Human Expression

6,073

5,999

Flame for Life

1,603

1,536

Blade Excellence

2,428

2,474

Human Expression

5,291

5,240

Flame for Life

1,577

1,436

Blade Excellence

2,335

2,436

Group

Net Sales

2,263.3

2,196.6

(2.9) %

+3.1%

+0.8%

Europe

Net Sales

665.9

697.8

+4.8%

+6.8%

+6.8%

North America

Net Sales

882.9

818.6

(7.3) %

(7.2) %

(7.2) %

Latin America

Net Sales

461.7

424.9

(8.0) %

+14.6%

+4.1%

Middle East & Africa

Net Sales

154.2

162.5

+5.4%

+15.8%

+15.8%

Asia & Oceania (including India)

Net Sales

98.6

92.8

(5.9) %

(4.7) %

(4.7) %

Condensed profit and loss account

(in million euros)

FY 2023

FY 2024

Net Sales

2,263.3

2,196.6

Cost of goods

1,115.2

1,093.9

Gross Profit

1,148.1

1,102.7

Administrative & other operating expenses

827.6

813.0

Earnings Before Interest and Taxes (EBIT)

320.5

289.7

Finance revenue/costs

(7.5)

7.9

Income before tax

313.0

297.6

Income tax expense

(86.5)

(85.6)

Net Income Group Share

226.5

212.0

Group Earnings per share (in euros)

5.30

5.10

Average number of shares outstanding (net of treasury shares)

42,740,269

41,561,522

Shareholders’ equity

1,846.6

1,793.3

Current borrowings 

109.4

167.4

Non-current borrowings

46.8

167.5

Cash and cash equivalents – Assets

467.7

456.0

Other current financial assets and derivative instruments

19.8

6.3

Net cash position

385.4

189.3

Goodwill and intangible assets

382.3

557.1

Total balance sheet

2,647.3

2,834.5

Cash flow from operations

469.2

471.0

(Increase)/Decrease in net working capital

(27.4)

17.7

Other operating cash flow

(88.5)

(131.1)

Net cash from operating activities

353.3

357.7

Net cash from investing activities

(114.1)

(283.7)

Net cash from financing activities

(192.1)

(73.3)

Net increase/(decrease) in cash and cash equivalents net of bank overdrafts

47.2

0.7

Closing cash and cash equivalents net of bank overdrafts

467.7

456.0

Growth acceleration

Deliver a mid-single-digit Net Sales growth trajectory

• ●Expand total addressable markets in fast-growing adjacent segments, and evolve BIC’s business model to capture an increasing value share of our markets, with a strong focus on execution and return on investments.
• ●Leverage innovation capabilities and manufacturing excellence to generate incremental revenues through new routes-to-market.
• ●Capitalize on our brands in our core markets and build on new lifestyles to grow a comprehensive portfolio of consumer-led brands.

Cash flow generation

Improve efficiency and robust Free Cash Flow generation

• ●Disciplined management of operational investments, with a target of 1 to 1.2 times Capex to Depreciation & Amortization.
• ●Strict control of Working Capital (Inventories, Receivables, and Payables).

Sustainable development

Take Sustainable Development to the next level and transform approach to recycling and plastics

• ●By 2025: 100% of packaging will be reusable, recyclable, or compostable.
• ●By 2030: Use of 50% non-virgin petroleum plastic in our products.

Capital allocation

Fund organic growth and acquisitions in adjacent markets while ensuring sustainable shareholder returns

• ●Investments into operations to sustain and enhance organic growth with approximately 100 million euros annual capital expenditures. 
• ●Targeted acquisitions to strengthen existing activities and develop in adjacent categories, with an average of 100 million euros invested annually.
• ●Objective of ordinary dividend pay-out ratio in the range of 40% to 50% of Adjusted EPS.
• ●Regular share buybacks. 

Industrial and Commercial Risks

Consumer Demand and Growth (b)

X

Retail Disruption and Consolidation (b)

X

Supply Chain and Production (b)

X

Cybersecurity (b)

X

Net Sales Regional Concentration

X

Mergers & Acquisitions within BIC’s 
Horizon Strategic Plan

X

Product Safety

X

Environmental Risks

Plastic and Climate Change

X

Intellectual, Brand and Image Risks

Counterfeiting, Parallel Imports, and Non-compliant Products from Competition

X

Legal and Regulatory Risks

Increased Regulations

X

Social and Human Risks

Non-respect of Human Rights and Business Ethics

X

• ( a )Risk Rating is the product of Impact x Likelihood.
• ( b )Most material risks.

BIC is exposed to changing consumer trends, preferences and needs impacting all three categories – Human Expression, Flame for Life and Blade Excellence. Global consumer trends may include:

• ●growth in Digital Writing technology;
• ●reduced tobacco use or switch to e-cigarettes;
• ●changing shaving habits.

Risk Rating: High

Potential Impact on BIC:

• ●a lack of viable responses would impact sales and profitability;
• ●changing consumer habits impacting BIC’s three categories might result in:
  • ●a shift to digital versus Stationery,
  • ●lower tobacco consumption and e-cigarettes impacting Lighters use,
  • ●less frequent shaving in Shavers.

Examples of Risk Mitigation:

• ●focus Research & Development (R&D) on product innovations and brand positioning to address changes in consumer demand and needs (e.g. Lighter decors, personalization through BIC Graphic and Design my BIC);
• ●adopt a Consumer-lens to category expansion (e.g. EZ ReachTM Lighter, Skin Creative);
• ●expand in fast-growing Creative Expression and Digital Writing markets (e.g. Rocketbook® and AMI acquisitions, Skin Creative: BodyMark® Innovation plus Inkbox®, and TattlyTM acquisitions);
• ●focus on sales growth in Developing Markets particularly Eastern Europe and Middle East and Africa.

BIC® product sales may be adversely impacted by:

• ●potential mergers between retail customers;
• ●sales shift from brick and mortar to online/e-commerce;
• ●the potential reduction in pricing power related to pressure from retailers for lower pricing, increased promotional programs, and direct-to-consumer channels;
• ●increase in counterfeit products.

Risk Rating: Medium

Potential Impact on BIC:

• ●changing consumer buying habits may reduce pricing power through e-commerce channels and impact BIC’s sales;
• ●retail Consolidation (e.g. buying alliances and customer mergers).

Examples of Risk Mitigation:

• ●serve consumers wherever they shop across all channels from e-commerce to hypermarkets, stationery stores and small traditional trade stores;
• ●expand in e-commerce by covering the spectrum from Pure-Play e-retailers to omni-retailers as well as Direct to Consumer (DtC);
• ●compelling consumer displays in retail stores and strengthen search efforts in e-commerce to drive sales conversion;
• ●working on anti-counterfeit measures including investment in legal actions.

