NewzIntel.com

Category: Asia Pacific

  • MIL-OSI Submissions: Historic ruling finds climate change ‘imperils all forms of life’ and puts laggard nations on notice

    Source: The Conversation – Global Perspectives – By Jacqueline Peel, Professor of Law and Director, Melbourne Climate Futures, The University of Melbourne

    Hilaire Bule/Getty

    Climate change “imperils all forms of life” and countries must tackle the problem or face consequences under international law, the International Court of Justice (ICJ) has found.

    The court delivered its long-awaited advisory opinion overnight. The momentous case opens the door for countries impacted by climate disasters to sue major emitting countries for reparations.

    And citizens could seek to hold governments to account for a failure to safeguard their human rights if their own or other countries fail to take adequate action to ensure a safe climate.

    Here’s what the court ruled – and the global ramifications likely to flow from it.

    Vanuatu’s Climate Change Minister Ralph Regenvanu delivers a speech at a demonstration before the International Court of Justice issued its first advisory opinion on state’s legal obligations to address climate change.
    John Thys/AFP

    Climate change breaches human rights

    The ICJ case was instigated by law students at the University of the South Pacific in Vanuatu in 2019. They successfully launched a campaign for the court to examine two key issues: the obligations of countries to protect the climate from greenhouse gases, and the legal consequences for failing to do so.

    The court found a clean, healthy and sustainable environment is essential for the enjoyment of many other human rights. As such, it found, the full enjoyment of human rights cannot be ensured without the protection of the climate system and other parts of the environment.

    The ruling confirms climate change is much more than a legal problem. Rather, the justices concluded, it is an:

    existential problem of planetary proportions that imperils all forms of life and the very health of our planet.

    Most nations have signed up to global human rights agreements such as the International Covenant on Civil and Political Rights. The ICJ ruling means parties to those agreements must take measures to protect the climate system and other parts of the environment.

    An advisory opinion from the International Court of Justice is not legally binding. But it is an authoritative description of the state of the law and the rights of countries to seek reparations if the law is breached. As such, it carries great legal weight.

    Just as climate science assessments of the Intergovernmental Panel on Climate Change have become the gold standard for understanding the causes and impacts of climate change, the court’s ruling provides a clear baseline against which to assess countries’ action, or inaction, on climate change.

    Keeping 1.5°C alive?

    In recent years, many states’ emissions reduction targets under the Paris Agreement have seemed to “settle” at levels which would hold global temperature increases to 2°C at best.

    But the International Court of Justice ruled the much more ambitious 1.5°C goal had become the scientifically based consensus target under the Paris Agreement.

    Some countries argued formal emissions targets should be left to the discretion of each government. However, the court found against this. Rather, each nation’s targets had to be in line with – and make an adequate contribution to – the global goal of holding heating to 1.5°C.

    The court found each state’s emissions reduction pledges should be judged against a stringent “due diligence” standard. The standard takes into account each country’s historical contributions to emissions, level of development and national circumstances, among other factors.

    The ruling means rich countries, such as Australia, will be required under international law to make more ambitious emission-reduction pledges under the Paris Agreement, such as for the 2035 target currently under consideration by the Albanese government.

    The court decision also provides a measure of climate justice for small island states, which have historically low emissions but face a much higher risk of damage from climate change than other nations.

    Holding states accountable for inaction

    Because climate change is global, it is difficult – but not impossible – to attribute damage from extreme weather to the actions of any one nation or group of nations.

    On this question, the court said while climate change is caused by the cumulative impact of many human activities, it is scientifically possible to determine each nation’s total contribution to global emissions, taking into account both historical and current emissions.

    If a nation experiences damage caused by the failure of another nation, or group of nations, to fulfil international climate obligations, the ruling means legal proceedings may be launched against the nations causing the harm. It may result in compensation or other remedies.

    For small, climate-vulnerable nations such as those in the Alliance of Small Island States, this opens more legal options in their efforts to encourage high-emitting nations to properly address climate change.

    Importantly, the court made clear nations can be legally liable even if damage from climate change comes from many causes, including from the activities of private actors such as companies.

    That means nations cannot seek an exemption because others have contributed to the problem. They must also act to regulate companies and other entities under their jurisdiction whose activities contribute to climate change.

    Pacific Island nations emit very little but face huge threats from climate change.
    Luca Turati/Unsplash, CC BY-NC-ND

    Paris Agreement quitters aren’t safe

    One line of argument put to the court by Australia and other states was that climate treaties represented the only obligations to tackle climate change under international law.

    But the court found this was not the case. Rather, other international laws applied.

    The United States pulled out of the Paris Agreement earlier this year. The court’s opinion means the US and other nations are still accountable for climate harms under other international laws by which all countries are bound.

    Could this lead to greater climate action?

    The International Court of Justice has produced a truly historic ruling.

    It will set a new baseline in terms what countries need to do to address climate change and opens up new avenues of recourse against high-emitting states not doing enough on climate change.

    Jacqueline Peel receives funding from the Australian Research Council under her Australian Laureate Fellowship and Kathleen Fitzpatrick Award on ‘Transforming International Law for Corporate Climate Accountability’.

    – ref. Historic ruling finds climate change ‘imperils all forms of life’ and puts laggard nations on notice – https://theconversation.com/historic-ruling-finds-climate-change-imperils-all-forms-of-life-and-puts-laggard-nations-on-notice-261848

    MIL OSI –

  • Microsoft says some SharePoint server hackers now using ransomware

    Source: Government of India

    Source: Government of India (4)

    A cyber-espionage campaign centered on vulnerable versions of Microsoft‘s server software now involves the deployment of ransomware, Microsoft said in a late Wednesday blog post.

    In the post, citing “expanded analysis and threat intelligence,” Microsoft said a group it dubs “Storm-2603” is using the vulnerability to seed the ransomware, which typically works by paralyzing victims’ networks until a digital currency payment is made.

    The disclosure marks a potential escalation in the campaign, which has already hit at least 400 victims, according to Netherlands-based cybersecurity firm Eye Security. Unlike typical state-backed hacker campaigns, which are aimed at stealing data, ransomware can cause widespread disruption depending on where it lands.

    The figure of 400 victims represents a sharp rise from the 100 organizations cataloged over the weekend. Eye Security says the figure is likely an undercount.

    “There are many more, because not all attack vectors have left artifacts that we could scan for,” said Vaisha Bernard, the chief hacker for Eye Security, which was among the first organizations to flag the breaches.

    The details of most of the victim organizations have not yet been fully disclosed, but on Wednesday a representative for the National Institutes of Health confirmed that one of the organization’s servers had been compromised.

    “Additional servers were isolated as a precaution,” he said. The news of the compromise was first reported by the Washington Post.

    Other outlets said the hacking campaign had breached an even broader range of U.S. agencies. NextGov, citing multiple people familiar with the matter, reported the Department of Homeland Security had been hit, along with more than five to 12 other agencies.

    Politico, which cited two U.S. officials, said multiple agencies were believed to have been breached.

    DHS’ cyberdefense arm, CISA, did not immediately return a message seeking comment on the reports. Microsoft did not immediately return a message seeking further details on the ransomware angle of the hacking or the reported government victims.

    The spy campaign began after Microsoft failed to fully patch a security hole in its SharePoint server software, kicking off a scramble to fix the vulnerability when it was discovered.

    Microsoft and its tech rival, Google-owner Alphabet, have both said Chinese hackers are among those taking advantage of the flaw. Beijing has denied the claim.

    -Reuters

  • U’khand panchayat polls: 1st phase of voting begins, CM Dhami to cast vote in Khatima

    Source: Government of India

    Source: Government of India (4)

    Uttarakhand Chief Minister Pushkar Singh Dhami on Thursday arrived in Khatima to cast his vote as the first phase of the three-tier panchayat elections commenced across the state.

    He reached Khatima via helicopter and landed at the helipad of Saraf Public School. After this, he headed to the Nagla Tarai Primary School polling booth to exercise his right to vote.

    The voting, being held in two phases across 12 districts — excluding Haridwar — is set to decide thousands of local representatives.

    According to the notification issued by the Uttarakhand State Election Commission, a total of 2,247 candidates are in the fray for 948 member Gram Panchayat seats, while 9,731 candidates are contesting for 3,393 Pradhan Gram Panchayat posts.

    Additionally, 4,980 candidates are contesting for 1,507 Area Panchayat member positions and 871 for 201 District Panchayat member posts.

    An estimated 26 lakh voters were eligible to cast their votes in this first phase. Despite persistent monsoon showers, voters turned up in large numbers, forming long queues outside polling booths in various parts of the state.

