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Orior mulls Culinor future in debt-reduction push
Swiss food and beverage group Orior has launched a 'far-reaching' restructuring programme aimed at reducing debt. The announcement came as the company reported weaker first-half 2025 results, with net sales down 2.9% to Sfr304.9m ($378.05m), EBIT plunging 55.2% to Sfr4.1m, and net profit attributable to shareholders dropping 78.9% to Sfr1.3m. In the statement released alongside the first half results, Orior said the measures include a review of 'all strategic options' for Belgium-based Culinor Food Group, including a potential sale, alongside a reorganisation of its Albert Spiess unit and a streamlining of group structures. Orior added that while its current position is sound in principle, it does require 'clear sharpening', with a 'stronger focus on the Swiss market'. The group acknowledged that expected synergies since Culinor's 2016 acquisition have not materialised. Meanwhile, over the next year, Albert Spiess will undergo a 'significant' reshaping. The unit has been 'insufficiently profitable for a long time, needs to be realigned', the group said. Production of all products without a direct link to the Graubünden region will be transferred to Rapelli in Stabio, leaving only a minimal operation at the Schiers site. The move will directly affect around 90 of the 130 employees in Schiers, with a social plan being prepared to mitigate the impact, Orior said, adding that the Ganda direct shop in Landquart is also set to close. Orior went on to say that 'This planned reorganisation is both drastic and difficult. However, it appears necessary in order to preserve the Albert Spiess core product group and brand and return the company to a sustainable economic level.' Net debt was reduced to Sfr173.3m from Sfr181.4m at year-end, though leverage remains elevated at 5.2x adjusted EBITDA, more than double the group's target of below 2.5x, the group said. The group will also simplify its legal and organisational structures to reduce costs and boost efficiency, including merging Albert Spiess AG and Rapelli SA. Debt reduction will be accelerated through property disposals and sale-and-leaseback transactions, with a 'high' double-digit million reduction targeted within 18 months. "Orior mulls Culinor future in debt-reduction push" was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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BOS (BOSC) Q2 2025 Earnings Call Transcript
Image source: The Motley Fool. DATE Thursday, August 21, 2025 at 8:30 a.m. ET CALL PARTICIPANTS Chief Executive Officer — Eyal Cohen Chief Financial Officer — Moshe Zeltzer Need a quote from a Motley Fool analyst? Email pr@ Full Conference Call Transcript Eyal Cohen: Good morning. Good morning, everyone, and welcome to B.O.S. Better Online Solutions Ltd.'s second quarter 2025 earnings call. I'm joined today by our CFO, Mr. Moshe Zeltzer. On our previous calls, I emphasized our focus on the defense sector while diversifying our customer base. That strategy is paying off. I'm excited to share what has been another exceptional quarter for B.O.S. Better Online Solutions Ltd. as the momentum from our record-setting first quarter continued in the second. We have delivered our strongest revenue growth in recent years, with sales jumping 36% year over year to $11.5 million this quarter. This growth is being driven primarily by the exceptional performance of our supply chain division, which increased revenues by 57% to $8.3 million this quarter. While we are addressing some temporary challenges in our RFID division, the overall trajectory gives us confidence for the remainder of 2025. Our net income surged 53% to $765,000 compared to the same quarter last year. That is $0.13 of earnings per share just in the second quarter. This outpaced our revenue growth, which tells you we are not just chasing top-line numbers. We are building a more efficient operation and leveraging our scale to drive profit. Our EBITDA increased to $900,000, up from about $800,000 in 2024. This gives us the operational cash flow we need to invest in growth while maintaining financial stability. Now let's talk about our contracted backlog and what it tells us about business momentum. We ended 2024 with a record $27 million in contracted backlog. As expected, it declined to $22 million by March as we executed on those and converted backlog to revenue for a record first-quarter result. Our backlog has grown back to $24 million as of June 30, this year, giving us increasingly clear visibility into the back half of the year. Our financial foundation has never been stronger. Cash and equivalents grew to $5.2 million, up from $3.6 million at the year-end. Combined with $24 million in total equity, we have the resources to execute our expansion plans without compromising operational stability. We have the flexibility to capitalize on opportunities as they arise, whether that's supporting organic growth or pursuing strategic acquisitions. Based on what we are seeing in our business and our contracted activity for the second half, we are raising our full-year guidance. We now expect revenue between $45 million and $48 million, up from our previous guidance of $44 million. At the midpoint, it's about 16% year over year. And that is entirely organic growth from our business initiatives before any additional benefit of possible strategic initiatives. More importantly, we are raising our net income guidance up from $2.5 million to between $2.6 and $3.1 million. At the midpoint, it's about 24% year over year. This reflects not just stronger revenue expectations, but our confidence in our ability to convert that revenue into bottom-line results, plus