro European countries	9%
Sweden		10.52	10.66	-1.3%
Russia		73.70	76.66	-3.9%
Poland		4.29	4. 41	-2.7%
British Pound		0.87	0.87	-0.1%

20

GROUP QUARTERLY FIGURES

										Restated for IFRS 15				Restated for
																IAS 29
In million euros	Q1 16	Q2 16	Q3 16	Q4 16	FY 16		FY 17	Q1 17	Q2 17		Q3 17	Q4 17	FY 17	Q1 18	Q2 18	Q3 18	Q4 18	FY 18	Q1 19	Q2 19	Q3 19	Q4 19	FY 19	Q1 20	Q2 20
Net Sales	469,3	562,2	490,5	503,8	2 025,8		2 020,3	473,2	599,0	471,7	497,4	2 041,4	415,4	543,9	479,5	511,0	1 949,8	415,4	544,8	488,0	501,2	1 949,4	357,0	418,9
YoY actual changes	+0,3%	-1,1%	+1,1%	+6,7%	+1,6%		-0,3%							-12,2%	-9,2%	+1,6%	+2,7%	-4,5%	0,0%	+0,2%	+1,8%	-1,9%	0,0%	-14,1%	-23,1%
YoY changes on a constant	+6,7%	+4,6%	+3,0%	+5,4%	+4,9%		+0,5%							-3,0%	-3,1%	+5,1%	+5,4%	+0,9%	-1,1%	-1,5%	-0,5%	-2,3%	-1,4%	-12,9%	-21,3%
currencies basis*
YoY changes on a comparative							+1,4%							-1,5%	-2,3%	+5,2%	+5,4%	+1,5%	-2,0%	-1,3%	-0,5%	-3,8%	-1,9%	-13,8%	-21,5%
basis*
IFO	81,4	127,9	96,2	97,8	403,4		376,2	74,1	119,6	83,1	98,1	374,9	69,6	50,0	76,8	62,5	258,8	54,6	71,4	83,1	43,6	252,7	23,0	1,0
					409,1		400,9					399,6					352,4					331,8
Normalized IFO*	81,4	132,1	97,4	98,1		81,1	137,1		83,2	98,1	69,6	118,7	77,0	87,1	54,6	98,5	88,0	90,7	25,3	67,5
					19,9%		18,6%						18,4%					13,3%					13,0%
IFO margin	17,3%	22,7%	19,6%	19,4%		15,7%	20,0%		17,6%	19,7%	16,7%	9.2%	16,0%	12,2%	13,1%	13,1%	17,0%	8,7%	6,4%	0,2%
					20,2%		19,8%						19,6%					18,1%					17,0%
Normalized IFO margin*	17,3%	23,5%	19,9%	19,5%		17,1%	22,9%		17,6%	19,7%	16,7%	21.8%	16,1%	17,0%	13,1%	18,1%	18,0%	18,1%	7,1%	16,1%
Net Income Group Share	51,0	89,1	73,6	36,0	249,7		288,3	49,5	79,2		57,6	101,1	287,3	48,6	22,2	52,7	49,8	173,4	39,3	50,3	63,0	23,5	176,1	25,0	-3,0
EPS Group Share	1,08	1,89	1,57	0,77	5,32		6,20	1,06	1,70		1,23	2,17	6,18	1,06	0,49	1,15	1,09	3,80	0,87	1,11	1,40	0,52	3,91	0,56	-0,07