    A total of 1,240 polling personnel were deployed to ensure the smooth conduct of elections, while tight security arrangements were put in place to maintain law and order throughout the process.

    Earlier in the day, CM Dhami took to X to appeal to voters, saying, “Today, the first phase of voting for the three-tier panchayat elections is taking place. I appeal to all the divine people of the state to reach the polling stations in large numbers and exercise their voting rights.”

    “With your vote, choose capable, aware, and dedicated representatives who will strongly raise your voice and strengthen the foundation of rural development. Your single vote is an important step towards a robust Panchayati Raj system,” he added.

    The second phase of voting is scheduled for July 28, and counting of votes will take place on July 31.

    (IANS)

  • U’khand panchayat polls: 1st phase of voting begins, CM Dhami to cast vote in Khatima

    Source: Government of India

    Source: Government of India (4)

    Uttarakhand Chief Minister Pushkar Singh Dhami on Thursday arrived in Khatima to cast his vote as the first phase of the three-tier panchayat elections commenced across the state.

    He reached Khatima via helicopter and landed at the helipad of Saraf Public School. After this, he headed to the Nagla Tarai Primary School polling booth to exercise his right to vote.

    The voting, being held in two phases across 12 districts — excluding Haridwar — is set to decide thousands of local representatives.

    According to the notification issued by the Uttarakhand State Election Commission, a total of 2,247 candidates are in the fray for 948 member Gram Panchayat seats, while 9,731 candidates are contesting for 3,393 Pradhan Gram Panchayat posts.

    Additionally, 4,980 candidates are contesting for 1,507 Area Panchayat member positions and 871 for 201 District Panchayat member posts.

    An estimated 26 lakh voters were eligible to cast their votes in this first phase. Despite persistent monsoon showers, voters turned up in large numbers, forming long queues outside polling booths in various parts of the state.

    A total of 1,240 polling personnel were deployed to ensure the smooth conduct of elections, while tight security arrangements were put in place to maintain law and order throughout the process.

    Earlier in the day, CM Dhami took to X to appeal to voters, saying, “Today, the first phase of voting for the three-tier panchayat elections is taking place. I appeal to all the divine people of the state to reach the polling stations in large numbers and exercise their voting rights.”

    “With your vote, choose capable, aware, and dedicated representatives who will strongly raise your voice and strengthen the foundation of rural development. Your single vote is an important step towards a robust Panchayati Raj system,” he added.

    The second phase of voting is scheduled for July 28, and counting of votes will take place on July 31.

    (IANS)

  • Markets open flat; IT, midcap stocks under pressure amid mixed global cues

    Source: Government of India

    Source: Government of India (4)

    The Indian stock market opened flat on Thursday as IT companies came under selling pressure amid mixed global cues.

    At 9:28 a.m., the Sensex slipped 110 points or 0.13 per cent to 82,615, and the Nifty declined 13 points or 0.05 per cent to 25,206.

    Sectorally, the Nifty IT index underperformed with a loss of 1.17 per cent. All other sectors showed marginal dips or moderate gains. Bank stocks registered moderate losses of up to 0.20 per cent.

    Midcap and smallcap stocks also faced selling pressure. The Nifty Midcap 100 index was down 0.39 per cent at 59,148, while the Nifty Smallcap 100 index declined 0.07 per cent to 18,879.

    In the Nifty pack, Dr. Reddy’s Laboratories led the gainers with a 3.07 per cent rise, followed by Tata Motors at 1.51 per cent. Tata Consumer Products, Eicher Motors, JSW Steel, and Tata Steel were also among the top gainers. Trent, Kotak Mahindra Bank, and Bajaj Finance were among the early losers.

    “Market sentiment remains cautiously optimistic amid heightened volatility and mixed global cues. Nifty 50’s rebound highlights buyer strength at lower levels. A sustained move above 25,250 could potentially open the path toward the 25,330 mark. On the downside, immediate support is placed at 25,125, followed by 25,000,” said Hardik Matalia of Choice Equity Broking Private Limited.

    The Bank Nifty outperformed the broader index, rising 454 points and forming a bullish candlestick, indicating renewed buying interest, he added.

    Both Asian and U.S. indices posted strong overnight gains, lending a positive backdrop for Indian markets at the open.

    In the U.S., the Dow Jones Industrial Average advanced 1.14 per cent, the Nasdaq rose 0.61 per cent, and the S&P 500 added 0.78 per cent.

    According to analysts, the U.S. striking trade deals with various countries is gradually easing concerns over tariff wars. Strong corporate earnings in the U.S. are also providing fundamental support to the market.

    In Asian markets, the Nikkei 225 continued its strong rally for the second consecutive day, gaining 1.97 per cent, while Indonesia’s Jakarta Composite climbed 1.70 per cent. Hong Kong, Shanghai, and Seoul were also trading in the green.

    On July 23, foreign institutional investors (FIIs) were net sellers for the fifth consecutive session, offloading stocks worth Rs 4,209 crore. In contrast, domestic institutional investors (DIIs) remained strong buyers for the 12th straight day, purchasing shares worth Rs 4,358 crore.

    IANS

  • Markets open flat; IT, midcap stocks under pressure amid mixed global cues

    Source: Government of India

    Source: Government of India (4)

    The Indian stock market opened flat on Thursday as IT companies came under selling pressure amid mixed global cues.

    At 9:28 a.m., the Sensex slipped 110 points or 0.13 per cent to 82,615, and the Nifty declined 13 points or 0.05 per cent to 25,206.

    Sectorally, the Nifty IT index underperformed with a loss of 1.17 per cent. All other sectors showed marginal dips or moderate gains. Bank stocks registered moderate losses of up to 0.20 per cent.

    Midcap and smallcap stocks also faced selling pressure. The Nifty Midcap 100 index was down 0.39 per cent at 59,148, while the Nifty Smallcap 100 index declined 0.07 per cent to 18,879.

    In the Nifty pack, Dr. Reddy’s Laboratories led the gainers with a 3.07 per cent rise, followed by Tata Motors at 1.51 per cent. Tata Consumer Products, Eicher Motors, JSW Steel, and Tata Steel were also among the top gainers. Trent, Kotak Mahindra Bank, and Bajaj Finance were among the early losers.

    “Market sentiment remains cautiously optimistic amid heightened volatility and mixed global cues. Nifty 50’s rebound highlights buyer strength at lower levels. A sustained move above 25,250 could potentially open the path toward the 25,330 mark. On the downside, immediate support is placed at 25,125, followed by 25,000,” said Hardik Matalia of Choice Equity Broking Private Limited.

    The Bank Nifty outperformed the broader index, rising 454 points and forming a bullish candlestick, indicating renewed buying interest, he added.

    Both Asian and U.S. indices posted strong overnight gains, lending a positive backdrop for Indian markets at the open.

    In the U.S., the Dow Jones Industrial Average advanced 1.14 per cent, the Nasdaq rose 0.61 per cent, and the S&P 500 added 0.78 per cent.

    According to analysts, the U.S. striking trade deals with various countries is gradually easing concerns over tariff wars. Strong corporate earnings in the U.S. are also providing fundamental support to the market.

    In Asian markets, the Nikkei 225 continued its strong rally for the second consecutive day, gaining 1.97 per cent, while Indonesia’s Jakarta Composite climbed 1.70 per cent. Hong Kong, Shanghai, and Seoul were also trading in the green.

    On July 23, foreign institutional investors (FIIs) were net sellers for the fifth consecutive session, offloading stocks worth Rs 4,209 crore. In contrast, domestic institutional investors (DIIs) remained strong buyers for the 12th straight day, purchasing shares worth Rs 4,358 crore.

    IANS

  • UAE Central Bank mandates phase-out of SMS and email OTP authentication by March 2026

    Source: Government of India

    Source: Government of India (4)

    The Central Bank of the United Arab Emirates (CBUAE) has issued a directive requiring all financial institutions to eliminate SMS and email-based one-time password (OTP) authentication for customer transactions by March 31, 2026. This move, aimed at bolstering digital banking security, will affect banks, finance companies, exchange houses, insurers, and payment service providers across the UAE, marking a significant shift toward more secure, risk-based authentication technologies.

    Traditional OTP methods, delivered via SMS or email, are increasingly vulnerable to phishing, SIM swapping, and SS7 protocol exploits. To counter these threats, the CBUAE is mandating the adoption of advanced authentication methods, such as Emirates Face Recognition, biometric verification, and mobile-based soft tokens.

    Starting July 25, 2025, UAE banks will begin transitioning customers to app-based authentication for all domestic and international financial transactions. Leading institutions like Emirates NBD, ADIB, and FAB have already adopted biometric and in-app solutions for most online banking activities. Customers will need to enable app-based verification features to authorize transactions, replacing the reliance on SMS or email OTPs. The CBUAE has set a phased implementation, with full compliance required by March 2026.

