Source: United States INDO PACIFIC COMMAND
MISAWA AIR BASE, Japan (AFNS) — Airmen of the Japan Air Self-Defense Force Air Rescue Wing, the U.S. Air National Guard’s 102nd Rescue Squadron, and the 130th Rescue Squadron came together for a cross-unit static display and capability exchange during exercise Resolute Force Pacific 2025 at Misawa Air Base, July 15.
Source: ASEAN
Secretary-General of ASEAN, Dr. Kao Kim Hourn, today visited the Headquarters of the Asian Infrastructure Investment Bank (AIIB) in Beijing, China, and was received by the President of AIIB, Jin Liqun. They exchanged views on areas of mutual interest and opportunities to strengthen cooperation between ASEAN and AIIB, particularly in advancing regional connectivity including on sustainable infrastructure, the ASEAN Power Grid, and the digital economy. SG Dr. Kao looked forward to the AIIB’s continued support for ASEAN and ASEAN Member States in achieving a resilient, innovative, dynamic, and people-centred ASEAN by 2045.
The post Secretary-General of ASEAN visits the AIIB Headquarters appeared first on ASEAN Main Portal.
Source: ASEAN
Secretary-General of ASEAN, Dr. Kao Kim Hourn, today visited the Headquarters of the Asian Infrastructure Investment Bank (AIIB) in Beijing, China, and was received by the President of AIIB, Jin Liqun. They exchanged views on areas of mutual interest and opportunities to strengthen cooperation between ASEAN and AIIB, particularly in advancing regional connectivity including on sustainable infrastructure, the ASEAN Power Grid, and the digital economy. SG Dr. Kao looked forward to the AIIB’s continued support for ASEAN and ASEAN Member States in achieving a resilient, innovative, dynamic, and people-centred ASEAN by 2045.
The post Secretary-General of ASEAN visits the AIIB Headquarters appeared first on ASEAN Main Portal.
Source: Murray Darling Basin Authority
JASON CLARE, MINISTER FOR EDUCATION: Thanks very much for coming along. Today’s a big day. Today, I’ll introduce two pieces of legislation. The first, to cut student debt by 20 per cent; and the second, to cut funding to childcare centres that aren’t up to scratch, that aren’t meeting the sort of minimum standards that parents need and that our children deserve.
The first piece of legislation to cut student debt by 20 per cent is something that we promised, I think, every day of the election campaign in every part of the country. It means cutting the debt of three million Australians. A lot of those are young Australians. Often young people don’t see themselves on the ballot paper when they go to vote, but a lot of young people did at this election, and they voted for it in their millions. The impact of this legislation is that for the average person with a student debt, they’ll see their debt cut by about $5,500. That’s a big deal. That’s a lot of weight off their back, and it will help a lot of young people that might be just out of uni, just out of home, just getting started.
The second piece of legislation that I’ll introduce is about giving the Commonwealth the powers that we need to be able to cut access to the child care subsidy for centres that aren’t up to scratch. I think the whole country has been sickened and shocked by the revelations that have come out of Victoria in the last few weeks, and a lot of work is needed to rebuild trust in a system that parents rely upon every single day – more than a million parents across the country – and this legislation is part of that. The biggest weapon that the Commonwealth has to wield here is the funding that we provide that enables child care centres to operate. It’s something like $16 billion a year, and that covers about 70 per cent of the cost of running the average child care centre. Child care centres can’t operate without it, and I think it’s fair, I think most mums and dads will think it’s fair, that if centres are repeatedly not meeting the sort of standards that we set for them, that we should have the power to be able to cut that funding off. This is not about shutting centres down. It’s about lifting standards up and giving us the powers to make that happen.
I might pass to Andrew to talk in a little bit of detail about the cut to student debt by 20 per cent, and then ask Jess to talk a little bit more about the legislation that we’ll introduce today to be able to cut funding to centres that aren’t up to scratch.
ANDREW GILES, MINISTER FOR SKILLS AND TRAINING: Thanks very much, Jason. From our very first day in office, the Albanese Labor Government has been committed to breaking down all of those barriers that have held back too many Australians from accessing education and training. And today, we take another really big step forward in that regard. I’m going to talk really to make two points about this. The first one is to recognise the significance, as Jason just laid out, of this first piece of legislation – a piece of legislation that we talked about constantly through the campaign, and indeed since the commitment was made some months before that. A commitment that really resonated with so many Australians, three million of whom will benefit from this cut. Real cost of living relief. Money back in the pockets of Australians who can do with that help and that message of reassurance. I want to say this, though – not only have we been listening to students in Australia, we’ve been listening to all of the students in tertiary education and apprentices too, because this is not just relief from HECS debt. It’s relief that will also support nearly 300,000 students with various VET loans. They will also benefit.
And that leads me to the second point I want to make here. There really is never a better time than now to think about pursuing a VET pathway. At the same time that we made this commitment that Jason will be introducing in the form of legislation today, we also made our commitment to make Free TAFE permanent. And that has been an extraordinary success in turning around the skills crisis and breaking down another barrier that’s held back too many Australians from accessing skills. As of today, more than 170,000 Free TAFE courses have been completed. More than 650,000 enrolments have taken place. This is making a huge difference alongside so many other incentives, like the one that’s just rolled out for 1 July encouraging more people to pick up the tools and become a housing tradie. There is more to be done of course, but all of these commitments demonstrate our determination to do everything possible to deliver cost of living relief today, and to create more pathways for more Australians to get the skills they want to do the jobs that we need. I’ll hand over Jess to talk about the second bill.
JESS WALSH, MINISTER FOR EARLY CHILDHOOD EDUCATION: Thanks very much, Andrew. Thanks very much, Jason. Well, every child deserves to be safe in early childhood education and care, and every parent deserves to know that their children are safe too. But it has been a really distressing time for children and their families as we see these revelations unfold in Victoria. It’s been distressing for parents. It’s been distressing for the vast majority of early childhood educators as well, who are just going into work every day to take the best care that they can of our nation’s children. We want to rebuild the confidence that our early learning centres are safe and that they do provide quality early education. And of course, the vast majority of our early learning services do that every single day. But there are some repeat offenders who continue to put profit ahead of child safety, and that’s what the legislation that we’re introducing today is targeted to deal with. We have a strong message for those providers who do put profit ahead of child safety, and that is that we want you to lift your game or to leave the sector.
Our focus is going to be on helping those providers to lift their game, and this legislation will give us the tools to do that. It will allow us to withdraw Commonwealth Child Care Subsidy from those providers who persistently and consistently let families down. It gives us a strong stick that we’re willing to use to drive standards in early childhood education to deliver the quality and the safety that parents deserve.
JOURNALIST: Minister Clare, the Minister has just spoken about this legislation being a stick to encourage providers to do the right thing. Are there any, what else is in this bill to actually help some of the providers to do more? I mean, some of the big providers have talked about needing more funds or assistance for training, for instance; for CCTV cameras and so forth. What else is in this bill beyond stick?
CLARE: Well, this legislation is about giving the Commonwealth the power to cut off funding, cut off the childcare subsidy funding to centres that aren’t meeting that minimum standard, that are repeatedly not meeting that minimum standard. Now these centres know the standard they have to set, now they know what the consequences will be if they don’t meet it. The legislation also gives more power to the authorised officers in our department to be able to do spot checks of centres, particularly in the area of fraud. This is another area that is very serious that we’ve been working on, that I’ve been working on now for three years. The Government’s provided about an extra $220 million for fraud investigation of early education and care. It’s helped to claw back more than $300 million for the Australian taxpayer. This gives more power to our officers to be able to do spot checks without a warrant or without the AFP on board, but they will also be able to, if they spot safety concerns, pass that on to state regulators as well.
Now, Josh, you make the point that this isn’t the only thing we need to do, and that is absolutely right. When education ministers meet next month, we’ll be talking about some of the things you just mentioned. A national educator register so that we can track workers from centre to centre and from state to state. I think the revelations in Victoria over the course of the last few weeks tell us exactly why this is so important. CCTV and the role that it can potentially play in deterring a bad person from doing heinous things and also helping police with their investigations, but also the sort of training, mandatory child safety training, that already exists in the courses but doesn’t exist in the classroom, doesn’t exist in centres, that can play a crucial role in helping to make sure that the 99.9 per cent of people who are good and honest and hardworking and care for and love our kids and educate our kids every day, the people who are aghast at what they’re reading in the newspapers and are angry that their profession is in the media for the wrong reasons, have the skills they need to spot a bad person before they act. To have the skills that they need to spot somebody who might be looking to do something terrible to children or to distract them from stepping in and stopping it from happening. So whether it’s the register, whether it’s training, or whether it’s CCTV or a bunch of other things that will come out, I’m sure of the rapid review in Victoria and the work that’s being done in New South Wales, all of that is on the table when education ministers meet next month.
The other thing I should mention here for the sake of completeness is the Attorney-General will also meet with AGs across the country next month to look at the reforms that are needed that are long overdue to working with children checks.
JOURNALIST: How many breaches of the minimum standards would take you to strip the childcare centre of its funding? What’s the threshold in the legislation?
CLARE: State regulators can shut a centre down right now if they think there’s a real and imminent threat to childcare safety. So they can do that today. What this legislation gives us the power to do is to shut a centre down if we think they’re below the minimum standard and they’re not likely to get there or they’re not intending to get there. So we can issue a show cause notice and say you’ve got 28 days, give us a good explanation about why you’re not there or we will cut your funding. Alternatively, we might set some conditions on the centre and say you’ve got a period of time to reach that standard, to meet the requirements that the state regulator has told you to reach, potentially to employ a child safety expert in the centre to help you reach them. And as I said, I want centres to get to those standards. We don’t want to have to shut centres down. But also we want to make sure that parents know that if a centre has a show cause notice given to it, or it’s got conditions that are imposed upon it, that mums and dads at that centre deserve to know that we’ve done that and to be able to make a decision about where they want to send their kids.
JOURNALIST: You just said that state and territory governments already have the power to shut down centres. What difference is this going to make now that the Commonwealth has that power as well?
CLARE: Well, they have that power and they use it. This is an additional power to make sure that the centres, and there are a number of them that are not at that minimum standard, take the action that they need to take to lift their standards to the sort of standards that we set as a nation, that parents expect and that our children deserve.
JOURNALIST: So do you think that state and territory governments haven’t been doing enough of that kind of putting that pressure and threatening to shut places down, or shutting places down, if you feel like the Commonwealth needs to step into this?
CLARE: Well, states do that work now. They tell centres about the standards they expect them to meet, and sometimes centres don’t meet them, and the problem remains unfixed. This gives us the power to step in there where centres are just either deliberately or for whatever reason not meeting those sorts of standards. The bottom line, though, is we all need to do more here. States need to do more. The Commonwealth needs to do more. Centres need to do more as well.
JOURNALIST: Minister, just on HECS, obviously this is a one-off cut, but what about future students? Is it not unfair to only have this one line in the sand and cut it by 20 per cent? What about the students of the future?
CLARE: Look, I think there’s a lot of work to do to make our education system better and fairer. And there’s a lot of work to do to make our higher education system better and fairer. The fact is today about 50 per cent of young people have a uni degree, but not everywhere. Not where I grew up, not in the outer suburbs of our big cities, not in regional Australia, not amongst kids from poor and disadvantaged backgrounds. And I want to fix that. That’s what the Universities Accord is all about, and we’ve already taken steps to implement some of that report –
JOURNALIST: Does that –
CLARE: Hang on a second. Part of that’s Paid Prac that rolls out this month – financial support for the first time for teaching students and nursing students and midwifery and social work students while they do the practical part of their university degree. Part of it is also uncapping funding for the fee-free university bridging courses that help make sure that people that have finished high school, or maybe they haven’t finished high school and aren’t ready for a uni degree, are ready for it. Part of it is also changing the way that we fund universities. Over the course of the last 12 months or so, I’ve struck agreements with every state and territory to fix the funding of public schools, what David Gonski called for more than a decade ago. Now, what we’ll do next year is change the funding of universities, so it’s needs-based as well, and the funding follows the student. And so more funding flows to students from disadvantaged backgrounds and students from regional Australia, because we know that there is not just fewer young people from disadvantaged backgrounds starting a degree but fewer finishing a degree.
It also means, and I’m sorry for the long answer, but this is a comprehensive piece of work, building and operating more university Hubs in our outer suburbs, in our regions. When I was a kid growing up, there were a lot of Macca’s logos and a lot of Westfield logos in Western Sydney, not a lot of uni logos. Uni felt like it was someplace else for somewhere else. And a lot of my mates just either dropped out of school or finished school, never thought of uni because they thought it wasn’t for them. I want to change that too. And that’s what those Hubs are about. But this Accord is big. It’s the work of multiple governments and multiple ministers. That’s why we’ve set up the Australian Tertiary Education Commission to act as a steward to drive long-term reform here. And there is more work to do. This is just the start.
JOURNALIST: If I can just follow up on that. Does that mean some of those changes involve potentially cutting student fees into the future?
CLARE: Well, the ATEC’s job is to look at all of that. Not just that, but all of that.
JOURNALIST: Can I go back to child care? I’m obviously very mindful you’re introducing this legislation today and the national database, it does require sort of corralling the states and territories. It’s a tricky job. Can you wait for this much longer, for this meeting to happen in the middle of August or later in August for a three-year period? And then can I ask as well, what’s the timeline for fresh year is setting up the database? This would take some time, would it not?
CLARE: Josh, the truth is this should have happened yesterday. And this can’t happen fast enough. And states are already taking steps to expand their existing teacher registers. Victoria is a good example of that, and they’ll have that stood up by the end of August. So where states do that, that’s good, but we need to join it up, because to make the system work the way it needs to work, we need to be able to track people not just from centre to centre, but from state to state. And if you want evidence of why that’s important, have a look at the Ashley Griffith case in Queensland from a couple of years ago.
JOURNALIST: If I may, this is on another issue –
CLARE: Yep, and then we’ll bounce back.
JOURNALIST: When are we looking to see the Government’s 2035 emissions target, and can we expect a more ambitious target?
CLARE: Oh, look, I’ll ask you to talk to Chris Bowen about that. I’m pretty busy today on some pretty important things.
JOURNALIST: Just back on the future student stuff, the cost of an arts or humanities degree has almost doubled under the last government. Is that something you’re looking to change this term?
CLARE: Really, it’s the same answer that I gave just a moment ago about the role of the ATEC.
JOURNALIST: Could I just follow you up on one of the questions you asked a minute ago? What’s the timeline for setting up a register like this with the national database for the childcare workers? I mean, and I believe there was a Child Safety Authority report in 2013 that said investigations into –
CLARE: 2023, I think, Josh?
JOURNALIST: Maybe 2023. The problem is investigations into sexual assaults that were unsubstantiated, whether they would be included in a data set?
CLARE: Two separate questions. We want to stand this up as quickly as possible, and I mentioned in my previous answer the work that states are doing, but ACECQA, the National Independent Authority, is doing that work about what the elements of the register need to involve, and that will be presented to ministers when we meet in August. On that second question, that’s something that attorneys will be looking at as part of the working with children checks.
JOURNALIST: Is it time for a national watchdog in this space?
CLARE: Well, one of the things that the Productivity Commission recommended when they provided us with a blueprint for reform of early education and care, and I touched on the Accord, which is the equivalent for higher education, is a national early education and care commission. And I’ve got an open mind about that. I’ve said that in the media last week. What that report said is we’ve got to do a number of things to build a better, a fairer and a safer early education and care system. One of those, the first of those, is to pay workers more. When you pay people more, more people want to and we’re seeing the evidence of that this year. That 15 per cent pay rise has meant that we’re now seeing more people come back to the sector and building a permanent workforce. Our kids will be safer if the workers are permanent, that they’re not moving in and out of centres all the time. So that pay rise is already reaping dividends for parents and for our children. It also recommended that we remove the activity test so kids from disadvantaged backgrounds don’t miss out on the value of early education and care. And it’s recommended a commission like this. In its report, it didn’t say that this would have a role in safety, but that doesn’t mean that it can’t. And this is something that we will look at in the future.
JOURNALIST: It was already hard to get child care workers in Australia. I know that there’s been a pay rise since then. Are you concerned that people aren’t going to be choosing child care careers following the really heinous allegations that have come out?
CLARE: I might ask Jess to comment on this as well because I know how dear this is to your heart. We want people to do this job. There aren’t many jobs in this country more important. They’re vested with the trust of our most precious things, our children. The little ones that walk through the door or are carried through the door of centres every single day. And that pay rise is doing what we really wanted it to do last year. We’re seeing the number of people applying to be an early education and care worker jump by, what is it, Jess, more than 20 per cent. The number of vacancies drop by about the same amount as well. That tells us if you pay people more, people want to do the job. And I do worry that these people who do this incredibly important job, one of them is my cousin, she’s worked in this sector for 35 years. I remember when my little guy first went into care, I said, ‘how do I pick a good centre?’ And she said, ‘go to the place where the people have been working there forever, where they don’t want to leave.’ That’s a great centre, but it’s also a safe centre. And if we want that to be everywhere, you’ve got to pay people better. A lot of people have been leaving to go and work at Bunnings and Woolies just because you could earn more. And so that’s why that pay rise is important and that’s why rebuilding trust and faith in in this service, in this system, is so important.
WALSH: Thanks, Jason. Well, I think when Jason’s answered a question, there’s not much left to say. But I’ve been going out to early childhood education centres for the past few weeks and talking to educators as they grapple with this. And they are absolutely devastated and distressed by these allegations. But it’s not making them want to leave the sector. It’s making them determined to stay. These are the people who want to provide quality early childhood education. That is what they are there for. That is what they are going into work to do every single day. We do want to see more dedicated, committed early childhood educators in the sector. And that is exactly what is happening with the pay rise, a historic pay rise of 15 per cent that educators themselves advocated for years and years. The previous government didn’t take action on that front. It meant that early childhood educators were undervalued. It meant that in our first term of office the workforce was really in crisis. People were leaving the jobs that they love because they weren’t earning enough and love just doesn’t pay the bills. So what we’re seeing with this pay rise is people coming back to the sector. We’re seeing people stay in the sector and we’re seeing them able to provide that really high quality care that children deserve and that they want to provide. And again, that continuity in an early learning centre with educators is the absolute key to quality and safety. When educators know each other, when they know the children, when they know the families, that’s when we get quality, safe, early childhood education. This historic 15 per cent pay rise has been a game changer for that.
CLARE: Thanks very much everybody.
Source: United States INDO PACIFIC COMMAND
CLARK AIR BASE, Philippines — U.S. Pacific Air Forces and Philippine Air Force members participated in Cope Thunder 25-2, a bilateral training conducted across multiple locations in the Philippines. The exercise aimed to strengthen partnerships and support the Philippine Air Force’s modernization efforts, promoting regional and global stability.
Source: United States INDO PACIFIC COMMAND
ANDERSEN AIR FORCE BASE, Guam — 36th Wing Airmen and service members from every branch of the U.S. military marched, celebrated, and commemorated Guam’s 81st Liberation Day with the local community in the capital city of Hagatna, Guam, July 21, 2025.
Source: People’s Republic of China – State Council News
Recent initiatives from the central government have boosted market liquidity. Upgrades to the Bond Connect, enhancements to the Cross-boundary Wealth Management Connect Scheme, and facilitative payment arrangements for Hong Kong and Macao residents purchasing properties in the Chinese mainland cities of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), have contributed to this positive momentum.
The China Securities Regulatory Commission’s efforts to optimize the Shanghai-Hong Kong and Shenzhen-Hong Kong stock connects further reinforce Hong Kong’s status as an international financial hub.
Economist Leung Hoi Ming notes that China’s position as the world’s second-largest economy is expected to contribute about 21 percent of global GDP growth, providing solid support for Hong Kong stocks.
Hong Kong consistently ranks as the world’s freest economy, third among global financial centers, and maintains top positions in investment climate, international trade, commercial regulations, and air cargo.
The Hong Kong Special Administrative Region (HKSAR) government’s moves to streamline market listing procedures have helped boost initial public offerings (IPOs) by 30 percent year on year to 52 cases by mid-July. Total funds raised soared 590 percent to 124 billion Hong Kong dollars (15.8 billion U.S. dollars), making Hong Kong the biggest IPO market worldwide, HKSAR Chief Executive John Lee said in a social media post on Monday.
The unique valuation advantage of Hong Kong stocks continues to attract both international and Chinese mainland investments. Recent data indicates a significant influx of southbound funds, reflecting renewed confidence among Chinese mainland investors.
Carlson Tong, chairman of Hong Kong Exchanges and Clearing Limited (HKEX), mentioned that Chinese mainland companies currently listed in Hong Kong account for 81 percent of the total market value.
The ongoing strength of Hong Kong stocks positively impacts both local and Chinese mainland capital markets, enhancing investor confidence and liquidity. Kevin Liu, chief offshore China and Overseas strategist at China International Capital Corporation, highlighted that active liquidity in the Hong Kong stock market is evident in an average daily trading volume of 240.6 billion Hong Kong dollars, showing a notable increase compared to the average daily trading volume in 2024, setting a historical high.
Improved financing conditions are encouraging companies to list and refinance, particularly in high-growth sectors like technology and innovation. Since early 2025, driven by sectors such as AI, new consumption, and innovative pharmaceuticals, Hong Kong’s market has even outperformed its global counterparts at times, said Liu.
As the stock market rises, global interest in China’s economy increases, promoting a virtuous circle of capital market openness and high-quality economic development, experts say.
Leung believes that the stock market’s rise reflects positive expectations regarding the fundamentals of the economy of the Chinese mainland, attracting more attention and investment from global capital. This influx brings more mature investment concepts and resources into the capital market, further optimizing its structure, he added.
Meanwhile, experts emphasize the need for continued market optimization to attract long-term investment, noting that encouraging more quality companies to list in Hong Kong will deepen and stabilize the market, enhancing its appeal as a global capital platform.
The HKSAR government will continue to improve the listing regime and boost market liquidity to attract more high-quality global companies to list in Hong Kong, Lee pledged earlier.
Source: GlobeNewswire (MIL-OSI)
WELLINGTON, New Zealand, July 22, 2025 (GLOBE NEWSWIRE) — In the ever-changing world of decentralized finance (DeFi), staking has emerged as a cornerstone for crypto enthusiasts seeking passive income. Yet, the untapped liquidity of staked assets remains a persistent challenge for users. Arclaim, a next-generation DeFi platform, introduces a fresh perspective by transforming the staking experience through smart contract innovation, making crypto assets more dynamic, accessible, and profitable.
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This seamless integration of technology and user-centric design positions Arclaim as a leader in decentralized staking.
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The DeFi ecosystem has seen rapid growth, but liquidity challenges and technical barriers continue to limit access for many users. Arclaim addresses these issues by bridging the gap between innovation and accessibility. Key benefits include:
Who Will Benefit from Arclaim?
Arclaim is designed for anyone looking to optimize their crypto assets—whether you’re a beginner exploring DeFi for the first time or an experienced investor seeking more advanced strategies. With its low entry barrier, the platform democratizes staking, offering opportunities for users of all levels to participate in high-yield financial activities without requiring deep technical knowledge.
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Headquartered in Wellington, New Zealand, Arclaim Finance is a trailblazer in the DeFi space, dedicated to optimizing the liquidity and earning potential of crypto assets. By combining cutting-edge smart contract technology with a user-focused design, Arclaim is revolutionizing the staking experience for a global audience.
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Media Contact:
Josh Smith
Arclaim Finance
Email: support@arclaim.com
Disclaimer: This press release is provided by Arclaim Finance. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.
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Translation. Region: Russian Federal
Source: Novosibirsk State University –
An important disclaimer is at the bottom of this article.
On Monday, July 21, Deputy Prime Minister of the Russian Federation – Chief of the Government Staff Dmitry Grigorenko visited the Novosibirsk Region on a working visit. One of the items on the agenda was a visit to Novosibirsk State University, where guests were presented with developments of the Center for Artificial Intelligence (CAI) and the Advanced Engineering School (AES) of NSU.
