NewzIntel.com

Category: Americas

  • MIL-OSI USA: Rep. Gabe Vasquez Demands Transparency from ICE at Otero County Detention Center Oversight Visit

    Source: US Representative Gabe Vasquez’s (NM-02)

    WASHINGTON, D.C. – On July 30, 2025, U.S. Representative Gabe Vasquez (NM-02) visited the Otero County Processing Center to carry out his oversight duties as a Member of Congress and get critical insight into how ICE is treating detainees using taxpayer funds.

    During the visit, the Congressman met with ICE representatives and private contractor staff, was given a tour of the facility, and underscored the urgent need for consistent, independent oversight to ensure taxpayer-funded detention centers uphold basic standards of care and human dignity.

    Despite his lawful right to congressional oversight and prior submission of privacy forms, the Congressman was not permitted to speak with detained individuals — a restriction which facility staff stated was due to “changing policies.” 

    “I am all for measures that keep our borders and communities secure, but after my visit to the Otero Processing Center, it is only more clear that ICE is not making our communities safer,” said Vasquez. “Today, we learned that over 80% of the individuals detained in this facility have no criminal charges or convictions — meaning the administration is not just targeting violent individuals, it’s filling detention centers with workers, parents, and our community members. ICE’s complete disregard for the need for transparent legal processes and accountability around the spending of taxpayer money is unacceptable.” 

    During the Congressman’s visit, he encountered:

    • ICE representatives who were unwilling and unable to give him clear and straightforward  answers to questions regarding their treatment of their detainees 
    • Phones—which detained individuals rely on to speak with legal counsel and loved ones—were broken
    • Toilets would not flush
    • Accounts of the facility’s history of an understaffed medical team 

    Vasquez continues to champion legislation like his Humane Accountability Act, which would increase transparency around ICE detention and strengthen reporting standards for how individuals are treated in federal detention centers.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: CTI Chairman Pfluger Congratulates Rep. Garbarino as New Chairman of the House Committee on Homeland Security

    Source: United States House of Representatives – Congressman August Pfluger (TX-11)

    CTI Chairman Pfluger Congratulates Rep. Garbarino as New Chairman of the House Committee on Homeland Security

    Washington, July 22, 2025

    WASHINGTON, DC — Congressman August Pfluger (TX-11), Chairman of the House Homeland Security Subcommittee on Counterterrorism and Intelligence, released the following statement after the House Republican Conference selected Rep. Andrew Garbarino (R-NY) to serve as the next Chairman of the House Committee on Homeland Security:

    “Congratulations to my colleague, Andrew Garbarino, on his selection as the next Chairman of the U.S. House Committee on Homeland Security. His appointment reflects a strong commitment to securing our borders, strengthening cybersecurity, and protecting our critical infrastructure. Under President Trump’s leadership, we have made historic strides in national security, and I am confident that Chairman Garbarino will continue that momentum to meet today’s evolving threats. As Chairman of the Homeland Security Subcommittee on Counterterrorism, I look forward to working alongside him in our shared mission to safeguard the American people and defend the Homeland.” 

    MIL OSI USA News –

  • MIL-OSI USA: On the 60th Anniversary of Medicaid and Medicare, Cortez Masto Blasts Republicans for Gutting the Essential Health Care Programs

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto

    FTP for TV stations of her remarks is available here.

    Cortez Masto told the story of a constituent named Hannah whose Type 1 diabetes makes her dependent on Medicaid coverage she may now lose

    Washington, D.C. – To mark the 60th anniversary of Medicaid and Medicare, U.S. Senator Cortez Masto (D-Nev.) took to the Senate floor to call out President Trump and Congressional Republicans for gutting Medicaid in order to pay for a tax giveaway for billionaires.

    Below are her remarks as prepared for delivery:

    Mr. President, as my colleagues have mentioned, today marks 60 years since Medicare and Medicaid were signed into law.

    Democrats and Republicans alike should be celebrating the lives that have been saved as a result of these critical programs. Members of both parties should be sharing stories about Americans who have benefitted from the health care they’ve received thanks to Medicare and Medicaid.

    Unfortunately, today, my Democratic colleagues and I are not celebrating.

    We are angry.

    We’re angry that President Trump lied when he said he would “cherish Medicaid” and that his allies in Congress wouldn’t touch this essential program.

    We’re angry that President Trump and Congressional Republicans slashed nearly $1 trillion from Medicaid so they could hand billionaires a tax cut – and add $4 trillion to our national deficit.

    And, we’re angry that their new law is about to kick 17 million Americans off their health insurance.

    In my home state of Nevada, that means up to 120,000 people will lose their health care.

    100,000 of those Nevadans will lose their access to Medicaid. And another 20,000 Nevadans will lose their affordable health coverage if Republicans continue to refuse to work with Democrats to extend the Affordable Care Act tax credits.

    There are a million reasons why this new law gutting Medicaid is terrible for Nevadans and for our country as a whole. But today, I just want to focus on one: Hannah.

    Hannah is a young girl who lives in Nevada, and her parents shared her story with me. Now, I want to share it with you.

    Hannah was diagnosed with a congenital kidney disease while still in utero. The first few years of her life were full of hospital rooms, doctors, and machines trying to keep her alive.

    At just two and a half years old, Hannah underwent a major surgery that finally gave her the opportunity to live like a normal kid. And she did, for a few years.

    But then, at age nine, Hannah fell into a coma. Imagine being her parents, watching completely helpless as your daughter fights something you can’t protect her from.

    Hannah did eventually wake up, but with a new diagnosis: diabetes, a condition nearly 270,000 Nevadans manage every day – not just the disease itself, but the crushing weight of the costs associated with it.

    Over the next two years, Hannah’s parents spent more than $5,000 out-of-pocket because their insurance refused to cover all the costs. Hannah and her family sacrificed so much just to be able to afford medication that would allow Hannah to lead a normal life.

    But just when they thought they would never be able to financially recover, they were able to enroll in Medicaid and receive the support they need to care for Hannah at home.

    Now, Hannah is able to live the life she wants to lead, without the fear of medical debt pulling her family back underwater. I want to read to you what Hannah’s parents wrote me next:

    “But without Medicaid, her insulin would cost more than our mortgage. Let that sink in. The price of the medication keeping my child alive is higher than the roof over her head – even after insurance. How does that make sense? America should be about neighbors caring for neighbors. But instead, we are pushing people with disabilities to the back of the line, treating their lives as less valuable, their futures as an afterthought. I beg you – I beg you – to save Medicaid. Not just for my Hannah, but for every child like her.”

    My Democratic colleagues and I worked hard to save Medicaid. And we tried to reach across the aisle to protect the 17 million Americans just like Hannah who could lose their health insurance because of this bill.

    But President Trump insisted Congressional Republicans pass his tax cut for billionaires, and they did what they were told.

    So now, Hannah and her family, and millions more like them, may be forced back into medical debt.

    And to the proponents of this new law who insist kids like Hannah aren’t the ones they’re targeting to kick off coverage, I’d say they’re either being dishonest, or they simply don’t understand how Medicaid actually works.

    These cuts shrink the entire pot of money states rely on to fund Medicaid. Nevada, and every state in the country, will be forced to stretch fewer dollars to cover everyone. That almost always means tightening eligibility or cutting services, so kids like Hannah end up losing coverage – even if they weren’t the “type” of person Republicans singled out for cuts.

    This is shameful. It’s un-American. We are better than this as a country.

    My Democratic colleagues and I will do everything in our power to restore the health care funding Republicans have gutted.

    And we won’t let them forget what they did.

    MIL OSI USA News –

  • MIL-OSI USA: Ranking Member Hoyer Statement on the Cancellation of the IRS Direct File Program

    Source: United States House of Representatives – Congressman Steny H Hoyer (MD-05)

    WASHINGTON, DC – Congressman Steny H. Hoyer (MD-05), Ranking Member of the Financial Services and General Government (FSGG) Appropriations Subcommittee, released the following statement today after reports that the Internal Revenue Service (IRS) has cancelled the Direct File program:

    “Internal Revenue Service (IRS) Commissioner Billy Long’s announcement that the Direct File program is cancelled echoes the same message that Donald Trump and his Republican allies have been sending to the American people for years: ‘you’re on your own.’ If you’re among the 72% of Americans who would like a fast, easy, and free method to file your taxes, you’re on your own now that the administration has eliminated Direct File. 

    “Direct File worked. Over the past two years, hundreds of thousands of Americans across 25 states participated in the Direct File pilot program to file their taxes for free. In 2024, 90% of those taxpayers rated their experience with Direct File as ‘excellent’ or ‘above average.’ During the most recent tax season, that figure increased to 94%. Crucially, on average, Direct File saved participants $160 and hours of time they would have normally spent filing their taxes. 

    “That’s why I helped lead Democrats’ efforts to establish Direct File through the Inflation Reduction Act: to save Americans time and money. The federal government requires Americans to pay their taxes, thus it ought to provide them a free and easy way to do so. That logic is lost on the Trump Administration. He may be telling Americans they’re on their own, but I will keep fighting for them by standing up for Direct File and other programs that lower their costs and make their lives easier.”

    MIL OSI USA News –

  • MIL-OSI USA: Rosen Helps Introduce Legislation to Make Child Care More Affordable and Accessible

    US Senate News:

    Source: United States Senator Jacky Rosen (D-NV)

    WASHINGTON, D.C. – U.S. Senator Jacky Rosen (D-NV) helped introduce a bill to make child care more affordable and available for working families. A report labeled Nevada as a “child care desert,” meaning that 75% of children age five and younger don’t have access to a licensed provider in the state. The Child Care for Working Families Act would help lower child care costs for families, support child care provider start-ups, raise wages for early educators, and boost investment in high-quality preschool. Under the proposal, no eligible family would pay more than 7 percent of their income on child care, and many would pay nothing at all. 
    “Families in Nevada are being stretched thin by the soaring costs of child care. It is outrageous that in Nevada a year of child care costs more than a year of college tuition,” said Senator Rosen. “That’s why I’m proud to help introduce a bill that takes bold steps to lower child care costs, expand access, and invest in our children’s futures. I’ll continue working on policies that provide Nevada’s working families with the affordable, high-quality child care they need and deserve.” 
    Senator Rosen has been actively working to lower costs for families and increase access to child care across Nevada. Earlier this year, she introduced the bipartisan Small Business Child Care Investment Act,  which was successfully approved by the Senate Committee on Small Business & Entrepreneurship and would make nonprofit child care providers eligible for U.S. Small Business Administration loan programs, helping them grow and reach more working families. Senator Rosen has also discussed child care costs with constituents and local leaders, hosting roundtables focused on lower costs.

    MIL OSI USA News –

  • MIL-OSI USA: Warnock Statement on Joint Resolutions of Disapproval

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia

    Washington, D.C. – Today, U.S. Senator Reverend Raphael Warnock (D-GA) issued the following statement on his intentions to vote “YES” on two joint resolutions of disapproval amid mass starvation in Gaza.

    “It is wrong to starve children and other innocent civilians to death.  Yet, whether through gross incompetence, woeful indifference, or some combination thereof, that is exactly what is happening right now in Gaza under the leadership of Benjamin Netanyahu and his government. It is a moral atrocity that cannot abide the conscience of those who believe in human dignity, freedom, and human thriving. That is why I will vote to support the Joint Resolution of Disapproval put before the Senate tonight. 

    “I’ve made clear I support the state of Israel and its right to defend itself. Today, I urge the state of Israel, the United States, and the world to move as quickly as possible to get the people of Gaza the same nourishment and care that we would want for our own children. 

    “I pray for a ceasefire and the return of the hostages home to their families, and look forward to resuming the work of securing peace and safety for all those in the region.”

    MIL OSI USA News –

  • Trump hits Brazil with tariffs, sanctions but key sectors excluded

    Source: Government of India

    Source: Government of India (4)

    U.S. President Donald Trump on Wednesday slapped a 50% tariff on most Brazilian goods to fight what he has called a “witch hunt” against former President Jair Bolsonaro, but softened the blow by excluding sectors such as aircraft, energy and orange juice from heavier levies.

    Trump announced the tariffs, some of the steepest levied on any economy in the U.S. trade war, as his administration also unveiled sanctions on the Brazilian supreme court justice who has been overseeing Bolsonaro’s trial on charges of plotting a coup.

    “Alexandre de Moraes has taken it upon himself to be judge and jury in an unlawful witch hunt against U.S. and Brazilian citizens and companies,” Treasury Secretary Scott Bessent said in a statement.

    Bessent said Moraes “is responsible for an oppressive campaign of censorship, arbitrary detentions that violate human rights, and politicized prosecutions — including against former President Jair Bolsonaro.”

    Last week, the Brazilian justice levied search warrants and restraining orders against Bolsonaro over allegations he courted Trump‘s interference in his criminal case, in which he is accused of plotting to stop President Luiz Inacio Lula da Silva from taking office in 2023.

    Trump‘s final tariff order and the sanctions followed weeks of sparring with Lula, who has likened the U.S. president, a close ideological ally of Bolsonaro’s, to an unwanted “emperor.”

    On Wednesday, Lula and his government closed ranks behind Moraes, calling the U.S. sanctions “unacceptable.”

    “The Brazilian government considers the use of political arguments to defend the trade measures announced by the U.S. government against Brazilian exports to be unjustifiable,” it said in a statement.

    Lula added that Brazil was willing to negotiate trade with the U.S., but that it would not give up on the tools it had at hand to defend itself, hinting that retaliation was possible.

    Still, Trump‘s tariff order threatened that if Brazil were to retaliate, the U.S. would also up the ante.

    DIPLOMACY AT WORK

    Despite Trump‘s effort to use the tariffs to alter the trajectory of a pivotal criminal trial, the range of exemptions came as a relief for many in Brasilia, who since Trump announced the tariff earlier this month had been urging protections for major exporters caught in the crossfire.

    “We’re not facing the worst-case scenario,” Brazilian Treasury Secretary Rogerio Ceron told reporters.

    The new tariffs will go into effect on August 6, not on Friday as Trump announced originally.

    Trump‘s executive order formalizing a 50% tariff excluded dozens of key Brazilian exports to the United States, including civil aircraft, pig iron, precious metals, wood pulp, energy and fertilizers.

    Planemaker Embraer EMBR3.SA, whose chief executive has met with officials in Washington and U.S. clients in recent days to plead its case for relief, said an initial review indicated that a 10% tariff imposed by Trump in April remains in place, with the exclusion applying to the additional 40%.

    The exceptions are likely a response to concerns from U.S. companies, rather than a step back from Trump‘s efforts to influence Brazilian politics, said Rafael Favetti, a partner at political consultancy Fatto Inteligencia Politica in Brasilia.

    “This also shows that Brazilian diplomacy did its work correctly by working to raise awareness among U.S. companies,” he said.

    Brazil‘s minister of foreign affairs, Mauro Vieira, said he met with U.S. Secretary of State Marco Rubio on Wednesday to express the nation’s willingness to discuss tariffs after negotiations stalled in June, though he stressed Bolsonaro’s legal troubles were not up for debate.

    It remains unclear what Brazilian authorities “are bringing to the negotiating table to, for instance, open the domestic market,” Goldman Sachs said in a note to clients.

    IMPACT SMALLER THAN EXPECTED

    The effective tariff rate on Brazilian shipments to the U.S. should be around 30.8%, lower than previously expected due to the exemptions, according to Goldman.

    Oil shipments to the U.S., which had been suspended, are set to restart after being spared, lobby group IBP said. Meanwhile, mining lobby Ibram said the exemptions covered 75% of mining exports.

    However, it was still too soon to celebrate, said former Brazilian trade secretary Welber Barral, estimating that Brazil exports some 3,000 different products to the United States.

    “There will be an impact,” Barral said.

    Trump‘s tariff exemptions did not shield two of Brazil‘s key exports to the U.S., beef and coffee.

    Meatpackers expect to log $1 billion in losses in the second half of the year on the new tariffs, lobby group Abiec, which represents beef producers including JBS JBS3.SA and Marfrig MRFG3.SA, said.

    Coffee exporters will also continue to push for exemptions, they said in a statement.

    The government said it was readying measures to protect Brazil‘s businesses and workers.

    If Brazil were to retaliate against Trump‘s measures, that “would generate a larger negative impact” on activity and inflation, Goldman said.

    “The political inclination may be to retaliate, but exporters and business associations have been urging the Brazilian administration to engage, negotiate and de-escalate.”

    (Reuters)

  • MIL-OSI Security: Mexican National Sentenced For Re-Entry of a Removed Alien

    Source: Office of United States Attorneys

    NEW ORLEANS, LOUISIANA – Acting United States Attorney Michael M. Simpson announced that LUIS A. GAMA (“GAMA”), age 38, a native of Mexico, was sentenced on July 23, 2025, for re-entry of removed alien, in violation of Title 8, United States Code, Section 1326(a).

    According to court documents, GAMA, a Mexican national, was found in Tangipahoa Parish on or around April 10, 2025. GAMA had previously been deported to Mexico on September 10, 2019.

    At the sentencing hearing, United States District Judge Nannette Jolivette Brown, sentenced GAMA to twelve months of imprisonment and one year of supervised release.

    This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

    Acting U.S. Attorney Simpson praised the work of Immigration and Customs Enforcement in investigating this matter. Assistant United States Attorney Paul J. Hubbell of the General Crimes Unit oversees the prosecution.

    *   *   *

    MIL Security OSI –

  • MIL-OSI Security: Guatemalan National Guilty of Illegal Re-Entry into The United States

    Source: Office of United States Attorneys

    NEW ORLEANS, LOUISIANA – Acting U.S. Attorney Michael M. Simpson announced that RUBEN URIZAR-BETETA, age 49, a citizen of Guatemala, pled guilty and was sentenced on July 15, 2025, for illegal re-entry of a removed alien, in violation of Title 8, United States Code, Section 1326(a).

    According to court records, RUBEN URIZAR-BETETA illegally re-entered the United States sometime prior to March 23, 2025, after having been previously removed on or about September 30, 2014.   

    RUBEN URIZAR-BETETA was sentenced to 30 months unsupervised probation and a $100 mandatory special assessment fee.

    Acting U.S. Attorney Simpson praised the work of the United States Department of Homeland Security, Immigration and Customs Enforcement (ICE) in investigating this matter.  Assistant United States Attorney Irene González of the General Crimes Unit is in charge of the prosecution.

    This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

    MIL Security OSI –

  • MIL-OSI Security: Illegal Alien Indicted for Two Death Penalty Eligible Offenses after Attempted Carjacking

    Source: Office of United States Attorneys

    TUCSON, Ariz. – This afternoon, a federal grand jury in Tucson returned a five-count indictment against Julio Cesar Aguirre, 42, of Mexico, for Attempted Carjacking Resulting in Death, Use or Carrying of a Firearm During a Crime of Violence Causing Death, Possession of a Firearm by an Illegal Alien, Reentry of a Removed Alien, and Felon in Possession of a Firearm.

    The first two counts carry a maximum penalty of life in prison or death.

    According to court filings, Aguirre shot and killed a male driver with a 9mm caliber handgun, while attempting to carjack the victim’s Toyota Tundra on the morning of June 30, in Tucson, Arizona.

    Shortly after the attempted carjacking, Tucson Police Department (TPD) officers found Aguirre hiding in a nearby shed. Aguirre, a Mexican citizen, who was previously removed from the United States in 2013, was living in the country illegally at the time of the shooting. When he was arrested, TPD officers discovered a Smith & Wesson 9mm caliber pistol within Aguirre’s reach. As a convicted felon and as an illegal alien, Aguirre was prohibited from possessing a firearm.

    “The focus in this case should be on the senseless loss of the victim and the pain that loss creates for his family and friends. Our criminal laws exist to protect our community, and the United States has an obligation to enforce those laws,” said United States Attorney Timothy Courchaine. “The alleged series of crimes in the indictment, starting with illegal immigration, escalating to prohibited possession of a firearm, and culminating in the death of an innocent individual, is why the United States Attorney’s Office takes this matter so seriously.”

    “This indictment represents a meaningful step toward accountability and justice for the victim, their loved ones, and all those affected by the tragic events in early July,” said FBI Phoenix Special Agent in Charge Heith Janke. “The allegations in this case involve a senseless act of violence that claimed an innocent life and deeply impacted our community. Carjacking resulting in death is a serious federal offense. The FBI, in partnership with the Tucson Police Department and the U.S. Attorney’s Office, remains dedicated to pursuing justice and ensuring public safety.”

    A conviction for Illegal Alien in Possession of a Firearm or Felon in Possession of a Firearm each carries a maximum penalty of up to 15 years in prison. A conviction for Illegal Reentry carries a maximum penalty of up to 10 years in prison.

    The federal prosecution of this case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhoods (PSN).

    TPD and the FBI Phoenix Division’s Tucson office conducted the investigation in this case, with assistance from the Southern Arizona Violent Crime and Gang Task Force. The United States Attorney’s Office, District of Arizona, Tucson, is handling the prosecution.

    An indictment is a formal accusation of criminal conduct. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    CASE NUMBER:           CR-25-3393-TUC-RM-MAA
    RELEASE NUMBER:    2025-128_Aguirre Indictment

    # # #

    For more information on the U.S. Attorney’s Office, District of Arizona, visit http://www.justice.gov/usao/az/
    Follow the U.S. Attorney’s Office, District of Arizona, on Twitter @USAO_AZ for the latest news.

    MIL Security OSI –

  • MIL-OSI USA: Senator Murray Votes Yes on Arms Sale Resolutions to Send Message to Netanyahu Government

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    Washington, D.C. — Today, U.S. Senator Patty Murray (D-WA) issued the following statement on her vote in favor of two Joint Resolutions of Disapproval (JRD) sponsored by Senator Bernie Sanders (I-VT) that would block the sale of certain weapons to Israel:

    “This legislative tool is not perfect, but frankly, it is time to say enough to the suffering of innocent young children and families. As a longtime friend and supporter of Israel, I am voting yes to send a message: the Netanyahu government cannot continue with this strategy. Netanyahu has prolonged this war at every turn to stay in power. We are witnessing a man-made famine in Gaza—children and families should not be dying from starvation or disease when literal tons of aid and supplies are just sitting across the border. Israel has a right to defend itself and Hamas is a brutal terrorist organization that should be eliminated, but the level of suffering and loss of life we are seeing in Gaza must come to an end—I feel strongly that the vast majority of the American public understands these simple truths. It’s on the Trump administration and the Netanyahu government to finally secure a diplomatic end to this conflict, get aid into Gaza, get the hostages returned, and start working toward a permanent and lasting peace for Israelis and Palestinians alike.”

    MIL OSI USA News –

  • MIL-OSI Security: A Chaplain No Matter Where

    Source: United States Navy (Logistics Group Western Pacific)

    For 250 years, our Navy has served the United States of America, but one community also proudly celebrates 250 years of service: our proud and sacred Chaplains.

    On November 28, 1775, Benjamin Balch was appointed to serve religious services on the frigates Alliance and Boston as the first Naval Chaplain. Balch was given the nickname “The Fighting Parson” as he started the Navy Chaplain Corps’ strong and mighty history.

    On a ship, a Chaplain is known for their services and open-door policies, but they are also seen as a pillar of support for the entire crew. They not only serve those in their religious community but also anyone willing to speak to them. In addition to the ship’s religious services outside their span, if the crew needs it, our Chaplain will provide.

    Lieutenant Reginald Anderson-Exul is a proud Chaplain with over twenty years of experience in official ministry, dedicating six of those years to the Navy. Today, he works with the crew of the USS Pearl Harbor.

    “My job on the USS Pearl Harbor is to provide spiritual needs of the crew,” said Lieutenant Reginal Anderson-Exul, the USS Pearl Harbor’s Chaplain. “There is a lot of resiliency-type of training that is tied in with that, and to make sure the overall morale of the crew is as high as can possibly be”. On board Anderson-Exul, he has worked hard to offer many different religious services, working to add services on Saturday for his Jewish community on board.

    The USS Pearl Harbor is Anderson-Exul’s first deployment in his military career. USS Pearl Harbor is currently partaking in Pacific Partnership 2025, a humanitarian aid and disaster management mission. Pacific Partnership is not only an effort to help others, but also to strengthen the bond of allied nations. In its 21st iteration, Pacific Partnership has brought eight nations together: Australia, Canada, Germany, Japan, New Zealand, the Republic of Korea, the United Kingdom, and the United States. All the countries work alongside the crew of the USS Pearl Harbor and the staff of PACIFIC PARTNERSHIP 2025 to safely get to every port of the deployment. One of these volunteers is Lieutenant Commander Dave Godkin, who has served for the last twelve years as a Canadian Navy Chaplain.

    “I was introduced to a series of different American Chaplains and then was asked if I was interested in participating, and I was,” spoke Godkin when asked about how he joined PACIFIC PARTNERSHIP 2025. He takes pride in his work as a Chaplain, working around the clock to help everyone and anyone he can. He has been on three ships, with Pacific Partnership being his third deployment. Godkin spoke highly of his work on the USS Pearl Harbor. “I’m there to support them, and I’m also there to support the chain of command. Helping people be in a position where they can be spiritually fit and operationally fit,” stated Godkin in an interview, “I really do; I really like helping people in general. I enjoy especially one-on-one, taking time to listen to a person,”.

    Anderson-Exul and Godkin are excited to work together on the mission of Pacific Partnership, bringing communities closer and sharing the good word to those who need it. Anderson-Exul spoke on how it was to work together, “We both provide for people, care for people, and have a passion for religion, and it’s different, but it’s very much the same.” Godkin shares his sentiment, sharing that he is happy to get to know how everyone works. “You get used to a certain box of doing things, but then when you partner with nations that have their sphere of work, it’s a great way of pushing your boundaries to learn new things,”. Both Chaplains say that everything is coming together really well and are excited to continue working together on this mission. Even saying that it is a “Once-in-a-lifetime opportunity to serve other countries in humanitarian efforts and to contribute to the mission.”

