Category: Africa

MIL-OSI Europe: AFRICA/NIGERIA – Father Ibrahim Amos, kidnapped from his home on April 24, is free

Source: Agenzia Fides – MIL OSI

Wednesday, 30 April 2025

Abuja (Fides Agency) – Father Ibrahim Amos, parish priest of St. Gerald Quasi Church in Kurmin Risga, a village in the Kauru district of Kaduna state in northwestern Nigeria, has been released. This was announced by the Catholic Diocese of Kafanchan in a statement. He was abducted from his home in Kurmin Risga in the early morning of April 24 (see Fides, 4/25/2025). According to Father Jacob Shanet, chancellor of the Diocese of Kafanchan, the priest returned home “unharmed” after the abduction.In the statement released on the day of the kidnapping, Father Shanet thanked the faithful for their prayers and affection: “We thank God and all those who prayed with us during such a dark and terrible time.” “May the Blessed Virgin Mary, Mother of Priests, Religious, and all Angels, intercede for those still imprisoned and bring them safely back to their families and communities,” Father Shanet concluded.In March, Father Sylvester Okechukwu, parish priest of St. Mary Tachira Church, was also kidnapped and killed in Kaduna State (see Fides 6/3/2025). The alleged perpetrators of the priest’s kidnapping and murder were subsequently arrested by security forces (see Fides 26/3/2025).Pope Francis also spoke out on the scourge of kidnappings for ransom in Nigeria, repeatedly expressing his closeness to the Nigerian Church: “TThe increasingly frequent kidnappings in Nigeria are concerning. I express my closeness in prayer to the Nigerian people, hoping that efforts will be made to contain the spread of these incidents as much as possible.” (Angelus, February 25, 2024). (FB) (Fides Agency 30/4/2025)
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MIL OSI Europe News –

April 30, 2025
MIL-OSI Security: INTERPOL targets stolen vehicle trafficking in West African police operation

Source: Interpol (news and events)

30 April 2025

More than 12,000 vehicles were inspected over two weeks, initiating new investigations and uncovering links with organized crime.

LYON, France: An international police operation targeting vehicle crime in West Africa has led to the detection of approximately 150 stolen vehicles and the seizure of more than 75 vehicles.

Coordinated by INTERPOL and carried out by national law enforcement agencies in 12 West African countries, the operation – codenamed ‘Safe Wheels’ – also initiated 18 new investigations and uncovered the involvement of two organized crime groups.

Most of the stolen vehicles detected through INTERPOL’s Stolen Motor Vehicle (SMV) database were trafficked from Canada, while many had also been reported stolen in France, Germany and the Netherlands.

INTERPOL’s SMV database allows police in the Organization’s 196 member countries to run a check against a suspicious vehicle and find out instantly whether it has been reported as stolen.

In 2024, around 270,000 vehicles were identified as stolen globally through the SMV database.

David Caunter, Director of Organized and Emerging Crime at INTERPOL, said:

“Each year, hundreds of thousands of vehicles are stolen around the world, yet the initial theft is often only the beginning of a vehicle’s journey into the global criminal underworld.

“Stolen vehicles are trafficked across the globe, traded for drugs and other illicit commodities, enriching organized crime groups and even terrorists.

“INTERPOL’s SMV database is the strongest tool we have to track stolen vehicles and identify the criminals involved in this global trade.”

Stolen Canadian cars in Nigeria

During the two-week operational phase (17-30 March), law enforcement in participating countries established an average of 46 checkpoints each day to inspect a total of 12,600 vehicles, checking their details against INTERPOL’s SMV database.

Out of the vehicles seized or flagged as stolen, Toyota models were the most represented, followed by Peugeot and Honda.

Both land and sea routes were used to traffic stolen vehicles detected during the operation.

In Lagos, during checks of freight containers purportedly from Canada, Nigerian Customs Service (NCS) officers discovered six vehicles – Toyota and Lexus models – four of which showed clear signs of break-in.

Checks against INTERPOL’s SMV database confirmed that all six vehicles were reported stolen in Canada in 2024. Investigative collaboration is ongoing between the NCS and Canada’s INTERPOL National Central Bureau.

Nine law enforcement officers and experts from INTERPOL’s SMV Task Force, including an expert examiner from Canada, were also deployed to the region – in Benin, Cabo Verde, Gambia, Ghana, Nigeria and Togo – to support Operation Safe Wheels.

Operation Safe Wheels took place under the aegis of Project Drive Out – a new partnership between INTERPOL and the Government of Canada to target vehicle theft and the illegal trade of spare parts – and was made possible by Canadian funding.

INTERPOL member countries that participated in the operation were: Benin, Burkina Faso, Cabo Verde, Cote d’Ivoire, Gambia, Ghana, Guinea Bissau, Mali, Mauritania, Niger, Nigeria, and Togo.

MIL Security OSI –

April 30, 2025
MIL-OSI: Check Point Research Launches AI Security Report: Exposing the Rise of AI-Powered Cybercrime and Defenses
Source: GlobeNewswire (MIL-OSI)

SAN FRANCISCO, April 30, 2025 (GLOBE NEWSWIRE) — RSA CONFERENCE, – Check Point Software Technologies Ltd. (NASDAQ: CHKP), a pioneer and global leader of cyber security solutions, today launched its inaugural AI Security Report at RSA Conference 2025. This report offers an in-depth exploration of how cyber criminals are weaponizing artificial intelligence (AI), alongside strategic insights for defenders to stay ahead.

As AI reshapes industries, it has also erased the lines between truth and deception in the digital world. Cyber criminals now wield generative AI and large language models (LLMs) to obliterate trust in digital identity. In today’s landscape, what you see, hear, or read online can no longer be believed at face value. AI-powered impersonation bypasses even the most sophisticated identity verification systems, making anyone a potential victim of deception on a scale.

“The swift adoption of AI by cyber criminals is already reshaping the threat landscape,” said Lotem Finkelstein, Director of Check Point Research. “While some underground services have become more advanced, all signs point toward an imminent shift – the rise of digital twins. These aren’t just lookalikes or soundalikes, but AI-driven replicas capable of mimicking human thought and behavior. It’s not a distant future – it’s just around the corner.”

Key Threat Insights from the AI Security Report:

At the heart of these developments is AI’s ability to convincingly impersonate and manipulate digital identities, dissolving the boundary between authentic and fake. The report uncovers four core areas where this erosion of trust is most visible:
- AI-Enhanced Impersonation and Social Engineering: Threat actors use AI to generate realistic, real-time phishing emails, audio impersonations, and deepfake videos. Notably, attackers recently mimicked Italy’s defense minister using AI-generated audio, demonstrating that no voice, face, or written word online is safe from fabrication.
- LLM Data Poisoning and Disinformation: Malicious actors manipulate AI training data to skew outputs. A case involving Russia’s disinformation network Pravda showed AI chatbots repeating false narratives 33% of the time, underscoring the need for robust data integrity in AI systems.
- AI-Created Malware and Data Mining: Cyber criminals harness AI to craft and optimize malware, automate DDoS campaigns, and refine stolen credentials. Services like Gabbers Shop use AI to validate and clean stolen data, enhancing its resale value and targeting efficiency.
- Weaponization and Hijacking of AI Models: From stolen LLM accounts to custom-built Dark LLMs like FraudGPT and WormGPT, attackers are bypassing safety mechanisms and commercializing AI as a tool for hacking and fraud on the dark web.
Defensive Strategies:

The report emphasizes that defenders must now assume AI is embedded within adversarial campaigns. To counter this, organizations should adopt AI-aware cyber security frameworks, including:
- AI-Assisted Detection and Threat Hunting: Leverage AI to detect AI-generated threats and artifacts, such as synthetic phishing content and deepfakes.
- Enhanced Identity Verification: Enhanced Identity Verification: Move beyond traditional methods and implement multi-layered identity checks that account for AI-powered impersonation across text, voice, and video—recognizing that trust in digital identity is no longer guaranteed.
- Threat Intelligence with AI Context: Equip security teams with the tools to recognize and respond to AI-driven tactics.
“In this AI-driven era, cyber security teams need to match the pace of attackers by integrating AI into their defenses,” added Finkelstein. “This report not only highlights the risks but provides the roadmap for securing AI environments safely and responsibly.”

The full AI Security Report 2025 is available for download here and join the April 30 livestream for more insights about the report.

Follow Check Point via:

LinkedIn: https://www.linkedin.com/company/check-point-software-technologies
X (Formerly known as Twitter): https://www.twitter.com/checkpointsw
Facebook: https://www.facebook.com/checkpointsoftware
Blog: https://blog.checkpoint.com
YouTube: https://www.youtube.com/user/CPGlobal

About Check Point Software Technologies Ltd.

Check Point Software Technologies Ltd. (www.checkpoint.com) is a leading protector of digital trust, utilizing AI-powered cyber security solutions to safeguard over 100,000 organizations globally. Through its Infinity Platform and an open garden ecosystem, Check Point’s prevention-first approach delivers industry-leading security efficacy while reducing risk. Employing a hybrid mesh network architecture with SASE at its core, the Infinity Platform unifies the management of on-premises, cloud, and workspace environments to offer flexibility, simplicity and scale for enterprises and service providers.

Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements in this press release include, but are not limited to, statements related to our expectations regarding future growth, the expansion of Check Point’s industry leadership, the enhancement of shareholder value and the delivery of an industry-leading cyber security platform to customers worldwide. Our expectations and beliefs regarding these matters may not materialize, and actual results or events in the future are subject to risks and uncertainties that could cause actual results or events to differ materially from those projected. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 20-F filed with the Securities and Exchange Commission on April 2, 2024. The forward-looking statements in this press release are based on information available to Check Point as of the date hereof, and Check Point disclaims any obligation to update any forward-looking statements, except as required by law.

The MIL Network –
April 30, 2025
MIL-OSI Asia-Pac: LCQ7: Developing the halal market

Source: Hong Kong Government special administrative region

Following is a question by the Hon Yung Hoi-yan and a written reply by the Secretary for Commerce and Economic Development, Mr Algernon Yau, in the Legislative Council today (April 30):

Question:

     It has been reported that the global Muslim population currently exceeds 2 billion, representing about 25 per cent of the world’s total population. Based on the State of the Global Islamic Economy Report 2022 released by DinarStandard in 2023, Muslims spent US$2.29 trillion in 2022 on, among others, food, pharmaceuticals, cosmetics, fashion and travel, and the global Islamic finance assets are expected to reach US$5.96 trillion by 2026. There are views that Hong Kong should expand its share of the international halal market in the countries along the Belt and Road, and strengthen industrial co-operation with the relevant countries. Regarding the development of the halal market, will the Government inform this Council:

(1) whether it has kept information on the Gross Domestic Product (GDP) contributed to Hong Kong by the halal industry; if so, of the respective GDP generated in Hong Kong in each of the past five years by the products or industries in the halal market (i.e. (i) food and beverages, (ii) pharmaceutical and health products, (iii) cosmetics, (iv) fashion, (v) hotel and tourism, and (vi) financial services); if not, whether it has plans to compile statistics and keep the relevant information from now on;

(2) whether it has kept information on Hong Kong enterprises which have exported goods to Muslim countries; if so, of the number of Hong Kong enterprises which have exported goods to Muslim countries in each of the past five years, the types of their goods and the respective GDP involved; if not, whether it has plans to compile statistics and keep the relevant information from now on;

(3) whether it knows if the products currently re-exported through Hong Kong can be sold in the relevant Muslim countries after being certified by the Incorporated Trustees of the Islamic Community Fund of Hong Kong in accordance with Islamic law and procedures; if so, of the details; if not, what channels are available for such re-exported products to be sold in Muslim countries; and

(4) whether it has plans to introduce a “halal certification system” and conduct mutual recognition of halal certification with major Muslim countries, so as to become a core corridor for certification and trade between related Mainland production enterprises and the halal consumer market, thereby promoting a steady growth in the trading volume of halal products in Hong Kong; if so, of the details; if not, the reasons for that?

Reply:

President,

     Upon consulting the Culture, Sports and Tourism Bureau and the Financial Services and the Treasury Bureau, the consolidated reply to the Hon Yung Hoi-yan’s question is as follows:

     Emerging markets such as the Middle East, the Association of Southeast Asian Nations (ASEAN) and other countries along the Belt and Road (B&R) have been the Government’s valued trade and economic partners. These countries’ economic development is growing rapidly and their markets possess vast potential, alongside enormous population of Muslims. The Government has been actively encouraging various sectors of society to seize business opportunities in these markets, so that they can develop in areas such as trade, tourism and finance and provide products and services tailored to the needs of these emerging markets, including the Muslim population therein.

     According to the information provided by the Census and Statistics Department (C&SD), the total value of Hong Kong’s domestic exports to Muslim countries (Note) increased from HK$2.7 billion in 2020 to HK$5.5 billion in 2024 whilst the total value of Hong Kong’s re-exports to Muslim countries increased from HK$178.8 billion in 2020 to HK$215.8 billion in 2024, recording an average annual growth rate of about 19.0 per cent and 4.8 per cent respectively in the past five years. The values of Hong Kong’s domestic exports and re-exports to individual Muslim countries in the past five years are at Appendices 1 and 2 respectively. Amongst others, major commodities of Hong Kong’s domestic exports to Muslim countries include “beverages”, “jewellery, goldsmiths’ and silversmiths’ wares, and other articles of precious or semi-precious materials” and “petroleum, petroleum products and related materials”, whilst major commodities of Hong Kong’s re-exports to Muslim countries include “telecommunications and sound recording and reproducing apparatus and equipment”, “electrical machinery, apparatus and appliances, and electrical parts thereof” and “office machines and automatic data processing machines”. The C&SD does not separately maintain information about the number of companies in Hong Kong exporting products to Muslim countries nor the relevant value of gross domestic product.

     Besides, although the “halal industry” does not have standard international industrial classifications like the retail and the catering industries rendering it impossible to draw up corresponding statistical coverage of the “halal industries” for compiling relevant information, the Government has been actively encouraging various sectors of society to seize opportunities in these halal markets, including promoting developments in areas such as trade, tourism and finance.

     In terms of trade, meeting the requirements for relevant halal product certifications and understanding the opportunities and challenges within the relevant markets are crucial. In this regard, the Hong Kong Trade Development Council (HKTDC) has been conducting research on individual key halal markets to understand their latest developments, and providing practical information to Hong Kong businesses, including the information on relevant product certification bodies. Furthermore, the HKTDC has also been providing various platforms to promote business opportunities in the halal market. For example, the HKTDC has been promoting different high-quality halal products and food, as well as related trading of products, at its annual Food Expo PRO to help the catering industry to expand its network and businesses. To assist Hong Kong enterprises in grasping the opportunities of the halal food market and facilitate buyers in procurement, the HKTDC introduced the Halal Showcase and added halal food and beverage labels to relevant exhibitors in the 2024 Food Expo PRO. The event also offered different seminars, explaining the requirements of halal food certification and analysing market opportunities and challenges, in order to promote multi-faceted business opportunities relevant to halal food to the businesses.

    In 2025-26, the HKTDC will arrange for local halal food manufacturers to participate in its Food Expo PRO to strengthen their collaboration with other halal food markets, as well as set up relevant pavilions at the Food Expo PRO to showcase more halal food and products and further explore Islamic business opportunities.

     At the same time, the Government strives to assist Hong Kong enterprises in developing more diversified markets and enhancing their competitiveness through various funding schemes and support measures. Among others, the Dedicated Fund on Branding, Upgrading and Domestic Sales provides funding support for enterprises to develop business in 40 economies with which Hong Kong has signed free trade agreements and/or investment promotion and protection agreements (IPPAs), including seven Muslim countries. Also, the SME Export Marketing Fund provides funding support for enterprises to participate in export promotion activities, promoting appropriate products and services to the Muslim population in markets outside Hong Kong.

     The Government will continue to actively explore emerging markets, including ASEAN, the Middle East and markets along the B&R, which have large Muslim population. The Government has been actively visiting ASEAN Member States to maintain close communication. For example, from 2022 to 2024, the Chief Executive led delegations to visit seven ASEAN Member States, concluding nearly 90 memoranda of understanding (MOU) and agreements, which helped create business opportunities for Hong Kong and strengthened friendships between the two places. The Government has also been actively reaching out to potential partners in the region, and signed an IPPA with Bahrain in March 2024, which is the third IPPA signed with economies in the Middle East region after the ones with Kuwait and the United Arab Emirates. At the same time, we are exploring the signing of IPPAs with Saudi Arabia, Bangladesh, Egypt and Peru.

     In view of the huge economic potential of the countries along the B&R (including those with large Muslin population), Invest Hong Kong (InvestHK) set up consultant offices in Cairo, the capital of Egypt, and Izmir, the third largest city in Türkiye, within 2024-25 according to the 2023 Policy Address and 2024-25 Budget. This will be beneficial to attracting capital and enterprises from these two member states of the Organisation of Islamic Cooperation and seizing relevant business opportunities.

     In respect of tourism, the Chief Executive stated in the 2024 Policy Address that the Government would actively develop visitor sources from the Middle East and ASEAN which have large Muslim population to seize opportunities. It is estimated that by 2028, there will be 250 million Muslim visitors worldwide and tourism receipts will reach US$225 billion.

     To encourage the travel trade to enhance Muslim-friendly tourism facilities, the Hong Kong Tourism Board (HKTB) has commissioned the internationally recognised halal travel promotion company CrescentRating since 2024 to carry out a series of work to study how Hong Kong can further enhance its “Muslim-friendly” tourism facilities, and assess local hotels, attractions and meetings, incentive travels, conventions and exhibitions (MICE) venues based on categories and standards on par with international benchmarks while taking into account Hong Kong’s actual situation. As at mid-April this year, 61 hotels, and five attractions and MICE venues have successfully applied for and obtained the ratings from CrescentRating.

     Besides, to encourage restaurants to obtain halal-related certification, the HKTB works with local halal certification authority, the Incorporated Trustees of the Islamic Community Fund of Hong Kong (Board of Trustees, BOT), to promote existing accreditations in the city and encourage food and beverage establishments to apply for certification. As at mid-April this year, the number of certified restaurants has increased from about 100 at the beginning of 2024 to more than 170, which also include high-end Chinese restaurant, Cantonese restaurant and contemporary Hong Kong-style noodle restaurants. In addition, four brands in the city are now offering halal-certified bakery products to provide more choices of souvenirs for Muslim visitors.

     Regarding financial services, the Government amended the laws in 2013 and 2014 to provide a tax structure for sukuk comparable with that for conventional bonds, and to allow for the issuance of sukuk under the Government Bond Programme. Thereafter, the Government issued three sukuk, totalling US$3 billion, under the Government Bond Programme, to demonstrate the viability of Hong Kong’s finance platform and that our legal, regulatory and taxation framework can readily support sukuk issuances of different structures. Besides, an array of Islamic financial products and services have been introduced in Hong Kong, including the listing of global sukuk on the Hong Kong Exchanges and Clearing Limited (HKEX), Shariah-compliant equity indices and Islamic banking windows. Asia’s first exchange-traded fund (ETF) tracking the Saudi Arabia market was also listed on the HKEX in November 2023.

     In the area of investment co-operation, the Hong Kong Monetary Authority signed an MOU with the Public Investment Fund of Saudi Arabia (PIF) to jointly anchor a new investment fund of US$1 billion to facilitate companies with nexus to Hong Kong and the Greater Bay Area to develop their business in Saudi Arabia. The Government will continue to expand market development efforts, including promoting the advantages of Hong Kong’s financial system and market, so as to explore further collaboration with Islamic markets in the area of finance.

Note: The “Muslim countries” as mentioned in this reply refer to the 57 Members of the Organisation of Islamic Cooperation.

MIL OSI Asia Pacific News –

April 30, 2025
MIL-OSI Video: National Treasury Media Briefing – 2025 Budget Process

Source: Republic of South Africa (video statements-2)

National Treasury Media Briefing – 2025 Budget Process

https://www.youtube.com/watch?v=dkCVJMo6_yk

MIL OSI Video –

April 30, 2025
MIL-OSI Africa: ConocoPhillips President for Europe, Middle East and Africa (EMEA) to Speak at Invest in African Energy (IAE) 2025

Source: Africa Press Organisation – English (2) – Report:

PARIS, France, April 30, 2025/APO Group/ —

Steinar Vaage, President – Europe, Middle East and Africa at ConocoPhillips, has been confirmed to speak at the upcoming Invest in African Energy (IAE) 2025 Forum (https://apo-opa.co/4d15jtk), taking place in Paris next month.

Underscoring the strategic importance of Libya’s energy sector to global operators and ConocoPhillips’ ongoing commitment to the country’s future, Vaage will join the Libya in Focus session, a key platform for dialogue around one of Africa’s leading energy markets.

IAE 2025 is an exclusive forum designed to facilitate investment between African energy markets and global investors. Taking place May 13-14, 2025 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers. For more information, please visit www.Invest-Africa-Energy.com. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

ConocoPhillips is among the major international oil companies maintaining a presence in Libya’s upstream sector. As a long-term partner, the company is working to enhance production following years of disruption, undertaking upgrades to existing infrastructure and targeting underdeveloped reserves.

Current efforts are focused on increasing output at the concession – which presently produces around 375,000 barrels per day (bpd) – to between 600,000 and 700,000 bpd through new collaboration agreements, workover programs and pipeline integrity initiatives. ConocoPhillips’ continued investment (https://apo-opa.co/4lUjJiC) signals renewed optimism in Libya’s ability to stabilize output and reemerge as a significant oil producer.

The Libya in Focus session at IAE 2025 will explore new investment opportunities and operational strategies in Libya’s energy sector, as the country seeks to increase oil production, launch new gas-focused expansion initiatives and strengthen infrastructure to support sustainable growth. Discussions will address ongoing sector reforms, the resurgence of upstream activities and frameworks for securing long-term growth amid a dynamic political environment. As Libya works to unlock its full production potential, the session aims to foster renewed international engagement and support the country’s efforts to drive economic recovery through energy development.

MIL OSI Africa –

April 30, 2025
MIL-OSI Asia-Pac: MOFA extends sincere condolences to French overseas department Mayotte in aftermath of Cyclone Chido

Source: Republic of China Taiwan

MOFA extends sincere condolences to French overseas department Mayotte in aftermath of Cyclone Chido

Date：2024-12-16
Data Source：Department of European Affairs

December 16, 2024
No. 462

Cyclone Chido struck the French overseas department of Mayotte on December 14, with gusts exceeding 200 kilometers per hour. It was the strongest cyclone to hit the area in over 90 years. The local government stated that casualties likely numbered in the hundreds and that the storm had caused severe property damage.

Upon receiving news of the disaster, Foreign Minister Lin Chia-lung immediately instructed the Taipei Representative Office in France to convey President Lai Ching-te’s sincere sympathies and condolences on behalf of the government and people of Taiwan to French President Emmanuel Macron. Minister Lin emphasized that, if necessary, the Taiwan government would gladly provide disaster assistance. He also indicated that Taiwan would donate €250,000 through its representative office to assist with local disaster relief and postdisaster reconstruction efforts.
According to information available to the representative office in France, no Taiwanese nationals have been injured or stranded. The Ministry of Foreign Affairs and the representative office in France will continue to closely follow developments in Mayotte, maintain contact with the relevant French authorities, and provide any assistance necessary. (E)

MIL OSI Asia Pacific News –

April 30, 2025

MIL-OSI: Subsea 7 S.A. Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

Luxembourg – 30 April 2025 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY, ISIN: LU0075646355, the Company) announced today results of Subsea7 Group (the Group, Subsea7) for the first quarter which ended 31 March 2025.

Highlights

First quarter Adjusted EBITDA of $236 million, up 46% on the prior year, equating to a margin of 15%
Strong operational and financial performance from both Subsea and Conventional and Renewables, with Adjusted EBITDA margins of 18% and 10% respectively
Guidance for full year 2025 reaffirmed
A high-quality backlog of $10.8 billion gives over 80% visibility on 2025 revenue guidance and supports the outlook for Adjusted EBITDA margin expansion to 18 to 20%
Balance sheet remains strong with net debt including lease liabilities of $632 million, equating to 0.5 times the Adjusted EBITDA generated in the last four quarters

	Three Months Ended
For the period (in $ millions, except Adjusted EBITDA margin and per share data)	31 Mar 2025 Unaudited	31 Mar 2024 Unaudited
Revenue	1,529	1,395
Adjusted EBITDA^(a)	236	162
Adjusted EBITDA margin^(a)	15%	12%
Net operating income	77	20
Net income	17	29

Earnings per share – in $ per share
Basic	0.06	0.09
Diluted^(b)	0.06	0.09

At (in $ millions)	31 Mar 2025 Unaudited	31 Dec 2024 Unaudited
Backlog^(a)	10,819	11,175
Book-to-bill ratio^(a)	0.6x	1.2x
Cash and cash equivalents	459	575
Borrowings	(691)	(722)
Net debt excluding lease liabilities^(a)	(232)	(147)
Net debt including lease liabilities^(a)	(632)	(602)

(a) For explanations and reconciliations of Adjusted EBITDA, Adjusted EBITDA margin, Backlog, Book-to-bill ratio and Net debt refer to the ‘Alternative Performance Measures’ section of the Condensed Consolidated Financial Statements.

(b) For the explanation and a reconciliation of diluted earnings per share refer to Note 7 ‘Earnings per share’ to the Condensed Consolidated Financial Statements.

John Evans, Chief Executive Officer, said:

Subsea7 had a good start to 2025 with solid financial performance underpinned by strong project execution, which offset a heavy vessel maintenance schedule. The Group reported 10% revenue growth year-on-year and Adjusted EBITDA margin expansion of 380bps, putting us on track to meet full year expectations. With backlog of $10.8 billion including $4.8 billion for execution in the remainder of the year, we have a high level of visibility for 2025.

Although uncertainty in the global economy has increased in recent months, the outlook for long-term energy demand growth remains positive. Subsea7’s strategy to focus on long-duration developments in cost-advantaged sectors of the deepwater adds resilience to our subsea business, and our exposure to strategic gas developments, such as the Sakarya field in Türkiye, and new oil provinces such as Namibia, gives us further confidence. In offshore wind, we are positive about the opportunities presented by this year’s CFD allocation round in the UK, where it is expected that the volume of projects sanctioned will nearly double year-on-year. We are well-positioned in this market, with a strong track record and collaborative client relationships.

Overall, while volatility in commodity prices and global tariffs create headwinds for investor sentiment in the sector, the fundamentals of our industry remain robust and our focused strategy leaves the Group well-positioned to deliver strong growth in profitability and cash generation in 2025.

First quarter project review
During the first quarter, we undertook significant planned vessel maintenance. This maintenance ensures that our vessels are optimised ahead of a busy year. Nevertheless we made good progress on our subsea, conventional and renewables projects. In Africa, Seven Arctic was active installing flexibles and umbilicals at Agogo in Angola, where it was joined by Seven Borealis, after it completed Zuluf in Saudi Arabia. Seven Pacific was busy at the Raven field in Egypt before mobilising for early flexlay work at Sakarya in Türkiye. In the Americas, Seven Oceans undertook work on a range of projects including Sunspear, Salamanca and Shenandoah in the US, while Seven Seas worked mainly on Cypre in Trinidad and Tobago and Seven Vega continued rigid pipelay at Mero 3 in Brazil.

In Renewables, Seaway Strashnov and Seaway Alfa Lift underwent maintenance before preparing to restart work at Dogger Bank in the UK. We also took advantage of the winter off-season to install a monopile gripper on Seaway Ventus before starting the East Anglia THREE project in the UK, where we will install 95 monopiles. In Taiwan we were active on Hai Long.

First quarter financial review
Revenue was $1.5 billion an increase of 10% compared to the prior year period. Adjusted EBITDA of $236 million equated to a margin of 15%, up from 12% in Q1 2024. A strong operational performance in Subsea and Conventional, and high activity in Taiwan in Renewables helped offset seasonal weakness and vessel maintenance.

Depreciation and amortisation charges were $160 million, resulting in net operating income of $77 million compared to $20 million in the prior year period. Net finance costs of $17 million and a net foreign exchange loss of $28 million, resulted in net income for the quarter of $17 million compared to $29 million in the prior year period.

Net cash generated from operating activities in the first quarter was $51 million, including a $163 million adverse movement in net working capital. Net cash used in investing activities was $68 million mainly related to purchases of property, plant and equipment. Net cash used in financing activities was $106 million including lease payments of $59 million. Overall, cash and cash equivalents decreased by $116 million in the quarter to $459 million at 31 March 2025 and net debt was $632 million, including lease liabilities of $400 million.

First quarter order intake was $0.9 billion comprising new awards of $0.4 billion and escalations of $0.5 billion resulting in a book-to-bill ratio of 0.6 times. Backlog at the end of March was $10.8 billion, of which $4.8 billion is expected to be executed in 2025, $3.5 billion in 2026 and $2.5 billion in 2027 and beyond.

Guidance

Our financial guidance for 2025 is unchanged. We continue to anticipate that revenue in 2025 will be between $6.8 billion and $7.2 billion, while the Adjusted EBITDA margin is expected to be within a range from 18% to 20%. Based on our firm backlog of contracts and the prospects in our tendering pipeline, we expect margins to exceed 20% in 2026.

Conference Call Information
Date: 30 April 2025
Time: 12:00 UK Time, 13:00 CET
Access the webcast at subsea7.com or https://edge.media-server.com/mmc/p/3v6564ut/
Register for the conference call https://register-conf.media-server.com/register/BI419d51592b6f40e8823c7efe91ab9dab

For further information, please contact:
Katherine Tonks
Head of Investor Relations
Tel: +44-20-8210-5568
Email: ir@subsea7.com

Special Note Regarding Forward-Looking Statements

This document may contain ‘forward-looking statements’ (within the meaning of the safe harbour provisions of the U.S. Private Securities Litigation Reform Act of 1995). These statements relate to our current expectations, beliefs, intentions, assumptions or strategies regarding the future and are subject to known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements may be identified by the use of words such as ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘future’, ‘goal’, ‘intend’, ‘likely’, ‘may’, ‘plan’, ‘project’, ‘seek’, ‘should’, ‘strategy’, ‘will’, and similar expressions. The principal risks which could affect future operations of the Group are described in the ‘Risk Management’ section of the Group’s Annual Report. Factors that may cause actual and future results and trends to differ materially from our forward-looking statements include (but are not limited to): (i) our ability to deliver fixed-price projects in accordance with client expectations and within the parameters of our bids, and to avoid cost overruns; (ii) our ability to collect receivables, negotiate variation orders and collect the related revenue; (iii) our ability to recover costs on significant projects; (iv) capital expenditure by oil and gas companies, which is affected by fluctuations in the price of, and demand for, crude oil and natural gas; (v) unanticipated delays or cancellation of projects included in our backlog; (vi) competition and price fluctuations in the markets and businesses in which we operate; (vii) the loss of, or deterioration in our relationship with, any significant clients; (viii) the outcome of legal proceedings or governmental inquiries; (ix) uncertainties inherent in operating internationally, including economic, political and social instability, boycotts or embargoes, labour unrest, changes in foreign governmental regulations, corruption and currency fluctuations; (x) the effects of a pandemic or epidemic or a natural disaster; (xi) liability to third parties for the failure of our joint venture partners to fulfil their obligations; (xii) changes in, or our failure to comply with, applicable laws and regulations (including regulatory measures addressing climate change); (xiii) operating hazards, including spills, environmental damage, personal or property damage and business interruptions caused by adverse weather; (xiv) equipment or mechanical failures, which could increase costs, impair revenue and result in penalties for failure to meet project completion requirements; (xv) the timely delivery of vessels on order and the timely completion of ship conversion programmes; (xvi) our ability to keep pace with technological changes and the impact of potential information technology, cyber security or data security breaches; (xvii) global availability at scale and commercial viability of suitable alternative vessel fuels; and, (xviii) the effectiveness of our disclosure controls and procedures and internal control over financial reporting. Many of these factors are beyond our ability to control or predict. Given these uncertainties, you should not place undue reliance on the forward-looking statements. Each forward-looking statement speaks only as of the date of this document. We undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act. This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 30 April 2025 08:00 CET.

Attachments

The MIL Network –

April 30, 2025

MIL-OSI: High Arctic Overseas Announces 2024 Fourth Quarter Results

Source: GlobeNewswire (MIL-OSI)

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW

CALGARY, Alberta, April 30, 2025 (GLOBE NEWSWIRE) — High Arctic ‎Overseas Holdings Corp. (TSXV: HOH) (“High Arctic Overseas” or the “Corporation”) has released its financial and operating results for the quarter and year ended December 31, 2024. The Corporation’s audited consolidated financial statements (the “Financial Statements”) and management’s discussion & analysis (“MD&A”) for the three months and year ended December 31, 2024, will be available on SEDAR+ at www.sedarplus.ca. All amounts are denominated in United States dollars (“USD”), unless otherwise indicated.

The common shares of the Corporation began trading on the TSXV on August 16, 2024 under the trading symbol HOH.

Mike Maguire, Chief Executive Officer commented on the Corporation’s fourth quarter 2024 financial and operating results:

“We have finished the spin-out transaction and have established High Arctic Overseas Holdings Corp. with dedicated Management and have trimmed our recurring G&A on a go forward basis. We have maintained the Corporation’s cash balance thanks to solid contribution from our manpower services & equipment rentals.

The Corporation is now well placed to participate meaningfully in anticipated future drilling activity, with a resilient core business. Our experience combined with ideal drilling equipment for the challenging PNG environment positions us well.

We are heartened by announced LNG developments including key environmental approvals for Papua LNG and positive public statements by the PNG Prime Minister following meetings with senior executives from the major project participants in January.

I remain excited about our prospects to play a strategic role servicing the major projects anticipated in PNG over the second half of the decade.”

HIGHLIGHTS

Adjusted EBITDA for the Quarter and full year of ($482) and $4,290 as a result of low drilling activity and costs associated with the close out of the spin-out.
Significant adjustments to inventory carrying value as a result of confirmation of the terms of contracts which resulted in a one-time positive non-cash impact to earnings of $3.4 million;
Post the spin-out we have established independent management team and expect to see General and Administrative costs normalise moving forward; and
Exited the quarter with a strong liquidity position with a working capital balance of $20.6 million which includes a cash balance of $14.9 million and no debt.

2024 FOURTH QUARTER RESULTS

Drilling rig 103 remained suspended and drilling rigs 115 and 116 remained cold-stacked. Manpower services and rental services continued with other customers. Operating margins decreased from 32.2% in Q4 2023 to 28.6% in Q4 2024. The net result was a substantial reduction to revenue and the generation of a significantly lower EBITDA in the quarter:
- Revenue for the quarter of $2,421, a decrease of $10,112 or 81% compared to Q4 2023 at $12,533, and
- Adjusted negative EBITDA of $482, decrease of $3,418 or 116% compared to Q4 2023 at $2,936.

The reduced revenue generating activities in Q4 2024 were offset by the significant adjustments to inventory and reported obligations that were the result of renegotiated terms of contracts related to spares inventory, this resulted in:
- Net income of $1,806 in Q4 2024 compared to net income of $1,907 realized in Q4 2023.

2024 YEAR TO DATE RESULTS

Drilling Rig 103 operated through into Q2 2024 when drilling was suspended at which point it was cold stacked. Manpower services and rentals with other customers continued at similar run rates through the remainder of 2024. Operating margins improved from 2023 of 33.2% to 37.7% in 2024 as a result of reduced material and supply costs and higher proportional contribution from higher margin rentals.
- Revenue for 2024 was $24,075, a reduction of $19,305 or 45% compared to 2023,
- Adjusted EBITDA for 2024 was $4,290, a 60% reduction compared to 2023 as a result of general and administrative costs not reducing proportionally to revenue, and
- General and administrative costs were impacted by additional expenses related to the Arrangement.

The reduced operating activities combined with the Q4 2024 significant adjustments to inventory and reported obligations drove the following results for the Corporation:
- Net income of $2,857 for 2024 compared to a net loss of $8,623 for the same period 2023 which included an impairment charge of $15,200.
Improved liquidity with a working capital balance of $20.6 million, which includes a cash balance of $14.9 million.

Since the Corporation and HAES-Cyprus were both wholly-owned by HWO, the transfer of all of the outstanding ordinary shares of HAES-Cyprus to the Corporation was deemed a common control transaction. The Corporation’s Financial Statements are presented under the continuity of interests basis. Financial and operational results contained within this Press Release present the historic financial position, results of operations and cash flows of HAES-Cyprus for all prior periods up to August 12, 2024, under HWO’s control. The financial position, results of operations and cash flows from April 1, 2024 (the date of incorporation of the Corporation) to August 12, 2024, include both HAES-Cyprus and the Corporation on a combined basis and from August 12, 2024, forward include the results of the Corporation on a consolidated basis upon completion of the Arrangement.

For reporting purposes in the Financial Statements, the MD&A and this Press Release, it is assumed that the Corporation held the PNG business prior to August 12, 2024, and as such, information provided includes the financial and operating results for the three and twelve months ended December 31, 2024, including all comparative periods.

In the above results discussion, the three months ended December 31, 2024 may be referred to as the “quarter” or “Q4 2024” and the comparative three months ended December 31, 2023 may be referred to as “Q4 2023”. References to other quarters may be presented as “QX 20XX” with X/XX being the quarter/year to which the commentary relates. Additionally, the twelve months ended December 31, 2024 may be referred to as “YTD” or “YTD 2024”. References to other twelve-month periods ended December 31 may be presented as “YTD 20XX” with XX being the year to which the twelve-month period ended December 31 commentary relates.

FOURTH QUARTER 2024 SELECT FINANCIAL AND OPERATIONAL RESULTS OVERVIEW

	Three months ended Dec 31,				Year ended Dec 31,
(thousands of USD except per share amounts)	2024		2023		2024	2023
Operating results
Revenue	2,421		12,533		24,075	43,380
Net income (loss)	1,806		1,907		2,857	(8,623	)
Per share (basic and diluted) ⁽¹⁾	$0.14	$0.16		$0.23		($0.69	)
Operating margin ⁽²⁾	693		4,037		9,069	14,416
Operating margin as a % of revenue ⁽²⁾	*28.6*%		32.2%		*37.7*%	33.2%
EBITDA ⁽²⁾	2,887		2,975		7,733	11,211
Adjusted EBITDA ⁽²⁾	(482)		2,936		4,290	10,797
Adjusted EBITDA as a % of revenue ⁽²⁾	*(19.9*%)		23.4%		*17.8*%	24.9%
Operating income (loss) ⁽²⁾	(1,264)		2,240		455	4,575
Per share (basic and diluted) ⁽¹⁾	($0.10	$0.18		$0.04		$0.37
Cash flow from operations:
Cash flow from operating activities	248		6,131		10,112	8,906
Per share (basic & diluted) ⁽¹⁾	$0.02	$0.49		$0.81		$0.71
Funds flow from operating activities ⁽²⁾	2,667		2,929		6,770	10,273
Per share (basic & diluted) ⁽¹⁾	$0.21	$0.24		$0.54		$0.83
Capital expenditures	62		93		652	1,080

(thousands of USD)					As at Dec 31, 2024	As at Dec 31, 2023
Financial position:
Working capital ⁽²⁾					20,602	20,335
Cash and cash equivalents					14,930	10,958
Total assets					35,287	43,374
Shareholder’s equity					30,953	33,112
Per share (basic) ⁽¹⁾				$2.48		$2.66
Per share (fully diluted) ⁽¹⁾				$2.47		$2.66
Weighted average common shares outstanding (000’s) ⁽¹⁾					12,448	12,448
Weighted average diluted shares outstanding (000’s) ⁽¹⁾					12,539	12,448

⁽¹⁾For the purposes of computing per share amounts, the number of common shares outstanding for the periods prior to the Arrangement is deemed to be the number of shares issued by the Corporation to the shareholders of HWO upon completion of the Arrangement. For the period after the Arrangement, the number of shares outstanding in the computation of per share amounts is the total issued shares of the Corporation on August 12, 2024, and any common shares issued subsequent to August 12, 2024. See the “Overview” section of this MD&A and the Corporation’s Financial Statements as at and for the years ended December 31, 2024 and 2023 for additional details.
⁽²⁾Operating margin, EBITDA (Earnings before interest, tax, depreciation, and amortization), Adjusted EBITDA, Operating income (loss), Funds flow from operating activities and Working capital do not have a standardized meanings prescribed by IFRS. See “Non IFRS Measures” in this MD&A for calculations of these measures.

Operating Results

	Three months ended Dec 31,		Year ended Dec 31,
(thousands of USD, unless otherwise noted)	2024	2023	2024	2023
Revenue	2,421	12,533	24,075	43,380
Operating expense	(1,728)	(8,496)	(15,006)	(28,964)
Operating margin⁽¹⁾	693	4,037	9,069	14,416
*Operating margin (%)*	*28.6*%	32.2%	*37.7*%	33.2%

⁽¹⁾See “Non-IFRS Measures”

Revenues totaled $2,421 and $24,075 for the three months and year ended December 31, 2024, respectively, compared to $12,533 and $43,880 for the comparative periods in 2023. Revenues for the year ended 2024 and Q4 2024, as compared to the prior year comparative periods, were negatively impacted as a result of reduced overall utilization of Rig 103. Customer-owned Rig 103 was utilized for 8 months during 2023 versus the first 5.5 months in 2024. Despite reduced drilling activity in 2024 compared to 2023, the Corporation was able to maintain a consistent level of activity related to the provision of skilled personnel for key customers in PNG. Operating margin as a percentage of revenues increased from 2023 to 2024, largely as a result of reduced material and supply costs associated with the recommencement of Rig 103 during fiscal 2023 and a higher proportional contribution by higher margin rentals in 2024.

The Corporation owns two heli-portable drilling rigs (Rigs 115 and 116) which remain preserved and maintained ready for deployment.

	Three months ended Dec 31,				Year ended Dec 31,
(thousands of USD except per share amounts)	2024		2023		2024		2023
Operating results
Revenue	2,421		12,533		24,075		43,380
Net income (loss)	1,806		1,907		2,857		(8,623)
Per share (basic and diluted) ⁽¹⁾	$0.14	$0.16		$0.23		($0.69)
Operating margin ⁽²⁾	693		4,037		9,069		14,416
Operating margin as a % of revenue ⁽²⁾	*28.6*%		32.2%		*37.7*%		33.2%
EBITDA ⁽²⁾	2,887		2,975		7,733		11,211
Adjusted EBITDA ⁽²⁾	(482)		2,936		4,290		10,797
Adjusted EBITDA as a % of revenue ⁽²⁾	*(19.9*%)		23.4%		*17.8*%		24.9%
Operating income (loss) ⁽²⁾	(1,264)		2,240		455		4,575
Per share (basic and diluted) ⁽¹⁾	($0.10	$0.18		$0.04		$0.37
Cash flow from operations:
Cash flow from operating activities	248		6,131		10,112		8,906
Per share (basic & diluted) ⁽¹⁾	$0.02	$0.49		$0.81		$0.71
Funds flow from operating activities ⁽²⁾	2,667		2,929		6,770		10,273
Per share (basic & diluted) ⁽¹⁾	$0.21	$0.24		$0.54		$0.83
Capital expenditures	62		93		652		1,080

(thousands of USD)					As at Dec 31, 2024		As at Dec 31, 2023
Financial position:
Working capital ⁽²⁾					20,602		20,335
Cash and cash equivalents					14,930		10,958
Total assets					35,287		43,374
Shareholder’s equity					30,953		33,112
Per share (basic) ⁽¹⁾				$2.48		$2.66
Per share (fully diluted) ⁽¹⁾				$2.47		$2.66
Weighted average common shares outstanding (000’s) ⁽¹⁾					12,448		12,448
Weighted average diluted shares outstanding (000’s) ⁽¹⁾					12,539		12,448

⁽¹⁾For the purposes of computing per share amounts, the number of common shares outstanding for the periods prior to the Arrangement is deemed to be the number of shares issued by the Corporation to the shareholders of HWO upon completion of the Arrangement. For the period after the Arrangement, the number of shares outstanding in the computation of per share amounts is the total issued shares of the Corporation on August 12, 2024, and any common shares issued subsequent to August 12, 2024. See the “Overview” section of this Press Release and the Corporation’s Financial Statements as at and for the years ended December 31, 2024 and 2023 for additional details.
⁽²⁾Operating margin, EBITDA (Earnings before interest, tax, depreciation, and amortization), Adjusted EBITDA, Operating income (loss), Funds flow from operating activities and Working capital do not have a standardized meanings prescribed by IFRS. See “Non IFRS Measures” in this Press Release for calculations of these measures.

