Category: Asia Pacific

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

Source: Republic of China Taiwan

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

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

December 16, 2024
No. 462

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

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

MIL OSI Asia Pacific News –

April 30, 2025
MIL-OSI Asia-Pac: US Congress passes NDAA 2025 with enhanced Taiwan security cooperation

Source: Republic of China Taiwan

US Congress passes NDAA 2025 with enhanced Taiwan security cooperation

Date：2024-12-20
Data Source：Department of North American Affairs

December 20, 2024
No. 464

The US House of Representatives and Senate approved the National Defense Authorization Act for Fiscal Year 2025 (NDAA 2025) on December 11 and 18, respectively. The act includes a Taiwan security cooperation initiative, the establishment of a Taiwan-US military trauma care program, and other new provisions. Among other supportive measures for Taiwan, the act encourages the United States to work with European countries to strengthen relations with Taiwan and back efforts to bolster Taiwan’s defense capabilities. It also calls for enhanced defense industrial cooperation with Taiwan.

The Ministry of Foreign Affairs (MOFA) sincerely thanks the US Congress for continuing to demonstrate staunch support for Taiwan-US security cooperation and Taiwan’s security through legislation. The NDAA 2025 will pass into law once it is signed by President Joe Biden.

MOFA will continue to stay in close contact with the US Congress and administration to jointly deepen the cordial partnership between Taiwan and the United States and to ensure a free, open, peaceful, and stable Indo-Pacific. (E)

MIL OSI Asia Pacific News –

April 30, 2025
MIL-OSI Asia-Pac: Taiwan donates €4 million to EBRD’s Ukraine Recovery and Reconstruction Guarantee Facility to help revitalize Ukrainian insurance market

Source: Republic of China Taiwan

Taiwan donates €4 million to EBRD’s Ukraine Recovery and Reconstruction Guarantee Facility to help revitalize Ukrainian insurance market

Date：2024-12-14
Data Source：Department of European Affairs

December 14, 2024
No. 461

To assist Ukraine in revitalizing its domestic insurance market and to boost international investment interest in Ukraine, Taiwan has agreed to allocate €4 million from the TaiwanBusiness-EBRD Technical Cooperation Fund for the Ukraine Recovery and Reconstruction Guarantee Facility (URGF) initiative led by the European Bank for Reconstruction and Development (EBRD). The donation agreement was signed in Taipei on December 2 at a ceremony witnessed by Deputy Minister of Foreign Affairs Tien Chung-kwang. It was signed on behalf of Taiwan by Jonathan C. Y. Sun, Director General of the Department of International Organizations at the Ministry of Foreign Affairs, and by Director for Donor Partnerships Camilla Otto on behalf of the EBRD.

The EBRD held a ceremony to launch the URGF in its London headquarters on December 12, which was attended by Taiwan Representative to the United Kingdom Vincent C. H. Yao. In his remarks at the event, Representative Yao said that Taiwan staunchly supported Ukraine and looked forward to working with like-minded democratic allies to assist in Ukraine’s reconstruction through the URGF mechanism.

Due to the Russia-Ukraine war, international reinsurance companies have had reservations about providing coverage for businesses operating in Ukraine. The EBRD thus aims to raise €110 million via the URGF mechanism so as to provide additional guarantees for potential losses incurred by war-related risks. This will increase international investor confidence and, in turn, accelerate economic recovery and improve the lives of the Ukrainian people. France, the United Kingdom, Norway, the European Union, and Switzerland have also pledged to donate to the URGF. (E)

MIL OSI Asia Pacific News –

April 30, 2025
MIL-OSI United Kingdom: European-first semiconductor facility launches in Southampton
Source: United Kingdom – Executive Government & Departments

Press release

European-first semiconductor facility launches in Southampton

A new facility to build the next generation of semiconductor chips, and the first of its kind in Europe, was opened at the University of Southampton.
Science Minister Lord Vallance unveils new electron beam facility for creating incredibly small patterns onto chips to enable breakthroughs in AI and medical tech

Comes alongside nearly £5 million in new government support to boost talent pipeline and address skills gap in growing semiconductor industry

Support will fund new bursaries, chip design courses and outreach in schools – helping deliver growth as part of our Plan for Change by strengthening our sector and creating high-skilled jobs

A new facility using cutting edge electron beam technology to build the next generation of semiconductor chips, and the first of its kind in Europe, was opened at the University of Southampton by Science Minister Lord Vallance today (Wednesday 30 April).