    In 1775, the first Chaplain was appointed to serve his mission. Now, 250 years later, no matter where a Chaplain comes from or what a Chaplain practices, they always have their sailors’ interests at heart. Doing whatever needs to be done to help their crew, whether it is conducting a religious ceremony or extending a hand, a Chaplain will always be there for you.

    MIL Security OSI –

  • MIL-OSI: Credit Agricole Sa: Results for the second quarter and first half 2025 – The Group is accelerating its development

    Source: GlobeNewswire (MIL-OSI)

    THE GROUP IS ACCELERATING ITS DEVELOPMENT  
               
      CRÉDIT AGRICOLE S.A. CRÉDIT AGRICOLE GROUP    
    €m Q2 2025 Change Q2/Q2 Q2 2025 Change Q2/Q2  
    Revenues 7,006 +3.1% 9,808 +3.2%  
    Expenses -3,700 +2.2% -5,872 +3.2%  
    Gross Operating Income 3,306 +4.1% 3,936 +3.1%  
    Cost of risk -441 +4.2% -840 -3.7%  
    Net income group share 2,390 +30.7% 2,638 +30.1%  
    C/I ratio 52.8% -0.5 pp 59.9% +0.0 pp  
    STRONG ACTIVITY IN ALL BUSINESS LINES

    • Confirmation of the upturn of loan production in France, international credit activity still strong and consumer finance at a higher level
    • Record net inflows in life insurance, high net inflows in asset management (driven by the medium/long-term and JVs); in insurance, revenues at a higher level driven by all activities
    • CIB: record half year and strong quarter

    CONTINUOUS FLOW OF STRATEGIC OPERATIONS

    • Gradual achievement of synergies in the ongoing integrations: progress of around 60% for RBC IS Europe and 25% for Degroof Petercam in Belgium
    • Transactions concluded this quarter: launch of partnership with Victory Capital in the United States, increased stake in Banco BPM in Italy, acquisition of Merca Leasing in Germany and Petit-fils and Comwatt in France and acquisition of Santander’s 30.5% stake in CACEIS1
    • New projects initiated: Acquisitions of Banque Thaler in Switzerland, Comwatt and Milleis in France, partnership with the Crelan Group in Belgium and development of Indosuez Wealth Management in Monaco

    HALF-YEARLY AND QUARTERLY RESULTS AT THEIR HIGHEST

    • High profitability (Return on Tangible Equity of 16.6%), driven by high and growing revenues, a low cost/income ratio (53.9% in the first half) and a stable cost of risk (34 basis points on outstandings)
    • Results especially benefiting from the capital gain related to the deconsolidation of Amundi US

    HIGH SOLVENCY RATIOS

    • Crédit Agricole S.A.’s phased-in CET1 at 11.9% and CA Group phased-in CET1 at 17.6%

    CONTINUOUS SUPPORT FOR TRANSITIONS, WITH AN AWARD FROM EUROMONEY

    • Continued withdrawal from fossil energies and reallocation to low-carbon energy sources
    • Support for the transition of households and corporates
    • Crédit Agricole named World’s Best Bank for Sustainable Finance at the Euromoney Awards for Excellence 2025

    PRESENTATION OF THE MEDIUM-TERM PLAN ON 18 NOVEMBER 2025
     

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

    “The high-level results we are publishing this quarter serve our usefulness to the economy and European sovereignty.” ‍
     
     

    Olivier Gavalda,
    Chief Executive Officer of Crédit Agricole S.A.

    “With this high level of results, we are confident in Crédit Agricole S.A.’s ability to achieve a net profit in 2025 higher than 2024, excluding the corporate tax surcharge. These results constitute a solid foundation for Crédit Agricole S.A.’s medium-term strategic plan, which will be unveiled on November 18, 2025.”

    		  

    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 63.5% 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 second quarter of 2025, the Group recorded +493,000 new customers in retail banking. More specifically, over the year, the Group gained 391,000 new customers for Retail Banking in France and 102,000 new International Retail Banking customers (Italy and Poland). At 30 June 2025, in retail banking, on-balance sheet deposits totalled €838 billion, up +0.6% year-on-year in France and Italy (+0.7% for Regional Banks and LCL and +0.3% in Italy). Outstanding loans totalled €885 billion, up +1.4% year-on-year in France and Italy (+1.4% for Regional Banks and LCL and +1.6% in Italy). Housing loan production continued its upturn in France compared to the low point observed at the start of 2024, with an increase of +28% for Regional Banks and +24% for LCL compared to the second quarter of 2024. For CA Italia, loan production was down -8.1% compared to the high second quarter of 2024. The property and casualty insurance equipment rate (2) rose to 44.2% for the Regional Banks (+0.7 percentage points compared to the second quarter of 2024), 28.4% for LCL (+0.6 percentage point) and 20.6% for CA Italia (+0.9 percentage point).

    In Asset Management, quarterly inflows were very high at +€20 billion, fuelled by medium/long-term assets (+€11 billion) and JVs (+€10 billion). In insurance, savings/retirement gross inflows rose to a record €9.9 billion over the quarter (+22% year-on-year), with the unit-linked rate in production staying at a high 32%. Net inflows were at a record level at +€4.2 billion, spread evenly between euro-denominated funds and unit-linked contracts. The strong performance in property and casualty insurance was driven by price changes and portfolio growth (16.9 million contracts at end-June 2025, +3% year-on-year). Assets under management stood at €2,905 billion, up +5.2% year on year for the three business segments: in asset management at €2,267 billion (+5.2% year on year) despite a negative scope effect linked to the deconsolidation of Amundi US and the integration of Victory, in life insurance at €359 billion (+6.4% year on year) and in wealth management (Indosuez Wealth Management and LCL Private Banking) at €279 billion (+3.7% year on year).

    Business in the SFS division showed strong activity. At CAPFM, consumer finance outstandings increased to €121.0 billion, up +4.5% compared with end-June 2024, with car loans representing 53% (3) of total outstandings, and new loan production up by +2.4% compared with the second quarter of 2024 (+12.4% compared to the first quarter of 2025), driven by traditional consumer finance, but with the automotive market remaining complex in Europe and China. Regarding Crédit Agricole Leasing & Factoring (CAL&F), lease financing outstandings are up +5.0% compared to June 2024 to €20.8 billion; however, production is down -19.4% compared to the second quarter of 2024, mainly in France. Factoring activity remains very strong, with a production of +26.6% year on year.

    Momentum is strong in Large Customers, which again posted record revenues for the half-year in Corporate and Investment Banking and a high-level quarter. Capital markets and investment banking showed a high level of revenues driven by capital markets, especially from trading and primary credit activities, which partially offset the drop in revenues from structured equity activities. Financing activities are fuelled by structured financing with strong momentum in the renewable energy sector, and by CLF activities, driven by the acquisition financing sector. Lastly, Asset Servicing recorded a high level of assets under custody of €5,526 billion and assets under administration of €3,468 billion (+11% and +1.2%, respectively, compared with the end of June 2024), with good sales momentum and positive market effects over the quarter.

    Continued support for the energy transition

    The Group is continuing the mass roll-out of financing and investment to promote the transition. Thus, the exposure of Crédit Agricole Group (4) has increased 2.4 fold between 2020 and 2024 with €26.3 billion at 31 December 2024. Investments in low-carbon energy (5) increased 2.8 fold between end-2020 and June 2025, and represented €6.1 billion at 30 June 2025.

    At the same time, as a universal bank, Crédit Agricole is supporting the transition of all its customers. Thus, outstandings related to the environmental transition (6) amounted to €111 billion at 31 March 2025, including €83 billion for energy-efficient property and €6 billion for “clean” transport and mobility.

    In addition, the Group is continuing to move away from carbon energy financing; the Group’s phased withdrawal from financing fossil fuel extraction resulted in a -40% decrease in exposure in the period 2020 to 2024, equating to €5.6 billion at 31 December 2024. 

    In the field of sustainable finance, Crédit Agricole was named World’s Best Bank for Sustainable Finance at the Euromoney Awards for Excellence 2025. 

    Group results

    In the second quarter of 2025, Crédit Agricole Group’s net income Group share came to €2,638 million, up +30.1% compared to the second quarter of 2024, and up +14.8% excluding capital gains related to the deconsolidation of Amundi US.

    In the second quarter of 2025, revenues amounted to €9,808 million, up +3.2% compared to the second quarter of 2024. Operating expenses were up +3.2% in the second quarter of 2025, totalling -€5,872 million. Overall, Credit Agricole Group saw its cost/income ratio reach 59.9% in the second quarter of 2025, stable compared to the second quarter of 2024. As a result, the gross operating income stood at €3,936 million, up +3.1% compared to the second quarter of 2024.

    The cost of credit risk stood at -€840 million, a decrease of -3.7% compared to the second quarter of 2024. It includes a reversal of +€24 million on performing loans (stage 1 and 2) linked to reversals for model updates which offset the updating of macroeconomic scenarios and the migration to default of some loans. The cost of proven risk shows an addition to provisions of -€845 million (stage 3). There was also an addition of -€18 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 second quarter were updated, with a central scenario (French GDP at +0.8% in 2025, +1.4% in 2026) an unfavourable scenario (French GDP at +0.0% in 2025 and +0.6% in 2026) and an adverse scenario (French GDP at -1.9% in 2025 and -1.4% in 2026). The cost of risk/outstandings (7)reached 27 basis points over a four rolling quarter period and 28 basis points on an annualised quarterly basis (8).

    Pre-tax income stood at €3,604 million, a year-on-year increase of +19.6% compared to second quarter 2024. This includes the contribution from equity-accounted entities of €56 million (down -24.0%) and net income on other assets, which came to +€452 million this quarter, due to a capital gain of €453 million on the deconsolidation of Amundi US. The tax charge was -€615 million, down +€147 million, or -19.3% over the period.

    Net income before non-controlling interests was up +32.8% to reach €2,990 million. Non-controlling interests increased by +57%, a share of the capital gain on the deconsolidation of Amundi US being reversed to non-controlling interests.

    Net income Group share in first half 2025 amounted to €4,803 million, compared with €4,412 million in first half 2024, an increase of +8.9%.

    Revenues totalled €19,856 million, up +4.3% in first half 2025 compared with first half 2024.

    Operating expenses amounted to -€11,864 million up +5.2% compared to the first half of 2024, especially due to support for business development, IT expenditure and the integration of scope effects. The cost/income ratio for the first half of 2025 was 59.8%, up +0.5 percentage points compared to the first half of 2024.

    Gross operating income totalled €7,992 million, up +3.0% compared to the first half of 2024.

    Cost of risk for the half-year rose moderately to -€1,575 million (of which -€23 million in cost of risk on performing loans (stage 1 and 2), -€1,522 million in cost of proven risk, and +€29 million in other risks, i.e. an increase of +3.4% compared to first half 2024.

    As at 30 June 2025, risk indicators confirm the high quality of Crédit Agricole Group’s assets and risk coverage level. The prudent management of these loan loss reserves has enabled the Crédit Agricole Group to have an overall coverage ratio for doubtful loans (83.3% at the end of June 2025).

    Net income on other assets stood at €456 million in first half 2025, vs. -€14 million in first half 2024. Pre-tax income before discontinued operations and non-controlling interests rose by +10.1% to €7,004 million. The tax charge stood at -€1,66 million, a +9.1% increase. This change is related to the exceptional corporate income tax for -€250 million (corresponding to an estimation of -€330 million in 2025, assuming the 2025 fiscal result being equal to 2024 fiscal result).

    Underlying net income before non-controlling interests was therefore up by +10.4%. Non-controlling interests stood at -€545 million in the first half of 2024, up +26.1%, a share of the capital gain on the deconsolidation of Amundi US being reversed to non-controlling interests.

    Credit Agricole Group, Income statement Q2 and H1 2025

    En m€ Q2-25 Q2-24 ∆ Q2/Q2   H1-25 H1-24 ∆ H1/H1
    Revenues 9,808 9,507 +3.2%   19,856 19,031 +4.3%
    Operating expenses (5,872) (5,687) +3.2%   (11,864) (11,276) +5.2%
    Gross operating income 3,936 3,819 +3.1%   7,992 7,755 +3.0%
    Cost of risk (840) (872) (3.7%)   (1,575) (1,523) +3.4%
    Equity-accounted entities 56 74 (24.0%)   131 142 (7.9%)
    Net income on other assets 452 (7) n.m.   456 (14) n.m.
    Change in value of goodwill – – n.m.   – – n.m.
    Income before tax 3,604 3,014 +19.6%   7,004 6,361 +10.1%
    Tax (615) (762) (19.3%)   (1,656) (1,517) +9.1%
    Net income from discontinued or held-for-sale ope. 0 – n.m.   0 – n.m.
    Net income 2,990 2,252 +32.8%   5,348 4,843 +10.4%
    Non controlling interests (352) (224) +57.0%   (545) (432) +26.1%
    Net income Group Share 2,638 2,028 +30.1%   4,803 4,412 +8.9%
    Cost/Income ratio (%) 59.9% 59.8% +0.0 pp   59.8% 59.2% +0.5 pp

    Regional banks

    Gross customer capture stands at +285,000 new customers. The percentage of customers using their current accounts as their main account is increasing and the share of customers using digital tools remains at a high level. Credit market share (total credits) stood at 22.6% (at the end of March 2025, source: Banque de France), stable compared to March 2024. Loan production is up +18.8% compared to the second quarter of 2024, linked to the confirmed upturn in housing loans, up +28.3% compared to the second quarter of 2024 and +10% compared to the first quarter of 2025, and also driven by specialised markets up +13.4% compared to the second quarter of 2024. The average lending production rate for home loans stood at 3.02% (9), -16 basis points lower than in the first quarter of 2025. By contrast, the global loan stock rate improved compared to the second quarter of 2024 (+7 basis points). Outstanding loans totalled €652 billion at the end of June 2025, up by +1.2% year-on-year across all markets and up slightly by +0.5% over the quarter. Customer assets were up +2.8% year-on-year to reach €923.3 billion at the end of June 2025. This growth was driven both by on-balance sheet deposits, which reached €606.1 billion (+0.8% year-on-year), and off-balance sheet deposits, which reached €317.2 billion (+7.1% year-on-year) benefiting from strong inflows in life insurance. Over the quarter, demand deposits drove customer assets with an increase of +2.0% compared to the first quarter of 2025, while term deposits decreased by -0.4%. The market share of on-balance sheet deposits is up compared to last year and stands at 20.2% (Source Banque de France, data at the end of March 2025, i.e. +0.1 percentage points compared to March 2024). The equipment rate for property and casualty insurance (10) was 44.2% at the end of June 2025 and is continuing to rise (up +0.7 percentage points compared to the end of June 2024). In terms of payment instruments, the number of cards rose by +1.5% year-on-year, as did the percentage of premium cards in the stock, which increased by 2.2 percentage points year-on-year to account for 17.8% of total cards.

    In the second quarter of 2025, the Regional Banks’ consolidated revenues including the SAS Rue La Boétie dividend stood at €5,528 million, up +4.2% compared to the second quarter of 2024, including the reversal of Home Purchase Saving Plans provisions in the second quarter of 2025 for €16.3 million and in the second quarter of 2024 for +€22 million (11). Excluding this item, revenues were up +4.3% compared to the second quarter of 2024, fuelled by the increase in fee and commission income (+1.9%), driven by insurance, account management and payment instruments, and by portfolio revenues (+9.2%) benefiting from the increase in dividends traditionally paid in the second quarter of each year. In addition, the intermediation margin was slightly down over one year (-2.5%) but remained stable compared to the first quarter of 2025. Operating expenses were up +5.1%, especially relating to IT expenditure. Gross operating income was up year-on-year (+3.4%). The cost of risk was down -13.3% compared with the second quarter of 2024 to -€397 million. The cost of risk/outstandings (over four rolling quarters) was stable compared to the first quarter of 2025, at a controlled level of 21 basis points. Thus, the net pre-tax income was up +7.3% and stood at €2,482 million. The consolidated net income of the Regional Banks stood at €2,375 million, up +5.0% compared with the second quarter of 2024. Lastly, the Regional Banks’ contribution to net income Group share was €182 million in the second quarter of 2025, down -12.7% compared to the second quarter of 2024.

    In the first half 2025, revenues including the dividend from SAS Rue La Boétie were up (+3.1%) compared to the first half of 2024. Operating expenses rose by +3.4%, and gross operating income consequently grew by +2.6% over the first half. Finally, with a cost of risk up slightly by +1.4%, the Regional banks’ net income Group share, including the SAS Rue La Boétie dividend, amounted to €2,721 million, up +0.7% compared to the first half of 2024. Finally, the Regional Banks’ contribution to the results of Crédit Agricole Group in first half 2025 amounted to €523 million (-19.6%) with revenues of €6,716 million (+2.2%) and a cost of risk of -€717 million (+3.7%).

    Crédit Agricole S.A.

    Results

    Crédit Agricole S.A.’s Board of Directors, chaired by Dominique Lefebvre, met on 30 July 2025 to examine the financial statements for the second quarter of 2025.

    In the second quarter of 2025, Crédit Agricole S.A.’s net income Group share amounted to €2,390 million, an increase of +30.7% from the second quarter of 2024. The results of the second quarter of 2025 are based on high revenues, a cost/income ratio maintained at a low level and a controlled cost of risk. They were also favourably impacted by the change in corporate income tax, and the capital gain related to the deconsolidation of Amundi US.

    Revenues are at a high level and increasing. Revenues totalled €7,006 million, up +3.1% compared to the second quarter of 2024. The growth in the Asset Gathering division (+1.3%) is related to strong activity in Insurance, the impact of volatility and risk aversion of customers for Amundi, the deconsolidation of Amundi US (-€89 million) and the integration of Degroof Petercam (+€96 million). Revenues for Large Customers are stable and stood at a high level both for Crédit Agricole CIB and CACEIS. Specialised Financial Services division revenues (-1.0%) were impacted by a positive price effect in the Personal Finance and Mobility business line and by a cyclical drop in margins on factoring. Revenues for Retail Banking in France (-0.3%) were impacted by an unfavourable base effect on the interest margin, offset by good momentum in fee and commission income. Finally, international retail banking revenues (-1.9%) were mainly impacted by the reduction in the intermediation margin in Italy, partially offset by good momentum in fee and commission income over all the entities of the scope. Corporate Centre revenues were up +€214 million, positively impacted by Banco BPM (+€109 million, mainly related to the increase in dividends received).

    Operating expenses totalled -€3,700 million in the second quarter of 2025, an increase of +2.2% compared to the second quarter of 2024. The -€80 million increase in expenses between the second quarter of 2024 and the second quarter of 2025 was mainly due to -€25 million in scope effect and integration costs, (especially including -€51 million related to the deconsolidation of Amundi US, +€89 million related to the integration of Degroof Petercam and -€20 million related to the reduction in ISB integration costs into CACEIS) and +€58 million due to a positive base effect related to the contribution on the DGS (deposit guarantee fund in Italy).

    The cost/income ratio thus stood at 52.8% in the second quarter of 2025, an improvement of -0.5 percentage point compared to second quarter 2024. Gross operating income in the second quarter of 2025 stood at €3,306 million, an increase of +4.1% compared to the second quarter of 2024.

    As at 30 June 2025, risk indicators confirm the high quality of Crédit Agricole S.A.’s assets and risk coverage level. The Non Performing Loans ratio showed little change from the previous quarter and remained low at 2.3%. The coverage ratio (12) was high at 72.2%, down -2.8 percentage points over the quarter. Loan loss reserves amounted to €9.4 billion for Crédit Agricole S.A., relatively unchanged from the end of March 2025. Of these loan loss reserves, 35.3% were for provisioning for performing loans.

    The cost of risk was a net charge of -€441 million, up +4.2% compared to the second quarter of 2024, and came mainly from a provision for non-performing loans (level 3) of -€524 million (compared to a provision of -€491 million in the second quarter of 2024). Net provisioning on performing loans (stages 1 and 2) is a reversal of +€91 million, compared to a reversal of +€31 million in the second quarter of 2024, and includes reversals for model effects and the migration to default of some loans, which offset the prudential additions to provisions for updating macroeconomic scenarios. Also noteworthy is an addition to provisions of -€8 million for other items (legal provisions) versus a reversal of +€37 million in the second quarter of 2024. By business line, 53% of the net addition for the quarter came from Specialised Financial Services (50% at end-June 2024), 21% from LCL (22% at end-June 2024), 14% from International Retail Banking (17% at end-June 2024), 4% from Large Customers (9% at end-June 2024) and 5% from the Corporate Centre (1% at end-June 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 second quarter were updated, with a central scenario (French GDP at +0.8% in 2025, +1.4% in 2026) an unfavourable scenario (French GDP at +0.0% in 2025 and +0.6% in 2026) and an adverse scenario (French GDP at -1.9% in 2025 and -1.4% in 2026). In the second quarter of 2025, the cost of risk/outstandings remained stable at 34 basis points over a rolling four quarter period (13) and 32 basis points on an annualised quarterly basis (14).

    The contribution of equity-accounted entities stood at €30 million in second quarter 2025, down -€17 million compared to second quarter 2024, or -35.1%. This drop is related to the impairment of goodwill of a stake in CAL&F and non-recurring items especially the drop in remarketing revenues at CAPFM, offset by the impact of the first consolidation of Victory Capital (+€20 million). The net income on other assets was €455 million in the second quarter of 2025 and includes the capital gain related to the deconsolidation of Amundi US of €453 million. Pre-tax income, discontinued operations and non-controlling interests therefore increased by +19% to €3,350 million.

    The tax charge was -€541 million, versus -€704 million for the second quarter 2024. This quarter’s tax includes positive elements, especially the non-taxation of the capital gain linked to the deconsolidation of Amundi US. The tax charge for the quarter remains estimated and will be reassessed by the end of the year.

    Net income before non-controlling interests was up +33.1% to €2,809 million. Non-controlling interests stood at -€420 million in the second quarter of 2025, up +48.7%, a share of the capital gain on the deconsolidation of Amundi US being reversed to non-controlling interests.

    Stated net income Group share in the first half of 2024 amounted to €4,213 million, compared with €3,731 million in the first half of 2024, an increase of +12.9%.

    Revenues increased +4.9% compared to the first half of 2024, driven by the performance of the Asset Gathering, Large Customers, and Specialised Financial Services business lines and the Corporate Centre. Operating expenses were up +5.5% compared to the first half of 2024, especially in connection with supporting the development of business lines and the integration of scope effects. The cost/income ratio for the first half of the year was 53.9%, an improvement of 0.3 percentage points compared to first half 2024. Gross operating income totalled €6,571 million, up +4.1% compared to first half 2024. The cost of risk increased by +3.8% over the period, to -€-855 million, versus -€824 million for first half 2024.

    The contribution of equity-accounted entities stood at €77 million in first half 2025, down -€13 million compared to first half 2024, or -14.1%. Net income from other assets was €456 million in the first half of 2025. Pre-tax income, discontinued operations and non-controlling interests therefore increased by +11.9% to €6,250 million. The tax charge was -€1,368 million, versus -€1,315 million for first half 2024. This includes the exceptional corporate income tax of -€152 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 up +14.3% to €4,882 million. Non-controlling interests stood at -€669 million in first half 2025, up +23.5% compared to first half 2024.

    Earnings per share stood at €0.74 per share in the second quarter 2025, versus €0.58 in the second quarter 2024.

    RoTE (15), which is calculated on the basis of an annualised net income Group share (16) and IFRIC charges, additional corporate tax charge and the capital gain on deconsolidation of Amundi US 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 16.7% in the first half of 2024, up +1.3 percentage points compared to the first half of 2024.

    Crédit Agricole S.A. – Income statement, Q2 and H1-25

    En m€ Q2-25 Q2-24 ∆ Q2/Q2   H1-25 H1-24 ∆ H1/H1
    Revenues 7,006 6,796 +3.1%   14,263 13,602 +4.9%
    Operating expenses (3,700) (3,621) +2.2%   (7,691) (7,289) +5.5%
    Gross operating income 3,306 3,175 +4.1%   6,571 6,312 +4.1%
    Cost of risk (441) (424) +4.2%   (855) (824) +3.8%
    Equity-accounted entities 30 47 (35.2%)   77 90 (14.1%)
    Net income on other assets 455 15 x 29.4   456 9 x 50.7
    Change in value of goodwill – – n.m.   – – n.m.
    Income before tax 3,350 2,814 +19.0%   6,250 5,587 +11.9%
    Tax (541) (704) (23.2%)   (1,368) (1,315) +4.0%
    Net income from discontinued or held-for-sale ope. 0 – n.m.   0 – n.m.
    Net income 2,809 2,110 +33.1%   4,882 4,273 +14.3%
    Non-controlling interests (420) (282) +48.7%   (669) (542) +23.5%
    Net income Group Share 2,390 1,828 +30.7%   4,213 3,731 +12.9%
    Earnings per share (€) 0.74 0.58 +29.1%   1.30 1.08 +20.3%
    Cost/Income ratio (%) 52.8% 53.3% -0.5 pp   53.9% 53.6% +0.3 pp

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

    Activity of the Asset Gathering division

    At end-June 2025, the assets under management of the Asset Gathering (AG) division stood at €2,905 billion, up +€27 billion over the quarter (i.e. +1%), mainly due to positive net inflows in asset management, and insurance, and a positive market and foreign exchange effect over the period. Over the year, assets under management rose by +5.2%.

    Insurance activity (Crédit Agricole Assurances) was very strong, with total revenues at a high level of €12.7 billion, up +17.9% compared to second quarter 2024.

    In Savings/Retirement, second quarter 2025 revenues reached €9.9 billion, up +22.3% compared to second quarter 2024, in a buoyant environment, especially in France. Unit-linked rate in gross inflows(17) is stable year-on-year at 32.0%. The net inflows reached a record +€4.2 billion (+€2.7 billion compared to the second quarter of 2024), comprised of +€2.4 billion net inflows from euro funds and +€1.8 billion from unit-linked contracts.