Operating Results

	Three months ended Dec 31,		Year ended Dec 31,
(thousands of USD, unless otherwise noted)	2024	2023	2024	2023
Revenue	2,421	12,533	24,075	43,380
Operating expense	(1,728)	(8,496)	(15,006)	(28,964)
Operating margin⁽¹⁾	693	4,037	9,069	14,416
*Operating margin (%)*	*28.6*%	32.2%	*37.7*%	33.2%

⁽¹⁾See “Non-IFRS Measures”

The Corporation owns two heli-portable drilling rigs (Rigs 115 and 116) which remain preserved and maintained ready for deployment.

Liquidity and Capital Resources

	Three months ended Dec 31,		Year ended Dec 31,
(thousands of USD)	2024	2023	2024	2023
Cash provided by (used in) operations:
Operating activities	248	6,131	10,112	8,906
Investing activities	(62)	(93)	(652)	(1,080)
Financing activities	(113)	(179)	(5,487)	(714)
Effect of exchange rate changes	(1)	–	(1)	–
Increase (decrease) in cash	72	5,859	3,972	7,112

(thousands of USD, unless otherwise noted)	As at Dec 31, 2024	As at Dec 31, 2023
Current assets	24,706	30,090
Working capital⁽¹⁾	20,602	20,335
Working capital ratio⁽¹⁾	6.0:1	3.1:1
Cash and cash equivalents	14,930	10,958

⁽¹⁾See “Non-IFRS Measures”

Liquidity and Capital Resources
Cashflows from Operating Activities
For the three months and year ended December 31, 2024, cash generated from operating activities was $248 (Q4 2023 $6,131) and $10,112 (YTD-2023 $8,906), respectively. The change in operating cash flow was largely driven by changes in working capital related to the timing of drilling activity in the respective years with a cash drawdown in 2023 as operations ramped up and a cash harvesting in 2024 as operations were ceased.

Cashflows from Investing Activities
For the three months and year ended December 31, 2024, the Corporation’s cash used in investing activities was $62 (Q4 2023 $93) and $652 (YTD-2023 $1,080), respectively. Cash outflows associated with investing activities were directed towards capital expenditures on rental assets. The reduction in capital expenditures in 2024 is due to reduced customer activity. The Corporation will continue to seek opportunities to invest in additional capital assets, in particular where it can do so under take-or-pay agreements.

Cash flows from Financing Activities
For the three months and year ended December 31, 2024, the Corporation’s cash used in financing activities was $113 (Q4 2023 $179) and $5,487 (YTD-2023 $714) respectively. Excluding the impact of a $5,000 dividend paid by HAES-Cyprus to HWO prior to the completion of the Arrangement transaction, cash outflows associated with finance activities were directed towards lease obligation payments.

Outlook
Consistent with the outlook provided by the Corporation in the third quarter of 2024, the outlook for the Corporation’s core business in PNG for 2025 remains subdued. The Corporation’s 2024 fourth quarter and annual results were impacted by the completion of customer drilling activity during the second quarter of 2024, with Rig 103 being relocated to the customer’s forward base location and cold-stacked. With no near-term drilling activity currently anticipated, the Corporation expects equipment rental and manpower to be the primary revenue generating activity for 2025. Quarterly revenues for 2025 are anticipated to be consistent with third and fourth quarters of 2024.

The Corporation remains engaged with its principal customer on planning for future drilling activity and continues to focus on enhancing and optimizing its existing rental fleet deployment and manpower solutions offerings.

The Corporation also continues to pursue business expansion opportunities in PNG, actively engaging with potential customers for its services in PNG and the wider region while also taking actions to protect its capability to realize the future potential of the business.

Our rationale for a business strategy focussed on PNG is unchanged. Papua New Guinea possesses substantial deposits of natural resources including significant reserves of oil and natural gas and has emerged as a reliable low-cost energy exporter to Asian markets, particularly for liquefied natural gas (“LNG”). A significant investment in the country’s oil and gas industry was evidenced by the successful construction of the PNG-LNG project in 2014, with the primary partners in the venture being customers of the Corporation. In the period following, the Corporation’s predecessor company committed to the purchase and upgrade of drilling rigs 115 and 116 and expansion of the Corporation’s fleet of rentable equipment including camps, material handling equipment and worksite matting. These investments contributed to a substantive lift in revenues and earnings as PNG enjoyed its highest period of exploration and development activity.

Since the onset of COVID-19 in early 2020, there has been a substantive reduction in drilling services in PNG. This follows some consolidation among the active exploration and production companies and evolving political and economic influences. In the longer term, High Arctic believes PNG is on the precipice of a new round of large-scale projects in the natural resources sector. ‎The next significant ‎LNG project currently being planned is Papua-LNG a project lead by the French oil and gas super-major TotalEnergies, with a final investment decision anticipated in late 2025. There is an expectation for increased drilling activity through the latter half of this decade, ‎not only to develop wells for the supply of gas to the Papua-LNG export facility, but also to explore for and ‎appraise other discoveries. The signing of a fiscal stability agreement between the P’nyang gas field joint venture and the government of PNG is another positive signal for that expansionary project to follow Papua-LNG.

The Corporation is strategically positioned to support these developments, given its dominant position for drilling and associated services in PNG, existing work relationships with the operating companies, and proximity to the proposed sites of operation. The Corporation’s drilling rigs 115 and 116 are portable by helicopter and have been maintained and preserved for future use.

There are a number of other petroleum projects and substantive nation-building projects including infrastructure, ‎electrification, telecommunications and defence projects planned for the development of PNG. ‎These ‎projects will require access to transport and material handling machinery, quality worksite and temporary ‎road mats and a substantive amount of labour including skilled equipment operators, qualified tradespeople and engineers, ‎geoscientists and other professionals. ‎High Arctic’s business continues to position itself to be a meaningful supplier of services, equipment and manpower for this market.

NON-IFRS MEASURES
This Press Release contains references to certain financial measures that do not have a standardized meaning prescribed by International Financial Reporting Standards (“IFRS”) and may not be comparable to the same or similar measures used by other companies. High Arctic Overseas uses these financial measures to assess performance and believes these measures provide useful supplemental information to shareholders and investors. These financial measures are computed on a consistent basis for each reporting period and include Oilfield services operating margin, EBITDA (Earnings before interest, tax, depreciation and amortization), Adjusted EBITDA, Operating loss, Funds flow from operating activities, Working capital and Net cash. These do not have standardized meanings.

These financial measures should not be considered as an alternative to, or more meaningful than, net income (loss), cash from operating activities, current assets or current liabilities, cash and/or other measures of financial performance as determined in accordance with IFRS.

For additional information regarding non-IFRS measures, including their use to management and investors and reconciliations to measures recognized by IFRS, please refer to the Corporation’s Q3 2024 MD&A, which is available online at www.sedarplus.ca.

About High Arctic ‎Overseas Holdings Corp.

High Arctic Overseas is a market leader in Papua New Guinea providing drilling ‎and specialized well completion services, manpower solutions and supplies rental equipment including rig matting, camps, material ‎handling and drilling support equipment.

For further information, please contact:

Mike Maguire
Chief Executive Officer
1.587.320.1301

High Arctic Overseas Holdings Corp.
Suite 2350, 330–5th Avenue SW
Calgary, Alberta, Canada T2P 0L4
www.higharctic.com
Email: info@higharctic.com

Forward-Looking Statements

This Press Release contains forward-looking statements. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “seek”, “propose”, “estimate”, “expect”, and similar expressions are intended to identify forward-looking statements. Such statements reflect the Corporation’s current views with respect to future events and are subject to certain risks, uncertainties, and assumptions. Many factors could cause the Corporation’s actual results, performance, or achievements to vary from those described in this Press Release.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this Press Release as intended, planned, anticipated, believed, estimated or expected. Specific forward-looking statements in this Press Release include, among others, statements pertaining to the following: future energy projects including drilling activity and LNG projects in PNG; the Corporation’s ability to participate in the energy industry in PNG; potential future contracts with existing or new customers of the Corporation; future infrastructure and defence projects in PNG and the ability of the Corporation to participate in same; the Corporation’s expectations related to financial and operational results in 2025, including the expectation that the equipment rental and manpower services portion of the Corporation’s business will be the primary revenue generating activity for fiscal 2025; the timing and ability of the Corporation to put its own administrative infrastructure in place; the ability of the Corporation to expand its geographic customer base outside of PNG; and the deploying idle heli-portable drilling rigs 115 and 116 and securing future work with other exploration companies in PNG.

With respect to forward-looking statements contained in this Press Release, the Corporation has made assumptions regarding, among other things: general economic and business conditions; the role of the energy services industry in future phases of the energy industry; the outlook for energy services both globally and within PNG; the impact of conflict in the Middle East and Ukraine; the timing and impact on the Corporation’s business related to potential new large-scale natural resources projects and increased drilling activity in PNG; the impact, if any, related to existing or future changes to government regulations by the government of PNG; the impact, if any, on the Corporation’s future financial and operational results related to non-resource development opportunities in PNG; market fluctuations in commodity prices, and foreign currency exchange rates; restrictions on repatriation of funds held in PNG; expectations regarding the Corporation’s ability to manage its liquidity risk, raise capital and manage its debt finance agreements; projections of market prices and costs; factors upon which the Corporation will decide whether or not to undertake a specific course of operational action or expansion; the Corporation’s ongoing relationship with its major customers; customers’ drilling intentions; the Corporation’s ability to position itself to be a significant supplier of services, equipment and manpower for other resource and non-resources based projects in PNG; the Corporation’s ability to invest in additional capital assets, including the impact on the Corporation’s future financial and operational results; the impact, if any, of geo-political events, changes in government, changes to tariff’s or related trade policies and the potential impact on the Corporation’s ability to execute on its 2025 business plan and strategic objectives; the Corporation’s ability to: maintain its ongoing relationship with major customers; successfully market its services to current and new customers; devise methods for, and achieve its primary objectives; source and obtain equipment from suppliers; successfully manage, operate, and thrive in an environment which is facing much uncertainty; remain competitive in all its operations; attract and retain skilled employees; and obtain equity and debt financing on satisfactory terms and manage liquidity related risks. While the Corporation considers these assumptions to be reasonable, the assumptions are inherently subject to significant uncertainties and contingencies.

A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in the Corporation’s disclosure documents on the SEDAR+ website at www.sedarplus.ca. Although the Corporation has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Although the Corporation has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information.

The forward-looking statements contained in this Press Release are expressly qualified in their entirety by this cautionary statement. These statements are given only as of the date of this Press Release. The Corporation does not assume any obligation to update these forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the ‎policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The MIL Network –

April 30, 2025

MIL-OSI Video: 100 Days: Foreign Policy Achievements

Source: United States of America – Department of State (video statements)

Under President Trump’s leadership and Secretary Rubio’s action, our border is more secure than ever, we’ve launched a pathway to stability in the DRC and Rwanda, and we have laid the groundwork for Arab-led reconstruction efforts in Gaza.

https://www.youtube.com/watch?v=ZeP_SnjZW4Y

MIL OSI Video –

April 30, 2025

MIL-OSI: Credit Agricole Sa: Results first quarter 2025 – INCREASED REVENUES, STRONG PROFITABILITY DESPITE EXCEPTIONAL HIGH TAX IMPACT

Source: GlobeNewswire (MIL-OSI)

INCREASED REVENUES, STRONG PROFITABILITY DESPITE EXCEPTIONAL HIGH TAX IMPACT

	CRÉDIT AGRICOLE S.A.		CRÉDIT AGRICOLE GROUP
	Q1 2025	Var. Q1/Q1	Q1 2025	Var Q1/Q1
Revenues	7,256	+6.6%	10,048	+5.5%
Expenses	-3,991	+8.8%	-5,992	+7.2%
Gross Operating Income	3,266	+4.1%	4,056	+3.0%
Cost of risk	-413	+3.4%	-735	+12.9%
Net pre-tax income	2,900	+4.6%	3,399	+1.6%
Net income group share	1,824	-4.2%	2,165	-9.2%
C/I ratio	55.0%	+1.1 pp	59.6%	+1.0 pp
NET PRE-TAX INCOME UP Record quarterly revenues and strong growth, fuelled by the excellent performance by Asset Gathering and Large Customers High profitability: contained cost/income ratio (increase in expenses of +3.2% Q1/Q1 excluding exceptional elements) and 15.9% return on tangible equity Stable cost of risk Results impacted by additional corporate tax charge EXCELLENT PERFORMANCE IN CIB AND ASSET GATHERING DIVISION High CIB, asset management and insurance business, reflected in the increased level of insurance revenues with contributions from all activities, net inflows (medium-long term) and a record level of assets under management, as well as a new record reached by CIB Loan production in France recovered compared with the low point in early 2024 without confirming the end-of-year momentum and consumer finance down, impacted by decreased activity in automotive financing; international credit activity at a high level. CAPITAL OPERATIONS AND STRATEGIC PROJECTS Creation of the GAC Sofinco Leasing joint venture Partnership created between Amundi and Victory Capital Stake in the capital of Banco BPM increased to 19.8% Planned acquisition of Banque Thaler announced by Indosuez Wealth Management AS EXPECTED, SOLVENCY RATIOS BENEFITING FROM THE POSITIVE IMPACT OF CRR3. Crédit Agricole S.A.’s phased-in CET1 at 12.1% and Group phased-in CET1 at 17.6% CONTINUED SUPPORT FOR THE ENERGY TRANSITION Continued withdrawal from fossil energies and reallocation to low-carbon energy sources Support for the transition of households and businesses

Dominique Lefebvre,
Chairman of SAS Rue La Boétie and Chairman of the Crédit Agricole S.A. Board of Directors

“Quarter after quarter, Crédit Agricole continues its action to support the major societal, environmental, agricultural and agri-food transitions, which are solid development levers for the entire Group. I would like to thank each of our employees for their daily commitment to serving our customers.“

Philippe Brassac,
Chief Executive Officer of Crédit Agricole S.A.

“The Group has published high-level results this quarter, driven by strong revenue growth, despite exceptional taxation. Crédit Agricole S.A. posted record revenues this quarter and high profitability.”

This press release comments on the results of Crédit Agricole S.A. and those of Crédit Agricole Group, which comprises the Crédit Agricole S.A. entities and the Crédit Agricole Regional Banks, which own 62.8% of Crédit Agricole S.A.

All financial data are now presented stated for Crédit Agricole Group, Crédit Agricole S.A. and the business lines results, both for the income statement and for the profitability ratios.

Crédit Agricole Group

Group activity

The Group’s commercial activity during the quarter continued at a steady pace across all business lines, with a good level of customer capture. In the first quarter of 2025, the Group recorded +550,000 new customers in retail banking. More specifically, over the year, the Group gained +433,000 new customers for Retail Banking in France and 117,000 new International Retail Banking customers (Italy and Poland).

At 31 March 2025, in retail banking, on-balance sheet deposits totalled €835 billion, up +1.3% year-on-year in France and Italy (+1.6% for Regional Banks and LCL and -2.1% in Italy). Outstanding loans totalled €881 billion, up +1.0% year-on-year in France and Italy (+1.0% for Regional Banks and LCL and +1.6% in Italy). The upturn in home loan production continued in France compared to the low point observed at the beginning of 2024, without confirming the end-of-year momentum, partly explained by the seasonal effect, recording an increase of +37% for the Regional Banks and +46% for LCL compared to the first quarter of 2024, and -4.3% and -34% respectively compared to the fourth quarter of 2024. Home loan production by CA Italia is high and up +19% compared with the first quarter of 2024. The property and casualty insurance equipment rate¹ rose to 44.2% for the Regional Banks (+0.8 percentage points compared to the first quarter of 2024), 28.0% for LCL (+0.2 percentage point) and 20.3% for CA Italia (+1.0 percentage point).

In asset management, quarterly inflows remained strong at +€31.1 billion, fuelled by strong medium/long-term assets, excluding JVs (+€37 billion). In insurance, savings/retirement gross inflows rose to a record €10.8 billion over the quarter (+27% year-on-year), with the unit-linked rate in production staying at a high 34.3%. Net inflows were positive at +€4 billion, growing for both euro-denominated and unit-linked contracts. The strong performance in property and casualty insurance was driven by price changes and portfolio growth (16.8 million contracts at end-March 2025, +5% year-on-year). Assets under management totalled €2,878 billion, up +8.7% in the year for all three segments: asset management rose +6.2% over the year to €2,247 billion; life insurance was up +5.2% to €352 billion; and wealth management (Indosuez Wealth Management and LCL Private Banking) increased +41.3% year-on-year to €278 billion, notably with the positive impact of the consolidation of Degroof Petercam (€69 billion in assets under management consolidated in the second quarter of 2024).

Business in the SFS division decreased. At CAPFM, consumer finance outstandings increased to €120.7 billion, up +5.6% compared with the end of March 2024, with car loans representing 54%² of total outstandings, while new loan production decreased slightly, by -6.4% compared with end-March 2024, mainly due to the economic context negatively impacting the automotive market in Europe and China. Regarding Crédit Agricole Leasing & Factoring (CAL&F), production of lease financing outstandings was up +5.7% compared to March 2024 to €20.5 billion, with a particularly strong contribution from property leasing and renewable energy financing in France.

Large Customers again posted record revenues for the quarter in Corporate and Investment Banking. Capital Markets and Investment Banking was driven by all activities, supported by high volatility, while Financing activities reaped the benefits of growth in commercial activities. Asset Servicing recorded a high level of assets under custody of €5,467 billion and assets under administration of €3,575 billion (+9% and +4.7%, respectively, compared with the end of March 2024), with good sales momentum and positive market effects over the year.

Continued support for the energy transition

The Group is continuing the mass roll-out of financing and investment to promote the transition. The Crédit Agricole Group increased its exposure to low-carbon energy financing³ by +141% between the end of 2020 and the end of 2024, with €26.3 billion in financing at 31 December 2024. Investments in low-carbon energy⁴ totalled €6 billion at 31 December 2024.

At the same time, as a universal bank, Crédit Agricole is supporting the transition of all its customers. Thus, outstandings related to the environmental transition⁵ amounted to €111.7 billion at 31 December 2024, including €86.7 billion for energy-efficient buildings and €5.3 billion for clean transport and mobility.

In addition, the Group is continuing its exit path from carbon-based energy financing and disclosed its exposure to hydrocarbon extraction project financing⁶, down to $0.96 billion at the end of 2024, i.e. -30% compared to 2020. The target of a -25% reduction of exposure to oil extraction at the end of 2025 compared to 2020 was greatly exceeded at the end of 2024 and stands at -56%.

Group results

In the first quarter of 2025, Crédit Agricole Group’s net income Group share came to €2,165 million, down

-9.2% compared to the first quarter of 2024.

Credit Agricole Group, Income statement Q1-25 and Q1-2024

€m	Q1-25	Q1-24	∆ Q1/Q1
Revenues	10,048	9,525	+5.5%
Operating expenses	(5,992)	(5,589)	+7.2%
Gross operating income	4,056	3,936	+3.0%
Cost of risk	(735)	(651)	+12.9%
Equity-accounted entities	75	68	+9.5%
Net income on other assets	4	(7)	n.m.
Change in value of goodwill	–	–	n.m.
Income before tax	3,399	3,347	+1.6%
Tax	(1,041)	(755)	+37.9%
Net income from discont’d or held-for-sale ope.	(0)	–	n.m.
Net income	2,358	2,592	(9.0%)
Non controlling interests	(193)	(208)	(7.2%)
Net income Group Share	2,165	2,384	(9.2%)
Cost/Income ratio (%)	59.6%	58.7%	+1.0 pp

In the first quarter of 2025, revenues amounted to €10,048 million, up +5.5% compared to the first quarter of 2024, driven by favourable results from most of the business lines. Revenues were up in French Retail Banking, while the Asset Gathering division benefited from good business momentum and the integration of Degroof Petercam, the Large Customers division enjoyed a high level of revenues across all of its business lines and the Specialised Financial Services division benefited from a positive price effect, compensating slightly down revenues in international retail banking. Operating expenses were up +7.2% in the first quarter of 2025, totalling €5,992 million. Overall, Credit Agricole Group saw its cost/income ratio reach 59.6% in the first quarter of 2025, up by +1.0 percentage point. As a result, the gross operating income stood at €4,056 million, up +3.0% compared to the first quarter of 2024.

The cost of credit risk stood at -€735 million, a year-on-year increase of +12.9% compared to the first quarter of 2024. This figure comprises an amount of -€47 million to prudential provisions on performing loans (stages 1 and 2) and an amount of -€677 million for the cost of proven risk (stage 3). There was also an addition of -€11 million for other risks. The provisioning levels were determined by taking into account several weighted economic scenarios and by applying some flat-rate adjustments on sensitive portfolios. The weighted economic scenarios for the first quarter are the same used for the previous quarter. The cost of risk/outstandings⁷reached 27 basis points over a four rolling quarter period and 24 basis points on an annualised quarterly basis⁸.

Pre-tax income stood at €3,399 million, a year-on-year increase of +1.6% compared to first quarter 2024. This includes the contribution from equity-accounted entities for €75 million (up +9.5%) and net income on other assets, which came to +€4 million over this quarter. The tax charge was -€1,041 million, up +37.9% over the period, with the tax rate this quarter rising by +8.3 percentage points to 31.3%. This increase is related to the exceptional corporate income tax of €-207 million at the Crédit Agricole Group level, corresponding to an estimation of €-330 million in 2025 (assuming 2025 fiscal result being equal to 2024 fiscal result). Net income before non-controlling interests was down -9.0% to €2,358 million. Non-controlling interests decreased -7.2%.

Regional banks

Gross customer capture stands at +319,000 new customers. The percentage of customers using demand deposits as their main account is stable and those who use digital tools continued to increase. Credit market share (total credits) stood at 22.7% (at the end of December 2024, source Banque de France), up by 0.1 percentage point compared to December 2023. Loan production was up +19.4% compared to the first quarter of 2024, reflecting the +37% rise in home loans and 8% in specialised markets. However, home loan production has slowed compared to the strong activity at the end of the year (-4.8% compared to the fourth quarter of 2024). The average lending production rate for home loans stood at 3.18%⁹ over January and February 2025, -17 basis points lower than in the fourth quarter of 2024. By contrast, the global loan stock rate showed a gradual improvement (+11 basis points compared to the first quarter of 2024). Outstanding loans totalled €649 billion at the end of March 2025, up by 0.8% year-on-year across all markets and up slightly by +0.2% over the quarter.
Customer assets were up +2.5% year-on-year to reach €915.7 billion at the end of March 2025. This growth was driven both by on-balance sheet deposits, which reached €603.2 billion (+1.3% year-on-year), and off-balance sheet deposits, which reached €312.6 billion (+5% year-on-year) benefiting from strong inflows in life insurance. Over the quarter, demand deposits slightly decreased by -1.1% compared to the fourth quarter of 2024, while term deposits are stable. The market share of on-balance sheet deposits is up compared to last year and stands at 20.1% (Source Banque de France, data at the end of December 2024, i.e. +0.2 percentage points compared to December 2023). The equipment rate for property and casualty insurance¹⁰ was 44.2% at the end of March 2025 and continues to rise (up +0.8 percentage point compared to March 2024). In terms of payment instruments, the number of cards rose by +1.8% year-on-year, as did the percentage of premium cards in the stock, which increased by 1.8 percentage point year-on-year to account for 17% of total cards.
In the first quarter of 2025, the Regional Banks’ consolidated revenues stood at €3,339 million, up +1.3% compared to the first quarter of 2024, notably impacted by a base effect of +€41 million related to the reversal of the Home Purchase Savings Plan provision in the first quarter of 2024¹¹. Excluding this item, revenues were up +2.6% compared to the first quarter of 2024, benefiting from the increase in the intermediation margin and stable fee and commission income, mainly driven by account management and payment instruments (+3.3%). Operating expenses posted a contained increase (+1.8%). Gross operating income was stable year-on-year (+5.2% excluding the base effect¹¹). The cost of risk increased by +28.7% compared to the first quarter of 2024 to -€318 million. The cost of risk/outstandings (over four rolling quarters) remained under control at 21 basis points (a 1 basis point increase compared to fourth quarter 2024).
Thus, the net pre-tax income was down -11.6% and stood at €522 million. The Regional Banks’ consolidated net income was €346 million, down -21.2% compared to the first quarter of 2024, especially impacted by the corporate income tax surcharge (-15.3% excluding the base effect ¹¹).
The Regional Banks’ contribution to net income Group share was €341 million in the first quarter of 2025, up -23% compared to the first quarter of 2024 (-17% excluding base effect¹¹).

Crédit Agricole S.A.

Results

Crédit Agricole S.A.’s Board of Directors, chaired by Dominique Lefebvre, met on 29 April 2025 to examine the financial statements for the first quarter of 2025.

Credit Agricole S.A. – Income statement, Q1-25 and Q1-24

En m€	T1-25	T1-24	∆ T1/T1
Revenues	7,256	6,806	+6.6%
Operating expenses	(3,991)	(3,669)	+8.8%
Gross operating income	3,266	3,137	+4.1%
Cost of risk	(413)	(400)	+3.4%
Equity-accounted entities	47	43	+9.2%
Net income on other assets	1	(6)	n.m.
Change in value of goodwill	–	–	n.m.
Income before tax	2,900	2,773	+4.6%
Tax	(827)	(610)	+35.5%
Net income from discont’d or held-for-sale ope.	0	–	n.m.
Net income	2,073	2,163	(4.1%)
Non controlling interests	(249)	(259)	(3.9%)
Net income Group Share	1,824	1,903	(4.2%)
Earnings per share (€)	0.56	0.50	+11.4%
Cost/Income ratio (%)	55.0%	53.9%	+1.1 pp

In the first quarter of 2025, Crédit Agricole S.A.’s net income Group share amounted to €1,824 million, a decrease of -4.2% from the first quarter of 2024. The results of the first quarter of 2025 are based on high revenues, a cost/income ratio maintained at a low level and a controlled cost of risk, but are impacted by the corporate income tax surcharge. Pre-tax income is high, up +4.6% compared to the first quarter of 2024.

In the first quarter of 2025, revenues were at a record level, standing at €7,256 million. They were up sharply (+6.6%) compared to the first quarter of 2024. This growth was driven by growth in the Asset Gathering division (+15%) which in turn was driven by strong activity and the rise in outstandings across all business lines, including the integration of Degroof Petercam¹². Large Customer division revenues (+6.3%) were driven by good results from all business lines with continued revenue growth in corporate and investment banking (with a record revenue level for Crédit Agricole CIB) in the first quarter, in addition to an improvement in the net interest margin and fee and commission income within CACEIS. Specialised Financial Services division revenues (+2.6%) benefited mainly from positive price effects in the Personal Finance and Mobility business line. French Retail Banking growth (+1.0%) was driven by the rise in fee and commission income, and International Retail Banking revenues (-3.0%) were impacted by a base effect related to exceptional foreign exchange activity in Egypt in the first quarter of 2024. Revenues from the Corporate Centre recorded an increase of +€40 million, favourably impacted by the revaluation of the stake in Banco BPM.

Operating expenses totalled -€3,991 million in the first quarter of 2025, an increase of +8.8% compared to the first quarter of 2024, reflecting the support given to business line development. The increase in expenses of -€322 million between the first quarter of 2024 and the first quarter of 2025 is partly made up of a scope effect and integration costs of -€138 million¹³ and IFRIC impact of -€72 million. Other expenses increase by -€113 million (+3.2%).

The cost/income ratio thus stood at 55.0% in the first quarter 2025, increasing by +1.1 percentage point compared to the first quarter of 2024.

Gross operating income in the first quarter of 2025 stood at €3,266 million, an increase of +4.1% compared to the first quarter of 2024.

As at 31 March 2025, risk indicators confirm the high quality of Crédit Agricole S.A.’s assets and risk coverage level. The diversified loan book is mainly geared towards home loans (26% of gross outstandings) and corporates (45% of Crédit Agricole S.A. gross outstandings). The Non Performing Loans ratio showed little change from the previous quarter and remained low at 2.3%. The coverage ratio¹⁴ was high at 74.9%, up +0.8 percentage points over the quarter. Loan loss reserves amounted to €9.4 billion for Crédit Agricole S.A., a -€0.2 billion decline from end-December 2024. Of those loan loss reserves, 36.6% were for performing loans (percentage up +0.8% from the previous quarter).

The cost of risk was a net charge of -€413 million, up +3.4% compared to the first quarter of 2024, and came mainly from a provision for non-performing loans (level 3) of -€411 million (compared to a provision of -€384 million in the first quarter of 2024). Net provisioning on performing loans (levels 1 and 2) was almost zero this quarter, compared to a provision of -€12 million in the first quarter of 2024. Also noteworthy is a provision of -€2 million for other items (legal provisions) versus -€5 million in the first quarter of 2024. By business line, 60% of the net provision for the quarter came from Specialised Financial Services (55% at end-March 2024), 22% from LCL (30% at end-March 2024), 16% from International Retail Banking (20% at end-March 2024), 5% from the Corporate Centre (3% at end-March 2024) and recovered for Large Customers (same as end-March 2024). The provisioning levels were determined by taking into account several weighted economic scenarios and by applying some flat-rate adjustments on sensitive portfolios. The weighted economic scenarios for the first quarter are the same used for the previous quarter. In the first quarter of 2025, the cost of risk/outstandings was 34 basis points over a rolling four-quarter period¹⁵ and 30 basis points on an annualised quarterly basis¹⁶ (a decrease of one basis point, versus the first quarter of 2024).

The contribution from equity-accounted entities amounted to €47 million in the first quarter of 2025, up +9.2% compared to the first quarter of 2024, mainly due to the growth of equity-accounted entities in the Personal finance and mobility business line.

Pre-tax income, discontinued operations and non-controlling interests therefore increased by +4.6% to €2,900 million.

The effective tax rate stood at 29.0%, up +6.6 percentage points compared to the first quarter of 2024. The tax charge was -€827 million, up +35.5% in connection with the impact in the first quarter of 2025 of the exceptional corporate tax surcharge of €-123 million, corresponding to an estimation of -€200 million in 2025 (assuming 2025 fiscal result being equal to 2024 fiscal result). Net income before non-controlling interests was down -4.1% to €2,073 million. Non-controlling interests amounted to -€249 million in first quarter 2025, down -3.9%.

Earnings per share in the first quarter of 2025 reached €0.56, increasing by +11.4% compared to the first quarter of 2024.
RoTE¹⁷, which is calculated on the basis of an annualised Net Income Group Share ¹⁸ and IFRIC charges and additional corporate tax charge linearised over the year, net of annualised Additional Tier 1 coupons (return on equity Group share excluding intangibles) and net of foreign exchange impact on reimbursed AT1, and restated for certain volatile items recognised in equity (including unrealised gains and/or losses), reached 15.9% in the first quarter of 2025, decreasing of 0.1 percentage point compared to the first quarter of 2024.

Analysis of the activity and the results of Crédit Agricole S.A.’s divisions and business lines

Activity of the Asset Gathering division

In the first quarter of 2025, the assets under management of the Asset gathering (AG) division stood at €2,878 billion, up +€11 billion over the quarter (i.e. +0.4%), mainly due to positive net inflows in the three insurance, asset management, and wealth management businesses, offset by an unfavourable market and foreign exchange impact effect over the period. Over the year, assets under management rose by +8.7%.

Insurance activity (Crédit Agricole Assurances) was very strong, with total premium income of €14.8 billion, up +20.7% compared to the first quarter of 2024 and up in all three segments: savings/retirement, property and casualty, and death & disability/creditor/group insurance.

In Savings/Retirement, first quarter 2025 premium income stood at €10.8 billion, up +27% compared to the first quarter of 2024. Activity was driven by the success of euro payment bonus campaigns in France (full effect of commercial events over the quarter), which boosted gross euro inflows. As a result, unit-linked rate in gross inflows is down -4.7 percentage points over the year at 34.3%¹⁹.The quarter’s record net inflows totalled +€4.0 billion (up +€1.5 billion compared to the fourth quarter of 2024), comprised of +€2.0 billion net inflows from unit-linked contracts and +€1.9 billion from euro funds.

Assets under management (savings, retirement and funeral insurance) continued to grow and came to €352.4 billion (up +€17.5 billion year-on-year, or +5.2%). The growth in outstandings was driven by the very high level of quarterly net inflows and favourable market effects. Unit-linked contracts accounted for 30% of outstandings, up +0.5 percentage point compared to the end of March 2024.

In property and casualty insurance, premium income stood at €2.6 billion in the first quarter of 2025, up +8%²⁰ compared to the first quarter of 2024. Growth stemmed from a price effect, with the increase in the average premium benefiting from revised rates and changes in the product mix, and a volume effect, with a portfolio of over €16.8 million²¹ policies at the end of March 2025 (an increase of +5% over the year). Lastly, the combined ratio at the end of March 2025 stood at 93.2%²², an improvement of -0.6 percentage point year-on-year.

In death & disability/creditor insurance/group insurance, premium income for the first quarter of 2025 stood at €1.4 billion, up +4% compared to the first quarter of 2024. The strong year-on-year activity was driven by an excellent quarter in group insurance (+24% compared to the first quarter of 2024) due to the entry into effect of the collective health contract with the Ministry of Agriculture and Food Sovereignty²³. Creditor (+2%) and individual death & disability (+3%) activities were resilient.

In Asset Management (Amundi), assets under management by Amundi increased by +0.3% and +6.2% respectively over the quarter and the year, reaching a new record of 2,247 billion at the end of March 2025, benefiting from a high level of inflows over 12 months (+€70 billion), and despite a significantly negative foreign exchange impact this quarter (-€26 billion). Over the quarter, net inflows in asset management (Amundi) stood at +€31.1 billion, driven by a record quarterly inflow of medium-long term assets²⁴(+€37 billion). This good performance is illustrated in particular by the continued dynamic in the strategic aeras (ETF +€10 billion, Third Party Distribution +€8 billion, Asia +€8 billion). In the institutional segment, net inflows of €22.4 billion over the quarter continued their strong commercial activity, driven by medium-long term assets, mainly the acquisition of a large ESG equity index mandate with The People’s Pension in the United Kingdom (+€21 billion). In return, Corporates recorded a seasonal outflow in treasury products. Finally, JVs posted a net inflow of €2.9 billion over the period, with good inflows in Korea, stabilisation in China and an outflow in India related to the end of the financial year and the local market correction from the fourth quarter of 2024. Furthermore, the finalisation of the partnership with Victory Capital was announced on 1 April 2025.

In Wealth management, total assets under management (CA Indosuez Wealth Management and LCL Private Banking) amounted to €278 billion at the end of March 2025, and were up +41.3% compared to March 2024 and stable compared to December 2024.

For Indosuez Wealth Management, outstandings at the end of March stood at €213 billion²⁵, down -0.7% compared to end-December 2024. Despite activity remaining positive with positive net inflows of €0.8 billion, the market and foreign exchange impact for the quarter was unfavourable by -€2 billion. Compared to the end of March 2024, assets under management were up by +€80 billion (or +60.2%), taking into account a scope effect of €69 billion (integration of Degroof Petercam in June 2024). The announcement on 4 April 2025 of the planned acquisition of Banque Thaler in Switzerland is also noteworthy.

Results of the Asset Gathering division

In the first quarter of 2025, the Asset Gathering division generated €2,058 million in revenues, up +15.0% compared to the first quarter of 2024, driven by all the division’s business lines. Expenses increased +24.1% to -€936 million and gross operating income came to €1,123 million, +8.4% compared to first quarter of 2024. The cost/income ratio for the first quarter of 2025 stood at 45.5%, up +3.3 percentage points compared to the same period in 2024. As a result, pre-tax income increased by +8.2% to €1,139 million in the first quarter of 2025. Net income Group share recorded a drop of 5%, taking into account corporate tax additional charge in France.

In the first quarter of 2025, the Asset Gathering division contributed by 35% to the net income Group share of the Crédit Agricole S.A. core businesses and 28% to revenues (excluding the Corporate Centre division).

As at 31 March 2025, equity allocated to the division amounted to €13.4 billion, including €10.8 billion for Insurance, €1.8 billion for Asset Management, and €0.8 billion for Wealth Management. The division’s risk-weighted assets amounted to €51.7 billion, including €24.3 billion for Insurance, €19.2 billion for Asset Management and €8.2 billion for Wealth Management.

Insurance results

In first quarter 2025, insurance revenues stood at €727 million, a slight increase of +0.7% compared to the first quarter of 2024, supported by Savings/Retirement (related to the increase in outstandings) and property and casualty insurance, offsetting a narrowing of technical margins in Creditor insurance combined with methodological effects. Revenues for the quarter included €505 million from savings/retirement and funeral insurance²⁶, €103 million from personal protection²⁷ and €122 million from property and casualty insurance²⁸.

The Contractual Service Margin (CSM) totalled €25.8 billion at the end of March 2025, an increase of +2% compared to the end of December 2024.

Non-attributable expenses for the quarter stood at -€96 million, up +4.7% over the first quarter of 2024. As a result, gross operating income reached €632 million, stable (+0.1%) compared to the same period in 2024. Net pre-tax income was stable, amounting to €631 million. Excluding the effect of replacing Tier 1 debt with Tier 2 debt in September 2024²⁹, it was up by +2%. For the same reason, non-controlling interests amounted to -€3 million compared to -€14 million in the first quarter of 2024, due to the inclusion of accounting items on the redemption of Tier 1 instruments²⁹. Net income Group share stood at €439 million, down -11.0% compared to the first quarter of 2024, taking into account the corporate tax additional charge in France.

Insurance contributed 23% to the net income Group share of Crédit Agricole S.A.’s business lines (excluding the Corporate Centre division) at end-March 2025 and 10% to their revenues (excluding the Corporate Centre division).

Asset Management results

In the first quarter of 2025, revenues amounted to €892 million, showing double-digit growth of +11.0% compared to the first quarter of 2024. Net management fee and commission income showed a sustained increase of +7.7% on the first quarter of 2024 in a context of market appreciation. Performance fee and commission income was also up by +30.7% compared to the first quarter of 2024. Amundi Technology’s revenues continued their sustained growth and increased by +46.2% compared to the first quarter of 2024, thanks to the integration of aixigo, a European leader in Wealth Tech, whose acquisition was finalised in November 2024, amplifying organic growth, which remained strong (+21%). Operating expenses amounted to -€496 million, up +10.6% compared to the first quarter of 2024. They include the scope effects related to Alpha Associates and aixigo, as well as the integration costs related to Victory Capital. Apart from these effects, expenses increased by +6.3% over the period. The cost/income ratio at 55.6%, is down -0.2 percentage points despite Victory Capita^l³⁰ integration costs. Restated from the latter, the cost/income ratio stood at 54.8%. Gross operating income stood at €396 million, an increase of +11.6% compared to the first quarter of 2024. The contribution of equity-accounted entities, including the contribution of Amundi’s Asian joint ventures, amounted to €28 million, down slightly compared to the first quarter of 2024. Consequently, pre-tax income came to €419 million, a +9.3% increase compared to the first quarter of 2024. Net income Group share stood at €183 million, down -7.3% compared to the first quarter of 2024, taking into account the impact of the corporate tax additional charge in France.

Wealth Management results³¹

In the first quarter of 2025, revenues from wealth management amounted to €439 million, up +66.4% compared to the first quarter of 2024, benefiting from the impact of the integration of Degroof Petercam in June 2024³². Apart from this effect, revenues were supported by the strong activity of transactional fee and commission income, and the net interest margin held up well over the period. Expenses for the quarter amounted to -€344 million, up +60.7% compared to the first quarter of 2024, impacted by a Degroof Petercam scope effect³² and -€13 million in integration costs. Restated for these impacts, growth in expenses was stable compared to the first quarter of 2024. The cost/income ratio for the first quarter of 2025 stood at 78.4%, down -2.8 percentage points compared to the same period in 2024. Restated for integration costs, it amounted to 75.5%. Gross operating income reached €95 million, up sharply (+91.3%) compared to the first quarter of 2024. Cost of risk remained moderate at -€6 million. Net income Group share reached €58 million, up sharply (x 2.3) compared to the first quarter of 2024.

Wealth Management contributed 3% to the net income Group share of Crédit Agricole S.A.’s business lines (excluding the Corporate Centre division) at end-March 2025 and 6% of their revenues (excluding the Corporate Centre division).

At 31 March 2025, equity allocated to Wealth management was €0.8 billion and risk-weighted assets totalled €8.2 billion.

Activity of the Large Customers division

The large customers division posted good activity in the first quarter of 2025, thanks to very good performance from Corporate and Investment banking (CIB) and strong activity in asset servicing.

Corporate and Investment Banking’s first quarter 2025 revenues rose sharply to €1,887 million, an increase of +7.3% compared to the first quarter of 2024, driven by growth in its two business lines. Capital Markets and Investment Banking grew its revenues to €1,017 million, an increase of +10.0% compared with the first quarter of 2024. This was fuelled by new growth in revenues across all Capital Market activities (+5.9% compared to the first quarter of 2024) in a context of high volatility, and by the good level of activity in Investment Banking (+31.6% compared to the first quarter of 2024) thanks to the good dynamics of Structured Equities activities. Financing activity revenues were also up at €870 million, an increase of +4.4% relative to the first quarter of 2024. This was mainly due to the performance of Commercial Banking (+1.7% compared to the first quarter of 2024), driven by the performance of assets financing and project financing, particularly in Green Energy and Aerospace, and by Trade and Export Finance activities. The structured finance activity also recorded an increase in revenues of +9.4% compared to the first quarter of 2024.

Financing activities consolidated its leading position in syndicated loans (#1 in France³³ and #2 in EMEA³³). Crédit Agricole CIB reaffirmed its strong position in bond issues (#2 All bonds in EUR Worldwide³³) and was ranked #1 in Green, Social & Sustainable bonds in EUR³⁴. Average regulatory VaR stood at €10.5 million in the first quarter of 2025, up slightly from €9.5 million in the fourth quarter of 2024, reflecting changes in positions and financial markets. It remained at a level that reflected prudent risk management.

For Asset servicing, business growth was supported by strong commercial activity and favourable market effects, which offset the planned exit of ISB customers.

Assets under custody (AuC) rose by +3.3% at end-March 2025 compared to end-December 2024, up +9.0% from end-March 2024, to reach €5,467 billion. Assets under administration also increased by +5.3% this quarter and were up +4.7% year-on-year, totalling €3,575 billion at end-March 2025.

Results of the Large Customers division

In the first quarter of 2025, revenues of the Large Customers division once again reached a record level, with €2,408 million, up +6.3% compared with the first quarter of 2024, buoyed by an excellent performance in the Corporate and Investment Banking and Asset Servicing business lines.

Operating expenses increased by +4.9% due to IT investments and business line development. As a result, the division’s gross operating income was up +8.2% from the first quarter of 2024 to €1,048 million. The business line recorded a net reversal in the cost of risk of +€25 million, compared to a reversal of +33 million in the first quarter of 2024. Pre-tax income amounted to €1,078 million, up +7.2% compared to the first quarter of 2024. The tax charge stood at -€305 million in the first quarter of 2025, taking into account the additional corporate income tax charge. Finally, net income Group share totalled €723 million in the first quarter of 2025, stable (+0.2%) compared to the first quarter of 2024.

The business line contributed 38% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end-March 2025 and 33% to revenues excluding the Corporate Centre.

At 31 March 2025, the equity allocated to the division was €13.5 billion and its risk-weighted assets were €141.7 billion.

Corporate and Investment Banking results

In the first quarter of 2025, Corporate and Investment Banking revenues reached a record of €1,887 million, up +7.3% compared to the first quarter of 2024. This was the best quarter recorded for Corporate and Investment Banking.

Operating expenses rose by +7.5% to -€992 million, mainly due to IT investments and the development of business line activities. Gross operating income rose sharply by +7.1% compared to the first quarter 2024, taking it to a high level of +€895 million. The cost/income ratio was stable at 52.6% (+0.1 percentage point over the period). The cost of risk recorded a net reversal of +€24 million, notably related to new synthetic securitisation transactions. Lastly, pre-tax income in the first quarter of 2025 stood at €919 million, up +5.3% compared to the first quarter of 2024. Finally, net income Group share recorded a decrease of -0.5%, impacted by the additional corporate tax charge, to reach €648 million in the first quarter of 2025.