During the meeting, the rector of NSU, academician of the Russian Academy of Sciences Mikhail Fedoruk, introduced the vice-premier to the history of the university, told him what is special about NSU, what it is now and what are the plans for the near future. He noted the special role of the university as a center of attraction for innovations and its contribution to the development of Akademgorodok, Novosibirsk and the country as a whole. Mikhail Fedoruk also emphasized that all the main strategic technological projects that the university is implementing within the framework of the Priority 2030 program are somehow related to new technologies and artificial intelligence.
The AI Center employees, in turn, presented a number of projects that are at various stages of readiness. In partnership with Rostelecom, a whole line of video detectors is being developed that monitor various situations that require the intervention of emergency and city services.
Currently, about two dozen such detectors have been created, some of which have already been installed for testing in real conditions at the university campus facilities. In the future, the developers want to move on to creating detectors capable of tracking several specified signs or threats at once in order to optimize the operation of video surveillance systems.
A prototype of an autonomous intelligent assistant for visually impaired and blind patients was also presented, operating on the basis of using large language models and artificial intelligence technologies. This is a joint development with another industrial partner of the AI Center – the Novosibirsk branch of the Federal State Autonomous Institution “NMITs “MNTK “Microsurgery of the Eye” named after Academician S.N. Fedorov” of the Ministry of Health of the Russian Federation.
— The principle of operation of this system is simple: a video camera will “see” instead of a person, the information from which will be sent to a portable computer, which will convert it into text. Then the text description is converted by a voice assistant and sent through headphones directly to the patient, — explained the head of the project at the NSU Center for Information Technologies Alexey Okunev.
Another area of work is related to monitoring atmospheric and noise pollution in municipalities. Here, the partner of the NSU Center for Informatics and Information Technologies is the Novosibirsk company CityAir, which specializes in the production and maintenance of networks and services for monitoring the quality of atmospheric air. Together with the university, the company intends to more widely implement artificial intelligence technologies in its work, thereby increasing the capabilities of the supplied equipment.
The NSU Advanced Engineering School has presented a “digital core” project for oil companies. NSU is the lead organization of a consortium that won a grant of 210 million rubles to develop digital core methods, an innovative tool that will help the Russian oil industry improve the efficiency of extracting hard-to-recover oil and gas reserves. The research will be conducted using the latest synchrotron, the Siberian Ring Photon Source (SKIF), located in the science city of Koltsovo.
— The subject of digital core combines the most advanced methods of mathematical modeling, experimental research techniques and data processing. The unique capabilities of synchrotron radiation will allow us to close these areas, making it possible to instrumentally track the impact of various methods of increasing oil recovery on rock and choose the most optimal scenarios for developing hard-to-recover oil and gas reserves, — commented Sergey Golovin, Director of the Advanced Engineering School of NSU, Professor of the Russian Academy of Sciences.
Dmitry Grigorenko highly praised the developments presented to him, while emphasizing that any remarkable results should not remain “a thing in itself,” and it is necessary to move on to their implementation in the real sector of the country’s economy as quickly as possible.
— Such visits by representatives of the country’s leadership are very important for us. We get the opportunity to tell the top officials of the state about the results of our work, to understand from their reaction how relevant our developments are and, in case of a positive assessment, to receive support in implementation, which today is one of the most difficult barriers for most developers, — commented on the results of the visit the director of the NSU Center for Information Technologies Alexander Lyulko.
Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.
.
Source: GlobeNewswire (MIL-OSI)
VANCOUVER, British Columbia, July 22, 2025 (GLOBE NEWSWIRE) — DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB: DMGGF) (FRANKFURT: 6AX) (“DMG” or the “Company”), a vertically integrated blockchain and data center technology company, today announces that it has engaged a consultant to assess and help implement institutional-grade treasury management within the regulated custody platform operated by its wholly owned subsidiary, Systemic Trust Company (“STC”). This platform would serve both DMG and STC’s clients by offering custody services. DMG is also assessing additional capabilities intended to further enhance treasury value.
Digital asset treasuries have recently gained prominence for their ability to generate net asset value (NAV) premiums through active management, in contrast to exchange-traded funds (ETFs), which typically trade in line with the value of their underlying assets. DMG’s digital asset portfolio is currently composed solely of bitcoin, although the Company is considering the inclusion of other digital assets. To support the platform, DMG may utilize its existing bitcoin, add its proceeds from Bitcoin mining and/or raise capital to expand its treasury. As of the date of this press release, DMG is ranked #54 among Top Public Bitcoin Treasury Companies on BitcoinTreasuries.net.
DMG’s CEO, Sheldon Bennett, commented, “Investors are moving beyond ETFs and HODLing. They want strategies that actively build digital asset value. At DMG, we control the entire stack – secure computing infrastructure, Bitcoin mining operations and our regulated custody platform. This integration delivers a solution that few can match. By leveraging our end-to-end platform, we can facilitate the creation and expansion of digital asset portfolios for ourselves and our clients.”
About Systemic Trust Company Ltd.
Systemic Trust is fully regulated under the Alberta Loans and Trust Corporations Act, ensuring client digital assets are managed with the highest standards of compliance and security. Systemic Trust combines regulatory compliance, cutting-edge technology and robust insurance coverage to deliver the ultimate digital asset custody experience.
About DMG Blockchain Solutions Inc.
DMG is a publicly traded and vertically integrated blockchain and data center technology company that manages, operates and develops end-to-end digital solutions to monetize the digital asset and artificial intelligence compute ecosystems. Systemic Trust Company, a wholly owned subsidiary of DMG, is an integral component of DMG’s carbon-neutral Bitcoin ecosystem, which enables financial institutions to move Bitcoin in a sustainable and regulatory-compliant manner.
For additional information about DMG Blockchain Solutions and its initiatives, please visit www.dmgblockchain.com. Follow @dmgblockchain on X, LinkedIn and Facebook, and subscribe to the DMG YouTube channel to stay updated with the latest developments and insights.
For further information, please contact:
On behalf of the Board of Directors,
Sheldon Bennett, CEO & Director
Tel: +1 (778) 300-5406
Email: investors@dmgblockchain.com
Web: www.dmgblockchain.com
For Investor Relations:
investors@dmgblockchain.com
For Media Inquiries:
Chantelle Borrelli
Head of Communications
chantelle@dmgblockchain.com
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking information or statements based on current expectations. Forward-looking statements contained in this news release include statements regarding DMG’s strategies and plans, assessing and implementing institutional-grade treasury management features within the regulated custody platform operated by its wholly owned subsidiary, Systemic Trust Company, the consideration of the inclusion of other digital assets in treasury management, securing new clients for the Systemic Trust digital asset custody subsidiary, the opportunity and plans to monetize bitcoin transactions and provide additional products and services to customers and users, the continued investment in Bitcoin network software infrastructure and applications, the expected allocation of capital, developing and executing on the Company’s products and services, increasing self-mining, increasing hashrate, efforts to improve the operation of its mining fleet, the launch of products and services, events, courses of action, and the potential of the Company’s technology and operations, among others, are all forward-looking information.
Future changes in the Bitcoin network-wide mining difficulty rate or Bitcoin hashrate may materially affect the future performance of DMG’s production of bitcoin, and future operating results could also be materially affected by the price of bitcoin and an increase in hashrate mining difficulty.
Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, market and other conditions, volatility in the trading price of the common shares of the Company, business, economic and capital market conditions; the ability to manage operating expenses, which may adversely affect the Company’s financial condition; the ability to remain competitive as other better financed competitors develop and release competitive products; regulatory uncertainties; access to equipment; market conditions and the demand and pricing for products; the demand and pricing of bitcoin; the demand and pricing of AI data centers and usage; security threats, including a loss/theft of DMG’s bitcoin; DMG’s relationships with its customers, distributors and business partners; the inability to add more power to DMG’s facilities; DMG’s ability to successfully define, design and release new products in a timely manner that meet customers’ needs; the ability to attract, retain and motivate qualified personnel; competition in the industry; the impact of technology changes on the products and industry; failure to develop new and innovative products; the ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect the business; the ability to manage working capital; and the dependence on key personnel. DMG may not actually achieve its plans, projections, or expectations. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, the ability to successfully develop software, that there will be no regulation or law that will prevent the Company from operating its business, anticipated costs, the ability to secure sufficient capital to complete its business plans, the ability to achieve goals and the price of bitcoin. Given these risks, uncertainties, and assumptions, you should not place undue reliance on these forward-looking statements. The securities of DMG are considered highly speculative due to the nature of DMG’s business. For further information concerning these and other risks and uncertainties, refer to the Company’s filings on www.sedarplus.ca. In addition, DMG’s past financial performance may not be a reliable indicator of future performance.
Factors that could cause actual results to differ materially from those in forward-looking statements include, failure to obtain regulatory approval, the continued availability of capital and financing, equipment and/or infrastructure failures, lack of supply of equipment, power and infrastructure, failure to obtain any permits required to operate the business, the impact of technology changes on the industry, the impact of viruses and diseases on the Company’s ability to operate, secure equipment, and hire personnel, competition, security threats including stolen bitcoin from DMG or its customers, consumer sentiment towards DMG’s products, services and blockchain and AI technology generally, failure to develop new and innovative products, litigation, adverse weather or climate events, increase in operating costs, increase in equipment and labor costs, equipment failures, decrease in the price of Bitcoin, failure of counterparties to perform their contractual obligations, government regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of or statements made by third parties in respect of the matters discussed above.
Source: United States House of Representatives – Representative Hank Johnson (GA-04)
Source: United States House of Representatives – Congresswoman Eleanor Holmes Norton (District of Columbia)
WASHINGTON, D.C. – The House Committee on Appropriations today released the text of its fiscal year 2026 (FY 26) Financial Services and General Government (FSSG) Appropriations bill, which Norton said includes an outrageous number of anti-home rule riders. Republicans try to attach the riders to the annual D.C. spending bill to exert control over local D.C. matters, despite their positions as federal officials who do not represent D.C. residents. Significantly, the bill would halve funding for DCTAG, a program established by a 1999 Norton bill. DCTAG makes up the difference for D.C. residents between in-state and out-of-state tuition up to $10,000 at public institutions of higher education in the U.S.
“I am outraged at the number and scope of anti-D.C. home rule riders in the bill released today,” Norton said. “In my long career representing D.C. residents in Congress, I have rarely seen a bill as unreasonable and patronizing to the more than 700,000 people who live in the nation’s capital as this one. I will use every tool at my disposal to stop these riders from becoming law, and I commit to reminding my fellow lawmakers across the aisle that D.C. residents deserve the same consideration as their own constituents at every opportunity.”
The text released today:
Among the anti-home rule riders are several victories secured by Norton, despite Republican control of the House.
“Even among the long list of anti-home rule riders in the bill text released today, there are a number of victories for residents of the nation’s capital,” Norton said. “I was pleased to secure these wins for the District, including increasing the DCTAG yearly cap from $10,000 to $15,000 and lifetime award cap from $50,000 to $75,000, a change I have requested for years. Even in the face of funding for the overall program being cut by half, these increases are a positive for D.C. residents who are recipients of the program. I will continue to work to secure full funding for DCTAG.”
The bill also maintains the provision to exempt the D.C. government from a federal government shutdown in FY 2026, a provision she has gotten enacted every year since FY 2015. It also approves D.C. to spend under its FY 26 local budget.
Norton also secured the following victories in the bill:
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Source: United States House of Representatives – Congresswoman Eleanor Holmes Norton (District of Columbia)
WASHINGTON, D.C. – The House Committee on Appropriations marked up and passed the fiscal year 2026 (FY 26) Financial Services and General Government (FSSG) Appropriations bill tonight, which Norton said includes an outrageous and irresponsible number of anti-home rule riders. Republicans try to attach the riders to the annual D.C. spending bill to exert control over local D.C. matters, despite their positions as federal officials who do not represent D.C. residents. Significantly, the bill would halve funding for DCTAG, a program established by a 1999 Norton bill. DCTAG makes up the difference for D.C. residents between in-state and out-of-state tuition up to $10,000 at public institutions of higher education in the U.S.
“It is unsurprising that at a time when there are more frequent Republican attacks on D.C. home rule than any time since the 1990s, the D.C. appropriations bill reported out of a Republican-controlled subcommittee contains numerous and extensive riders that would overrule the expressed will of D.C. residents,” Norton said. “I am particularly appalled by the 50% cut in funding for DCTAG, a program created in 1999 by a bill I authored that simply helps pay for students who are D.C. residents to attend college.
“I will use every tool at my disposal to stop these riders from becoming law, and I commit to reminding my fellow lawmakers across the aisle that D.C. residents deserve consideration equal to that given to as their own constituents.”
As reported out of the subcommittee today, the bill:
Despite Republican control of the House, Norton secured several key victories for D.C., including the first increase in the annual and lifetime award caps for DCTAG recipients since the program was created in 1999.
“I was pleased the bill that passed out of subcommittee tonight maintained several wins I secured for D.C., including increasing the DCTAG yearly cap from $10,000 to $15,000 and lifetime award cap from $50,000 to $75,000, a change I have requested for many years. Even in the face of funding for the overall program being cut by half, these increases are a positive for DCTAG recipients. I will continue to work to secure full funding for DCTAG.”
The bill also maintains the provision to exempt the D.C. government from a federal government shutdown in FY 2027, a provision Norton has gotten enacted every year since FY 2015. It also approves D.C. to spend under its FY 26 local budget.
Norton secured the following victories in the bill:
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Source: United States House of Representatives – Congressman Chris Pappas (D-NH)
Today Congressman Chris Pappas (NH-01), Ranking Member of the Economic Opportunity (EO) Subcommittee of the House Veterans’ Affairs Committee (HVAC), joined Congressman Greg Landsman (OH-01), Congressman Derrick Van Orden (WI-03), Congresswoman Terri Sewell (AL-07), Congressman Jack Bergman (MI-01), and Congressman Abraham Hamadeh (AZ-08) in introducing the NOPAIN for Veterans Act, bipartisan legislation to increase veterans’ access to non-opioid pain medications.
“Veterans served and sacrificed for our country, and they shouldn’t face barriers to accessing the medications and treatments they need and prefer. Making non-opioid pain management more affordable and accessible to veterans is common sense for their health and for preventing addiction,” said Congressman Pappas. “This bipartisan legislation will close the gap on VA’s non-opioid drug coverage to help our veterans stay safe and healthy.”
The opioid epidemic has impacted nearly every demographic in the United States. In response, Congress passed the Non-Opioids Prevent Addiction in the Nation (NOPAIN) Act in 2022 so seniors on Medicare have access to and never pay more for non-opioid pain management medications.
To ensure veterans have the same access, the NOPAIN for Veterans Act would reform the way the Department of Veterans Affairs (VA) offers and covers non-opioid pain management drugs. The legislation would require VA to furnish and cover non-opioid pain management drugs under VA pharmacy benefits if those drugs are covered by Medicare.
“Our veterans deserve the very best care, which includes access to safer options for managing pain,” said Congressman Landsman. “Our bipartisan bill is a commonsense step to make non-opioid treatments more affordable and available to those who’ve served our country, and a way to prevent addiction before it starts. We can protect our veteran’s health and keep pushing forward in the fight to end the opioid epidemic.”
“I thank the VA for taking the issue of opioid administration mismanagement seriously and the great strides they have made over the years to improve care for our vets,” said Congressman Van Orden. “Veterans must have access to comprehensive medical treatment plans, and the NOPAIN for Veterans Act will provide pain management alternatives that are safer, more effective, and promote long-term recovery.”
“As a police chief in Southwestern Ohio, we are on the front lines of the opioid addiction epidemic. As a veteran myself, I know that veterans face additional risks for developing a substance use disorder and prevention is critical for these individuals. This bill will go a long way towards preventing addiction in our veteran community,” said Tom Synan, Board Member of Voices for Non-Opioid Choices:
The full text of the NOPAIN for Veterans Act can be found here.
Source: US Congressman Gabe Amo (Rhode Island 1st District)
WASHINGTON, DC – Friday, Congressman Gabe Amo (D-RI), Congressman Mark Pocan (D-WI), Congressman Raja Krishnamoorthi (D-IL) led a letter with 49 of their colleagues to Secretary of State Marco Rubio opposing his decision to withhold nearly 500 metric tons of emergency food aid and instead incinerate those supplies once they expire.
“As you know, these rations were designed to nourish vulnerable children in conflict-affected regions such as Afghanistan and Pakistan,” the Members wrote. “This action is not only morally indefensible, but also wasteful, strategically shortsighted, and completely counter to the entirety of your work while in the Senate.”
“We understand that instead of delivering this emergency assistance to malnourished children as originally intended, the State Department will destroy the biscuits at an additional cost to the taxpayer of $130,000,” the Members continued. “According to reporting in the Atlantic, USAID employees and inventory data say this food could have fed 1.5 million children for a week. Given the alarming rates of food insecurity and famine in regions like Gaza and Sudan, the decision to burn lifesaving aid produced by American farmers and paid for by American tax dollars amounts to a tragic abdication of our global humanitarian responsibilities and hurts our own global interests.”
“The United States has long led the world in humanitarian assistance, not only as a matter of compassion but also as a cornerstone of global stability and diplomacy,” the Members concluded. “Destroying aid that could save lives undermines that legacy and damages our standing in the international community. We urge you to immediately prioritize the distribution of all remaining and viable food assistance stockpiles. American leadership demands nothing less.”
A full copy of the letter can be found here.
The list of signers includes Representatives Gabe Amo (D-RI), Mark Pocan (D-WI), Raja Krishnamoorthi (D-IL), Nannete Barragán (D-CA), Donald Beyer (D-VA), Suzanne Bonamici (D-WA), Julia Brownley (D-CA), Shontel Brown (D-OH), André Carson (D-IN), Greg Casar (D-TX), Ed Case (D-HI), Joaquin Castro (D-TX), Steve Cohen (D-TN), Jason Crow (D-CO), Danny Davis (D-IL), Diana DeGette (D-CO), Lloyd Doggett (D-TX), Dwight Evans (D-PA), Valerie Foushee (D-NC), Laura Friedman (D-CA), John Garamendi (D-CA), Jonathan Jackson (D-IL), Pramila Jayapal (D-WA), Julie Johnson (D-TX), Marcy Kaptur (D-OH), Ro Khanna (D-CA), George Latimer (D-NY), Seth Magaziner (D-RI), Lucy McBath (D-GA), Sarah McBride (D-DE), Betty McCollum (D-MN), Gwen Moore (D-WI), Seth Moulton (D-MA), Jerrold Nadler (D-NY), Eleanor Holmes Norton (D-DC), Ilhan Omar (D-MN), Scott Peters (D-CA), Brittany Pettersen (D-CO), Delia Ramirez (D-IL), Jamie Raskin (D-MD), Mary Gay Scanlon (D-PA), Janice Schakowsky (D-IL), Lateefah Simon (D-CA), Eric Sorensen (D-IL), Suhas Subramanyam (D-VA), Mark Takano (D-CA), Mike Thompson (D-CA), Rashida Tlaib (D-MI), Nydia Velázquez (D-NY), Eugene Vindman (D-VA), and Nikema Williams (D-GA).
###
Source: United States House of Representatives – Congressman Pete Stauber (MN-08)
WASHINGTON, D.C. – Today, Congressman Pete Stauber (MN-08) voted to pass the Recissions Act of 2025, legislation that will claw back $9 billion in wasteful federal spending. This first rescissions package includes necessary cuts to USAID, National Public Radio (NPR), and Public Broadcasting Service (PBS).
Of his vote, Congressman Stauber stated, “Today, I was proud to take an essential step to rein in federal spending and save taxpayer dollars. The bulk of this $9 billion package targets wasteful foreign spending identified by the Department of Government Efficiency. The American people should not be paying $1 million for voter ID in Haiti, $6 million for Net Zero Cities in Mexico, $3 million for Iraqi Sesame Street, $4 million for sedentary migrants in Columbia, or $135 million to the World Health Organization- which lied about the origins of COVID. And there are so many other egregious examples.
“Regarding the public broadcasting cuts included in this package, I also do not believe Americans should be forced to fund opinion journalism masquerading as unbiased news coverage. A recent survey found that 100% of NPR’s 87-person editorial board in DC are registered Democrats with zero Republicans. This has led to many concerning headlines, including one claiming there is no evidence that biological men have an unfair advantage over biological women in sports. And even worse, PBS has pushed gender-affirming care for children on its airwaves.
“While many on the left will falsely claim that these cuts will restrict access to information, remember that 96% of Americans report using the internet regularly, providing far more access to the news than ever before.
“The passage of this package through Congress is a win for commonsense and it wouldn’t have been possible without the leadership of President Trump. Our nation is currently $36 trillion in debt, so I am excited to keep the momentum going by voting for more rescission packages down the road.”
BACKGROUND:
Under the Impoundment Control Act (ICA), the Administration may transmit a request to Congress to rescind previously appropriated funds through a rescissions package.
###
Source: United States House of Representatives – Congressman Michael McCaul (10th District of Texas)
WASHINGTON – U.S. Congressman Michael McCaul (R-Texas) — chairman emeritus of the House Foreign Affairs Committee — voted for the fiscal year 2026 Defense appropriations bill.
“After four years of President Biden’s weak leadership that fueled global chaos, the Trump administration has worked swiftly to reassert U.S. military superiority and restore peace through strength,” said Rep. McCaul. “Today, I was proud to help advance their work at this crucial moment in history by voting to fully fund our Department of Defense. This bill not only honors the brave service men and women who defend our freedoms each day, but it also readies our military with best-in-class defense technology, infrastructure, and training to ensure the U.S. will continue to lead on the world stage and deter our adversaries’ aggression.”
The FY26 Department of Defense Appropriations Act will support our servicemembers and strengthen U.S. national security by:
###
Source: GlobeNewswire (MIL-OSI)
VANCOUVER, British Columbia, July 22, 2025 (GLOBE NEWSWIRE) — Diversified Royalty Corp. (TSX: DIV and DIV.DB.A) (the “Corporation” or “DIV”) announced today that it has filed, and received receipt for, a final short form base shelf prospectus (the “Prospectus”). The Prospectus was filed with the securities regulatory authorities in each of the provinces and territories of Canada. DIV’s prior short form base shelf prospectus dated June 19, 2023, expired on July 19, 2025. Accordingly, DIV filed the Prospectus to maintain financial flexibility and efficient access to Canadian capital markets to pursue strategic initiatives. A copy of the Prospectus is available under DIV’s profile on SEDAR+ at www.sedarplus.ca.
The Prospectus is valid for a 25-month period during which time DIV may, from time to time, issue common shares, warrants, subscription receipts, debt securities, convertible securities or rights or any combination thereof, including in the form of units (collectively, the “Securities”). The specific terms of any offering of Securities will be described in one or more shelf prospectus supplements which will be filed at the time of the offering of such Securities. There is no certainty any Securities will be offered or sold under the Prospectus within the 25-month effective period.
About Diversified Royalty Corp.
DIV is a multi-royalty corporation, engaged in the business of acquiring top-line royalties from well-managed multi-location businesses and franchisors in North America. DIV’s objective is to acquire predictable, growing royalty streams from a diverse group of multi-location businesses and franchisors.
DIV currently owns the Mr. Lube + Tires, AIR MILES®, Sutton, Mr. Mikes, Nurse Next Door, Oxford Learning Centres, Stratus Building Solutions, BarBurrito and Cheba Hut trademarks. Mr. Lube + Tires is the leading quick lube service business in Canada, with locations across Canada. AIR MILES® is Canada’s largest coalition loyalty program. Sutton is among the leading residential real estate brokerage franchisor businesses in Canada. Mr. Mikes operates casual steakhouse restaurants primarily in western Canadian communities. Nurse Next Door is a home care provider with locations across Canada and the United States as well as in Australia. Oxford Learning Centres is one of Canada’s leading franchisee supplemental education services. Stratus Building Solutions is a leading commercial cleaning service franchise company providing comprehensive janitorial, building cleaning, and office cleaning services primarily in the United States. BarBurrito is the largest quick service Mexican restaurant food chain in Canada. Cheba Hut is a fast casual toasted sub sandwich franchise with locations in the United States.
DIV’s objective is to increase cash flow per share by making accretive royalty purchases and through the growth of purchased royalties. DIV intends to continue to pay a predictable and stable monthly dividend to shareholders and increase the dividend over time, in each case as cash flow per share allows.
