HYFR BIC 2025
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Management report for the first half of 2025
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1.1Key figures*
(in million euros)
H1 2024
H1 2025
% as reported
% on a comparative basis
% at constant currency
Group
Net Sales
1,139
1,077
(5.5) %
(6.4 ) %
(2.4) %
Gross Profit
562
522
-
-
-
EBIT
155
122
-
-
-
EBIT Margin
13.6%
11.3%
-
-
-
Adjusted EBIT
170
147
-
-
-
Adjusted EBIT Margin
14.9%
13.7%
-
-
-
Net Income Group Share
111
76
-
-
-
Group Earnings Per Share (in euros)
2.67
1.85
-
-
-
Adjusted Net Income Group Share
123
97
-
-
-
Group Adjusted Earnings Per Share (in euros)
2.95
2.35
-
-
-
Free Cash Flow (before acquisitions and disposals)
37
(14)
-
-
-
Human Expression
Net Sales
453
406
(10.3) %
(7.8) %
(7.8) %
EBIT
45
25
-
-
-
EBIT Margin
10.0%
6.2%
-
-
-
Adjusted EBIT
52
45
-
-
-
Adjusted EBIT Margin
11.4%
11.0%
-
-
-
Flame for Life
Net Sales
402
354
(11.9) %
(8.6) %
(8.6) %
EBIT
121
101
-
-
-
EBIT Margin
30.1%
28.6%
-
-
-
Adjusted EBIT
127
101
-
-
-
Adjusted EBIT Margin
31.5%
28.6%
-
-
-
Blade Excellence
Net Sales
271
302
+11.6%
(1.4) %
+15.6%
EBIT
35
39
-
-
-
EBIT Margin
13.0%
12.8%
-
-
-
Adjusted EBIT
38
45
-
-
-
Adjusted EBIT Margin
14.1%
14.7%
-
-
-
Other products
Net Sales
14
14
+2.4%
+2.3%
+2.3%
EBIT
(2)
(1)
-
-
-
Adjusted EBIT
(2)
(1)
-
-
-
Unallocated costs
EBIT
(44)
(42)
-
-
-
Adjusted EBIT
(45)
(43)
-
-
-
* See glossary for definitions.
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1.2H1 2025 highlights
Results
Return to growth in Q2 at constant currencies, with sequential improvement across all divisions and geographies, despite a challenging trading environment. Q2 net sales of €598 million, +1.4% at constant currencies (-2.7% on a comparative basis). H1 net sales of €1,077 million, down 2.4% at constant currencies (-6.4% on a comparative basis).
- ●Human Expression: Q2 net sales of €253 million, -6.1% at constant currencies, with challenging market trends across the globe, however performance improved sequentially in key regions. H1 net sales were €406 million (-7.8% at constant currencies).
- ●Flame for Life: 15 points improvement in Q2 (vs. Q1), with total net sales of €183 million, down 0.9% at constant currencies, mainly driven by the US and Brazil. H1 net sales decreased 8.6% at constant currencies, at €354 million.
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●Blade
Excellence: Q2 net sales of €157 million, +19.9% at constant currencies (+1.6% on a
comparative basis), mainly fueled by Tangle Teezer and Latin America. H1
net sales up 15.6% at constant currencies, at €302 million (-1.4% on a comparative
basis).
- ●Tangle Teezer contributed 4.0 points to Group growth in H1, with strong performance in key markets such as the US and Europe.
H1 2025 adjusted EBIT of €147 million, with a resilient adjusted EBIT margin of 13.7% (versus 14.9% in H1 2024).
Free Cash Flow generation of -€14 million (vs. €37 million in H1 2024) due to lower operating margin and negative impact from working capital.
(in million euros)
H1 2024
H1 2025
Net Sales
1,139
1,077
Change as reported
(3.2) %
(5.5 ) %
Change on a comparative basis
+3.3%
(6.4) %
Change on a constant currency basis
+3.3%
(2.4) %
Adjusted EBIT
170
147
Adjusted EBIT Margin
14.9%
13.7%
Free Cash Flow (before acquisitions and disposals)
37
(14)
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1.3H1 2025 Group financial performance
H1 2025 gross profit margin was 48.5% versus 49.3% in H1 2024, driven by higher raw material and electricity costs and unfavorable currency fluctuations. This was partially offset by favorable price and mix, continued manufacturing efficiencies and the positive impact of Tangle Teezer.
