Bic : H1 2020 Financial Results

SECOND QUARTER & FIRST HALF 2020 RESULTS

Clichy, France, July 29th, 2020

• Weak underlying market trends worsened by an uneven COVID-19 epidemic impact

• 1. Developing countries deeply hit by the extended quarantine periods and frozen supply chains o Superstores and Office Supply channels heavily impacted by school closures and limited
     business activity in Mature Markets
• Improved short-term resilience thanks to prudent management of Operating Expenses
• Sustained Cash Flow Generation
• "BIC 2022 - Invent the Future" transformation plan on track to deliver 50 million euros annualized savings by the end of 2022

	Key figures in million euros			Q2 2019			Q2 2020			H1 2019			H1 2020
	Group Net Sales			544.8			418.9			960.2			775.8
	Change as reported	+0.2%		(23.1)%		+0.1%		(19.2)%
	Change on a comparative basis			(1.3)%			(21.5)%			(1.6)%			(18.2)%
	Normalized Income From	98.5		67.5		153.1		92.9
	Operations1
	Normalized IFO margin			18.1%			16.1%			15.9%			12.0%
	Net Income Group Share	50.3		(3.0)		89.6		22.1
	EPS (in euros)			1.11			(0.07)			1.99			0.49
	Normalized EPS (in Euros)	1.55		1.27		2.43		1.87
	Net Cash from operating activities	49.4		50.8		79.6		85.7
	Net Cash Position	(11.0)		41.5		(11.0)		41.5

"Our First Half results reflect our ability to adapt quickly to the evolution of our environment. Despite market headwinds and other challenges, I am proud of how the organization has focused on both the health and safety of our team members and partners while ensuring business continuity. We have actively engaged with customers to offer uninterrupted access to quality and affordable products while focusing on protecting operating cash flow.

I am convinced that the current environment can be an opportunity to accelerate our transformation. We are making progress in the implementation of our new Operating Model, making choices to improve our short-term resilience and promptly seizing growth opportunities, including through targeted acquisitions like that of Djeep in the Lighter category. We continue to work through other important points of our Operating Model and choices that will define our long-term potential on a go-forward basis. We are determined to be among the companies that will emerge from this crisis bolder, stronger, and more sustainable."

Gonzalve Bich, Chief Executive Officer

1 See glossary

BIC- Press Release - Page 1 of 16

OPERATIONAL TRENDS AND UPDATE ON COVID-19 PANDEMIC IMPACT

H1 2020 Net Sales totaled 775.8 million euros, down 18.2% on a comparative basis. While our categories' underlying trends remained challenging, overall performance was significantly hampered by the rapid spread of the COVID-19 pandemic. The total impact of the outbreak on H1 Net Sales on a comparative basis was between 11 and 12 pts.

• Since the beginning of the epidemic, the health and safety of our team members, customers, suppliers, and consumers has been an utmost priority, and we complied with governments and local authorities guidelines everywhere. As part of our Corporate Responsibility, we contributed to the fight against the coronavirus through meaningful product donations and the manufacturing of personal protective equipment for health workers.
• In Latin America, India, and Africa, where traditional multilayered channels are ultra-dominant, in our categories, the impact of the pandemic has been severe. The economic situation in India remains critical due to a sharp decline in consumer confidence and spending, as the peak of the 1st wave is yet to pass. In Europe and North America, while mobility restrictions have started to ease, superstores and office suppliers, as well as convenience stores, remain pressured by the closures of schools and the reduced store traffic.
• Focusing on commercial execution, we maintained or gained market share across our three categories and in almost all geographies. BIC E-CommerceNet Sales increased by 14%. The strong performance in pure e-commerce merchants and market places was diluted by that of the Office Channels and B2B business. Adapting to changing consumers' shopping habits, we have further accelerated the shift of our Brand Support investment to Digital, with more than 80% of our H1 promotional and advertising spending was on-line, across all geographies.
• The U.S. Pocket Lighter market showed some positive momentum in Q2 but remained under pressure from lower convenience store foot-traffic. The growth in Utility Lighters was boosted by increased at‐ home cooking and grilling. The H1 performance in North America was affected by convenience stores adapting to less in-storetraffic and shifting to hygiene and grocery products, reducing inventories in other product categories. The total impact on H1 Net Sales on a comparative basis was approximately -2 points.
• In this unprecedented environment, we focused on improving short-term resilience and strengthening operational Cash Flow generation. We prudently managed Operating Expenses and selectively reduced CAPEX by 30% equal to 31.2 million euros. We shut down our Stationery factory in Ecuador thereby reinforcing our industrial efficiency in Latin American.

