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Bel Fuse (BELFB) investor relations material
Bel Fuse 16th Annual Midwest Ideas Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Company Overview and Evolution
Over 75 years in business, designing and manufacturing electronic components for diverse end markets, with global operations and $634M in pro forma annual sales as of TTM 6/30/25.
Evolved from TV fuses to serving networking, military, aerospace, rail, e-mobility, space, and AI markets, supported by 16 acquisitions.
Diversified customer base includes blue-chip clients such as Raytheon, Lockheed Martin, Cisco, DellEMC, Boeing, and John Deere.
Current business mix: 40% aerospace/defense, 25–27% networking, 43% industrial, with the rest in distribution and other sectors.
Recent leadership transitions include a new CEO and CFO in May 2025, following strategic hires and operational initiatives since 2021.
Product Segments and Market Drivers
Power segment (50%) serves networking, industrial, rail, e-mobility, and AI, with Cisco and Alstom as key customers.
Connectivity segment (33%) supplies cabling/connectors for commercial air, military, networking, and agriculture, with major clients including Boeing, Lockheed, Raytheon, and John Deere.
Magnetics (15%) focuses on integrated connector modules for networking, with Cisco, HP, and Dell as main customers; segment is rebounding after destocking.
Revenue from emerging end markets (space & AI) has grown by 560% since 2021, with these sectors showing high future potential.
Power Solutions & Protection, Connectivity Solutions, and Magnetic Solutions serve applications in aerospace, industrial, networking, and medical sectors.
Financial Performance and Operational Improvements
Gross margin improved to 37.8% and adjusted EBITDA margin reached 20.7% in TTM Q2-25, with adjusted EBITDA of $131M.
Net leverage reduced to 0.9x, reflecting disciplined capital management and improved liquidity.
ERP implementation enabled SKU-level profitability analysis, leading to backlog cleanup and facility consolidations.
Ongoing transformation includes targeted pricing strategies and operational efficiency initiatives.
Focus is shifting from margin improvement to organic top-line growth and M&A.
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