H1 2025 adjusted EBIT margin was 13.7% compared to 14.9% last year, mainly driven by gross profit margin decline.
H1 2025 finance costs was 11 million euros, mainly due to the unfavorable impact of the fair value adjustments of financial assets denominated in US dollar and interest charges.
H1 2025 effective tax rate was 31.6%. Without the negative impact of the Rocketbook impairment, the effective tax rate for the period was 29.9%, an increase versus 28.0% in H1 2024 mainly due to the exceptional income tax contribution in France.
Earnings before interest and taxes (EBIT) and adjusted EBIT
(in million euros)
H1 2024
H1 2025
Net Sales
1,139
1,077
Gross Profit
562
522
Gross Profit margin
49.3%
48.5%
EBITDA
202
189
EBIT
155
122
EBIT margin
13.6%
11.3%
Non-recurring items (a)
15
25
Adjusted EBIT
170
147
Adjusted EBIT margin
14.9%
13.7%
- (a)See detail in section 1.8 ’Reconciliation with alternative performance measures’.
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1.4H1 2025 operational trends by division
Human Expression
(in million euros)
Q2 2024
Q2 2025
H1 2024
H1 2025
Net Sales
279
253
453
406
Change as reported
(1.5) %
(9.3) %
(1.7) %
(10.3) %
Change on a comparative basis (a)
+2.3%
(6.1) %
+6.1%
(7.8) %
Change on a constant currency basis
+2.3%
(6.1) %
+6.1%
(7.8) %
Adjusted EBIT
-
-
52
45
Adjusted EBIT Margin
-
-
11.4%
11.0%
- (a)See glossary.
Q2 2025 Human Expression net sales were down 6.1% at constant currencies due to challenging market trends, notably in North America and Latin America.
- ●In Europe, H1 net sales were down low single digits, negatively impacted by lower consumer demand in France in the Modern Mass Market and declines in e-commerce in the UK. However, continued distribution expansion in the discounters channel, particularly in Germany, positively contributed to the performance during the quarter. Recent product innovations including the Flat Highlighter, 4-Color Smooth and Pastel, as well as Intensity Paint markers were successfully launched in several countries.
- ●In North America, the economic environment remains difficult, particularly in the US. In this context, net sales performance sequentially improved in Q2 versus Q1, while remaining significantly negative in H1. The stationery market declined 1.7% in value(1) during the first half, with a higher decline in the ball pen segment, to which BIC is most exposed. However, in segments such as mechanical pencil and correction and channels like e-commerce, BIC outperformed the market in H1.
- ●In Latin America, net sales performance sequentially improved in Q2 versus Q1, while remaining negative in H1, due to increased competitive pressure across traditional channels in main countries. In Mexico, while performance was soft in ball pens, the growth was solid in gel and coloring pencils, supported by the recent launches of Gel-ocity and BIC® Intensity ranges. In Brazil, growth in coloring was not sufficient to offset the decline in highlighters and mechanical pencils.
- ●In Middle East and Africa, H1 net sales were flat. Strong commercial execution in Nigeria, particularly with the success of the iconic BIC Cristal pen, as well as distribution expansion in Morocco were key performance drivers. However, net sales were negatively impacted by market headwinds and competitive pressures in Kenya and South Africa.
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1.5Group net sales by geography
(in million euros)
H1 2024
H1 2025
% as reported
% on a comparative basis
% at
constant currencyGroup
1,139
1,077
(5.5) %
(6.4) %
(2.4) %
Europe
373
394
+5.8%
(1.6) %
+5.9%
North America
424
385
(9.3) %
(12.4) %
(8.1) %
Latin America
218
180
(17.7) %
(5.1) %
(5.1) %
Middle East and Africa
81
80
(1.2) %
(0.6) %
(0.6) %
Asia and Oceania
43
38
(11.7) %
(7.9) %
(7.9) %
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1.62025 Outlook
- ●Net sales are expected to grow between 0% and 3% at constant currency.
- ●Adjusted EBIT margin is expected to be around 15.0%.
- ●Free Cash Flow is expected to be above €240 million.