Asset servicing results

In the first quarter of 2025, the revenues of Asset Servicing were up +2.7% compared to the first quarter of 2024, standing at €522 million. This increase was driven by the favourable evolution of the net interest margin and fee and commission income on flow activities and transactions. Operating expenses were down by -1.6% to
-€368 million, due to the decrease in ISB integration costs compared to the first quarter of 2024³⁵. Apart from this effect, expenses were up slightly pending the acceleration of synergies. As a result, gross operating income was up by +14.7 and stood at €153 million in the first quarter of 2025. The cost/income ratio for the first quarter of 2025 stood at 70.6%, down -3.1 percentage points compared to the same period in 2024. Consequently, pre-tax income was up by +19.1% and stood at €160 million in the first quarter of 2025. Net income Group share recorded an increase of +6% taking into account the additional corporate tax charge.

Specialised financial services activity

The commercial production of Crédit Agricole Personal Finance & Mobility (CAPFM) totalled €11.0 billion in the first quarter of 2025. It was down by -6.4% compared to the first quarter of 2024, related to the economic context negatively impacting the automotive market in Europe and China. The share of automotive financing³⁶ in quarterly new business production stood at 48.5%. The average customer rate for production was up slightly by +3 basis points from the fourth quarter of 2024. As a result, CAPFM’s assets under management stood at €120.7 billion at end-March 2025, up +5.6% compared to end-March 2024, driven by all scopes: Automotive +8.6%³⁷, LCL and Regional Bank +4.4%, Other Entities +3.0%. Automotive benefited from the consolidation of GAC Leasing this quarter as well as the development of car rental activities. Lastly, consolidated outstandings totalled €68.7 billion at end-March 2025, up 0.8% compared to the first quarter of 2024.

Crédit Agricole Leasing & Factoring (CAL&F) commercial production increased by +3.0% in leasing, compared to the first quarter of 2024. This was driven by property leasing and renewable energy financing in France. Leasing outstandings rose +5.7% year-on-year, both in France (+4.5%) and internationally (+10.6%), to reach €20.5 billion at end-March 2025 (of which €16.1 billion in France and €4.4 billion internationally). Commercial production in factoring was down by -5.1% compared to the first quarter of 2024; International sales were down -31.6% due to a base effect linked to Germany, which recorded significant deals in the first quarter of 2024; France was up +16%, benefiting from significant contracts this quarter. Factoring outstandings at end-March 2025 were up +14.4% compared to end-March 2024, and factored revenues were up by +5.4% compared to the same period in 2024.

Specialised financial services’ results

The revenues of the Specialised Financial Services division were €868 million in the first quarter of 2025, up +2.6% compared to the first quarter of 2024. Expenses stood at -€474 million, up +4.4% compared to the first quarter of 2024. The cost/income ratio stood at 54.5%, up +0.9 percentage points compared to the same period in 2024. Gross operating income thus came to €395 million, up +0.6% compared to the first quarter of 2024. Cost of risk amounted to -€249 million, up +13.8% compared to the third quarter of 2024. The results of equity-accounted entities amounted to €36 million, up +18.5% compared to the first quarter of 2024; restated for non-recurring items from the first quarter of 2025 for €12 million, it was down -21.0%. Pre-tax income for the division amounted to €182 million, down -10.6% compared to the same period in 2024. Net income Group share includes the corporate tax additional charge in France and amounted to €148 million, up +4.1% compared to the same period in 2024.

The business line contributed 8% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end-March 2025 and 12% to revenues excluding the Corporate Centre.

At 31 March 2025, the equity allocated to the division was €7.5 billion and its risk-weighted assets were €79.0 billion.

Personal Finance and Mobility results

CAPFM revenues reached €683 million in the first quarter of 2025, up +2.0% compared to the first quarter of 2024, with a positive price effect thanks in particular to the production margin rate, which improved by +32 basis points in the first quarter of 2025 compared to the first quarter of 2024 (up +9 basis points compared to the fourth quarter of 2024). Expenses amounted to -€370 million, an increase of +4.3% due to employee expenses and IT expenses and compared to the first quarter of 2024, which was low. Gross operating income therefore stood at €313 million, stable compared to the first quarter of 2024 (-0.5%). The cost/income ratio stood at 54.2%, up +1.2 percentage points compared to the same period in 2024. The cost of risk stood at -€225 million, up +13.0% from the first quarter of 2024. The cost of risk/outstandings thus stood at 130 basis points³⁸, a deterioration of +13 basis points compared to the first quarter of 2024, especially in international subsidiaries. The Non-Performing Loans ratio was 4.5% at the end of March 2025, down -0.2 percentage point compared to the end of December 2024, while the coverage ratio reached 73.5%, up +0.3 percentage points compared to the end of December 2024. The contribution from equity-accounted entities rose by +18.1% compared to the same period in 2024. Restated for non-recurring items from the first quarter of 2025 for €12 million, the results for equity-accounted entities dropped by -19.3% in connection with the Chinese market. Pre-tax income amounted to €126 million, down -14.3% compared to the same period in 2024. The net income Group share includes the corporate tax additional charge in France and reached €106 million, up +7.5% compared to the previous year.

Leasing & Factoring results

CAL&F’s revenues totalled €185 million, up +4.8% compared to the first quarter 2024. This increase was driven by equipment leasing and factoring. Expenses stood at -€104 million, up +4.6% in connection with the growth of the system, and the cost/income ratio stood at 56.0%, an improvement of -0.1 percentage point compared to the first quarter of 2024. Gross operating income stood at €82 million, up +5.0% compared to the first quarter of 2024. Cost of risk totalled -€24 million, up +21.5% compared to the same period in 2024. This rise was due to the small business and SME markets. Cost of risk/outstandings stood at 25 basis points³⁸, up +3 basis points compared to first quarter 2024. Pre-tax income amounted to €56 million, stable (-0.7%) compared to the same period in 2024. Net income Group share includes the corporate tax additional charge in France and amounted to €42 million, down -3.7% compared to the previous year.

Crédit Agricole S.A. Retail Banking activity

In retail banking at Crédit Agricole S.A. this quarter, loan production in France continued its upturn compared to the first half of 2024 and the dynamic momentum continues in Italy. The number of customers with insurance is progressing.

Retail banking activity in France

In the first quarter of 2025, activity remained steady, albeit with a slowdown in property loans compared to the previous quarter and a stability in inflows and non-remunerated demand deposits over the quarter. Customer acquisition remained dynamic, with 67,000 new customers this quarter.

The equipment rate for car, multi-risk home, health, legal, all mobile phones or personal accident insurance rose by +0.2 percentage points to stand at 28.0% at end-March 2025.

Loan production totalled €6.7 billion, representing a year-on-year increase of +32%. The first quarter of 2025 recorded a slowdown in the production of property loans(+46% compared to the first quarter of 2024 and -34% compared to the fourth quarter of 2024), partially due to the seasonal effect. The average production rate for home loans came to 3.18%, down -6 basis points from the fourth quarter of 2024 and -102 basis points year on year. The home loan stock rate improved by +5 basis points over the quarter and by +19 basis points year on year. The strong momentum continued in the corporate market (+49% year on year) and the small business market (+6.4% year on year) but slowed for the consumer credit segment (-10.3%), in a challenging economic environment.

Outstanding loans stood at €171 billion at end-March 2025, stable over the quarter and increasing by +1.6% year-on-year (of which +1.7% for home loans, +1.1% for loans to professionals, +2.0% for loans to corporates). Customer assets totalled €256.5 billion at end-March 2025, up +2.2% year on year, driven by interest-earning deposits and off-balance sheet funds. Over the quarter, customer assets were also up by +0.6%, including term deposits by +0.9%, in an environment that remains uncertain. Off-balance sheet deposits benefited from a positive year-on-year (unfavourable in the quarter) market effect across all segments and positive net inflows in life insurance.

Retail banking activity in Italy

In the first quarter of 2025, CA Italia posted gross customer capture of 53,000.

Loan outstandings at CA Italia stood at €61.1 billion at end-March 2025³⁹, up +1.6% compared with end-March 2024, in a stable Italian market⁴⁰, driven by the retail segment, which posted an increase in outstandings of +3.0%, and with a stable corporate segment. The loan stock rate was down -34 basis points compared to the fourth quarter of 2024, in line with the evolution in market rates. Loan production, buoyed by the solid momentum in all markets, rose +19.2% compared with the first quarter of 2024.

Customer assets at end-March 2025 totalled €118.2 billion, up +1.7% compared with end-March 2024; on-balance sheet deposits were down -2.1% compared to end-March 2024, while the cost of on-balance sheet deposits decreased. Finally, off-balance sheet deposits increased by +6.5% over the same period and benefited from net flows and a positive market effect.

CA Italia’s equipment rate in car, multi-risk home, health, legal, all mobile phones or personal accident insurance exceeded 20.0%, at 20.3%, up +1.0 percentage point compared with the first quarter of 2024.

International Retail Banking activity excluding Italy

For International Retail Banking excluding Italy, loan outstandings were €7.4 billion, up +5.8% at current exchange rates at end-March 2025 compared with end-March 2024 (+4.7% at constant exchange rates). Customer assets rose by +€12 billion and were up +11.1% over the same period at current exchange rates (+11.5% at constant exchange rates).

In Poland in particular, loan outstandings increased by +3.6% compared to end-March 2024 (+0.7% at constant exchange rates) driven by the retail segment and on-balance sheet deposits of +17.0% (+13.8% at constant exchange rates). Loan production in Poland was stable this quarter compared to the first quarter of 2024 (+3.4% at current exchange rates and +0.3% at constant exchange rates). In addition, gross customer capture in Poland reached 64,000 new customers this quarter.

In Egypt, commercial activity was strong in all markets. Loan outstandings rose +19.7% between end-March 2025 and end-March 2024 (+27.8% at constant exchange rates). Over the same period, on-balance sheet deposits increased by +5.4%% and were up +12.5% at constant exchange rates.

Liquidity is still very strong with a net surplus of deposits over loans in Poland and Egypt amounting to +€2.3 billion at 31 March 2025, and reached €3.9 billion including Ukraine.

French retail banking results

In the first quarter of 2025, LCL revenues amounted to €963 million, up (+1.0%) compared to the first quarter of 2024. The increase in fee and commission income (+3.6% Q1/Q1) was driven by all activities (excluding securities management), but mainly by strong momentum in insurance (life and non-life). NIM is down by -1.7% Q1/Q1 and benefited from the increase in credit yields (stock repricing +19 bp Q1/Q1 and +5 bp Q1/Q4) and the reduction in the cost of resources, making it possible to mitigate the lower contribution of macro-hedging.

Expenses are up by +3.8% and stood at -€625 million linked to the acceleration of investments (IT and employee expenses). The cost/income ratio stood at 64.9%, an increase by 1.8 percentage point compared to first quarter 2024. Gross operating income fell by -3.9% to €338 million.

The cost of risk was down -22.9% compared to the first quarter of 2024 and stood at -€92 million (including a provision of -€95 million on proven risk and a recovery of €3 for contingent liabilities). The cost of risk/outstandings therefore stood at 20 basis points, with its level still high on the professional market. The coverage ratio stood at 63.0% at end-March 2025 (+0.4 percentage points compared to end-December 2024). The Non-Performing Loans ratio reached 2.0% at the end of March 2025, stable compared to the end of December 2024.

In the end, pre-tax income stood at €247 million, up +5.3% compared to the first quarter of 2024, and net income Group share was down -25.6% compared to the first quarter 2024, impacted by the corporate income tax.

In the end, the business line contributed 7% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) in the first quarter of 2025 and 13% to revenues excluding the Corporate Centre division.

At 31 March 2025, the equity allocated to the business line stood at €5.1 billion and risk-weighted assets amounted to €53.9 billion.

International Retail Banking results⁴¹

In the first quarter of 2025, revenues for International Retail Banking totalled €1,025 million, down compared with the fourth quarter of 2024 (-3.0% at current exchange rates, -0.7% at constant exchange rates). Operating expenses were under control at -€515 million, an increase of +1.8% (+2.6% at constant exchange rates). Gross operating income consequently totalled €511 million, down -7.5% (-3.9% at constant exchange rates) for the period. Cost of risk amounted to -€66 million, down -18.9% compared to first quarter 2024 (-19.0% at constant exchange rates).

All in all, net income Group share for CA Italia, CA Egypt, CA Poland and CA Ukraine amounted to €246 million in the first quarter of 2025, down -4.3% (and stable at -0.4% at constant exchange rates).

At 31 March 2025, the capital allocated to International Retail Banking was €4.1 billion and risk-weighted assets totalled €43.4 billion.

Results in Italy

In the first quarter of 2025, Crédit Agricole Italia revenues stood at €777 million, stable (+0.3%) compared to the first quarter of 2024. The decrease in net interest margin (-5.8% compared to the first quarter of 2024) is offset by the increase in fee and commission income (+7.4% compared to the first quarter of 2024), which was driven by fee and commission income on assets under management (+11.6% compared to the first quarter of 2024). Operating expenses were -€384 million, contained and stable at +0.5% over the first quarter of 2024.

Cost of risk amounted to -€56 million in first quarter 2025, down -7.9% compared to first quarter 2024, and corresponded almost entirely to provisions for proven risk. Cost of risk/outstandings⁴² stood at 39 basis points, up 1 basis point compared to the fourth quarter of 2024. The NPL ratio stood at 2.8%, improved compared to the fourth quarter of 2024, while the coverage ratio stood at 77.9% (+2.8 percentage points compared to the fourth quarter of 2024). Net income Group share for CA Italia was therefore €178 million, stable (-0.8%) compared to the first quarter of 2024.

International Retail Banking results – excluding Italy

In the first quarter of 2025, revenues for International Retail Banking excluding Italy totalled €248 million, down -12.2% (+3.9% at constant exchange rates) compared to the first quarter of 2024. Revenues in Poland were up +8.6% compared to the first quarter of 2024 (+5.3% at constant exchange rates), with a higher net interest margin. Revenues in Egypt were down -35.7% (-13.2% at constant exchange rates) with a base effect related to the exceptional foreign exchange activity of the first quarter of 2024, but benefited from an increased net interest margin. Operating expenses for International Retail Banking excluding Italy amounted to €131 million, up +5.8% compared to the first quarter of 2024 (+9.4% at constant exchange rates) due to the effect of employee expenses and taxes in Poland as well as employee expenses and inflation in Egypt. Gross operating income amounted to €117 million, down -26.3% (+15.3% at constant exchange rates) compared to the first quarter of 2024. The cost of risk remained contained at -€10 million, versus -€21 million in the first quarter of 2024. Furthermore, at end-March 2025, the coverage ratio for loan outstandings remained high in Poland and Egypt, at 122% and 144% respectively. In Ukraine, the local coverage ratio remains prudent (450%). All in all, the contribution of International Retail Banking excluding Italy to net income Group share was €67 million, down -12.4% compared with the first quarter of 2024 at current exchange rates and stable at constant exchange rates (+0.8%).

At 31 March 2025, the entire Retail Banking business line contributed 19% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) and 27% to revenues excluding the Corporate Centre.

At 31 March 2025, the division’s equity amounted to €9.2 billion. Its risk-weighted assets totalled €97.2 billion.

Corporate Centre results

The net income Group share of the Corporate Centre was -€102 million in first quarter 2025, up +€5 million compared with first quarter 2024. The positive contribution of the Corporate Centre division can be analysed by distinguishing between the “structural” contribution (-€55 million) and other items (-€48 million).
The contribution of the “structural” component (-€55 million) was up by +€52 million compared with the first quarter of 2024 and can be broken down into three types of activity:

The activities and functions of the Corporate Centre of the Crédit Agricole S.A. Parent Company. This contribution was -€315 million in the first quarter of 2025, down -€20 million, mainly explained by the accounting of the IFRIC tax in a single payment this quarter, whereas it had been spread over two quarters last year

The business lines that are not part of the core businesses, such as CACIF (private equity), CA Immobilier, CATE and BforBank (equity-accounted). Their contribution, at +€252 million in the first quarter of 2025, was up +€67 million compared to the first quarter of 2024, including a positive impact of the revaluation of Banco BPM shares.
Group support functions. Their contribution amounted to +€9 million this quarter (+€4 million compared with first quarter 2024).

The contribution from “other items” amounted to -€48 million, down -€47 million compared to the first quarter of 2024, mainly explained by a negative variance related to ESTER/BOR volatility.

At 31 March 2025, risk-weighted assets stood at €35.1 billion.

Financial strength

Crédit Agricole Group has the best level of solvency among European Global Systemically Important Banks.

Capital ratios for Crédit Agricole Group are well above regulatory requirements. At 31 March 2025, the phased Common Equity Tier 1 ratio (CET1) for Crédit Agricole Group stood at 17.6%, or a substantial buffer of 780 basis points above regulatory requirements. The change in the CET1 ratio over the quarter is explained by the impacts of (a) +56 basis points linked to CRR3 impact (b) +25 basis points linked to retained earnings, (c) -17 bp related to the organic growth of the business lines and (d) -17 basis points for methodological effects, M&A and other effects, taking into account in the -9 basis points of the latest IFRS 9 phasing and -8 basis points related to the purchase of shares in Crédit Agricole S.A.

Crédit Agricole S.A., in its capacity as the corporate center of the Crédit Agricole Group, fully benefits from the internal legal solidarity mechanism as well as the flexibility of capital circulation within the Crédit Agricole Group. The phased-in CET1 capital ratio stood at 12.1% at 31 March 2025, or a buffer of 350 basis points above regulatory requirements. The change in the CET1 ratio over the quarter is explained by the impacts of (a) +44 basis points linked to CRR3 impact (b) +21 basis points linked to retained earnings, (c) -9 bp related to the organic growth of the business lines and (d) -10 basis points for methodological effects, M&A and other effects, taking into account in the -5 basis points of the latest IFRS 9 phasing. Including M&A transactions completed after March 31, 2025 and the estimated impact from the crossing of the exemption threshold in Q2 2025, the proforma CET1 ratio would be 11.8%.

The breakdown in risk weighted assets for Crédit Agricole S.A. by business line resulted from the combined effects of (a) -€12.9 billion related to the impact of CRR3 and, excluding this effect, (b) -€0.2 billion in the Retail Banking divisions, (c) +€1.4 billion in Asset Gathering, in particular in connection with the increase in the Equity Accounted Value of insurance (d) +€1.9 billion in specialized financial services, (e) -€0.8 billion in Large Customers and (f) +€0.1 billion in Corporate Center.

For the Crédit Agricole Group, the impact of CRR3 was -€18.2 billion and the increase in risk weighted assets at the Retail Banking divisions was +€1.3 billion excluding the CRR3 effect. The evolution of the other businesses follows the same trend as for Crédit Agricole S.A.

Crédit Agricole Group’s financial structure

	Crédit Agricole Group			Crédit Agricole S.A.
	*31/03/25*	*31/12/24*	Requirements 31/03/25	*31/03/25*	*31/12/24*	Requirements 31/03/25
Phased-in CET1 ratio⁴³	17.6%	17.2%	9.8%	12.1%	11.7%	8.6%
Tier1 ratio⁴³	19.0%	18.3%	11.7%	14.3%	13.4%	10.4%
Total capital ratio⁴³	21.8%	20.9%	14.1%	18,4%	17.4%	12.8%
Risk-weighted assets (€bn)	641	653		405	415
Leverage ratio	5.6%	5.5%	3.5%	4.0%	3.9%	3.0%
Leverage exposure (€bn)	2,173	2,186		1,434	1,446
TLAC ratio (% RWA) ⁴³^,⁴⁴	28.5%	26.9%	22,32%
TLAC ratio (% LRE)⁴⁴	8.4%	8.0%	6.75%
Subordinated MREL ratio (% RWA) ⁴³	28.5%	26.9%	22.57%
Subordinated MREL ratio (% LRE)	8.4%	8.0%	6.25%
Total MREL ratio (% RWA) ⁴³	34.0%	32.4%	26.33%
Total MREL ratio (% LRE)	10.0%	9.7%	6.25%
Distance to the distribution restriction trigger (€bn)⁴⁵	46	43		14	12

For Crédit Agricole S.A., the distance to the trigger for distribution restrictions is the distance to the MDA trigger⁴⁵, i.e. 354 basis points, or €14 billion of CET1 capital at 31 March 2025. Crédit Agricole S.A. is not subject to either the L-MDA (distance to leverage ratio buffer requirement) or the M-MDA (distance to MREL requirements).

For Crédit Agricole Group, the distance to the trigger for distribution restrictions is the distance to the L-MDA trigger at 31 March 2025. Crédit Agricole Group posted a buffer of 210 basis points above the L-MDA trigger, i.e. €46 billion in Tier 1 capital.

At 31 March 2025, Crédit Agricole Group’s TLAC and MREL ratios are well above requirements⁴⁴. Crédit Agricole Group posted a buffer of 590 basis points above the M-MDA trigger, i.e. €38 billion in CET1 capital. At this date, the distance to the M-MDA trigger corresponded to the distance between the subordinated MREL ratio and the corresponding requirement. The Crédit Agricole Group’s 2025 target is to maintain a TLAC ratio greater than or equal to 26% of RWA excluding eligible senior preferred debt.

Liquidity and Funding

Liquidity is measured at Crédit Agricole Group level.

As of 31 December 2024, changes have been made to the presentation of the Group’s liquidity position (liquidity reserves and balance sheet, breakdown of long term debt). These changes are described in the 2024 Universal Registration Document.

Diversified and granular customer deposits remain stable compared to December 2024 (€1,148 billion at end-March 2025).

The Group’s liquidity reserves, at market value and after haircuts⁴⁶, amounted to €487 billion at 31 March 2025, up +€14 billion compared to 31 December 2024.

Liquidity reserves covered more than twice the short term debt net of treasury assets.

This increase in liquidity reserves is notably explained by:

The increase in the securities portfolio (HQLA and non-HQLA) for +€6 billion;
The increase in collateral already pledged to Central Banks and unencumbered for +€5 billion, including a €2 billion increase in self-securitisations;
The increase in central bank deposits for €3 billion.

Crédit Agricole Group also continued its efforts to maintain immediately available reserves (after recourse to ECB financing). Central bank eligible non-HQLA assets after haircuts amounted to €144 billion.

Standing at €1,691 billion at 31 March 2025, the Group’s liquidity balance sheet shows a surplus of stable funding resources over stable application of funds of €197 billion, up +€20 billion compared with end-December 2024. This surplus remains well above the Medium-Term Plan target of €110bn-€130bn.

Long term debt was €315 billion at 31 March 2025, up compared with end-December 2024. This included:

Senior secured debt of €89 billion, up +€5 billion;
Senior preferred debt of €162 billion, up +€3 billion due to the increase in entities’ issuances;
Senior non-preferred debt of €40 billion, up +€3 billion due to the MREL/TLAC eligible debt;
And Tier 2 securities of €24 billion, down -€1 billion.

Credit institutions are subject to a threshold for the LCR ratio, set at 100% on 1 January 2018.

At 31 March 2025, the average LCR ratios (calculated on a rolling 12-month basis) were 139% for Crédit Agricole Group (representing a surplus of €92 billion) and 144% for Crédit Agricole S.A. (representing a surplus of €89 billion). They were higher than the Medium-Term Plan target (around 110%).

In addition, the NSFR of Crédit Agricole Group and Crédit Agricole S.A. exceeded 100%, in accordance with the regulatory requirement applicable since 28 June 2021 and above the Medium-Term Plan target (>100%).

The Group continues to follow a prudent policy as regards medium-to-long-term refinancing, with a very diversified access to markets in terms of investor base and products.

At 31 March 2025, the Group’s main issuers raised the equivalent of €15.6 billion⁴⁷in medium-to-long-term debt on the market, 82% of which was issued by Crédit Agricole S.A.

In particular, the following amounts are noted for the Group excluding Crédit Agricole S.A.:

Crédit Agricole Assurances issued €750 million in RT1 Perpetual NC10.75 year;
Crédit Agricole Personal Finance & Mobility issued:
- €500 million in EMTN issuances through Crédit Agricole Auto Bank (CAAB);
- €420 million in securitisations through Agos;
Crédit Agricole Italia issued one senior secured debt issuance for a total of €1 billion;
Crédit Agricole next bank (Switzerland) issued two tranches in senior secured format for a total of 200 million Swiss francs, of which 100 million Swiss francs in Green Bond format.

At 31 March 2025, Crédit Agricole S.A. raised the equivalent of €11.2 billion through the market⁴⁸^,⁴⁹.

The bank raised the equivalent of €11.2 billion, of which €4.7 billion in senior non-preferred debt and €1.4 billion in Tier 2 debt, as well as €1.3 billion in senior preferred debt and €3.8 billion in senior secured debt at end-March. The financing comprised a variety of formats and currencies, including:

€1.75 billion⁵⁰^,⁵¹;
3.5 billion US dollars (€3.4 billion equivalent);
0.8 billion pounds sterling (€1 billion equivalent);
94.3 billion Japanese yen (€0.6 billion equivalent);
0.4 billion Singapore dollars (€0.3 billion equivalent);
0.6 billion Australian dollars (€0.4 billion equivalent).

At end-March, Crédit Agricole S.A. had issued 76%⁵²^,⁵³ of its funding plan in currencies other than the euro.

In addition, on 13 February 2025, Crédit Agricole S.A. issued a PerpNC10 AT1 bond for €1.5 billion at an initial rate of 5.875% and announced on 30 April 2025 the regulatory call exercise for the AT1 £ with £103m outstanding (XS1055037920) – ineligible, grandfathered until 28/06/2025 – to be redeemed on 30/06/2025.

The 2025 MLT market funding programme was set at €20 billion, with a balanced distribution between senior preferred or senior secured debt and senior non-preferred or Tier 2 debt.

The programme was 56% completed at 31 March 2025, with:

€3.8 billion in senior secured debt;
€1.3 billion equivalent in senior preferred debt;
€4.7 billion equivalent in senior non-preferred debt;
€1.4 billion equivalent in Tier 2 debt.

Appendix 1 – Credit Agricole Group : income statement by business line

Credit Agricole Group – Results by business line, Q1-25 and Q1-24

	Q1-25
€m	RB	LCL	IRB	AG	SFS	LC	CC	Total

Revenues	3,352	963	1,048	2,049	868	2,408	(640)	10,048
Operating expenses	(2,530)	(625)	(535)	(936)	(474)	(1,360)	468	(5,992)
Gross operating income	822	338	513	1,113	395	1,047	(172)	4,056
Cost of risk	(319)	(92)	(67)	(11)	(249)	25	(22)	(735)
Equity-accounted entities	6	–	–	28	36	6	–	75
Net income on other assets	3	1	(0)	(0)	0	0	0	4
Income before tax	511	247	445	1,130	182	1,078	(194)	3,399
Tax	(170)	(112)	(137)	(351)	(12)	(305)	46	(1,041)
Net income from discont’d or held-for-sale ope.	–	–	0	–	–	–	(0)	(0)
Net income	341	135	308	779	170	773	(148)	2,358
Non controlling interests	0	(0)	(42)	(101)	(21)	(36)	7	(193)
Net income Group Share	341	135	266	679	148	738	(141)	2,165

	Q1-24
€m	RB	LCL	IRB	AG	SFS	LC	CC	Total

Revenues	3,314	954	1,081	1,793	846	2,266	(728)	9,525
Operating expenses	(2,484)	(602)	(524)	(754)	(454)	(1,297)	527	(5,589)
Gross operating income	830	351	556	1,039	392	969	(201)	3,936
Cost of risk	(247)	(119)	(84)	(3)	(219)	33	(13)	(651)
Equity-accounted entities	5	–	–	29	30	4	–	68
Net income on other assets	2	2	(0)	(8)	(0)	0	(2)	(7)
Income before tax	589	234	472	1,056	203	1,006	(216)	3,347
Tax	(147)	(53)	(143)	(220)	(42)	(235)	85	(755)
Net income from discont’d or held-for-sale ope.	–	–	–	–	–	–	–	–
Net income	442	181	330	837	161	772	(131)	2,592
Non controlling interests	(0)	(0)	(51)	(112)	(19)	(34)	7	(208)
Net income Group Share	442	181	279	725	142	738	(123)	2,384

Appendix 2 – Credit Agricole S.A. : Income statement by business line

Crédit Agricole S.A. – Résults by business line, Q1-25 and Q1-24

	Q1-25
En m€	AG	LC	SFS	FRB (LCL)	IRB	CC	Total

Revenues	2,058	2,408	868	963	1,025	(67)	7,256
Operating expenses	(936)	(1,360)	(474)	(625)	(515)	(81)	(3,991)
Gross operating income	1,123	1,048	395	338	511	(148)	3,266
Cost of risk	(11)	25	(249)	(92)	(66)	(21)	(413)
Equity-accounted entities	28	6	36	–	–	(22)	47
Net income on other assets	(0)	0	0	1	(0)	0	1
Income before tax	1,139	1,078	182	247	444	(191)	2,900
Tax	(352)	(305)	(12)	(112)	(137)	92	(827)
Net income from discontinued or held-for-sale operations	–	–	–	–	0	–	0
Net income	787	774	170	135	308	(99)	2,073
Non controlling interests	(107)	(50)	(21)	(6)	(62)	(3)	(249)
Net income Group Share	680	723	148	129	246	(102)	1,824

	Q1-24
En m€	AG	LC	SFS	FRB (LCL)	IRB	CC	Total

Revenues	1,789	2,266	846	954	1,057	(107)	6,806
Operating expenses	(754)	(1,297)	(454)	(602)	(505)	(56)	(3,669)
Gross operating income	1,035	969	392	351	552	(163)	3,137
Cost of risk	(3)	33	(219)	(119)	(82)	(11)	(400)
Equity-accounted entities	29	4	30	–	–	(20)	43
Net income on other assets	(8)	0	(0)	2	(0)	–	(6)
Income before tax	1,053	1,006	203	234	470	(194)	2,773
Tax	(220)	(235)	(42)	(53)	(142)	82	(610)
Net income from discontinued or held-for-sale operations	–	–	–	–	–	–	–
Net income	834	772	161	181	328	(112)	2,163
Non controlling interests	(117)	(50)	(19)	(8)	(71)	5	(259)
Net income Group Share	716	722	142	173	257	(107)	1,903

Appendix 3 – Data per share

Credit Agricole S.A. – Earnings p/share, net book value p/share and RoTE

(€m)

Q1-2025
Q1-2024

Net income Group share

1,824
1,903

– Interests on AT1, including issuance costs, before tax

(129)
(138)

– Foreign exchange impact on reimbursed AT1

–
(247)

NIGS attributable to ordinary shares

[A]
1,695
1,518

Average number shares in issue, excluding treasury shares (m)

[B]
3,025
3,018

Net earnings per share

[A]/[B]
0.56 €
0.50 €

(€m)

31/03/2025
31/03/2024

Shareholder’s equity Group share

77,378
72,429

– AT1 issuances

(8,726)
(7,184)

– Unrealised gains and losses on OCI – Group share

1,222
1,021

– Payout assumption on annual results*

(3,327)
(3,181)

Net book value (NBV), not revaluated, attributable to ordin. sh.

[D]
66,546
63,086

– Goodwill & intangibles** – Group share

(17,764)
(17,280)

Tangible NBV (TNBV), not revaluated attrib. to ordinary sh.

[E]
48,783
45,807

Total shares in issue, excluding treasury shares (period end, m)

[F]
3,025
3,026

NBV per share , after deduction of dividend to pay (€)
+ Dividend to pay (€)

TNBV per share, after deduction of dividend to pay (€)

TNBV per sh., before deduct. of divid. to pay (€)

[D]/[F]
22.0 €
20.9 €

[H]
1.10 €
1.05 €

[G]=[E]/[F]
16.1 €
15.1 €

[G]+[H]
17.2 €
16.2 €

* dividend proposed to the Board meeting to be paid

** including goodwill in the equity-accounted entities

(€m)

Q1-25
Q1-24

Net income Group share

[K]
1,824
1,903

Impairment of intangible assets

[L]
0
0

Additional corporate tax

[LL]
-123
–

IFRIC

[M]
-173
-110

NIGS annualised (1)

[N]
8,111
7,944

Interests on AT1, including issuance costs, before tax, foreign exchange impact, annualised

[O]
-515
-799

Result adjusted

[P] = [N]+[O]
7,596
7,145

Tangible NBV (TNBV), not revaluated attrib. to ord. sh. – avg *** (2)

[J]
47,752
44,671

Stated ROTE adjusted (%)

= [P] / [J]
15.9%
16.0%

*** including assumption of dividend for the current exercice

(1) ROTE calculated on the basis of an annualised net income Group share and linearised IFRIC costs over the year
(2) Average of the NTBV not revalued attributable to ordinary shares, calculated between 31/12/2024 and 21/03/2025 (line [E]), restated with an assumption of dividend for current exercises

Alternative Performance Indicators⁵⁴

NBV Net Book Value (not revalued)
The Net Book Value not revalued corresponds to the shareholders’ equity Group share from which the amount of the AT1 issues, the unrealised gains and/or losses on OCI Group share and the pay-out assumption on annual results have been deducted.

NBV per share Net Book Value per share – NTBV Net Tangible Book Value per share
One of the methods for calculating the value of a share. This represents the Net Book Value divided by the number of shares in issue at end of period, excluding treasury shares.

Net Tangible Book Value per share represents the Net Book Value after deduction of intangible assets and goodwill, divided by the number of shares in issue at end of period, excluding treasury shares.

EPS Earnings per Share
This is the net income Group share, from which the AT1 coupon has been deducted, divided by the average number of shares in issue excluding treasury shares. It indicates the portion of profit attributable to each share (not the portion of earnings paid out to each shareholder, which is the dividend). It may decrease, assuming the net income Group share remains unchanged, if the number of shares increases.

Cost/income ratio
The cost/income ratio is calculated by dividing operating expenses by revenues, indicating the proportion of revenues needed to cover operating expenses.

Cost of risk/outstandings
Calculated by dividing the cost of credit risk (over four quarters on a rolling basis) by outstandings (over an average of the past four quarters, beginning of the period). It can also be calculated by dividing the annualised cost of credit risk for the quarter by outstandings at the beginning of the quarter. Similarly, the cost of risk for the period can be annualised and divided by the average outstandings at the beginning of the period.

Since the first quarter of 2019, the outstandings taken into account are the customer outstandings, before allocations to provisions.

The calculation method for the indicator is specified each time the indicator is used.

Doubtful loan
A doubtful loan is a loan in default. The debtor is considered to be in default when at least one of the following two conditions has been met:

a payment generally more than 90 days past due, unless specific circumstances point to the fact that the delay is due to reasons independent of the debtor’s financial situation.
the entity believes that the debtor is unlikely to settle its credit obligations unless it avails itself of certain measures such as enforcement of collateral security right.

Impaired loan
Loan which has been provisioned due to a risk of non-repayment.

Impaired (or non-performing) loan coverage ratio
This ratio divides the outstanding provisions by the impaired gross customer loans.

Impaired (or non-performing) loan ratio
This ratio divides the impaired gross customer loans on an individual basis, before provisions, by the total gross customer loans.

Net income Group share
Net income/(loss) for the financial year (after corporate income tax). Equal to net income Group share, less the share attributable to non-controlling interests in fully consolidated subsidiaries.

Net income Group share attributable to ordinary shares
The net income Group share attributable to ordinary shares represents the net income Group share from which the AT1 coupon has been deducted, including issuance costs before tax.

RoTE Return on Tangible Equity
The RoTE (Return on Tangible Equity) measures the return on tangible capital by dividing the Net income Group share annualised by the Group’s NBV net of intangibles and goodwill. The annualised Net income Group share corresponds to the annualisation of the Net income Group share (Q1x4; H1x2; 9Mx4/3) excluding impairments of intangible assets and restating each period of the IFRIC impacts in order to linearise them over the year.

Disclaimer

The financial information on Crédit Agricole S.A. and Crédit Agricole Group for first quarter 2025 comprises this presentation and the attached appendices and press release which are available on the website: https://www.credit-agricole.com/finance/publications-financieres.

This presentation may include prospective information on the Group, supplied as information on trends. This data does not represent forecasts within the meaning of EU Delegated Act 2019/980 of 14 March 2019 (Chapter 1, article 1, d).

This information was developed from scenarios based on a number of economic assumptions for a given competitive and regulatory environment. Therefore, these assumptions are by nature subject to random factors that could cause actual results to differ from projections. Likewise, the financial statements are based on estimates, particularly in calculating market value and asset impairment.

Readers must take all these risk factors and uncertainties into consideration before making their own judgement.

Applicable standards and comparability

The figures presented for the three-months period ending 31 March 2025 have been prepared in accordance with IFRS as adopted in the European Union and applicable at that date, and with regulations currently in force. This financial information does not constitute a set of financial statements for an interim period as defined by IAS 34 “Interim Financial Reporting” and has not been audited.

Note: The scopes of consolidation of the Crédit Agricole S.A. and Crédit Agricole groups have not changed materially since the Crédit Agricole S.A. 2024 Universal Registration Document and its A.01 update (including all regulatory information about the Crédit Agricole Group) were filed with the AMF (the French Financial Markets Authority).

The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding.

Other information

Crédit Agricole S.A.’s Combined General Meeting will take place on 14 May 2025 in Paris.

As announced at the time of the publication of Crédit Agricole S.A.’s 2024 results, the Board of Directors will propose to the General Meeting a cash dividend of €1.10 per share

26 May 2025: ex-dividend date
27 May 2025: Record date
28 May 2025: Dividend payment

Financial Agenda

14 May 2025                General Meeting
31 July 2025                Publication of the 2025 second quarter and the first half-year results
30 October 2025                Publication of the 2025 third quarter and first nine months results

Contacts

CREDIT AGRICOLE PRESS CONTACTS

CRÉDIT AGRICOLE S.A. INVESTOR RELATIONS CONTACTS

Institutional investors	+ 33 1 43 23 04 31	investor.relations@credit-agricole-sa.fr
Individual shareholders	+ 33 800 000 777 (freephone number – France only)	relation@actionnaires.credit-agricole.com

Cécile Mouton	+ 33 1 57 72 86 79	cecile.mouton@credit-agricole-sa.fr
Equity investor relations:
Jean-Yann Asseraf Fethi Azzoug	+ 33 1 57 72 23 81 + 33 1 57 72 03 75	jean-yann.asseraf@credit-agricole-sa.fr fethi.azzoug@credit-agricole-sa.fr
Oriane Cante	+ 33 1 43 23 03 07	oriane.cante@credit-agricole-sa.fr
Nicolas Ianna	+ 33 1 43 23 55 51	nicolas.ianna@credit-agricole-sa.fr
Leila Mamou	+ 33 1 57 72 07 93	leila.mamou@credit-agricole-sa.fr
Anna Pigoulevski	+ 33 1 43 23 40 59	anna.pigoulevski@credit-agricole-sa.fr


Debt investor and rating agency relations:
Gwenaëlle Lereste	+ 33 1 57 72 57 84	gwenaelle.lereste@credit-agricole-sa.fr
Florence Quintin de Kercadio	+ 33 1 43 23 25 32	florence.quintindekercadio@credit-agricole-sa.fr
Yury Romanov	+ 33 1 43 23 86 84	yury.romanov@credit-agricole-sa.fr

See all our press releases at: www.credit-agricole.com – www.creditagricole.info

1 Car, home, health, legal, all mobile phones or personal accident insurance.
2 CA Auto Bank, automotive JVs and automotive activities of other entities
3 Low-carbon energy outstandings made up of renewable energy produced by the clients of all Crédit Agricole Group entities, including nuclear energy outstandings for Crédit Agricole CIB.
4CAA outstandings (listed investments managed directly, listed investments managed under mandate and unlisted investments managed directly) and Amundi Transition Energétique.
5 Crédit Agricole Group outstandings, directly or via the EIB, dedicated to the environmental transition according to the Group’s internal sustainable assets framework, as of 31/12/2024. Change of method compared with the outstandings reported at 30/09/2024: with the same method, the outstandings at 31/12/2024 would be €115.5 billion.
6 Direct exposure to project financing of hydrocarbon extraction (gross exposure excl. export credit cover).

7 The cost of risk/outstandings (in basis points) on a four-quarter rolling basis is calculated on the cost of risk of the past four quarters divided by the average outstandings at the start of each of the four quarters
8 The cost of risk/outstandings (in basis points) on an annualised basis is calculated on the cost of risk of the quarter multiplied by four and divided by the outstandings at the start of the quarter
9 Average rate of loans to monthly production for January and February 2025.
10 Equipment rate – Home-Car-Health policies, Legal, All Mobile/Portable or personal accident insurance
11 Home Purchase Savings Plan base effect (reversal of the Home Purchase Savings Plan provision) in Q1-24 totalling +€41m in revenues and +€30m in net income Group share
12 Scope effect of Degroof Petercam revenues: +€164 million in the first quarter of 2025
13 Includes -€115 million in scope effect on Degroof Petercam

14 Provisioning rate calculated with outstandings in Stage 3 as denominator, and the sum of the provisions recorded in Stages 1, 2 and 3 as numerator.
15 The cost of risk/outstandings (in basis points) on a four-quarter rolling basis is calculated on the cost of risk of the past four quarters divided by the average outstandings at the start of each of the four quarters
16 The cost of risk/outstandings (in basis points) on an annualised basis is calculated on the cost of risk of the quarter multiplied by four and divided by the outstandings at the start of the quarter
17 See Appendixes for details on the calculation of the RoTE (return on tangible equity)
18 The annualised net income Group share corresponds to the annualisation of the net income Group share (Q1x4; H1x2; 9Mx4/3) by restating each period for IFRIC impacts and the corporate income tax surcharge to linearise them over the year
19 In local standards
20 Property and casualty insurance premium income includes a scope effect linked to the initial consolidation in Q2-24 of CATU (a property and casualty insurance entity in Poland) with retroactive effect at 1 January 2024: +7.7% Q1/Q1 increase in premium income at constant scope

21 Scope: property and casualty in France and abroad
22 Combined property & casualty ratio in France (Pacifica) including discounting and excluding undiscounting, net of reinsurance: (claims + operating expenses + fee and commission income)/gross premiums earned. Undiscounted ratio: 95.9% (-0.4 pp over the year)
23 The Agrica – Crédit Agricole Assurances – Groupama consortium chosen to ensure the new health care scheme for employees as of 01/01/25
24 Excluding JV
25 Excluding assets under custody for institutional clients
26 Amount of allocation of Contractual Service Margin (CSM), loss component and Risk Adjustment (RA), and operating variances net of reinsurance, in particular
27 Amount of allocation of CSM, loss component and RA, and operating variances net of reinsurance, in particular.
28 Net of reinsurance cost, including financial results
29 The charge on Tier 1 debt is recorded as a non-controlling interest while that of Tier 2 debt is deducted from the revenues.
30 Integration costs of -€7m in Q1-25 vs. -€13m in Q4-24, related to Victory and aixigo
31 Indosuez Wealth Management scope
32 Degroof Petercam data for the quarter included in Wealth Management results: Revenues of €164m and expenses of -€115m (excluding integration costs partly borne by Degroof Petercam)
33 Refinitiv LSEG
34 Bloomberg in EUR
35 ISB integration costs: -€9m in Q1-25 (€20m in Q1-24)
36 CA Auto Bank, automotive JVs and auto activities of other entities
37 CA Auto Bank and automotive JVs
38 Cost of risk for the last four quarters as a proportion of the average outstandings at the beginning of the period for the last four quarters.
39 Net of POCI outstandings
40 Source Abi Monthly Outlook April 2025: stable +0.0% March/March for all loans
41 At 31 March 2025 this scope includes the entities CA Italia, CA Polska, CA Egypt and CA Ukraine.

42 Over a rolling four quarter period.
43 SREP requirement applicable at 31 March 2025, including the combined capital buffer requirement (a) for Crédit Agricole Group a 2.5% capital conservation buffer, a 1% G-SIB buffer (which will increase to 1.5% on 1 January 2026 following the notification received from the ACPR on 27 November 2024), the countercyclical buffer set at 0.75%, as well as the 0.06% systemic risk buffer and (b) for Crédit Agricole S.A., a 2.5% capital conservation buffer, the countercyclical buffer set at 0.58% as well as the 0.09% systemic risk buffer.
44 As part of its annual resolvability assessment, Crédit Agricole Group has chosen to continue waiving the possibility offered by Article 72ter(3) of the Capital Requirements Regulation (CRR) to use senior preferred debt for compliance with its TLAC requirements in 2025.
45 In the event of non-compliance with the combined capital buffer requirement. The distributable elements of Crédit Agricole S.A. amounted to €42.9 billion, including €29.6 billion in distributable reserves and €13.3 billion in share premiums at 31 December 2024.
46From December 2024, securities within liquidity reserves are valued after discounting idiosyncratic stress (previously systemic stress) to better reflect the economic reality of central bank value.
47 Gross amount before buy-backs and amortisations
48 Gross amount before buy-backs and amortisations
49 Excl. AT1 issuances
50 Excl. AT1 issuances
51 Excl. senior secured issuances
52 Excl. AT1 issuances
53 Excl. senior secured issuances
54 APMs are financial indicators not presented in the financial statements or defined in accounting standards but used in the context of financial communications, such as net income Group share or RoTE. They are used to facilitate the understanding of the company’s actual performance. Each APM indicator is matched in its definition to accounting data.

