BIC : Q12024 Results PressRelease

Clichy, France - April 23, 2024

FIRST QUARTER 2024 RESULTS1

Flat net sales at constant currency excl. Argentina. Full-year outlook confirmed.

Strong Free Cash Flow performance.

Q1 2024 Net Sales of €522 million:

• Human Expression: Net Sales of €174 million, up by +3.9% at constant currency excl. Argentina, with strong performance in Europe, Mexico and North America,
• Flame for Life: Net Sales of €207 million, down by -7.8% at constant currency excl. Argentina, negatively impacted by North America, partially offset by continued robust performance in Europe and Brazil,
• Blade Excellence: Net Sales of €132 million, up by +8.8% at constant currency excl. Argentina, driven by double digit growth in the Middle East and Africa, Europe and Brazil.

Adjusted EBIT of €63 million, representing an aEBIT margin of 12.0% (-100 bps vs Q1 2023), as continued improvement in gross profit margin2 was more than offset by negative operating leverage.

Strong Free Cash Flow generation of €24 million driven by solid operating cash flow and continued improvement in change in working capital.

2024 Outlook confirmed, with gradual recovery expected in Q2 and stronger performance in H2.

Key Group financial figures

in million euros	Q1 2023	Q1 2024
Group Net Sales	538.7	521.7
Change as reported	+4.5%	(3.2)%
Change on a constant currency basis excl. Argentina	+1.2%	0.0%
Change on a constant currency basis	+4.3%	+5.9%
Adjusted EBIT	70.0	62.8
Adjusted EBIT Margin	13.0%	12.0%
EPS	€1.17	€0.82
Adjusted EPS	€1.17	€1.04
Free Cash Flow (before acquisitions and disposals)	(33.8)	23.7
Net Cash Position	297.1	392.6

1. Unaudited figures
2. Excluding the special bonus that will be awarded to team members, who have not been granted shares under our regular long term incentive plans, and after approval of the exceptional dividend at the Shareholders' meeting

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Gonzalve Bich, BIC's Chief Executive Officer commented:

"In a challenging macroeconomic environment, marked by continued inflationary pressure and uncertain geopolitical context, we delivered flat net sales at constant currency excluding Argentina in Q1 2024. Challenges did persist in the Flame for Life segment due to Asian imports in the US market, but a gradual recovery is anticipated from Q2. BIC's strong commercial focus, compelling value proposition and brand loyalty enable us to win share in key markets.

Our relentless focus on the execution of Horizon plan remains as strong as ever. BIC's successful omni-channel commercial strategy is bearing fruit, with e-commerce sales growing double-digit in the first quarter. We boosted and supported our innovation pipeline with strong marketing activity delivering high levels of engagement with a new campaign led by DJ Khaled adding to international activity with Snoop Dogg, Martha Stewart, and Willie Nelson. We also continued to progress on our ESG goals by launching an educational campaign in South Africa during the Back-to-School season. We doubled down on our efforts on Revenue Growth Management, resulting in Net Sales per SKU growth of +13% and a -11% reduction of total SKU count versus last year. Finally, in March, we inaugurated our plant extension dedicated to Blade Excellence and Human Expression in Saltillo, Mexico, highlighting our efforts to maximize operational excellence globally.

Our solid operating cash flow combined with our disciplined cash control contributed to generate a robust Free Cash Flow generation of €24 million during the first quarter 2024.

For the balance of the year, as our Horizon initiatives continue to mature, we remain confident in delivering our objectives for 2024 and beyond."

2024 Outlook confirmed (based on current market assumptions3)

Full Year 2024 Net Sales are expected to grow between +5% and +7% at constant currency4, driven by volumes, price, and mix. We expect to see a slight improvement in 2024 adjusted EBIT margin driven by operating leverage. We will continue to drive EBIT expansion to deliver long-term profitable growth, in line with our 2025 targets. Free Cash Flow is expected to be above €220 million in 2024.

