Poland's Tusk Set For Cabinet Reshuffle to Shore Up Bickering Coalition
The revamp is likely to create a super ministry of economy and finance led by the current Finance Minister Andrzej Domanski as the cabinet seeks faster growth, a person familiar with the matter said speaking on condition of anonymity. Several ministers including those responsible for justice, health and state assets are going to be replaced, according to Gazeta Wyborcza newspaper.
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Forvia SE (FURCF) H1 2025 Earnings Call Highlights: Navigating Growth Amidst Market Challenges
Revenue: EUR13.5 billion, up 1.1% organically. Product Sales Growth: Increased by 2.9%. Operating Margin: Improved by 20 basis points to 5.4%. Net Cash Flow: EUR418 million, driven by stronger EBITDA and reduced CapEx. Net Debt Reduction: Decreased by EUR193 million to EUR6.3 billion. Leverage Ratio: Reduced to 1.8 times. Order Intake: EUR14 billion, with Asia and Electronics as key growth drivers. Net Loss: EUR269 million, impacted by a EUR136 million charge related to SYMBIO. Cost Reduction: EUR90 million reduction in fixed costs. CapEx Reduction: Tangible CapEx down 35%. Currency Impact: Negative 1.5% impact on revenues due to currency effects. Warning! GuruFocus has detected 8 Warning Signs with FURCF. Release Date: July 28, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Forvia SE (FURCF) reported an increase in operating margin by 20 basis points to 5.4%, supported by strict cost control and effective tariff mitigation. The company achieved significant net cash flow improvement, reaching EUR418 million, driven by stronger EBITDA and reduced CapEx. Forvia SE (FURCF) reduced its net debt by almost EUR200 million, lowering the leverage ratio to 1.8 times. The company secured EUR14 billion in new orders, with strong commercial success in China, accounting for 30% of global order intake. The Electronics business recorded strong commercial success, representing 34% of the order intake, with significant orders in zone controllers and battery management systems. Negative Points Forvia SE (FURCF) posted a net loss of EUR269 million in H1, primarily due to a non-cash charge related to SYMBIO and high restructuring charges. The company experienced a 0.4% decline in reported sales due to negative currency effects, impacting revenues by 1.5%. Organic growth of 1.1% represented an underperformance of 2 points compared to global automotive production. The Interiors division faced operational challenges in North America, impacting profitability. The company is facing uncertainty and volatility in the automotive market, with a forecasted 2.2% decline in production compared to H2 of the prior year. Q & A Highlights Q: Can you discuss the sustainability of the impressive CapEx decline and what you are targeting for the second half of the year? A: Martin Fischer, CEO: We have worked on CapEx and R&D very carefully, achieving true reductions in gross R&D and maintaining a strict regime on CapEx. Some program delays helped hold CapEx back in H1. We expect to maintain good discipline in H2, but the reduction might not be as significant as in H1. Q: With the new restructuring plan, Simplify, can you provide more details on the phasing of expected savings and restructuring costs? A: Martin Fischer, CEO: Project Simplify is a longer-term effort spanning three years, aiming for EUR110 million in savings by 2028, with restructuring costs of EUR150 million spread over 2026-2028. We aim to achieve 40% of the savings by 2026. Q: Regarding disposals, should we expect any significant disposals by the next Capital Markets Day? A: Martin Fischer, CEO: We are working full speed on disposals and have received positive market feedback. We are committed to reducing the leverage ratio to 1.5 times by next year, but the timing of disposals will depend on negotiations. Q: Can you comment on the plan to improve the profitability of the Interior division? A: Martin Fischer, CEO: We have seen improvements but need to address operational challenges in North America. We are reinforcing teams and leadership, focusing on becoming more locally adapted, and implementing the FORVIA Excellence System to drive improvements. Q: What are your goals for gross debt reduction and ideal cash balance in the intermediate term? A: Olivier Durand, CFO: Our objective is to be below 1.5 times leverage by the end of 2026, with a midterm goal of EUR3.5 billion in gross cash. We aim for investment-grade eligibility, targeting a leverage ratio around 1.2 times. Q: How do you plan to improve the outperformance of the business in China? A: Martin Fischer, CEO: We have a strong local team empowered to cater to customer needs, focusing on cost efficiency and innovation. We aim to be first to market with new products, leveraging local competencies and speed to market. Q: Can you update on the factoring program for this year and next? A: Olivier Durand, CFO: We are committed to keeping factoring below EUR1.3 billion, which is a cap we have maintained since acquiring HELLA. This is one of our funding sources, and we monitor its cost and value closely. Q: With better-than-expected free cash flow in H1, why not increase the full-year guidance? A: Olivier Durand, CFO: We confirm our guidance to be above last year's EUR655 million. While H1 results are encouraging, we must consider potential volume declines and increased restructuring in H2. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. 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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Rexel SA (RXEEY) H1 2025 Earnings Call Highlights: Navigating Growth and Challenges in a ...