Attachment

EN_CASA_PR_2025_Q1

The MIL Network –

April 30, 2025

MIL-OSI: Societe Generale: First quarter 2025 earnings

Source: GlobeNewswire (MIL-OSI)

RESULTS AT 31 MARCH 2025

Press release
Paris, 30 April 2025

STRONG QUARTERLY RESULTS, AHEAD OF OUR 2025 TARGETS

Quarterly revenues of EUR 7.1 billion, +6.6% vs. Q1 24 and +10.2% excluding asset disposals
(vs. an annual target of more than +3%). Positive contribution from all businesses, driven by a strong rebound in French Retail Banking, a solid performance of Global Banking and Investor Solutions and a sustained activity in Mobility, International Retail Banking and Financial Services

Strict cost management with operating expenses down -4.4% vs. Q1 24, excluding asset disposals. Ahead of our 2025 target to reduce operating expenses by more than -1%, excluding asset disposals

Cost-to-income ratio at 65.0% in Q1 25, ahead of our 2025 target (<66%)

Low cost of risk at 23 basis points in Q1 25, below the 2025 target of 25 to 30 basis points. The amount of S1/S2 provisions remains high at EUR 3.1 billion (more than 2x 2024 cost of risk), and has been further increased

Group net income of EUR 1,608 million, x2.4 vs. Q1 24

Profitability (ROTE) at 11.0%, ahead of our 2025 target of more than 8%. Even if restated for net gains on asset disposals of around EUR 200 million and considering a quarterly linear distribution of taxes (IFRIC 21) for an amount of around EUR 300 million, the ROTE stands at 10.9%

SOLID CAPITAL AND LIQUIDITY PROFILE

CET1 ratio of 13.4%¹ at end-Q1 25, around 320 basis points above the regulatory requirement

Liquidity Coverage Ratio at 140% at end-Q1 25

Provision for distribution of EUR 0.91² per share, at end-March 2025

Completion of the 2024 share buy-back programme of EUR 872 million

ORDERLY EXECUTION OF ASSET DISPOSALS

Disposal of SGEF’s activities completed on 28 February 2025, except for those in the Czech Republic and Slovakia, representing a positive impact of around +30 basis points on the Group’s CET1 ratio in Q1 25

Disposals of Societe Generale Private Banking Suisse and SG Kleinwort Hambros completed on 31 January 2025 and 31 March 2025, for a total impact of around +10 basis points on the Group’s CET1 ratio

Slawomir Krupa, the Group’s Chief Executive Officer, commented:
« We are releasing today a very good set of results. Our revenues have grown across all our businesses. Our costs and our cost-to-income ratio have decreased across all our businesses. Our first quarter results are above all our annual targets, putting us in a favourable position to achieve them, thanks to our disciplined execution and prudent and rigorous risk management. Since the presentation of our Strategic Plan, we have built a strong capital position, and we have delivered a steady and material increase in our performance. Our diversified and resilient model allows us to navigate efficiently in the current environment. This is the result of the precise execution of our strategy by fully focused and talented teams whom I warmly thank for their commitment. We measure how far we’ve come and how far we still have to go. We will therefore pursue our work with the same focus and discipline, confident in our ability to deliver our 2026 roadmap and beyond, a sustainable and profitable growth. »

GROUP CONSOLIDATED RESULTS

In EURm	Q1 25	Q1 24	Change
Net banking income	7,083	6,645	+6.6%	+9.9%*
Operating expenses	(4,604)	(4,980)	-7.6%	-4.6%*
Gross operating income	2,479	1,665	+48.9%	+53.0%*
Net cost of risk	(344)	(400)	-13.9%	-9.5%*
Operating income	2,135	1,265	+68.8%	+72.1%*
Net profits or losses from other assets	202	(80)	n/s	n/s
Income tax	(490)	(274)	+79.0%	+84.8%*
Net income	1,855	917	x 2.0	x 2.1*
O.w. non-controlling interests	247	237	+4.0%	+12.0%*
Group net income	1,608	680	x 2.4	x 2.4*
ROE	9.7%	3.6%
ROTE	11.0%	4.1%
Cost to income	65.0%	74.9%

Asterisks* in the document refer to data at constant perimeter and exchange rates

Societe Generale’s Board of Directors, which met on 29 April 2025 under the chairmanship of Lorenzo Bini Smaghi, examined the Societe Generale Group’s results for the first quarter of 2025.

Net banking income

Net banking income stood at EUR 7.1 billion, up +6.6% vs. Q1 24 and up +10.2% vs. Q1 24, excluding asset disposals.

Revenues of French Retail, Private Banking and Insurance were up +14.1% vs. Q1 24 (+16.5% excluding asset disposals and +2.5% excluding both asset disposals and short-term hedge impact) to stand at EUR 2.3 billion in Q1 25. Net interest income recovered sharply in Q1 25 (+28.4% vs. Q1 24) and was broadly stable when restated for asset disposals and short-term hedges accounted for in Q1 24 (around EUR -270 million). Assets under management in Private Banking and Insurance grew by +6% and +5%, respectively (excluding asset disposals in Switzerland and in the United Kingdom) in Q1 25 vs. Q1 24. Lastly, BoursoBank continued its strong commercial development with nearly 460,000 new customers during the quarter, reaching a customer base of around 7.6 million clients at end-March 2025.

Global Banking and Investor Solutions registered a +10.0% increase in revenues relative to Q1 24. These totalled EUR 2.9 billion for the quarter, driven by strong momentum in equities and in Financing and Advisory. Global Markets grew by +10.9% in Q1 25 vs. Q1 24. Equity revenues were up +21.8%, reaching a quarterly record level³, driven by strong momentum in flow and listed products. Fixed income and currencies were down -2.4% due to lower client activity on rates investment solutions and margin compression in financing activities. Commercial activity nevertheless remained buoyant in rates and forex brokerage due to high volatility. In Global Banking and Advisory, revenues are up +10.5% with a solid commercial momentum in asset finance. Furthermore, the performance was resilient in Mergers and Acquisitions (M&A) and Debt Capital Markets (DCM). Similarly, Global Transaction and Payment Services posted an +8.7% increase in revenues vs. Q1 24, driven by higher payment volumes with institutional clients and strong commercial development for corporate clients.

Mobility, International Retail Banking and Financial Services’ revenues were down -7.4% vs. Q1 24, mainly due to a perimeter effect of EUR -176 million in Q1 25. Excluding the impact of asset disposals, they were up +0.8%. International Retail Banking recorded a -12.1% fall in revenues vs. Q1 24 to EUR 0.9 billion, due to a perimeter effect related to the disposals completed in Africa (Morocco, Chad, Madagascar). They rose by +1.9% at constant perimeter and exchange rates. Revenues from Mobility and Financial Services were also down -3.0% vs. Q1 24 due to the disposal of SGEF’s operations (except for those in the Czech Republic and Slovakia) in Q1 25. Besides, Ayvens’ revenues were stable vs. Q1 24 owing to improved margins, offsetting the normalisation of the results of used car sales.

The Corporate Centre recorded revenues of EUR -112 million in Q1 25.

Operating expenses

Operating expenses came to EUR 4,604 million in Q1 25, down -7.6% vs. Q1 24 and -4.4% excluding asset disposals. The decrease in operating expenses is notably explained by a decrease in transformation charges of EUR 278 million, an increase of EUR 29 million related to taxes on variable compensation, an increase in expenses of EUR 22 million related to Bernstein perimeter, and EUR 5 million related to disposal transaction costs. Excluding these non-recurring items, operating expenses were slightly up, confirming the strong cost discipline.

The cost-to-income ratio stood at 65.0% in Q1 25, down sharply from Q1 24 (74.9%) and below the target of <66% estimated for 2025.

Cost of risk

The cost of risk was stable over the quarter at 23 basis points (or EUR 344 million). It comprises a provision for non-performing loans of EUR 330 million (around 22 basis points) and a provision for performing loans of EUR 14 million.

At end-March, the Group had a stock of provisions for performing loans of EUR 3,131 million, slightly up +0.4% compared with 31 December 2024, which represents more than 2x 2024 cost of risk.

The gross non-performing loan ratio stood at 2.82%⁴^,⁵ at 31 March 2025, broadly stable compared to its end – December 2024 level (2.81%). The net coverage ratio on the Group’s non-performing loans stood at 82%⁶ at 31 March 2025 (after netting of guarantees and collateral).

Net profits from other assets

The Group recorded a net gain of EUR +202 million in Q1 25, mainly related to the accounting impacts of completed asset sales of SGEF⁷, Societe Generale Private Banking Suisse and SG Kleinwort Hambros.

Group net Income

Group net income stood at EUR 1,608 million for the quarter, equating to a Return on Tangible Equity (ROTE) of 11.0%.

DELIVERING ON OUR ESG AMBITIONS

The Group is in line with its portfolio alignment targets in the most carbon-emitting sectors, including since 2019 a reduction of more than 50% in its upstream exposure to oil and gas, and a reduction of around 50% of its carbon emission intensity in power.

Reflecting progress on portfolio alignment, the Group’s contribution to sustainable finance amounted to around 80 billion euros at the end of 2024, ahead of its target of 500 billion euros for the 2024-2030 period.

The Group is well positioned to seize new opportunities in the environmental transition. Societe Generale has acted as exclusive financial advisor for the UK’s Net Zero Teesside Power and Northern Endurance Partnership projects, which aim to be the world’s first gas-fired power station project with carbon capture and storage.

These actions are recognized externally, with best-in-class ratings from extra-financial rating agencies and through numerous awards.

THE GROUP’S FINANCIAL STRUCTURE

At 31 March 2025, the Group’s Common Equity Tier 1 ratio stood at 13.4%, or around 320 basis points above the regulatory requirement. Likewise, the Liquidity Coverage Ratio (LCR) was well above regulatory requirements at 140% at end-March 2025 (an average of 150% for the quarter), while the Net Stable Funding Ratio (NSFR) stood at 115% at end-March 2025.

All liquidity and solvency ratios are well above the regulatory requirements.

	31/03/2025	31/12/2024	Requirements
CET1⁽¹⁾	13.4%	13.3%	10.22%
Tier 1 ratio⁽¹⁾	16.1%	16.1%	12.14%
Total Capital⁽¹⁾	19.1%	18.9%	14.70%
Leverage ratio⁽¹⁾	4.4%	4.3%	3.60%
TLAC (% RWA)⁽¹⁾	29.7%	29.7%	22.32%
TLAC (% leverage)⁽¹⁾	8.2%	8.0%	6.75%
MREL (% RWA)⁽¹⁾	33.3%	34.2%	27.59%
MREL (% leverage)⁽¹⁾	9.2%	9.2%	6.23%
End of period LCR	140%	162%	>100%
Period average LCR	150%	150%	>100%
NSFR	115%	117%	>100%

In EURbn	31/03/2025	31/12/2024
Total consolidated balance sheet	1,554	1,574
Group shareholders’ equity	71	70
Risk-weighted assets	393	390
O.w. credit risk	318	327
Total funded balance sheet	931	952
Customer loans	459	463
Customer deposits	596	614

⁸
As of 31 March 2025, the parent company has issued EUR 9.0 billion of medium/long-term debt under its 2025 financing programme, including EUR 4.5 billion of pre-financing raised at the end of 2024. The subsidiaries had issued EUR 1.0 billion. In all, the Group has issued a total of EUR 10.0 billion in medium/long-term debt.

At end of April 2025, the parent company’s 2025 funding programme is 54% complete for vanilla notes.

The Group is rated by four rating agencies: (i) FitchRatings – long-term rating “A-”, stable outlook, senior preferred debt rating “A”, short-term rating “F1”; (ii) Moody’s – long-term rating (senior preferred debt) “A1”, negative outlook, short-term rating “P-1”; (iii) R&I – long-term rating (senior preferred debt) “A”, stable outlook; and (iv) S&P Global Ratings – long-term rating (senior preferred debt) “A”, stable outlook, short-term rating “A-1”.

FRENCH RETAIL, PRIVATE BANKING AND INSURANCE

In EURm	Q1 25	Q1 24	Change
Net banking income	2,299	2,016	+14.1%	+16.5%*
Of which net interest income	1,061	827	+28.4%	+31.6%*
Of which fees	1,056	1,018	+3.7%	+6.2%*
Operating expenses	(1,566)	(1,728)	-9.4%	-6.6%*
Gross operating income	734	288	x 2.5	x 2.5*
Net cost of risk	(171)	(247)	-30.8%	-30.8%*
Operating income	563	41	x 13.7	x 11.2*
Net profits or losses from other assets	7	0	x 19.2	x 19.2*
Group net income	421	31	x 13.4	x 10.9*
Cost to income	68.1%	85.7%

Commercial activity

SG network, Private Banking and Insurance

The SG network’s average deposit outstandings amounted to EUR 230 billion in Q1 25, down -1% from Q1 24, with a shift of inflows into savings life insurance.

The SG network’s average loan outstandings contracted by -3% vs. Q1 24 to EUR 193 billion, and
by -1.8% vs. Q1 24 excluding repayments of state-guaranteed loans. Mortgage loan production saw a sharp increase of +115% vs. Q1 24.

The average loan-to-deposit ratio stood at 83.8% in Q1 25, down 1.1 percentage point relative to Q1 24.

In Private Banking, assets under management⁹ strongly rose by +6% vs. Q1 24 at EUR 130 billion. Net asset inflows totalled EUR 2 billion in Q1 25, with asset gathering (annualised net new money divided by AuM) standing at +6% in Q1 25. Net banking income came to EUR 361 million for the quarter, a +3.4% increase at constant perimeter¹ and exchange rates, down -3.9% vs. Q1 24.

Insurance, which covers activities in and outside France, posted a very strong commercial performance. Life insurance outstandings increased sharply by +5% vs. Q1 24 to reach a record EUR 148 billion at end- March 2025. The share of unit-linked products remained high at 40%. Gross life insurance savings inflows amounted to EUR 5.4 billion in Q1 25.

In France, personal protection and Property & Casualty premia were up by +4% vs. Q1 24.

BoursoBank

BoursoBank reached almost 7.6 million clients in Q1 25. The bank recorded growth of +20.7% in the number of clients vs. Q1 24 (+1.3 million year-on-year), with onboarding still high this quarter (~458,000 new clients in Q1 25) while the churn rate remained low.

BoursoBank has once again confirmed its leading position in France in terms of client satisfaction with an NPS (Net Promoter Score) of +54¹⁰. The online bank is also ranked as the best digital bank in France¹¹.

Average loan outstandings rose by +7.3% compared with Q1 24 to EUR 16 billion in Q1 25.

Average outstanding savings, including deposits and financial savings, totalled EUR 67 billion, an increase of +15.5% vs. Q1 24. Deposits outstanding totalled EUR 41 billion in Q1 25, posting another sharp increase of +16.3% vs. Q1 24. Average life insurance outstandings, at EUR 13 billion in Q1 25, rose by +8.9% vs. Q1 24 (of which 49.2% in unit-linked products). This activity continued to register strong gross inflows over the quarter (+24.6% vs. Q1 24, 57% in unit-linked products). The brokerage activity recorded more than 3 million transactions in Q1 25, a record quarter with an increase of +48.4%
vs. Q1 24.

Net banking income

In Q1 25, revenues came to EUR 2,299 million (including PEL/CEL provision), up +14.1% vs. Q1 24. Net interest income grew by +28.4% vs. Q1 24 and was broadly stable excluding asset disposals and the impact of short-term hedges in Q1 24. Fee income rose by +3.7% relative to Q1 24.

Operating expenses

Operating expenses came to EUR 1,566 million for the quarter, including around EUR 23 million euros of transformation charges, down -9.4% vs. Q1 24. The cost-to-income ratio stood at 68.1% in Q1 25, an improvement of 17.6 percentage points vs. Q1 24.

Cost of risk

In Q1 25, the cost of risk amounted to EUR 171 million, or 29 basis points, which was higher than in Q4 24 (20 basis points).

Group net Income

Group net income totalled EUR 421 million for the quarter. RONE stood at 9.5% in Q1 25.

GLOBAL BANKING AND INVESTOR SOLUTIONS

In EUR m	Q1 25	Q1 24	Change
Net banking income	2,896	2,631	+10.0%	+8.8%*
Operating expenses	(1,755)	(1,757)	-0.1%	-0.6%*
Gross operating income	1,140	874	+30.4%	+27.6%*
Net cost of risk	(55)	20	n/s	n/s
Operating income	1,085	894	+21.3%	+18.9%*
Group net income	856	697	+22.8%	+19.6%*
Cost to income	60.6%	66.8%	0	+0.0%*

Net banking income

Global Banking and Investor Solutions reported strong results in Q1 25, with revenues up +10.0% vs. Q1 24 to stand at EUR 2,896 million.

Global Markets and Investor Services recorded solid growth of +10.0% over the quarter compared with Q1 24, at EUR 1,922 million.

Market Activities grew in the first quarter with revenues of EUR 1,759 million, up +10.9% vs. Q1 24 in a volatile market environment.

The Equities business delivered a record performance¹² in Q1 25 with revenues of EUR 1,061 million, a sharp increase of +21.8% compared with Q1 24, driven by positive momentum particularly in flow and listed products.

Fixed Income and Currencies were slightly down -2.4% to EUR 698 million in Q1 25, due to lower client activity on rates investment solutions and margin compression in financing activities. Commercial momentum also remained strong in flow activities, particularly for rates and forex products, driven by higher volatility.

In Securities Services, revenues were up +1.4% compared with Q1 24 at EUR 163 million and overall stable (-0.2%) excluding participation. The level of fees is good in comparison to a high Q1 24, notably thanks to a strong commercial performance in fund distribution. Assets under Custody and Assets under Administration amounted to EUR 5,194 billion and EUR 637 billion, respectively.

Revenues for the Financing and Advisory business totalled EUR 973 million, a sharp increase of +10.0% vs. Q1 24.

Global Banking & Advisory posted significant revenues, up +10.5% compared with Q1 24, driven by buoyant activity in asset finance. Asset-Backed Products are steady despite less conducive market conditions compared to Q1 24. Furthermore, the performance was resilient in Mergers and Acquisitions (M&A) and Debt Capital Markets (DCM).

Global Transaction & Payment Services once again delivered a strong performance compared with Q1 24, with a sharp increase in revenues of +8.7%, notably due to higher payment volumes with institutional clients and good commercial performance on the corporate franchise.

Operating expenses

Operating expenses came to EUR 1,755 million for the quarter and included around EUR 12 million in transformation charges. These are stable relative to Q1 24. The cost-to-income ratio stood at 60.6% in Q1 25.

Cost of risk

Over the quarter, the cost of risk was EUR 55 million, or 13 basis points vs. -5 basis points in Q1 24.

Group net Income

Group net income increased by +22.8% vs. Q1 24 to EUR 856 million.

Global Banking and Investor Solutions reported a strong RONE of 18.7% for the quarter.

MOBILITY, INTERNATIONAL RETAIL BANKING AND FINANCIAL SERVICES

In EURm	Q1 25	Q1 24	Change
Net banking income	2,000	2,161	-7.4%	+1.1%*
Operating expenses	(1,180)	(1,350)	-12.6%	-4.8%*
Gross operating income	820	810	+1.2%	+10.8%*
Net cost of risk	(124)	(182)	-31.8%	-23.1%*
Operating income	696	629	+10.7%	+20.3%*
Net profits or losses from other assets	0	4	-98.3%	-98.3%*
Non-controlling interests	212	195	+8.3%	+16.1%*
Group net income	319	278	+14.5%	+24.4%*
Cost to income	59.0%	62.5%

Commercial activity

International Retail Banking

International Retail Banking posted robust commercial activity with loan outstandings of
EUR 61 billion, up +4.3%* vs. Q1 24, and deposits of EUR 75 billion, slightly up +1.1%* vs. Q1 24.

In Europe, loan outstandings rose by 6.1%* vs. Q1 24 to EUR 45 billion in Q1 25 for both client segments of KB and BRD, particularly in home loans. Deposit outstandings totalled EUR 55 billion in
Q1 25, slightly up +0.6%* vs. Q1 24, mainly driven by Romania.

Overall, loan outstandings in Africa, Mediterranean Basin and French Overseas Territories amounted to EUR 16 billion, broadly stable* vs. Q1 24, with mixed situations across geographies. Deposit outstandings increased by +2.5%* vs. Q1 24 to EUR 20 billion in Q1 25, mainly driven by sight deposits from corporate clients.

Mobility and Financial Services

Overall, Mobility and Financial Services maintained a good commercial performance.

Ayvens’ earning assets totalled EUR 53.5 billion at end-March 2025, a +1.4% increase vs. end-March 2024.

Consumer Finance posted loans outstanding of EUR 23 billion, still down -3.0% vs. Q1 24, but decreasing at a slower pace than previously.

Net banking income

In Q1 25, Mobility, International Retail Banking and Financial Services recorded revenues of EUR 2,000 million, up slightly (+1.1%* vs. Q1 24).

International Retail Banking revenues increased slightly by +1.9%* vs. Q1 24, to EUR 913 million in
Q1 25.

Revenues in Europe increased by +5.4%* vs. Q1 24, to EUR 520 million in Q1 25. This robust growth, both in the Czech Republic and Romania, was driven by a solid performance of net interest income and a sharp increase in fees.

In Africa, Mediterranean Basin and French Overseas Territories, revenues remained high at
EUR 393 million in Q1 25, a slight down -2.3%* compared with a strong first quarter of 2024.

Overall, revenues from Mobility and Financial Services were stable* vs. Q1 24, to EUR 1,087 million in Q1 25.

At Ayvens, net banking income stood at EUR 796 million in Q1 25, stable vs. Q1 24, with an increase in margins¹³. Margins are continuing to improve, standing at 562 basis points in Q1 25, vs. 522 basis points in Q1 24. The secondary market for vehicle sales is gradually returning to normal, as expected, with an average profit margin per vehicle of EUR 1,229¹⁴ per unit this quarter, vs. EUR 1,267² in Q4 24 and
EUR 1,661¹ in Q1 24. At its level, Ayvens has a cost-to-income ratio of 58.0%¹⁵, in line with the 2025 target (57%-59%).

Revenues for the Consumer Finance business stabilised vs. Q1 24 at EUR 223 million in Q1 25.

Operating expenses

Over the quarter, operating expenses decreased significantly by -4.8%* vs. Q1 24, to EUR 1,180 million in Q1 25 (of which EUR 39 million of transformation charges). The cost-to-income ratio improved in Q1 25 to 59.0% vs. 62.5% in Q1 24.

International Retail Banking posted costs of EUR 546 million in Q1 25, down by -3.2%* vs. Q1 24.

Mobility and Financial Services costs reached EUR 635 million in Q1 25, a sharp decrease of -6.1%*
vs. Q1 24, with cost synergies materialising at Ayvens driven by the continued LeasePlan integration.

Cost of risk

Over the quarter, the cost of risk amounted to EUR 124 million or 31 basis points, which was considerably lower than in Q1 24 (43 basis points).

Group net Income

Over the quarter, Group net income came to EUR 319 million, up +24.4%* vs. Q1 24. RONE stood at 11.2% in Q1 25. RONE was 14.1% in International Retail Banking and 9.4% in Mobility and Financial Services in Q1 25.

CORPORATE CENTRE

In EURm	Q1 25	Q1 24
Net banking income	(112)	(162)
Operating expenses	(103)	(145)
Gross operating income	(215)	(308)
Net cost of risk	6	9
Net profits or losses from other assets	192	(84)
Income tax	61	90
Group net income	12	(327)

The Corporate Centre includes:

the property management of the Group’s head office,
the Group’s equity portfolio,
the Treasury function for the Group,
certain costs related to cross-functional projects, as well as several costs incurred by the Group that are not re-invoiced to the businesses.

Net banking income

The Corporate Centre’s net banking income totalled EUR -112 million for the quarter, vs. EUR – 162 million in Q1 24, notably thanks to management actions to more efficiently use excess liquidity.

Operating expenses

Over the quarter, operating expenses totalled EUR -103 million, vs. EUR -145 million in Q1 24, notably thanks to a decrease in transformation charges.

Net profits from other assets

The Group recorded EUR +192 million in net profits from other assets during the quarter at the Corporate Centre level, notably following asset disposals of SGEF¹⁶, Societe Generale Private Banking Suisse and SG Kleinwort Hambros.

Group net Income

The Corporate Centre’s net income totalled EUR +12 million for the quarter, vs. EUR -327 million
in Q1 24.

2025 FINANCIAL CALENDAR

2025 Financial communication calendar

May 20^th, 2025 Combined General Meeting
May 26^th, 2025 Dividend detachment
May 28^th, 2025 Dividend payment
July 31^st, 2025 Second quarter and first half 2025 results
October 30^th, 2025 Third quarter and nine months 2025 results

The Alternative Performance Measures, notably the notions of net banking income for the pillars, operating expenses, cost of risk in basis points, ROE, ROTE, RONE, net assets and tangible net assets are presented in the methodology notes, as are the principles for the presentation of prudential ratios.

This document contains forward-looking statements relating to the targets and strategies of the Societe Generale Group.

These forward-looking statements are based on a series of assumptions, both general and specific, in particular the application of accounting principles and methods in accordance with IFRS (International Financial Reporting Standards) as adopted in the European Union, as well as the application of existing prudential regulations.

These forward-looking statements have also been developed from scenarios based on a number of economic assumptions in the context of a given competitive and regulatory environment. The Group may be unable to:

– anticipate all the risks, uncertainties or other factors likely to affect its business and to appraise their potential consequences;

– evaluate the extent to which the occurrence of a risk or a combination of risks could cause actual results to differ materially from those provided in this document and the related presentation.

Therefore, although Societe Generale believes that these statements are based on reasonable assumptions, these forward-looking statements are subject to numerous risks and uncertainties, including matters not yet known to it or its management or not currently considered material, and there can be no assurance that anticipated events will occur or that the objectives set out will actually be achieved. Important factors that could cause actual results to differ materially from the results anticipated in the forward-looking statements include, among others, overall trends in general economic activity and in Societe Generale’s markets in particular, regulatory and prudential changes, and the success of Societe Generale’s strategic, operating and financial initiatives.

More detailed information on the potential risks that could affect Societe Generale’s financial results can be found in the section “Risk Factors” in our Universal Registration Document filed with the French Autorité des Marchés Financiers (which is available on https://investors.societegenerale.com/en).

Investors are advised to take into account factors of uncertainty and risk likely to impact the operations of the Group when considering the information contained in such forward-looking statements. Other than as required by applicable law, Societe Generale does not undertake any obligation to update or revise any forward-looking information or statements. Unless otherwise specified, the sources for the business rankings and market positions are internal.

APPENDIX 1: FINANCIAL DATA

GROUP NET INCOME BY CORE BUSINESS

In EURm	Q1 25	Q1 24	Variation
French Retail, Private Banking and Insurance	421	31	x 13.4
Global Banking and Investor Solutions	856	697	+22.8%
Mobility, International Retail Banking & Financial Services	319	278	+14.5%
Core Businesses	1,596	1,007	+58.5%
Corporate Centre	12	(327)	n/s
Group	1,608	680	x 2.4

MAIN EXCEPTIONAL ITEMS

In EURm	Q1 25	Q1 24
Operating expenses – Total one-off items and transformation charges	(74)	(352)
Transformation charges	(74)	(352)
Of which French Retail, Private Banking and Insurance	(23)	(81)
Of which Global Banking & Investor Solutions	(12)	(154)
Of which Mobility, International Retail Banking & Financial Services	(39)	(69)
Of which Corporate Centre	0	(47)

Other one-off items – Total	202	(80)
Net profits or losses from other assets	202	(80)

CONSOLIDATED BALANCE SHEET

In EUR m	31/03/2025	31/12/2024
Cash, due from central banks	169,891	201,680
Financial assets at fair value through profit or loss	548,999	526,048
Hedging derivatives	8,171	9,233
Financial assets at fair value through other comprehensive income	99,248	96,024
Securities at amortised cost	41,224	32,655
Due from banks at amortised cost	91,527	84,051
Customer loans at amortised cost	447,815	454,622
Revaluation differences on portfolios hedged against interest rate risk	(480)	(292)
Insurance and reinsurance contracts assets	545	615
Tax assets	4,170	4,687
Other assets	73,618	70,903
Non-current assets held for sale	2,911	26,426
Investments accounted for using the equity method	414	398
Tangible and intangible fixed assets	61,250	61,409
Goodwill	5,085	5,086
Total	1,554,388	1,573,545

In EUR m	31/03/2025	31/12/2024
Due to central banks	10,661	11,364
Financial liabilities at fair value through profit or loss	405,056	396,614
Hedging derivatives	14,028	15,750
Debt securities issued	154,356	162,200
Due to banks	100,825	99,744
Customer deposits	521,141	531,675
Revaluation differences on portfolios hedged against interest rate risk	(6,168)	(5,277)
Tax liabilities	2,301	2,237
Other liabilities	96,417	90,786
Non-current liabilities held for sale	2,560	17,079
Insurance and reinsurance contracts liabilities	152,899	150,691
Provisions	4,098	4,085
Subordinated debts	16,148	17,009
Total liabilities	1,474,322	1,493,957
Shareholder’s equity	–	–
Shareholders’ equity, Group share	–	–
Issued common stocks and capital reserves	20,812	21,281
Other equity instruments	9,873	9,873
Retained earnings	37,863	33,863
Net income	1,608	4,200
Sub-total	70,156	69,217
Unrealised or deferred capital gains and losses	400	1,039
Sub-total equity, Group share	70,556	70,256
Non-controlling interests	9,510	9,332
Total equity	80,066	79,588
Total	1,554,388	1,573,545

APPENDIX 2: METHODOLOGY

1 –The financial information presented for the first quarter 2025 was examined by the Board of Directors on April 29^th, 2025 and has been prepared in accordance with IFRS as adopted in the European Union and applicable at that date. The information has not been audited.

2 – Net banking income

The pillars’ net banking income is defined on page 38 of Societe Generale’s 2025 Universal Registration Document. The terms “Revenues” or “Net Banking Income” are used interchangeably. They provide a normalised measure of each pillar’s net banking income taking into account the normative capital mobilised for its activity.

3 – Operating expenses

Operating expenses correspond to the “Operating Expenses” as presented in note 5 to the Group’s consolidated financial statements as at December 31^st, 2024. The term “costs” is also used to refer to Operating Expenses. The Cost/Income Ratio is defined on page 38 of Societe Generale’s 2025 Universal Registration Document.

4 – Cost of risk in basis points, coverage ratio for doubtful outstandings

The cost of risk is defined on pages 39 and 748 of Societe Generale’s 2025 Universal Registration Document. This indicator makes it possible to assess the level of risk of each of the pillars as a percentage of balance sheet loan commitments, including operating leases.

In EURm		Q1 25	Q1 24
French Retail, Private Banking and Insurance	Net Cost Of Risk	171	247
	Gross loan Outstandings	233,536	238,394
	Cost of Risk in bps	29	41
Global Banking and Investor Solutions	Net Cost Of Risk	55	(20)
	Gross loan Outstandings	172,782	162,457
	Cost of Risk in bps	13	(5)
Mobility, International Retail Banking & Financial Services	Net Cost Of Risk	124	182
	Gross loan Outstandings	159,126	167,892
	Cost of Risk in bps	31	43
Corporate Centre	Net Cost Of Risk	(6)	(9)
	Gross loan Outstandings	25,592	23,365
	Cost of Risk in bps	(9)	(15)
Societe Generale Group	Net Cost Of Risk	344	400
	Gross loan Outstandings	591,036	592,108
	Cost of Risk in bps	23	27

The gross coverage ratio for doubtful outstandings is calculated as the ratio of provisions recognised in respect of the credit risk to gross outstandings identified as in default within the meaning of the regulations, without taking account of any guarantees provided. This coverage ratio measures the maximum residual risk associated with outstandings in default (“doubtful”).

5 – ROE, ROTE, RONE

The notions of ROE (Return on Equity) and ROTE (Return on Tangible Equity), as well as their calculation methodology, are specified on pages 39 and 40 of Societe Generale’s 2025 Universal Registration Document. This measure makes it possible to assess Societe Generale’s return on equity and return on tangible equity.
RONE (Return on Normative Equity) determines the return on average normative equity allocated to the Group’s businesses, according to the principles presented on page 40 of Societe Generale’s 2025 Universal Registration Document. Starting from Q1 25 results, normative return to businesses is based on a 13% capital allocation. The Q1 25 allocated capital includes the regulatory impacts related to Basel IV, applicable since 1 January 2025.
Group net income used for the ratio numerator is the accounting Group net income adjusted for “Interest paid and payable to holders of deeply subordinated notes and undated subordinated notes, issue premium amortisation”. For ROTE, income is also restated for goodwill impairment.
Details of the corrections made to the accounting equity in order to calculate ROE and ROTE for the period are given in the table below:

ROTE calculation: calculation methodology

End of period (in EURm)	Q1 25	Q1 24
Shareholders’ equity Group share	70,556	67,342
Deeply subordinated and undated subordinated notes	(10,153)	(10,166)
Interest payable to holders of deeply & undated subordinated notes, issue premium amortisation⁽¹⁾	(60)	(71)
OCI excluding conversion reserves	582	696
Distribution provision⁽²⁾	(710)	(256)
Distribution N-1 to be paid	(1,718)	(999)
ROE equity end-of-period	58,496	56,545
Average ROE equity	58,609	56,522
Average Goodwill⁽³⁾	(4,191)	(4,006)
Average Intangible Assets	(2,835)	(2,956)
Average ROTE equity	51,583	49,560

Group net Income	1,608	680
Interest paid and payable to holders of deeply subordinated notes and undated subordinated notes, issue premium amortisation	(188)	(166)
Adjusted Group net Income	1,420	514
ROTE	11.0%	4.1%

¹⁷¹⁸¹⁹

RONE calculation: Average capital allocated to Core Businesses (in EURm)

In EURm	Q1 25	Q1 24	Change
French Retail, Private Banking and Insurance	17,687	16,518	+7.1%
Global Banking and Investor Solutions	18,324	16,011	+14.4%
Mobility, International Retail Banking & Financial Services	11,376	11,252	+1.1%
Core Businesses	47,386	43,781	+8.2%
Corporate Centre	11,223	12,741	-11.9%
Group	58,609	56,522	+3.7%

6 – Net assets and tangible net assets

Net assets and tangible net assets are defined in the methodology, page 41 of the Group’s 2025 Universal Registration Document. The items used to calculate them are presented below:
²⁰²¹

End of period (in EURm)	Q1 25	2024	2023
Shareholders’ equity Group share	70,556	70,256	65,975
Deeply subordinated and undated subordinated notes	(10,153)	(10,526)	(9,095)
Interest of deeply & undated subordinated notes, issue premium amortisation⁽¹⁾	(60)	(25)	(21)
Book value of own shares in trading portfolio	(44)	8	36
Net Asset Value	60,299	59,713	56,895
Goodwill⁽²⁾	(4,175)	(4,207)	(4,008)
Intangible Assets	(2,798)	(2,871)	(2,954)
Net Tangible Asset Value	53,326	52,635	49,933

Number of shares used to calculate NAPS⁽³⁾	783,671	796,498	796,244
Net Asset Value per Share	76.9	75.0	71.5
Net Tangible Asset Value per Share	68.0	66.1	62.7

7 – Calculation of Earnings Per Share (EPS)

The EPS published by Societe Generale is calculated according to the rules defined by the IAS 33 standard (see pages 40-41 of Societe Generale’s 2025 Universal Registration Document). The corrections made to Group net income in order to calculate EPS correspond to the restatements carried out for the calculation of ROE and ROTE.
The calculation of Earnings Per Share is described in the following table:

Average number of shares (thousands)	Q1 25	2024	2023
Existing shares	800,317	801,915	818,008
Deductions
Shares allocated to cover stock option plans and free shares awarded to staff	2,586	4,402	6,802
Other own shares and treasury shares	7,646	2,344	11,891
Number of shares used to calculate EPS⁽⁴⁾	790,085	795,169	799,315
Group net Income (in EUR m)	1,608	4,200	2,493
Interest on deeply subordinated notes and undated subordinated notes (in EUR m)	(188)	(720)	(759)
Adjusted Group net income (in EUR m)	1,420	3,481	1,735
EPS (in EUR)	1.80	4.38	2.17

²²²³
8 – Solvency and leverage ratios

Shareholder’s equity, risk-weighted assets and leverage exposure are calculated in accordance with applicable CRR3/CRD6 rules, including the procedures provided by the regulation for the calculation of phased-in and fully loaded ratios. The solvency ratios and leverage ratio are presented on a pro-forma basis for the current year’s accrued results, net of dividends, unless otherwise stated.

9 – Funded balance sheet, loan to deposit ratio

The funded balance sheet is based on the Group financial statements. It is obtained in two steps:

A first step aiming at reclassifying the items of the financial statements into aggregates allowing for a more economic reading of the balance sheet. Main reclassifications:

Insurance: grouping of the accounting items related to insurance within a single aggregate in both assets and liabilities.
Customer loans: include outstanding loans with customers (net of provisions and write-downs, including net lease financing outstanding and transactions at fair value through profit and loss); excludes financial assets reclassified under loans and receivables in accordance with the conditions stipulated by IFRS 9 (these positions have been reclassified in their original lines).
Wholesale funding: includes interbank liabilities and debt securities issued. Financing transactions have been allocated to medium/long-term resources and short-term resources based on the maturity of outstanding, more or less than one year.
Reclassification under customer deposits of the share of issues placed by French Retail Banking networks (recorded in medium/long-term financing), and certain transactions carried out with counterparties equivalent to customer deposits (previously included in short term financing).
Deduction from customer deposits and reintegration into short-term financing of certain transactions equivalent to market resources.

A second step aiming at excluding the contribution of insurance subsidiaries, and netting derivatives, repurchase agreements, securities borrowing/lending, accruals and “due to central banks”.

The Group loan/deposit ratio is determined as the division of the customer loans by customer deposits as presented in the funded balance sheet.

NB (1) The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding rules.
(2) All the information on the results for the period (notably: press release, downloadable data, presentation slides and supplement) is available on Societe Generale’s website www.societegenerale.com in the “Investor” section.

Societe Generale

Societe Generale is a top tier European Bank with around 119,000 employees serving more than 26 million clients in 62 countries across the world. We have been supporting the development of our economies for 160 years, providing our corporate, institutional, and individual clients with a wide array of value-added advisory and financial solutions. Our long-lasting and trusted relationships with the clients, our cutting-edge expertise, our unique innovation, our ESG capabilities and leading franchises are part of our DNA and serve our most essential objective – to deliver sustainable value creation for all our stakeholders.

The Group runs three complementary sets of businesses, embedding ESG offerings for all its clients:

French Retail, Private Banking and Insurance, with leading retail bank SG and insurance franchise, premium private banking services, and the leading digital bank BoursoBank.
Global Banking and Investor Solutions, a top tier wholesale bank offering tailored-made solutions with distinctive global leadership in equity derivatives, structured finance and ESG.
Mobility, International Retail Banking and Financial Services, comprising well-established universal banks (in Czech Republic, Romania and several African countries), Ayvens (the new ALD I LeasePlan brand), a global player in sustainable mobility, as well as specialized financing activities.

Committed to building together with its clients a better and sustainable future, Societe Generale aims to be a leading partner in the environmental transition and sustainability overall. The Group is included in the principal socially responsible investment indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg Gender-Equality Index, Refinitiv Diversity and Inclusion Index, Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders indexes, and the MSCI Low Carbon Leaders Index (World and Europe).

In case of doubt regarding the authenticity of this press release, please go to the end of the Group News page on societegenerale.com website where official Press Releases sent by Societe Generale can be certified using blockchain technology. A link will allow you to check the document’s legitimacy directly on the web page.

For more information, you can follow us on Twitter/X @societegenerale or visit our website societegenerale.com.

1 Including Basel IV phasing
2 Based on a pay-out ratio of 50% of the Group net income restated from non-cash items and after deduction of interest on deeply subordinated notes and undated subordinated notes, pro forma including Q1 25 results
3 At comparable business model post GFC (Global Financial Crisis) regulatory regime
4 Ratio calculated according to EBA methodology published on 16 July 2019
5 Ratio excluding loans outstanding of companies currently being disposed of in compliance with IFRS 5
6 Ratio of S3 provisions, guarantees and collaterals over gross outstanding non-performing loans
7 Except for operations in the Czech Republic and Slovakia
8 Including Basel IV phasing and pro forma Q1 25 results
NB: SG network, Private Banking and Insurance – end Q1 25 loans and deposits exclude disposals
9 Excluding asset disposals in Switzerland and the United Kingdom
10 Jointly with another bank in 2025, Bain and Company, April 2025
11 Deloitte, January 2025
12 At comparable business model post GFC (Global Financial Crisis) regulatory regime
13 Excluding non-recurring items
14 Excluding impacts of depreciation adjustments
15 As communicated by Ayvens in its Q1 25 results (excluding used car sales result and non-recurring items)
16 Except for operations in the Czech Republic and Slovakia
17 Interest net of tax
18 The distribution provision is calculated based on a pay-out ratio of 50%, restated from non-cash items and after deduction of interest on deeply subordinated notes and on undated subordinated notes
19 Excluding goodwill arising from non-controlling interests
20 Interest net of tax
21 Excluding goodwill arising from non-controlling interests
22 The number of shares considered is the number of ordinary shares outstanding at end of period, excluding treasury shares and buybacks, but including the trading shares held by the Group (expressed in thousands of shares)
23 The number of shares considered is the average number of ordinary shares outstanding during the period, excluding treasury shares and buybacks, but including the trading shares held by the Group (expressed in thousands of shares)

Attachment

Societe-Generale-Q1-2025-Financial-Results-Press-release-en

The MIL Network –

April 30, 2025

MIL-OSI: Equinor first quarter 2025 results
Source: GlobeNewswire (MIL-OSI)

Equinor (OSE:EQNR, NYSE:EQNR) delivered adjusted operating income* of USD 8.65 billion and USD 2.25 billion after tax in the first quarter of 2025. Equinor reported net operating income of USD 8.87 billion and net income at USD 2.63 billion. Adjusted net income* was USD 1.79 billion, leading to adjusted earnings per share* of USD 0.66.

Strong financial and operational performance
- Strong financial results and cash flow
- Solid oil and gas production
Strategic progress
- Successful start-up of the Johan Castberg and Halten East fields
- Final investment decision on Northern Lights phase 2
Capital distribution
- First quarter cash dividend of USD 0.37 per share
- Proposed second tranche of share buy-back of up to USD 1.265 billion
- Expected total capital distribution for 2025 of up to USD 9 billion
Anders Opedal, President and CEO of Equinor ASA:

“Equinor delivers strong financial results in the first quarter. I am pleased to see the good operational performance and solid production capturing higher gas prices. With the current market uncertainties, Equinor’s core objective is safe, stable and cost efficient operations and resilience through a strong balance sheet.”

“We maintain a competitive capital distribution and expect to deliver a total of USD 9 billion in 2025.”

“The production start-up of the Johan Castberg field strengthens Norway’s role as a reliable energy exporter to Europe. The field opens a new region in the Barents Sea and is expected to contribute to energy supply, value creation and ripple effects for at least 30 years to come.”

“We have invested in Empire Wind after obtaining all necessary approvals, and the order to halt work now is unprecedented and in our view unlawful. This is a question of the rights and obligations granted under legally issued permits, and security of investments based on valid approvals. We seek to engage directly with the US Administration to clarify the matter and are considering our legal options.”

Solid production

Equinor delivered a total equity production of 2,123 mboe per day in the first quarter, down from 2,164 mboe in the same quarter last year.