profit leverage as we scale the operating base of our business. Our guidance is based on concrete contracted activity with both existing and new customers, diligent execution, and commitment to deliver the best results for our stakeholders. With that, I will turn the call over to Moshe to cover the financials. Moshe Zeltzer: Thank you, Eyal. I'd like to focus on some of the operational dynamics that are driving these results and address a few specific items that deserve your attention. While we are thrilled with our revenue growth and our net income, we see additional opportunity in our margin performance. That is an area we are focused on to improve and deliver even better bottom-line performance in the future. Our overall gross profit margin was 23%, compared to 26% in the same quarter last year. This quarter's margins were a little lower than target, while last year was higher than typical. We are aiming to achieve a balance in the middle where we can deliver sustained performance. Let me break this down by division so we can understand how we can drive even better performance down the road. Our RFID division saw a gross profit margin temporarily decrease to 19.1% from 21.1%. This was primarily due to certain service line challenges that we have already identified and addressed. We've implemented restructuring initiatives, and we expect this division to return to normalized performance levels by Q4 2025. Our supply chain division delivered a 24% gross profit margin, which is within our expected parameters. The 28% margin in Q2 2024 benefited from a particularly favorable product mix that quarter, so the current level represents a more sustainable baseline. As part of the RFID restructuring, we recorded a non-cash goodwill charge of $700,000 this quarter. This charge was largely offset by $696,000 in favorable currency fluctuation between the US dollar and the Israeli new shekel. Our cash position improvement to $5.2 million reflects strong operational cash generation supplemented by $400,000 from warrant and option exercises in the second quarter. We are managing working capital efficiently while supporting our growth trajectory. The increase in deferred revenue to $3.2 million from $2 million at year-end indicates strong advance bookings and provides additional confidence in our near-term revenue visibility. Thank you. And now let's open it up for your questions. Eyal Cohen: Please unmute yourself if you want to ask a question. Todd Felte: Good morning, guys. This is Todd Felte from Stonix Wealth Management. Congratulations on a great quarter and raising the guidance and the strong outlook. Just had a couple of quick questions. What percent of your revenue is now defense-based? Eyal Cohen: It's more than 60% of our total consolidated revenues. And we anticipate that it will grow in 2026 because of the growing demand in this defense segment. Todd Felte: Okay. And is that defense business mostly directly with the IDF, or is it through other companies like Rafael or Elbit? Eyal Cohen: Yeah. It's mostly through Rafael, Elbit, the Israeli Aircraft Industry, and recently, we are bidding directly with the IDF. As you know, our new director, new board member has a good record in the IDF, and he is helping us to open the gate there. Todd Felte: Okay. And your tax loss carry forward is still around $60 million, but only an Israeli-based company could take advantage of that if they acquired you. Is that correct? Eyal Cohen: I think even if a foreign company acquires control of B.O.S. Better Online Solutions Ltd., still the company is registered in Israel. And if it continues to generate a profit, it won't pay taxes, regardless of the holder of the company. Todd Felte: Okay. I know you've talked about M&A activity, but help me understand why someone like Elbit Systems, which is Israeli-based and is Nasdaq-listed with a $450 stock price and a 20-plus billion dollar market cap, wouldn't acquire you for one-time sales or $8 a share or $48 million and then take advantage of the $60 million tax loss carry forward? Is there antitrust laws or something that I'm missing there? Eyal Cohen: No. I don't think there is any limitation to do that. I think it's maybe it's their strategic move, which company to acquire. I don't think there is any obstacle to do it. Todd Felte: Okay. And on you guys acquiring other companies, have you made any progress, or are there any targets out there that you're willing to discuss at this point? Eyal Cohen: Yeah. As I mentioned in previous quarters, we all the time have at least two opportunities on the table. We are checking. We have all the tools to go ahead once we decide that the company is one that we will acquire. But we are checking and negotiating, and once we see it's a good deal for our shareholders, we will do it. Todd Felte: Okay. Thank you very much for taking my questions, and congratulations again on an outstanding quarter. Eyal Cohen: Thank you too. Dylan, thank you. This is Scott White. Scott White: At SEMCO. Can I ask a question? Eyal Cohen: Please. Scott White: Congrats on the great quarter, first of all. Can you highlight any new major customers in this quarter that you got, or did the bulk of the business come from your existing customer base? Eyal Cohen: I think it's less new customers. We have new customers, but the more important is expanding the offering to the existing customer base. We are doing very well with the new line of products of the wiring for our clients in Israel, and especially to our clients in India, and it's going very well. It's one of the growth engines of the revenues in 2025 and in 2026 as well. Scott White: Okay. Then secondly and lastly, despite the raise on the guidance, it sounds like the second half