Q1 2024 KEY HIGHLIGHTS

in million euros	Q1 2023	Q1 2024
Net Sales	538.7	521.7
Gross Profit	268.1	257.3
Gross Profit margin	49.8%	49.3%
EBITDA	95.8	70.6
EBIT	71.9	55.0
EBIT margin	13.3%	10.5%
Non-recurring items	(1.8)	7.8
Adjusted EBIT	70.0	62.8
Adjusted EBIT margin	13.0%	12.0%

Q1 2024 net sales were flat at constant currency excluding Argentina and up by +5.9% at constant currency, impacted by the negative performance of the Flame for Life division due to Asian competitive imports in the US. This was offset by solid growth in the Human Expression and Blade Excellence divisions, notably in Europe.

1. See market assumptions page in Appendix
2. Excluding Argentina net sales due to hyperinflationary context

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Q1 2024 gross profit margin decreased 0.5 points to 49.3%. Excluding the special bonus5, Q1 2024 gross profit margin increased 0.5 points to 50.3%, driven by favorable price and mix, currency fluctuations (mainly USD/MXN and EUR/USD) and manufacturing efficiencies. This was partially offset by higher raw material costs notably in the lighter business and unfavorable fixed cost absorption.

Q1 2024 adjusted EBIT margin decreased 1.0 point to 12.0% versus 13.0% in Q1 2023, mainly due to gross profit margin improvement6, which was more than offset by negative Net Sales operating leverage.

Key components of the change in adjusted EBIT margin

	Key components of the change in adjusted EBIT margin		Q1 2023 vs.	Q1 2024 vs.
	(in points)			Q1 2022	Q1 2023
	•	Change in Gross Profit*		(2.0)	+0.5
	•	Brand Support	(1.2)	(0.1)
	•	Operating expenses and other expenses*	(3.6)	(1.4)
	Total change in Adjusted EBIT margin	(6.8)	(1.0)
* Excluding the special bonus

Net income and earnings per share (EPS)

in million euros	Q1 2023	Q1 2024
EBIT	71.9	55.0
Finance revenue/costs	(1.2)	(7.8)
Income before Tax	70.7	47.2
Net Income Group share	50.8	34.2
Adjusted Net Income Group Share	50.8	43.3
Adjusted EPS Group Share (in euros)	1.17	1.04
EPS Group Share (in euros)	1.17	0.82

Q1 2024 effective tax rate was 27.6% vs. 28.1% for Q1 2023.

5A special bonus will be awarded to team members, who have not been granted shares under our regular long term incentive plans, and after approval of the exceptional dividend at the Shareholders' meeting

6 Excluding special bonus

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Change in net cash position

	Change in net cash position		2023			2024
	in million euros
	Net Cash position (as of end of December)		359.9			385.4
	Net cash from operating activities	(12.2)		+42.8
	•	Of which operating cash flow		+105.4			+91.3
	•	Of which change in working capital	(102.7)		(29.5)
	•	Others7		(14.9)			(19.0)
	Capital expenditures8	(21.6)		(19.1)
	Share buyback program9		(27.6)			(14.2)
	Net cash from the liquidity contract	+0.1		0.0
	Other items			(1.5)			(2.3)
	Net Cash position (as of end of March)	297.1		392.6

Operating Cash flow was €91.3 million with solid business performance and continued improvement in change in working capital. The €29.5 million negative change in working capital was primarily driven by 2024 Back-to-School inventory building. As a result, Q1 2024 Free Cash Flow (before acquisitions and disposals) was €23.7 million.

At the end of March 2024, Net Cash position was €392.6 million.

Shareholders' remuneration:

• An ordinary dividend of €2.85 per share to be approved in May 2024 and paid in June 2024 (record date expected on June 11th, 2024).
• An extraordinary dividend of €1.42 per share to be approved in May 2024 and paid in September 2024 (record date expected on September 17th, 2024).
• €14.2 million in share buybacks were completed by Société BIC at the end of March 2024. 216,251 shares were purchased at an average price of €65.50 per share.

