Bic : UNIVERSAL REGISTRATION DOCUMENT 2023

TABLEOFCONTENT

Messages from BIC's Chief Executive Ofcer

and from BIC's Chair of the Board of Directors 2

General presentation of the Group 4

1

GROUP PRESENTATION, OUTLOOK,

AND STRATEGY 17

1.1. History 18

1.2. Key figures 20

1.3. Strategy and objectives 26

1.4.

Business presentation 30

• 2 3

RISK MANAGEMENT |AFR| 41

2.1.

Main risks and risk assessment 42

2.2. Description and mitigation of main risk factors 44

2.3. Vigilance Plan 51 2.4. Risk Management and Internal Control

Procedures implemented by the Company

and Insurance 60

ENVIRONMENTAL, SOCIAL AND SOCIETAL

RESPONSIBILITY |AFR| 69

3.1. Strategy and business model, an overview [NFPS] 71

3.2. Environment [NFPS] 82

3.3. Social [NFPS] 100

3.4. Ethics and Business conduct [NFPS] 121

3.5. Milestones [NFPS] 123

4.2. Corporate Officer remuneration 187

CORPORATE GOVERNANCE |AFR| 143

4.1. Administrative and management bodies 146

4 5

COMMENTS ON THE YEAR |AFR| 211

5.1. Operations and consolidated results 212

5.2. Financial and cash positions 219

5.3. Dividends 220

5.4. Investments 221

Elements of the Annual Financial Report are idened in the content using the symbol |AFR |

Elements linked to the Non-Financial Performance Statement are idened in the content using the symbol | NFPS |

6

FINANCIAL STATEMENTS 223

6.1. Consolidated financial statements 224

• 6.2. Statutory Auditors' Report on the consolidated

  financial statements 286

• 6.3. Parent company financial statements of

  SOCIÉTÉ BIC (French Gaap) 290

• 6.4. Statutory Auditors' Report on the financial

  statements 311

• 6.5. Statutory Auditors' special report on regulated

  agreements 315

• 7 8

  INFORMATION ABOUT THE ISSUER 317

  7.1. Information on the Company 318

  7.2. Share capital 320

  7.3. Shareholding 322

  7.4. Treasury shares and share buyback 324

  7.5. Investor relations 325

  7.6. Share information 326

  BOARD OF DIRECTORS' REPORT AND DRAFT RESOLUTIONS OF THE SHAREHOLDERS'

  MEETING OF MAY 29, 2024 327

  8.1. Ordinary General Meeting 329

  8.2. Extraordinary General Meeting 340

  9

  ADDITIONAL INFORMATION 347

  9.1. Documents on display 348

  9.2. Main press releases 349 9.3. Declaration by responsible person of the

  Universal Registration Document 350

  9.4. Statutory Auditors and fees 351

  9.5. Glossary 353 Cross-reference table for Universal Registration

  Document |AFR| 355 Cross-reference table with the Annual Financial

  Report 358 Cross-reference table with the management

  report 359

  Cross-reference table of ESG information 361 Cross-reference table of the corporate

  governance report 362

UNIVERSAL REGISTRATION DOCUMENT

including the Annual Financial Report

This Universal Registration Document has been filed on March 28, 2024 with the Autorité des Marchés Financiers (AMF), as competent authority under Regulation (UE) 2017/1129, without prior approval pursuant to Article 9 of the said regulation. The Universal Registration Document may be used for the purposes of an offer to the public of financial securities or the admission of financial securities to trading on a regulated market if it is supplemented by a securities and, where applicable, a summary and any amendments to the Universal Registration Document. The package then formed is approved by the AMF in accordance with Regulation (EU) 2017/1129.

The Universal Registration Document 2023 is a reproduction of the official version of the Universal Registration Document 2023 which has been prepared in xHTML and is available on the AMF website: amf-france.org

• • BIC GROUP - 2023 UNIVERSAL REGISTRATION DOCUMENT •

Message from BIC's Chief Executive Officer

"I am proud that our unwavering focus on the strategic goals we set out in the Horizon Plan, combined with a dedication to innovate our product range, our sustainability commitments and our collaborative culture led to further profitable growth."

