BIC (BB) Q4 2025 earnings summary

Executive summary

• 2025 was marked by a volatile macroeconomic environment, with net sales of €2,090m, down 0.9% at constant currency, mainly due to weak US and Latin America performance, but momentum improved in H2 with strong growth in Brazil, Middle East, and Africa.

• Adjusted EBIT fell to €283m (13.6% margin), and adjusted EPS dropped to €4.74, reflecting lower gross profit margin and higher costs.

• Free cash flow was €222m, supported by disciplined financial management.

• Key achievements included the successful integration and double-digit growth of Tangle Teezer, strong performance from value-added products, and progress on ESG initiatives.

• Decisive actions were taken to streamline the portfolio, discontinuing underperforming businesses like Rocketbook, Cello, and Skin Creative, and renewing the executive leadership team.

Financial highlights

• FY 2025 net sales: €2,090m (-0.9% at constant currency, -4.7% organically); Q4 net sales: €495m (+1.1% at constant currency).

• Adjusted EBIT: €283m (13.6% margin), down from €343m (15.6%) in 2024.

• Adjusted EPS: €4.74, down from €6.15 in 2024.

• Free cash flow: €222m, down from €271m in 2024.

• Net income group share: €86m, down from €212m in 2024.

Outlook and guidance

• 2026 is positioned as a transitional year, with a focus on stabilizing performance and laying foundations for growth.

• Guidance is for improving organic net sales trends, slight expansion in adjusted EBIT margin, and stable free cash flow.

• Strategic plan to be presented later in 2026 by the renewed leadership team.

• Exit of underperforming businesses and cost control expected to support margin improvement.