    The UAE’s move aligns with global trends, as countries like Singapore and Malaysia phase out SMS-based OTPs due to similar security concerns. The Monetary Authority of Singapore, for instance, mandated a similar shift in 2024, citing rising phishing scams. The CBUAE’s directive is part of its broader Financial Infrastructure Transformation (FIT) Programme, which includes initiatives like the planned launch of a retail central bank digital currency (CBDC), the digital dirham, in late 2025.

  • MIL-OSI: Tanate Phutrakul to step down as CFO at 2026 AGM

    Source: GlobeNewswire (MIL-OSI)

    Tanate Phutrakul to step down as CFO at 2026 AGM

    ING announced today that Tanate Phutrakul will step down from his position as CFO and member of the Executive Board of ING. Tanate will leave ING as of the Annual General Meeting in April 2026, after 24 years at ING of which seven on the Executive Board. 

    Karl Guha, chairman of ING’s Supervisory Board said: “It has been a privilege to work with Tanate. I have come to know him as a man of good grace, integrity, and high standards. He has been instrumental in helping steer ING to a better place of strong performance and delivering on our promises. We are fortunate to still have him on our executive team until the AGM and wish him every success in the next phase of his life.”

    Steven van Rijswijk, CEO of ING said: “I want to thank Tanate for his many years serving ING. While it is never easy to see a colleague leave, after seven years as CFO on the board it is a logical moment for Tanate to step down. With his deeply professional and pleasant approach, he has played a pivotal role in guiding ING through a turbulent period for the bank, the sector and the world. He has done so with his trademark calmness and has been an invaluable part of our executive team. His contributions in making ING the strong and financially sound bank it is today, which enables our current growth strategy, can hardly be overestimated. We look forward to continue to work with Tanate in the coming months.”

    Tanate Phutrakul said: “It has been and still is a pleasure to serve as a board member of ING, having helped shape the bank into what it is. It has been a wonderful journey. Many thanks for the kind support of Steven and my fellow board members and especially to the many ING colleagues I have worked with over the years.”

    Tanate joined ING in 1998 as managing director of ING Barings Securities Thailand. From 2003 until 2008 he served as head of Wholesale Banking and chief financial officer of TMB Bank in Thailand. In successive years he served as CFO of ING’s Operations and IT unit, ING Retail Banking International and ING Belgium. In 2019, he was appointed to the Executive Board as CFO of ING Group. 

    The search for a successor has been initiated and announcements will be made in due course. 

    Note for editors
    For further information on ING, please visit www.ing.com. Frequent news updates can be found in the Newsroom. Photos of ING operations, buildings and its executives are available for download at Flickr.

    ING PROFILE
    ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 100 countries.

    ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).

    ING aims to put sustainability at the heart of what we do. Our policies and actions are assessed by independent research and ratings providers, which give updates on them annually. ING’s ESG rating by MSCI was reconfirmed by MSCI as ‘AA’ in August 2024 for the fifth year. As of June 2025, in Sustainalytics’ view, ING’s management of ESG material risk is ‘Strong’ with an ESG risk rating of 18.0 (low risk). ING Group shares are also included in major sustainability and ESG index products of leading providers. Here are some examples: Euronext, STOXX, Morningstar and FTSE Russell. Society is transitioning to a low-carbon economy. So are our clients, and so is ING. We finance a lot of sustainable activities, but we still finance more that’s not. Follow our progress on ing.com/climate.

    IMPORTANT LEGAL INFORMATION
    Elements of this press release contain or may contain information about ING Groep N.V. and/ or ING Bank N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/2014 (‘Market Abuse Regulation’).

    ING Group’s annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS- EU’). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2024 ING Group consolidated annual accounts. All figures in this document are unaudited. Small differences are possible in the tables due to rounding.

    Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to a number of factors, including, without limitation: (1) changes in general economic conditions and customer behaviour, in particular economic conditions in ING’s core markets, including changes affecting currency exchange rates and the regional and global economic impact of the invasion of Russia into Ukraine and related international response measures (2) changes affecting interest rate levels (3) any default of a major market participant and related market disruption (4) changes in performance of financial markets, including in Europe and developing markets (5) fiscal uncertainty in Europe and the United States (6) discontinuation of or changes in ‘benchmark’ indices (7) inflation and deflation in our principal markets (8) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness (9) failures of banks falling under the scope of state compensation schemes (10) non-compliance with or changes in laws and regulations, including those concerning financial services, financial economic crimes and tax laws, and the interpretation and application thereof (11) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, including in connection with the invasion of Russia into Ukraine and the related international response measures (12) legal and regulatory risks in certain countries with less developed legal and regulatory frameworks (13) prudential supervision and regulations, including in relation to stress tests and regulatory restrictions on dividends and distributions (also among members of the group) (14) ING’s ability to meet minimum capital and other prudential regulatory requirements (15) changes in regulation of US commodities and derivatives businesses of ING and its customers (16) application of bank recovery and resolution regimes, including write down and conversion powers in relation to our securities (17) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers or stakeholders who feel misled or treated unfairly, and other conduct issues (18) changes in tax laws and regulations and risks of non-compliance or investigation in connection with tax laws, including FATCA (19) operational and IT risks, such as system disruptions or failures, breaches of security, cyber-attacks, human error, changes in operational practices or inadequate controls including in respect of third parties with which we do business and including any risks as a result of incomplete, inaccurate, or otherwise flawed outputs from the algorithms and data sets utilized in artificial intelligence (20) risks and challenges related to cybercrime including the effects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy, including such risks and challenges as a consequence of the use of emerging technologies, such as advanced forms of artificial intelligence and quantum computing (21) changes in general competitive factors, including ability to increase or maintain market share (22) inability to protect our intellectual property and infringement claims by third parties (23) inability of counterparties to meet financial obligations or ability to enforce rights against such counterparties (24) changes in credit ratings (25) business, operational, regulatory, reputation, transition and other risks and challenges in connection with climate change, diversity, equity and inclusion and other ESG-related matters, including data gathering and reporting and also including managing the conflicting laws and requirements of governments, regulators and authorities with respect to these topics (26) inability to attract and retain key personnel (27) future liabilities under defined benefit retirement plans (28) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines (29) changes in capital and credit markets, including interbank funding, as well as customer deposits, which provide the liquidity and capital required to fund our operations, and (30) the other risks and uncertainties detailed in the most recent annual report of ING Groep N.V. (including the Risk Factors contained therein) and ING’s more recent disclosures, including press releases, which are available on www.ING.com.

    This document may contain ESG-related material that has been prepared by ING on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. ING has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness, reasonableness or reliability of such information.

    Materiality, as used in the context of ESG, is distinct from, and should not be confused with, such term as defined in the Market Abuse Regulation or as defined for Securities and Exchange Commission (‘SEC’) reporting purposes. Any issues identified as material for purposes of ESG in this document are therefore not necessarily material as defined in the Market Abuse Regulation or for SEC reporting purposes. In addition, there is currently no single, globally recognized set of accepted definitions in assessing whether activities are “green” or “sustainable.” Without limiting any of the statements contained herein, we make no representation or warranty as to whether any of our securities constitutes a green or sustainable security or conforms to present or future investor expectations or objectives for green or sustainable investing. For information on characteristics of a security, use of proceeds, a description of applicable project(s) and/or any other relevant information, please reference the offering documents for such security.

    This document may contain inactive textual addresses to internet websites operated by us and third parties. Reference to such websites is made for information purposes only, and information found at such websites is not incorporated by reference into this document. ING does not make any representation or warranty with respect to the accuracy or completeness of, or take any responsibility for, any information found at any websites operated by third parties. ING specifically disclaims any liability with respect to any information found at websites operated by third parties. ING cannot guarantee that websites operated by third parties remain available following the publication of this document, or that any information found at such websites will not change following the filing of this document. Many of those factors are beyond ING’s control.

    Any forward-looking statements made by or on behalf of ING speak only as of the date they are made, and ING assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason.

    This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States or any other jurisdiction.

    Attachment

    The MIL Network –

  • MIL-OSI: Australian Life Sciences Venture Capital firm Brandon Capital announces Fund Six final close totalling over A$439m

    Source: GlobeNewswire (MIL-OSI)

    MELBOURNE, Australia, July 24, 2025 (GLOBE NEWSWIRE) — Brandon Capital, Australasia’s leading life sciences venture capital firm, today announced the final close of its sixth fund at A$439 million.

    Joining existing investors Hesta, Host Plus, CSL and QIC are the WA Government and Australia’s sovereign investor in manufacturing capability, the National Reconstruction Fund Corporation (NRFC).