    Assets under management (savings, retirement and funeral insurance) continued to grow and came to €359.4 billion (up +€21.5 billion year-on-year, or +6.4%). The growth in outstandings was driven by the very high level of quarterly net inflows and favourable market effects. Unit-linked contracts accounted for 30.2% of outstandings, up +0.6 percentage points compared to the end of June 2024.

    In property and casualty insurance, premium income stood at €1.4 billion in the second quarter of 2025, up +9.3% compared to the second quarter of 2024. Growth stemmed from a price effect, with the increase in the average premium benefiting from revised rates induced by climate change and inflation in repair costs as well as changes in the product mix, and a volume effect, with a portfolio of over €16.9 million (18) policies at the end of June 2025 (or +2.8% over the year). Lastly, the combined ratio at the end of June 2025 stood at 94.7% (19), stable year-on-year and an improvement of +1.4 percentage points compared to the last quarter.

    In death & disability/creditor insurance/group insurance, premium income for the second quarter of 2025 stood at €1.4 billion, down slightly by -0.6% compared to the second quarter of 2024. Individual death & disability showed growth of +7.1% related to the increase in the average amount of guarantees. Creditor insurance showed a drop in activity of -4.3% over the period, especially related to international consumer finance. Group insurance was slightly up at +2.2%.

    In Asset Management (Amundi), assets under management by Amundi increased by +0.9% and +5.2% respectively over the quarter and the year, reaching a new record of €2,267 billion at the end of June 2025. They take into account the first integration of Victory Capital over the quarter with a scope effect of -€9.7 billion (effect of the deconsolidation of Amundi US for -€70 billion and the integration of Victory for +€60 billion). US business assets amount to €94 billion at end-June 2025, including €36 billion of assets distributed by Amundi to non-US customers (fully integrated) and €58 billion of assets distributed by Victory to US customers (26% share). In addition to the scope effect, assets benefited from a high level of inflows over the quarter (+€20.5 billion) a positive market effect of +€57 billion, and a strong negative exchange rate impact of -€48 billion related to the drop in the US dollar and Indian rupee. Net inflows are balanced between medium/long term assets (+€11 billion) and JVs (+€10 billion). The Institutionals segment also recorded net inflows of +€8.7 billion over the quarter, driven by strong seasonal activity in employee savings (+€4 billion in MLT assets). The JV segment showed net inflows of €10.3 billion over the period, with an upturn of inflows in India and a confirmed recovery in China. Finally, the retail segment showed net inflows of €1.4 billion over the quarter.

    In Wealth management, total assets under management (CA Indosuez Wealth Management and LCL Private Banking) amounted to €279 billion at the end of June 2025, and were up +3.7% compared to June 2024 and stable compared to March 2025.

    For Indosuez Wealth Management assets under management at the end of June stood at €214 billion (20), up +0.4% compared to the end of March 2025, with slightly negative net inflows of -€0.1 billion. Production is supported by structured products and mandates, partially offsetting the outflow especially linked to liquidity events of large customers. The market and foreign exchange impact of the quarter is positive at €1 billion. Compared to end-June 2024, assets are up by +€9 billion, or +4.5%. Also noteworthy is the announcement of the Banque Thaler acquisition project in Switzerland on 4 April 2025 and that of the plan to acquire the Wealth Management customers of BNP Paribas Group in Monaco on 23 June 2025.

    Results of the Asset Gathering division

    In the second quarter of 2025, Asset Gathering generated €1,970 million of revenues, up +1.3% compared to the second quarter of 2024. Expenses increased +6.2% to -€864 million and gross operating income came to €1,106 million, -2.2% compared to the second quarter of 2024. The cost/income ratio for the second quarter of 2025 stood at 43.8%, up +2.0 percentage points compared to the same period in 2024. Equity-accounted entities showed a contribution of €58 million, up +77.4%, especially in relation to the first integration of the contribution of Victory Capital of 26% over this quarter in the Asset Management division for €20 million. The net income on other assets is impacted by the recognition of a capital gain of €453 million also related to the partnership with Victory Capital. Consequently, pre-tax income was up by +40.1% and stood at €1,610 million in the second quarter of 2025. The net income Group share showed an increase of +49.3% to €1,100 million.

    In the first semester of 2025, the Asset Gathering division generated revenues of €4,028 million, up +7.9% compared to first half 2024. Expenses increased by +14.8%. As a result, the cost/income ratio stood at 44.7%, up +2.7 percentage points compared to the first half of 2024. Gross operating income stood at €2,229 million, a increase of +2.9% compared to first half 2024. Equity-accounted entities showed a contribution of €86 million, up +39.4%, especially in relation to the first integration of the contribution of Victory Capital of 26% over the second quarter of 2025 in the Asset Management division. The net income on other assets is impacted by the recognition of a capital gain of €453 million also related to the partnership with Victory Capital in second quarter 2025. Taxes stood at €601 million, a +19.8% increase. Net income Group share of the Asset Gathering division includes the additional corporate tax charge in France and amounted to €1,780 million, up +22.5% compared to the first half of 2024. The increase affected all the business lines of the division, (+66.1% for Asset Management, +0.8% for Insurance and +92.3% for Wealth Management).

    In the second quarter of 2025, the Asset Gathering division contributed by 41% 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 30 June 2025, equity allocated to the division amounted to €13.2 billion, including €10.6 billion for Insurance, €1.9 billion for Asset Management, and €0.7 billion for Wealth Management. The division’s risk weighted assets amounted to €51.4 billion, including €24.0 billion for Insurance, €19.7 billion for Asset Management and €7.7 billion for Wealth Management.

    Insurance results

    In the second quarter of 2025, insurance revenues amounted to €790 million, up +2.1% compared to the second quarter of 2024. They are supported by Savings/Retirement in relation to the growth in activity and a positive financial result over the period, Property & Casualty which benefits from a good level of activity and financial results, and by the performance of Death & Disability, which offsets a tightening of technical margins in creditor. Revenues for the quarter included €587 million from savings/retirement and funeral insurance (21), €89 million from personal protection (22) and €114 million from property and casualty insurance (23).

    The Contractual Service Margin (CSM) totalled €26.8 billion at the end of June 2025, an increase of +6.3% compared to the end of December 2024. It benefited from a contribution of new business greater than the CSM allocation and a positive market effect. The annualised CSM allocation factor was 8.0% at end-June 2025.

    Non-attributable expenses for the quarter stood at -€87 million, down -0.9% over the second quarter of 2024. As a result, gross operating income reached €703 million, up +2.5% compared to the same period in 2024. The net pre-tax income was up +2.2% and stood at €703 million. The tax charge totalled €143 million, down -19.9% during the period. Net income Group share stood at €557 million, up +12.6% compared to the second quarter of 2024.

    Revenues from insurance in the first half of 2025 came to €1,517 million, up +1.5% compared to the first half of 2024. Gross operating income stood at €1,335 million, up +1.4% compared to the first half of 2024. Non-attributable expenses came to €182 million, i.e. an increase of +2.0%. The cost/income ratio is thus 12.0%, below the target ceiling set by the Medium-Term Plan of 15%. The net income Group share includes the additional corporate tax charge in France and reached €997 million, up +0.8% compared to first half 2024.

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

    Asset Management results

    In the second quarter of 2025, revenues amounted to €771 million, showing a fall of -10.8% compared to the second quarter of 2024. The deconsolidation of Amundi US (previously fully consolidated) and the integration of Victory Capital (at 26% on the equity-accounted entities line) took effect this quarter. As a result, restated for this scope effect,(24), revenues were stable (-0.6%) compared with the second half of 2024. Net management fee and commission income was up +1.0% (25) compared with second quarter 2024. Amundi Technology’s revenues recorded a significant increase and rose +50% over the second quarter of 2024, thanks to the integration of Aixigo (the European leader in Wealth Tech, the acquisition of which was finalised in November 2024) which amplified the continued strong organic growth. Performance fee income fell -29%25 from the second quarter of 2024 due to market volatility and financial revenues fell in connection with the drop in rates. Operating expenses amounted to -€429 million, a decline of -8.8% from the second quarter of 2024. Excluding the scope effect related to the Victory Capital partnership24, they were up +2.2% over the period. The cost/income ratio was up at 55.7% (+1.2 percentage points compared to second quarter 2024). Gross operating income stood at €341 million, down -13.2% compared to the second quarter of 2024. The contribution of the equity-accounted entities, carrying the contribution of Amundi’s Asian joint ventures as well as the new contribution of Victory Capital starting this quarter, was €58 million (+€20 million of which for Victory Capital, whose contribution is recognised with an offset of one quarter, so excluding the synergies already realised in the second quarter of 2025; the contribution of the joint ventures rose sharply to +16.6%, particularly in India), an increase of +77.4% over the second quarter of 2024. Net income on other assets was impacted by the recognition of a non-monetary capital gain of €453 million, also related to the partnership with Victory Capital, over the second quarter of 2025. Consequently, pre-tax income came to €850 million, double the second quarter of 2024. Non-controlling interests were impacted by the partnership with Victory Capital and amounted to €249 million over the quarter. Net income Group share amounted to €506 million, up sharply (x2.3) compared to the second quarter of 2024, taking account of the impact of the partnership with Victory Capital.

    Over the first half of 2025, revenues remained stable at €1,663 million (-0.3%). Excluding the scope effect related to the partnership with Victory Capital in the second quarter of 2025, it would represent an increase of +5.3% over the period. Operating expenses posted a slight increase of +0.7%. Excluding the scope effect related to the partnership with Victory Capital, they would increase +5.3% over the period. The cost/income ratio was 55.7%, an increase of +0.5 percentage points compared to first half 2024. This resulted in a -1.5% decline in gross operating income from the first half of 2024. The income of the equity-accounted entities rose +39.4%, primarily reflecting the first integration of the Victory Capital contribution over second quarter 2025. Net income on other assets was impacted by the recognition of a non-monetary capital gain of €453 million also related to the partnership with Victory Capital over the second quarter of 2025. In total, net income Group share for the half includes the additional corporate tax charge in France and stood at €689 million, an increase of +66.1%.

    Asset management contributed 16% to the underlying net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end June 2025 and by 12% to their underlying revenues.

    At 30 June 2025, equity allocated to the Asset Management business line amounted to €1.9 billion, while risk weighted assets totalled €19.7 billion.

    Wealth Management results (26)

    In the second quarter of 2025, revenues from wealth management amounted to €409 million, up +33.3% compared to the second quarter of 2024, benefiting from the impact of the integration of Degroof Petercam in June 2024. Excluding this effect, (27) revenues were sustained by the positive momentum of transactional income and the good resilience of the net interest margin, despite falling rates. Expenses for the quarter amounted to -€348 million, up +36.4% compared to the second quarter of 2024, impacted by a Degroof Petercam scope effect27 and -€22.5 million in integration costs in the second quarter of 2025 (28). Excluding these impacts, expenses rose slightly at +1.7% compared to the second quarter of 2024. The cost/income ratio for the second quarter of 2025 stood at 85%, up +1.9 percentage points compared to the same period in 2024. Excluding integration costs, it amounted to 79.5%. Gross operating income reached €61 million, an increase of (+18.3%) compared to the second quarter of 2024. Cost of risk remained moderate at -€5 million. Net income Group share amounted to €36 million, up +52.7% compared to the second quarter of 2024.

    In the first half of 2025, wealth management revenues rose by +48.6% over the first half of 2024, notably benefiting from the integration of Degroof Petercam(29) in June 2024 to reach €848 million. Expenses rose by +47.5% due to the impact of the integration of Degroof Petercam29 in June 2024 and integration costs. Gross operating income was therefore up +54.0% at €156 million. Net income on other assets was nil in the first half of 2025 compared with -€20 million in the first half of 2024, corresponding to Degroof Petercam acquisition costs. Net income Group share was €94 million over the first half, up +92.3% from first half 2024. The additional net income Group share target of +€150 million to +€200 million in 2028 following the integration of Degroof Petercam is confirmed and the rate of progression in synergies realised was approximately 25%.

    Wealth Management contributed 2% to the net income Group share of Crédit Agricole S.A.’s business lines (excluding the Corporate Centre division) at end-June 2025 and 6% of their revenues (excluding the Corporate Centre division).

    At 30 June 2025, equity allocated to Wealth Management was €0.7 billion and risk weighted assets totalled €7.7 billion.

    Activity of the Large Customers division

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

    In the second quarter of 2025, revenues from Corporate and Investment Banking were stable at €1,705 million, which is -0.1% compared to second quarter 2024 (+5% excluding FVA/DVA volatile elements and foreign exchange impact). Capital Markets and Investment Banking activity was down -2.7% from second quarter 2024 (+3% excluding non-recurring items and foreign exchange impact), but remained at a high level at €860 million, supported in part by a new progression in revenues from Capital Market activities (+2.8% over second quarter 2024, +10% excluding FVA/DVA volatile items and foreign exchange impact) particularly on the trading and primary credit activities that partially offset the decline in structured equity revenues. Revenues from financing activities rose to €845 million, an increase of +2.8% compared to the second quarter of 2024 (+7% excluding non-recurring items and foreign exchange impact). This mainly reflects the performance of structured financing, where revenues rose +6.8% compared to the second quarter of 2024, primarily explained by the dynamism of the renewable energy sector (increase in production on wind and solar projects). Commercial Banking was up +0.7% versus second quarter 2024, driven by the activities of Corporate & Leveraged Finance, boosted by the acquisition financing sector.

    Financing activities consolidated its leading position in syndicated loans (#1 in France (30) and #2 in EMEA30). Crédit Agricole CIB reaffirmed its strong position in bond issues (#2 All bonds in EUR Worldwide30) and was ranked #1 in Green, Social & Sustainable bonds in EUR (31). Average regulatory VaR stood at €11.1 million in the second quarter of 2025, up from €10.5 million in the first quarter of 2025, 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.

    Assets under custody rose by +1.1% at the end of June 2025 compared to the end of March 2025 and increased by +11.3% compared to the end of June 2024, to reach €5,526 billion. Assets under administration fell by
    -3.0% over the quarter because of a planned customer withdrawal, and were up +1.2% year-on-year, totalling €3,468 billion at end-June 2025.

    On 4 July 2025, Crédit Agricole S.A. announced the finalisation of the buyback of the 30.5% interest held by Santander in CACEIS.

    Results of the Large Customers division

    In the second quarter of 2025, revenues of the Large Customers division once again reached a record level at €2,224 million (stable from second quarter 2024), buoyed by an excellent performance in the Corporate and Investment Banking and Asset Servicing business lines.

    Operating expenses increased by +4.4% due to IT investments and business line development. As a result, the division’s gross operating income was down -5.1% from the second quarter of 2024, standing at €967 million. The division recorded a limited addition for provision of the cost of risk of -€20 million integrating the update of economic scenarios and benefiting from favourable model effects, to be compared with an addition of -€39 million in the second quarter of 2024. Pre-tax income amounted to €958 million, down -3.3% compared to the second quarter of 2024. The tax charge amounted to -€149 million in second quarter 2025. Finally, net income Group share totalled €752 million in the second quarter of 2025, an increase of +8.3% over the second quarter of 2024.

    In first half 2025, the revenues of the Large Customers business line amounted to a historic high of €4,632 million (+3.2% compared to first half 2024). Operating expenses rose +4.6% compared to first half 2024 to €2,617 million, largely related to staff costs and IT investments. Gross operating income for first half of 2025 therefore totalled €2,015 million, up +1.4% from first half 2024. The cost of risk ended the first half of 2025 with a net provision to provisions of -€5 million, which was stable compared with the first half of 2024. The business line’s contribution to underlying net income Group share was at €1,475 million, up +4.1% compared to first half 2024.

    The business line contributed 34% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end-June 2025 and 32% to revenues excluding the Corporate Centre.

    At 30 June 2025, the equity allocated to the division was €12.8 billion and its risk weighted assets were €134.7 billion.

    Corporate and Investment Banking results

    In the second quarter of 2025, revenues from Corporate and Investment Banking posted a strong performance at €1,705 million (stable in relation to second quarter 2024, +5% excluding FVA/DVA volatile items and foreign exchange impact).

    Operating expenses rose by +6.7% to -€895 million, mainly due to IT investments and the development of business line activities. Gross operating income declined -6.6% compared to second quarter 2024 and recorded a high level of +€810 million. Cost/income ratio was 52.5%, an improvement of +3.3 percentage points for the period. Cost of risk recorded a limited net provision of -€19 million integrating the update of economic scenarios and benefiting from positive model effects. Pre-tax income in second quarter 2025 stands at €793 million, down -5.7% compared to the second quarter of 2024. Lastly, stated net income Group share was up +6.7% to €659 million in the second quarter of 2025.

    In first half 2025, stated revenues rose by +3.7% compared to first half 2024, to €3,591 million, the highest historical half-year level ever. Operating expenses rose +7.1%, mainly due to variable compensation and IT investments to support the development of the business lines. As a result, gross operating income was €1,704 million and stable compared to first half 2024. The cost of risk recorded a net reversal of +€4 million in the first half of 2025, compared to a reversal of +€7 million in the first half of 2024. The income tax charge stood at -€376 million, down -9.3%. Lastly, stated net income Group share for first half 2025 stood at €1,307 million, an increase of +3.0% over the period.

    Risk weighted assets at end-June 2025 were down -€6.6 billion compared to end-March 2025, to €123.6 billion, mainly explained by model effects.

    Asset servicing results

    In the second quarter of 2025, revenues for Asset Servicing remained stable compared to second quarter 2024 at €519 million, as the solid performance of the net interest margin was offset by a drop in fee and commission income (notably on foreign exchange). Operating expenses were down by -1.1% to -€361 million, due to the decrease in ISB integration costs compared to the second quarter of 2024 (32). Apart from this effect, expenses were up slightly pending the acceleration of synergies. As a result, gross operating income was up by +3.8% to €158 million in the second quarter of 2025. The cost/income ratio for the second quarter of 2025 stood at 69.6%, down -1.0 percentage points compared to the same period in 2024. Consequently, pre-tax income was up by +8.8% and stood at €165 million in the second quarter of 2025. Net income Group share rose +21.1% compared to second quarter 2024.

    Stated revenues for first half 2025 were up +1.5% compared with first half 2024, buoyed by the strong commercial momentum and a favourable trend in the interest margin over the period. Expenses declined -1.3% and included -€13.7 million in integration costs related to the acquisition of ISB’s activities (versus -€44.3 million in integration costs in the first half of 2024). Gross operating income rose +8.8% increase compared to first half 2024.
    The cost/income ratio stood at 70.1%, down 2.0 points compared to the second half of 2024. The additional net income target (33)of +€100 million in 2026 following the integration of ISB is confirmed and the rate of progression in synergies realised is approximately 60%.

    Finally, the contribution of the business line to net income Group share in the first half of 2025 was €168 million, representing a +13.9% increase compared to the first half of 2024.

    Specialised financial services activity

    Crédit Agricole Personal Finance & Mobility’s (CAPFM) commercial production totalled €12.4 billion in second quarter 2025, an increase of +2.4% from second quarter 2024, and an increase of +12.4% compared to first quarter 2025. This increase was carried by traditional consumer finance, while the automobile activity remained stable in a still complex market in Europe and China. The share of automotive financing (34) in quarterly new business production stood at 49.6%. The average customer rate for production was down slightly by -9 basis points from the first quarter of 2025. CAPFM assets under management stood at €121.0 billion at end-June 2025, up +4.5% from end-June 2024, over all scopes (Automotive +6.6% (35), LCL and Regional Banks +4.2%, Other Entities +2.5%), benefiting from the expansion of the management portfolio with the Regional Banks and the promising development of car rental with Leasys and Drivalia. Lastly, consolidated outstandings totalled €68.0 billion at end-June 2025, down -0.9% from end-June 2024.

    The commercial production of Crédit Agricole Leasing & Factoring (CAL&F) was down -19.4% from second quarter 2024 in leasing, primarily in France in an unfavourable market context (36). In International, production was up, particularly in Poland. Leasing outstandings rose +5.0% year-on-year, both in France (+4.1%) and internationally (+8.6%), to reach €20.8 billion at end-June 2025 (of which €16.4 billion in France and €4.5 billion internationally). Commercial production in factoring was up +26.6% versus second quarter 2024, carried by France, which rose +83.8%, which benefited from the signing of a significant contract; international fell by -27.0%, mainly in Germany. Factoring outstandings at end-June 2025 were up +3.7% compared to end-June 2024, and factored revenues were up by +5.0% compared to the same period in 2024.

    Specialised financial services’ results

    In the second quarter of 2025, revenues of the Specialised Financial Services division were €881 million, down -1.0% compared to the second quarter of 2024. Expenses stood at -€438 million, down -1.0% compared to the second quarter of 2024. The cost/income ratio stood at 49.8%, stable compared to the same period in 2024. Gross operating income thus stood at €442 million, down -1.0% compared to the second quarter of 2024. Cost of risk amounted to -€235 million, up +11.7% compared to the second quarter of 2024. Income for the equity-accounted entities amounted to -€13 million, a significant decline from second quarter 2024 which was €29 million, mainly linked to the drop in remarketing revenues for CAPFM as well as a depreciation of goodwill for CAL&F. Pre-tax income for the division amounted to €194 million, down -26.7% compared to the same period in 2024. Net income Group share amounted to €114 million, down -38.9% compared to the same period in 2024.

    In the first half of 2025, revenues for the Specialised Financial Services division were €1,749 million, which was up +0.8% from first half 2024. Operating expenses were up +1.7% from first half 2024 at -€912 million. Gross operating income amounted to €837 million, stable (-0.2%) in relation to first half 2024. The cost/income ratio stood at 52.1%, up +0.5 percentage points compared to the same period in 2024. The cost of risk increased by +12.8% compared to the first quarter of 2024 to -€484 million. The contribution of the equity-accounted entities dropped -62.2% from the same period in 2024, mainly linked to the decline in remarketing revenues CAPFM and a depreciation of goodwill for CAL&F (in the second quarter of 2025). Net income Group share includes the corporate tax additional charge in France and amounted to €263 million, down -20.3% compared to the same period in 2024.

    The business line contributed 6% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end-June 2025 and 12% to revenues excluding the Corporate Centre.

    At 30 June 2025, the equity allocated to the division was €7.7 billion and its risk weighted assets were €80.7 billion.

    Personal Finance and Mobility results

    In the second quarter of 2025, CAPFM revenues totalled €697 million, up +0.3% from the second quarter of 2024, with a positive price effect benefiting from the improvement in the production margin rate, which rose +35 basis points compared to second quarter 2024 (and which was down -7 basis points from first quarter 2025), partially absorbed by the increase in subordinated debt (37). Expenses totalled -€339 million, a drop of -1.1% and the jaws effect was positive over the quarter at +1.3 percentage points. Gross operating income thus stood at €358 million, an increase of +1.5% compared to the second quarter of 2024. The cost/income ratio stood at 48.7%, up -0.6 percentage points compared to the same period in 2024. The cost of risk stood at -€228 million, up +19.6% from the second quarter of 2024. The cost of risk/outstandings thus stood at 135 basis points(38), a slight deterioration of +5 basis points compared to the first quarter of 2025, especially in international activities. The Non Performing Loans ratio was 4.6% at end-June 2025, slightly up by +0.1 percentage points compared to end-March 2025, while the coverage ratio reached 73.2%, down -0.2 percentage points compared to end-March 2025. The contribution from the equity-accounted entities fell by -71.4% compared to the same period in 2024, related mainly to the drop in remarketing revenues. Pre-tax income amounted to €140 million, down -27.1% compared to the same period in 2024. Net income Group share amounted to €81 million, down -38.4% compared to the previous year.

    In the first half of 2025, CAPFM revenues reached €1,380 million, i.e. +1.1% over the first half of 2024, benefiting from volume and positive price effects partially offset by the increase in subordinated debt37. The expenses came to -€709 million, up +1.7% compared to the first half of 2024, related primarily to employee expenses and IT expenses. Gross operating income stood at €671 million, up +0.6%. The cost/income ratio stood at 51.4%, up +0.3 percentage points compared to the same period in 2024. The cost of risk rose by +16.3% over the first half of 2024 to -€453 million, notably related to a slight degradation on the international subsidiaries. The contribution from equity-accounted entities fell by -25.9% compared to the same period in 2024, primarily due to the decline in remarketing revenues. Therefore, net income Group share, which includes the additional corporate tax charge in France, amounted to €188 million, down -18.7% from the first half of 2024.

    Leasing & Factoring results

    In the second quarter of 2025, CAL&F revenues totalled €183 million, down -5.4% from second quarter 2024 due to the decline in factoring margins (related to the rate decrease). Revenues were up in leasing. Operating expenses stood at -€99 million, down -0.8% over the quarter, and the cost/income ratio stood at 54.0%, an improvement of +2.6 percentage points compared to the second quarter of 2024. Gross operating income stood at €84 million, down -10.4% compared to the second quarter of 2024. The cost of risk includes a provision reversal on performing loans of +€20 million and thus amounted to -€7 million over the quarter, a drop of -63.9% from the same period in 2024. Cost of risk/outstandings stood at 21 basis points38, down -4 basis points compared to second quarter 2024. Income of the equity-accounted entities totalled -€22 million in second quarter 2025, a sharp decline from second quarter 2024 at -€2 million, due to a depreciation of goodwill. Pre-tax income amounted to €54 million, down -25.4% compared to the same period in 2024. Net income Group share includes the corporate tax additional charge in France and amounted to €33 million, down -40.2% compared to the previous year.

    In the first half of 2025, revenues were stable (-0.6%) from first half 2024 at €369 million with an increase on leasing absorbed by a decrease in factoring margins because of the decrease in rates. Operating expenses increased by +1.9% to -€203 million. Gross operating income was down -3.5% from the first half of 2024 to total €166 million. The cost/income ratio stood at 55.0%, up +1.3 percentage points compared to first half 2024. The cost of risk declined from the first half of 2024 (-21.8%) because of a provision reversal of +€20 million on performing loans in the second quarter of 2025. The contribution of the equity-accounted entities amounted to -€24 million in the first half of 2025, down sharply from the first half of 2024 at -€4 million due to a depreciation of goodwill in first half 2025. Finally, net income Group share includes the additional corporate tax charge in France and amounted to €75 million, down -24.1% from the first half of 2024.

