BIC : H1 and Q2 2022 results press release

Clichy - France - August 2nd, 2022

SECOND QUARTER & FIRST HALF 2022 RESULTS

Execution of Horizon Strategic Plan delivering profitable growth in all divisions

Full-Year 2022 Net Sales Outlook Upgraded

Strong continued momentum in all divisions - H1 Net Sales growing 15.5% at Constant Currencies

• Human Expression: +23% Back-to-Schoolsell-in growth in the Northern Hemisphere (Europe, North America, and Mexico), and high-double-digit growth in Brazil and India
• Flame For Life: +17% growth in added-value products and double-digit growth in all key countries powered by distribution gains and innovation
• Blade Excellence: +13% growth in added-valueone-piece and hybrid shavers and increasing contribution of our B2B business BIC Blade-Tech (31% of Blade Excellence's growth in H1)
• Market share increased or maintained in 80% of the countries we operate in, driven by efficient commercial execution and enhanced consumer-centricity

Resilience to Input Cost Inflation Headwinds driven by favorable pricing and Net Sales operating leverage

Sustained Operating Cash Flow (+275.6 million euros): Working Capital impacted by the seasonality of Account Receivables (Back-to-School sell-in)and the negative impact of inflation on Inventories (40 million euros at the end of June)

H1 2022 Net Sales		H1 2022 EBIT
	197.7 M€		H1 2022
1,127.2 M€
			adjusted EBIT margin
+15.5% at constant		H1 2022 adjusted EBIT
		18.0%
currencies		202.9M€
H1 2022 EPS		H1 2022		H1 2022
3.15€ / -38.5%
		Net Cash Position
		Free Cash Flow
H1 2022 adjusted EPS			(End of June)
	+ 22.4 M€
		229.9M€
3.39€ / +35.1%

"Our solid H1 results and continuing resilience to external headwinds are testament to the power of our team worldwide. We grew Net Sales double-digit across all three divisions and reached record-high market share in the majority of our regions." said CEO, Gonzalve Bich. "With our Horizon Plan guiding our growth strategies, we are fueling our consumer obsession and commercial excellence, bringing to market trusted brands and ingeniously simple product solutions. Equally, we continue to invest in the design and manufacturing of innovations that meet the rising demand for products that are better for the consumer, and better for our planet. With our strong in-market momentum, we will respond with agility and determination to whatever challenge comes next, continuing our progress against strategic priorities that drive accelerated profitable growth and create sustainable value for all our stakeholders."

2022 Outlook Update (based on current market assumptions1)

We are updating our guidance and expect to grow Full-Year Net Sales between 10% and 12% at constant currencies (previously 7%-9%), driven by volume increase and favorable pricing. All divisions will contribute to organic growth in H2.

Input cost inflation is expected to have an impact of approximately 100 million euros. Despite these inflation headwinds and higher Brand Support & OPEX aimed at fueling growth, we expect to grow FY 2022 adjusted EBIT in absolute terms, driven by higher volumes, positive pricing, and additional savings. We maintain our target of over 200 million euros in Free Cash Flow.

1 See market assumptions page 9

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STRONG GROWTH MOMENTUM IN ALL DIVISIONS

H1 2022 Group Net Sales increased 13.7% on a comparative basis, 15.5% at Constant Currencies, and 10.7% on a 12- month rolling basis2. Growth was driven by volume increase, favorable mix, and the successful implementation of price increases in all regions. All divisions and regions contributed to H1 performance. We gained or maintained market share in 80% of the countries we operate in, including in all three divisions in Europe and the US.

In Human Expression, H1 Organic growth was driven by our Core Writing Instruments and Coloring segments following robust Back-to-School shipments, and efficient in-store execution. In the Northern Hemisphere (Europe, North America, and Mexico), Back-to-Schoolsell-in increased by almost 20% in volume and 23% in value compared to the same period last year. Countries hardest hit by the pandemic, such as Brazil, South Africa, Nigeria, and India, continued to recover in Q2, with high-double digit growth on a comparative basis, all now having recovered 2019 levels.