    This final close of Brandon BioCatalyst Fund Six (BB6) will see Brandon Capital continue to invest in emerging biomedical technologies with strong commercial potential, translating these exciting discoveries into high-growth firms that positively impact human health.

    To date, Brandon Capital has raised over A$1 billion across previous funds with notable Fund Six investments to date including AdvanCell (radiopharma), PolyActiva (glaucoma implant), Myricx Bio (ADC) and CatalYm (oncology).

    Dr Chris Nave, Co-Founder and Managing Partner at Brandon Capital, “We’re excited to welcome the National Reconstruction Fund Corporation to our sixth fund, joining HESTA, Hostplus, CSL, QIC and the WA Government. Closing at $439 million, BB6 is our largest fund to date, and we remain committed to advancing breakthrough biomedical innovations through our unwavering scientific rigour and disciplined capital allocation, in pursuit of exceeding our investors’ expectations.”

    The firm has a track record of advancing its portfolio companies to commercialisation. Recent Brandon Capital portfolio company announcements include FDA approvals for a hypertension therapy from George Medicines and a left ventricular cardiac resynchronisation device developed by EBR Systems, with Q-Sera’s blood collection tubes that produce high-quality serum faster and more reliably, recently approved in Japan.

    Brandon Capital has an active portfolio of over 30 companies with 17 in clinical trials, four advancing or in-market, a promising preclinical pipeline and several actively contributing to Australia’s high-skilled manufacturing sector growth.

    Collectively supporting over 270 high-skilled Australian jobs are: surgical imaging innovator, OncoRes Medical, which has developed the first ‘real-time’ in cavity probe to improve cancer surgery outcomes; late-stage biotech PolyActiva, which is developing a long-term treatment for glaucoma, the second leading cause of blindness; needle-free patch for vaccine delivery Vaxxas, and radiopharmaceutical company AdvanCell, which is developing novel therapies for the treatment of a range of cancers.

    NRFC CEO David Gall said, “Medical science has long development timelines, and it is important for the NRFC to make early and considered investments in the sector to attract the talent and capital that we will need to build our local commercialisation capabilities. If we want medical science jobs and industries to exist in Australia in ten years, we need to invest in them today.”

    Brandon Capital, headquartered in Australia with offices in the UK and US, has established a transcontinental presence that strengthens collaboration across regions. Australian portfolio companies gain access to UK/EU/US capital, expertise, and pharma networks, while international companies benefit from Australia’s world-class clinical trial and research capabilities.

    About Brandon Capital – www.brandoncapital.vc

    Brandon Capital is Australasia’s leading life sciences venture capital firm, with offices in Australia, New Zealand, the US and the UK. Its unique model includes proprietary deal flow through Brandon BioCatalyst, a collaboration of over 50 of ANZ’s leading medical research institutions, and its immersive corporate services structure enables portfolio companies to focus on research commercialisation. With more than 30 active companies in its portfolio, Brandon Capital has been sourcing and supporting the transition of world-leading science into world-leading businesses for nearly two decades.

    For further information please contact

    Media – Australia
    Kirrily Davis, E: kdavis@bcpvc.com M: +61 (0)401 220228

    Media – International
    Sue Charles, Charles Consultants E: sue.charles@charles-consultants.com M: +44 (0)7968 726585

    Chris Gardner, E: Chris@CGComms.onmicrosoft.com M: +44 (0)7956 031077

    About the National Reconstruction Fund Corporation (NRFC)

    The NRFC invests to diversify and transform Australia’s industry and economy. It has $15 billion to invest using direct loans, equity investments and loan guarantees. The NRFC investment mandate covers seven priority areas including value-add in resources; transport; medical science; defence capability; renewables and low emission technologies; value-add in agriculture, forestry and fisheries; and enabling capabilities. 

    The NRFC’s role is to invest in Australian businesses and projects that design, refine and make in order to transform capability, grow jobs and a skilled workforce, and diversify our economy. NRFC is a corporate Commonwealth entity, established by the National Reconstruction Fund Corporation Act 2023 (NRFC Act) in September 2023.

    For more information, visit nrf.gov.au 

    The MIL Network –

  • MIL-OSI Economics: Result of the Overnight Variable Rate Repo (VRR) auction held on July 24, 2025

    Source: Reserve Bank of India

    Tenor 1-day
    Notified Amount (in ₹ crore) 50,000
    Total amount of bids received (in ₹ crore) 1,421
    Amount allotted (in ₹ crore) 1,421
    Cut off Rate (%) 5.51
    Weighted Average Rate (%) 5.53
    Partial Allotment Percentage of bids received at cut off rate (%) NA

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/775

    MIL OSI Economics –

  • MIL-OSI Banking: Underwriting Auction for sale of Government Securities for ₹36,000 crore on July 25, 2025

    Source: Reserve Bank of India

    Government of India has announced the sale (re-issue) of Government Securities, as detailed below, through auctions to be held on July 25, 2025 (Friday).

    As per the extant scheme of underwriting commitment notified on November 14, 2007, the amounts of Minimum Underwriting Commitment (MUC) and the minimum bidding commitment under Additional Competitive Underwriting (ACU) auction, applicable to each Primary Dealer (PD), are as under:

    (₹ crore)
    Security Notified Amount MUC amount per PD Minimum bidding commitment per PD under ACU auction
    5.91% GS 2028 6,000 143 143
    6.33% GS 2035 30,000 715 715

    The underwriting auction will be conducted through multiple price-based method on July 25, 2025 (Friday). PDs may submit their bids for ACU auction electronically through Core Banking Solution (E-Kuber) System between 09:00 A.M. and 09:30 A.M. on the day of underwriting auction.

    The underwriting commission will be credited to the current account of the respective PDs with RBI on the day of issue of securities.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/774

    MIL OSI Global Banks –

  • MIL-OSI Russia: Chinese automakers unveil new models in Indonesia

    Translation. Region: Russian Federal

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

    An important disclaimer is at the bottom of this article.

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

    JAKARTA, July 24 (Xinhua) — Chinese automakers on Wednesday unveiled new electric vehicle models in Indonesia, where demand for them continues to grow.

    At the GAIKINDO Indonesia International Auto Show (GIIAS) in Tangerang, Banten Province, Chinese automaker BYD unveiled the Atto 1, known in China as the Seagull or Dolphin Mini.

    “This is the first Atto 1 in Southeast Asia. We offer it in two variants: Dynamic and Premium,” said Nathan Sun, COO of BYD Indonesia, during the launch.

    In turn, Wuling presented a new multi-purpose vehicle Cortez Darion, designed for both family and business use. It will be available in two versions: hybrid and fully electric.

    GIIAS 2025 officially opened on Wednesday and will be open to the general public from July 24 to August 3. –0–

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

    .

    MIL OSI Russia News –

  • MIL-OSI Russia: Cambodian and Thai soldiers exchange fire in disputed border area

    Translation. Region: Russian Federal

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

    An important disclaimer is at the bottom of this article.

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

    PHNOM PENH, July 24 (Xinhua) — Cambodian soldiers clashed with Thai soldiers in a disputed border area on Thursday, said Mali Socheat, deputy secretary of state and spokesperson for the Cambodian Defense Ministry.

    According to her, armed clashes occurred on the Cambodian-Thai border in Oddar Meanchey province.

    “The Thai military was the first to launch an armed attack on Cambodian troops. Cambodian troops acted strictly in self-defense, responding to the unprovoked incursion of Thai troops that violated our territorial integrity,” she said in a statement. -0-

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

    .

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: Waste Generation Rate Continues To Trend Downwards In 2024

    Source: Government of Singapore

    Per capita daily domestic waste decreased by more than 20 per cent over the past decade; per billion dollar GDP daily non-domestic waste decreased by more 30 per cent over the same period. The recycling rate continues to hover around 50 per cent. 

    Singapore, 23 July 2025 – Singapore continued to see a decrease in waste generation rate in 2024. The daily domestic waste generated per capita decreased from 0.88 kg in 2023 to 0.85 kg in 2024. The daily non-domestic waste  generated per billion dollar Gross Domestic Product (GDP) decreased from around 25 tonnes in 2023 to around 23 tonnes in 2024. This reflects the sustained reduction and reuse efforts by households and businesses in 2024.

    Per capita and per billion dollar GDP waste generated decreased in past decade

    2          Over the past decade, daily domestic waste generated per capita decreased by more than 20 per cent, and daily non-domestic waste generated per billion dollar GDP decreased by more than 30 per cent.

    Fig. 1. Chart on the daily domestic waste generated per capita from 2014 to 2024.

