2024

Half-year
Financial
Report
CONTENTS

1
MANAGEMENT REPORT OF THE BOARD OF
DIRECTORS FOR THE 6‑MONTH PERIOD
2
HALF‑YEAR CONSOLIDATED FINANCIAL
STATEMENTS 17
ENDED JUNE 30, 2024 1 2.1 Consolidated income statement 18
1.1 Key figures 2 2.2 Consolidated statement of comprehensive
1.2 H1 2024 highlights 3 income 19
1.3 H1 2024 Group operational trends 4 2.3 Consolidated statement of financial position 20
1.4 H1 2024 operational trends by division 7 2.4 Consolidated statement of changes in equity 22
1.5 Group net sales by geography 10 2.5 Consolidated cash flow statement 23
1.6 2024 Outlook and market assumptions 11 2.6 Notes to the consolidated financial statements 24

3
1.7 Recent events that occurred after
June 30, 2024 11
1.8 Impact of change in perimeter and currency
fluctuations on net sales (excludes ARS) 12
1.9 Reconciliation with alternative performance
measures 12 STATUTORY AUDITORS' REVIEW REPORT
1.10 Share repurchase program – Cancelled shares 14 ON THE HALF‑YEAR FINANCIAL
1.11 Related‑party transactions 14 INFORMATION 45

4
1.12 Capital evolution 15
1.13 Material events that occurred in H1 2024 15
1.14 Material events that occurred after
June 30, 2024 15
1.15 Description of the principal risks and STATEMENT ON THE HALF‑YEAR REPORT 2024 47
uncertainties for H2 2024 15
1.16 Glossary 16
MANAGEMENT REPORT OF THE
BOARD OF DIRECTORS FOR THE
6‑MONTH PERIOD ENDED
JUNE 30, 2024

1.1 KEY FIGURES 2

1.2 H1 2024 HIGHLIGHTS 3

1.3 H1 2024 GROUP OPERATIONAL TRENDS 4

1.4 H1 2024 OPERATIONAL TRENDS BY DIVISION 7

1.5 GROUP NET SALES BY GEOGRAPHY 10

1.6 2024 OUTLOOK AND MARKET ASSUMPTIONS 11

1.7 RECENT EVENTS THAT OCCURRED AFTER JUNE 30, 2024 11

1.8 IMPACT OF CHANGE IN PERIMETER AND CURRENCY FLUCTUATIONS ON NET SALES

(EXCLUDES ARS) 12

1.9 RECONCILIATION WITH ALTERNATIVE PERFORMANCE MEASURES 12

1.10 SHARE REPURCHASE PROGRAM – CANCELLED SHARES 14

1.11 RELATED‑PARTY TRANSACTIONS 14

1.12 CAPITAL EVOLUTION 15

1.13 MATERIAL EVENTS THAT OCCURRED IN H1 2024 15

1.14 MATERIAL EVENTS THAT OCCURRED AFTER JUNE 30, 2024 15

1.15 DESCRIPTION OF THE PRINCIPAL RISKS AND UNCERTAINTIES FOR H2 2024 15

1.16 GLOSSARY 16

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 MANAGEMENT REPORT OF THE BOARD OF DIRECTORS FOR THE 6‑‑MONTH PERIOD ENDED JUNE 30, 2024

Key figures

1.1 KEY FIGURES

H1 2024 vs. H1 2023
Change in Argentina
FX impact Perimeter impact Comparative
(in million euros) H1 2023 H1 2024 As reported (in points) (a) (in points) (in points) (b) basis
Group
Net Sales 1,176.9 1,139.4 -3.2% (1.9) (0.0) (0.8) -0.5%
Gross Profit 580.8 562.2 - - - - -
Adjusted Earnings Before Interest
and Taxes (EBIT) 175.1 170.2 - - - - -
Adjusted EBIT Margin 14.9% 14.9% - - - - -
EBIT 174.7 154.5 - - - - -
EBIT Margin 14.8% 13.6% - - - - -
Net Income Group Share 121.6 111.4 - - - - -
Earnings Per Share Group Share (in euros) 2.81 2.67 - - - - -
Adjusted Net Income Group Share 126.8 123.4 - - - - -
Adjusted Earnings Per Share Group Share
(in euros) 2.93 2.95 - - - - -
Human Expression (Stationery)
Net Sales 460.3 452.5 -1.7% (2.6) (0.0) (1.4) +2.3%
Adjusted EBIT 44.6 51.8 - - - - -
Adjusted EBIT Margin 9.7% 11.4% - - - - -
EBIT 44.7 45.3 - - - - -
EBIT Margin 9.7% 10.0% - - - - -
Flame for Life (Lighters)
Net Sales 434.3 402.1 -7.4% (1.0) (0.0) (0.6) -5.8%
Adjusted EBIT 153.1 126.5 - - - - -
Adjusted EBIT Margin 35.3% 31.5% - - - - -
EBIT 152.8 121.1 - - - - -
EBIT Margin 35.2% 30.1% - - - - -
Blade Excellence (Shavers)
Net Sales 268.3 271.0 +1.0% (2.4) (0.0) (0.1) +3.5%
Adjusted EBIT 20.5 38.3 - - - - -
Adjusted EBIT Margin 7.6% 14.1% - - - - -
EBIT 20.3 35.2 - - - - -
EBIT Margin 7.6% 13.0% - - - - -
Other products
Net Sales 14.0 13.8 -1.2% +0.0 (0.0) (0.0) -1.2%
Adjusted EBIT (0.8) (2.3) - - - - -
EBIT (0.8) (2.3) - - - - -
Unallocated costs
Adjusted EBIT (42.3) (44.2) - - - - -
EBIT (42.3) (44.7) - - - - -
(a) Forex impact excluding Argentinian Peso (ARS).
(b) See Glossary.

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 MANAGEMENT REPORT OF THE BOARD OF DIRECTORS FOR THE 6‑‑MONTH PERIOD ENDED JUNE 30, 2024

H1 2024 highlights

1.2 H1 2024 HIGHLIGHTS

RESULTS
1
H1 2024 Net Sales of €1,139 million, down by -0.5% at ● Blade Excellence: net Sales of €271 million, +3.5% at constant
constant currency excl. Argentina, with negative performance currency excl. Argentina, notably driven by solid growth in
in North America, partially offset by strong growth of 7% Europe, Latin America and Middle East and Africa.
across the rest of the Group: Adjusted EBIT of €170 million, representing an EBIT margin of
● Human Expression: net Sales of €453 million, +2.3% at
14.9% (flat vs H1 2023), with gross profit margin
constant currency excl. Argentina, driven by robust improvement (1) offset by negative net sales operating leverage.
performance in Europe, Mexico and Middle East and Africa; Adjusted EPS of €2.95, slightly up versus H1 2023 (€2.93).
● Flame for Life: net Sales of €402 million, -5.8% at constant
Free Cash Flow generation of €37 million, an increase of
currency excl. Argentina, with negative performance in North
€34 million from prior year.
America, showing a sequential improvement in Q2, partially
offset by continued strong growth in Europe and Brazil;

(in million euros) H1 2023 H1 2024

Group Net Sales 1,176.9 1,139.4

Change as reported +4.4% -3.2%
Change on a constant currency basis excl. Argentina +4.4% -0.5%
Change on a constant currency basis +7.0% +3.3%
EBIT 174.7 154.5
EBIT Margin 14.8% 13.6%
Adjusted EBIT 175.1 170.2
Adjusted EBIT Margin 14.9% 14.9%
EPS (in euros) 2.81 2.67
Adjusted EPS (in euros) 2.93 2.95
Free Cash Flow before acquisitions and disposals 2.5 36.9

Net Cash Position 197.6 261.8

NET SALES BY DIVISION

● Human Expression (Stationery): 452.5 million euros (+2.3% on a constant currency basis excluding Argentina and +6.1% at
constant currency).
● Flame for Life (Lighters): 402.1 million euros (-5.8% on a constant currency basis excluding Argentina and -3.8% at constant
currency).
● Blade Excellence (Shavers): 271.0 million euros (+3.5% on a constant currency basis excluding Argentina and +10.1% at constant
currency).

(1) Excluding the special bonus and the fair value adjustment on the Power Purchase Agreement in France.

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 MANAGEMENT REPORT OF THE BOARD OF DIRECTORS FOR THE 6‑‑MONTH PERIOD ENDED JUNE 30, 2024

H1 2024 Group operational trends

1.3 H1 2024 GROUP OPERATIONAL TRENDS

H1 2024 HIGHLIGHTS
H1 2024 net sales were down by 0.5% at constant Update on our Horizon Strategic Plan
currency (1) due to the negative performance of the Flame for
Life division, impacted by a stronger than expected lighter market During H1 2024, we made progress on our 2025 Horizon
decline in the US, resulting from the deteriorating consumption strategic objectives:
● BIC continued to focus on solid execution and launch of
trends. This was partially offset by strong growth in the rest of
the world thanks to robust execution and distribution gains innovative advertising campaigns including for the utility
coupled with geographical expansion. pocket lighter EZ Reach in Europe and in the US, and for the
H1 2024 gross profit margin was stable vs H1 2023 at 49.3% new utility lighter EZ Load in the US. In Brazil, we boosted our
of net sales, totaling €562 million. Excluding the special bonus market presence with our Soleil Escape shaver communication
and the fair value adjustment on the Power Purchase plan as well as our latest iconic 4‑Color pen campaign, both
Agreement in France (2), H1 2024 gross profit margin driving sales growth and solidifying our leadership positions.
increased by 60bps to 49.9%, driven by favorable price and mix, We also launched in Brazil the EZ Reach lighter
currency fluctuations and manufacturing efficiencies. This was communication campaign to engage audience through online
partially offset by higher raw material costs notably in the lighter media and influencers, contributing to solid results and shares
business and unfavorable fixed cost absorption. gains. Lastly in the US, the Djeep Lighters DJ Khaled campaign
“Ignite Your Passion” got off to a strong start in Q2, with over
H1 2024 adjusted EBIT margin was flat compared to H1 2023, 2 billion impressions;
at 14.9%, amounting to €170 million. This resulted from gross ● our core eCommerce sales posted double‑digit growth in H1
profit margin improvement, offset by negative net sales operating
2024, driven mostly by North America and Europe (France, UK
leverage.
and Spain). We successfully gained market share in the US in
H1 2024 finance revenue/costs was at €0.2 million vs. Stationery and Shavers as well as in France and the UK. Key
-€5.5 million in H1 2023 mainly driven by the strong favorable products contributing to growth included Mechanical Pencils,
impact of the fair value adjustments to financial assets Ball Pen and Correction as well as added value products such
denominated in US Dollar against the Brazilian Real in H1 2024. as Soleil Escape;
H1 2024 effective tax rate was 28.0% vs. 28.1% in H1 2023. ● our Revenue Growth Management strategy continued to

Operating Cash flow was €228 million resulting from good deliver net sales per SKU growth of 14% during H1, through
business performance. The €105 million negative change in price and value‑accretive mix management, while engaging
working capital and others was mainly driven by higher trade and with consumers through optimized promotions. We also
other receivables of €162 million linked to back‑to‑school continued to prioritize the streamlining of our product
seasonality. As a result, H1 2024 Free Cash Flow (before offerings to better meet consumer and customer needs, with a
acquisitions and disposals) was €37 million. successful reduction of our total SKUs by 12% in H1, ahead of
our full‑year SKU rationalization target.
At the end of June 2024, Net Cash position was €262 million.

(1) Excluding Argentina net sales due to hyperinflationary context.

(2) In November 2023, BIC signed a physical Power Purchasing Agreement as part of our sustainability strategy. This impact is the change in fair value booked in cost of goods as
of June 30, 2024.