• Evolving our Operating Model, we strengthened our Lighters Business Model with the acquisition of Djeep, which will allow us to accelerate our sleeve strategy and access to higher price-points segments. We also continued to reinforce our organization with targeted recruitments in growing sectors and channels of expertise to help anticipate and answer rapidly to changing consumer needs.
• Recognizing the positive benefits that remote working brings, we are implementing remote working guidelines across the world. This move allows us to protect and grow productivity and lower corporate real estate while improving employee satisfaction and reducing our overall carbon footprint. A review of our worldwide labor resources and facilities' footprint will be launched and should be completed during the second half of this year.
• At the end of June 2020, the Net Cash position stood at 41.5 million euros. We performed an in-depthreview of our financing capacities, and we are working on setting up additional lines of credit with our primary banking partners to strengthen financing capability.

BIC- Press Release - Page 2 of 16

SECOND HALF AND FULL-YEAR 2020 TRENDS

Although we expect a gradual recovery during the Second Half, visibility on market trends and Full Year performance remains low. For the balance of the year, most of the risks associated with the pandemic will remain:

• Lower consumer spending and in-store traffic will affect 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- Back-to-School plans for the Southern hemisphere may model those of the North and affect retailer plans.
• Slow rebound in business activity will dilute the 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.

In this challenging environment, 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 by:

• managing Operating Expenses by investing at the right levels and in the right places. The negative impact of Net Sales decrease on Normalized Income From Operations margin will be partially offset by 15 to 20 million euros Operating Expenses 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

BIC- Press Release - Page 3 of 16

INCOME FROM OPERATIONS AND NORMALIZED INCOME FROM OPERATIONS

	in million euros				Q2 2019			Q2 2020			H1 2019			H1 2020
	Net Sales				544.8			418.9			960.2			775.8
	Gross Profit				267.3			188.8			478.5			371.2
	Gross Profit margin		49.1%		45.1%		49.8%		47.8%
	Income From Operations				71.4			1.0			126.1			24.0
	IFO margin		13.1%		0.2%		13.1%		3.1%
	Non-recurring items				27.0			66.5			27.0			68.9
	Normalized IFO			98.5		67.5		153.1		92.9
	Normalized IFO margin				18.1%			16.1%			15.9%			12.0%

H1 2020 Gross Profit margin decreased by 2.0 pts at 47.8% compared to 49.8% in H1 2019. Excluding under absorption of fixed costs due to the COVID-19 pandemic, the Gross Profit margin increased by 0.2 pts. The

slight increase is driven by favorable Forex, and a decrease in Raw Materials costs partly offset by unfavorable manufacturing cost absorption (non-COVID-19 related) and an increase in Brand Support above Net Sales.

H1 2020 Normalized IFO margin was impacted by the increase in Operating Expenses and other expenses (as a percentage of Net Sales) resulting from the sharp decline in Net Sales and the costs of the implementation of the new organization.

	KEY COMPONENTS OF THE CHANGE IN			Q1 2020			Q2 2020			H1 2020 vs. H1
	NORMALIZED IFO MARGIN
			vs. Q1 2019			vs. Q2 2019			2019
	in points
	• Change in Gross Profit2	+0.2		+0.1		+0.2
	• Brand Support	(0.2)		+1.1		+0.5
	• OPEX and other expenses2	(6.0)		(3.2)		(4.6)
	Total change in Normalized IFO margin	(6.0)		(2.0)		(3.9)

H1 2020 non-recurring items included:

• 17.2 million euros in Cost of Goods (13.3 million euros unfavorable manufacturing cost absorption resulting from plant closures and lower product demand due to the COVID-19, and 3.9 million euros direct expenses related to additional employees protection implemented to fight against the spread of the coronavirus (cleaning, masks, sanitizers),
• 7.9 million euros of restructuring costs (of which transformation plan and BIC Ecuador factory closure are among the main drivers),
• 2.1 million euros in Operating Expenses and other expenses, mostly commercial force under-activity, due to the COVID-19
• 41.7 million euros related to Cello impairment on property, plant & equipment, and trademark. This impairment is due to the lower than anticipated sales resulting from lockdown, and to lower volumes than initially expected, impacting the planned cost efficiencies. As the goodwill was fully impaired, the impairment was allocated on property, plant & equipment, and trademark.

2 Excluding under absorption of fixed costs due to Covid-19 pandemic for the Gross Profit and excluding restructuring costs, Cello impairment and non-recurring items mostly commercial force underactivity for the OPEX and other expenses

BIC- Press Release - Page 4 of 16

NET INCOME AND EPS

	in million euros			Q2 2019			Q2 2020			H1 2019			H1 2020
	IFO			71.4			1.0			126.1			24.0
	Finance revenue/costs		(2.4)		(1.9)		(1.7)		9.9
	Income before Tax			69.0			(0.9)			124.4			33.9
	Net Income Group share		50.3		(3.0)		89.6		22.1
	EPS Group Share (in euro)			1.11			(0.07)			1.99			0.49
	Normalized Net Income Group		69.1		57.0		108.4		84.0
	Share3
	Normalized EPS Group Share (in			1.55			1.27			2.43			1.87
	euro)

H1 2020 finance revenue increase is due to the higher favorable impact of the fair value adjustments to financial assets denominated in USD compared to December 2019 (versus BRL and MXN).

