BIC (BB) Q2 2026 earnings summary

Executive summary

• H1 2026 organic growth reached 1.7%, with Q2 growth at 1.8%, supported by balanced performance across all categories and key regions.

• Adjusted EBIT margin improved to 16.0% (14.5% excluding US tariff refunds), with adjusted EBIT at €166m and adjusted EPS up 20% to €2.81.

• Free Cash Flow reached €64m, a significant turnaround from -€14m in H1 2025, aided by US tariff refunds.

• US market showed sequential improvement, especially in Stationery and Blade Excellence; Tangle Teezer posted 16% organic growth in H1 and 21% in Q2.

• 2026 outlook upgraded to modest organic growth, adjusted EBIT margin slightly above 14.0%, and stable Free Cash Flow.

Financial highlights

• H1 2026 net sales were €1,040m, up 1.7% organically year-over-year, with Q2 net sales at €586m, up 1.8% organically.

• Adjusted EBIT was €166m (margin 16.0%, up 2.3 pts year-over-year), including a 1.5-point boost from US tariff refunds.

• Adjusted EPS rose to €2.81 (up 20% year-over-year), with €0.30 from tariff refunds; excluding refunds, €2.51, up 7% year-over-year.

• Free Cash Flow: €64m (vs. -€14m in H1 2025), driven by tax phasing and tariff refunds.

• Net income group share: €108m (up from €76m in H1 2025); adjusted net income group share: €114m.

Outlook and guidance

• Full-year 2026 outlook raised: modest organic growth expected, with flat to slightly negative net sales in H2.

• Adjusted EBIT margin to be slightly above 14%, reflecting continued brand investment and transformation costs.

• Free Cash Flow generation expected to be broadly stable year-over-year.

• Majority of tariff refund benefits to be reinvested into the business to prepare for 2027.