1 2022 list of the main patent applicants at the INPI, (INPI: The French National Institute for Industrial Property), March 2023.

For BIC, 2023 was a year of execution excellence which led to significant achievements. I am proud that our unwavering focus on the strategic goals we set out in the Horizon Plan, combined with a dedication to innovate our product range, our sustainability commitments and our collaborative culture led to further profitable growth. Despite the global economic challenges faced by the entire consumer goods industry,

BIC has deployed its understanding of consumer trends, its integrated supply chain and its manufacturing agility to expand its product ranges and geographic reach. Our commercial capabilities were notably on display during the Back-to-School season in 2023, when for the 17th consecutive year BIC outperformed the stationery market in France. Innovation remains at the heart of what we do, with products like the BIC® EZ Reach utility pocket lighter capturing the market's imagination and contributing significantly to our sales. BIC's ability to innovate is gathering momentum, as reflected in the latest INPI1 report, which ranked BIC in 31st place for global patents filed by French companies. The resilience and momentum we built in 2023 has set us on a strong foundation for 2024, which we have started with vigor and confidence.

2024 will be a year of opportunity for BIC as we continue to focus on expanding our market presence, driving innovation, and leveraging new opportunities in B2B and in fast growing developing markets like Skin Creative. We are notably deploying AI-powered technology globally, that allows us to test and identify top-performing consumer promotions in real time and react quickly to invest wisely. We will achieve our growth, margin, and free cash flow targets through operational excellence with further manufacturing and sourcing efficiencies, focusing on what we can control. We will continue to leverage our distinctive manufacturing footprint and, with the new capabilities built under our Horizon Plan, we are well positioned to deliver on our strategic objectives. Our ambition is matched by the commitment of our teams worldwide. The contribution of our people and the values they project daily are a cornerstone of our success. This was recognized in the latest Global RepTrak® 100 rankings, which placed BIC as the 12th most reputable company globally.

I extend my deepest gratitude to them for their contribution; to our Board for its invaluable counsel; and to our shareholders for their continued faith in our journey. Together, we are poised for another year of growth through continued focus on execution, reaffirming our commitment to value and making a positive impact on the world around us.

Gonzalve Bich

Chief Executive Officer

• • BIC GROUP - 2023 UNIVERSAL REGISTRATION DOCUMENT •

Message from BIC's Chair of the Board of Directors

"BIC is well prepared to navigate the evolving landscape while remaining true to its commitment to delivering long-term growth and lasting value to all its stakeholders."

Reflecting on the transformative journey BIC has undertaken since the launch of its Horizon Plan in 2020,

I commend the business and all our team members on its achievements. Guided by the Executive Committee's dedication and strategic focus, supported by the Board of Directors' insights and counsel, BIC's performance in 2023 was strong. Its deep knowledge of consumer trends, and its ability to quickly seize the opportunities they present, has resulted in strong net sales and margin growth and a reinforced position in the global market. This is testament to the Group's rich entrepreneurial heritage, the strength of BIC's iconic products, its culture of innovation, and its manufacturing excellence.

The synergy between BIC's values and its governance structure positions it well to swiftly adapt to evolving landscapes and the new opportunities they bring. The Board of Directors includes Independent Directors from blue chip global consumer brands and is able to harness a diverse array of perspectives while ensuring the oversight needed, aligning strategic trajectories with BIC's stakeholder interests. In addition to fulfilling its fiduciary responsibilities, the Board of Directors discussed and debated strategy, taking into account feedback from markets and BIC employees. The arrival of esteemed members Carole Callebaut Piwnica, Pascal Chevallier, Véronique Laury and Héla Madiouni, enriches BIC with new perspectives, reinforcing transparency and accountability. These new nominations are also in the continuation of our commitment to diversity and good governance practices, equally presenting women and men on the Board.

As we move forward, I am pleased to note the continued focus on stakeholder engagement and sustainability initiatives which will continue to guide BIC, and ensure it remains a resilient and relevant leader in its field. To that end, the Board will continue to review the important initiatives planned as part of BIC's Horizon strategy.