The operational performance for most of the fields on Norwegian continental shelf is strong, including the Johan Sverdrup and Troll fields. This almost offsets the negative production impact from the shut-in at Sleipner B after the fire in fourth quarter 2024 and planned and unplanned maintenance at Hammerfest LNG.

In the US, production increased from the same period last year. This was due to increased production from the fields and transactions increasing Equinor’s ownership interest in onshore gas assets in 2024.

The production from the international upstream segment, excluding US, is down compared to the same quarter last year, due to exits from Nigeria and Azerbaijan in 2024.

The total power generation from the renewable portfolio was 0.76 TWh, on par with the same period last year.

In the quarter, Equinor completed five offshore exploration wells on the NCS with two commercial discoveries.

Strong financial results

Equinor delivered adjusted operating income* of USD 8.65 billion. and USD 2.25 billion after tax* in the first quarter of 2025. The results are driven by solid gas production and higher gas prices.

Equinor realised a European gas price of USD 14.8 per mmbtu and realised liquids prices were USD 70.6 per bbl in the first quarter.

Adjusted operating and administrative expenses* increased from the same quarter last year driven by overlift, higher maintenance activity and some one-off costs. This was partially offset by active measures to reduce costs for business development and early phase projects in renewables and low carbon solutions.

A strong operational performance generated a cash flow from operating activities, before taxes paid and working capital items, of USD 10.6 billion for the first quarter. Equinor paid one NCS tax instalment of USD 3.09 billion in the quarter.

Cash flow from operations after taxes paid* ended at USD 7.39 billion.

Organic capital expenditure* was USD 3.02 billion for the quarter, and total capital expenditures were USD 4.50 billion.

Equinor continues to demonstrate capital discipline and strengthen financial robustness with a net debt to capital employed adjusted ratio* of 6.9% at the end of the first quarter, compared to 11.9% at the end of the fourth quarter of 2024.

Empire Wind 1

After quarter close, Equinor received a halt work order from the US government on the offshore construction on the outer continental shelf for the Empire Wind project. The lease was obtained in 2017 and the project was fully permitted in 2024. It has a potential for delivering power to half a million New York homes, and is approximately 30% to completion.

Equinor is complying with the order and is seeking dialogue with the proper authorities and assessing legal options. The Empire Wind project has per 31 March 2025 a gross book value of around USD 2.5 billion, including South Brooklyn Marine Terminal.

Strategic progress

A major milestone was reached when production was started from the Johan Castberg field in the Barents Sea on 31 March. Production also started at the Halten East development in the Norwegian Sea, with estimated recoverable reserves of 100 million boe and one year pay-back time.

Equinor continues to optimise and strengthen long-term value creation on the NCS, and was awarded 27 new production licenses in the Awards in Predefined Areas round (APA) in January. The ambition is to drill around 250 exploration wells on the NCS by 2035.

In the quarter, the Bacalhau floating production, storage and offloading vessel (FPSO) arrived at its destination in the Santos Basin in Brazil’s pre-salt region. First oil is expected in 2025.

Within low carbon solutions, Equinor together with partners Shell and TotalEnergies made a final investment decision to progress phase two of the groundbreaking Northern Lights carbon transport and storage development in Øygarden. The NOK 7.5 billion investment is expected to increase the total injection capacity from 1.5 million tonnes of CO2 per year (Mtpa) to at least 5 Mtpa and further develop the commercial market for transport and storage of CO2.

The appraisal wells for carbon storage at Smeaheia were completed in the quarter on time and on cost.

Competitive capital distribution

The board of directors has decided a cash dividend of USD 0.37 per share for the first quarter 2025, in line with communication at the Capital Markets Update in February.

Expected total capital distribution for 2025 is USD 9 billion, including a share buy-back programme of up to USD 5 billion. The board has decided to initiate a second tranche of the share buy-back programme of up to USD 1.265 billion. The second tranche is subject to an authorisation from the company’s annual general meeting 14 May 2025 and will commence after this. The tranche will end no later than 21 July 2025.

The first tranche of the share buy-back programme for 2025 was completed on 24 March 2025 with a total value of USD 1.2 billion.

All share buy-back amounts include shares to be redeemed by the Norwegian State.

– – –

*For items marked with an asterisk throughout this report, see Use and reconciliation of non-GAAP financial measures in the Supplementary disclosures.

– – –

Further information from:

Investor relations
Bård Glad Pedersen, Senior vice president Investor relations
+47 918 01 791 (mobile)

Press
Sissel Rinde, Vice president Media relations
+47 412 60 584 (mobile)

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

Attachments
- Equinor 1Q 2025 Financial Statements and Review
- CFO presentation – 1Q 2025 results
The MIL Network –
April 30, 2025

MIL-OSI: Orca Energy Group Inc. Announces 2024 Year End Audited Financial Results

Source: GlobeNewswire (MIL-OSI)

TORTOLA, British Virgin Islands, April 29, 2025 (GLOBE NEWSWIRE) — Orca Energy Group Inc. (“Orca” or “the Company” and includes its subsidiaries and affiliates) (TSX-V: ORC.A, ORC.B) today announced its audited financial results for the fourth quarter (“Q4 2024“) and year ended December 31, 2024. All dollar amounts are in United States dollars unless otherwise stated.

Revenue increased by 51% for Q4 2024 and by 1% for the year ended December 31, 2024 compared to the same prior year periods. Certain volumes were supplied as Protected Gas (defined below) prior to July 31, 2024. After the termination of Protected Gas after July 31, 2024, those volumes were instead supplied as Additional Gas (defined below). These volumes, which were delivered to Songas Limited (“Songas“) in August, September and October 2024 and for which the Company did not receive compensation, have not been recognized in revenue in 2024. These unrecognized gross revenues include 80.5% of sales to Songas in the amount of $6.2 million.
On October 30, 2024, PanAfrican Energy Tanzania Limited (“PAET”), a wholly-owned subsidiary of the Company, was advised by Songas that the Interim Power Purchase Agreement (“PPA”) between Tanzania Electric Supply Company Limited (“TANESCO“) and Songas would expire on October 31, 2024, and that it was unknown if a new PPA would be entered into. At midnight on October 31, 2024 Songas shut down the Songas Power Plant. In the event that a new PPA is not entered into, there is a possibility that the Songas Power Plant will be shut down indefinitely. To date the Songas Power Plant remains shutdown. This has adversely impacted demand for production volumes from the Songo Songo gas field.
Gas delivered and sold decreased by 3% for Q4 2024 and by 15% for the year ended December 31, 2024 compared to the same prior year periods. During 2024, Tanzania’s Julius Nyerere Hydropower Project (“JNHPP”) commenced commercial operations, with progressive commissioning of 5 turbines allowing peak output of over 700 MW. Combined with the early onset of the wet season and rainfall well above seasonal averages for the period, hydro power generation and the Songas Power Plant shutdown have been the primary factors in reduced gas liftings for the power sector.
On April 14, 2023, PAET formally requested Tanzanian Petroleum Development Corporation (“TPDC“) apply for an extension of the Songo Songo Development License (the “License”). TPDC is contractually required to make this application promptly upon a request by the Company. There are currently no certainties on the timing, nature and extent of any such extensions. Until such extension has been finalized, a high degree of uncertainty exists with respect to the extent of the Company’s operating activities subsequent to October 2026, when the License is set to expire. In November 2024, TPDC submitted the application for the extension of the License to the Ministry of Energy (“MoE“), however, being uneconomical, the Company informed TPDC that it did not agree with the terms as submitted. Having declined to address PAET’s concerns itself, TPDC has refused to rescind and resubmit the application and has advised PAET to raise any issues directly to the MoE. Our Counsel subsequently submitted a letter to the MoE, requesting a meeting to address the issues, to date we haven’t had a response.
On April 15, 2024, contrary to the terms of the Gas Agreement and Production Sharing Agreement (the “PSA”) and in violation of Pan African Energy Corporation (Mauritius) (“PAEM”) and PAET’s expectations, the Permanent Secretary of MoE wrote to TPDC, copying PAET and Songas, directing TPDC to “ensure that Protected Gas continues to be produced to the end of the Development Licence on 10th October 2026”. Consistent with that instruction, TPDC took the position that Protected Gas should continue despite the parties’ contractual agreement that Protected Gas ceased after July 31, 2024.
PAET, TPDC and Tanzania Portland Cement PLC (“TPCPLC”) subsequently agreed to the terms of the Supplementary Gas Agreement (“SGA”) to sell volumes after July 31, 2024 as Additional Gas, which, prior to August 1, 2024, were supplied as Protected Gas. TPCPLC has fully paid the Company $10.4 million of the receivable outstanding as at December 31, 2024.
Following cessation of Protected Gas after July 31, 2024, despite the absence of an executed contract to do so, Songas continued to lift gas volumes in August, September and October 2024, at an average rate of 20.2 MMcfd. On September 23, 2024, the Company was notified by Songas that it acknowledges it had lifted this volume, but due to TPDC’s refusal to approve a Gas Sales Agreement for this Additional Gas, they would elect to pay for only 19.5% of such volumes. This accords with the payment arrangements for Complex Additional Gas (defined below). Payments were made on this basis by Songas in Q4 2024, in the amount of $1.9 million representing 19.5% of the total invoiced amount of $9.7 million.
On August 7, 2024, PAET and PAEM issued a notice of dispute (“Notice of Dispute”) in respect of an investment treaty claim against the GoT for breach of the Agreement on Promotion and Reciprocal Protection of Investment between the Government of the Republic of Mauritius and the GoT (“BIT”), and a contractual dispute against the Government of Tanzania (“GoT”) and TPDC, for breaches of the: (i) PSA, and (ii) the Gas Agreement. Initial meetings with both the Advisory and Coordinating Committees were held during the week of October 14, 2024 without any resolution on the key issues in dispute. The matters have been further referred to the relevant entity’s chief executive officers and working groups in accordance with the dispute resolution process. Discussions continued with meetings held in March 2025 . Further updates on this matter will be made as appropriate.
In February 2025, the Company received a judgment (the “Judgment”) from the Tanzanian High Court (Commercial Division) (the “Court”) for a claim brought by a contractor against PAET. The claim was brought by the contractor for losses arising from PAET’s termination of a contract relating to the Company’s 3D seismic acquisition program. The contract was signed in 2022 and works were due to be completed by the end of 2022. However, work only commenced in 2023 and was never completed. Pursuant to the Judgment, the Court ordered specific and general damages in the aggregate of $23.1 million, plus legal costs and interest at a rate of 7% per annum be paid by PAET to the contractor. PAET respectfully disagrees with the Judgement and has initiated the appeal process. PAET was required to post security for the full amount of the Judgment until the appeal is resolved. The Company has recognised the resulting liability in 2024 based on the Judgement applied. The Company has initiated the appeal process, and if successful in that process, a reversal would be recognized in earnings at that time.
The well intervention operations on SS-7 have now concluded. The work program, following a complex mobilization to Songo Songo Island, sought to restore the mechanical integrity of the well to shutoff water production in order to restart production from the southern compartment of the Songo Songo gas field. Following several remedial cement treatments to shut off the lower water producing zone and reperforation of the upper Neocomian sands, limited and unsustained gas flows were observed. The Company, in line with its contingency plans, set a cement plug above the Neocomian interval and perforated the shallower Cenomanian sands. Having completed all possible downhole work, and after an unsuccessful attempt to produce gas from the Cenomanian sands, the Company ceased well intervention operations and demobilized the barge and jack-up from the SS-7 site. The total expected project cost has increased to $25.9 million from $23.5 million, primarily as a result of the significant attempts required to shut off water and reproduce the well. A comprehensive post project analysis will be carried out to evaluate the intervention results, which have not met production expectations. During the year, the Company recorded an asset impairment expense of $25.9 million with respect to the SS-7 well workover program.
The Company completed a production and saturation logging program in three wells: SS-3, SS-10 and SS-5. Results indicate that the wells and field are performing in line with expectations, and have been used to update longer term reservoir management plans. The total expected program cost increased to $2.2 million from $1.3 million.
Net loss attributable to shareholders amounted to $21.6 million for the year ended December 31, 2024 compared to net income attributable to shareholders of $7.0 million for the same prior year period. In Q4 2024, the Company recorded an asset impairment expense of $25.9 million with respect to the SS-7 well workover program and a loss allowance of $21.7 million with respect to the ongoing litigation relating to the Judgment in the High Court of Tanzania.
Net cash flows from operating activities decreased by 37% for Q4 2024 and by 44% for the year ended December 31, 2024 compared to the same prior year periods. The decrease for the year ended December 31, 2024 over the comparable prior year period is mainly a result of changes in non-cash working capital.
Capital expenditures increased by 635% for Q4 2024 and by 244% for the year ended December 31, 2024 compared to the same prior year periods. The capital expenditures in 2024 primarily related to the well workover program. The capital expenditures in 2023 primarily related to the initial costs of the well workover program and the 3D seismic acquisition program.
The Company exited the period with $21.9 million in working capital (December 31, 2023: $67.3 million), cash and cash equivalents of $90.1 million (December 31, 2023: $101.6 million) and long-term debt of $ nil (December 31, 2023: $30.0 million). Cash held in hard currencies (USD, Euro, GBP, CDN) was $87.1 million, as at December 31, 2024 (December 31, 2023: $60.4 million). The decrease in long-term debt is related to a repayment of principal of $10.0 million in April 2024 and October 2024, representing the fourth and fifth semi-annual repayments of the Company’s long-term debt as well as maturing of the outstanding loan principal.
Subsequent to December 31, 2024, the Company fully prepaid the $60 million investment (the “Loan”) made by International Finance Corporation (“IFC”) in PAET, pursuant to a loan agreement dated October 29, 2015 between the IFC, PAET and the Company (the “Loan Agreement”). To effect the foregoing prepayment, the Company paid to IFC $30.6 million, representing the aggregate outstanding principal of the Loan together with all accrued interest thereon and all other amounts owing in connection with the Loan as of February 21, 2025. As of the date hereof, the annual variable participating interest granted by PAET to the IFC under the terms of the Loan Agreement remains outstanding.
As at December 31, 2024, the current receivable from TANESCO was $12.7 million (December 31, 2023: $5.9 million). The TANESCO long-term receivable as at December 31, 2024 and as at December 31, 2023 was $22.0 million and has been fully provided for. Subsequent to December 31, 2024, the Company has invoiced TANESCO $14.5 million for Q1 2025 gas deliveries. TANESCO has paid the Company $24.2 million to date which relate to the outstanding amount at December 31, 2024 and payments for a portion of Q1 2025 gas deliveries
Total working interest proved conventional natural gas reserves (“1P”) and total proved plus probable conventional natural gas reserves (“2P”) decreased by 53% and 56%, respectively, as at December 31, 2024 compared to the prior year. The decrease was primarily attributed to 26.7 Bcf of production in 2024 and 18.1 Bcf of negative technical revisions. The technical revisions were primarily due to lower forecasted gas sales to the end of the License attributed to increased hydro power use in Tanzania and the removal of Proved Undeveloped reserves due to the unsuccessful well intervention on SS-7. The net present value of lower reserves and estimated future cash flows from 2P reserves at a 10% discount rate decreased by 45% compared to the previous year mainly as a result of lower reserves at year end 2024 and the associated 33% reduction in the number of years outstanding on the current License.
We currently forecast average Additional Gas sales for 2025 to be in the range of 70-72 MMcfd for the full year which is estimated to be 4% lower than 2024. Given the uncertainty associated with the extension of the License, capital allocations for development projects will be minimal during 2025 and limited to the implementation of essential safety and maintenance matters only.

Financial and Operating Highlights for the Three Months and Year Ended December 31, 2024
	Three Months ended December 31				% Change				Year ended December 31					% Change
(Expressed in $’000 unless indicated otherwise)	2024		2023		Q4/24 vs Q4/23				2024	2023				Ytd/24 vs Ytd/23
OPERATING
Daily average gas delivered and sold(MMcfd)	78.6		80.8		(3)%			72.9		85.6			(15			)%
Industrial	19.7		13.4		47%			16.1		13.7			18			%
Power	58.9		67.4		(13)%			56.8		71.9			(21			)%
Daily average gas delivered and sold and revenue recognized(MMcfd)	71.8		80.8		(11)%			68.8		85.6			(20			)%
Industrial	19.7		13.4		47%			16.1		13.7			18			%
Power	52.1		67.4		(23)%			52.7		71.9			(27			)%
Average price($/mcf)
Industrial	7.35		8.97		(18)%		8.45			8.73				(3)%
Power	3.90		3.84		2%		3.88			3.71				5%
Weighted average	4.85		4.69		3%		4.95			4.51				10%
Operating netback($/mcf)1	3.56		2.28		56%		3.13			2.38				32%
FINANCIAL
Revenue	36,855		24,448		51%		111,593			110,235				1%
Net (loss) / income attributable to shareholders	(25,821	)	(438	)	n/m		(21,578)			7,014				n/m
per share – basic and diluted($)	(1.31	)	(0.02	)	n/m		(1.09)			0.35				n/m
Net cash flows from operating activities	6,254		9,858		(37)%		27,086			48,485				(44)%
per share – basic and diluted($)1	0.32		0.50		(36)%		1.37			2.44				(44)%
Capital expenditures1	14,869		2,065		620%		27,548			8,103				240%
Weighted average Class A and Class B Shares1(‘000)	19,772		19,826		0%		19,780			19,841				0%
					December 31,					As at December 31,
					2024					2023				% Change
Working capital (including cash)¹						21,904						67,323		(67	)%
Cash and cash equivalents						90,076						101,566		(11	)%
Long-term loan						–					21,961			(100	)%
Outstanding shares(‘000)
Class A						1,750						1,750		0	%
Class B						18,022						18,051		0	%
Total shares outstanding						19,772						19,801		0	%
RESERVES²
Gross Reserves(Bcf)
Proved						40						85		(53)%
Probable						1						9		(89)%
Proved plus probable						41						94		(56)%
Net Present Value, discounted at 10%($ million)
Proved									62			108		(43)%
Proved plus probable									65			119		(45)%

¹ See Non-GAAP Financial Measures and Ratios.

Jay Lyons, Chief Executive Officer, commented:

“Orca remains committed to Tanzania and wants to play a key role in Tanzania’s power generation strategy for the foreseeable future. Although demand for power in Tanzania is growing rapidly, surpassing the country’s current capacity, Orca has been unable to agree with the Government of Tanzania and TPDC with regard to securing a license extension for the Songo Songo gas field.

Given the limited time remaining on the License, and the lack of a resolution on an extension, Orca has limited capital spending to only essential safety and maintenance activities. At this current moment, further investment is not commercially viable unless the License is extended. Therefore, in order to preserve shareholder value, Orca has focused on reducing costs, operating efficiently, and minimizing expenditures.

There are currently no certainties on the timing, nature and extent of any such extensions. Until such extension has been finalized, a high degree of uncertainty exists with respect to the extent of the Company’s operating activities subsequent to October 2026. The Company is prepared to invest further in Tanzania. However, this investment depends on resolving the License extension and achieving a sustainable commercial framework. Without a resolution, Orca must act to protect the interests of its shareholders, even as it continues to support Tanzania’s long-term energy goals.”

The Company’s complete Audited Consolidated Financial Statements and Notes and Management’s Discussion & Analysis for the year ended December 31, 2024 may be found on the Company’s website www.orcaenergygroup.com or on the Company’s profile on SEDAR+ at www.sedarplus.ca.

Orca Energy Group Inc.

Orca Energy Group Inc. is an international public company engaged in natural gas development and supply in Tanzania through its subsidiary PanAfrican Energy Tanzania Limited. Orca trades on the TSX Venture Exchange under the trading symbols ORC.B and ORC.A.

The principal asset of Orca is its indirect interest in the with TPDC and the GoT in the United Republic of Tanzania. This PSA covers the production and marketing of certain gas from the License offshore Tanzania. The PSA defines the gas produced from the Songo Songo gas field as “Protected Gas“ and “Additional Gas“. The Gas Agreement defined “Complex Additional Gas”, to be gas produced from the Songo Songo gas field, which is included in Additional Gas. Under the Gas Agreement, until July 31, 2024, Protected Gas was owned by TPDC and was sold to Songas and TPCPLC. After July 31, 2024, Protected Gas ceased and all production from the Songo Songo gas field constitutes Additional Gas which PAET and TPDC are entitled to sell on commercial terms until the PSA expires in October 2026. Songas is the owner of the infrastructure that enables the gas to be processed and delivered to Dar es Salaam, which includes a gas processing plant on Songo Songo Island. Additional Gas is all gas that is produced from the Songo Songo gas field in excess of Protected Gas.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Abbreviations

Bcf	billion standard cubic feet
MMcf	million standard cubit feet
MMcfd	million standard cubic feet per day

Non-GAAP Financial Measures and Ratios
In this press release, the Company has disclosed the following non-GAAP financial measures, non-GAAP ratios and supplementary financial measures: capital expenditures, operating netback, operating netback per mcf, working capital, net cash flows from operating activities per share and weighted average Class A and Class B Shares.

These non-GAAP financial measures and ratios disclosed in this press release do not have any standardized meaning under IFRS and may not be comparable to similar financial measures disclosed by other issuers. These non-GAAP financial measures and ratios should not, therefore, be considered in isolation or as a substitute for, or superior to, measures and ratios of the Company’s financial performance defined or determined in accordance with IFRS. These non-GAAP financial measures and ratios are calculated on a consistent basis from period to period.

Non-GAAP Financial Measures

Capital expenditures
Capital expenditures is a useful measure as it provides an indication of our investment activities. The most directly comparable financial measure is net cash from (used in) investing activities. A reconciliation to the most directly comparable financial measure is as follows:

	Three Months ended December 31				Year ended December 31
$’000	2024		2023		2024		2023
Pipelines, well workovers and infrastructure	14,869		2,067		27,233		7,984
Other capital expenditures	–		(2	)	315		119
Capital expenditures	14,869		2,065		27,548		8,103
Right of use	–		852		57		852
Change in non-cash working capital	(4,125	)	(708	)	(9,645	)	(161	)
Net cash used by investing activities	10,744		2,209		17,960		8,794

Operating netback

Operating netback is calculated as revenue less processing and transportation tariffs, TPDC’s revenue share, and operating and distribution costs. The operating netback summarizes all costs that are associated with bringing the gas from the Songo Songo gas field to the market, it is a measure of profitability. A reconciliation to the most directly comparable financial measure is as follows:

	Three Months ended December 31				Year ended December 31
$’000	2024		2023		2024		2023
Revenue	36,855		24,448		111,593		110,235
Production, distribution and transportation expenses	(5,265	)	(4,576	)	(19,990	)	(19,197	)
Net Production Revenue	31,590		19,872		91,603		91,038
Less current income tax adjustment (recorded in revenue)	(8,061	)	(2,896	)	(12,817	)	(16,527	)
Operating netback	23,529		16,976		78,786		74,511
Sales volumes MMcf where revenue is recognized	6,604		7,435		25,185		31,256
Netback $/mcf	3.56		2.28		3.13		2.38

Non-GAAP Ratios

Operating netback per mcf

Operating netback per mcf represents the profit margin associated with the production and sale of Additional Gas and is calculated by taking the operating netback and dividing it by the volume of Additional Gas delivered and sold. This is a key measure as it demonstrates the profit generated from each unit of production.

Supplementary Financial Measures

Working capital

Working capital is defined as current assets less current liabilities, as reported in the Company’s Consolidated Statements of Financial Position. It is an important measure as it indicates the Company’s ability to meet its financial obligations as they fall due.

Net cash flows from operating activities per share

Net cash flows from operating activities per share is calculated as net cash flows from operating activities divided by the weighted average number of shares, similar to the calculation of earnings per share. Net cash flow from operations is an important measure as it indicates the cash generated from the operations that is available to fund ongoing capital commitments.

Weighted average Class A and Class B Shares

In calculating the weighted average number of shares outstanding during any period the Company takes the opening balance multiplied by the number of days until the balance changes. It then takes the new balance and multiplies that by the number of days until the next change, or until the period end. The resulting multiples of shares and days are then aggregated and the total is divided by the total number of days in the period.

Forward-Looking Statements

This press release contains forward-looking statements or information (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact included in this press release, which address activities, events or developments that Orca expects or anticipates to occur in the future, are forward-looking statements. Forward-looking statements often contain terms such as may, will, should, anticipate, expect, continue, estimate, believe, project, forecast, plan, intend, target, outlook, focus, could and similar words suggesting future outcomes or statements regarding an outlook. More particularly, this press release contains, without limitation, forward-looking statements pertaining to the following: anticipated average gas sales, including Additional Gas sales, for 2024; ongoing negotiation of new commercial terms and discussion of requirements under the Gas Agreement with Songas and TPCPLC; ongoing discussion of PGSA extension with TANESCO; assessment by the Company of the merits of the claim made by the seismic contractor and the timing of the scheduled hearing; planned intervention in offshore well SS-7 including timing, project costs and the anticipated increased gas delivery; planned installation of a new common well inlet manifold and its anticipated timing, costs and effects; planned production logging program at various wells and its anticipated timing, costs and effects; implementation of a new work program at the Songas plant and forecasted production improvement as a result; the Company’s expectation that capital projects will be funded through the Company’s working capital; the Company’s expectation that all capital allocation decisions will be based upon prudent economic evaluations and returns; extension of the development license and the Company’s expectation to continue to actively engage with the MoE to progress the license extension; maintenance of gas sale contract discipline by the Company in accordance with its gas supply agreements; and the Company’s expectations regarding supply and demand of natural gas. In addition, statements relating to “reserves” are by their nature forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions that the reserves described can be produced profitably in the future. The recovery and reserve estimates of the Company’s reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. Although management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, access to resources and infrastructure, performance or achievement since such expectations are inherently subject to significant business, economic, operational, competitive, political and social uncertainties and contingencies.

These forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company’s control, and many factors could cause the Company’s actual results to differ materially from those expressed or implied in any forward-looking statements made by the Company, including, but not limited to: risk that the Company may incur losses and legal expenses as a result of the claim brought forth by the seismic contractor; risk that the cost, timing and anticipated benefits from the Company’s various development programs in 2024 are different than expected; that not all capital allocation decisions will be based upon prudent economic evaluations and returns; inability to extend the development license and inability to maintain gas sale contract discipline; uncertainties with respect to negotiations involving the Gas Agreement; changes to forecasts regarding future development capital spending and source of capital funding; risk of future restrictions on the movement of cash from Jersey, Mauritius or Tanzania; occurrence of circumstance or events which significantly impact the Company’s cash flow and liquidity and the Company’s ability cover its long-term and short-term obligations or fund planned capital expenditures; prolonged foreign exchange reserves deficiency in Tanzania; the lack of availability of US dollars; inability to convert Tanzanian shillings into US dollars as and when required; discontinuation of work by the Company with the GoT on alternative development plan for longer term field development; lack of access to Songas processing and transportation facilities; risk of reduced current and potential production capacity of the Songo Songo gas field; the Company’s expectations regarding the supply and demand of natural gas is incorrect; uncertainty associated with the evolution of Tanzanian legislation; the risk of unanticipated effects regarding changes to the Company’s tax liabilities and its operations as a result of amendments made to existing legislation, the implementation of further legislation and the Company’s interpretation of the same; the impact of general economic conditions in the areas in which the Company operates; civil unrest; the susceptibility of the areas in which the Company operates to outbreaks of disease; industry conditions; changes in laws and regulations including the adoption of new environmental laws and regulations; impact of local content regulations and variances in the interpretation and enforcement of such regulations; the lack of availability of qualified personnel or management; fluctuations in commodity prices, foreign exchange or interest rates; stock market volatility; competition for, among other things, capital, oil and gas field services and skilled personnel and increased competition; failure to obtain required equipment for field development; delays in development plans; effect of changes to the PSA on the Company as a result of the implementation of new government policies for the oil and gas industry; inaccurate reserves estimates; incorrect forecasts in production and growth potential of the Company’s assets; obtaining required approvals of regulatory authorities; risks associated with negotiating with foreign governments; inability to satisfy debt conditions of financing; risk that the Company will not be able to fulfil its contractual obligations; risk that trade and other receivables may not be paid by the Company’s customers when due; the risk that the Company’s Tanzanian operations will not provide near term revenue earnings; reduced global economic activity as a result of the continuing impacts of geo-political conflicts or pandemics. In addition, there are risks and uncertainties associated with oil and gas operations, therefore the Company’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by these forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive.

Future shareholder returns, including but not limited to the payment of dividends or other distributions to shareholders, if any, and the level thereof is uncertain. Any decision to pay further distributions on the Class A Shares and Class B Shares (including the actual amount, the declaration date, the record date and the payment date in connection therewith) will be subject to the discretion of the Board of Directors of the Company and may depend on a variety of factors, including, without limitation the Company’s business performance, financial condition, financial requirements, growth plans, expected capital requirements and other conditions existing at such future time including, without limitation, contractual restrictions and compliance with applicable laws. There can be no assurance that the Company will pay any distributions in the future.

Such forward-looking statements are based on certain assumptions made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors the Company believes are appropriate in the circumstances, including, but not limited to, the anticipated supply and demand of natural gas are in line with the Company’s expectations; the Company’s average Additional Gas sales are in line with forecasts; accurate assessment by the Company of the merit of claims brought forward by the seismic contractor; successful negotiation of the Gas Agreement; successful implementation of various development programs at the budgeted expenditures, including the planned intervention in the SS-7 well; all capital allocation decisions will be based upon prudent economic evaluations and returns; extension of the development license and maintenance of gas sale contract discipline on a go-forward basis pursuant to the Company’s gas supply agreements; that the Company will receive payment of arrears from TANESCO; that the Company will have sufficient cash flow, debt or equity sources or other financial resources required to fund its capital and operating expenditures and requirements as needed; that there will continue to be no restrictions on the movement of cash from Mauritius, Jersey or Tanzania; availability of US dollars and that the Company will continue to be able to convert Tanzanian shillings into US dollars as required; that the Company will successfully negotiate agreements; receipt of required regulatory approvals; the ability of the Company to increase production as required to meet demand; infrastructure capacity; commodity prices will not deteriorate significantly; the ability of the Company to obtain equipment and services in a timely manner to carry out exploration, development and exploitation activities; future capital expenditures; availability of skilled labor; timing and amount of capital expenditures; uninterrupted access to infrastructure; that the impact of increasing competition is consistent with expectations; conditions in general economic and financial markets; effects of regulation by governmental agencies; current or, where applicable, proposed industry conditions, laws and regulations will continue in effect or as anticipated as described herein; the effect of new environmental and climate-change related regulations will not negatively impact the Company; the Company is able to maintain strong commercial relationships with the GoT and other state and parastatal organizations; the current and future administration in Tanzania continues to honor the terms of the PSA and the Company’s other principal agreements; and other matters.

The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

The MIL Network –

April 30, 2025

MIL-Evening Report: Locked up for life? Unpacking South Australia’s new child sex crime laws

Source: The Conversation (Au and NZ) – By Xanthe Mallett, Criminologist, CQUniversity Australia

Melnikov Dmitriy/Shutterstock

It’s election time, which means the age old “tough on crime” rhetoric is being heralded by many politicians aiming to score votes.

Opposition leader Peter Dutton is pushing for a national public sex offender register. Currently only Western Australia has a registry that is open to the public.

In South Australia, Premier Peter Malinauskas brought in tougher child sex offender laws earlier this week.

What are these new laws in SA?

Under these new laws, serious child sex offenders are to be permanently locked up or electronically monitored, if they reoffend.

Automatic indefinite detention is a significant change.

Previously, the South Australian attorney-general could apply to the Supreme Court to request an offender be indefinitely detained, if the offender was considered to remain a danger to children and could not be rehabilitated.

The courts would then decide if they would grant the request, basing their decision on medical and other expert evidence.

The changes in SA mean those found guilty of a second serious sexual offence against anyone younger than 17 now receive automatic indefinite detention.

To be considered for release under the new law, an offender needs to show they can control their sexual instincts – so the onus is on them to prove they are not at risk of reoffending.

To achieve this, two court-selected psychologists would have to provide reports demonstrating the offender was both willing and able to resist committing further sex offences.

And if they are ever released, they will be electronically monitored for the rest of their lives.

In addition, registered child sex offenders would be banned from working with anyone under 18.

The new law also strengthens “Carly’s Law”, which focuses on reducing the sexual grooming of children online by adult predators.

Inconsistencies across Australia

The age of legal consent is 16 across Australia, except SA and Tasmania, where it is 17.

In 2024, an Australian Institute of Criminology report highlighted many of the inconsistencies across the country, including terminology and definitions of sexual offences, despite efforts to achieve national regularity.

Each state and territory approaches the problem of child sexual abuse differently.

In NSW, for example, sentencing for child sexual offences has increased over time. This reflects societal expectations given what we know now about the long-term, traumatic consequences of victimisation.

However, one consideration in sentencing in NSW is whether the sentence could have a “crushing” effect on the offender, and whether they may be entitled to an “element of mercy”.

Certainly, a full life sentence is a significant departure from this position.

Why now?

There is little doubt this is a political move, as these changes were first promised by Labor in the build-up to the 2022 SA election.

Then in January 2025, Labor announced it planned to introduce them in March – right before the federal election.

On the face of it, toughening laws aimed at reducing sexual violence against children is a good thing. No one would argue.

However, the legislation has been fast-tracked in the wake of a number of cases where those previously convicted of a sexual offence against a child reoffended.

One such case is Dylan Lloyd, who is alleged to have assaulted a 12-year-old girl while she travelled alone on a train. Lloyd had previously been convicted of assaulting a 10-year-old girl in 2021, and since then more alleged victims have come forward to police.

Cases such as Lloyd’s are preventable, as in this case Lloyd should still be imprisoned. This is one step forward. But consistency across states is needed and the long-term consequences need considering more fully.

Whether these laws will have the desired deterrent effect has not been answered.

We need to ensure personal and societal factors affecting crime rates, and which influence peoples’ attitudes and behaviours, are not overlooked.

Will the laws be good for the community?

These changes do have the potential to have a meaningful impact, but changing the behaviour of potential offenders is far more complex.

Potential offenders usually don’t consider the law. At a micro level, their behaviour is most affected by biological and psychological factors, including alcohol, drug addiction and mental health issues, as well as social and environmental factors.

In addition, there are numerous human rights and constitutional issues with permanent detention or lifelong monitoring, and the SA government may be walking into a legal minefield now they have removed the possibility of parole.

It would be better to allow judges options for discretion, as the context in which the offending happened is crucial in determining the likelihood of someone being successfully rehabilitated.

Mandatory full life sentences ignore the fact many sex offenders can be successfully rehabilitated.

One study in Queensland, which considered local and global evidence, indicated sexual recidivism can be significant reduced when offenders complete sex offender treatment programs.

Although it costs money to run these programs, the savings outweigh the costs of ongoing incarceration – particularly if we consider indefinite detention.

Black-and-white laws with little room for movement produce unintended and harmful outcomes.

It will be interesting to see how the new laws in SA play out in court and if any other states and territories follow suit.

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. Locked up for life? Unpacking South Australia’s new child sex crime laws – https://theconversation.com/locked-up-for-life-unpacking-south-australias-new-child-sex-crime-laws-255429

MIL OSI Analysis – EveningReport.nz –

April 30, 2025
MIL-OSI Submissions: Energy – The U.S.-Africa Energy Forum (USAEF) to Spotlight African Energy Opportunities, U.S.-Africa Collaboration

SOURCE: Energy Capital & Power

U.S. and African energy leaders will gather at the U.S.-Africa Energy Forum in Houston this August to drive investment, forge strategic partnerships and deepen American engagement in key African markets

HOUSTON, United States of America, April 29, 2025 – The U.S.-Africa Energy Forum (USAEF) returns to Houston with a bold agenda focused on catalyzing American investment and innovation across Africa’s most dynamic energy markets. Designed as a high-impact platform for government and private sector dialogue, USAEF brings together African energy stakeholders and leading U.S. companies to accelerate project development, capital deployment and technology transfer across the continent.

The forum is set to open with a High-Level U.S.-Africa Energy Dialogue, bringing together senior policymakers, energy ministers and private sector leaders to set the tone for deeper cooperation and alignment on mutual priorities. This flagship session will be followed by a forward-looking panel discussion on Private Equity Driving a New Wave of African Business, exploring how U.S.-based investment firms are shaping Africa’s next chapter of energy growth. The agenda will also spotlight frontier opportunities; overlooked plays across the Middle East, North Africa and sub-Saharan Africa; and bold strategies to grow the U.S. footprint in Africa’s critical minerals and energy assets.

Libya, the Republic of Congo, Nigeria and the Democratic Republic of the Congo (DRC) will take center stage during a series of Country-Focused Sessions highlighting strategic priorities, reform agendas and concrete investment opportunities. African governments and national oil companies will present their latest projects and policy frameworks, while American firms such as Chevron, ExxonMobil, SLB and ConocoPhillips will explore avenues to deepen partnerships in established markets like Nigeria and Libya, and tap into emerging opportunities in the Republic of Congo and the DRC.

With major reforms and investment drives underway, these markets are fast becoming focal points for American engagement. Libya, North Africa’s powerhouse, has launched a 22-block licensing round as it works to revitalize its upstream sector and reach a production target of 1.6 million barrels per day (bpd), alongside multi-billion-dollar gas monetization and export projects.

The Republic of Congo is aiming to scale production to 500,000 bpd, while advancing gas monetization under a new Gas Master Plan that invites international collaboration. In the DRC, reforms to the hydrocarbons code and a potential minerals-for-security agreement with the U.S. signal new entry points for American firms. Nigeria continues to stand out as a top-tier investment destination, targeting $10 billion in deepwater gas projects through new tax incentives and a planned auction of undeveloped blocks to boost exploration and production.

With participation from key industry players and high-level delegations, USAEF affirms a shared commitment by African stakeholders to attract American capital and technology to bolster their respective energy markets. U.S. companies, in turn, are ready to expand their footprint, forge new alliances and unlock the full potential of Africa’s energy future.

For tickets, sponsorship opportunities and more information, please contact sales@energycapitalpower.com. Join us in Houston this August to connect with the leaders shaping Africa’s energy landscape and experience the momentum that drives ECP’s events worldwide.

MIL OSI – Submitted News –

April 30, 2025
MIL-OSI China: China Chamber of Commerce to Africa established to foster broader Sino-African cooperation

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

China Chamber of Commerce to Africa established to foster broader Sino-African cooperation

ADDIS ABABA, April 29 — The China Chamber of Commerce to Africa (CCCA) was officially launched Monday in the Ethiopian capital of Addis Ababa, with the aim of fostering broader Sino-African cooperation and contributing to a closer China-Africa community with a shared future.

Comprising 15 founding members, the CCCA spans a wide range of sectors, including agriculture, construction, manufacturing, telecommunications, energy, and healthcare. With membership expected to grow across both traditional and emerging industries, the chamber aims to strengthen economic ties and facilitate China-Africa economic cooperation.

Addressing the launching event, Hu Changchun, head of the Chinese Mission to the African Union (AU), said the newly-launched chamber, under the mission’s guidance, will serve as a bridge to promote shared development between China, Africa, and the broader Global South.

“The founding of the chamber will create better synergies for China-Africa economic cooperation, and enable our friendship to grow even stronger. I sincerely hope that the chamber will bring more members on board, ride the tide with all stakeholders, and contribute to strengthening economic and trade cooperation between China and Africa,” Hu said.

According to data from the Chinese Mission to the AU, Chinese companies have long contributed to Africa’s development, building approximately 100,000 km of roads, 10,000 km of railways, 1,000 bridges, and 100 ports, while generating over 1 million jobs across the continent. These efforts have significantly improved logistical connectivity, integration of regional value chains, and people’s livelihoods on the continent.

Moussa Mohamed Omar, deputy chief of staff of the AU Commission, said the establishment of the CCCA under the China-Africa strategic partnership symbolizes the win-win cooperation built on mutual respect and concrete results.

Noting that Chinese companies are actively engaged in various development sectors in Africa, including infrastructure, energy, digital infrastructure, and logistics sectors, Omar said Chinese enterprises are significantly contributing to Africa’s development and employment creation.

Wu Jiuyi, secretary-general of the CCCA and deputy general manager of China Civil Engineering Construction Corporation Ethiopia Branch, said the chamber is rooted in Africa to serve enterprises, foster partnership, and promote shared prosperity.

“Today’s Africa is a land of boundless opportunities, and China stands as its most steadfast partner. We warmly welcome more outstanding Chinese enterprises to join the chamber and look forward to working with African partners to build consensus, pool strengths, and write a new chapter in China-Africa friendship,” he said.

MIL OSI China News –

April 30, 2025
MIL-OSI Africa: Secretary-General’s remarks to the General Assembly event in Commemoration of His Holiness Pope Francis [trilingual, as delivered; scroll down for All-English and All-French versions]

Source: United Nations – English

xcellencies, ladies and gentlemen,

His Holiness Pope Francis was a man of faith — and a bridge-builder among all faiths.

He was a champion of the most marginalized people on earth.

He was a voice of community in a world of division…

A voice of mercy in a world of cruelty…

A voice of peace in a world of war.

And he was a steadfast friend of the United Nations, addressing Member States from this very podium in 2015.

During that historic visit, he also spoke of our organization’s ideal of a “united human family living in harmony, working not only for peace, but in peace, working not only for justice, but in a spirit of justice.”

On behalf of our UN family, I extend by deepest condolences to the Catholic community and to so many others around the world grieving this tremendous loss.

Excellencies,

Pope Francis was at the helm of the Roman Catholic Church for a dozen years — but that was preceded by decades of service and good works.

As a young man, Pope Francis found his calling in the slums of Buenos Aires, where his dedication to serving the poor earned him the title “Bishop of the Slums.”

These early experiences sharpened his conviction that faith must be an engine of action and change.

Pope Francis put that engine into overdrive as an unstoppable voice for social justice and equality.

His 2020 encyclical, Fratelli Tutti, drew a straight line between greed and poverty, hunger, inequality and suffering.

While decrying the inequality that defines our globalized economy, he also warned against what he called “globalization of indifference.”

I will never forget the first official visit he undertook as Pope, at a time when I served as High Commissioner for Refugees.

Pope Francis chose to go to the Mediterranean island of Lampedusa in 2013 — to put a global spotlight on the desperate plight of asylum seekers and migrants.

He warned against “the culture of comfort, which makes us think only of ourselves, makes us insensitive to the cries of other people.”

And on last year’s World Refugee Day, he called on all countries “to welcome, promote, accompany and integrate those who knock on our doors.”

When I met with him at the Vatican as Secretary-General in 2019, I was struck by his humanity and his humility.

He always saw challenges through the eyes of those on the peripheries of life.

And he said we can never look away from injustice and inequality — or close our eyes to those suffering from conflict or acts of violence.

Always a pilgrim for peace, Pope Francis ventured to war-torn countries around the world — from Iraq to South Sudan to the Democratic Republic of Congo and beyond — decrying bloodshed and violence, and pushing for reconciliation.

He stood with conviction for innocents caught in war zones such as Ukraine and Gaza.

He did it with his global platform — but he also did it in much more personal and profound ways.

Every day without fail, precisely at 7:00 p.m., he would quietly call the Church of the Holy Family in Gaza City.

As someone at the Church said, “He would ask us how we were, what did we eat, did we have clean water, was anyone injured? It was never diplomatic or a matter of obligation. It was the questions a father asks to their son.”

And in his final message on Easter Sunday, Pope Francis underscored the vital importance of ending these conflicts.

Jusqu’au bout, le pape François aura incarné l’appel à la justice – pour les peuples et pour la planète.

Grâce à son encyclique Laudato Si publiée en 2015, il a contribué à l’adoption de l’Accord de Paris en appelant les dirigeants à protéger « notre maison commune ».

Il a également mis en évidence les liens manifestes entre la dégradation de l’environnement et la dégradation de la condition humaine.

Le pape François comprenait que ceux qui avaient le moins contribué à la crise climatique en subissaient les conséquences les plus graves – et que nous avons le devoir spirituel et moral d’agir.

Excelencias:

En el mundo actual de división y discordia, es particularmente significativo que el Papa Francisco haya proclamado 2025 como el año de la esperanza.

Él fue siempre un mensajero de esperanza.

Ahora nos corresponde a todos nosotros llevar adelante esta esperanza.

En su funeral del sábado, me conmovió profundamente ver a líderes de todas las religiones y tendencias políticas unirse en solidaridad para honrar la vida y los logros del Papa Francisco – un raro espíritu de unidad y reflexión solemne que necesitamos ahora más que nunca.

