Management report for the first half of 2026

1.1 Key figures

1.1Key figures

(in million euros)	H1 2025	H1 2026	Organic growth	Growth at constant currency	Reported growth
Group
Net Sales	1,077	1,040	+1.7%	(1.1) %	(3.5) %
Gross Profit	522	531	-	-	-
EBIT	122	158	-	-	-
EBIT Margin	11.3%	15.2%	-	-	-
Adjusted EBIT	147	166	-	-	-
Adjusted EBIT Margin	13.7%	16.0%	-	-	-
Net Income Group Share	76	108	-	-	-
Group Earnings Per Share (in euros)	1.85	2.65	-	-	-
Adjusted Net Income Group Share	97	114	-	-	-
Group Adjusted Earnings Per Share (in euros)	2.35	2.81	-	-	-
Free Cash Flow(a)	(14)	64	-	-	-
Human Expression
Net Sales	406	377	+0.5%	(5.1) %	(7.2) %
EBIT	25	46	-	-	-
EBIT Margin	6.2%	12.1%	-	-	-
Adjusted EBIT	45	52	-	-	-
Adjusted EBIT Margin	11.0%	13.7%	-	-	-
Flame for Life
Net Sales	354	351	+1.7%	+1.7%	(1.0) %
EBIT	101	107	-	-	-
EBIT Margin	28.6%	30.5%	-	-	-
Adjusted EBIT	101	112	-	-	-
Adjusted EBIT Margin	28.6%	31.9%	-	-	-
Blade Excellence
Net Sales	302	296	+2.9%	+0.4%	(2.0) %
EBIT	39	54	-	-	-
EBIT Margin	12.8%	18.4%	-	-	-
Adjusted EBIT	45	45	-	-	-
Adjusted EBIT Margin	14.7%	15.2%	-	-	-
Other products
Net Sales	14	16	+11.8%	+11.8%	+12.1%
EBIT	(1)	(2)	-	-	-
Adjusted EBIT	(1)	(2)	-	-	-
Unallocated costs
EBIT	(42)	(47)	-	-	-
Adjusted EBIT	(43)	(41)	-	-	-
(a)Before acquisitions and disposals.

Download in XLS format

1.2H1 2026 highlights

Results

H1 2026 organic growth of +1.7%, net sales at €1,040m, with positive contribution from all categories and key regions.

●Human Expression: H1 organic growth of +0.5%, driven by increased momentum in North America and improvement in the Middle East and Africa, partially offset by softness in Europe and Latin America.
●Flame for Life: H1 organic growth of +1.7% with robust performance in Latin America and Europe, and stabilization in North America.
●Blade Excellence: H1 organic growth of +2.9% fueled by good momentum in Europe and Latin America, as well as slight growth in North America.
- ●Tangle Teezer organic growth accelerated to +21% in Q2, leading to +16% in H1, with outstanding performance in Europe and North America.

H1 2026 adjusted EBIT of €166m (vs. €147m in H1 2025), adjusted EBIT margin of 16.0%, including a positive contribution of 1.5 points from US tariff refunds. Excluding this impact, adjusted EBIT margin was 14.5%, an increase of 80 bps vs. H1 2025.

H1 2026 adjusted EPS at €2.81, up 20% versus last year, including a positive contribution of €0.30 from US tariff refunds. Excluding this impact, adjusted EPS was €2.51, +7% year-on-year.

Solid Free Cash Flow generation at €64m (vs. -€14m in H1 2025), positively impacted by US tariffs refunds.

(in million euros)	H1 2025	H1 2026	Change
Net Sales	1,077	1,040	(3.5) %
Organic growth	(6.4) %	+1.7%
Perimeter impact	+4.0%	(2.8) %
FX impact	(3.1) %	(2.4) %
Adjusted EBIT	147	166	+12.6%
Adjusted EBIT Margin	13.7 %	16.0%	+2.3 pts
Adjusted Group EPS	€2.35	€2.81	+19.6%
Free Cash Flow	(14)	64

Download in XLS format

1.3H1 2026 financial performance

H1 2026 net sales were 1,040 million euros with +1.7% organic growth fueled by key regions including North and Latin America, Europe and Middle East and Africa.

