BIC (BB) Q4 2024 earnings summary

Executive summary

• Achieved average annual growth rate above 5% over the five-year Horizon plan, with operational excellence and value creation, including the acquisition of Tangle Teezer.

• Net sales grew 0.8% at constant currency excluding Argentina, reflecting resilience in a volatile macroeconomic environment and strong commercial execution.

• Adjusted EBIT margin reached 15.6%, up 90 bps year-over-year, with adjusted EPS at €6.15, marking the fifth consecutive year of growth.

• Free cash flow was €271 million, and net cash position at year-end was €189 million.

• Acquisition of Tangle Teezer, a premium detangling haircare brand, is expected to be highly accretive and expand the addressable market.

Financial highlights

• FY 2024 net sales: €2,197m (+0.8% at constant currency excl. Argentina); Q4 net sales: €517m (+4.4%).

• Adjusted EBIT: €343m (15.6% margin), up 90 bps year-over-year; Q4 adjusted EBIT: €71m (13.7% margin).

• Adjusted EPS: €6.15, up 8% year-over-year; reported EPS: €5.10.

• Free cash flow: €271m; net cash position: €189m at year-end.

• Ordinary dividend for 2024: €3.08 per share (8% increase, 50% payout ratio); up to €40m share buyback program for 2025.

Outlook and guidance

• 2025 net sales expected to grow 4–6% at constant currency, with Tangle Teezer contributing about 3 points.

• Adjusted EBIT margin expected to remain at 15.6%; free cash flow forecast above €240 million.

• Q1 2025 expected to be softer, with growth picking up later in the year; limited pricing actions planned.

• Guidance does not reflect potential impacts from changes in US tariffs or other fluid trading conditions.