BIC (BB) Q2 2025 earnings summary

Executive summary

• Q2 2025 marked a return to net sales growth of 1.4% at constant currency, reversing Q1's decline, while H1 net sales were down 2.4% at constant currency.

• All divisions and geographies contributed to Q2 growth, with Flame for Life rebounding by 15 percentage points and Tangle Teezer delivering double-digit growth, contributing 4 points to group growth in H1.

• Adjusted EBIT margin was resilient at 13.7% in H1 2025, down from 14.9% in H1 2024.

• CEO transition announced: Rob Versloot to take over from Gonzalve Bich in September 2025.

• Free cash flow before acquisitions and disposals was negative €14 million in H1 2025, compared to €37 million in H1 2024, mainly due to lower operating margin and negative working capital impact.

Financial highlights

• H1 2025 net sales: €1,077 million, down 2.4% at constant currency; Q2 net sales: €598 million, up 1.4% at constant currency.

• Adjusted EBIT for H1: €147 million (13.7% margin), down €23 million year-over-year.

• Adjusted EPS: €2.35 vs. €2.95 last year; net income group share: €76 million vs. €111 million last year.

• Free cash flow: negative €14 million in H1 vs. positive €37 million last year; net cash position at end of June: €21 million.

• Paid €127 million in dividends and €13 million in share buybacks in H1 2025.

Outlook and guidance

• 2025 net sales expected to grow 0% to 3% at constant currency.

• Adjusted EBIT margin expected around 15% for the full year.

• Free cash flow expected above €240 million for 2025.

• Outlook excludes potential impacts from US tariffs and ongoing trading environment volatility.