H1 2026 gross profit margin was 51.1%, up 260 bps year-on-year, including the positive contribution of US tariff refunds, discontinued operations and favorable price and mix. This was partially offset by continued negative impact from currency fluctuations.

H1 2026 adjusted EBIT margin was 16.0%, including a positive contribution of 1.5 points from US tariff refunds. Excluding this impact, adjusted EBIT margin was 14.5% (vs. 13.7% last year), mainly driven by the discontinuation of underperforming businesses.

H1 2026 non-recurring items amounted to 8 million euros, mainly including restructuring and transformation costs as well as costs related to the discontinuation of underperforming activities.

H1 2026 finance costs were 1 million euros. H1 2026 effective tax rate was broadly stable at 31.3% vs. 31.6% last year.

Earnings before interest and taxes (EBIT) and adjusted EBIT

(in million euros)	H1 2025	H1 2026
Net Sales	1,077	1,040
Gross Profit	522	531
Gross Profit margin	48.5%	51.1%
EBIT	122	158
EBIT margin	11.3%	15.2%
Non-recurring items(a)	25	8
Adjusted EBIT	147	166
Adjusted EBIT margin	13.7%	16.0%
(a)See detail in section 1.8 “Reconciliation with alternative performance measures”.

Download in XLS format

1.4H1 2026 operational trends by division

Human Expression

(in million euros)	H1 2025	H1 2026	Change
Net Sales	406	377	(7.2) %
Organic growth	(7.8) %	+0.5%
Perimeter impact	-	(5.6) %
FX impact	(2.5) %	(2.1) %
Adjusted EBIT	45	52	+15.5%
Adjusted EBIT Margin	11.0%	13.7%	+2.7 pts

Download in XLS format

H1 2026 Human Expression organic growth was +0.5% driven by strong performance in North America as well as in the Middle East and Africa. This more than offset declines in Europe and Latin America.

●In Europe, net sales declined in H1 due to slow Back to School sell-in in the Modern Trade channel in countries such as France and the UK. This was partially offset by solid performance in other countries such as Spain and Poland. BIC’s newly launched products performed well, including Pastel and Mineral Highlighters ranges as well as the new Vibbies collection which was supported by impactful media campaigns.
●In North America, organic growth grew significantly in H1, fueled by distribution gains at specialized retailers and continued robust performance in e-commerce. In H1, the stationery market was up 2.1% in value(1), while the ball pen segment remained under pressure. Key products contributing to growth included correction products, ball pens and mechanical pencils.
●In Latin America, organic growth was slightly down in H1 driven by declines in Mexico and Brazil as the competitive environment remained challenging in both countries, particularly in the Modern Trade channel.
●In Middle East and Africa, net sales delivered solid growth with a significant improvement in Q2 in the Middle East after a tough Q1. BIC also delivered strong growth in North Africa underpinned by solid commercial execution ahead of the Back-to-School season.

H1 2026 Human Expression adjusted EBIT Margin was 13.7% compared to 11.0% last year, driven by US tariff refunds and the exit of the underperforming businesses. This was partially offset by unfavorable fixed cost absorption and currency fluctuations.

1.5Net sales by geography

(in million euros)	H1 2025	H1 2026	Organic %	Perimeter impact	% at constant currency	FX impact	Reported %
Group	1,077	1,040	+1.7%	(2.8) %	(1.1) %	(2.4) %	(3.5) %
Europe	394	389	+0.6%	(0.9) %	(0.3) %	(0.9) %	(1.2) %
North America	385	359	+2.4%	(2.8) %	(0.4) %	(6.2) %	(6.6) %
Latin America	180	188	+3.2%	-	+3.2%	+1.7%	+4.9%
Middle East and Africa	80	81	+1.8%	-	+1.8%	(1.5) %	+0.3%
Asia and Oceania	38	22	(1.0) %	(41.4) %	(42.4) %	+0.3%	(42.1) %

Download in XLS format

1.62026 Outlook

BIC anticipates, under current assumptions, modest organic growth in 2026, an adjusted EBIT margin slightly above 14.0%, as well as stable Free Cash Flow year‑on‑year.

