Bic : FY2020 RESULTS PRESS RELEASE

Clichy, France - February 17, 2021

FULL YEAR 2020 RESULTS - GOVERNANCE

2020 resilience reflects solid operating model

FY 2020 Net Sales: 1,627.9 million euros, (-12.6% on a comparative basis)

FY 2020 Normalized Income From Operations: 229.1 million euros - NIFO margin: 14.1% Strong Cash generation and balance sheet

• • 129.7 million euros improvement in Working Capital

• • Free Cash Flow before acquisitions and disposals: 274.5 million euros

• • Net Cash Position: 183.9 million euros

Net income: 93.7 million euros - EPS: 2.08 euros - Normalized EPS: 3.54 euros

Accelerated and sustainable growth trajectory

Launch of Horizon Plan - Categories reframed with increased consumer focus

Djeep and Rocketbook: two acquisitions in line with Horizon plan to boost profitable growth Proceeds from Clichy Headquarters disposal to be reinvested to support growth initiatives

Sustained Shareholder Return: 121.0 Million euros

• • 81.0 million euros Ordinary Dividend for 2020 fiscal year, paid in June 20211 1.80 euros per share

• • 40 million euros Share Buyback in 2021

First European Impact Share Buyback program to be launched in H1 2021, with part of the funds allocated toAbdul Latif Jameel Poverty Action Lab (J-PAL) and theBIC Corporate Foundation forEducation.

"As I reflect on how BIC has overcome an unpredictable year, I am grateful for BIC team members. Weathering the most challenging market conditions, they maintained business continuity, served our consumers relentlessly, and pushed forward our transformation journey to achieve solid results. Focusing on operational excellence, we have gained or maintained share in our key markets, delivered strong e-commerce growth, and reduced complexity in our inventory management. Our focus on proactive management of our business portfolio yielded growth opportunities outside the company, while refocusing on our core consumer business. By reframing our categories and embracing a consumer-focused business model, our Horizon plan is designed to create the momentum needed to fuel long-term growth and to create sustainable value for all stakeholders while strengthening our short-term resilience," said Gonzalve Bich, Chief Executive Officer.

2021 Outlook (based on current market assumptions)2

We expect the overall trading environment to remain uncertain and volatile, particularly during the first half, as Covid-19 will continue to affect trade channel dynamics and consumer shopping habits in our major markets.

In 2021, our objective is to deliver +5% to +7% total Net Sales growth at constant currencies. To succeed, we will focus on increasing market share in key growing countries through new product launches and efficient promotional activities and continue to expand in e-commerce. Consistent with our Horizon plan's target, FY 2021 Free Cash Flow is expected to be above 200 million euros, resulting from improved operating margins and strict control of CAPEX and Working Capital.

Governance

Acknowledging that he will lose his Independent Director status after his 12 years of tenure on the Board, Pierre Vareille informed the Board that he will not stand for re-election at the Annual Shareholders' Meeting on May 19, 2021. Société BIC's Directors heartily thanked him for his contributions and for his stewardship in overseeing the Company's transformation during his tenure as Chairman. The search for a new Chair has been initiated and Pierre Vareille's successor is expected to be appointed as a Director at BIC's Annual Shareholders' Meeting on May 19, 2021. Alternatively, the Board would appoint one of its members to serve as interim Non-Executive Chair until the following AGM.

Pierre Vareille commented: "It has been an honor to serve as Société BIC's Director these last 12 years, and more importantly, to chair the Board and support Gonzalve Bich and his team, in collaborating on the design and the implementation of the Company's transformation and new strategic roadmap. I look forward to seeing BIC go from strength to strength with the successful execution of our Horizon plan."

1 Payable on 2 June 2021, subject to the approval at the AGM of May 19, 2021 - Based on 44,976,333 shares (see page 17) 2 See page 11 for main market assumptions.

FY 2020 KEY GROUP FINANCIAL AND NON-FINANCIAL FIGURES

Key figures in millions of euros	Q4 2019	Q4 2020	FY 2019	FY 2020
Group Net Sales	501.2	410.1	1,949.4	1,627.9
Change as reported	(1.9)%	(18.2)%	+0.0%	(16.5)%
Change on a comparative basis	(3.8)%	(10.7)%	(1.9)%	(12.6)%
Normalized Income from Operations3	90.7	52.9	331.8	229.1
Normalized IFO margin	18.1%	12.9%	17.0%	14.1%
Income from Operations	43.6	24.5	252.7	156.8
IFO margin	8.7%	6.0%	13.0%	9.6%
Net Income Group Share	23.5	3.6	176.1	93.7
EPS (in euros)	0.52	0.08	3.91	2.08
Normalized EPS (in euros)	1.54	0.57	5.47	3.54
Net Cash from Operating Activities	317.2	357.6
Free Cash Flow before acquisitions and disposals	213.3	274.5
Net Cash Position	146.9	183.9	146.9	183.9