UPDATE ON OUR 2025 HORIZON STRATEGIC PLAN

During Q1 2024, we made progress on our 2025 Horizon strategic objectives:

• We continued to launch impactful consumer-centric advertising campaigns to drive growth for our innovative and added-value products. The global roll-outof our BIC EZ Reach utility pocket lighter continued in Europe and Asia with the campaign featuring Snoop and Martha. In the US, BIC EZ Reach reached market share of above 6% in value in Q1 2024, driven by strong distribution and in-storevisibility in the Modern Mass market. We also partnered with icon DJ Khaled to launch the "Ignite your passion" campaign for our Djeep Lighters, which will be aired in Q2.
• eCommerce sales saw a strong start to the year, growing by double-digits and driven by positive performances in key markets such as the US, France and the UK with growth coming from all categories and key channels. Our direct-to-consumer website also contributed to growth in the US thanks to our personalized lighter offering Design my BIC.

1. Others include income tax paid and pensions contribution
2. Including -€3.9 million in 2024 and -€3.8 million in 2023 related to capital expenditures payable change
3. Includes in 2024 €8.2 million of share buyback for cancellation and €6.0 million of free shares to be granted (long term incentives)

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• Our Revenue Growth Management strategy continued to deliver value through pricing, mix, portfolio simplification and effective promotions. It resulted in Net Sales per SKU growth of +13% and a -11% reduction of total SKU count vs Q1 2023, notably in the Human Expression division.
• We continued our efforts to maximize Operational Excellence with the inauguration of our plant extension in Saltillo (Mexico), enhancing our supply chain efficiency across North America and Latin America, as part of our strategy to deploy best-in-class manufacturing and procurement capabilities globally.
• Free cash flow before acquisitions and disposals in Q1 2024 was €23.7 million driven by solid operating cash flow and continued improvement in change in working capital. This mainly resulted from reduced inventory levels and continued focus on trade receivables.

OPERATIONAL TRENDS BY DIVISION

Human Expression

in million euros	Q1 2023	Q1 2024
Net Sales	177.5	173.8
Change as reported	+5.4%	(2.0)%
Change on a constant currency basis excluding Argentina	+3.0%	+3.9%
Change on a constant currency basis	+8.5%	+12.2%
Adjusted EBIT	2.4	9.2
Adjusted EBIT Margin	1.4%	5.3%

The Human Expression division's Q1 2024 Net Sales grew by 3.9% at constant currency excluding Argentina driven by strong growth in Europe, North America, and Mexico, partially offset by softer performance in Brazil and India.

In Europe, net sales grew low double-digits, boosted by geographical expansion through distribution gains across Eastern and Western Europe in both online and offline channels, with robust growth in France, Italy and Poland. Our iconic 4-Color pen continued to drive growth, leveraging new collections (such as the 4- Color Gradient and the 4-Color Olympic Games decor). During the quarter, BIC gained 90 bps of market share in value in France10 driven by Coloring and maintained its #1 position in the UK.

In the US, performance was driven by growth from both core, such as Ball Pen and Highlighter, and added- value segments, such as Gel, all increasing by over 20% in net sales. BIC maintained its market share in value, driven by innovative recent products such as the Gel Quick Dry and the Break Resistant Mechanical Pencil as well as core segments in Mechanical Pencils and Correction.

In Latin America, net sales performance was solid in Mexico through favorable volume, price and mix, as well as key segments such as Ball Pens and Coloring, which posted double digit growth. This was partially offset by a softer performance in Brazil.

In Middle East and Africa, performance was stable, with a strong back-to-schoolsell-in in South Africa and Kenya.

In Q1, the Human Expression division's adjusted EBIT margin improved from 1.4% to 5.3% versus the

prior year, driven by significant gross profit improvement, with favorable pricing, mix and currency fluctuations. This was partially offset by unfavorable fixed cost absorption and higher brand support investments.

10 Year to date 24 March 2024: IRI - in value

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Flame for Life

in million euros	Q1 2023	Q1 2024
Net Sales	228.5	207.1
Change as reported	+0.9%	(9.4)%
Change on a constant currency basis excluding Argentina	(2.5)%	(7.8)%
Change on a constant currency basis	(1.3)%	(5.5)%
Adjusted EBIT	83.9	63.4
Adjusted EBIT Margin	36.7%	30.6%

The Flame for Life division's Q1 2024 Net Sales decreased by 7.8% at constant currency excluding Argentina. Sales were negatively impacted in the US by competitive imports coming from Asia. This more than offset strong net sales growth in Brazil and Europe.

