BIC (BB) Q2 2025 earnings summary

Executive summary

• H1 2025 net sales declined 2.4% at constant currencies to €1,077 million, but Q2 saw a return to growth with a 1.4% increase at constant currencies, driven by sequential improvement across all divisions and strong double-digit growth from Tangle Teezer, which contributed 4.0 points to group growth.

• Adjusted EBIT margin was resilient at 13.7% in H1 2025, down from 14.9% in H1 2024.

• Free cash flow before acquisitions and disposals was negative €14 million in H1 2025, compared to €37 million in H1 2024, mainly due to lower operating margin and negative working capital impact.

• CEO transition announced: Rob Versloot to take over from Gonzalve Bich in September 2025.

Financial highlights

• H1 2025 net sales: €1,077 million (down 2.4% at constant currencies year-over-year); Q2 net sales: €598 million, up 1.4% at constant currencies.

• Adjusted EBIT for H1: €147 million (13.7% margin), down €23 million year-over-year.

• Adjusted EPS: €2.35 (vs. €2.95 in H1 2024); net income group share: €76 million (vs. €111 million in H1 2024).

• Gross profit margin declined to 48.5% from 49.3% due to higher raw material and electricity costs and currency headwinds.

• Net cash position at end of June 2025: €21 million, down from €262 million a year earlier.

Outlook and guidance

• 2025 net sales expected to grow 0–3% at constant currency.

• Adjusted EBIT margin expected around 15.0% for the full year.

• Free cash flow expected above €240 million for 2025, excluding potential impacts from US tariffs and volatile trading environments.

• FX expected to have a 350–400 basis points unfavorable impact on net sales for the year.