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1.7Impact of change in perimeter and currency fluctuations on net sales
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1.8Reconciliation with alternative performance measures
Adjusted EBIT reconciliation
(in million euros)
H1 2024
H1 2025
EBIT
155
122
- ●Special team member bonus (a)
+8
-
- ●Tangle Teezer inventory fair value adjustment
-
+6
- ●Restructuring expenses
+5
-
- ●Virtual Power Purchase Agreement in Greece and Power Purchase Agreement in France (b)
+2
-
- ●Rocketbook impairment (c)
-
+19
Adjusted EBIT
170
147
- (a)Special bonus paid in 2024 to employees who have not been granted shares under the regular long term incentive plans.
- (b)BIC signed a Virtual Power Purchase Agreement in November 2022 in Greece and a Physical Power Purchasing Agreement in November 2023 in France, as part of its Sustainability strategy.
- (c)Impairment due to lower-than-expected recent performance.
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1.9Share Buyback program
- ●Société BIC repurchased 210,821 shares under the share buyback programs authorized by the Annual Shareholders’ Meeting held on May 29, 2024 and May 20, 2025 (excluding shares acquired under the liquidity agreement);
- ●Société BIC repurchased, under the liquidity agreement Natixis – ODDO BHF, 260,495 shares for a total value of €15.5 million and sold 244,116 shares for a total value of €14.5 million.
The number of free, performance-based shares transferred by Société BIC to beneficiaries was 167,803 during the first half of 2025. The number of free, non-performance-based shares transferred to beneficiaries by Société BIC was 87,447. Moreover, Société BIC proceeded to 201,979 free, performance-based share grants and 104,034 free, non-performance-based share grants.
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1.10Related-party transactions
This paragraph is aimed at ensuring transparency in the relationship between the Group and its Shareholders (and their representatives), as well as between the Group and related companies that are not exclusively controlled (i.e. joint ventures or investments in associates).
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1.12Material events that occurred in H1 2025
On February 18th 2025, Maëlys Castella, whose term of office as Director expired in May 2025 decided not to seek reelection on the Board of Directors.
On May 20th 2025, the Board of Directors’ meeting following the Combined Shareholders’ Meeting appointed Édouard Bich as Non-Executive Chair of the Board. The Board also renewed Gonzalve Bich's term of office as Chief Executive Officer and welcomed Marie-Edmée Vallery-Radot, appointed as permanent representative of Société M.B.D. on the Board of Directors. Esther Gaide was also appointed as Lead Independent Director, Chair of the Audit Committee and member of the Remuneration Committee.
On June 11th 2025, the Group announced the appointment of Rob Versloot as Chief Executive Officer, effective September 15th 2025, replacing Gonzalve Bich.
On June 23rd 2025, the Group announced Chad Spooner’s decision to step down from his role as Chief Financial Officer, effective July 11th, 2025. He will be succeeded on an interim basis by Chris Dayton, Vice-President Financial Planning and Analysis, who will assume his responsibilities during a transition period until a permanent successor is appointed.
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1.14Main risks and uncertainties for H2 2025
BIC maintains a proactive approach to identify, assess, mitigate, monitor and manage key risks that could impact:
- ●employees, customers, Shareholders’ interests, assets, environment or reputation;
- ●ability to achieve its targets and strategy;
- ●ability to stay true to its values;
- ●and ability to comply with laws and regulations including codes of ethics.
This approach is based on the identification and analysis of the main risks to which the Group is exposed.
A description of the main risks identified by the Group is disclosed in Chapter 2 (Risk factors and management) in BIC’s 2024 Universal Registration Document, filed with the Autorité des Marchés Financiers (AMF) on March 27, 2025 and available on BIC’s website: https://us.bic.com/en_us/investors.
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1.15Glossary
- ●Adjusted: Adjusted means excluding non-recurring items.
- ●Comparative basis: Change at constant currencies and constant perimeter.
- ●Constant currency basis: Change at constant currency figures are calculated by translating the current year figures at prior year average exchange rates.
- ●EBIT: Earnings Before Interest and Taxes.
- ●Adjusted EBIT margin: Adjusted EBIT as a percentage of Net Sales.
- ●EPS: Earnings per share.
- ●Free Cash Flow: Operating cash flow less change in working capital & others less capital expenditures.
- ●Net cash position: Cash and cash equivalents + Other current financial assets - Current borrowings - Non-current borrowings (excluding financial liabilities as per IFRS 16 definition).