In Europe, net sales grew by mid-single digit fueled by volumes and improved mix, with both classic and decorated lighters performing well, notably in Western Europe (Germany, France and Spain). In line with our trade-up strategy, net sales of our BIC EZ Reach utility pocket lighter grew by double digits, building on its successful launch last year in most of our major markets.

In the US, net sales performance was challenging in Q1 2024, due to the negative impact of Asian competitive imports in the convenience channel, as well as by negative market trends in the measured market. The total lighter measured market declined by 6.0% in volume and 3.6% in value11, however BIC outperformed the market in both volume, +40 bps, and value, +30 bps, driven by premium products such as EZ Reach and decorated lighters.

In Latin America, strong commercial execution and innovation in Brazil drove robust net sales growth. This performance was fueled by distribution gains in both Pocket and Utility lighters which grew by nearly 20%, as well as the ramp-up of the BIC EZ Reach lighter, launched in H2 2023.

In Q1, the Flame for Life's division adjusted EBIT margin was 30.6%, versus 36.7% in Q1 2023. This decrease was mainly driven by higher raw material costs, unfavorable fixed cost absorption, negative Net Sales operating leverage in the US and higher brand support investments.

Blade Excellence

in million euros	Q1 2023	Q1 2024
Net Sales	124.7	132.5
Change as reported	+9.9%	+6.2%
Change on a constant currency basis excluding Argentina	+6.5%	+8.8%
Change on a constant currency basis	+9.0%	+18.0%
Adjusted EBIT	5.7	13.8
Adjusted EBIT Margin	4.5%	10.4%

The Blade Excellence division's Q1 2024 Net Sales grew 8.8% at constant currency excluding Argentina, fueled by double digit growth in Middle East and Africa, Europe and Brazil. Added-valueshavers were the main contributors to Q1 growth and notably our 3 blade-offeringgrowing by more than 10%.

In Europe, net sales growth was robust, driven by volume and mix, mainly in premium segments (3 to 5 blades) and with solid performance in both Eastern and Western Europe. BIC gained market share in 9 out

11 Year to date March 2024: IRI, estimated total lighter measured market (c.70% total market coverage)

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of 12 countries demonstrating its strong value for money proposition, which remains appealing to consumers in an inflationary environment.

In the US, in a declining market for disposable shavers, BIC gained market share in value, driven by the Male segment (+70 bps)12 thanks to value added products such as Soleil Escape, Flex 5 Hybrid and Comfort 3. eCommerce sales grew double-digit, also led by Men, notably Flex 5.

In Latin America, net sales grew double digits in Brazil driven by our successful trade up strategy with distribution gains in the 3-blade segment (notably Comfort 3 and Flex 3), growing net sales by more than 30%. In Mexico, in a growing market (+10.4%), BIC maintained market share in value13 with the success of our latest innovations including the launches of Flex 5 and Soleil Escape.

In Q1, Blade Excellence's division adjusted EBIT margin reached 10.4% versus 4.5% in Q1 2023, with a strong gross profit improvement driven by favorable price and mix, fixed cost absorption as well as manufacturing efficiencies. This was also positively impacted by lower brand support investments.

1. Year to Date March 2024: IRI
2. Year to Date March 2024: Nielsen (c. 62% market coverage)

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APPENDIX

2024 Market Assumptions

Our 2024 outlook is based on the following market assumptions14:

Market trends (in value):

• Europe:

1. Low to mid-single digit decrease in Stationery market;

1. Low-singledigit increase for total pocket Lighter market; o Low to mid-single digit increase in Shavers market;

• US:

1. Low to mid-single digit decrease in Stationery market;

1. Low to mid-single digit decrease for total pocket Lighter market15;

• 1. Flat to Low-single digit decrease in the total one-piece Shaver market;
• Latin America:
• 1. Low to mid-single digit increase in Stationery market;

• 1. Mid to high-single digit increase for total pocket Lighter market; o Mid to high-single digit increase in Shavers market;
• India: Mid to high-single-digit increase in Stationery market.