4 • BIC GROUP - 2024 HALF-YEAR FINANCIAL REPORT •

 MANAGEMENT REPORT OF THE BOARD OF DIRECTORS FOR THE 6‑‑MONTH PERIOD ENDED JUNE 30, 2024

H1 2024 Group operational trends

EARNINGS BEFORE INTEREST AND TAXES (EBIT) AND ADJUSTED EBIT

(in million euros)

Net Sales
Gross Profit
H1 2023

1,176.9
580.8
H1 2024

1,139.4
562.2
1
Gross Profit margin 49.3% 49.3%
EBITDA 224.1 202.0
EBIT 174.7 154.5
EBIT margin 14.8% 13.6%
Non‑recurring items 0.4 15.6
Adjusted EBIT 175.1 170.2

Adjusted EBIT margin 14.9% 14.9%

KEY COMPONENTS OF THE CHANGE IN ADJUSTED EBIT MARGIN

(in points) H1 2024 vs. H1 2023

●
Change in Gross Profit (a) +0.6
●
Brand Support 0.0
●
OPEX and other expenses (0.6)

TOTAL CHANGE IN ADJUSTED EBIT MARGIN 0.0

(a) Excluding the special bonus in Q1 and France PPA in Q2.

NON‑RECURRING ITEMS

(in million euros) H1 2023 H1 2024

EBIT 174.7 154.5

Lucky Stationary and Rocketbook earnout (2023) (0.5) -
Special team member bonus (a) - +7.8
Other acquisition costs (2023) +0.9 -
Restructuring expenses - +5.1
Power Purchase Agreement in France - +2.7
Adjusted EBIT 175.1 170.2
(a) Special bonus that will be awarded to team members who have not been granted shares under our regular long term incentive plans.

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 MANAGEMENT REPORT OF THE BOARD OF DIRECTORS FOR THE 6‑‑MONTH PERIOD ENDED JUNE 30, 2024

H1 2024 Group operational trends

NET INCOME AND EPS

(in million euros) H1 2023 H1 2024

EBIT 174.7 154.5

Finance revenue/costs (5.5) 0.2
Income before Tax 169.2 154.7
Net Income Group share 121.6 111.4
Adjusted Net Income Group Share 126.8 123.4
Adjusted EPS Group Share (in euros) 2.93 2.95

EPS Group Share (in euros) 2.81 2.67

NET CASH POSITION

(in million euros) H1 2023 H1 2024

NET CASH POSITION (AS OF END OF DECEMBER) 359.9 385.4

Net cash from operating activities +45.3 +68.5

●
Of which operating cash flow +240.6 +228.0
●
Of which change in working capital (154.8) (105.2)
●
Others (a) (40.5) (54.3)
Capital expenditures (b) (42.8) (31.6)
Dividend payment (110.2) (119.1)
Share buyback program (c) (60.4) (29.4)
Net cash from the liquidity contract (0.8) (0.3)
Other items +6.6 (11.7)

Net Cash position (as of end of June) 197.6 261.8

(a) Others include income tax paid and pensions contribution.
(b) Including -€1 million in 2024 and +€1 million in 2023 related to capital expenditures payable change.
(c) Includes in 2024 €18.9 million of share buyback for cancellation and €10.5 million of free shares to be granted (long term incentives).

At the end of June 2024, Net Cash position was 261.8 million euros, with 29.4 million euros in share buybacks.

SHAREHOLDERS’ REMUNERATION
● Ordinary dividend of 2.85 euros per share was paid on June 12, 2024.
● 29.4 million euros in share buybacks were completed by SOCIÉTÉ BIC at the end of June 2024, 468,892 shares were purchased
at an average price of 62.64 euros per share.

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 MANAGEMENT REPORT OF THE BOARD OF DIRECTORS FOR THE 6‑‑MONTH PERIOD ENDED JUNE 30, 2024

H1 2024 operational trends by division

1.4 H1 2024 OPERATIONAL TRENDS BY

DIVISION 1
HUMAN EXPRESSION

(in million euros) H1 2023 H1 2024

Volumes in million units 3,306 3,212

% Change -6.1% -2.8%
Net Sales 460.3 452.5
Change as reported +5.1% -1.7%
Change on a constant currency basis excluding Argentina +5.4% +2.3%
Change on a constant currency basis +9.1% +6.1%
Adjusted EBIT 44.6 51.8

Adjusted EBIT Margin 9.7% 11.4%

H1 2024 Human Expression net sales grew by 2.3% at constant In Latin America, net sales performance was solid in Mexico.
currency excluding Argentina driven by strong growth in Europe, Growth came from both core segments, such as Ball Pen, and
Middle East and Africa and Mexico, partially offset by softer added‑value, such as Marking and Coloring. This was partially
performance in North America, Brazil and India. offset by a softer performance in Brazil due to a challenging
In Europe, performance remained strong with high single digit competitive environment in the modern mass market.
growth, further consolidating our market leadership. Growth was In Middle East and Africa, net sales grew strongly, notably
fueled by all geographies and all channels, with strong driven by good performance of Lucky pen items in Nigeria,
distribution gains in both Western and Eastern Europe. BIC’s positive pricing and higher volumes in South Africa, as well as
iconic 4‑Color pen continued to be the main growth driver across distribution gains in Kenya.
Europe. The expansion of our distribution network towards In H1 2024, the Human Expression division’s adjusted EBIT
discounters and eCommerce is particularly successful, with more margin increased by 170 bps to 11.4%, driven by significant
products available in‑store and a strong increase in demand for gross profit improvement, with favorable pricing and mix,
decorated and personalized products. Core products such as ball currency fluctuations, as well as lower brand support
pen and correction also contributed to growth. investments. This was partially offset by unfavorable fixed cost
In the US, net sales were impacted by negative market trends. absorption and higher electricity costs.
However, this was partially offset by the performance from core
products, notably Mechanical Pencils and Ball Pen, as well as
added value products such as Gel. BIC maintained its market
share in both volume and value, driven by eCommerce, in a
market declining by 4.2% in value and 4.7% in volume (1).

(1) Year to Date June 2024: NPD.

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 MANAGEMENT REPORT OF THE BOARD OF DIRECTORS FOR THE 6‑‑MONTH PERIOD ENDED JUNE 30, 2024

H1 2024 operational trends by division

FLAME FOR LIFE

(in million euros) H1 2023 H1 2024

Volumes in million units 820 757

% Change -3.6% -7.7%
Net Sales 434.3 402.1
Change as reported -0.4% -7.4%
Change on a constant currency basis excluding Argentina -0.9% -5.8%
Change on a constant currency basis +0.6% -3.8%
Adjusted EBIT 153.1 126.5

Adjusted EBIT Margin 35.3% 31.5%

H1 2024 Flame for Life net sales decreased by 5.8% at constant However, we continued to focus on executing our trade‑up
currency excluding Argentina driven by market decline in the US, strategy with the ramp up of our recently launched EZ Load
only partially offset by strong growth in Europe and Latin utility lighter and the ongoing success of the EZ Reach utility
America. pocket lighter.
In Europe, net sales growth was solid, fueled by price, mix and In Latin America, performance was solid in Brazil with strong
volume. Product mix improved with decorated lighters and execution and distribution gains in both pocket and utility
premium Djeep lighters both growing double‑digit. We also lighters. EZ Reach continued to ramp‑up helped by impactful
expanded distribution, notably in the discounters’ channel. digital campaigns, enabling BIC to increase its market share in the
Additionally, BIC’s EZ Reach marketing campaigns started in H1 utility lighters segment.
2024 in several countries including Greece, Italy, Poland or In H1 2024, the Flame for Life’s division adjusted EBIT margin
Ireland, resulting in strong net sales growth in those markets. was 31.5%, versus 35.3% in H1 2023. This decrease was mainly
In the US, net sales were negatively impacted by a stronger than driven by higher raw material costs, unfavorable fixed cost
expected market decline, due to the deterioration of absorption and negative net sales operating leverage in the US.
consumption trends, particularly in the convenience channel. In
an environment impacted by inflation and geopolitical
uncertainties, consumers remain cautious on their spendings.

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 MANAGEMENT REPORT OF THE BOARD OF DIRECTORS FOR THE 6‑‑MONTH PERIOD ENDED JUNE 30, 2024

H1 2024 operational trends by division

BLADE EXCELLENCE

(in million euros)

Volumes in million units

% Change
H1 2023

1,255
+3.5%
H1 2024

1,271
+1.2%
1
Net Sales 268.3 271.0
Change as reported +11.7% +1.0%
Change on a constant currency basis excluding Argentina +11.9% +3.5%
Change on a constant currency basis +14.7% +10.1%
Adjusted EBIT 20.5 38.3

Adjusted EBIT Margin 7.6% 14.1%

H1 2024 Blade Excellence net sales grew by 3.5% at constant In Latin America, robust growth in Brazil was driven by the
currency excluding Argentina, with most regions contributing to continued acceleration of the 3‑blade segment (notably Soleil
growth. This was nevertheless partially offset by North America Escape, BIC Comfort 3 and BIC Flex 3) as well as our added‑value
soft performance. Hybrid range, all supported by impactful communication
In Europe, BIC’s performance continued to be strong, and campaigns and new listings at top customers. In Mexico, BIC
became the number 2 player in the wet shave market (1). BIC managed to gain market share in value (+50 bps) (3) in a market
successfully gained share in 9 out of 12 countries, boosted by its growing by more than 10%.
value for money proposition offering, appealing to consumers in In Middle East and Africa, net sales grew strongly driven by
an inflationary environment. BIC also continued to expand our solid execution and distribution gains notably in West and South
footprint in Eastern Europe and in the discounters’ channel, Africa, while the Flex and Soleil brands showed exponential
driven by added‑value products such as the BIC Hybrid Flex and growth in North African markets.
BIC Click Soleil. In H1 2024, Blade Excellence’s division adjusted EBIT margin
In the US, despite the solid performance of key products such as reached 14.1%, versus 7.6% in H1 2023, with a strong gross
Comfort 3, Flex 5 Hybrid and Soleil Escape, net sales were profit margin improvement driven by favorable price and mix,
negatively impacted by a challenging consumer environment with fixed cost absorption as well as manufacturing efficiencies.
demand contraction, affecting the disposable shaver market
(down -3.3% in value and -3.0% in volume in H1) (2).

(1) NielsenIQ (France, Spain, Italy, Poland, Romania, Greece, Portugal, Sweden, Norway, Denmark, Switzerland), Circana (UK); Value sales year‑to‑date as of April 2024.
(2) Year to Date June 2024: IRI disposable market.
(3) Year to Date May 2024: Nielsen (c. 62% market coverage).

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 MANAGEMENT REPORT OF THE BOARD OF DIRECTORS FOR THE 6‑‑MONTH PERIOD ENDED JUNE 30, 2024

Group net sales by geography

OTHER PRODUCTS

(in million euros) H1 2023 H1 2024

Net Sales 14.0 13.8

Change as reported 9.4% -1.2%
Change on a constant currency basis excluding Argentina 10.3% -1.2%
Change on a constant currency basis 10.3% -1.2%
Adjusted EBIT (0.8) (2.3)

EBIT (0.8) (2.3)

UNALLOCATED COSTS

(in million euros) H1 2023 H1 2024

Adjusted EBIT (42.3) (44.2)

EBIT (42.3) (44.7)

1.5 GROUP NET SALES BY GEOGRAPHY

% On a
% at constant comparative
H1 net sales by geography (in million euros) H1 2023 H1 2024 % As reported currency basis

Group 1,176.9 1,139.4 -3.2% +3.3% -0.5%

Europe 353.9 372.7 +5.3% +8.7% +8.7%

North America 476.6 423.9 -11.0% -11.0% -11.0%
Latin America 216.9 218.2 +0.6% +23.9% +4.1%
Middle East and Africa 83.0 81.4 -2.0% +12.4% +12.4%

Asia and Oceania (including India) 46.5 43.3 -7.0% -4.6% -4.6%

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 MANAGEMENT REPORT OF THE BOARD OF DIRECTORS FOR THE 6‑‑MONTH PERIOD ENDED JUNE 30, 2024

2024 Outlook and market assumptions

1.6 2024 OUTLOOK AND MARKET ASSUMPTIONS

2024 OUTLOOK (1)

1
Full Year 2024 Net Sales are expected to grow low single digit at constant currency (2). We expect to see a slight improvement in 2024
adjusted EBIT margin. We will continue to drive EBIT expansion to deliver long‑term profitable growth, in line with our 2025 targets.
Free Cash Flow is expected to be above €220 million in 2024.