is gonna be down versus the first half of the year. Are there any seasonal headwinds? Can you flush that out, please? Eyal Cohen: Yeah. I think we had an exceptional first quarter, as you remember, with the record revenues, which were exceptional. And this is the reason why the second half of the year will be at a lower revenue rate and profit as compared to the first half of the year. Second, we have to take some cautions because we have the backlog that covers the second half of the year, but you have to be cautious with the supply chain issue. Not all the time, we'll be able to provide on time and to record the revenue on time. As we saw in 2024, when some major orders were pushed to 2025. And the result we saw the result. So this is the reason why we gave some conservative estimation for the second half of the year with the range that we will be in between. Scott White: Perfect. Thank you very much. Eyal Cohen: Thank you. Any further questions? Liz? Yes. Hello. Go ahead, please. Liz: Oh, sorry. On a great quarter. I was just wondering if you can shed a little bit more light on your robotics division and any new product roadmap that you may have. Eyal Cohen: Yes. The robotics division is strategically focused on the defense clients in Israel. The main client is Elbit Systems, which invests a huge amount of budget in establishing new factories, and those factories are supposed to work by robotic systems, and we try to be involved in as many systems as we can. The backlog of this division is about $3 million. Actually, we can deliver it by the second half of the year, but there are some delays from our client. Their facility is not ready to install. But if it will be ready in the second half of the year, it will be a great year for the robotics division. Meanwhile, there is one system of a robotic production line of Elbit Systems, which is on the road to one country in Europe, and it will be the first installation of our line in Europe through our client. We hope that there will be more sites like that through Elbit around the world. Liz: Just a quick follow-up. So currently, it's just so concentrated on one customer. I'm just wondering if you have a feel for potentially repurposing this technology into other industries, and especially, I'm interested in the US. Do you have any feelers for what you could do for the US market? Eyal Cohen: We can do for the US market, but through our clients because they are doing the sell, and we provide the turnkey solution for the automation line. I think it's safer for us to work that way. But in Israel, we also work in the civil market, especially in logistics centers when we provide robotic cells mainly for palletizing. But our major focus is the defense for at least the coming two or three years. I think we can increase the business significantly once we grab more projects from Elbit. And there are projects. There are budgets. Thank you. Scott White: I have one follow-up. From an investor relations perspective, you guys had previously indicated you're gonna be in the United States doing some marketing. Have you firmed up those plans yet, and what dates and what cities will you be here? Eyal Cohen: I think Nato is on the call, and I think next week, we will let you know or all the investors that are interested to meet me. We will send the schedule. I believe it will be in October. I will be happy to meet. Todd Felte: Thank you. Eyal Cohen: Any further questions? It was a long, it's not clear. Six months. Michael Legg: Sorry. I'm not quite sure how to get on the queue. Could I ask a question now? Eyal Cohen: Everything, I must have. Sorry? Michael Legg: Could I ask a question? I'm not sure how to properly get in the queue. I apologize. Yeah. I have a question about a little bit about the defense spending, which this year is obviously the major part of your revenue. What do you think is going to much of it is cyclicality? There was a war with Iran. There is a war in Gaza, unfortunately, still ongoing. And the budget is elevated. I understand that the defense budget in Israel is higher than in previous years and probably continues growing, but how much of your business is due to replenishing of Elbit and Rafael of the exhaust stocks of the defense after especially the war with Iran and also the operations in Gaza? What do you think would happen, like, one or two years down the road if, hopefully, peace will prevail? How would it impact your revenue? Eyal Cohen: I think that the Israeli defense industry is strong even before the war. They are big exporters. They are leaders in the world defense industry. They will continue to do so for many, many years. We are trying to attach to them. They are giants. We are small. So every piece of budget that we can grab has a fantastic and significant influence on us. But regardless of this point, we feel that in the coming two years, there will be extensive budget extension due to the level of ammunition in the warehouse and due to opening establishing new production lines. By the way, most of it is due to the embargo in Israel, so the decision of the Israeli government was to establish production lines of ammunition that were previously bought from Europe or the US. So we believe that this situation will push the Israeli economy, and the defense industry will be the leaders in the Israeli economy. Strategically, this is the place that we want to stick. Michael Legg: Oh, my other question that's also related to defense is about international opportunities. So especially, obviously, encouraging sales to India. Do you see significant expanding of your given that, obviously, the Israeli military showcased itself to be superior during the recent events? How do you see the future expanding in