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  • From Gujarat to global: How PM Modi’s diaspora diplomacy took root in the UK

    Source: Government of India

    Source: Government of India (4)

    As Prime Minister Narendra Modi arrived in London on Wednesday, he was greeted by thunderous chants of “Modi Modi”, “Bharat Mata ki Jai”, and “Vande Mataram” from the Indian community — an emphatic reminder of a diplomatic tradition he initiated decades ago, long before rising to India’s highest political office.

    This growing emotional and strategic connect with the Indian diaspora has become a cornerstone of India’s foreign policy under PM Modi, especially during his second term.

    The foundations of this approach were laid as early as 1993, when Narendra Modi — then BJP’s General Secretary in Gujarat and an emerging national figure — made an impromptu stop in the UK on his return from the United States. Although the visit was unplanned and brief, Modi ensured he connected with the Indian diaspora in the UK. He visited media hubs like Sunrise Radio and the Gujarati newspaper Naya Padkar, interacted with families in Croydon and Hastings, engaged in informal conversations, rode the London Underground, and exchanged ideas with everyday Indians living in Britain.

    “The seeds planted then would quietly nourish India’s diaspora diplomacy for decades to come,” the Modi Archive said in a post on X, while sharing a timeline of the Prime Minister’s engagements in the UK.

    By 1999, when Modi had become a key national figure and the BJP’s global voice, he returned to the UK for a five-day visit in October, shortly after the BJP’s sweeping national electoral victory. Then serving as BJP’s National General Secretary, Modi had just delivered a stellar performance in Gujarat — winning 20 out of 26 Lok Sabha seats and expanding the party’s grassroots presence from 1,000 to over 16,000 village units between 1985 and 1995. This visit was highlighted by a landmark event at the Swaminarayan School in Neasden, organised by the Overseas Friends of BJP (UK). Despite a cold drizzle, the hall was packed.

    Notable attendees included Lord Navnit Dholakia, MP Barry Gardiner (Chairman of Labour Friends of India), and C.B. Patel, editor of Gujarat Samachar.

    “BJP stands for nationalism and patriotism,” Narendra Modi was quoted as saying by the Modi Archive.

    During this visit, he expanded on India’s democratic traditions, the NDA’s policy vision, and paid homage to Gandhian ideals — illustrating the BJP’s ideological clarity and moral purpose. He framed the BJP not just as a political force, but as a cultural and civilizational movement rooted in tradition, religion, modernity, and democracy. He further asserted that India’s democratic ethos is admired across the world.

    In addition, Modi was honoured by the Lohana Mahajan community, where he commended overseas Indians for serving as authentic ambassadors of Indian civilisation. He also paid a visit to 10 Downing Street during the trip.

    Modi’s emphasis on global awareness continued during another visit to the UK in 2000. In September that year, he stopped in London en route to the World Hindu Conference in the Caribbean and the UN Peace Summit in the US. At the time, he was about to assume the influential position of BJP General Secretary (Organisation), a role only two others had held since the Jana Sangh era.

    During this short visit, Modi met British Deputy Prime Minister John Prescott and engaged in serious discussions on political stability in Asia, India’s regional situation, and the growing threat of international terrorism. He also met with members of the Overseas Friends of BJP and held teleconferences with C.B. Patel, updating them on the state of affairs in Gujarat and national security efforts in Jammu and Kashmir.

    “Terrorism is an evil against humanity — whether in India, the Middle East, or Northern Ireland,” Modi said.

    It was a prescient warning that came a full year before the 9/11 attacks, at a time when much of the world had yet to perceive terrorism as a shared global menace.

    In August 2003, two years after the devastating Bhuj earthquake in Gujarat, Modi returned to the UK as Chief Minister of Gujarat.

    The purpose was to thank members of the Indian diaspora, many of whom had mobilised support, resources, and aid for the affected people.

    “You are all the real friends of Gujarat, and I have come to reciprocate the loyalty. We have slept in the street of death and today I have come to repay a debt of friendship to those who helped us in our hour of need,” Modi said, addressing thousands at the packed Wembley Conference Centre.

    He praised the diaspora not just for their financial contributions but for their deep emotional ties with India, calling them “the true friends of Gujarat”.

    During this visit, he also inaugurated the Shakti Hall at the Gujarat Samachar and Asian Voice offices. True to his style, he spoke not just of the past, but also of the future.

    In a speech still fondly remembered by the editors of Asian Voice, Modi famously said, “IT is not Information Technology. IT is India Today. BT is not Biotechnology. It is Bharat Today. IT and IT equals IT. That means Information Technology and Indian Talent is India Tomorrow.”

    The visit also included a meeting with then Prime Minister Atal Bihari Vajpayee, who was in London at the time. Modi later met a delegation of political leaders and diaspora members on the South Bank of the River Thames, near Westminster Bridge, opposite the iconic Houses of Parliament.

    Even in 2011, when Gujarat marked its golden jubilee, he virtually brought the UK into the celebrations. He addressed a high-profile audience in Mayfair, London, through video conferencing while in Gandhinagar, stating, “The name Gujarat and development are synonymous. Gujarat is creating history.”

    The event, hosted by Friends of Gujarat, Gujarat Samachar, and Asian Voice, brought together 90 distinguished guests including British MPs, Lords, and community leaders. Among them was Lord Gulam Noon, who had a direct and lively exchange with Modi.

    He used the opportunity to share his vision for the future. He announced the construction of the Mahatma Mandir, a monumental tribute rising from the soil of 18,000 villages — and including ‘mitti’ sent by Gujaratis living abroad.

    “In this Golden Jubilee celebration, we have decided to build a Mahatma Mandir. We have collected earth from 18,000 villages in Gujarat to make this monument. We have also collected earth from abroad, especially the UK,” he said.

    The message was clear: for Narendra Modi, the diaspora has never been a passive audience.

    It has always been, and continues to be, an integral part of India’s journey — a partner in progress and a powerful force in shaping India’s global image.

    Now, as Prime Minister of India, Narendra Modi continues to acknowledge and celebrate the contributions made by overseas Indians in deepening people-to-people ties and in promoting India’s image and influence across the globe.

    IANS

  • Lok Sabha to discuss Scheduled Tribes Reservation Bill for Goa, Merchant Shipping Bill today

    Source: Government of India

    Source: Government of India (4)

    As the Monsoon Session of Parliament enters its fourth day, the Lok Sabha is scheduled to take up key legislative business on Thursday, including the Scheduled Tribes reservation bill for Goa and the Merchant Shipping Bill, 2024.

    Union Law Minister Arjun Ram Meghwal will move The Readjustment of Representation of Scheduled Tribes in Assembly Constituencies of the State of Goa Bill, 2024 for consideration and passage. The Bill seeks to enable the reservation of seats for Scheduled Tribes in Goa’s Legislative Assembly, in line with Article 332 of the Constitution. It proposes the readjustment of assembly constituencies following the inclusion of certain communities in the Scheduled Tribes list for the state.

    According to the official business list, the Bill aims to ensure “effective democratic participation of members of Scheduled Tribes” and make the necessary constituency changes to reflect this inclusion.

    Also on the agenda is The Merchant Shipping Bill, 2024, which will be introduced by Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal. The legislation seeks to consolidate and modernise India’s maritime laws, aligning them with international treaties and obligations. The Bill aims to promote the development of Indian shipping and enhance the efficiency and maintenance of the country’s mercantile marine sector, while safeguarding national interests.

    In addition to legislative matters, standing committees on Rural Development and Panchayati Raj, and Communications and Information Technology are expected to table reports on government actions taken in response to earlier recommendations made by the respective panels.

    Parliament proceedings on Wednesday were disrupted due to continued protests by Opposition MPs over the Bihar Special Intensive Revision issue, leading to adjournments in both the Lok Sabha and Rajya Sabha until July 24.

    The current Monsoon Session of Parliament is scheduled to continue until August 21. Both Houses will reconvene at 11 a.m. today.

    (With agencies inputs)

  • MIL-OSI Russia: Two students from the Physics Department of NSU passed the selection and presented their research in Moscow – at the International School on Quantum Technologies ISQT

    Translation. Region: Russian Federal

    Source: Novosibirsk State University –

    An important disclaimer is at the bottom of this article.

    The International School of Quantum Technologies ISQT was held in Moscow, bringing together 30 of the best students from all over Russia. Among the participants were Ksenia Kozlenko and Ekaterina Kozlova, first-year master’s students Physics Department of NSUThey passed a competitive selection and presented poster reports, presenting their own research in the field of quantum physics.

    — The selection was based on the CV, motivation letter, and recommendation letter. The scientific supervisor told me about the school. I applied and was included in the list of participants. I was very worried, but it turned out I was in vain. The atmosphere was warm and truly student-like. The poster session was not a formal defense before the committee — you could freely communicate, share experiences, ask questions, and listen to others. This was the first conference where I really wanted to stay and talk to everyone, — says Ksenia Kozlenko.

    The topic of her speech was the development of a quantum computer on neutral atoms. This architecture is currently being actively developed in the USA, but remains technically complex.

    — My task is to model logical operations in the context of quantum computing and find out whether it is possible to simplify the system without losing accuracy. After school, I understood more clearly in what direction to develop, and even found answers to some questions about work. And I also met guys who are truly inspiring — everyone was passionate about their topic and sincerely wanted to share knowledge. This impressed me the most, — Ksenia explains.

    Ekaterina Kozlova presented a study on the Hanle effect in the ground state of alkali metal atoms and its application in quantum magnetometry.

    — Based on this effect, it is possible to develop miniature and very sensitive magnetometers. They can be used in medicine (for example, for magnetoencephalography), in geophysics, in navigation, for creating magnetic maps, in space and fundamental science. That is, this is not just “theory for the sake of theory”, but a completely practical direction, and I am glad that I was able to present it at such a level, — explains Ekaterina.

    One of the most memorable moments for her was a visit to the RCC laboratory, where they work with SQUIDs – superconducting quantum interference sensors.

    — These sensors are the main competitors of optically pumped magnetometers, which we make in our lab. It was useful to compare approaches and equipment. We even held a SQUID in our hands and saw how it works — this gave me even more understanding of my topic, — Ekaterina shares.

    The students call the poster presentation format particularly valuable.

    “It’s like a regular report, only in a live format – communication takes place right next to the poster, you can immediately discuss the nuances, argue, get feedback, and you can also go and see what others are doing and get inspired,” says Ekaterina.

    Now the girls continue to work on their research and are preparing to present new results at the upcoming conference – “Nevskaya Photonics”.

    Congratulations to the girls and we wish them success!

    Material prepared by: Yulia Dankova, NSU press service

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

  • MIL-OSI New Zealand: Transport – Supply chain partners face significant fines if they contribute to speeding, fatigue or overloading by truck drivers

    Source: Ia Ara Aotearoa Transporting New Zealand

    The national road freight association, Transporting New Zealand, is calling on all parties across the supply chain to play their part in preventing speeding, breach of work time rules and overladen trucks.
    Transporting New Zealand has launched a set of resources raising awareness about the “Chain of Responsibility” provisions in the Land Transport Act, that can result in serious fines for those who influence truck drivers to breach transport rules.
    Transporting New Zealand Chief Executive Dom Kalasih says that it isn’t just truck drivers with road safety responsibilities.
    “If your conduct contributes to truck drivers exceeding speed limits, breaching work time rules, or operating overweight vehicles, you can be liable for a fine of up to $25,000 under the Land Transport Act.”
    “This is relevant to everyone from transport company directors, cargo owners, processors, and ports. All those supply chain parties whose instructions, expectations and facilities can contribute to non-compliance.”
    “While it is ultimately the responsibility of truck drivers and road freight businesses to ensure they are operating safely and compliantly, the Chain of Responsibility provisions recognise that other parties are often in a position of power when it comes to getting freight delivered.”
    “Transporting New Zealand has always maintained a zero-tolerance policy towards deliberate non-compliance by transport operators, and that remains unchanged.”
    Kalasih says he hopes that the Chain of Responsibility resources will encourage conversations between transporters, their clients, and transport facilities like processing plants and ports.
    “Issues that really put road freight companies under pressure include last minute timing and delivery changes, unrealistic ultimatums from supply chain partners, and a lack of weighing facilities or parking facilities.”
    Kalasih would like to see supply chain partners have clear chain of responsibility policies, and increased use of written contracts with appropriate protections for transporters.
    “If all parties across the supply chain play their part, it puts truck drivers and road freight companies in the best position to deliver the freight task safely and efficiently.”
    Chain of Responsibility Resources
    Chain of Responsibility Posters can be downloaded here.
    The NZTA Chain of Responsibility Fact Sheet is available here.

    MIL OSI New Zealand News –

  • MIL-OSI Asia-Pac: Taisugar Gas Stations Mid-Year Giveaway (July 15 to August 5),Fuel Up and Strengthen Your Joints!

    Source: Republic of China Taiwan

    To thank customers for their longstanding and continued support, Taisugar Gas Stations are launching the “Fuel Up for Strength” mid-year appreciation campaign. From July 15 to August 5, customers who refuel 30 liters of gasoline or 50 liters of diesel (for both general customers and members) at any Taisugar Gas Station nationwide will receive one bottle of Taisugar Glucosamine Plus. The more you refuel, the more you receive-don’t miss the chance to give your car a full tank and give your body a boost!

    According to Taisugar, this year’s event combines fuel service with health promotion, not only as a token of appreciation for long-term customer loyalty but also to highlight the company’s commitment to driving safety and public well-being. For over 20 years, Taisugar Gas Stations have used premium CPC fuel, rigorously maintaining fuel quality through regular sediment removal, filter replacement, moisture and octane testing, and volume calibration to ensure clean and stable fuel for a smooth, safe journey.

    Beyond refueling services, Taisugar Gas Stations are closely connected with everyday life. In support of the net-zero emissions policy, Taisugar has actively expanded its electric vehicle infrastructure, including installing EV charging stations and 69 electric scooter battery swap stations, encouraging the public to embrace low-carbon transportation. Stations also offer a selection of Taisugar household products for added convenience and have upgraded to accept a range of mobile payment systems, including CPC Pay, LINE Pay, iPASS MONEY, JKO Pay, PX Pay Plus, and Taiwan Pay, to meet the diverse needs of modern consumers.

    This campaign’s featured gift, Taisugar Glucosamine Plus, is a health supplement developed by Taisugar’s Biotechnology Division. It contains chondroitin, collagen, and other essential nutrients, enhanced with a proprietary calcium delivery technology. Free of preservatives, artificial coloring, and Western pharmaceuticals, it offers a refreshing fruity taste and high bioavailability in liquid form, supporting joint flexibility and everyday mobility with zero burden on the body. With this special campaign, customers can fuel up their vehicles and energize their joints, making every trip safer and more powerful. Don’t miss out-visit your nearest Taisugar Gas Station and enjoy this limited-time mid-year bonus!

    TSC News Contact Person:
    Lin Hsin-Chih
    Petroleum Business Devision, TSC
    Contact Number: 886-6-632-8703 #802 / 886-939-919-530
    Email:a62462@taisugar.com.tw

    Tai Chih-Mou
    Petroleum Business Devision, TSC
    Contact Number: 886-6-632-8703 #101 / 886-988-721-867
    Email:a63425@taisugar.com.tw

    Petroleum Business Devision Customer Services Phone: 886-6-632-8703 #786 or 788

    MIL OSI Asia Pacific News –

  • MIL-OSI: STMicroelectronics Reports 2025 Second Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    PR No: C3349C

    STMicroelectronics Reports 2025 Second Quarter Financial Results

    • Q2 net revenues $2.77 billion; gross margin 33.5%; operating loss of $133 million, including $190 million related to impairment, restructuring charges and other related phase-out costs; net loss of $97 million
    • H1 net revenues $5.28 billion; gross margin 33.5%; operating loss of $130 million, including $198 million related to impairment, restructuring charges and other related phase-out costs; net loss of $41 million
    • Business outlook at mid-point: Q3 net revenues of $3.17 billion and gross margin of 33.5%

    Geneva, July 24, 2025 – STMicroelectronics N.V. (“ST”) (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, reported U.S. GAAP financial results for the second quarter ended June 28, 2025. This press release also contains non-U.S. GAAP measures (see Appendix for additional information).

    ST reported second quarter net revenues of $2.77 billion, gross margin of 33.5%, operating loss of $133 million, and net loss of $97 million or -$0.11 diluted earnings per share (non-U.S. GAAP1 operating income of $57 million, and non-U.S. GAAP1 net income of $57 million or $0.06 diluted earnings per share).

    Jean-Marc Chery, ST President & CEO, commented:

    • “Q2 net revenues came above the mid-point of our business outlook range, driven by higher revenues in Personal Electronics and Industrial, while Automotive was slightly below expectations. Gross margin was in line with the mid-point of our business outlook range.”
    • “On a year-over-year basis, Q2 net revenues decreased 14.4%, non-U.S. GAAP1operating margin decreased to 2.1% from 11.6% and non-U.S. GAAP1net income decreased to $57 million from $353 million.”
    • “First half net revenues decreased 21.1% year-over-year, with a decrease in all reportable segments. Non-U.S. GAAP1operating margin was 1.3% and non-U.S. GAAP1net income was $120 million.”
    • “In the second quarter, our book-to-bill ratio remained above one for Industrial, while Automotive was below parity. Bookings continued to increase sequentially.”
    • “Our third quarter business outlook, at the mid-point, is for net revenues of $3.17 billion, decreasing year-over-year by 2.5% and increasing sequentially by 14.6%; gross margin is expected to be about 33.5%; including about 340 basis points of unused capacity charges. On a sequential basis, our Q3 gross margin will be negatively impacted by about 140 basis points, mainly from currency effect and, to a lesser extent, the start of non-recurring cost related to our manufacturing reshaping program.”
    • “While we expect Q3 revenues to show a solid sequential growth enabling a continued year-over-year improvement, we are still operating amid an uncertain macroeconomic environment. Given these external factors, our priorities remain supporting our customers, accelerating new product introductions, and executing our company-wide program to reshape our manufacturing footprint and resize our global cost base.”

    Quarterly Financial Summary

    U.S. GAAP
    (US$ m, except per share data)    		 Q2 2025 Q1 2025 Q2 2024 Q/Q Y/Y
    Net Revenues $2,766 $2,517 $3,232 9.9% -14.4%
    Gross Profit $926 $841 $1,296 10.2% -28.5%
    Gross Margin 33.5% 33.4% 40.1% +10 bps – 660 bps
    Operating Income (Loss) $(133) $3 $375 – –
    Operating Margin -4.8% 0.1% 11.6% -490 bps -1,640 bps
    Net Income (Loss) $(97) $56 $353 – –
    Diluted Earnings Per Share $(0.11) $0.06 $0.38 – –
    Non-U.S. GAAP2
    (US$ m, except per share data)    		 Q2 2025 Q1 2025 Q2 2024 Q/Q Y/Y
    Operating Income $57 $11 $375 429.6% -84.7%
    Operating Margin 2.1% 0.4% 11.6% 170 bps -950 bps
    Net Income $57 $63 $353 -9.1% -83.9%
    Diluted Earnings Per Share $0.06 $0.07 $0.38 -14.3% -84.2%

    Second Quarter 2025 Summary Review
    Reminder: on January 1, 2025 we made some adjustments to our segment reporting. Prior year comparative periods have been adjusted accordingly. See Appendix for more detail.

    Net Revenues by Reportable Segment3 (US$ m) Q2 2025 Q1 2025 Q2 2024 Q/Q Y/Y
    Analog products, MEMS and Sensors (AM&S) segment 1,133 1,069 1,336 5.9% -15.2%
    Power and discrete products (P&D) segment 447 397 576 12.9% -22.2%
    Subtotal: Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group 1,580 1,466 1,912 7.8% -17.4%
    Embedded Processing (EMP) segment 847 742 906 14.1% -6.5%
    RF & Optical Communications (RF&OC) segment 336 306 410 10.1% -17.9%
    Subtotal: Microcontrollers, Digital ICs and RF products (MDRF) Product Group 1,183 1,048 1,316 13.0% -10.1%
    Others 3 3 4 – –
    Total Net Revenues $2,766 $2,517 $3,232 9.9% -14.4%

    Net revenues totaled $2.77 billion, representing a year-over-year decrease of 14.4%. Year-over-year net sales to OEMs and Distribution decreased 15.3% and 12.0%, respectively. On a sequential basis, net revenues increased 9.9%, 220 basis points better than the mid-point of ST’s guidance.

    Gross profit totaled $926 million, representing a year-over-year decrease of 28.5%. Gross margin of 33.5%, 10 basis points above the mid-point of ST’s guidance, decreased 660 basis points year-over-year, mainly due to product mix, lower manufacturing efficiencies and, to a lesser extent, higher unused capacity charges.

    Operating income decreased from $375 million in the year-ago quarter to an operating loss of $133 million. ST’s operating margin decreased 1,640 basis points on a year-over-year basis to -4.8% of net revenues, compared to 11.6% in the second quarter of 2024. Operating loss included $190M impairment, restructuring charges and other related phase-out costs for the quarter, reflecting impairment of assets and restructuring charges predominantly associated with the previously announced company-wide program to reshape our manufacturing footprint and resize our global cost base. Excluding these items, non-U.S. GAAP1 Operating income stood at $57 million in the second quarter.

    By reportable segment, compared with the year-ago quarter:

    In Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group:

    Analog products, MEMS and Sensors (AM&S) segment:

    • Revenue decreased 15.2% mainly due to a decrease in Analog.   
    • Operating profit decreased by 55.9% to $85 million. Operating margin was 7.5% compared to 14.5%.

    Power and Discrete products (P&D) segment:

    • Revenue decreased 22.2%.
    • Operating profit decreased from $61 million to an operating loss of $56 million. Operating margin was -12.5% compared to 10.6%.

    In Microcontrollers, Digital ICs and RF products (MDRF) Product Group:

    Embedded Processing (EMP) segment:

    • Revenue decreased 6.5% mainly due to Custom Processing.
    • Operating profit decreased by 8.7% to $114 million. Operating margin was 13.5% compared to 13.8%.

    RF & Optical Communications (RF&OC) segment:

    • Revenue decreased 17.9%.
    • Operating profit decreased by 37.2% to $60 million. Operating margin was 17.9% compared to 23.4%.