H1 2020 Income before tax totaled 33.9 million euros, compared to 124.4 million euros in H1 2019.

H1 2020 Net Income Group Share totaled to 22.1 million euros as reported, compared to 89.6 million euros in H1 2019. H1 2020 Normalized Net Income Group share, excluding non-recurring items and Argentina hyperinflationary accounting (IAS 29), was 84.0 million euros compared to 108.4 million euros last year. The effective tax rate was 34.8%. The effective tax rate excluding Cello impairment was 28%.

H1 2020 EPS Group share was 0.49 euros, down 75%, compared to 1.99 euros in H1 2019. Normalized H1 2020 EPS Group share decreased by 23% to 1.87 euros, compared to 2.43 euros last year.

NET CASH POSITION

	CHANGE IN NET CASH POSITION			2019			2020
	in million euros
	Net Cash position (beginning of period - December)			161.5			146.9
	Net cash from operating activities	+79.6		+85.7
	- Of which operating cash flow			+164.7			+95.6
	- Of which change in working capital and others	(85.1)		(9.9)
	CAPEX4			(45.1)		(31.2)
	Dividend payment	(155.2)		(110.2)
	Share buyback program			(39.2)		(7.4)
	Net Cash from the liquidity contract	(0.8)		-
	Haco Industries Ltd acquisition			(1.8)			(2.7)
	Other items	(10.0)		(39.6)
	Net Cash position (end of period - June)			(11.0)			41.5

At the end of June 2020, the Group's Net Cash position stood at 41.5 million euros. Net Cash from operating activities was +85.7 million euros, of which +95.6 million euros in operating cash flow. The negative 9.9 million euros change in working capital, and others was mostly driven by inventory increase when compared to December 2019 due to the sharp decrease in Net Sales and the seasonality of Back to School.

SHAREHOLDERS' REMUNERATION

• Ordinary dividend of 2.45 euros per share paid in June 2020.
• 7.4 million euros in share buy-backs by Société BIC at the end of June 2020 (136,383 shares purchased at an average price of 53.90 euros). The Group has suspended its share buy-back program in April 2020.

1. Excluding non-recurring items & Argentina hyperinflationary accounting for 2019 and 2020
2. Excluding-12.6million euros in H1 2020 and -2.6 million euros in H1 2019 related to assets payable change

BIC- Press Release - Page 5 of 16

OPERATIONAL TRENDS BY CATEGORY (WITH 2019 FIGURES RESTATED FOR UNALLOCATED COSTS)

STATIONERY

Stationery H1 2020 Net Sales totaled 293.9 million euros, down 26.5% on a comparative basis. Q2 2020 Net Sales declined 33.2% on a comparative basis.

H1 2020 Stationery Normalized IFO margin was 6.5% compared to 11.0% in 2019, impacted by the sharp decline in Net Sales and unfavorable fixed costs absorption. This was partially offset by favorable Forex, lower Raw Material costs, and a decrease in Brand support.

	in million euros			Q2 2019			Q2 2020			H1 2019			H1 2020
	Net Sales			252.5			166.9			400.8			293.9
	Change as reported vs. prior year	+1.2%		(33.9)%		(0.1)%		(26.7)%
	Change on a comparative basis vs. LY			(2.3)%			(33.2)%			(3.6)%			(26.5)%
	Normalized Income From	37.6		18.2		44.0		19.0
	Operations
	Normalized IFO margin			14.9%			10.9%			11.0%			6.5%
	Income From Operations	37.6		(35.7)		44.0		(34.9)
	Income From Operations Margin			14.9%			(21.4)%			11.0%			(11.9)%

Amongst BIC's categories, Stationery was the most affected by the COVID-19 epidemic.

The most heavily disrupted channels were the Superstores and Office Suppliers, as well as our European imprinted product business BIC Graphic, which was a result of school closures, and reduced business activity. In Europe and North America, overall Stationery markets were down high-single digit in value, with a shift towards value products due to lower household real income and increased unemployment rates. Thanks to active partnerships with large retailers, Back-to-Schoolorders were in-line with last year's level, with a negative phasing impact in shipments from June to July due to some product unavailability.

Highly dependent on Convenience and Traditional stores, Latin America, India, and the Middle East and Africa suffered from extended quarantine periods and disrupted supply chains.

Despite a solid start to the year, Brazil's performance was impacted by the closure of large customers' stores due to COVID-19. In Mexico, sell-in continued to suffer from a higher level of promotional activities in a competitive environment.

India's domestic sales decreased high-double-digit. The continued poor performance of Cello's domestic sales was compounded by two months of complete containment of the population and the closure of our factories.