21

(*) See glossary

GROUP QUARTERLY FIGURES BY GEOGRAPHY

Restated for IAS 29

	In million euros	Q1 18	Q2 18		Q3 18	Q4 18	FY 18	Q1 19	Q2 19	Q3 19		Q4 19	FY 19	Q1 20	Q2 20
	Europe	124,3	176,1		138,0	121,4	559,7	122,8	167,9	143,5	124,7	558,9	119,1	138,6
	Net Sales
	YoY actual changes	-5,5%	-2,8%		+0,2%	+1,5%	-1,8%	-1,2%	-4,6%	+4,0%	+2,7%	-0,1%	-3,0%	-17,4%
	YoY changes on a comparative	-0,4%	+1,7%		+2,9%	+2,9%	+1,8%	+2,4%	-1,3%	+6,2%	+3,2%	+2,3%	-3,0%	-16,6%
	basis*
	North America	154,9	224,9		196,3	189,4	765,6	161,8	227,5	196,9	178,3	764,4	140,4	202,8
	Net Sales
	YoY actual changes	-13,2%	-7,0%		+6,2%	+4,5%	-2,7%	+4,4%	+1,1%	+0,3%	-5,9%	-0,2%	-13,2%	-10,8%
	YoY changes on a comparative	-0,1%	-0,7%		+5,5%	+1,4%	+1,4%	-2,2%	-2,4%	-3,4%	-8,3%	-4,1%	-15,6%	-12,3%
	basis*
	Latin America							367,9	78,9	86,9	87,8	112,0	365,6	54,6	39,4
	Net Sales
	YoY actual changes								-3,0%	+4,0%	-0,4%	-2,5%	-0,6%	-30,8%	-54,6%
	YoY changes on a comparative								-1,5%	+0,9%	-2,1%	-2,2%	-1,3%	-26,4%	-46,1%
	basis*
	Middle East and Africa							101,8	22,2	24,8	26,5		44,8	118,4	20,1	18,9
	Net Sales
	YoY actual changes								+16,5%	+12,1%	+32,3%	+10,4%	+16,2%	-9,8%	-23,9%
	YoY changes on a comparative								+0,2%	-2,2%	+10,5%	-3,0%	+0,4%	-13,5%	-22,8%
	basis*
	Asia & Oceania (including India)							104,5	29,7	37,7	33,3	41,4	142,1	22,8	19,1
	Net Sales
	YoY actual changes								-17,2%	+1,4%	-10,1%	-7,4%	-8,2%	-23,1%	-49,2%
	YoY changes on a comparative								-17,8%	+0,6%	-11,9%	-8,5%	-9,3%	-19,5%	-45,6%
	basis*
																22
(*) See glossary

STATIONERY

			Restated for									Restated for Unallocated Group Costs
			IAS 29
In million euros	Q1 18	Q2 18	Q3 18	Q4 18	FY 18	Q1 19	Q2 19	Q3 19	Q4	FY 19	Q1 19	Q2 19	Q3 19	Q4	FY 19	Q1 20	Q2 20
					771.9					774.4					774.4
Net Sales	151.8	249.5	200.2	170.4	148.3	252.5	204.3	169.3	148.3	252.5	204.3	169.3	127.0	166.9
YoY actual changes	-8.3%	-6.8%	+2.9%	-3.3%	-4.0%	-2.3%	+1.2%	+2.0%	-0.6%	+0.3%	-2.3%	+1.2%	+2.0%	-0.6%	+0.3%	-14.4%	-33.9%
YoY changes on a constant currencies					+1.2%					-0.5%					-0.5%
0.0%	-1.7%	+6.7%	+0.6%	-1.8%	-0.6%	+0.1%	+0.1%	-1.8%	-0.6%	+0.1%	+0.1%	-12.9%	-33.1%
basis*
YoY changes on a comparative basis*	+2.0%	-1.4%	+6.8%	+0.6%	+1.7%	-5.8%	-2.3%	-1.7%	-4.8%	-3.4%	-5.8%	-2.3%	-1.7%	-4.8%	-3.4%	-14.8%	-33.2%
IFO	9.6	-31.3	10.3	-2.6	-14.1	1.8	21.9	12.6	-43.1	-6.7	6.3	37.6	18.7	-35.8	26.8	0.8	-35.7
Normalized IFO*	9.6	37.4	10.4	5.4	62.8	1.8	32.3	14.5	-0.9	47.8	6.3	37.6	18.7	4.7	67.4	0.8	18.2
IFO margin	6.3%	-12.6%	5.1%	-1.5%	-1.8%	1.2%	8.7%	6.2%	-25.4%	-0.9%	4.2%	14.9%	9.2%	-21.2%	3.5%	0.6%	-21.4%
Normalized IFO margin*	6.3%	15.0%	5.2%	3.2%	8.1%	1.2%	12.8%	7.1%	-0.5%	6.2%	4.2%	14.9%	9.2%	2.8%	8.7%	0.7%	10.9%