    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 second quarter of 2024. It was down in Italy in a very competitive housing market. The number of customers with insurance is progressing.

    Retail banking activity in France

    In the second quarter of 2025, activity was steady, with an upturn in loan activity, especially real estate loans, compared with the second quarter of 2024, and an increase in inflows. Customer acquisition remained dynamic, with 68,000 new customers this quarter.

    The equipment rate for car, multi-risk home, health, legal, all mobile phones or personal accident insurance rose by +0.6 percentage points to stand at 28.4% at end-June 2025.

    Loan production totalled €6.8 billion, representing a year-on-year increase of +14%. Second quarter 2025 recorded an increase in the production of real estate loans (+24% over second quarter 2024). The average production rate for home loans came to 3.07%, down -11 basis points from the first quarter of 2025 and -77 basis points year on year. The home loan stock rate improved by +3 basis points over the quarter and by +18 basis points year on year. The strong momentum continued in the corporate market (+10% year on year) and the small business market (+15% year on year) and remains up in the consumer finance segment (+2%).

    Outstanding loans stood at €171.5 billion at end-June 2025, representing a quarter-on-quarter increase (+0.5%) and year-on-year (+2.0%, including +1.8% for home loans, +1.7% for loans to small businesses, and +3.4% for corporate loans). Customer assets totalled €256.0 billion at end-June 2025, up +1.7% year on year, driven by off-balance sheet funds and with a slight increase of on-balance sheet deposits. Over the quarter, customer assets remained stable at -0.2% in relation to end-March 2025, with an increase of demand deposits for +2.6% while term deposits dropped -8.5% over the quarter in an environment that remains uncertain. Off-balance sheet deposits benefited from a positive year-on-year market effect and on the quarter and positive net inflows in life insurance.

    Retail banking activity in Italy

    In the second quarter of 2025, CA Italia posted gross customer capture of 54,000.

    Loans outstanding at CA Italia at the end of June 2025 stood at €62.0 billion (39), up +1.6% compared with end-June 2024, in an Italian market up slightly (40), driven by the retail market, which posted an increase in outstandings of +2.8%. The loan stock rate declined by -96 basis points against the second quarter of 2024 and by -24 basis points from the first quarter of 2025. Loan production for the quarter was down -8.1% compared with a high second quarter 2024, in a very competitive home market in the second quarter of 2025. Loan production for the half rose by +1.3% compared with the first half of 2024.

    Customer assets at end-June 2025 totalled €120.5 billion, up +3.2% compared with end-June 2024; on-balance sheet deposits were relatively unchanged (+0.3%) from end-June 2024. Finally, off-balance sheet deposits increased by +6.9% 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 was 20.6%, up +0.9 percentage points over the second quarter of 2024.

    International Retail Banking activity excluding Italy

    For International Retail Banking excluding Italy, loan outstandings were €7.4 billion, up +5.2% at current exchange rates at end-June 2025 compared with end-June 2024 (+6.6% at constant exchange rates). Customer assets rose by +€11.7 billion and were up +6.4% over the same period at current exchange rates (+9.7% at constant exchange rates).

    In Poland in particular, loan outstandings increased by +5.2% compared to end-June 2024 (+3.6% at constant exchange rates) driven by the retail segment and on-balance sheet deposits of +8.2% (+6.6% at constant exchange rates). Loan production in Poland rose this quarter compared to the second quarter of 2024 (+7.9% at current exchange rates and +6.5% at constant exchange rates). In addition, gross customer capture in Poland reached 48,000 new customers this quarter.

    In Egypt, commercial activity was strong in all markets. Loans outstanding rose +6.8% between end-June 2025 and end-June 2024 (+20.9% at constant exchange rates). Over the same period, on-balance sheet deposits increased by +9.0%% and were up +23.3% at constant exchange rates.

    Liquidity is still very strong with a net surplus of deposits over loans in Poland and Egypt amounting to +€2.0 billion at 30 June 2025, and reached €3.5 billion including Ukraine.

    French retail banking results

    In the second quarter of 2025, LCL revenues amounted to €976 million, stable from the second quarter of 2024. The increase in fee and commission income (+3.1% over second quarter 2024) was driven by the strong momentum in insurance (life and non-life). NIM was down -3.4%, under the impact of an unfavourable base effect, but improved compared to the first quarter of 2025 (+7.8%), thanks to the progressive repricing of loans and the decrease in the cost of customer-related funds (which benefited from a positive change in the deposit mix) and of refinancing, offset by a lower contribution from macro-hedging.

    Expenses were up slightly by +1.0% and stood at -€597 million linked to ongoing investments. The cost/income ratio stood at 61.1%, an increase by 0.8 percentage points compared to second quarter 2024. Gross operating income fell by -2.4% to €380 million.

    The cost of risk was stable (-0.3% compared with second quarter 2024) and amounted to -€95 million (including an addition to provisions of -€104 million on proven risk and a reversal of +€10 million on healthy loans, incorporating the impact of the scenario update offset by the model update. The cost of risk/outstandings was stable at 20 basis points, with its level still high in the professional market. The coverage ratio still remains at a high level and was 60.9% at the end of June 2025. The Non Performing Loans ratio was 2.1% at the end of June 2025.

    Finally, pre-tax income stood at €286 million, down -3.4% compared to the second quarter of 2024, and net income Group share was down -5.7% from the second quarter of 2024.

    In the first half of 2025, LCL revenues were stable, up +0.3% compared to first half 2024 and totalled €1,939 million. The net interest margin was down (-2.6%), benefiting from gradual loan repricing and lower funding and refinancing costs, although the impact of macro-hedging remained positive, though less favourable, and there was an unfavourable base effect in the second quarter. Fee and commission income rose +3.4% compared to first half 2024, particularly on insurance. Expenses rose by +2.4% over the period and the cost/income ratio remained under control (+1.3 percentage points compared with first half 2024) at 63.0%. Gross operating income fell by -3.1% and the cost of risk improved by -12.9%. Lastly, the business line’s contribution to net income Group share includes the additional corporate tax charge in France and amounted to €337 million (-14.4% compared to the first half of 2024).

    In the end, the business line contributed 8% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) in the second quarter of 2025 and 13% to revenues excluding the Corporate Centre division.

    At 30 June 2025, the equity allocated to the business line stood at €5.3 billion and risk weighted assets amounted to €55.7 billion.

    International Retail Banking results (41)

    In the second quarter of 2025, revenues for International Retail Banking totalled €1,007 million, down compared with the second quarter of 2024 (-1.9% at current exchange rates, -1.3% at constant exchange rates). Operating expenses amounted to -€520 million, down -6.3% (-6.0% at constant exchange rates), and benefited from the end of the contribution to the DGS in 2025, which was recorded for -€58 million in the second quarter of 2024. Gross operating income consequently totalled €487 million, up +3.2% (+4.3% at constant exchange rates) for the period. Cost of risk amounted to -€61 million, down -15.5% compared to second quarter 2024 (-19.8% at constant exchange rates). All in all, net income Group share for CA Italia, CA Egypt, CA Poland and CA Ukraine amounted to €238 million in the second quarter of 2025, up +4.3% (and +6.4% at constant exchange rates).

    In first half 2025, International Retail Banking revenues fell by -2.5% to €2,033 million (-0.7% at constant exchange rates). Operating expenses totalled -€1,035 million, down -2.4% (-4% at constant exchange rates) from the first half of 2024, and benefited from the end of the contribution to the DGS in 2025, which had been recorded for -€58 million in the second quarter of 2024. Gross operating income totalled €998 million, down -2.6% (+2.9% at constant exchange rates). The cost of risk fell by -17.3% (-14.2% at constant exchange rates) to -€128 million compared to first half 2024. Ultimately, net income Group share of International Retail Banking was €483 million, stable in comparison with €485 million in the first half of 2024.

    At 30 June 2025, the capital allocated to International Retail Banking was €4.3 billion and risk weighted assets totalled €44.9 billion.

    Results in Italy

    In the second quarter of 2025, Crédit Agricole Italia’s revenues amounted to €767 million, down -2.2% from second quarter 2024, due to the decline in the net interest margin (-4.4% compared with the second quarter of 2024 related to the decrease in rates). The net interest margin was up +2% compared to first quarter 2025. Fee and commission income on managed assets rose significantly by +11.6% compared to second quarter 2024. Operating expenses were -€398 million, down -9.5% from second quarter 2024, due to the end of the contribution to the DGS in 2025, whereas an amount of -€58 million had been recognised in this respect in the second quarter of 2024. Excluding the DGS, expenses rose by +4.3% compared to the second quarter of 2024 because of employee and IT expenses to support the growth of the business lines.

    The cost of risk was -€45 million in the second quarter of 2025, a decrease of -26.4% from second quarter 2024, and continues to fall with an improvement in the quality of the assets and the coverage ratio. In effect, the cost of risk/outstandings (42) is 36 basis points, an improvement of 3 basis points versus the first quarter of 2025; the Non Performing Loans ratio is 2.7% and is improved from the first quarter of 2025, just like the coverage ratio which is 81.0% (+3.1 percentage points over the first quarter of 2025). This translates into a net income Group share of €172 million for CA Italia, up +12.3% compared to the second quarter of 2024.

    In first half 2025, revenues for Crédit Agricole Italia fell by -0.9% to €1,545 million. Operating expenses amounted to -€781 million, down -4.8% from the first half of 2024, and an increase of +2.4% excluding the DGS for -€58 million in the second quarter of 2024. This took gross operating income to €763 million, up +3.4% compared to first half 2024. The cost of risk amounted to -€102 million, down -17.2% compared to the first half of 2024. As a result, net income Group share of CA Italia totalled €350 million, an increase of +5.2% compared to first half 2024.

    Results for Crédit Agricole Group in Italy (43)

    In the first half of 2025, the net income Group share of entities in Italy amounted to €652 million, down -1.1% compared to the first half of 2024. The breakdown by business line is as follows: Retail Banking 54%; Specialised Financial Services 14%; Asset Gathering and Insurance 19%; and Large Customers 13%. Lastly, Italy’s contribution to net income Group share of Crédit Agricole S.A. in first half 2025 was 15%.

    International Retail Banking results – excluding Italy

    In the second quarter of 2025, revenues for International Retail Banking excluding Italy totalled €240 million, down -1.1% (+1.7% at constant exchange rates) compared to the second quarter of 2024. Revenues in Poland were up +9.5% in the second quarter of 2024 (+8.3% at constant exchange rates), boosted by net interest margin and fee and commission income. Revenues in Egypt were down -9.2% (-4.8% at constant exchange rates) with a residual base effect related to the exceptional foreign exchange activity of the second quarter of 2024. The increase in fee and commission income does not offset the slight decline in net interest margin. Operating expenses for International Retail Banking excluding Italy amounted to -€123 million, up +6.0% compared to the second quarter of 2024 (+7.5% at constant exchange rates) due to the effect of employee expenses and taxes in Poland as well as employee expenses and IT expenses in Egypt. At constant exchange rates, the jaws effect was positive by +2.6 percentage points in Poland. Gross operating income amounted to €117 million, down -7.5% (-3.6% at constant exchange rates) compared to the second quarter of 2024. The cost of risk is low at -€16 million, compared with -€11 million in the second quarter of 2024. Furthermore, at end-June 2025, the coverage ratio for loan outstandings remained high in Poland and Egypt, at 124% and 135%, respectively. In Ukraine, the local coverage ratio remains prudent (558%). All in all, the contribution of International Retail Banking excluding Italy to net income Group share was €66 million, down -11.9% compared with the second quarter of 2024 (-6.5% at constant exchange rates).

    In the first half of 2025, revenues for International Retail Banking excluding Italy totalled €488 million, down -7.1% (-1.1% at constant exchange rates) compared to the first half of 2024. Operating expenses amounted to -€254 million, up +5.9% compared to the first half of 2024 (+8.4% at constant exchange rates). The cost/income ratio stood at 52.0% at the end of June 2025, decreasing by 6.4 percentage points compared to the first half of 2024. Gross operating income amounted to €235 million, down -17.9% (-9.7% at constant exchange rates) compared to the first half of 2024. Cost of risk amounted to -€26 million, down -17.8% (-19.7% at constant exchange rates) compared to the first half of 2024. All in all, International Retail Banking excluding Italy contributed €133 million to net income Group share.

    At 30 June 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 28% to revenues excluding the Corporate Centre.

    At 30 June 2025, the division’s equity amounted to €9.6 billion. Its risk weighted assets totalled €100.6 billion.

    Corporate Centre results

    The net income Group share of the Corporate Centre was -€22 million in second quarter 2025, up +€217 million compared to second quarter 2024. The contribution of the Corporate Centre division can be analysed by distinguishing between the “structural” contribution (-€60 million) and other items (+€39 million).
    The contribution of the “structural” component (-€60 million) was up by +€184 million compared with the second 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 -€287 million in the second quarter of 2025, up +€45 million.
    • The businesses that are not part of the business lines, such as CACIF (Private equity), CA Immobilier, CATE and BforBank (equity-accounted), and other investments. Their contribution, at +€217 million in the second quarter of 2025, was up +€140 million compared to the second quarter of 2024, including the positive impact of the Banco BPM dividend linked to an increased stake of 19.8% combined with a rise in the value of the securities (+€143 million).
    • Group support functions. Their contribution amounted to +€9 million this quarter (unchanged compared with the second quarter of 2024).

    The contribution from “other items” amounted to +€39 million, up +€32 million compared to the second quarter of 2024, mainly due to ESTER/BOR volatility factors.

    The underlying net income Group share of the Corporate Centre division in first half 2025 was -€124 million, up +€221 million compared to first half 2024. The structural component contributed -€114 million, while the division’s other items contributed -€10 million over the half-year.
    The “structural” component contribution was up +€237 million compared to first half 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 amounted to -€601 million for first half 2025, up +€26 million compared to first half 2024;
    • Business lines not attached to the core businesses, such as Crédit Agricole CIF (private equity) and CA Immobilier, BforBank and other investments: their contribution, which stood at +€469 million in first half 2025, an increase compared to the first half of 2024 (+€207 million).
    • The Group’s support functions: their contribution for the first half of 2025 was +€18 million, up +€4 million compared to the first half of 2024.

    The contribution of “other items” was down -€15 million compared to first half 2024.

    At 30 June 2025, risk weighted assets stood at €38.3 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 30 June 2025, the phased Common Equity Tier 1 ratio (CET1) for Crédit Agricole Group stood at 17.6%, or a substantial buffer of 7.7 percentage points above regulatory requirements. Over the quarter, the CET1 ratio remained stable, reflecting the increase in retained earnings of +31 basis points (bp), -29 bp of organic growth in the business lines, +5 bp of methodological impact and -13 bp of M&A transactions, OCI and other items.

    Crédit Agricole S.A., in its capacity as the corporate centre 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. Its phased-in CET1 ratio as at 30 June 2025 stood at 11.9%, 3.2 percentage points above the regulatory requirement, -20 bp compared to the March 2025. The change over the quarter was due to the retained earnings of +28 bp, business lines’ organic growth of -23 bp, +4 bp from methodology impacts and -33 bp from M&A transactions, OCI and other44. The proforma CET1 ratio Including M&A transactions completed after 30 June 2025 would be 11.6%.

    The breakdown of the change in Crédit Agricole S.A.’s risk weighted assets by business line is the combined result of:  +€3.4 billion for the Retail Banking divisions linked to changes in the business lines, -€0.3 billion for Asset Gathering, taking into account the increase in insurance dividends, +€1.7 billion for Specialised Financial Services, -€7.0 billion for Large Customers, linked to favourable methodology and FX impact and moderate business line growth, and  +€3.2 billion for the Corporate Centre division, notably linked to the impact of the increase in the Banco BPM stake to 19.8%.

    For the Crédit Agricole Group, the Regional Banks’ risk weighted assets increased by +€6.9 billion. 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.
        30/06/25 31/03/25 Exigences 30/06/25   30/06/25 31/03/25 Exigences 30/06/25
    Phased-in CET1 ratio45   17.6% 17.6% 9.88%   11.9% 12.1% 8.71%
    Tier1 ratio45   18.9% 19.0% 11.72%   14.0% 14.3% 10.52%
    Total capital ratio45   21.4% 21.8% 14.17%   17.8% 18.4% 12.94%
    Risk-weighted assets (€bn)   649 641     406 405  
    Leverage ratio   5.6% 5.6% 3.5%   3.9% 4.0% 3.0%
    Leverage exposure (€bn)   2,191 2,173     1,445 1,434  
    TLAC ratio (% RWA)45,46   27.6% 28.5% 22.4%        
    TLAC ratio (% LRE)46   8.2% 8.4% 6.75%        
    Subordinated MREL ratio (% RWA)45   27.6% 28.5% 21.6%        
    Subordinated MREL ratio (% LRE)   8.2% 8.4% 6.25%        
    Total MREL ratio (% RWA)45   32.7% 34.0% 26.2%        
    Total MREL ratio (% LRE)   9.7% 10.0% 6.25%        
    Distance to the distribution restriction trigger (€bn)47   46 46     13 14  

    For Crédit Agricole S.A., the distance to the trigger for distribution restrictions is the distance to the MDA trigger48, i.e. 318 basis points, or €13 billion of CET1 capital at 30 June 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 30 June 2025. Crédit Agricole Group posted a buffer of 209 basis points above the L-MDA trigger, i.e. €46 billion in Tier 1 capital.

    At 30 June 2025, Crédit Agricole Group’s TLAC and MREL ratios are well above requirements49. Crédit Agricole Group posted a buffer of 530 basis points above the M-MDA trigger, i.e. €34 billion in CET1 capital. At this date, the distance to the M-MDA trigger corresponds to the distance between the TLAC 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 March 2025 (€1,147 billion at end-June 2025).

    The Group’s liquidity reserves, at market value and after haircuts50, amounted to €471 billion at 30 June 2025, down -€16 billion compared to 31 March 2025.

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

    This change in liquidity reserves is notably explained by:

    • The decrease in the securities portfolio (HQLA and non-HQLA) for -€7 billion;
    • The decrease in collateral already pledged to Central Banks and unencumbered for -€13 billion, linked to the decline in self-securitisations for -€7 billion and the decrease in receivables eligible for central bank for -€6 billion;
    • The increase in central bank deposits for +€4 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 €131 billion.

    Standing at €1,696 billion at 30 June 2025, the Group’s liquidity balance sheet shows a surplus of stable funding resources over stable application of funds of €179 billion, down -€18 billion compared with end-March 2025. This surplus remains well above the Medium-Term Plan target of €110bn-€130bn.

    Long term debt was €316 billion at 30 June 2025, slightly up compared with end-March 2025. This included:

    • Senior secured debt of €93 billion, up +€4 billion;
    • Senior preferred debt of €162 billion;
    • Senior non-preferred debt of €38 billion, down -€2 billion due to the MREL/TLAC eligible debt;
    • And Tier 2 securities of €23 billion, down -€1 billion.

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

    At 30 June 2025, the average LCR ratios (calculated on a rolling 12-month basis) were 137% for Crédit Agricole Group (representing a surplus of €87 billion) and 142% for Crédit Agricole S.A. (representing a surplus of €84 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 30 June 2025, the Group’s main issuers raised the equivalent of €21.3 billion51in medium-to-long-term debt on the market, 84% 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:
      • €1 billion 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 30 June 2025, Crédit Agricole S.A. raised the equivalent of €16.5 billion through the market 51,52.

    The bank raised the equivalent of €16.5 billion, of which €7.3 billion in senior non-preferred debt and €2.8 billion in Tier 2 debt, as well as €1.7 billion in senior preferred debt and €4.7 billion in senior secured debt at end-June. The financing comprised a variety of formats and currencies, including:

    • €2.75 billion 52,53 ;
    • 5.4 billion US dollars (€5.1 billion equivalent);
    • 1.6 billion pounds sterling (€1.9 billion equivalent);
    • 179.3 billion Japanese yen (€1.1 billion equivalent);
    • 0.4 billion Singapore dollars (€0.3 billion equivalent);
    • 0.6 billion Australian dollars (€0.4 billion equivalent);
    • 0.3 billion Swiss francs (€0.3 billion equivalent).

    At end-June, Crédit Agricole S.A. had issued 77%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 – 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 82% completed at 30 June 2025, with:

    • €4.7 billion in senior secured debt;
    • €1.7 billion equivalent in senior preferred debt;
    • €7.3 billion equivalent in senior non-preferred debt;
    • €2.8 billion equivalent in Tier 2 debt.

    Economic and financial environment

    Review of the first half of 2025

    An even more conflict-ridden and unpredictable environment, causing a slowdown

    The first half of the year took place in an even more conflict-ridden and unpredictable environment, marked by open wars and powerful geopolitical and trade tensions. The war in Ukraine remained a major unresolved issue: President Trump’s initiatives aimed at ending the conflict proved fruitless, while signalling a strategic shift in US policy, notably away from protecting European territory. President Trump’s statements on NATO (demanding that military spending be increased to 5% of GDP) forced Europe to accelerate the overhaul of its defence strategy, as evidenced by the announcement of a white paper detailing defence support measures worth €800 billion. With the Israeli-Palestinian conflict continuing without any lasting political solution in sight, international tensions peaked in June with Israel’s attack on Iran, quickly joined by its US ally. After twelve days of clashes, a ceasefire was announced on 24 June.

    Donald Trump’s return to the US presidency has obviously resulted in a protectionist offensive of unexpected violence. This offensive culminated in “Liberation Day” on 2 April, when “reciprocal” tariffs were imposed on all of the United States’ trading partners. While China was particularly targeted, the European Union was also severely affected; even the countries participating in the North American Free Trade Agreement (NAFTA, United States, Canada, Mexico) were not spared, as they were subject to sector-specific tariffs applicable everywhere (steel, aluminium, automobiles, semiconductors). However, these announcements were followed by a presidential U-turn on 9 April, with reciprocal tariffs being lowered to 10% and a 90-day truce agreed upon to allow for the negotiation of bilateral trade agreements. At the end of this pause (9 July), the US president decided to extend it (to 1 August), offering hope to major trading partners (the European Union, Japan and South Korea) that agreements could be reached to reduce tariffs, while leaving economic players in uncertainty about international trade conditions. Only the United Kingdom, China and Vietnam have signed an agreement.

    The unpredictability of US trade policy, characterised by dramatic announcements followed by partial reversals, has created ongoing uncertainty. In the first half of the year, this was reflected in mixed economic and financial performances across countries, suggesting a more pronounced global slowdown. The IMF has therefore revised its global growth forecast for 2025 downwards to 2.8% (a decrease of -0.5 percentage points (pp) compared to its January forecast and the growth observed in 2024).

    The US economy has shown early signs of slowing down, hit by weaker consumer spending and, above all, a sharp rise in imports as companies seek to build up stocks ahead of the entry into force of new tariffs. GDP contracted by 0.5% in the first quarter (annualised quarter-on-quarter change). After moderating but remaining above the Federal Reserve’s (Fed) 2% target, inflation (year-on-year) stood at 2.7% in June (after 2.4% in May). Core inflation (excluding volatile components, food and energy) reached 2.9%; the increase in tariffs (although not yet finalised) already seems to be visible in the cost of certain goods (furniture, textiles and clothing, household appliances). Despite this turbulence, the job market has stayed relatively strong (unemployment rate at 4.2% in May, still within the narrow range it has been in since May 2024), providing some stability for an otherwise fragile economy.

    In China, despite a very difficult external environment and punitive US tariffs, growth (5.4% and 5.2% in the first and second quarters) stabilised above the official target of 5% for 2025. While consumption is sluggish, a weakness reflected in the absence of inflation (which has not exceeded 1% year-on-year since February 2024), exports have continued to accelerate, making a surprising contribution to growth. At 2.1 percentage points in the first quarter of 2025, the contribution from net external demand reached an historic high (excluding Covid), reflecting China’s undisputed dominance in global manufacturing, although temporary positive effects (anticipation of US tariffs at the beginning of the year) should not be overlooked.

    In an unfavourable environment, the eurozone held up well, with growth initially estimated at 0.3% (quarter-on-quarter) and then revised upwards (0.6%, or 1.5% year-on-year). Growth in the eurozone was mainly driven by investment, followed by net external demand and finally household consumption (with respective contributions to growth of 0.4 pp, 0.3 pp and 0.1 pp), while inventories subtracted 0.1 pp from growth and final public expenditure was “neutral”. This overall performance continued to mask varying national fortunes: among the largest member countries, Spain continued to post very strong growth (0.6%) and Germany saw an upturn (0.4%), while Italy and France posted fairly sustained (0.3%) and weak (0.1%) growth rates, respectively. Continued disinflation (to 1.9% year-on-year in May after 2.2% in April and 2.6% in May 2024) and anchored expectations made it possible for the ECB to continue its monetary easing, reassured by the convergence of inflation towards its 2% target.

    In France, in particular, after benefiting from the boost provided by the Paris Olympic and Paralympic Games in the third quarter of 2024 (+0.4% quarter-on-quarter), activity declined slightly in the last quarter of last year (-0.1%) due to after-effects. It picked up again in the first quarter of 2025, but growth remained weak (+0.1%). Domestic demand, which contributed negatively to growth, is largely responsible for this sluggishness. Household consumption declined (-0.2%), undermined by a record savings rate (18% of household disposable income, compared with 15.4% in the eurozone) for 45 years (excluding the Covid period), while public consumption slowed (+0.2% after +0.4%). Investment continued to stagnate, reflecting the fact that companies in France are more indebted than in the rest of the eurozone (making them more vulnerable to past interest rate hikes) and the budgetary efforts of public administrations to reduce the public deficit. As a result, domestic demand weighed on growth in the first quarter (-0.1 pp). However, it was mainly foreign trade that undermined growth (-0.8 pp) due to the collapse of exports, particularly in the aerospace sector. Unlike its European peers, France did not benefit from the sharp rise in global trade in the first quarter (+1.7%) in anticipation of US tariffs.