As a manufacturer, distributor and seller of consumer products, BIC is exposed to risks related to interruptions in production and internal and external supply chains issues, including:

• ●raw material shortages or operational disruptions at suppliers, particularly during the “back-to-school” season in Stationery;
• ●disruption in manufacturing and warehousing facilities. Certain products may be concentrated within specific regions, which may be impacted by a catastrophic event;
• ●storage and use of hazardous substances including gas for lighters, solvents for permanent markers and dry-wipe markers; and solvents for industrial cleaning processes.

Risk Rating: Medium

Potential impact on BIC:

• ●shortage of raw materials due to supplier business disruption. Potential causes include catastrophic events, changes in formulation, environmental regulations;
• ●significant supply chain disruption may lead to BIC’s inability to meet consumer demand and/or commitments;
• ●disruptions in manufacturing and interdependencies between sites might impact finished goods distribution;
• ●geopolitical disruptions, such as the current crisis in Ukraine, may continue to affect the supply and prices of certain raw materials.

Examples of Risk Mitigation:

• ●focus on raw materials and packaging supplier risk management, seeking alternative suppliers’ sources;
• ●integrated Business Plan platform to ensure sales and production product portfolio is “right sized” by location;
• ●focus on logistics supplier risk management and warehousing optimization plan to minimize disruptions to distribution (sea and road freight);
• ●people and Capabilities programs are in place to enhance the strategy and maturity of functions required for global supply chain disruptions;
• ●continuous footprint review process in place to reduce business continuity risk by bringing manufacturing closer to markets where appropriate.

In all BIC factories:

• ●implementation and monitoring of preventive and safety measures for gas and solvent storage areas;
• ●suitable control devices and equipment are in place to minimize risks from hazardous chemical substances;
• ●prioritization of fire prevention systems including fire detection and control equipment;
• ●perform hazard and risk assessments;
• ●identify, assess and prevent incidents and accidents;
• ●ongoing compliance with local regulatory requirements;
• ●training programs to back up the critical processes, ensure flexibility to cover market needs; to recognize potential hazards, as well as to take preventive and corrective action;
• ●maintenance programs to protect key equipment and technical processes.

The European Union SEVESO Directive identifies industrial sites that could pose significant accident risks. The SEVESO classified plants have emergency procedure protocols (plan d’opération interne and plan particulier d’intervention) and a major hazard prevention policy. All our SEVESO plants (Redon and Tarragona lighter factories, and BIMA stationery factory in Cernay) have implemented a safety management system according to SEVESO.

All other plants have equivalent emergency plans to address risks with potential local consequences.

In today’s digitally connected world, the frequency and sophistication of cyber-attacks are increasing, and BIC depends on resilient information technology (IT) systems and networks to operate our business and deliver quality products to consumers.

A cyber-attack could result in:

• ●operational delays or production downtimes;
• ●loss, corruption or compromise of data, confidential information, intellectual property, or otherwise protected information;
• ●security or data breaches;
• ●failure, manipulation, or improper use of BIC or third-party systems and networks;
• ●inaccurate financial reporting, financial losses from remedial actions, loss of business, or potential liability, regulatory fines and/or reputational damage.

Risk Rating: Medium

Potential Impact on BIC:

• ●unauthorized access, use, or disclosure of confidential or sensitive information, such as customer data, trade secrets, intellectual property, or personal information;
• ●disruption, misappropriation or damage to information systems, networks, or devices due to cyber-attacks, such as ransomware, malware, phishing, denial-of-service, or other malicious activities;
• ●financial loss, data breach, reputational damage, or legal and regulatory consequences from cyber fraud, such as business email compromise (BEC).

Examples of Risk Mitigation:

• ●established a cybersecurity organization and execute a multi-year strategy aligned with IT transformation;
• ●application of preventative security controls (e.g., multifactor authentication and email filtering), detection and response capabilities;
• ●requiring all employees to complete annual security awareness training and reinforce the training with periodic phishing and awareness campaigns;
• ●conducted internal risk assessments and partnered with third parties to perform security assessments of BIC IT infrastructure and applications;
• ●strict application of incident response plans and playbooks to minimize the impact and speed recovery from a cyber-attack.

BIC’s Net Sales are concentrated in a few key markets, notably the U.S., Brazil, and France.

Risk Rating: Medium

Potential impact on BIC:

• ●such concentration of revenue generation potentially exposes BIC to risks of shifting consumer demand or regulatory environment in those markets.

Examples of Risk Mitigation:

• ●ongoing focus on sales in Developing Markets (Middle East and Africa, India, Mexico) and diversification in Europe;
• ●Roll-out of a portfolio approach (e.g. Europe focus on strengthening Lighters).

BIC’s Horizon strategic roadmap includes targeted acquisitions to strengthen BIC’s existing activities and expand into adjacent growth businesses.

Risk Rating: Medium

Potential impact on BIC:

• ●challenge to identify and execute strategic acquisitions at attractive valuations;
• ●difficulty in efficiently integrating acquired companies, resulting in a lower value capture impacting return on investment.

Examples of Risk Mitigation:

• ●dedicated, centrally led M&A, Value Capture and Integration (VCI) teams are in place, made up of professionals with extensive M&A backgrounds;
• ●disciplined M&A and Value Capture & Integration Processes & Playbooks have been established with strong governance and clear accountability;
• ●disciplined governance process supports pipeline development, target company evaluation and due diligence, and financial return expectations of deals;
• ●application of a VCI planning and execution process to govern cross-functional integration, focused on establishing the adequate Operating Model to enable delivery of the synergies and value capture initiatives.

The risk related to product safety and consumer health and safety by placing non-compliant or unsafe products on the market.

Risk Rating: Medium

Potential impact on BIC:

• ●impact on consumer health and safety;
• ●impact on the Brand image (consumers), BIC’s reputation and business interests;
• ●potential costs associated with possible market withdrawal, recall, fines and lawsuits.

Examples of Risk Mitigation:

• ●the Product Safety Statement includes commitments and processes to ensure that products designed and manufactured by the Group and sourced from Original Equipment Manufacturers (OEM) are safe for the health and the environment;
• ●BIC embeds regulatory compliance and product safety risk management into its strategy through a rigorous set of processes. The quality of the million products that BIC supplies every day is assured by a robust quality system and is systematically controlled by multiple tests;
• ●consumer health and safety considerations are part of product design and manufacturing. The Product Safety Team collects and shares crucial information about the chemicals used by the Product Development Team to ensure that responsible chemistry criteria are being met. The product Safety team works closely with the product Development teams and legal to stay abreast of regulatory changes and act proactively;
• ●for BIC trademark license agreements licensee must observe regulatory compliance and follow the applicable product safety protocols (e.g., Lighters).