1.7Impact of change in perimeter and currency fluctuations on net sales

(in %)	H1 2025	H1 2026
Perimeter	+4.0	(2.8)
Currencies	(3.1)	(2.4)
●of which USD	(0.4)	(2.3)
●of which BRL	(1.1)	+0.4
●of which MXN	(0.8)	+0.3
●of which ARS	(0.5)	(0.3)
●of which GBP	+0.1	(0.2)
●of which CAD	(0.1)	(0.1)
●of which TRY	(0.2)	(0.3)
●of which RUB and UAH	+0.0	+0.1

Download in XLS format

1.8Reconciliation with alternative performance measures

Adjusted EBIT reconciliation

(in million euros)	H1 2025	H1 2026
EBIT	122	158
●Tangle Teezer inventory fair value adjustment	+6	-
●Virtual Power Purchase Agreement in Greece(a)	-	(12)
●Restructuring costs	-	+10
●Transformation costs	-	+6
●Rocketbook impairment	+19	-
●Costs related to discontinued activities	-	+4
Adjusted EBIT	147	166
(a)BIC signed a Virtual Power Purchase Agreement in November 2022 in Greece as part of its sustainability strategy.

Download in XLS format

1.9Share Buyback program

During the first half of 2026:

●Société BIC repurchased 323,633 shares under the share buyback programs authorized by the Annual Shareholders’ Meeting held on May 20, 2025 and on May 20, 2026 (excluding shares acquired under the liquidity agreement);
●Société BIC repurchased, under the liquidity agreement Natixis – ODDO BHF, 205,700 shares for a total value of €11.3 million and sold 215,756 shares for a total value of €11.9 million.

SOCIÉTÉ BIC	Number of shares acquired	Average weighted price (in euros)	Amount (in million euros)
January 2026	-	-	-
February 2026	31,570	53.59	1.7
March 2026	167,036	53.03	8.9
April 2026	11,622	56.20	0.7
May 2026	-	-	-
June 2026	113,405	56.77	6.4
Total	323,633	54.51	17.6

Download in XLS format

The number of free, performance-based shares transferred by Société BIC to beneficiaries was 108,084 during the first half of 2026. The number of free, non-performance-based shares transferred to beneficiaries by Société BIC was 74,539. Moreover, in the first half of 2026, Société BIC has not proceeded with performance-based or non-performance-based free share grants.

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).

Significant related-party transactions are described in Note 25 – Related parties on page 317 of BIC’s 2025 Universal Registration Document filed with the Autorité des Marchés Financiers (AMF) on March 26, 2026.

During the first half of 2026, BIC has not identified any significant related-party transactions.

1.11Capital evolution

As of June 30, 2026, the total number of issued shares of Société BIC is 40,861,314 shares, representing:

●57,550,944 voting rights;
●57,240,097 voting rights excluding shares without voting rights.

Total number of treasury shares held at the end of June 2026: 310,847.

1.12Material events that occurred in H1 2026

The Annual General Meeting held on May 20, 2026 ratified the co-optation of Rob Versloot, Albert Baladi, Geoffroy Bich and Karen Guerra as Directors. On the same occasion, the terms of office of Albert Baladi, Geoffroy Bich, Karen Guerra, Véronique Laury and Candace Matthews as Directors were also renewed.

Following the Annual General Meeting held on May 20, 2026, the Board of Directors also renewed the Committee appointments of Candace Matthews, Véronique Laury, Karen Guerra and Albert Baladi.

1.13Material events that occurred after June 30, 2026

N/A.