    In terms of monetary policy, the first half of 2025 was marked by a notable divergence between the status quo of the Federal Reserve (Fed) and the continued easing by the European Central Bank (ECB). The ECB cut interest rates four times by 25 basis points (bp) each, bringing the cumulative reduction in the deposit rate (2% since 11 June) to 200 bp since the start of easing (June 2024). However, after cutting its policy rate by 100 bp in 2024 (to 4.50%), the Fed kept rates unchanged due to overly modest progress on inflation, even though growth did not appear to be definitively at risk. Inflationary risks linked to tariffs led it to adopt a very cautious stance, which was widely criticised by President Trump.
    The financial markets, while remaining subject to bouts of nervousness prompted by geopolitical events, generally kept pace with Donald Trump’s stated ambitions, their feasibility and his U-turns. Thus, the theme of the American exception at the beginning of the year (growth exceeding potential, resilience despite interest rates set to rise, the privileged status of the dollar, unlimited capacity to borrow and shift risks to the rest of the world) has been supplanted by disenchantment with US assets following “Liberation Day”. Following the president’s backtracking and announcement of a 90-day pause, serious doubts were raised about his ability to truly deliver on his domestic and international commitments. Periods marked by exaggerated negativity have therefore alternated with periods dominated by equally exaggerated positivity.

    Bond markets therefore experienced mixed movements. During the first half of the year, in the United States, the decline in yields (54) on short maturities was ultimately quite sharp (nearly 60 bp for the two-year swap rate to nearly 3.50%) and exceeded that of the ten-year swap rate (down 38 bp to 3.69%), giving the curve a steeper slope. Despite Moody’s rating downgrade, the yield on 10-year sovereign bonds (US Treasuries) fell in line with the swap rate for the same maturity, which it now exceeds by more than 50 bp (at 4.23%). In the eurozone, the steepening effect was less pronounced and unfolded differently: there was a less marked decline in the two-year swap rate (from 22 bp to 1.90%) and an increase in the ten-year swap rate (from 23 bp to 2.57%). Under the influence of the Merz government’s expansionary budget programme, the German 10-year yield (Bund) rose (24 bp to 2.61%) and exceeded the swap rate for the same maturity by a few basis points. Ten-year swap spreads on benchmark European sovereign bonds narrowed in the first half of the year, with Italy posting the strongest performance (spread down 27 bp to 90 bp). This improvement reflects a more favourable perception of Italy’s public finances and a degree of political stability, in contrast to the turbulence of previous years. Italian growth also showed unexpected resilience in the face of trade tensions. Penalised since the dissolution of parliament in June 2024 by a damaging lack of a parliamentary majority and severely deteriorated public finances, the French spread nevertheless narrowed during the half-year, falling from a high level (85 bp) to 71 bp. It now exceeds the Spanish spread (at 67 bp).

    On the equity markets, European indexes outperformed their US counterparts, with the Euro Stoxx 50 up 10% since the start of the year (and a spectacular rise of nearly 25% for the banking sector), while the S&P 500, which was much more volatile over the period, rose by nearly 7%, buoyed by high-tech stocks. The US dollar lost some of its lustre amid economic and international policy uncertainty, with the euro appreciating by 14% against the dollar and 6% in nominal effective terms. Finally, the price of gold rose by 26% in the first half of the year, reaching a record high of US$3,426 per ounce in April, confirming its status as a preferred safe haven during this period of intense uncertainty.

    2025–2026 Outlook

    An anxiety-inducing context, some unprecedented resistance

    The economic and financial scenario, which has already had to contend with the volatility and unpredictability of US economic policy, is unfolding against an even more uncertain international backdrop, in which the risk of disruptive events (blockade of the Strait of Hormuz, incidents affecting infrastructure in the Gulf etc.) cannot be entirely ruled out.

    Our economic scenario for the United States has always been based on a two-step sequence in line with the pace of the economic policy planned by Donald Trump: a positive impact on inflation but a negative impact on growth from tariffs (which fall within the president’s prerogatives), followed by a positive but delayed effect from aggressive budgetary policy (which requires congressional approval). Although our forecasts for 2025 have been revised slightly downwards, our US scenario remains on track, in line with the timetable for economic policy measures: while avoiding recession, growth is expected to slow sharply in 2025, coupled with a pick-up in inflation, before regaining momentum in 2026.

    Even with the recent de-escalation, tariff rates remain significantly higher than they were before Donald Trump’s second election. The negative impact of the new trade policy is the main driver of the decline in the growth forecast for 2025 (1.5% after 2.8% in 2024), while more favourable aspects (the “One Big Beautiful Bill”, tax cuts and deregulation) should contribute to the expected upturn in 2026 (2.2%). The possibility of a recession in 2025 has been ruled out due to solid fundamentals, including lower sensitivity to interest rates, very healthy household finances and a labour market that remains relatively robust, even if there are signs of deterioration. Despite the expected slowdown in growth, our inflation forecasts have been revised upwards. Tariffs are expected to cause year-on-year inflation to rise by around 80 basis points (bp) at peak impact. Although this effect is temporary, inflation (annual average) is expected to reach 2.9% in 2025 and 2.7% in 2026. It is therefore expected to continue to exceed 2%, with underlying inflation stabilising at around 2.5% at the end of 2026.

    In a conflict-ridden and unpredictable external environment, Europe is expected to find salvation in domestic demand, allowing it to better withstand the global slowdown. Two alternative scenarios, between which the balance is delicate, are likely to unfold: a scenario of resilience in the eurozone economy based on an increase in private spending but also, and perhaps above all, in public spending on defence and infrastructure; a scenario of stagnating activity under the effect of a series of negative shocks: competitiveness shocks linked to higher tariffs, appreciation of the euro and the negative impact of uncertainty on private confidence.

    We favour the scenario of resilience against a backdrop of a buoyant labour market, a healthy economic and financial situation for the private sector and a favourable credit cycle. The effective implementation of additional public spending, particularly the “German bazooka”(55), certainly needs to be confirmed. However, this spending could provide the eurozone with growth driven by stronger domestic demand at a time when global growth is slowing. It would offer a type of exceptionalism, especially compared to the past decade, which would put eurozone growth above its medium-term potential. Average annual growth in the eurozone is expected to accelerate slightly in 2025 to 0.9% and strengthen to 1.3% in 2026. Average inflation is expected to continue to moderate, reaching 2.1% and 1.8% in 2025 and 2026, respectively.

    In Germany, the sluggish economy should return to robust growth. Although more exposed than its partners to protectionist policies, the economy should be boosted by the public investment plan. This plan and the removal of barriers to financing infrastructure and defence investment that had previously seemed insurmountable give hope for a significant, albeit not immediate, recovery. While the effects are likely to be minimal in 2025 due to implementation delays, a significant flow of funds is expected in 2026, with positive spillover effects for Germany’s European neighbours and the eurozone as a whole. German growth could recover significantly, rising from -0.2% in 2024 to 0.1% in 2025 and, above all, 1.2% in 2026. In France, growth is expected to remain sluggish in the second quarter of 2025, before accelerating slightly in the second half of the year. The real upturn would not come until 2026, driven by a recovery in investment and the initial favourable impact of German government measures. The risks remain mainly on the downside for activity in the short term. Our scenario assumes growth rates of 0.6% and 1.2% in 2025 and 2026, respectively (after 1.1% in 2024). In Italy, incomplete catching-up and a recent decline in purchasing power, despite strong employment, are likely to limit the potential for a recovery in household consumption. Positive surprises on the investment front are likely to continue, thanks to improved financing conditions and subsidies for the energy and digital transitions. While the recent weakness in industrial orders may weigh on productive investment, construction is holding up well. However, doubts remain about growth potential, with post-pandemic sector allocation favouring less productive sectors. Growth is expected to reach 0.6% in 2025 and 0.7% in 2026 (after 0.7% in 2024).

    The central scenario for the eurozone (developed and quantified in June) assumes that the tariff dispute with the United States will remain unchanged as of 4 June, i.e. a general increase in tariffs to 10% (except for exempted products), 25% on cars and 50% on steel. The risks associated with this central scenario are bearish. The stagnation scenario could materialise if the trade dispute with the United States were to escalate, if competitive pressures were to intensify, if private confidence were to deteriorate significantly and, finally, if fiscal stimulus were to be implemented more gradually than anticipated.

    Such an uncertain environment, characterised by global slowdown and shrinking export opportunities, would certainly have led in the past (and not so long ago) to underperformance by emerging economies, which are further hampered by risk aversion in the markets, higher interest rates and pressure on their currencies. However, despite tariffs (the effects of which will obviously vary greatly from one economy to another), our scenario remains broadly optimistic for the major emerging countries. These countries could show unprecedented resilience thanks to support measures that are likely to partially cushion the impact of an unfavourable environment: relatively strong labour markets, fairly solid domestic demand, monetary easing (with a few exceptions), and a limited slowdown in China (after holding up well in the first half of the year, growth is expected to approach 4.5% in 2025 due to the anticipated slowdown in the second half linked to the trade war). Finally, emerging market currencies have held up well and the risk of defensive rate hikes, which would weigh heavily on growth, is lower than might have been feared. However, these relatively positive prospects are accompanied by higher-than-usual risks due to the unpredictability of US policy.

    In terms of monetary policy, the end of the easing cycles is drawing nearer. In the US, the scenario (a sharp slowdown in 2025, an upturn in 2026 and inflation continuing to significantly exceed the target) and the uncertainties surrounding it should encourage the Fed to remain patient, despite Donald Trump’s calls for a more accommodative policy. The Fed is likely to proceed with a slight easing followed by a long pause. Our scenario still assumes two cuts in 2025, but pushes them back by one quarter (to September and December, from June and September previously). After these two cuts, the Fed is likely to keep rates unchanged with a maximum upper limit of 4% throughout 2026.

    As for the ECB, although it refuses to rule out any future rate cuts, it may well have reached the end of its easing cycle due to an expected recovery in growth and inflation on target. Of course, a deterioration in the economic environment would justify further easing: the ECB stands ready to cut rates if necessary. Our scenario assumes that the deposit rate will remain at 2% in 2026.

    On the interest rate front, in the United States, persistent inflationary risks and a budgetary trajectory deemed unsustainable, a compromised AAA rating, the volatility of economic decisions and heightened investor concerns are exerting upward pressure. Our scenario assumes a 10-year US Treasury yield of around 4.70% at the end of 2025 and 4.95% at the end of 2026. In the eurozone, resilient growth that is expected to accelerate, inflation on target and the ECB believed to have almost completed its easing cycle point to a slight rise in interest rates and a stabilisation or even tightening of sovereign spreads. The German 10-year yield (Bund) could thus approach 2.90% at the end of 2025 and 2.95% at the end of 2026. For the same maturity, the spread offered by France relative to the Bund would fluctuate around 60/65 bp, while Italy’s would narrow to 90 bp by the end of 2026.

    Finally, the US dollar continues to lose ground. The inconsistency and unpredictability of Donald Trump’s economic policies, the deteriorating US budget outlook and speculation about official plans to devalue the dollar, combined with resistance from other economies, are all factors putting pressure on the dollar, although this does not necessarily spell the end of its status as a key reserve currency in the short term. The euro/dollar exchange rate is expected to settle at 1.17 in the fourth quarter of 2025, before depreciating in 2026 (1.10).

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

    Credit Agricole Group – Results par by business line, Q2-25 and Q2-24

      Q2-25
    €m RB LCL IRB AG SFS LC CC Total
                     
    Revenues 3,364 976 1,031 1,967 881 2,224 (635) 9,808
    Operating expenses (2,690) (597) (540) (864) (438) (1,257) 514 (5,872)
    Gross operating income 674 380 491 1,104 442 967 (121) 3,936
    Cost of risk (397) (95) (61) (7) (235) (20) (26) (840)
    Equity-accounted entities 1 – – 58 (13) 10 – 56
    Net income on other assets 1 1 0 449 1 0 0 452
    Income before tax 278 286 430 1,604 194 958 (147) 3,604
    Tax (96) (69) (130) (249) (58) (149) 136 (615)
    Net income from discontinued or held-for-sale ope. – – 0 – – – 0 0
    Net income 182 218 300 1,356 136 810 (11) 2,990
    Non-controlling interests (0) (0) (40) (247) (22) (43) 1 (352)
    Net income Group Share 182 217 260 1,108 114 767 (10) 2,638
      Q2-24
    €m RB LCL IRB AG SFS LC CC Total
                     
    Revenues 3,255 979 1,051 1,946 889 2,223 (837) 9,507
    Operating expenses (2,560) (591) (573) (813) (443) (1,204) 497 (5,687)
    Gross operating income 694 389 477 1,133 447 1,019 (340) 3,819
    Cost of risk (444) (95) (75) (2) (211) (39) (6) (872)
    Equity-accounted entities 2 – – 33 29 10 – 74
    Net income on other assets 1 2 0 (12) (1) 2 (0) (7)
    Income before tax 253 296 402 1,152 265 993 (347) 3,014
    Tax (44) (65) (117) (282) (54) (248) 48 (762)
    Net income from discontinued or held-for-sale ope. – – – – – – – –
    Net income 209 231 285 870 210 745 (299) 2,252
    Non-controlling interests (1) (0) (38) (124) (23) (36) (2) (224)
    Net income Group Share 208 231 247 746 187 710 (300) 2,028

    Credit Agricole Group – Results par by business line, H1-25 and H1-24

      H1-25
    €m RB LCL IRB AG SFS LC CC Total
                     
    Revenues 6,716 1,939 2,079 4,016 1,749 4,632 (1,275) 19,856
    Operating expenses (5,220) (1,222) (1,075) (1,799) (912) (2,617) 982 (11,864)
    Gross operating income 1,496 717 1,003 2,217 837 2,015 (293) 7,992
    Cost of risk (717) (186) (128) (17) (484) 5 (48) (1,575)
    Equity-accounted entities 7 – – 86 23 16 – 131
    Net income on other assets 3 2 0 449 1 0 0 456
    Income before tax 790 533 875 2,734 376 2,036 (341) 7,004
    Tax (267) (181) (267) (599) (71) (453) 182 (1,656)
    Net income from discontinued or held-for-sale ope. – – 0 – – – – 0
    Net income 523 352 608 2,135 305 1,583 (159) 5,348
    Non-controlling interests (0) (0) (82) (348) (43) (78) 7 (545)
    Net income Group Share 523 352 526 1,787 263 1,504 (151) 4,803
      H1-24
    €m RB LCL IRB AG SFS LC CC Total
                     
    Revenues 6,568 1,933 2,131 3,739 1,736 4,489 (1,565) 19,031
    Operating expenses (5,044) (1,193) (1,098) (1,567) (897) (2,501) 1,024 (11,276)
    Gross operating income 1,524 740 1,033 2,172 839 1,988 (541) 7,755
    Cost of risk (691) (214) (159) (5) (429) (5) (20) (1,523)
    Equity-accounted entities 7 – – 61 59 14 – 142
    Net income on other assets 3 4 (0) (20) (1) 2 (2) (14)
    Income before tax 842 530 875 2,208 468 1,999 (563) 6,361
    Tax (191) (119) (260) (501) (97) (482) 133 (1,517)
    Net income from discontinued or held-for-sale ope. – – – – – – – –
    Net income 651 412 615 1,707 372 1,517 (430) 4,843
    Non-controlling interests (1) (0) (89) (236) (42) (69) 6 (432)
    Net income Group Share 650 412 525 1,471 330 1,448 (424) 4,412

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

    Crédit Agricole S.A. – Results par by business line, Q2-25 and Q2-24

      Q2-25
    €m AG LC SFS FRB (LCL) IRB CC Total
                   
    Revenues 1,970 2,224 881 976 1,007 (51) 7,006
    Operating expenses (864) (1,257) (438) (597) (520) (25) (3,700)
    Gross operating income 1,106 967 442 380 487 (76) 3,306
    Cost of risk (7) (20) (235) (95) (61) (24) (441)
    Equity-accounted entities 58 10 (13) – – (24) 30
    Net income on other assets 453 0 1 1 0 0 455
    Income before tax 1,610 958 194 286 426 (125) 3,350
    Tax (249) (149) (58) (69) (129) 113 (541)
    Net income from discontinued or held-for-sale operations – – – – 0 – 0
    Net income 1,361 810 136 218 297 (12) 2,809
    Non-controlling interests (261) (58) (22) (10) (59) (10) (420)
    Net income Group Share 1,100 752 114 208 238 (22) 2,390
      Q2-24  
    €m AG LC SFS FRB (LCL) IRB CC Total  
                   
    Revenues 1,944 2,223 889 979 1,027 (267) 6,796
    Operating expenses (813) (1,204) (443) (591) (555) (15) (3,621)
    Gross operating income 1,131 1,019 447 389 472 (283) 3,175
    Cost of risk (2) (39) (211) (95) (72) (5) (424)
    Equity-accounted entities 33 10 29 – – (25) 47
    Net income on other assets (12) 2 (1) 2 0 24 15
    Income before tax 1,150 993 265 296 400 (289) 2,814
    Tax (283) (248) (54) (65) (117) 63 (704)
    Net income from discontinued or held-for-sale operations – – – – – – –
    Net income 867 745 210 231 283 (226) 2,110
    Non-controlling interests (131) (51) (23) (10) (55) (12) (282)
    Net income Group Share 736 694 187 220 228 (238) 1,828

    Crédit Agricole S.A. – Results par by business line, H1-25 and H1-24

      H1-25
    €m AG LC SFS FRB (LCL) IRB CC Total
                   
    Revenues 4,028 4,632 1,749 1,939 2,033 (118) 14,263
    Operating expenses (1,799) (2,617) (912) (1,222) (1,035) (106) (7,691)
    Gross operating income 2,229 2,015 837 717 998 (224) 6,571
    Cost of risk (17) 5 (484) (186) (128) (45) (855)
    Equity-accounted entities 86 16 23 – – (47) 77
    Net income on other assets 453 0 1 2 0 0 456
    Income before tax 2,749 2,037 376 533 870 (316) 6,250
    Tax (601) (454) (71) (181) (266) 205 (1,368)
    Net income from discontinued or held-for-sale operations – – – – 0 – 0
    Net income 2,148 1,583 305 352 604 (111) 4,882
    Non-controlling interests (368) (108) (43) (16) (121) (13) (669)
    Net income Group Share 1,780 1,475 263 337 483 (124) 4,213
      H1-24  
    €m AG LC SFS FRB (LCL) IRB CC Total  
                   
    Revenues 3,733 4,489 1,736 1,933 2,085 (374) 13,602
    Operating expenses (1,567) (2,501) (897) (1,193) (1,060) (71) (7,289)
    Gross operating income 2,166 1,988 839 740 1,024 (445) 6,312
    Cost of risk (5) (5) (429) (214) (154) (16) (824)
    Equity-accounted entities 61 14 59 – – (46) 90
    Net income on other assets (20) 2 (1) 4 (0) 24 9
    Income before tax 2,203 1,999 468 530 870 (483) 5,587
    Tax (502) (482) (97) (119) (259) 144 (1,315)
    Net income from discontinued or held-for-sale operations – – – – – – –
    Net income 1,701 1,517 372 412 610 (339) 4,273
    Non-controlling interests (248) (101) (42) (18) (126) (7) (542)
    Net income Group Share 1,453 1,416 330 393 485 (345) 3,731

    Appendix 3 – Data per share

    Credit Agricole S.A. – Earnings p/share, net book value p/share and ROTE
                   
    €m   Q2-25 Q2-24   H1-25 H1-24  
    Net income Group share   2,390 1,828   4,213 3,731  
    – Interests on AT1, including issuance costs, before tax   (141) (83)   (270) (221)  
    – Foreign exchange impact on reimbursed AT1   4 –   4 (247)  
    NIGS attributable to ordinary shares [A] 2,252 1,745   3,947 3,263  
    Average number shares in issue, excluding treasury shares (m) [B] 3,025 3,025   3,025 3,008  
    Net earnings per share [A]/[B] 0.74 € 0.58 €   1.30 € 1.08 €  
                   
    €m         30/06/25 30/06/24  
    Shareholder’s equity Group share         75,528 70,396  
    – AT1 issuances         (8,612) (7,164)  
    – Unrealised gains and losses on OCI – Group share         872 1,305  
    Net book value (NBV), not revaluated, attributable to ordin. sh. [D]       67,787 64,537  
    – Goodwill & intangibles** – Group share         (18,969) (17,775)  
    Tangible NBV (TNBV), not revaluated attrib. to ordinary sh. [E]       48,818 46,763  
    Total shares in issue, excluding treasury shares (period end, m) [F]       3,025 3,025  
    NBV per share, after deduction of dividend to pay (€) [D]/[F]       22.4 € 21.3 €  
    TNBV per share, after deduction of dividend to pay (€) [G]=[E]/[F]       16.1 € 15.5 €  
    ** y compris les écarts d’acquisition dans les participations ne donnant pas le contrôle             
    €m         H1-25 H1-24  
    Net income Group share       4,213 3,731  
    Added value Amundi US         304 0  
    Additionnal corporate tax         -129 0  
    IFRIC         -173 -110  
    NIGS annualised (1) [N]       8,382 7,572  
    Interests on AT1, including issuance costs, before tax, foreign exchange impact, annualised [O]       -536 -689  
    Result adjusted [P] = [N]+[O]       7,846 6,884    
    Tangible NBV (TNBV), not revaluated attrib. to ord. shares – average*** (2) [J]       47,211 44,710    
    ROTE adjusted (%) = [P] / [J]       16.6% 15.4%  
    *** including assumption of dividend for the current exercise         0,0%    
                 

    (1)ROTE calculated on the basis of an annualised underlying 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 30/06/2025 (line [E]), restated with an assumption of dividend for current exercises

    Alternative Performance Indicators56

    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 second quarter and first half 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 six-month period ending 30 June 2025 have been prepared in accordance with IFRS as adopted in the European Union and applicable at that date, and with the applicable regulations 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.

    Financial Agenda

    30 October 2025                Publication of the 2025 third quarter and first nine months results
    18 November 2025        Presentation of the Medium-Term Plan
    4 February 2026                Publication of the 2025 fourth quarter and full year results
    30 April 2026                Publication of the 2026 first quarter results
    20 May 2026                2026 General Meeting
    31 July 2026                Publication of the 2026 second quarter and the first half-year results
    30 October 2026                Publication of the 2026 third quarter and first nine months results

    Contacts

    CREDIT AGRICOLE PRESS CONTACTS

    CRÉDIT AGRICOLE S.A. INVESTOR RELATIONS CONTACTS

    Institutional investors   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 Closing at 4thof July
    (2)Car, home, health, legal, all mobile phones or personal accident insurance.
    (3)CA Auto Bank, automotive JVs and automotive activities of other entities        
    (4)Low-carbon energy exposures made up of renewable energy produced by the clients of all Crédit Agricole Group entities, including nuclear energy exposures for Crédit Agricole CIB.
    (5)CAA outstandings (listed investments managed directly, listed investments managed under mandate and unlisted investments managed directly) and Amundi Transition Energétique.
    (6)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 31/03/2025. Change of method on property compared with the outstandings reported at 30/09/2024: with the same method, the outstandings at 31/03/2025 would be €85.9 billion.
    (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 April to May 2025
    (10)Equipment rate – Home-Car-Health policies, Legal, All Mobile/Portable or personal accident insurance
    (11)Reversal of the provision for Home Purchase Saving Plans: +€16.3m in Q2-25 vs. +€22m in Q2-24 in revenues (+€12.1m in Q2-25 vs. +€17m in Q2-24 in net income Group share)

    (12)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.
    (13)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
    (14)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
    (15)See Appendixes for details on the calculation of the RoTE (return on tangible equity)
    (16)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, the effects of the additional corporate tax charge and the capital gain related to the deconsolidation of Amundi US to linearise them over the year.
    (17)In local standards
    (18)Scope: property and casualty in France and abroad
    (19)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: 97.4% (+0.1 pp over the year)
    (20)Excluding assets under custody for institutional clients
    (21)Amount of allocation of Contractual Service Margin (CSM), loss component and Risk Adjustment (RA), and operating variances net of reinsurance, in particular
    (22)Amount of allocation of CSM, loss component and RA, and operating variances net of reinsurance, in particular.
    (23)Net of reinsurance cost, including financial results
    (24)Pro forma scope effect of deconsolidated Amundi US in Q2 2024: €89m in revenues and €51m in expenses.
    (25)Excluding scope effect
    (26)Indosuez Wealth Management scope
    (27)Degroof Petercam scope effect April/May 2025: Revenues of €96m and expenses of -€71m
    (28)Q2-25 Integration costs: -€22.5m vs -€5.4m in Q2-24
    (29)Degroof Petercam scope effect over H1-25: reminder of figures for Degroof Petercam scope effect of Q1-25 revenues of €164m and expenses of -€115m
    (30)Refinitiv LSEG
    (31)Bloomberg in EUR
    (32)ISB integration costs: -€5m in Q2-25 (vs -€24.4m in Q2-24)
    (33)Net income becomes net income Group share following the purchase of minority shares in Santander by Crédit Agricole S.A.
    (34)CA Auto Bank, automotive JVs and auto activities of other entities
    (35)CA Auto Bank and automotive JVs
    (36)Lease financing of corporate and professional equipment investments in France: -7.5% in Q1-25 (source: ASF)
    (37)Increase in RWA of around +€7G primarily connected to the consolidation of the leasing activities in Q4-24
    (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, July 2025: +0.9% June/June for all loans
    (41)At 30 June 2025 this scope includes the entities CA Italia, CA Polska, CA Egypt and CA Ukraine.

    (42) Over a rolling four quarter period.
    (43)At 30 June 2025, this scope corresponds to the aggregation of all Group entities present in Italy: CA Italia, CAPFM (Agos, Leasys, CA Auto Bank), CAA (CA Vita, CACI, CA Assicurazioni), Amundi, Crédit Agricole CIB, CAIWM, CACEIS, CALEF.
    (44)Banco BPM stake -21 bps; Stake in Victory Capital: – 8 bps or –1 bp including capital gain from the deconsolidation of Amundi US; Additional threshold excess for other financial participations: -7 bps.