Our added-value products (decorated and Utility Lighters, EZ Reach, and Djeep) grew 17% in value and accounted for 38% of the Flame For Life H1 Net Sales. US Lighters contributed to 51% of the division's organic growth, boosted by distribution gains, innovation, positive price and mix (all accounting for approximately 4.5 pts of the US Lighters growth in H1), and catch-up of orders in Q1. BIC EZ Reach reached a 5.5% market share in value, driven by increased distribution, primarily in Convenience Stores.

In Blade Excellence, value-added products continued to fuel the performance of our One-Piece and Hybrid segments and grew 13% in H1. This was notably driven by the success of the BIC Soleil Escape four-blade shaver in the US, which reached a 2% share of the US women's One-Piece segment in less than six months. BIC Blade-Tech B2B business continued to gather momentum and contributed to 31% of the total Blade Excellence Year-to-Date Net Sales growth.

RESILIENCE TO INPUT COST INFLATION HEADWINDS DRIVEN BY FAVORABLE PRICING AND NET SALES OPERATING LEVERAGE

H1 2022 Gross Profit margin decreased by 2.0 points to 49.7%. The impact of input cost inflation (-5.3pts compared to H1 2021 including Raw Materials, Air and Sea Freight and Electricity) and unfavorable FX, mostly EUR/USD hedging rate (-0.7pts) were partially offset by favorable fixed cost absorption (+2.0 pts), favorable pricing (+1.4 pts), and the positive contribution of Inkbox (+0.3 pts). H1 2022 Adjusted EBIT increased by 22.2%, and the adjusted EBIT margin was 18.0%, almost flat compared to H1 2021. Net Sales operating leverage (+4.6 pts) more than offset the increase in Brand Support (-1.1pts), OPEX (-0.6pts) and Inkbox impact (-0.9pts).

Total input cost inflation weighed 48 million euros on H1 adjusted EBIT. For the Full-Year, we expect approximately 100 million euros negative impact, which should be more than offset by volume increase, price adjustments, and additional savings, and allow us to grow adjusted Full-Year EBIT in absolute terms.

Operating Cash Flow reached 275.6 million euros, fueled by strong business performance. The -175.3 million euros change in Net Current Working Capital was driven by Trade and other Receivables (-138.8M€), as a result of strong Net Sales growth, and by an increase in Inventory levels (-102.1M€, of which 40 million euros input cost inflation from Raw Material, Freight and Electricity).

H1 2022 Free Cash Flow before acquisitions and disposals was +22.4 million euros. The end of June Net Cash position

was 229.9 million euros and included (58.2) million euros paid for the acquisition of Inkbox.

HORIZON STRATEGIC PLAN IN ACTION

The relentless execution of BIC's Horizon strategic plan drove our robust performance in H1, as we pursue our journey towards accelerated profitable growth.

CONSUMER-CENTRICITY AND INNOVATION

Building on a rejuvenated R&D and innovation pipeline, we continue to accelerate product launches supported by effective Brand Support in all divisions. In Human Expression, Intensity Color Change, our new writing Felt Pen transforming everyday writing into a creative opportunity, was launched in most geographies. Our BIC EZ Reach Utility Pocket Lighter continued to gain distribution in all channels, a proof point of relevant innovation driving growth and creating value. In July, we launched our BIC Ecolutions Lighter in the US and France. This unique lighter was designed with 16% lower environmental impact compared to the classic BIC Maxi. It will be gradually deployed in the rest of Europe starting in September. BIC Soleil Escape, our new female razor offering a sensorial experience, was among the key drivers of year-to-date Blade Excellence's performance in the US. The BIC Bamboo shaver, with a Bamboo handle,

2 See glossary

BIC- Press Release - Page 2 of 16

reached 2.6% volume market share in Sweden in less than 10 months, demonstrating the consumer relevance of products with clear sustainability benefits.

E-COMMERCE

E-commerce sales grew 14% in H1. Core e-commerce sales continued to be driven by the Omniretailers channel and performance in Developing Markets, with high double-digit growth in India and Brazil. Our Shaver and Lighter businesses grew double-digit, driven by North America and Brazil. In Stationery, we expect a solid Back-to-School season driven by targeted Brand Support investment.

REVENUE GROWTH MANAGEMENT

We increased our Net Sales per SKU by 25% in H1 2022, driven by Human Expression and Flame For Life momentum, coupled with a net SKU reduction of 9%, as we continue to drive complexity reduction across our portfolio.