For further information please see section 3.1.9 Consumers and end-users.

Major risks for BIC are:

• ●risks related to plastics encompass:
  • ●upstream risks: with this material being used in BIC® products this is subject to price volatility and availability,
  • ●downstream risks: with potential issues surrounding pollution from plastic waste. In addition, and although BIC® products are not single-use, the regulatory environment surrounding plastics and packaging is becoming increasingly stringent (Extended Producer Responsibility),
  • ●some national and regional regulations are moving towards the establishment of collection and recycling systems for both products and packaging. Consumers and public opinion also hold increasingly negative views regarding such products;
• ●risks related to climate change include:
  • ●risk of an increase in raw material costs due to potential carbon taxes,
  • ●energy efficiency programs, carbon capture and other measures by suppliers might increase raw material production costs,
  • ●risk of an increase in the cost of alternative plastic sourcing due to growing competition and of quality issues,
  • ●extreme weather changes and climate risks that might affect our operations, suppliers, transportation routes and cost to operate.

Risk Rating: Medium

Potential Impact on BIC:

The potential impacts on BIC include:

• ●increased cost of raw materials;
• ●availability and price volatility of plastics;
• ●brand image deterioration due to plastic in our products;
• ●heightened regulations on plastics, impacting BIC’s direct or indirect operations;
• ●regulatory pressure affecting operating costs;
• ●disruption or interruption to production activities due to extreme weather events (floods, fires, heat stress) related to climate change;
• ●environmental labelling of products, thereby impacting sales.

Examples of Risk Mitigation:

• ●a Sustainable Development Program – Writing The Future Together – designed to limit the environmental impact of BIC’s activities. This covers BIC’s activities, products and supply chain, and it is embedded in our Horizon Plan strategy and commitments, including:
  • ●fostering sustainable innovation in BIC products:
    • ●by 2025: improving the environmental footprint of BIC® products,
    • ●by 2025: 100% of BIC’s consumer plastic packaging will be reusable recyclable or compostable,
    • ●by 2030: BIC aims for 50% non-virgin petroleum plastic for its products;
  • ●by 2025, the use of 100% renewable electricity.

At BIC, we use what we call a 4 R philosophy that we use to guide us when developing products:

• ●reduce the consumption of materials;
• ●use recycled or alternative materials;
• ●design and manufacture refillable products and packaging whenever possible; and
• ●design and manufacture recyclable products and packaging.

In 2024, BIC undertook a Double Materiality Assessment to review the physical risks from climate change to all its facilities and those of some contract manufacturers and suppliers. The analysis included 267 facilities globally, including manufacturing centers, offices, warehouses and land owned by a third-party supplier or owned and leased by BIC. This analysis will be updated annually.

The climate hazards in the analysis included extreme weather events. A number of the facilities exposed are not owned by the Group.

All these initiatives and those mentioned in the Group’s sustainable development Strategy in Chapter 3 help mitigate the risks.

Counterfeits of the well-known BIC products circulate throughout Africa, the Middle East, Eastern Europe and South America. A recent trend shows an increase in counterfeits in North America. They are mostly manufactured in Asia. These counterfeits, often of low quality, are mainly focused on our products’ shape and on the BIC® trademark. Grey goods (i.e., genuine BIC products made for specific markets and smuggled into another country) that could violate regulations also pose product recall risks, particularly in the United States.

Particularly in the European Union and Middle East Africa, the Group also faces competition from low-cost lighters that often do not comply with safety standards, ISO 9994 international safety standard, and the child resistance standard.

Risk Rating: Medium

Potential impact on BIC:

• ●impact on the Brand image (Consumers) BIC reputation;
• ●unfair competition with non-conform or counterfeit products;
• ●costs associated with possible market withdrawal or recall and/or fines.

Examples of Risk Mitigation:

• ●the Legal Department leads the relevant courses of action against such counterfeits, grey goods and non-compliant products by closely working with local authorities and law enforcement agencies including:
  • ●judicial and administrative actions,
  • ●monitoring program of leading e-commerce platforms,
  • ●market surveillance, traceability measures, and collaboration with local authorities to prevent illegal imports of grey goods to the U.S;
• ●BIC also targets non-compliant lighters through engagement efforts geared towards stakeholder such as customers, market surveillance authorities, European Union (EU) Commission, EU Parliament, etc.;
• ●the Group continues to advocate to reinforce market surveillance in Europe and help shape regulations such as the EU’s General Product Safety Regulation issued in 2023;
• ●over the past years, BIC worked to improve lighter safety standards in Mexico, advocated in Brazil for a return to strict legislation on lighter market surveillance and strengthened market surveillance campaigns in Argentina. For example, in 2024, following fruitful engagements, lighters are about to be placed again on the priority list for surveillance in Brazil, while in Mexico, an agreement was reached to enhance the ISO (International Standards Organization) lighter safety standard requirements;
• ●the ISO 9994 safety standard has become mandatory for the first time in the United States in 2022, in the state of Connecticut, and has expanded to the state of Wisconsin in 2024.

Restrictions and prohibitions are increasingly common in the fields of chemical substances and plastics, particularly in North America and Europe. Bans on PFAS (per- and polyfluoroalkyl substances) on the two continents are coming within the next five years. In the EU, the “European Green Deal” scheme aiming at making Europe the first carbon neutral continent by 2050, includes an ambitious plan “the Ecodesign plan for Sustainable Products Regulation” (ESPR). The purpose of the regulation is to define rules to make products more sustainable. More local regulations are imposing circular economy schemes (Extended Producer Responsibility).

Risk Rating: Medium

Potential impact on BIC:

• ●impact on manufacturing processes and business interests;
• ●reputation damage and impact on the Brand image (Consumer);
• ●legal actions against BIC.

Examples of Risk Mitigation:

BIC closely monitors announced regulatory changes and voices relevant technical and legal arguments:

• ●together with other European manufacturers, BIC continues to sustain its interpretation of the scope of the EU’s CLP regulation (Classification, Labelling, Packaging);
• ●in 2024, BIC formed a consortium with other blade manufacturers to to address global regulatory developments around Per- and polyfluoroalkyl substances (PFAS) usage by providing awareness of ingredients, technologies, and innovations in the razor blades industry. In the U.S., a class action suit against BIC for lack of information on shaver packaging related to PFAS was voluntarily dismissed.

This risk includes non-compliance with fundamental human rights such as child labor, forced labor, or discrimination, as well as business ethics such as corruption.