    (48)
    (49)

    (54)This refers to the change between the value at 30 June 2025 and the value at 1 (or 2) January 2025; the latter is the value of the variable concerned at 30 June 2025.
    (55)In March, Parliament approved the creation of a €500 billion infrastructure investment fund over 12 years. The first phase of the reform of the debt brake was also approved, allowing regions to run a structural deficit of up to 0.35% of GDP. Finally, defence spending above 1% of GDP will be exempt from the deficit calculation. The adoption of these measures has broken down barriers to financing infrastructure and defence investment that had previously seemed insurmountable.
    (56)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

    The MIL Network –

  • MIL-OSI Banking: Lufthansa Group increases Adjusted EBIT by 27 percent in the second quarter and confirms full-year forecast

    Source: Lufthansa Group

    Carsten Spohr, Chairman of the Executive Board and CEO of Deutsche Lufthansa AG:

    “The Lufthansa Group remains on course. Although the second quarter was again marked by geopolitical crises and economic uncertainties, we are today confirming our positive outlook for the full year. However, 2025 will remain a year of transformation for us, as delays in aircraft deliveries, certifications, and engine overhauls continue. The disproportionate burden on European airlines due to unilateral EU regulations also continues to put us at a disadvantage in global competition.

    In this challenging environment, we were able to increase our operating result by almost a third in the second quarter and double the Lufthansa Group result. The basis for this economic success is and remains the regained operational stability of our airlines. Thanks to the tremendous commitment of our employees on board and on the ground, we are now able to report positive operating results for the first six months of the year. Our core brand achieved its best stability and punctuality figures since 2016. This not only significantly improved customer satisfaction but also had a noticeable impact on earnings due to lower compensation payments.

    Lufthansa Cargo and Lufthansa Technik once again demonstrated their global leading performance in the first half of 2025. It is also encouraging that our investment in ITA Airways is already contributing to the Group’s financial success.

    We are continuing our necessary efforts to increase efficiency, productivity, and profitability, particularly in the turnaround of our core brand, in order to expand our position as the world’s largest airline group outside the US.”

    Results

    In the second quarter of 2025, the Lufthansa Group increased its revenue by three percent year-on-year to 10.3 billion euros (previous year: 10.0 billion euros). The Lufthansa Group generated an operating profit (Adjusted EBIT) of 871 million euros (previous year: 686 million euros). The improvement in earnings was mainly due to the four percent expansion of the flight program in the passenger business, a positive result from the investment in ITA Airways of 91 million euros, partly due to currency effects, and the doubling of the operating result of the logistics business segment compared to the previous year. As a result, the operating margin increased by 1.5 percentage points year-on-year in the second quarter. The Group net result was 1.01 billion euros, more than double the previous year’s figure (469 million euros). This disproportionate increase was due to extraordinary tax effects and currency effects.

    Passenger numbers and traffic development

    In the first half of the year, more than 61 million passengers flew with the airlines of the Lufthansa Group, an increase of two percent compared with 2024. In the second quarter alone, the airlines welcomed around 37 million passengers (previous year: 35.9 million) on board. Despite a four percent increase in seat capacity, the load factor remained stable compared with the previous year at 82 percent.

    The passenger airlines’ revenue per available seat kilometer (RASK) declined slightly by 0.9 percent in the second quarter compared with 2024 after adjusting for currency effects. This was primarily due to lower average prices in the European business as a result of intensifying competition. In contrast, average revenues from intercontinental traffic remained stable despite a market-wide expansion of capacity. Unit costs (CASK) excluding fuel and emissions expenses rose by 4.1 percent compared with the same quarter last year due to ongoing cost inflation, driven in particular by personnel and location costs.

    Overall, revenue from passenger airlines rose by three percent to 8.2 billion euros in the second quarter (previous year: 8.0 billion euros). Adjusted EBIT increased to 690 million euros (previous year: 581 million euros). All airlines generated a positive result in the second quarter.

    In the first half year, revenue for the passenger airlines totaled 14.1 billion euros, representing growth of around four percent compared with the previous year. Adjusted EBIT improved to -244 million euros (first half of 2024: -337 million euros). The positive development is mainly attributable to lower fuel costs, higher income from investments, and the absence of financial strike-related expenses in the previous year. In contrast to the first half of 2024, network stability also improved significantly, resulting in a 106 million euros reduction in financial expenses due to flight irregularities.

    The integration of ITA Airways, in which the Lufthansa Group holds a 41 percent stake in the first phase, is continuing to progress. The benefits for customers are already clearly noticeable. Since the beginning of July, the airlines of the Lufthansa Group and ITA Airways have harmonized the benefits for their respective status customers, such as mutual lounge access, priority boarding, and conditions for additional baggage.

    Also since July, flights from Lufthansa, SWISS, Austrian Airlines, and Brussels Airlines can be combined with long-haul flights from ITA Airways in a single booking. This has been possible for short- and medium-haul flights since March.

    Starting in September, ITA Airways guests will be able to store their travel profile electronically in the Lufthansa Group Travel ID and benefit from the associated digital customer services of the Lufthansa Group.

    Lufthansa Airlines continues to implement Turnaround program

    Lufthansa Airlines’ Turnaround program remains on track. Increasing operational stability forms the foundation for the success of this program. Significant progress has already been made in this regard: punctuality and reliability achieved their best figures in ten years in the first six months. At the same time, revenues increased. Revenue from flight-related ancillary services rose by more than 25 percent in the first half of the year. In addition, structural measures have been initiated with the announced closure of the customer service center in Peterborough (Canada) and the associated reduction in personnel, which will make Lufthansa Airlines more efficient in the long term. The Turnaround measures are expected to have a gross earnings effect of 1.5 billion euros in 2026 and 2.5 billion euros in 2028.

    Lufthansa Technik at record levels in the first half of the year, Lufthansa Cargo doubles its second quarter result compared with the previous year

    The sustained high demand for air travel is leading to a further increase in demand for maintenance and repair services. Lufthansa Technik’s revenue rose by eight percent to 2.0 billion euros in the second quarter (same quarter last year: 1.8 billion euros). Ongoing material shortages, the US dollar exchange rate and increased US tariffs led to a ten percent increase in expenses compared with the same quarter last year. Nevertheless, Lufthansa Technik achieved an Adjusted EBIT of 310 million euros in the first half of 2025, once again setting a new record.

    Lufthansa Cargo continued the positive trend of the first three months of the year in the second quarter. With an Adjusted EBIT of 73 million euros, the operating result in the second quarter doubled compared with the previous year (second quarter of 2024: 36 million euros). High demand for Asian e-commerce shipments and capacity bottlenecks in sea freight traffic led to an increase in demand and thus a higher load factor for Lufthansa Cargo. Since June 2025, Lufthansa Cargo has been marketing the freight capacity of ITA Airways’ South American routes to Rome. Lufthansa Cargo plans to gradually expand the marketing of belly capacity to all continental and intercontinental routes of the Italian airline. This will further consolidate Lufthansa Cargo’s route network.

    Balance sheet strengthened, debt reduced

    The Lufthansa Group’s operating cashflow amounted to around 2.8 billion euros in the first half of the year (previous year: 2.7 billion euros). Net investments remained at the previous year’s level at 1.6 billion euros. Overall, the Lufthansa Group generated an Adjusted Free Cashflow of 1.04 billion euros (previous year: 878 million euros).

    Net debt decreased slightly to 5.5 billion euros compared with the end of 2024 (December 31, 2024: 5.7 billion euros). Net pension obligations fell by 400 million euros to 2.2 billion euros due to the higher discount rate. The Lufthansa Group’s available liquidity increased by 100 million euros compared with the beginning of the year to 11.1 billion euros.

    Till Streichert, Chief Financial Officer of Deutsche Lufthansa AG:

    “We continue to operate in a volatile environment with high uncertainty and high cost pressure. I am therefore pleased to be able to present another quarterly result that is significantly above the previous year and to report progress in our Turnaround program. In our assessment, opportunities and risks are balanced. We therefore continue to expect a full year 2025 result significantly above the previous year and Adjusted Free Cashflow at approximately the previous year’s level. We thereby confirm our guidance. At the same time, we are closely monitoring macroeconomic developments and can respond flexibly to changes in the business environment.”

    Outlook

    Global demand for air travel remains strong. However, geopolitical crises and macroeconomic uncertainties, particularly commodity price and exchange rate volatility, are affecting the accuracy of forecasts for the rest of the year. In addition, the tendency of many travelers to book at shorter notice is limiting visibility for the second half of the year.

    Despite ongoing global uncertainties, the Lufthansa Group is reaffirming its forecast for the full year and expects operating profit (Adjusted EBIT) to be significantly higher than last year (previous year: 1.6 billion euros) with capacity growth of around four percent.

    The company continues to expect Adjusted Free Cashflow to remain at the previous year’s level (previous year: 840 million euros). This includes net investments of 2.7 to 3.3 billion euros, primarily for the ongoing fleet renewal.

    Among other things, this will finance the remaining payments for the first Boeing 787-9 long-haul aircraft at the group’s largest hub in Frankfurt. By the end of the year, up to ten of these ‘Dreamliner’ with the new Allegris seat generation are expected to be added to the group’s fleet. In summer 2026, Lufthansa Airlines plans to operate a total of 15 Boeing 787-9 s from Frankfurt, more than doubling the number of aircraft offering the Lufthansa Allegris premium product to customers.

    Further information

    Further information on the results of individual business segments will be published in the report for the second quarter of 2025. This will be published simultaneously with this press release on July 31 at 7:00 a.m. CEST at https://investor-relations.lufthansagroup.com/en/financial-reports-publications/financial-reports.html.

    Traffic figures for the second quarter of 2025 will also be published at 7:00 a.m. CEST at https://investor-relations.lufthansagroup.com/en/financial-reports-publications/traffic-figures.html.

    MIL OSI Global Banks –

  • MIL-OSI Banking: Lufthansa Group increases Adjusted EBIT by 27 percent in the second quarter and confirms full-year forecast

    Source: Lufthansa Group

    Carsten Spohr, Chairman of the Executive Board and CEO of Deutsche Lufthansa AG:

    “The Lufthansa Group remains on course. Although the second quarter was again marked by geopolitical crises and economic uncertainties, we are today confirming our positive outlook for the full year. However, 2025 will remain a year of transformation for us, as delays in aircraft deliveries, certifications, and engine overhauls continue. The disproportionate burden on European airlines due to unilateral EU regulations also continues to put us at a disadvantage in global competition.

    In this challenging environment, we were able to increase our operating result by almost a third in the second quarter and double the Lufthansa Group result. The basis for this economic success is and remains the regained operational stability of our airlines. Thanks to the tremendous commitment of our employees on board and on the ground, we are now able to report positive operating results for the first six months of the year. Our core brand achieved its best stability and punctuality figures since 2016. This not only significantly improved customer satisfaction but also had a noticeable impact on earnings due to lower compensation payments.

    Lufthansa Cargo and Lufthansa Technik once again demonstrated their global leading performance in the first half of 2025. It is also encouraging that our investment in ITA Airways is already contributing to the Group’s financial success.

    We are continuing our necessary efforts to increase efficiency, productivity, and profitability, particularly in the turnaround of our core brand, in order to expand our position as the world’s largest airline group outside the US.”

    Results

    In the second quarter of 2025, the Lufthansa Group increased its revenue by three percent year-on-year to 10.3 billion euros (previous year: 10.0 billion euros). The Lufthansa Group generated an operating profit (Adjusted EBIT) of 871 million euros (previous year: 686 million euros). The improvement in earnings was mainly due to the four percent expansion of the flight program in the passenger business, a positive result from the investment in ITA Airways of 91 million euros, partly due to currency effects, and the doubling of the operating result of the logistics business segment compared to the previous year. As a result, the operating margin increased by 1.5 percentage points year-on-year in the second quarter. The Group net result was 1.01 billion euros, more than double the previous year’s figure (469 million euros). This disproportionate increase was due to extraordinary tax effects and currency effects.

    Passenger numbers and traffic development

    In the first half of the year, more than 61 million passengers flew with the airlines of the Lufthansa Group, an increase of two percent compared with 2024. In the second quarter alone, the airlines welcomed around 37 million passengers (previous year: 35.9 million) on board. Despite a four percent increase in seat capacity, the load factor remained stable compared with the previous year at 82 percent.

    The passenger airlines’ revenue per available seat kilometer (RASK) declined slightly by 0.9 percent in the second quarter compared with 2024 after adjusting for currency effects. This was primarily due to lower average prices in the European business as a result of intensifying competition. In contrast, average revenues from intercontinental traffic remained stable despite a market-wide expansion of capacity. Unit costs (CASK) excluding fuel and emissions expenses rose by 4.1 percent compared with the same quarter last year due to ongoing cost inflation, driven in particular by personnel and location costs.

    Overall, revenue from passenger airlines rose by three percent to 8.2 billion euros in the second quarter (previous year: 8.0 billion euros). Adjusted EBIT increased to 690 million euros (previous year: 581 million euros). All airlines generated a positive result in the second quarter.

    In the first half year, revenue for the passenger airlines totaled 14.1 billion euros, representing growth of around four percent compared with the previous year. Adjusted EBIT improved to -244 million euros (first half of 2024: -337 million euros). The positive development is mainly attributable to lower fuel costs, higher income from investments, and the absence of financial strike-related expenses in the previous year. In contrast to the first half of 2024, network stability also improved significantly, resulting in a 106 million euros reduction in financial expenses due to flight irregularities.

    The integration of ITA Airways, in which the Lufthansa Group holds a 41 percent stake in the first phase, is continuing to progress. The benefits for customers are already clearly noticeable. Since the beginning of July, the airlines of the Lufthansa Group and ITA Airways have harmonized the benefits for their respective status customers, such as mutual lounge access, priority boarding, and conditions for additional baggage.

    Also since July, flights from Lufthansa, SWISS, Austrian Airlines, and Brussels Airlines can be combined with long-haul flights from ITA Airways in a single booking. This has been possible for short- and medium-haul flights since March.

    Starting in September, ITA Airways guests will be able to store their travel profile electronically in the Lufthansa Group Travel ID and benefit from the associated digital customer services of the Lufthansa Group.

    Lufthansa Airlines continues to implement Turnaround program

    Lufthansa Airlines’ Turnaround program remains on track. Increasing operational stability forms the foundation for the success of this program. Significant progress has already been made in this regard: punctuality and reliability achieved their best figures in ten years in the first six months. At the same time, revenues increased. Revenue from flight-related ancillary services rose by more than 25 percent in the first half of the year. In addition, structural measures have been initiated with the announced closure of the customer service center in Peterborough (Canada) and the associated reduction in personnel, which will make Lufthansa Airlines more efficient in the long term. The Turnaround measures are expected to have a gross earnings effect of 1.5 billion euros in 2026 and 2.5 billion euros in 2028.

    Lufthansa Technik at record levels in the first half of the year, Lufthansa Cargo doubles its second quarter result compared with the previous year

    The sustained high demand for air travel is leading to a further increase in demand for maintenance and repair services. Lufthansa Technik’s revenue rose by eight percent to 2.0 billion euros in the second quarter (same quarter last year: 1.8 billion euros). Ongoing material shortages, the US dollar exchange rate and increased US tariffs led to a ten percent increase in expenses compared with the same quarter last year. Nevertheless, Lufthansa Technik achieved an Adjusted EBIT of 310 million euros in the first half of 2025, once again setting a new record.

    Lufthansa Cargo continued the positive trend of the first three months of the year in the second quarter. With an Adjusted EBIT of 73 million euros, the operating result in the second quarter doubled compared with the previous year (second quarter of 2024: 36 million euros). High demand for Asian e-commerce shipments and capacity bottlenecks in sea freight traffic led to an increase in demand and thus a higher load factor for Lufthansa Cargo. Since June 2025, Lufthansa Cargo has been marketing the freight capacity of ITA Airways’ South American routes to Rome. Lufthansa Cargo plans to gradually expand the marketing of belly capacity to all continental and intercontinental routes of the Italian airline. This will further consolidate Lufthansa Cargo’s route network.

    Balance sheet strengthened, debt reduced

    The Lufthansa Group’s operating cashflow amounted to around 2.8 billion euros in the first half of the year (previous year: 2.7 billion euros). Net investments remained at the previous year’s level at 1.6 billion euros. Overall, the Lufthansa Group generated an Adjusted Free Cashflow of 1.04 billion euros (previous year: 878 million euros).

    Net debt decreased slightly to 5.5 billion euros compared with the end of 2024 (December 31, 2024: 5.7 billion euros). Net pension obligations fell by 400 million euros to 2.2 billion euros due to the higher discount rate. The Lufthansa Group’s available liquidity increased by 100 million euros compared with the beginning of the year to 11.1 billion euros.

    Till Streichert, Chief Financial Officer of Deutsche Lufthansa AG:

    “We continue to operate in a volatile environment with high uncertainty and high cost pressure. I am therefore pleased to be able to present another quarterly result that is significantly above the previous year and to report progress in our Turnaround program. In our assessment, opportunities and risks are balanced. We therefore continue to expect a full year 2025 result significantly above the previous year and Adjusted Free Cashflow at approximately the previous year’s level. We thereby confirm our guidance. At the same time, we are closely monitoring macroeconomic developments and can respond flexibly to changes in the business environment.”

    Outlook

    Global demand for air travel remains strong. However, geopolitical crises and macroeconomic uncertainties, particularly commodity price and exchange rate volatility, are affecting the accuracy of forecasts for the rest of the year. In addition, the tendency of many travelers to book at shorter notice is limiting visibility for the second half of the year.

    Despite ongoing global uncertainties, the Lufthansa Group is reaffirming its forecast for the full year and expects operating profit (Adjusted EBIT) to be significantly higher than last year (previous year: 1.6 billion euros) with capacity growth of around four percent.

    The company continues to expect Adjusted Free Cashflow to remain at the previous year’s level (previous year: 840 million euros). This includes net investments of 2.7 to 3.3 billion euros, primarily for the ongoing fleet renewal.

    Among other things, this will finance the remaining payments for the first Boeing 787-9 long-haul aircraft at the group’s largest hub in Frankfurt. By the end of the year, up to ten of these ‘Dreamliner’ with the new Allegris seat generation are expected to be added to the group’s fleet. In summer 2026, Lufthansa Airlines plans to operate a total of 15 Boeing 787-9 s from Frankfurt, more than doubling the number of aircraft offering the Lufthansa Allegris premium product to customers.

    Further information

    Further information on the results of individual business segments will be published in the report for the second quarter of 2025. This will be published simultaneously with this press release on July 31 at 7:00 a.m. CEST at https://investor-relations.lufthansagroup.com/en/financial-reports-publications/financial-reports.html.

    Traffic figures for the second quarter of 2025 will also be published at 7:00 a.m. CEST at https://investor-relations.lufthansagroup.com/en/financial-reports-publications/traffic-figures.html.

    MIL OSI Global Banks –

  • MIL-OSI USA: Chairman Wicker and Chairman Risch Introduce Bill to Ensure Europe Pays for Ukraine Military Sales

    US Senate News:

    Source: United States Senator for Mississippi Roger Wicker

    WASHINGTON – U.S. Senators Roger Wicker, R-Miss., Chairman of the Senate Armed Services Committee, and James Risch, R-ID, Chairman of the Senate Foreign Relations Committee, announced they will introduce new legislation to support President Trump’s efforts to achieve peace in Ukraine, push back on Russian aggression, and ensure America’s allies are paying their fair share to end this conflict.

    This new legislation, the PEACE Act, builds on the successful NATO summit this summer, which produced a historic agreement to increase NATO defense spending and revitalize alliance burden sharing.  The PEACE Act creates a fund at the U.S. treasury that would allow allies to deposit money to replenish U.S. military equipment donated to Ukraine.

    Upon introducing the bill, Chairman Wicker issued the following statement:

    “President Trump has made clear that he will not tolerate Russian tyrant Vladimir Putin’s continued targeting of civilians in Ukraine.  The death and destruction must end, but Putin will not stop unless it is made clear to him that there is no path to success and that continued war will lead to massive costs for him and Russia. Today, we are introducing the PEACE Act, which gives President Trump and our NATO allies an additional option to deliver military aid to Ukraine. The PEACE Act enables our European partners to finance replenishments so that the U.S. military can continue drawdown packages of weapons to Ukraine. This is the fastest way to arm Ukraine as well as to minimize the strategic and military threat posed by Russia to the U.S. and NATO. The PEACE Act, in conjunction with the purchase of new military equipment and the prospect of imposing a crippling sanctions regime, shows Putin that neither escalation nor attrition will allow him to achieve his war aims.”

    Chairman Risch said: “Peace is only possible through strength. President Trump’s work with our NATO allies ensures they cover the cost of weapons for Ukraine, and this bill will give him the tool he needs to do so. Together, we will send a clear message to Putin that there are consequences for his refusal to negotiate in good faith.”

    Background

    1. The historic agreement by NATO allies to spend 5% of their GDP on defense is the culmination of President Trump’s years long effort to revitalize the alliance and ensure our allies are paying their fair share.
    1. The PEACE Act will transfer American weapons to Ukraine and use NATO allies’ funds to buy more modern equipment, in alignment with President Trump’s plan.
    1. The PEACE Act complements existing tools that the President and our NATO allies are already using, such as the JUMPSTART initiative, which allows Europeans to pay to produce new U.S. equipment, that will be delivered to Ukraine upon completion. The PEACE Act will serve as a bridge to deliver arms in the near-term while new equipment is being built over the long-term.

    MIL OSI USA News –

  • MIL-OSI USA: Brownley, Johnson, Krishnamoorthi, Moolenar Reintroduce Bipartisan Legislation to Safeguard U.S. Infrastructure from Foreign Spy Technology

    Source: United States House of Representatives – Julia Brownley (D-CA)

    Washington, DC – Today, Congresswoman Julia Brownley (D-CA), Congressman Dusty Johnson (R-SD), Congressman Raja Krishnamoorthi (D-IL), and Congressman John Moolenaar (R-MI) announced the reintroduction of the Securing Infrastructure from Adversaries Act, bipartisan legislation that would prohibit the U.S. Department of Transportation from using Light Detection and Ranging (LiDAR) technology produced by foreign adversaries.

    LiDAR technology produces highly detailed 3-D maps used to manage transportation infrastructure, improve traffic safety, and support airport and disaster response operations. However, companies from foreign adversaries, like China, are expanding their footprint in this critical industry. Given Chinese laws requiring companies to share data with their government, this technology poses a growing risk of foreign surveillance and interference with U.S. infrastructure. This bipartisan bill would ensure taxpayer dollars are not used to purchase equipment that could compromise, disrupt, or manipulate our nation’s critical infrastructure.

    “While LiDAR technology is widely employed in our nation’s transit infrastructure, including in airports, autonomous vehicles, and traffic control systems, it is increasingly being produced by Chinese companies that are required to hand over any data collected by their equipment to the Chinese government upon request. This raises serious concerns that China could not only access sensitive data mapping U.S. infrastructure, but also use it to disrupt the systems that rely on their technology,” said Congresswoman Brownley. “Now more than ever, we must remain vigilant and proactive in safeguarding the infrastructure that Americans depend on every day.”

    “LiDAR technology creates incredibly detailed maps of its surroundings. Allowing our adversaries like China to have access to these maps of critical infrastructure like ports, railways, airports, roads, and bridges could allow them to disrupt our supply chains and cause a national security crisis,” said Congressman Johnson. “My bill ensures our nation’s critical infrastructure is protected from the malign interests of the Chinese Communist Party.”

    “LiDAR is essential to modern infrastructure, but when it’s controlled by companies linked to the Chinese Communist Party, it becomes a security risk,” said Select Committee on China Ranking Member Krishnamoorthi. “We can’t allow adversaries to gather sensitive data or disrupt our systems. This bill takes a necessary step to keep our infrastructure secure and our technology supply chains trusted.”

    “Taxpayer dollars should never be used to fund technology from our adversaries,” said Select Committee on China Chairman Moolenaar (R-MI). “This bill makes America’s critical infrastructure more secure from foreign surveillance and influence by ensuring the Department of Transportation is not supporting the growing market share of Chinese-made LiDAR equipment. It’s a common-sense step to put American security first.”

    “Trucks reach every corner of the country and routinely access some of our nation’s most sensitive sites—such as ports, border crossings, and military installations. That is why supply chain and infrastructure security are very important to our industry,” said Henry Hanscom, Senior Vice President of Legislative Affairs at the American Trucking Associations. “The American Trucking Associations commends Reps. Johnson, Brownley, Moolenaar, and Krishnamoorthi for taking this issue seriously by working to block potential national security threats from foreign-owned LiDAR technology.”

    “This legislation marks an important step forward in strengthening the security of America’s transportation systems and critical infrastructure. As LiDAR technology becomes increasingly central to the future of transportation, including autonomous systems, it’s essential that the technology used to build and operate our national infrastructure is safe, secure, and protected against adversarial interference,” said Michael Robbins, President and CEO of the Association for Uncrewed Vehicle Systems International.

    Read the full text of the bill here.

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    Issues: 119th Congress, National Security, Transportation and Infrastructure

    MIL OSI USA News –

  • MIL-OSI USA: Attorney General James Fights to Protect Immigrant Communities and Public Safety in Rochester

    Source: US State of New York

    EW YORK – New York Attorney General Letitia James today took action to stand up for vulnerable immigrant communities in Rochester. In an amicus brief filed in the U.S. District Court for the Western District of New York, Attorney General James emphasized that localities with laws that limit local authorities’ involvement in federal immigration enforcement keep communities safe and allow local law enforcement to use resources to address local public safety priorities, such as fighting crime and reducing gun violence. Attorney General James further argues that Rochester’s longstanding law, often referred to as a “sanctuary city” law, is constitutional because the Constitution grants states and their localities power over the day-to-day public safety of residents within their jurisdiction. In the brief filed today, Attorney General James asks the court to grant judgment in Rochester’s favor in the U.S. Department of Justice’s (DOJ) lawsuit against the city.