Forward-Looking Information
Certain statements contained in this news release may constitute “forward-looking information” within the meaning of applicable securities laws that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “intend”, “may”, “will”, ”project”, “should”, “believe”, “confident”, “plan” and “intends” and similar expressions are intended to identify forward-looking information, although not all forward-looking information contains these identifying words. Specifically, forward-looking information in this news release includes, but is not limited to, statements made in relation to: the Prospectus being filed to provide DIV with financial flexibility
and efficient access to Canadian capital markets to pursue strategic initiatives; the specific terms of any offering of Securities will be described in one or more shelf prospectus supplements which will be filed at the time of the offering of such Securities; DIV’s objective to continue to pay predictable and stable monthly dividends to shareholders; and DIV’s corporate objectives. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events, performance, or achievements of DIV to differ materially from those anticipated or implied by such forward-looking information.
DIV believes that the expectations reflected in the forward-looking information included in this news release are reasonable but no assurance can be given that these expectations will prove to be correct. In particular there can be no assurance that: DIV will complete any offerings of Securities under the Prospectus; DIV will be able to make monthly dividend payments to the holders of its common shares; or DIV will achieve any of its corporate objectives. Given these uncertainties, readers are cautioned that forward-looking information included in this news release are not guarantees of future performance, and such forward-looking information should not be unduly relied upon. More information about the risks and uncertainties affecting DIV’s business and the businesses of its royalty partners can be found in the “Risk Factors” section of its Annual Information Form dated March 24, 2025 and in its most recent Management’s Discussion and Analysis, copies of each of which are available under DIV’s profile on SEDAR+ at www.sedarplus.ca.
In formulating the forward-looking information contained herein, management has assumed that, among other things: DIV will complete one or more offerings of Securities under the Prospectus and one or more shelf prospectus supplements and DIV will successfully deploy the proceeds therefrom; DIV will generate sufficient cash flows from its royalties to service its debt and pay dividends to shareholders; the business and economic conditions affecting DIV and its royalty partners will continue substantially in the ordinary course, including without limitation with respect to general industry conditions, general levels of economic activity and regulations. These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect.
All of the forward-looking information in this news release is qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, DIV. The forward-looking information included in this news release is presented as of the date of this news release and DIV assumes no obligation to publicly update or revise such information to reflect new events or circumstances, except as may be required by applicable law.
THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.
Additional Information
Additional information relating to the Corporation and other public filings, is available on SEDAR+ at www.sedarplus.ca.
Contact:
Sean Morrison, Chief Executive Officer and Director
Diversified Royalty Corp.
(236) 521-8470
Greg Gutmanis, President and Chief Financial Officer
Diversified Royalty Corp.
(236) 521-8471
US Senate News:
Source: United States Senator for Texas John Cornyn
WASHINGTON – U.S. Senators John Cornyn (R-TX) and Andy Kim (D-NJ) today introduced the Preventing Recurring Online Abuse of Children Through Intentional Vetting of Artificial Intelligence (PROACTIV AI) Data Act, which would encourage artificial intelligence (AI) developers to identify, remove, and report known child sexual abuse material (CSAM) from the datasets they compile or obtain for use in training AI models to help proactively stop AI image generators from creating child pornography:
“Modern predators are exploiting advances in AI to develop new AI-generated child sexual abuse material, and technology companies are often unwittingly giving them the tools to do so,” said Sen. Cornyn. “By encouraging tech companies to proactively screen their datasets to remove and report explicit images of children, this legislation would mitigate the risk of AI platforms unintentionally enabling the creation of new content depicting child sexual abuse and better safeguard children online.”
“As we develop AI models, it is important that we establish critical protections to look out for the most vulnerable in digital spaces,” said Sen. Kim. “This bill is an opportunity for Congress and AI developers to take an important step forward together and implement the necessary safeguards to keep our children safe from future misuse or exploitation.”
Background:
Foundational AI models require large amounts of data for training purposes. Given the size of these datasets and the amount of compute needed to work through them during training, many companies do not screen content for harmful materials. Recognizing the potential for child sexual abuse material (CSAM) to unintentionally work its way into these datasets given the methods of collection, researchers at Stanford University screened multiple data sets, including the LAION-5B data set used to train many of the leading image-generating models. Their work identified more than 3,000 data entries of likely CSAM in the dataset. This is troubling, not just because of the accessibility of known CSAM, but because many products and tools now have content from which to draw if asked to generate new CSAM by users. Left unaddressed, foundation models can be corrupted by CSAM data and make it possible for them to be coopted by predators.
According to the National Center for Missing & Exploited Children, AI-generated material has proliferated at an alarming rate in the past year with nearly half a million incidents of AI-related CSAM reported in the first half of the year, compared to fewer than 70,000 reported for all of 2024.
The PROACTIV AI Data Act would:
Direct the National Institute of Standards and Technology (NIST) to issue voluntary best practices for AI developers to screen their datasets used for training AI models for known CSAM;
Direct the National Science Foundation to support research into innovative methods and technologies for identifying, removing, and reporting CSAM from datasets;
And provide limited liability protection to AI companies that follow the new best practices so those acting in good faith aren’t legally punished for accidentally handling CSAM via automated data crawlers on the internet.
This legislation builds on First Lady Melania Trump’s efforts to combat the rise of AI deepfake pornography and keep children safe online.
Source: GlobeNewswire (MIL-OSI)
DUBLIN, Ohio, July 22, 2025 (GLOBE NEWSWIRE) — reAlpha Tech Corp. (Nasdaq: AIRE) (the “Company” or “reAlpha”), an AI-powered real estate technology company, today announced the closing of its previously announced registered direct offering priced at-the-market under Nasdaq rules for the purchase and sale of 14,285,718 shares of its common stock at a purchase price of $0.35 per share. In a concurrent private placement, the Company issued unregistered warrants to purchase up to 14,285,718 shares of common stock at an exercise price of $0.35 per share that are exercisable upon issuance and will expire five years from the effective date of the registration statement covering the resale of the shares of common stock issuable upon exercise of the unregistered warrants.
H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.
The gross proceeds from the offering, before deducting the placement agent’s fees and other offering expenses payable by the Company, were approximately $5 million. The Company intends to use the net proceeds from this offering for working capital and general corporate purposes, which could include repayment of debt, future acquisitions, capital expenditures and the purchase of cryptocurrencies in accordance with the Company’s cryptocurrency investment policy.
The common stock (but not the unregistered warrants and the shares of common stock underlying the unregistered warrants) described above were offered by the Company pursuant to a “shelf” registration statement on Form S-3 (File No. 333-283284) that was declared effective by the Securities and Exchange Commission (the “SEC”) on November 26, 2024. The offering of the shares of common stock was made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying prospectus relating to the registered direct offering was filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained on the SEC’s website at http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, New York 10022, by phone at (212) 856-5711 or e-mail at placements@hcwco.com.
The unregistered warrants described above were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and/or Regulation D promulgated thereunder and, along with the shares of common stock underlying such unregistered warrants, have not been registered under the Securities Act, or applicable state securities laws. Accordingly, the unregistered warrants and underlying shares of common stock may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About reAlpha Tech Corp.
reAlpha Tech Corp. (Nasdaq: AIRE) is an AI-powered real estate technology company transforming the multi-trillion-dollar U.S. real estate services market. reAlpha is developing an end-to-end platform that streamlines real estate transactions through integrated brokerage, mortgage, and title services. With a strategic, acquisition-driven growth model and proprietary AI infrastructure, reAlpha is building a vertically integrated ecosystem designed to deliver a simpler, smarter, and more affordable path to homeownership. For more information, visit www.realpha.com.
Forward-Looking Statements
The information in this press release includes “forward-looking statements.” Any statements other than statements of historical fact contained herein, including statements as to the intended use of net proceeds from the offering, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “could”, “might”, “plan”, “possible”, “project”, “strive”, “budget”, “forecast”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: reAlpha’s ability to regain and sustain compliance with the Nasdaq Capital Market’s continued listing standards and remain listed on the Nasdaq Capital Market; reAlpha’s ability to pay contractual obligations; reAlpha’s liquidity, operating performance, cash flow and ability to secure adequate financing; reAlpha’s limited operating history and that reAlpha has not yet fully developed its AI-based technologies; whether reAlpha’s technology and products will be accepted and adopted by its customers and intended users; reAlpha’s ability to commercialize its developing AI-based technologies; reAlpha’s ability to successfully enter new geographic markets; reAlpha’s ability to integrate the business of its acquired companies into its existing business and the anticipated demand for such acquired companies’ services; reAlpha’s ability to scale its operational capabilities to expand into additional geographic markets and nationally; the potential loss of key employees of reAlpha and of its subsidiaries; the outcome of certain outstanding legal proceedings against reAlpha; reAlpha’s ability to obtain, and maintain, the required licenses to operate in the U.S. states in which it, or its subsidiaries, operate in, or intend to operate in; reAlpha’s ability to successfully identify and acquire companies that are complementary to its business model; the inability to maintain and strengthen reAlpha’s brand and reputation; any accidents or incidents involving cybersecurity breaches and incidents; the inability to accurately forecast demand for AI-based real estate-focused products; the inability to execute business objectives and growth strategies successfully or sustain reAlpha’s growth; the inability of reAlpha’s customers to pay for reAlpha’s services; the inability of reAlpha to obtain additional financing or access the capital markets to fund its ongoing operations on acceptable terms and conditions; the outcome of any legal proceedings that might be instituted against reAlpha; changes in applicable laws or regulations, and the impact of the regulatory environment and complexities with compliance related to such environment; and other risks and uncertainties indicated in reAlpha’s SEC filings. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. Although reAlpha believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. reAlpha’s future results, level of activity, performance or achievements may differ materially from those contemplated, expressed or implied by the forward-looking statements, and there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking statements. For more information about the factors that could cause such differences, please refer to reAlpha’s filings with the SEC. Readers are cautioned not to put undue reliance on forward-looking statements, and reAlpha does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Media Contact:
Cristol Rippe, Chief Marketing Officer
cristol@realpha.com
Investor Relations Contact:
Adele Carey, VP of Investor Relations
investorrelations@realpha.com
Source: The Conversation (Au and NZ) – By Timothy Welch, Senior Lecturer in Urban Planning, University of Auckland, Waipapa Taumata Rau
The recent report comparing Auckland to nine international peer cities delivered an uncomfortable truth: our largest city is falling behind, hampered by car dependency, low-density housing and “weak economic performance”.
The Deloitte State of the City analysis was no surprise to anyone who has watched successive governments treat the city as a problem to manage, rather than an engine to fuel.
The report’s findings were stark: Auckland rates 82nd out of 84 cities globally for pedestrian friendliness, and its car-dependent transport system is more carbon-intensive and slower to decarbonise than peer cities.
This is the direct result of decades of planning failures, including what urban researchers call the 1970s “great down-zoning” which halved central Auckland’s housing capacity.
This isn’t just Auckland’s problem. When we mismanage what geographers call a “primate city,” it reveals our fundamental misunderstanding of how modern economies work.
The concept of the primate city was formalised by geographer Mark Jefferson in 1939. Such cities are defined as being “at least twice as large as the next largest city and more than twice as significant”.
Auckland fits this definition perfectly. With more than 1.7 million people, it is over four times larger than Christchurch or the greater Wellington region. The city accounts for 34% of New Zealand’s population and is projected to hit 40% of the working-age population by 2048.
Auckland contributes 38% of New Zealand’s gross domestic product and its per-capita GDP is 15% higher than the rest of the country’s. Its most productive area, the central business district, enjoys a 40% productivity premium over the national average.
To economists, these numbers represent the “agglomeration benefits” research shows primate cities generate. It is the economic effect of combining businesses, talent and infrastructure.
Yet New Zealand systematically underinvests in the very place generating this outsized economic contribution.
Auckland’s infrastructure deficit follows a predictable pattern. The City Rail Link, while progressing, has grown from an initial budget of NZ$2-3 billion to $5.5 billion, with opening delayed until 2026.
Light rail was cancelled entirely after years of planning. A second harbour crossing has been studied for decades without a shovel hitting dirt. Each represents billions in opportunity costs while congestion worsens.
This goes well beyond project mismanagement. It is a deep structural problem.
The Infrastructure Commission-Te Waihanga identifies a $210 billion national infrastructure shortfall, with Auckland bearing a disproportionate burden despite generating a disproportionately high level of revenue.
International research by the OECD shows successful countries treat metropolitan regions as engines of national growth, not a burden.
Public policy expert Ian Shirley called it the “Wellington Problem”: the way Auckland’s governance became an obsession for politicians and bureaucrats based in Wellington.
The tension dates to 1865 when the capital was moved from Auckland to Wellington, establishing a pattern where political power was deliberately separated from economic power.
Auckland loses an estimated $415.35 million annually in GST collected on rates. This goes to Wellington and into government revenue rather than being reinvested locally. Central government properties in Auckland, worth $36.3 million in rates, are exempt from payment while still using Auckland’s infrastructure.
When Auckland speaks with “one voice” through its unified council, Wellington responds with legislative overrides.
The recent National Land Transport Programme, for example, cut Auckland’s transport funding by $564 million. Mayor Wayne Brown said the government’s transport policy “makes zero sense for Auckland”.
The contrast with international approaches reveals just how counterproductive New Zealand’s approach has been.
London has an integrated Transport for London authority with congestion charging powers, generating £136 million annually for reinvestment. Paris is investing more than €35 billion in the Grand Paris Express transit project.
Japan’s “Quality Infrastructure Investment” principles include ¥13.2 trillion in regional infrastructure investment. Australia’s A$120 billion infrastructure programme explicitly recognises its largest cities contribute over 50% of GDP and require proportional investment.
Research has shown excessive urban concentration in one country can create problems. But denying the primate city resources only leads to a “deterioration in the quality of life” that drags down the entire national economy.
The solution lies in making strategic investments that maximise the benefits of agglomeration while managing any negative costs to the national economy.
Auckland isn’t a problem to be managed, it is an asset to be leveraged. Every successful developed economy has learned this lesson. Paris generates 31% of France’s GDP and gets treated accordingly.
Seoul produces 23% of South Korea’s output and receives massive infrastructure investment. Tokyo drives Japan’s economy.
The international evidence is unambiguous: countries that strategically invest in their primate cities achieve higher productivity growth and maintain competitive advantages.
Auckland doesn’t need sympathy or special treatment. It needs what every primate city in every successful economy gets: infrastructure investment proportional to its economic contribution, governance structures that reflect its scale, and political leadership that understands agglomeration economics.
The question isn’t whether Auckland is too big. The question is whether New Zealand is big enough to nurture its primate city.
Timothy Welch does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
– ref. Auckland is NZ’s ‘primate city’ but its potential remains caged in by poor planning and vision – https://theconversation.com/auckland-is-nzs-primate-city-but-its-potential-remains-caged-in-by-poor-planning-and-vision-261176
Source: People’s Republic of China – State Council News
A sign language interpreter works at a press conference held by the State Council Information Office (SCIO) in Beijing, capital of China, July 22, 2025. [Photo/Xinhua]
Millions of people living with disabilities have seen their lives improve as China made major strides in accessibility, inclusion and support during the 14th Five-Year Plan period (2021-2025).
At a press conference held in Beijing on Tuesday, senior officials from the China Disabled Persons’ Federation (CDPF) outlined the major achievements in disability support during the period and shared new goals for the 15th Five-Year Plan (2026-2030).
“The enrollment rate of children and adolescents with disabilities in compulsory education in China has reached 97 percent, with over 30,000 disabled students entering universities each year,” said Cheng Kai, chairman of the CDPF, at the press conference.
The next five-year plan is set to prioritize high-quality development in the disability sector, according to the press conference.
Learning and earning
According to Cheng, China’s education system for individuals with disabilities has undergone further improvement. Currently, 75,800 students with disabilities study in secondary vocational schools nationwide, while 59,800 attend regular high schools.
Li Dongmei, vice chair of the federation, noted that a special campaign was launched to equip school campuses with assistive devices, benefiting nearly 100,000 students with disabilities. Standardized textbooks have been developed for special schools, as well as sign-language textbooks for nine subjects.
Financially, in 2025, the per capita subsidy for students with disabilities receiving compulsory education was increased to more than 7,000 yuan (about 980 U.S. dollars) per year. Those whose families have financial difficulties are eligible to receive 12 years of free education from primary school to senior high school.
With stronger educational and financial support, individuals with disabilities are better equipped to enter the workforce. The annual net income of families with disabled members in China grew at an average rate of 6.9 percent per year from 2020 to 2023, roughly matching the pace of the country’s GDP growth, according to Cheng.
During the 14th Five-Year Plan period, more than 400,000 persons with disabilities were newly employed every year, Li said. The employment rate of the disabled population grew by nearly 5 percentage points.
Better access, better care
The participation rate of persons with disabilities in China’s basic medical insurance has remained above 95 percent. Meanwhile, over 90 percent of persons with disabilities in China are covered by basic pension insurance for both urban and rural residents, said Cheng.
By June 2025, living allowances for the disabled in financial difficulty and nursing subsidies for the severely disabled had benefited 11.88 million and 16.4 million, respectively.
A total of 10.5 million persons with disabilities are covered by the country’s subsistence allowance system, Cheng added.
Public services have also been enhanced to improve the lives of persons with disabilities. A nationwide campaign for barrier-free home renovations benefited 1.28 million households with severely disabled members during the period, surpassing the original target of 1.1 million, Cheng said.
China is also exploring the use of advanced technologies such as smart bionic hands and guide robots to improve the well-being of persons with disabilities, ensuring that scientific and technological progress benefits this community.
Zhou Changkui, chairperson of the Board of Executive Directors of the CDPF, said that the federation and some other governmental departments have jointly issued a guiding document to promote the use of technology in supporting persons with disabilities. It is also collaborating with universities, research institutes and high-tech companies to boost the development of relevant technologies and industries.
Toward a fairer, smarter future
As China charts a path for the 15th Five-Year Plan, the emphasis on high-quality development in the disability sector remains central, with a focus on stronger support systems and innovation-driven solutions.
A key focus will be improving livelihood security for persons with disabilities. Efforts will include refining basic, inclusive, and guaranteed social protection systems, as well as better support for persons with disabilities in rural areas, said Zhou.
Public services will also see significant upgrades. Zhou noted that long-term care for the severely disabled and rehabilitation programs for children with autism will be expanded in the 15th Five-Year Plan period.
Zhou said that to safeguard equal rights, China will revise and step up enforcement of key disability-related laws. Enhanced legal services and stronger judicial protections will help ensure that persons with disabilities can fully enjoy fairness and justice.
Moreover, during the upcoming 15th Five-Year Plan period, China will continue to promote the application of artificial intelligence and other cutting-edge technologies to serve persons with disabilities, and ensure that advanced technologies better meet their needs, according to Zhou.
The plan will also highlight cultural and spiritual wellbeing. Community-based sports and cultural programs will be expanded, while greater support will be extended to persons with disabilities in artistic creation and cultural industries. As Zhou emphasized, achieving a better life for people living with disabilities means enriching both body and spirit.
Source: United States House of Representatives – Congressman John Rutherford (4th District of Florida)
WASHINGTON, D.C. – On Friday, U.S. Congressman John H. Rutherford (FL-05) released the following statement on the House passage of President Trump’s rescissions package:
“The House just passed legislation to slash over $9 BILLION in waste, fraud, and abuse AND end taxpayer funding for NPR, PBS, and USAID. Americans’ hard-earned money shouldn’t be used to bankroll leftist propaganda and organizations that act contrary to U.S. interests at home and abroad. That’s why I was proud to vote YES on President Trump’s rescissions package today to cut overseas and domestic spending to help get our country back on track.”
Source: New Zealand Government
It’s been nearly six months since the Fast-track Approvals system opened for business, and updated statistics show the one-stop shop is on track to make it quicker and easier to build the projects New Zealand needs for economic growth, RMA Reform and Infrastructure Minister Chris Bishop and Regional Development Minister Shane Jones say.
“The Fast-track Approvals Act, part of the coalition agreement between National and NZ First, was signed into law just before Christmas and opened for project applications on 7 February this year,” Mr Bishop says.
“The Act helps cut through the tangle of red and green tape and the jumble of approvals processes that has, until now, held New Zealand back from much-needed economic growth.
“In Fast-track’s first six months, more than 50 projects have made applications. We expect the first eight projects to have completed the full end-to-end Fast-track process including final consent decisions by the end of this year.”
Projects before Expert Panels
“The Fast-track Approvals Act contains a list of 149 projects which, from 7 February, have been able to apply to the Environmental Protection Authority (EPA) for consideration by an expert panel. The expert panels consider each application, decide whether or not each project receives approval, and attach any necessary conditions to those approvals,” Mr Bishop says.
“Since 7 February when the Fast-track one-stop shop approvals regime officially opened for project applications, we’ve seen good progress for a range of applications for projects that, if approved, will help address our infrastructure deficit, housing crisis, and energy shortage, instead of tying essential projects up in knots for years at a time as so often happens under the RMA.
“Eight projects are now before expert panels for consideration, with the first expert panels’ final decisions expected by mid-September this year. These projects, if approved, will contribute billions of dollars to New Zealand’s economy and create thousands of jobs.”
Projects before the Panel Convenor
“The Panel Convenor will shortly establish expert panels for a further six projects that have lodged substantive applications,” Mr Jones says.
“Projects currently before the Panel Convenor include expansions to Kings Quarry and Drury Quarry. These quarries provide much-needed aggregate which supports the construction of major infrastructure projects.
“It is heartening to see applications for mining and quarrying projects working their way through the system.”
Project referrals
“Projects not listed in the Act can also apply for referral into the Fast-track process,” Mr Bishop says.
“These applications go first to me as Infrastructure Minister for consideration, which includes inviting written comments from the Minister for the Environment and any other Ministers with relevant portfolios, before deciding whether to refer the project for Fast-track.
“To date I have referred seven projects to the Fast-track process, meaning they can now submit substantive applications to the EPA.
“The latest three referrals are Stage 2 of the Auckland Surf Park community which would include a large artificial intelligence data centre, a residential development of about 400 homes, and a village centre; the Waitākere District Court’s new courthouse project; and The Point Mission Bay which would see 252 new retirement homes and amenities for residents and visitors.
“Other projects have also applied to me for referral into Fast-track, including from the renewable energy, housing and infrastructure sectors. 16 of these applications are under consideration or being circulated to other Ministers for feedback. Decisions will be made in due course.”
Note to editor:
Fast-track project statuses to date:
Expert Panels are currently considering:
Panel Convener will shortly appoint panels for:
Six projects have been ‘referred’ into the Fast-track process by the Minister for Infrastructure:
Source: GlobeNewswire (MIL-OSI)
Fremont, California , July 22, 2025 (GLOBE NEWSWIRE) — iDox.ai, a U.S.-based provider of AI-powered document compliance tools, announces the launch of iDox.ai Privacy Scout, an advanced Data Loss Prevention (DLP) solution engineered to detect and protect sensitive information in real time, particularly in environments deploying Generative AI.
iDox.ai
As organizations adopt artificial intelligence across industries, new challenges emerge in safeguarding Personally Identifiable Information (PII), Protected Health Information (PHI), and other confidential data. Privacy Scout responds to these challenges by offering an automated solution that monitors and intercepts sensitive information before it can be exposed or misused.
Importantly, iDox.ai Privacy Scout promotes the secure sharing of documents with AI tools while protecting the PII within them. Unlike traditional DLP tools, iDox.ai Privacy Scout doesn’t treat next-generation AI as a threat—it enables its safe use. This is a key differentiator that empowers organizations to embrace AI innovation without compromising on privacy.
Key capabilities of iDox.ai Privacy Scout include:
“With the rise of Generative AI, businesses face new risks related to data privacy and unintentional information leaks,” said Jeremy Wei, CEO of iDox.ai. “iDox.ai Privacy Scout offers a reliable DLP solution that allows organizations to stay compliant while leveraging the advantages of AI.”
iDox.ai Privacy Scout joins iDox.ai’s suite of AI-driven compliance products, which includes tools for redaction, document comparison, and regulatory reporting. Together, these solutions help clients maintain secure information practices and implement effective Data Loss Prevention strategies.
The launch of iDox.ai Privacy Scout reinforces iDox.ai’s mission to develop technology that addresses evolving compliance challenges and strengthens trust in digital operations.