LIGHTERS

Lighters H1 2020 Net Sales were 268.2 million euros down 14.7% on a comparative basis. Second Quarter 2020 Net Sales were down 11.2 % on a comparative basis.

H1 2020 Normalized IFO margin for Lighters was 32.5% compared to 35.3% in 2019, impacted by the sharp decline in Net Sales, partially offset by lower Brand Support compared to the same period last year.

BIC- Press Release - Page 6 of 16

	in million euros			Q2 2019			Q2 2020			H1 2019			H1 2020
	Net Sales			169.9			147.3			319.7			268.2
	Change as reported vs. prior year	+3.0%		(13.3)%		+0.6%		(16.1)%
	Change on a comparative basis vs. LY			(0.1)%			(11.2)%			(2.7)%			(14.7)%
	Normalized Income From Operations	61.8		52.5		113.0		87.3
	Normalized IFO margin			36.4%			35.7%			35.3%			32.5%
	Income From Operations	61.8		49.5		113.0		84.0
	Income From Operations Margin			36.4%			33.6%			35.3%			31.3%

In our major markets, the Lighter category performance was highly impacted by limited in-store traffic and the closure of Tobacco chains and Convenience Stores, partially offset by commercial execution and distribution gains in Modern Mass Market.

In the U.S., the Pocket Lighter market was down 3.1% in volume and 1.8% in value at the end of June5. The last weeks' sell-out showed an improvement, with improved in-store foot traffic. The First Half performance

in North America was due to convenience stores adapting to their business reality of less foot traffic and increasing demand for hygiene and grocery products, therefore reducing inventories in other product categories, such as Lighters.

SHAVERS

Shavers H1 2020 Net Sales totaled 200.7 million euros and decreased by 8.8% on a comparative basis. Q2 2020 Net Sales decreased by 11.5% on a comparative basis.

H1 2020 Normalized IFO margin for Shavers improved to 10.9% compared to 9.6% in 2019. The increase in Gross Profit margin (due to positive impacts from Forex, lower Raw Material costs) and favorable Brand support, were partially offset by the decrease in Net Sales.

	in million euros			Q2 2019			Q2 2020			H1 2019			H1 2020
	Net Sales			115.5			98.6			224.5			200.7
	Change as reported vs. prior year	+1.8%		(14.6)%		+6.7%		(10.6)%
	Change on a comparative basis vs. prior year			(0.7)%			(11.5)%			+4.2%			(8.8)%
	Normalized Income From Operations	10.5		14.3		21.5		21.9
	Normalized IFO margin			9.1%			14.5%			9.6%			10.9%
	Income From Operations	10.5		9.8		21.5		17.3
	Income From Operations Margin			9.1%			10.0%			9.6%			8.6%

The Shaver category continued to be impacted by evolving consumer habits, compounded during the quarantines by changes in personal routines and regimes. Yet, we gained share in all regions, thanks to our strong value proposition, and the success of new product launches.

5 IRI - Period ending 28 JUNE 2020

BIC- Press Release - Page 7 of 16

In Europe, we outperformed a declining market, thanks to a strong performance in the U.K, driven by both the female and the male segments. In the U.S., the one-piece market continued to decline (-5.0% in value6), with an acceleration over the second Quarter. We gained 1.5 pts in value share, with a strong performance in the female and the male segments (+1.6 pts and +1.3 pts value share gain respectively) thanks to the continued success of new products, including the BIC Soleil Sensitive Advanced. Us, our gender-neutral refillable shaver displayed promising results, with a strong start at Dollar General and increasing distribution both in-store and on-line.In Latin America, our performance was impacted by a high level of customers' inventories at the start of the year in Mexico, partially offset by distribution gains in Argentina.

OTHER PRODUCTS

H1 2020 Net Sales of Other Products totaled 13.1 million euros and decreased by 13.4% on a comparative basis. Q2 2020 Net Sales decreased by 11.2% on a comparative basis.

	in million euros			Q2 2019			Q2 2020			H1 2019			H1 2020
	Net Sales			6.9			6.1			15.2			13.1
	Change as reported	(56.3)%		(12.3)%		(48.7)%		(14.1)%
	Change on a comparative basis			(4.3)%			(11.2)%			(4.9)%			(13.4)%
	Normalized Income From	(0.8)		(0.2)		(2.1)		(1.1)
	Operations
	Income From Operations			(0.8)			(2.6)			(2.1)			(3.5)

UNALLOCATED COSTS

H1 2020 unallocated costs relate to Corporate headquarters costs and restructuring costs. The decrease in Normalized Income From Operations is due to the costs of the new organization.

	in million euros			Q2 2019			Q2 2020			H1 2019			H1 2020
	Normalized Income From			(10.6)			(17.2)			(23.2)			(34.2)
	Operations
	Income From Operations	(37.6)		(20.1)		(50.2)		(38.9)

6 IRI - Period ending YTD June - in value

BIC- Press Release - Page 8 of 16

MISCELLANEOUS EVENTS

On May 20th, BIC announced five actions to improve the Group's short-term resilience in the context of the COVID-19crisis and to strengthen its "BIC 2022 - Invent the Future" transformation plan to accelerate long- term growth:

• Managing OPEX by investing at the right levels and in the right places:

• 1. In 2020, 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.
• Protecting Cash Flow by managing CAPEX and reducing inventory levels:
• 1. 2020 inventories are expected to decrease 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.