2024 MARKET ASSUMPTIONS

Our 2024 outlook is based on the following market assumptions (3):

Market trends (in value):

● Europe: ● Latin America:
●
low to mid‑single digit decrease in Stationery market, ●
low to mid‑single digit increase in Stationery market,
●
low to mid‑single digit decrease for total pocket Lighter market, ●
mid to high‑single digit increase for total pocket Lighter market,
●
flat to low single digit increase in Shavers market; ●
mid to high‑single digit increase in Shavers market;
● US: ● India: mid to high‑single‑digit increase in Stationery market.
●
low to mid‑single digit decrease in Stationery market,
●
mid to high‑single digit decrease for total pocket Lighter Currency: 2024 EUR/USD hedging rate: 1.08.
market (4),
●
flat to low‑single digit decrease in the total one‑piece Shaver
market;

1.7 RECENT EVENTS THAT OCCURRED AFTER

JUNE 30, 2024
On July 31, the Board of Directors acknowledged the resignation of Pascal Chevallier, one of the two Directors representing the
employees, in connection with the termination of his functions at BIC, effective August 31. The Group Committee ("Comité de Groupe")
will appoint a new Director representing employees by the end of the year.
No other subsequent event occurred between July 1st, 2024 and the reporting date.

(1) Based on current market assumptions.

(2) Excluding Argentina net sales due to hyperinflationary context.
(3) Euromonitor and BIC estimates.
(4) IRI data: channels covered are Multi‑Outlet + Convenience stores.

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 MANAGEMENT REPORT OF THE BOARD OF DIRECTORS FOR THE 6‑‑MONTH PERIOD ENDED JUNE 30, 2024

Impact of change in perimeter and currency fluctuations on net sales (excludes ARS)

1.8 IMPACT OF CHANGE IN PERIMETER AND

CURRENCY FLUCTUATIONS ON NET SALES
(EXCLUDES ARS)

IMPACT OF CHANGE IN PERIMETER AND CURRENCY FLUCTUATIONS

ON NET SALES (EXCLUDES ARS) (in %) H1 2023 H1 2024

Perimeter +0.3 (0.0)

Currencies (0.5) (1.9)
Of which USD +0.3 (0.0)
Of which BRL +0.1 (0.0)
Of which MXN +0.6 +0.3
Of which CAD (0.2) (0.0)
Of which ZAR (0.2) (0.0)
Of which NGN (0.1) (0.9)
Of which TRY (0.3) (0.7)
Of which INR (0.1) (0.0)
Of which RUB and UAH (0.2) (0.4)

1.9 RECONCILIATION WITH ALTERNATIVE

PERFORMANCE MEASURES

ADJUSTED EBIT RECONCILIATION

(in million euros) H1 2023 H1 2024

EBIT 174.7 154.5

Lucky Stationary and Rocketbook earnout (2023) (0.5) -

Special team members bonus (a) - +7.8
Other acquisition costs (2023) +0.9 -
Restructuring expenses - +5.1
Power Purchase Agreement in France - +2.7

Adjusted EBIT 175.1 170.2

(a) Special bonus that will be awarded to team members who have not been granted shares under our regular long term incentive plans.

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 MANAGEMENT REPORT OF THE BOARD OF DIRECTORS FOR THE 6‑‑MONTH PERIOD ENDED JUNE 30, 2024

Reconciliation with alternative performance measures

ADJUSTED EPS RECONCILIATION

(in euros)

EPS

Lucky Stationary and Rocketbook earnout (2023)

H1 2023

2.81

(0.01)
H1 2024

2.67

-
1
Argentina hyperinflationary accounting (IAS29) +0.06 -
Special team members bonus (a) - +0.13
Other acquisition costs (2023) +0.01 -
Restructuring expenses - +0.09
Virtual Power Purchase Agreement in Greece and Power Purchase Agreement in France +0.06 +0.06

Adjusted EPS 2.93 2.95

(a) Special bonus that will be awarded to team members who have not been granted shares under our regular long term incentive plans.

NET CASH RECONCILIATION

(in million euros) December 31, 2023 June 30, 2024

Cash and cash equivalents (1) +477.3 +387.2

Current borrowings (2) (91.9) (125.4)

Non‑current borrowings (3) - -

NET CASH POSITION (1) - (2) - (3) 385.4 261.8

FREE CASH FLOW RECONCILIATION

(in million euros) December 31, 2023 June 30, 2024

Net cash from operating activities (1) +353.3 +68.5

Capital expenditure (2) (104.6) (31.6)

FREE CASH FLOW BEFORE ACQUISITION AND DISPOSALS (1) - (2) 248.7 36.9

• BIC GROUP - 2024 HALF-YEAR FINANCIAL REPORT • 13

 MANAGEMENT REPORT OF THE BOARD OF DIRECTORS FOR THE 6‑‑MONTH PERIOD ENDED JUNE 30, 2024

Share repurchase program – Cancelled shares

1.10 SHARE REPURCHASE PROGRAM –

CANCELLED SHARES
During the first half of 2024:
● SOCIÉTÉ BIC repurchased 468,892 shares under the share ● SOCIÉTÉ BIC repurchased, under the liquidity agreement
repurchase programs authorized by the Annual Shareholders’ Natixis – ODDO BHF, 242,242 shares for a total value of
Meeting held on May 16, 2023 and May 29, 2024 excluding 15.6 million euros and sold 234,940 shares for a total value of
shares acquired under the liquidity agreement; 15.3 million euros.

Number of shares Average weighted Amount

SOCIÉTÉ BIC acquired price (in euros) (in million euros)

January 2024 - - -
February 2024 - - -
March 2024 216,251 65.50 14.2
April 2024 81,948 66.00 5.4
May 2024 11,353 65.37 0.7

June 2024 159,340 56.84 9.1

TOTAL 468,892 62.64 29.4

The number of free, performance‑based shares transferred by SOCIÉTÉ BIC to beneficiaries was 168,002 during the first half 2024.
The number of free, non‑performance‑based shares transferred to beneficiaries by SOCIÉTÉ BIC was 103,434. Moreover, SOCIÉTÉ
BIC proceeded to 205,968 free, performance‑based share grants and 96,764 free, non‑performance‑based share grants.

1.11 RELATED‑PARTY TRANSACTIONS

This paragraph is aimed at ensuring transparency in the Significant related‑party transactions are described in the
relationship between the Group and its Shareholders (and their Note 25 – Related parties on page 280 of BIC’s 2023 Universal
representatives), as well as in the links between the Group and Registration Document filed with the Autorité des Marchés
related companies that the Group does not exclusively control Financiers (AMF) on March 28, 2024. During the first half of
(i.e. joint ventures or investments in associates). 2024, BIC has not identified any significant related‑party
transactions.

14 • BIC GROUP - 2024 HALF-YEAR FINANCIAL REPORT •

 MANAGEMENT REPORT OF THE BOARD OF DIRECTORS FOR THE 6‑‑MONTH PERIOD ENDED JUNE 30, 2024

Capital evolution

1.12 CAPITAL EVOLUTION

As of June 30, 2024, the total number of issued shares of Société BIC is 42,270,689 shares, representing:
● 60,460,965 voting rights;
1
● 59,804,480 voting rights excluding shares without voting rights.

Total number of treasury shares held at the end of June 2024: 656,485.

1.13 MATERIAL EVENTS THAT OCCURRED

IN H1 2024
On June 19th, 2024, the Group issued a Press Release to update its net sales growth outlook for Full Year 2024. For the Full Year 2024,
Group net sales are now expected to grow low‑single digit at constant currency excluding Argentina (versus initially between +5% and
+7%). The outlook on margin and Free Cash Flow remains unchanged: we still expect to see a slight improvement in adjusted EBIT
margin and Free Cash Flow above €220 million in 2024.

1.14 MATERIAL EVENTS THAT OCCURRED

AFTER JUNE 30, 2024
N/A.

1.15 DESCRIPTION OF THE PRINCIPAL RISKS

AND UNCERTAINTIES FOR H2 2024
BIC pursues an active and dynamic approach to risk This approach is based on the identification and analysis of the
management. main risks to which the Group is exposed.
The objective of this approach is to enhance the Group’s capacity A description of the risk management system is disclosed in
in identifying, managing, preventing, mitigating, and monitoring Chapter 2.4 (Risk Management and Internal Control Procedures
key risks that could affect: implemented by the Company and Insurance), in BIC’s 2023
● the Group’s employees, customers, shareholders, assets, Universal Registration Document (URD) filed with the Autorité
environment or reputation; des Marchés Financiers (AMF) on March 28, 2024 and available on
● the Group’s ability to achieve its objectives, abide and defend
BIC’s website: https://us.bic.com/en_us/investors.
its values, ethics, or laws and regulations.

• BIC GROUP - 2024 HALF-YEAR FINANCIAL REPORT • 15

 MANAGEMENT REPORT OF THE BOARD OF DIRECTORS FOR THE 6‑‑MONTH PERIOD ENDED JUNE 30, 2024

Glossary

1.16 GLOSSARY
● Constant currency basis: Constant currency figures are ● Adjusted EBIT: Adjusted means excluding normalized items.
calculated by translating the current year figures at prior year ● Adjusted EBIT margin: Adjusted EBIT as a percentage of Net
monthly average exchange rates. Sales.
● Organic change or Comparative basis: At constant ● Net Cash from operating activities: Cash generated from
currencies and constant perimeter. Figures at constant principal activities of the entity and other activities that are not
perimeter exclude the impact of acquisitions and/or disposals investing or financing activities.
that occurred during the current year and/or during the
previous year, until their anniversary date. All Net Sales
● Free Cash Flow: Net cash flow from operating activities less
category comments are made on a comparative basis. Organic capital expenditures (capex). Free cash flow does not include
change excludes Argentina Net Sales. acquisitions and proceeds from the sale of businesses.
● EBITDA: EBIT before Depreciation, Amortization (excluding
● Net cash position: Cash and cash equivalents + Other current
amortization of right of use under IFRS 16 standard) and financial assets - Current borrowings - Non‑current
impairment. borrowings (except financial liabilities following IFRS 16
implementation).