Organizations seeking early access or additional product details can visit: https://www.idox.ai/products/privacy-scout
About iDox.ai
Headquartered in Fremont, California, iDox.ai specializes in artificial intelligence tools for document management, redaction, and regulatory compliance. The company supports public and private sector organizations in securing data, reducing manual risk, and maintaining compliance in dynamic digital environments.
Source: United States House of Representatives – Congresswoman Sheila Cherfilus-McCormick (D-Florida 20th district))
WASHINGTON, D.C. – Today, Rep. Sheila Cherfilus-McCormick (D-FL) and Rep. Jonathan J. Jackson (D-IL) introduced the African Diaspora Investment and Development Act (AIDA), groundbreaking legislation that harnesses the economic power of African and Caribbean diaspora communities to advance sustainable development, reduce remittance costs, and align U.S. foreign policy with grassroots investment.
Millions of Americans with heritage in Africa and the Caribbean send billions of dollars annually to support loved ones and communities in their countries of origin. Yet, they often face high transaction fees, limited investment tools, and few incentives to grow their impact. AIDA addresses these barriers head-on.
As highlighted in Realizing Africa’s Potential: A Journey to Prosperity by Professor Landry Signé, published by the Brookings Institution, the diaspora can be a powerful driver of development in their home countries—not just through remittances, but by fostering trade, investment, research, innovation, and the transfer of knowledge and technology. This dynamic strengthens U.S. interests by empowering African and Caribbean diaspora communities, who are an integral part of the American fabric, to spur economic growth and innovation both abroad and at home, reinforcing U.S. global partnerships and domestic prosperity.
The African Diaspora Investment and Development Act:
“The African and Caribbean diasporas are economic engines that deserve recognition and support,” said Rep. Sheila Cherfilus-McCormick (D-FL). “This bill creates smart incentives that empower families, foster sustainable development, and reflect our values in U.S. foreign policy. AIDA is about unlocking diaspora investment potential. By empowering these communities, we can reduce reliance on foreign aid and embrace a model based on investment, dignity, and shared prosperity.”
“This bill is timely and vital, especially at a time when US policy towards Africa and the Diaspora is shifting from aid to trade,” said Rep. Jonathan L. Jackson (D-IL). “Remittances ($90 billion inflow to Africa in 2023) have surpassed both foreign assistance and direct investment in many countries in Africa and the Caribbean; a source for development and economic growth. AIDA strengthens the Diaspora contributions in GPD growth through investments and family support – food, housing, education, health care, etc.”
“Reducing remittance costs and eliminating taxes on remittances are critical measures that ensure every dollar sent goes further, directly benefiting health, education, small businesses, and local infrastructure,” said President of the Nigerian Physicians Advocacy Group, Susan Edionwe. “These changes will empower organizations like ours, whose work relies heavily on diaspora contributions, to expand our impact and better serve the people of Nigeria and beyond.”
“The proposed AIDA bill is a fundamental recognition that as a nation of immigrants the USA holds the ultimate power of transformation in the contributions of its diaspora to the rest of the world,” said Founder and CEO of Hamstrings, Inc., Eric V. Guichard. “AIDA is about leveraging these diaspora resources for good. It is a paradigm shift in development finance whose time has come.”
“Remittances from family and friends in the U.S. to these regions primarily address basic necessities for recipients including housing, food, education, services, small business support and humanitarian assistance,” said Haiti Renewal Alliance. “A framework for partnerships with the U.S. DFC and diasporas via the AIDA Act to channel remittances for coordinated and robust investments with people on the ground in African and Caribbean countries, ushers the U.S. leading the next generation of successful global development for inclusive growth, peace, stability and opportunity, appreciating diaspora from Africa and Caribbean as key contributors.”
During a time when development assistance from the United States in Africa and in the Caribbean, is being drastically curtailed or even eliminated, African and Caribbean countries will need to increasingly rely on remittances coming from the Diaspora to meet basic needs and to get by,” said President of Constituency for Africa (CFA), Melvin Foote. “The proposed AIDA legislation if passed, would certainly be a huge step in the right direction.”
The legislation has received early praise from diaspora organizations, development experts, and financial inclusion advocates.
###
Source: GlobeNewswire (MIL-OSI)
HOUSTON, July 22, 2025 (GLOBE NEWSWIRE) — Talen Energy Corporation (“Talen,” “we,” or “our”) (NASDAQ: TLN), a leading independent power producer, today reported its results from the PJM Base Residual Auction for the 2026/2027 planning year. Talen cleared a total of 6,702 megawatts at a clearing price of $329.17 per megawatt-day across the MAAC, PPL and PSEG Locational Deliverability Areas, equating to approximately $805 million in capacity revenues for the 2026/2027 planning year. The planning year runs from June 1, 2026, through May 31, 2027.
About Talen
Talen Energy (NASDAQ: TLN) is a leading independent power producer and energy infrastructure company dedicated to powering the future. We own and operate approximately 10.7 gigawatts of power infrastructure in the United States, including 2.2 gigawatts of nuclear power and a significant dispatchable fossil fleet. We produce and sell electricity, capacity, and ancillary services into wholesale U.S. power markets, with our generation fleet principally located in the Mid-Atlantic and Montana. Our team is committed to generating power safely and reliably and delivering the most value per megawatt produced. Talen is also powering the digital infrastructure revolution. We are well-positioned to serve this growing industry, as artificial intelligence data centers increasingly demand more reliable, clean power. Talen is headquartered in Houston, Texas. For more information, visit https://www.talenenergy.com/.
Investor Relations:
Sergio Castro
Vice President & Treasurer
InvestorRelations@talenenergy.com
Media:
Taryne Williams
Director, Corporate Communications
Taryne.Williams@talenenergy.com
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of the federal securities laws, which statements are subject to substantial risks and uncertainties. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this communication, or incorporated by reference into this communication, are forward-looking statements. Throughout this communication, we have attempted to identify forward-looking statements by using words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecasts,” “goal,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” or other forms of these words or similar words or expressions or the negative thereof, although not all forward-looking statements contain these terms. Forward-looking statements address future events and conditions concerning, among other things, capital expenditures, earnings, litigation, regulatory matters, hedging, liquidity and capital resources and accounting matters. Forward-looking statements are subject to substantial risks and uncertainties that could cause our future business, financial condition, results of operations or performance to differ materially from our historical results or those expressed or implied in any forward-looking statement contained in this communication. All of our forward-looking statements include assumptions underlying or relating to such statements that may cause actual results to differ materially from expectations, and are subject to numerous factors that present considerable risks and uncertainties.
Source: GlobeNewswire (MIL-OSI)
LEAWOOD, Kan., July 22, 2025 (GLOBE NEWSWIRE) — First Busey Corporation (Nasdaq: BUSE) Announces 2025 Second Quarter Earnings.
| Net Income | Diluted EPS | Net Interest Margin1 | ROAA1 | ROATCE1 | ||||
| $47.4 million | $0.52 | 3.49% | 1.00% | 11.24% | ||||
| $57.4 million (adj)2 | $0.63 (adj)2 | 3.33% (adj)2 | 1.21% (adj)2 | 13.61% (adj)2 | ||||
| MESSAGE FROM OUR CHAIRMAN & CEO |
| This quarter’s bank merger and data conversion represents a significant milestone for our organization, as we officially welcome CrossFirst Bank customers to Busey Bank. We are proud to offer a premier, full-service banking experience for both consumer and commercial clients, with 78 locations spanning 10 states. Our comprehensive services also include a robust wealth management platform and cutting-edge payment technology solutions through FirsTech, Inc. This transformational partnership allows us to enhance Busey’s rich 157-year legacy of service excellence, further advancing our organization for the benefit of all our Pillars—associates, customers, communities, and shareholders.
Van A. Dukeman |
FINANCIAL RESULTS
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) | ||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| (dollars in thousands, except per share amounts) | June 30, 2025 |
March 31, 2025 |
June 30, 2024 |
June 30, 2025 |
June 30, 2024 |
|||||||||||||||
| Total interest income | $ | 247,446 | $ | 166,815 | $ | 131,939 | $ | 414,261 | $ | 257,759 | ||||||||||
| Total interest expense | 94,263 | 63,084 | 49,407 | 157,347 | 99,373 | |||||||||||||||
| Net interest income | 153,183 | 103,731 | 82,532 | 256,914 | 158,386 | |||||||||||||||
| Provision for credit losses1 | 5,700 | 45,593 | 1,908 | 51,293 | 6,268 | |||||||||||||||
| Net interest income after provision for credit losses1 | 147,483 | 58,138 | 80,624 | 205,621 | 152,118 | |||||||||||||||
| Total noninterest income | 44,863 | 21,223 | 33,703 | 66,086 | 68,616 | |||||||||||||||
| Total noninterest expense1 | 127,833 | 112,030 | 75,906 | 239,863 | 147,353 | |||||||||||||||
| Income (loss) before income taxes | 64,513 | (32,669 | ) | 38,421 | 31,844 | 73,381 | ||||||||||||||
| Income taxes | 17,109 | (2,679 | ) | 11,064 | 14,430 | 19,799 | ||||||||||||||
| Net income (loss) | 47,404 | (29,990 | ) | 27,357 | 17,414 | 53,582 | ||||||||||||||
| Dividends on preferred stock | 155 | — | — | 155 | — | |||||||||||||||
| Net income (loss) available to common stockholders | $ | 47,249 | $ | (29,990 | ) | $ | 27,357 | $ | 17,259 | $ | 53,582 | |||||||||
| Basic earnings (loss) per common share | $ | 0.53 | $ | (0.44 | ) | $ | 0.48 | $ | 0.22 | $ | 0.95 | |||||||||
| Diluted earnings (loss) per common share | $ | 0.52 | $ | (0.44 | ) | $ | 0.47 | $ | 0.22 | $ | 0.94 | |||||||||
| Effective income tax rate | 26.52 | % | 8.20 | % | 28.80 | % | 45.31 | % | 26.98 | % | ||||||||||
___________________________________________
Following the acquisition of CrossFirst Bankshares, Inc. (“CrossFirst”) and its subsidiary CrossFirst Bank, by First Busey Corporation, the holding company for Busey Bank, in the first quarter of 2025, CrossFirst Bank was merged with and into Busey Bank (the “Bank Merger”) on June 20, 2025. At the time of the Bank Merger, CrossFirst Bank banking centers became banking centers of Busey Bank. Throughout this document, we refer to First Busey Corporation, together with its consolidated subsidiaries, as “Busey,” the “Company,” “we,” “us,” or “our.”
Busey’s net income for the second quarter of 2025 was $47.4 million, or $0.52 per diluted common share, compared to a net loss of $30.0 million, or $0.44 per diluted common share, for the first quarter of 2025, and net income of $27.4 million, or $0.47 per diluted common share, for the second quarter of 2024. Annualized return on average assets and annualized return on average tangible common equity2 were 1.00% and 11.24%, respectively, for the second quarter of 2025. The second quarter of 2025 represented the first full quarter in which the CrossFirst acquisition contributed to Busey’s financial results.
Busey views certain non-operating items, including acquisition-related expenses, restructuring charges, and nonrecurring strategic events, as adjustments to net income reported under U.S. generally accepted accounting principles (“GAAP”). We also adjust for net securities gains and losses to align with industry and research analyst reporting. The objective of our presentation of adjusted earnings and adjusted earnings metrics is to allow investors and analysts to more clearly identify quarterly trends in core earnings performance. Non-operating pre-tax adjustments for acquisition and restructuring expenses2 in the second quarter of 2025 were $16.6 million, with an additional $4.0 million adjustment to the initial provision for unfunded commitments resulting from the adoption of a new Current Expected Credit Losses (“CECL”) model. Further, net securities gains were $6.0 million, almost entirely related to unrealized gains on Busey’s approximately 3% equity ownership of a financial institution that was the target of an announced acquisition at a significant market premium. For more information and a reconciliation of these non-GAAP measures (which are identified with the End Note labeled as 2) in tabular form, see “Non-GAAP Financial Information” beginning on page 13.
Adjusted net income,2 which excludes the impact of non-GAAP adjustments, was $57.4 million, or $0.63 per diluted common share, for the second quarter of 2025, compared to $39.9 million, or $0.57 per diluted common share, for the first quarter of 2025 and $30.5 million, or $0.53 per diluted common share, for the second quarter of 2024. Annualized adjusted return on average assets2 and annualized adjusted return on average tangible common equity2 were 1.21% and 13.61%, respectively, for the second quarter of 2025.
Pre-Provision Net Revenue2
Pre-provision net revenue2 was $64.2 million for the second quarter of 2025, compared to $28.7 million for the first quarter of 2025 and $40.7 million for the second quarter of 2024. Pre-provision net revenue to average assets2 was 1.35% for the second quarter of 2025, compared to 0.78% for the first quarter of 2025, and 1.35% for the second quarter of 2024.
Adjusted pre-provision net revenue2 was $80.8 million for the second quarter of 2025, compared to $54.7 million for the first quarter of 2025 and $42.6 million for the second quarter of 2024. Adjusted pre-provision net revenue to average assets2 was 1.70% for the second quarter of 2025, compared to 1.50% for the first quarter of 2025 and 1.42% for the second quarter of 2024.
Net Interest Income and Net Interest Margin2
Net interest income was $153.2 million in the second quarter of 2025, compared to $103.7 million in the first quarter of 2025 and $82.5 million in the second quarter of 2024.
Net interest margin2 was 3.49% for the second quarter of 2025, compared to 3.16% for the first quarter of 2025 and 3.03% for the second quarter of 2024. Excluding purchase accounting accretion, adjusted net interest margin2 was 3.33% for the second quarter of 2025, compared to 3.08% in the first quarter of 2025 and 3.00% in the second quarter of 2024.
Components of the 33 basis point increase in net interest margin2 during the second quarter of 2025, which includes a full quarter of assets assumed in the CrossFirst acquisition, were as follows:
Based on our most recent Asset Liability Management Committee (“ALCO”) model, a +100 basis point parallel rate shock is expected to increase net interest income by 2.8% over the subsequent twelve-month period. Busey continues to evaluate and execute off-balance sheet hedging and balance sheet repositioning strategies as well as embedding rate protection in our asset originations to provide stabilization to net interest income in lower rate environments. Time deposit and savings specials have continued to stabilize the funding base, and we had excess earning cash during the second quarter of 2025. Brokered deposit balances were reduced by $368.6 million during the second quarter of 2025 and at June 30, 2025, the Bank had $353.6 million, or 2.2% of total deposits, of remaining brokered funding. Total deposit cost of funds increased, as expected, from 1.91% during the first quarter of 2025 to 2.21% during the second quarter of 2025. Deposit cost of funds increased due to a full quarter of the higher mix of acquired CrossFirst indexed/managed rate customer products and brokered deposits. Busey will continue to deploy excess cash to pay down non-core and non-relationship high cost funding, which we anticipate will compress the asset base in the short term while helping to reduce the Bank’s overall funding cost. We expect the deposit beta will lessen during the year and is expected to normalize in a range between 45% and 50% of the upper limit of the federal funds target range.
Noninterest Income
| Three Months Ended | Six Months Ended | |||||||||||||||||
| (dollars in thousands) | June 30, 2025 |
March 31, 2025 |
June 30, 2024 |
June 30, 2025 |
June 30, 2024 |
|||||||||||||
| NONINTEREST INCOME | ||||||||||||||||||
| Wealth management fees | $ | 16,777 | $ | 17,364 | $ | 15,917 | $ | 34,141 | $ | 31,466 | ||||||||
| Payment technology solutions | 4,956 | 5,073 | 5,915 | 10,029 | 11,624 | |||||||||||||
| Treasury management services | 4,981 | 3,017 | 2,145 | 7,998 | 4,046 | |||||||||||||
| Card services and ATM fees | 4,880 | 3,709 | 3,430 | 8,589 | 6,390 | |||||||||||||
| Other service charges on deposit accounts | 1,513 | 1,533 | 2,321 | 3,046 | 4,669 | |||||||||||||
| Mortgage revenue | 776 | 329 | 478 | 1,105 | 1,224 | |||||||||||||
| Income on bank owned life insurance | 1,745 | 1,446 | 1,442 | 3,191 | 2,861 | |||||||||||||
| Realized net gains (losses) on the sale of mortgage servicing rights | — | — | 277 | — | 7,742 | |||||||||||||
| Net securities gains (losses) | 5,997 | (15,768 | ) | (353 | ) | (9,771 | ) | (6,728 | ) | |||||||||
| Other noninterest income | 3,238 | 4,520 | 2,131 | 7,758 | 5,322 | |||||||||||||
| Total noninterest income | $ | 44,863 | $ | 21,223 | $ | 33,703 | $ | 66,086 | $ | 68,616 | ||||||||
Total noninterest income increased by 111.4% compared to the first quarter of 2025 and increased by 33.1% compared to the second quarter of 2024, primarily due to net securities gains and losses, as well as the benefit of a full quarter of income from the CrossFirst acquisition.
Excluding the impact of net securities gains and losses and the gains on the sale of mortgage servicing rights, adjusted noninterest income2 increased by 5.1% to $38.9 million, or 20.2% of operating revenue2, during the second quarter of 2025, compared to $37.0 million, or 26.3% of operating revenue2, for the first quarter of 2025. Compared to the second quarter of 2024, adjusted noninterest income2 increased by 15.1% from $33.8 million, or 29.0% of operating revenue.2
Our fee-based businesses continue to add revenue diversification. Wealth management fees, wealth management referral fees included in other noninterest income, and payment technology solutions contributed 56.4% of adjusted noninterest income2 for the second quarter of 2025.
Noteworthy components of noninterest income are as follows:
Operating Efficiency
| Three Months Ended | Six Months Ended | |||||||||||||
| (dollars in thousands) | June 30, 2025 |
March 31, 2025 |
June 30, 2024 |
June 30, 2025 |
June 30, 2024 |
|||||||||
| NONINTEREST EXPENSE | ||||||||||||||
| Salaries, wages, and employee benefits | $ | 78,360 | $ | 67,563 | $ | 43,478 | $ | 145,923 | $ | 85,568 | ||||
| Data processing | 14,021 | 9,575 | 7,100 | 23,596 | 13,650 | |||||||||
| Net occupancy expense of premises | 7,832 | 5,799 | 4,590 | 13,631 | 9,310 | |||||||||
| Furniture and equipment expenses | 2,409 | 1,744 | 1,695 | 4,153 | 3,508 | |||||||||
| Professional fees | 2,874 | 9,511 | 2,495 | 12,385 | 4,748 | |||||||||
| Amortization of intangible assets | 4,592 | 3,083 | 2,629 | 7,675 | 5,038 | |||||||||
| Interchange expense | 1,297 | 1,343 | 1,733 | 2,640 | 3,344 | |||||||||
| FDIC insurance | 2,424 | 2,167 | 1,460 | 4,591 | 2,860 | |||||||||
| Other noninterest expense1 | 14,024 | 11,245 | 10,726 | 25,269 | 19,327 | |||||||||
| Total noninterest expense1 | $ | 127,833 | $ | 112,030 | $ | 75,906 | $ | 239,863 | $ | 147,353 | ||||
___________________________________________
Total noninterest expense increased by 14.1% compared to the first quarter of 2025 and increased by 68.4% compared to the second quarter of 2024. Growth in noninterest expense was primarily attributable to nonrecurring acquisition expenses related to the CrossFirst acquisition, added costs for operating expenses for two banks during the majority of the second quarter, until the banks were merged on June 20, 2025, and increased expense associated with the larger organization and branch network. Annual pre-tax expense synergy estimates resulting from the CrossFirst acquisition remain on track at $25.0 million, and we expect 50% of the identified synergies to be realized in 2025 and 100% in 2026.
Adjusted noninterest expense,2 which excludes acquisition and restructuring expenses and amortization of intangible assets, was $106.6 million in the second quarter of 2025, a 28.6% increase compared to $82.9 million in the first quarter of 2025 and a 50.1% increase compared to $71.1 million in the second quarter of 2024.
Noteworthy components of noninterest expense are as follows:
Busey’s efficiency ratio2 was 63.9% for the second quarter of 2025, compared to 77.1% for the first quarter of 2025 and 62.6% for the second quarter of 2024. Our adjusted efficiency2 ratio was 55.3% for the second quarter of 2025, compared to 58.7% for the first quarter of 2025, and 60.9% for the second quarter of 2024.
Busey’s annualized ratio of adjusted noninterest expense to average assets was 2.24% for the second quarter of 2025, compared to 2.27% for the first quarter of 2025 and 2.36% for the second quarter of 2024. As our business grows, Busey remains focused on prudently managing our expense base and operating efficiency.
BALANCE SHEET STRENGTH
| CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) | |||||||||||
| As of | |||||||||||
| (dollars in thousands, except per share amounts) | June 30, 2025 |
March 31, 2025 |
June 30, 2024 |
||||||||
| ASSETS | |||||||||||
| Cash and cash equivalents | $ | 752,352 | $ | 1,200,292 | $ | 285,269 | |||||
| Debt securities available for sale | 2,217,788 | 2,273,874 | 1,829,896 | ||||||||
| Debt securities held to maturity | 802,965 | 815,402 | 851,261 | ||||||||
| Equity securities | 16,171 | 10,828 | 9,618 | ||||||||
| Loans held for sale | 10,497 | 7,270 | 11,286 | ||||||||
| Portfolio loans | 13,808,619 | 13,868,357 | 7,998,912 | ||||||||
| Allowance for credit losses | (183,334 | ) | (195,210 | ) | (85,226 | ) | |||||
| Restricted bank stock | 77,112 | 53,518 | 6,884 | ||||||||
| Premises and equipment, net | 181,394 | 182,003 | 121,647 | ||||||||
| Right of use assets | 38,065 | 40,594 | 11,137 | ||||||||
| Goodwill and other intangible assets, net | 488,181 | 496,118 | 370,580 | ||||||||
| Other assets | 708,930 | 711,206 | 560,152 | ||||||||
| Total assets | $ | 18,918,740 | $ | 19,464,252 | $ | 11,971,416 | |||||
| LIABILITIES & STOCKHOLDERS’ EQUITY | |||||||||||
| Liabilities | |||||||||||
| Deposits: | |||||||||||
| Noninterest-bearing deposits | $ | 3,590,363 | $ | 3,693,070 | $ | 2,832,776 | |||||
| Interest-bearing checking, savings, and money market deposits | 9,578,953 | 9,675,324 | 5,619,470 | ||||||||
| Time deposits | 2,632,456 | 3,091,076 | 1,523,889 | ||||||||
| Total deposits | 15,801,772 | 16,459,470 | 9,976,135 | ||||||||
| Securities sold under agreements to repurchase | 158,030 | 137,340 | 140,283 | ||||||||
| Short-term borrowings | — | 11,209 | — | ||||||||
| Long-term debt | 189,726 | 313,535 | 227,245 | ||||||||
| Junior subordinated debt owed to unconsolidated trusts | 77,187 | 77,117 | 74,693 | ||||||||
| Lease liabilities | 39,235 | 41,111 | 11,469 | ||||||||
| Other liabilities | 240,244 | 244,864 | 207,781 | ||||||||
| Total liabilities | 16,506,194 | 17,284,646 | 10,637,606 | ||||||||
| Stockholders’ equity | |||||||||||
| Retained earnings | 273,799 | 249,484 | 261,820 | ||||||||
| Accumulated other comprehensive income (loss) | (155,311 | ) | (172,810 | ) | (220,326 | ) | |||||
| Other stockholders’ equity1 | 2,294,058 | 2,102,932 | 1,292,316 | ||||||||
| Total stockholders’ equity | 2,412,546 | 2,179,606 | 1,333,810 | ||||||||
| Total liabilities & stockholders’ equity | $ | 18,918,740 | $ | 19,464,252 | $ | 11,971,416 | |||||
___________________________________________
| AVERAGE BALANCES (unaudited) | ||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||
| (dollars in thousands) | June 30, 2025 |
March 31, 2025 |
June 30, 2024 |
June 30, 2025 |
June 30, 2024 |
|||||||||
| ASSETS | ||||||||||||||
| Cash and cash equivalents | $ | 868,164 | $ | 861,021 | $ | 346,381 | $ | 864,613 | $ | 470,287 | ||||
| Investment securities | 3,083,284 | 2,782,435 | 2,737,313 | 2,933,690 | 2,822,228 | |||||||||
| Loans held for sale | 6,899 | 3,443 | 9,353 | 5,181 | 7,093 | |||||||||
| Portfolio loans | 13,840,190 | 9,838,337 | 8,010,636 | 11,850,318 | 7,804,976 | |||||||||
| Interest-earning assets | 17,700,356 | 13,363,594 | 11,000,785 | 15,543,955 | 11,003,344 | |||||||||
| Total assets | 19,068,086 | 14,831,298 | 12,089,692 | 16,961,396 | 12,056,950 | |||||||||
| LIABILITIES & STOCKHOLDERS’ EQUITY | ||||||||||||||
| Noninterest-bearing deposits | 3,542,617 | 3,036,127 | 2,816,293 | 3,290,770 | 2,762,439 | |||||||||
| Interest-bearing deposits | 12,450,529 | 9,142,781 | 7,251,582 | 10,805,793 | 7,290,844 | |||||||||
| Total deposits | 15,993,146 | 12,178,908 | 10,067,875 | 14,096,563 | 10,053,283 | |||||||||
| Federal funds purchased and securities sold under agreements to repurchase | 141,978 | 144,838 | 144,370 | 143,400 | 161,514 | |||||||||
| Interest-bearing liabilities | 12,985,015 | 9,627,841 | 7,725,832 | 11,315,702 | 7,778,744 | |||||||||
| Total liabilities | 16,783,504 | 12,896,222 | 10,757,877 | 14,850,601 | 10,753,180 | |||||||||
| Stockholders’ equity – preferred | 103,619 | 2,669 | — | 53,423 | — | |||||||||
| Stockholders’ equity – common | 2,180,963 | 1,932,407 | 1,331,815 | 2,057,372 | 1,303,770 | |||||||||
| Tangible common equity1 | 1,686,490 | 1,521,387 | 955,591 | 1,604,394 | 939,150 | |||||||||
___________________________________________
Busey’s financial strength is built on a long-term conservative operating approach. That focus has endured over time and will continue to guide us in the future.