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Half-year consolidated financial statements
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2.1Consolidated income statement
(in thousand euros)
Notes
June 30, 2024
June 30, 2025
Net sales
2-1
1,139,449
1,076,774
Cost of goods
3
(577,205)
(554,330)
Gross profit (a)
562,244
522,444
Distribution costs
3
(159,125)
(147,152)
Administrative expenses
3
(148,530)
(140,373)
Other operating expenses
3
(99,238)
(94,245)
Other income
4
6,287
6,008
Other expenses
4
(7,123)
(24,598)
Earnings before interest and taxes (EBIT)
154,515
122,084
Income from cash and cash equivalents
5
7,107
8,882
Net finance income/(net finance costs)
5
(6,889)
(19,543)
Income before tax
154,733
111,423
Income tax expense
6
(43,325)
(35,176)
Net income from consolidated entities
111,408
76,247
Net income from continuing operations
8
111,408
76,247
Consolidated income of which:
111,408
76,247
Non-controlling interests
-
-
Net income Group share
7
111,408
76,247
Earnings per share Group share (in euros)
2.67
1.85
Diluted earnings per share Group share (in euros) (b)
2.64
1.83
- (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.
-
2.2Consolidated statement of comprehensive income
(in thousand euros)
Notes
June 30, 2024
June 30, 2025
GROUP NET INCOME
A
111,408
76,247
OTHER COMPREHENSIVE INCOME
Actuarial differences on post-employment benefits not recyclable to the income statement (a)
11,086
(788)
Deferred tax on actuarial differences on post-employment benefits
6-2
(2,526)
247
Other comprehensive income not recyclable to the income statement – net of tax
B
8,560
(541)
Gain/(loss) on cash flow hedge
(11,937)
26,314
Exchange differences arising on translation of overseas operations (b)
(10,823)
(73,617)
Exchange differences arising on translation of actities in hyperinflationary economies
909
1,335
Deferred tax and current tax recognized on other comprehensive income
6-2
2,967
(6,896)
Other comprehensive income recyclable to the income statement –
net of taxC
(18,884)
(52,864)
TOTAL COMPREHENSIVE INCOME
D = A + B + C
101,084
22,842
Attributable to:
- ●BIC Group
101,084
22,842
- ●non-controlling interests
-
-
TOTAL
101,084
22,842
- (a)The impact of actuarial differences is mainly due to U.S., U.K. and France plans.
- (b)The items impacting the net negative translation reserve variance for the year 2025, by currencies, are as follow: U.S. dollar (-55.3 million euros), English pound (-5.6 million euros), Mexican peso (-4.3 million euros), Russian ruble (4.2 million euros), and other currencies (-12.6 million euros).
-
2.3Consolidated statement of financial position
Assets
(in thousand euros)
Notes
December 31, 2024
June 30, 2025
Goodwill
8
399,082
358,866
Other intangible assets
157,982
147,739
Property, plant and equipment
609,985
583,474
Investment properties
689
558
Other non-current assets
9
30,392
27,311
Deferred tax assets
126,659
116,282
Derivative instruments
18
39
5
Non-current assets
1,324,828
1,234,235
Inventories
10
538,557
531,781
Income tax advance payments
27,292
17,631
Trade and other receivables
10, 21-1
456,372
584,480
Other current assets
25,170
32,195
Derivative instruments
18
3,170
21,747
Other current financial assets
15, 21-2
3,132
3,336
Cash and cash equivalents
15
456,035
310,127
Current assets
1,509,728
1,501 ,297
TOTAL ASSETS
2,834,556
2,735,532
-
2.4Consolidated statement of changes in equity
(in thousand euros)
Notes
Share
capital (a)Additional paid-in capital
Accumulated profits
BIC shares
Actuarial differences recognized in equity
Translation reserve
Hedge derivatives
Share-
holders’ equity
Group
shareNon-
controlling interestsShare-
holders’ equityAt January 1, 2024
161,474
144,165
1,841,812
(26,343)
(63,462)
(200,612)
(10,438)
1,846,596
-
1,846,596
Dividends paid
16
-
-
(119,113)
-
-
-
-
(119,113)
-
(119,113)
(Acquisition)/disposal of BIC shares
-
-
38
(29,713)
-
-
-
(29,675)
-
(29,675)
Recognition of share-based payments
17
-
-
(8,672)
15,768
-
-
-
7,096
-
7,096