H1 2025 Sales: EUR9.8 billion, up 1.6% on a same-day basis. Q2 2025 Sales: Almost EUR5 billion, up 0.6% on a reported basis. Free Cash Flow Before Interest and Tax: EUR251 million, 42% conversion rate. Adjusted EBITDA Margin H1 2025: 5.8%. Gross Margin: Maintained at 25%. North America Q2 2025 Sales Growth: 8.7% same-day sales growth. Europe Q2 2025 Sales: Down 3% same-day sales. Recurring Net Income H1 2025: EUR308 million. Net Debt: Close to EUR3.1 billion. Indebtedness Ratio: 2.4 times. Digital Sales Q2 2025: 34% of total sales, up nearly 200 basis points year-on-year. Non-Cable Selling Prices Q2 2025: Up 0.9%. Financial Expense H1 2025: EUR107 million. Tax Rate H1 2025: 34.5%. Warning! GuruFocus has detected 3 Warning Signs with GOVX. Release Date: July 28, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Rexel SA (RXEEY) reported strong sales growth in North America, driven by higher volumes in data centers and broadband infrastructure, contributing significantly to Q2 growth. Digital sales accounted for approximately 34% of total sales in Q2, up nearly 200 basis points year-on-year, supporting top-line growth and future productivity gains. The company achieved a free cash flow conversion rate of 42%, significantly above the five-year H1 average, providing flexibility for strategic investments. Rexel SA (RXEEY) maintained a resilient adjusted EBITDA margin of 5.8% in H1, despite a challenging macroeconomic environment, supported by cost initiatives and a reduction in FTEs. The company completed five acquisitions in 2025, strengthening its footprint in North America and expanding into higher-margin businesses in Canada and Italy. Negative Points The European market remained challenging, with sales declining due to softer demand, a difficult base effect, and lower solar market contributions. Currency effects negatively impacted sales by 2.3% in Q2, primarily due to US dollar depreciation, with an anticipated full-year impact of minus 2.1%. Adjusted EBITDA margin in Europe decreased by 55 basis points, mainly due to under-absorption of fixed costs and competitive pressures. The company faced a EUR124 million fine from the French Competition Authority, impacting free cash flow despite an appeal. Sales in the Asia-Pacific region, particularly in China and Australia, declined due to competitive market conditions and lower volumes in residential and non-residential segments. Q & A Highlights Q: Can you clarify the growth contribution from data centers and broadband in North America? It seems like it's growing at more than 40%. A: Guillaume Texier, CEO: There was a slight acceleration in Q2, but the growth is primarily due to the Talley acquisition, which is growing in strong double digits. Data centers now represent about 5% of our US business, with initiatives in place to increase market penetration, resulting in strong double-digit growth in this segment. Q: How did US tariffs impact pricing in Q2, and what are your expectations for Q3? A: Guillaume Texier, CEO: We saw price increases between 4% and 20% in some categories due to tariffs. However, steel piping experienced double-digit deflation, offsetting some gains. Overall, non-cable prices increased by 2.2% in North America. We expect continued progression in pricing, with potential additional increases depending on tariff developments. Q: Can you elaborate on the early signs of a rebound in Europe? A: Guillaume Texier, CEO: While figures remain negative, we see slight positive trends in residential markets in Switzerland and the UK. 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The Western Union Co (WU) Q2 2025 Earnings Call Highlights: Navigating Challenges with ...