    Fig. 2. Chart on the daily non-domestic waste generated per billion dollar GDP from 2014 to 2024.

    Recycling rate continues to hover at around 50 per cent

    3          Overall recycling rate continues to hover at around 50 per cent (refer to Table 1 in 

    Annex). The recycling rate of paper/cardboard, food, and plastics remained similar. The slight reduction in recycling rate is driven largely by the reduction in the amount of Construction & Demolition (C&D) waste (by 122,000 tonnes) and used slag (by 63,000 tonnes) generated, which are almost completely recycled. This resulted in a corresponding reduction in overall recycling volume. Additionally, there was a reduction in the amount of wood waste recycled, by 49,000 tonnes, due to a short-term reduction in wood waste processing capacity in 2024 as a result of the closure of one biomass plant and prolonged maintenance of another.

    10-year Recycling Trends

    4          Over the past decade, the recycling rate dropped from 60 per cent in 2014 to 50 per cent in 2024 (refer to Table 2 in Annex). This is driven by two factors.

    a.     There was a 44 per cent and 69 per cent decrease in the volume of C&D waste and used slag generation, respectively. As C&D waste and used slag are almost fully recycled, the decrease in volume generated and consequently recycled led to a significant reduction (7 percentage points) in the overall recycling rate (refer to Chart 1 and Chart 2 in Annex). This is due to the reduction in C&D waste volume generated from demolition projects in recent years, while the lower amount of used slag generated is due to a reduction in steel smelting activities in Singapore. 

    b.     The amount of paper/cardboard waste generated has been similar between 2014 and 2024, although paper waste generated had been on a downtrend from 2014 to 2019, before rising again post-2019 driven in part by e-commerce packaging. However, there has been a steep reduction in the paper recycling rate, from 52 per cent to 32 per cent (refer to Chart 3 in Annex). The decline is driven by factors such as the cost of collecting and freight as well as commodity prices.

    Upcoming efforts to improve recycling of key waste streams

    5          NEA will continue to partner the community and businesses to encourage the reduction of waste generated and to increase recycling efforts. Our efforts will be focused on food, paper, and plastics as these make up the largest amount of waste that is not recycled.

    a.     The recycling rate for food waste increased from 13 per cent in 2014 to 18 per cent in 2024. To drive the reduction and recycling of food waste, all new large commercial and industrial food waste generators have been required since March 2024 to segregate, treat and report their food waste. In addition, we will progressively extend these requirements to existing large commercial and industrial food waste generators in tandem when the Food Waste Treatment Facility becomes operational, as we progressively complete the Integrated Waste Management Facility (IWMF) from 2027 onwards.

    b.     To encourage reduction in paper/cardboard waste and improve recycling rates, NEA supported the development of a set of Guidelines on Sustainable E-commerce Packaging in March 2025. The guidelines offer practical 3R (Reduce, Reuse, Recycle) strategies tailored to common types of e-commerce packaging, including cardboard boxes. Furthermore, NEA is looking to strengthen support for paper recycling, working together with waste collectors, recycling companies, and the community.

    c.     We will also increase plastic recycling through initiatives such as the beverage container return scheme, which will take effect next year. Under the scheme, a 10-cent deposit will be fully refunded when consumers return the empty beverage containers at designated return points such as reverse vending machines. The scheme will aggregate clean and high-quality plastic recyclables, which can be made into new products. NEA is working with the licensed scheme operator, Beverage Container Return Scheme Ltd. (BCRS Ltd.) on the return point network and deposit refund options to provide a convenient return and refund journey for consumers, when the scheme rolls out on 1 April 2026.

    Waste Disposed of

    6          Our combined commitment to reducing the amount of waste generated and improving recycling efforts is reflected in the waste disposed of at our waste-to-energy plants and Semakau Landfill. While the waste disposal rate has similarly trended downwards in the last decade, the total amount of waste disposed of has increased from 3.04 million tonnes in 2014 to 3.33 million tonnes in 2024. This is due to the recycling amount declining faster than the total amount of waste generated. Hence, the net effect is an increase in the total amount of waste disposed of. When everyone plays their part to reduce, reuse, and recycle, we avoid sending waste for disposal, thus reducing our environmental footprint and extending the lifespan of Semakau Landfill.

    7          The latest waste and recycling statistics can be accessed at go.gov.sg/waste-statistics-and-overall-recycling.

     

    ——————

    [1] Domestic waste is waste collected from households and trade premises (e.g., shophouses, educational institutions, petrol stations, hawker centres and places of worship).

    [2] Non-domestic waste is waste generated at industrial and commercial premises.

     

    ~~ End ~~

    For more information, please submit your enquiries electronically via the Online Feedback Form or myENV mobile application.

     

    MIL OSI Asia Pacific News –

  • MIL-Evening Report: Historic ruling finds climate change ‘imperils all forms of life’ and puts laggard nations on notice

    Source: The Conversation (Au and NZ) – By Jacqueline Peel, Professor of Law and Director, Melbourne Climate Futures, The University of Melbourne

    Hilaire Bule/Getty

    Climate change “imperils all forms of life” and countries must tackle the problem or face consequences under international law, the International Court of Justice (ICJ) has found.

    The court delivered its long-awaited advisory opinion overnight. The momentous case opens the door for countries impacted by climate disasters to sue major emitting countries for reparations.

    And citizens could seek to hold governments to account for a failure to safeguard their human rights if their own or other countries fail to take adequate action to ensure a safe climate.

    Here’s what the court ruled – and the global ramifications likely to flow from it.

    Vanuatu’s Climate Change Minister Ralph Regenvanu delivers a speech at a demonstration before the International Court of Justice issued its first advisory opinion on state’s legal obligations to address climate change.
    John Thys/AFP

    Climate change breaches human rights

    The ICJ case was instigated by law students at the University of the South Pacific in Vanuatu in 2019. They successfully launched a campaign for the court to examine two key issues: the obligations of countries to protect the climate from greenhouse gases, and the legal consequences for failing to do so.

    The court found a clean, healthy and sustainable environment is essential for the enjoyment of many other human rights. As such, it found, the full enjoyment of human rights cannot be ensured without the protection of the climate system and other parts of the environment.

    The ruling confirms climate change is much more than a legal problem. Rather, the justices concluded, it is an:

    existential problem of planetary proportions that imperils all forms of life and the very health of our planet.

    Most nations have signed up to global human rights agreements such as the International Covenant on Civil and Political Rights. The ICJ ruling means parties to those agreements must take measures to protect the climate system and other parts of the environment.

    An advisory opinion from the International Court of Justice is not legally binding. But it is an authoritative description of the state of the law and the rights of countries to seek reparations if the law is breached. As such, it carries great legal weight.

    Just as climate science assessments of the Intergovernmental Panel on Climate Change have become the gold standard for understanding the causes and impacts of climate change, the court’s ruling provides a clear baseline against which to assess countries’ action, or inaction, on climate change.

    Keeping 1.5°C alive?

    In recent years, many states’ emissions reduction targets under the Paris Agreement have seemed to “settle” at levels which would hold global temperature increases to 2°C at best.

    But the International Court of Justice ruled the much more ambitious 1.5°C goal had become the scientifically based consensus target under the Paris Agreement.

    Some countries argued formal emissions targets should be left to the discretion of each government. However, the court found against this. Rather, each nation’s targets had to be in line with – and make an adequate contribution to – the global goal of holding heating to 1.5°C.

    The court found each state’s emissions reduction pledges should be judged against a stringent “due diligence” standard. The standard takes into account each country’s historical contributions to emissions, level of development and national circumstances, among other factors.

    The ruling means rich countries, such as Australia, will be required under international law to make more ambitious emission-reduction pledges under the Paris Agreement, such as for the 2035 target currently under consideration by the Albanese government.

    The court decision also provides a measure of climate justice for small island states, which have historically low emissions but face a much higher risk of damage from climate change than other nations.

    Holding states accountable for inaction

    Because climate change is global, it is difficult – but not impossible – to attribute damage from extreme weather to the actions of any one nation or group of nations.

    On this question, the court said while climate change is caused by the cumulative impact of many human activities, it is scientifically possible to determine each nation’s total contribution to global emissions, taking into account both historical and current emissions.

    If a nation experiences damage caused by the failure of another nation, or group of nations, to fulfil international climate obligations, the ruling means legal proceedings may be launched against the nations causing the harm. It may result in compensation or other remedies.

    For small, climate-vulnerable nations such as those in the Alliance of Small Island States, this opens more legal options in their efforts to encourage high-emitting nations to properly address climate change.

    Importantly, the court made clear nations can be legally liable even if damage from climate change comes from many causes, including from the activities of private actors such as companies.