Risk Rating: Medium

Potential Impact on BIC:

• ●reputation damage and impact on the Brand image (Consumer);
• ●legal actions against BIC;
• ●fines.

Examples of Risk Mitigation:

• ●BIC’s Code of Conduct and related policies apply to BIC worldwide and reflect its commitment to conduct business ethically and in compliance with human rights and fundamental freedoms. Mandatory trainings are delivered to employees to raise awareness;
• ●BIC expects all its business partners to comply with its Code of Conduct. For example, BIC’s Supplier Code of Conduct outlines its expectations with respect to responsible sourcing, including human rights and business ethics;
• ●BIC regularly monitors the implementation of its Code of Conduct principles and requirements through internal and external audits;
• ●Risks related to business ethics are mapped and regularly updated to ensure continuous monitoring as well as adequate and effective remedial measures (section 3.1.10.2.4 Prevention and detection of corruption and bribery and 3.2.3.1 Methodology);
• ●BIC Speak Up program allows management and mitigation of potential risks and violations (section 3.2.5.3 Whistleblowing Mechanism and Reporting System);
• ●More than 90% of BIC’s net sales come from products made in its factories, thus, reliance on contract manufacturing is relatively low.

Further information can be found in chapter 3.

Environmental indicators

Reporting perimeter includes:

• ●BIC factories that manufacture finished or semi‑finished products;
• ●engineering units and packaging operations with over 50 employees or where operations are subject to government regulations such as SEVESO (EU), PSM or RMP (U.S.);
• ●administrative and commercial entities.

For pollution (ESRS E2), key performance indicators are disclosed for Group Supply Chain (GSC) scope.

For packaging indicators (ESRS E5), BIC Graphic, recent acquisitions from 2019, and certain Contract Manufacturers are excluded from key performance indicators’ perimeter.

Human Resources indicators

Reporting perimeter includes:

• ●headcount data, which encompasses all BIC employees, including permanent employees and temporary employees (fixed-term contracts, apprentices and interns);
• ●data relating to BIC's ‘Own Workforce’, which encompasses all BIC employees plus non-employees; and
• ●workforce data, which covers all BIC sites (including factories, offices and remote/mobile workers).

Health and safety indicators

Reporting perimeter includes all Group facilities (offices, industrial facilities) except for the Sibjet site (Djeep) and encompasses the BIC permanent employees, fixed-term contracts, apprenticeships and interns.

3. Good health and well-being

 3.1.7 / Own workforce (ESRS S1)

 3.1.8 / Workers in the value chain (ESRS S2)

5. Gender equality

 3.1.7 / Own workforce (ESRS S1)

6. Clean water and sanitation

 3.1.5 / Water resources (ESRS E3)

7. Affordable and clean energy

 3.1.3 / Climate change (ESRS E1)

8. Decent work and economic growth

 3.1.3 / Climate change (ESRS E1)

 3.1.6 / Resource use and circular economy (ESRS E5)

 3.1.7 / Own workforce (ESRS S1)

 3.1.8 / Workers in the value chain (ESRS S2)

9. Industry, innovation and infrastructure

 3.1.3 / Climate change (ESRS E1)

 3.1.6 / Resource use and circular economy (ESRS E5)

10. Reduced inequalities

 3.1.7 / Own workforce (ESRS S1)

 3.1.8 / Workers in the value chain (ESRS S2)

12. Responsible consumption and production

 3.1.3 / Climate change (ESRS E1)

 3.1.6 / Resource use and circular economy (ESRS E5)

13. Climate action

 3.1.3 / Climate change (ESRS E1)

14. Life below water

 3.1.3 / Climate change (ESRS E1)

 3.1.6 / Resource use and circular economy (ESRS E5)

16. Peace, justice and strong institutions

 3.1.7 / Own workforce (ESRS S1)

 3.1.8 / Workers in the value chain (ESRS S2)

 3.1.10 / Business conduct (ESRS G1)

Role of the administrative, management and supervisory bodies
 (ESRS 2 GOV-1)

 4.1.1 / Governance structure

 4.1.2 / Composition of the Board of Directors

 4.1.3 / Changes in the composition of the Board of Directors

 4.1.4 / Operation of the Board of Directors

Integration of sustainability-related performance in incentive schemes
(ESRS 2 GOV-3)

 4.2.1.1 / Variable Remuneration of Gonzalve Bich

Statement on due diligence (ESRS 2 GOV-4)

 3.2 / Vigilance Plan

Risk management and internal controls over sustainability reporting 
(ESRS 2 GOV-5)

 2.1. / Main risks and risk assessment         

 2.2. / Description and mitigation of main risk factors

 2.3. / Risk Management and Internal Control Procedures implemented by the Company and Insurance

Strategy, business model and value chain (ESRS 2 SBM-1)

General presentation of the Group / BIC's Business model 

Product safety – Lighters safety specifications (ESRS S4)

 1.4.1 / Business presentation by division

Especially  1.4.1.2 / Flame for Life – Lighters

Identification of negative impacts in own operations and value chain

 3.1.1.4 / Impact, risk and opportunity management (General information)

 3.1.3.3 / Impact, risk and opportunity management (Climate change)

 3.1.4.1 / Impact, risk and opportunity management (Pollution)

 3.1.5.1 / Impact, risk and opportunity management (Water resources)

 3.1.6.1 / Impact, risk and opportunity management (Resource use and circular economy)

 3.1.7 / Own workforce (ESRS S1) 

 3.1.8.2 / Impact, risk and opportunity management (Workers in the value chain)

 3.1.9.2 / Impact, risk and opportunity management (Consumers and end-users)

 3.1.10.2 / Impact, risk and opportunity management (Business conduct)

Dialogue with stakeholders

 3.1.1.3.2 / Interests and views of stakeholders (SBM-2)

 3.1.7.5 / Interactions with BIC workforce (S1-2, S1-8) 

 3.1.8.2.2 / Processes for engaging with value chain workers about impacts (S2-2)

 3.1.9.2.2 / Processes for engaging with consumers and end-users about impacts (S4-2)

Actions to prevent, mitigate and respond to negative impacts

 3.1.3.3.3 / Actions and resources in relation to climate change policies (E1-3)

 3.1.4.1.3 / Actions and resources related to pollution (E2-2)

 3.1.5.1.3 / Actions and resources related to water and marine resources (E3-2)

 3.1.6.1.3 / Actions and resources related to resource use and circular economy (E5-2) 

 3.1.7 / Own workforce (ESRS S1)

 3.1.8.2.3 / Processes to remediate negative impacts and channels for value chain workers to raise concerns (S2-3) 

 3.1.8.2.4 / Taking action on material impacts on value chain workers and associated risks and opportunities (S2-4)