The new E-beam lithography facility is just the second in the world, and first outside Japan, and provides incredible accuracy that is critical to designing the tiny components that power technologies of the future, from medical diagnostics to defence systems.

Semiconductors – the small chips that power devices from smartphones to satellites – already contribute an estimated £10 billion to our economy each year, with the sector projected to grow to an estimated £17 billion by 2030.

Strengthening the sector offers a major opportunity to drive the growth at the heart of our Plan for Change, through boosting innovation and jobs. It also supports the UK’s wider Industrial Strategy to grow key advanced manufacturing sectors and secure global competitiveness.

E-beam lithography uses a focused beam of tiny particles called electrons to create patterns in materials with unrivalled resolution – allowing researchers to create features thousands of times smaller than a human hair.

Science Minister, Lord Vallance, said:

Britain is home to some of the most exciting semiconductor research anywhere in the world – and Southampton’s new E-beam facility is a major boost to our national capabilities.

By investing in both infrastructure and talent, we’re giving our researchers and innovators the support they need to develop next-generation chips right here in the UK.

Our £4.75 million skills package will support our Plan for Change by helping more young people into high-value semiconductors careers, closing skills gaps and backing growth in this critical sector.

The Science Minister’s visit to Southampton comes alongside new research being published today, which shows that one of the biggest barriers to achieving growth in the UK’s burgeoning semiconductor industry is a lack of emerging talent. With a single semiconductor worker contributing an average of £460,000 to the economy annually, the sector’s economic potential is huge.

In response, the government has launched a new £4.75 million semiconductor skills package to help build the talent base needed to fuel this high-growth industry. The package will also help strengthen R&D capacity at leading universities, such as Southampton, which are central to UK semiconductor innovation and talent development.

By supporting local talent pipelines and university–industry collaboration, the programme will contribute to both regional and national economic growth, fuelling our Plan for Change, and reinforcing the role the semiconductors industry is set to play in the Industrial Strategy.

The package includes:

£3 million for undergraduate bursaries, offering £5,000 each to 300 students starting Electronics and Electrical Engineering degrees this year, alongside specialist semiconductor content to raise awareness of the field, with a focus on courses that include semiconductor design and manufacturing.

£1.2 million for chip design training, with new chip design courses to teach practical chip design skills to undergraduates, postgraduates, and lecturers, as well as a feasibility study for new postgraduate conversion courses.

Almost £550,000 for school outreach, giving 7,000 students aged 15–18 and 450 teachers hands-on semiconductor experience in partnership with local employers, helping raise awareness and diversify the future workforce. This programme will be focused on existing UK semiconductor clusters – such as Newport, Cambridge, and Glasgow – helping to strengthen these ecosystems and create long-term career opportunities.

This targeted skills support will underpin the long-term success of the UK semiconductor sector – helping to attract more students into high-value careers, fill key vacancies and support UK leadership in critical and emerging technologies that will be instrumental to our mission to grow the economy.

University of Southampton’s Professor Graham Reed, who leads its Optoelectronics Research Centre (ORC), said:

The introduction of the new E-Beam facility will reinforce our position of hosting the most advanced cleanroom in UK academia.

It facilitates a vast array of innovative and industrially relevant research, and much needed semiconductor skills training.