• 1. 2020 CAPEX will be reduced to around 80 million euros
• Launching innovation with several new product introductions with the new multipurpose pocket lighter BIC® EZ-Reach in the U.S. in the second half of the year, and the refillable BIC® Cristal® with a metal barrel by the end of the year.
• Scaling Operations by reducing complexity and driving process efficiency and speed:
• 1. "BIC 2022 - Invent the Future" plan will be strengthened with a total of 50 million euros in annualized savings by the end of 2022.
• Driving growth by leveraging new commercial capabilities and reinforcing existing businesses through targeted acquisitions:
• 1. E-commerceNet Sales are expected to grow by approximately 20% in 2020.

On June 8th, BIC shut down its Writing Instrument factory in Ecuador, while maintaining commercial, distribution, and packaging activities. This strategic business decision aimed at consolidating BIC's global manufacturing footprint.

On June 16th, BIC announced the acquisition of quality lighters' manufacturer Djeep for 40 million euros and a deferred consideration based on Djeep's future sales growth. Djeep's strong positioning on the decorated and personalized lighter market segment will strengthen BIC's position in the pocket lighters market and will offer substantial growth opportunities in Europe and North America. The closing was signed on 1st July 2020.

On July 1st, BIC obtained from the U.S. International Trade Commission a General Exclusion Order that prevents the importation into the USA of all lighters imitating BIC lighters' iconic appearance. This decision is an important milestone to halt the importation of non-compliant,knock-off lighters into the U.S. market.

On July 24th, BIC announced it received notification of the closure by the European Commission of the infringement procedure it initiated in 2012 against the Netherlands, and the complaints filed in 2018 against France and Germany for failing to perform effective surveillance of the safety lighter. These proceedings aimed at remedying the fact that two-thirds of lighter models in Europe, a large proportion of which are imported, did not comply with the safety standards, resulting in tens of thousands of severe accidents every year. Product Quality and safety are an absolute priority for BIC. The Group is disappointed by the European Commission's decision, but we nonetheless remain a demanding and vigilant partner of European and national institutions to ensure the safety of consumers in Europe.

BIC- Press Release - Page 9 of 16

APPENDIX (WITH 2019 FIGURES RESTATED FOR UNALLOCATED COSTS)

	NET SALES BY				Q2			Q2			% As				% On a																		% As				% On a
	GEOGRAPHY											Comparative			H1 2019			H1 2020					Comparative
			2019			2020			reported									reported
	in million euros									basis																						basis
	Group			544.8			418.9		(23.1)%				(21.5)%				960.2				775.8			(19.2)%			(18.2)%
	Europe			167.9			138.6		(17.4)%				(16.6)%				290.7				257.7			(11.4)%			(10.9)%
	North America			227.5			202.8		(10.8)%				(12.3)%				389.3				343.2			(11.8)%			(13.6)%
	Latin America			86.9			39.4			(54.6)%				(46.1)%				165.8				94.0				(43.3)%			(36.9)%
	Middle East and			24.8			18.9			(23.9)%				(22.8)%				47.1					39.0				(17.3)%			(18.4)%
	Africa
	Asia and			37.7			19.1			(49.2)%				(45.6)%				67.3					41.9				(37.7)%			(34.1)%
	Oceania
	(including India)
	SECOND		Q2 2019			Q2 2020				Change as				F.X.				Change in				Argentina			Change on a
	QUARTER NET																reported			impact7				Perimeter8				impact9			Comparative
	SALES BY																						(in pts)					(in pts)					(in pts)					basis
	CATEGORY
	in million euros
	Group		544.8			418.9						(23.1)%			(1.5)						(0.1)				0.0			(21.5)%
	Stationery	252.5			166.9						(33.9)%			(0.8)						0.1				(0.0)		(33.2)%
	Lighters		169.9			147.3						(13.3)%			(1.7)						(0.3)				(0.1)			(11.2)%
	Shavers	115.5			98.6						(14.6)%			(2.9)						(0.3)				0.1		(11.5)%
	Other Products		6.9				6.1						(12.3)%			(0.8)						(0.3)				0.0			(11.2)%
	FIRST HALF NET		H1 2019				H1			Change as			F.X.				Change in		Argentina		Change on a
	SALES BY								2020					reported		impact7			Perimeter8			impact9		Comparative
	CATEGORY																					(in pts)						(in pts)				(in pts)					basis
	in million euros
	Group		960.2				775.8					(19.2)%			(1.0)							(0.1)					0.1		(18.2)%
	Stationery	400.8				293.9					(26.7)%			(0.5)							0.2					0.1		(26.5)%
	Lighters		319.7				268.2					(16.1)%			(1.0)							(0.3)					(0.1)		(14.7)%
	Shavers	224.5				200.7					(10.6)%			(1.8)							(0.2)					0.2		(8.8)%
	Other Products		15.2				13.1			(14.1)%			(0.6)							(0.1)					0.0		(13.4)%
	IMPACT OF CHANGE IN PERIMETER AND							Q2 2019				Q2 2020				H1 2019				H1 2020
	CURRENCY FLUCTUATIONS ON NET SALES
	(EXCLUDES ARS)
	(in %)
	Perimeter																					(1.0)							(0.1)				(0.7)				(0.1)
	Currencies																					+2.4						(1.5)				+2.4			(1.0)
	Of which USD																					+2.0						+0.7				+2.4				+0.8
	Of which BRL																					(0.1)							(1.1)				(0.3)			(1.1)
	Of which MXN																					+0.5						(0.4)				+0.4				(0.3)
	Of which AUD																					-							(0.1)				-			(0.1)
	Of which ZAR																					(0.1)							(0.1)				(0.1)				(0.1)
	Of which RUB and UAH																	+0.1						(0.1)				-			(0.1)