    Net Earnings and diluted Earnings Per Share decreased to a negative $97 million and a negative $0.11 respectively compared to a positive $353 million and $0.38 respectively in the year-ago quarter. Non-U.S. GAAP1 Net income and diluted Earnings Per Share, stood at $57 million and $0.06 respectively in the second quarter of 2025.

    Cash Flow and Balance Sheet Highlights

            Trailing 12 Months
    (US$ m) Q2 2025 Q1 2025 Q2 2024 Q2 2025 Q2 2024 TTM Change
    Net cash from operating activities 354 574 702 2,332 4,922 -52.6%
    Free cash flow (non-U.S. GAAP1) (152) 30 159 142 1,384 -89.7%

    Net cash from operating activities was $354 million in the second quarter compared to $702 million in the year-ago quarter.

    Net Capex (non-U.S. GAAP1), was $465 million in the second quarter compared to $528 million in the year-ago quarter.

    Free cash flow (non-U.S. GAAP1) was negative at $152 million in the second quarter, compared to positive $159 million in the year-ago quarter.

    Inventory at the end of the second quarter was $3.27 billion, compared to $3.01 billion in the previous quarter and $2.81 billion in the year-ago quarter. Days sales of inventory at quarter-end was 166 days, compared to 167 days for the previous quarter and 130 days for the year-ago quarter.

    In the second quarter, ST paid cash dividends to its stockholders totaling $81 million and executed a $92 million share buy-back, as part of its current share repurchase program.

    ST’s net financial position (non-U.S. GAAP4) remained strong at $2.67 billion as of June 28, 2025, compared to $3.08 billion as of March 29, 2025, and reflected total liquidity of $5.63 billion and total financial debt of $2.96 billion. Adjusted net financial position (non-U.S. GAAP1), taking into consideration the effect on total liquidity of advances from capital grants for which capital expenditures have not been incurred yet, stood at $2.31 billion as of June 28, 2025.

    Corporate developments

    On May 28, 2025, STMicroelectronics held its 2025 Annual General Meeting of Shareholders in Amsterdam, the Netherlands. All proposed resolutions were approved by the Shareholders.

    Business Outlook

    ST’s guidance, at the mid-point, for the 2025 third quarter is:

    • Net revenues are expected to be $3.17 billion, an increase of 14.6% sequentially, plus or minus 350 basis points.
    • Gross margin of 33.5%, plus or minus 200 basis points.
    • This outlook is based on an assumed effective currency exchange rate of approximately $1.14 = €1.00 for the 2025 third quarter and includes the impact of existing hedging contracts.
    • The third quarter will close on September 27, 2025.

    This business outlook does not include any impact of potential further changes to global trade tariffs compared to the current situation.

    Conference Call and Webcast Information

    ST will conduct a conference call with analysts, investors and reporters to discuss its second quarter 2025 financial results and current business outlook today at 9:30 a.m. Central European Time (CET) / 3:30 a.m. U.S. Eastern Time (ET). A live webcast (listen-only mode) of the conference call will be accessible at ST’s website, https://investors.st.com, and will be available for replay until August 8, 2025.

    Use of Supplemental Non-U.S. GAAP Financial Information

    This press release contains supplemental non-U.S. GAAP financial information.

    Readers are cautioned that these measures are unaudited and not prepared in accordance with U.S. GAAP and should not be considered as a substitute for U.S. GAAP financial measures. In addition, such non-U.S. GAAP financial measures may not be comparable to similarly titled information from other companies. To compensate for these limitations, the supplemental non-U.S. GAAP financial information should not be read in isolation, but only in conjunction with ST’s consolidated financial statements prepared in accordance with U.S. GAAP.

    See the Appendix of this press release for a reconciliation of ST’s non-U.S. GAAP financial measures to their corresponding U.S. GAAP financial measures.

    Forward-looking Information

    Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 or Section 21E of the Securities Exchange Act of 1934, each as amended) that are based on management’s current views and assumptions, and are conditioned upon and also involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those anticipated by such statements due to, among other factors: 

    • changes in global trade policies, including the adoption and expansion of tariffs and trade barriers, that could affect the macro-economic environment and may directly or indirectly adversely impact the demand for our products;
    • uncertain macro-economic and industry trends (such as inflation and fluctuations in supply chains), which may impact production capacity and end-market demand for our products;
    • customer demand that differs from projections which may require us to undertake transformation measures that may not be successful in realizing the expected benefits in full or at all;
    • the ability to design, manufacture and sell innovative products in a rapidly changing technological environment;
    • changes in economic, social, public health, labor, political, or infrastructure conditions in the locations where we, our customers, or our suppliers operate, including as a result of macro-economic or regional events, geopolitical and military conflicts, social unrest, labor actions, or terrorist activities;
    • unanticipated events or circumstances, which may impact our ability to execute our plans and/or meet the objectives of our R&D and manufacturing programs, which benefit from public funding;
    • financial difficulties with any of our major distributors or significant curtailment of purchases by key customers;
    • the loading, product mix, and manufacturing performance of our production facilities and/or our required volume to fulfill capacity reserved with suppliers or third-party manufacturing providers;
    • availability and costs of equipment, raw materials, utilities, third-party manufacturing services and technology, or other supplies required by our operations (including increasing costs resulting from inflation);
    • the functionalities and performance of our IT systems, which are subject to cybersecurity threats and which support our critical operational activities including manufacturing, finance and sales, and any breaches of our IT systems or those of our customers, suppliers, partners and providers of third-party licensed technology;
    • theft, loss, or misuse of personal data about our employees, customers, or other third parties, and breaches of data privacy legislation;
    • the impact of IP claims by our competitors or other third parties, and our ability to obtain required licenses on reasonable terms and conditions;
    • changes in our overall tax position as a result of changes in tax rules, new or revised legislation, the outcome of tax audits or changes in international tax treaties which may impact our results of operations as well as our ability to accurately estimate tax credits, benefits, deductions and provisions and to realize deferred tax assets;
    • variations in the foreign exchange markets and, more particularly, the U.S. dollar exchange rate as compared to the Euro and the other major currencies we use for our operations;
    • the outcome of ongoing litigation as well as the impact of any new litigation to which we may become a defendant;
    • product liability or warranty claims, claims based on epidemic or delivery failure, or other claims relating to our products, or recalls by our customers for products containing our parts;
    • natural events such as severe weather, earthquakes, tsunamis, volcano eruptions or other acts of nature, the effects of climate change, health risks and epidemics or pandemics in locations where we, our customers or our suppliers operate;
    • increased regulation and initiatives in our industry, including those concerning climate change and sustainability matters and our goal to become carbon neutral in all direct and indirect emissions (scopes 1 and 2), product transportation, business travel, and employee commuting emissions (our scope 3 focus), and to achieve our 100% renewable electricity sourcing goal by the end of 2027;
    • epidemics or pandemics, which may negatively impact the global economy in a significant manner for an extended period of time, and could also materially adversely affect our business and operating results;
    • industry changes resulting from vertical and horizontal consolidation among our suppliers, competitors, and customers;
    • the ability to successfully ramp up new programs that could be impacted by factors beyond our control, including the availability of critical third-party components and performance of subcontractors in line with our expectations; and
    • individual customer use of certain products, which may differ from the anticipated uses of such products and result in differences in performance, including energy consumption, may lead to a failure to achieve our disclosed emission-reduction goals, adverse legal action or additional research costs.

    Such forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of our business to differ materially and adversely from the forward-looking statements. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as “believes”, “expects”, “may”, “are expected to”, “should”, “would be”, “seeks” or “anticipates” or similar expressions or the negative thereof or other variations thereof or comparable terminology, or by discussions of strategy, plans or intentions.

    Some of these risk factors are set forth and are discussed in more detail in “Item 3. Key Information — Risk Factors” included in our Annual Report on Form 20-F for the year ended December 31, 2024 as filed with the Securities and Exchange Commission (“SEC”) on February 27, 2025. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this press release as anticipated, believed or expected. We do not intend, and do not assume any obligation, to update any industry information or forward-looking statements set forth in this release to reflect subsequent events or circumstances.

    Unfavorable changes in the above or other factors listed under “Item 3. Key Information — Risk Factors” from time to time in our Securities and Exchange Commission (“SEC”) filings, could have a material adverse effect on our business and/or financial condition.

    About STMicroelectronics

    At ST, we are 50,000 creators and makers of semiconductor technologies mastering the semiconductor supply chain with state-of-the-art manufacturing facilities. An integrated device manufacturer, we work with more than 200,000 customers and thousands of partners to design and build products, solutions, and ecosystems that address their challenges and opportunities, and the need to support a more sustainable world. Our technologies enable smarter mobility, more efficient power and energy management, and the wide-scale deployment of cloud-connected autonomous things. We are on track to be carbon neutral in all direct and indirect emissions (scopes 1 and 2), product transportation, business travel, and employee commuting emissions (our scope 3 focus), and to achieve our 100% renewable electricity sourcing goal by the end of 2027. Further information can be found at www.st.com.

    For further information, please contact:

    INVESTOR RELATIONS:
    Jérôme Ramel
    EVP Corporate Development & Integrated External Communication
    Tel: +41 22 929 59 20
    jerome.ramel@st.com

    MEDIA RELATIONS:
    Alexis Breton
    Corporate External Communications
    Tel: + 33 6 59 16 79 08
    alexis.breton@st.com

    STMicroelectronics N.V.      
    CONSOLIDATED STATEMENTS OF INCOME      
    (in millions of U.S. dollars, except per share data ($))      
           
      Three months ended  
      June 28, June 29,  
      2025 2024  
      (Unaudited) (Unaudited)  
           
    Net sales 2,745 3,227  
    Other revenues 21 5  
    NET REVENUES 2,766 3,232  
    Cost of sales (1,840) (1,936)  
    GROSS PROFIT 926 1,296  
    Selling, general and administrative expenses (420) (419)  
    Research and development expenses (514) (535)  
    Other income and expenses, net 65 33  
    Impairment, restructuring charges and other related phase-out costs (190) –  
    Total operating expenses (1,059) (921)  
    OPERATING INCOME (LOSS) (133) 375  
    Interest income, net 45 51  
    Other components of pension benefit costs (5) (4)  
    Loss on financial instruments, net (19) (1)  
    INCOME (LOSS) BEFORE INCOME TAXES AND NONCONTROLLING INTEREST (112) 421  
    Income tax benefit (expense) 18 (67)  
    NET INCOME (LOSS) (94) 354  
    Net income attributable to noncontrolling interest (3) (1)  
    NET INCOME (LOSS) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS (97) 353  
           
    EARNINGS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS (0.11) 0.39  
    EARNINGS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS (0.11) 0.38  
           
    NUMBER OF WEIGHTED AVERAGE SHARES USED IN CALCULATING DILUTED EPS 893.9 941.1  
           
    STMicroelectronics N.V.      
    CONSOLIDATED STATEMENTS OF INCOME      
    (in millions of U.S. dollars, except per share data ($))      
           
      Six months ended  
      June 28, June 29,  
      2025 2024  
      (Unaudited) (Unaudited)  
           
    Net sales 5,257 6,670  
    Other revenues 26 27  
    NET REVENUES 5,283 6,697  
    Cost of sales (3,516) (3,958)  
    GROSS PROFIT 1,767 2,739  
    Selling, general and administrative expenses (810) (844)  
    Research and development expenses (1,004) (1,063)  
    Other income and expenses, net 115 93  
    Impairment, restructuring charges and other related phase-out costs (198) –  
    Total operating expenses (1,897) (1,814)  
    OPERATING INCOME (LOSS) (130) 925  
    Interest income, net 93 111  
    Other components of pension benefit costs (9) (8)  
    Gain (loss) on financial instruments, net 6 (1)  
    INCOME (LOSS) BEFORE INCOME TAXES AND NONCONTROLLING INTEREST (40) 1,027  
    Income tax benefit (expense) 4 (159)  
    NET INCOME (LOSS) (36) 868  
    Net income attributable to noncontrolling interest (5) (3)  
    NET INCOME (LOSS) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS (41) 865  
           
    EARNINGS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS (0.05) 0.96  
    EARNINGS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS (0.05) 0.92  
           
    NUMBER OF WEIGHTED AVERAGE SHARES USED IN CALCULATING DILUTED EPS 894.9 941.8  
           
           
    STMicroelectronics N.V.      
    CONSOLIDATED BALANCE SHEETS      
    As at June 28, March 29, December 31,
    In millions of U.S. dollars 2025 2025 2024
      (Unaudited) (Unaudited) (Audited)
    ASSETS      
    Current assets:      
    Cash and cash equivalents 1,616 1,781 2,282
    Short-term deposits 1,650 1,650 1,450
    Marketable securities 2,363 2,528 2,452
    Trade accounts receivable, net 1,352 1,385 1,749
    Inventories 3,273 3,014 2,794
    Other current assets 1,267 1,050 1,007
    Total current assets 11,521 11,408 11,734
    Goodwill 313 299 290
    Other intangible assets, net 342 338 346
    Property, plant and equipment, net 11,437 11,178 10,877
    Non-current deferred tax assets 558 490 464
    Long-term investments 77 96 71
    Other non-current assets 1,215 1,114 961
      13,942 13,515 13,009
    Total assets 25,463 24,923 24,743
           
    LIABILITIES AND EQUITY      
    Current liabilities:      
    Short-term debt 1,006 988 990
    Trade accounts payable 1,451 1,373 1,323
    Other payables and accrued liabilities 1,386 1,290 1,306
    Dividends payable to stockholders 257 16 88
    Accrued income tax 104 72 66
    Total current liabilities 4,204 3,739 3,773
    Long-term debt 1,951 1,889 1,963
    Post-employment benefit obligations 428 392 377
    Long-term deferred tax liabilities 48 48 47
    Other long-term liabilities 848 896 904
      3,275 3,225 3,291
    Total liabilities 7,479 6,964 7,064
    Commitment and contingencies      
    Equity      
    Parent company stockholders’ equity      
    Common stock (preferred stock: 540,000,000 shares authorized, not issued; common stock: Euro 1.04 par value, 1,200,000,000 shares authorized, 911,281,920 shares issued, 894,759,029 shares outstanding as of June 28, 2025) 1,157 1,157 1,157
    Additional Paid-in Capital 3,187 3,142 3,088
    Retained earnings 12,911 13,514 13,459
    Accumulated other comprehensive income 983 495 236
    Treasury stock (490) (582) (491)
    Total parent company stockholders’ equity 17,748 17,726 17,449
    Noncontrolling interest 236 233 230
    Total equity 17,984 17,959 17,679
    Total liabilities and equity 25,463 24,923 24,743
           
           
           
    STMicroelectronics N.V.      
           
    SELECTED CASH FLOW DATA      
           
    Cash Flow Data (in US$ millions) Q2 2025 Q1 2025 Q2 2024
           
    Net Cash from operating activities 354 574 702
    Net Cash used in investing activities (332) (796) (628)
    Net Cash used in financing activities (191) (282) (112)
    Net Cash decrease (165) (501) (41)
           
    Selected Cash Flow Data (in US$ millions) Q2 2025 Q1 2025 Q2 2024
           
    Depreciation & amortization 464 428 439
    Net payment for Capital expenditures (481) (538) (546)
    Dividends paid to stockholders (81) (72) (73)
    Change in inventories, net (140) (172) (136)
           

    Appendix
    ST
    Changes to reportable segments

    Following ST’s reorganization announced in January 2024 into two Product Groups and four reportable segments, we have made further progress in analyzing our global product portfolio, resulting in the following adjustments to our segments, effective starting January 1, 2025, without modifying subtotals at Product Group level: 

    • In Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group:
      • The transfer of VIPower products from Power and Discrete products (“P&D”) reportable segment to Analog products, MEMS and Sensors (“AM&S”) reportable segment.    
    • In Microcontrollers, Digital ICs and RF products (MDRF) Product Group:
      • the newly created ‘Embedded Processing’ (“EMP”) reportable segment includes the former ‘MCU’ segment (excluding the RF ASICs mentioned below) as well as Custom Processing products (Automotive ADAS products).
      • the newly created ‘RF & Optical Communications’ (“RF&OC”) reportable segment includes the former ‘D&RF’ segment (excluding Automotive ADAS products) as well as some RF ASICs which were previously part of the former ‘MCU’ segment.

    We believe these adjustments are critical for implementing synergies and optimizing resources, which are necessary to fully deliver the benefits expected from our new organization.

    Our four reportable segments – within each Product Group – are now as follows: 

    • In Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group:
      • Analog products, MEMS and Sensors (“AM&S”) reportable segment, comprised of ST analog products (now including VIPower products), MEMS sensors and actuators, and optical sensing solutions.
      • Power and Discrete products (“P&D”) reportable segment, comprised of discrete and power transistor products (now excluding VIPower products).

    In this Press Release, “Analog” refers to analog products, “MEMS” to MEMS sensors and actuators and “Imaging” to optical sensing solutions.

    • In Microcontrollers, Digital ICs and RF products (MDRF) Product Group:
      • Embedded Processing (“EMP”) reportable segment, comprised of general-purpose and automotive microcontrollers, connected security products and Custom Processing Products (Automotive ADAS)
      • RF & Optical Communications (“RF&OC”) reportable segment, comprised of Space, Ranging & Connectivity products, Digital Audio & Signaling Solutions and Optical & RF COT.

    In this Press release, “GPAM” refers to General purpose & automotive microcontrollers, “Connected Security” to connected security products, “Custom Processing” to automotive ADAS products.

    Prior year comparative periods have been adjusted accordingly.

    (Appendix – continued)
    ST Supplemental Financial Information

      Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024
    Net Revenues By Market Channel (%)          
    Total OEM 72% 71% 73% 76% 73%
    Distribution 28% 29% 27% 24% 27%
               
    €/$ Effective Rate 1.09 1.06 1.09 1.08 1.08
               
    Reportable Segment Data (US$ m)          
    Analog products, MEMS and Sensors (AM&S) segment          
    – Net Revenues 1,133 1,069 1,348 1,340 1,336
    – Operating Income 85 82 220 216 193
    Power and Discrete products (P&D) segment          
    – Net Revenues 447 397 602 652 576
    – Operating Income (Loss) (56) (28) 45 80 61
    Subtotal: Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group          
    – Net Revenues 1,580 1,466 1,950 1,992 1,912
    – Operating Income 29 54 265 296 254
    Embedded Processing (EMP) segment          
    – Net Revenues 847 742 1,002 898 906
    – Operating Income 114 66 181 146 126
    RF & Optical Communications (RF&OC) segment          
    – Net Revenues 336 306 366 357 410
    – Operating Income 60 43 95 84 96
    Subtotal: Microcontrollers, Digital ICs and RF products (MDRF) Product Group          
    – Net Revenues 1,183 1,048 1,368 1,255 1,316
    – Operating Income 174 109 276 230 222
    Others (a)          
    – Net Revenues 3 3 3 4 4
    – Operating Income (Loss) (336) (160) (172) (145) (101)
    Total          
    – Net Revenues 2,766 2,517 3,321 3,251 3,232
    – Operating Income (Loss) (133) 3 369 381 375

    (a)   Net revenues of Others include revenues from sales assembly services and other revenues. Operating income (loss) of Others include items such as unused capacity charges, including incidents leading to power outage, impairment, restructuring charges and other related phase-out costs, management reorganization costs, start-up costs, and other unallocated income (expenses) such as: strategic or special research and development programs, certain corporate-level operating expenses, patent claims and litigations, and other costs that are not allocated to reportable segments, as well as operating earnings of other products. Others includes:

    (US$ m) Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024
    Unused capacity charges 103 123 118 104 84
    Impairment, restructuring charges and
    other related phase-out costs    		 190 8 – – –

    (Appendix – continued)
    ST
    Supplemental Non-U.S. GAAP Financial Information
    U.S. GAAP – Non-U.S. GAAP Reconciliation

    The supplemental non-U.S. GAAP information presented in this press release is unaudited and subject to inherent limitations. Such non-U.S. GAAP information is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for U.S. GAAP measurements. Also, our supplemental non-U.S. GAAP financial information may not be comparable to similarly titled non-U.S. GAAP measures used by other companies. Further, specific limitations for individual non-U.S. GAAP measures, and the reasons for presenting non-U.S. GAAP financial information, are set forth in the paragraphs below. To compensate for these limitations, the supplemental non-U.S. GAAP financial information should not be read in isolation, but only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP.

    ST believes that these non-U.S. GAAP financial measures provide useful information for investors and management because they offer, when read in conjunction with ST’s U.S. GAAP financials, (i) the ability to make more meaningful period-to-period comparisons of ST’s on-going operating results, (ii) the ability to better identify trends in ST’s business and perform related trend analysis, and (iii) to facilitate a comparison of ST’s results of operations against investor and analyst financial models and valuations, which may exclude these items.

    Non-U.S. GAAP Operating Income, Non-U.S. GAAP Net Earnings and Non-U.S. GAAP Earnings Per Share (non-U.S. GAAP measures)

    Operating income before impairment and restructuring charges and one-time items is used by management to help enhance an understanding of ongoing operations and to communicate the impact of the excluded items, such as impairment, restructuring charges and other related phase-out costs. Adjusted net earnings and earnings per share (EPS) are used by management to help enhance an understanding of ongoing operations and to communicate the impact of the excluded items like impairment, restructuring charges and other related phase-out costs attributable to ST and other one-time items, net of the relevant tax impact.

    Q2 2025
    (US$ m, except per share data)    		 Gross Profit Operating Income (Loss) Net Earnings Corresponding Diluted EPS
    U.S. GAAP 926 (133) (97) (0.11)
    Impairment, restructuring charges and other related phase-out costs – 190 190  
    Estimated income tax effect – – (36)  
    Non-U.S. GAAP 926 57 57 0.06
    H1 2025
    (US$ m, except per share data)    		 Gross Profit Operating Income (Loss) Net Earnings Corresponding Diluted EPS
    U.S. GAAP 1,767 (130) (41) (0.05)
    Impairment, restructuring charges and other related phase-out costs – 198 198  
    Estimated income tax effect – – (37)  
    Non-U.S. GAAP 1,767 68 120 0.13

    (Appendix – continued)

    Net Financial Position and Adjusted Net Financial Position (non-U.S. GAAP measures)

    Net Financial Position, a non-U.S. GAAP measure, represents the difference between our total liquidity and our total financial debt. Our total liquidity includes cash and cash equivalents, restricted cash, if any, short-term deposits, and marketable securities, and our total financial debt includes short-term debt and long-term debt, as reported in our Consolidated Balance Sheets. ST also presents adjusted net financial position as a non-U.S. GAAP measure, to take into consideration the effect on total liquidity of advances received on capital grants for which capital expenditures have not been incurred yet.