1.14Main risks and uncertainties for H2 2026

BIC maintains a proactive approach to identify, assess, mitigate, monitor and manage key risks that could impact:

●its employees, customers, shareholders’ interests, assets, environment or reputation;
●its ability to achieve its targets and strategy;
●its ability to stay true to its values;
●and its 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 2025 Universal Registration Document, filed with the Autorité des Marchés Financiers (AMF) on March 26, 2026 and available on BIC’s website: https://investors.bic.com/en-us

1.15Glossary

●Adjusted: Adjusted means excluding non-recurring items.
●Constant currency: Growth 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.
●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)
●Organic growth: Growth at constant currency and constant perimeter (formerly change on a comparative basis).

(1)

Circana data: Year-to-date June 2026.

(2)

Source: Circana data in value, period from April to June 2026. Estimated total lighter measured market (c.70% total market coverage).

2026 Half-year summarized consolidated financial statements

2.1 Consolidated income statement

2.1Consolidated income statement

(in thousand euros)	Notes	June 30, 2025	June 30, 2026
Net sales	2-1	1,076,774	1,039,557
Cost of goods	3	(554,330)	(508,178)
Gross profit(a)		522,444	531,380
Distribution costs	3	(147,152)	(144,676)
Administrative expenses	3	(140,373)	(144,599)
Other operating expenses	3	(94,245)	(82,002)
Other income	4	6,008	14,382
Other expenses	4	(24,598)	(16,583)
Earnings before interest and taxes (EBIT)		122,084	157,902
Income from cash and cash equivalents	5	8,882	9,309
Net finance income/(net finance costs)	5	(19,543)	(10,237)
Income before tax		111,423	156,974
Income tax expense	6	(35,176)	(49,117)
Net income from consolidated entities		76,247	107,857
Net income from continuing operations	8	76,247	107,857
Consolidated income of which:		76,247	107,857
Non-controlling interests		-	-
Net income Group share	7	76,247	107,857
Earnings per share Group share (in euros)		1.85	2.65
Diluted earnings per share Group share (in euros)(b)		1.83	2.64
(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.

Download in XLS format

2.2Consolidated statement of comprehensive income

(in thousand euros)		Notes	June 30, 2025	June 30, 2026
GROUP NET INCOME	A		76,247	107,857
OTHER COMPREHENSIVE INCOME
Actuarial differences on post-employment benefits not recyclable to the income statement(a)			(788)	3,391
Deferred tax on actuarial differences on post-employment benefits		6-2	247	(942)
Other comprehensive income not recyclable to the income statement – net of tax	B		(541)	2,449
Gain/(loss) on cash flow hedge		18-2	26,314	(2,168)
Exchange differences arising on translation of overseas operations(b)			(73,617)	45,520
Exchange differences arising on translation of actities in hyperinflationary economies			1,335	1,590
Equity instruments at fair value			-	243
Deferred tax and current tax recognized on other comprehensive income		6-2	(6,896)	895
Other comprehensive income recyclable to the income statement – net of tax	C		(52,864)	46,080
TOTAL COMPREHENSIVE INCOME	D = A + B + C		22,842	156,386
Attributable to:
●BIC Group			22,842	156,386
●non-controlling interests			-	-
TOTAL			22,842	156,386
(a)The impact of actuarial differences is mainly due to U.S., U.K. and France plans. (b)Main currencies contributing to the foreign currency translation reserve variance for the period, are as follow: Brazilian real (23 million euros), U.S. dollar (22 million euros), Mexican peso (15 million euros) and other currencies (-15 million euros).