Revenue: $1,026 million for Q2 2025, a 1% decline year-over-year excluding Iraq. Adjusted Operating Margin: 19% for Q2 2025, consistent with the same period last year. Adjusted Earnings Per Share (EPS): $0.42 compared to $0.44 in Q2 2024. Consumer Money Transfer Transactions: Declined 3% in Q2 2025, or 2% excluding Iraq. Branded Digital Business Revenue: Increased by 6% with a 9% rise in transactions for Q2 2025. Consumer Services Adjusted Revenue Growth: Up 40% in Q2 2025, driven by Eurochange acquisition and strong European travel. Cash Flow from Operations: $148 million year-to-date compared to $60 million in the prior year period. Capital Expenditures: $54 million year-to-date, 15% lower than the prior year. Cash and Cash Equivalents: $1 billion. Debt: $2.7 billion. Shareholder Returns: Over $150 million returned via dividends and share repurchases in Q2 2025. 2025 Revenue Outlook: Adjusted revenue expected to be $4,035 million to $4,135 million. 2025 Operating Margin Outlook: Expected to be in the range of 19% to 21%. 2025 Adjusted EPS Outlook: Expected to be in the range of $1.65 to $1.75. Warning! GuruFocus has detected 8 Warning Signs with WU. Release Date: July 28, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points The Western Union Co (NYSE:WU) reported a reasonable quarter despite a challenging macroeconomic environment, maintaining above industry average margins. The company's branded digital business saw a 9% increase in transactions and a 6% rise in adjusted revenue, marking the seventh consecutive quarter of solid revenue growth. Consumer services adjusted revenue grew by 40%, driven by the acquisition of Eurochange and strong European travel, contributing significantly to the company's performance. The company is actively integrating AI capabilities into its operations, resulting in improved customer service and operational efficiencies. The Western Union Co (NYSE:WU) is exploring opportunities with Stablecoins, which could enhance settlement speed and reduce dependency on legacy banking systems, potentially improving global liquidity management. Negative Points The Western Union Co (NYSE:WU) experienced a 1% decline in adjusted revenue year-over-year, excluding impacts from Iraq, with consumer money transfer transactions down 3%. The retail business in the Americas faced headwinds due to geopolitical challenges, impacting transaction volumes. The company observed a slowdown in digital transactions from the United States to Latin America, particularly in the US to Mexico corridor. Recent immigration enforcement activities in the US have created short-term headwinds, affecting transactional activity and customer behavior. The introduction of a 1% remittance tax on cash-based transactions in the US could impact the company's revenue, although efforts are being made to mitigate this through increased digital and card-based transactions. Q & A Highlights Q: Can you provide more details on the Eurochange acquisition and its impact on revenue growth? A: Matthew Cagwin, CFO, confirmed that Eurochange contributed about 2% to revenue growth in the quarter. The acquisition is performing better than expected, and they are optimistic about its future contributions, especially in the Travel Money business. Q: Are you seeing a shift from retail to digital channels due to the immigration crackdown in North America? A: Devin McGranahan, CEO, stated that there has been no significant shift from retail to digital channels. Both retail and digital channels experienced a slowdown, particularly in the US to Mexico corridor. Q: Can you elaborate on the slowdown in digital transactions and its impact? A: Matthew Cagwin explained that the slowdown in digital transactions is primarily in US outbound to Latin America, especially Mexico. This is consistent with central bank reports of reduced inbound transactions. Q: What opportunities do you see with Stablecoins, particularly regarding on-ramp and off-ramp solutions? A: Devin McGranahan highlighted that Western Union's infrastructure is well-suited for converting Stablecoins to local fiat currencies. They are exploring partnerships and pilots in South America and Africa to leverage this capability. Q: How are political headwinds affecting your business in the US-Mexico corridor? A: Devin McGranahan noted that the impact is volatile, with fluctuations in activity and media attention affecting customer behavior. They are closely monitoring the situation but cannot predict future trends with certainty. Q: What is the demand for Stablecoins in emerging markets, and how is Western Union positioning itself? A: Devin McGranahan mentioned that there is interest from platform providers and B2B solutions for using Stablecoins to improve efficiency in money transfers. They are actively working with partners in Latin America to explore these opportunities. Q: Given the tightening US immigration policy, will you adjust your Evolve 2025 strategy? A: Devin McGranahan affirmed their commitment to the strategy, emphasizing the resilience of their customer base. They plan to focus more on non-remittance products and services, such as their digital wallet, to drive growth. Q: How will the 1% remittance tax impact your business, and what measures are you taking? A: Devin McGranahan explained that the tax will primarily affect cash and prepaid card transactions. 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