 3.1.9.2.3 / Processes to remediate negative impacts and channels for consumers and end-users to raise concerns (S4-3)

 3.1.9.2.4 / Taking action on material impacts on consumers and end-users, and associated risks and opportunities (S4-4)

 3.1.10.2.3 / Management of relationships with suppliers (G1-2)

 3.1.10.2.4 / Prevention and detection of corruption and bribery (G1-3)

Follow-up of the action’s efficiency

 3.1.3.4 / Metrics and targets (Climate change)

 3.1.4.2 / Metrics and targets (Pollution)

 3.1.5.2 / Metrics and targets (Water resources)

 3.1.6.2 / Metrics and targets (Resource use and circular economy)

 3.1.7 / Own workforce (ESRS S1)

 3.1.8.3 / Metrics and targets (Workers in the value chain)

 3.1.9.2.5 / Targets related to managing material impacts, risks and opportunities (S4-5) (Consumers and end-users)

 3.1.10.3 / Metrics and targets (Business conduct)

Suppliers

BIC engages a selected group of key strategic suppliers in a dialogue to understand respective sustainability goals and common ground for collaboration.

The outcomes allow each department to address communication gaps, develop internal action plans and create collaboration opportunities with the stakeholders.

Employees

BIC runs regular anonymous pulse surveys and engagement surveys on multiple aspects of engagement across all employees, including perception of sustainability in the company.

BIC engages social dialogue, either between management and employees themselves or through employee representatives and labor union representatives at unionized sites.

Customers (distributors and retailers)

BIC engages regularly with customers through meetings, as sustainability has become a strategic topic.

BIC runs ad-hoc surveys with selected customers representatives, including among other topics their perception on BIC sustainability engagement and impact.

Consumers (shoppers and end users)

BIC either receives consumer survey results or conducts ad-hoc surveys in key markets to understand the expectations and perceptions of the brand and BIC products, covering various aspects including sustainability.

BIC encourages consumers’ feedback and actively tracks consumer feedback on BIC products on digital commercial platforms and social media through social listening.

Shareholders and investors

BIC engages in dialogue with investors (Shareholders and non-shareholders) on a regular basis to educate them on topics such as BIC’s strategy, financial performance and ESG program, through participation in investor conferences and roadshows and through the yearly Shareholders’ Meeting.

Academia, Research, and NGOs

BIC engages in dialogue and workshops with various NGOs, in different sustainability fields, to foster its knowledge and to share its point of view as well as welcome challenges.

BIC engages in consultations and working groups with Academia and Research to join forces in understanding complex and raising sustainability topics, such as recyclability and toxicity.

Industry associations, federations and peers

BIC engages in dialogue with various professional federations, either related to the sector (Stationery, Toys, Lighters, Beauty, Chemical, E-Commerce), or to a geographical area (by country or by region). The purpose is to understand current and future practices in respective business areas, about regulatory compliance and business practices, and foster possible synergies and collaboration among peers.

E1 - Climate 
Change

Climate change adaptation

Risk to human health and safety, assets (building and facilities), and production capability in case of extreme weather events

 3.1.3.2.2

X

Upstream, Own Operations

LT

Risks to infrastructure used by BIC (roads, bridges, etc.) in case of extreme weather events

 3.1.3.2.2

X

Upstream, Own Operations, Downstream

ST, MT, LT

Opportunity to develop alternative transport solutions and relocate production, offering a competitive advantage in the event of disruptions

 3.1.3.2.2

X

Upstream, Own Operations, Downstream

ST, MT, LT

Potential negative impact on the environment from adaptation strategies for factories in physical climate risk areas, which could increase BIC GHG emissions

 3.1.3.2.2

X

Upstream, Own Operations

MT, LT

Climate change mitigation

Risks related to regulatory changes and BIC's reputation if climate change mitigation measures are not anticipated

 3.1.3.2.2

X

Upstream, Own Operations

MT, LT

Opportunity to reduce costs and boost sales by attracting a customer base committed to sustainability, while partnering on joint initiatives

 3.1.3.2.2

X

Upstream, Own Operations

MT, LT

Negative impact on the environment due to BIC's contribution to GHG emissions 

 3.1.3.2.2

X

Upstream, Own Operations

ST, MT, LT

E2 - Pollution

Impacts in terms of water and soil pollution, and substances of concern and very high concern used in BIC products and production processes

 3.1.4.1.1

X

Upstream, Own Operations

ST, MT, LT

Potential impacts on ecosystems and human health due to the use of plastics in BIC products and packaging that can generate microplastics

 3.1.4.1.1

X

Upstream, Own Operations, Downstream

MT, LT

Financial and reputational risks associated with water and soil pollution

 3.1.4.1.1

X

Upstream, Own Operations

ST, MT, LT

E3 - Water resources

Risk of water resource shortages for sites located in areas exposed to high water stress

 3.1.5.1.1

X

Upstream, Own Operations

LT

Better preparation for water stress which could provide a competitive advantage if or when water stress increases 

 3.1.5.1.1

X

Upstream, Own Operations

LT

E5 - Resource use and circular 
economy

Negative impacts on resources inflows, outflows and waste given BIC production processes remain largely linear today

 3.1.6.1.1

X

Upstream, Own Operations, Downstream

MT, LT

Risks from regulatory evolutions, economic fluctuations or mere stock reduction, given BIC’s dependency on availability of raw materials, machinery and equipment, other minerals and fossil fuels to operate

 3.1.6.1.1

X

Upstream, Own Operations

ST, MT, LT

Risk of new regulations introducing collection and recycling systems

 3.1.6.1.1

X

Upstream, Own Operations, Downstream

LT

Risks of not finding suitable circular solutions resulting in increased waste management costs

 3.1.6.1.1

X

Upstream, Own Operations, Downstream

MT, LT

Opportunity to reduce costs and create a competitive advantage by incorporating more circularity into BIC products and packaging

 3.1.6.1.1

 X

Upstream, Own Operations, Downstream

MT, LT

S1 - Own workforce

Potential negative impact on own workforce in terms of working conditions, equal opportunities and other employment rights in the event of poor personnel management

 3.1.7.1.2

X

Own Operations

ST, MT, LT

Risk of legal action and fines for non-compliance with government regulations in the countries BIC operates, which might damage the brand and customer loyalty

 3.1.7.1.2

X

Own Operations

ST, MT, LT

Opportunity for increasing productivity with good working conditions and enhancing brand image to attract and retain talent

 3.1.7.1.2

X

Own Operations

ST, MT, LT

S2 - Workers in the value chain

Potential negative impacts with regard to working conditions, equal opportunities and other labour rights of BIC value chain's employees, given the complexity of BIC's value chain

