BIC: Q4 & Full Year 2024 Results

Core Insights - The company reported solid net sales performance in Q4 2024, with a growth of 4.4%, and a full-year growth of 0.8% [1][2] - Adjusted EBIT for 2024 was €343 million, reflecting a year-on-year growth of 3.0%, with an adjusted EBIT margin of 15.6%, an increase of 90 basis points [2][3] - Free Cash Flow generation was robust at €271 million for 2024, marking a 9% increase year-on-year [2][3] - The company acquired Tangle Teezer, a leading haircare brand, in December 2024, aligning with its strategic growth ambitions [2][25] - The outlook for 2025 anticipates net sales growth between 4% and 6% at constant currency, with an adjusted EBIT margin expected to remain at 15.6% [2][10] Financial Performance - Q4 2024 net sales were €517.5 million, down 1.6% compared to Q4 2023, while full-year net sales were €2,196.6 million, a decrease of 2.9% [3][55] - The adjusted EPS for 2024 was €6.15, an increase of 8% year-on-year, marking the fifth consecutive year of growth [2][19] - The gross profit margin for FY 2024 was 50.2%, a decrease of 50 basis points from the previous year [16][55] Division Performance - The Human Expression division saw FY 2024 net sales of €814 million, up 0.7%, with Q4 growth of 2.8% [4][26] - The Flame for Life division reported FY 2024 net sales of €810 million, down 1.8%, but experienced a Q4 growth of 4.1% [35][39] - The Blade Excellence division achieved FY 2024 net sales of €543 million, an increase of 5.0%, with Q4 growth of 6.7% [40][41] Shareholder Returns - The proposed ordinary dividend for FY 2024 is €3.08 per share, an increase of 8% year-on-year, totaling an estimated €127 million [5][25] - A share buyback program of up to €40 million is planned for execution in 2025 [5][25] Strategic Initiatives - The company continued to implement its Horizon Strategic Plan, achieving an average annual growth rate of over 5% since its launch [7][9] - Significant focus on eCommerce growth, with double-digit increases in core eCommerce sales at constant currency [25][28] - The company streamlined its product portfolio, resulting in an 11% reduction in SKUs in 2024, contributing to improved sales per SKU [25][27]