NEW BUSINESSES AND EXTERNAL GROWTH

Expanded Customer Base for BIC Blade-Tech

Adding growth and profitability to the Blade Excellence division and, more generally, to the Group, our B2B business, BIC Blade-Tech, is ramping up quickly, driven by additional orders from existing customers. We recently signed a third contract with an Asian Brand. Shipments are expected to start before the end of this year.

New capabilities in Skin Creative

In line with our Horizon strategy to pivot our Stationery business towards Human Expression and expand our Total Addressable Markets to the fast-growing Creative Expression segment, we acquired Tattly, a small, high-quality2-4 days US based Decal company. Tattly will help diversify BIC's offer in Skin Creative, adding a recognized Decal Brand to BIC's BodyMarktemporary Marker and Inkbox semi-permanent Tattoo. The Decal segment is the largest segment of the Non-permanent Skin Creative market, which is expected to reach 1.5 billion USD in 2030, growing 13% annually.

PATH TO SUSTAINABILITY

In May 2022, we announced our Greenhouse Gas (GHG) emission reduction targets for 20303, accelerating our longstanding commitment to sustainability while making GHG emissions reduction a key component of BIC's long-term strategy. In line with the Paris Agreement target requirements, we pledged to reduce 50% of our GHG emissions for Scope 1 and 100% for Scope 2 by 2030. For Scope 3, our goal is to reduce by 5% our GHG emissions by 2030, of which -30% for the Flame for Life division.

At the end of June 2022, we reached more than 70% of reusable, compostable or recyclable plastic in our Consumer packaging, on track to achieve our 100% goal in 2025.

In June 2022, our headquarters in Clichy (France) were relocated to a certified BREEAM (Building Research Establishment Environmental Assessment Method) building, thus meeting the highest requirements for environmental performance and energy consumption efficiency.

3: 2019 Baseline

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KEY OPERATIONAL FIGURES

GROUP

	in million euros				Q2 2021		Q2 2022	H1 2021			H1 2022
	Group Net Sales				505.7		611.4		916.7		1,127.2
	Change as reported		+20.7%		+20.9%		+18.2%		+23.0%
	Change on a comparative basis				+23.9%		+9.6%		+22.5%		+13.7%
	Change on a constant currency basis		+26.8%		+11.6%		+26.2%		+15.5%
	EBIT Margin		20.8%		16.3%		36.3%		17.5%
	Adjusted EBIT Margin				20.9%		16.5%		18.1%		18.0%
	EPS (in euros)				1.53		1.62		5.12		3.15
	Adjusted EPS (in euros)		1.55		1.78		2.51		3.39
	Free Cash Flow before acquisitions				67.7		24.3		103.7			22.4
	and disposals
	Net Cash Position				366.7		229.9		366.7		229.9
HUMAN EXPRESSION
	in million euros				Q2 2021	Q2 2022		H1 2021			H1 2022
	Volumes in million units				-		-		2,742.7			3,519.5
	% Change			-		-		+11.6%		+28.3%
	Net Sales				202.2		269.7		333.3			438.0
	Change as reported		+21.2%		+33.4%		+13.4%		+31.4%
	Change on a comparative basis				+20.1%		+21.9%		+12.1%			+21.7%
	Change at constant currency		+25.1%		+25.4%		+19.1%		+25.4%
	Adjusted EBIT		24.2		24.1		27.6		35.6
	Adjusted EBIT Margin				12.0%		9.0%		8.3%			8.1%
FLAME FOR LIFE
	in million euros				Q2 2021	Q2 2022	H1 2021			H1 2022
	Volumes in million units				-		-		799.3			850.1
	% Change		-		-		+35.0%			+6.4%
	Net Sales				192.9		209.7		367.4			436.0
	Change as reported		+31.0%		+8.7%		+37.0%			+18.7%
	Change on a comparative basis				+36.9%		(2.5)%		+44.7%			+9.3%
	Change at constant currency		+39.4%		(1.4)%		+47.7%			+10.1%
	Adjusted EBIT		80.5		79.8		145.7			166.9
	Adjusted EBIT Margin				41.7%		38.0%		39.6%			38.3%
BLADE EXCELLENCE
	in million euros				Q2 2021	Q2 2022	H1 2021			H1 2022
	Volumes in million units			-		-		1,193.0			1,212.4
	% Change		-		-		0.7%		+1.6%
	Net Sales			104.0		126.8		200.4			240.3
	Change as reported		+5.4%		+22.0%		(0.1)%		+19.9%
	Change on a comparative basis			+11.6%		+10.0%		+8.0%			+11.0%
	Change at constant currency		+11.9%		+11.1%		+8.4%		+11.8%
	Adjusted EBIT		20.2		17.9		32.4		43.3
	Adjusted EBIT Margin			19.4%		14.1%		16.2%			18.0%