Download in XLS format

2.3Consolidated statement of financial position

Assets

(in thousand euros)	Notes	December 31, 2025	June 30, 2026
Goodwill	8	338,472	342,208
Other intangible assets		84,205	81,352
Property, plant and equipment		590,098	585,984
Other non-current assets	9	27,776	29,141
Deferred tax assets		124,736	133,684
Derivative instruments	18-2, 18-3	14	86
Non-current assets		1,165,301	1,172,454
Inventories	2-2, 10	477,640	508,867
Income tax advance payments		50,857	34,647
Trade and other receivables	10, 18-1	421,840	595,227
Other current assets		18,701	30,880
Derivative instruments	18-2, 18-3	9,974	1,941
Other current financial assets	15, 18-1	7,998	8,874
Cash and cash equivalents	15	461,010	427,030
Current assets		1,448,020	1,607,466
TOTAL ASSETS		2,613,321	2,779,920

Download in XLS format

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 share	Non- controlling interests	Share- holders’ equity
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		-	-	(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
At January 1, 2026		156,090	144,165	1,745,592	(10,560)	(53,153)	(307,412)	(9,952)	1,664,771	-	1,664,771
IFRS 9 Amendment - Exemption for own use in electricity contracts	1-1-2	-	-	7,765	-	-	-	-	7,765	-	7,765
At January 1, 2026 restated		156,090	144,165	1,753,357	(10,560)	(53,153)	(307,412)	(9,952)	1,672,536	-	1,672,536
Dividends paid	16	-	-	(97,582)	-	-	-	-	(97,582)	-	(97,582)
(Acquisition)/disposal of BIC shares		-	-	172	(17,216)	-	-	-	(17,044)	-	(17,044)
Recognition of share-based payments		-	-	(7,635)	10,791	-	-	-	3,156	-	3,156
Total transactions with Shareholders		-	-	(105,045)	(6,425)	-	-	-	(111,470)	-	(111,470)
Net income for the period		-	-	107,857	-	-	-	-	107,857	-	107,857
Other comprehensive income		-	-	1,833	-	2,449	45,520	(1,273)	48,529	-	48,529
Total comprehensive income		-	-	109,690	-	2,449	45,520	(1,273)	156,386	-	156,386
At June 30, 2026		156,090	144,165	1,758,002	(16,985)	(50,704)	(261,892)	(11,225)	1,717,451	-	1,717,451
(a)See Note 11.

Download in XLS format

2.5Consolidated cash flow statement

(in thousand euros)	Notes	June 30, 2025	June 30, 2026
Operating activities
Net income Group share	IS	76,247	107,857
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	56,760	53,768
Impairment loss on tangible and non-tangible assets	15(a)	19,565	1,455
Provision for employee benefits		5,085	4,963
Other provisions (excluding provisions on current assets)	13	543	8,967
Unrealized foreign currency (gain)/loss	15(b)	11,820	2,606
Recognition of share-based payments	SHEQ	3,696	3,156
Income taxes		35,176	49,117
Other non-cash transactions		(10,141)	(11,397)
Cash flow from operations		198,753	220,493
(Increase)/decrease in net working capital	10, 15(c)	(140,781)	(107,296)
Payments related to employee benefits	15(d)	(3,404)	(3,366)
Income tax paid		(34,107)	(14,263)
NET CASH FROM OPERATING ACTIVITIES		20,461	95,568
Investing activities
Disposal of other fixed assets		6,010	4,513
Purchases of property, plant and equipment	15(e)	(30,449)	(30,790)
Purchases of intangible assets	15(e)	(3,622)	(579)
(Increase)/decrease in other investments		104	-
Purchase of other current financial assets	15(f)	(845)	(723)
NET CASH FROM INVESTING ACTIVITIES		(28,802)	(27,578)
Financing activities
Dividends paid	SHEQ, 15, 16	(126,977)	(97,582)
Net variation of NeuCP	12, 15(h)	25,000	10,000
Borrowings issuance	12, 15(h)	3,877	2,379
Borrowings reimbursements	12, 15(h)	(3,851)	-
Interest paid		(8,005)	(7,091)
Interest received		8,811	9,182
Payments of obligations under leases	12	(10,516)	(10,209)
Purchase of financial instruments		(842)	(444)
Increase in treasury shares	15(i)	(13,767)	(17,044)
NET CASH FROM FINANCING ACTIVITIES		(126,270)	(110,808)
Net cash variation		(134,611)	(42,818)
Opening cash and cash equivalents	BS, 18-1	456,035	461,010
Exchange difference		(11,298)	8,838
CLOSING CASH AND CASH EQUIVALENTS		310,127	427,029
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.