(*) See glossary	23

LIGHTERS

			Restated for									Restated for Unallocated Group Costs
			IAS 29
In million euros	Q1 18	Q2 18	Q3 18	Q4 18	FY 18	Q1 19	Q2 19	Q3 19	Q4	FY 19	Q1 19	Q2 19	Q3 19	Q4	FY 19	Q1 20	Q2 20
					685,8					679,0					679,0
Net Sales	152,7	165,0	163,8	204,3	149,7	169,9	161,9	197,4	149,7	169,9	161,9	197,4	121,0	147,3
YoY actual changes	-11,3%	-11,5%	+2,8%	+7,7%	-3,1%	-2,0%	+3,0%	-1,1%	-3,4%	-1,0%	-2,0%	+3,0%	-1,1%	-3,4%	-1,0%	-19,2%	-13,3%
YoY changes on a constant currency	-0,7%	-4,5%	+5,8%	+9,0%	+2,4%	-4,7%	+0,7%	-3,9%	-4,5%	-3,1%	-4,7%	+0,7%	-3,9%	-4,5%	-3,1%	-18,6%	-11,2%
basis*
YoY changes on a comparative					+2,4%					-3,7%					-3,7%
-0,5%	-4,5%	+5,8%	+9,0%	-5,5%	-0,1%	-4,2%	-4,9%	-5,5%	-0,1%	-4,2%	-4,9%	-18,7%	-11,2%
basis*
IFO	54,5	63,3	58,3	66,5	242,5	46,6	49,3	52,6	69,2	217,7	51,1	61,8	57,6	77,1	247,7	34,5	49,5
					247,0					232,1					249,2
Normalized IFO*	54,5	63,3	58,3	70,9	46,6	58,7	54,3	72,5	51,1	61,8	57,6	78,6	34,7	52,5
IFO margin	35,7%	38.4%	35,6%	32,5%	35,4%	31,1%	29,0%	32,5%	35,1%	32,1%	34,2%	36,4%	35,6%	39,0%	36,5%	28,5%	33,6%
Normalized IFO margin*	35,7%	38.4%	35,6%	34,7%	36,0%	31,1%	34,5%	33,5%	36,7%	34,2%	34,2%	36,4%	35,6%	39,8%	36,7%	28,7%	35,7%

(*) See glossary	24

SHAVERS

			Restated for										Restated for Unallocated Group Costs
			IAS 29
In million euros	Q1 18	Q2 18	Q3 18	Q4 18	FY 18	Q1 19	Q2 19	Q3 19	Q4	FY 19	Q1 19		Q2 19	Q3 19	Q4		FY 19	Q1 20	Q2 20
					438,0						463,0							463,0
Net Sales	97,0	113,5	104,4	123,1	109,0	115,5	114,9	123,5		109,0		115,5	114,9	123,5		102,0	98,6
YoY actual changes	-15,9%	-8,0%	+0,2%	+5,7%	-4,7%	+12,4%	+1,8%	+10,1%	+0,4%		+5,7%	+12,4%		+1,8%	+10,1%	+0,4%		+5,7%	-6,4%	-14,6%
YoY change on a constant currency	-6,0%	-0,3%	+4,1%	+9,2%	+1,7%	+11,3%	+0,8%	+7,4%	-0,2%		+4,4%	+11,3%		+0,8%	+7,4%	-0,2%		+4,4%	-5,0%	-11,0%
basis*
YoY change on a comparable basis*	-6,0%	-0,3%	+4,1%	+9,2%	+1,7%	+10,0%	-0,7%	+7,0%	-1,6%		+3,2%	+10,0%		-0,7%	+7,0%	-1,6%		+3,2%	-5,9%	-11,5%
IFO	7,7	16,9	10,4	8,8	43,7	7,7	1,6	19,6	18,3		47,2	11,0	10,5	23,2	23,8		68,5	7,5	9,8
Normalized IFO*	7,7	16,9	10,5	10,3	45,4	7,7	8,4	20,8	19,3		56,2	11,0			23,2	23,1		67,8	7,7	14,3
		10,5
					10,0%						10,2%							14,8%
IFO margin	7,9%	14.9%	9,9%	7,1%	7,1%	1,4%	17,0%	14,8%		10,1%		9,1%	20,2%	19,3%		7,4%	10,0%
					10,4%						12,1%							14,7%
Normalized IFO margin*	7,9%	14.9%	10,1%	8,4%	7,1%	7,3%	18,1%	15,6%		10,1%		9,1%	20,2%	18,7%		7,5%	14,5%