    ST believes its Net Financial Position and Adjusted Net Financial Position provide useful information for investors and management because they give evidence of our global position either in terms of net indebtedness or net cash by measuring our capital resources based on cash and cash equivalents, restricted cash, if any, short-term deposits and marketable securities and the total level of our financial debt. Our definitions of Net Financial Position and Adjusted Net Financial Position may differ from definitions used by other companies, and therefore, comparability may be limited.

    (US$ m) Jun 28
    2025    		 Mar 29
    2025    		 Dec 31
    2024    		 Sep 28
    2024    		 Jun 29
    2024
    Cash and cash equivalents 1,616 1,781 2,282 3,077 3,092
    Short term deposits 1,650 1,650 1,450 977 975
    Marketable securities 2,363 2,528 2,452 2,242 2,218
    Total liquidity 5,629 5,959 6,184 6,296 6,285
    Short-term debt (1,006) (988) (990) (1,003) (236)
    Long-term debt (a) (1,951) (1,889) (1,963) (2,112) (2,850)
    Total financial debt (2,957) (2,877) (2,953) (3,115) (3,086)
    Net Financial Position (non-U.S. GAAP) 2,672 3,082 3,231 3,181 3,199
    Advances received on capital grants (361) (377) (385) (366) (402)
    Adjusted Net Financial Position (non-U.S. GAAP) 2,311 2,705 2,846 2,815 2,797

    (a)  Long-term debt contains standard conditions but does not impose minimum financial ratios. Committed credit facilities for $639 million equivalent, are currently undrawn.

    (Appendix – continued)

    Net Capex and Free Cash Flow (non-U.S. GAAP measures)

    ST presents Net Capex as a non-U.S. GAAP measure, which is reported as part of our Free Cash Flow (non-U.S. GAAP measure), to take into consideration the effect of advances from capital grants received on prior periods allocated to property, plant and equipment in the reporting period.

    Net Capex, a non-U.S. GAAP measure, is defined as (i) Payment for purchase of tangible assets, as reported plus (ii) Proceeds from sale of tangible assets, as reported plus (iii) Proceeds from capital grants and other contributions, as reported plus (iv) Advances from capital grants allocated to property, plant and equipment in the reporting period.

    ST believes Net Capex provides useful information for investors and management because annual capital expenditures budget includes the effect of capital grants. Our definition of Net Capex may differ from definitions used by other companies.

    (US$ m) Q2 2025 Q1
    2025    		 Q4
    2024    		 Q3
    2024    		 Q2
    2024
    Payment for purchase of tangible assets, as reported (574) (587) (584) (669) (690)
    Proceeds from sale of tangible assets, as reported 4 2 – 2 1
    Proceeds from capital grants and other contributions, as reported 89 47 83 66 143
    Advances from capital grants allocated to property, plant and equipment 16 8 31 36 18
    Net Capex (non-U.S. GAAP) (465) (530) (470) (565) (528)

    Free Cash Flow, which is a non-U.S. GAAP measure, is defined as (i) net cash from operating activities plus (ii) Net Capex plus (iii) payment for purchase (and proceeds from sale) of intangible and financial assets and (iv) net cash paid for business acquisitions, if any.

    ST believes Free Cash Flow provides useful information for investors and management because it measures our capacity to generate cash from our operating and investing activities to sustain our operations.

    Free Cash Flow reconciles with the total cash flow and the net cash increase (decrease) by including the payment for purchases of (and proceeds from matured) marketable securities and net investment in (and proceeds from) short-term deposits, the net cash from (used in) financing activities and the effect of changes in exchange rates, and by excluding the advances from capital grants received on prior periods allocated to property, plant and equipment in the reporting period. Our definition of Free Cash Flow may differ from definitions used by other companies.

    (US$ m) Q2 2025 Q1
    2025    		 Q4
    2024    		 Q3
    2024    		 Q2
    2024
    Net cash from operating activities 354 574 681 723 702
    Net Capex (465) (530) (470) (565) (528)
    Payment for purchase of intangible assets, net of proceeds from sale (41) (14) (32) (20) (15)
    Payment for purchase of financial assets, net of proceeds from sale – – (51) (2) –
    Free Cash Flow (non-U.S. GAAP) (152) 30 128 136 159

    1Non-U.S. GAAP. See Appendix for reconciliation to U.S. GAAP and information explaining why the Company believes these measures are important.
    2Non-U.S. GAAP. See Appendix for reconciliation to U.S. GAAP and information explaining why the Company believes these measures are important.
    3See Appendix for the definition of reportable segments.
    4Non-U.S. GAAP. See Appendix for reconciliation to U.S. GAAP and information explaining why the Company believes these measures are important.

    Attachment

    The MIL Network –

  • MIL-OSI: Nokia Corporation Report for Q2 and Half Year 2025

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation

    Half year financial report
    24 July 2025 at 08:00 EEST

    Nokia Corporation Report for Q2 and Half Year 2025

    Solid performance offset by currency impact

    • Q2 comparable net sales declined 1% y-o-y on a constant currency and portfolio basis (2% reported) due to a 13% decline in Mobile Networks which had benefited from accelerated revenue recognition in the prior year. Network Infrastructure grew 8% while Cloud and Network Services grew 14%. Nokia Technologies grew 3%.
    • Comparable gross margin in Q2 was flat y-o-y at 44.7% (reported increased 10bps to 43.4%). Gross margins were broadly stable in Network Infrastructure and Mobile Networks and improved in Cloud and Network Services.
    • Q2 comparable operating margin decreased 290bps y-o-y to 6.6% (reported up 790bps to 1.8%), driven by a negative EUR 50 million venture fund impact which includes a EUR 60 million negative currency revaluation. Operating profit was also impacted by tariffs.
    • Q2 comparable diluted EPS for the period of EUR 0.04; reported diluted EPS for the period of EUR 0.02.
    • Q2 free cash flow of EUR 0.1 billion, net cash balance of EUR 2.9 billion.
    • As announced on 22 July 2025, full year 2025 comparable operating profit outlook revised to between EUR 1.6 and 2.1 billion (was between EUR 1.9 and 2.4 billion) with free cash flow conversion from comparable operating profit unchanged at between 50% and 80%.

    This is a summary of the Nokia Corporation Report for Q2 and Half Year 2025 published today. Nokia only publishes a summary of its financial reports in stock exchange releases. The summary focuses on Nokia Group’s financial information as well as on Nokia’s outlook. The detailed, segment-level discussion will be available in the complete financial report hosted at www.nokia.com/financials. Investors should not solely rely on summaries of Nokia’s financial reports and should also review the complete reports with tables.

    JUSTIN HOTARD, PRESIDENT AND CEO, ON Q2 2025 RESULTS

    In the following quote, net sales comments and growth rates are referring to comparable net sales and are on a constant currency and portfolio basis.

    During my first quarter as CEO, I’ve spent significant time engaging with our stakeholders. One message has stood out: Connectivity is becoming a critical differentiator in the AI supercycle, not only for communication service providers and hyperscalers, but also for new areas like defense and national security. With our portfolio in mobile and fiber access, data center, and transport networks, Nokia is uniquely positioned to be a leader in this market transition. Customer conversations have increased my optimism about our opportunity: There’s been a strong validation of what sets us apart – our technology, partnering culture, and the exceptional talent of our people.

    At the same time, our customers expect us to engage with them as one integrated company as they partner with us across our portfolio. Further it is clear we need to continue to evolve how we work so we move faster, improve productivity and focus on what brings value to our customers. As a result, we’re unifying our corporate functions to simplify how we work, build a more cohesive culture and begin to unlock operating leverage.

    We have a great opportunity to drive a unified vision for the future of networks, and I am looking forward to discussing our strategy and full value creation story at our Capital Markets Day in New York on November 19.

    Turning to our second quarter results, the significant currency fluctuations, particularly the weaker USD, had a meaningful impact on both our net sales and operating profit. On a constant currency and portfolio basis our overall net sales declined 1%, however excluding a settlement benefit in the prior year, sales would have grown 3%. Network Infrastructure grew 8% in Q2. Mobile Networks’ net sales declined 13%, primarily related to the aforementioned prior year settlement benefit and also due to project timing in India. Cloud and Network Services grew 14% with strong momentum in 5G Core. Nokia Technologies grew 3% and secured several new agreements in the quarter.

    Q2 comparable gross margin was stable year-on-year at 44.7%. Operating profit in the quarter was impacted by a non-cash negative impact to venture funds of EUR 50 million which included a EUR 60 million negative currency revaluation and the effect of tariffs we highlighted in Q1, contributing to our comparable operating margin declining 290 bps to 6.6%. Despite the cash impact of 2024 incentives during Q2, we had a strong cash performance and have generated free cash flow of over EUR 800 million in the first half.

    Q2 saw continued strong order momentum in Optical Networks with a book-to-bill well above 1, driven by new hyperscaler orders. We had several key wins in the quarter, including a deal with a large US communication service provider along with receiving our first award for 800G pluggables from a US hyperscaler. Across the group, Nokia generated 5% of sales in Q2 from hyperscalers. While we still have a lot of work ahead of us, I’m pleased with the progress we are making integrating Infinera, including executing on synergies. Additionally, the commercial momentum we are seeing reinforces the long-term value creation opportunity of the acquisition.

    Looking ahead we expect a stronger second half performance, particularly in Q4 consistent with normal seasonality. For the full year, the underlying business is trending largely as expected. We continue to expect strong growth in Network Infrastructure, growth in Cloud and Network Services and largely stable net sales in Mobile Networks on a constant currency and portfolio basis. In Nokia Technologies we expect approximately EUR 1.1 billion in operating profit.

    However, we are facing two headwinds to our full year operating profit outlook which are outside of our control, currency due to the weaker US Dollar, and tariffs. Currency has an approximately EUR 230 million negative impact relative to our expectations at the start of the year with EUR 90 million from non-cash venture fund currency revaluations. The current tariff levels are forecasted to impact operating profit by EUR 50 million to EUR 80 million inclusive of those in Q2. Considering these two headwinds, we decided it was prudent at this point to lower our comparable operating profit outlook to a range of EUR 1.6 billion to EUR 2.1 billion from the prior range of EUR 1.9 billion to EUR 2.4 billion.

    Justin Hotard
    President and CEO

    FINANCIAL RESULTS

    EUR million (except for EPS in EUR) Q2’25 Q2’24 YoY change Q1-Q2’25 Q1-Q2’24 YoY change
    Reported results            
    Net sales 4 546 4 466 2% 8 936 8 910 0%
    Gross margin % 43.4% 43.3% 10bps 42.5% 46.5% (400)bps
    Research and development expenses (1 161) (1 134) 2% (2 306) (2 259) 2%
    Selling, general and administrative expenses (744) (715) 4% (1 472) (1 408) 5%
    Operating profit 81 432 (81)% 32 836 (96)%
    Operating margin % 1.8% 9.7% (790)bps 0.4% 9.4% (900)bps
    Profit from continuing operations 83 370 (78)% 24 821 (97)%
    Profit/(loss) from discontinued operations 13 (512)   13 (525)  
    Profit/(loss) for the period 96 (142)   36 296 (88)%
    EPS for the period, diluted 0.02 (0.03)   0.01 0.05 (80)%
    Net cash and interest-bearing financial investments 2 879 5 475 (47)% 2 879 5 475 (47)%
    Comparable results            
    Net sales 4 551 4 466 2% 8 941 8 910 0%
    Constant currency and portfolio YoY change(1)             (1%)             (2%)
    Gross margin % 44.7% 44.7% 0bps 43.5% 47.6% (410)bps
    Research and development expenses (1 126) (1 064) 6% (2 241) (2 140) 5%
    Selling, general and administrative expenses (612) (610) 0% (1 199) (1 194) 0%
    Operating profit 301 423 (29)% 457 1 023 (55)%
    Operating margin % 6.6% 9.5% (290)bps 5.1% 11.5% (640)bps
    Profit for the period 236 328 (28)% 390 840 (54)%
    EPS for the period, diluted 0.04 0.06 (33)% 0.07 0.15 (53)%
    Business group results Network
    Infrastructure    		 Mobile
    Networks    		 Cloud and Network Services Nokia
    Technologies    		 Group Common and Other
    EUR million Q2’25 Q2’24 Q2’25 Q2’24 Q2’25 Q2’24 Q2’25 Q2’24 Q2’25 Q2’24
    Net sales 1 904 1 522 1 732 2 078 557 507 357 356 3 4
    YoY change 25%   (17)%   10%   0%   (25)%  
    Constant currency and portfolio YoY change(1) 8%   (13)%   14%   3%   (25)%  
    Gross margin % 38.2% 38.4% 41.1% 41.8% 42.7% 37.5% 100.0% 100.0%    
    Operating profit/(loss) 109 97 77 182 9 (35) 255 258 (150) (78)
    Operating margin % 5.7% 6.4% 4.4% 8.8% 1.6% (6.9)% 71.4% 72.5%    

    (1) This metric provides additional information on the growth of the business and adjusts for both currency impacts and portfolio changes. The full definition is provided in the Alternative performance measures section in Nokia Corporation Report for Q2 and Half Year 2025.

    SHAREHOLDER DISTRIBUTION

    Dividend

    Under the authorization by the Annual General Meeting held on 29 April 2025, the Board of Directors may resolve on the distribution of an aggregate maximum of EUR 0.14 per share to be paid in respect of financial year 2024. The authorization will be used to distribute dividend and/or assets from the reserve for invested unrestricted equity in four installments during the authorization period unless the Board decides otherwise for a justified reason.

    On 24 July 2025, the Board resolved to distribute a dividend of EUR 0.04 per share. The dividend record date is 29 July 2025 and the dividend will be paid on 7 August 2025. The actual dividend payment date outside Finland will be determined by the practices of the intermediary banks transferring the dividend payments.

    As previously announced, on 29 April 2025 the Board resolved to distribute a dividend of EUR 0.04 per share. The dividend record date was 5 May 2025 and the dividend was paid on 12 May 2025. Following these distributions, the Board’s remaining distribution authorization is a maximum of EUR 0.06 per share.

    OUTLOOK

      Full Year 2025
    Comparable operating profit(1,2) EUR 1.6 billion to EUR 2.1 billion (adjusted from EUR 1.9 billion to 2.4 billion)
    Free cash flow(1) 50% to 80% conversion from comparable operating profit

    1Please refer to Alternative performance measures section in Nokia Corporation Report for Q2 and Half Year 2025 for a full explanation of how these terms are defined.
    2Outlook is based on a EUR:USD rate of 1.17 for the remainder of the year.

    The outlook and all of the underlying outlook assumptions described below are forward-looking statements subject to a number of risks and uncertainties as described or referred to in the Risk Factors section later in this report.

    Along with Nokia’s official outlook targets provided above, Nokia provides the below additional assumptions that support the group level financial outlook.

      Full year 2025 Comment  
    Q3 Seasonality   Normal seasonality would imply flat net sales sequentially into Q3. The business expects somewhat more challenging product mix along with continued R&D investment. Comparable operating margin expected to be largely stable sequentially.  
    Group Common and Other operating expenses Approximately EUR 400 million    
    Comparable financial income and expenses Positive EUR 50 to 150 million    
    Comparable income tax rate ~25%    
    Cash outflows related to income taxes EUR 500 million    
    Capital expenditures EUR 650 million    
    Recurring gross cost savings EUR 400 million Related to ongoing cost savings program and not including Infinera-related synergies  
    Restructuring and associated charges related to cost savings programs EUR 250 million Related to ongoing cost savings program and not including Infinera-related synergies  
    Restructuring and associated cash outflows EUR 400 million Related to ongoing cost savings program and not including Infinera-related synergies  

    RISK FACTORS

    Nokia and its businesses are exposed to a number of risks and uncertainties which include but are not limited to: 

    • Competitive intensity, which is expected to continue at a high level as some competitors seek to take share;
    • Changes in customer network investments related to their ability to monetize the network;
    • Our ability to ensure competitiveness of our product roadmaps and costs through additional R&D investments;
    • Our ability to procure certain standard components and the costs thereof, such as semiconductors;
    • Disturbance in the global supply chain;
    • Impact of inflation, increased global macro-uncertainty, major currency fluctuations, changes in tariffs and higher interest rates;
    • Potential economic impact and disruption of global pandemics;
    • War or other geopolitical conflicts, disruptions and potential costs thereof;
    • Other macroeconomic, industry and competitive developments;
    • Timing and value of new, renewed and existing patent licensing agreements with licensees;
    • Results in brand and technology licensing; costs to protect and enforce our intellectual property rights; on-going litigation with respect to licensing and regulatory landscape for patent licensing;
    • The outcomes of on-going and potential disputes and litigation;
    • Our ability to execute, complete, successfully integrate and realize the expected benefits from transactions;
    • Timing of completions and acceptances of certain projects;
    • Our product and regional mix;
    • Uncertainty in forecasting income tax expenses and cash outflows, over the long-term, as they are also subject to possible changes due to business mix, the timing of patent licensing cash flow and changes in tax legislation, including potential tax reforms in various countries and OECD initiatives;
    • Our ability to utilize our Finnish deferred tax assets and their recognition on our balance sheet;
    • Our ability to meet our sustainability and other ESG targets, including our targets relating to greenhouse gas emissions;

    as well the risk factors specified under Forward-looking statements of this release, and our 2024 annual report on Form 20-F published on 13 March 2025 under Operating and financial review and prospects-Risk factors.

    FORWARD-LOOKING STATEMENTS

    Certain statements herein that are not historical facts are forward-looking statements. These forward-looking statements reflect Nokia’s current expectations and views of future developments and include statements regarding: A) expectations, plans, benefits or outlook related to our strategies, projects, programs, product launches, growth management, licenses, sustainability and other ESG targets, operational key performance indicators and decisions on market exits; B) expectations, plans or benefits related to future performance of our businesses (including the expected impact, timing and duration of potential global pandemics, geopolitical conflicts and the general or regional macroeconomic conditions on our businesses, our supply chain, the timing of market changes or turning points in demand and our customers’ businesses) and any future dividends and other distributions of profit; C) expectations and targets regarding financial performance and results of operations, including market share, prices, net sales, income, margins, cash flows, cost savings, the timing of receivables, operating expenses, provisions, impairments, tariffs, taxes, currency exchange rates, hedging, investment funds, inflation, product cost reductions, competitiveness, value creation, revenue generation in any specific region, and licensing income and payments; D) ability to execute, expectations, plans or benefits related to transactions, investments and changes in organizational structure and operating model; E) impact on revenue with respect to litigation/renewal discussions; and F) any statements preceded by or including “anticipate”, “continue”, “believe”, “envisage”, “expect”, “aim”, “will”, “target”, “may”, “would”, “could“, “see”, “plan”, “ensure” or similar expressions. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from such statements. These statements are based on management’s best assumptions and beliefs in light of the information currently available to them. These forward-looking statements are only predictions based upon our current expectations and views of future events and developments and are subject to risks and uncertainties that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Factors, including risks and uncertainties that could cause these differences, include those risks and uncertainties identified in the Risk Factors above.

    ANALYST WEBCAST

    • Nokia’s webcast will begin on 24 July 2025 at 11.30 a.m. Finnish time (EEST). The webcast will last approximately 60 minutes.
    • The webcast will be a presentation followed by a Q&A session. Presentation slides will be available for download at www.nokia.com/financials.
    • A link to the webcast will be available at www.nokia.com/financials.
    • Media representatives can listen in via the link, or alternatively call +1-412-317-5619.

    FINANCIAL CALENDAR

    • Nokia plans to publish its third quarter and January-September 2025 results on 23 October 2025.

    About Nokia

    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs, which is celebrating 100 years of innovation.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia
    Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia
    Investor Relations
    Phone: +358 931 580 507
    Email: investor.relations@nokia.com

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    The MIL Network –

  • MIL-OSI: Bigbank’s Unaudited Financial Results for Q2 2025

    Source: GlobeNewswire (MIL-OSI)

    Bigbank’s total gross loan portfolio reached a record high of 2.44 billion euros by the end of the quarter, up 141 million euros (+6%) quarter on quarter and 537 million euros (+28%) year on year, driven by the strategic product lines of business loans and home loans. Growth in the consumer loan portfolio was more modest. During the quarter, the business loan portfolio increased by 54 million euros (+7%) to 862 million euros, the home loan portfolio by 53 million euros (+8%) to 717 million euros and the consumer loan portfolio by 19 million euros (+2%) to 860 million euros. For the first time in Bigbank’s history, business loans also became the largest credit product line in terms of portfolio size.

    On the deposit side, the savings deposit portfolio recorded strong growth in the second quarter, increasing by 154 million euros to 1.3 billion euros (+13%). However, the term deposit portfolio decreased by 59 million euros to 1.34 billion euros during the quarter. The stabilising interest rate environment has made the interest rates on more flexible savings deposits competitive with those on term deposits. Therefore, many depositors have opted for savings deposits when their term deposits have matured. At the end of the second quarter, the current accounts opened for retail customers in Estonia totalled 3.4 million euros. All current account holders earn interest at the rate of 2%, the best available on the market. The Group’s total deposit portfolio grew by 96 million euros (+4%) quarter on quarter and by 393 million euros (+17%) year on year, reaching 2.65 billion euros.

    Bigbank’s net profit for the first six months of 2025 was 18.7 million euros. Net profit for the same period in 2024 was 15.8 million euros. In the second quarter, Bigbank’s net profit amounted to 8.9 million euros, down 0.5 million euros from the second quarter of 2024 (-5%). In the second quarter, Bigbank’s profit before income tax amounted to 11.5 million euros, up 0,3 million euros from the second quarter of 2024 (+3%).