 3.1.8.1.2

X

Upstream

MT, LT

Reputational risk for BIC in the event of non-compliance with regulations in force by its suppliers with regard to workers' rights

 3.1.8.1.2

X

Upstream

MT, LT

Opportunity for BIC to attract better talent to its value chain, in particular by offering adequate housing

 3.1.8.1.2

X

Upstream

MT, LT

S4 - Consumers and end-users

Potential negative impact on the health and safety of consumers and end-users, particularly children, if non-compliant or unsafe products are inadvertenly placed on the market

 3.1.9.1.2

X

Own Operations, Downstream

ST, MT, LT

Risk of fines, lawsuits and negative impacts on BIC's reputation if non-compliant or unsafe products are inadvertenly placed on the market

 3.1.9.1.2

X

Own Operations, Downstream

ST, MT, LT

Opportunity for the Group to remain a leader in terms of safety of its products by meeting or exceeding regulatory requirements, and thus benefiting from customer preference

 3.1.9.1.2

X

Own Operations, Downstream

ST, MT, LT

G1 - Business 
conduct

Risks related to business ethics and non-compliance with applicable anti-bribery and corruption laws, in particular given BIC’s global presence

 3.1.10.2.1

X

Upstream, Own Operations, Downstream

ST

Risk of non-compliance with a rapidly evolving regulatory framework which could potentially lead to legal penalties and damage to BIC’s reputation

 3.1.10.2.1

X

Own Operations

ST, MT, LT

Potential negative impact on the environment and human health and safety, if BIC fails in anticipating, shaping and responding to regulations

 3.1.10.2.1

X

Own Operations

ST, MT, LT

Opportunity for BIC to share its industrial and market knowledge with authorities and policymakers, thereby strengthening its position as a key player

 3.1.10.2.1

X

Own Operations

ST, MT, LT

Potential negative impact of BIC’s way of managing relationships with its suppliers, especially small and medium-sized undertakings, including payment practices

 3.1.10.2.1

X

Upstream, Own Operations

ST, MT

• ( a )ST (Short Term), MT (Medium Term), LT (Long Term) as defined in section  3.1.1.1.2.

Gonzalve Bich (French-American)

Chief Executive Officer

David Cabero (Spanish)

Group Category Leader, Stationery

François Clément-Grancourt (French-Swiss)

Lighter General Manager

Gary Horsfield (British)

Group Supply Chain Officeer and Group Category Leader, Blade Excellence

Sara LaPorta (British)

Group Strategy and Business Development Officer

Alexandra Malak (French)

Chief People and Workplace Officer

Jonathan Skyrme (British)

General Manager, Skin Creative

Chad Spooner (American)

Chief Financial Officer

Chester Twigg (American)

Group Commercial Officer

Esther Wick (French-Swiss-American)

Group General Counsel

David Cabero

Group Category Leader, Stationery

Age: 50 years old

Nationality: Spanish

Time at BIC: 20 years

Time at the Executive Committee: since June 2024

Biography

David Cabero is BIC’s Group Category Leader of the Stationery division.

David has a strong background in finance and financial controlling. He started his career as External Auditor for Arthur Andersen in 1997, he joined L’Oréal in 2000 as Internal Auditor then as International Controller in the Luxury Division. He joined BIC in 2005 as Finance Manager and then as General Manager for a growing number of regions, such as Greece, Iberia, Southern and Eastern Europe, before joining the Commercial Leadership Team and taking on General Management for all of Europe in January 2019.

David holds a bachelor’s in Business Administration and MBA from ESADE (Barcelona), an Advance Management Program from IESE (Barcelona), and a Master’s in Management Control from HEC school (Paris).

François Clément-Grandcourt

General Manager, Group Lighters

Age: 53 years old

Nationality: French – Swiss

Time at BIC: 24 years

Time at the Executive Committee: 7 years

Biography

François Clément-Grandcourt is the General Manager of BIC’s Flame for Life (Lighters) division.

François started his career in the Marketing Department of Danone and then Coca-Cola. He joined BIC in 2000 as Marketing Manager for the Shaver division for Europe. He moved on as Marketing Director for Europe-Middle East and Africa for the Lighter and Shaver divisions in 2004. In 2006, he became General Manager of sales subsidiaries and distributors of Eastern Europe. In 2008 he joined the Group Lighter category, first as Deputy General Manager before being appointed as Group Lighters General Manager in 2016, succeeding its founder, François Bich.

François holds a graduate degree from INSEAD, where he completed his MBA in Business, and was certified from the INSEAD Advanced Management Program, and from Sciences Po – Institut français des administrateurs where he was certified from the director program.

Gary Horsfield

Group Supply Chain Officer and Group Category Leader, Blade Excellence

Age: 53 years old

Nationality: British

Time at BIC: 3 years

Time at the Executive Committee: 3 years

Biography

Gary Horsfield is BIC’s Group Supply Chain Officer and Group Category Leader for the Blade Excellence Division.

Gary joined BIC in 2021 with more than 25 years of multinational leadership experience.

Before joining BIC, Gary held a role as Interim Chief Operating Officer, Personal Protective Equipment for the UK Government, National Health Services (NHS) and Department of Health and Social Care (DHSC) in 2020. While in this position, he volunteered throughout the COVID-19 crisis to create and lead the UK’s largest supply chain and e-commerce platform. Additionally, he previously served as Executive Director, Group Head of Packaging, Supply Chain and Innovation (COO) for William Grant & Sons in Edinburgh from 2017 to 2019 where he led the transformation of their global supply chain.

Gary holds a bachelor’s degree in Manufacturing Engineering from Brunel University in London.

Sara Laporta

Group Strategy and Business Development Officer

Age: 64 years old

Nationality: British

Time at BIC: 5 years

Time at the Executive Committee: 5 years

Biography

Sara LaPorta is the Chief Strategy and Business Development Officer for BIC.

She brings more than 25 years of senior-level experience with several noteworthy organizations, much of it focused on solving complex business and consumer problems. Sara began her career at The Boston Consulting Group and as a Partner led a variety of growth-oriented engagements for well-known retailers and global CPG companies. Sara spent 10 years at PepsiCo as a Senior Vice-President developing and coordinating consumer-driven growth strategies for the Beverage business in the Americas and globally. She then joined BIC’s Executive Team in 2019 to create the Strategy and Business Development teams and establish the M&A function.

Sara holds a Master of Science in Management (MBA) from M.I.T. Sloan School in the United States, and a Ph.D. in Plant Pathology and Biotechnology from King’s College, University of London in the UK.