    That means nations cannot seek an exemption because others have contributed to the problem. They must also act to regulate companies and other entities under their jurisdiction whose activities contribute to climate change.

    Pacific Island nations emit very little but face huge threats from climate change.
    Luca Turati/Unsplash, CC BY-NC-ND

    Paris Agreement quitters aren’t safe

    One line of argument put to the court by Australia and other states was that climate treaties represented the only obligations to tackle climate change under international law.

    But the court found this was not the case. Rather, other international laws applied.

    The United States pulled out of the Paris Agreement earlier this year. The court’s opinion means the US and other nations are still accountable for climate harms under other international laws by which all countries are bound.

    Could this lead to greater climate action?

    The International Court of Justice has produced a truly historic ruling.

    It will set a new baseline in terms what countries need to do to address climate change and opens up new avenues of recourse against high-emitting states not doing enough on climate change.

    Jacqueline Peel receives funding from the Australian Research Council under her Australian Laureate Fellowship and Kathleen Fitzpatrick Award on ‘Transforming International Law for Corporate Climate Accountability’.

    – ref. Historic ruling finds climate change ‘imperils all forms of life’ and puts laggard nations on notice – https://theconversation.com/historic-ruling-finds-climate-change-imperils-all-forms-of-life-and-puts-laggard-nations-on-notice-261848

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: The Data Center Next Door: As Trump Eviscerates Guardrails, Senator Markey Hosts Roundtable Discussion on How AI Data Centers Can Harm Environment, Increase Costs to Households, and Threaten Public Health

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey

    View Storybook (PDF)

    Washington (July 23, 2025) – Senator Edward J. Markey (D-Mass.), a co-chair of the Environmental Justice Caucus and a member of the Environment and Public Works Committee and Health, Education, Labor, and Pensions Committee, today hosted a virtual roundtable discussion titled “The Data Center Next Door: Hidden Costs and Harms of Artificial Intelligence and Cryptomining.” Senator Markey was joined by Congressman Steve Cohen (TN-09), frontline advocates, and allies to discuss the effects of rapid data center development on climate and communities, including impacts on local air quality, water, grid reliability, health, and utility bills. Speakers highlighted how communities and allied organizations across the country are working to curb harms from data center build-out and how policymakers can more proactively address unsustainable data center development.

    Today, Senator Markey also released a new storybook highlighting the personal experiences of individuals living near data center infrastructure.

    “I have heard from people across the country whose stories make clear: unregulated, uncontrolled data center development is sucking our communities dry. Our environment doesn’t have to be a sacrificial lamb on the altar of innovation. We can have green growth—but not if we have Trump’s AI Inaction Plan as our Big Tech Bible. Lawmakers at all levels of government can and must ensure the Trump administration’s no-holds-barred approach to data center construction does not come at the cost of our health and welfare,” said Senator Markey. “We are not truly moving forward if we harm and leave people behind in the process. We owe it to our neighbors, near and far, to address these impacts at the federal level before we see a race to the bottom—one that could even disadvantage states and towns that try to do things right.”

    “The heart of my district is seeing the environmental impacts of Artificial Intelligence (AI) first-hand, with the world’s biggest supercomputer beginning operations last year. It requires one million gallons of water each day to cool its components and uses the same amount of energy as all 250,000 households in Memphis combined. The continued development of AI will have a drastic effect on energy and water costs and consumption, and our environment as a whole,” said Congressman Cohen.

    “Bitcoin mining is the most energy and water-intensive technology ever created. As long as the bitcoin mining algorithm is operating at scale, it is impossible to make the transition to a resilient, equitable, affordable, and renewable grid,” said Jackie Sawicky, member of the National Coalition Against Cryptomining (NCAC).

    “Families across America are struggling to afford their soaring electric bills as a result of energy-guzzling AI data centers. We cannot afford to let AI fuel a new fossil fuel boom that raises our bills and destroys our environment,” said Ben Inskeep, Program Director at Citizens Action Coalition of Indiana.

    “West Virginia has long borne the brunt of powering our country via the extraction of our natural resources. This legacy and continued pollution from fossil fuel industries worsened health disparities, increased our utility bills, and poisoned our air and water. The rapid growth of artificial intelligence development and the numerous proposals of fossil fuel powered data centers in our region simply carries on that toxic tradition of resource extraction, corporate exploitation, and harmful pollution for West Virginians,” said Morgan King, Climate and Energy Program Manager at West Virginia Citizen Action Group.

    “What’s happening in Virginia is unsustainable and the desire to go even faster is irresponsible. The impacts are too great and the risks are too high, we must slow down and put better guardrails in place,” said Julie Bolthouse, AICP, Director of Land Use at Piedmont Environmental Council.

    “Over the last year, xAI installed and operated dozens of unpermitted methane gas turbines at its Memphis data center, essentially building a power plant without any public oversight or input from nearby communities. These turbines pump out smog-forming pollution and harmful chemicals like formaldehyde and are located near predominantly Black communities that are already overburdened with a long history of environmental injustice. Families in South Memphis deserve transparency and clean air,” said Amanda Garcia, senior attorney in the Tennessee office of the Southern Environmental Law Center.

    MIL OSI USA News –

  • India, China review border situation in 34th WMCC meet, plan next round of talks

    Source: Government of India

    Source: Government of India (4)

    India and China on Wednesday held the 34th meeting of the Working Mechanism for Consultation and Coordination (WMCC) on border affairs in New Delhi, where both sides reviewed the situation along the Line of Actual Control (LAC) and discussed steps to maintain peace and stability in the border areas.

    The Indian delegation was led by Gourangalal Das, Joint Secretary (East Asia), while the Chinese side was headed by Hong Liang, Director General of the Boundary and Oceanic Affairs Department in China’s Ministry of Foreign Affairs.

    The Ministry of External Affairs (MEA) said in a statement that the two sides took note of the general prevalence of peace and tranquillity in the border areas and acknowledged the gradual improvement in bilateral ties.

    “They agreed to maintain regular diplomatic and military contacts through established mechanisms on the issues related to the India-China border,” the MEA said.

    The delegations also discussed measures previously explored during the 23rd round of Special Representatives (SR) talks and the 33rd WMCC meeting to further strengthen border management and avoid friction.

    As part of the confidence-building process, the two sides are also preparing for the next round of SR-level talks on the boundary question, which is expected to be held in India later this year.

    During his visit, the head of the Chinese delegation, Hong Liang, also called on the Indian Foreign Secretary, signalling continued diplomatic engagement at multiple levels.

    The WMCC was set up in 2012 as an institutional mechanism for consultation and coordination on India-China border affairs, and to maintain peace along the LAC through regular dialogue.

  • Bihar Electoral Roll Update: 98% coverage achieved as first phase of special revision nears completion

    Source: Government of India

    Source: Government of India (4)

    The first phase of the Special Intensive Revision (SIR) of the Bihar Electoral Roll, which began on June 24, is nearing completion, with an impressive 98.01% coverage of electors across the state. The Election Commission of India (ECI) confirmed the progress on Tuesday, noting that the revision is aimed at ensuring no eligible voter is excluded and no ineligible person remains on the rolls.

    According to ECI, on July 23, more than 7.17 crore electors’ enumeration forms (90.89%) have been received and digitised. The data collected so far has revealed that approximately 20 lakh electors have been reported as deceased, 28 lakh have permanently migrated, and 7 lakh individuals are enrolled at multiple locations. Additionally, 1 lakh electors have been found to be untraceable, while forms from 15 lakh electors have not yet been returned.

    In a significant step toward electoral transparency, on July 20, the Election Commission shared lists of potentially incorrectly included electors and those who failed to submit their enumeration forms with 1.5 lakh Booth Level Agents (BLAs). These BLAs were nominated by district-level leaders of 12 major political parties in Bihar.

    The Commission has also streamlined the submission process for temporarily migrated electors from Bihar who have not registered elsewhere. These individuals can submit their enumeration forms via the ECI’s online portal (https://electors.eci.gov.in), the ECINet mobile app, or by sending signed printed forms to their Booth Level Officers (BLOs) through a family member or via WhatsApp.

    Electors who have submitted their forms can track the status on the ECI website and have been notified via SMS, provided they shared their mobile numbers in the forms.

    The Draft Electoral Roll will be published on August 1, 2025, marking the end of the first phase. If errors are found, electors or political parties may file objections regarding wrongly included names with the Electoral Registration Officer (ERO) or Assistant Electoral Registration Officer (AERO) of their constituency. Likewise, eligible individuals who are missing from the roll can file claims for inclusion by September 1, 2025.