BIC is well prepared to navigate the evolving landscape while remaining true to its commitment to delivering long-term growth and lasting value to all its stakeholders. I extend my sincere thanks to BIC's Executive Committee, employees, and partners for their dedication and hard work and I look forward to the Board's ongoing contribution. Together, we are building a sustainable future for the company and the planet.

Nikos Koumettis

Chair of the Board of Directors

• • BIC GROUP - 2023 UNIVERSAL REGISTRATION DOCUMENT •

BIC at a glance

28 million BIC® products bought every day

160

countries

14,643

team members2

89

nationalities

€2,263m

+13%

14.7%

Net sales in 2023, a 9.2% increase at constant currencyE-commerce net sales growth in 2023

Adjusted EBIT margin in 2023, up 70bps compared to 2022

9.5%

€249m

of plastic packaging

Innovations launched in the last three years as a % of 2023 net sales

Free cash flow (before acquisitions and disposals)

in 2023

1 BIC market shares in value. Sources: Euromonitor 2022 for writing instruments and shavers, BIC Estimates for lighters, excluding Asia.

81% 91%

is reusable, recyclable or compostableof electricity used is renewable

2 BIC workforce includes permanent employees, fixed-term contracts and agency temporary staff.

• • BIC GROUP - 2023 UNIVERSAL REGISTRATION DOCUMENT •

Delivering simplicity and joy

BIC is a world leader in WritingInstruments and Creative Expression, lighter and shaver products.

Since 1944, when Marcel Bich first established a writing instruments business in Clichy, France, our vision and values have always been at the heart of everything we do.

Over the last 80 years, we've evolved from a manufacturing-focused and distribution-led brand into a consumer-centric company with manufacturing excellence embedded in our everyday actions. We are constantly driven and inspired by the evolving desires and sustainability concerns of our consumers.

Our vision ensures we remain true to our original objectives of delivering high-quality and long lasting products. Our values remind us daily of our responsibilities: to our people, our consumers, our shareholders and the planet.

Our values

Our vision

To infuse simplicity and joy into every aspect of daily life. For people all over the world.

Our mission

To create high quality, safe, affordable, essential products, trusted by everyone.

Strong fundamental principles

High quality When we created our first product, the BIC® Cristal ballpoint pen, we focused on the essentials: a simple, high-quality, refillable product, sold at the right price to be used as part of everyday life, by anyone, anywhere.

Inventive

We constantly succeed in responding effectively to consumers' changing expectations. Our R&D teams work proactively to identify consumer needs and create inventive solutions to meet them.

Reliable

We build consumer trust through the reliability and quality of our products. That means more than 2km of writing from every BIC® Cristal ballpoint pen; 3,000

ignitions from one BIC® Maxi on the principles of thepocket lighter; and more than 20 shaves from a BIC® EasyRinse Refillable Shaver for men.

• • BIC GROUP - 2023 UNIVERSAL REGISTRATION DOCUMENT •

Sustainable

We are committed to creating long-lasting products, with minimal impact on the environment and its resources. Our eco-design approach is builtcircular economy.

In 2023, 92% of BIC products were manufactured in BIC factories

1 Regional % of 2023 net sales.

• • BIC GROUP - 2023 UNIVERSAL REGISTRATION DOCUMENT •

BIC's Production facilities

Stationery (Human Expression)

Lighters (Flame for Life)

Shavers (Blade Excellence)

Advertising and promotional products

• • BIC GROUP - 2023 UNIVERSAL REGISTRATION DOCUMENT •

Horizon: Delivering our strategic growth plan

BIC is on a transformative journey. Guiding our way is the five-year Horizon Plan, launched in 2020 to ensure long-term and profitable growth. Horizon ensures we have the ability to expand our markets and capitalize on rapidly evolving and emerging consumer trends.

2023 marked the mid-way point for the rollout of Horizon and we are pleased to be on track to deliver against all our objectives. But more than that, the changes we are driving through the business are increasing the operational efficiency of the business which is contributing to improved margins and resilience to weather uncertain macroeconomic conditions.

Our strategic focus