FY 2019	FY 2020
GHG Emissions (Scope 1 & 2 -tCO2eq) • Location-based • Market-based	97,711 45,827	78,046 33,185
% Renewable Electricity (Commitment: 80% by 2025)	76%	80%
Workplace accidents (Commitment: 0 accidents by 2025)	74 reportable accidents 55 sites reached a zero-accident level	50 reportable accidents4 62 sites reached a zero-accident level
Improved Children Learning Conditions (Commitment: 250 million by 2025)	61 million (cumulative)	118 million (cumulative)

FY 2020 KEY MILESTONES

Innovation and New Products	[June] Launch of theBIC-Iprova Invention Lab [June] Launch ofUs unisex grooming line [August] Launch ofE.Z. Reach, BIC's new multipurpose lighter [November] Collaboration withPlug and Play, the largest global innovation platform for startups and corporations
Growth	[June] Acquisition ofDJEEP quality lighter manufacturer [November] Launch ofHorizon plan [December] Acquisition ofRocketbook, the leading smart and reusable notebook brand in the US
Effectiveness	[May]Targeted initiatives to improve the Group's resilience [September] Move to Distributor model in selected Latin American countries and Asia [November] Sale of Clichy headquarters announced [December]PIMACO divestment announced
Corporate Responsibility and Sustainability	[March] BIC joins Ellen MacArthur Foundation'sCE100 initiative [November] BIC's Vision and Mission (Raison d'Être) unveiled [November]Plastics Commitments regarding packaging and products [December]CDP Leadership sustainability A- ranking renewed

• 3 See glossary

• 4 BIC employees and external temporaries

2020 HIGHLIGHTS

2020 resilience reflects solid operating model

• • While protecting the health and safety of our stakeholders, maintaining business continuity was our utmost priority throughout the year. Since the start of the pandemic, all necessary measures have been taken to protect BIC's team members, including manufacturing Personal Protective Equipment and implementing strict safety protocols at all BIC facilities and offices worldwide.

• • The underlying trends in all three categories remained weak. The overall Group performance was significantly affected by Covid-19, which weighed around 10 pts on the Full Year 2020 organic Net Sales growth. The Stationery business was hit the hardest, with e-learning resulting in Back-to-School seasons either canceled or delayed. In Europe and North America, sales to Superstores and Office suppliers suffered from reduced business activity and remote-working. In Latin America, Africa, and India, where traditional trade prevails, the pandemic's impact was critical due to extended mobility restrictions.

• • Covid-19 led to significant changes in consumption patterns and shopping behavior and impacted our three categories in different ways. In Stationery, while the Writing Instrument segment was strongly affected by school closures and temporary moves to remote e-learning, the consumption of coloring products was boosted by increased artistic and creative activities. Despite headwinds broadly in the category, the coloring segment grew in most markets (+3.2% in the US5, +6.3% in the UK6, and +3.7% in Brazil7). In Lighters, the Pocket Lighters market suffered from reduced foot traffic and convenience stores shifting to hygiene and grocery products during lockdowns. Meanwhile, Utility Lighters were boosted by home cooking and grilling in the US, as the Utility Lighters market grew +27.1% in value year-on-year8. In Shavers, remote working led to a decline in men's shaving occasions, and the female segment suffered from reduced beauty rituals for women. Both non-refillable and refillable shaver segments were impacted.

• • Focused on strength of execution, our commercial teams grew or maintained market share in strategic segments and countries. We maintained market share in Stationery globally. We also outpaced the category in key growth segments including Permanent Markers in the US (+0.7 pts6), and Coloring in the UK (+3.5 pts7) and Brazil (+3.9 pts8). In Shavers, we grew market share in all key markets through effective promotional activities and the success of value-added and premium products such as the Flex Hybrid and BIC Soleil ranges. We outperformed the non-refillable shavers' market in the US (+1.0 pts9), in Europe (+0.6 pts in UK and Russia10), and Brazil (+0.7 pts11). In Lighters, we gained market share in Pocket Lighters in our major markets. This includes the US (+0.8 pts11) and Brazil (+2.6 pts12). We outpaced US Utility Lighters growth (+4.3 pts9).