Total assets were $18.92 billion as of June 30, 2025, compared to $19.46 billion as of March 31, 2025, and $11.97 billion as of June 30, 2024. Average interest-earning assets were $17.70 billion for the second quarter of 2025, compared to $13.36 billion for the first quarter of 2025, and $11.00 billion for the second quarter of 2024.
Portfolio Loans
We remain steadfast in our conservative approach to underwriting and our disciplined approach to pricing. Loan demand has been tempered with borrowers hesitant to invest because of lingering macroeconomic uncertainty. At the same time, our commercial real estate portfolio continues to season, resulting in payoffs as properties are completed, stabilized, and refinanced to permanent markets or sold. We expect continued pressure from paydowns within our commercial real estate portfolio through the remainder of 2025. Portfolio loans totaled $13.81 billion at June 30, 2025, compared to $13.87 billion at March 31, 2025, and $8.00 billion at June 30, 2024.
Average portfolio loans were $13.84 billion for the second quarter of 2025, compared to $9.84 billion for the first quarter of 2025 and $8.01 billion for the second quarter of 2024.
Asset Quality
Asset quality continues to be strong. Busey Bank maintains a well-diversified loan portfolio and, as a matter of policy and practice, limits concentration exposure in any particular loan segment. Following the Bank Merger in June, we are operating as one bank, with a singular credit policy, concentration limits, and monitoring that will continue to align with Busey Bank’s pillars of credit quality.
| ASSET QUALITY (unaudited) | |||||||||||
| As of | |||||||||||
| (dollars in thousands) | June 30, 2025 |
March 31, 2025 |
June 30, 2024 |
||||||||
| Total assets | $ | 18,918,740 | $ | 19,464,252 | $ | 11,971,416 | |||||
| Portfolio loans | 13,808,619 | 13,868,357 | 7,998,912 | ||||||||
| Loans 30 – 89 days past due | 42,188 | 18,554 | 23,463 | ||||||||
| Non-performing loans: | |||||||||||
| Non-accrual loans | 53,614 | 48,647 | 8,393 | ||||||||
| Loans 90+ days past due and still accruing | 941 | 6,077 | 712 | ||||||||
| Non-performing loans | 54,555 | 54,724 | 9,105 | ||||||||
| Other non-performing assets | 3,596 | 4,757 | 90 | ||||||||
| Non-performing assets | 58,151 | 59,481 | 9,195 | ||||||||
| Substandard (excludes 90+ days past due) | 117,580 | 131,078 | 86,579 | ||||||||
| Classified assets | $ | 175,731 | $ | 190,559 | $ | 95,774 | |||||
| Allowance for credit losses | $ | 183,334 | $ | 195,210 | $ | 85,226 | |||||
| RATIOS | |||||||||||
| Non-performing loans to portfolio loans | 0.40 | % | 0.39 | % | 0.11 | % | |||||
| Non-performing assets to total assets | 0.31 | % | 0.31 | % | 0.08 | % | |||||
| Non-performing assets to portfolio loans and other non-performing assets | 0.42 | % | 0.43 | % | 0.11 | % | |||||
| Allowance for credit losses to portfolio loans | 1.33 | % | 1.41 | % | 1.07 | % | |||||
| Coverage ratio of the allowance for credit losses to non-performing loans | 3.36 x | 3.57 x | 9.36 x | ||||||||
| Classified assets to Bank Tier 1 capital1and reserves | 7.70 | % | 8.40 | % | 6.40 | % | |||||
___________________________________________
Loans 30-89 days past due increased by $23.6 million compared to March 31, 2025, and increased by $18.7 million compared to June 30, 2024. Increases are primarily due to two commercial credits, one of which—representing approximately $12.5 million—was brought current after the end of the second quarter.
Non-performing loans decreased by $0.2 million compared to March 31, 2025, and increased by $45.5 million compared to June 30, 2024, with the increase compared to the prior year due to loans purchased with credit deterioration (“PCD” loans) assumed in the CrossFirst acquisition. Non-performing loans were 0.40% of portfolio loans as of June 30, 2025, a 1 basis point increase from March 31, 2025, and a 29 basis point increase from June 30, 2024.
Non-performing assets decreased by $1.3 million compared to March 31, 2025, and increased by $49.0 million compared to June 30, 2024, with the increase compared to the prior year due to the PCD loans assumed in the CrossFirst acquisition. Non-performing assets represented 0.31% of total assets as of both June 30, 2025, and March 31, 2025, which is a 23 basis point increase from June 30, 2024.
Classified assets decreased by $14.8 million compared to March 31, 2025, and increased by $80.0 million compared to June 30, 2024, with the increase compared to the prior year due to the PCD loans assumed in the CrossFirst acquisition.
The allowance for credit losses was $183.3 million as of June 30, 2025, representing 1.33% of total portfolio loans outstanding, and providing coverage of 3.36 times our non-performing loans balance.
| NET CHARGE-OFFS (RECOVERIES) AND PROVISION EXPENSE (RELEASE) (unaudited) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| (dollars in thousands) | June 30, 2025 |
March 31, 2025 |
June 30, 2024 |
June 30, 2025 |
June 30, 2024 |
|||||||||||
| Net charge-offs (recoveries) | $ | 12,882 | $ | 31,429 | $ | 9,856 | $ | 44,311 | $ | 15,072 | ||||||
| Provision for loan losses1 | $ | 1,005 | $ | 42,452 | $ | 2,277 | $ | 43,457 | $ | 7,315 | ||||||
| Provision for unfunded commitments2 | 4,695 | 3,141 | (369 | ) | 7,836 | (1,047 | ) | |||||||||
| Provision for credit losses3 | $ | 5,700 | $ | 45,593 | $ | 1,908 | $ | 51,293 | $ | 6,268 | ||||||
___________________________________________
Net charge-offs decreased by $18.5 million when compared to the first quarter of 2025, and increased by $3.0 million when compared with the second quarter of 2024. Net charge-offs during the second quarter of 2025 primarily related to one legacy-Busey medical office credit. Net charge-offs during the first quarter of 2025 included $29.6 million related to PCD loans acquired from CrossFirst Bank, which were fully reserved at acquisition and did not require recording additional provision expense.
The $1.0 million provision for loan losses recorded in the second quarter of 2025 included a release of the PCD provision of $11.8 million due to PCD loan payoffs/paydowns and non-PCD provision expense of $12.8 million to support charge-offs, to adjust for the loan portfolio mix, and as a response to economic factors.
Deposits
Total deposits were $15.80 billion at June 30, 2025, compared to $16.46 billion at March 31, 2025, and $9.98 billion at June 30, 2024. Average deposits were $15.99 billion for the second quarter of 2025, compared to $12.18 billion for the first quarter of 2025 and $10.07 billion for the second quarter of 2024. The deliberate run-off of higher cost brokered deposits and listing service CD reductions accounted for $386.8 million of the quarter over quarter decrease as well as seasonal tax payments that put additional pressure on funding during the quarter.
Core deposits2 accounted for 92.5% of total deposits as of June 30, 2025. The quality of our core deposit franchise is a critical value driver of our institution. We estimated that 33% of our deposits were uninsured and uncollateralized4 as of June 30, 2025, and we have sufficient on- and off-balance sheet liquidity to manage deposit fluctuations and the liquidity needs of our customers.
We have executed various deposit campaigns to attract term funding and savings accounts at a lower rate than our marginal cost of funds. New certificate of deposit production in the second quarter of 2025 had a weighted average term of 8.0 months at a rate of 3.74%, which was 80 basis points below our average marginal wholesale equivalent-term funding cost during the quarter.
Borrowings
On June 1, 2025, Busey redeemed the entire $125.0 million outstanding principal amount of its 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030 (the “Subordinated Notes”). The aggregate principal amount of the Subordinated Notes, plus accrued and unpaid interest thereon up to, but excluding, June 1, 2025, was $128.3 million.
Liquidity
As of June 30, 2025, Busey’s available sources of on- and off-balance sheet liquidity5 totaled $7.95 billion. Furthermore, Busey’s balance sheet liquidity profile continues to be aided by the cash flows expected from Busey’s relatively short-duration securities portfolio. Those cash flows were approximately $123.1 million in the second quarter of 2025. Cash flows from maturing securities within our portfolio are expected to be approximately $181.0 million for the remainder of 2025, with a current book yield of 2.52%, and approximately $289.7 million for 2026, with a current book yield of 2.58%.
Capital Strength
The strength of our balance sheet is also reflected in our capital foundation. Although still impacted by the strategic deployment of capital for the CrossFirst acquisition, as well as by Busey’s active share repurchase program, our capital ratios remain strong, and as of June 30, 2025, our estimated regulatory capital ratios6 continued to provide a buffer of more than $870 million above levels required to be designated well-capitalized. Busey’s Common Equity Tier 1 ratio is estimated6 to be 12.22% at June 30, 2025, compared to 12.00% at March 31, 2025, and 13.20% at June 30, 2024. Our Total Capital to Risk Weighted Assets ratio is estimated6 to be 15.75% at June 30, 2025, compared to 14.88% at March 31, 2025, and 17.50% at June 30, 2024.
Busey’s tangible common equity2 was $1.71 billion at June 30, 2025, compared to $1.68 billion at March 31, 2025, and $963.2 million at June 30, 2024. Tangible common equity2 represented 9.27% of tangible assets at June 30, 2025, compared to 8.83% at March 31, 2025, and 8.30% at June 30, 2024.
Busey’s tangible book value per common share2 was $19.18 at June 30, 2025, compared to $18.62 at March 31, 2025, and $16.97 at June 30, 2024, reflecting a 13.0% year-over-year increase.
Dividends
Busey’s strong capital levels, coupled with its earnings, have allowed the Company to provide a steady return to its stockholders through dividends. During the second quarter of 2025, Busey paid a dividend of $0.25 per share on its common stock. Busey has consistently paid dividends to its common stockholders since the bank holding company was organized in 1980. Additionally, during the second quarter of 2025, Busey paid a dividend of $20.00 per share on its Series A Non-cumulative Perpetual Preferred Stock, which was issued in connection with the CrossFirst acquisition.
Series B Preferred Stock Issuance
On May 20, 2025, Busey issued an aggregate of 8,600,000 depositary shares (the “Depositary Shares”), each representing a 1/40th interest in a share of Busey’s 8.25% Fixed-Rate Series B Non-Cumulative Perpetual Preferred Stock, $0.001 par value (the “Series B Preferred Stock”), with a liquidation preference of $1,000 per share of Series B Preferred Stock (equivalent to $25 per Depositary Share). Additional information about the Depositary Shares and Series B Preferred Stock issuance can be found in Busey’s 8-K filed with the SEC on May 20, 2025, and the related exhibits thereto.
Share Repurchases
During the second quarter of 2025, Busey’s board of directors authorized the purchase of up to 2,000,000 additional shares of the Company’s common stock under Busey’s stock repurchase plan. Busey purchased 1,012,000 shares of its common stock under the plan during the second quarter of 2025 at a weighted average price of $21.40 per share for a total of $21.7 million. As of June 30, 2025, Busey had 2,687,275 shares remaining available for repurchase under the plan.
SECOND QUARTER EARNINGS INVESTOR PRESENTATION
For additional information on Busey’s financial condition and operating results, please refer to our Q2 2025 Earnings Investor Presentation furnished via Form 8‑K on July 22, 2025, in connection with this earnings release.
CORPORATE PROFILE
As of June 30, 2025, First Busey Corporation (Nasdaq: BUSE) was a $18.92 billion financial holding company headquartered in Leawood, Kansas.
Busey Bank, a wholly-owned bank subsidiary of First Busey Corporation headquartered in Champaign, Illinois, had total assets of $18.87 billion as of June 30, 2025. Busey Bank currently has 78 banking centers, with 21 in Central Illinois markets, 17 in suburban Chicago markets, 20 in the St. Louis Metropolitan Statistical Area, four in the Dallas-Fort Worth-Arlington Metropolitan Statistical Area, three in the Kansas City Metropolitan Statistical Area, three in Southwest Florida, one in Indianapolis, two in Oklahoma City, one in Tulsa, one in Wichita, one in Denver, one in Colorado Springs, one in Phoenix, one in Tucson, and one in New Mexico. More information about Busey Bank can be found at busey.com.
Through Busey’s Wealth Management division, the Company provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations. Assets under care totaled $14.10 billion as of June 30, 2025. More information about Busey’s Wealth Management services can be found at busey.com/wealth-management.
Busey Bank’s wholly-owned subsidiary, FirsTech, specializes in the evolving financial technology needs of small and medium-sized businesses, highly regulated enterprise industries, and financial institutions. FirsTech provides comprehensive and innovative payment technology solutions, including online, mobile, and voice-recognition bill payments; money and data movement; merchant services; direct debit services; lockbox remittance processing for payments made by mail; and walk-in payments at retail agents. Additionally, FirsTech simplifies client workflows through integrations enabling support with billing, reconciliation, bill reminders, and treasury services. More information about FirsTech can be found at firstechpayments.com.
For the fourth consecutive year, Busey was named among Forbes’ 2025’s America’s Best Banks. In 2025, Forbes also recognized Busey as a Best-in-State Bank, based on rankings of customer service, quality of financial advice, fee structures, ease of digital services, accessing help at branch locations and the degree of trust inspired. Busey was also named among the 2024 Best Banks to Work For by American Banker and the 2024 Best Places to Work in Money Management by Pensions and Investments. We are honored to be consistently recognized as an outstanding financial services organization with an engaged culture of integrity and commitment to community development.
NON-GAAP FINANCIAL INFORMATION
This earnings release contains certain financial information determined by methods other than GAAP. Management uses these non-GAAP measures, together with the related GAAP measures, in analysis of Busey’s performance and in making business decisions, as well as for comparison to Busey’s peers. Busey believes the adjusted measures are useful for investors and management to understand the effects of certain non-core and non-recurring items and provide additional perspective on Busey’s performance over time.
The following tables present reconciliations between these non-GAAP measures and what management believes to be the most directly comparable GAAP financial measures.
These non-GAAP disclosures have inherent limitations and are not audited. They should not be considered in isolation or as a substitute for operating results reported in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Tax effected numbers included in these non-GAAP disclosures are based on estimated statutory rates, estimated federal income tax rates, or effective tax rates, as noted with the tables below.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)
| Pre-Provision Net Revenue and Related Measures | ||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| (dollars in thousands) | June 30, 2025 |
March 31, 2025 |
June 30, 2024 |
June 30, 2025 |
June 30, 2024 |
|||||||||||||||
| Net interest income (GAAP) | $ | 153,183 | $ | 103,731 | $ | 82,532 | $ | 256,914 | $ | 158,386 | ||||||||||
| Total noninterest income (GAAP) | 44,863 | 21,223 | 33,703 | 66,086 | 68,616 | |||||||||||||||
| Net security (gains) losses (GAAP) | (5,997 | ) | 15,768 | 353 | 9,771 | 6,728 | ||||||||||||||
| Total noninterest expense (GAAP)1 | (127,833 | ) | (112,030 | ) | (75,906 | ) | (239,863 | ) | (147,353 | ) | ||||||||||
| Pre-provision net revenue (Non-GAAP) | [a] | 64,216 | 28,692 | 40,682 | 92,908 | 86,377 | ||||||||||||||
| Acquisition and restructuring expenses, excluding initial provision expenses | 16,600 | 26,026 | 2,212 | 42,626 | 2,620 | |||||||||||||||
| Realized net (gains) losses on the sale of mortgage service rights | — | — | (277 | ) | — | (7,742 | ) | |||||||||||||
| Adjusted pre-provision net revenue (Non-GAAP) | [b] | $ | 80,816 | $ | 54,718 | $ | 42,617 | $ | 135,534 | $ | 81,255 | |||||||||
| Average total assets | [c] | $ | 19,068,086 | $ | 14,831,298 | $ | 12,089,692 | $ | 16,961,396 | $ | 12,056,950 | |||||||||
| Pre-provision net revenue to average total assets (Non-GAAP)2 | [a÷c] | 1.35 | % | 0.78 | % | 1.35 | % | 1.10 | % | 1.44 | % | |||||||||
| Adjusted pre-provision net revenue to average total assets (Non-GAAP)2 | [b÷c] | 1.70 | % | 1.50 | % | 1.42 | % | 1.61 | % | 1.36 | % | |||||||||
___________________________________________
| Adjusted Net Income, Average Tangible Common Equity, and Related Ratios | ||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| (dollars in thousands, except per share amounts) | June 30, 2025 |
March 31, 2025 |
June 30, 2024 |
June 30, 2025 |
June 30, 2024 |
|||||||||||||||
| Net income (loss) (GAAP) | [a] | $ | 47,404 | $ | (29,990 | ) | $ | 27,357 | $ | 17,414 | $ | 53,582 | ||||||||
| Day 2 provision for credit losses1 | — | 45,572 | — | 45,572 | — | |||||||||||||||
| Adjustment of initial provision for unfunded commitments due to adoption of new model1 | 4,030 | — | — | 4,030 | — | |||||||||||||||
| Other acquisition expenses | 16,600 | 26,026 | 2,212 | 42,626 | 2,497 | |||||||||||||||
| Restructuring expenses | — | — | — | — | 123 | |||||||||||||||
| Net securities (gains) losses | (5,997 | ) | 15,768 | 353 | 9,771 | 6,728 | ||||||||||||||
| Realized net (gains) losses on the sale of mortgage servicing rights | — | — | (277 | ) | — | (7,742 | ) | |||||||||||||
| Related tax (benefit) expense2 | (4,971 | ) | (22,069 | ) | (572 | ) | (27,040 | ) | (402 | ) | ||||||||||
| Non-recurring deferred tax adjustment3 | 328 | 4,591 | 1,446 | 4,919 | 1,446 | |||||||||||||||
| Adjusted net income (Non-GAAP)4 | [b] | 57,394 | 39,898 | 30,519 | 97,292 | 56,232 | ||||||||||||||
| Preferred dividends | [c] | 155 | — | — | 155 | — | ||||||||||||||
| Adjusted net income available to common stockholders (Non-GAAP) | [d] | $ | 57,239 | $ | 39,898 | $ | 30,519 | $ | 97,137 | $ | 56,232 | |||||||||
| Weighted average number of common shares outstanding, diluted (GAAP) | [e] | 90,883,711 | 68,517,647 | 57,853,231 | 80,251,577 | 57,129,865 | ||||||||||||||
| Diluted earnings (loss) per common share (GAAP) | [(a-c)÷e] | $ | 0.52 | $ | (0.44 | ) | $ | 0.47 | $ | 0.22 | $ | 0.94 | ||||||||
| Weighted average number of common shares outstanding, diluted (Non-GAAP)5 | [f] | 90,883,711 | 69,502,717 | 57,853,231 | 80,251,577 | 57,129,865 | ||||||||||||||
| Adjusted diluted earnings per common share (Non-GAAP)5,6 | [d÷f] | $ | 0.63 | $ | 0.57 | $ | 0.53 | $ | 1.21 | $ | 0.98 | |||||||||
| Average total assets | [g] | $ | 19,068,086 | $ | 14,831,298 | $ | 12,089,692 | $ | 16,961,396 | $ | 12,056,950 | |||||||||
| Return on average assets (Non-GAAP)6 | [a÷g] | 1.00 | % | (0.82)% | 0.91 | % | 0.21 | % | 0.89 | % | ||||||||||
| Adjusted return on average assets (Non-GAAP)4,6 | [b÷g] | 1.21 | % | 1.09 | % | 1.02 | % | 1.16 | % | 0.94 | % | |||||||||
| Average common equity | $ | 2,180,963 | $ | 1,932,407 | $ | 1,331,815 | $ | 2,057,372 | $ | 1,303,770 | ||||||||||
| Average goodwill and other intangible assets, net | (494,473 | ) | (411,020 | ) | (376,224 | ) | (452,978 | ) | (364,620 | ) | ||||||||||
| Average tangible common equity (Non-GAAP) | [h] | $ | 1,686,490 | $ | 1,521,387 | $ | 955,591 | $ | 1,604,394 | $ | 939,150 | |||||||||
| Return on average tangible common equity (Non-GAAP)6 | [(a-c)÷h] | 11.24 | % | (7.99)% | 11.51 | % | 2.17 | % | 11.47 | % | ||||||||||
| Adjusted return on average tangible common equity (Non-GAAP)4,6 | [d÷h] | 13.61 | % | 10.64 | % | 12.85 | % | 12.21 | % | 12.04 | % | |||||||||
___________________________________________
| Tax-Equivalent Net Interest Income, Adjusted Net Interest Income, Net Interest Margin, and Adjusted Net Interest Margin | ||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| (dollars in thousands) | June 30, 2025 |
March 31, 2025 |
June 30, 2024 |
June 30, 2025 |
June 30, 2024 |
|||||||||||||||
| Net interest income (GAAP) | $ | 153,183 | $ | 103,731 | $ | 82,532 | $ | 256,914 | $ | 158,386 | ||||||||||
| Tax-equivalent adjustment1 | 791 | 537 | 402 | 1,328 | 851 | |||||||||||||||
| Tax-equivalent net interest income (Non-GAAP) | [a] | 153,974 | 104,268 | 82,934 | 258,242 | 159,237 | ||||||||||||||
| Purchase accounting accretion related to business combinations | (7,119 | ) | (2,728 | ) | (812 | ) | (9,847 | ) | (1,016 | ) | ||||||||||
| Adjusted net interest income (Non-GAAP) | [b] | $ | 146,855 | $ | 101,540 | $ | 82,122 | $ | 248,395 | $ | 158,221 | |||||||||
| Average interest-earning assets (Non-GAAP) | [c] | $ | 17,700,356 | $ | 13,363,594 | $ | 11,000,785 | $ | 15,543,955 | $ | 11,003,344 | |||||||||
| Net interest margin (Non-GAAP)2 | [a÷c] | 3.49 | % | 3.16 | % | 3.03 | % | 3.35 | % | 2.91 | % | |||||||||
| Adjusted net interest margin (Non-GAAP)2 | [b÷c] | 3.33 | % | 3.08 | % | 3.00 | % | 3.22 | % | 2.89 | % | |||||||||
___________________________________________
| Adjusted Noninterest Income, Revenue Measures, Adjusted Noninterest Expense, Efficiency Ratios, and Adjusted Noninterest Expense to Average Assets | ||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| (dollars in thousands) | June 30, 2025 |
March 31, 2025 |
June 30, 2024 |
June 30, 2025 |
June 30, 2024 |
|||||||||||||||
| Net interest income (GAAP) | [a] | $ | 153,183 | $ | 103,731 | $ | 82,532 | $ | 256,914 | $ | 158,386 | |||||||||
| Tax-equivalent adjustment1 | 791 | 537 | 402 | 1,328 | 851 | |||||||||||||||
| Tax-equivalent net interest income (Non-GAAP) | [b] | 153,974 | 104,268 | 82,934 | 258,242 | 159,237 | ||||||||||||||
| Total noninterest income (GAAP) | 44,863 | 21,223 | 33,703 | 66,086 | 68,616 | |||||||||||||||
| Net security (gains) losses | (5,997 | ) | 15,768 | 353 | 9,771 | 6,728 | ||||||||||||||
| Noninterest income excluding net securities gains and losses (Non-GAAP) | [c] | 38,866 | 36,991 | 34,056 | 75,857 | 75,344 | ||||||||||||||
| Realized net (gains) losses on the sale of mortgage service rights | — | — | (277 | ) | — | (7,742 | ) | |||||||||||||
| Adjusted noninterest income (Non-GAAP) | [d] | $ | 38,866 | $ | 36,991 | $ | 33,779 | $ | 75,857 | $ | 67,602 | |||||||||
| Tax-equivalent revenue (Non-GAAP) | [e = b+c] | $ | 192,840 | $ | 141,259 | $ | 116,990 | $ | 334,099 | $ | 234,581 | |||||||||
| Adjusted tax-equivalent revenue (Non-GAAP) | [f = b+d] | 192,840 | 141,259 | 116,713 | 334,099 | 226,839 | ||||||||||||||
| Operating revenue (Non-GAAP) | [g = a+d] | 192,049 | 140,722 | 116,311 | 332,771 | 225,988 | ||||||||||||||
| Adjusted noninterest income to operating revenue (Non-GAAP) | [d÷g] | 20.24 | % | 26.29 | % | 29.04 | % | 22.80 | % | 29.91 | % | |||||||||
| Total noninterest expense (GAAP)2 | $ | 127,833 | $ | 112,030 | $ | 75,906 | $ | 239,863 | $ | 147,353 | ||||||||||
| Amortization of intangible assets | (4,592 | ) | (3,083 | ) | (2,629 | ) | (7,675 | ) | (5,038 | ) | ||||||||||
| Noninterest expense excluding amortization of intangible assets (Non-GAAP)2 | [h] | 123,241 | 108,947 | 73,277 | 232,188 | 142,315 | ||||||||||||||
| Acquisition and restructuring expenses, excluding initial provision expenses | (16,600 | ) | (26,026 | ) | (2,212 | ) | (42,626 | ) | (2,620 | ) | ||||||||||
| Adjusted noninterest expense (Non-GAAP)2 | [i] | $ | 106,641 | $ | 82,921 | $ | 71,065 | $ | 189,562 | $ | 139,695 | |||||||||
| Efficiency ratio (Non-GAAP)2 | [h÷e] | 63.91 | % | 77.13 | % | 62.64 | % | 69.50 | % | 60.67 | % | |||||||||
| Adjusted efficiency ratio (Non-GAAP)2 | [i÷f] | 55.30 | % | 58.70 | % | 60.89 | % | 56.74 | % | 61.58 | % | |||||||||
| Average total assets | [j] | $ | 19,068,086 | $ | 14,831,298 | $ | 12,089,692 | $ | 16,961,396 | $ | 12,056,950 | |||||||||
| Adjusted noninterest expense to average assets (Non-GAAP)2,3 | [i÷j] | 2.24 | % | 2.27 | % | 2.36 | % | 2.25 | % | 2.33 | % | |||||||||
___________________________________________
| Tangible Assets, Tangible Common Equity, and Related Measures and Ratio | ||||||||||||
| As of | ||||||||||||
| (dollars in thousands, except per share amounts) | June 30, 2025 |
March 31, 2025 |
June 30, 2024 |
|||||||||
| Total assets (GAAP) | $ | 18,918,740 | $ | 19,464,252 | $ | 11,971,416 | ||||||
| Goodwill and other intangible assets, net | (488,181 | ) | (496,118 | ) | (370,580 | ) | ||||||
| Tangible assets (Non-GAAP)1 | [a] | $ | 18,430,559 | $ | 18,968,134 | $ | 11,600,836 | |||||
| Total stockholders’ equity (GAAP) | $ | 2,412,546 | $ | 2,179,606 | $ | 1,333,810 | ||||||
| Preferred stock and additional paid in capital on preferred stock | (215,197 | ) | (7,750 | ) | — | |||||||
| Common equity | [b] | 2,197,349 | 2,171,856 | 1,333,810 | ||||||||
| Goodwill and other intangible assets, net | (488,181 | ) | (496,118 | ) | (370,580 | ) | ||||||
| Tangible common equity (Non-GAAP)1 | [c] | $ | 1,709,168 | $ | 1,675,738 | $ | 963,230 | |||||
| Tangible common equity to tangible assets (Non-GAAP)1 | [c÷a] | 9.27 | % | 8.83 | % | 8.30 | % | |||||
| Ending number of common shares outstanding (GAAP) | [d] | 89,104,678 | 90,008,178 | 56,746,937 | ||||||||
| Book value per common share (Non-GAAP) | [b÷d] | $ | 24.66 | $ | 24.13 | $ | 23.50 | |||||
| Tangible book value per common share (Non-GAAP) | [c÷d] | $ | 19.18 | $ | 18.62 | $ | 16.97 | |||||
___________________________________________
| Core Deposits and Related Ratio | ||||||||||||
| As of | ||||||||||||
| (dollars in thousands) | June 30, 2025 |
March 31, 2025 |
June 30, 2024 |
|||||||||
| Total deposits (GAAP) | [a] | $ | 15,801,772 | $ | 16,459,470 | $ | 9,976,135 | |||||
| Brokered deposits, excluding brokered time deposits of $250,000 or more | (353,614 | ) | (722,224 | ) | (43,089 | ) | ||||||
| Time deposits of $250,000 or more | (827,762 | ) | (867,035 | ) | (314,461 | ) | ||||||
| Core deposits (Non-GAAP) | [b] | $ | 14,620,396 | $ | 14,870,211 | $ | 9,618,585 | |||||
| Core deposits to total deposits (Non-GAAP) | [b÷a] | 92.52 | % | 90.34 | % | 96.42 | % | |||||
FORWARD-LOOKING STATEMENTS
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to Busey’s financial condition, results of operations, plans, objectives, future performance, and business. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of Busey’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should,” “position,” or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and Busey undertakes no obligation to update any statement in light of new information or future events.
