BIC Closes 2025 with a Decline in Revenue and Major Operational Challenges
The stationery, office supplies, and razor group BIC released its annual results for 2025 on Tuesday, marked by a contraction in revenue and a deterioration in its margins. However, the company anticipates an improvement in 2026, described as a transition year.
Financial Performance in 2025
BIC recorded a revenue of 2.09 billion euros in 2025, a decrease of 0.9% at constant exchange rates. This performance reflects a particularly challenging context in the United States and Latin America, key business areas for the group. The fourth quarter showed a slight improvement with revenue of 495 million euros, an increase of 1.1% at constant exchange rates, driven by the robust performance of Tangle Teezer and strong growth in Brazil, the Middle East, and Africa. Adjusted operating income fell to 283 million euros compared to 343 million euros in 2024, while the adjusted operating margin was 13.6%, down from 15.6% the previous year. This margin compression mainly resulted from a decrease in gross margin, which dropped from 50.2% to 48.8%, penalized by the increase in raw material and electricity costs, as well as the negative impact of tariffs and currency fluctuations. Adjusted earnings per share were set at 4.74 euros, down from 6.15 euros in 2024.
Cash Flow and Non-Recurring Items
Despite the challenging economic environment, BIC generated 222 million euros in net free cash flow in 2025, compared to 271 million euros in 2024. The net cash position improved slightly to 234 million euros, up by 45 million euros compared to the end of 2024. Non-recurring items for the year amounted to 127 million euros, compared to 53 million euros in 2024, mainly including the sale of Cello in India announced in October 2025 and the discontinuation of Skin Creative and Rocketbook activities decided in December 2025. The effective tax rate increased to 38.0% in 2025, from 28.8% in 2024. The Blade Excellence division showed the best dynamics with a revenue increase of 15.7% annually, driven by the acquisition of Tangle Teezer. The Human Expression and Flame for Life divisions recorded declines of 6.3% and 6.7% at constant exchange rates, respectively.
Outlook for 2026
BIC anticipates 2026 to be a transition year during which the renewed management team will prepare its strategic plan. The group expects an improvement in organic revenue trends, a slight increase in adjusted operating margin, and stable generation of net free cash flow. This reorganization is part of a simplification of the portfolio and internal transformation. Since 2024, the group has undergone significant changes within its Board of Directors and management team, with the arrival of Rob Versloot as CEO. The integration of Tangle Teezer, acquired in December 2024, has recorded double-digit growth in its first year within the group.