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NET SALES, EARNINGS BEFORE INTEREST AND TAXES (EBIT), AND ADJUSTED EBIT

	in million euros			Q2 2021		Q2 2022		H1 2021		H1 2022
	Net Sales			505.7		611.4		916.7		1,127.2
	Gross Profit		261.8		292.6	473.9		559.8
	Gross Profit margin			51.8%		47.9%		51.7%		49.7%
	EBITDA		131.6		124.0	382.1		247.5
	EBIT			105.2		99.8		332.6		197.7
	EBIT margin		20.8%		16.3%	36.3%		17.5%
	Non-recurring items (see details page			0.3		1.3		(166.5)		5.3
	11)
	Adjusted EBIT		105.6		101.1	166.1		202.9
	Adjusted EBIT margin			20.9%		16.5%		18.1%		18.0%

H1 2022 Gross Profit margin decreased by 2.0 points to 49.7%. The impact of input cost inflation (-5.3 pts compared to H1 2021) and unfavorable FX, mostly EUR/USD hedging rate (-0.7 pts) were partially offset by favorable fixed cost absorption (+2.0 pts), favorable pricing (+1.4 pts), and the positive contribution of Inkbox (+0.3 pts). Q2 2022 Gross Profit margin evolution followed the same trend.

H1 2022 Adjusted EBIT increased by 22.2%, and the adjusted EBIT margin was 18.0%, almost flat compared to H1 2021. Net Sales operating leverage (+4.6 pts) more than offset the increase in Brand Support (-1.1 pts), and OPEX (-0.6 pts), and the impact of Inkbox (-0.9 pts).

• The Human Expression division's H1 2022 adjusted EBIT margin was 8.1% compared to 8.3% in H1 2021. This slight decrease was driven by an increase in Raw Material and Freight costs and Inkbox's investment, partly offset by Net Sales operating leverage and favorable fixed cost absorption.
• Flame for Life H1 2022 adjusted EBIT margin was 38.3% compared to 39.6% in H1 2021, due to higher Raw Materials and Air and Sea Freight import costs, and an increase in Brand Support, driven notably by the BIC EZ Reach advertising campaign in the US. This was partly offset by Net Sales operating leverage and favorable fixed cost absorption. Flame for Life Q2 2022 adjusted EBIT margin was 38.0% compared to 41.7% in Q2 2021, as Q2 did not benefit from favorable Net Sales operating leverage.
• Blade Excellence H1 2022 adjusted EBIT margin was 18.0% compared to 16.2% in H1 2021, driven by Net Sales operating leverage, favorable fixed cost absorption, and the positive contribution from BIC Blade- Tech B2B business. This was partially offset by higher manufacturing costs (Electricity & Freight costs) and higher Brand support. Blade Excellence Q2 2022 adjusted EBIT margin was 14.1% compared to 19.4% in Q2 2021, due to higher Raw Materials and manufacturing costs (Electricity & Freight costs) partly offset by favorable Net Sales operating leverage.

KEY COMPONENTS OF THE CHANGE IN	Q1 2022	Q2 2022	H1 2022
ADJUSTED EBIT MARGIN	vs. Q1 2021	vs. Q2 2021	vs. H1 2021
(in points)
• Change in Gross Profit	+0.2	(3.9)	(2.0)
• Brand Support	(0.5)	(1.8)	(1.1)
• OPEX and other expenses4	+5.4	+1.3	+3.0
Total change in Adjusted EBIT margin	+5.1	(4.4)	(0.1)

4 Other expenses include notably Freight & Distribution and R&D

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