    Interest income grew quarter on quarter, because the growth in the loan portfolio had a stronger impact than the decrease in interest rates during the year. Interest income for the second quarter amounted to 45.2 million euros, an increase of 1.8 million euros (+4%) year on year. Due to the growth of the deposit portfolio and an increase in the volume of bonds issued, interest expense grew by 0.6 million euros (+3%) to 19.5 million euros. As a result, Bigbank’s net interest income grew by 1.2 million euros (+5%) year on year to 25.7 million euros.

    The quality of the loan portfolio continued to improve in the second quarter: the net allowance for expected credit losses and provisions totalled 1.4 million euros, down 4.4 million euros year on year. This positive trend is mostly attributable to an improvement in the quality of the consumer loan portfolio in all three Baltic countries. The credit quality of home loans remained very good, while that of the business loan portfolio was stable. The share of stage 3 (non-performing) loans decreased by 3.8 million euros in the second quarter, accounting for 4.7% of the total loan portfolio at the end of the quarter (-0.4 pp from the end of the first quarter). The relatively high share of stage 3 loans is mainly due to a small number of larger loans which are well secured and therefore do not increase expected credit loss expenses.

    Bigbank’s strong team, which is the driving force behind growing business volumes, continued to expand. At the end of the second quarter of 2025, Bigbank had 613 employees: 378 in Estonia, 102 in Lithuania, 91 in Latvia, 22 in Finland, 15 in Bulgaria and 5 in Sweden. Salary expenses for the second quarter totalled 8.2 million euros, up 1.8 million euros year on year (+28%).

    The second quarter saw significant progress in the development of everyday banking products. At the beginning of the quarter, Bigbank became a direct member of the SEPA Credit Transfer scheme. This enabled the Group to become fully independent of other financial intermediaries in the euro area. Bigbank has been a direct member of the SEPA Instant Credit Transfer scheme, enabling it to make instant payments independently, since 2024. Another significant milestone was reached at the end of June with the launch of the Bigbank mobile app. Initially made available to retail customers of the Estonian business unit, the modern and convenient app is expected to be launched in Lithuania and Latvia in the coming quarters.

    The value of the Group’s investment property portfolio was 72.3 million euros at the end of the second quarter. A significant change to the property portfolio was the decrease in the value of the agricultural land in Estonia, which fell by 1.7 million euros (around 5%) due to an overall decline in transaction prices in the market during the quarter.

    Two bond issues also took place in the second quarter. In May, Bigbank issued Additional Tier 1 (AT1) bonds totalling 2.44 million euros, thereby increasing its Additional Tier 1 capital by the same amount. In June, Bigbank carried out the first in a series of public unsecured subordinated bond offerings (T2) under a new programme. Due to strong investor interest, Bigbank increased the volume of the T2 bond offering from 3 million euros to 6 million euros, thereby raising its Tier 2 capital by the same amount.

    In the second quarter, Moody’s Ratings affirmed all of the ratings and assessments that it had assigned to Bigbank AS last year.

    • Long-term and short-term deposit ratings: Ba1/NP
    • Baseline Credit Assessment (BCA) and Adjusted BCA: ba2
    • Long-term and short-term Counterparty Risk Ratings: Baa2/P-2
    • Long-term and short-term Counterparty Risk Assessments: Baa2(cr)/P-2(cr)

    The outlook on the bank’s long-term deposit rating was revised from stable to negative.

    After the reporting date and before this report was authorised for issue, Bigbank received the decision of the Financial Supervision and Resolution Authority of 7 July 2025, which waived the previously applied minimum requirement for own funds and eligible liabilities. According to the requirement, the Group had to maintain a minimum ratio of own funds and eligible liabilities to total risk exposure amount (TREA) of 12.49%. Bigbank complied with this requirement throughout its effective term and would be able to continue to do so in the future. There is no new minimum ratio requirement set by Financial Supervision and Resolution Authority.

    Income statement, in thousands of euros Q2 2025 Q2 2024 6M 2025 6M 2024
    Net interest income 25,773 24,464 51,336 50,021
    Net fee and commission income 2,550 2,245 5,073 4,409
    Net income (loss) on financial assets 694 2,007 2,645 3,078
    Net other operating income -1,120 -977 -2,015 -1,826
    Total net operating income 27,897 27,739 57,039 55,682
    Salaries and associated charges -8,258 -6,351 -15,735 -12,763
    Administrative expenses -2,875 -2,285 -5,626 -5,954
    Depreciation, amortisation and impairment -2,176 -2,100 -4,313 -4,152
    Other gains (losses) -1,796 1,090 -1,782 -1,329
    Total expenses -15,105 -9,646 -27,456 -24,198
    Profit before loss allowances 12,792 18,093 29,583 31,484
    Net expected credit loss allowances -1,289 -6,811 -5,924 -12,531
    Profit before income tax 11,503 11,282 23,659 18,953
    Income tax expense -2,616 -1,857 -4,917 -3,132
    Profit for the period from continuing operations 8,887 9,425 18,742 15,821
    Profit from discontinued operations 0 8 0 29
    Profit for the period 8,887 9,433 18,742 15,850
    Statement of financial position, in thousands of euros 30 June 2025 31 March 2025 31 Dec 2024 30 June 2024
    Cash and cash equivalents 468,770 487,160 448,661 626,081
    Debt securities at FVOCI 42,508 49,431 22,334 9,907
    Loans to customers 2,438,608 2,297,987 2,196,482 1,902,001
    Other assets 109,143 109,603 110,939 89,255
    Total assets 3,059,029 2,944,181 2,778,416 2,627,244
    Customer deposits and loans received 2,656,328 2,560,513 2,401,689 2,264,137
    Subordinated notes 104,147 95,943 91,668 88,148
    Other liabilities 17,871 16,885 15,290 22,113
    Total liabilities 2,778,346 2,673,341 2,508,647 2,374,398
    Equity 280,683 270,840 269,769 252,846
    Total liabilities and equity 3,059,029 2,944,181 2,778,416 2,627,244

    Compared to the unaudited financial results published for Q2 2024, the net interest income and the net allowance for expected credit losses for the first six months of 2024 have been adjusted, both reduced by 1.3 million euros. The adjustment is related to an identified error, where interest income from impaired financial assets had been accrued on the gross exposure of the financial assets, rather than on net basis. This correction does not impact the net profit for the first six months of 2024.

    Commentary by Martin Länts, chairman of the management board of Bigbank AS:

    In the second quarter of 2025, Bigbank continued its strong growth across all core business areas, bringing the consolidated total assets above the 3-billion-euro mark for the first time. The growth of the loan portfolio lifted its volume beyond 2.4 billion euros, representing an increase of nearly one-third year on year. Strategic segments such as business loans and home loans continued to drive growth.

    Alongside loan portfolio growth, its quality also improved. The net allowance for expected credit losses and provisions decreased by more than fourfold compared to the same period last year, totalling 1.4 million euros in the second quarter. This positive change is mainly attributable to improvements in the credit quality of the Baltic consumer loan portfolios, which also supported growth in the bank’s net profit. Net profit for the first half of 2025 was 18.7 million euros, of which 8.9 million euros were earned in the second quarter.

    The deposit portfolio also continued to grow both year on year and quarter on quarter. The primary growth driver was the savings deposit segment, the volume of which has reached a similar level as term deposits, totalling nearly 1.3 billion euros at the end of the second quarter. People have become increasingly active in searching for interest-bearing options for their funds, finding an attractive opportunity in Bigbank’s savings deposit product, but increasingly also in our current accounts.

    As the first bank in Estonia, we offer all current account holders the opportunity to earn 2% interest on their account balances while maintaining daily access to their funds. Although our current accounts have only recently been launched in Estonia, we already see that more than 25% of our retail banking customers of the business unit have opened an account. We will continue expanding our daily banking functionalities, an important milestone of which was the launch of the Bigbank mobile app at the end of June. We also plan to roll out current account services to the Latvian and Lithuanian markets in the coming quarters.

    In May and June, we successfully completed two bond issues. Both transactions support the continued rapid growth of the bank, ensure compliance with regulatory capital requirements, and facilitate further expansion of our home loan and business loan portfolios.

    We thank all investors, partners, and customers of Bigbank for your trust, which enables us to grow our business volumes and create long-term value.

    Bigbank AS (www.bigbank.eu), with over 30 years of operating history, is a commercial bank owned by Estonian capital. As of 30 June 2025, the bank’s total assets amounted to 3.1 billion euros, with equity of 281 million euros. Operating in nine countries, the bank serves more than 174,000 active customers and employs over 600 people. The credit rating agency Moody’s has assigned Bigbank a long-term bank deposit rating of Ba1, along with a baseline credit assessment (BCA) and an adjusted BCA of Ba2.

    Argo Kiltsmann
    Member of the Management Board
    Telephone: +372 5393 0833
    Email: argo.kiltsmann@bigbank.ee
    www.bigbank.ee

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    The MIL Network –

  • MIL-OSI: Dassault Systèmes: Q2 well aligned with objectives; Reaffirming 2025 growth outlook Advancing AI for software-defined industries

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    VELIZY-VILLACOUBLAY, France — July 24, 2025

    Dassault Systèmes: Q2 well aligned with objectives; Reaffirming 2025 growth outlook

    Advancing AI for software-defined industries

    Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) today reports its IFRS unaudited estimated financial results for the second quarter 2025 and first half ended June 30, 2025. The Group’s Board of Directors approved these estimated results on July 23, 2025. This press release also includes financial information on a non-IFRS basis and reconciliations with IFRS figures in the Appendix.

    Summary Highlights1  

    (unaudited, IFRS and non-IFRS unless otherwise noted,
    all growth rates in constant currencies)

    • 2Q25: Total revenue of €1.52 billion, up 6%, well aligned with objectives;
    • 2Q25: Software revenue up 6%, driven by subscription revenue up 10%;
    • 2Q25: 3DEXPERIENCE software revenue up 20% with good dynamics across industries;
    • 2Q25: Operating margin of 29.3% and diluted EPS non-IFRS up 4% to €0.30;
    • For the first six months, recurring revenue up 7% driven by subscription growth of 13%;
    • FY25: Reaffirming non-IFRS full-year objectives with total revenue growth of 6% to 8% and diluted EPS growth of 7% to 10%.

    Dassault Systèmes’ Chief Executive Officer Commentary

    Pascal Daloz, Dassault Systèmes’ Chief Executive Officer, commented:

    “The first half of the year reaffirmed the strength of our core Manufacturing sector, with resilient performance in Transportation & Mobility and strong growth in High-Tech. Aerospace & Defense also had an excellent start, with notable engagement at the Paris Air Show, underscoring our leadership in these strategic areas. In Life Sciences, our PLM solutions are playing more and more a critical role in driving the evolution toward smarter manufacturing and agile supply chains.

    As we look to the future, Dassault Systèmes is uniquely positioned to help clients navigate the increasingly complex and dynamic global landscape. Our focus on high-growth segments, particularly Space, Defense, Energy, and AI-driven cloud infrastructure, places us at the core of sovereignty and security challenges.

    With the introduction of 3D UNIV+RSES, presented at our Capital Markets Day, we are entering new high-value territories such as regulatory and compliance management. AI will be a key enabler in these areas, and early customer feedback has been exceptionally promising. With AI for software-defined industries, we are confident that our continued innovation will unlock new levels of value for our clients, reinforcing our role as a trusted partner in their transformation journeys.”

    Dassault Systèmes’ Chief Financial Officer Commentary

    (revenue and diluted EPS (“EPS”) growth rates in constant currencies,
    data on a non-IFRS basis)

    Rouven Bergmann, Dassault Systèmes’ Chief Financial Officer, commented:

    “In Q2, both total and software revenues grew by 6%, in line with our objectives. Year-to-date, we’ve seen a 5% increase in growth, with subscription rising 13%. Our performance across the Manufacturing sector has been resilient, particularly driven by the continued strength of SIMULIA, ENOVIA, and CATIA.

    On the operational front, we remain committed to strategic investments aimed at capturing long-term value, while protecting EPS. The acquisition of Ascon is a key step in accelerating the shift to software-defined manufacturing.

    Looking ahead, we maintain our outlook for full-year revenue growth between 6-8%, with EPS growth expected to range from 7-10%. Additionally, we’ve updated our currency assumptions for the second half of the year.”

    Financial Summary

    In millions of Euros,
    except per share data and percentages    		   IFRS   IFRS
      Q2 2025 Q2 2024 Change Change in constant currencies   YTD 2025 YTD 2024 Change Change in constant currencies
    Total Revenue   1,521.6 1,495.8 2% 5%   3,094.6 2,995.4 3% 4%
    Software Revenue   1,372.7 1,346.5 2% 6%   2,805.4 2,699.4 4% 5%
    Operating Margin   15.9% 18.4% (2.6)pts     17.6% 20.0% (2.4)pts  
    Diluted EPS   0.17 0.21 (19)%     0.37 0.42 (14)%  
    In millions of Euros,
    except per share data and percentages    		   Non-IFRS   Non-IFRS
      Q2 2025 Q2 2024 Change Change in constant currencies   YTD 2025 YTD 2024 Change Change in constant currencies
    Total Revenue   1,523.2 1,495.8 2% 6%   3,096.2 2,995.4 3% 5%
    Software Revenue   1,374.2 1,346.5 2% 6%   2,807.0 2,699.4 4% 5%
    Operating Margin   29.3% 29.9% (0.7)pts     30.1% 30.5% (0.4)pts  
    Diluted EPS   0.30 0.30 (1)% 4%   0.61 0.60 2% 5%

    Second Quarter 2025 Versus 2024 Financial Comparisons

    (unaudited, IFRS and non-IFRS unless otherwise noted,
    all revenue growth rates in constant currencies)

    • Total Revenue: Total revenue in the second quarter grew 5% in IFRS and 6% in non-IFRS, to €1.52 billion, and software revenue increased by 6% to €1.37 billion. Subscription & support revenue rose 6%; recurring revenue represented 80% of software revenue. Licenses and other software revenue rose 5% to €276 million. Services revenue increased 3% to €149 million, during the quarter.
    • Software Revenue by Geography: The Americas revenue increased by 2% to represent 37% of software revenue, with High-Tech and Industrial Equipment performing well. Europe grew by 10% to 39% of software revenue, reflecting an acceleration led by France and Southern Europe. In Asia, revenue rose 6% with strong double-digit growth in China. Asia represented 24% of software revenue at the end of the second quarter.
    • Software Revenue by Product Line:
      • Industrial Innovation software revenue rose 9% to €745 million. SIMULIA, CATIA and ENOVIA were the best contributors to growth. Industrial Innovation software represented 54% of software revenue, during the period.
      • Life Sciences software revenue was flat at €268 million, to account for 20% of software revenue.
      • Mainstream Innovation software revenue increased by 3% to €360 million in IFRS, and was up 4% to €361 million in non-IFRS, represented 26% of software revenue. SOLIDWORKS had a strong subscription growth, advancing its business model shift.
    • Software Revenue by Industry: Industrial Equipment, High Tech, Transportation & Mobility and Aerospace & Defense were the best contributors to growth this quarter. In Life Sciences, Dassault Systèmes’ PLM solutions are playing more and more a critical role in driving the evolution toward smarter manufacturing and agile supply chains. In fact, outside of the MEDIDATA product line, Life Sciences revenue grew mid-teens.
    • Key Strategic Drivers: 3DEXPERIENCE software revenue increased 20% and represented 41% of 3DEXPERIENCE Eligible software revenue. Cloud software revenue grew 6% in non-IFRS, representing 25% of software revenue during the period. 3DEXPERIENCE Cloud software revenue increased 15% in constant currencies.
    • Operating Income and Margin: IFRS operating income decreased 12%, to €242 million, as reported. Non-IFRS operating income decreased 0.4% at €446 million, as reported. The IFRS operating margin stood at 15.9% compared to 18.4% in the second quarter of 2024, mainly reflecting the effect of the employee shareholding plan “TOGETHER 2025” offered during the quarter. The non-IFRS operating margin totaled 29.3%, versus 29.9% in the same period of last year, with a negative currency impact of 50 basis points.
    • Earnings per Share: IFRS diluted EPS was €0.17, decreasing 19% as reported. Non-IFRS diluted EPS grew to €0.30, down 1% as reported, up 4% in constant currencies.

    First Half 2025 Versus 2024 Financial Comparisons

    (unaudited, IFRS and non-IFRS unless otherwise noted,
    all revenue growth rates in constant currencies)

    • Total Revenue: Total revenue grew 4% to €3.09 billion in IFRS, and was up 5% to €3.10 billion in non-IFRS. Software revenue increased 5% to €2.81 billion. Subscription and support revenue rose 7% to €2.33 billion; recurring revenue represented 83% of total software revenue. Licenses and other software revenue decreased 2% to €474 million. Services revenue was down 2% to €289 million.
    • Software Revenue by Geography: The Americas, Europe and Asia all grew 5%, representing respectively 40%, 37% and 23% of software revenue.
    • Software Revenue by Product Line:
      • Industrial Innovation software revenue rose 8% to €1.54 billion and represented 55% of software revenue. CATIA, SIMULIA and ENOVIA were among the strongest contributors to growth.
      • Life Sciences software revenue was flat to €561 million, representing 20% of software revenue.
      • Mainstream Innovation software revenue increased by 3% to €707 million in IFRS and to €708 million in non-IFRS. Mainstream Innovation represented 25% of software revenue.
    • Software Revenue by Industry: Aerospace & Defense, High Tech, Industrial Equipment and Transport & Mobility were among the strongest contributors to growth. In Life Sciences, Dassault Systèmes’ PLM solutions are playing more and more a critical role in driving the evolution toward smarter manufacturing and agile supply chains. In fact, outside of the MEDIDATA product line, Life Sciences revenue grew mid-teens.
    • Key Strategic Drivers: 3DEXPERIENCE software revenue increased by 19%, representing 40% of 3DEXPERIENCE Eligible software revenue. Cloud software revenue grew 7% in non-IFRS, and represented 25% of software revenue. 3DEXPERIENCE Cloud software revenue increased 26% in constant currencies.
    • Operating Income and Margin: IFRS operating income was down 9%, to €546 million, as reported. Non-IFRS operating income increased 2% to €932 million, as reported. IFRS operating margin totaled 17.6% compared to 20% for the same period in 2024, mainly reflecting the combined effect of the employee shareholding plan “TOGETHER 2025” and higher share-based compensation related social charges, notably in France, where the rate rose from 20% to 30% in the first half of 2025. Non-IFRS operating margin stood at 30.1% in the first half of 2025, compared to 30.5% in the same period last year, impacted by negative currency effect of 30 basis points.
    • Earnings per Share: IFRS diluted EPS was €0.37, a decrease of 14% as reported. Non-IFRS diluted EPS grew by 2% to €0.61, as reported, or 5% in constant currencies.
    • Cash Flow from Operations (IFRS): Cash flow from operations totaled €1.15 billion for the first six months of 2025, compared to €1.13 billion last year. Cash flow from operations was principally used for the acquisition of ContentServ for €202 million, repurchase of Treasury Shares for €225 million and dividend payments for €343 million.
    • Balance Sheet (IFRS): Dassault Systèmes’ net financial position totaled €1.51 billion as of June 30, 2025, an increase of €0.05 billion, compared to €1.46 billion for the year ended December 31, 2024. Cash and cash equivalents totaled €4.08 billion in the first half.

    Financial Objectives for 2025

    Dassault Systèmes’ third quarter and 2025 financial objectives presented below are given on a non-IFRS basis and reflect the principal 2025 currency exchange rate assumptions for the US dollar and Japanese yen as well as the potential impact from additional non-Euro currencies:

               
          Q3 2025 FY 2025  
      Total Revenue (billion) €1.485 – €1.535 €6.410 – €6.510  
      Growth 1 – 5% 3 – 5%  
      Growth ex FX 5 – 8% 6 – 8%  
               
      Software revenue growth * 5 – 9% 6 – 8%  
        Of which licenses and other software revenue growth * 7 – 14% 4 – 7%  
        Of which recurring revenue growth * 5 – 8% 7 – 8%  
      Services revenue growth *

    1 – 5%

    		 1 – 3%  
               
      Operating Margin 29.7% – 29.9% 32.2% – 32.4%  
               
      EPS Diluted €0.29 – €0.30 €1.32 – €1.35  
      Growth 0 – 4% 3 – 6%  
      Growth ex FX 5 – 9% 7 – 10%  
               
      US dollar $1.17 per Euro $1.13 per Euro  
      Japanese yen (before hedging) JPY 170.0 per Euro JPY 166.1 per Euro  
      * Growth in Constant Currencies      

    These objectives are prepared and communicated only on a non-IFRS basis and are subject to the cautionary statement set forth below.

    The 2025 non-IFRS financial objectives set forth above do not take into account the following accounting elements below and are estimated based upon the 2025 principal currency exchange rates above: contract liabilities write-downs estimated at approximately €4 million; share-based compensation expenses, including related social charges, estimated at approximately €324 million (these estimates do not include any new stock option or share grants issued after June 30, 2025); amortization of acquired intangibles and of tangibles reevaluation, estimated at approximately €336 million, largely impacted by the acquisition of MEDIDATA; and lease incentives of acquired companies at approximately €1 million.

    The above objectives also do not include any impact from other operating income and expenses, net principally comprised of acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; from one-time items included in financial revenue; from one-time tax effects; and from the income tax effects of these non-IFRS adjustments. Finally, these estimates do not include any new acquisitions or restructuring completed after June 30, 2025.

    Corporate Announcements

    Today’s Webcast and Conference Call Information

    Today, Thursday, July 24, 2025, Dassault Systèmes will host in Paris a webcasted presentation at 9:00 AM London Time / 10:00 AM Paris time, and will then host a conference call at 8:30 AM New York time / 1:30 PM London time / 2:30 PM Paris time. The webcasted presentation and conference calls will be available online by accessing investor.3ds.com.

    Additional investor information is available at investor.3ds.com or by calling Dassault Systèmes’ Investor Relations at +33.1.61.62.69.24.