Currency: 2024 EUR/USD hedging rate: 1.08

1. Euromonitor and BIC estimates
2. IRI data: channels covered are Multi-Outlet + Convenience stores

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Net sales by geography

	Q1 net sales by							% at constant		% On a
	geography	Q1 2023		Q1 2024	% As reported				comparative
	in million euros							currency		basis
	Group	538.7		521.7	(3.2)%		+5.9%	0.0%
	Europe	151.5		160.3	+5.8%		+10.1%	+10.1%
	North America	217.5		190.7	(12.3)%		(11.3)%	(11.3)%
	Latin America	104.8		110.7	+5.7%		+35.8%	+6.2%
	Middle East and Africa	42.0		40.4	(3.8)%		+14.3%	+14.3%
	Asia and Oceania	22.9		19.5	(14.7)%			(11.2)%	(11.2)%
	(including India)

Net sales by division

	Q1 net sales by								FX			Change		Argentina
										in			% On a
	division						% As		impact				impact
		Q1 2023		Q1 2024					Perimeter			comparative
					reported
															basis
	in million euros							(in			(in points)		(in points)
								points)
	Group		538.7		521.7		(3.2)%		(2.5)			(0.0)		(0.7)		(0.0)%
	Stationery-
	Human	177.5	173.8		(2.0)%	(4.0)		(0.0)	(1.9)	+3.9%
	Expression
	Lighters- Flame		228.5		207.1		(9.4)%		(1.1)			(0.0)		(0.5)		(7.8)%
	for Life
	Shavers- Blade	124.7	132.5		+6.2%	(2.9)		(0.0)	+0.3	+8.8%
	Excellence
	Other Products		8.1		8.3		+2.3%		(0.1)			(0.0)		(0.0)		+2.4%

Change in Perimeter and Currency Fluctuations Impact on Net Sales

	Impact of Change in Perimeter and Currency Fluctuations on Net			Q1 2023			Q1 2024
	Sales (excludes ARS)
	in %
	Perimeter		+0.4		(0.0)
	Currencies		+2.4		(2.5)
	of which USD		+1.8		(0.4)
	of which BRL		+0.5		+0.4
	of which MXN		+0.6		+0.4
	of which CAD		(0.1)		(0.0)
	of which ZAR		(0.2)		(0.1)
	of which NGN		(0.1)		(1.1)
	of which TRY		(0.3)		(0.8)
	of which INR		(0.1)		(0.0)
	of which RUB and UAH		+0.3		(0.6)

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EBIT by division

	EBIT by division			Q1 2023			Q1 2024
	in million euros
	Group			71.9			55.0
	Margin	13.3%		10.5%
	Stationery- Human Expression			5.1			6.3
	Margin	2.9%		3.6%
	Lighters- Flame for Life			83.4			61.2
	Margin	36.5%		29.6%
	Shavers- Blade Excellence			5.3			11.6
	Margin	4.3%		8.8%
	Other Products			(0.8)			(1.0)
	Unallocated costs	(21.2)		(23.2)

Adjusted EBIT by division

	Adjusted EBIT by division			Q1 2023			Q1 2024
	in million euros
	Group			70.0			62.8
	Margin	13.0%		12.0%
	Stationery- Human Expression			2.4			9.2
	Margin	1.4%		5.3%
	Lighters- Flame for Life			83.9			63.4
	Margin	36.7%		30.6%
	Shavers- Blade Excellence			5.7			13.8
	Margin	4.5%		10.4%
	Other Products			(0.7)			(0.9)
	Unallocated costs	(21.2)		(22.7)

Condensed Profit & Loss

	Condensed Profit and Loss			Q1 2023			Q1 2024
	in millions euros
	Net Sales	538.7		521.7
	Cost of goods	270.6		264.4
	Gross profit			268.1			257.3
	Administrative & net other operating expenses/ (gain)	196.2		202.3
	EBIT	71.9		55.0
	Finance revenue/costs	(1.2)		(7.8)
	Income before tax	70.7		47.2
	Income tax expense	(19.9)		(13.0)
	Net Income Group Share	50.8		34.2
	Earnings per Share Group Share (in euros)	1.17		0.82
	Average number of shares outstanding (net of treasury shares)	43,405,436		41,769,641

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