  • MIL-OSI USA: Several Amata-Cosponsored Bills Passed by Foreign Affairs Committee

    Source: United States House of Representatives – Congresswoman Aumua Amata (Western Samoa)

    Washington, D.C. – Congresswoman Uifa’atali Amata is highlighting several bills she cosponsored that were passed Tuesday by the House Foreign Affairs Committee (HFAC) as part of a slate of a dozen bills, including Pacific issues and combating human trafficking.

    Congresswoman Amata during votes Tuesday in the Foreign Affairs Committee

    Congresswoman Amata is an original cosponsor of H.R. 4490, as introduced by Congressman Joquin Castro (D-TX). Notably in the Pacific region, this bill ensures important diplomatic rights and recognitions for the nations in the Pacific Islands Forum. Along with Congresswoman Amata, this key bipartisan bill is also cosponsored by Rep. Young Kim (R-CA) and Rep. Ed Case (D-HI). The bill’s full title is To amend the International Organizations Immunities Act to extend diplomatic privileges and immunities to certain additional international and regional organizations.

    Congresswoman Amata is a cosponsor of the Frederick Douglass Trafficking Victims Prevention and Protection Reauthorization Act of 2025, H.R. 1144. This bipartisan bill is led by Chairman Chris Smith (R-NJ), who has served in Congress for 45 years and is widely recognized as Congress’s foremost human rights champion in his longtime legislative focus. The bill reauthorizes and updates the landmark Trafficking Victims Protection Act of 2000, also led by Rep. Smith, which strengthened federal prosecutions and victim protections from either forced labor or sexual trafficking, created the Office to Monitor and Combat Trafficking in Persons, and the Interagency Task Force to Monitor and Combat Trafficking, and boosted international cooperative efforts to combat trafficking.

    Amata also cosponsored the US-Japan-ROK Trilateral Cooperation Act, H.R. 3429, introduced by Rep. Ami Bera (D-CA). Along with Congresswoman Amata, this bipartisan bill has the support of various Pacific coast colleagues including Rep. Case (D-HI), Rep. Young (R-CA), Rep. Ted Lieu (D-CA), Rep. Marilyn Strickland (D-WA), Rep. James Moylan (R-Guam), Rep. Kimberlyn King-Hinds (R-CNMI), and several other senior Members. This bill creates a regular inter-parliamentary dialogue to facilitate closer cooperation between the United States, Japan, and the Republic of Korea on shared interests and values.

    Finally, she is cosponsoring H.R. 4233, the ARMOR Act, under the full title the AUKUS Reform for Military Optimization and Review Act. Led by Rep. Young Kim, this bill updates and expedites provisions on defense trade and cooperation among Australia, the United Kingdom, and the United States (known as AUKUS).

    “These are bills that work together to strengthen our Pacific region and promote cooperation among key allies and partners for mutual stability, security and prosperity,” said Congresswoman Aumua Amata. “I’m especially pleased to cosponsor Chairman Smith’s ongoing work to combat trafficking, and I want to thank him for his dedication to this great moral cause. Thank you also to all my Pacific region colleagues supporting efforts that affect us in the Pacific.” 

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Congresswoman Amata Highlights National Hire A Veteran Day  

    Source: United States House of Representatives – Congresswoman Aumua Amata (Western Samoa)

    Washington, D.C. – Congresswoman Uifa’atali Aumua Amata is calling attention to National Hire A Veteran Day, which is Friday, July 25th, 2025, to show appreciation to Veterans and their ongoing and important role in their communities after their service. 

    “Veterans serve an integral part in our community in American Samoa, and throughout the country. Millions of men and women have dedicated themselves to learning discipline, strength, and teamwork from their career in the Armed Forces. Veterans continue to uplift our communities with their abundance of technical skills, seasoned work ethic, and leadership. Thank you to the many companies and federal agencies that take part in National Hire a Veteran Day, especially those that express to our Veterans in American Samoa and nationwide how much they mean to us.”  

    “The transition our Veterans face when leaving the Armed Forces is not an easy one. It is not only a change in careers but also a change in way of life. They deserve every opportunity to find their next professions, putting their hard-earned abilities and knowledge to work in their next field in support of their families and the next chapter of their success. Thank you to each of our Veterans.”

    Resources:

    VA is a resource for Veterans’ career services, starting with an Employment Toolkit: https://www.va.gov/vetsinworkplace/veteranresources.asp.

    Additionally, Veteran Readiness and Employment (VR&E) works with employers who hire and retain service members and Veterans with disabilities, to increase the employment of Veterans, and enable Veterans with disabilities to reach their full potential. Visit https://www.va.gov/vre.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Amata Mourns Passing of Longtime Friend, Gov. Palacios

    Source: United States House of Representatives – Congresswoman Aumua Amata (Western Samoa)

    Washington, D.C. – Congresswoman Uifa’atali Amata is mourning the passing of the Honorable Arnold Indalecio Palacios, Governor of the Commonwealth of the Northern Mariana Islands, and honoring his life and respected legacy of leadership. 

    At the CNMI inaugural ball in 2023 speaking with President Whipps of Palau and Governor Palacios of CNMI

    “I am deeply saddened by the passing of a good friend in Governor Palacios. He is a longtime family friend, and he was a friend to American Samoa over the years. I’ve known him since his youth, and he was a close friend to my brothers. I send my heartfelt condolences to the people of the Northern Marianas, and to his dear family in this time of grief, who will be in my prayers. We think especially of First Lady Wella Palacios, their children, and entire family. Condolences also to my brother Milton Coleman, brother-in-law to the Governor’s father, and my niece, Marie, who worked closely with him as a Chief of Staff within his government.

    “He was a dedicated public servant, and his memory will be honored in CNMI and across the Pacific. Governor Palacios was a sincere leader, who desired the best for CNMI and the territories, and he led with purpose, compassion, and dignity as a statesman. He will hold an important place in CNMI’s history. Remarkably, he led at various times all the major roles, serving as Governor, Lt. Governor, Speaker of the House, President of the Senate. He worked for good fiscal decisions, promoting responsible caretaking of the islands, upholding values, and preserving the culture for the future. He set an excellent example for future leaders in the region. 

    “I thank God for his exceptional life and his friendship over the years. He was a man of faith and belief in God, and we can take comfort in that. He will be deeply missed. God bless his family and the people of the Northern Marianas.”

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Amata Gains $900,000 Increase for American Samoa’s DOI/OIA Budget in House Bill, Will Work with Senate

    Source: United States House of Representatives – Congresswoman Aumua Amata (Western Samoa)

    Washington, D.C. –Congresswoman Uifa’atali Amata is hailing full Committee passage of the Department of the Interior Appropriations Act for Fiscal Year 2026, which funds American Samoa’s DOI Operations fund. This year’s House bill has a $900,000 increase for American Samoa for a new total of $29 million – that despite the bill’s overall trimming of the Office of Insular Affairs spending. 

    Of American Samoa’s $29 million in the bill, $3 million is designated to American Samoa Community College at Amata’s request. Next steps for the bill include full House consideration followed by likely reconciliation efforts with a Senate bill. This major bill also supports all federal interior and insular grants and services for the year ahead.

    “An increase for American Samoa in the House bill is a welcome addition, especially since our boost is despite the decrease to OIA overall,” said Congresswoman Aumua Amata. “I appreciate the bipartisan support for our islands from the leadership on this bill, Chairman Tom Cole, Ranking Member Rosa DeLauro, Subcommittee Chairman Mike Simpson, and Ranking Member Chellie Pingree. I will work with key Senate negotiators to secure American Samoa’s funding.”

    Appropriations in 2025 for American Samoa’s operations DOI account was $28.1 million, including the designation of $3 million of these funds to ASCC operations at Amata’s request for the past several years.

    Following decades of level funding, this year’s bill would mark the seventh increase since 2018 to American Samoa’s operations fund for an accumulated boost of $6.3 million.

    Those prior requests resulted in increased amounts of $250,000, $718,000, $400,000, $500,000, $2.5 million, and $1 million, all accumulated and preserved in this legislation. 

    ###

    MIL OSI USA News –

  • MIL-OSI New Zealand: Media Statement: Transgender sports policy reflects public opinion

    Source: Family First

    Today’s superb (and well overdue) policy change by Sport New Zealand regarding biological males in women’s sports simply reflects public opinion.

    A recent Curia Market Research poll found that only 13% of New Zealanders thought that boys who identify as girls should be able to play in a girls team. 68% said they shouldn’t, and 19% were unsure.

    What is most interesting is that a similar poll in 2018 by the same polling company found that support and opposition was locked at 39% each. Opposition has grown markedly over the last five years to the unfairness and safety concerns around boys competing against girls.