Total transactions with Shareholders
-
-
(127,748)
(13,945)
-
-
-
(141,692)
-
(141,692)
Net income for the period
-
-
111,408
-
-
-
-
111,408
-
111,408
Other comprehensive income
-
-
779
-
8,560
(10,823)
(8,841)
(10,324)
-
(10,324)
Total comprehensive income
-
-
112,188
-
8,560
(10,823)
(8,841)
101,084
-
101,084
At June 30, 2024
161,474
144,165
1,826,253
(40,289)
(54,902)
(211,435)
(19,279)
1,805,988
-
1,805,988
At January 1, 2025
158,993
144,165
1,829,187
(25,662)
(55,676)
(235,036)
(22,694)
1,793,277
-
1,793,277
Dividends paid
16
-
-
(126,977)
-
-
-
-
(126,977)
-
(126,977)
(Acquisition)/disposal of BIC shares
-
-
(210)
(13,556)
-
-
-
(13,766)
-
(13,766)
Recognition of share-based payments
17
-
-
(11,538)
15,234
-
-
-
3,696
-
3,696
Total transactions with Shareholders
-
-
(138,725)
1,678
-
-
-
(137,047)
-
(137,047)
Net income for the period
-
-
76,247
-
-
-
-
76,247
-
76,247
Other comprehensive income
-
-
1,335
-
(541)
(73,617)
19,418
(53,405)
-
(53,405)
Total comprehensive income
-
-
77,582
-
(541)
(73,617)
19,418
22,842
-
22,842
At June 30, 2025
158,993
144,165
1,768,044
(23,984)
(56,217)
(308,653)
(3,276)
1,679,073
-
1,679,073
- (a)See Note 11.
-
2.5Consolidated cash flow statement
(in thousand euros)
Notes
June 30, 2024
June 30, 2025
Operating activities
Net income Group share
IS
111,408
76,247
Elimination of expenses and income with no impact on cash flows or non-business related expenses:
Depreciation and amortization of intangible and tangible assets and investment properties
2, 3
57,034
56,760
Impairment loss on tangible and non-tangible assets
15 (a)
32
19,565
Provision for employee benefits
5,178
5,085
Other provisions (excluding provisions on current assets)
13
1,938
543
Unrealized foreign currency (gain)/loss
15 (b)
149
11,820
Recognition of share-based payments
SHEQ, 17
7,096
3,696
Income taxes
43,325
35,176
Other non-cash transactions
1,878
(10,141)
Cash flow from operations
228,037
198,753
(Increase)/decrease in net working capital
10, 15 (c)
(105,239)
(140,781)
Payments related to employee benefits
15 (d)
(3,483)
(3,404)
Income tax paid
(50,870)
(34,107)
NET CASH FROM OPERATING ACTIVITIES
68,446
20,461
Investing activities
Disposal of other fixed assets
417
6,010
Purchases of property, plant and equipment
15 (e)
(28,696)
(30,449)
Purchases of intangible assets
15 (e)
(2,859)
(3,622)
(Increase)/decrease in other investments
(2)
104
Purchase of other current financial assets
15 (f)
7,101
(845)
NET CASH FROM INVESTING ACTIVITIES
(24,038)
(28,802)
Financing activities
Dividends paid
SHEQ, 15 (g), 16
(119,113)
(126,977)
Net variation of NeuCP
12, 15 (h)
30,000
25,000
Borrowings issuance
12, 15 (h)
3,171
26
Interest paid
(5 369)
(8,005)
Interest received
10 488
8,811
Payments of obligations under leases
12
(10,039)
(10,516)
Purchase of financial instruments
(1,153)
(842)
Increase in treasury shares
15 (i)
(29,675)
(13,767)
NET CASH FROM FINANCING ACTIVITIES
(121,689)
(126,270)
Net cash variation
(77,282)
(134,611)
Opening cash and cash equivalents
BS, 21
467,717
456,035
Exchange difference
(5,077)
(11,298)
CLOSING CASH AND CASH EQUIVALENTS
385,358
310,127
IS: see consolidated income statement.
SHEQ: see consolidated statement of changes in equity.
BS: see consolidated balance sheet.
References from (a) to (i) explained in Note 15.
-
2.6Notes to the consolidated financial statements
Note 1Main rules and accounting policies
The Group’s consolidated financial statements for the 2025 half-year accounts were approved by the Board of Directors’ Meeting of July 30, 2025.
1-1Accounting policies
1-1-1General
Pursuant to European regulation n°1606/2002 of July 19, 2002 concerning international accounting standards, the condensed interim consolidated financial statements of the BIC Group have been prepared in accordance with accounting principles as defined by the International Accounting Standards Board (IASB) as adopted by the European Union. International Financial Reporting Standards are available on the European Union website.