16 • BIC GROUP - 2024 HALF-YEAR FINANCIAL REPORT •

HALF‑YEAR CONSOLIDATED
FINANCIAL STATEMENTS

2.1 CONSOLIDATED INCOME STATEMENT 18

2.2 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 19

2.3 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 20

2.4 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 22

2.5 CONSOLIDATED CASH FLOW STATEMENT 23

2.6 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 24

• BIC GROUP - 2024 HALF-YEAR FINANCIAL REPORT • 17

 HALF‑‑YEAR CONSOLIDATED FINANCIAL STATEMENTS

Consolidated income statement

2.1 CONSOLIDATED INCOME STATEMENT

(in thousand euros) Notes June 30, 2023 June 30, 2024

Net sales 2‑1 1,176,932 1,139,449

Cost of goods 3 (596,152) (577,205)

Gross profit (a) 580,780 562,244

Distribution costs 3 (159,168) (159,125)

Administrative expenses 3 (140,898) (148,530)
Other operating expenses 3 (105,014) (99,238)
Other income 4 4,507 6,287
Other expenses 4 (5,521) (7,123)

Earnings before interest and taxes (EBIT) 174,686 154,515

Income from cash and cash equivalents 5 11,314 7,107

Net finance income/(net finance costs) 5 (16,811) (6,889)

Income before tax 169,189 154,733

Income tax expense 6 (47,542) (43,325)

Net income from consolidated entities 121,647 111,408

Net income from continuing operations 8 121,647 111,408

Consolidated income of which: 121,647 111,408

Non‑controlling interests - -

Net income Group share 7 121,647 111,408

Earnings per share Group share (in euros) 2.81 2.67

Diluted earnings per share Group share (in euros) (b) 2.78 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.

18 • BIC GROUP - 2024 HALF-YEAR FINANCIAL REPORT •

 HALF‑‑YEAR CONSOLIDATED FINANCIAL STATEMENTS

Consolidated statement of comprehensive income

2.2 CONSOLIDATED STATEMENT OF

COMPREHENSIVE INCOME
(in thousand euros) Notes June 30, 2023 June 30, 2024

2
GROUP NET INCOME A 121,647 111,408

OTHER COMPREHENSIVE INCOME

Actuarial differences on post‑employment benefits not recyclable to the

income statement (a) 2,415 11,086
Deferred tax on actuarial differences on post‑employment benefits 6‑2 (675) (2,526)

Other comprehensive income not recyclable to the income statement

– net of tax B 1,740 8,560

Gain/(loss) on cash flow hedge (11,033) (11,937)

Exchange differences arising on translation of overseas operations (b) 1,335 (10,823)
Hyperinflation impact in Argentina (c) - 909
Deferred tax and current tax recognized on other comprehensive income 6‑2 2,006 2,967

Other comprehensive income recyclable to the income statement

– net of tax C (7,692) (18,884)

TOTAL COMPREHENSIVE INCOME D=A+B+C 115,695 101,084

Attributable to:
●
BIC Group 115,695 101,084
●
non‑controlling interests - -

TOTAL 115,695 101,084

(a) The impact of actuarial differences is mainly due to U.S., U.K. and France plans.
(b) The main items impacting the negative translation reserve variance for the period, by currency, are as follows: Brazilian real (-19.7 milion euros), Mexican peso
(-7.6 million euros), U.S. dollar (19.2 million euros) and other non‑significant currencies (-1.7 million euros).
(c) The hyperinflation adjustment being partially and inversely correlated to the evolution of the euro to Argentinian peso rate, is presented in 2024 jointly with the impact of
exchange differences arising on translation of overseas operations.

• BIC GROUP - 2024 HALF-YEAR FINANCIAL REPORT • 19

 HALF‑‑YEAR CONSOLIDATED FINANCIAL STATEMENTS

Consolidated statement of financial position

2.3 CONSOLIDATED STATEMENT OF

FINANCIAL POSITION

Assets
(in thousand euros) Notes December 31, 2023 June 30, 2024

Goodwill 8 283,279 287,889

Other intangible assets 99,058 99,371
Property, plant and equipment 623,426 600,229
Investment properties 987 954
Other non‑current assets 9 33,510 35,496
Deferred tax assets 116,704 118,255
Derivative instruments 18 790 82

Non‑current assets 1,157,754 1,142,276

Inventories 10 557,981 557,557

Income tax advance payments 20,296 13,831
Trade and other receivables 10, 21‑1 403,505 564,109
Other current assets 20,330 34,433
Derivative instruments 18 10,207 1,772
Other current financial assets 15, 21‑2 9,548 1,841
Cash and cash equivalents 15 467,716 385,358

Current assets 1,489,583 1,558,901

TOTAL ASSETS 2,647,337 2,701,177

20 • BIC GROUP - 2024 HALF-YEAR FINANCIAL REPORT •

 HALF‑‑YEAR CONSOLIDATED FINANCIAL STATEMENTS

Consolidated statement of financial position

Equity and liabilities

(in thousand euros) Notes December 31, 2023 June 30, 2024

Share capital 11‑1 161,474 161,474

Reserves and retained earnings 1,685,122 1,644,514

Shareholders’ equity Group share 1,846,596 1,805,988

2
Non‑controlling interests - -

Shareholders’ equity SHEQ 1,846,596 1,805,988

Non‑current borrowings 12, 21‑2 46,804 42,931

Other non‑current liabilities 5,009 5,043
Employee benefits obligation 63,856 56,283
Provisions 13 19,695 21,155
Deferred tax liabilities 48,827 46,188
Derivative instruments 18 30,250 36,269

Non‑current liabilities 214,441 207,869

Trade and other payables 10 144,703 181,678

Current borrowings 12 109,384 143,098
Current tax due 39,499 30,927
Other current liabilities 14 288,919 324,172
Derivative instruments 18 3,795 7,445

Current liabilities 586,300 687,320

TOTAL EQUITY AND LIABILITIES 2,647,337 2,701,177

SHEQ: see consolidated statement of changes in equity.

• BIC GROUP - 2024 HALF-YEAR FINANCIAL REPORT • 21

 HALF‑‑YEAR CONSOLIDATED FINANCIAL STATEMENTS

Consolidated statement of changes in equity

2.4 CONSOLIDATED STATEMENT OF CHANGES

IN EQUITY
Share-
Actuarial holders’
Additional differences equity Non- Share-
Share Paid‑in Accumulated recognized Translation Hedge Group controlling holders’
(in thousand euros) Notes capital (a) Capital profits BIC shares in equity reserve derivatives share interests equity
At January 1, 2023 166,307 144,165 1,741,454 42,895 (63,567) (167,169) 1,922 1,866,005 - 1,866,005
Dividends paid 16 - - (110,219) - - - - (110,219) - (110,219)
(Acquisition)/disposal of
BIC shares (3,300) - (57,825) - - - - (61,125) - (61,125)
Recognition of
share‑based payments 17 - - - 8,060 - - - 8,060 - 8,060
Hyperinflation impact in
Argentina - - 3,313 - - - - 3,313 - 3,313
Other - - (211) - - - - (211) - (211)
Total transactions
with Shareholders (3,300) - (164,942) 8,060 - - - (160,182) - (160,182)
Net income for the period - - 121,647 - - - - 121,647 - 121,647
Other comprehensive
income - - (349) - 1,740 1,325 (8,668) (5,952) - (5,952)
Total comprehensive
income - - 121,298 - 1,740 1,325 (8,668) 115,695 - 115,695
At June 30, 2023 163,007 144,165 1,697,808 50,955 (61,827) (165,846) (6,746) 1,821,516 - 1,821,516
At 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
(a) See Note 11.

22 • BIC GROUP - 2024 HALF-YEAR FINANCIAL REPORT •

 HALF‑‑YEAR CONSOLIDATED FINANCIAL STATEMENTS

Consolidated cash flow statement

2.5 CONSOLIDATED CASH FLOW STATEMENT

(in thousand euros) Notes June 30, 2023 June 30, 2024
Operating activities
Net income Group share IS 121,647 111,408

2
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 58,134 57,034
Impairment loss on tangible and non‑tangible assets 751 32
Provision for employee benefits 4,424 5,178
Other provisions (excluding provisions on current assets) 13 291 1,938
Unrealized foreign currency gain/loss 15 (a) 4,183 149
Recognition of share‑based payments SHEQ, 17 8,060 7,096
Income taxes 48,917 43,325
Other non‑cash transactions (5,780) 1,878
Cash flow from operations 240,627 228,037
(Increase)/decrease in net working capital 10, 15 (b) (154,826) (105,239)
Payments related to employee benefits 15 (c) (3,103) (3,483)
Income tax paid (37,424) (50,870)
NET CASH FROM OPERATING ACTIVITIES 45,274 68,446
Investing activities
Disposal of other fixed assets 1,280 417
Purchases of property, plant and equipment 15 (d) (36,464) (28,696)
Purchases of intangible assets 15 (d) (6,308) (2,859)
(Increase)/decrease in other investments 34 (2)
Purchase of other current financial assets 15 (e) (11,301) 7,101
NET CASH FROM INVESTING ACTIVITIES (52,759) (24,038)
Financing activities
Dividends paid SHEQ, 15 (f), 16 (110,219) (119,113)
Net variation of short term borrowings 12, 15 (g) 80,336 33,171
Interest (paid)/received 9,192 5,119
Payments of obligations under leases 12 (7,495) (10,039)
Purchase of financial instruments (1,238) (1,153)
Increase in treasury shares 15 (h) (61,158) (29,675)
NET CASH FROM FINANCING ACTIVITIES (90,582) (121,689)
Net cash variation (98,066) (77,282)
Opening cash and cash equivalents BS, 21 415,219 467,717
Exchange difference 7,973 (5,077)
CLOSING CASH AND CASH EQUIVALENTS 325,125 385,358
IS: see consolidated income statement.
SHEQ: see consolidated statement of changes in equity.
BS: see consolidated balance sheet.
References from (a) to (h) explained in Note 15.

• BIC GROUP - 2024 HALF-YEAR FINANCIAL REPORT • 23

 HALF‑‑YEAR CONSOLIDATED FINANCIAL STATEMENTS

Notes to the consolidated financial statements

2.6 NOTES TO THE CONSOLIDATED FINANCIAL

STATEMENTS
General Balance sheet - Equity and liabilities
NOTE 1 Main rules and accounting policies 25 NOTE 11 Share capital 33

1‑1 Accounting policies 25 11‑1 Share capital 33

1‑2 Change in Group structure 25 11‑2 SOCIÉTÉ BIC shares held in treasury stock
1‑3 Significant events 25 and share repurchase program as of
1‑4 Income tax – OECD Pillar Two model rules 25 June 30, 2024 34
1‑5 Subsequent events 25 NOTE 12 Borrowings and financial liabilities 35
NOTE 2 Operating segments 26
NOTE 13 Provisions 36
2‑1 Information by activity 26
2‑2 Information by geography 27 NOTE 14 Other current liabilities 36

Income Statement and Statement of

Comprehensive Income Additional information
NOTE 15 Comments on the consolidated cash flow statement 37
NOTE 3 Operating expenses 27

NOTE 16 Dividends 37
NOTE 4 Other income and expenses 28

NOTE 17 Share‑based payments 38

NOTE 5 Financial income 28

NOTE 18 Financial instruments 38

NOTE 6 Income tax 29

18‑1 Impact of foreign exchange risk hedging on

6‑1 Income tax expense 29
the consolidated financial statements as of
6‑2 Deferred tax recognized in other
June 30, 2024 38
comprehensive income 29
18‑2 Impact of foreign exchange risk hedging on
NOTE 7 Earnings per share Group share 30 the consolidated financial statements as of
December 31, 2023 39
NOTE 19 Related parties 40
Balance sheet - Assets
19‑1 Consolidated subsidiaries 40
NOTE 8 Goodwill 30 19‑2 Members of the Board of Directors and of
the Executive Committee 40
NOTE 9 Other non‑current assets 32 19‑3 Companies in which a member of the Board
of Directors or of the Executive Committee
has a significant voting right 40
NOTE 10 Change in net working capital 33
NOTE 20 Contingent liabilities 40