1. Forex impact excluding Argentinian Peso (ARS)
2. Lucky Stationary Ltd acquisition in Nigeria, closure of Shaver and Stationery offices in China, closure of BIC Graphic Oceania
3. See glossary

BIC- Press Release - Page 10 of 16

	INCOME FROM
	OPERATIONS BY			Q2 2019			Q2 2020			H1 2019			H1 2020
	CATEGORY
	in million euros
	Group			71.4			1.0			126.1			24.0
	Margin	13.1%		0.2%		13.1%		3.1%
	Stationery			37.6			(35.7)			44.0			(34.9)
	Margin	14.9%		(21.4)%		11.0%		(11.9)%
	Lighters			61.8			49.5			113.0			84.0
	Margin	36.4%		33.6%		35.3%		31.3%
	Shavers			10.5			9.8			21.5			17.3
	Margin	9.1%		10.0%		9.6%		8.6%
	Other Products			(0.8)			(2.6)			(2.1)			(3.5)
	Unallocated costs	(37.6)		(20.1)		(50.2)		(38.9)

	NORMALIZED INCOME
	FROM OPERATIONS BY			Q2 2019			Q2 2020			H1 2019			H1 2020
	CATEGORY
	in million euros
	Group			98.5			67.5			153.1			92.9
	Margin	18.1%		16.1%		15.9%		12.0%
	Stationery			37.6			18.2			44.0			19.0
	Margin	14.9%		10.9%		11.0%		6.5%
	Lighters			61.8			52.5			113.0			87.3
	Margin	36.4%		35.7%		35.3%		32.5%
	Shavers			10.5			14.3			21.5			21.9
	Margin	9.1%		14.5%		9.6%		10.9%
	Other Products			(0.8)			(0.2)			(2.1)			(1.1)
	Unallocated costs	(10.6)		(17.2)		(23.2)		(34.2)

BIC- Press Release - Page 11 of 16

	CONDENSED PROFIT AND LOSS			Q2 2019			Q2 2020			H1 2019			H1 2020
	in million euros
	Net Sales			544.8			418.9			960.2			775.8
	Cost of goods	277.5		230.1		481.7		404.6
	Gross profit			267.3			188.8			478.5			371.2
	Administrative & other operating	195.9		187.8		352.4		347.2
	expenses
	Income from Operations			71.4			1.0			126.1			24.0
	Finance revenue/(costs)	(2.4)		(1.9)		(1.7)		9.9
	Income before tax			69.0			(0.9)			124.4			33.9
	Income tax expense	(18.8)		(2.1)		(34.8)		(11.8)
	Net Income Group Share			50.3			(3.0)			89.6			22.1
	Earnings per Share Group Share (in	1.11		(0.07)		1.99		0.49
	euros)
	Average number of shares outstanding			45,120,558			44,967,891			45,120,558			44,967,891
	(net of treasury shares)