DSIT media enquiries

Email press@dsit.gov.uk

Monday to Friday, 8:30am to 6pm 020 7215 3000

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Published 30 April 2025
MIL OSI United Kingdom –
April 30, 2025
MIL-OSI Economics: Deputy Secretary-General of ASEAN for Community and Corporate Affairs meets Director General of Asia and the Pacific, German Foreign Office

Source: ASEAN

Deputy Secretary-General of ASEAN for Community and Corporate Affairs, H.E. Nararya Sanggramawijaya Soeprapto, receives Director General of Asia and the Pacific, German Foreign Office, H.E. Frank Hartmann, at the ASEAN Headquarters today. They discussed ASEAN-Germany development cooperation partnership, as well as potential future development cooperation.

MIL OSI Economics –

April 30, 2025
MIL-OSI Economics: Permanent Representative of Lao PDR to ASEAN Presents Letter of Credence to the Secretary-General of ASEAN

Source: ASEAN

Jakarta, 30 April 2025 – Ambassador Sitsangkhom Sisaketh presented his Letter of Credence to the Secretary-General of ASEAN, Dr. Kao Kim Hourn, at the ASEAN Headquarters/ASEAN Secretariat today, formally commencing his tenure as Lao PDR’s Permanent Representative to ASEAN.

The credential ceremony was followed by a courtesy call, during which Secretary-General Dr. Kao congratulated Ambassador Sitsangkhom Sisaketh on his new appointment and expressed confidence in his ability to contribute meaningfully to ASEAN Community-building and integration efforts. He underscored that the Ambassador’s extensive experience in ASEAN affairs would serve as a valuable asset to the work of the Committee of Permanent Representatives to ASEAN (CPR).

Secretary-General Dr. Kao also commended Lao PDR for its steadfast commitment and valuable contributions to ASEAN, especially during its most recent ASEAN Chairmanship in 2024. He acknowledged Lao PDR’s important role as Country Coordinator for ASEAN-Canada Dialogue Relations for the 2024-2027 cycle, notably in efforts to strengthen and deepen the ASEAN-Canada Strategic Partnership, as well as in the finalisation of the ASEAN-Canada Plan of Action (2026-2030) and ASEAN-Canada Free Trade Agreement (ACAFTA) by 2025.

Ambassador Sitsangkhom Sisaketh is Lao PDR’s fifth Permanent Representative to ASEAN since the CPR’s establishment in 2009. He previously served as the Deputy Director-General of ASEAN Department at the Ministry of Foreign Affairs and has played a key role in advancing ASEAN’s strategic initiatives over the years.

Secretary-General Dr. Kao reaffirmed the ASEAN Secretariat’s readiness to support Ambassador Sitsangkhom Sisaketh and the Permanent Mission of Lao PDR to ASEAN in Jakarta, emphasising the importance of continued collaboration between the CPR and the ASEAN Secretariat to achieve ASEAN’s goals and objectives, including the upcoming adoption of the ASEAN Community Vision 2045 and its four Strategic Plans this year./.

The post Permanent Representative of Lao PDR to ASEAN Presents Letter of Credence to the Secretary-General of ASEAN appeared first on ASEAN Main Portal.

MIL OSI Economics –

April 30, 2025
MIL-Evening Report: Inaccurate 1News reporting on football violence breached broadcasting standards, rules BSA

Broadcasting Standards Authority

New Zealand’s Broadcasting Standards Authority (BSA) has upheld complaints about two 1News reports relating to violence around a football match in Amsterdam between local team Ajax and Israel’s Maccabi Tel Aviv.

The authority found an item on “antisemitic violence” surrounding the match, and another on heightened security in Paris the following week, breached the accuracy standard.

In a majority decision, the BSA upheld a complaint from John Minto on behalf of Palestine Solidarity Network Aotearoa (PSNA) about reporting on TVNZ’s 6pm 1News bulletin on 9 November 2024.

This comprised a trailer reporting “antisemitic violence”, an introduction by the presenter with “disturbing” footage of violence against Israeli fans described by Amsterdam’s mayor as “an explosion of antisemitism”, and a pre-recorded BBC item.

TVNZ upheld one aspect of this complaint over mischaracterised footage in the trailer and introduction. This was originally reported as showing Israeli fans being attacked, but later corrected by Reuters and other outlets as showing Israeli fans chasing and attacking a Dutch man.

