BIC: 1H26 postview - US Tariffs refund drives earnings beat, strategic update now in focus

研报英文原文证据摘录

BIC: 1H26 postview - US Tariffs refund drives earnings beat, strategic update now in focus

NSTEIN FLASHMAIL

29 July 2026

Marie Line Fort

+33 1 42 13 85 21

European Household & Personal Care marie-line.fort@bernsteinsg.com

Bic

Rating

Outperform

Price Target

BB.FP 71.80 EUR

BIC: 1H26 postview - US Tariffs refund drives earnings beat,

strategic update now in focusMIDCAPS

Bic reported 1H26 revenues today after market closed and will hold a conference call on July 30th at 8.30am CET (link to the webcast).

2Q26 revenues 1.3% below the consensus. As shown in Exhibit 1, revenues were 1.3% below consensus estimates, increasing by

1.8% on a comparative basis vs +1.2% for consensus. The main gap comes from the Stationary division (3.5% below the consensus)

decreasing 1% on a comparative basis (vs +0.7% for consensus) due to the soft performance in Latin America and Europe. The Blade

division was also a touch lower than the consensus mainly due to a negative scope impact of 4.9% mitigated by an organic sales growth

of 5.1% thanks to Tangle Teezer. The Lighters division was roughly in line with the consensus in nominal value and slightly better on a

comparative basis (+1.7% in 2Q26 in the same trend as in 1Q26, Exhibit 5).

1H26 operating margin boosted by US tariffs refund. In 1H26, the gross profit margin increased strongly from 13.7% in 1H25 to

16.0% in 1H26 including a positive contribution from US tariff refunds of 1.5 percentage points, representing c. €16m in the first

semester. Excluding this impact, the group’s operating margin would have stood to 14.5%, still above the consensus estimates of 14%.

Due to the impact of these tariff refunds, whose allocation across divisions has not been disclosed, analyzing margin trends remains

challenging.