	BALANCE SHEET		June 30, 2019	December 31, 2019	June 30, 2020
	in million euros
	- Goodwill and intangible assets		288.6	257.7	238.7
	- Property, plant & equipment	698.9	713.5	637.9
	-	Investment properties		1.7	1.7	1.6
	-	Other non-current assets		170.8	176.3	166.2
	Non-current assets	1,160.0	1,149.2	1,044.4
	-	Inventories		494.8	455.6	484.9
	- Trade and other receivables	639.6	545.6	517.1
	-	Other current assets		51.2	36.5	34.2
-	Other current financial assets and derivative	12.4	6.7	4.5
		instruments
	- Cash and cash equivalents		182.3	198.6	201.2
	Current assets	1,380.3	1,243.0	1,241.9
	TOTAL ASSETS		2,540.3	2,392.2	2,286.3
	Shareholders' equity		1,528.4	1,608.1	1,387.2
	-	Non-current borrowings		32.3	32.3	32.3
-	Other non-current liabilities		282.9	263.3	262.7
	Non-current liabilities		315.2	295.6	295.0
	- Trade and other payables		151.0	126.4	140.0
	-	Current borrowings		213.7	65.5	169.0
-	Other current liabilities		331.9	296.5	295.1
	Current liabilities		696.7	488.5	604.1
	TOTAL LIABILITIES & SHAREHOLDERS' EQUITY		2,540.3	2,392.2	2,286.3

BIC- Press Release - Page 12 of 16

	WORKING CAPITAL			H1 2019			H1 2020
	in million euros
	Total Working Capital			736.1			648.3
	Of which, inventories	494.8		484.9
	Of which, trade and other receivables			639.6			517.1
	Of which, Trade and other payables	(151.0)		(140.0)

	CASH FLOW STATEMENT			H1 2019			H1 2020
	in million euros
	Net income Group share			89.6			22.1
	- Argentina hyperinflationary accounting (IAS29)	1.5		0.8
-	Amortization and provisions	102.5		111.3
	- (Gain)/Loss from disposal of fixed assets	0.2		0.1
-	Others	(29.1)		(38.7)
	CASH FLOW FROM OPERATIONS	164.7		95.6
	- (Increase)/decrease in net current working capital	(106.3)		(31.2)
-	Others	21.2		21.3
	NET CASH FROM OPERATING ACTIVITIES (A)			79.6			85.7
-	Capital expenditures10	(47.5)		(43.8)
	- (Purchase)/Sale of other current financial assets			3.6			3.9
	- Haco Industries Ltd acquisition	(1.8)		(2.7)
-	Others	0.1		0.4
	NET CASH FROM INVESTING ACTIVITIES (B)	(45.6)		(42.2)
-	Dividends paid	(155.2)		(110.2)
-	Borrowings/(Repayments)/(Loans)	103.8		105.0
	-	Share buy-back program			(40.0)			(7.4)
-	Others	(9.4)		(8.4)
	NET CASH FROM FINANCING ACTIVITIES (C)			(100.8)			(21.0)
	NET INCREASE/ (DECREASE) IN CASH AND CASH	(66.7)		22.5
	EQUIVALENTS NET OF BANK OVERDRAFTS (A+B+C)
	OPENING CASH AND CASH EQUIVALENTS NET OF BANK			149.8			146.8
	OVERDRAFTS
	- Net increase / decrease in cash and cash equivalents net of	(66.7)		22.5
		bank overdrafts (A+B+C)
-	Exchange difference	1.6		(18.9)
	CLOSING CASH AND CASH EQUIVALENTS NET OF BANK	84.6		150.4
	OVERDRAFTS

10 Including -12.6 million euros in H1 2020 and -2.6 million euros in H1 2019 related to assets payable change

BIC- Press Release - Page 13 of 16

RECONCILIATION WITH ALTERNATIVE PERFORMANCE MEASURES

	NORMALIZED IFO RECONCILIATION			Q2 2019		Q2 2020				H1 2019				H1 2020
	in million euros
	Income from Operations			71.4		1.0			126.1			24.0
	Restructuring costs of which
	Transformation plan in 2019 and	27.0		5.5		27.0		7.9
	2020, and Ecuador factory closure
	on Q2 2020
	Cello impairment			-		41.7			-			41.7
	Some Expenses related to the
	COVID-19 epidemic mainly under	-		19.3		-		19.3
	absorption of fixed costs
	Normalized IFO			98.5		67.5			153.1			92.9
	NORMALIZED EPS RECONCILATION		Q2 2019		Q2 2020				H1 2019				H1 2020
	in euros
	EPS		1.11		(0.07)			1.99			0.49
	Restructuring costs of which
	transformation plan, and Ecuador	+0.41		+0.09		+0.41		+0.12
	factory closure
	Cello impairment		-		+0.93			-			+0.93
	Some Expenses related to the
	COVID-19 epidemic mainly under	-		+0.31		-		+0.31
	absorption of fixed costs
	Argentina hyperinflationary		+0.03		+0.01			+0.03				+0.02
	accounting (IAS29)
	Normalized EPS	1.55		1.27		2.43		1.87
Net cash reconciliation		December 31, 2019			June 30, 2020
in million euros
Cash and cash equivalents (1)			+198.6					+201.2
Other current financial assets (2)11			+4.1					0.0
Current borrowings (3)12			(52.8)					(156.8)
Non-current borrowings (4) 12			(2.9)					(2.8)
NET CASH POSITION (1) + (2) - (3) - (4)			146.9					41.5