A number of factors, many of which are beyond Busey’s ability to control or predict, could cause actual results to differ materially from those in any forward-looking statements. These factors include, among others, the following: (1) the strength of the local, state, national, and international economies and financial markets (including effects of inflationary pressures, the threat or implementation of tariffs, trade wars, and changes to immigration policy); (2) changes in, and the interpretation and prioritization of, local, state, and federal laws, regulations, and governmental policies (including those concerning Busey’s general business); (3) the economic impact of any future terrorist threats or attacks, widespread disease or pandemics, or other adverse external events that could cause economic deterioration or instability in credit markets (including Russia’s invasion of Ukraine and the conflict in the Middle East); (4) unexpected results of acquisitions, including the acquisition of CrossFirst, which may include the failure to realize the anticipated benefits of the acquisitions and the possibility that the transaction and integration costs may be greater than anticipated; (5) the imposition of tariffs or other governmental policies impacting the value of products produced by Busey’s commercial borrowers; (6) new or revised accounting policies and practices as may be adopted by state and federal regulatory banking agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission, or the Public Company Accounting Oversight Board; (7) changes in interest rates and prepayment rates of Busey’s assets (including the impact of sustained elevated interest rates); (8) increased competition in the financial services sector (including from non-bank competitors such as credit unions and fintech companies) and the inability to attract new customers; (9) technological changes implemented by us and other parties, including our third-party vendors, which may have unforeseen consequences to us and our customers, including the development and implementation of tools incorporating artificial intelligence; (10) the loss of key executives or associates, talent shortages, and employee turnover; (11) unexpected outcomes and costs of existing or new litigation, investigations, or other legal proceedings, inquiries, and regulatory actions involving Busey (including with respect to Busey’s Illinois franchise taxes); (12) fluctuations in the value of securities held in Busey’s securities portfolio, including as a result of changes in interest rates; (13) credit risk and risk from concentrations (by type of borrower, geographic area, collateral, and industry), within Busey’s loan portfolio and large loans to certain borrowers (including commercial real estate loans); (14) the concentration of large deposits from certain clients who have balances above current Federal Deposit Insurance Corporation insurance limits and may withdraw deposits to diversify their exposure; (15) the level of non-performing assets on Busey’s balance sheets; (16) interruptions involving information technology and communications systems or third-party servicers; (17) breaches or failures of information security controls or cybersecurity-related incidents; (18) the economic impact on Busey and its customers of climate change, natural disasters, and exceptional weather occurrences such as tornadoes, hurricanes, floods, blizzards, and droughts; (19) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact Busey’s cost of funds; (20) the ability to maintain an adequate level of allowance for credit losses on loans; (21) the effectiveness of Busey’s risk management framework; and (22) the ability of Busey to manage the risks associated with the foregoing. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.
Additional information concerning Busey and its business, including additional factors that could materially affect Busey’s financial results, is included in Busey’s filings with the Securities and Exchange Commission.
END NOTES
| 1 | Annualized measure. |
| 2 | Represents a non-GAAP financial measure. For a reconciliation to the most directly comparable financial measure calculated and presented in accordance with Generally Accepted Accounting Principles (“GAAP”), see “Non-GAAP Financial Information.” |
| 3 | The blended benchmark consists of 60% MSCI All Country World Index and 40% Bloomberg Intermediate US Government/Credit Total Return Index. |
| 4 | Estimated uninsured and uncollateralized deposits consist of account balances in excess of the $250,000 Federal Deposit Insurance Corporation insurance limit, less intercompany accounts, fully collateralized accounts (including preferred deposits), and pass-through accounts where clients have deposit insurance at the correspondent financial institution. |
| 5 | On- and off-balance sheet liquidity is comprised of cash and cash equivalents, debt securities excluding those pledged as collateral, brokered deposits, and Busey’s borrowing capacity through its revolving credit facility, the FHLB, the Federal Reserve Bank, and federal funds purchased lines. |
| 6 | Capital amounts and ratios for the second quarter of 2025 are not yet finalized and are subject to change. |
INVESTOR CONTACT: Scott A. Phillips, Interim Chief Financial Officer | 239-689-7167
Source: GlobeNewswire (MIL-OSI)
Second-quarter highlights
HOUSTON and LONDON, July 22, 2025 (GLOBE NEWSWIRE) — Baker Hughes Company (Nasdaq: BKR) (“Baker Hughes” or the “Company”) announced results today for the second quarter of 2025.
“We delivered strong second-quarter results, with total adjusted EBITDA margins increasing 170 basis points year-over-year to 17.5% despite a modest decline in revenue. This performance reflects the benefits of structural cost improvements and continued deployment of our business system, which is driving higher productivity, stronger operating leverage and more durable earnings across the company,” said Lorenzo Simonelli, Baker Hughes Chairman and Chief Executive Officer.
“IET orders totaled $3.5 billion in the quarter, resulting in another record backlog for the segment. Importantly, order momentum remained strong, supported by more than $550 million of data center related orders, despite the absence of large LNG awards. Following a strong first half and a positive outlook for second half awards, we are confident of achieving the full-year order guidance range for IET.”
“We remain confident in our ability to deliver solid performance in 2025, with continued growth in IET helping to offset softness in more market-sensitive areas of OFSE – underscoring the strength of our portfolio and the benefits of our strategic diversification. Accordingly, we are raising our full-year revenue and EBITDA guidance for IET and reestablishing full-year guidance for OFSE.”
“During the quarter, we also announced three strategic transactions to advance our portfolio optimization strategy, reinforcing efforts to enhance the durability of earnings and cash flow while creating long-term value for shareholders. These actions are designed to unlock value from non-core businesses in our portfolio and redeploy that capital into higher-margin opportunities that fit our financial and strategic frameworks.”
“We are progressing with our strategy of positioning the company for sustainable, differentiated growth and commend the focus and dedication of our people in executing this strategy,” concluded Simonelli.
* Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”
| Three Months Ended | Variance | ||||||||||||||
| (in millions except per share amounts) | June 30, 2025 | March 31, 2025 | June 30, 2024 | Sequential | Year-over-year | ||||||||||
| Orders | $ | 7,032 | $ | 6,459 | $ | 7,526 | 9 | % | (7 | %) | |||||
| Revenue | 6,910 | 6,427 | 7,139 | 8 | % | (3 | %) | ||||||||
| Net income attributable to Baker Hughes | 701 | 402 | 579 | 74 | % | 21 | % | ||||||||
| Adjusted net income attributable to Baker Hughes* | 623 | 509 | 568 | 22 | % | 10 | % | ||||||||
| Adjusted EBITDA* | 1,212 | 1,037 | 1,130 | 17 | % | 7 | % | ||||||||
| Diluted earnings per share (EPS) | 0.71 | 0.40 | 0.58 | 76 | % | 22 | % | ||||||||
| Adjusted diluted EPS* | 0.63 | 0.51 | 0.57 | 23 | % | 11 | % | ||||||||
| Cash flow from operating activities | 510 | 709 | 348 | (28 | %) | 47 | % | ||||||||
| Free cash flow* | 239 | 454 | 106 | (47 | %) | F | |||||||||
* Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”
Certain columns and rows in our tables and financial statements may not sum up due to the use of rounded numbers.
“F” is used in most instances when variance is above 100%. Additionally, “U” is used when variance is below (100)%.
Quarter Highlights
Executing our portfolio optimization strategy
In the second quarter, Baker Hughes announced three strategic transactions, all of which reflect a disciplined capital allocation framework and a focus on core businesses with strong return potential.
First, the Company signed an agreement to form a joint venture with a subsidiary of Cactus, Inc., contributing the Oilfield Services & Equipment’s (“OFSE“) Surface Pressure Control (“SPC“) product line in exchange for approximately $345 million while maintaining a minority ownership stake.
Second, the Company announced an agreement to sell the Precision Sensors & Instrumentation (“PSI“) product line within Industrial & Energy Technology (“IET“) to Crane Company for approximately $1.15 billion. These proceeds will enhance the Company’s flexibility to reinvest in higher-growth, higher-return areas that support further margin expansion and improved returns.
Finally, Baker Hughes agreed to acquire Continental Disc Corporation (“CDC“), a leading provider of pressure management solutions, for approximately $540 million. The CDC acquisition strengthens the IET Industrial Products portfolio with a highly complementary, margin-accretive business that expands the Company’s position in the flow and pressure control market and enhances recurring, lifecycle driven revenue.
Key awards and technology achievements
The Company continued to support the development of critical data center projects, with year-to-date data center awards of more than $650 million. IET received an award to supply 30 NovaLT™ turbines, representing our largest data center award to-date. The turbines, alongside other associated Baker Hughes equipment, will deliver up to 500 megawatts (MW) of reliable and efficient power for data center development across various U.S. locations.
Frontier Infrastructure awarded a contract for NovaLT™ turbines, delivering up to 270 MW of power for its data center projects in Wyoming and Texas. This follows the March 2025 enterprise-wide agreement to accelerate large scale carbon capture and storage (“CCS“) and power solutions.
Baker Hughes continues to grow the pipeline of future data center opportunities. At the Saudi-U.S. Investment Forum in May, the Company signed an MoU with DataVolt that plans to power data centers globally, including the NEOM project in the Kingdom that intends to utilize Baker Hughes’ multi-fuel NovaLT™ technology solution.
In addition to growing demand from data center applications, IET experienced increased demand for NovaLT™ turbines in the gas infrastructure sector. During the second quarter, the segment secured an award for four gas turbines to support Aramco’s Master Gas System III pipeline project. Including this award, we have secured a total of $2.9 billion in gas infrastructure equipment orders over the past six quarters.
Highlighting the durability of IET’s lifecycle model, the segment was awarded several aftermarket services contracts. In Gas Technology Services (“GTS“), the Company secured more than $350 million of Contractual Services Agreements (“CSA“) during the quarter. We signed a maintenance agreement with Belayim Petroleum Company (“Petrobel”) to improve uptime and reliability of critical turbomachinery equipment in Egypt. Also in GTS, we renewed a multi-year service agreement with Oman LNG, including resident engineering support along with digital remote monitoring and diagnostics services delivered through iCenter™.
The Company gained further traction with New Energy globally, with year-to-date bookings now totaling $1.25 billion. In Climate Technology Solutions (“CTS“), we secured one of our largest CCS orders to-date, providing compression technology for a CCS hub in the Middle East. Also in CTS, we signed a framework agreement with Energinet in Denmark to supply 16 reciprocating compressor packages, supporting an increase in biogas production while driving methane and CO2 emissions reduction for gas infrastructure across the country.
Industrial Technology continued to demonstrate strong momentum across multiple end markets. In Industrial Solutions, we secured a variety of awards for our Cordant™ suite of solutions. This includes an award from a large NOC to deploy Asset Performance Management across several compression stations in the Middle East, and an award from NOVA Chemicals to optimize maintenance spend and maximize production.
OFSE maintained strong momentum in Mature Assets Solutions around the globe. In Angola, OFSE was awarded multi-year production solutions contracts for chemicals, artificial lift, and digital services to support a major operator’s offshore activities. In Kazakhstan, the TOPAN and Baker Hughes joint venture secured a critical production chemicals and services award. In Norway, Equinor awarded OFSE a contract to industrialize offshore plug and abandonment (“P&A“) operations in the Oseberg East field, which followed the announcement of a multi-year P&A framework agreement for integrated well services.
OFSE saw continued adoption of Leucipa™ automated field production solution, securing an award from Repsol for next-generation AI capabilities following the MoU signed in October 2024. The Company also signed an agreement with ENI to deploy Leucipa for electric submersible pumps (“ESP“) optimization and AI-powered predictive failure analytics in the Middle East.
Also in the Middle East, Baker Hughes signed a master services agreement with Aramco for installation and maintenance of ESPs across the Kingdom of Saudi Arabia.
In North America, OFSE secured a multi-year contract to provide drag reducing chemicals to be deployed on Genesis Energy’s Cameron Highway Oil Pipeline and Poseidon systems, each of which is operated and 64% owned by Genesis Energy. To support this agreement, OFSE will expand its chemicals manufacturing footprint and deploy Leucipa. Additionally, bp awarded OFSE a multi-year chemicals management services contract to optimize throughput and asset reliability in the U.S. Gulf Coast.
In Germany, OFSE successfully drilled Lower Saxony’s first productive deep geothermal exploration well, a project that leverages OFSE’s integrated well construction and production capabilities and the Company’s industry-leading subsurface-to-surface digital solutions to monitor and optimize operational performance.
Consolidated Financial Results
Revenue for the quarter was $6,910 million, an increase of 8% sequentially and down $229 million year-over-year. The decrease in revenue year-over-year was driven by a decrease in OFSE partially offset by an increase in IET.
The Company’s total book-to-bill ratio in the second quarter of 2025 was 1.0; the IET book-to-bill ratio was 1.1.
Net income as determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for the second quarter of 2025 was $701 million. Net income increased $299 million sequentially and increased $122 million year-over-year.
Adjusted net income (a non-GAAP financial measure) for the second quarter of 2025 was $623 million, which excludes adjustments totaling $78 million. A list of the adjusting items and associated reconciliation from GAAP has been provided in Table 1b in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted net income for the second quarter of 2025 was up 22% sequentially and up 10% year-over-year.
Depreciation and amortization for the second quarter of 2025 was $293 million.
Adjusted EBITDA (a non-GAAP financial measure) for the second quarter of 2025 was $1,212 million, which excludes adjustments totaling $102 million. See Table 1a in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted EBITDA for the second quarter was up 17% sequentially and up 7% year-over-year.
The sequential increase in adjusted net income and adjusted EBITDA was primarily driven by an increase in volume, favorable FX, and overall productivity. The year-over-year increase in adjusted net income and adjusted EBITDA was driven by productivity and structural cost out initiatives, favorable FX, partially offset by lower volume in OFSE, and cost inflation in both segments.
Other Financial Items
Remaining Performance Obligations (“RPO”) in the second quarter of 2025 ended at $34 billion, an increase of $0.8 billion from the first quarter of 2025. OFSE RPO was $2.7 billion, down 3% sequentially, while IET RPO was $31.3 billion, up 3% sequentially. Within IET RPO, GTE RPO was $11.3 billion, and GTS RPO was $15.6 billion.
Income tax expense in the second quarter of 2025 was $256 million.
Other (income) expense, net in the second quarter of 2025 was $(134) million, primarily related to changes in fair value for equity securities of $(119) million.
GAAP diluted earnings per share was $0.71. Adjusted diluted earnings per share (a non-GAAP financial measure) was $0.63. Excluded from adjusted diluted earnings per share were all items listed in Table 1b in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”
Cash flow from operating activities was $510 million for the second quarter of 2025. Free cash flow (a non-GAAP financial measure) for the quarter was $239 million. A reconciliation from GAAP has been provided in Table 1c in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”
Capital expenditures, net of proceeds from disposal of assets, were $271 million for the second quarter of 2025, of which $184 million was for OFSE and $68 million was for IET.
Results by Reporting Segment
The following segment discussions and variance explanations are intended to reflect management’s view of the relevant comparisons of financial results on a sequential or year-over-year basis, depending on the business dynamics of the reporting segments.
Oilfield Services & Equipment
| (in millions) | Three Months Ended | Variance | |||||||||||||
| Segment results | June 30, 2025 | March 31, 2025 | June 30, 2024 | Sequential | Year-over-year | ||||||||||
| Orders | $ | 3,503 | $ | 3,281 | $ | 4,068 | 7 | % | (14 | %) | |||||
| Revenue | $ | 3,617 | $ | 3,499 | $ | 4,011 | 3 | % | (10 | %) | |||||
| EBITDA | $ | 677 | $ | 623 | $ | 716 | 9 | % | (5 | %) | |||||
| EBITDA margin | 18.7 | % | 17.8 | % | 17.8 | % | 0.9pts | 0.9pts | |||||||
| (in millions) | Three Months Ended | Variance | |||||||||||||
| Revenue by Product Line | June 30, 2025 | March 31, 2025 | June 30, 2024 | Sequential | Year-over-year | ||||||||||
| Well Construction | $ | 921 | $ | 892 | $ | 1,090 | 3 | % | (16 | %) | |||||
| Completions, Intervention, and Measurements | 935 | 925 | 1,118 | 1 | % | (16 | %) | ||||||||
| Production Solutions | 968 | 899 | 958 | 8 | % | 1 | % | ||||||||
| Subsea & Surface Pressure Systems | 793 | 782 | 845 | 1 | % | (6 | %) | ||||||||
| Total Revenue | $ | 3,617 | $ | 3,499 | $ | 4,011 | 3 | % | (10 | %) | |||||
| (in millions) | Three Months Ended | Variance | |||||||||||||
| Revenue by Geographic Region | June 30, 2025 | March 31, 2025 | June 30, 2024 | Sequential | Year-over-year | ||||||||||
| North America | $ | 928 | $ | 922 | $ | 1,023 | 1 | % | (9 | %) | |||||
| Latin America | 639 | 568 | 663 | 12 | % | (4 | %) | ||||||||
| Europe/CIS/Sub-Saharan Africa | 653 | 580 | 827 | 13 | % | (21 | %) | ||||||||
| Middle East/Asia | 1,398 | 1,429 | 1,498 | (2 | %) | (7 | %) | ||||||||
| Total Revenue | $ | 3,617 | $ | 3,499 | $ | 4,011 | 3 | % | (10 | %) | |||||
| North America | $ | 928 | $ | 922 | $ | 1,023 | 1 | % | (9 | %) | |||||
| International | $ | 2,689 | $ | 2,577 | $ | 2,988 | 4 | % | (10 | %) | |||||
EBITDA excludes depreciation and amortization of $233 million, $226 million, and $223 million for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. EBITDA margin is defined as EBITDA divided by revenue.