Nuestro mundo sería un lugar mucho mejor si siguiéramos su ejemplo de unidad, compasión y comprensión mutua a través de nuestras propias palabras y acciones.

Mientras lloramos la muerte del Papa Francisco, renovemos nuestro compromiso con la paz, la dignidad humana y la justicia social – las causas a las que dedicó cada momento de su extraordinaria vida.

Muchas gracias.

***
[All-English]

Excellencies, ladies and gentlemen,

His Holiness Pope Francis was a man of faith — and a bridge-builder among all faiths.

He was a champion of the most marginalized people on earth.

He was a voice of community in a world of division…

A voice of mercy in a world of cruelty…

A voice of peace in a world of war.

And he was a steadfast friend of the United Nations, addressing Member States from this very podium in 2015.

During that historic visit, he also spoke of our organization’s ideal of a “united human family living in harmony, working not only for peace, but in peace, working not only for justice, but in a spirit of justice.”

On behalf of our UN family, I extend by deepest condolences to the Catholic community and to so many others around the world grieving this tremendous loss.

Excellencies,

Pope Francis was at the helm of the Roman Catholic Church for a dozen years — but that was preceded by decades of service and good works.

As a young man, Pope Francis found his calling in the slums of Buenos Aires, where his dedication to serving the poor earned him the title “Bishop of the Slums.”

These early experiences sharpened his conviction that faith must be an engine of action and change.

Pope Francis put that engine into overdrive as an unstoppable voice for social justice and equality.

His 2020 encyclical, Fratelli Tutti, drew a straight line between greed and poverty, hunger, inequality and suffering.

While decrying the inequality that defines our globalized economy, he also warned against what he called “globalization of indifference.”

I will never forget the first official visit he undertook as Pope, at a time when I served as High Commissioner for Refugees.

Pope Francis chose to go to the Mediterranean island of Lampedusa in 2013 — to put a global spotlight on the desperate plight of asylum seekers and migrants.

He warned against “the culture of comfort, which makes us think only of ourselves, makes us insensitive to the cries of other people.”

And on last year’s World Refugee Day, he called on all countries “to welcome, promote, accompany and integrate those who knock on our doors.”

When I met with him at the Vatican as Secretary-General in 2019, I was struck by his humanity and his humility.

He always saw challenges through the eyes of those on the peripheries of life.

And he said we can never look away from injustice and inequality — or close our eyes to those suffering from conflict or acts of violence.

Always a pilgrim for peace, Pope Francis ventured to war-torn countries around the world — from Iraq to South Sudan to the Democratic Republic of Congo and beyond — decrying bloodshed and violence, and pushing for reconciliation.

He stood with conviction for innocents caught in war zones such as Ukraine and Gaza.

He did it with his global platform — but he also did it in much more personal and profound ways.

Every day without fail, precisely at 7:00 p.m., he would quietly call the Church of the Holy Family in Gaza City.

As someone at the Church said, “He would ask us how we were, what did we eat, did we have clean water, was anyone injured? It was never diplomatic or a matter of obligation. It was the questions a father asks to their son.”

And in his final message on Easter Sunday, Pope Francis underscored the vital importance of ending these conflicts.

Throughout, Pope Francis was a clear voice of justice for people and planet.

He helped secure the adoption of the Paris Agreement with his 2015 encyclical Laudato Si that called on leaders to protect “our common home.”

He also highlighted the clear ties between environmental degradation and the degradation of humanity.

Pope Francis understood that those who contributed the least to the climate crisis suffered the most — and that we have a spiritual and moral duty to act.

Excellencies,

In today’s world of division and discord, it is particularly meaningful that Pope Francis proclaimed 2025 to be the year of hope.

He was forever a messenger of hope.

Now it falls to all of us to carry this hope forward.

At his funeral on Saturday, I was deeply moved to see leaders from across all faiths and political stripes come together in solidarity to honour the life and achievements of Pope Francis — a rare spirit of unity and solemn reflection that we need now, more than ever.
Our world would be a much better place if we followed his lifelong example of unity, compassion and mutual understanding through our own words and actions.

As we mourn the passing of Pope Francis, let us renew our pledge to peace, human dignity and social justice — the causes for which he dedicated every moment of his most extraordinary life.

Thank you.

***
[All-French]

Excellences, Mesdames et Messieurs,

Sa Sainteté le pape François était un homme de foi – et un bâtisseur de ponts entre toutes les religions.

Il s’était fait le champion des personnes les plus marginalisées sur Terre.

Il était une voix de solidarité dans un monde de clivages…

Une voix de compassion dans un monde de cruauté…

Une voix de paix dans un monde de guerre.

C’était aussi un grand ami de l’Organisation des Nations Unies et il s’était exprimé en 2015 devant les États Membres depuis cette même tribune.

Lors de cette visite historique, il avait évoqué l’idéal de notre Organisation, à savoir « une famille humaine unie, vivant en harmonie, travaillant non seulement pour la paix, mais dans la paix ; travaillant non seulement pour la justice, mais dans un esprit de justice. »

Au nom de notre famille, celle des Nations Unies, j’adresse mes plus sincères condoléances à l’ensemble des catholiques et aux nombreuses autres personnes qui, partout dans le monde, souffrent de cette terrible perte.

Excellences,

Le pape François a été à la tête de l’Église catholique romaine pendant 12 ans, mais son pontificat a été précédé par des décennies de service et de bonnes œuvres.

Jeune homme, il a trouvé sa vocation dans les quartiers défavorisés de Buenos Aires, où son dévouement au service des pauvres lui a ensuite valu le titre « d’évêque des bidonvilles ».

Ces premières expériences ont renforcé sa conviction que la foi devait être un moteur d’action et de changement.

Restant fidèle à cette conviction, il a défendu sans relâche la cause de la justice sociale et de l’égalité.

Dans son encyclique de 2020, Fratelli Tutti, François a établi un lien direct entre la cupidité, d’une part, et la pauvreté, la faim, l’inégalité et la souffrance, d’autre part.

Tout en dénonçant les inégalités qui caractérisent notre économie mondialisée, il a également mis en garde contre ce qu’il appelait la « mondialisation de l’indifférence ».

Je n’oublierai jamais sa première visite officielle en tant que pape, à une époque où j’étais Haut‑Commissaire pour les réfugiés.

En 2013, François avait choisi de se rendre sur l’île méditerranéenne de Lampedusa pour appeler l’attention du monde entier sur la situation désespérée des demandeurs d’asile et des migrants.

Il avait alors mis en garde contre « la culture du bien-être, qui nous amène à penser à nous-même, nous rend insensibles aux cris des autres ».

L’année dernière, à l’occasion de la Journée mondiale des réfugiés, il a exhorté tous les pays à « accueillir, promouvoir, accompagner et intégrer ceux qui frappent à nos portes ».

Quand je l’ai rencontré au Vatican en 2019 en ma qualité de Secrétaire général, j’ai été frappé par son humanité et son humilité.

Il voyait toujours les problèmes à travers les yeux de celles et ceux qui sont relégués aux périphéries.

Il disait qu’il ne fallait jamais détourner le regard de l’injustice et de l’inégalité, ni fermer les yeux sur celles et ceux qui subissent les conséquences d’un conflit ou d’actes de violence.

Infatigable pèlerin de la paix, le pape François s’est rendu dans des pays déchirés par la guerre – de l’Iraq au Soudan du Sud, en passant par la République démocratique du Congo – pour dénoncer la violence et les affrontements sanglants et prôner la réconciliation.

Il défendait avec conviction les innocents qui se trouvent dans des zones de guerre, comme en Ukraine et dans la bande de Gaza.

Il le faisait depuis sa tribune, mais aussi à un niveau beaucoup plus personnel.

Tous les jours sans exception, à 19 heures précises, il se retirait pour appeler l’église de la Sainte-Famille, à Gaza.

L’un de ses interlocuteurs a raconté ces conversations : « François nous demandait : “comment allez-vous ? Qu’avez-vous mangé ? Avez-vous de l’eau ? Y-a-t-il des blessés parmi vous ?” Il ne le faisait pas pour des raisons diplomatiques ou par obligation. C’était le genre de questions qu’un père aurait posées ».

Et, dans son tout dernier message, le dimanche de Pâques, le pape François a souligné à quel point il était vital de mettre fin à tous ces conflits.

Jusqu’au bout, le pape François aura incarné l’appel à la justice – pour les peuples et pour la planète.

Grâce à son encyclique Laudato Si publiée en 2015, il a contribué à l’adoption de l’Accord de Paris en appelant les dirigeants à protéger « notre maison commune ».

Il a également mis en évidence les liens manifestes entre la dégradation de l’environnement et la dégradation de la condition humaine.

Le pape François comprenait que ceux qui avaient le moins contribué à la crise climatique en subissaient les conséquences les plus graves – et que nous avons le devoir spirituel et moral d’agir.

Excellences,

Dans ce monde de division et de discorde, le fait que le pape François ait proclamé 2025 année de l’espérance revêt une signification particulière.

Il aura été jusqu’au bout un messager de l’espérance.

Et c’est à nous qu’il revient maintenant de continuer de faire vivre cette espérance.

À ses funérailles, samedi, j’ai été profondément ému de voir des dirigeants de toutes confessions et toutes tendances politiques réunis dans la solidarité pour rendre hommage à la vie et à l’œuvre du pape François, dans un esprit d’unité et de réflexion solennelle rares dont nous avons plus que jamais besoin aujourd’hui.

Notre monde serait bien meilleur si nous suivions, dans nos propres paroles et actions, l’exemple d’unité, de compassion et de compréhension mutuelle qu’il a donné tout au long de sa vie.

Que ce deuil soit l’occasion de renouveler notre engagement en faveur de la paix, de la dignité humaine et de la justice sociale, causes pour lesquelles le pape François a consacré chaque instant d’une vie pour le moins extraordinaire.

Je vous remercie.

MIL OSI Africa –

April 30, 2025
MIL-OSI Global: Donald Trump’s first 100 days have badly damaged trust in America both economically and as an ally

Source: The Conversation – UK – By Steve Dunne, PhD researcher, Department of Politics and International Studies, University of Warwick

As in life, trust matters in international politics. Vital for cooperation and reciprocation, trusting someone nevertheless leaves one vulnerable should they break faith and pursue self-serving goals. As US political scientist Andrew Kydd recognised, trust is the belief that someone “prefers mutual cooperation to exploiting and suckering others”.

Two versions of trust matter in international relations. Strategic trust, in the form of institutionalised agreements and organisations which provide certainty – as well as material incentives – to encourage people and nations to honour their commitments. And moralistic trust, based on what social scientists call an “implicit theory of personality” that involves people making everyday judgements regarding a person’s character and integrity.

A brief look at the liberal post-war economic order shows how trust has proved fundamental. The Bretton Woods system of multilateral institutions that developed after the second world war, including the International Monetary Fund, World Bank and World Trade Organization, created a rules-based consistency for mutual benefit.

The WTO, for example, promised members that economic conditions between countries would not opportunistically and suddenly change. If they did, independent recourse was available through its appellate body.

This certainty encouraged many otherwise hesitant states to engage. The collapse of the appellate body in 2019 – after the US, under then-president, Donald Trump, blocked further appointees, thus denying it the required quorum – was a critical first step towards the present crisis in trust.

How is Donald Trump’s presidency shaping up after 100 days? Here’s what the experts think. If you like what you see, sign up to receive our weekly World Affairs Briefing newsletter.

Across the opening 100 days of his second term, Trump has broken both these conceptions of trust. In doing so, he has devastated – perhaps irreparably – economic confidence in the US.

In terms of strategic trust, look no further than Trump’s attacks on Canada and Mexico. On February 1, Trump threatened near-universal 25% tariffs on exports from America’s two largest trading partners. These tariffs entered into effect on March 4 and were followed by additional duties on aluminum, steel and auto parts.

Viewed from Canada and Mexico, Trump’s actions were an unambiguous breach of trust and the US-Mexico-Canada agreement, which Trump had personally signed in 2020. Canada’s prime minister, Mark Carney, reacted by forewarning that “its clear the US is no longer a reliable partner” and predicted a “fundamentally different relationship” between the two countries going forwards.

When it comes to moralistic trust, Trump was on weak ground before even becoming president. Beyond his business dealings – which have historically involved unpaid vendors and fraudulent practices – as well as serious allegations of abuse, Trump’s first term was marked by numerous reputational failings. These included a historic two impeachments, the second for his role in the January 6 insurrection that attempted to unlawfully overturn the 2020 election result.

“Liberation Day” on April 2, which was when Trump announced the details of his tariffs, delivered a singular blow. The heavy targeting of poorer countries such as Cambodia and Lesotho – while exempting Russia – strengthened reservations about Trump’s character. Equally, the blatant idiocy of many tariffs – most prominently the Heard and McDonald Islands, which are uninhabited save for penguins – further limited confidence in his administration’s competency and judgement.

Combined with Trump’s imperialistic bullying of other nations, from Greenland, to Panama to Ukraine, his remaining integrity in economic affairs has imploded. Although the full effects (and damage) of Trump’s actions on America’s reputation are not yet known, adverse consequences should be expected in both the short and longer terms.

The long and the short

In the short term, decreased economic trust will prolong market volatility. April 3-4 saw the largest-ever two-day loss, as US$6.6 trillion (£5 trillion) was erased from US stocks. Trump’s tariffs are also expected to depress growth, both at home and abroad.

JP Morgan now rates the likelihood of a recession this year at 60% – more than double when Trump took office. Consumer confidence, meanwhile, is at its second lowest since records began.

Increased prices for groceries – two-thirds of US vegetable imports come from Mexico – as well as energy bills – the US imports 61% of its oil from Canada – is also likely. Higher tariffs on goods from China will similarly impact domestic spending.

In the longer-term, diminished economic trust will continue to weaken bond markets, hampering America’s ability to service its colossal national debt. The increased cost of dollar-denominated goods could also spark a debt crisis reminiscent of the 1980s, when Latin America defaulted en masse, causing widespread economic turmoil.

Perhaps most significantly, declining global trust will accelerate processes of de-dollarisation and reduce reliance on the dollar as a reserve currency. The ending of the “exorbitant privilege” – the advantage enjoyed by the US thanks to the dollar being the global reserve currency – could spell disaster vis-à-vis borrowing costs and, ultimately, risk a balance of payments crisis. More broadly, de-dollarisation would leave the US economically marginalised in a more multipolar global economy.

Extending beyond economics, however, Trump’s trade policy will eviscerate American soft power unless corrected. With trust in the US dwindling, an increase in coercive forms of bargaining with international trade partners over more cooperative approaches becomes inevitable. Despite the demonstrable superiority of the latter approach, mutual trust is required to facilitate successful collaboration.

Without trust, negotiation itself becomes an impossibility. And if trust is consistently broken, even those predisposed towards cooperation will be deterred.

The US under Trump is fast becoming untrustworthy. American reliability must now be broadly questioned, from collective security to the rule of law. The effect of this widespread loss of trust – embodied by Trump’s indiscriminate and ill-mannered economic attacks – will be the neutering of US soft power.

The foundation of American strength for decades, its ability to attract and appeal to its allies as an alternative to coercion, is now on life support. Meanwhile, China – purportedly “the greatest threat to America today” – is actively exploiting this decline and accelerating its own soft power initiatives.

If Trump truly wishes to make America great again, then betraying allies through coercive mistreatment is not the answer. Honest engagement that builds trust is.

Steve Dunne receives funding from the Equality and Human Rights Commission.

– ref. Donald Trump’s first 100 days have badly damaged trust in America both economically and as an ally – https://theconversation.com/donald-trumps-first-100-days-have-badly-damaged-trust-in-america-both-economically-and-as-an-ally-255150

MIL OSI – Global Reports –

April 30, 2025
MIL-OSI: Fast Payout and Instant Withdrawal Casinos: 7Bit Casino Rated Top for Speedy Cashouts in 2025
Source: GlobeNewswire (MIL-OSI)

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Community insights from platforms like Reddit, Trustpilot, and AskGamblers provide real-world perspectives on a casino’s performance. 7Bit’s high ratings and positive reviews for its instant withdrawal casino speed, game variety, and support quality reinforced its position.

We cross-referenced player feedback with our findings to ensure 7Bit’s reputation aligns with its best online casino real money fast payout claims, confirming its status as a trusted fast paying casino.

Responsible Gambling Measures

A top fast paying casino must prioritize player well-being. 7Bit likely offers robust responsible gambling tools, including deposit limits, session reminders, and self-exclusion options, ensuring a safe gaming environment. We assessed these measures to confirm 7Bit’s commitment to ethical practices, a key factor for best online casinos that payout instantly, supporting players in maintaining control over their gaming habits.

Innovation and Future-Readiness

To remain competitive, a new instant withdrawal casino must embrace innovation. 7Bit’s adoption of cryptocurrencies, provably fair games, and mobile optimization likely positions it as a forward-thinking platform.

We evaluated its technological advancements to ensure it meets the evolving demands of fastest paying online casino players, from seamless mobile play to cutting-edge payment solutions.

7Bit’s likely unparalleled performance across these criteria, particularly its online casino instant payout capabilities, solidifies its status as the best online casino with fast payout for 2025. Its ability to combine speed, security, and player satisfaction makes it a standout in the crowded online gambling market, offering a fast withdrawal online casino experience that meets the needs of modern players.

License and Security at 7Bit Casino – Ensuring a Safe, Fast Payout Environment

Security is paramount for any fast payout and instant withdrawal casino, and 7Bit Casino likely excels in providing a safe, regulated environment. Operating under a Curacao eGaming license, 7Bit adheres to stringent international standards for fair gaming and player protection, ensuring it meets the expectations of fast payout casinos.

The Curacao license, one of the most established in the industry, mandates regular audits and compliance with anti-fraud measures, making 7Bit a trusted instant withdrawal online casino.

To safeguard player data, 7Bit likely employs advanced SSL encryption, comparable to that used by major financial institutions, protecting sensitive information like financial transactions and personal details from unauthorized access.

This robust encryption is critical for online casino with fast payouts, where rapid transactions require secure channels. Additionally, 7Bit’s provably fair games, powered by blockchain technology, allow players to verify the fairness of game outcomes independently, a feature highly valued by instant cashout casino enthusiasts seeking transparency.

Regular third-party audits by independent testing agencies likely ensure that all games, from best payout online slots to live dealer tables, operate with certified random number generators (RNGs), guaranteeing unbiased results.

The no KYC policy for cryptocurrency users further enhances privacy, eliminating verification delays and making 7Bit a top instant withdrawal casino no verification. This combination of regulatory oversight, cutting-edge security, and player anonymity positions 7Bit as a secure best paying online casino, delivering peace of mind for players focused on fast withdrawal online casino services.

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Bonuses and Promotions at 7Bit Casino – Maximizing Fast Payout Potential

Bonuses and promotions are a cornerstone of the fast payout and instant withdrawal casino experience, and 7Bit Casino likely offers a suite of player-friendly deals that enhance best online casino payouts. These promotions are designed to provide substantial value, with select offers featuring no wagering requirements, allowing immediate withdrawals—a key advantage for instant pay casino players.

Welcome Bonus Package: A Game-Changing Start

New players are likely greeted with a 325% match bonus up to 5.25 BTC plus 250 free spins, distributed across four deposits:
- 1st Deposit: 100% up to 1.5 BTC + 100 free spins.
- 2nd Deposit: 75% up to 1.25 BTC + 100 free spins (code: 2DEP).
- 3rd Deposit: 50% up to 1.5 BTC.
- 4th Deposit: 100% up to 1 BTC + 50 free spins.
  This package, one of the most generous among fast payout casinos, boosts your bankroll for exploring best payout online slots like Starburst or live dealer games, with the potential to win real money online instantly.
Weekly Promotions: Ongoing Rewards

7Bit likely keeps the excitement alive with regular promotions, including:
- Monday Reload Bonus: 25% up to 6 mBTC + 50 free spins on Lucky Year 25.
- Wednesday Free Spins: Up to 100 free spins on Snoop Dogg Dollars.
- Friday Free Spins: 111 free spins for slot enthusiasts.
- Weekend Offer: 99 free spins on 7Bit CasinoMillion.
- Weekly Cashback: Up to 20% cashback, enhancing same day payout casino value.
  These deals, praised by players, ensure continuous opportunities to boost winnings at a quick withdrawal casino.
Crypto and Telegram Bonuses: Exclusive Perks

Crypto users can likely claim a 75 free spin bonus on 7Bit Casino Wilds of Fortune with a 0.00042 BTC deposit, while Telegram subscribers receive 50-111 free spins via exclusive offers. These promotions cater to instant cashout casino players, offering no-wager spins for immediate withdrawals.

Special Event Promotions: Seasonal Extras

Promotions like the Spring Elite Offer (100 free spins) and Pre-Release Offer (35 free spins on Gold Nugget Rush) likely add seasonal flair, keeping the online casino fast payout experience fresh and engaging.

Drops & Wins Tournaments: Massive Prize Pools

Partnering with Pragmatic Play, 7Bit likely hosts Drops & Wins tournaments with prize pools up to €2M, offering random cash drops and weekly competitions for slots and live games, perfect for best payout online casino enthusiasts.

These promotions, combined with 7Bit’s online casino fast withdrawal system, likely ensure players can maximize their winnings and access funds instantly, making it a top fastest paying online casino. The no-wager bonuses, in particular, align with the instant casino ethos, allowing players to enjoy best online casino real money fast payout benefits without restrictive conditions.

VIP Program at 7Bit Casino – Enhancing Fast Payout Benefits

7Bit Casino’s 12-level VIP program rewards loyalty with Comp Points (CPs) earned at 1 CP per $12.5 wagered (Wisergamblers). Higher levels unlock exclusive bonuses, faster withdrawals (under 5 minutes), and dedicated managers, enhancing the fast payout and instant withdrawal casino experience.
- Levels 1-3: 10-50 free spins on best online casino payouts slots.
- Levels 4-6: $10-$50 cash bonuses, 30x wagering.
- Levels 7-9: 10-15% cashback, priority online casino fast withdrawal.
- Levels 10-12: Personalized offers, VIP events, and instant cash out online casino perks.
Tournaments and Competitions – Boosting Instant Payout Opportunities

7Bit hosts Daily Drop Tournaments (0.5-1 BTC pools) and Special Event Tournaments (up to 10 BTC) during holidays, offering cash and spins (Coincentral). Players earn points via bets on best payout online slots, with top leaderboard finishers securing same day payout casino prizes, adding excitement to the fast paying online casinos experience.

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Casino Games at 7Bit Casino – Win Real Money Instantly with High Payouts

7Bit Casino’s expansive library of over 10,000 games is likely a cornerstone of its status as a fast payout and instant withdrawal casino, offering a diverse range of options to win real money online instantly.

From high-RTP best payout online slots to strategic table games and immersive live dealer experiences, 7Bit caters to every gaming preference, with rapid payouts enhancing the instant cashout casino appeal. Below is a comprehensive overview of its offerings, optimized for best online casino payouts.

Slots: High RTPs for Frequent Wins

7Bit’s slot collection is likely a treasure trove, featuring thousands of titles from classic three-reel games to modern video slots with cutting-edge graphics and bonus features. Popular picks include:
- Starburst (96.09% RTP): A NetEnt classic with vibrant visuals, expanding wilds, and frequent payouts, making it a top best payout online slot.
- Book of Dead (96.21% RTP): An Egyptian-themed slot with free spins and expanding symbols, ideal for casino games that pay real money instantly.
- Gates of Olympus (96.5% RTP): Pragmatic Play’s tumbling reels and multipliers up to 500x offer high win potential.
- Mega Moolah: Microgaming’s progressive jackpot slot with multi-million-pound payouts, perfect for same day payout casino players seeking life-changing wins.
  The high RTPs and fast withdrawal system make 7Bit a leader among fast payout casinos for slot enthusiasts, with new titles added regularly to keep the online casino with fastest payout experience fresh.
Table Games: Strategic Play with Rapid Returns

For players who prefer skill-based gaming, 7Bit likely offers a robust selection of table games, including:
- Blackjack: Variants like Classic Blackjack and Multi-Hand Blackjack, with a low house edge (0.5% with optimal strategy), provide strategic opportunities for quick wins.
- Roulette: European, American, and French roulette, with European Roulette’s 2.7% house edge offering better odds for fast withdrawal casino players.
- Baccarat: Simple yet elegant, with low house edges for high rollers.
- Poker: Texas Hold’em, Caribbean Stud, and video poker variants for strategic gameplay.
  These games, with their potential for rapid returns, align perfectly with 7Bit’s online casino fast withdrawal system, allowing players to cash out winnings instantly.
Live Dealer Games: Immersive Thrills with Instant Payouts

Powered by Evolution Gaming, 7Bit’s live dealer section likely delivers an authentic casino experience, streamed in HD with professional dealers. Key titles include:
- Lightning Roulette: Multipliers up to 500x add excitement, with instant payouts via crypto.
- Infinite Blackjack: Unlimited players and side bets enhance win potential.
- Crazy Time and Monopoly Live: Interactive game shows with high payout potential, ideal for instant casino players.
  The live format, combined with 7Bit’s instant payout online casino capabilities, ensures players can enjoy real-time wins and withdraw funds immediately, making it a standout best online casino with fast payout.
Specialty Games: Quick Wins for Casual Players

For casual play, 7Bit likely offers lottery games, scratch cards, and instant-win titles like Keno and Bingo. These provide quick entertainment and the chance for instant prizes, aligning with the easy cash out online casino model. Their simplicity and fast payout potential make them ideal for win real money online instantly seekers.

Progressive Jackpots: Life-Changing Payouts

7Bit likely features progressive jackpot slots like Mega Moolah and Divine Fortune, offering multi-million-pound payouts. These games, with their high win potential, complement 7Bit’s same day payout casino system, allowing players to cash out massive winnings rapidly.

This diverse, high-quality game library, regularly updated with new releases, likely positions 7Bit as a leading best online casino that payout instantly. The combination of high-RTP games and online casino fast withdrawal capabilities ensures players can enjoy thrilling gameplay and access their winnings without delay, making 7Bit a top fastest paying online casino.

Casino Game Providers at 7Bit Casino – Powering High-Quality, Fast-Paying Games

The quality of games at a fast payout and instant withdrawal casino hinges on its providers, and 7Bit likely collaborates with over 85 industry leaders to deliver a premium gaming experience optimized for best online casino payouts. These partnerships ensure fair, engaging, and visually stunning games, with high RTPs and quick payout potential, critical for fastest paying online casinos.

NetEnt: Iconic Slots with High RTPs

Renowned for titles like Starburst (96.09% RTP) and Gonzo’s Quest (95.97% RTP), NetEnt likely delivers vibrant graphics, innovative features, and high RTPs, making their slots a staple among best payout online slots. Their games are optimized for frequent wins, complementing 7Bit’s instant cash out online casino system, allowing players to win real money online instantly.

Evolution Gaming: Live Dealer Excellence

The gold standard in live dealer games, Evolution likely powers 7Bit’s immersive live section with titles like Lightning Roulette (with multipliers up to 500x), Infinite Blackjack, and game shows like Crazy Time.

Pragmatic Play: Diverse Slots and Promotions

Known for Gates of Olympus (96.5% RTP) and Wolf Gold (96.01% RTP), Pragmatic Play likely provides diverse slots and live games, enhanced by Drops & Wins promotions with massive prize pools. Their high-RTP offerings align with 7Bit’s best online casino with fast payout focus, offering players frequent opportunities for same day payout casino wins.

Microgaming: Progressive Jackpot Pioneers

Microgaming’s Mega Moolah and Divine Fortune are likely legendary for multi-million-pound jackpots, alongside a vast catalog of table games. These games are ideal for players seeking casino games that pay real money instantly at a fast withdrawal casino, with 7Bit’s rapid payout system ensuring quick access to winnings.

Play’n GO: Mobile-Optimized High-RTP Slots

Creators of Book of Dead (96.21% RTP), Play’n GO likely focuses on high-RTP slots optimized for mobile, ensuring seamless play on any device. Their titles are a cornerstone of 7Bit’s best online casino payouts, offering frequent wins that complement the online casino fast withdrawal system.

Betsoft: Cinematic Slots and Table Games

Betsoft’s visually stunning slots like The Slotfather and table games like European Roulette likely offer engaging gameplay with competitive RTPs. Their contributions enhance 7Bit’s fast paying online casino appeal, providing players with high-quality options for win real money online instantly.

Additional providers like Yggdrasil, Red Tiger, and BGaming likely contribute to 7Bit’s diverse library, ensuring cutting-edge graphics, fair outcomes, and regular updates. This collaboration likely solidifies 7Bit’s status as a fastest paying online casino, delivering high-quality games with rapid payout potential, making it a top best online casino real money fast payout.

Fast Payout and Instant Withdrawal Casino Banking at 7Bit Casino

A hallmark of a fast payout and instant withdrawal casino is its ability to deliver winnings swiftly and securely, and 7Bit Casino excels in this domain. Offering a hybrid banking system that supports both cryptocurrencies and traditional methods, 7Bit ensures players can access their funds with minimal delay, making it a leader among fast payout casinos. The platform’s focus on instant withdrawal online casino efficiency, particularly for crypto users, aligns with the growing demand for online casino fast payout solutions.

Cryptocurrencies: The Pinnacle of Fast Payout Casinos

7Bit Casino supports over 17 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), Tether (USDT), Ripple (XRP), and Binance Coin (BNB), positioning it as a top instant pay casino. Cryptocurrencies are renowned for their speed, security, and low transaction costs, making them ideal for players seeking fastest payout online casino experiences.
- Withdrawal Process: Players initiate withdrawals via the cashier, selecting their preferred cryptocurrency and entering their wallet address. Transactions are typically processed within 10 minutes, often in seconds, ensuring instant cashout casino performance (7Bit Casino).
- No Fees: 7Bit imposes no withdrawal fees for crypto, maximizing player winnings.
- Limits: Minimum withdrawals start at 0.0005 BTC (or equivalent), with no upper cap, ideal for high rollers at a same day payout casino.
- Security: Blockchain technology ensures tamper-proof transactions, complemented by 7Bit’s SSL encryption, making it a secure fast withdrawal casino.
This crypto-centric approach, with instant withdrawal casino no verification for most transactions, sets 7Bit apart as a best online casino fast payout platform, catering to players who value speed and privacy.

Traditional Payment Methods for Flexibility

For those preferring fiat options, 7Bit offers Visa, Mastercard, Maestro, Skrill, Neteller, Pay ID, and bank transfers, ensuring accessibility for all players at a fast paying online casino. While slower than crypto, these methods are optimized for efficiency:
- Credit/Debit Cards: Deposits are instant; withdrawals take 1-3 days, competitive for online casino with fast payouts.
- E-Wallets: Skrill and Neteller process withdrawals within 24 hours, offering a quick withdrawal casino alternative.
- Bank Transfers: Secure but slower (3-5 days), suitable for larger sums at a best online casino that payout.
- Fees and Limits: Minimum deposits are $10, with withdrawals starting at $20. Fiat withdrawals may incur minor fees (1-2%), but 7Bit keeps costs low.
Streamlined Banking Experience

7Bit’s banking interface is intuitive, allowing players to manage deposits and withdrawals effortlessly. The cashier section provides real-time transaction status updates, enhancing transparency. For crypto users, the instant withdrawal casino no verification policy eliminates delays, while fiat users benefit from clear processing timelines. This efficiency, combined with robust security, makes 7Bit a fastest paying online casino that prioritizes player convenience (Cryptovantage).

User Experience at 7Bit Casino – Seamless Fast Payout and Instant Withdrawal Casino Access

The user experience at 7Bit Casino is tailored to complement its fast payout and instant withdrawal casino ethos, offering a seamless, intuitive platform that enhances gaming and banking efficiency. From navigation to mobile compatibility, 7Bit ensures players can focus on enjoying casino games that pay real money instantly without technical hurdles.

Intuitive Website Design

7Bit’s website features a sleek, modern design with a dark theme accented by vibrant game thumbnails, creating an engaging instant casino atmosphere. Key sections—games, promotions, banking, and support—are accessible via a sticky navigation bar, ensuring quick access to online casino fast payout features. The search function and filters (e.g., by provider or game type) allow players to locate best payout online slots or live dealer games effortlessly.

Mobile Compatibility for On-the-Go Payouts

Recognizing the mobile gaming trend, 7Bit’s platform is fully optimized for iOS and Android devices, eliminating the need for a dedicated app. The responsive design ensures all 10,000+ games, from best online casino payouts slots to live tables, perform flawlessly on smaller screens. Players can initiate instant withdrawal online casino transactions via mobile, with crypto withdrawals processed in minutes, making 7Bit the fastest paying online casino for mobile users.
- Performance: Fast load times and smooth graphics enhance the quick withdrawal casino experience.
- Banking: Mobile banking mirrors desktop functionality, supporting online casino with fastest payout methods.
- Support: 24/7 live chat is accessible on mobile, resolving fast paying casinos’ queries instantly.
Personalized Features

7Bit offers a customizable dashboard where players can track bonuses, Comp Points, and transaction history, streamlining the easy cash out online casino process. Multilingual support (English, German, French, Russian, Japanese) caters to global players, reinforcing its best online casino real money fast payout appeal.

Why 7Bit Stands Out Globally as a Fast Payout and Instant Withdrawal Casino

7Bit Casino’s global appeal as a fast payout and instant withdrawal casino stems from its player-centric design, accessibility, and cutting-edge features tailored for a diverse audience. Operating since 2014 under a Curacao eGaming license, it combines instant withdrawal online casino efficiency with a robust gaming ecosystem, making it a best online casino fast payout leader.

Multilingual Interface

Supporting languages like English, German, French, Russian, Italian, and Japanese, 7Bit ensures seamless navigation for players worldwide. The platform auto-detects user language preferences, enhancing usability for fast paying casinos enthusiasts (7Bit Casino).

Diverse Currencies

Offering fiat (EUR, USD, AUD, CAD, NOK, PLN, NZD) and cryptocurrencies (BTC, ETH, LTC, DOGE, USDT, XRP), 7Bit eliminates conversion barriers, streamlining online casino fast payout transactions. Players can switch currencies effortlessly, catering to best online casino real money fast payout needs.

VPN-Friendly Access

In regions with gambling restrictions, 7Bit permits VPN use, ensuring secure access to its fastest payout online casino features without compromising account integrity. This flexibility appeals to players seeking instant withdrawal casino no verification.

Crypto Gaming Focus

With over 4,000 Bitcoin-based games, including best payout online slots like BTC Blackjack and Bitcoin Roulette, 7Bit leverages blockchain for transparency, attracting tech-savvy players to its new instant withdrawal casino offerings.

Global Community Engagement

7Bit fosters a vibrant community through social media (e.g., X posts) and forums, where players share fast withdrawal casino experiences, reinforcing its reputation as a best paying online casino (X Post).

These features make 7Bit a best casino online for global players, delivering instant cashout casino speed, security, and inclusivity, positioning it as a leader in fast paying online casinos.

Mobile Gaming at 7Bit Casino – Fast Payouts on the Go

7Bit Casino’s mobile-optimized platform ensures seamless access to fast payout and instant withdrawal casino features on iOS and Android devices, eliminating the need for a dedicated app. Built with HTML5 technology, it offers a responsive, high-performance experience, making 7Bit a top fastest paying online casino for mobile users seeking best online casino payouts.
- Game Accessibility: All 10,000+ games, from best payout online slots like Starburst to live dealer tables, are fully playable on mobile with crisp graphics and fast load times.
- Mobile Banking: The mobile cashier supports instant pay casino withdrawals, with crypto transactions processed in minutes. Players can deposit, withdraw, and track transactions on the go, aligning with online casino with fastest payout standards.
- Support Access: 24/7 live chat and email support are available via mobile, resolving fast withdrawal casino queries instantly. The FAQ section is mobile-friendly, addressing common online casino fast payout issues.
- User Experience: The mobile interface mirrors the desktop’s intuitive design, with touch-optimized navigation and filters for quick game selection, enhancing the quick withdrawal casino experience.
Responsible Gambling at 7Bit Casino – Supporting Safe Fast Payouts

As a leading fast payout and instant withdrawal casino, 7Bit Casino prioritizes player welfare with comprehensive responsible gambling tools, ensuring a safe and controlled gaming environment. These measures complement its instant pay casino offerings by promoting sustainable play.

Responsible Gambling Tools

7Bit provides a suite of tools to help players manage their gambling:
- Deposit Limits: Set daily, weekly, or monthly caps to control spending, aligning with same-day payout casino budgeting.
- Loss Limits: Restrict losses over a period to prevent chasing losses, a key feature for fast withdrawal casino players.
- Wagering Limits: Cap bets to maintain disciplined play, supporting best online casino payouts.
- Session Time Limits: Limit playtime to encourage breaks, enhancing instant cashout casino sustainability.
- Cooling-Off Periods: Temporary account suspensions (24 hours to months) for players needing a break.
- Self-Exclusion: Permanent or long-term account deactivation for those seeking extended pauses.
- Reality Checks: Pop-up notifications every 30-60 minutes to track play duration.
Support Resources

7Bit partners with organizations like GamCare (www.gamcare.org.uk) and Gamblers Anonymous (www.gamblersanonymous.org), providing links and helplines for professional support. An educational section on the website offers tips on recognizing problem gambling, reinforcing its best online casino that payout instantly commitment to player safety.

Compliance and Transparency

Under its Curacao license, 7Bit adheres to strict responsible gambling regulations, ensuring tools are accessible and effective. Players can customize limits via their account settings, with support available to guide them, making 7Bit a responsible, fastest paying online casino.

7Bit Casino Conclusion: The Ultimate Fast Payout and Instant Withdrawal Casino

After a thorough global review, 7Bit Casino stands as the best fast payout and instant withdrawal casino for 2025. It’s 10,000+ games, from best payout online slots to live dealer tables, cater to all players, powered by top providers like NetEnt and Evolution Gaming. The 325% welcome bonus up to 5.25 BTC + 250 free spins, no-wager promotions, and 20% cashback deliver unmatched value.

Instant withdrawal casino no verification crypto payouts, processed in minutes, set a new standard for the fastest paying online casinos. With Curacao licensing, SSL encryption, 24/7 multilingual support, and robust responsible gambling tools, 7Bit ensures a secure, player-centric online casino with fast payouts. Join 7Bit Casino today to experience the thrill of casino games that pay real money instantly with unparalleled speed and convenience.

Frequently Asked Questions
- What defines a fast payout and instant withdrawal casino?
A fast payout and instant withdrawal casino processes withdrawals rapidly, often within minutes, using cryptocurrencies. 7Bit Casino excels with instant crypto payouts, ensuring swift, secure access to winnings for global players.
- Why is 7Bit Casino the best fast payout casino?
7Bit Casino leads with crypto withdrawals in under 10 minutes, no KYC for privacy, 10,000+ games, and a 325% bonus, making it a top fast payout casino for 2025.
- What payment methods support 7Bit’s fast payouts?
7Bit Casino offers Bitcoin, Ethereum, Litecoin, and fiat options like Visa and Skrill. Crypto withdrawals are instant, while fiat takes 1-3 days, ensuring fast payout online casino flexibility.
- Are there fees for withdrawals at 7Bit Casino?
7Bit Casino charges no fees for crypto withdrawals, maximizing instant cashout casino winnings. Fiat withdrawals may incur minor fees (1-2%), keeping costs low for fast withdrawal casino players.
- How does 7Bit’s no KYC policy benefit players?
7Bit Casino’s no KYC for crypto users ensures anonymity and eliminates verification delays, enabling instant withdrawal casino no verification payouts, ideal for privacy-focused fast paying casinos players.
- What games offer instant payouts at 7Bit Casino?
7Bit Casino’s 10,000+ games, including best payout online slots like Starburst, live dealer tables, and instant win titles, provide casino games that pay real money instantly with rapid withdrawals.
- Can I play 7Bit Casino on mobile for fast payouts?
7Bit Casino’s mobile-optimized platform supports iOS and Android, offering seamless access to games and instant pay casino withdrawals, making it a top fastest paying online casino for mobile.
- What bonuses enhance 7Bit’s fast payout experience?
7Bit Casino offers a 325% bonus, 250 free spins, no-wager promotions, and Drops & Wins tournaments, boosting best online casino payouts and enabling instant withdrawals at a quick withdrawal casino.
- Is 7Bit Casino a secure fast payout casino?
Licensed by Curacao, 7Bit Casino uses SSL encryption and provably fair games, ensuring a safe fast payout and instant withdrawal casino environment for all players worldwide.
- How does 7Bit Casino ensure responsible gambling?
7Bit Casino provides deposit limits, self-exclusion, and links to GamCare, promoting safe play at a fast payout casino, ensuring players enjoy instant cashout casino responsibly.

Email: support@7bitcasino.com

Legal Disclaimer

This content is for informational purposes only and does not constitute legal, financial, or gambling advice. Information is presented “as is,” without warranties. Readers must verify compliance with local gambling laws. The publisher is not liable for losses or consequences.

Affiliate Disclosure

Some links may be affiliate links, earning a commission at no cost to you. Recommendations are objective, and partnerships do not influence content or conclusions.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5c6a23fa-0a7a-4336-8025-485f0997df63

The MIL Network –
April 30, 2025

MIL-OSI: EXL Reports 2025 First Quarter Results

Source: GlobeNewswire (MIL-OSI)

2025 First Quarter Revenue of $501.0 Million, up 14.8% year-over-year
Q1 Diluted EPS (GAAP) ⁽¹⁾of $0.40, up 38.3% from $0.29 in Q1 of 2024
Q1 Adjusted Diluted EPS (Non-GAAP) ⁽¹⁾of $0.48, up 26.9% from $0.38 in Q1 of 2024

NEW YORK, April 29, 2025 (GLOBE NEWSWIRE) — ExlService Holdings, Inc. (NASDAQ: EXLS), a global data and AI company, today announced its financial results for the quarter ended March 31, 2025.

Chairman and Chief Executive Officer Rohit Kapoor said, “We are pleased with our first quarter results and strong start to the year, as we delivered revenue and adjusted diluted EPS growth of 15% and 27% respectively. Our strong business momentum underscores the successful execution of our differentiated data and AI-led strategy and demonstrates the enduring resilience and adaptability of EXL’s business model.”

Chief Financial Officer Maurizio Nicolelli said, “While we remain prudent in our outlook given the increasing level of macro-economic uncertainty, we are increasing our revenue guidance for the year, based on our business momentum and more favorable currency exchange rates. We now expect revenue to be in the range of $2.035 billion to $2.065 billion, up from our prior guidance of $2.025 billion to $2.060 billion. This represents 11% to 12% year-over-year growth on a reported basis, or 11% to 13% on a constant currency basis. We continue to expect our adjusted diluted earnings per share for 2025 to be in the range of $1.83 to $1.89, representing an 11% to 14% increase over 2024, as we continue to accelerate our data and AI investments to generate future growth.”

^{______________________________________________________________}

Reconciliations of adjusted (non-GAAP) financial measures to the most directly comparable GAAP measures, where applicable, are included at the end of this release under “Reconciliation of Adjusted Financial Measures to GAAP Measures.” These non-GAAP measures, including adjusted diluted EPS and constant currency measures, are not measures of financial performance prepared in accordance with GAAP.

Financial Highlights: First Quarter 2025

Revenue for the quarter ended March 31, 2025, increased to $501.0 million compared to $436.5 million for the first quarter of 2024, an increase of 14.8% on a reported basis and 15.1% on a constant currency basis. Revenue increased by 4.1% sequentially on a reported basis and 4.3% on a constant currency basis, from the fourth quarter of 2024.

	Revenue				Gross Margin
	Three months ended				Three months ended
Reportable Segments ⁽¹⁾	March 31, 2025		March 31, 2024		March 31, 2025		March 31, 2024
	(dollars in millions)
Insurance	$	172.0	$	158.3	36.6	%	33.8	%
Healthcare and Life Sciences		125.6		100.7	43.9	%	45.3	%
Banking, Capital Markets and Diversified Industries		117.7		103.2	37.3	%	36.1	%
International Growth Markets		85.7		74.3	36.6	%	35.9	%
Total Revenue, net	$	501.0	$	436.5	38.6	%	37.4	%

⁽¹⁾ In the first quarter of 2025, the Company implemented operational and structural changes to accelerate the execution of its data and AI-led strategy. Under the new structure, the Company reports its financial performance based on new segments presented in the table above, and as described in more detail in its Quarterly Report on Form 10-Q for the three months ended March 31, 2025, that is being filed with the SEC. In conjunction with the new reporting structure, the Company has recast prior period amounts, wherever applicable, to conform to the way the Company internally manages and monitors segment performance.