NOTE 21 Exposure to market risks 41

21‑1 Credit risk 41

21‑2 Fair value of financial assets and liabilities 42

24 • BIC GROUP - 2024 HALF-YEAR FINANCIAL REPORT •

 HALF‑‑YEAR CONSOLIDATED FINANCIAL STATEMENTS

Notes to the consolidated financial statements

NOTE 1 MAIN RULES AND ACCOUNTING POLICIES

1‑1 Accounting policies ● Amendments to IAS 1 – Classification of Liabilities as Current

or Non‑current and Non‑current liabilities with covenants;
1‑1‑1 General ● Amendments to IFRS 16 – Lease liability in sale and leaseback;
Pursuant to European regulation n°1606/2002 of July 19, 2002 ● Amendments to IAS 7 and IFRS 7 – Supplier Finance
concerning international accounting standards, the condensed

2
Arrangements.
interim consolidated financial statements of the BIC Group have
been prepared in accordance with accounting principles as The application of these standards and amendments did not have
defined by the International Accounting Standards Board (IASB) any material impact on the Group’s accounts.
as adopted by the European Union. International Financial New standards, interpretations and amendments that may be
Reporting Standards are available on the European Union applied early for financial years beginning on or after
website. January 1, 2024
The international standards include the IFRS (International As of June 30, 2024, the Group did not elect to early apply any
Financial Reporting Standards), the IAS (International standard, interpretation or amendment.
Accounting Standards), as well as their SIC (Standing Standards, interpretations and amendments that may not be
Interpretation Committee) and IFRIC (International Financial applied early for financial years beginning on or after
Reporting Interpretations Committee) interpretations. January 1, 2024
The condensed consolidated financial statements as of
Nothing to report.
June 30, 2024 have been prepared in compliance with IAS 34
“Interim financial reporting”. The financial statements have been 1‑1‑3 Climate change and sustainable development
prepared on the historical cost basis, except for the valuation of The Group has not identified any significant change on
certain financial instruments. climate‑related risks compared to what was disclosed in the
IAS 34 allows presentation of a selection of notes to the 2023 Universal Registration Document.
condensed consolidated financial statements that should be read
in conjunction with the consolidated financial statements of
December 31, 2023. 1‑2 Change in Group structure
The measurement procedures used for the interim condensed From the December 31, 2023, the structure of the Group had
consolidated financial statements are as follows: not changed.
● 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 1‑3 Significant events
items. The income tax charge related to any non‑recurring item
No subsequent event occurred between January 1, 2024 and
in the period is accrued using its actual tax expense;
June 30, 2024.
● regarding the main pension plans and other employee benefits

(United States, Canada, France, United Kingdom), actuarial

valuations are performed every six months. Amounts 1‑4 Income tax – OECD Pillar Two model rules
recognized in the interim statement of financial position are
based on estimates made at the end of the previous year and The group is within the scope of the OECD Pillar Two model
on the discount rates as of June 30. rules, and it applies the IAS 12 temporary exception to
Regarding share‑based payments and other benefits plans, recognising and disclosing information about deferred tax
expenses are recognized in the period on a pro rata basis of the related to Pillar Two income taxes. Under this legislation effective
estimated costs for the year. from January 1, 2024, the group is liable to pay a top‑up tax for
the difference between its GloBE effective tax rate in each
The principal accounting policies remain unchanged compared to jurisdiction and the 15% minimum rate.
last year except for adoption of the following standard, effective
since January 1, 2024. The group has estimated that, as of June 30, 2024, the weighted
average effective tax rates exceed 15% in all jurisdictions in which
1‑1‑2 Adoption of new and revised International it operates.
Financial Reporting Standards, interpretations
and amendments
New standards, amendments and interpretations of mandatory 1‑5 Subsequent events
application for financial years beginning on or after January 1, 2024
Nothing to report.
The following standards and amendments are effective since
January 1, 2024 and have been applied to the consolidated
financial statement as of June 30, 2024:

• BIC GROUP - 2024 HALF-YEAR FINANCIAL REPORT • 25

 HALF‑‑YEAR CONSOLIDATED FINANCIAL STATEMENTS

Notes to the consolidated financial statements

NOTE 2 OPERATING SEGMENTS

2‑1 Information by activity

At June 30, 2023 At June 30, 2024

Human Flame Blade Other Unalloca Human Flame Blade Other Unalloca
(in million euros) Expression for Life Excellence Products ‑ted costs Total Expression for Life Excellence Products ‑ted costs Total

Income statement
●
Net sales 460 434 268 14 - 1,177 452 402 271 14 - 1,139
●
Depreciation and
amortization (16) (14) (15) (13) - (58) (16) (14) (15) (13) - (57)
●
Impairment loss - - (1) - - (1) - - - - - -
●
EBIT 45 153 20 (1) (42) 175 45 121 35 (2) (45) 154

Restatements made to obtain adjusted EBIT

●
Restructuring costs - - - - - - 2 2 1 - - 5
●
Special premium - - - - - - 3 2 2 - 1 8
●
PPA France - - - - - - 1 1 - - - 3
●
Acquisition costs - - - - - 1 - - - - - -
Adjusted EBIT 45 153 20 (1) (42) 175 52 127 38 (2) (44) 170

At June 30, 2024, BIC has not identified any customer with which it realized more than 10% of its net sales over the period.

At June 30, 2023 At June 30, 2024

Human Flame Blade Other Human Flame Blade Other

(in million euros) Expression for Life Excellence Products Total Expression for Life Excellence Products Total

Capital additions (a) (b)

(without rights of use) 8 9 14 12 43 7 9 7 9 32
Net inventories 281 187 126 7 601 260 167 121 9 557
(a) Excluding 2024 capital additions not cashed out end of June 2024 and including capital additions cashed out in 2024 related to 2023 for a net amount of
-1,0 million euros (see CF and Note 15).
(b) Excluding 2023 capital additions not cashed out end of June 2023 and including capital additions cashed out in 2023 related to 2022 for a net amount of
1,0 million euros (see CF and Note 15).

26 • BIC GROUP - 2024 HALF-YEAR FINANCIAL REPORT •

 HALF‑‑YEAR CONSOLIDATED FINANCIAL STATEMENTS

Notes to the consolidated financial statements

2‑2 Information by geography

The regions identified by the management are the following:

At June 30, 2023 At June 30, 2024

Asia and Asia and

Europe Middle Ocenia Europe Middle Ocenia

2
excluding North Latin East and (including excluding North Latin East and (including
(in million euros) France France America America Africa Cello) TOTAL France France America America Africa Cello) TOTAL

Net sales 103 251 477 217 83 47 1,177 109 264 424 218 81 43 1,139

The Group may grant year‑end rebates. These rebates are booked in net sales and amounted 52 million euros as of June 30, 2024
compared to 50 million euros as of June 30, 2023.

At December 31, 2023 At June 30, 2024

Europe Europe
excluding North Developing excluding North Developing
(in million euros) France France America Markets TOTAL France France America Markets TOTAL

Non‑current assets (a) 332 185 331 185 1,033 320 184 331 185 1,020
(a) Other than financial instruments (0.1 million euros in 2024 and 1 million euros in 2023, and deferred tax assets (118.3 million euros in 2024 and 116.7 million euros in
2023) and deferred pensions (4.0 million euros in 2024 and 3.7 million euros in 2023).

NOTE 3 OPERATING EXPENSES

Operating expenses breakdown is as follow:

(in thousand euros) June 30, 2023 June 30, 2024

Raw materials, consumables used and change in inventory 330,520 314,486

Staff costs 294,081 313,640
Depreciation and amortization expenses 58,134 57,034
Advertising costs 54,313 53,776
Other operating expenses 251,042 252,833
Impairment loss on manufacturing equipment 736 30

Profit/(loss) on operational foreign currency translation 12,406 (7,701)

TOTAL 1,001,232 984,098

Other income and expenses are not included in the total amount They include the French research tax credit for 0.8 million euros,
and are disclosed in Note 4. compared to 1.1 million euros in 2023.
Other operating expenses mainly include outside services. The effects of currency hedging are booked in “profit/(loss) on
Research and development costs recognized under “Other operational foreign currency translation”.
operating expenses” for the first half of 2024 amounted
to 12.1 million euros, versus 12.6 million euros during the first
half of 2023.

• BIC GROUP - 2024 HALF-YEAR FINANCIAL REPORT • 27

 HALF‑‑YEAR CONSOLIDATED FINANCIAL STATEMENTS

Notes to the consolidated financial statements

NOTE 4 OTHER INCOME AND EXPENSES

Other income and expenses breakdown is as follow:

(in thousand euros) June 30, 2023 June 30, 2024

Gain on disposal of fixed assets 340 171
Rocketbook earn‑out adjustment 1,447 -
Other 2,720 6,116
Other income 4,507 6,287
Cost reduction plans (47) (5,112)
Lucky Stationary earn‑out adjustment (2,746) -
Other (2,728) (2,011)
Other expenses (5,521) (7,123)
TOTAL (1,014) (836)

Other income and expenses incurred in first half of 2024 mainly Other income and expenses incurred in first half of 2023 mainly
include: include:
● 5.1 million euros restructuring expenses. ● 1.4 million euros earn‑out adjustment related to Rocketbook

acquisition;
● 2.7 million euros earn‑out adjustment related to Lucky

Stationary acquisition.

NOTE 5 FINANCIAL INCOME

Financial income breakdown is as follow:

(in thousand euros) June 30, 2023 June 30, 2024

Interest income from cash and cash equivalents 6,993 2,278
Interest on bank deposits 4,320 4,829
Income from cash and cash equivalents 11,314 7,107
Cost of financial debt (3,665) (4,376)
Cost of lease debt (696) (993)
Argentina hyperinflation accounting (4,738) (7,713)
Net financial foreign exchange difference (4,532) 6,867
Hedging instruments revaluation (3,181) (674)
Net finance income / (net finance costs) (16,811) (6,889)
FINANCE (COSTS)/REVENUE (5,497) 218

Financial income has improved during first half of 2024 compared to Information on interest rates
2023. It comes from several factors: As of June 30th, 2024, outstanding loans and credit lines, apart
● the depreciation of brazilian real against the U.S. dollar has
from NeuCP, were contracted with floating rates ranging
generated a much favorable impact on the valuation of between 8.40% in India on the Rupee and 61.57% in Turkey on
financial assets denominated in U.S. dollar; Turkish Lyra.
● the change in fair value related to the VPPA signed in Greece is a
The borrowings indicated for France consist exclusively of
0.7 million euros expense in th first half 2024 against a NeuCP issuances, issued on average at 4.21%.
3.2 million euros expense in the first half 2023 (see Note 18); Relative exposure, deemed not significant, has not been hedged.
partly offset by: The NeuCP interest are booked in Cost of financial debt.
● income from cash and cash equivalents decrease compared to the
previous period;
● an increase of the financial expense in the first half 2024 due to

hyperinflation accounting in Argentina .

28 • BIC GROUP - 2024 HALF-YEAR FINANCIAL REPORT •

 HALF‑‑YEAR CONSOLIDATED FINANCIAL STATEMENTS

Notes to the consolidated financial statements

NOTE 6 INCOME TAX

6‑1 Income tax expense

(in thousand euros) June 30, 2023 June 30, 2024

Income before tax 169,189 154,733

2
Tax charge 47,542 43,325

TAX RATE 28.10% 28.00%

At the end of June 2024, the Group effective tax rate is account any tax rate changes voted by June 30, 2024 and
determined on an annual basis. The tax charge is calculated by effective after this date. The income tax charge related to any
applying the estimated average rate for the 2024 full year to non‑recurring items in the period is accrued using the actual tax
income before tax (excluding unusual material items), taking into expense.