“The footage contributed to a materially misleading impression created by TVNZ’s framing of the events, with an emphasis on antisemitic violence against Israeli fans without acknowledging the role of the Maccabi fans in the violence – despite that being previously reported elsewhere,” the BSA found.

A majority of the authority found TVNZ did not make reasonable efforts to ensure accuracy.

It considered the background to the events was highly sensitive and more care should have been taken to not overstate or adopt, without question, the antisemitic angle.

The minority considered it was reasonable for TVNZ to rely on Reuters, the BBC and Dutch officials’ description of the violence as “antisemitic”, in a story developing overseas in which not all facts were clear at the time of broadcast.

The authority considered TVNZ should have issued a correction when it became aware of the error with the footage. It therefore found the action taken was insufficient, but considered publication of the BSA’s decision to be an adequate remedy in the circumstances.

[embedded content]
Western media’s embarrassing failures on Amsterdam violence. Video: AJ’s The Listening Post

In a separate decision, the authority upheld two complaints about a brief 1News item on 15 November 2024 reporting on heightened security in Paris in the week following the violence.

The item reported: “Thousands of police are on the streets of Paris over fears of antisemitic attacks . . . That’s after 60 people were arrested in Amsterdam last week when supporters of a Tel Aviv football team were pursued and beaten by pro-Palestinian protesters.”

TVNZ upheld both complaints under the accuracy standard on the basis the item “lacked the nuance” of earlier reporting on Amsterdam, by omitting to mention the role of the Maccabi fans in the lead-up to the violence.

The authority agreed with this finding but determined TVNZ took insufficient action to remedy the breach.

“The broadcaster accepted more care should have been taken, but did not appear to have taken any action in response, or made any public acknowledgement of the inaccuracy,” the BSA said.

The authority found the framing and focus careless, noting “the role of both sides in the violence had been extensively reported” by the time of the 15 November broadcast. TVNZ had also aired the mischaracterised footage again, not realising Reuters had issued a correction several days earlier.

As TVNZ was not monitoring the Reuters fact-check site, the correction only came to light when the complaints were being investigated.

Other standards raised in the three complaints were not breached or did not apply, the authority found.

The BSA did not consider an order was warranted over the item on November 15 – deciding publication of the decision was sufficient to publicly acknowledge and correct the breach, censure the broadcaster and give guidance to TVNZ and other broadcasters.

MIL OSI Analysis – EveningReport.nz –

April 30, 2025
MIL-OSI Asia-Pac: MOFA expresses sincere condolences over passing of former Indian Prime Minister Singh

Source: Republic of China Taiwan

MOFA expresses sincere condolences over passing of former Indian Prime Minister Singh

Date：2024-12-28
Data Source：Department of East Asian and Pacific Affairs

December 28, 2024No. 469Former Indian Prime Minister Manmohan Singh passed away on December 26. The Ministry of Foreign Affairs (MOFA) extends sincere condolences over his passing and has instructed the Taipei Economic and Cultural Center (TECC) in India to convey its sympathies to the government of India on behalf of the people and government of the Republic of China (Taiwan).Former Prime Minister Singh boasted a wealth of political experience. During his tenure as prime minister from 2004 to 2014, he bolstered cooperation between India and Taiwan in such areas as the economy, trade, investment, culture, and education. He also facilitated the opening of the TECC in Chennai in 2012, significantly enhancing the development of bilateral relations. Prime Minister Singh will be remembered with great respect for advancing Taiwan-India relations and promoting regional peace and prosperity during his time in office. MOFA will build on the solid foundation he laid to further deepen friendship and cooperation with current Prime Minister Narendra Modi and the people of India. (E)

MIL OSI Asia Pacific News –

April 30, 2025
MIL-OSI Australia: UPDATE: Operation Eclipse

Source: New South Wales – News

Police have seized more than $1.7 million worth of vapes and illegal tobacco and more than $80k cash following a truck stop on the states Far North last week.