    Investor Relations Events

    • Third Quarter 2025 Earnings Release: October 23, 2025
    • Fourth Quarter 2025 Earnings Release: February 11, 2026
    • First Quarter 2026 Earnings Release: April 23, 2026
    • Second Quarter 2026 Earnings Release: July 23, 2026

    Forward-looking Information

    Statements herein that are not historical facts but express expectations or objectives for the future, including but not limited to statements regarding the Group’s non-IFRS financial performance objectives are forward-looking statements. Such forward-looking statements are based on Dassault Systèmes management’s current views and assumptions and involve known and unknown risks and uncertainties. Actual results or performances may differ materially from those in such statements due to a range of factors.

    The Group’s actual results or performance may be materially negatively affected by numerous risks and uncertainties, as described in the “Risk Factors” section 1.9 of the 2024 Universal Registration Document (‘Document d’enregistrement universel’) filed with the AMF (French Financial Markets Authority) on March 18, 2025, available on the Group’s website www.3ds.com.

    In particular, please refer to the risk factor “Uncertain Global Environment” in section 1.9.1.1 of the 2024 Universal Registration Document set out below for ease of reference:

    “In light of the uncertainties regarding economic, business, social, health and geopolitical conditions at the global level, Dassault Systèmes’ revenue, net earnings and cash flows may grow more slowly, whether on an annual or quarterly basis, mainly due to the following factors:

    • the deployment of Dassault Systèmes’ solutions may represent a large portion of a customer’s investments in software technology. Decisions to make such an investment are impacted by the economic environment in which the customers operate. Uncertain global geopolitical, economic and health conditions and the lack of visibility or the lack of financial resources may cause some customers, e.g. within the automotive, aerospace, energy or natural resources industries, to reduce, postpone or cancel their investments, or to reduce or not renew ongoing paid maintenance for their installed base, which impact larger customers’ revenue with their respective sub-contractors;
    • the political, economic and monetary situation in certain geographic regions where Dassault Systèmes operates could become more volatile and negatively affect Dassault Systèmes’ business, and in particular its revenue, for example, due to stricter export compliance rules or the introduction of new customs barriers or controls on the exchange of goods and services;
    • continued pressure or volatility on raw materials and energy prices could also slow down Dassault Systèmes’ diversification efforts in new industries;
    • uncertainties regarding the extent and duration of costs inflation could adversely affect the financial position of Dassault Systèmes; and
    • the sales cycle of the Dassault Systèmes’ products – already relatively long due to the strategic nature of such investments for customers – could further lengthen.

    The occurrence of crises – health and political crises in particular – could have consequences both for the health and safety of Dassault Systèmes’ employees and for the Company. It could also adversely impact the financial situation or financing and supply capabilities of Dassault Systèmes’ existing and potential customers, commercial and technology partners, some of whom may be forced to temporarily close sites or to cease operations. A deteriorating economic environment could generate increased price pressure and affect the collection of receivables, which would negatively affect Dassault Systèmes’ revenue, financial performance and market position.

    Dassault Systèmes makes every effort to take into consideration this uncertain outlook. Dassault Systèmes’ business results, however, may not develop as anticipated. Furthermore, due to factors affecting sales of Dassault Systèmes’ products and services, there may be a substantial time lag between an improvement in global economic and business conditions and an upswing in the Company’s business results.”

    In preparing such forward-looking statements, the Group has in particular assumed an average US dollar to euro exchange rate of US$1.17 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY170.0 to €1.00, before hedging for the third quarter 2025. The Group has assumed an average US dollar to euro exchange rate of US$1.13 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY166.1 to €1.00, before hedging for the full year 2025. However, currency values fluctuate, and the Group’s results may be significantly affected by changes in exchange rates.

    Non-IFRS Financial Information

    Readers are cautioned that the supplemental non-IFRS financial information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered in isolation from or as a substitute for IFRS measurements. The supplemental non-IFRS financial information should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with IFRS. Furthermore, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Specific limitations for individual non-IFRS measures are set forth in the Company’s 2024 Universal Registration Document filed with the AMF on March 18, 2025.

    In the tables accompanying this press release the Group sets forth its supplemental non-IFRS figures for revenue, operating income, operating margin, net income and diluted earnings per share, which exclude the effect of adjusting the carrying value of acquired companies’ deferred revenue, share-based compensation expense and related social charges, the amortization of acquired intangible assets and of tangibles reevaluation, certain other operating income and expense, net, including impairment of goodwill and acquired intangibles, the effect of adjusting lease incentives of acquired companies, certain one-time items included in financial revenue and other, net, and the income tax effect of the non-IFRS adjustments and certain one-time tax effects. The tables also set forth the most comparable IFRS financial measure and reconciliations of this information with non-IFRS information.

    FOR MORE INFORMATION

    Dassault Systèmes’ 3DEXPERIENCE platform, 3D design software, 3D Digital Mock Up and Product Lifecycle Management (PLM) solutions: http://www.3ds.com

    ABOUT DASSAULT SYSTÈMES

    Dassault Systèmes is a catalyst for human progress. Since 1981, the company has pioneered virtual worlds to improve real life for consumers, patients and citizens. With Dassault Systèmes’ 3DEXPERIENCE platform, 370 000 customers of all sizes, in all industries, can collaborate, imagine and create sustainable innovations that drive meaningful impact.
    For more information, visit www.3ds.com.

    Dassault Systèmes Investor Relations Team                FTI Consulting

    Beatrix Martinez: +33 1 61 62 40 73                        Arnaud de Cheffontaines: +33 1 47 03 69 48

                                                            Jamie Ricketts : +44 20 3727 1600

    investors@3ds.com

    Dassault Systèmes Press Contacts

    Corporate / France        Arnaud MALHERBE        arnaud.malherbe@3ds.com        +33 (0)1 61 62 87 73

    © Dassault Systèmes. All rights reserved. 3DEXPERIENCE, the 3DS logo, the Compass icon, IFWE, 3DEXCITE, 3DVIA, BIOVIA, CATIA, CENTRIC PLM, DELMIA, ENOVIA, GEOVIA, MEDIDATA, NETVIBES, OUTSCALE, SIMULIA and SOLIDWORKS are commercial trademarks or registered trademarks of Dassault Systèmes, a European company (Societas Europaea) incorporated under French law, and registered with the Versailles trade and companies registry under number 322 306 440, or its subsidiaries in the United States and/or other countries. All other trademarks are owned by their respective owners. Use of any Dassault Systèmes or its subsidiaries trademarks is subject to their express written approval.

    APPENDIX TABLE OF CONTENTS

    Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.    

    Glossary of Definitions

    Non-IFRS Financial Information

    Acquisitions and Foreign Exchange Impact

    Condensed consolidated statements of income

    Condensed consolidated balance sheet

    Condensed consolidated cash flow statement

    IFRS – non-IFRS reconciliation

    DASSAULT SYSTÈMES – Glossary of Definitions

    Information in Constant Currencies

    Dassault Systèmes has followed a long-standing policy of measuring its revenue performance and setting its revenue objectives exclusive of currency in order to measure in a transparent manner the underlying level of improvement in its total revenue and software revenue by activity, industry, geography and product lines. The Group believes it is helpful to evaluate its growth exclusive of currency impacts, particularly to help understand revenue trends in its business. Therefore, the Group provides percentage increases or decreases in its revenue and expenses (in both IFRS and non-IFRS) to eliminate the effect of changes in currency values, particularly the U.S. dollar and the Japanese yen, relative to the euro. When trend information is expressed “in constant currencies”, the results of the “prior” period have first been recalculated using the average exchange rates of the comparable period in the current year, and then compared with the results of the comparable period in the current year.

    While constant currency calculations are not considered to be an IFRS measure, the Group believes these measures are critical to understanding its global revenue results and to compare with many of its competitors who report their financial results in U.S. dollars. Therefore, Dassault Systèmes includes this calculation to compare IFRS and non-IFRS revenue figures for comparable periods. All information at constant currencies is expressed as a rounded percentage and therefore may not precisely reflect the absolute figures.

    Information on Growth excluding acquisitions (“organic growth”)

    In addition to financial indicators relating to the Group’s entire scope, Dassault Systèmes also provides growth information excluding acquisitions’ effects, and named organic growth. To do so, the Group’s data is restated to exclude acquisitions, from the date of the transaction, over a period of 12 months.

    Information on Industrial Sectors

    Dassault Systèmes provides broad end-to-end software solutions and services: its 3D UNIV+RSES (made of multiple virtual twin experiences) powered by the 3DEXPERIENCE platform combine modeling, simulation, data science, artificial intelligence and collaborative innovation to support companies in the three sectors it serves, namely Manufacturing Industries, Life Sciences & Healthcare, and Infrastructure & Cities.

    These three sectors comprise twelve industries:

    • Manufacturing Industries: Transportation & Mobility; Aerospace & Defense; Marine & Offshore; Industrial Equipment; High-Tech; Home & Lifestyle; Consumer Packaged Goods – Retail. In Manufacturing Industries, Dassault Systèmes helps customers virtualize their operations, improve data sharing and collaboration across their organization, reduce costs and time-to-market, and become more sustainable;
    • Life Sciences & Healthcare: Life Sciences & Healthcare. In this sector, the Group aims to address the entire cycle of the patient journey to lead the way toward precision medicine. To reach the broader healthcare ecosystem from research to commercial, the Group’s solutions connect all elements from molecule development to prevention to care, and combine new therapeutics, medical practices, and Medtech;
    • Infrastructure & Cities: Infrastructure, Energy & Materials; Architecture, Engineering & Construction; Business Services; Cities & Public Services. In Infrastructure & Cities, the Group supports the virtualization of the sector in making its industries more efficient and sustainable, and creating desirable living environments.

    Information on Product Lines

    The Group’s financial reporting on product lines includes the following information:

    • Industrial Innovation software revenue, which includes CATIA, ENOVIA, SIMULIA, DELMIA, GEOVIA, NETVIBES, and 3DEXCITE brands;
    • Life Sciences software revenue, which includes MEDIDATA and BIOVIA brands;
    • Mainstream Innovation software revenue, which includes its CENTRIC PLM and 3DVIA brands, as well as the SOLIDWORKS brand and its expanded offerings in design, simulation, PLM, and manufacturing.

    OUTSCALE has been a Dassault Systèmes brand since 2022, extending the portfolio of software applications. As the first sovereign and sustainable operator on the cloud, OUTSCALE enables governments and corporations from all sectors to achieve digital autonomy through a Cloud experience and with a world-class cyber governance.

    GEOs

    Eleven GEOs are responsible for driving the development of the Company’s business and implementing its customer‑centric engagement model. Teams leverage strong networks of local customers, users, partners, and influencers.

    These GEOs are structured into three groups:

    • the “Americas” group, made of two GEOs;
    • the “Europe” group, comprising Europe, Middle East and Africa (EMEA) and made of four GEOs;
    • the “Asia” group, comprising Asia and Oceania and made of five GEOs.

    3DEXPERIENCE Software Contribution

    To measure the relative share of 3DEXPERIENCE software in its revenues, Dassault Systèmes calculates the percentage contribution by comparing total 3DEXPERIENCE software revenue to software revenue for all product lines except SOLIDWORKS, MEDIDATA, CENTRIC PLM and other acquisitions (defined as “3DEXPERIENCE Eligible software revenue”).

    Cloud revenue

    Cloud revenue is generated from contracts that provide access to cloud-based solutions (SaaS), infrastructure as a service (IaaS), cloud solution development and cloud managed services. These offerings are delivered by Dassault Systèmes through its own cloud infrastructure or by third-party cloud providers. They are available through different deployment methods: Dedicated cloud, Sovereign cloud and International cloud. Cloud solutions are generally offered through subscription-based models or perpetual licenses with support and hosting services.

    DASSAULT SYSTÈMES

    NON-IFRS FINANCIAL INFORMATION

    (unaudited; in millions of Euros, except per share data, percentages, headcount and exchange rates)

    Non-IFRS key figures exclude the effects of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue), share-based compensation expense, including related social charges, amortization of acquired intangible assets and of tangible assets revaluation, lease incentives of acquired companies, other operating income and expense, net, including the acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets, certain one-time items included in financial loss, net, certain one-time tax effects and the income tax effects of these non-IFRS adjustments.

    Comparable IFRS financial information and a reconciliation of the IFRS and non-IFRS measures are set forth in the separate tables within this Attachment.

    In millions of Euros, except per share data, percentages, headcount and exchange rates Non-IFRS reported
    Three months ended Six months ended
    June 30,

    2025

    		 June 30,

    2024

    		 Change Change in constant currencies June 30,

    2025

    		 June 30,

    2024

    		 Change Change in constant currencies
    Total Revenue € 1,523.2 € 1,495.8 2% 6% € 3,096.2 € 2,995.4 3% 5%
                     
    Revenue breakdown by activity                
    Software revenue 1,374.2 1,346.5 2% 6% 2,807.0 2,699.4 4% 5%
    Of which licenses and other software revenue 275.6 271.8 1% 5% 473.7 490.3 (3)% (2)%
    Of which subscription and support revenue 1,098.6 1,074.8 2% 6% 2,333.2 2,209.1 6% 7%
    Services revenue 148.9 149.2 (0)% 3% 289.2 296.1 (2)% (2)%
                     
    Software revenue breakdown by product line                
    Industrial Innovation 744.6 701.9 6% 9% 1,537.7 1,433.2 7% 8%
    Life Sciences 268.3 281.7 (5)% 0% 560.9 566.4 (1)% 0%
    Mainstream Innovation 361.3 363.0 (0)% 4% 708.3 699.7 1% 3%
                     
    Software Revenue breakdown by geography                
    Americas 505.0 525.5 (4)% 2% 1,116.2 1,079.1 3% 5%
    Europe 534.8 491.9 9% 10% 1,048.0 995.1 5% 5%
    Asia 334.4 329.1 2% 6% 642.8 625.2 3% 5%
                     
    Operating income € 446.1 € 447.8 (0)%   € 932.2 € 914.3 2%  
    Operating margin 29.3% 29.9%     30.1% 30.5%    
                     
    Net income attributable to shareholders € 391.0 € 397.1 (2)%   € 811.2 € 794.3 2%  
    Diluted earnings per share € 0.30 € 0.30 (1)% 4% € 0.61 € 0.60 2% 5%
                     
    Closing headcount 26,253 25,811 2%   26,253 25,811 2%  
                     
    Average Rate USD per Euro 1.13 1.08 5%   1.09 1.08 1%  
    Average Rate JPY per Euro 163.81 167.77 (2)%   162.12 164.46 (1)%  

    DASSAULT SYSTÈMES

    ACQUISITIONS AND FOREIGN EXCHANGE IMPACT

    (unaudited; in millions of Euros)

    In millions of Euros Non-IFRS reported o/w growth at constant rate and scope o/w change of scope impact at current year rate o/w FX impact on previous year figures
    June 30,

    2025

    		 June 30,

    2024

    		 Change
    Revenue QTD 1,523.2 1,495.8 27.4 72.6 7.5 (52.7)
    Revenue YTD 3,096.2 2,995.4 100.7 125.9 7.7 (32.9)

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED STATEMENTS OF INCOME

    (unaudited; in millions of Euros, except per share data and percentages)

    In millions of Euros, except per share data and percentages IFRS reported
    Three months ended Six months ended
    June 30, June 30, June 30, June 30,
    2025 2024 2025 2024
    Licenses and other software revenue 275.6 271.8 473.7 490.3
    Subscription and Support revenue 1,097.1 1,074.8 2,331.7 2,209.1
    Software revenue 1,372.7 1,346.5 2,805.4 2,699.4
    Services revenue 148.9 149.2 289.2 296.1
    Total Revenue € 1,521.6 € 1,495.8 € 3,094.6 € 2,995.4
    Cost of software revenue (1) (120.1) (124.8) (249.3) (236.8)
    Cost of services revenue (144.6) (127.9) (275.7) (259.8)
    Research and development expenses (348.7) (326.1) (697.3) (637.5)
    Marketing and sales expenses (448.0) (423.8) (894.5) (844.1)
    General and administrative expenses (123.7) (111.6) (244.2) (216.7)
    Amortization of acquired intangible assets and of tangible assets revaluation (85.4) (92.3) (173.8) (185.6)
    Other operating income and expense, net (9.3) (13.2) (13.7) (15.0)
    Total Operating Expenses (1,279.9) (1,219.8) (2,548.4) (2,395.4)
    Operating Income € 241.7 € 276.0 € 546.1 € 600.0
    Financial income (loss), net 29.9 33.3 60.2 63.4
    Income before income taxes € 271.5 € 309.2 € 606.3 € 663.5
    Income tax expense (53.0) (47.7) (128.4) (116.0)
    Net Income € 218.6 € 261.5 € 477.9 € 547.5
    Non-controlling interest 4.9 1.2 6.1 1.0
    Net Income attributable to equity holders of the parent € 223.5 € 262.7 € 484.0 € 548.4
    Basic earnings per share 0.17 0.20 0.37 0.42
    Diluted earnings per share € 0.17 € 0.21 € 0.37 € 0.42
    Basic weighted average shares outstanding (in millions) 1,315.9 1,313.2 1,314.9 1,313.7
    Diluted weighted average shares outstanding (in millions) 1,324.4 1,326.2 1,325.7 1,328.7

            (1) Excluding amortization of acquired intangible assets and of tangible assets revaluation.

    IFRS reported

     

    		 Three months ended June 30, 2025 Six months ended June 30, 2025
    Change (2) Change in constant currencies Change (2) Change in constant currencies
    Total Revenue 2% 5% 3% 4%
    Revenue by activity        
    Software revenue 2% 6% 4% 5%
    Services revenue (0)% 3% (2)% (2)%
    Software Revenue by product line        
    Industrial Innovation 6% 9% 7% 8%
    Life Sciences (5)% 0% (1)% 0%
    Mainstream Innovation (1)% 3% 1% 3%
    Software Revenue by geography        
    Americas (4)% 2% 3% 5%
    Europe 8% 10% 5% 5%
    Asia 2% 6% 3% 5%

                    (2) Variation compared to the same period in the prior year.

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED BALANCE SHEET

    (unaudited; in millions of Euros)

    In millions of Euros IFRS reported
    June 30, December 31,
    2025 2024
    ASSETS    
    Cash and cash equivalents 4,083.7 3,952.6
    Trade accounts receivable, net 1,575.9 2,120.9
    Contract assets 40.1 30.1
    Other current assets 406.2 464.0
    Total current assets 6,105.9 6,567.6
    Property and equipment, net 903.5 945.8
    Goodwill and Intangible assets, net 7,030.3 7,687.1
    Other non-current assets 375.7 345.5
    Total non-current assets 8,309.4 8,978.3
    Total Assets € 14,415.3 € 15,545.9
    LIABILITIES    
    Trade accounts payable 183.2 259.9
    Contract liabilities 1,559.3 1,663.4
    Borrowings, current 534.0 450.8
    Other current liabilities 1,063.0 1,147.4
    Total current liabilities 3,339.5 3,521.5
    Borrowings, non-current 2,043.9 2,042.8
    Other non-current liabilities 836.0 900.9
    Total non-current liabilities 2,879.9 2,943.7
    Non-controlling interests 11.5 14.1
    Parent shareholders’ equity 8,184.3 9,066.6
    Total Liabilities € 14,415.3 € 15,545.9

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED CASH FLOW STATEMENT

    (unaudited; in millions of Euros)

    In millions of Euros IFRS reported
    Three months ended Six months ended
    June 30, June 30, Change June 30, June 30, Change
    2025 2024 2025 2024
    Net income attributable to equity holders of the parent 223.5 262.7 (39.3) 484.0 548.4 (64.4)
    Non-controlling interest (4.9) (1.2) (3.7) (6.1) (1.0) (5.1)
    Net income 218.6 261.5 (42.9) 477.9 547.5 (69.5)
    Depreciation of property and equipment 48.5 45.1 3.4 98.9 92.7 6.2
    Amortization of intangible assets 86.2 94.2 (8.0) 175.9 189.4 (13.5)
    Adjustments for other non-cash items 20.5 36.6 (16.1) 36.6 74.3 (37.7)
    Changes in working capital (39.4) 21.9 (61.3) 358.0 226.3 131.7
    Net Cash From Operating Activities € 334.3 € 459.3 € ( 124.9) € 1,147.3 € 1,130.2 € 17.2
                 
    Additions to property, equipment and intangibles assets (39.3) (50.6) 11.3 (95.3) (107.8) 12.5
    Payment for acquisition of businesses, net of cash acquired (9.2) (11.2) 2.0 (202.9) (15.7) (187.2)
    Other 3.2 0.8 2.3 (34.6) 23.1 (57.7)
    Net Cash Provided by (Used in) Investing Activities € (45.3) € (61.0) € 15.6 € (332.8) € (100.4) € (232.4)
                 
    Proceeds from exercise of stock options 7.4 13.9 (6.5) 29.6 35.2 (5.7)
    Cash dividends paid (342.6) (302.7) (39.9) (342.6) (302.7) (39.9)
    Repurchase and sale of treasury stock (144.7) (176.6) 31.8 (224.8) (307.7) 82.9
    Capital increase 111.3 – 111.3 111.3 – 111.3
    Acquisition of non-controlling interests 0.0 (0.0) 0.0 (0.2) (2.6) 2.5
    Proceeds from borrowings 121.3 – 121.3 81.0 – 81.0
    Repayment of borrowings – (0.1) 0.1 (18.5) (0.2) (18.4)
    Repayment of lease liabilities (22.7) (18.3) (4.4) (45.4) (42.3) (3.0)
    Net Cash Provided by (Used in) Financing Activities € (270.0) € (483.7) € 213.7 € (409.5) € (620.2) € 210.7
                 
    Effect of exchange rate changes on cash and cash equivalents (178.1) 21.0 (199.1) (273.9) 53.6 (327.5)
                 
    Increase (decrease) in cash and cash equivalents € (159.1) € (64.4) € (94.7) € 131.2 € 463.2 € (332.1)
                 
    Cash and cash equivalents at beginning of period € 4,242.9 € 4,095.9   € 3,952.6 € 3,568.3  
    Cash and cash equivalents at end of period € 4,083.7 € 4,031.5   € 4,083.7 € 4,031.5  

    DASSAULT SYSTÈMES
    SUPPLEMENTAL NON-IFRS FINANCIAL INFORMATION
    IFRS – NON-IFRS RECONCILIATION
    (unaudited; in millions of Euros, except per share data and percentages)

    Readers are cautioned that the supplemental non-IFRS information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for IFRS measurements. Also, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Further specific limitations for individual non-IFRS measures, and the reasons for presenting non-IFRS financial information, are set forth in the Group’s Document d’Enregistrement Universel for the year ended December 31, 2024 filed with the AMF on March 18, 2025. To compensate for these limitations, the supplemental non-IFRS financial information should be read not in isolation, but only in conjunction with the Group’s consolidated financial statements prepared in accordance with IFRS.