other countries? And is it a direct work with the companies, or is this basically through your subcontracting fees or Rafael and Elbit in other Israeli companies? Eyal Cohen: Yeah. I think the major country we are focusing on is India because it's a world hub for assembly that serves the defense industry. I visited there recently, and I saw buildings of one building serving the Israeli Aircraft Industry, another building serving Elbit, another building serving Boeing, etc. So it's a hub. And this is a place that we want to expand our business. Regardless of the business that we are doing with the subcontractor for Rafael and Elbit in India, we want to do direct business with the assembly industry in India. We are even considering opening a local office in India to grab more business opportunities over there, especially in our line of cabling wiring. Thank you very much. I do not have any more questions. Thank you. Eyal Cohen: Any further questions? Okay. So thank you. As we look ahead, I'm optimistic about several key factors. First, market positioning. Our focus on the defense, industrial, and retail sectors positions us to end markets with sustained demand for our supply chain optimization and automation solutions. Second, technology integration. The convergence of our three divisions, the intelligent robotics, the RFID, and the supply chain division, is creating a unique value proposition for customers who will need comprehensive solutions. Third, customer relationships. We are seeing deeper engagement with existing customers and successful expansion into new accounts. Our $24 million backlog reflects this growing confidence in our capabilities. Let's close with this: Q2 represents more than just strong quarterly results. It demonstrates the effectiveness of our strategic focus, the strength of our market position, and the capabilities of our team. We are building sustainable, profitable growth while maintaining the financial flexibility to capitalize on future opportunities. With our raised guidance for 2025, we are confident in our trajectory. Thank you for joining us today, and please don't hesitate to reach out if you need additional information or would like to schedule a follow-up discussion during my visit to the US in October. Have a great day, and thank you again. Michael Legg: Bye. Thank you. Eyal Cohen: No worries. It's okay. I'll change the call. Don't miss this second chance at a potentially lucrative opportunity Ever feel like you missed the boat in buying the most successful stocks? Then you'll want to hear this. On rare occasions, our expert team of analysts issues a 'Double Down' stock recommendation for companies that they think are about to pop. If you're worried you've already missed your chance to invest, now is the best time to buy before it's too late. And the numbers speak for themselves: Nvidia: if you invested $1,000 when we doubled down in 2009, you'd have $454,888!* Apple: if you invested $1,000 when we doubled down in 2008, you'd have $42,954!* Netflix: if you invested $1,000 when we doubled down in 2004, you'd have $654,624!* Right now, we're issuing 'Double Down' alerts for three incredible companies, available when you join , and there may not be another chance like this anytime soon.*Stock Advisor returns as of August 18, 2025 This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. BOS (BOSC) Q2 2025 Earnings Call Transcript was originally published by The Motley Fool
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Mediobanca shareholders reject bid to acquire Banca Generali
Mediobanca shareholders rejected a roughly €7bn proposal to acquire wealth manager Banca Generali in a pivotal vote on Thursday. The Milanese bank said that 35% of investors accepted the proposal, just shy of the 50% plus one vote needed to pass. 32% of investors abstained, while 10% rejected the proposal. The outcome could threaten Mediobanca's independence as the bank seeks to fend off a takeover by Italian competitor Monte dei Paschi di Siena (MPS). Mediobanca rejected the bid from its smaller rival in January, warning that it would be 'strongly destructive' and weaken its business model. The proposed acquisition is — however — still on the cards, and Mediobanca investors have until September 8 to accept the offer. Thursday's vote suggests that many investors are not concerned about blocking the MPS deal. Mediobanca's largest shareholder, the Del Vecchio family, abstained from the vote, while the second-largest shareholder, business mogul Francesco Gaetano Caltagirone, rejected the proposal to acquire Banca Generali. Related Italy's Monte dei Paschi bank gets ECB nod for Mediobanca takeover Mediobanca launches bid for Banca Generali as M&A flurry intensifies Together, these two investors hold nearly 30% of Mediobanca, but they are also major shareholders in MPS and Banca Generali. Asset manager Amundi, lender UniCredit, and Italian pension funds also abstained on Thursday. Alberto Nagel, CEO of Mediobanca, said in a statement following the vote: 'This is clearly an opportunity, for now, missed for the development of our bank and the Italian financial system.' The Italian state had notably approved of the takeover, hoping that it would strengthen the country's banking sector. Nagel added that the vote's outcome could be attributed to shareholders "who expressed a clear conflict of interest in their engagement activities, putting (their interests) relating to other Italian situations/assets before those of Mediobanca shareholders'. In June, Mediobanca had postponed the shareholder vote at the last minute as the proposal lacked sufficient support. Mediobanca had planned to buy Banca Generali using its 13% stake in Generali, the bank's parent company.
