BIC (BB) Q1 2025 earnings summary

Executive summary

• Q1 2025 was marked by challenging and fast-changing market conditions, especially in North America, with all major U.S. categories declining more than expected and tough comparisons to Q1 2024.

• The Horizon strategy enabled operational agility, focusing on commercial execution, distribution gains, impactful campaigns, and sustainable innovation.

• Market share gains were achieved in key regions and segments, including stationery in France, lighters in Brazil, and shavers in the U.S. and Brazil.

• Tangle Teezer integration into Blade Excellence delivered double-digit net sales growth, especially in North America and Europe.

• The Bich family reaffirmed its long-term commitment as controlling shareholder, proposing governance changes and a new Chair.

Financial highlights

• Q1 2025 net sales were €478 million, down 8.3% as reported, 7.0% at constant currency, and 10.9% on a comparative basis year-over-year.

• Currency fluctuations negatively impacted sales by 1.3 percentage points, while Tangle Teezer perimeter impact added +3.9 points.

• Human Expression division net sales: €153 million, down 10.5% at constant currency; Flame for Life: €172 million, down 15.9%; Blade Excellence: €145 million, up 11% at constant currency, but down 4.5% excluding Tangle Teezer.

• North America net sales declined 14.8% at constant currency; Latin America down 10.2%; Europe grew 4.7% as reported but fell 3.5% on a comparative basis.

Outlook and guidance

• 2025 net sales growth is now expected between 0% and 3% at constant currency, revised down from 4–6%.

• Adjusted EBIT margin guidance lowered to around 15.0% from 15.6%.

• Free cash flow guidance maintained above €240 million.

• Sequential improvement in sales performance is anticipated, with Q2 expected to be closer to flat and stronger growth in the second half.

• Outlook excludes potential impacts from evolving US tariffs and macroeconomic volatility.