    In millions of Euros, except per share data and percentages Three months ended June 30, Change
    2025 Adjustment(1) 2025 2024 Adjustment(1) 2024 IFRS Non-IFRS(2)
    IFRS Non-IFRS IFRS Non-IFRS
    Total Revenue € 1,521.6 € 1.6 € 1,523.2 € 1,495.8 – € 1,495.8 2% 2%
    Revenue breakdown by activity                
    Software revenue 1,372.7 1.6 1,374.2 1,346.5 – 1,346.5 2% 2%
    Licenses and other software revenue 275.6 – 275.6 271.8 – 271.8 1% 1%
    Subscription and Support revenue 1,097.1 1.6 1,098.6 1,074.8 – 1,074.8 2% 2%
    Recurring portion of Software revenue 80%   80% 80%   80%    
    Services revenue 148.9 – 148.9 149.2 – 149.2 (0)% (0)%
    Software Revenue breakdown by product line                
    Industrial Innovation 744.6 – 744.6 701.9 – 701.9 6% 6%
    Life Sciences 268.3 – 268.3 281.7 – 281.7 (5)% (5)%
    Mainstream Innovation 359.7 1.6 361.3 363.0 – 363.0 (1)% (0)%
    Software Revenue breakdown by geography                
    Americas 505.0 – 505.0 525.5 – 525.5 (4)% (4)%
    Europe 533.4 1.4 534.8 491.9 – 491.9 8% 9%
    Asia 334.3 0.1 334.4 329.1 – 329.1 2% 2%
    Total Operating Expenses € (1,279.9) € 202.9 € (1,077.1) € (1,219.8) € 171.9 € (1,047.9) 5% 3%
    Share-based compensation expense and related social charges (107.7) 107.7 – (65.8) 65.8 –    
    Amortization of acquired intangible assets and of tangible assets revaluation (85.4) 85.4 – (92.3) 92.3 –    
    Lease incentives of acquired companies (0.4) 0.4 – (0.5) 0.5 –    
    Other operating income and expense, net (9.3) 9.3 – (13.2) 13.2 –    
    Operating Income € 241.7 € 204.4 € 446.1 € 276.0 € 171.9 € 447.8 (12)% (0)%
    Operating Margin 15.9%   29.3% 18.4%   29.9%    
    Financial income (loss), net 29.9 0.6 30.4 33.3 0.5 33.8 (10)% (10)%
    Income tax expense (53.0) (32.8) (85.7) (47.7) (36.4) (84.1) 11% 2%
    Non-controlling interest 4.9 (4.7) 0.3 1.2 (1.6) (0.4) 300% (167)%
    Net Income attributable to shareholders € 223.5 € 167.6 € 391.0 € 262.7 € 134.4 € 397.1 (15)% (2)%
    Diluted Earnings Per Share (3) € 0.17 € 0.13 € 0.30 € 0.21 € 0.09 € 0.30 (19)% (1)%

    (1) In the reconciliation schedule above, (i) all adjustments to IFRS revenue data reflect the exclusion of the effect of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue); (ii) adjustments to IFRS operating expense data reflect the exclusion of the amortization of acquired intangible assets and of tangible assets revaluation, share-based compensation expense, including related social charges, lease incentives of acquired companies, as detailed below, and other operating income and expense, net including acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; (iii) adjustments to IFRS financial loss, net reflect the exclusion of certain one-time items included in financial loss, net, and; (iv) all adjustments to IFRS income data reflect the combined effect of these adjustments, plus with respect to net income and diluted earnings per share, certain one-time tax effects and the income tax effect of the non-IFRS adjustments.

    In millions of Euros, except percentages Three months ended June 30, Change
    2025

    IFRS

    		 Share-based compensation expense and related social charges Lease incentives of acquired companies 2025

    Non-IFRS

    		 2024

    IFRS

    		 Share-based compensation expense and related social charges Lease incentives of acquired companies 2024

    Non-IFRS

    		 IFRS Non-

    IFRS
    Cost of revenue (264.7) 13.9 0.1 (250.7) (252.8) 5.0 0.1 (247.6) 5% 1%
    Research and development expenses (348.7) 28.9 0.1 (319.7) (326.1) 20.4 0.2 (305.5) 7% 5%
    Marketing and sales expenses (448.0) 39.7 0.1 (408.2) (423.8) 23.2 0.1 (400.5) 6% 2%
    General and administrative expenses (123.7) 25.2 0.0 (98.5) (111.6) 17.2 0.0 (94.3) 11% 4%
    Total   € 107.7 € 0.4     € 65.8 € 0.5      

    (2) The non-IFRS percentage increase (decrease) compares non-IFRS measures for the two different periods. In the event there is non-IFRS adjustment to the relevant measure for only one of the periods under comparison, the non-IFRS increase (decrease) compares the non-IFRS measure to the relevant IFRS measure.
    (3) Based on a weighted average 1,324.4 million diluted shares for Q2 2025 and 1,326.2 million diluted shares for Q2 2024, and, for IFRS only, a diluted net income attributable to the sharehorlders of € 223.5 million for Q2 2025 (€ 276.7 million for Q2 2024). The Diluted net income attributable to equity holders of the Group corresponds to the Net Income attributable to equity holders of the Group adjusted by the impact of the share-based compensation plans to be settled either in cash or in shares at the option of the Group.

    DASSAULT SYSTÈMES
    SUPPLEMENTAL NON-IFRS FINANCIAL INFORMATION
    IFRS – NON-IFRS RECONCILIATION
    (unaudited; in millions of Euros, except per share data and percentages)

    Readers are cautioned that the supplemental non-IFRS information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for IFRS measurements. Also, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Further specific limitations for individual non-IFRS measures, and the reasons for presenting non-IFRS financial information, are set forth in the Group’s Document d’Enregistrement Universel for the year ended December 31, 2024 filed with the AMF on March 18, 2025. To compensate for these limitations, the supplemental non-IFRS financial information should be read not in isolation, but only in conjunction with the Group’s consolidated financial statements prepared in accordance with IFRS.

    In millions of Euros, except per share data and percentages Six months ended June 30, Change
    2025 Adjustment(1) 2025 2024 Adjustment(1) 2024 IFRS Non-IFRS(2)
    IFRS Non-IFRS IFRS Non-IFRS
    Total Revenue € 3,094.6 € 1.6 € 3,096.2 € 2,995.4 – € 2,995.4 3% 3%
    Revenue breakdown by activity                
    Software revenue 2,805.4 1.6 2,807.0 2,699.4 – 2,699.4 4% 4%
    Licenses and other software revenue 473.7 – 473.7 490.3 – 490.3 (3)% (3)%
    Subscription and Support revenue 2,331.7 1.6 2,333.2 2,209.1 – 2,209.1 6% 6%
    Recurring portion of Software revenue 83%   83% 82%   82%    
    Services revenue 289.2 – 289.2 296.1 – 296.1 (2)% (2)%
    Software Revenue breakdown by product line                
    Industrial Innovation 1,537.7 – 1,537.7 1,433.2 – 1,433.2 7% 7%
    Life Sciences 560.9 – 560.9 566.4 – 566.4 (1)% (1)%
    Mainstream Innovation 706.8 1.6 708.3 699.7 – 699.7 1% 1%
    Software Revenue breakdown by geography                
    Americas 1,116.1 0.1 1,116.2 1,079.1 – 1,079.1 3% 3%
    Europe 1,046.6 1.4 1,048.0 995.1 – 995.1 5% 5%
    Asia 642.7 0.1 642.8 625.2 – 625.2 3% 3%
    Total Operating Expenses € (2,548.4) € 384.4 € (2,164.0) € (2,395.4) € 314.3 € (2,081.1) 6% 4%
    Share-based compensation expense and related social charges (196.2) 196.2 – (112.6) 112.6 –    
    Amortization of acquired intangible assets and of tangible assets revaluation (173.8) 173.8 – (185.6) 185.6 –    
    Lease incentives of acquired companies (0.8) 0.8 – (1.2) 1.2 –    
    Other operating income and expense, net (13.7) 13.7 – (15.0) 15.0 –    
    Operating Income € 546.1 € 386.0 € 932.2 € 600.0 € 314.3 € 914.3 (9)% 2%
    Operating Margin 17.6%   30.1% 20.0%   30.5%    
    Financial income (loss), net 60.2 1.1 61.3 63.4 1.5 64.9 (5)% (6)%
    Income tax expense (128.4) (54.4) (182.8) (116.0) (68.0) (184.0) 11% (1)%
    Non-controlling interest 6.1 (5.6) 0.5 1.0 (1.9) (0.9) N/A (152)%
    Net Income attributable to shareholders € 484.0 € 327.2 € 811.2 € 548.4 € 245.9 € 794.3 (12)% 2%
    Diluted Earnings Per Share (3) € 0.37 € 0.25 € 0.61 € 0.42 € 0.17 € 0.60 (14)% 2%

    (1) In the reconciliation schedule above, (i) all adjustments to IFRS revenue data reflect the exclusion of the effect of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue); (ii) adjustments to IFRS operating expense data reflect the exclusion of the amortization of acquired intangible assets and of tangible assets revaluation, share-based compensation expense, including related social charges, lease incentives of acquired companies, as detailed below, and other operating income and expense, net including acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; (iii) adjustments to IFRS financial loss, net reflect the exclusion of certain one-time items included in financial loss, net, and; (iv) all adjustments to IFRS income data reflect the combined effect of these adjustments, plus with respect to net income and diluted earnings per share, certain one-time tax effects and the income tax effect of the non-IFRS adjustments.

    In millions of Euros, except percentages Six months ended June 30, Change
    2025

    IFRS

    		 Share-based compensation expense and related social charges Lease incentives of acquired companies 2025

    Non-IFRS

    		 2024

    IFRS

    		 Share-based compensation expense and related social charges Lease incentives of acquired companies 2024

    Non-IFRS

    		 IFRS Non-

    IFRS
    Cost of revenue (525.0) 18.8 0.2 (505.9) (496.5) 8.0 0.3 (488.2) 6% 4%
    Research and development expenses (697.3) 61.4 0.3 (635.7) (637.5) 38.3 0.6 (598.7) 9% 6%
    Marketing and sales expenses (894.5) 64.2 0.2 (830.1) (844.1) 36.8 0.2 (807.1) 6% 3%
    General and administrative expenses (244.2) 51.8 0.1 (192.3) (216.7) 29.5 0.1 (187.1) 13% 3%
    Total   € 196.2 € 0.8     € 112.6 € 1.2      

    (2) The non-IFRS percentage increase (decrease) compares non-IFRS measures for the two different periods. In the event there is non-IFRS adjustment to the relevant measure for only one of the periods under comparison, the non-IFRS increase (decrease) compares the non-IFRS measure to the relevant IFRS measure.
    (3) Based on a weighted average 1,325.7 million diluted shares for YTD 2025 and 1,328.7 million diluted shares for YTD 2024, and, for IFRS only, a diluted net income attributable to the sharehorlders of € 484.0 million for YTD 2025 (€ 562.3 million for YTD 2024). The Diluted net income attributable to equity holders of the Group corresponds to the Net Income attributable to equity holders of the Group adjusted by the impact of the share-based compensation plans to be settled either in cash or in shares at the option of the Group.

    1 IFRS figures for 2Q25: Total revenue of €1.52 billion, up 5%, and subscription revenue up 9%; Operating margin of 15.9% and diluted EPS of €0.17; IFRS figures for YTD25: total revenue of €3.09 billion, subscription revenue up 12%; Operating margin of 17.6% and diluted EPS of €0.37.  

    Attachment

    The MIL Network –

  • MIL-OSI: Tyton Partners and Ufi Ventures Release Q2 2025 VocTech Market Report: AI Shockwaves, UK Industrial Strategy, and Transatlantic Divergence Take Centre Stage

    Source: GlobeNewswire (MIL-OSI)

    LONDON, July 24, 2025 (GLOBE NEWSWIRE) — Tyton Partners, the leading strategy consulting and investment banking firm focused on the education sector, and Ufi Ventures, the UK’s specialist investor in vocational technology (VocTech), today released their Q2 2025 VocTech Market Report. This quarterly publication explores the trends shaping vocational learning and workforce development across the UK, Europe, and North America.

    The second quarter of 2025 has been marked by increasing anxiety around artificial intelligence’s disruptive impact on labour markets, a wave of significant UK policy announcements, and early signs of capital rotation from the US to Europe amid political volatility. Vocational education and training remain firmly in the spotlight as policymakers and investors confront mounting challenges tied to youth disengagement, employment shifts, and rapid technological change.

    Key Takeaways

    • Labour markets are causing concern, even in the US.
    • The UK government made a series of major policy announcements, many of which see increased investment in key sectors and skills. The detail is important and not yet here.
    • Big Tech companies – including “hyperscalers” such as OpenAI – are muscling in to the education space, likely in search of long-term users and increased engagement.
    • The future of junior white-collar workers, and how they should be trained, is a key focus of debate. Being conscious of what may have previously been taken for granted (informal “learning by doing” in particular) looks important.
    • Companies who facilitate AI-driven HR workflows are raising sizeable funding, with some European businesses closing unusually large €20m+ Series A rounds.

    Alongside UK reforms, policy developments in the US and Europe are creating new dynamics. Germany’s coalition is advancing ambitious investment programmes. In the US, escalating attacks on higher education and the erratic policy environment under the Trump administration may be triggering a shift of capital and student interest to the UK and Europe.

    Helen Gironi, Director at Ufi Ventures, commented:
    “AI is shaking up workforce development from every angle. Employers, policymakers and learners are all being forced to adapt. At Ufi Ventures, we see opportunity in this disruption, but only for those who are ready to innovate and act with clarity.”

    Nick Kind, Managing Director at Tyton Partners, added:
    “We are seeing a critical turning point. AI is accelerating change, but it is also highlighting systemic gaps in skills and training. With new policy commitments in the UK and a capital environment in flux, the landscape is as complex as it is promising. This report offers grounded insight into how to respond.”

    To access the full Q2 2025 VocTech Market Report, visit: https://tytonpartners.com/key-learnings-from-voctech-market-activity-q2-2025/

    About Tyton Partners

    Tyton Partners is the leading provider of strategy consulting and investment banking services to the global knowledge and information services sector. With offices in Boston and New York City, the firm has an experienced team of bankers and consultants who deliver a unique spectrum of services from mergers and acquisitions and capital markets access to strategy development that helps companies, organizations, and investors navigate the complexities of the education, media, and information markets. Tyton Partners leverages a deep foundation of transactional and advisory experience and an unparalleled level of global relationships to make its clients’ aspirations a reality and to catalyze innovation in the sector. Learn more at tytonpartners.com.

    About Ufi Ventures

    Ufi Ventures is the investment arm of Ufi VocTech Trust. Ufi supports the adoption and deployment of technology to improve skills for work and deliver better outcomes for all. By leveraging its depth of experience Ufi Ventures supports its growing portfolio through access to capital, and its wide expert pool and network. Learn more at www.ufi.co.uk/ventures.

    Media Contact
    Zoe Wright-Neil
    Director of Marketing and Business Development
    zwrightneil@tytonpartners.com
    Tyton Partners

    The MIL Network –

  • MIL-OSI: Tyton Partners and Ufi Ventures Release Q2 2025 VocTech Market Report: AI Shockwaves, UK Industrial Strategy, and Transatlantic Divergence Take Centre Stage

    Source: GlobeNewswire (MIL-OSI)

    LONDON, July 24, 2025 (GLOBE NEWSWIRE) — Tyton Partners, the leading strategy consulting and investment banking firm focused on the education sector, and Ufi Ventures, the UK’s specialist investor in vocational technology (VocTech), today released their Q2 2025 VocTech Market Report. This quarterly publication explores the trends shaping vocational learning and workforce development across the UK, Europe, and North America.

    The second quarter of 2025 has been marked by increasing anxiety around artificial intelligence’s disruptive impact on labour markets, a wave of significant UK policy announcements, and early signs of capital rotation from the US to Europe amid political volatility. Vocational education and training remain firmly in the spotlight as policymakers and investors confront mounting challenges tied to youth disengagement, employment shifts, and rapid technological change.

    Key Takeaways

    • Labour markets are causing concern, even in the US.
    • The UK government made a series of major policy announcements, many of which see increased investment in key sectors and skills. The detail is important and not yet here.
    • Big Tech companies – including “hyperscalers” such as OpenAI – are muscling in to the education space, likely in search of long-term users and increased engagement.
    • The future of junior white-collar workers, and how they should be trained, is a key focus of debate. Being conscious of what may have previously been taken for granted (informal “learning by doing” in particular) looks important.
    • Companies who facilitate AI-driven HR workflows are raising sizeable funding, with some European businesses closing unusually large €20m+ Series A rounds.

    Alongside UK reforms, policy developments in the US and Europe are creating new dynamics. Germany’s coalition is advancing ambitious investment programmes. In the US, escalating attacks on higher education and the erratic policy environment under the Trump administration may be triggering a shift of capital and student interest to the UK and Europe.

    Helen Gironi, Director at Ufi Ventures, commented:
    “AI is shaking up workforce development from every angle. Employers, policymakers and learners are all being forced to adapt. At Ufi Ventures, we see opportunity in this disruption, but only for those who are ready to innovate and act with clarity.”

    Nick Kind, Managing Director at Tyton Partners, added:
    “We are seeing a critical turning point. AI is accelerating change, but it is also highlighting systemic gaps in skills and training. With new policy commitments in the UK and a capital environment in flux, the landscape is as complex as it is promising. This report offers grounded insight into how to respond.”

    To access the full Q2 2025 VocTech Market Report, visit: https://tytonpartners.com/key-learnings-from-voctech-market-activity-q2-2025/

    About Tyton Partners

    Tyton Partners is the leading provider of strategy consulting and investment banking services to the global knowledge and information services sector. With offices in Boston and New York City, the firm has an experienced team of bankers and consultants who deliver a unique spectrum of services from mergers and acquisitions and capital markets access to strategy development that helps companies, organizations, and investors navigate the complexities of the education, media, and information markets. Tyton Partners leverages a deep foundation of transactional and advisory experience and an unparalleled level of global relationships to make its clients’ aspirations a reality and to catalyze innovation in the sector. Learn more at tytonpartners.com.

    About Ufi Ventures

    Ufi Ventures is the investment arm of Ufi VocTech Trust. Ufi supports the adoption and deployment of technology to improve skills for work and deliver better outcomes for all. By leveraging its depth of experience Ufi Ventures supports its growing portfolio through access to capital, and its wide expert pool and network. Learn more at www.ufi.co.uk/ventures.

    Media Contact
    Zoe Wright-Neil
    Director of Marketing and Business Development
    zwrightneil@tytonpartners.com
    Tyton Partners

    The MIL Network –

  • MIL-OSI: Q2 2025 Trading Update and Invitation to Earnings Call

    Source: GlobeNewswire (MIL-OSI)

    Oslo, 24 July 2025 – DNO ASA, the Norwegian oil and gas operator, will publish its Q2 2025 operating and interim financial results on 21 August at 07:00 (CET). A videoconference call with executive management will follow at 10:00 (CET). Today the Company provides an update on production, sales volumes and other selected information for the quarter.

    Volumes (boepd)

    Gross operated production Q2 2025 Q1 2025 Q2 2024
    Kurdistan 74,760 82,081 79,783
    North Sea 5,526 8,864 –
           
    Net entitlement production Q2 2025 Q1 2025 Q2 2024
    Kurdistan 18,675 18,464 17,167
    North Sea 33,348 19,296 16,321
           
    Sales Q2 2025 Q1 2025 Q2 2024
    Kurdistan 18,675 18,464 17,167
    North Sea 32,393 17,216 12,871
           
    Equity accounted production (net) Q2 2025 Q1 2025 Q2 2024
    Côte d’Ivoire         3,175 3,375 3,256

    Selected cash flow items

    DNO’s share of oil from the Tawke license during the quarter was sold to local buyers as the Iraq-Türkiye Pipeline remained closed. All payments were made in advance of loadings and transferred directly into DNO’s international bank accounts.

    In the second quarter, DNO paid a dividend of NOK 0.3125 per share (totaling USD 30.2 million), which represents NOK 1.25 per share on an annualized basis.

    On 12 June, the transformative acquisition of Sval Energi Group AS was completed. Upon completion, DNO paid USD 440 million to the seller; this represents agreed consideration including interest between effective date and closing, less USD 22.5 million deposit paid in March. Sval Energi’s production is included in the table above as from June 1, and will be reported together with its financial results in the Company’s Q2 operating and interim financial results effective that date. A tax instalment of USD 114 million was made in June.

    On the financing side during the quarter, DNO redeemed the remaining USD 350 million of outstanding DNO04 bonds on 10 April. In June, DNO completed a private placement of USD 400 million of new subordinated hybrid bonds and borrowed USD 300 million under a one-year bank bridge loan facility. At the end of the second quarter, there were USD 348 million outstanding under Sval Energi’s prepayment facilities and DNO Group’s cash deposits stood at USD 788 million. All outstanding debt under DNO’s North Sea subsidiaries’ reserve-based lending facilities was repaid and not renewed during the quarter.

    North Sea exploration

    DNO participated in one exploration well on the Norwegian Continental Shelf in the quarter. The Vidsyn well in PL586 (25 percent interest with 17.5 percent added following the acquisition of Sval Energi) was spudded on 14 June and was announced as a discovery in July.

    Earnings call login details

    Please visit www.dno.no for login details ahead of the call.

    Disclaimer

    The information contained in this release is based on a preliminary assessment of the Company’s Q2 2025 operating and interim financial results and may be subject to change.