6‑2 Deferred tax recognized in other comprehensive income

Deferred and current taxes recognized in other comprehensive income result from the following items:

JUNE 30, 2024

Other comprehensive
(in thousand euros) income Deferred taxes

Actuarial differences on defined‑benefit plans (1) 11,086 (2,526)

Other comprehensive income (2) (21,851) 2,967
●
Hedge derivates (11,937) 3,096
●
Foreign exchange impact (10,823) (130)
TOTAL (1)+(2) (10,765) 441

JUNE 30, 2023

Other comprehensive
(in thousand euros) income Deferred taxes

Actuarial differences on defined‑benefit plans (1) 2,415 (675)

Other comprehensive income (2) (9,699) 2,007
●
Hedge derivates (11,033) 2,378
●
Foreign exchange impact 1,335 (371)

TOTAL (1)+(2) (7,284) 1,332

• BIC GROUP - 2024 HALF-YEAR FINANCIAL REPORT • 29

 HALF‑‑YEAR CONSOLIDATED FINANCIAL STATEMENTS

Notes to the consolidated financial statements

NOTE 7 EARNINGS PER SHARE GROUP SHARE

Earnings per share (Group share) and diluted earnings per share The number of shares used to calculate the diluted earnings per
(Group share) correspond to the Group net income divided by share (Group share) is the weighted average number of shares
the relevant number of shares. potentially in circulation during the period, which corresponds to
The number of shares used to calculate the earnings per share the number of shares used for basic earnings per share Group
(Group share) is the weighted average number of ordinary shares share, adjusted for the dilutive effect of free shares and stock
outstanding during the period less the weighted average number options.
of shares held in treasury stock by SOCIÉTÉ BIC during the As of June 30, 2023, there are no share with relutive impact and
period and presented as a reduction to equity. the maximum dilutive effect from unvested free shares and
stock‑options are around 1% of the share capital.

June 30, 2023 June 30, 2024

Numerator (in thousand euros)

Net income Group share from continuing operations 121,647 111,408

Denominator (in number of shares)

Weighted average number of ordinary shares in circulation 43,229,749 41,775,924

Dilutive effect of free shares 589,219 445,866
Diluted weighted average number of ordinary shares in circulation 43,818,967 42,221,790

Earnings per share Group share from continuing operations (in euros)

Earnings per share Group share from continuing operations 2.81 2.67
Diluted earnings per share Group share from continuing operations 2.78 2.64

NOTE 8 GOODWILL

Goodwill breakdown is as follow:

(in thousand euros) Gross value Impairment loss Net value

At January 1, 2023 394,127 (96,517) 297,610

Exchange differences (10,359) 991 (9,368)

At June 30, 2023 383,768 (95,526) 288,242

At January 1, 2024 376,377 (93,098) 283,279

Exchange differences 7,023 (2,413) 4,610

At June 30, 2024 383,400 (95,511) 287,889

30 • BIC GROUP - 2024 HALF-YEAR FINANCIAL REPORT •

 HALF‑‑YEAR CONSOLIDATED FINANCIAL STATEMENTS

Notes to the consolidated financial statements

The balance, as of June 30, 2024, includes the following principal net goodwill:

(in thousand euros) December 31, 2023 June 30, 2024

BIC CORPORATION – Human Expression (a) 53,396 54,762

BIC CORPORATION – Flame for Life (a) 42,470 43,653
BIC Violex – Blade Excellence 71,189 71,805

2
Kenya – Human Expression 3,823 4,726
Nigeria – Human Expression 6,189 3,707

Djeep – Flame for Life 29,885 29,885

Rocketbook – Human Expression 26,831 27,696
Inkbox – Human Expression 28,287 29,199
Tattly – Human Expression 2,042 2,107
Advanced Magnetic Interaction – Human Expression 2,197 2,538

Other (a) 16,971 17,810

TOTAL 283,279 287,889

(a) These goodwill amounts are linked to cash‑generating units represented by distribution subsidiaries.

To perform the impairment tests, the Group used the following discount and perpetual growth rates:

Weighted average cost of capital Perpetual growth

(WACC) before tax rate

2023 2024 2023 2024

BIC CORPORATION
●
Human Expression 10.5% 11.7% 1.5% 1.5%
●
Flame for Life 10.0% 11.3% 1.5% 1.5%
Cello Pens – Human Expression 14.4% 11.5% 4.1% 4.1%
BIC Violex – Blade Excellence 13.6% 16.8% 1.9% 1.9%
Kenya – Human Expression 33.8% 19.3 % 5.6% 5.5%
Nigeria – Human Expression 28.1% 29.8% 8.1% 8.1%
Djeep – Flame for Life 10.6% 10.5% - -
Rocketbook – Human Expression 9.35% 10.1% 1.5% 1.5%
Inkbox – Human Expression 11.8% 11.9% 2% 2%

• BIC GROUP - 2024 HALF-YEAR FINANCIAL REPORT • 31

 HALF‑‑YEAR CONSOLIDATED FINANCIAL STATEMENTS

Notes to the consolidated financial statements

Each goodwill item has been allocated to a cash‑generating unit As every year, as of June 30, 2024, the Group performed annual
(“CGU”) representing the lowest level at which goodwill is impairment tests on these goodwill amounts.
monitored by the Group. The goodwill impairment test methodology is based on a
The goodwill on BIC CORPORATION is thus mainly allocated to comparison between the recoverable amount of each of the
cash‑generating units linked to the distribution by BIC Group’s cash‑generating units and the corresponding assets’ net
CORPORATION of stationery products and lighters. book value (including goodwill).
The goodwill on Cello Pens is allocated to the cash‑generating Such recoverable amounts correspond to the value in use and are
units linked to the production and distribution of stationery determined using discounted future cash flow projections over a
products by Cello and was fully depreciated. maximum of five years and a terminal value using the perpetual
The remaining goodwill on BIC Violex is allocated to the annuity method, including notably the following:
● the discount rate before taxes used is the weighted average
cash‑generating unit linked to shavers developed and/or
produced by BIC Violex and sold all over the world. This cost of capital. Particular attention has been paid to the
cash‑generating unit also includes the portion of BIC analysis of the main market items used for the calculation of
CORPORATION goodwill allocated to shavers. the discount rates;
● the perpetual growth rates were determined based on
The goodwill on the Kenya subsidiary is allocated to the
cash‑generating unit linked to the production and distribution of external (inflation rate) and internal (business growth) sources.
stationery products by BIC East Africa. Perpetual growth rates above 2% take into account market
The goodwill on the Nigeria subsidiary is allocated to the specifics, notably in Nigeria, Kenya and in India.
cash‑generating unit linked to the production and distribution of Considering the impairment on part of the assets on the CGU
stationery products by Lucky Stationary Limited. Cello, any negative variance of drivers (discount rate,
The goodwill on Djeep is allocated to the cash‑generating unit performance and perpetual growth rates) would lead to an
linked to the production and distribution of lighters by Djeep. additional impairment of other assets.
The goodwill on Rocketbook is allocated to the cash‑generating The sensitivity of the other impairment tests to changes in other
unit linked to the distribution of the Core and Fusion notebooks, key assumptions indicates that no reasonably likely change would
reusable notebooks used with erasable pens by Rocketbook. lead to impairment, taking into account the observed headroom
on the other tests conducted.
The goodwill generated on Inkbox is allocated to the
cash‑generating unit linked to the distribution of semi‑permanent
tattoos by Inkbox.

NOTE 9 OTHER NON‑CURRENT ASSETS

(in thousand euros) Decembre 31, 2023 June 30, 2024

Guarantee deposits 5,499 5,387

Deferred pensions 2,990 3,989
Deferred compensation in the U.S. (other than pensions) 7,397 7,635
Other non‑current financial assets 8,226 8,423

Other non‑current assets 9,398 10,062

TOTAL 33,510 35,496

32 • BIC GROUP - 2024 HALF-YEAR FINANCIAL REPORT •

 HALF‑‑YEAR CONSOLIDATED FINANCIAL STATEMENTS

Notes to the consolidated financial statements

NOTE 10 CHANGE IN NET WORKING CAPITAL

Change in net working capital breakdown is as follow:

Cash flows Cash flows Argentina Foreign
impact impact Hyper- Other exchange
(in thousand euros) December 31, 2023 Operating Investing (a) inflation variances and other June 30, 2024

2
Net inventory 557,981 1,459 - (110) - (1,772) 557,557
●
Inventory – Gross value 578,977 1,577 - (110) - (1,609) 578,835
●
Inventory – Impairment (20,996) (119) - - - (163) (21,278)
Trade and other receivables 403,505 162,299 - - - (1,696) 564,109
Trade and other payables (144,703) (38,943) 970 - - 998 (181,678)

Other receivables and payables (b) (256,803) (19,576) (20) - (563) (125) (277,086)

NET WORKING CAPITAL 559,980 105,239 950 (110) (563) (2,594) 662,902
(a) Cash flows impact Investing includes capital additions cashed out in 2024 relating to 2023 and excludes 2024 capital additions not yet cashed out.
(b) Other receivables and payables are composed of: Note December 31, 2023 June 30, 2024
Other current assets Assets 20,330 34,433
Assets covering post‑employment benefits in the United States (other than pensions) 9 7,397 7,635
Other non‑current assets 9 9,398 10,062
Other current liabilities Liabilities (288,919) (324,172)
Other non‑current liabilities Liabilities (5,009) 5,043
TOTAL (256,803) (277,086)

The working capital is used to finance the Group’s operating cycle. Details of the elements used in the calculation are presented above.

NOTE 11 SHARE CAPITAL

11‑1 Share capital

As of June 30, 2024, the share capital of SOCIÉTÉ BIC was In addition, SOCIÉTÉ BIC holds 656,485 treasury shares,
161,474,031.98 euros divided into 42,270,689 shares of acquired at an average price of 61.37 euros in accordance with
3.82 euros each. Bearer shares held for more than two years Article L. 225‑209 of the French Commercial Code, which
carry double voting rights. represent 1.55% of the share capital.

• BIC GROUP - 2024 HALF-YEAR FINANCIAL REPORT • 33

 HALF‑‑YEAR CONSOLIDATED FINANCIAL STATEMENTS

Notes to the consolidated financial statements

11‑2 SOCIÉTÉ BIC shares held in treasury stock and share repurchase program as of June 30, 2024
Average acquisition % of the share
Purpose of the repurchase Number of shares price (in euros) capital

Liquidity agreement (a) 29,863 58.68 0.07%

(a)
Free share grants 626,622 61.50 1.48%

TOTAL 656,485 61.37 1.55%

(a) Article L. 225‑209 of the French Commercial Code.

In accordance with the liquidity agreement, transferred by ● 29,863 BIC shares;

Natixis to ODDO BFH on June 27, 2018, in respect of SOCIÉTÉ ● 1,566,421 euros.
BIC shares, as of June 30, 2024, the liquidity account contained
the following: SOCIÉTÉ BIC obtained authorization from the Annual
Shareholders’ Meeting on May 29, 2024, to renew its share
repurchase program.

Number of shares purchased in 2024 (a)

●
Share repurchase program authorized by the Annual Shareholders’ Meeting held on May 16, 2023 309,552
●
Share repurchase program authorized by the Annual Shareholders’ Meeting held on May 29, 2024 159,340
Average share repurchase price forthe purchases during the first half of 2024 (in euros) 62.64

(a) Excluding shares repurchased under the liquidity contract.

To the best of the Company’s knowledge, as of June 30, 2024, Shareholders holding respectively more than 5% of the share capital
and/or of the voting rights of the Company were as follows:

At June 30, 2024

% of shares % of voting rights

(approx.) (approx.)