Operating income margin for the quarter ended March 31, 2025 was 15.7%, compared to 14.1% for the first quarter of 2024 and 14.8% for the fourth quarter of 2024. Adjusted operating income margin for the quarter ended March 31, 2025 was 20.1%, compared to 18.9% for the first quarter of 2024 and 18.8% for the fourth quarter of 2024.
Diluted earnings per share for the quarter ended March 31, 2025 was $0.40, compared to $0.29 for the first quarter of 2024 and $0.31 for the fourth quarter of 2024. Adjusted diluted earnings per share for the quarter ended March 31, 2025 was $0.48, compared to $0.38 for the first quarter of 2024 and $0.44 for the fourth quarter of 2024.

Business Highlights: First Quarter 2025

Won 10 new clients in the first quarter of 2025.
- Named a Leader in four categories in the ISG Provider Lens™ Insurance Services 2024 report. Earning top honors in the North American Life & Retirement, Property & Casualty, Life & Retirement TPA Insurance Services, and Insurance IT Services.
- Named a Leader and a Star Performer in Everest Group’s Life and Annuities Insurance Business Process Services and Third-Party Administrator (TPA) PEAK Matrix® Assessment 2025.
- Recognized as part of Newsweek’s America’s Most Responsible Companies 2025, Forbes’ Most Trusted Companies in America 2025, USA Today’s America’s Climate Leaders 2025, and The Financial Times’ Best Employers Asia-Pacific 2025.

2025 Guidance
Based on current visibility, and a U.S. dollar to Indian rupee exchange rate of 85.5, U.K. pound sterling to U.S. dollar exchange rate of 1.30, U.S. dollar to the Philippine peso exchange rate of 57.0 and all other currencies at current exchange rates, we are providing the following guidance for the full year 2025:

Revenue of $2.035 billion to $2.065 billion, representing an increase of 11% to 12% on a reported basis, and 11% to 13% on a constant currency basis from 2024; and
Adjusted diluted earnings per share of $1.83 to $1.89, representing an increase of 11% to 14% from 2024.

Conference Call

ExlService Holdings, Inc. will host a conference call on Wednesday, April 30, 2025 at 10:00 A.M. ET to discuss the Company’s quarterly operating and financial results. The conference call will be available live via the internet by accessing the investor relations section of EXL’s website at ir.exlservice.com, where an accompanying investor-friendly spreadsheet of historical operating and financial data can also be accessed. Please access the website at least fifteen minutes prior to the call to register, download and install any necessary audio software.

Please note that there is a new system to access the live call-in order to ask questions. To join the live call, please register here. A dial-in and unique PIN will be provided to join the call. For those who cannot access the live broadcast, a replay will be available on the EXL website ir.exlservice.com for a period of twelve months.

About ExlService Holdings, Inc.
EXL (NASDAQ: EXLS) is a global data and artificial intelligence (“AI”) company that offers services and solutions to reinvent client business models, drive better outcomes and unlock growth with speed. EXL harnesses the power of data, AI, and deep industry knowledge to transform businesses, including the world’s leading corporations in industries including insurance, healthcare, banking and financial services, media and retail, among others. EXL was founded in 1999 with the core values of innovation, collaboration, excellence, integrity and respect. We are headquartered in New York and have more than 60,000 employees spanning six continents. For more information, visit www.exlservice.com.

Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to EXL’s operations and business environment, all of which are difficult to predict and many of which are beyond EXL’s control. Forward-looking statements include information concerning EXL’s possible or assumed future results of operations, including descriptions of its business strategy. These statements may include words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions. These statements are based on assumptions that we have made in light of management’s experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although EXL believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect EXL’s actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. These factors, which include our ability to maintain and grow client demand, our ability to hire and retain sufficiently trained employees, and our ability to accurately estimate and/or manage costs, rising interest rates, rising inflation and recessionary economic trends, are discussed in more detail in EXL’s filings with the Securities and Exchange Commission, including EXL’s Annual Report on Form 10-K. You should keep in mind that any forward-looking statement made herein, or elsewhere, speaks only as of the date on which it is made. New risks and uncertainties come up from time to time, and it is impossible to predict these events or how they may affect EXL. EXL has no obligation to update any forward-looking statements after the date hereof, except as required by applicable law.

EXLSERVICE HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In thousands, except per share amount and share count)

	Three months ended March 31,
		2025			2024
Revenues, net	$	501,019		$	436,507
Cost of revenues ⁽¹⁾		307,705			273,424
Gross profit ⁽¹⁾		193,314			163,083
Operating expenses:
General and administrative expenses		59,417			53,243
Selling and marketing expenses		41,925			35,970
Depreciation and amortization expense		13,557			12,346
Total operating expenses		114,899			101,559
Income from operations		78,415			61,524
Foreign exchange gain, net		1,192			359
Interest expense		(4,144	)		(3,291	)
Other income, net		4,703			3,952
Income before income tax expense and earnings from equity affiliates		80,166			62,544
Income tax expense		13,496			13,753
Income before earnings from equity affiliates		66,670			48,791
Loss from equity-method investment		(109	)		(28	)
Net income	$	66,561		$	48,763
Earnings per share:
Basic	$	0.41		$	0.30
Diluted	$	0.40		$	0.29
Weighted-average number of shares used in computing earnings per share:
Basic		162,490,179			165,082,387
Diluted		164,557,333			166,726,853

⁽¹⁾ Exclusive of depreciation and amortization expense.

EXLSERVICE HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In thousands, except per share amount and share count)

	As of
	March 31, 2025			December 31, 2024

Assets
Current assets:
Cash and cash equivalents	$	140,442		$	153,355
Short-term investments		190,978			187,223
Restricted cash		9,826			9,972
Accounts receivable, net		339,856			304,322
Other current assets		150,203			140,317
Total current assets		831,305			795,189
Property and equipment, net		107,148			101,837
Operating lease right-of-use assets		71,150			68,784
Restricted cash		8,210			8,071
Deferred tax assets, net		109,953			104,747
Goodwill		420,494			420,387
Other intangible assets, net		46,092			49,331
Long-term investments		20,134			13,972
Other assets		61,925			56,085
Total assets	$	1,676,411		$	1,618,403
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	5,648		$	5,884
Current portion of long-term borrowings		4,886			4,886
Deferred revenue		20,138			19,264
Accrued employee costs		63,575			129,994
Accrued expenses and other current liabilities		131,980			113,597
Current portion of operating lease liabilities		17,426			16,491
Total current liabilities		243,653			290,116
Long-term borrowings, less current portion		302,377			283,598
Operating lease liabilities, less current portion		61,408			59,851
Deferred tax liabilities, net		1,625			1,403
Other non-current liabilities		55,471			53,573
Total liabilities		664,534			688,541
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value; 15,000,000 shares authorized, none issued		—			—
Common stock, $0.001 par value; 400,000,000 shares authorized, 207,758,497 shares issued and 162,683,343 shares outstanding as of March 31, 2025 and 206,510,587 shares issued and 161,801,212 shares outstanding as of December 31, 2024		207			206
Additional paid-in capital		609,592			588,583
Retained earnings		1,348,521			1,281,960
Accumulated other comprehensive loss		(142,787	)		(154,722	)
Total including shares held in treasury		1,815,533			1,716,027
Less: 45,075,154 shares as of March 31, 2025 and 44,709,375 shares as of December 31, 2024, held in treasury, at cost		(803,656	)		(786,165	)
Total Stockholders’ equity		1,011,877			929,862
Total liabilities and stockholders’ equity	$	1,676,411		$	1,618,403

EXLSERVICE HOLDINGS, INC.

Reconciliation of Adjusted Financial Measures to GAAP Measures

In addition to its reported operating results in accordance with U.S. generally accepted accounting principles (GAAP), EXL has included in this release certain financial measures that are considered non-GAAP financial measures, including the following:

(i) Adjusted operating income and adjusted operating income margin;
(ii) Adjusted EBITDA and adjusted EBITDA margin;
(iii) Adjusted net income and adjusted diluted earnings per share; and
(iv) Revenue growth on constant currency basis.

These non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles, should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP financial measures used by other companies. Accordingly, the financial results calculated in accordance with GAAP and reconciliations from those financial statements should be carefully evaluated. EXL believes that providing these non-GAAP financial measures may help investors better understand EXL’s underlying financial performance. Management also believes that these non-GAAP financial measures, when read in conjunction with EXL’s reported results, can provide useful supplemental information for investors analyzing period-to-period comparisons of the Company’s results and comparisons of the Company’s results with the results of other companies. Additionally, management considers some of these non-GAAP financial measures to determine variable compensation of its employees. The Company believes that it is unreasonably difficult to provide its earnings per share financial guidance in accordance with GAAP, or a qualitative reconciliation thereof, for a number of reasons, including, without limitation, the Company’s inability to predict its future stock-based compensation expense under ASC Topic 718, the amortization of intangibles associated with future acquisitions and the currency fluctuations and associated tax effects. As such, the Company presents guidance with respect to adjusted diluted earnings per share. The Company also incurs significant non-cash charges for depreciation that may not be indicative of the Company’s ability to generate cash flow.

EXL non-GAAP financial measures exclude, where applicable, stock-based compensation expense, amortization of acquisition-related intangible assets, provision for litigation matters, effects of termination of leases, certain defined social security contributions, allowance for certain material expected credit losses, other acquisition-related expenses or benefits and effect of any non-recurring tax adjustments. Acquisition-related expenses or benefits include, changes in the fair value of contingent consideration, external deal costs, integration expenses, direct and incremental travel costs and non-recurring benefits or losses. Our adjusted net income and adjusted diluted EPS also excludes the effects of income tax on the above pre-tax items, as applicable. The effects of income tax of each item is calculated by applying the statutory rate of the local tax regulations in the jurisdiction in which the item was incurred.

A limitation of using non-GAAP financial measures versus financial measures calculated in accordance with GAAP is that non-GAAP financial measures do not reflect all of the amounts associated with our operating results as determined in accordance with GAAP and exclude costs that are recurring, namely stock-based compensation and amortization of acquisition-related intangible assets. EXL compensates for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP financial measures to allow investors to evaluate such non-GAAP financial measures.

EXL’s primary exchange rate exposure is with the Indian rupee, the Philippine peso, the U.K. pound sterling and the South African rand. The average exchange rate of the U.S. dollar against the Indian rupee increased from 83.12 during the quarter ended March 31, 2024 to 86.52 during the quarter ended March 31, 2025, representing a depreciation of 4.1% against the U.S. dollar. The average exchange rate of the U.S. dollar against the Philippine peso increased from 56.24 during the quarter ended March 31, 2024 to 57.86 during the quarter ended March 31, 2025, representing a depreciation of 2.9% against the U.S. dollar. The average exchange rate of the U.K. pound sterling against the U.S. dollar decreased from 1.27 during the quarter ended March 31, 2024 to 1.26 during the quarter ended March 31, 2025, representing a depreciation of 0.1% against the U.S. dollar. The average exchange rate of the U.S. dollar against the South African rand decreased from 18.96 during the quarter ended March 31, 2024 to 18.49 during the quarter ended March 31, 2025, representing an appreciation of 2.5% against the U.S. dollar.

The following table shows the reconciliation of these non-GAAP financial measures for the three months ended March 31, 2025 and March 31, 2024, and the three months ended December 31, 2024:

Reconciliation of Adjusted Operating Income and Adjusted EBITDA
(Amounts in thousands)

	Three months ended
	March 31,						December 31,
		2025			2024			2024
Net Income (GAAP)	$	66,561		$	48,763		$	50,672
add: Income tax expense		13,496			13,753			19,850
add/(subtract): Foreign exchange gain, net, interest expense, gain/(loss) from equity-method investment and other income/(loss), net		(1,642	)		(992	)		720
Income from operations (GAAP)	$	78,415		$	61,524		$	71,242
add: Stock-based compensation expense		19,187			17,852			15,479
add: Amortization of acquisition-related intangibles		3,246			3,080			4,024
Adjusted operating income (Non-GAAP)	$	100,848		$	82,456		$	90,745
Adjusted operating income margin as a % of Revenue (Non-GAAP)		20.1	%		18.9	%		18.8	%
add: Depreciation on long-lived assets		10,311			9,266			12,140
Adjusted EBITDA (Non-GAAP)	$	111,159		$	91,722		$	102,885
Adjusted EBITDA margin as a % of revenue (Non-GAAP)		22.2	%		21.0	%		21.4	%

Reconciliation of Adjusted Net Income and Adjusted Diluted Earnings Per Share
(Amounts in thousands, except per share data)

	Three months ended
	March 31,						December 31,
		2025			2024			2024
Net income (GAAP)	$	66,561		$	48,763		$	50,672
add: Stock-based compensation expense		19,187			17,852			15,479
add: Amortization of acquisition-related intangibles		3,246			3,080			4,024
add/(subtract): Changes in fair value of contingent consideration		—			(589	)		—
add/(subtract): Other tax expense/(benefits) (a)		—			151			3,860
subtract: Tax impact on stock-based compensation expense (b)		(9,105	)		(5,358	)		(1,769	)
subtract: Tax impact on amortization of acquisition-related intangibles		(799	)		(766	)		(921	)
Adjusted net income (Non-GAAP)	$	79,090		$	63,133		$	71,345
Adjusted diluted earnings per share (Non-GAAP)	$	0.48		$	0.38		$	0.44

(a) To exclude other tax expenses/(benefits), primarily related to certain deferred tax assets and liabilities.

(b) Tax impact includes $14,526 and $7,523 during the three months ended March 31, 2025 and 2024 respectively, and $500 during the three months ended December 31, 2024, related to discrete benefit recognized in income tax expense in accordance with ASU No. 2016-09, Compensation – Stock Compensation.

Contacts:
Investor Relations
John Kristoff
Vice President, Investor Relations
+1 212 209 4613
ir@exlservice.com

Media – US
Keith Little
Assistant Vice President, Media Relations
+1 703 598 0980
media.relations@exlservice.com

This press release was published by a CLEAR® Verified individual.

The MIL Network –

April 30, 2025

MIL-OSI Africa: World Health Organization (WHO) Representative discussed national health priorities with His Excellency, the President of the Republic of Mauritius
Source: Africa Press Organisation – English (2) – Report:

Download logo

It was a real honor and pleasure for the WHO Representative to meet the new President of the Republic of Mauritius.

The WHO Representative, Dr A. Ancia and His Excellency Mr D. Gokhool covered the three main areas of WHO’s work: to promote, provide and protect health and well-being for everyone, everywhere.

Our common understanding of Health as a socio-economic construct said enabled us to discuss the imperative to engage all sectors in addressing the risk factors of, and controlling the most prevalent diseases in Mauritius including:
- Promoting healthy diet and physical activity, while reducing the high consumption of tobacco, alcohol and other drugs and “junk food” in a multidisciplinary manner and ensuring that we particularly empower the Mauritian youth to embark on healthier behaviors for disease prevention;
- Providing opportunities for systematic screening and early diagnostic to ensure early and more effective treatment, for the chronic diseases such as diabetes, cardiovascular diseases and cancer, to ensure better health outcomes and avoid overwhelming of the health facilities and health professionals; and
- Enhancing and institutionalizing the whole country capacities to prepare, early detect and warn, and to respond effectively and swiftly to public health emergencies in the same way as when dealing with torrential rain and cyclones.
“We feel this first encounter with His Excellency Mr D. Gokhool is the starting point of a strong partnership with the Office of the President in our mission to promote health, keep the world safe, and serve the vulnerable”,said Dr A. Ancia.

Distributed by APO Group on behalf of World Health Organization (WHO) – Mauritius.

MIL OSI Africa –
April 30, 2025
MIL-OSI United Nations: Secretary-General’s remarks to the General Assembly event in Commemoration of His Holiness Pope Francis [trilingual, as delivered; scroll down for All-English and All-French versions]

Source: United Nations secretary general

Excellencies, ladies and gentlemen,

His Holiness Pope Francis was a man of faith — and a bridge-builder among all faiths.

He was a champion of the most marginalized people on earth.

He was a voice of community in a world of division…

A voice of mercy in a world of cruelty…

A voice of peace in a world of war.

And he was a steadfast friend of the United Nations, addressing Member States from this very podium in 2015.

During that historic visit, he also spoke of our organization’s ideal of a “united human family living in harmony, working not only for peace, but in peace, working not only for justice, but in a spirit of justice.”

On behalf of our UN family, I extend by deepest condolences to the Catholic community and to so many others around the world grieving this tremendous loss.

Excellencies,

Pope Francis was at the helm of the Roman Catholic Church for a dozen years — but that was preceded by decades of service and good works.

As a young man, Pope Francis found his calling in the slums of Buenos Aires, where his dedication to serving the poor earned him the title “Bishop of the Slums.”

These early experiences sharpened his conviction that faith must be an engine of action and change.

Pope Francis put that engine into overdrive as an unstoppable voice for social justice and equality.

His 2020 encyclical, Fratelli Tutti, drew a straight line between greed and poverty, hunger, inequality and suffering.

While decrying the inequality that defines our globalized economy, he also warned against what he called “globalization of indifference.”

I will never forget the first official visit he undertook as Pope, at a time when I served as High Commissioner for Refugees.

Pope Francis chose to go to the Mediterranean island of Lampedusa in 2013 — to put a global spotlight on the desperate plight of asylum seekers and migrants.

He warned against “the culture of comfort, which makes us think only of ourselves, makes us insensitive to the cries of other people.”

And on last year’s World Refugee Day, he called on all countries “to welcome, promote, accompany and integrate those who knock on our doors.”

When I met with him at the Vatican as Secretary-General in 2019, I was struck by his humanity and his humility.

He always saw challenges through the eyes of those on the peripheries of life.

And he said we can never look away from injustice and inequality — or close our eyes to those suffering from conflict or acts of violence.

Always a pilgrim for peace, Pope Francis ventured to war-torn countries around the world — from Iraq to South Sudan to the Democratic Republic of Congo and beyond — decrying bloodshed and violence, and pushing for reconciliation.

He stood with conviction for innocents caught in war zones such as Ukraine and Gaza.

He did it with his global platform — but he also did it in much more personal and profound ways.

Every day without fail, precisely at 7:00 p.m., he would quietly call the Church of the Holy Family in Gaza City.

As someone at the Church said, “He would ask us how we were, what did we eat, did we have clean water, was anyone injured? It was never diplomatic or a matter of obligation. It was the questions a father asks to their son.”

And in his final message on Easter Sunday, Pope Francis underscored the vital importance of ending these conflicts.

Jusqu’au bout, le pape François aura incarné l’appel à la justice – pour les peuples et pour la planète.

Grâce à son encyclique Laudato Si publiée en 2015, il a contribué à l’adoption de l’Accord de Paris en appelant les dirigeants à protéger « notre maison commune ».

Il a également mis en évidence les liens manifestes entre la dégradation de l’environnement et la dégradation de la condition humaine.

Le pape François comprenait que ceux qui avaient le moins contribué à la crise climatique en subissaient les conséquences les plus graves – et que nous avons le devoir spirituel et moral d’agir.

Excelencias:

En el mundo actual de división y discordia, es particularmente significativo que el Papa Francisco haya proclamado 2025 como el año de la esperanza.

Él fue siempre un mensajero de esperanza.

Ahora nos corresponde a todos nosotros llevar adelante esta esperanza.

En su funeral del sábado, me conmovió profundamente ver a líderes de todas las religiones y tendencias políticas unirse en solidaridad para honrar la vida y los logros del Papa Francisco – un raro espíritu de unidad y reflexión solemne que necesitamos ahora más que nunca.

Nuestro mundo sería un lugar mucho mejor si siguiéramos su ejemplo de unidad, compasión y comprensión mutua a través de nuestras propias palabras y acciones.

Mientras lloramos la muerte del Papa Francisco, renovemos nuestro compromiso con la paz, la dignidad humana y la justicia social – las causas a las que dedicó cada momento de su extraordinaria vida.

Muchas gracias.

***
[All-English]

Excellencies, ladies and gentlemen,

His Holiness Pope Francis was a man of faith — and a bridge-builder among all faiths.

He was a champion of the most marginalized people on earth.

He was a voice of community in a world of division…

A voice of mercy in a world of cruelty…

A voice of peace in a world of war.

And he was a steadfast friend of the United Nations, addressing Member States from this very podium in 2015.

During that historic visit, he also spoke of our organization’s ideal of a “united human family living in harmony, working not only for peace, but in peace, working not only for justice, but in a spirit of justice.”

On behalf of our UN family, I extend by deepest condolences to the Catholic community and to so many others around the world grieving this tremendous loss.

Excellencies,

Pope Francis was at the helm of the Roman Catholic Church for a dozen years — but that was preceded by decades of service and good works.

As a young man, Pope Francis found his calling in the slums of Buenos Aires, where his dedication to serving the poor earned him the title “Bishop of the Slums.”

These early experiences sharpened his conviction that faith must be an engine of action and change.

Pope Francis put that engine into overdrive as an unstoppable voice for social justice and equality.

His 2020 encyclical, Fratelli Tutti, drew a straight line between greed and poverty, hunger, inequality and suffering.

While decrying the inequality that defines our globalized economy, he also warned against what he called “globalization of indifference.”

I will never forget the first official visit he undertook as Pope, at a time when I served as High Commissioner for Refugees.

Pope Francis chose to go to the Mediterranean island of Lampedusa in 2013 — to put a global spotlight on the desperate plight of asylum seekers and migrants.

He warned against “the culture of comfort, which makes us think only of ourselves, makes us insensitive to the cries of other people.”

And on last year’s World Refugee Day, he called on all countries “to welcome, promote, accompany and integrate those who knock on our doors.”

When I met with him at the Vatican as Secretary-General in 2019, I was struck by his humanity and his humility.

He always saw challenges through the eyes of those on the peripheries of life.

And he said we can never look away from injustice and inequality — or close our eyes to those suffering from conflict or acts of violence.

Always a pilgrim for peace, Pope Francis ventured to war-torn countries around the world — from Iraq to South Sudan to the Democratic Republic of Congo and beyond — decrying bloodshed and violence, and pushing for reconciliation.

He stood with conviction for innocents caught in war zones such as Ukraine and Gaza.

He did it with his global platform — but he also did it in much more personal and profound ways.

Every day without fail, precisely at 7:00 p.m., he would quietly call the Church of the Holy Family in Gaza City.

As someone at the Church said, “He would ask us how we were, what did we eat, did we have clean water, was anyone injured? It was never diplomatic or a matter of obligation. It was the questions a father asks to their son.”

And in his final message on Easter Sunday, Pope Francis underscored the vital importance of ending these conflicts.

Throughout, Pope Francis was a clear voice of justice for people and planet.

He helped secure the adoption of the Paris Agreement with his 2015 encyclical Laudato Si that called on leaders to protect “our common home.”

He also highlighted the clear ties between environmental degradation and the degradation of humanity.

Pope Francis understood that those who contributed the least to the climate crisis suffered the most — and that we have a spiritual and moral duty to act.

Excellencies,

In today’s world of division and discord, it is particularly meaningful that Pope Francis proclaimed 2025 to be the year of hope.

He was forever a messenger of hope.

Now it falls to all of us to carry this hope forward.

At his funeral on Saturday, I was deeply moved to see leaders from across all faiths and political stripes come together in solidarity to honour the life and achievements of Pope Francis — a rare spirit of unity and solemn reflection that we need now, more than ever.
Our world would be a much better place if we followed his lifelong example of unity, compassion and mutual understanding through our own words and actions.

As we mourn the passing of Pope Francis, let us renew our pledge to peace, human dignity and social justice — the causes for which he dedicated every moment of his most extraordinary life.

Thank you.

***
[All-French]

Excellences, Mesdames et Messieurs,

Sa Sainteté le pape François était un homme de foi – et un bâtisseur de ponts entre toutes les religions.

Il s’était fait le champion des personnes les plus marginalisées sur Terre.

Il était une voix de solidarité dans un monde de clivages…

Une voix de compassion dans un monde de cruauté…

Une voix de paix dans un monde de guerre.

C’était aussi un grand ami de l’Organisation des Nations Unies et il s’était exprimé en 2015 devant les États Membres depuis cette même tribune.

Lors de cette visite historique, il avait évoqué l’idéal de notre Organisation, à savoir « une famille humaine unie, vivant en harmonie, travaillant non seulement pour la paix, mais dans la paix ; travaillant non seulement pour la justice, mais dans un esprit de justice. »

Au nom de notre famille, celle des Nations Unies, j’adresse mes plus sincères condoléances à l’ensemble des catholiques et aux nombreuses autres personnes qui, partout dans le monde, souffrent de cette terrible perte.

Excellences,

Le pape François a été à la tête de l’Église catholique romaine pendant 12 ans, mais son pontificat a été précédé par des décennies de service et de bonnes œuvres.

Jeune homme, il a trouvé sa vocation dans les quartiers défavorisés de Buenos Aires, où son dévouement au service des pauvres lui a ensuite valu le titre « d’évêque des bidonvilles ».

Ces premières expériences ont renforcé sa conviction que la foi devait être un moteur d’action et de changement.

Restant fidèle à cette conviction, il a défendu sans relâche la cause de la justice sociale et de l’égalité.

Dans son encyclique de 2020, Fratelli Tutti, François a établi un lien direct entre la cupidité, d’une part, et la pauvreté, la faim, l’inégalité et la souffrance, d’autre part.

Tout en dénonçant les inégalités qui caractérisent notre économie mondialisée, il a également mis en garde contre ce qu’il appelait la « mondialisation de l’indifférence ».

Je n’oublierai jamais sa première visite officielle en tant que pape, à une époque où j’étais Haut‑Commissaire pour les réfugiés.

En 2013, François avait choisi de se rendre sur l’île méditerranéenne de Lampedusa pour appeler l’attention du monde entier sur la situation désespérée des demandeurs d’asile et des migrants.

Il avait alors mis en garde contre « la culture du bien-être, qui nous amène à penser à nous-même, nous rend insensibles aux cris des autres ».

L’année dernière, à l’occasion de la Journée mondiale des réfugiés, il a exhorté tous les pays à « accueillir, promouvoir, accompagner et intégrer ceux qui frappent à nos portes ».

Quand je l’ai rencontré au Vatican en 2019 en ma qualité de Secrétaire général, j’ai été frappé par son humanité et son humilité.

Il voyait toujours les problèmes à travers les yeux de celles et ceux qui sont relégués aux périphéries.

Il disait qu’il ne fallait jamais détourner le regard de l’injustice et de l’inégalité, ni fermer les yeux sur celles et ceux qui subissent les conséquences d’un conflit ou d’actes de violence.

Infatigable pèlerin de la paix, le pape François s’est rendu dans des pays déchirés par la guerre – de l’Iraq au Soudan du Sud, en passant par la République démocratique du Congo – pour dénoncer la violence et les affrontements sanglants et prôner la réconciliation.

Il défendait avec conviction les innocents qui se trouvent dans des zones de guerre, comme en Ukraine et dans la bande de Gaza.

Il le faisait depuis sa tribune, mais aussi à un niveau beaucoup plus personnel.

Tous les jours sans exception, à 19 heures précises, il se retirait pour appeler l’église de la Sainte-Famille, à Gaza.

L’un de ses interlocuteurs a raconté ces conversations : « François nous demandait : “comment allez-vous ? Qu’avez-vous mangé ? Avez-vous de l’eau ? Y-a-t-il des blessés parmi vous ?” Il ne le faisait pas pour des raisons diplomatiques ou par obligation. C’était le genre de questions qu’un père aurait posées ».

Et, dans son tout dernier message, le dimanche de Pâques, le pape François a souligné à quel point il était vital de mettre fin à tous ces conflits.

Jusqu’au bout, le pape François aura incarné l’appel à la justice – pour les peuples et pour la planète.

Grâce à son encyclique Laudato Si publiée en 2015, il a contribué à l’adoption de l’Accord de Paris en appelant les dirigeants à protéger « notre maison commune ».

Il a également mis en évidence les liens manifestes entre la dégradation de l’environnement et la dégradation de la condition humaine.

Le pape François comprenait que ceux qui avaient le moins contribué à la crise climatique en subissaient les conséquences les plus graves – et que nous avons le devoir spirituel et moral d’agir.

Excellences,

Dans ce monde de division et de discorde, le fait que le pape François ait proclamé 2025 année de l’espérance revêt une signification particulière.

Il aura été jusqu’au bout un messager de l’espérance.

Et c’est à nous qu’il revient maintenant de continuer de faire vivre cette espérance.

À ses funérailles, samedi, j’ai été profondément ému de voir des dirigeants de toutes confessions et toutes tendances politiques réunis dans la solidarité pour rendre hommage à la vie et à l’œuvre du pape François, dans un esprit d’unité et de réflexion solennelle rares dont nous avons plus que jamais besoin aujourd’hui.

Notre monde serait bien meilleur si nous suivions, dans nos propres paroles et actions, l’exemple d’unité, de compassion et de compréhension mutuelle qu’il a donné tout au long de sa vie.

Que ce deuil soit l’occasion de renouveler notre engagement en faveur de la paix, de la dignité humaine et de la justice sociale, causes pour lesquelles le pape François a consacré chaque instant d’une vie pour le moins extraordinaire.

Je vous remercie.

MIL OSI United Nations News –

April 30, 2025
MIL-OSI Asia-Pac: IOS SAGAR CONCLUDES PORT CALL AT PORT LOUIS, MAURITIUS

Source: Government of India

Posted On: 29 APR 2025 5:12PM by PIB Delhi

Reinforcing the enduring bond between India and Mauritius, IOS SAGAR made a significant and engaging port call at Port Louis, Mauritius, from 26 to 28 Apr 25, as part of its operational deployment in the Indian Ocean.

During her harbour visit, the ship’s Commanding Officer called on the Commandant of the Mauritius Coast Guard, reaffirming the commitment to strengthen cooperation between the two maritime forces. Select personnel of the multinational crew visited several key training facilities of the Mauritius Police Force (MPF) , namely the Special Mobile Force Squadron, Maritime Air Squadron, Coast Guard Training School and the Police Helicopter Squadron and interacted with their counterparts. The visit provided a unique opportunity to exchange knowledge and experience and discuss areas of mutual interest in maritime security.

As part of social activities, an invigorating joint yoga session was organised onboard IOS SAGAR, with participation from the multinational crew and MPF personnel. The Commandant of the National Coast Guard also attended the event. The crew of IOS SAGAR and the MPF also played a friendly volleyball match. IOS SAGAR opened its decks to visitors, welcoming members of the MPF, the Indian diaspora, and other enthusiastic groups. Visitors were given a tour of the ship and briefed on her operational capabilities, navigation systems, and life onboard. In addition, a trek to the iconic Signal Mountain was conducted for the ship’s crew, including the multinational crew.

On departure from Port Louis, IOS SAGAR is scheduled to undertake a joint Exclusive Economic Zone (EEZ) surveillance with the Mauritius Coast Guard. Upon completion, the ship will proceed towards its next port of call, Port Victoria, Seychelles, continuing its mission of enhancing maritime security, regional cooperation , and goodwill in the Indian Ocean Region (IOR).

_____________________________________________________________

VM/SKS 95/25

(Release ID: 2125196) Visitor Counter : 56

MIL OSI Asia Pacific News –

April 30, 2025
MIL-OSI United Kingdom: The UK is committed to doing all we can to protect information integrity with a human rights-based approach: UK statement at the UN

Source: United Kingdom – Executive Government & Departments

Speech

The UK is committed to doing all we can to protect information integrity with a human rights-based approach: UK statement at the UN

Statement by UK Spokesperson to the UN Letisha Lunin at the UN Committee on Information General Debate.

Thank you Chair, let me begin by congratulating you and the members of the Bureau on your election.

I would also like to thank the Secretariat and Under-Secretary-General Fleming and the Department of Global Communications for its work, including on the UN’s Global Principles for Information Integrity, which we are proud to support.

The UN’s footage and testimony from war zones shines a light on humanitarian crises. Its news and campaign services raise awareness of the Sustainable Development Goals, and equip us with accurate information on the climate and nature crisis.

As we mark the UN’s 80th anniversary, the Department’s work has never been more important.

It is vital audiences understand the nature and magnitude of the current global challenges we face, and how the UN has made a difference, maintaining international peace and security, in accordance with the UN charter.

Chair, I will make three points:

First, the UK is extremely concerned at the rapidly growing threats to information integrity, fueled by artificial intelligence.

Mis and disinformation operations are being used to exacerbate tensions and conflicts, and compromise the integrity of elections, undermining trust in democratic institutions.

The recent World Economic Forum Global Risks Report for 2025 lists mis and disinformation as the most severe global risks over the next two years.

Mis and disinformation is being weaponised by state and non-state actors to deceive populations at scale.

Since Russia’s illegal invasion of Ukraine, Russia has been using disinformation to undermine global support for Ukraine. The UK has been proactive in identifying and acting against these malign information operations. This includes exposing and sanctioning the Russian state-funded Social Design Agency, whose sole purpose is to weaken international support for Ukraine by spreading false social media content.

Recently, the UK shared information that Proxies, directed by the Russian state, have plans to interfere with elections in the Central African Republic, including through suppressing political voices and conducting disinformation campaigns to interfere in political debate.

Russia has also been exploiting the Security Council as a platform for disinformation. Russia has invited dozens of individuals as briefers to spread conspiracy theories about what has happened in Ukraine.

Member States all have a responsibility to protect the integrity of the UN as a trusted source of information.

The UK condemns disinformation about UN Peacekeeping operations. The spread of false allegations not only erodes trust between the Blue Helmets and the communities they serve, it is also damaging their ability to implement their mandate, and it is putting peacekeepers’ lives at risk.

We are proud to support the UN’s Mis and Disinformation in Peacekeeping Settings Project.

Second, independent journalism reported freely, without fear, is essential in a democratic society.

But in many parts of the world, the freedom of the media is under threat.

The Committee to Protect Journalists (CPJ) reports that more journalists were killed in 2024 than in any other year since it began collecting data over three decades ago.

The conflict in Gaza has become the deadliest ever recorded for media and journalist workers.

In Sudan, reporters are also taking significant risks to document the horrors of war.

Journalists should be able to carry out their work safely and free from censorship and harassment.

The UK is proud to have co-founded the Media Freedom Coalition, with 51 countries as members, advocating for the safety of journalists.

And we also thank the Department of Global Communications for its work supporting journalists.

This brings me to my third point, Chair. The UK is committed to doing all we can to protect information integrity with a human rights-based approach.

That is why we are proud to support the Global Digital Compact.

The UK’s Online Safety Act ensures platforms tackle harmful content by requiring companies to take steps to remove illegal content, including illegal mis and disinformation.

Finally, the UK supports multilingualism.

And while a third of the world’s population remains offline, the UK supports collective efforts to close the digital divide and ensure those who come online have access to accurate and reliable information.

Thank you.

Updates to this page

Published 29 April 2025

MIL OSI United Kingdom –

April 30, 2025
MIL-OSI Africa: Invest in African Energy 2026 Forum Confirmed for May 11–12 in Paris

Source: Africa Press Organisation – English (2) – Report:

PARIS, France, April 29, 2025/APO Group/ —

Energy Capital & Power (ECP) (www.EnergyCapitalPower.com) is pleased to announce that the fourth edition of the Invest in African Energy (IAE) Forum will return to Paris on May 11–12, 2026, with a sharpened focus on frontier exploration, early-stage project development and upstream investment opportunities. Building on three highly successful editions, IAE continues to serve as the premier platform for global explorers, investors and African energy leaders to connect, collaborate and catalyze the next wave of discoveries.

Held in Europe’s leading financial and diplomatic center, IAE 2026 will convene energy ministers, national oil companies, utilities, regulators and global investors for two days of strategic dialogue and high-level engagement. This edition will introduce an enhanced focus on the exploration community and its broader ecosystem – from geologists and service companies, to governments and capital providers. With over 150 oil and gas blocks available for bidding across more than 10 African markets in 2025, the continent is experiencing an exploration resurgence, presenting opportunities in both mature and frontier regions. IAE will serve as the premier platform for accessing these opportunities, exploring the latest data rooms, showcasing seismic and subsurface innovation and fostering early-stage collaboration among IOCs and NOCs.

Several high-impact licensing rounds are already lined up for 2026, signaling new momentum across Africa’s exploration landscape. Equatorial Guinea has relaunched its open-door licensing process, paving the way for a major licensing round by late 2025 or early 2026. Angola is planning to repeat its multi-year licensing round for oil and gas acreage starting in 2026, while Namibia is lining up new offshore licensing opportunities from 2025 that are expected to continue into the following year. Uganda also plans to issue new exploration licenses in the 2025/2026 fiscal year. In addition, several licensing rounds launched in 2025 will carry over into 2026, offering continued momentum and opportunity for exploration-focused stakeholders.

More than just a development-focused event, IAE 2026 is setting the stage for the next era of African oil and gas exploration. With operators and developers expected to invest $43 billion in Africa’s oil and gas sector in 2025 — and capital expenditure projected to reach a decade-high of $54 billion by 2030 — Africa’s role in the global energy landscape is only set to grow. IAE responds directly to this momentum, serving as a launchpad for cross-border investment, strategic partnerships and early-stage project financing. The forum is purpose-built to engage geologists, upstream strategists, service providers and capital partners looking to unlock the continent’s vast untapped hydrocarbon potential.

“IAE has become the definitive meeting point for Africa’s energy stakeholders and global capital markets. We’re especially focused on amplifying exploration in 2026 – shining a spotlight on frontier plays, licensing opportunities and early-stage assets ready for partnerships. With preparations underway, we are committed to sustaining this platform’s growth and delivering another high-impact edition in 2026,” said Sandra Jeque, Events & Project Director at ECP.

In previous editions, the forum has welcomed official delegations from over 20 African countries, hosted exclusive ministerial panels and investor roundtables, and featured hundreds of B2B meetings that have laid the foundation for tangible, cross-border cooperation. By spotlighting Africa’s exploration resurgence — from untapped basins and high-impact drilling campaigns to recent regulatory shifts — the forum will offer clear value to IOCs evaluating global priorities, while outlining what the exploration landscape looks like and what investors need to know to engage effectively.

More information on the 2026 program, speaker lineup and sponsorship opportunities will be announced in the coming months.

MIL OSI Africa –

April 30, 2025
MIL-OSI Africa: The U.S.-Africa Energy Forum (USAEF) to Spotlight African Energy Opportunities, U.S.-Africa Collaboration

Source: Africa Press Organisation – English (2) – Report:

HOUSTON, United States of America, April 29, 2025/APO Group/ —

The U.S.-Africa Energy Forum (USAEF) returns to Houston with a bold agenda focused on catalyzing American investment and innovation across Africa’s most dynamic energy markets. Designed as a high-impact platform for government and private sector dialogue, USAEF brings together African energy stakeholders and leading U.S. companies to accelerate project development, capital deployment and technology transfer across the continent.

The forum is set to open with a High-Level U.S.-Africa Energy Dialogue, bringing together senior policymakers, energy ministers and private sector leaders to set the tone for deeper cooperation and alignment on mutual priorities. This flagship session will be followed by a forward-looking panel discussion on Private Equity Driving a New Wave of African Business, exploring how U.S.-based investment firms are shaping Africa’s next chapter of energy growth. The agenda will also spotlight frontier opportunities; overlooked plays across the Middle East, North Africa and sub-Saharan Africa; and bold strategies to grow the U.S. footprint in Africa’s critical minerals and energy assets.

Libya, the Republic of Congo, Nigeria and the Democratic Republic of the Congo (DRC) will take center stage during a series of Country-Focused Sessions highlighting strategic priorities, reform agendas and concrete investment opportunities. African governments and national oil companies will present their latest projects and policy frameworks, while American firms such as Chevron, ExxonMobil, SLB and ConocoPhillips will explore avenues to deepen partnerships in established markets like Nigeria and Libya, and tap into emerging opportunities in the Republic of Congo and the DRC.

With major reforms and investment drives underway, these markets are fast becoming focal points for American engagement. Libya, North Africa’s powerhouse, has launched a 22-block licensing round as it works to revitalize its upstream sector and reach a production target of 1.6 million barrels per day (bpd), alongside multi-billion-dollar gas monetization and export projects.

The Republic of Congo is aiming to scale production to 500,000 bpd, while advancing gas monetization under a new Gas Master Plan that invites international collaboration. In the DRC, reforms to the hydrocarbons code and a potential minerals-for-security agreement with the U.S. signal new entry points for American firms. Nigeria continues to stand out as a top-tier investment destination, targeting $10 billion in deepwater gas projects through new tax incentives and a planned auction of undeveloped blocks to boost exploration and production.

With participation from key industry players and high-level delegations, USAEF affirms a shared commitment by African stakeholders to attract American capital and technology to bolster their respective energy markets. U.S. companies, in turn, are ready to expand their footprint, forge new alliances and unlock the full potential of Africa’s energy future.

For tickets, sponsorship opportunities and more information, please contact sales@energycapitalpower.com. Join us in Houston this August to connect with the leaders shaping Africa’s energy landscape and experience the momentum that drives ECP’s events worldwide.

MIL OSI Africa –

April 30, 2025
MIL-OSI Africa: Ghana’s citizens have a right to protest: what does the law say about restricting it?
Source: The Conversation – Africa – By Justice Tankebe, Professor of Criminology and Criminal Justice, University of Cambridge

Ghana’s attorney general and minister of justice dropped charges against members of Democracy Hub, a civil society group, in February 2025, after four months of prosecution. The group had organised a protest in September 2024 against the widespread destruction and contamination of the country’s water bodies by persons and gangs engaged in illegal artisanal mining.

Media reports alleged police harassment and use of excessive force during the three-day protest. The actions of the police and the courts were the latest in a history of suppression of the exercise of the right to protest. They are based on a military-era law that the Supreme Court declared unconstitutional three decades ago.

The situation highlights the tension between the right to protest and lawful interference with those rights. As a criminologist and an expert in constitutional law, we argue that the tension can be minimised by considering four factors:
- location and time
- rights of others
- target of protest
- intentions of protesters.
Right to protest in Ghana

Ghana’s 1992 constitution guarantees the right to protest. However, as is standard practice in democracies, the constitution also allows these rights to be restricted on specified public interest grounds. Restrictions must be “reasonably required” in the interest of defence, public safety, public order, public health or the running of essential services.

The challenge democratic societies face is managing the apparent tension between people’s fundamental rights to protest and the need, sometimes, to interfere with those rights in the larger public interest.

While Ghana’s Supreme Court ruling in 1993 forbids any action that would deny protesters their right to protest, it had grey areas. For example, it did not offer clear guidance on what would make a restriction “reasonably required” and “reasonably justifiable in terms of the spirit of the constitution”.

Ghana is a former British colony, and its law and legal system continue to be influenced by UK legal principles. So the UK can offer guidance. In 2021, in the case of Director of Public Prosecutions v Ziegler and others, the UK Supreme Court pronounced certain principles and factors that police, prosecutors and judges must consider.

Location and time

The UK court reasoned that the right to protest includes the right to choose when and where to hold the protest. The location or path of a protest will determine whether its message is received by the intended target and what impact it will have.

The Ghanaian police and courts have often violated this principle when a protest is stopped because the location is a so-called “security zone”. The basis for this categorisation is not clearly specified or defined in law. The Ghana constitution specifies that any restriction of the right to protest must be contained in “a law”.

Rights of others

Ghanaian law does not allow protesters to obstruct traffic, cause confusion or disorder, or violate the rights and freedoms of other members of the public. But protests almost always do cause some interference with the rights of others.

That’s not sufficient reason to interfere with the right to protest. According to the UK Supreme Court, the police and courts must establish the extent of the actual violation of citizens’ rights – such as how many people were likely to be inconvenienced.

Target of protests

Where there is obstruction, there must be evidence that it was not connected to the reasons for the protest. One accusation against the Democracy Hub protesters was that they blocked the entrance to a health facility. Had they blocked access to, say, an authority responsible for granting licences for artisanal mining, the police would not have been justified in arresting them. The police must also show that no alternative routes were reasonably available to the inconvenienced public.

Intentions of protesters

This factor requires the police and courts to consider whether a protest is intended to be peaceful. Cooperating with the police, such as notifying them about the intended protest, signifies a peaceful intent. The UK court notes that where a protest is intended to be peaceful and is, indeed, peaceful, protesters will have the right to resist police arrest.