The international standards include the IFRS (International Financial Reporting Standards), the IAS (International Accounting Standards), as well as their SIC (Standing Interpretation Committee) and IFRIC (International Financial Reporting Interpretations Committee) interpretations.
The condensed consolidated financial statements as of June 30, 2025 have been prepared in compliance with IAS 34 “Interim financial reporting”. The financial statements have been prepared on the historical cost basis, except for the valuation of certain financial instruments.
IAS 34 allows presentation of a selection of notes to the condensed consolidated financial statements that should be read in conjunction with the consolidated financial statements of December 31, 2024.
The measurement procedures used for the interim condensed consolidated financial statements are as follows:
- ●interim period income tax expense results from the estimated annual Group effective income tax rate applied to the pre-tax result of the interim period excluding non-recurring material items;
- ●regarding the main pension plans and other employee benefits (United States, Canada, France, United Kingdom), actuarial valuations are performed every six months. Amounts recognized in the interim statement of financial position are based on estimates made at the end of the previous year and on the discount rates as of June 30;
- ●regarding share-based payments and other benefits plans, expenses are recognized in the period on a pro rata basis of the estimated costs for the year.
The principal accounting policies remain unchanged compared to last year except for adoption of the following standard, effective since January 1, 2025.
1-1-2Adoption of new and revised International Financial Reporting Standards, interpretations and amendments
New standards, amendments and interpretations of mandatory application for financial years beginning on or after January 1, 2025
The following standards and amendments are effective since January 1, 2025 and have been applied to the consolidated financial statement as of June 30, 2025:
The application of these standards and amendments did not have any material impact on the Group’s accounts.
Standards, interpretations and amendments with mandatory application after 2025
- ●Amendments to IFRS 9 and IFRS 7 – Amendments to classification and measurement of financial instruments;
- ●Amendments to IFRS 9 and IFRS 7 – Amendments Nature-dependent electricity.
As of June 30, 2025, the Group did not elect to apply early any standard, interpretation or amendment.
1-1-3Climate change and sustainable development
The Group has not identified any significant change on climate-related risks compared to what was disclosed in the 2024 Universal Registration Document.
1-2Change in Group structure
1-3Significant events
On June 11, 2025 the Board of Directors decided to appoint Rob Versloot as Chief Executive Officer, effective September 15, 2025.
1-4Subsequent events
On the 4th of July 2025, the ‘One Big Beautiful Bill Act’ was signed into law by President Trump. The bill includes modifications to business-related deductions, credits and other provisions, including on R&D expenditure, interests and others. The impact on BIC is currently being quantified by the Group.
This is considered as a subsequent event with no impact on the half year accounts. -
Statutory auditors' review report on the half-year financial information
This is a free translation into English of the statutory auditors’ review report on the half-yearly financial information issued in French and is provided solely for the convenience of English-speaking users. This report includes information relating to the specific verification of information given in the Group’s half-yearly management report. This report should be read in conjunction with, and construed in accordance with, French law and professional standards applicable in France.
In compliance with the assignment entrusted to us by your Annual General Meeting and in accordance with the requirements of article L. 451-1-2 III of the French monetary and financial code (“Code monétaire et financier”), we hereby report to you on:
- ●the review of the accompanying condensed half-yearly consolidated financial statements of Societe BIC, for the period from January 1st 2025 to June 30, 2025;
- ●the verification of the information presented in the half-yearly management report.
These condensed half-yearly consolidated financial statements are the responsibility of the the Board of Directors. Our role is to express a conclusion on these financial statements based on our review.
A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with professional standards applicable in France and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed half-yearly consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34 – standard of the IFRSs as adopted by the European Union applicable to interim financial information.
We have also verified the information presented in the half-yearly management report on the condensed half-yearly consolidated financial statements subject to our review.
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Statement on the 2025 half-year report
I hereby declare that, to the best of my knowledge, the condensed consolidated financial statements for the half-year ended June 30, 2025 have been prepared in accordance with applicable accounting standards and give a true and fair view of the assets, liabilities, financial position and the profit of the Company and the entities included in the scope of consolidation of the Group and that the First Half Management Report includes a faithful representation of the major events which occurred during the first six months of the financial year,their impact on the financial statements, of the main related-party transactions, as well as a description of the major risks and uncertainties for the remaining six months of the year.