    “For years, these laws in Rochester and cities throughout New York have kept New Yorkers safe,” said Attorney General James. “The Trump administration’s attacks on immigrant communities are cruel and shameful. Rochester’s law is constitutional, and my office will continue to use every tool at our disposal to protect New Yorkers.”

    Rochester’s law, like many other sanctuary city laws, limits local or state agencies’ involvement in federal civil immigration enforcement and is intended to build trust between immigrant communities and law enforcement and ensure local resources are spent on local priorities. Rochester first enacted its law in 1986 and later updated it in 2017. It does not limit cooperation between local and federal authorities on criminal matters. In April, DOJ filed a lawsuit against Rochester, arguing that the city’s law is unconstitutional because it is preempted by federal law. In her brief, Attorney General James argues that Rochester’s law does not violate the Constitution, and that the 10th amendment reserves police power to states and their localities.

    Attorney General James writes that the law helps keep New Yorkers safe because it encourages individuals in immigrant communities to report crimes, serve as witnesses, and seek critical medical care or social services without fearing deportation. Studies have repeatedly indicated that greater involvement of local law enforcement in immigration enforcement makes immigrant communities less likely to interact with police, and more likely to become victims of crime or other exploitation. Other research has concluded that immigrant community members often refrain from seeking vital local services, including health care services, when they fear that local officials could report them to immigration authorities. Delaying medical care for fear of deportation can cause serious health complications for people who need it.

    Attorney General James explains that imposing federal immigration priorities on already strained local officials can detract from local needs. A former Rochester police chief, who held the position at the time of the enactment of the city’s 2017 law, explained that it was intended to avoid diverting scarce resources and time away from the community’s public safety priorities, like reducing gun violence.

    Attorney General James is asking the court to grant judgment in Rochester’s favor in the DOJ’s lawsuit and uphold Rochester’s sanctuary city law. 

    Attorney General James has been a national leader in fighting to protect and defend immigrant communities. In July, Attorney General James joined a coalition of 19 other states in defending essential legal services for unaccompanied immigrant children. Also in July, Attorney General James urged the U.S. Court of Appeals for the First Circuit to uphold an order blocking the federal government from mass terminating the Cuba, Haiti, Nicaragua, and Venezuela parole program. Attorney General James also joined a coalition of 17 other attorneys general in supporting the American Civil Liberties Union’s lawsuit challenging the federal government’s use of unlawful immigration enforcement tactics in Los Angeles, California. In June, Attorney General James co-led a coalition of 17 attorneys general in defending hundreds of thousands of Venezuelan immigrants who had their legal status threatened after the Trump administration attempted to eliminate Temporary Protected Status (TPS).

    MIL OSI USA News –

  • MIL-OSI USA: Completion of Affordable Housing in Brooklyn

    Source: US State of New York

    overnor Kathy Hochul today announced the completion of Shepherd-Glenmore, a new $61 million affordable and supportive housing development in Cypress Hills, Brooklyn. Developed by Housing Plus and Spatial Equity, Shepherd-Glenmore features 123 affordable apartments in a LEED Gold building located adjacent to the Shepherd Avenue C train station. Under Governor Hochul’s leadership, New York State Homes and Community Renewal has financed more than 7,700 affordable homes in Brooklyn. Shepherd-Glenmore continues this effort and complements Governor Hochul’s $25 billion five-year housing plan, which is on track to create or preserve 100,000 affordable homes statewide.

    “Shepherd-Glenmore marks a significant step forward in our mission to provide safe, affordable and supportive housing for all New Yorkers,” Governor Hochul said. “This development transforms a once-dilapidated site into a vibrant, energy-efficient community, provides easy access to public transit, and offers critical supportive services to those who need it most. Through our $25 billion housing plan and partnerships with dedicated partners, we continue to make New York a more affordable and inclusive place of opportunity where people can thrive.”

    Developed on the site of a former junkyard that was demolished as part of construction, Shepherd-Glenmore apartments are affordable to households earning up to 60 percent of the Area Median Income.

    Supportive services and rental subsidies for 74 apartments are provided by Housing Plus and are funded through the Empire State Supportive Housing Initiative and administered by the New York State Office of Temporary and Disability Assistance. Services include case management, crisis intervention, mental health and wellness services, employment and education services, recreation and socialization services, and referral services. Additionally, eight apartments will be set aside for independent seniors through the New York City Affordable Independent Residence for Seniors Program, who will receive rental assistance through HCR project based rental vouchers.

    Shepherd-Glenmore was made possible with help from New York City’s rezoning of East New York, requiring that 31 units remain permanently affordable as part of the New York City Mandatory Inclusionary Housing Program.

    Shepherd-Glenmore was designed to meet Energy Star Multifamily New Construction and LEED Gold criteria. The development features a roof-top solar array to generate on-site electricity and is designed and built to high standards of building envelope performance and indoor quality standards.

    Amenities include 5,000 square feet of outdoor recreation space, community garden, 24-hour security, a fitness room and a wellness room.

    New York State Homes and Community Renewal’s state and federal Low-Income Housing Tax Credit Programs generated more than $21 million in equity and $24 million in subsidy for the development. The New York City Department of Housing Preservation and Development provided more than $13 million in subsidy.

    New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “Shepherd-Glenmore is a shining example of how partnerships between State and local government can create high-quality, affordable housing that uplifts communities. With 123 energy-efficient apartments, including 74 with supportive services for New Yorkers at-risk of homelessness, this development provides a stable foundation that will help its residents, particularly those most in need, succeed in the future. Under Governor Hochul’s leadership, HCR is proud to advance projects like this that align with our commitment to creating and preserving 100,000 affordable homes statewide.”

    Senator Kirsten Gillibrand said, “Safe and affordable housing should be accessible to all New Yorkers regardless of their background. Investing in high-quality and affordable housing is critical to ensuring the safety and well-being of all New Yorkers. I am proud that the Shepherd-Glenmore project supports our seniors and delivers real results for East New York. I will continue fighting for more funding that supports affordable housing projects like this one so all New Yorkers have access to the comfortable and safe homes they deserve.”

    State Senator Julia Salazar said, “New York City desperately needs more affordable housing, and so I applaud the completion of Shepherd-Glenmore here in Brooklyn. The new building has more than 120 affordable apartments, 74 of which will have supportive services for formerly homeless and those at-risk of homelessness. I look forward to the day New Yorkers can begin moving in.”

    HousingPlus CEO Karen Ford said, “Permanent supportive housing ensures that families with significant barriers are able to obtain and maintain safety and stability. We are thankful to our state leadership, including Governor Hochul and HCR for helping to bring these supportive units to East New York.”

    Spatial Equity Principal Teghvir Sethi said, “Shepherd Glenmore represents transformation: a derelict junkyard reimagined into LEED Gold housing for seniors, families and individuals to build new lives in rent stabilized, state-of-the-art homes. We are grateful to Governor Hochul, HCR, Mayor Adams, HPD, and Wells Fargo for their support of non-profit and MWBE developers joining the fight in the city’s housing crisis.”

    Office of Temporary and Disability Assistance Commissioner Barbara C. Guinn said, “The combination of affordable housing and supportive services is fundamental to helping individuals experiencing homelessness get the assistance they need to remain stably housed. Shepherd-Glenmore will serve some of our most vulnerable fellow New Yorkers and we are grateful to play a role in the creation of these permanent supportive housing units. Congratulations to our state and local partners, and everyone involved in the completion of this much-needed project.”

    Governor Hochul’s Housing Agenda

    Governor Hochul is dedicated to addressing New York’s housing crisis and making the State more affordable and more livable for all New Yorkers. As part of the FY25 Enacted Budget, the Governor secured a landmark agreement to increase New York’s housing supply through new tax incentives, capital funding, and new protections for renters and homeowners. Building on this commitment, the FY26 Enacted Budget includes more than $1.5 billion in new State funding for housing, a Housing Access Voucher pilot program, and new policies to improve affordability for tenants and homebuyers. These measures complement the Governor’s five-year, $25 billion Housing Plan, included in the FY23 Enacted Budget, to create or preserve 100,000 affordable homes statewide, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes. More than 60,000 homes have been created or preserved to date.

    The FY25 and FY26 Enacted Budgets also strengthened the Governor’s Pro-Housing Community Program — which allows certified localities exclusive access to up to $750 million in discretionary State funding. Currently, more than 300 communities have received Pro-Housing certification, including the City of New York.

    MIL OSI USA News –

  • MIL-OSI USA: Dermatology Providers Agree to Pay Nearly $850,000 to Resolve Allegations of False Wound Repair Claims

    Source: US State of California

    Forefront Dermatology S.C. and Henghold Surgery Center LLC, have agreed to pay $847,394 to resolve allegations that they violated the False Claims Act by knowingly causing the submission of falsely coded claims to Medicare for wound repair procedures.

    Forefront owns and operates a dermatology practice in Florida doing business as Henghold Dermatology. Henghold Surgery Center is an ambulatory surgery center that closed in 2023, and is wholly owned by William B. Henghold, M.D. Both the practice and surgery center performed wound repair procedures following Mohs micrographic surgery, a method of skin cancer removal.

    The United States alleged that Henghold Dermatology and Henghold Surgery Center caused the submission of false claims to Medicare by using inaccurate wound repair billing codes for which Medicare paid more money than it would have paid for the wound repairs that were actually performed — a practice known as “upcoding.” Specifically, Henghold Dermatology and Henghold Surgery Center falsely coded linear repairs as if they were flap repairs and falsely coded smaller flap repairs as if they were larger flap repairs.

    “Improperly billing Medicare depletes valuable government resources that provide necessary medical care to millions of Americans,” said Assistant Attorney General Brett A. Shumate of the Justice Department’s Civil Division. “We will hold accountable health care providers who enrich themselves by defrauding federal health care programs.”

    “This office will continue to aggressively root out fraud, waste, and abuse in our healthcare system by pursuing providers who submit false claims to Medicare,” said U.S. Attorney John P. Heekin for the Northern District of Florida. “We will hold those who attempt to defraud the federal government accountable to the fullest extent of the law.”

    “Schemes that cause Medicare to pay for costlier services than were actually performed waste taxpayer funding, threatening the integrity of this federal health care program,” said Deputy Inspector General for Investigations Christian J. Schrank of the U.S. Health and Human Services Office of Inspector General (HHS-OIG). “Working together with our law enforcement partners, HHS-OIG will continue to investigate allegations of improper billing schemes to protect taxpayer-funded health care programs and the people served by them.”

    The civil settlement includes the resolution of claims brought under the qui tam or whistleblower provisions of the False Claims Act by Christopher Wolfe, M.D., a former Forefront employee. Under those provisions, a private party can file an action on behalf of the United States and receive a portion of any recovery.  The qui tam case is captioned U.S. ex rel. Wolfe v. Henghold et al., No. 3:23-cv-21624 (N.D. Fla.). Dr. Wolfe will receive $152,531 in connection with the settlement.

    The resolution obtained in this matter was the result of a coordinated effort between the Justice Department’s Civil Division, Commercial Litigation Branch, Fraud Section, and the U.S. Attorney’s Office for the Northern District of Florida, with assistance from HHS-OIG.

    The investigation and resolution of this matter illustrates the government’s emphasis on combating healthcare fraud. One of the most powerful tools in this effort is the False Claims Act. Tips and complaints from all sources about potential fraud, waste, abuse, and mismanagement, can be reported to the Department of Health and Human Services at 800-HHS-TIPS (800-447-8477).

    The matter was investigated by Trial Attorney Colin Shannon and Assistant U.S. Attorneys John Spaccarotella, Mary Ann Couch, and Marie Moyle for the Northern District of Florida.

    The claims resolved by the settlement are allegations only and there has been no determination of liability.

    MIL OSI USA News –

  • MIL-OSI USA: Feenstra Introduces Legislation to Protect Solvency of Social Security for Iowa Seniors

    Source: United States House of Representatives – Representative Randy Feenstra (IA-04)

    HULL, IOWA – Today, U.S. Rep. Randy Feenstra (R-Hull) introduced the Save Our Seniors Act, which would help protect the long-term solvency of Social Security by requiring the Congressional Budget Office (CBO) to include the honest projection of its financial health in its annual ten-year economic outlook.

    “After a lifetime of hard work, our seniors deserve to retire with dignity and receive the Social Security benefits that they earned. However, thanks to reckless government spending and congressional inaction, the Congressional Budget Office forecasts that the Social Security Trust Fund will run out of sufficient funds by 2033 to pay Social Security benefits in full. It’s wrong and absolutely unacceptable,” said Rep. Feenstra. “That’s why I introduced the Save Our Seniors Act to help protect the long-term solvency of Social Security by requiring the Congressional Budget Office to include an honest and accurate projection of Social Security’s financial health in its annual ten-year economic outlook. This fix will ensure that our seniors receive their Social Security checks on time and in full while demanding real solutions from Congress to keep the Social Security Trust Fund solvent for generations to come. Serving on the House Ways and Means Committee’s Social Security Subcommittee, I will continue to work to ensure that our seniors and workers receive the benefits that they deserve and have earned while strengthening our nation’s fiscal foundation.”

    “Representative Feenstra’s Save Our Seniors Act is a commonsense proposal to require more transparency from the Congressional Budget Office. CBO’s baseline does not actually reflect current law, providing a misleading picture of what would happen when the Social Security Trust Fund is depleted within the next decade. It is crucial for Congress and the American people to understand the truth, so we can instead achieve better results for seniors and taxpayers,” said Matthew Dickerson, Director of Budget Policy at the Economic Policy Innovation Center (EPIC).

    More specifically, the Save Our Seniors Act would ensure that a simple and easy-to-understand graph depicting the actual outlook for the OASDI Trust Fund is included in the CBO’s ten-year economic outlook. Similar graphs exist in other Social Security related reports, like the Trustees Reports, but not in a document as widely viewed as the CBO’s outlook, which is used by members of Congress and economists to get a detailed look at the health of our nation’s economy and the federal budget.

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    MIL OSI USA News –

  • MIL-OSI USA: Senator Marshall Joins Bipartisan Letter to the Surface Transportation Board Raising Concerns for the Union Pacific & Norfolk Southern Railroad Merger

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall

    Washington – On Tuesday, U.S. Senator Roger Marshall, M.D. (R-Kansas), joined a bipartisan letter led by Senator Tammy Baldwin (D-Wisconsin) to the Surface Transportation Board, raising concern for the announced merger of Union Pacific and Norfolk Southern railroads, urging the board to carefully review the matter.
    This significant consolidation could reshape the U.S. freight rail industry and supply chain, potentially driving up costs for consumers, worsening service for producers, and depleting competition in an already diminished market.
    In their letter to the Surface Transportation Board, the Senators wrote:
    “Since the 1950s, the rail industry has consolidated from over 100 Class I freight railroads to only six today. A long trend of industry consolidation has dramatically increased the power of railroads over shippers in the last few decades — leaving four carriers to provide nearly 90 percent of the nation’s freight rail transportation. In recent years, we have heard from too many U.S. manufacturers, utility companies, agricultural producers, and small businesses experiencing service and reliability problems while paying excessive rates. The railroad industry has proven to be more concerned with increasing their rates and profits rather than improving their service.”
    “A major rail merger has the potential to trigger additional industry consolidation. We are encouraged that the STB shared this concern in the context of the 2001 rulemaking process, in which the STB set new rules governing major railroad mergers and started requiring Class I railroads to prove that mergers would both enhance competition and are in the public interest. We strongly encourage the STB to keep this at the forefront of considerations.”
    Click HERE to read the full letter.

    MIL OSI USA News –

  • MIL-OSI USA: Congressman Valadao Builds Local Partnerships to Help Feed Our Communities

    Source: United States House of Representatives – Congressman David G Valadao (CA-21)

    WASHINGTON – Congressman David Valadao (CA-22) joined Reps. Rob Bresnahan (PA-08), Chellie Pingree (ME-01), and Josh Riley (NY-19) in introducing the Local Farmers Feeding our Communities Act. This bipartisan bill would allow states, through the U.S. Department of Agriculture (USDA), to establish cooperative agreements connecting regional farmers and producers with local food distribution organizations. Through these agreements, funds would be used to purchase local, fresh, and minimally processed foods like meat, seafood, milk, cheese, eggs, fruit, and poultry.

    “The Central Valley grows the food that feeds our nation, and this bill gives us a chance to connect our farmers directly with local families and food banks to deliver healthy, homegrown food where it’s needed most,” said Congressman Valadao. “The Local Farmers Feeding our Communities Act is a bipartisan effort that invests in our farmers and communities, and I’m proud to stand with my colleagues in support.”

    “Far too often the discussion around alleviating hunger leaves out those who grow, raise, and produce food – our local farmers. Reducing the barriers between our communities and the farmers who produce our food is a commonsense approach to ensure everyone in Northeast Pennsylvania has access to the food they need.” said Rep. Bresnahan. “This bill recognizes the hard work that is needed to supply fresh and nutritious food like fruit, veggies, milk, and cheese, while also creating a clear path to putting this food on the plates of people who need it. This investment in our local farmers is an investment in stronger local food security and healthier communities.”

    “When Trump’s USDA abruptly ended the Local Food Purchase Assistance and Local Food for Schools programs, it pulled the rug out from under farmers, food banks, and schools across the country—including in Maine. These were proven tools for strengthening local food supply chains, supporting small producers, and getting healthy, locally grown food to hungry families,” said Congresswoman Pingree. “Our bipartisan Local Farmers Feeding Our Communities Act restores and improves on that successful model. It’s a practical, community-driven solution that invests in our nation’s farmers, builds regional resilience, and fights hunger.”

    “It doesn’t get more common sense than fighting hunger by supporting local farmers,” said Congressman Riley. “This is about putting food on the tables of people who need it most, and investing directly in the family farmers who power our rural communities.”

    Additional co-sponsors include: Reps. Tony Wied (WI-08), Dan Newhouse (WA-04), Zach Nunn (IA-03), Nikki Budzinski (IL-13), Jim Costa (CA-21), Eugene Vindman (VA-07), Jimmy Panetta (CA-19), and Alma Adams (NC-12).

    “This legislation supports a program with a proven record of increasing access to the fresh fruits and vegetables our farmers work hard to produce,” said Congressman Newhouse. “It cuts down on food waste, supplies food banks with produce, and ensures that those who need food can get it. I thank Rep. Bresnahan for his leadership on this legislation as we work to strengthen our food system and expand access to healthy food across the country.”

    “Iowa farmers work hard to grow high-quality, nutritious food. This bill helps ensure local families and food banks can afford the fresh produce grown right here in our communities,” said Congressman Nunn. “I’m proud to back a plan that strengthens our food system, supports small producers and veterans, and expands access to healthy, Iowa-grown meals.”

    “I’m proud to join this bipartisan bill to support our Illinois family farmers and help my constituents access nutritious, locally-grown food,” said Congresswoman Budzinski. “In Central and Southern Illinois, the Local Food Purchase Assistance and Local Food for Schools have been a win-win-win for growers and producers, food banks, and schools. It was a major setback when these initiatives were abruptly cancelled. The Local Farmers Feeding Our Communities Act would restore these successful programs that are a proven way to fight hunger, strengthen the food supply chain, and bolster the local agricultural economy.”

    “As the only Virginian on the House Agriculture Committee, I know the Local Food Purchase Assistance and Local Food for Schools programs are essential for our farmers and the families they feed across the Seventh. When the Trump Administration suddenly ended both, it caused a ripple effect — hurting local farmers, schools, and food banks across the Commonwealth and the United States. This cannot stand,” said Congressman Vindman. “Earlier this year, I met with Eugene Triplett at his fifth-generation, Black-owned family farm in Culpeper. He told me directly that these programs helped him get healthy, locally grown food to hungry kids and families. I will always work to deliver for Virginia families and farmers like Eugene.”

    The Local Farmers Feeding our Communities Act:

    • Allows USDA to create cooperative agreements with state agencies to purchase and distribute local food.
    • Sets aside a portion of funding specifically for smaller farmers and ranchers, as well as veteran-owned operations.
    • Provides technical assistance to help farmers meet food safety standards and grow their operations.
    • Strengthens local and regional food systems to improve food security, reduce supply chain disruptions, and minimize waste.

    Read the full bill here.

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    MIL OSI USA News –

  • MIL-OSI USA: NREL Technical Support Empowers Local Governments and Tribes To Boost Energy Efficiency and Cut Costs

    Source: US National Renewable Energy Laboratory

    NREL Provides Expertise to Local Governments and Tribes Through the Energy Efficiency and Conservation Block Grant Program

    From capital cities in the East to Alaskan villages in the West, NREL is advancing community-driven energy solutions from coast to coast through the U.S. Department of Energy (DOE) Energy Efficiency and Conservation Block Grant (EECBG) Program.

    The EECBG Program has allocated noncompetitive funding for energy projects and programs in hundreds of communities. Community grant recipients can use funding for projects and programs that cut energy costs, improve energy efficiency, and create jobs. 

    Recipients also receive vouchers to access support from NREL experts with a wide array of technical expertise in order to advance their priorities using EECBG funding. NREL, leveraging the wealth of the laboratory’s modeling and analysis capabilities, began working with dozens of communities to deliver this support in the fall of 2024.

    “Already, DOE’s EECBG Program is helping so many different areas of the country,” said Nathan Wiltse, decision support analysis group manager and EECBG technical lead for NREL. “Through the program, big cities and small towns can set their course in realizing their energy goals. Their drive and enthusiasm has been encouraging, and our NREL team is proud to be a part of their journey through the technical assistance we provide with DOE’s guidance.”

    DOE-funded EECBG Program support—provided by NREL—spans multiple sectors, tapping into technical knowledge and expertise that provide local governments with actionable insights for their self-identified priorities, helping them improve energy affordability and more in their jurisdictions.

    Improving Mobility Options in Encinitas, California

    A bus crosses an intersection in Encinitas, California. Encinitas is considering microtransit in addition to more traditional public transportation methods like buses. Photo from the city of Encinitas

    The beach city of Encinitas in San Diego County, California, is served by a regional rail service, with many workers commuting into the city. Tourism is also a big economic driver for the city, with many recreation opportunities and annual arts and cultural events.

    To better support commuters, tourists, and residents, the city is looking to expand its public mobility options through microtransit. Microtransit systems commonly use smaller vehicles like minivans, which operate in a defined service area and provide rides to users on request. Instead of having fixed routes, like more traditional bus and rail services, microtransit generally provides varying point-to-point services as requested by riders.

    According to NREL research, microtransit provides a low-cost and convenient alternative to personal car use. Applying this strategy for public transportation can then save costs for riders while improving air quality in communities.

    “For a relatively small city like Encinitas, more traditional public transportation methods may not be the best fit,” said Andy Duvall, NREL researcher and voucher support subject matter expert. “Exploring microtransit could provide a variety of financial and environmental benefits for residents, visitors, and the community.”

    With EECBG voucher technical assistance, NREL will assist Encinitas in developing a microtransit program by conducting analysis that gives the community a better understanding of its current transportation landscape and viable microtransit options and funding strategies. This support will be rooted in community engagement, with community workshops and data collection built in to learn about the residents’ challenges with public transit, specific issues, and ideas for solutions that will bolster the economy.

    Increasing Household Energy Efficiency in Chenega, Alaska

    Chenega, Alaska, is only accessible by air or water. Photo from the Native Village of Chenega

    Chenega, home to the Native Village of Chenega, is located on an island in Southern Alaska. The community spans less than 30 square miles and has 19 residential buildings. Though small in size, Chenega has big goals to improve energy efficiency for residents, with a target of reducing the Tribe’s energy usage by 50% by 2050 or sooner, significantly cutting energy costs.

    The Native Village of Chenega and the Chenega Corporation want to use their EECBG funding to help implement a community-wide energy efficiency program. To help Chenega plan for this program, NREL is organizing energy audits for a majority of homes in the community. Energy audits consist of a thorough inspection of a home both inside and out to identify potential comfort or safety problems and energy-saving opportunities. Through this process, Chenega will get a better understanding of which upgrades will be most cost-effective for their residents.

    “Our technical assistance is helping Chenega set the foundation for more work to come that will cut energy costs for their community,” said Wiltse, who has over a decade of experience as a buildings researcher and economist in Alaska.

    Chenega aims to use the results from these energy audits to apply for grant funding to implement the upgrades. The community also wants to use the audits to satisfy pre-installation requirements for DOE’s Tribal Home Electrification and Appliance Rebates, which can provide rebates of up to $14,000 per household for efficiency and appliance upgrades.

    Reducing Energy Use and Costs in Sugar Land, Texas

    As Sugar Land, Texas, charts out its future energy projects, one of the city’s top priorities is reducing energy use and saving money for residents. To embed this commitment into daily operations, the city is developing a strategic energy plan focused on increasing efficiency, cutting waste, and lowering energy consumption across public buildings and infrastructure. To make this comprehensive energy plan succeed, the city needs more information on its current energy landscape.

    Using tools like NREL’s State and Local Planning for Energy Platform, researchers are helping Sugar Land understand its current energy consumption and potential efficiency opportunities. With expert guidance from NREL, the city will move step by step through a hands-on energy planning process, from setting goals to evaluating project feasibility and prioritizing actions. Researchers will also analyze energy savings potential and financial impacts of various energy efficiency strategies across the city.

    “Our research and analysis will help the city understand which energy efficiency strategies will be most cost-effective,” said Vanessa Mathews, NREL researcher. “Sugar Land can use this information to apply for funding opportunities and take meaningful steps towards its energy goals.”

    Through the energy planning process, the city will identify clear, actionable steps to better understand its energy costs, evaluate the costs and benefits of potential efficiency projects, and explore reliable and affordable energy options and potential funding sources to inform the city’s future budget decisions.

    Learn more about NREL’s technical assistance for EECBG.