Download in XLS format

2.6Notes to the consolidated financial statements

Note 1Main rules and accounting policies

The Group’s summarized consolidated financial statements for the 2026 half-year accounts were approved by the Board of Directors’ Meeting of July 29, 2026.

1-1Accounting policies

1-1-1General

Pursuant to European regulation No 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, 2026 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, 2025.

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, 2026.

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, 2026

The following standards and amendments are effective since January 1, 2026 and have been applied to the consolidated financial statement as of June 30, 2026:

●Amendments to IFRS 9 and IFRS 7 – Amendments Contracts Referencing Nature-dependent Electricity.
The Group has applied the amendment to IFRS 9 as of January 1, 2026, especially in regards to provisions for own use. Consequently, the net Fair Value of the PPA for France has been reclassified in Equity at opening. The Group does not disclose any restated comparative.

Standards, interpretations and amendments with mandatory application after 2026

●IFRS 18 - Presentation of financial statements and disclosures.
The Group believes that the application of IFRS 18 is not expected to result in any significant changes to the presentation of its key aggregates in the statements of profit and loss or cash flow. Based on a preliminary analysis, the Group observes that the application of IFRS 18 in its condensed consolidated financial statements as of June 30, 2026 would result in a reclassification impact of less than -3 million euros on its EBIT.

As of June 30, 2026, 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 2025 Universal Registration Document.

1-2Change in Group structure

From December 31, 2025, the structure of the Group has not changed.

1-3Significant events

On October 2, 2025, the General Assembly of Société M.B.D. approving statutory financial statements for the annual period ending June 30, 2025, has taken note of its controlling share exceeding a 40% threshold. Anticipating this level of control to remain in such proportion in the years to come, BIC Group was informed during the first half 2026 that it is included, going forward, in the consolidation perimeter of Société M.B.D.

In a decision dated of February 20, 2026, the Supreme Court of the United States of America has nullified the increase in Tariffs decided by the U.S administration, under special powers granted by the International Emergency Economic Powers Act (IEEPA). The Group’s subsidiary in the U.S.A has claimed various refunds during the first half of 2026 to the relevant authorities, for the portion corresponding to additional increase of tariffs.

Accordingly, during the first half of 2026, the Group’s U.S. subsidiary received reimbursements. The impact on EBIT amounted to approximately 15 million euros, of which 11.4 million euros related to the prior fiscal year (see Note 4).

1-4Subsequent events

Nothing to report.

Statutory auditors' review report on the half-year financial information

Period from January 1st to June 30, 2026

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.

To the Shareholders,

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 , for the period from, 2026;
●the verification of the information presented in the half-yearly management report.

These condensed half-yearly consolidated financial statements are the responsibility of the Board of Directors. Our role is to express a conclusion on these financial statements based on our review.

I - Conclusion on the financial statements

We conducted our review in accordance with professional standards applicable in France. 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 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.

Without modifying the conclusion expressed above, we draw your attention to Note 1.1.2 to the condensed interim consolidated financial statements, which refers to the change in accounting policy resulting from the application of the amendment to IFRS 9.

II - Specific verification

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.

We have no matters to report as to its fair presentation and consistency with the condensed half-yearly consolidated financial statements.

Neuilly-sur-Seine and Paris-La Défense, July 30, 2026

The Statutory Auditors

French original signed by

Grant Thornton

Membre français de Grant Thornton International

Antoine Zani

Statement on the 2026 half-year report

I hereby declare that, to the best of my knowledge, the condensed consolidated financial statements for the semester 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.

On July 30, 2026

Rob Versloot

Chief Executive Officer

Cover 3

Cover 4

BIC HYR 2026