    –

    For further information, please contact:
    Media: media@dno.no
    Investors: investor.relations@dno.no

    –

    DNO ASA is a Norwegian oil and gas operator active in the Middle East, the North Sea and West Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Norway, the United Kingdom, Côte d’Ivoire, Netherlands and Yemen. More information is available at www.dno.no

    This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

    The MIL Network –

  • Why Texas Hill Country, where a devastating flood killed more than 135 people, is one of the deadliest places in the US for flash flooding

    Source: ForeignAffairs4

    Source: The Conversation – USA (2) – By Hatim Sharif, Professor of Civil and Environmental Engineering, The University of Texas at San Antonio

    A Kerrville, Texas, resident watches the flooded Guadalupe River on July 4, 2025. Eric Vryn/Getty Images

    Texas Hill Country is known for its landscapes, where shallow rivers wind among hills and through rugged valleys. That geography also makes it one of the deadliest places in the U.S. for flash flooding.

    In the early hours of July 4, 2025, a flash flood swept through an area of Hill Country dotted with summer camps and small towns about 70 miles northwest of San Antonio. More than 135 people died in the flooding. The majority of them were in Kerr County, including more than two dozen girls and counselors at one summer camp, Camp Mystic. Dozens more people were still unaccounted for a week later.

    The flooding began with a heavy downpour, with more than 10 inches of rain in some areas, that sent water sheeting off the hillsides and into creeks. The creeks poured into the Guadalupe River.

    A river gauge at Hunt, Texas, near Camp Mystic, showed how quickly the river flooded: Around 3 a.m. on July 4, the Guadalupe River was rising about 1 foot every 5 minutes at the gauge, National Weather Service data shows. By 4:30 a.m., it had risen more than 20 feet. As the water moved downstream, it reached Kerrville, where the river rose even faster.

    Flood expert Hatim Sharif, a hydrologist and civil engineer at the University of Texas at San Antonio, explains what makes this part of the country, known as Flash Flood Alley, so dangerous.

    What makes Hill Country so prone to flooding?

    Texas as a whole leads the nation in flood deaths, and by a wide margin. A colleague and I analyzed data from 1959 to 2019 and found 1,069 people had died in flooding in Texas over those six decades. The next highest total was in Louisiana, with 693.

    Many of those flood deaths have been in Hill County. It’s part of an area known as Flash Flood Alley, a crescent of land that curves from near Dallas down to San Antonio and then westward.

    The hills are steep, and the water moves quickly when it floods. This is a semi-arid area with soils that don’t soak up much water, so the water sheets off quickly and the shallow creeks can rise fast.

    When those creeks converge on a river, they can create a surge of water that wipes out homes and washes away cars and, unfortunately, anyone in its path.

    Hill Country has seen some devastating flash floods. In 1987, heavy rain in western Kerr County quickly flooded the Guadalupe River, triggering a flash flood similar to the one in 2025. Ten teenagers being evacuated from a camp died in the rushing water.

    San Antonio, at the eastern edge of Hill Country, was hit with a flash flood on June 12, 2025, that killed 13 people whose cars were swept away by high water from a fast-flooding creek near an interstate ramp in the early morning.

    Why does the region get such strong downpours?

    One reason Hill Country gets powerful downpours is the Balcones Escarpment.

    The escarpment is a line of cliffs and steep hills created by a geologic fault. When warm air from the Gulf rushes up the escarpment, it condenses and can dump a lot of moisture. That water flows down the hills quickly, from many different directions, filling streams and rivers below.

    As temperature rise, the warmer atmosphere can hold more moisture, increasing the downpour and flood risk.

    A tour of the Guadalupe River and its flood risk.

    The same effect can contribute to flash flooding in San Antonio, where the large amount of paved land and lack of updated drainage to control runoff adds to the risk.

    What can be done to improve flash flood safety?

    First, it’s important for people to understand why flash flooding happens and just how fast the water can rise and flow. In many arid areas, dry or shallow creeks can quickly fill up with fast-moving water and become deadly. So people should be aware of the risks and pay attention to the weather.

    Improving flood forecasting, with more detailed models of the physics and water velocity at different locations, can also help.

    Probabilistic forecasting, for example, can provide a range of rainfall scenarios, enabling authorities to prepare for worst-case scenarios. A scientific framework linking rainfall forecasts to the local impacts, such as streamflow, flood depth and water velocity, could also help decision-makers implement timely evacuations or road closures.

    Education is particularly essential for drivers. One to two feet of moving water can wash away a car. People may think their trucks and SUVs can go through anything, but fast-moving water can flip a truck and carry it away.

    Officials can also do more to barricade roads when the flood risk is high to prevent people from driving into harm’s way. We found that 58% of the flood deaths in Texas over the past six decades involved vehicles. The storm on June 12 in San Antonio was an example. It was early morning, and drivers had poor visibility. The cars were hit by fast-rising floodwater from an adjacent creek.

    This article, originally published July 5, 2025, has been updated with the death toll rising.

    The Conversation

    Hatim Sharif does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Why Texas Hill Country, where a devastating flood killed more than 135 people, is one of the deadliest places in the US for flash flooding – https://theconversation.com/why-texas-hill-country-where-a-devastating-flood-killed-more-than-135-people-is-one-of-the-deadliest-places-in-the-us-for-flash-flooding-260555

  • MIL-OSI Russia: Xi Jinping: Since the establishment of diplomatic relations between China and the EU 50 years ago, fruitful results have been achieved in cooperation and exchanges, benefiting the whole world

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

    Source: People’s Republic of China – State Council News

    Xinhua | 24.07.2025

    Keywords: China

    Source: Xinhua

    Xi Jinping: Since the establishment of diplomatic relations between China and the EU 50 years ago, fruitful results have been achieved in cooperation and exchanges, benefiting the world Xi Jinping: Since the establishment of diplomatic relations between China and the EU 50 years ago, fruitful results have been achieved in cooperation and exchanges, benefiting the world

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

  • MIL-OSI Russia: In China, 253 million people are covered by maternity insurance

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

    Source: People’s Republic of China – State Council News

    BEIJING, July 24 (Xinhua) — A total of 253 million Chinese are covered by the maternity insurance system as of June 2025, with the total expenditure of the insurance fund reaching 438.3 billion yuan (about 61.4 billion U.S. dollars), Zhang Ke, head of the National Medical Security Administration, said Thursday. -0-

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

  • MIL-OSI Russia: China calls for opposing unilateral tariffs, defending multilateral trading system

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

    Source: People’s Republic of China – State Council News

    GENEVA, July 24 (Xinhua) — China called for opposing unilateral tariff actions and protecting the multilateral trading system at a meeting of the World Trade Organization (WTO) General Council that concluded here on Wednesday.

    In a statement presented at the meeting, the country’s delegation noted that global trade turbulence is intensifying, uncertainty is growing and risks of fragmentation are increasing.

    New unilateral tariffs have continued to emerge in recent months, and the volume of trade affected by restrictive measures has reached US$2.7 trillion, the highest level since records began in 2009, the delegation said. Against this backdrop, China called on WTO members to strengthen solidarity and cooperation and better support the multilateral trading system.

    The delegation stressed that bilateral agreements or similar measures taken by individual members of the organization to ease trade tensions must be consistent with WTO rules.

    The PRC representatives also proposed that the WTO Secretariat strengthen the monitoring and analysis of unilateral measures and bilateral agreements and promptly inform the organization’s members of their impact, especially the potential negative spillover effects on third parties.

    Brazil, the European Union, Australia, New Zealand, Russia, Venezuela and other WTO members said at the meeting that escalating trade turbulence is not in the common interest. Unilateral tariff measures undermine the foundation of multilateral rules, significantly increase costs for businesses and consumers, and severely impede economic growth and social development in vulnerable developing WTO members, they said.

    Given the current circumstances, preserving the multilateral trading system has become more critical than ever, they stressed. –0–

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

  • MIL-OSI Russia: At least four killed in fire in Baghdad

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

    Source: People’s Republic of China – State Council News

    BAGHDAD, July 24 (Xinhua) — A fire broke out in a residential building in eastern Baghdad on Wednesday, killing at least four people and seriously injuring two others, an Iraqi Interior Ministry source told Xinhua on condition of anonymity.

    According to him, the incident took place in the Al-Amin quarter. Due to the heat and severe overload, an electrical transformer caught fire, and the flames quickly spread to a nearby residential building.

    Civil defense personnel arrived at the scene to extinguish the fire, the source said.

    A few days ago, a major fire at a hypermarket in Kut, the capital of Wasit province in eastern Iraq, claimed the lives of at least 61 people.

    Fires have become more frequent in Iraq recently, with many parts of the country experiencing sweltering heat, reaching 50 degrees Celsius. –0–

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

  • MIL-OSI Russia: Xi Jinping calls on China, EU to bring greater stability and certainty to the world through stable and healthy bilateral relations

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

    Source: People’s Republic of China – State Council News

    Xinhua | 24.07.2025

    Keywords: China

    Source: Xinhua

    Xi Jinping calls on China, EU to bring more stability and certainty to the world through stable and healthy bilateral relations Xi Jinping calls on China, EU to bring more stability and certainty to the world through stable and healthy bilateral relations

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

  • MIL-OSI New Zealand: New Zealand joins fight against cybercrime

    Source: New Zealand Government

    New Zealanders will be better protected from cybercrime following legislation passing third reading in Parliament today, Justice Minister Paul Goldsmith says. 

    “11 per cent of New Zealanders were victims of fraud and cybercrime in 2024, and the National Cyber Security Centre estimates $1.6 billion was lost to online threats.

    “The emotional and financial harm caused by cybercrime is significant, and such a quickly evolving threat warrants a coordinated response.

    “The Budapest Convention, also known as the Council of Europe Convention on Cybercrime, is the only binding international treaty on cybercrime. 

    “It aligns member countries’ laws and makes it easier for them to cooperate on criminal investigations.

    “By joining the convention, we are signalling to the other like-minded countries that we take cybercrime seriously and we are prepared to do our part to eliminate it.

    “It will help our law enforcement agencies to protect New Zealanders, by providing the tools they need to detect, investigate, and prosecute criminal offending, even when it happens online.”

    The Bill contains provisions to ensure our domestic laws meet the requirements of the Convention. These include;

    • New ‘preservation directions’ in the Search and Surveillance Act, to enable law enforcement agencies to require companies to preserve records that could be evidence of offending.
    • Amendments to the Mutual Assistance in Criminal Matters Act to enhance our ability to seek assistance from foreign countries for criminal investigations, and to provide assistance in return.

    Minor amendments to the Crimes Act to ensure offences related to cybercrime and the use of computers are comprehensive and fully align with the Convention.

    MIL OSI New Zealand News –

  • MIL-OSI Asia-Pac: HK fencer bags gold medal

    Source: Hong Kong Information Services

    Secretary for Culture, Sports & Tourism Rosanna Law today congratulated Hong Kong’s Ryan Choi on winning a gold medal in the Men’s Foil Individual event at the 2025 Fencing World Championships.

     

    Miss Law lauded the 27-year-old foil fencer for delivering an impressive performance in the competition, demonstrating Hong Kong athletes’ charm and perseverance.

     

    “We are thrilled by his achievement in winning Hong Kong’s first ever gold medal in the Fencing World Championships.

     

    “I hope the Hong Kong China fencing team will continue to strive for excellence. I have faith in them to perform spectacularly again in the 15th National Games to be held in November.”

    MIL OSI Asia Pacific News –

  • MIL-Evening Report: Australia says US beef will soon be welcome here again. It’s unlikely we’ll buy much of it

    Source: The Conversation (Au and NZ) – By Felicity Deane, Professor of Trade Law and Taxation, Queensland University of Technology

    DarcyMaulsby/Getty

    The Albanese government has today confirmed it will lift biosecurity restrictions on beef imports from the United States. The timing of this decision has raised some eyebrows.

    Back in April, US President Donald Trump had singled out what he characterised as an Australian “ban” on US beef as he announced 10% baseline tariffs on imports from Australia.

    Responding to today’s announcement, Nationals leader David Littleproud said it appeared the restrictions have been “traded away to appease Donald Trump”.

    But Trade Minister Don Farrell said there was “nothing suspicious about this”. And some Australian industry groups have since expressed their confidence in the decision.

    So, has Australia’s beef industry been sold out for the benefit of a trade deal? Or is it just a poorly timed announcement at the end of a review into Australia’s restrictions?

    Biosecurity concerns

    Australia’s biosecurity rules, particularly around beef products, have long been a source of friction with the United States. These rules date back to the late 1990s and were strengthened following a US mad cow disease scare in 2003.

    In 2019, a ban was lifted on beef products from cattle that had been born, raised and slaughtered in the US. However, a ban remained on any products from cattle originating in Mexico or Canada that had been slaughtered in the US.

    This was a cause for some tension, because the traceability requirements in the US were not as stringent as in Australia. That meant it wasn’t always possible to determine the origins of US products. So the 2019 change effectively only applied to shelf-stable products – not fresh meat.

    Last month, the Albanese government made assurances Australia’s biosecurity rules wouldn’t be compromised in trade negotiations. But it also confirmed a review of the rules was underway.

    The National Farmers’ Federation acknowledged the government’s decision in a statement today:

    The report released today is the result of a long-standing, science-based review by the Australian Government into the biosecurity risks posed by cattle raised in Canada and Mexico, but processed in and exported from the US.

    Speaking on ABC Radio, Cattle Australia chief executive Will Evans acknowledged “a lot of people” may feel “blindsided” by the government’s decision, but expressed his confidence in the government’s process.

    Boom times for Australian beef

    Australians are some of the highest per-capita consumers of beef products in the world. But Australia is also the world’s second-largest beef exporter, trailing only Brazil.

    In contrast, the US is the world’s second-largest importer of beef, behind only China.

    That poses the question: how much do we actually need beef from the US? Is it even worth lifting this ban, if it will impact so few people?

    The beef industry might be fair to question whether this is for the benefit of their industry, when it seems the existing 10% baseline tariffs have had no impact on the volumes of beef being exported from Australia. Quite the opposite.

    In June, Australia’s beef exports broke an all-time monthly record, and the US continued to be our largest export market.

    In addition, it is important to recognise the US tariffs on beef would theoretically be absorbed by the consumer, rather than the exporter.

    The trade war rages on

    Theory suggests that international trade is a good thing (though not everyone is a “winner”). Where there is trade between nations, competitive pricing is encouraged and consumers may enjoy more product variety.

    Most restrictions on trade are viewed unfavourably by economists, but there are some notable exceptions. The health and safety of food products and assurance of biosecurity standards are such concerns.

    Overnight, comments from the Trump administration suggest the 10% tariffs on imports from Australia could be raised, with a new baseline tariff rate of 15%.

    To apply these to Australian beef is in direct conflict with the Australia and United States Free Trade Agreement (AUSFTA). This agreement progressively removed tariffs on Australian beef, with all tariffs eliminated by 2023.

    Consequently, any new US tariff would violate these terms, threatening a trade relationship that has seen beef exports to the US flourish.

    Is our reputation on the line?

    It is important to note that the biosecurity rules in Australia and the traceability requirements for our producers are a point of national pride.

    Central to Australia’s biosecurity framework is the Biosecurity Act 2015 and the National Livestock Identification System, which ensures traceability, food safety, disease control and animal welfare.

    This imposes strict requirements on Australian beef producers – and as a result, imposes costs. It also means Australian beef is considered a premium product in much of the world.

    Australians should hope the evidence from the government’s review fully supports this action.

    Given the unpredictability of the Trump administration, it remains to be seen whether lifting these restrictions will win Australia any concessions on trade anyway.

    Felicity Deane does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Australia says US beef will soon be welcome here again. It’s unlikely we’ll buy much of it – https://theconversation.com/australia-says-us-beef-will-soon-be-welcome-here-again-its-unlikely-well-buy-much-of-it-261836

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Jet ski accidents are tragic but preventable. Here’s how to reduce the risk

    Source: The Conversation (Au and NZ) – By Milad Haghani, Associate Professor & Principal Fellow in Urban Risk & Resilience, The University of Melbourne

    Richard Hamilton Smith/Getty

    Two teenage boys were thrown from a jet ski during a ride on the Georges River in Sydney’s south this week. One died at the scene. The other lost an arm, and was rushed to hospital in a serious condition.

    The exact cause of the crash is being investigated and a report will be prepared for the coroner.

    Sadly, this tragic incident is not isolated. While fatal jet ski crashes are relatively rare, serious injuries are not.

    Here’s what we know about jet ski accidents, who’s at risk, and how to prevent them.

    Jet skis are now more common

    Jet skis have become a familiar sight on Australian waterways, with sales peaking during the early years of the COVID pandemic. There are now almost 100,000 registered jet skis nationwide.

    So what was once a niche summer thrill has become a more mainstream recreational activity, particularly for young Australians.

    As the number of jet skis on our waterways grows, so too will the risks.

    How often do accidents happen?

    Most jet ski crashes occur in daylight hours, are twice as likely on weekends, and tend to spike during warmer months. Injuries typically happen close to shore (often within 50 metres) where crowded conditions increase the risk of colliding with other vessels, swimmers or fixed obstacles.

    Fatal jet ski accidents in Australia have claimed the lives of riders, passengers, swimmers and kayakers.

    Across New South Wales, Queensland and Victoria, there are up to three deaths per 100,000 licence holders. There are an estimated 19–26 serious injuries per 100,000 licence holders, depending on the state.

    But these figures likely understate the true picture as many non-fatal injuries go unreported unless hospitalised.

    For example, data from research sponsored by the United States Coast Guard suggest that for every moderate injury captured in accident reports, more than 30 actually occur. For every severe injury, it’s likely 1.65 actually occur.

    Who is at risk?

    Global jet ski statistics indicate about 85% of jet ski injuries involve male riders.

    Risk-taking behaviour and being an inexperienced rider are also risk factors, with young adults dominating injury statistics.

    One review found about 60% of jet ski crashes involved the rider drinking alcohol.

    What types of injuries?

    Recreational riders often typically travel at 60–80 kilometres per hour. But these machines can reach speeds above 100km/h. This can generate immense force in the event of a collision.

    In a crash, riders are ejected from the jet ski or collide directly with water, the craft, another vessel or fixed objects. So the leading causes of death and serious injury on jet skis are from these traumatic impacts.

    A study from a US trauma centre looked at 127 people injured in jet ski incidents and found most injuries involved broken bones. The legs were most commonly affected, followed by arms, spine and hips.

    Hitting the handlebars was a major cause of open fractures (when a broken bone pierces the skin), some of which later became infected.

    Women and children face particular risks

    However, there is a distinct and concerning injury pattern for female passengers.

    Women riding on the back of a jet ski (as a passenger) are especially at risk of serious injuries to the genital and anal area. This can happen if they fall off backwards and land directly on the powerful stream of water coming from the jet nozzle.

    Case reports describe incidents of vaginal lacerations, rectal injuries and pelvic floor damage. Such injuries are rare but can be devastating and life-threatening. Sometimes there are permanent complications, such as the risk of infertility or incontinence.

    Children also face unique and often severe risks. A US study looked at 66 children hospitalised in jet ski accidents. It found most were boys with the average age of around 12 years old, and nearly three-quarters operated the jet ski themselves. About 70% of injuries involved collisions with another vessel or object. Four children died, all from head trauma after crashing into stationary objects. More than 40% were left with some degree of disability.

    What now?

    The risks from jet skis are real and too often underestimated. But many injuries can be prevented:

    • we need public education campaigns to remind riders of the risks and to promote better behaviour. This would remind riders to slow down in congested areas, avoid reckless turns, and be especially careful with passengers. As alcohol is a common factor in crashes, drinking in moderation before riding should also be stressed

    • women are recommended to wear neoprene protective shorts, or wetsuits, instead of ordinary swimwear. A growing number of medical professionals are now backing this as essential safety gear, not optional, to reduce the risk of perineal injuries from water jets

    • manufacturers can redesign handlebars to reduce the severity of impact injuries. They can also build in safeguards that reduce jet pressure when no one is seated at the rear (to safeguard the health of a passenger who falls off backwards)

    • states also need consistent rules on minimum rider age, training and licensing. The laws vary widely. These inconsistent regulations create confusion and loopholes, especially when riders cross borders.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Jet ski accidents are tragic but preventable. Here’s how to reduce the risk – https://theconversation.com/jet-ski-accidents-are-tragic-but-preventable-heres-how-to-reduce-the-risk-261746

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI NGOs: Disease ripping through Gaza as Israel continues to deliberately block aid: Oxfam

    Source: Oxfam –

    Deadly diseases are now ripping through Gaza even as millions of dollars’ worth of humanitarian aid piles up in warehouses across the region, says Oxfam. 

    Water-borne diseases that are both preventable and readily treatable have increased by almost 150% inside Gaza over the past three months as Israel continues to deliberately block aid. 

    Available multi-agency health data shows that the numbers of Palestinians presenting to health facilities with acute watery diarrhea have increased by 150 per cent, bloody diarrhea by 302 per cent, and acute jaundice cases by 101 per cent. 

    Even these figures will be grossly under-reported because most of the two million people trapped by Israel’s continuing siege have little access to the few healthcare facilities that have managed to keep operating. 

    This surge of disease can quickly turn deadly especially as Palestinians living in Gaza have been deprived of enough food, water, shelter, and adequate healthcare for over 21 months.   Their community and family networks have been shattered, and people made more vulnerable by repeated forced mass displacements and continuing violence. 

    Israel has put Gaza under a near total blockade since March 2 of this year stopping all but a trickle of aid. There are no longer any humanitarian aid reserves held by international agencies inside of Gaza. 

    As a result, international humanitarian donors and agencies have been forced to accumulate more than 420,000 pallets of aid that now sit in limbo inside warehouses across the regions. This covers an area of around 75 hectares, or enough to cover 101 football fields. 

    “There is a grim and deliberate inevitability as to what Israel has created in Gaza. Each day that its siege continues and it denies aid, starvation becomes increasingly widespread and human deaths from entirely preventable diseases becomes an absolute certainty.” 

    Bushra Khalidi, Policy Lead

    Oxfam in the Occupied Palestinian Territory and Israel

    This aid includes shelters, food and supplements to combat malnutrition, and water equipment, sanitation items and medicines that would be vital to tackle diseases and   

    Oxfam alone has over 110,000 items of humanitarian aid in one warehouse including water bladders and tanks, hygiene, dignity and water testing kits, food parcels, soap, nappies, pipes and latrine slabs. 