SOCIÉTÉ M.B.D. 30.48% 39.25%

Bich family 16.82% 23.40%
Silchester International Investors LLP 8.53% 5.75%

34 • BIC GROUP - 2024 HALF-YEAR FINANCIAL REPORT •

 HALF‑‑YEAR CONSOLIDATED FINANCIAL STATEMENTS

Notes to the consolidated financial statements

NOTE 12 BORROWINGS AND FINANCIAL LIABILITIES

Current
borrowings
Short‑‑term and financial Current lease Non‑‑current
(in thousand euros) Bank overdrafts borrowings liabilities liability lease liability Total

2
At January 1, 2023 1,099 50,000 11,843 13,601 42,839 119,382

Cash Flows 966 46,000 34,336 (7,308) (186) 73,806

“Non‑cash” changes (1) - (1,579) 11,262 (670) 9,012
●
Variations of lease debt - - - 11,785 178 11,963
●
Exchange difference (1) - (1,579) (522) (848) (2,951)

At June 30, 2023 2,063 96,000 44,600 17,555 41,982 202,201

Au 1er janvier 2024 - 75,000 16,917 17,468 46,804 156,189

Cash Flows - 30,000 3,171 (10,039) - 23,132
“Non‑cash” changes - - 323 10,258 (3,871) 6,710
●
Variations of lease debt - - - 10,252 (4,373) 5,880
●
Exchange difference - - 323 6 502 830
Au 30 juin 2024 - 105,000 20,411 17,687 42,931 186,029

At June 30, 2024, bank loans and financial liabilities are due within one year.
At December 31, 2023, bank loans and financial liabilities were due within one year.

Main bank loans/credit lines and financial liabilities are as follows:

Euro equivalents
Borrowing country (in thousand euros) Currency December 31, 2023 June 30, 2024
●
France EUR 75,090 105,125
●
Turkey TRY 2,587 4,786
●
India INR 14,240 15,500
TOTAL 91,917 125,411

The 200,0 million euros Revolving Facility Credit (R.C.F) was Lease debt
renewed on June 27, 2023 for a new 3‑year period. To date, the BIC uses an incremental borrowing rate for discounting debt.
R.C.F has not yet been drawn down, and NeuCP’s outstanding The rate used for each lessee is the rate he would have to pay to
balance as of June 30, 2024 amounts to 105,0 million euros. borrow, over a similar period and with similar security, the funds
Despite the inflationary environment currently prevailing in the necessary to obtain an asset of similar value to the leased asset in
euro zone, generating tensions on the yield curve and credit a similar economic environment.
market.
Information on covenants
None of the current loans contains any covenant that could
trigger early repayment of the debt.

• BIC GROUP - 2024 HALF-YEAR FINANCIAL REPORT • 35

 HALF‑‑YEAR CONSOLIDATED FINANCIAL STATEMENTS

Notes to the consolidated financial statements

NOTE 13 PROVISIONS

Provisions breakdown is as follow:

Tax and social
risks and Other risks
(in thousand euros) litigation Litigation Product liability and charges Total

At January 1, 2023 3,734 10,913 356 4,119 19,124

Additional provisions 166 2,002 - 1,153 3,321

Reversals of provisions utilized (413) (1,838) - (630) (2,881)
Reversals of provisions not utilized (1) (147) - (1) (149)
Exchange differences 137 (538) (7) (467) (877)
Reclassification 651 (651) - - -

At June 30, 2023 4,274 9,741 349 4,174 18,538

At January 1, 2024 5,434 9,139 326 4,796 19,695

Additional provisions 95 4,013 - 1,249 5,357

Reversals of provisions utilized (592) (2,642) - (184) (3,417)
Reversals of provisions not utilized - - - (2) (2)
Exchange differences (289) (191) 10 (9) (478)
At June 30, 2024 4,648 10,320 336 5,850 21,155

Tax (excluding income tax) and social risks and litigation Litigation
Provisions for tax (excluding income tax) and social risks and As of June 30, 2024, the litigation provision mainly represents
litigation relate mainly to: litigations in the US for 5.4 million euros.
● tax risks;
Other risks and charges
● U.S. workers’ compensation.
As of June 30, 2024, other provisions for risks and charges are
Uncertain tax positions relating to IAS 12 income taxes are mainly related to distributor and commercial agent risks.
recognized as deferred tax liabilities if it is considered probable
that the tax authorities will reject the position.

NOTE 14 OTHER CURRENT LIABILITIES

Other current liabilities breakdown is as follows:

(in thousand euros) December 31, 2023 June 30, 2024

Social liabilities 98,662 99,039

Other tax liabilities 10,638 16,245
Accrued business development fund 103,728 117,883
Accrued costs – restructuring 7,849 9,625

Other current liabilities 68,042 81,380

OTHER CURRENT LIABILITIES 288,919 324,172

36 • BIC GROUP - 2024 HALF-YEAR FINANCIAL REPORT •

 HALF‑‑YEAR CONSOLIDATED FINANCIAL STATEMENTS

Notes to the consolidated financial statements

NOTE 15 COMMENTS ON THE CONSOLIDATED CASH FLOW STATEMENT

References from (a) to (h) refer to the consolidated cash flow In the first semester 2024, BIC disbursed 31.6 million euros on
statement. property, plant and equipment and intangible assets acquisitions
As of June 30, 2024 cash and cash equivalents amounted to compared to 42.8 million euros in the first half 2023 (d).
385.4 million euros. “Other current financial assets” refer to investments not eligible
for classification as cash & cash equivalents under IAS 7. These

2
Net cash from operating activities
investments consisted of units of UCITS and negotiable debt
First half 2024 net cash from operating activities amounted to securities, all of which are liquid within two days (e).
68.4 million euros, compared to 45.3 million euros as of
June 30, 2023. Net cash from financing activities
The Group recorded foreign exchange (gains)/losses with no cash Net cash from financing activities is a 121.7 million euros
impact in financial income and restated these in the consolidated disbursement in the first semester 2024 compared to
cash flow statement (a). 90,6 million euros in the first half 2023.
The net working capital variation (see Note 10 for the definition) The dividends paid represent the dividends paid by SOCIÉTÉ BIC
has an impact of -105,2 million euros compared to an impact of to its Shareholders (see Note 16) (f).
-154.8 million euros in the half year 2023. On a comparable As of June 30, 2024, debt issuance net from reimbursements
basis, the change in working capital in the first half 2024, amounted to 33.2 million euros, compared to 80.3 million euros
compared to the first half 2023, is mainly impacted by an increase of net issuance in the first half 2023 (g).
of payables (b). In the first half 2024, 468,892 shares were repurchased by
The first half 2023 variance was mainly explained by an increase SOCIÉTÉ BIC for 29.4 million euros. Under the liquidity
in account receivables (b). agreement, SOCIÉTÉ BIC bought 242,242 shares for
The payments related to employee benefits were mainly driven 15.6 million euros, and sold 234,940 shares for
by the U.S. and France (c). 15.3 million euros (h).
Net cash from investing activities In the first half 2023, 1,041,449 shares were repurchased by
SOCIÉTÉ BIC for 60.4 million euros. Under the liquidity
Net cash from investing activities correspond to a agreement, SOCIÉTÉ BIC bought 319,745 shares for
24.0 million euros disbursement in the half year 2024 compared 19.2 million euros, and sold 302,996 shares for
to 52.7 million euros in the half year 2023. 18.4 million euros (h).

NOTE 16 DIVIDENDS

For the 2023 fiscal year, an ordinary dividend of 2.85 euros per share was distributed to Shareholders on June 12, 2024, and an
extraordinary dividend of 1.42 euro per share will be paid during the second half‑year 2024.
For the 2022 fiscal year, an ordinary dividend of 2.56 euros per share was distributed to Shareholders on May 31, 2023.

• BIC GROUP - 2024 HALF-YEAR FINANCIAL REPORT • 37

 HALF‑‑YEAR CONSOLIDATED FINANCIAL STATEMENTS

Notes to the consolidated financial statements

NOTE 17 SHARE‑BASED PAYMENTS

As of June 30, 2024, the fair value of options and shares granted The Board of Directors of February 19, 2024 decided to grant
amounts to 7,096 thousand euros and is booked in staff costs. 205,968 free shares to 197 beneficiaries subject to performance
conditions and 96,793 free shares to 806 beneficiaries without
performance conditions. The plans’ unit fair value is 55.27 euros.

NOTE 18 FINANCIAL INSTRUMENTS

18‑1 Impact of foreign exchange risk hedging on the consolidated financial statements as
of June 30, 2024
The following amounts have been booked as the fair value of derivatives as of June 30, 2024 (in thousand euros):

Net financial
Income/
Hedge (expense) Income from Other
Derivative instruments qualification/ before tax – operations – comprehensive Current Non‑‑current Current Non‑‑current
and revaluation hedged risk Note 5 Note 3 income before tax (a) assets (b) assets Liabilities Liabilities

Hedging revaluation impact

Commercial flows Cash flow hedge/
foreign exchange
risk (395) (2,589) (8,428) 1,729 82 (5,716) (356)
Energy derivative intrument Cash flow hedge (674) - (2,696) - - - (33,227)
Dividends Net investment/
foreign exchange
risk - - (819) - - (1,604) -

Subtotal (1) (1,069) (2,589) (11,943) 1,729 82 (7,320) (33,583)

Revaluation of cross‑currency At fair value
swaps backed by cash positions through P&L/
in foreign currencies foreign exchange
risk (114) - - 43 - (125) -
Energy derivative intrument At fair value
through P&L - (2,687) (2,687)

Subtotal (2) (114) (2,687) - 43 - (125) (2,687)

TOTAL 1+2 (1,183) (5,276) (11,943) 1,772 82 (7,445) (36,269)

(a) This corresponds to the market value of hedging instruments in the portfolio at June 30, 2024 restated for the reversal of the market value of the portfolio of hedging
instruments as of December 31, 2023.
(b) Including options not yet exercised held by BIC representing current assets for 422 thousand euros.

38 • BIC GROUP - 2024 HALF-YEAR FINANCIAL REPORT •

 HALF‑‑YEAR CONSOLIDATED FINANCIAL STATEMENTS

Notes to the consolidated financial statements

18‑2 Impact of foreign exchange risk hedging on the consolidated financial statements as of
December 31, 2023
The following amounts have been booked as the fair value of derivatives as of December 31, 2023 (in thousand euros):
Net
financial
Income/ Other
Hedge income (expense) comprehensive

2
Derivative instruments qualification/ before tax – EBIT – income before Current Non‑current Current Non‑current
and revaluation hedged risk Note 5 Note 3 tax (a) assets (b) assets Liabilities Liabilities

Hedging revaluation impact

Commercial flows Cash flow hedge/
foreign exchange
risk 402 1,487 67 10,175 790 (2,977) (392)
Energy derivative instrument Cash flow (3,335) - (13,341) - - - (29,857)
Dividends Net investment/
foreign exchange
risk - - 446 - - (786) -

Subtotal (1) (2,933) 1,487 (12,828) 10,175 790 (3,763) (30,250)

Revaluation of cross‑currency At fair value
swaps backed by cash positions through P&L/
in foreign currencies foreign exchange
risk 74 - - 32 - (33) -

Subtotal (2) 74 - - 32 - (33) -

TOTAL (1)+(2) (2,859) 1,487 (12,828) 10,207 790 (3,795) (30,250)

(a) This corresponds to the market value of hedging instruments in the portfolio at December 31, 2023 restated for the reversal of the market value of the portfolio of hedging
instruments as of December 31, 2022.
(b) Including options not yet exercised held by BIC representing current assets for 817 thousand euros.