1. In the balance sheet at December 31, 2019, the line "Other current financial assets and derivative instruments" also includes €2.7m worth of derivative instruments and €4.5m at June 30,2020.
2. Excluding financial liabilities following IFRS16 implementation

BIC- Press Release - Page 14 of 16

SHARE BUYBACK PROGRAM

SHARE BUY-BACK PROGRAM - SOCIETE BIC	Number of	Average	Amount
	shares	weighted price	(in M€)
	acquired	(in €)
February 2020	48,818	56.53	2.8
March 2020	87,565	52.44	4.6
April 2020	-	-	-
May 2020	-	-	-
June 2020	-	-	-
Total	136,383	53.90	7.4

CAPITAL AND VOTING RIGHTS

As of June 30, 2020, the total number of issued shares of SOCIÉTÉ BIC was 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 at the end of June 2020: 551,996.

GLOSSARY

• Constant currency basis: constant currency	•	Net Cash from operating activities: Cash
figures are calculated by translating the current		generated from principal activities of the entity
year figures at prior year monthly average		and other activities that are not investing or
exchange rates.		financing activities.
• Organic change or Comparative basis: at	•	Net cash position: Cash and cash equivalents +
constant currencies and constant perimeter.		Other current financial assets - Current
Figures at constant perimeter exclude the		borrowings - Non-current borrowings (except
impacts of acquisitions and/or disposals that		financial liabilities following IFRS 16
occurred during the current year and/or during		implementation.
the previous year, until their anniversary date.	•	Unallocated costs:
All Net Sales category comments are made on a
	• net costs [balance of income and expenses]
comparative basis. Organic change excludes
Argentina Net Sales for both 2019 and 2020.		of Corporate headquarters including I.T.,
• Gross profit: the margin that the Group realizes		finance, legal and H.R. costs, and of future
	shared services center.
after deducting its manufacturing costs.
	• other net costs that can't be allocated to
• Normalized IFO: normalized means excluding
	Categories, notably restructuring costs, gains
non-recurring items.		or losses on assets' divestiture, etc. Major
• Normalized IFO margin: Normalized IFO as a		unallocated items will be separately
	identified and disclosed.
percentage of Net Sales.

SOCIETE BIC consolidated financial statements as of June 30, 2020, were approved by the Board of Directors on July 28, 2020. Half-Year 2020 Consolidated Financial Statements and the presentation related to this announcement are available on BIC's website (at www.bicworld.com).

The Group statutory auditors limited review procedures have been substantially completed. Their review report will be issued upon completion of the procedures required for the filing of the management half-year report. Consistent with French law, BIC will file its First Half 2020 financial report along with the auditor's report before 30th September 2020. The filing is pending the conclusion of BIC's review of certain of its commercial processes. Based on our assessment to date, the impact of a potential non-compliance with the Company's processes would not exceed 1M€.

This document contains forward-looking statements. Although BIC believes its expectations are based on reasonable assumptions, these statements are subject to numerous risks and uncertainties. A description of the risks borne by BIC appears in the section, "Risks Management" in BIC's 2019 Universal Registration Document filed with the French financial markets authority (AMF) on March 31, 2020.

BIC- Press Release - Page 15 of 16

ABOUT BIC

BIC is a world leader in stationery, lighters, and shavers. For more than 75 years, the Company has honored the tradition of providing high-quality, affordable products to consumers everywhere. Through this unwavering dedication, BIC has become one of the most recognized brands and is a trademark registered worldwide. Today, BIC products are sold in more than 160 countries around the world and feature iconic brands such as Cello®, Conté®, BIC FlexTM, Lucky Stationery, Made For YOUTM, Soleil®, Tipp-Ex®,Wite-Out® and more. In 2019, BIC Net Sales were 1,949.4 million euros. The Company is listed on "Euronext Paris," is part of the SBF120 and CAC Mid 60 indexes and is recognized for its commitment to sustainable development and education. It received an A- Leadership score from CDP. For more, visit www.bicworld.comor follow us on LinkedIn,Instagram,Twitter, or YouTube.

CONTACTS

Sophie Palliez-Capian - V.P., Corporate Stakeholder Engagement

Investor Relations Contact:	Press Contacts
Sophie Palliez-Capian + 33 6 87 89 33 51	Albane de La Tour d'Artaise + 33 7 85 88 19 48
[e-mail]	[e-mail]
	Isabelle de Segonzac : + 33 6 89 87 61 39
	[e-mail]

2020 AGENDA - ALL DATES TO BE CONFIRMED

Third Quarter 2020 results	October 28, 2020	Conference call and Webcast
Full Year 2020 Results	17 February 2021	Meeting and webcast

BIC Group - Press Release - Page 16 of 16