* see glossary

(*) See glossary	25

OTHER PRODUCTS

Restated for Unallocated Group Costs

In million euros	Q1 18	Q2 18	Q3 18	Q4 18	FY 18	Q1 19	Q2 19	Q3 19	Q4	FY 19	Q1 19	Q2 19	Q3 19	Q4	FY 19	Q1 20	Q2 20
Net Sales	13,8	15,9	11,1	13,2		54,0	8,3	7,0	6,9	10,9	33,1	8,3	7,0	6,9	10,9	33,1	7,0	6,1
						-23,3%					-38,7%					-38,7%
YoY actual changes	-31,4%	-25,8%	-19,2%	-12,3%		-40,0%	-56,3%	-37,8%	-16,9%	-40,0%	-56,3%	-37,8%	-16,9%	-15,7%	-12,3%
YoY changes on a constant						-22,0%					-38,6%					-38,6%
-29,5%	-24,2%	-18,5%	-11,8%		-39,8%	-56,2%	-37,8%	-16,7%	-39,8%	-56,2%	-37,8%	-16,7%	-15,2%	-11,5%
currency basis*
YoY changes on a comparative						-11,6%					+1,2%					+1,2%
-14,0%	-6,9%	-14,7%	-11,8%		-5,4%	-4,3%	+11,4%	+4,5%	-5,4%	-4,3%	+11,4%	+4,5%	-15,2%	-11,2%
basis*
IFO*	-2,2	1,2	-2,2	-10,2		-13,4	-1,6	-1,3	-1,7	-0,9	-5,5	-1,3	-0,8	-1,5	0,0	-3,6	-0,9	-2,6
			-2,2	0,4		-2,8	-1,6	-0,9	-1,6	-0,2	-4,3	-1,3	-0,8	-1,5	0,1	-3,5	-0,9	-0,2
Normalized IFO*	-2,2	1.2

(*) See glossary

26

UNALLOCATED COSTS

Restated for Unallocated Group Costs

In million euros	Q1 19	Q2 19	Q3 19	Q4 19	FY 19	Q1 20	Q2 20
IFO*	-12,6	-37,6	-14,9	-21,5	-86,7	-18,8	-20,1
Normalized IFO*	-12,6	-10,6	-10,0	-15,9	-49,1	-17,0	-17,2

(*) See glossary	27

CAPITAL AND VOTING RIGHTS

As of June 30, 2020, the total number of issued shares of SOCIÉTÉ BIC is

45,532,240 shares, representing:

• 66,992,235 voting rights
• 66,440,239 voting rights excluding shares without voting rights

Total number of treasury shares held at the end of June 2019: 551 996.

28

GLOSSARY

Constant currency basis Constant currency figures are calculated by translating the current year figures at prior year monthly average exchange rates.

Organic change At constant currencies and constant perimeter. Figures at constant perimeter exclude or Comparative basis the impacts 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 also excludes Argentina Net Sales for both 2018 and 2019

Gross profit Is the margin that the Group realizes after deducting its manufacturing costs.

Normalized IFO Normalized means excluding non-recurring items.

Normalized IFO margin Normalized IFO 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.

Net cash position Cash and cash equivalents +Other current financial assets - Current borrowings -

Non-current borrowings (except financial liabilities following IFRS16 implementation).

Unallocated costs

• Net costs [balance of income and expenses] of Corporate headquarters including I.T., finance, legal and H.R. costs, and of future shared services center.
• Other net costs that can't be allocated to Categories, notably restructuring costs, gains or losses on assets' divestiture, etc. Major unallocated items will be separately identified and disclosed.

29

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 "Risks and Opportunities"

of BIC "Registration Document" filed with the French financial markets authority (AMF) on March 31, 2020.