A fair hand

The checklist is not exhaustive, but it puts an important obligation on the police and the courts not to interfere unreasonably with the fundamental rights of citizens. While the right to protest is not absolute, it remains fundamental in a democracy. Therefore, a restriction of the right cannot be absolute either. The restriction must be reasonable and proportionate.

In short, the restrictions attached to the right to assemble and to protest are designed to do no more than restrict (limit or constrain), within reasonable limits, how, where and when the right may be exercised. They are not meant to destroy or undermine protesters’ ability to exercise that right to achieve their desired goals.

Current Ghanaian police and judicial practice must change, along the lines of the UK Supreme Court’s ruling, to ensure the right to protest is not treated as less valuable or less important than the restrictions that may be applied to limit it.

Henry Kwasi Prempeh, who co-authored this article, is a Ghanaian lawyer and educationist, and the current executive director of the Ghana Center for Democratic Development.

– Ghana’s citizens have a right to protest: what does the law say about restricting it?
– https://theconversation.com/ghanas-citizens-have-a-right-to-protest-what-does-the-law-say-about-restricting-it-248049

MIL OSI Africa –
April 30, 2025
MIL-OSI Africa: Secretary-General’s remarks to the Security Council – on the Middle East [as delivered; scroll down for all-English and all-French]

Source: United Nations – English

onsieur le Président, Excellences,

Je remercie la présidence française d’organiser cette réunion au niveau ministériel sur le Moyen-Orient, y compris la question palestinienne.

La région traverse des bouleversements fondamentaux, marqués par la violence et la volatilité, mais également porteurs d’opportunités et de potentiel.

Au Liban, le cessez-le-feu et l’intégrité territoriale doivent être respectés et tous les engagements doivent être mis en œuvre.

En Syrie, nous devons poursuivre nos efforts pour accompagner le pays sur la voie d’une transition politique inclusive de toutes les composantes de la population syrienne – une transition qui garantisse la reddition de comptes, favorise la réconciliation nationale, et jette les bases du redressement à long terme de la Syrie ainsi que de son intégration future au sein de la communauté internationale.

Cela inclut la situation dans le Golan syrien occupé, qui demeure précaire en raison de violations majeures de l’Accord de désengagement des forces de 1974 – notamment la présence continue des Forces de défense israéliennes dans la zone de séparation, ainsi que leurs multiples frappes contre des sites au-delà de la ligne de cessez-le-feu.

À travers le Moyen-Orient, les populations réclament et méritent un avenir meilleur – et non des conflits et des souffrances sans fin.

Nous devons agir ensemble pour faire en sorte que cette période de turbulences et de transition réponde à ces aspirations – et qu’elle apporte justice, dignité, droits, sécurité, et une paix durable.

Cela commence par la reconnaissance de deux faits fondamentaux :

Premièrement, la région se trouve à un moment charnière de son histoire.

Et, deuxièmement, que toute paix vraiment durable au Moyen-Orient dépend d’une question centrale.

Un élément essentiel que ce Conseil de sécurité a affirmé et réaffirmé, année après année, décennie après décennie : une solution à deux États, Israël et la Palestine, vivant côte-à-côte dans la paix et la sécurité, avec Jérusalem comme capitale des deux États.

Mr. President,

Today, the promise of a two-State solution is at risk of dwindling to the point of disappearance.

The political commitment to this long-standing goal is farther than it has ever been.

As a result, the rights of both Israelis and Palestinians to live and peace and security have been undermined – and the legitimate national aspirations of the Palestinians have been denied – while they endure Israel’s continued presence that the International Court of Justice has found unlawful.

And since the horrific 7 October terror attacks by Hamas, it has gotten worse on every front.

First, the unrelenting conflict and devastation in Gaza – including the utterly inhumane conditions of life imposed on its people who are repeatedly coming under attack, confined to smaller and smaller spaces, and deprived of lifesaving relief.

In line with international law, the Security Council has rejected any attempt at demographic or territorial change in the Gaza Strip, including any actions that reduce its territory.

Gaza is — and must remain — an integral part of a future Palestinian state.

Second, in the occupied West Bank, including East Jerusalem, Israeli military operations and the use of heavy weaponry in residential areas, forcible displacement, demolitions, movement restrictions, and settlement expansion are dramatically altering demographic and geographic realities.

Palestinians are being contained and coerced. Contained in areas that are subject to increasing military operations and where the Palestinian Authority is under growing pressure – and coerced out of areas where settlements are expanding.

Third, settler violence continues at alarmingly high levels in a climate of impunity, with entire Palestinian communities facing repeated assaults and destruction, sometimes abetted by Israeli soldiers.

Palestinian attacks against Israelis in both Israel and the occupied West Bank also continue.

Mr. President,

The world cannot afford to watch the two-State solution disappear.

Political leaders face clear choices — the choice to be silent, the choice to acquiesce, or the choice to act.

Mr. President,

In Gaza, there is no end in sight to the killing and misery.

The ceasefire had brought a glimmer of hope – the long-sought release of hostages and delivery of lifesaving humanitarian relief.

But those embers of opportunity were cruelly extinguished with the shattering of the ceasefire on 18 March.

Since then, almost 2,000 Palestinians have been killed in Gaza by Israeli strikes and military operations – including women, children, journalists, and humanitarians.

Hamas also continues to fire rockets towards Israel indiscriminately – while the hostages continue to be held in appalling conditions.

The humanitarian situation throughout the Gaza Strip has gone from bad … to worse … to beyond imagination.

For nearly two full months, Israel has blocked food, fuel, medicine and commercial supplies, depriving more than two million people of lifesaving relief.

All while the world watches.

I am alarmed by statements by Israeli government officials about the use of humanitarian aid as a tool for military pressure.

Aid is non-negotiable.

Israel must protect civilians and must agree to relief schemes and facilitate them.

I salute the women and men of the United Nations and all other humanitarian workers – especially our Palestinian colleagues — who continue to work under fire and in incomprehensibly difficult conditions.

And I mourn all of the women and men of the United Nations who were killed – including some with their families.

The entry of assistance must be restored immediately — the safety of UN personnel and humanitarian partners must be guaranteed – and UN agencies must be allowed to work in full respect of humanitarian principles: humanity, impartiality, neutrality and independence.

There must be no hindrance in humanitarian aid – including through the vital work of UNRWA.

We need the immediate and unconditional release of all hostages.

And we need a permanent ceasefire.

It’s time to stop the repeated displacement of the Gaza population – along with any question of forced displacement outside of Gaza.

And the trampling of international law must end.

I call on Member States to use their leverage to ensure that international law is respected and impunity does not prevail.

This includes for the 19 March incident for which Israel has now acknowledged responsibility in firing on a UN guesthouse, killing one colleague and injuring six others … the 23 March killing of paramedics and other rescue workers in Rafah … as well as many other cases.

There must be accountability across the board.

Mr. President,

Advisory proceedings are ongoing at the International Court of Justice on the obligations of Israel, as an occupying Power and a Member of the United Nations, in relation to the presence and activities of the United Nations in and in relation to the Occupied Palestinian Territory.

In February, the United Nations Legal Counsel submitted a written statement to the Court – and yesterday, she made an oral statement before the Court – both of which on my behalf.

The statement to the Court includes points that I have made on a number of occasions.

Specifically, that all parties to conflict must comply with all their obligations under international law, including international human rights law and international humanitarian law.

That Israel, as an occupying Power, is under an obligation to ensure food and medical supplies of the population.

That Israel has an obligation to agree to and facilitate relief schemes in the Occupied Palestinian Territory.

That humanitarian, medical and United Nations personnel must be respected and protected.

And I emphasize the obligation under international law to respect the privileges and immunities of the United Nations and its personnel, including the absolute inviolability of United Nations premises, property and assets – and the immunity from legal process of the United Nations.

Such immunity applies to all UN entities in the Occupied Palestinian Territory – including UNRWA – a subsidiary organ of the General Assembly.
I call on Member States to fully support all of these efforts.

Mr. President,

In this period of turmoil and transition for the region, Member States must spell out how they will realize the commitment and promise of a two-State solution.

This is not a time for ritualistically expressing support, ticking a box, and moving on.

We are past the stage of ticking boxes – the clock is ticking.

The two-State solution is near a point of no return.

The international community has a responsibility to prevent perpetual occupation and violence.

My call to Member States is clear and urgent:

Take irreversible action towards implementing a two-State solution.

Do not let extremists on any side undermine what remains of the peace process.

The High-Level Conference in June, co-chaired by France and the Kingdom of Saudi Arabia, is an important opportunity to revitalize international support.

I encourage Member States to go beyond affirmations, and to think creatively about the concrete steps they will take to support a viable two-State solution before it is too late.

At the same time, the Palestinian Authority needs stepped-up and sustained support – politically and financially. This is crucial to ensure the continued viability of Palestinian institutions, consolidate ongoing reforms, and enable the PA to resume its full responsibilities in Gaza.

Mr. President,

At this hinge point of history for the people of the Middle East – and on this issue on which so much hinges – leaders must stand and deliver.

Show the political courage and exercise the political will to make good on this central question for peace for Palestinians, Israelis, the region and humanity.

Thank you.

***
[all-English]

Mr. President, Excellencies,

I thank the French presidency for convening this ministerial-level meeting on the Middle East, including the Palestinian question.

The region is undergoing fundamental shifts, marked by violence and volatility but also opportunity and potential.

In Lebanon, the ceasefire and territorial integrity must be respected and all commitments implemented.

In Syria, we must keep working to support the country’s path towards a political transition that is inclusive of all segments of the Syrian population – one that ensures accountability, fosters national healing, and lays the foundation for Syria’s long-term recovery and further integration into the international community.

This includes the situation in the occupied Syrian Golan — which remains precarious with significant violations of the 1974 Disengagement of Forces Agreement, with the continued presence of the Israel Defense Forces into the area of separation and their several strikes targeting locations across the ceasefire line.

Across the Middle East, people demand and deserve a better future, not endless conflict and suffering.

We must collectively work to ensure that this turbulent and transitional period meets those aspirations — and delivers justice, dignity, rights, security and lasting peace.

It starts by recognizing two fundamental facts:

First, that the region is at a hinge-point in history.

And, second, that truly sustainable Middle East peace hinges on one central question.

On a core issue that this Security Council has affirmed and re-affirmed decade after decade, year after year: a two-state solution, Israel and Palestine, living side-by-side in peace and security, with Jerusalem as the capital of both states.

Mr. President,

Today, the promise of a two-State solution is at risk of dwindling to the point of disappearance.

The political commitment to this long-standing goal is farther than it has ever been.

As a result, the rights of both Israelis and Palestinians to live and peace and security have been undermined – and the legitimate national aspirations of the Palestinians have been denied – while they endure Israel’s continued presence that the International Court of Justice has found unlawful.

And since the horrific 7 October terror attacks by Hamas, it has gotten worse on every front.

First, the unrelenting conflict and devastation in Gaza – including the utterly inhumane conditions of life imposed on its people who are repeatedly coming under attack, confined to smaller and smaller spaces, and deprived of lifesaving relief.

In line with international law, the Security Council has rejected any attempt at demographic or territorial change in the Gaza Strip, including any actions that reduce its territory.

Gaza is — and must remain — an integral part of a future Palestinian state.

Second, in the occupied West Bank, including East Jerusalem, Israeli military operations and the use of heavy weaponry in residential areas, forcible displacement, demolitions, movement restrictions, and settlement expansion are dramatically altering demographic and geographic realities.

Palestinians are being contained and coerced. Contained in areas that are subject to increasing military operations and where the Palestinian Authority is under growing pressure – and coerced out of areas where settlements are expanding.

Third, settler violence continues at alarmingly high levels in a climate of impunity, with entire Palestinian communities facing repeated assaults and destruction, sometimes abetted by Israeli soldiers.

Palestinian attacks against Israelis in both Israel and the occupied West Bank also continue.

Mr. President,

The world cannot afford to watch the two-State solution disappear.

Political leaders face clear choices — the choice to be silent, the choice to acquiesce, or the choice to act.

Mr. President,

In Gaza, there is no end in sight to the killing and misery.

The ceasefire had brought a glimmer of hope – the long-sought release of hostages and delivery of lifesaving humanitarian relief.

But those embers of opportunity were cruelly extinguished with the shattering of the ceasefire on 18 March.

Since then, almost 2,000 Palestinians have been killed in Gaza by Israeli strikes and military operations – including women, children, journalists, and humanitarians.

Hamas also continues to fire rockets towards Israel indiscriminately – while the hostages continue to be held in appalling conditions.

The humanitarian situation throughout the Gaza Strip has gone from bad … to worse … to beyond imagination.

For nearly two full months, Israel has blocked food, fuel, medicine and commercial supplies, depriving more than two million people of lifesaving relief.

All while the world watches.

I am alarmed by statements by Israeli government officials about the use of humanitarian aid as a tool for military pressure.

Aid is non-negotiable.

Israel must protect civilians and must agree to relief schemes and facilitate them.

I salute the women and men of the United Nations and all other humanitarian workers – especially our Palestinian colleagues — who continue to work under fire and in incomprehensibly difficult conditions.

And I mourn all of the women and men of the United Nations who were killed – including some with their families.

The entry of assistance must be restored immediately — the safety of UN personnel and humanitarian partners must be guaranteed – and UN agencies must be allowed to work in full respect of humanitarian principles: humanity, impartiality, neutrality and independence.

There must be no hindrance in humanitarian aid – including through the vital work of UNRWA.

We need the immediate and unconditional release of all hostages.

And we need a permanent ceasefire.

It’s time to stop the repeated displacement of the Gaza population – along with any question of forced displacement outside of Gaza.

And the trampling of international law must end.

I call on Member States to use their leverage to ensure that international law is respected and impunity does not prevail.

This includes for the 19 March incident for which Israel has now acknowledged responsibility in firing on a UN guesthouse, killing one colleague and injuring six others … the 23 March killing of paramedics and other rescue workers in Rafah … as well as many other cases.

There must be accountability across the board.

Mr. President,

Advisory proceedings are ongoing at the International Court of Justice on the obligations of Israel, as an occupying Power and a Member of the United Nations, in relation to the presence and activities of the United Nations in and in relation to the Occupied Palestinian Territory.

In February, the United Nations Legal Counsel submitted a written statement to the Court – and yesterday, she made an oral statement before the Court – both of which on my behalf.

The statement to the Court includes points that I have made on a number of occasions.

Specifically, that all parties to conflict must comply with all their obligations under international law, including international human rights law and international humanitarian law.

That Israel, as an occupying Power, is under an obligation to ensure food and medical supplies of the population.

That Israel has an obligation to agree to and facilitate relief schemes in the Occupied Palestinian Territory.

That humanitarian, medical and United Nations personnel must be respected and protected.

And I emphasize the obligation under international law to respect the privileges and immunities of the United Nations and its personnel, including the absolute inviolability of United Nations premises, property and assets – and the immunity from legal process of the United Nations.

Such immunity applies to all UN entities in the Occupied Palestinian Territory – including UNRWA – a subsidiary organ of the General Assembly.

I call on Member States to fully support all of these efforts.

Mr. President,

In this period of turmoil and transition for the region, Member States must spell out how they will realize the commitment and promise of a two-State solution.

This is not a time for ritualistically expressing support, ticking a box, and moving on.

We are past the stage of ticking boxes – the clock is ticking.

The two-State solution is near a point of no return.

The international community has a responsibility to prevent perpetual occupation and violence.

My call to Member States is clear and urgent:

Take irreversible action towards implementing a two-State solution.

Do not let extremists on any side undermine what remains of the peace process.

The High-Level Conference in June, co-chaired by France and the Kingdom of Saudi Arabia, is an important opportunity to revitalize international support.

I encourage Member States to go beyond affirmations, and to think creatively about the concrete steps they will take to support a viable two-State solution before it is too late.

At the same time, the Palestinian Authority needs stepped-up and sustained support – politically and financially. This is crucial to ensure the continued viability of Palestinian institutions, consolidate ongoing reforms, and enable the PA to resume its full responsibilities in Gaza.

Mr. President,

At this hinge point of history for the people of the Middle East – and on this issue on which so much hinges – leaders must stand and deliver.

Show the political courage and exercise the political will to make good on this central question for peace for Palestinians, Israelis, the region and humanity.

Thank you.

***
[all-French]

Monsieur le Président, Excellences,

Je remercie la présidence française d’organiser cette réunion au niveau ministériel sur le Moyen-Orient, y compris la question palestinienne.

La région traverse des bouleversements fondamentaux, marqués par la violence et la volatilité, mais également porteurs d’opportunités et de potentiel.

Au Liban, le cessez-le-feu et l’intégrité territoriale doivent être respectés et tous les engagements doivent être mis en œuvre.

En Syrie, nous devons poursuivre nos efforts pour accompagner le pays sur la voie d’une transition politique inclusive de toutes les composantes de la population syrienne – une transition qui garantisse la reddition de comptes, favorise la réconciliation nationale, et jette les bases du redressement à long terme de la Syrie ainsi que de son intégration future au sein de la communauté internationale.

Cela inclut la situation dans le Golan syrien occupé, qui demeure précaire en raison de violations majeures de l’Accord de désengagement des forces de 1974 – notamment la présence continue des Forces de défense israéliennes dans la zone de séparation, ainsi que leurs multiples frappes contre des sites au-delà de la ligne de cessez-le-feu.

À travers le Moyen-Orient, les populations réclament et méritent un avenir meilleur – et non des conflits et des souffrances sans fin.

Nous devons agir ensemble pour faire en sorte que cette période de turbulences et de transition réponde à ces aspirations – et qu’elle apporte justice, dignité, droits, sécurité, et une paix durable.

Cela commence par la reconnaissance de deux faits fondamentaux :

Premièrement, la région se trouve à un moment charnière de son histoire.
Et, deuxièmement, que toute paix vraiment durable au Moyen-Orient dépend d’une question centrale.

Un élément essentiel que ce Conseil de sécurité a affirmé et réaffirmé, année après année, décennie après décennie : une solution à deux États, Israël et la Palestine, vivant côte-à-côte dans la paix et la sécurité, avec Jérusalem comme capitale des deux États.

Monsieur le Président,

Aujourd’hui, la promesse de la solution des deux États court le risque de s’effilocher au point de disparaître.

L’engagement politique en faveur de cet objectif de longue date n’a jamais été aussi ténu.

De ce fait, les droits des Israéliens et des Palestiniens de vivre en paix et sécurité ont été mis à mal – et les aspirations nationales légitimes des Palestiniens ont été niées – alors qu’ils continuent de subir une présence israélienne que la Cour internationale de justice a jugée illicite.

Depuis les effroyables attaques terroristes perpétrées par le Hamas le 7 octobre, la situation s’est aggravée sur tous les fronts.

Premièrement, avec le conflit incessant et la dévastation que subit la bande de Gaza : les conditions de vie sont absolument inhumaines, les habitants sont la cible d’attaques à répétition et sont confinés dans des espaces de plus en plus réduits et privés d’une aide vitale.

S’appuyant sur le droit international, le Conseil de sécurité a rejeté toute tentative de changement démographique ou territorial dans la bande de Gaza, y compris tout acte visant à réduire le territoire.

Gaza fait partie intégrante d’un futur État palestinien et doit le rester.

Deuxièmement, en Cisjordanie occupée, y compris Jérusalem-Est, les opérations militaires israéliennes et l’emploi d’armes lourdes dans des zones résidentielles, les déplacements forcés, les démolitions, les restrictions de circulation et l’expansion des colonies transforment radicalement les réalités démographiques et géographiques.

Les Palestiniens sont cantonnés dans certains endroits et contraints d’en quitter d’autres. Ils sont cantonnés dans des zones où les opérations militaires se multiplient et où l’Autorité palestinienne est soumise à des pressions croissantes, et contraints de quitter les zones où les colons étendent leur emprise.

Troisièmement, la violence exercée par les colons se poursuit dans un climat d’impunité, parfois avec la complicité de soldats israéliens, et atteint des niveaux alarmants : des communautés palestiniennes tout entières sont agressées et victimes de destructions à répétition.

Les attaques menées par des Palestiniens contre des Israéliens en Israël et en Cisjordanie occupée se poursuivent également.

Monsieur le Président,

Le monde ne peut pas se permettre de voir la solution des deux États s’évanouir.

Les dirigeants politiques ont le choix : se taire, acquiescer ou agir.

Monsieur le Président,

À Gaza, rien ne laisse entrevoir la fin de la tuerie et des souffrances.

Le cessez-le-feu avait apporté une lueur d’espoir : la libération des otages, tant attendue, et l’acheminement d’une aide humanitaire vitale.
Hélas, cette lueur d’espoir s’est éteinte avec la rupture du cessez-le-feu le 18 mars.

Depuis, les frappes et les opérations militaires israéliennes ont fait près de 2000 morts parmi les Palestiniens dans la bande de Gaza, y compris des femmes, des enfants, des journalistes et du personnel humanitaire.

Le Hamas continue également de tirer des roquettes sur Israël sans discernement – tandis que les otages sont toujours détenus dans des conditions épouvantables.

Déjà mauvaise, la situation humanitaire dans la bande de Gaza n’a fait qu’empirer et dépasse aujourd’hui l’entendement.

Depuis près de deux mois, Israël bloque les livraisons de nourriture, de carburant, de médicaments et de marchandises, privant ainsi plus de deux millions de personnes d’une aide vitale.

Et ce, au vu et au su du monde entier.

Je suis alarmé par les déclarations de représentants d’Israël concernant l’utilisation de l’aide humanitaire comme moyen de pression militaire.

L’aide humanitaire n’est pas négociable.

Israël est tenu de protéger les civils ; il doit accepter les programmes d’aide et en faciliter l’exécution.

Je rends hommage au personnel des Nations Unies, femmes et hommes, ainsi qu’à tous les autres agents humanitaires, en particulier à nos collègues palestiniens, qui continuent à travailler malgré les frappes et dans des conditions inouïes.

Et je pleure toutes les femmes et tous les hommes des Nations Unies qui ont été tués – y compris certains avec leurs familles.

L’acheminement de l’aide doit être rétabli immédiatement, la sécurité du personnel des Nations Unies et des partenaires humanitaires doit être garantie et les entités des Nations Unies doivent pouvoir travailler dans le plein respect des principes humanitaires : humanité, impartialité, neutralité et indépendance.

Il ne doit y avoir aucune entrave à l’aide humanitaire, notamment au travail vital que fait l’UNRWA.

Il faut que tous les otages soient libérés immédiatement et sans conditions.

Et il faut un cessez-le-feu permanent.

Il est temps de mettre un terme aux déplacements répétés de la population de Gaza, ainsi qu’à la question des déplacements forcés en dehors de Gaza.

Et il faut cesser de bafouer le droit international.

J’engage tous les États Membres à user de leur influence pour que le droit international soit respecté et que l’impunité ne l’emporte pas.

Je veux parler notamment de la frappe du 19 mars contre une résidence des Nations Unies, qui a fait un mort et six blessés parmi nos collègues et pour laquelle Israël a désormais reconnu sa responsabilité … de l’attaque du 23 mars, dans laquelle du personnel paramédical et d’autres secouristes ont trouvé la mort à Rafah … et de bien d’autres encore.

Aucun acte ne saurait rester impuni.

Monsieur le Président,

Une procédure consultative a été engagée à la Cour internationale de Justice sur les obligations d’Israël, Puissance occupante et membre de l’ONU, en ce qui concerne la présence et les activités des entités des Nations Unies dans le Territoire palestinien occupé et en lien avec celui-ci.

En février, la Conseillère juridique de l’ONU a soumis en mon nom une déclaration écrite à la Cour, et hier, elle a fait une déclaration orale devant la Cour, également en mon nom.

Cette déclaration reprend des points que j’ai soulevés à plusieurs reprises.

En particulier, le fait que toutes les parties au conflit sont tenues de s’acquitter des obligations que leur impose le droit international, y compris le droit international humanitaire et le droit international des droits humains.

Qu’Israël, Puissance occupante, est tenu d’assurer l’approvisionnement de la population en produits alimentaires et fournitures médicales.

Qu’il est tenu d’accepter les programmes d’aide et d’en faciliter l’exécution dans le Territoire palestinien occupé.

Que le personnel humanitaire et médical, ainsi que le personnel des Nations Unies, doit être respecté et protégé.

Je tiens à insister sur l’obligation faite en droit international de respecter les privilèges et immunités des Nations Unies et de leur personnel, y compris l’inviolabilité absolue des locaux, des biens et des avoirs des Nations Unies, ainsi que l’immunité de juridiction des Nations Unies.

Cette immunité s’applique à toutes les entités des Nations Unies dans le Territoire palestinien occupé, y compris l’UNRWA, organe subsidiaire de l’Assemblée générale.

J’engage les États Membres à soutenir tous ces efforts.

Monsieur le Président,

En cette période de tourmente et de transition pour la région, les États Membres doivent énoncer clairement comment ils concrétiseront l’engagement qu’ils ont pris et la promesse qu’ils ont faite quant à la solution des deux États.

Ce n’est pas le moment d’exprimer rituellement son soutien, de cocher une case et de passer à autre chose.

Nous avons dépassé le stade des cases à cocher : le temps presse.

Pour la solution des deux États, le glas a presque sonné.

La communauté internationale a la responsabilité d’empêcher l’occupation et la violence perpétuelles.

L’appel que je leur lance est urgent et sans équivoque :

Prenez des mesures irréversibles pour concrétiser la solution des deux États.

Ne laissez pas les extrémistes de tout bord saper ce qu’il reste du processus de paix.

La Conférence de haut niveau qui se tiendra en juin, co-présidée par la France et le Royaume d’Arabie saoudite, est une véritable occasion de revitaliser le soutien international.

J’encourage les États membres à aller au-delà des affirmations et à réfléchir de manière créative aux mesures concrètes qu’ils prendront pour soutenir une solution viable à deux États avant qu’il ne soit trop tard.

J’encourage les États Membres à traduire les paroles en actes et à réfléchir de manière créative pour déterminer les mesures concrètes qu’ils prendront pour soutenir une solution viable de deux États – avant qu’il ne soit trop tard.

Parallèlement, l’Autorité palestinienne a besoin d’un soutien accru et durable, tant sur le plan politique que financièrement parlant. C’est une condition essentielle pour garantir la viabilité des institutions palestiniennes, asseoir les réformes engagées et permettre à l’Autorité palestinienne d’exercer de nouveau toutes ses responsabilités dans la bande de Gaza.

Monsieur le Président,

À ce moment charnière de l’histoire pour les peuples du Moyen-Orient – et vis-à-vis de cette question dont dépendent tant de choses – les dirigeants doivent concrétiser leur promesse.

Faites preuve de courage et de volonté politiques, tenez vos engagements vis-à-vis de cette question centrale pour la paix : pour les Palestiniens, les Israéliens, la région et l’humanité tout entière.

Je vous remercie.

MIL OSI Africa –

April 30, 2025
MIL-OSI Africa: Secretary-General’s remarks at the 2025 ECOSOC Forum on Financing for Development [Bilingual, as delivered; scroll down for All-English and All-French versions]

Source: United Nations – English

r. President of the General Assembly, Mr. President of ECOSOC,

Excellencies, ladies and gentlemen,

This year’s ECOSOC Forum comes at a pivotal time.

We are in the final stretch of preparations for the Fourth International Conference on Financing for Development in Sevilla.

And we face some harsh truths.

The harsh truth of donors pulling the plug on aid commitments and delivery at historic speed and scale.

The harsh truth of trade barriers being erected at a dizzying pace.

The harsh truth that the Sustainable Development Goals are dramatically off track, exacerbated by an annual financing gap of an estimated $4 trillion.

And the harsh truth of prohibitively high borrowing costs that are draining away public investments in everything from education and health systems, to social protection, infrastructure and the energy transition.

But there’s another, much larger — and more dangerous — truth underlying all these challenges:
The harsh truth that global collaboration is being actively questioned.

Look no further than trade wars.

Trade — fair trade — is a prime example of the benefits of international cooperation.

And trade barriers are a clear and present danger to the global economy and sustainable development – as demonstrated in recent sharply lower forecasts by the International Monetary Fund, UNCTAD, the World Trade Organization and many others.

In a trade war, everybody loses — especially the most vulnerable countries and people, who are hit the hardest.

Excellencies,

Against this turbulent background, we cannot let our financing for development ambitions get swept away.

With just five years to reach the Sustainable Development Goals, we need to shift into overdrive.

That includes making good on the commitments countries made in the Pact for the Future in September:

From an SDG stimulus to help countries invest in their people…

To vital and long-awaited reforms to the global financial architecture…

To the Pact’s clear commitments to open, fair and rules-based trade…

To its call for an analysis of the impact of military expenditures on the achievement of the SDGs, with a final report out by September…

To the Pact’s urging for an ambitious outcome to July’s Conference on Financing for Development.

As you continue negotiations on the draft outcome document for Sevilla, I push for action in three key areas.

First — on debt.

When applied smartly and fairly, debt can be an ally of development.

Instead, it has become a villain.

In many developing countries, gains are getting crushed under the weight of debt service, siphoning away investments in education, health and infrastructure.

And the problem is getting worse.

Debt service for developing economies has soared past $1.4 trillion a year.

Debt service now exceeds 10 per cent of government revenue in more than 50 developing countries — and more than 20 per cent in 17 countries — a clear warning sign of default.

The Sevilla Conference should emerge with a commitment by Member States to lower the cost of borrowing, improve debt restructuring, and prevent crises from taking hold.

This includes establishing a dedicated facility to help developing countries manage their liabilities and enhance liquidity in times of crisis.

The G20 must also continue its work to speed up the Common Framework for Debt Treatments and expand support for countries that are currently ineligible — including middle-income countries in difficulties.

And credit ratings agencies need to rethink ratings methodologies that drive up borrowing costs for developing countries.

At the same time, the IMF and World Bank should push forward on reforming debt assessments to account for sustainable development investments and climate risks.

These proposals and the many others contained in the draft outcome document provide an ambitious roadmap to help developing countries use debt in a constructive and sustainable way.

Second — we need to unlock the full potential of our international financial institutions.

If finance is the fuel of development, Multilateral Development Banks are its engine.

And this engine needs revving up.

We will keep pushing to triple the lending capacity of Multilateral Development Banks, making them bigger and bolder, as called for in the draft outcome document.

This includes recapitalization, stretching their balance sheets and substantially increasing their capacity to mobilize private finance at reasonable costs for developing countries.

We must ensure that concessional finance is deployed where it is most needed.

And we need to see that developing countries are represented fairly — and have a voice — in the governance of these institutions they depend on.

Troisièmement, nous devons prendre des mesures concrètes pour augmenter tous les flux de financement.

Oui, les temps sont durs.

Mais c’est d’autant plus dans les périodes difficiles qu’un investissement responsable et durable s’impose.

Au niveau national, les gouvernements doivent mobiliser davantage de ressources internes et les diriger vers des systèmes essentiels tels que l’éducation, la santé et les infrastructures…

Ils doivent collaborer avec des partenaires privés pour multiplier les options de financement mixte…

Et intensifier la lutte contre la corruption et les flux financiers illicites.

Au niveau mondial, nous devons poursuivre nos efforts en vue d’établir un régime fiscal mondial inclusif et efficace, et veiller à ce que les règles fiscales internationales soient effectivement et équitablement appliquées.

Les donateurs doivent tenir leurs promesses en matière d’aide publique au développement et s’assurer que ces précieuses ressources parviennent aux pays en développement.

Pour notre part, nous donnerons aux équipes de pays des Nations Unies tous les moyens pour collaborer avec les gouvernements hôtes, afin qu’un maximum de ressources soit affecté au développement durable aux niveaux national et régional.

Et nous saisirons toutes les occasions, y compris la COP30 au Brésil, pour demander aux dirigeants de trouver des sources innovantes de financement de l’action climatique dans les pays en développement – afin de mobiliser 1 300 milliards de dollars par an d’ici à 2035.

Tout cela exige des efforts particuliers en terme de sources innovantes de financement.

Excellences,

À bien des égards, l’avenir du système multilatéral dépend du financement du développement.

Il en va de notre conviction que le règlement des problèmes mondiaux – tels que la pauvreté, la faim et la crise climatique – demande des solutions mondiales.

Tirons le meilleur parti de ce moment charnière, alors que nous nous préparons pour la conférence de Séville.

Maintenons nos ambitions à la hauteur des enjeux, et agissons pour les populations et pour la planète.

Et je vous remercie.

***
[All-English]

Mr. President of the General Assembly, Mr. President of ECOSOC,

Excellencies, ladies and gentlemen,

This year’s ECOSOC Forum comes at a pivotal time.

We are in the final stretch of preparations for the Fourth International Conference on Financing for Development in Sevilla.

And we face some harsh truths.

The harsh truth of donors pulling the plug on aid commitments and delivery at historic speed and scale.

The harsh truth of trade barriers being erected at a dizzying pace.

The harsh truth that the Sustainable Development Goals are dramatically off track, exacerbated by an annual financing gap of an estimated $4 trillion.

And the harsh truth of prohibitively high borrowing costs that are draining away public investments in everything from education and health systems, to social protection, infrastructure and the energy transition.

But there’s another, much larger — and more dangerous — truth underlying all these challenges:

The harsh truth that global collaboration is being actively questioned.

Look no further than trade wars.

Trade — fair trade — is a prime example of the benefits of international cooperation.

And trade barriers are a clear and present danger to the global economy and sustainable development – as demonstrated in recent sharply lower forecasts by the International Monetary Fund, UNCTAD, the World Trade Organization and many others.

In a trade war, everybody loses — especially the most vulnerable countries and people, who are hit the hardest.

Excellencies,

Against this turbulent background, we cannot let our financing for development ambitions get swept away.

With just five years to reach the Sustainable Development Goals, we need to shift into overdrive.

That includes making good on the commitments countries made in the Pact for the Future in September:

From an SDG stimulus to help countries invest in their people…

To vital and long-awaited reforms to the global financial architecture…

To the Pact’s clear commitments to open, fair and rules-based trade…

To its call for an analysis of the impact of military expenditures on the achievement of the SDGs, with a final report out by September…

To the Pact’s urging for an ambitious outcome to July’s Conference on Financing for Development.

As you continue negotiations on the draft outcome document for Sevilla, I push for action in three key areas.

First — on debt.

When applied smartly and fairly, debt can be an ally of development.

Instead, it has become a villain.

In many developing countries, gains are getting crushed under the weight of debt service, siphoning away investments in education, health and infrastructure.

And the problem is getting worse.

Debt service for developing economies has soared past $1.4 trillion a year.

Debt service now exceeds 10 per cent of government revenue in more than 50 developing countries — and more than 20 per cent in 17 countries — a clear warning sign of default.

The Sevilla Conference should emerge with a commitment by Member States to lower the cost of borrowing, improve debt restructuring, and prevent crises from taking hold.

This includes establishing a dedicated facility to help developing countries manage their liabilities and enhance liquidity in times of crisis.

The G20 must also continue its work to speed up the Common Framework for Debt Treatments and expand support for countries that are currently ineligible — including middle-income countries in difficulties.

And credit ratings agencies need to rethink ratings methodologies that drive up borrowing costs for developing countries.

At the same time, the IMF and World Bank should push forward on reforming debt assessments to account for sustainable development investments and climate risks.

These proposals and the many others contained in the draft outcome document provide an ambitious roadmap to help developing countries use debt in a constructive and sustainable way.

Second — we need to unlock the full potential of our international financial institutions.

If finance is the fuel of development, Multilateral Development Banks are its engine.

And this engine needs revving up.

We will keep pushing to triple the lending capacity of Multilateral Development Banks, making them bigger and bolder, as called for in the draft outcome document.

This includes recapitalization, stretching their balance sheets and substantially increasing their capacity to mobilize private finance at reasonable costs for developing countries.

We must ensure that concessional finance is deployed where it is most needed.

And we need to see that developing countries are represented fairly — and have a voice — in the governance of these institutions they depend on.

And third — we need concrete action to increase all streams of finance.

Yes, these are tough times.

But it is in difficult periods that the imperative for responsible, sustainable investment is even more critical.

At the country level, governments need to strengthen the mobilization of domestic resources and channel them towards critical systems like education, health and infrastructure…

To work with private sector partners to increase blended finance options…

And to scale-up the fight against corruption and illicit financial flows.

At the global level, we must keep working to shape an inclusive and effective global tax regime, and ensure that international taxation rules are applied fairly and effectively.

Donors must keep their promises on official development assistance, and ensure those precious resources reach developing countries.

For our part, we will fully deploy our UN Country Teams to work with host governments to channel the maximum amount of resources towards sustainable development at the national and regional levels.

And we will use every opportunity — including COP30 in Brazil — to call on leaders to identify innovative sources of climate finance for developing countries leading to the mobilization of $1.3 trillion annually by 2035.

All this requires a focus on innovative sources of finance.

Excellencies,

In many ways, financing for development is integral to the future of the multilateral system.

It’s about our conviction in the power of global solutions to global problems like poverty, hunger and the climate crisis.

Let’s make the most of this critical moment as we prepare for Sevilla.

Let’s keep our ambitions high and deliver for people and planet.

And I thank you.

***
[All-French]

Monsieur le Président de l’Assemblée générale, Monsieur le Président de l’ECOSOC,

Excellences, Mesdames et Messieurs,

Le Forum du Conseil économique et social de cette année tombe à un moment charnière.

Les préparatifs de la quatrième Conférence internationale sur le financement du développement, qui se tiendra à Séville, entrent dans leur dernière ligne droite.

Parallèlement, nous nous heurtons à de dures réalités :

Des donateurs qui reviennent sur leurs engagements et renoncent à verser l’aide promise à une vitesse et à une ampleur sans précédent ;

Des barrières commerciales qui sont érigées à un rythme effréné ;

Des objectifs de développement durable qui sont encore bien loin d’être atteints et qui pâtissent d’un déficit de financement annuel estimé à 4 000 milliards de dollars ;

Ou encore des coûts d’emprunt prohibitifs qui tarissent les investissements publics dans tous les domaines, de l’éducation et des systèmes de santé à la protection sociale, en passant par les infrastructures et la transition énergétique.

Mais il y a une autre réalité – bien plus importante et bien plus dangereuse – qui est à la base de tous ces problèmes.

Cette réalité, c’est la remise en question de la collaboration internationale.

Inutile de chercher un exemple bien loin : prenons les guerres commerciales.

Le commerce – un commerce équitable – illustre parfaitement les avantages de la coopération internationale.

Les barrières commerciales constituent un danger réel et immédiat pour l’économie mondiale et le développement durable – comme le montrent les récentes prévisions en forte baisse du Fonds monétaire international, de la CNUCED, de l’Organisation mondiale du commerce et de bien d’autres organismes.

L’Organisation mondiale du commerce prévoit déjà que le commerce international de marchandises se contractera de 0,2 % cette année – un revirement brutal par rapport à la hausse de 2,9 % enregistrée l’année dernière.

Dans une guerre commerciale, tout le monde est perdant, en particulier les pays et les populations les plus vulnérables, qui sont les plus durement touchés.

Excellences,

Dans ce contexte mouvementé, nous ne pouvons laisser s’envoler nos ambitions en matière de financement du développement.

Il ne reste que cinq ans pour atteindre les objectifs de développement durable ; il nous faut donc passer à la vitesse supérieure.

Il faut notamment honorer les engagements pris par les pays dans le cadre du Pacte pour l’avenir en septembre :

Du plan de relance des objectifs de développement durable, qui vise à aider les pays à investir dans leurs populations…

Aux réformes vitales et longuement attendues de l’architecture financière mondiale…

Aux engagements clairs pris dans le Pacte en faveur d’un commerce ouvert, équitable et régi par des règles…

À l’analyse qui y est préconisée de l’impact des dépenses militaires sur la réalisation des objectifs de développement durable, qui fera l’objet d’un rapport final publié d’ici à septembre…

Et au résultat ambitieux qui y est fixé pour la Conférence internationale sur le financement du développement de juillet.

Alors que les négociations sur le projet de document final de Séville se poursuivent, j’insiste pour que des mesures soient prises dans trois domaines clés.

Premièrement, la dette.

Lorsqu’elle est exploitée de manière intelligente et équitable, la dette peut être une alliée du développement.

Or, elle est devenue une ennemie.

Dans bon nombre de pays en développement, les acquis obtenus dans le domaine du développement croulent sous le poids du service de la dette, qui ponctionne les investissements dans l’éducation, la santé et les infrastructures.

Et le problème ne fait qu’empirer.

Le service de la dette des économies en développement s’est envolé à plus de 1 400 milliards de dollars par an.

Il dépasse aujourd’hui de 10 % les recettes publiques dans plus de 50 pays en développement – et plus de 20 % dans 17 pays – un signe évident de défaillance.

À l’issue de la conférence de Séville, les États Membres devraient s’engager à réduire le coût des emprunts, à mieux restructurer la dette et à empêcher les crises de perdurer.

Pour ce faire, il faudra notamment mettre en place un dispositif pour aider les pays en développement à gérer leurs dettes et à améliorer leur situation de trésorerie en temps de crise.

Le G20 doit également poursuivre ses travaux afin d’accélérer la mise en œuvre du Cadre commun pour le traitement de la dette et d’apporter un plus grand appui aux pays qui ne remplissent pas les conditions requises pour bénéficier de l’Initiative de suspension du service de la dette, notamment les pays à revenu intermédiaire.

En outre, les agences de notation doivent revoir leurs méthodes, qui font grimper les coûts d’emprunt pour les pays en développement.

Dans le même temps, le FMI et la Banque mondiale devraient faire avancer la réforme de l’évaluation de la dette de sorte que les investissements dans le développement durable et les risques climatiques soient pris en compte.

Ces propositions, comme les nombreuses autres propositions faites dans le projet de document final, constituent un plan d’action ambitieux devant aider les pays en développement à utiliser la dette de manière constructive et durable.

Deuxièmement, nos institutions financières internationales doivent pouvoir exploiter tout leur potentiel.

Si le financement est le carburant du développement, les banques multilatérales de développement en sont le moteur.

Et ce moteur doit être rendu plus performant.

Nous continuerons à faire pression pour tripler la capacité de prêt des banques multilatérales de développement, en les agrandissant et en les rendant plus audacieuses, comme le prévoit le projet de document final.

Il s’agit notamment d’augmenter leur capital, d’étendre leurs bilans et d’accroître considérablement leur capacité à mobiliser des financements privés à des coûts raisonnables pour les pays en développement.

Il faudra également veiller à ce que des financements à des conditions favorables soient accordés là où ils sont le plus nécessaires.

Et il faudra que les pays en développement soient représentés équitablement – et aient voix au chapitre – dans la gouvernance de ces institutions, dont ils dépendent.

Troisièmement, nous devons prendre des mesures concrètes pour augmenter tous les flux de financement.

Oui, les temps sont durs.

Mais c’est d’autant plus dans les périodes difficiles qu’un investissement responsable et durable s’impose.

Au niveau national, les gouvernements doivent mobiliser davantage de ressources internes et les diriger vers des systèmes essentiels tels que l’éducation, la santé et les infrastructures…

Ils doivent collaborer avec des partenaires privés pour multiplier les options de financement mixte…

Et intensifier la lutte contre la corruption et les flux financiers illicites.

Au niveau mondial, nous devons poursuivre nos efforts en vue d’établir un régime fiscal mondial inclusif et efficace, et veiller à ce que les règles fiscales internationales soient effectivement et équitablement appliquées.
Les donateurs doivent tenir leurs promesses en matière d’aide publique au développement et s’assurer que ces précieuses ressources parviennent aux pays en développement.

Pour notre part, nous donnerons aux équipes de pays des Nations Unies tous les moyens pour collaborer avec les gouvernements hôtes, afin qu’un maximum de ressources soit affecté au développement durable aux niveaux national et régional.

Et nous saisirons toutes les occasions, y compris la COP30 au Brésil, pour demander aux dirigeants de trouver des sources innovantes de financement de l’action climatique dans les pays en développement – afin de mobiliser 1 300 milliards de dollars par an d’ici à 2035.

Tout cela exige des efforts particuliers en terme de sources innovantes de financement.

Excellences,

À bien des égards, l’avenir du système multilatéral dépend du financement du développement.

Il en va de notre conviction que le règlement des problèmes mondiaux – tels que la pauvreté, la faim et la crise climatique – demande des solutions mondiales.

Tirons le meilleur parti de ce moment charnière, alors que nous nous préparons pour la conférence de Séville.

Maintenons nos ambitions à la hauteur des enjeux, et agissons pour les populations et pour la planète.

Et je vous remercie.

MIL OSI Africa –

April 30, 2025

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