OFSE orders of $3,503 million for the second quarter of 2025 increased by 7% sequentially. Subsea and Surface Pressure Systems orders were $698 million, up 31% sequentially, and down 21% year-over-year.
OFSE revenue of $3,617 million for the second quarter of 2025 was up 3% sequentially, and down 10% year-over-year.
North America revenue was $928 million, up 1% sequentially. International revenue was $2,689 million, up 4% sequentially, with increase in all regions with the exception of Middle East and Asia.
Segment EBITDA for the second quarter of 2025 was $677 million, an increase of $54 million, or 9% sequentially. The sequential increase in EBITDA was primarily driven by productivity, structural cost-out initiatives, volume increase, partially offset by inflation and revenue mix.
Industrial & Energy Technology
| (in millions) | Three Months Ended | Variance | |||||||||||||
| Segment results | June 30, 2025 | March 31, 2025 | June 30, 2024 | Sequential | Year-over-year | ||||||||||
| Orders | $ | 3,530 | $ | 3,178 | $ | 3,458 | 11 | % | 2 | % | |||||
| Revenue | $ | 3,293 | $ | 2,928 | $ | 3,128 | 12 | % | 5 | % | |||||
| EBITDA | $ | 585 | $ | 501 | $ | 497 | 17 | % | 18 | % | |||||
| EBITDA margin | 17.8 | % | 17.1 | % | 15.9 | % | 0.7pts | 1.9pts | |||||||
| (in millions) | Three Months Ended | Variance | |||||||||||||
| Orders by Product Line | June 30, 2025 | March 31, 2025 | June 30, 2024 | Sequential | Year-over-year | ||||||||||
| Gas Technology Equipment | $ | 781 | $ | 1,335 | $ | 1,493 | (42 | %) | (48 | %) | |||||
| Gas Technology Services | 986 | 913 | 769 | 8 | % | 28 | % | ||||||||
| Total Gas Technology | 1,767 | 2,248 | 2,261 | (21 | %) | (22 | %) | ||||||||
| Industrial Products | 513 | 501 | 524 | 2 | % | (2 | %) | ||||||||
| Industrial Solutions | 327 | 281 | 281 | 16 | % | 16 | % | ||||||||
| Total Industrial Technology | 839 | 782 | 805 | 7 | % | 4 | % | ||||||||
| Climate Technology Solutions | 923 | 148 | 392 | F | F | ||||||||||
| Total Orders | $ | 3,530 | $ | 3,178 | $ | 3,458 | 11 | % | 2 | % | |||||
| (in millions) | Three Months Ended | Variance | |||||||||||||
| Revenue by Product Line | June 30, 2025 | March 31, 2025 | June 30, 2024 | Sequential | Year-over-year | ||||||||||
| Gas Technology Equipment | $ | 1,624 | $ | 1,456 | $ | 1,539 | 12 | % | 6 | % | |||||
| Gas Technology Services | 752 | 592 | 691 | 27 | % | 9 | % | ||||||||
| Total Gas Technology | 2,377 | 2,047 | 2,230 | 16 | % | 7 | % | ||||||||
| Industrial Products | 488 | 445 | 509 | 10 | % | (4 | %) | ||||||||
| Industrial Solutions | 273 | 258 | 262 | 6 | % | 4 | % | ||||||||
| Total Industrial Technology | 761 | 703 | 770 | 8 | % | (1 | %) | ||||||||
| Climate Technology Solutions | 156 | 178 | 128 | (12 | %) | 22 | % | ||||||||
| Total Revenue | $ | 3,293 | $ | 2,928 | $ | 3,128 | 12 | % | 5 | % | |||||
EBITDA excludes depreciation and amortization of $56 million, $53 million, and $55 million for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. EBITDA margin is defined as EBITDA divided by revenue.
“F” is used in most instances when variance is above 100%. Additionally, “U” is used when variance is below (100)%.
IET orders of $3,530 million for the second quarter of 2025 increased by $72 million, or 2% year-over-year. The increase was driven primarily by Climate Technology Solutions and partially offset by Gas Technology.
IET revenue of $3,293 million for the second quarter of 2025 increased $165 million, or 5% year-over-year. The increase was driven by Gas Technology Equipment, up $85 million or 6% year-over-year, Gas Technology Services, up $61 million or 9% year-over-year, and Climate Technology Solutions, up $28 million or 22% year-over-year.
Segment EBITDA for the quarter was $585 million, an increase of $88 million, or 18% year-over-year. The year-over-year increase in segment EBITDA was driven by positive pricing, favorable FX, and productivity, partially offset by cost inflation.
Reconciliation of GAAP to non-GAAP Financial Measures
Management provides non-GAAP financial measures because it believes such measures are widely accepted financial indicators used by investors and analysts to analyze and compare companies on the basis of operating performance (including adjusted EBITDA; adjusted net income attributable to Baker Hughes; and adjusted diluted earnings per share) and liquidity (free cash flow) and that these measures may be used by investors to make informed investment decisions. Management believes that the exclusion of certain identified items from several key operating performance measures enables us to evaluate our operations more effectively, to identify underlying trends in the business, and to establish operational goals for certain management compensation purposes. Management also believes that free cash flow is an important supplemental measure of our cash performance but should not be considered as a measure of residual cash flow available for discretionary purposes, or as an alternative to cash flow from operating activities presented in accordance with GAAP.
Table 1a. Reconciliation of Net Income Attributable to Baker Hughes to Adjusted EBITDA and Segment EBITDA
| Three Months Ended | ||||||||||
| (in millions) | June 30, 2025 | March 31, 2025 | June 30, 2024 | |||||||
| Net income attributable to Baker Hughes (GAAP) | $ | 701 | $ | 402 | $ | 579 | ||||
| Net income attributable to noncontrolling interests | 10 | 7 | 2 | |||||||
| Provision for income taxes | 256 | 152 | 243 | |||||||
| Interest expense, net | 54 | 51 | 47 | |||||||
| Depreciation & amortization | 293 | 285 | 283 | |||||||
| Change in fair value of equity securities (1) | (119 | ) | 140 | (19 | ) | |||||
| Other charges and credits (1) | 17 | — | (6 | ) | ||||||
| Adjusted EBITDA (non-GAAP) | 1,212 | 1,037 | 1,130 | |||||||
| Corporate costs | 78 | 85 | 83 | |||||||
| Other (income) / expense not allocated to segments | (28 | ) | 1 | — | ||||||
| Total Segment EBITDA (non-GAAP) | $ | 1,262 | $ | 1,124 | $ | 1,213 | ||||
| OFSE | 677 | 623 | 716 | |||||||
| IET | 585 | 501 | 497 | |||||||
(1) Change in fair value of equity securities and other charges and credits are reported in “Other (income) expense, net” on the condensed consolidated statements of income (loss).
Table 1a reconciles net income attributable to Baker Hughes, which is the directly comparable financial result determined in accordance with GAAP, to adjusted EBITDA and Segment EBITDA. Adjusted EBITDA and Segment EBITDA exclude the impact of certain identified items.
Table 1b. Reconciliation of Net Income Attributable to Baker Hughes to Adjusted Net Income Attributable to Baker Hughes
| Three Months Ended | ||||||||||
| (in millions, except per share amounts) | June 30, 2025 | March 31, 2025 | June 30, 2024 | |||||||
| Net income attributable to Baker Hughes (GAAP) | $ | 701 | $ | 402 | $ | 579 | ||||
| Change in fair value of equity securities | (119 | ) | 140 | (19 | ) | |||||
| Other adjustments | 17 | — | 14 | |||||||
| Tax adjustments(1) | 24 | (32 | ) | (6 | ) | |||||
| Total adjustments, net of income tax | (78 | ) | 108 | (11 | ) | |||||
| Less: adjustments attributable to noncontrolling interests | — | — | — | |||||||
| Adjustments attributable to Baker Hughes | (78 | ) | 108 | (11 | ) | |||||
| Adjusted net income attributable to Baker Hughes (non-GAAP) | $ | 623 | $ | 509 | $ | 568 | ||||
| Denominator: | ||||||||||
| Weighted-average shares of Class A common stock outstanding diluted | 991 | 999 | 1,001 | |||||||
| Adjusted earnings per share – diluted (non-GAAP) | $ | 0.63 | $ | 0.51 | $ | 0.57 | ||||
(1) All periods reflect the tax associated with the other (income) loss adjustments.
Table 1b reconciles net income attributable to Baker Hughes, which is the directly comparable financial result determined in accordance with GAAP, to adjusted net income attributable to Baker Hughes. Adjusted net income attributable to Baker Hughes excludes the impact of certain identified items.
Table 1c. Reconciliation of Net Cash Flows from Operating Activities to Free Cash Flow
| Three Months Ended | ||||||||||
| (in millions) | June 30, 2025 | March 31, 2025 | June 30, 2024 | |||||||
| Net cash flows from operating activities (GAAP) | $ | 510 | $ | 709 | $ | 348 | ||||
| Add: cash used for capital expenditures, net of proceeds from disposal of assets | (271 | ) | (255 | ) | (242 | ) | ||||
| Free cash flow (non-GAAP) | $ | 239 | $ | 454 | $ | 106 | ||||
Table 1c reconciles net cash flows from operating activities, which is the directly comparable financial result determined in accordance with GAAP, to free cash flow. Free cash flow is defined as net cash flows from operating activities less expenditures for capital assets plus proceeds from disposal of assets.
Financial Tables (GAAP)
| Condensed Consolidated Statements of Income (Loss) | |||||||||||||
| (Unaudited) | |||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
| (In millions, except per share amounts) | 2025 | 2024 | 2025 | 2024 | |||||||||
| Revenue | $ | 6,910 | $ | 7,139 | $ | 13,337 | $ | 13,557 | |||||
| Costs and expenses: | |||||||||||||
| Cost of revenue | 5,295 | 5,493 | 10,247 | 10,469 | |||||||||
| Selling, general and administrative | 567 | 643 | 1,144 | 1,261 | |||||||||
| Research and development costs | 161 | 158 | 307 | 322 | |||||||||
| Other (income) expense, net | (134 | ) | (26 | ) | 6 | (48 | ) | ||||||
| Interest expense, net | 54 | 47 | 105 | 88 | |||||||||
| Income before income taxes | 967 | 824 | 1,528 | 1,465 | |||||||||
| Provision for income taxes | (256 | ) | (243 | ) | (408 | ) | (421 | ) | |||||
| Net income | 711 | 581 | 1,120 | 1,044 | |||||||||
| Less: Net income attributable to noncontrolling interests | 10 | 2 | 17 | 10 | |||||||||
| Net income attributable to Baker Hughes Company | $ | 701 | $ | 579 | $ | 1,103 | $ | 1,034 | |||||
| Per share amounts: | |||||||||||||
| Basic income per Class A common stock | $ | 0.71 | $ | 0.58 | $ | 1.11 | $ | 1.04 | |||||
| Diluted income per Class A common stock | $ | 0.71 | $ | 0.58 | $ | 1.11 | $ | 1.03 | |||||
| Weighted average shares: | |||||||||||||
| Class A basic | 988 | 996 | 990 | 997 | |||||||||
| Class A diluted | 991 | 1,001 | 995 | 1,002 | |||||||||
| Cash dividend per Class A common stock | $ | 0.23 | $ | 0.21 | $ | 0.46 | $ | 0.42 | |||||
| Condensed Consolidated Statements of Financial Position | |||||||
| (Unaudited) | |||||||
| (In millions) | June 30, 2025 | December 31, 2024 | |||||
| ASSETS | |||||||
| Current Assets: | |||||||
| Cash and cash equivalents | $ | 3,087 | $ | 3,364 | |||
| Current receivables, net | 6,511 | 7,122 | |||||
| Inventories, net | 5,105 | 4,954 | |||||
| All other current assets | 2,915 | 1,771 | |||||
| Total current assets | 17,618 | 17,211 | |||||
| Property, plant and equipment, less accumulated depreciation | 5,176 | 5,127 | |||||
| Goodwill | 5,801 | 6,078 | |||||
| Other intangible assets, net | 3,919 | 3,951 | |||||
| Contract and other deferred assets | 1,841 | 1,730 | |||||
| All other assets | 4,385 | 4,266 | |||||
| Total assets | $ | 38,740 | $ | 38,363 | |||
| LIABILITIES AND EQUITY | |||||||
| Current Liabilities: | |||||||
| Accounts payable | $ | 4,340 | $ | 4,542 | |||
| Short-term debt | 66 | 53 | |||||
| Progress collections and deferred income | 5,680 | 5,672 | |||||
| All other current liabilities | 2,429 | 2,724 | |||||
| Total current liabilities | 12,515 | 12,991 | |||||
| Long-term debt | 5,968 | 5,970 | |||||
| Liabilities for pensions and other postretirement benefits | 997 | 988 | |||||
| All other liabilities | 1,392 | 1,359 | |||||
| Equity | 17,868 | 17,055 | |||||
| Total liabilities and equity | $ | 38,740 | $ | 38,363 | |||
| Outstanding Baker Hughes Company shares: | |||||||
| Class A common stock | 985 | 990 | |||||
| Condensed Consolidated Statements of Cash Flows | ||||||||||
| (Unaudited) | ||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||
| (In millions) | 2025 | 2025 | 2024 | |||||||
| Cash flows from operating activities: | ||||||||||
| Net income | $ | 711 | $ | 1,120 | $ | 1,044 | ||||
| Adjustments to reconcile net income to net cash flows from operating activities: | ||||||||||
| Depreciation and amortization | 293 | 579 | 566 | |||||||
| Stock-based compensation cost | 52 | 102 | 101 | |||||||
| Change in fair value of equity securities | (119 | ) | 21 | (71 | ) | |||||
| (Benefit) provision for deferred income taxes | 36 | (17 | ) | 33 | ||||||
| Working capital | (120 | ) | 98 | (36 | ) | |||||
| Other operating items, net | (343 | ) | (684 | ) | (505 | ) | ||||
| Net cash flows provided by operating activities | 510 | 1,219 | 1,132 | |||||||
| Cash flows from investing activities: | ||||||||||
| Expenditures for capital assets | (301 | ) | (601 | ) | (625 | ) | ||||
| Proceeds from disposal of assets | 30 | 74 | 101 | |||||||
| Other investing items, net | (15 | ) | (69 | ) | (6 | ) | ||||
| Net cash flows used in investing activities | (286 | ) | (596 | ) | (530 | ) | ||||
| Cash flows from financing activities: | ||||||||||
| Repayment of long-term debt | — | — | (125 | ) | ||||||
| Dividends paid | (227 | ) | (456 | ) | (419 | ) | ||||
| Repurchase of Class A common stock | (196 | ) | (384 | ) | (324 | ) | ||||
| Other financing items, net | (20 | ) | (105 | ) | (61 | ) | ||||
| Net cash flows used in financing activities | (443 | ) | (945 | ) | (929 | ) | ||||
| Effect of currency exchange rate changes on cash and cash equivalents | 29 | 45 | (35 | ) | ||||||
| Decrease in cash and cash equivalents | (190 | ) | (277 | ) | (362 | ) | ||||
| Cash and cash equivalents, beginning of period | 3,277 | 3,364 | 2,646 | |||||||
| Cash and cash equivalents, end of period | $ | 3,087 | $ | 3,087 | $ | 2,284 | ||||
| Supplemental cash flows disclosures: | ||||||||||
| Income taxes paid, net of refunds | $ | 211 | $ | 418 | $ | 336 | ||||
| Interest paid | $ | 98 | $ | 148 | $ | 150 | ||||
Supplemental Financial Information
Supplemental financial information can be found on the Company’s website at: investors.bakerhughes.com in the Financial Information section under Quarterly Results.
Conference Call and Webcast
The Company has scheduled an investor conference call to discuss management’s outlook and the results reported in today’s earnings announcement. The call will begin at 9:30 a.m. Eastern time, 8:30 a.m. Central time on Wednesday, July 23, 2025, the content of which is not part of this earnings release. The conference call will be broadcast live via a webcast and can be accessed by visiting the Events and Presentations page on the Company’s website at: investors.bakerhughes.com. An archived version of the webcast will be available on the website for one month following the webcast.
Forward-Looking Statements
This news release (and oral statements made regarding the subjects of this release) may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, (each a “forward-looking statement”). Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “would,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target,” “goal” or other similar words or expressions. There are many risks and uncertainties that could cause actual results to differ materially from our forward-looking statements. These forward-looking statements are also affected by the risk factors described in the Company’s annual report on Form 10-K for the annual period ended December 31, 2024 and those set forth from time to time in other filings with the Securities and Exchange Commission (“SEC”). The documents are available through the Company’s website at: www.investors.bakerhughes.com or through the SEC’s Electronic Data Gathering and Analysis Retrieval system at: www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.
Our expectations regarding our business outlook and business plans; the business plans of our customers; oil and natural gas market conditions; cost and availability of resources; economic, legal and regulatory conditions, and other matters are only our forecasts regarding these matters.
These forward-looking statements, including forecasts, may be substantially different from actual results, which are affected by many risks, along with the following risk factors and the timing of any of these risk factors:
About Baker Hughes:
Baker Hughes (Nasdaq: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.
For more information, please contact:
Investor Relations
Chase Mulvehill
+1 346-297-2561
investor.relations@bakerhughes.com
Media Relations
Adrienne M. Lynch
+1 713-906-8407
adrienne.lynch@bakerhughes.com
Source: GlobeNewswire (MIL-OSI)
Second-quarter highlights
HOUSTON and LONDON, July 22, 2025 (GLOBE NEWSWIRE) — Baker Hughes Company (Nasdaq: BKR) (“Baker Hughes” or the “Company”) announced results today for the second quarter of 2025.
“We delivered strong second-quarter results, with total adjusted EBITDA margins increasing 170 basis points year-over-year to 17.5% despite a modest decline in revenue. This performance reflects the benefits of structural cost improvements and continued deployment of our business system, which is driving higher productivity, stronger operating leverage and more durable earnings across the company,” said Lorenzo Simonelli, Baker Hughes Chairman and Chief Executive Officer.
“IET orders totaled $3.5 billion in the quarter, resulting in another record backlog for the segment. Importantly, order momentum remained strong, supported by more than $550 million of data center related orders, despite the absence of large LNG awards. Following a strong first half and a positive outlook for second half awards, we are confident of achieving the full-year order guidance range for IET.”
“We remain confident in our ability to deliver solid performance in 2025, with continued growth in IET helping to offset softness in more market-sensitive areas of OFSE – underscoring the strength of our portfolio and the benefits of our strategic diversification. Accordingly, we are raising our full-year revenue and EBITDA guidance for IET and reestablishing full-year guidance for OFSE.”
“During the quarter, we also announced three strategic transactions to advance our portfolio optimization strategy, reinforcing efforts to enhance the durability of earnings and cash flow while creating long-term value for shareholders. These actions are designed to unlock value from non-core businesses in our portfolio and redeploy that capital into higher-margin opportunities that fit our financial and strategic frameworks.”
“We are progressing with our strategy of positioning the company for sustainable, differentiated growth and commend the focus and dedication of our people in executing this strategy,” concluded Simonelli.
* Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”
| Three Months Ended | Variance | ||||||||||||||
| (in millions except per share amounts) | June 30, 2025 | March 31, 2025 | June 30, 2024 | Sequential | Year-over-year | ||||||||||
| Orders | $ | 7,032 | $ | 6,459 | $ | 7,526 | 9 | % | (7 | %) | |||||
| Revenue | 6,910 | 6,427 | 7,139 | 8 | % | (3 | %) | ||||||||
| Net income attributable to Baker Hughes | 701 | 402 | 579 | 74 | % | 21 | % | ||||||||
| Adjusted net income attributable to Baker Hughes* | 623 | 509 | 568 | 22 | % | 10 | % | ||||||||
| Adjusted EBITDA* | 1,212 | 1,037 | 1,130 | 17 | % | 7 | % | ||||||||
| Diluted earnings per share (EPS) | 0.71 | 0.40 | 0.58 | 76 | % | 22 | % | ||||||||
| Adjusted diluted EPS* | 0.63 | 0.51 | 0.57 | 23 | % | 11 | % | ||||||||
| Cash flow from operating activities | 510 | 709 | 348 | (28 | %) | 47 | % | ||||||||
| Free cash flow* | 239 | 454 | 106 | (47 | %) | F | |||||||||
* Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”
Certain columns and rows in our tables and financial statements may not sum up due to the use of rounded numbers.
“F” is used in most instances when variance is above 100%. Additionally, “U” is used when variance is below (100)%.
Quarter Highlights
Executing our portfolio optimization strategy
In the second quarter, Baker Hughes announced three strategic transactions, all of which reflect a disciplined capital allocation framework and a focus on core businesses with strong return potential.
First, the Company signed an agreement to form a joint venture with a subsidiary of Cactus, Inc., contributing the Oilfield Services & Equipment’s (“OFSE“) Surface Pressure Control (“SPC“) product line in exchange for approximately $345 million while maintaining a minority ownership stake.
Second, the Company announced an agreement to sell the Precision Sensors & Instrumentation (“PSI“) product line within Industrial & Energy Technology (“IET“) to Crane Company for approximately $1.15 billion. These proceeds will enhance the Company’s flexibility to reinvest in higher-growth, higher-return areas that support further margin expansion and improved returns.
Finally, Baker Hughes agreed to acquire Continental Disc Corporation (“CDC“), a leading provider of pressure management solutions, for approximately $540 million. The CDC acquisition strengthens the IET Industrial Products portfolio with a highly complementary, margin-accretive business that expands the Company’s position in the flow and pressure control market and enhances recurring, lifecycle driven revenue.
Key awards and technology achievements
The Company continued to support the development of critical data center projects, with year-to-date data center awards of more than $650 million. IET received an award to supply 30 NovaLT™ turbines, representing our largest data center award to-date. The turbines, alongside other associated Baker Hughes equipment, will deliver up to 500 megawatts (MW) of reliable and efficient power for data center development across various U.S. locations.
Frontier Infrastructure awarded a contract for NovaLT™ turbines, delivering up to 270 MW of power for its data center projects in Wyoming and Texas. This follows the March 2025 enterprise-wide agreement to accelerate large scale carbon capture and storage (“CCS“) and power solutions.
Baker Hughes continues to grow the pipeline of future data center opportunities. At the Saudi-U.S. Investment Forum in May, the Company signed an MoU with DataVolt that plans to power data centers globally, including the NEOM project in the Kingdom that intends to utilize Baker Hughes’ multi-fuel NovaLT™ technology solution.
In addition to growing demand from data center applications, IET experienced increased demand for NovaLT™ turbines in the gas infrastructure sector. During the second quarter, the segment secured an award for four gas turbines to support Aramco’s Master Gas System III pipeline project. Including this award, we have secured a total of $2.9 billion in gas infrastructure equipment orders over the past six quarters.
Highlighting the durability of IET’s lifecycle model, the segment was awarded several aftermarket services contracts. In Gas Technology Services (“GTS“), the Company secured more than $350 million of Contractual Services Agreements (“CSA“) during the quarter. We signed a maintenance agreement with Belayim Petroleum Company (“Petrobel”) to improve uptime and reliability of critical turbomachinery equipment in Egypt. Also in GTS, we renewed a multi-year service agreement with Oman LNG, including resident engineering support along with digital remote monitoring and diagnostics services delivered through iCenter™.
The Company gained further traction with New Energy globally, with year-to-date bookings now totaling $1.25 billion. In Climate Technology Solutions (“CTS“), we secured one of our largest CCS orders to-date, providing compression technology for a CCS hub in the Middle East. Also in CTS, we signed a framework agreement with Energinet in Denmark to supply 16 reciprocating compressor packages, supporting an increase in biogas production while driving methane and CO2 emissions reduction for gas infrastructure across the country.
Industrial Technology continued to demonstrate strong momentum across multiple end markets. In Industrial Solutions, we secured a variety of awards for our Cordant™ suite of solutions. This includes an award from a large NOC to deploy Asset Performance Management across several compression stations in the Middle East, and an award from NOVA Chemicals to optimize maintenance spend and maximize production.