    Contrary to the narrative, ‘𝐭𝐫𝐚𝐧𝐬 𝐩𝐞𝐨𝐩𝐥𝐞’ 𝐜𝐚𝐧 𝐬𝐭𝐢𝐥𝐥 𝐩𝐥𝐚𝐲 𝐬𝐩𝐨𝐫𝐭. 𝐓𝐡𝐞𝐲 𝐣𝐮𝐬𝐭 𝐧𝐞𝐞𝐝 𝐭𝐨 𝐚𝐥𝐢𝐠𝐧 𝐰𝐢𝐭𝐡 𝐭𝐡𝐞 𝐭𝐞𝐚𝐦 𝐨𝐟 𝐭𝐡𝐞𝐢𝐫 𝐛𝐢𝐨𝐥𝐨𝐠𝐢𝐜𝐚𝐥 𝐬𝐞𝐱. The other option is to create a new mixed category.

    But females deserve to play in their own league. The government had dropped the ball on this by not sending clear guidelines to sporting groups.

    𝐓𝐡𝐞 𝐧𝐞𝐰 𝐩𝐨𝐥𝐢𝐜𝐲 𝐢𝐬 𝐚 𝐯𝐢𝐜𝐭𝐨𝐫𝐲 𝐟𝐨𝐫 𝐛𝐢𝐨𝐥𝐨𝐠𝐲, 𝐟𝐚𝐢𝐫𝐧𝐞𝐬𝐬, 𝐰𝐨𝐦𝐞𝐧 & 𝐜𝐨𝐦𝐦𝐨𝐧 𝐬𝐞𝐧𝐬𝐞.

    MIL OSI New Zealand News –

  • Over 3.42 pilgrims had ‘Darshan’ in 21 days, Amarnath Yatra to cross officially expected 3.5-lakh mark today

    Source: Government of India

    Source: Government of India (4)

    Since this year’s Amarnath Yatra started on July 3, more than 3.42 lakh yatris have had ‘darshan’ so far while a fresh batch of 3,500 pilgrims started their journey on Thursday from Jammu towards the two base camps, officials said.

    Officials said that more than 3.42 lakh yatris have performed the ongoing Amarnath Yatra during the last 21 days as the huge rush of pilgrims continues unabated.

    “The officially expected figure of 3.50 lakh yatris performing the Yatra this year is likely to be crossed on Thursday, while 17 days are still left for the conclusion of this year’s Yatra.”

    “The Yatra has been going on peacefully, smoothly and this has encouraged the devotees to come in record numbers. As more than 3.42 lakh have had darshan in the last 21 days, we had another batch of 3,500 yatris, who left the Bhagwati Nagar Yatri Niwas in Jammu for the Valley on Thursday.”

    “Of these, the first escorted convoy of 45 vehicles carrying 832 yatris left for the Baltal base camp at 3:25 a.m. while the second convoy of 95 vehicles carrying 2,668 yatris to the Pahalgam base camp left at 4:01 a.m.,” officials said.

    The Bhumi Pujan of ‘Chhari Mubarak’ (Lord Shiva’s Holy Mace) was performed at Pahalgam on July 10. The Chhari Mubarak was then taken back to its seat at the Dashnami Akhara building.

    It will start its final journey towards the cave shrine from Dashnami Akhara temple in Srinagar on August 4 and will reach the holy cave shrine on August 9, marking the official conclusion of the Yatra.

    Authorities have made extensive multi-tier security arrangements for this year’s Amarnath Yatra, as it takes place after the cowardly attack of April 22 in which Pakistan-backed terrorists killed 26 civilians after segregating them based on faith in the Baisaran meadow of Pahalgam.

    Additional 180 companies of Central Armed Police Forces have been brought in to augment the existing strength of the Army, BSF, CRPF, SSB and the local police.

    The Army has deployed more than 8,000 special commandos to secure the passage of the pilgrims this year.

    The Yatra started on July 3 and will end after 38 days on August 9, coinciding with Shravan Purnima and Raksha Bandhan.

    Yatris approach the holy cave shrine situated ,888 metres above sea level in the Kashmir Himalayas either from the traditional Pahalgam route or the shorter Baltal route.

    Those using the Pahalgam route pass through Chandanwari, Sheshnag and Panchtarni to reach the cave shrine, covering a distance of 46 km on foot.

    This trek takes a pilgrim four days to get to the cave shrine.

    Those using the shorter Baltal route have to trek 14 km to reach the cave shrine and return to the base camp the same day after having darshan.

    No helicopter services are available to yatris this year due to security reasons.

    The cave shrine houses an ice stalagmite structure that wanes and waxes with the phases of the moon.

    Devotees believe that the ice stalagmite structure symbolises the mythical powers of Lord Shiva.

    (IANS)

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

    Source: Government of India

    Source: Government of India (4)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    IANS

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

    Source: Government of India

    Source: Government of India (4)

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

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

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

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

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

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

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

    (With agencies inputs)

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

    Source: Ia Ara Aotearoa Transporting New Zealand

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

    MIL OSI New Zealand News –

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

    Source: Republic of China Taiwan

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

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

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

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

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

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

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

    MIL OSI Asia Pacific News –

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

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation

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

    Nokia Corporation Report for Q2 and Half Year 2025

    Solid performance offset by currency impact

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

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

    JUSTIN HOTARD, PRESIDENT AND CEO, ON Q2 2025 RESULTS

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

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

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

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

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

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

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

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

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

    Justin Hotard
    President and CEO

    FINANCIAL RESULTS

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

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

    SHAREHOLDER DISTRIBUTION

    Dividend

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

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

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

    OUTLOOK

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

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

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

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

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

    RISK FACTORS

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

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

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

    FORWARD-LOOKING STATEMENTS

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

    ANALYST WEBCAST

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

    FINANCIAL CALENDAR

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

    About Nokia

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

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

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

    Inquiries:

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

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

    Attachment

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    VELIZY-VILLACOUBLAY, France — July 24, 2025

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

    Advancing AI for software-defined industries

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

    Summary Highlights1  

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

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

    Dassault Systèmes’ Chief Executive Officer Commentary

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

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

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

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

    Dassault Systèmes’ Chief Financial Officer Commentary

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

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

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

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

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

    Financial Summary

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

    Second Quarter 2025 Versus 2024 Financial Comparisons

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

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

    First Half 2025 Versus 2024 Financial Comparisons

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

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

    Financial Objectives for 2025

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

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

    1 – 5%

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

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

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

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

    Corporate Announcements

    Today’s Webcast and Conference Call Information

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

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

    Investor Relations Events

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

    Forward-looking Information

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

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

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

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

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

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

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

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

    Non-IFRS Financial Information

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

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

    FOR MORE INFORMATION

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

    ABOUT DASSAULT SYSTÈMES

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

    Dassault Systèmes Investor Relations Team                FTI Consulting

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

                                                            Jamie Ricketts : +44 20 3727 1600

    investors@3ds.com

    Dassault Systèmes Press Contacts

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

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

    APPENDIX TABLE OF CONTENTS

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

    Glossary of Definitions

    Non-IFRS Financial Information

    Acquisitions and Foreign Exchange Impact

    Condensed consolidated statements of income

    Condensed consolidated balance sheet

    Condensed consolidated cash flow statement

    IFRS – non-IFRS reconciliation

    DASSAULT SYSTÈMES – Glossary of Definitions

    Information in Constant Currencies

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

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

    Information on Growth excluding acquisitions (“organic growth”)

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

    Information on Industrial Sectors

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

    These three sectors comprise twelve industries:

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

    Information on Product Lines

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

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

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

    GEOs

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

    These GEOs are structured into three groups:

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

    3DEXPERIENCE Software Contribution

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

    Cloud revenue

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

    DASSAULT SYSTÈMES

    NON-IFRS FINANCIAL INFORMATION

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

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

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

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

    2025

    		 June 30,

    2024

    		 Change Change in constant currencies June 30,

    2025

    		 June 30,

    2024

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

    DASSAULT SYSTÈMES

    ACQUISITIONS AND FOREIGN EXCHANGE IMPACT

    (unaudited; in millions of Euros)

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

    2025

    		 June 30,

    2024

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

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED STATEMENTS OF INCOME

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

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

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

    IFRS reported

     

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

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

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED BALANCE SHEET

    (unaudited; in millions of Euros)

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

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED CASH FLOW STATEMENT

    (unaudited; in millions of Euros)

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

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

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

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

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

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

    IFRS

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

    Non-IFRS

    		 2024

    IFRS

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

    Non-IFRS

    		 IFRS Non-

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

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

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

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

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

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

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

    IFRS

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

    Non-IFRS

    		 2024

    IFRS

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

    Non-IFRS

    		 IFRS Non-

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

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

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

    Attachment

    The MIL Network –