• • FY 2020 e-commerce Net Sales totaled 122 million euros. This represented 7.3% of BIC's total Net Sales, up 18% year-on-year. These solid results were driven by outstanding performances in e-Commerce Pure Players, Marketplaces and Direct to Consumer channels (+88% year-on-year). This was partly offset by a 10% decline in omniretailers strongly impacted by Covid-19. Sales saw double-digit growth in all regions. We gained market share in key markets, including Stationery in Europe (+1.4 pts in Germany, +5.3 pts in France, and +4.2 pts in the UK12) and Shavers in the US (+2.0 pts in total online wet shave10). Underpinning this performance, and in line with our goal to engage consumers directly, 83% of Brand support was invested online in BIC's major markets.

• 5 NPD YTD 02 January 2021- retail and Commercial - in value

• 6 IRI YTD 26 December 2020 - Total Grocers- in value

• 7 Nielsen YTD December 2020 _Modern Trade - in value

• 8 IRI - 27 December 2020

• 9 IRI - YTD December 2020

• 10 UK: IRI YTD 28-December-2020 / Russia: Nielsen YTD October 2020 / Brazil: Nielsen YTD December2020

• 11 IRI YTD 27 December 2020 in the US in value / Nielsen YDT November in Brazil in value

• 12 Amazon 2-January-2021 - 1P

• • In Q4 BIC's performance continued to be hit by macro-economic uncertainties and adverse consumption trends due to continued commercial challenges and new waves of the Covid-19 pandemic. Stationery was weakened by delayed Back-to-School orders in South and East Africa and an ongoing poor trading environment in India. Year-end trends were further impacted by the second wave of the pandemic in Europe.

• • In line with the "Invent the Future" roadmap, we achieved over 25 million euros in savings in 2020. This included 13.0 million euros from direct and indirect procurement efficiencies. We are fully on track to deliver the 50 million euros in annual savings targeted for 2022.

• • FY 2020 Free Cash Flow before acquisitions and disposals totaled 274.5 million euros. With a focus on Operational Cash Flow generation, we reduced the amount of Operating Expenses initially expected in 2020 by more than 28 million euros, in excess of the 15 to 20 million euros range objective announced in May 2020. Working Capital improved by 129.7 million euros. This was driven by Accounts Receivables, down 101 million euros and by tight control of inventories, down 46 million euros vs. last year. CAPEX totaled 83.1 million euros, as planned. At the end of December 2020, the Net Cash position stood at 183.9 million euros.

• • On 11 February 2021, we finalized the sale of BIC's Clichy headquarters and BIC Technologies sites to BNP Paribas Real Estate and Citallios for 175 million euros (169 million euros Gross Capital Gain). In line with Horizon Plan, the proceeds of this disposal will be fully reinvested to support organic growth initiatives, and to finance acquisitions.

Accelerated, innovative, and sustainable growth trajectory

• • Announced in November 2020 and grounded in the "Invent the Future" plan, our Horizon plan aims at reframing our three categories and expanding our total addressable market.

  • o Evolving to Human Expression, our Stationery business will focus on faster-growing markets such as Creative Expression and Digital Writing;

  • o Underpinned by trade-up and personalization and encompassing all lighting occasions, the Lighters category is shifting towards a more value-driven model and expanding to "Flame for Life";

  • o Reinforcing our Shaver one-piece core business with consumer driven products and capitalizing on advanced R&D and manufacturing capabilities, to move towards "Blade Excellence," building a new selective precision blade manufacturer business to power other brands.

• • Boosted by advanced commercial capabilities and Revenue Growth Management and grounded in "Invent the Future" transformation plan, Horizon will allow us to accelerate towards a mid-single annual Net Sales growth trajectory and generate at least 200 million euros of annual Free Cash Flow through 2022.

• • Our patent filing rate was maintained flat at 68 in 2020, with a growing contribution from our Data-Driven lab in Athens. In the meantime, we broadened our worldwide patent portfolio with 346 grants in 2020, an increase of more than 50% year-on-year.

• • We completed two acquisitions in 2020, in line with our Horizon Plan, for a total of 70 million euros:

  • o Djeep, a manufacturer of quality lighters, strengthens BIC's leadership in the global lighter segment,

  • o Rocketbook, the leading smart reusable notebook brand in the US, is a first step into the fast-growing digital writing segment.

• • We took our sustainability journey to the next level and are transforming our approach to plastics to reduce our CO2 emissions by 2030:

  • - By 2025, 100% of packaging will be reusable, recyclable, or compostable,

  • - By 2030, we will use 50% non-virgin petroleum plastic or alternatives in our products.