OFSE maintained strong momentum in Mature Assets Solutions around the globe. In Angola, OFSE was awarded multi-year production solutions contracts for chemicals, artificial lift, and digital services to support a major operator’s offshore activities. In Kazakhstan, the TOPAN and Baker Hughes joint venture secured a critical production chemicals and services award. In Norway, Equinor awarded OFSE a contract to industrialize offshore plug and abandonment (“P&A“) operations in the Oseberg East field, which followed the announcement of a multi-year P&A framework agreement for integrated well services.
OFSE saw continued adoption of Leucipa™ automated field production solution, securing an award from Repsol for next-generation AI capabilities following the MoU signed in October 2024. The Company also signed an agreement with ENI to deploy Leucipa for electric submersible pumps (“ESP“) optimization and AI-powered predictive failure analytics in the Middle East.
Also in the Middle East, Baker Hughes signed a master services agreement with Aramco for installation and maintenance of ESPs across the Kingdom of Saudi Arabia.
In North America, OFSE secured a multi-year contract to provide drag reducing chemicals to be deployed on Genesis Energy’s Cameron Highway Oil Pipeline and Poseidon systems, each of which is operated and 64% owned by Genesis Energy. To support this agreement, OFSE will expand its chemicals manufacturing footprint and deploy Leucipa. Additionally, bp awarded OFSE a multi-year chemicals management services contract to optimize throughput and asset reliability in the U.S. Gulf Coast.
In Germany, OFSE successfully drilled Lower Saxony’s first productive deep geothermal exploration well, a project that leverages OFSE’s integrated well construction and production capabilities and the Company’s industry-leading subsurface-to-surface digital solutions to monitor and optimize operational performance.
Consolidated Financial Results
Revenue for the quarter was $6,910 million, an increase of 8% sequentially and down $229 million year-over-year. The decrease in revenue year-over-year was driven by a decrease in OFSE partially offset by an increase in IET.
The Company’s total book-to-bill ratio in the second quarter of 2025 was 1.0; the IET book-to-bill ratio was 1.1.
Net income as determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for the second quarter of 2025 was $701 million. Net income increased $299 million sequentially and increased $122 million year-over-year.
Adjusted net income (a non-GAAP financial measure) for the second quarter of 2025 was $623 million, which excludes adjustments totaling $78 million. A list of the adjusting items and associated reconciliation from GAAP has been provided in Table 1b in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted net income for the second quarter of 2025 was up 22% sequentially and up 10% year-over-year.
Depreciation and amortization for the second quarter of 2025 was $293 million.
Adjusted EBITDA (a non-GAAP financial measure) for the second quarter of 2025 was $1,212 million, which excludes adjustments totaling $102 million. See Table 1a in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted EBITDA for the second quarter was up 17% sequentially and up 7% year-over-year.
The sequential increase in adjusted net income and adjusted EBITDA was primarily driven by an increase in volume, favorable FX, and overall productivity. The year-over-year increase in adjusted net income and adjusted EBITDA was driven by productivity and structural cost out initiatives, favorable FX, partially offset by lower volume in OFSE, and cost inflation in both segments.
Other Financial Items
Remaining Performance Obligations (“RPO”) in the second quarter of 2025 ended at $34 billion, an increase of $0.8 billion from the first quarter of 2025. OFSE RPO was $2.7 billion, down 3% sequentially, while IET RPO was $31.3 billion, up 3% sequentially. Within IET RPO, GTE RPO was $11.3 billion, and GTS RPO was $15.6 billion.
Income tax expense in the second quarter of 2025 was $256 million.
Other (income) expense, net in the second quarter of 2025 was $(134) million, primarily related to changes in fair value for equity securities of $(119) million.
GAAP diluted earnings per share was $0.71. Adjusted diluted earnings per share (a non-GAAP financial measure) was $0.63. Excluded from adjusted diluted earnings per share were all items listed in Table 1b in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”
Cash flow from operating activities was $510 million for the second quarter of 2025. Free cash flow (a non-GAAP financial measure) for the quarter was $239 million. A reconciliation from GAAP has been provided in Table 1c in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”
Capital expenditures, net of proceeds from disposal of assets, were $271 million for the second quarter of 2025, of which $184 million was for OFSE and $68 million was for IET.
Results by Reporting Segment
The following segment discussions and variance explanations are intended to reflect management’s view of the relevant comparisons of financial results on a sequential or year-over-year basis, depending on the business dynamics of the reporting segments.
Oilfield Services & Equipment
| (in millions) | Three Months Ended | Variance | |||||||||||||
| Segment results | June 30, 2025 | March 31, 2025 | June 30, 2024 | Sequential | Year-over-year | ||||||||||
| Orders | $ | 3,503 | $ | 3,281 | $ | 4,068 | 7 | % | (14 | %) | |||||
| Revenue | $ | 3,617 | $ | 3,499 | $ | 4,011 | 3 | % | (10 | %) | |||||
| EBITDA | $ | 677 | $ | 623 | $ | 716 | 9 | % | (5 | %) | |||||
| EBITDA margin | 18.7 | % | 17.8 | % | 17.8 | % | 0.9pts | 0.9pts | |||||||
| (in millions) | Three Months Ended | Variance | |||||||||||||
| Revenue by Product Line | June 30, 2025 | March 31, 2025 | June 30, 2024 | Sequential | Year-over-year | ||||||||||
| Well Construction | $ | 921 | $ | 892 | $ | 1,090 | 3 | % | (16 | %) | |||||
| Completions, Intervention, and Measurements | 935 | 925 | 1,118 | 1 | % | (16 | %) | ||||||||
| Production Solutions | 968 | 899 | 958 | 8 | % | 1 | % | ||||||||
| Subsea & Surface Pressure Systems | 793 | 782 | 845 | 1 | % | (6 | %) | ||||||||
| Total Revenue | $ | 3,617 | $ | 3,499 | $ | 4,011 | 3 | % | (10 | %) | |||||
| (in millions) | Three Months Ended | Variance | |||||||||||||
| Revenue by Geographic Region | June 30, 2025 | March 31, 2025 | June 30, 2024 | Sequential | Year-over-year | ||||||||||
| North America | $ | 928 | $ | 922 | $ | 1,023 | 1 | % | (9 | %) | |||||
| Latin America | 639 | 568 | 663 | 12 | % | (4 | %) | ||||||||
| Europe/CIS/Sub-Saharan Africa | 653 | 580 | 827 | 13 | % | (21 | %) | ||||||||
| Middle East/Asia | 1,398 | 1,429 | 1,498 | (2 | %) | (7 | %) | ||||||||
| Total Revenue | $ | 3,617 | $ | 3,499 | $ | 4,011 | 3 | % | (10 | %) | |||||
| North America | $ | 928 | $ | 922 | $ | 1,023 | 1 | % | (9 | %) | |||||
| International | $ | 2,689 | $ | 2,577 | $ | 2,988 | 4 | % | (10 | %) | |||||
EBITDA excludes depreciation and amortization of $233 million, $226 million, and $223 million for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. EBITDA margin is defined as EBITDA divided by revenue.
OFSE orders of $3,503 million for the second quarter of 2025 increased by 7% sequentially. Subsea and Surface Pressure Systems orders were $698 million, up 31% sequentially, and down 21% year-over-year.
OFSE revenue of $3,617 million for the second quarter of 2025 was up 3% sequentially, and down 10% year-over-year.
North America revenue was $928 million, up 1% sequentially. International revenue was $2,689 million, up 4% sequentially, with increase in all regions with the exception of Middle East and Asia.
Segment EBITDA for the second quarter of 2025 was $677 million, an increase of $54 million, or 9% sequentially. The sequential increase in EBITDA was primarily driven by productivity, structural cost-out initiatives, volume increase, partially offset by inflation and revenue mix.
Industrial & Energy Technology
| (in millions) | Three Months Ended | Variance | |||||||||||||
| Segment results | June 30, 2025 | March 31, 2025 | June 30, 2024 | Sequential | Year-over-year | ||||||||||
| Orders | $ | 3,530 | $ | 3,178 | $ | 3,458 | 11 | % | 2 | % | |||||
| Revenue | $ | 3,293 | $ | 2,928 | $ | 3,128 | 12 | % | 5 | % | |||||
| EBITDA | $ | 585 | $ | 501 | $ | 497 | 17 | % | 18 | % | |||||
| EBITDA margin | 17.8 | % | 17.1 | % | 15.9 | % | 0.7pts | 1.9pts | |||||||
| (in millions) | Three Months Ended | Variance | |||||||||||||
| Orders by Product Line | June 30, 2025 | March 31, 2025 | June 30, 2024 | Sequential | Year-over-year | ||||||||||
| Gas Technology Equipment | $ | 781 | $ | 1,335 | $ | 1,493 | (42 | %) | (48 | %) | |||||
| Gas Technology Services | 986 | 913 | 769 | 8 | % | 28 | % | ||||||||
| Total Gas Technology | 1,767 | 2,248 | 2,261 | (21 | %) | (22 | %) | ||||||||
| Industrial Products | 513 | 501 | 524 | 2 | % | (2 | %) | ||||||||
| Industrial Solutions | 327 | 281 | 281 | 16 | % | 16 | % | ||||||||
| Total Industrial Technology | 839 | 782 | 805 | 7 | % | 4 | % | ||||||||
| Climate Technology Solutions | 923 | 148 | 392 | F | F | ||||||||||
| Total Orders | $ | 3,530 | $ | 3,178 | $ | 3,458 | 11 | % | 2 | % | |||||
| (in millions) | Three Months Ended | Variance | |||||||||||||
| Revenue by Product Line | June 30, 2025 | March 31, 2025 | June 30, 2024 | Sequential | Year-over-year | ||||||||||
| Gas Technology Equipment | $ | 1,624 | $ | 1,456 | $ | 1,539 | 12 | % | 6 | % | |||||
| Gas Technology Services | 752 | 592 | 691 | 27 | % | 9 | % | ||||||||
| Total Gas Technology | 2,377 | 2,047 | 2,230 | 16 | % | 7 | % | ||||||||
| Industrial Products | 488 | 445 | 509 | 10 | % | (4 | %) | ||||||||
| Industrial Solutions | 273 | 258 | 262 | 6 | % | 4 | % | ||||||||
| Total Industrial Technology | 761 | 703 | 770 | 8 | % | (1 | %) | ||||||||
| Climate Technology Solutions | 156 | 178 | 128 | (12 | %) | 22 | % | ||||||||
| Total Revenue | $ | 3,293 | $ | 2,928 | $ | 3,128 | 12 | % | 5 | % | |||||
EBITDA excludes depreciation and amortization of $56 million, $53 million, and $55 million for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. EBITDA margin is defined as EBITDA divided by revenue.
“F” is used in most instances when variance is above 100%. Additionally, “U” is used when variance is below (100)%.
IET orders of $3,530 million for the second quarter of 2025 increased by $72 million, or 2% year-over-year. The increase was driven primarily by Climate Technology Solutions and partially offset by Gas Technology.
IET revenue of $3,293 million for the second quarter of 2025 increased $165 million, or 5% year-over-year. The increase was driven by Gas Technology Equipment, up $85 million or 6% year-over-year, Gas Technology Services, up $61 million or 9% year-over-year, and Climate Technology Solutions, up $28 million or 22% year-over-year.
Segment EBITDA for the quarter was $585 million, an increase of $88 million, or 18% year-over-year. The year-over-year increase in segment EBITDA was driven by positive pricing, favorable FX, and productivity, partially offset by cost inflation.
Reconciliation of GAAP to non-GAAP Financial Measures
Management provides non-GAAP financial measures because it believes such measures are widely accepted financial indicators used by investors and analysts to analyze and compare companies on the basis of operating performance (including adjusted EBITDA; adjusted net income attributable to Baker Hughes; and adjusted diluted earnings per share) and liquidity (free cash flow) and that these measures may be used by investors to make informed investment decisions. Management believes that the exclusion of certain identified items from several key operating performance measures enables us to evaluate our operations more effectively, to identify underlying trends in the business, and to establish operational goals for certain management compensation purposes. Management also believes that free cash flow is an important supplemental measure of our cash performance but should not be considered as a measure of residual cash flow available for discretionary purposes, or as an alternative to cash flow from operating activities presented in accordance with GAAP.
Table 1a. Reconciliation of Net Income Attributable to Baker Hughes to Adjusted EBITDA and Segment EBITDA
| Three Months Ended | ||||||||||
| (in millions) | June 30, 2025 | March 31, 2025 | June 30, 2024 | |||||||
| Net income attributable to Baker Hughes (GAAP) | $ | 701 | $ | 402 | $ | 579 | ||||
| Net income attributable to noncontrolling interests | 10 | 7 | 2 | |||||||
| Provision for income taxes | 256 | 152 | 243 | |||||||
| Interest expense, net | 54 | 51 | 47 | |||||||
| Depreciation & amortization | 293 | 285 | 283 | |||||||
| Change in fair value of equity securities (1) | (119 | ) | 140 | (19 | ) | |||||
| Other charges and credits (1) | 17 | — | (6 | ) | ||||||
| Adjusted EBITDA (non-GAAP) | 1,212 | 1,037 | 1,130 | |||||||
| Corporate costs | 78 | 85 | 83 | |||||||
| Other (income) / expense not allocated to segments | (28 | ) | 1 | — | ||||||
| Total Segment EBITDA (non-GAAP) | $ | 1,262 | $ | 1,124 | $ | 1,213 | ||||
| OFSE | 677 | 623 | 716 | |||||||
| IET | 585 | 501 | 497 | |||||||
(1) Change in fair value of equity securities and other charges and credits are reported in “Other (income) expense, net” on the condensed consolidated statements of income (loss).
Table 1a reconciles net income attributable to Baker Hughes, which is the directly comparable financial result determined in accordance with GAAP, to adjusted EBITDA and Segment EBITDA. Adjusted EBITDA and Segment EBITDA exclude the impact of certain identified items.
Table 1b. Reconciliation of Net Income Attributable to Baker Hughes to Adjusted Net Income Attributable to Baker Hughes
| Three Months Ended | ||||||||||
| (in millions, except per share amounts) | June 30, 2025 | March 31, 2025 | June 30, 2024 | |||||||
| Net income attributable to Baker Hughes (GAAP) | $ | 701 | $ | 402 | $ | 579 | ||||
| Change in fair value of equity securities | (119 | ) | 140 | (19 | ) | |||||
| Other adjustments | 17 | — | 14 | |||||||
| Tax adjustments(1) | 24 | (32 | ) | (6 | ) | |||||
| Total adjustments, net of income tax | (78 | ) | 108 | (11 | ) | |||||
| Less: adjustments attributable to noncontrolling interests | — | — | — | |||||||
| Adjustments attributable to Baker Hughes | (78 | ) | 108 | (11 | ) | |||||
| Adjusted net income attributable to Baker Hughes (non-GAAP) | $ | 623 | $ | 509 | $ | 568 | ||||
| Denominator: | ||||||||||
| Weighted-average shares of Class A common stock outstanding diluted | 991 | 999 | 1,001 | |||||||
| Adjusted earnings per share – diluted (non-GAAP) | $ | 0.63 | $ | 0.51 | $ | 0.57 | ||||
(1) All periods reflect the tax associated with the other (income) loss adjustments.
Table 1b reconciles net income attributable to Baker Hughes, which is the directly comparable financial result determined in accordance with GAAP, to adjusted net income attributable to Baker Hughes. Adjusted net income attributable to Baker Hughes excludes the impact of certain identified items.
Table 1c. Reconciliation of Net Cash Flows from Operating Activities to Free Cash Flow
| Three Months Ended | ||||||||||
| (in millions) | June 30, 2025 | March 31, 2025 | June 30, 2024 | |||||||
| Net cash flows from operating activities (GAAP) | $ | 510 | $ | 709 | $ | 348 | ||||
| Add: cash used for capital expenditures, net of proceeds from disposal of assets | (271 | ) | (255 | ) | (242 | ) | ||||
| Free cash flow (non-GAAP) | $ | 239 | $ | 454 | $ | 106 | ||||
Table 1c reconciles net cash flows from operating activities, which is the directly comparable financial result determined in accordance with GAAP, to free cash flow. Free cash flow is defined as net cash flows from operating activities less expenditures for capital assets plus proceeds from disposal of assets.
Financial Tables (GAAP)
| Condensed Consolidated Statements of Income (Loss) | |||||||||||||
| (Unaudited) | |||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
| (In millions, except per share amounts) | 2025 | 2024 | 2025 | 2024 | |||||||||
| Revenue | $ | 6,910 | $ | 7,139 | $ | 13,337 | $ | 13,557 | |||||
| Costs and expenses: | |||||||||||||
| Cost of revenue | 5,295 | 5,493 | 10,247 | 10,469 | |||||||||
| Selling, general and administrative | 567 | 643 | 1,144 | 1,261 | |||||||||
| Research and development costs | 161 | 158 | 307 | 322 | |||||||||
| Other (income) expense, net | (134 | ) | (26 | ) | 6 | (48 | ) | ||||||
| Interest expense, net | 54 | 47 | 105 | 88 | |||||||||
| Income before income taxes | 967 | 824 | 1,528 | 1,465 | |||||||||
| Provision for income taxes | (256 | ) | (243 | ) | (408 | ) | (421 | ) | |||||
| Net income | 711 | 581 | 1,120 | 1,044 | |||||||||
| Less: Net income attributable to noncontrolling interests | 10 | 2 | 17 | 10 | |||||||||
| Net income attributable to Baker Hughes Company | $ | 701 | $ | 579 | $ | 1,103 | $ | 1,034 | |||||
| Per share amounts: | |||||||||||||
| Basic income per Class A common stock | $ | 0.71 | $ | 0.58 | $ | 1.11 | $ | 1.04 | |||||
| Diluted income per Class A common stock | $ | 0.71 | $ | 0.58 | $ | 1.11 | $ | 1.03 | |||||
| Weighted average shares: | |||||||||||||
| Class A basic | 988 | 996 | 990 | 997 | |||||||||
| Class A diluted | 991 | 1,001 | 995 | 1,002 | |||||||||
| Cash dividend per Class A common stock | $ | 0.23 | $ | 0.21 | $ | 0.46 | $ | 0.42 | |||||
| Condensed Consolidated Statements of Financial Position | |||||||
| (Unaudited) | |||||||
| (In millions) | June 30, 2025 | December 31, 2024 | |||||
| ASSETS | |||||||
| Current Assets: | |||||||
| Cash and cash equivalents | $ | 3,087 | $ | 3,364 | |||
| Current receivables, net | 6,511 | 7,122 | |||||
| Inventories, net | 5,105 | 4,954 | |||||
| All other current assets | 2,915 | 1,771 | |||||
| Total current assets | 17,618 | 17,211 | |||||
| Property, plant and equipment, less accumulated depreciation | 5,176 | 5,127 | |||||
| Goodwill | 5,801 | 6,078 | |||||
| Other intangible assets, net | 3,919 | 3,951 | |||||
| Contract and other deferred assets | 1,841 | 1,730 | |||||
| All other assets | 4,385 | 4,266 | |||||
| Total assets | $ | 38,740 | $ | 38,363 | |||
| LIABILITIES AND EQUITY | |||||||
| Current Liabilities: | |||||||
| Accounts payable | $ | 4,340 | $ | 4,542 | |||
| Short-term debt | 66 | 53 | |||||
| Progress collections and deferred income | 5,680 | 5,672 | |||||
| All other current liabilities | 2,429 | 2,724 | |||||
| Total current liabilities | 12,515 | 12,991 | |||||
| Long-term debt | 5,968 | 5,970 | |||||
| Liabilities for pensions and other postretirement benefits | 997 | 988 | |||||
| All other liabilities | 1,392 | 1,359 | |||||
| Equity | 17,868 | 17,055 | |||||
| Total liabilities and equity | $ | 38,740 | $ | 38,363 | |||
| Outstanding Baker Hughes Company shares: | |||||||
| Class A common stock | 985 | 990 | |||||
| Condensed Consolidated Statements of Cash Flows | ||||||||||
| (Unaudited) | ||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||
| (In millions) | 2025 | 2025 | 2024 | |||||||
| Cash flows from operating activities: | ||||||||||
| Net income | $ | 711 | $ | 1,120 | $ | 1,044 | ||||
| Adjustments to reconcile net income to net cash flows from operating activities: | ||||||||||
| Depreciation and amortization | 293 | 579 | 566 | |||||||
| Stock-based compensation cost | 52 | 102 | 101 | |||||||
| Change in fair value of equity securities | (119 | ) | 21 | (71 | ) | |||||
| (Benefit) provision for deferred income taxes | 36 | (17 | ) | 33 | ||||||
| Working capital | (120 | ) | 98 | (36 | ) | |||||
| Other operating items, net | (343 | ) | (684 | ) | (505 | ) | ||||
| Net cash flows provided by operating activities | 510 | 1,219 | 1,132 | |||||||
| Cash flows from investing activities: | ||||||||||
| Expenditures for capital assets | (301 | ) | (601 | ) | (625 | ) | ||||
| Proceeds from disposal of assets | 30 | 74 | 101 | |||||||
| Other investing items, net | (15 | ) | (69 | ) | (6 | ) | ||||
| Net cash flows used in investing activities | (286 | ) | (596 | ) | (530 | ) | ||||
| Cash flows from financing activities: | ||||||||||
| Repayment of long-term debt | — | — | (125 | ) | ||||||
| Dividends paid | (227 | ) | (456 | ) | (419 | ) | ||||
| Repurchase of Class A common stock | (196 | ) | (384 | ) | (324 | ) | ||||
| Other financing items, net | (20 | ) | (105 | ) | (61 | ) | ||||
| Net cash flows used in financing activities | (443 | ) | (945 | ) | (929 | ) | ||||
| Effect of currency exchange rate changes on cash and cash equivalents | 29 | 45 | (35 | ) | ||||||
| Decrease in cash and cash equivalents | (190 | ) | (277 | ) | (362 | ) | ||||
| Cash and cash equivalents, beginning of period | 3,277 | 3,364 | 2,646 | |||||||
| Cash and cash equivalents, end of period | $ | 3,087 | $ | 3,087 | $ | 2,284 | ||||
| Supplemental cash flows disclosures: | ||||||||||
| Income taxes paid, net of refunds | $ | 211 | $ | 418 | $ | 336 | ||||
| Interest paid | $ | 98 | $ | 148 | $ | 150 | ||||
Supplemental Financial Information
Supplemental financial information can be found on the Company’s website at: investors.bakerhughes.com in the Financial Information section under Quarterly Results.
Conference Call and Webcast
The Company has scheduled an investor conference call to discuss management’s outlook and the results reported in today’s earnings announcement. The call will begin at 9:30 a.m. Eastern time, 8:30 a.m. Central time on Wednesday, July 23, 2025, the content of which is not part of this earnings release. The conference call will be broadcast live via a webcast and can be accessed by visiting the Events and Presentations page on the Company’s website at: investors.bakerhughes.com. An archived version of the webcast will be available on the website for one month following the webcast.
Forward-Looking Statements
This news release (and oral statements made regarding the subjects of this release) may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, (each a “forward-looking statement”). Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “would,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target,” “goal” or other similar words or expressions. There are many risks and uncertainties that could cause actual results to differ materially from our forward-looking statements. These forward-looking statements are also affected by the risk factors described in the Company’s annual report on Form 10-K for the annual period ended December 31, 2024 and those set forth from time to time in other filings with the Securities and Exchange Commission (“SEC”). The documents are available through the Company’s website at: www.investors.bakerhughes.com or through the SEC’s Electronic Data Gathering and Analysis Retrieval system at: www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.
Our expectations regarding our business outlook and business plans; the business plans of our customers; oil and natural gas market conditions; cost and availability of resources; economic, legal and regulatory conditions, and other matters are only our forecasts regarding these matters.
These forward-looking statements, including forecasts, may be substantially different from actual results, which are affected by many risks, along with the following risk factors and the timing of any of these risk factors:
About Baker Hughes:
Baker Hughes (Nasdaq: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.
For more information, please contact:
Investor Relations
Chase Mulvehill
+1 346-297-2561
investor.relations@bakerhughes.com
Media Relations
Adrienne M. Lynch
+1 713-906-8407
adrienne.lynch@bakerhughes.com