ALEXANDRA MALAK

Chief People and Workplace Officer

Age: 45 years old

Nationality: French 

Time at BIC: since February 2025

Time at the Executive Committee: since February 2025

Biography

Alexandra Malak returned to BIC as Chief People and Workplace Officer in February 2025 and is responsible for leading the development and execution of strategic Human Resources initiatives that drive talent acquisition, organizational development, employee engagement and a positive workplace culture. 

Alexandra joined BIC in 2004 and held several HR Director positions in both France and the USA over her 15-year career with the company. In 2019, she left BIC to join Renault Group as Vice President HR. After Renault Group, Alexandra was Vice President People, Work Environment, Ethics and Compliance for Ampere, a 11,000 people spin-off from Renault Group dedicated to Electric vehicles. 

Alexandra holds a master’s degree in HR strategy and communication from the CELSA-Sorbonne University, Paris, and an Executive Leadership Program Certification from the London Business School.

Jonathan Skyrme

General Manager, Skin Creative

Age: 50 years old

Nationality: British

Time at BIC: 20 years

Time at the Executive Committee: 1 year

Biography

Jonathan Skyrme is the General Manager for BIC’s Skin Creative division.

He began his career in various Commercial and Marketing roles with Xerox in 1997, Energizer from 1998 to 2003 and Greene King Brewing Co from 2003 to 2005.

Jonathan joined BIC in 2005 and served previously as General Manager of BIC UK and BIC Ireland, and most recently as Chief of Staff for the Group’s CEO, which included leading Group Communications.

Jonathan holds a BSc Honors Degree in Industrial Studies from Sheffield Hallam University in England.

Chad Spooner

Chief Financial Officer

Age: 53 years old

Nationality: American

Time at BIC: 4 years

Time at the Executive Committee: 4 years

Biography

Chad Spooner joined BIC in July 2020 as Chief Financial Officer.

Over the course of his 25-year career in the industrial and consumer goods industries, Chad has gained broad experience spanning finance, portfolio resources and operations. He began his career at General Electric in 1993, where he progressed through operational and finance leadership positions. His last role with GE was CFO of GE Energy Contractual Services. Before joining BIC, he also worked in financial leadership and officer positions in private equity firms including Rafaella in 2005, Tenex Capital Management in 2009 and Slingshot Health in 2018.

Chad holds a BS in Mechanical Engineering from MIT in the United States.

Chester Twigg

Group Commercial Officer

Age: 60 years old

Nationality: American

Time at BIC: 4 years

Time at the Executive Committee: 4 years

Biography

Chester Twigg is the Group Commercial Officer for BIC. He has 30 years of experience in leading global commercial strategies and customer relationships with best-in-class consumer goods companies.

Chester has managed key customers and driven transformation efforts at both Procter & Gamble from 1993 to 2016 and Johnson & Johnson from 2016 to 2019 where he was responsible for oversight of all commercial capabilities at Johnson & Johnson Consumer. He joined BIC in 2020.

Chester graduated from Sydenham College in Mumbai with a bachelor’s degree in Commerce, Economics and Management, and holds an MBA in Marketing and Finance from the University of Mumbai.

Esther Wick

Group General Counsel

Age: 53 years old

Nationality: French – Swiss – American

Time at BIC: 2 years

Time at the Executive Committee: 2 years

Biography

Esther Wick is the BIC Group General Counsel and Secretary of the Board.

Esther has 25 years of international career experience with publicly listed and family-owned companies. She began her career as an associate at Salans in 1996 and, after having been admitted to the New York bar, worked at Epstein Becker & Green, P.C. from 2000 to 2003. She then joined Pfizer in New York for over 10 years ending as Assistant General Counsel and Regional Legal Lead Emerging Markets Europe. After Pfizer, she joined Sanofi Pasteur MSD in Lyon as Executive Director General Counsel in 2014 and then bioMérieux in 2017 as Executive Vice-President, General Counsel Legal, IP, Ethics and Compliance. She joined BIC in 2022.

Esther is a dual-qualified French and New York Attorney; she holds a Masters in Law from the University of Paris II and an LL.M. Master of Laws degree from Columbia University School of Law, as well as postgraduate Diplôme d’études approfondies (DEA) and Diplôme d’études supérieures spécialisées (DESS) degrees in sociology of law and medical and pharmaceutical law from Paris-Pantheon-Assas University, University of Paris and Université de Tours.

October

Sébastien Drecq was appointed as Director representing the employees to the Board of Directors of Société BIC, replacing Pascal Chevallier who resigned on August 31st, 2024.

December

BIC announced preparations for CEO Gonzalve Bich succession by September 30th, 2025. 

December

BIC announced the acquisition of Tangle Teezer, a premium detangling haircare company.

Net Sales

2,263.3

2,196.6

Cost of goods

1,115.2

1,093.9

Gross profit

1,148.1

1,102.7

Administrative & net other operating expenses/ (gain)

827.6

813.0

EBIT

320.5

289.7

Finance revenue/costs

(7.5)

7.9

Income before tax

313.0

297.6

Income tax expense

(86.5)

(85.6)

Net Income Group Share 

226.5

212.0

Group Earnings per Share (in euros)

5.30

5.10

Average number of shares outstanding (net of treasury shares)

42,740,269

41,561,522

• ●Change in Gross Profit(a)(b)

+0.4

• ●Brand Support

+0.5

• ●OPEX and other expenses 

-

Total change in Adjusted EBIT margin

+0.9

• ( a )BIC signed a Virtual Power Purchase Agreement in November 2022 in Greece and a Physical Power Purchase Agreement in November 2023, as part of its Sustainability strategy.
• ( b )Special bonus that was paid in Q4 to team members who have not been granted shares under our regular long term incentive plans.

Adjusted EBIT

333.1

343.1

As % of Net Sales

14.7%

15.6%

• ( a )Special bonus that was paid in Q4 to team members who have not been granted shares under our regular long term incentive plans.
• ( b )BIC signed a Virtual Power Purchase Agreement in November 2022 in Greece and a Physical Power Purchase Agreement in November 2023, as part of its Sustainability strategy.
• ( c )Non-cash item related to an impairment test made in December, due to lower-than-expected performance in 2024 following challenging market conditions.

EBIT

320.5

289.7

Finance revenue/costs

(7.5)

7.9

Income before Tax

313.0

297.6

Net Income Group share

226.5

212.0

Adjusted Net Income Group Share

243.4

255.6

Adjusted Group EPS (in euros)

5.70

6.15

Group EPS (in euros)

5.30

5.10

Shareholders’ equity

1,846.6

1,793.3

Current borrowings 

109.4

167.4

Non-current borrowings

46.8

167.5

Cash and cash equivalents – Assets

467.7

456.0

Other current financial assets and derivative instruments

19.8

6.3

Net cash position

385.4

189.3

Goodwill and intangible assets

382.3

557.1

Total balance sheet

2,647.3

2,834.5

2024

3.08

50%

2023

2.85

50%

2022

2.56

50%

* Net ordinary dividend divided by adjusted earnings per share.