    Oxfam is waiting for clearances and permissions to enter, however the Israeli authorities have recently denied water and sanitation items and food parcels. 

    Bushra Khalidi, Oxfam in the Occupied Palestinian Territory and Israel policy lead, said that time is running out to prevent an epidemic across Gaza and the mass death that would inevitably result. 

    “The conditions that Palestinians in Gaza are being forced to endure have created a petri dish for disease. These are diseases that thrive where people lack water – clean or otherwise – and are stuck in over-crowded unsanitary environments with almost no food,” Khalidi said.  

    “There is a grim and deliberate inevitability as to what Israel has created in Gaza. Each day that its siege continues and it denies aid, starvation becomes increasingly widespread and human deaths from entirely preventable diseases becomes an absolute certainty.” 

    “As Gaza bakes in the summer sun and the hottest month of the year looms, it is increasingly urgent that Israel’s siege must end. It is shameful Israel has been allowed to besiege Gaza and create this catastrophe. Nothing other than complete access to Gaza to deliver aid at scale can alleviate the conditions that people have been forced to live in.” 

    “Each day we wait for a ceasefire, more lives are lost through violence, hunger and disease. Palestinians in Gaza cannot wait a day longer for this hell to end. There must be a full and complete ceasefire, and all required aid must be able to enter via all crossings into Gaza so that Palestinians can finally begin to recover and rebuild.” 

    MIL OSI NGO –

  • MIL-OSI Submissions: Why Texas Hill Country, where a devastating flood killed more than 135 people, is one of the deadliest places in the US for flash flooding

    Source: The Conversation – USA (2) – By Hatim Sharif, Professor of Civil and Environmental Engineering, The University of Texas at San Antonio

    A Kerrville, Texas, resident watches the flooded Guadalupe River on July 4, 2025. Eric Vryn/Getty Images

    Texas Hill Country is known for its landscapes, where shallow rivers wind among hills and through rugged valleys. That geography also makes it one of the deadliest places in the U.S. for flash flooding.

    In the early hours of July 4, 2025, a flash flood swept through an area of Hill Country dotted with summer camps and small towns about 70 miles northwest of San Antonio. More than 135 people died in the flooding. The majority of them were in Kerr County, including more than two dozen girls and counselors at one summer camp, Camp Mystic. Dozens more people were still unaccounted for a week later.

    The flooding began with a heavy downpour, with more than 10 inches of rain in some areas, that sent water sheeting off the hillsides and into creeks. The creeks poured into the Guadalupe River.

    A river gauge at Hunt, Texas, near Camp Mystic, showed how quickly the river flooded: Around 3 a.m. on July 4, the Guadalupe River was rising about 1 foot every 5 minutes at the gauge, National Weather Service data shows. By 4:30 a.m., it had risen more than 20 feet. As the water moved downstream, it reached Kerrville, where the river rose even faster.

    Flood expert Hatim Sharif, a hydrologist and civil engineer at the University of Texas at San Antonio, explains what makes this part of the country, known as Flash Flood Alley, so dangerous.

    What makes Hill Country so prone to flooding?

    Texas as a whole leads the nation in flood deaths, and by a wide margin. A colleague and I analyzed data from 1959 to 2019 and found 1,069 people had died in flooding in Texas over those six decades. The next highest total was in Louisiana, with 693.

    Many of those flood deaths have been in Hill County. It’s part of an area known as Flash Flood Alley, a crescent of land that curves from near Dallas down to San Antonio and then westward.

    The hills are steep, and the water moves quickly when it floods. This is a semi-arid area with soils that don’t soak up much water, so the water sheets off quickly and the shallow creeks can rise fast.

    When those creeks converge on a river, they can create a surge of water that wipes out homes and washes away cars and, unfortunately, anyone in its path.

    Hill Country has seen some devastating flash floods. In 1987, heavy rain in western Kerr County quickly flooded the Guadalupe River, triggering a flash flood similar to the one in 2025. Ten teenagers being evacuated from a camp died in the rushing water.

    San Antonio, at the eastern edge of Hill Country, was hit with a flash flood on June 12, 2025, that killed 13 people whose cars were swept away by high water from a fast-flooding creek near an interstate ramp in the early morning.

    Why does the region get such strong downpours?

    One reason Hill Country gets powerful downpours is the Balcones Escarpment.

    The escarpment is a line of cliffs and steep hills created by a geologic fault. When warm air from the Gulf rushes up the escarpment, it condenses and can dump a lot of moisture. That water flows down the hills quickly, from many different directions, filling streams and rivers below.

    As temperature rise, the warmer atmosphere can hold more moisture, increasing the downpour and flood risk.

    A tour of the Guadalupe River and its flood risk.

    The same effect can contribute to flash flooding in San Antonio, where the large amount of paved land and lack of updated drainage to control runoff adds to the risk.

    What can be done to improve flash flood safety?

    First, it’s important for people to understand why flash flooding happens and just how fast the water can rise and flow. In many arid areas, dry or shallow creeks can quickly fill up with fast-moving water and become deadly. So people should be aware of the risks and pay attention to the weather.

    Improving flood forecasting, with more detailed models of the physics and water velocity at different locations, can also help.

    Probabilistic forecasting, for example, can provide a range of rainfall scenarios, enabling authorities to prepare for worst-case scenarios. A scientific framework linking rainfall forecasts to the local impacts, such as streamflow, flood depth and water velocity, could also help decision-makers implement timely evacuations or road closures.

    Education is particularly essential for drivers. One to two feet of moving water can wash away a car. People may think their trucks and SUVs can go through anything, but fast-moving water can flip a truck and carry it away.

    Officials can also do more to barricade roads when the flood risk is high to prevent people from driving into harm’s way. We found that 58% of the flood deaths in Texas over the past six decades involved vehicles. The storm on June 12 in San Antonio was an example. It was early morning, and drivers had poor visibility. The cars were hit by fast-rising floodwater from an adjacent creek.

    This article, originally published July 5, 2025, has been updated with the death toll rising.

    Hatim Sharif does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Why Texas Hill Country, where a devastating flood killed more than 135 people, is one of the deadliest places in the US for flash flooding – https://theconversation.com/why-texas-hill-country-where-a-devastating-flood-killed-more-than-135-people-is-one-of-the-deadliest-places-in-the-us-for-flash-flooding-260555

    MIL OSI –

  • India’s global outreach continues: PM Modi begins UK visit, Maldives next

    Source: Government of India

    Source: Government of India (2)

    rime Minister Narendra Modi will embark on a two-nation tour on Wednesday, visiting the United Kingdom and the Maldives from July 23 to 26, aiming to strengthen India’s global diplomatic engagements.

    At the invitation of UK Prime Minister Keir Starmer, Prime Minister Modi will undertake an official visit to the United Kingdom from July 23 to 24. This will be his fourth visit to the UK, reflecting the growing warmth and depth of the bilateral relationship.

    India and the United Kingdom share historical ties that have evolved into a robust and mutually beneficial partnership. A major milestone in the relationship was achieved during the India-UK virtual summit on 4 May 2021, when Prime Minister Modi and then UK Prime Minister Boris Johnson established a Comprehensive Strategic Partnership and adopted an ambitious India-UK Roadmap 2030. This roadmap continues to steer cooperation across various sectors including trade, security, education, technology, and climate change.

    The visit also comes in the wake of the recent general elections in the UK held on 4 July 2024, where the Labour Party returned to power after 14 years, winning 412 out of 650 seats. Keir Starmer assumed office as Prime Minister, and PM Modi extended his congratulations during a telephonic conversation on 6 July, also inviting him for an early visit to India.

    In its election manifesto, the Labour Party pledged to pursue a new strategic partnership with India, focusing on the conclusion of a Free Trade Agreement (FTA) and deepening cooperation in critical sectors. The two leaders had earlier met on the sidelines of the G20 Leaders’ Summit in Brazil in November 2024 and briefly interacted again during the G7 Summit in Canada in June 2025.

    Following the terrorist attack in Pahalgam in April 2025, Prime Minister Starmer had spoken to PM Modi to convey his condolences and support. On 6 May 2025, both leaders held a telephonic conversation and announced the successful conclusion of the India-UK FTA and the Double Taxation Avoidance Convention, marking a historic development in bilateral ties.

    High-level exchanges have been a consistent feature of India-UK relations. President Droupadi Murmu visited London in September 2022 to attend the State Funeral of Her Majesty Queen Elizabeth II and met King Charles III during her visit. Vice President Jagdeep Dhankhar represented India at the Coronation of King Charles III in May 2023 and engaged with global leaders during his visit. He also addressed members of the Indian community and interacted with Indian-origin UK MPs and students.

    Prime Minister Modi had earlier met former UK Prime Minister Rishi Sunak on multiple occasions, including during the G20 Summit in India in September 2023 and at the G7 Summit in Italy in June 2024. Their discussions covered progress on the India-UK FTA and other key areas under the Roadmap 2030. Sunak’s official visit to India in 2023 and bilateral engagements in Japan and Bali further contributed to the growing momentum in the relationship. Notably, the Young Professionals Scheme was launched following their meeting in Bali in 2022, enhancing mobility for youth between the two countries.

    In April 2022, then UK Prime Minister Boris Johnson visited India and held wide-ranging discussions with PM Modi. The visit saw the announcement of an ‘Open General Export Licence’ for Indian companies and the signing of MoUs in nuclear energy and global innovation, along with a joint statement on cyber cooperation.

    Earlier, in November 2021, Prime Minister Modi had visited the UK to attend the COP26 World Leaders’ Summit in Glasgow, where he and Prime Minister Boris Johnson jointly launched the One Sun, One World, One Grid (OSOWOG) initiative under the International Solar Alliance and the Infrastructure for Resilient Island States (IRIS) initiative under the Coalition for Disaster Resilient Infrastructure.

    Lok Sabha Speaker Om Birla visited the UK in January 2025 and held bilateral talks with the Speaker of the House of Commons, Lindsay Hoyle, underscoring the strong parliamentary ties between the two democracies.

  • Indian diaspora in London gives PM Modi a grand welcome

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi received a rousing welcome from the Indian diaspora as he arrived in London on Wednesday evening for a historic two-day visit aimed at strengthening the India-UK Comprehensive Strategic Partnership and finalising the long-anticipated Free Trade Agreement (FTA).

    As PM Modi reached his hotel in the heart of the city, hundreds of Indian community members gathered outside with chants of “Modi, Modi,” “Bharat Mata Ki Jai,” and “Vande Mataram.” Dressed in traditional Indian attire, artists played dhols while others danced and waved posters welcoming the Prime Minister.

    “Touched by the warm welcome from the Indian community in the UK. Their affection and passion towards India’s progress is truly heartening,” PM Modi shared on X.

    The atmosphere outside the hotel was electric, with many attendees expressing pride and emotion after meeting the Prime Minister. “We are so proud… I am still in tears. The happiness and joy he brought while shaking our hands is unforgettable,” said one member of the diaspora.

    Many in the crowd shared similar sentiments, praising the Prime Minister for his global stature, leadership, and commitment to India’s growth. “The aura I witnessed was simply amazing. He looked like a saint. That is why people like PM Modi a lot,” said another enthusiastic supporter.

    Scheduled for July 23–24, PM Modi’s visit comes at the invitation of newly elected British Prime Minister Keir Starmer and marks his fourth official trip to the United Kingdom. The visit follows recent meetings between the two leaders at the G20 Summit in Brazil and the G7 in June this year.

    “Leaving for the UK, a country with which our Comprehensive Strategic Partnership has achieved significant momentum in the last few years. I look forward to my talks with PM Keir Starmer and my meeting with His Majesty King Charles III,” PM Modi posted before departing.

    According to a statement from India’s Ministry of External Affairs (MEA), the visit will focus on advancing collaboration across key areas such as trade and economy, technology and innovation, defence and security, climate change, healthcare, education, and people-to-people ties.

    The centrepiece of the discussions will be the signing of the India-UK Free Trade Agreement, expected to significantly boost bilateral trade

    PM Modi is also expected to meet King Charles III during his stay in London, further deepening the diplomatic warmth between the two nations.

    (With agencies inputs)

  • MIL-OSI Australia: New SMSF? Here’s what you need to do by 31 October

    Source: New places to play in Gungahlin

    If you have a new self-managed super fund (SMSF) you must lodge your SMSF annual return (SAR) by 31 October 2025.

    Contact a registered tax agent as soon as possible if you need help preparing your SMSF annual return. This allows time for them to include you in their lodgment program, giving you until 28 February 2026 to lodge your first return.

    However, some funds may still need to lodge by 31 October 2025, even with a tax agent so check your registration letter for details.

    If your new fund had no assets in the first year it was registered you must either lodge a return not necessary form or cancel your SMSF registration if you no longer intend to operate the fund.

    Remember each year, you must:

    For new SMSFs, the supervisory levy is $518, covering both the setup year and the following financial year.

    Stay compliant—act early and seek professional support if needed.

    Learn more by visiting Your obligations as an SMSF trustee or Help and support for SMSFs.

    You can also try our online education modulesExternal Link, which are interactive and enable you to build your knowledge.

    Looking for the latest news for SMSFs? – You can stay up to date by visiting our SMSF newsroom and subscribingExternal Link to our monthly SMSF newsletter.

    MIL OSI News –

  • MIL-OSI USA: July 23rd, 2025 Heinrich Blasts Trump Administration for Raising Electricity Costs on American Families Amidst Growing Energy Demand

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich

    WASHINGTON — In his opening statement during a U.S. Senate Energy and Natural Resources Committee hearing on rising energy demand, U.S. Senator Martin Heinrich (D-N.M.), Ranking Member of the Committee, raised the alarm on the energy affordability crisis facing working families and cited recent, irresponsible actions taken by the Trump Administration and Congressional Republicans that will raise energy costs on working families — including the passage of their Big, Bad Bill, their dismantling of our nation’s clean energy industry, and a recent directive from the Department of the Interior that will inevitably delay new generation additions to the grid and drive up costs further.

    VIDEO: Ranking Member Martin Heinrich (D-N.M.) blasts Trump Administration for raising electricity prices on working families during a hearing on the U.S. Senate Energy and Natural Resources Committee, July 23, 2025.

    “As Mr. Gramlich points out in his testimony, electricity bills are starting to become unaffordable for too many Americans,” said Heinrich. “And recent actions by President Trump and the Republican reconciliation bill will only make it worse.”

    “The reconciliation bill alone is estimated to increase annual energy costs more than $16 billion in 2030 and more than $33 billion by 2035,” continued Heinrich. “This is because, at a time when we need every electron we can get, the reconciliation bill is causing many clean energy projects to be canceled.”

    Heinrich additionally noted his concerns on how a new directive from the Department of the Interior that requires Secretary Doug Burgum to personally review and sign off on wind and solar projects on federal lands will risk delaying new generation additions to the grid, subsequently driving up families’ energy costs.

    A video of Heinrich’s opening remarks can be found here.

    A transcript of Heinrich’s remarks as delivered is below:

    Thank you, Chairman Lee. Welcome to our witnesses, Mr. Gramlich, Mr. Huntsman, and Mr. Tench.

    As we’ll discuss today, the scale and drivers of today’s rising electricity demand are relatively unprecedented.

    It’s not just that electricity demand is reaching record highs, it’s that we’re entering a new era of a sustained load growth.

    The structural forces underlying today’s load growth are converging: the growth of AI data centers; the electrification of vehicles, buildings, industry; as well as a resurgence in domestic manufacturing.

    And meeting this load growth will require structural changes to how we permit and build our energy infrastructure.

    In his testimony, Mr. Tench states that Vantage would prefer to “source power from the grid” but the “system is out of sync.”

    From interconnection timelines that are too long, transmission lines that take too long to build, and permitting that is too fragmented, the challenges that Mr. Tench articulates are the same ones that this Committee has been trying to address for some time.

    As Mr. Tench noted in his testimony, “No single business or technical workaround can substitute for a coordinated, modern, responsive grid.”

    Fortunately, we sit on the Committee that can help make that happen.

    The urgency isn’t just about maintaining our edge in AI innovation, it’s about affordability.

    As Mr. Gramlich points out in his testimony today, electricity bills are becoming unaffordable for too many Americans.

    And recent actions by President Trump and by the ‘Big, Bad Bill’ will make this worse.

    The reconciliation bill alone is estimated to increase annual energy costs more than $16 billion in 2030 and more than $33 billion by 2035.

    This is because, at a time when we need every single electron we can get, the reconciliation bill is causing many clean energy projects to be canceled.

    And the President’s tariffs are driving up equipment costs—raising the cost of all energy generation resources. All of them.

    This is leading directly to Americans spending more on their utility bills.

    And on top of this, an aging electrical grid is causing many energy projects to be stalled for years in interconnection queues.

    In June 2025, Grid Strategies released a study that found that investing in well-planned, high-capacity transmission could save U.S. households between $6.3 and $10.4 billion annually—and that’s even after accounting for the cost of actually building those transmission lines.

    The amount of energy currently in U.S. interconnection queues substantially exceeds the existing electricity demands—if only the grid could integrate it.

    According to the Energy Information Administration, in 2024, the U.S. installed nearly 49 gigawatts of new grid capacity, 95% of which was from renewable resources.

    This year, the EIA estimates that developers will build 63 GW of new capacity, including 32.5 GW of new utility-scale solar, 7.7 GW of wind power, 18.2 GW of energy storage, and just 4.4 GW of natural gas-fired generation.

    Clean energy is the most affordable and it’s the fastest type of energy generation to deploy—outpacing natural gas, which is facing years-long backlogs in turbine availability.

    If you order a gas, combine cycle natural gas turbine today, you’ll be lucky if it puts its first electron on the grid before 2032.

    Meanwhile, states like Texas and California are demonstrating that high levels of renewable energy do not compromise grid reliability—in fact, they improve it.

    After Texas added 9,600 MW of clean energy, including 5,400 MW of solar, 3,800 MW of energy storage, and 253 MW of wind, ERCOT CEO Pablo Vegas said that the risk of grid emergencies dropped to less than 1 percent, that’s down from 16 percent the previous year.

    NERC’s 2025 Summer Reliability Assessment confirmed this trend, showing that the risk of rolling blackouts in Texas fell from 15 percent to 3 percent as battery capacity came online.

    I’ll close by saying that I am deeply disturbed by the recent Department of Interior policy that requires Secretary Doug Burgum to personally review and sign off on wind and solar projects on federal lands.

    This nakedly political decision will risk delaying new generation additions to the grid when we need them the most.

    And consequently, will drive up costs.

    According to the Department of Energy, federal lands in the contiguous United States could support more than 7,700 GW of renewable energy capacity.

    And with that said, I look forward to discussing how we can meet the rise in electricity demand and lower energy costs for households by integrating the most affordable and rapidly deployable energy resources today, while also investing in long-term modernization.

    Thank you, Chairman.

    MIL OSI USA News –

  • MIL-OSI USA: Cassidy Secures $49 Million for Louisiana in FY 2026 Appropriations

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy

    WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) announced that he successfully secured $49,102,00.00 in Congressionally Directed Spending (CDS) in the first Fiscal Year (FY) 2026 Appropriations bills advanced by the U.S. Senate Appropriations Committee. These projects will support critical Louisiana priorities, from military construction and public safety to university research.
    “Whether it’s almost $1.4 million for Jefferson Parish to support criminal investigations, $500 thousand to the Northshore to address substance abuse and mental health issues, or multiple grants across the state to support first responders, this money works for the safety, security, and economic growth of Louisiana,” said Dr. Cassidy. Since taking office, Cassidy has emerged as one of the most effective U.S. Senators at directing federal dollars home to Louisiana, despite not serving on the Appropriations Committee. In FY2024, Roll Call reported that Cassidy was one of the top 20 senators in total funding secured for his state, and one of only five in that group who does not sit on the Appropriations Committee. That year, he secured a record $1.3 billion for Louisiana—the highest of any member of the state’s congressional delegation.
    See below for a list of the funding secured by Senator Cassidy.

    Funding Amount
    Recipient
    Project Description

    $30,000,000.00
    Fort Polk
    This funding will support construction of the Rotational Unit Billeting Area, Phase 1.

    $5,000,000.00
    University of Louisiana at Lafayette
    This funding will support purchase of equipment for the Silicon Bayou Semiconductor Technology Center.

    $4,000,000.00
    St. Bernard Parish
    This funding will support construction of a new fire station.

    $2,500,000.00
    Louisiana State University
    This funding will support LSU’s Electronic Microscopy Sight Initiative.

    $1,500,000.00
    City of Ruston Police Department
    This funding will support development of a Real Time Intelligence Crime Center.

    $1,395,000.00
    Jefferson Parish Coroner’s Office
    This funding will support purchase of advanced forensic equipment.

    $1,350,000.00
    University of New Orleans
    This funding will support instrumentation upgrades in computing and chemical sciences.

    $1,250,000.00
    East Baton Rouge DA’s Office
    This funding will support the Gun Intelligence Center Program.

    $794,000.00
    West Monroe Police Department
    This funding will support purchase of safety equipment for officers.

    $500,000.00
    22nd Judicial District Court
    This funding will support specialty courts for mental health and substance abuse treatment.

    $300,000.00
    Grant Parish Sheriff’s Office
    This funding will support upgrades to local law enforcement services.

    $263,000.00
    Town of Farmerville
    This funding will support renovations to the fire department.

    $250,000.00
    Tensas Parish Police Jury
    This funding will support security equipment upgrades.

    MIL OSI USA News –

  • MIL-OSI Banking: Secretary-General of ASEAN delivers Pre-Recorded Keynote Remarks at the ASEAN–India Forum 2025

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today delivered pre-recorded keynote remarks at the ASEAN–India Forum 2025, held in Bangkok, Thailand. In his message, Dr. Kao reaffirmed ASEAN’s strong commitment to advancing the ASEAN–India Comprehensive Strategic Partnership through tourism. He also emphasized the importance of sustainable tourism, stronger transport connectivity, and collaborative destination marketing, highlighting the regional tagline “A Destination for Every Dream.”
     

    The post Secretary-General of ASEAN delivers Pre-Recorded Keynote Remarks at the ASEAN–India Forum 2025 appeared first on ASEAN Main Portal.

    MIL OSI Global Banks –