    MIL OSI USA News –

  • MIL-OSI Analysis: Kemi Badenoch says she wants to be Britain’s Javier Milei – but is the Argentinian president a model to follow?

    Source: The Conversation – UK – By Sam Halvorsen, Reader in Human Geography, Queen Mary University of London

    When UK Conservative party head Kemi Badenoch recently declared that she aspires to be Britain’s Milei, she aligned herself with one of the world’s most radical and controversial leaders.

    Javier Milei, Argentina’s self-styled “anarcho-capitalist” president, has gained global notoriety since his election in December 2023 for wielding a chainsaw at rallies, promising to destroy the so-called “political caste” and launching a scorched-earth economic reform programme.

    But what has Milei actually achieved since entering office? And should Britain really be looking to his administration for inspiration?

    Milei swept to power on a wave of anti-establishment anger. Styling himself as an outsider economist rallying against the ruling caste, he promised to slash state spending and replace Argentina’s peso with the more stable US dollar. He also pledged to eliminate entire government ministries, including health, education and culture.

    His now-famous “chainsaw plan” proposed a dramatic restructuring of Argentina’s political and economic institutions, which he blamed for decades of stagnation and corruption. Backed by business elites and libertarian ideologues, Milei offered a vision of Argentina remade through radical individualism and state retrenchment.

    His campaign, which contained some clear populist tendencies, was built as much on spectacle as substance. It contained daily media outbursts, personal attacks and an anti-caste rhetoric designed to turn governance into performance.

    Inflation was central to Milei’s campaign. When he took office, annual inflation in Argentina stood at over 130%, one of the highest rates in the world. Milei promised to bring it under control by slashing the fiscal deficit and enforcing monetary discipline.

    Monthly inflation doubled in the first months of his administration, forcing millions of Argentinians further into poverty. But it has fallen below 50% since the middle of 2025, which has been held by the government as a success.

    However, the decrease in the inflation rate is the result of economic recession. While international markets have praised Milei’s fiscal orthodoxy, there is little sign of a growth rebound. Investment has stalled, consumption has plummeted and local industries are struggling amid cuts to public procurement.

    Consumption has shown signs of recovery in the last few months, but only in the high-income segment. This has deepened a dual reality where middle-class and working sectors cannot make ends meet. Instead of helping the Argentinian economy recover, high-income consumption also pushes the trade balance to deteriorate.

    Milei’s government has endeavoured to keep the Argentine peso strong. A strong currency has seen foreign investments paused and, despite ongoing capital controls, millions of US dollars leave the country with a surge in Argentinian tourism abroad. This trend is exactly the opposite of the most controversial of Milei’s promises: to adopt the dollar in Argentina.

    Given the critical level of the central bank’s foreign reserves, the International Monetary Fund (IMF) approved the release of a US$4.7 billion (£3.5 billion) loan tranche in April 2024. It is expected to loan an extra US$2 billion before the 2025 mid-term elections in October.

    Squeezing Argentinian society

    Job losses have been extensive. Tens of thousands of public sector workers have been laid off, and many more have seen their salaries decimated by inflation. Entire agencies have been shut, from science and housing to the post office.

    Milei’s framing of public employees as part of a parasitic caste has helped him politically. It has reinforced his anti-establishment credentials and mobilised resentment among private sector workers and the self-employed. But it has further polarised an already fragmented Argentinian society.

    Unions and civil society organisations have mobilised in response, organising strikes and mass protests. These have been met in turn with crackdowns, the criminalisation of dissent and expanded police powers.

    Meanwhile, Congress has been sidelined. Milei’s critics warn of creeping authoritarianism as the president governs increasingly by decree, perhaps most notably by attempting to fill two vacancies of the Supreme Court in February.

    Environmental protection and foreign policy have also been reshaped by Milei’s radical agenda. The ministry of environment was among the agencies targeted for elimination. And Milei’s sweeping law of bases bill, which became law in 2024, included provisions to weaken environmental regulations and accelerate extractive industries such as lithium and oil.

    Milei dismisses environmental concerns as leftist distractions from economic freedom. This is a stance echoed in his foreign policy, which has seen Argentina pivot away from regional cooperation. He has snubbed neighbours like Brazil, withdrawn from the accession process to the Brics group of nations and has aligned himself more closely with the US, Israel and the global far right.

    He frequently rails against “global socialism”, and presents himself as a figurehead of a new anti-globalist movement. This posture appeals to his domestic base and international allies, but has further isolated Argentina diplomatically and eroded longstanding regional ties.

    If Badenoch wants to emulate Milei, it raises serious questions about the political and economic future she envisions for Britain. Argentina is currently living through a radical experiment in state destruction. Despite circumstantially winning praise from bond markets and libertarian circles, it has brought pain, polarisation and increasing levels of repression.

    For those looking beyond spectacle, Milei’s presidency offers not a blueprint for bold reform, but a cautionary tale about the dangers of governing by chainsaw.

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

    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. Kemi Badenoch says she wants to be Britain’s Javier Milei – but is the Argentinian president a model to follow? – https://theconversation.com/kemi-badenoch-says-she-wants-to-be-britains-javier-milei-but-is-the-argentinian-president-a-model-to-follow-261915

    MIL OSI Analysis –

  • MIL-OSI Canada: New York Call – Joint statement of the Ministers of Foreign Affairs

    Source: Government of Canada News

    July 30, 2025 – Ottawa, Ontario – Global Affairs Canada

    The Foreign Ministers of Andorra, Australia, Canada, Finland, France, Iceland, Ireland, Luxembourg, Malta, New Zealand, Norway, Portugal, San Marino, Slovenia and Spain, issued the following statement:

    “We, Ministers of Foreign Affairs of Andorra, Australia, Canada, Finland, France, Iceland, Ireland, Luxembourg, Malta, New Zealand, Norway, Portugal, San Marino, Slovenia and Spain, condemn the heinous and antisemitic terrorist attack of October 7th, 2023;

    “Demand an immediate ceasefire, the immediate and unconditional release of all hostages of Hamas, including the remains, as well as ensuring unhindered humanitarian access;

    “Reiterate our unwavering commitment to the vision of the two-State solution where two democratic States, Israel and Palestine, live side by side in peace within secure and recognized borders, consistent with international law and relevant UN resolutions, and in this regard stress the importance of unifying the Gaza Strip with the West Bank under the Palestinian Authority;

    “Express grave concern over the high number of civilian casualties and humanitarian situation in Gaza and emphasize the essential role of the United Nations and its agencies in facilitating humanitarian assistance;

    Welcome the commitments made by the President of the Palestinian Authority on June 10th where he (i) condemns the October 7th terrorist attacks (ii) calls for the liberation of hostages and disarmament of Hamas (iii) commits to terminate the prisoner payment system (iv) commits to schooling reform, (v) commits to call for elections within a year to trigger generational renewal and (vi) accepts the principle of a demilitarized Palestinian State;

    “Ahead of the meeting of the Heads of State and Government that will take place during the high-level week of the 80th session of the United Nations General Assembly (UNGA 80) in September 2025, we, Ministers of Foreign Affairs of Andorra, Australia, Canada, Finland, France, Iceland, Ireland, Luxembourg, Malta, New Zealand, Norway, Portugal, San Marino, Slovenia and Spain, have already recognized, have expressed or express the willingness or the positive consideration of our countries to recognize the State of Palestine, as an essential step towards the two-State solution, and invite all countries that have not done so to join this call;

    “Urge countries who have not done so yet to establish normal relations with Israel, and to express their willingness to enter into discussions on the regional integration of the State of Israel;

    “Express our determination to work on an architecture for the ‘day after’ in Gaza which guarantees the reconstruction of Gaza, the disarmament of Hamas and its exclusion from the Palestinian governance.”

    MIL OSI Canada News –

  • MIL-OSI USA: Pingree, Goodlander, Wasserman Schultz Tour Portsmouth Naval Shipyard to Discuss Delivering on Key Priorities in Congress

    Source: United States House of Representatives – Congresswoman Chellie Pingree (1st District of Maine)

    Yesterday, Congresswoman Chellie Pingree (D-Maine), a senior member of the House Appropriations Committee, joined her colleagues Congresswoman Maggie Goodlander (D-N.H.), a member of the House Armed Services Committee, and Congresswoman Debbie Wasserman Schultz (D-Fla.), Ranking Member of the Subcommittee on Military Construction, Veterans Affairs, and Related Agencies under the Appropriations Committee, to tour Portsmouth Naval Shipyard (PNSY). Pingree, Goodlander, Wasserman Shultz, and shipyard leadership and workers discussed how they are addressing the delays that are preventing PNSY from bringing on the workforce needed to continue its critical work for our national security, and how they’re working in Congress to strengthen the benefits that these public servants and skilled workers rely on. 

    “Portsmouth Naval Shipyard represents the best of public service—skilled, dedicated workers whose work strengthens our national security every day,” said Congresswoman Pingree. “During our visit today, my colleagues and I saw firsthand the dedication and expertise that keep this critical facility running. What we heard from workers and leadership was clear: they need stable funding, a reliable workforce pipeline, and a Congress that has their backs. I’m grateful to join Congresswomen Goodlander and Wasserman Schultz in making sure their voices are heard—and their priorities reflected—in the federal budget.”

    From left: Congresswoman Pingree, Congresswoman Goodlander, Captain Jesse Nice, Naval Shipyard Commander, and Congresswoman Wasserman Schultz. Photos from the visit are available here. 

    “We owe a sacred obligation to the women and men who dedicate their lives to serving our country, whether in uniform or as civilians. In Congress, I am focused on living up to that obligation and delivering for our servicemembers, veterans, and shipyard workers,” said Congresswoman Goodlander. “We had a powerful and important conversation at the Portsmouth Naval Shipyard and the Manchester VA Medical Center about the critical role that federal funding plays in their operations and how Congress can and must be a continued partner in their mission.”

    “Democrats work nonstop to ensure that vital national security investments and caring for our veterans remain top priorities, and the high-quality work I saw being done at the Portsmouth Naval Shipyard and Manchester VAMC reconfirmed for me that strong, reliable Congressional funding and support is vital to these workers, their communities, and America’s overall strength,” said Congresswoman Wasserman Schultz. “I joined Representatives Goodlander and Pingree to inspect these facilities today, but they have both long stood with me in the trenches as Democrats fight to ensure veterans services and benefits are protected, and the work of protecting our national security is not impeded.”

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    MIL OSI USA News –

  • MIL-OSI USA: After Trump’s Cuts, Pingree Leads Bipartisan Effort to Restore Local Food Lifelines

    Source: United States House of Representatives – Congresswoman Chellie Pingree (1st District of Maine)

    Today, Congresswoman Chellie Pingree (D-Maine), a longtime farmer and member of the House Agriculture Committee, led a bipartisan group of her colleagues in introducing the Local Farmers Feeding our Communities Act to boost the purchasing and distribution of local food. The bill, co-led by Representatives Rob Bresnahan (R-Pa.), David Valadao (R-Calif.), and Josh Riley (D-N.Y.), will help build stronger connections between local producers and community food programs, expanding markets and improving access to healthy food for those in need.

    “When Trump’s USDA abruptly ended the Local Food Purchase Assistance and Local Food for Schools programs, it pulled the rug out from under farmers, food banks, and schools across the country—including in Maine. These were proven tools for strengthening local food supply chains, supporting small producers, and getting healthy, locally grown food to hungry families,” said Rep. Pingree. “Our bipartisan Local Farmers Feeding Our Communities Act restores and improves on that successful model. It’s a practical, community-driven solution that invests in our nation’s farmers, builds regional resilience, and fights hunger.”

    The Local Farmers Feeding our Communities Act will allow states, through USDA, to establish cooperative agreements connecting local farmers and producers with local food distribution organizations. Through these agreements, funds will be used to purchase local, fresh, and minimally processed foods like seafood, meat, milk, cheese, eggs, fruit, and poultry. The bill also sets aside a portion of these funds to purchase food specifically from small, mid-size, beginning, and veteran farmers. Text can be found here.

    “Far too often the discussion around alleviating hunger leaves out those who grow, raise, and produce food – our local farmers. Reducing the barriers between our communities and the farmers who produce our food is a commonsense approach to ensure everyone in Northeast Pennsylvania has access to the food they need.” said Rep. Bresnahan. “This bill recognizes the hard work that is needed to supply fresh and nutritious food like fruit, veggies, milk, and cheese, while also creating a clear path to putting this food on the plates of people who need it. This investment in our local farmers is an investment in stronger local food security and healthier communities.”

    “The Central Valley grows the food that feeds our nation, and this bill gives us a chance to connect our farmers directly with local families and food banks to deliver healthy, homegrown food where it’s needed most,” said Rep. Valadao. “The Local Farmers Feeding our Communities Act is a bipartisan effort that invests in our farmers and communities, and I’m proud to stand with my colleagues in support.”

    “It doesn’t get more common sense than fighting hunger by supporting local farmers,” said Rep. Riley. “This is about putting food on the tables of people who need it most, and investing directly in the family farmers who power our rural communities.”

    Original cosponsors include Tony Wied (R-Wisc.), Dan Newhouse (R-Wash.), Zach Nunn (R-Iowa), Nikki Budzinski (D-Ill.), Jim Costa (D-Calif.), Eugene Vindman (D-Va.), Jimmy Panetta (D-Calif.), and Alma Adams (D-N.C.). 

    “Iowa farmers work hard to grow high-quality, nutritious food. This bill helps ensure local families, schools, and food banks can afford the fresh produce grown right here in our communities,” said Rep. Nunn. “I’m proud to back a plan that strengthens our food system, supports small producers and veterans, and expands access to healthy, Iowa-grown meals.”

    “This legislation supports a program with a proven record of increasing access to the fresh fruits and vegetables our farmers work hard to produce,” said Rep. Newhouse. “It cuts down on food waste, supplies local schools and food banks with produce, and ensures that those who need food can get it. I thank Rep. Bresnahan for his leadership on this legislation as we work to strengthen our food system and expand access to healthy food across the country.”

    “I’m proud to join this bipartisan bill to support our Illinois family farmers and help my constituents access nutritious, locally-grown food,” said Rep. Budzinski. “In Central and Southern Illinois, the Local Food Purchase Assistance and Local Food for Schools have been a win-win-win for growers and producers, food banks, and schools. It was a major setback when these initiatives were abruptly cancelled. The Local Farmers Feeding Our Communities Act would restore these successful programs that are a proven way to fight hunger, strengthen the food supply chain, and bolster the local agricultural economy.”

    “As the only Virginian on the House Agriculture Committee, I know the Local Food Purchase Assistance and Local Food for Schools programs are essential for our farmers and the families they feed across the Seventh. When the Trump Administration suddenly ended both, it caused a ripple effect — hurting local farmers, schools, and food banks across the Commonwealth and the United States. This cannot stand,” said Rep. Vindman. “Earlier this year, I met with Eugene Triplett at his fifth-generation, Black-owned family farm in Culpeper. He told me directly that these programs helped him get healthy, locally grown food to hungry kids and families. I will always work to deliver for Virginia families and farmers like Eugene.”

    The Local Farmers Feeding our Communities Act is endorsed by the Feeding America, National Milk Producers Federation (NMPF), National Association of State Departments of Agriculture (NASDA), the National Sustainable Agriculture Coalition (NSAC), National Farmers Union (NFU), Save the Children, Full Plates Full Potential, Good Shepherd Food Bank, Maine Organic Farmers and Gardeners Association (MOFGA), and more.

    “Maine’s food system has been hit hard over the past few months due to the instability created by changing government policies and cuts to established food programs, like the Local Food for Schools program which helped schools buy local food from local farms,” said Anna Korsen, Deputy Director of Full Plates Full Potential. “We know children go hungry when household and school budgets get squeezed, so Full Plates welcomes the Local Farmers Feeding Our Communities Act and the potential it has to build on what Maine does best – community solutions to community problems.”

    “The Local Farmers Feeding Our Communities Act recognizes and advances the work of thousands of farmers and proponents nationally who have worked to bolster the resiliency of our local food system and Nation’s food supply chain,” Colleen Hanlon-Smith of Farm to Neighbor Maine. “We applaud Congresswoman Pingree for her work to advance this Act. Both LFPA and LFS offered an opportunity for the federal government and the public’s tax dollars to strategically inject funding at the intersection of local food access and farm viability. These were not only incredibly successful programs but critical to shifting the needle on food security by ensuring economic investments locally, to the benefit of our Nation’s farmers, food insecure citizens and local communities.”

    “The proposed bill would be a win for both local farmers and families facing hunger,” said Heather Paquette, President of Good Shepherd Food Bank. “By prioritizing the purchase of local foods and partnering with organizations that have deep experience in food distribution, we can ensure that nutritious food reaches the people who need it most, all while strengthening local economies.”

    “As Executive Director of the Maine Organic Farmers and Gardeners Association, I strongly support the Local Farmers Feeding Our Communities Act because it uplifts the hardworking farmers and food producers who nourish our communities every day,” said Sarah Alexander, Executive Director of MOFGA. “By investing in cooperative agreements that build local food infrastructure and markets, this Act empowers states and Tribal governments to create resilient, community-based food systems. It’s a smart, values-driven approach that strengthens local economies, improves food access, and ensures a healthier, more sustainable future for all.”

    “Maine has spent the last two decades building strong, innovative programs to support small farms and connect local producers with their communities. This legislation will help strengthen that foundation, ensuring we continue to grow, adapt, and meet the evolving needs of both farmers and families,” said Jimmy DeBiasi, Executive Director of the Maine Federation of Farmers’ Markets. “If we’re serious about making America healthier, we have to start with what we’re eating. This bill recognizes that feeding people nutritious, locally grown food is not just good policy—it’s a smart investment in public health and our agricultural future.”

    “This legislation benefits family farmers and the communities they feed,”said Rob Larew, President of National Farmers Union. “It strengthens local food systems, expands economic opportunity, and builds more resilient farms.”

    “PFB appreciates Representative Bresnahan (R-PA-08) championing legislation that will expand our farmers’ market opportunities, reduce food waste, and get locally grown food to American families’ tables,” said Chris Hoffman, President, Pennsylvania Farm Bureau. “The Local Farmers Feeding Our Communities Act exemplifies the importance of cherishing the hard work that goes into producing food and not wanting to waste it, while providing less fortunate consumers with local options that provide them with the opportunity to support their local farmers. This is a win-win piece of legislation for all involved, and we look forward to working with Congress to advance it.”

    “Fresh produce, dairy, and protein are some of the most requested items across the charitable food network,” said Julie Bancroft, CEO, Feeding Pennsylvania. “This bill will strengthen the farm-to-food bank supply chain, create new markets for farmers, and ensure food bank shelves are stocked with locally grown, nutritious food products that help Pennsylvanians access the food they need to thrive. Feeding Pennsylvania is pleased to see the introduction of this important legislation and looks forward to working with our members of Congress as it moves through the legislative process.”

    “We commend Representatives Rob Bresnahan, R-PA, Josh Riley, D-NY, David Valadao, R-CA, and Chellie Pingree, D-ME, for their bipartisan Local Farmers Feeding our Communities Act,” said the National Milk Producers Federation. “This bill will provide an additional pipeline for dairy farmers to provide their communities with nutritious milk and dairy products. We especially thank the sponsors for ensuring that farmer-owned cooperatives are eligible to participate in this important food security initiative and look forward to working to enact this legislation.” 

    “Our nation’s farmers are a key part of the nutritious food provided to community members through local food banks and pantries,” said Vince Hall, Chief of Government Relations Officer, Feeding America. “Farmers have worked in partnership with Feeding America food banks for over half a century. The Local Farmers Feeding our Communities Act would increase resources for states to support local growers and ensure their nutritious food is connected with community members through local organizations like food banks. Feeding America supports the introduction of this legislation and encourages members of Congress to endorse this bipartisan bill that helps farmers and food banks.”

    “The bipartisan Local Farmers Feeding Our Communities Act makes meaningful investments in local and regional food systems by connecting small and mid-sized farmers to nearby communities, strengthening rural economies and advancing health-driven outcomes for consumers,” said Ted McKinney, CEO, NASDA. “NASDA supports this legislation led by U.S. House Representatives Bresnahan (PA) and Riley (NY) and urges the House to swiftly pass this bill.”

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    MIL OSI USA News –

  • MIL-OSI USA: Legacy Investment for Technology (LIFT) Announces Loan for North Dakota Energy Services Company

    Source: US State of North Dakota

    The North Dakota Department of Commerce announced that the Legacy Investment for Technology (LIFT) program has awarded a $1 million loan to Trilogy LLC, a North Dakota-based company that developed the Sand Titan, a high-performance sand separator for the oil and gas industry.

    “The LIFT program is a vital resource for fostering innovation and supporting North Dakota’s oil and gas industry,” said Commerce Economic Development & Finance Deputy Director and Head of Investments and Innovation Shayden Akason. “This funding highlights our commitment to supporting North Dakota businesses that drive economic impact in our core industries and create lasting impact across the state.”

    LIFT is an innovation loan fund that supports technology advancement by providing financing for the commercialization of intellectual property within North Dakota. The loan funds are available to enhance capacity and, when possible, leverage state, federal and private sources of funding.

    Since its inception, the LIFT program has awarded more than $45 million across 72 projects, with an average award of approximately $635,000. These investments span sectors such as health care, agriculture technology, energy, and advanced computing, demonstrating the program’s broad impact on North Dakota’s innovation economy.

    Commerce works with the Bank of North Dakota to manage and administer the loan fund. LIFT loan terms include 0% interest for the first three years, 2% interest for the next two years, and a standard Bank of North Dakota loan rate for all subsequent years. The program is open to North Dakota companies working in advanced computing and data management, agriculture technology, autonomous and unmanned vehicles and technologies, energy, health care, value-added agriculture, value-added energy, and any area specifically identified by the LIFT committee as contributing to the diversification of the state’s economy.

    For more information, application guidelines and program details, visit https://belegendary.link/LIFT.

    MIL OSI USA News –

  • MIL-OSI Europe: ASIA/SOUTH KOREA – The adventure “accompanied by small prayers” of Junho Cho, “digital missionary”

    Source: Agenzia Fides – MIL OSI

    [embedded content]
    by Pascale RizkSeoul (Agenzia Fides) – “Now I know. After all, even the Fathers of the Church, Saint Augustine and Saint Thomas Aquinas, repeated this simple phrase: to be happy, I need God, and if God is present, I am happy when I am close to him, and I am not happy when I am far away.” Thus, Korean singer and “Catholic influencer” Junho Chu describes the beating heart that now animates his life. And he reveals what every authentic Christian witness suggests: the source of salvation brought by Christ is mysterious, but accessing it is simple and within everyone’s reach.Junho shared his story and experience with the Jubilee of Catholic digital missionaries and influencers celebrated in Rome these past few days.The Happy Face of GodGrowing up until the age of 22 with no particular interest in religious doctrines and practices, he says that as a teenager he longed for happiness that could last “more than three days or two weeks.” Something that isn’t found in training courses or school curricula, in a competitive society where one’s worth and “is worth” only what one accomplishes. He believed he could achieve that happiness through success at work. But that wasn’t the case.At that time, two years before beginning his military service, Junho heard Cardinal Stephen Kim Sou-hwan speak on television, an imposing figure in Korea also for his passion for social justice (see Fides, 11/4/2025). “I was struck by his humility and the witness of the people who mourned his death in 2009.” Without believing in God, Junho saw God’s happy face reflected in those people. They had no personal successes to show off. They were grateful for the free love they had received. “So I started going to church and asked to be baptized. To be close to God, to go to Mass, to take Communion, and to pray. Junho says that a priest once told him: “Do you want something special? Then you must be sincere. If you live with perseverance and sincerity, every day of your life can be special.”Thanking the Lord (also) for TteokbokkiKorean society is based on respect for others, following a social stratification that dates back to the Cheoson Dynasty. Hierarchical respect is an integral part of everyday language and behavior. So when Junho saw a high-ranking Catholic soldier come to church and eat with the others, he was impressed by his humility. “He came to wash dishes with me in the kitchen. It seemed inconceivable to me that someone like him would do that. One day, I was eating tteokbokki (Korean rice dumplings) and I invited him. He sat with me and, clasping his hands, began to pray. I was deeply moved by this gesture. I had no idea that Catholics would stop to thank God for something as small as tteokbokki. I think my life, accompanied by small prayers, began there,” he says.”Sometimes they asked me to sing, I did it a few times, and a bishop told me I should keep singing, and this was like a blessing for the rest of my life,” adds Chu, who, along with other singers, enlivened the Digital Missionaries Jubilee Festival in Piazza Risorgimento on the evening of Tuesday, July 29, singing in his native language.Talent is from God and for GodDuring his military service, Chu embarked on a path that would lead him to his baptism in 2011. He also began participating in parish life, catechism, and choir. It was thanks to a contest on CPBC (Catholic Peace Broadcasting Corporation) that he was able to begin composing music and songs, and singing in Catholic churches. It had been his passion since childhood. The stories of missionaries such as Father Giovanni Lee Tae-seok, a Salesian missionary in South Sudan, and Bishop René Dupont, a MEP missionary who arrived in Korea in 1954 (see Fides, 11/4/2025) led him to imitate them, he shared with others the love of God he had received as a gift, even through his own talents. “That’s why I’m always happy to live as a Catholic on Instagram and YouTube.” His Christian journey, intertwined with music and singing, led Junho to accompany priests and nuns on missions in Cambodia, Zambia, and Mongolia. “The love you receive is incredibly greater than the love you give. It’s an absolute miracle and cannot be understood through the eyes of the world,” says Chu, who today continues his mission singing in Brazil.“The digital mission should not be about self-exaltation. The encounter with Jesus remains the starting point, but also the point of arrival. Our faith can also find comfort in the use of digital media, but it does not depend on them. The Mystery of Jesus’s predilection, savored in the everyday life, is far greater than the captivating power of a voice behind the screen or special effects. And it promises enjoyment and happiness incomparable to the excitement of having 100 followers or 500,000,” he concludes. (Agenzia Fides, 30/7/2025)Share:

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