Footage of the construction workers coming face to face with the attacker atop an escalator during his killing spree at Westfield Bondi Junction went viral.
Cauchi, who had a history of acute mental health disorders and was off his medication, knifed 10 other victims in the indiscriminate attack before being shot dead by Inspector Amy Scott.
"We were defending ourselves because we were thinking he (Cauchi) was coming after us and the first thing we saw were the bollards," 32-year-old Mr Guerot told AAP.
Mr Despreaux, 33, who grew in Ukraine as a youngster with his father who was a charity worker, said "adrenaline" drove them to act swiftly.The tradies were at the mall to buy a new laptop but their day quickly turned into a blood-soaked episode when they saw Mr Cauchi stab a few victims and stood only a few metres away from them before the lone police officer, Ms Scott, killed him.
The fallout from the mass stabbing is being examined in an ongoing coronial inquest.
"In the hour of danger when dozens of lives were at risk... they ran towards the violence, they chose to put their lives on the line," Premier Chris Minns said.
"The sad and hard truth is we don't know how bad this tragedy could've been without their intervention.
"(You) will always be heroes of this state."
French Ambassador Pierre-Andre Imbert, who presented the blue coloured medals to the two French friends, praised them for their humility and deliberately staying out of the limelight after the events.
"They acted not out of duty, but out of instinct," he said.
The pair's actions in attempting to hold back the assailant prompted French President Emmanuel Macron at the time to commend the courage of the compatriots.
They join a long list of renowned recipients of the award in the last six decades including oceanographer Jacques Cousteau and actress Isabelle Huppert.
Mr Guerot confirmed that Prime Minister Anthony Albanese promptly followed through on his promise of granting him permanent residency for saving lives.
Even though, Mr Despreaux is eligible for citizenship he is waiting for Mr Guerot to share another crucial milestone together.
When he first came out to Australia, softly spoken Mr Guerot said he brought a small stuffed toy rooster to remind him of France and he has added two more animals that symbolise what he has gone through.
"I have three emblems in my heart - the rooster, the kangaroo and emu - animals that never move backwards. Together they keep me going forward with courage, pride and hope."
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