In November 2023, BIC signed a physical Power Purchasing ● high visibility of future electricity consumption by the Greek
Agreement (PPA) as part of our sustainability strategy to meet assets, corroborating the highly probable nature of the cash
our climate targets. Under the terms of this contract, BIC is flows hedged.
committed to purchasing 35 GWh at a fixed price for a 15 year The application of IFRS 9 leads to the recognition of :
period from 2024 to 2039. This contract had no material impact ● an asset of 42 million euros at November 4, 2022 in respect of
on the Group's financial statements as of December 31, 2023.
the fair value of the contract at inception. This amount is offset
As of June 30, 2024, the change in fair value amounting by a provision for the Day One Gain of 42 million euros, which
-2.7 million euros has been recorded in EBIT. will be reversed through the income statement on a
In November 2022, our Greek subsidiary BIC Violex signed a straight‑line basis from the asset's production start‑up date;
Virtual Power Purchasing Agreement (VPPA) as part of our ● a change in fair value of -13 million euros at December 31, 2022;
sustainability strategy to meet our climate targets. ● an additional -16.7 million euros change in fair value at
Under the terms of this contract, BIC Violex is committed to December 31, 2023, the effective portion of which is recorded
purchasing 55 GWh at a fixed price for a 15‑year period from in the statement of comprehensive income
2024 to 2039. (-13.3 million euros) and the ineffective portion in net financial
A VPPA is structured as a financial product linked to the price of expense (-3.4 million euros);
electricity (swap, option, structured product);the contract, or ● an additional -3.4 million euros change in fair value at
part of it, meets the definition of a financial derivative within the June 30, 2024, the effective portion of which is recorded in the
meaning of IFRS 9 (settled on a net basis and not giving rise to a statement of comprehensive income (-2.7 million euros) and
physical delivery of electricity). the ineffective portion in net financial expense
This contract, which reduces the Group's exposure to (-0.7 million euros).
fluctuations in energy prices, has been classified as a cash flow Principal valuation parameters are a long term curve of electricity
hedge. This qualification is based in particular on the following prices, derived from data of listed market EEX and extrapolated
observations: on a linear basis, and a seasonality factor based on historical
● strong correlation expected between the cost of supplying observations.
energy to the Group's Greek assets and the contract's future
cash flows;

• BIC GROUP - 2024 HALF-YEAR FINANCIAL REPORT • 39

 HALF‑‑YEAR CONSOLIDATED FINANCIAL STATEMENTS

Notes to the consolidated financial statements

NOTE 19 RELATED PARTIES

Pursuant to IAS 24, BIC Group considers the following to be ● all members of the Board of Directors (see 2023 Universal
related parties: Registration Document, section 4.1.3.3. “Offices and
● all consolidated subsidiaries (see Note 28 in 2023 Universal responsibilities of the Corporate Officers and Directors” as of
Registration Document); December 31, 2022) as well as their close relatives;
● all companies in which a member of the Board of Directors or
of the Executive Committee has a significant voting right.

19‑1 Consolidated subsidiaries

Transactions between the parent company and its subsidiaries as well as transactions between subsidiaries are eliminated through the
consolidation process.

19‑2 Members of the Board of Directors and of the Executive Committee

Transactions concluded during the first half with members of the Board of Directors and of the Executive Committee are as follows:

(in thousand euros) At June 30, 2023 At June 30, 2024

Short‑term employee benefits 6,350 5,287

Post‑employment benefits 58 1,072
Other long‑term benefits 79 239

Share‑based payments 2,376 3,812

TOTAL TRANSACTIONS 8,862 10,410

19‑3 Companies in which a member of the Board of Directors or of the Executive Committee has
a significant voting right
As of June 30, 2024, no such related parties were identified.

NOTE 20 CONTINGENT LIABILITIES

As of June 30, 2024, neither SOCIÉTÉ BIC nor its subsidiaries ● obligations that are not recognized because:
were aware of any contingent liabilities. ●
settlement, involving an outflow representing economic
Contingent liabilities are defined by IAS 37 as follows: benefits, is not probable, or
● possible obligations whose existence will be confirmed by
●
their amount cannot be measured reliably.
uncertain future events that are not wholly within the control
of the entity;

40 • BIC GROUP - 2024 HALF-YEAR FINANCIAL REPORT •

 HALF‑‑YEAR CONSOLIDATED FINANCIAL STATEMENTS

Notes to the consolidated financial statements

NOTE 21 EXPOSURE TO MARKET RISKS

21‑1 Credit risk

(in thousand euros) Note December 31, 2023 June 30, 2024

Gross trade receivables

2
Not yet due or past due for less than 60 days 341,354 521,554
Past due for 60 to 90 days 5,065 5,672
Past due for 90 to 120 days 6,213 1,686
Past due for more than 120 days 20,678 18,621

Total gross trade receivables 373,309 547,534

Doubtful receivables 17,608 18,647

TOTAL BEFORE ALLOWANCE 390,917 566,181

Allowance on trade receivables not yet due or past due for less than 60 days (3,818) (4,619)
Allowance on trade receivables past due for 60 to 90 days (1,234) (869)
Allowance on trade receivables past due for 90 to 120 days (1,507) (343)
Allowance on trade receivables past due for more than 120 days (28,257) (26,527)

Total allowance (B) (34,816) (32,359)

●
Allowance on specific trade receivables (25,645) (22,472)
●
Allowance on statistically calculated trade receivables (9,170) (9,887)

Other receivables (C) 47,404 30,286

TRADE AND OTHER RECEIVABLES – NET (A)+(B)+(C) 10 403,505 564,109

• BIC GROUP - 2024 HALF-YEAR FINANCIAL REPORT • 41

 HALF‑‑YEAR CONSOLIDATED FINANCIAL STATEMENTS

Notes to the consolidated financial statements

21‑2 Fair value of financial assets and liabilities

Accounting categories and fair value of financial instruments

JUNE 30, 2024

Breakdown by category of instruments

Balance sheet items Balance At fair value through the Derivative hedging Receivables at
(in thousand euros) Note sheet value income statement instruments amortized cost

Financial assets 958,866 219,196 1,854 737,816

Non‑current
●
Derivative financial instruments 18 82 - 82 -
●
Loans accorded to external partners 9 5,605 - - 5,605
●
Other investments 98 98 - -

Current
●
Trade and other receivables 10 564,109 18,824 - 545,285
●
Derivative financial instruments 18 1,772 - 1,772 -
●
Other current financial assets 1,841 1,841 -
●
Cash and cash equivalents 15 385,358 198,433 - 186,926

Financial liabilities 415,382 3,961 43,715 367,707

Non‑current
●
Borrowings 12 42,931 - - 42,931
●
Derivative instruments 18 36,269 - 36,269 -
●
Djeep earn‑out clause 3,961 3,961 - -

Current
●
Borrowings 12 143,098 - - 143,098
●
Derivative instruments 18 7 ,445 - 7,445 -
●
Trade and other payables 10 181,678 - - 181,678

42 • BIC GROUP - 2024 HALF-YEAR FINANCIAL REPORT •

 HALF‑‑YEAR CONSOLIDATED FINANCIAL STATEMENTS

Notes to the consolidated financial statements

DECEMBER 31, 2023

Breakdown by category of instruments

Balance sheet items Balance At fair value through the Derivative hedging Receivables at
(in thousand euros) Note sheet value income statement instruments amortized cost(a)
Financial assets 897,273 257,901 10,997 628,375
Non‑current

2
●
Derivatives financial instruments 18 790 - 790 -
●
Loans accorded to external partners 9 5,430 - - 5,430
●
Other investments 77 77 - -
Current
●
Trade and other receivables 10 403,505 12,703 - 390,802
●
Derivative financial instruments 18 10,207 - 10,207 -
●
Other current financial assets 9,548 9,548 -
●
Cash and cash equivalents 15 467,716 235,573 - 232,143
Financial liabilities 338,897 3,961 34,045 300,891
Non‑current
●
Borrowings 12 46,804 - - 46,804
●
Derivative instruments 18 30,250 - 30,250 -
●
Djeep earn‑out clause 3,961 3,961 - -
Current
●
Borrowings 12 109,385 - - 109,385
●
Derivative instruments 18 3,795 - 3,795 -
●
Trade and other payables 10 144,703 144,703
(a) The carrying amount of assets and liabilities carried at amortized cost is a reasonable approximation of fair value.

The valuation methods adopted for financial instruments are as Fair value valuation method
follows: The tables below set out the fair value method for valuing
● financial instruments other than derivatives recorded in the
financial instruments, using the following three levels:
balance sheet: ● level 1 (quoted prices in active markets): money market UCITS

the book values used are reasonable estimates of their market and other current financial assets;
value except for marketable securities whose carrying values are ● level 2 (observable inputs): derivatives – hedge accounting;
determined based on the last known net asset values as of ● level 3 (non‑observable inputs): only Virtual Power Purchase
June 30, 2024;
agreement (see below).
● derivative financial instruments:

market values are either those indicated by financial institutions

or have been calculated by an external third‑party on the basis of
the last known closing prices as of June 30, 2024. They are
consistent with the valuation reports provided by the financial
institutions.
June 30, 2024

Category of instruments (in thousand euros) Total Level 1 Level 2 Level 3

At fair value through the income statement – Assets 219,196 219,196 - -

Derivative hedges – Assets 1,854 - 1,854 -
Derivative hedges – Liabilities 43,715 - 7,801 35,914

• BIC GROUP - 2024 HALF-YEAR FINANCIAL REPORT • 43

 HALF‑‑YEAR CONSOLIDATED FINANCIAL STATEMENTS

Notes to the consolidated financial statements

In order to reduce its exposure to the risk of fluctuating market the evolution of the spot price of electricity, and the certificates
energy purchase prices, the Group hedges its future that BIC receives as proof of the origin of the electricity
consumption needs in advance, and has entered into (and will produced from renewable energies.
continue to enter into) Virtual Power Purchase Agreements The difference between the contractually fixed price per MWh of
(VPPAs), which enable it to cover part of its energy needs on the electricity produced and the spot price of electricity at the time
basis of prices negotiated with suppliers for a given period. the electricity is produced is due between BIC and the operator
As indicated in note 18, a VPPA has been signed in Greece. The on a monthly basis.
renewable energy production facilities underlying the The contract is valued on the basis of an internal model based on
agreements are managed by their respective operators. BIC has unobservable market parameters. Given the uncertainties
no right of determination or control over the use of the facilities. involved in valuing this contract, a level 3 classification has been
The benefits deriving from the VPPA agreements are made up of adopted.
2 components: a cash flow that depends, among other things, on

44 • BIC GROUP - 2024 HALF-YEAR FINANCIAL REPORT •

STATUTORY AUDITORS' REVIEW
REPORT ON THE HALF‑YEAR
FINANCIAL INFORMATION

• BIC GROUP - 2024 HALF-YEAR FINANCIAL REPORT • 45

 STATUTORY AUDITORS' REVIEW REPORT ON THE HALF‑‑YEAR FINANCIAL INFORMATION

Period from January 1st 2024 to June 30, 2024

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 Societe BIC, for the period from

January 1st 2024 to June 30, 2024;

● 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.

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 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.

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, August 1st 2024

The Statutory Auditors
French original signed by
Grant Thornton ERNST & YOUNG Audit
Membre français de Grant Thornton International
Virginie Palethorpe Jeremy Thurbin

46 • BIC GROUP - 2024 HALF-YEAR FINANCIAL REPORT •

STATEMENT ON THE HALF‑YEAR
REPORT 2024

I hereby declare that, to the best of my knowledge, the condensed consolidated financial statements for the half‑year ended June 30,
2024 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 August 1st, 2024

Gonzalve Bich
Chief Executive Officer

• BIC GROUP - 2024 HALF-YEAR FINANCIAL REPORT • 47

48 • BIC GROUP - 2024 HALF-YEAR FINANCIAL REPORT •
 SOCIÉTÉ BIC
92110 CLICHY (FRANCE)
www.bic.com