Net sales

2-2

2,263,342

2,196,635

Cost of goods

4

(1,115,269)

(1,093,919)

Gross profit (a)

1,148,073

1,102,716

Distribution costs

4

(311,481)

(302,725)

Administrative expenses

4

(285,065)

(289,299)

Other operating expenses

4

(223,661)

(193,904)

Other income

5

12,151

11,709

Other expenses

5

(19,539)

(38,772)

Earnings before interest and taxes (EBIT)

320,477

289,725

Income from cash and cash equivalents

6

26,669

15,839

Net finance income/(net finance costs)

6

(34,172)

(7,976)

Income before tax

312,973

297,588

Income tax expense

7

(86,459)

(85,576)

Net income from consolidated entities

226,515

212,012

Net income from continuing operations

8

226,515

212,012

Consolidated income

226,515

212,012

Of which non-controlling interests

-

-

Net income Group share

8

226,515

212,012

Earnings per share Group share (in euros)

5.30

5.10

Diluted earnings per share Group share (in euros) (b)

5.24

5.04

(a)   Gross profit is the margin that the Group realizes after deducting its manufacturing costs.

(b)   The dilutive elements taken into account are stock options and free shares.

Net sales

11

777,194

750,133

Operating grants

15

33

Reversal of depreciation, amortization and provisions, transfer of charges

34,961

31,303

Other income

12

89,056

114,686

Total operating income

901,227

896,155

Purchases of goods and changes in inventories

(481,000)

(498,443)

Purchases of raw materials, other supplies and changes in inventories

(30,399)

(18,491)

Other external purchases and charges

(251,054)

(236,737)

Taxes, levies and similar payments

(2,278)

(2,324)

Payroll costs

13

(517)

(598)

Depreciation, amortization and provisions

(37,126)

(37,275)

Other expenses

(10,321)

(3,920)

Total operating expenses

(812,695)

(797,789)

NET OPERATING INCOME

88,532

98,367

NET FINANCIAL INCOME

14

197,057

55,702

NON-RECURRING INCOME AND EXPENSES

15

5,334

(14,389)

Income tax expense

16 to 18

(24,376)

(23,612)

NET INCOME

266,546

116,068

2024

(December 11 BM)

Cancellation of treasury shares under the authorizations granted by the Shareholders' Meetings of May 29, 2024 (resolution 16)

(2,481,193.14)

(37,518,795.45)

158,992,838.84

41,621,162

2023

(Decision of the Chief Executive Officer on December 14, on the basis of a delegation of authority by the BM on December 12)

Cancellation of treasury shares under the authorizations granted by the Shareholders' Meetings of May 16, 2023 (resolution 23)

(6,423,471.34)

(93,576,510)

161,474,031.98

42,270,689

2022

(Decision of the Chief Executive Officer on December 23, on the basis of a delegation of authority 
by the BM 
of December  13)

Cancellation of treasury shares under the authorizations granted by the Shareholders' Meetings of May 19, 2021 and May 18, 2022 (resolution 18)

(2,772,185.46)

(36,403,195.23) charged to retained earnings

167,897,503.32

43,952,226

BM: Board Meeting.

AGM: Annual General Meeting.

Bich family concert, including (a):

19,988,403

48.02

37,536,128

62.72

37,536,128

63.17

• ●Société M.B.D.

12,886,000

30.96

23,472,000

39.22

23,472,000

39.50

• ●Bich family (excluding M.B.D.)

7,102,403

17.06

14,064,128

23.50

14,064,128

23.67

Silchester International Investors LLP (e)

3,598,619

8.65

3,598,619

6.01

3,598,619

6.06

Other Shareholders

17,605,420

42.30

18,283,110

30.55

18,283,110

30.77

Treasury shares (b)

428,720

1.03

428,720

0.72

-

-

Total

41,621,162

100.00

59 846 577

100.00

59,417,857

100,00

Bich family concert, including (a):

19,984,882

47.28

39,749,851

63.58

39,749,851

64.05

• ●Société M.B.D.

12,886,000

30.48

25,772,000

41.22

25,772,000

41.52

• ●Bich family (excluding M.B.D.)

7,098,882

16.79

13,977,851

22.36

13,977,851

22.52

Silchester International Investors LLP 

3,580,491

8.47

3,580,491

5.73

3,580,491

5.77

Other Shareholders

18,253,589

43.18

18,734,098

29.97

18,734,098

30.18

Treasury shares (b)

451,727

1.07

451,727

0.72

-

-

Total

42,270,689

100.00

62,516,167

100.00

62,064,440

100.00

Bich family concert, including (a):

20,064,271

45.65

39,996,633

61.60

39,996,633

62.00

• ●Société M.B.D.

12,886,000

29.32

25,756,000

39,67

27,756,000

39.93

• ●Bich family (excluding M.B.D.)

7,178,271

16.33

14,240,633

21.93

14,240,633

22.07

Silchester International Investors LLP 

3,609,720

8.21

3,609,720

5.56

3,609,720

5.60

Other Shareholders

19,861,630

45.19

20,904,355

32.20

20,904,355

32.40

Treasury shares (b)

416,605

0.95

416,605

0.64

-

-

Total

43,952,226

100.00

64,927,313

100.00

64,510,708

100.00

• ( a )The Bich family concert is composed of Société M.B.D. (a company – société en commandite par actions) and of Bich family members holding direct interests in Société BIC. Most Bich family members hold direct interests in Société BIC as well as indirect interests through Société M.B.D.
• ( b )Treasury shares without voting rights.
• ( c )The difference between the number of shares and the number of voting rights is caused by double voting rights (see § 7.1. Information on the Company).
• ( d )Voting rights attached to treasury shares are included in the number of theoretical voting rights but excluded from the number of exercisable voting rights.
• ( e )This information is set forth in the threshold crossing statement sent by Silchester International Investors LLP dated on December 19, 2023 .

Liquidity agreement

12,955

0.03

49,488.10

Free share grants

415,765

1.00

1,588,222.30

Cancellation

-

-

-

External growth operations

-

-

-

TOTAL(b)

428,720

1,03

1,637,710.40

• ( a )Article L. 225-209 of the French Commercial Code.
• ( b )As of December 31, 2024, the book value of BIC shares held by Société BIC in accordance with Articles L. 225-209 et seq. of the French Commercial Code amounts to 26,343,457.23 euros. As of the same date, the market value of these shares is 27,352,336.00 euros (on the basis of the closing price at this date, i.e. 63.80 euros).