About 4.30pm on Friday 25 April, police at Far North Local Service Area, Traffic Services Branch and Serious and Organised Crime Branch stopped a refrigerated truck at Port Augusta at a drug transit route operation at Port Augusta.

Police spoke with the occupants of the truck and searched the truck where they located and seized in excess of $1.74 million in vapes, $26,000 in loose tobacco and $80,100 cash.

The seizure resulted in the arrest of a 32-year-old man and a 62-year-old man both from New South Wales, they were charged with unlawful possession and possession of tobacco products for sale. Both men appeared in Port Augusta Magistrates court on 28 April where they were remanded in custody to next appear in court on 1 July.

The refrigerated truck has been seized and will be the subject of confiscations proceedings.

Operation Eclipse have taken carriage of the investigation which is ongoing.

Operation Eclipse Commander, Detective Chief Inspector Brett Featherby said, “The seizure demonstrates the risk to syndicates should they seek to transport illicit tobacco through South Australia to other states.

“Organised crime syndicates transporting illicit tobacco through transit routes in regional areas will be subject to a whole of SAPOL response to disrupt their criminal activity and financial operations.

“SAPOL will pursue criminal charges when sufficient evidence exists and that includes those who are supporting and enabling that activity and take every opportunity to enforce the full extent of the confiscations legislation to seize assets of those involved,” he said.

Operation Eclipse has so far resulted in 35 arrests for offences including blackmail, possess tobacco products for sale, arson, money laundering and serious criminal trespass.

There have been 184 premises searched – 47 residential, 123 businesses and 14 storage facilities – in excess of $2.2 million in cash, three firearms and $17.97 million in tobacco products.

Significantly, there have been 394 calls to Crime Stoppers since 2 October that have resulted in information being provided to police.

Anyone with any information on criminal activities surrounding the sale of illicit tobacco is urged to call Crime Stoppers on 1800 333 000 or visit crimstopperssa.com.au – You can remain anonymous.

MIL OSI News –

April 30, 2025
MIL-OSI Asia-Pac: Foreign Minister Lin hosts welcome luncheon for Ukrainian delegation led by Lviv Mayor Sadovyy

Source: Republic of China Taiwan

Foreign Minister Lin hosts welcome luncheon for Ukrainian delegation led by Lviv Mayor Sadovyy

Date：2024-12-28
Data Source：Department of European Affairs

December 28, 2024
No. 468

Minister of Foreign Affairs Lin Chia-lung on December 27 hosted a luncheon to welcome a Ukrainian delegation led by Lviv Mayor Andriy Sadovyy. During the event, the two sides exchanged views on the ongoing Russia-Ukraine war, the peaceful development of Ukraine, the strengthening of local municipal exchanges, the building of resilient cities, and other initiatives. In addition to sharing with the guests Taiwan’s experience and insights regarding economic transformation and high-tech industrial development, Minister Lin stressed that cities in Taiwan and Ukraine could engage in exchanges at the annual Smart City Summit and Expo held in Taiwan.

The visiting delegation thanked the Taiwan government for its humanitarian assistance and support to Ukraine, adding that the Ukrainian people were deeply moved by Taiwan’s goodwill. They expressed the wish that the two countries could further engage in reciprocal support and cooperation on the basis of friendship and mutual trust.

Lviv is the largest city in western Ukraine. Following the outbreak of the Russia-Ukraine war, it has become an important hub for other countries to deliver humanitarian aid to Ukraine as well as a major medical base to which wounded soldiers and patients are transferred for follow-up treatment. On December 27, the Taipei Representative Office (TRO) in Poland, the Lviv city government, and the Multidisciplinary Clinical Hospital of Emergency and Intensive Care signed a memorandum on cooperation and partnership for the reconstruction of the UNBROKEN National Rehabilitation Center in Lviv. The virtual signing ceremony was witnessed by Deputy Minister of Foreign Affairs François Chihchung Wu. The government of Taiwan will fund the renovation of a rehabilitation facility, which will be named the Taiwan Friendship Building to accentuate Taiwan’s donation and friendship.

Speaking as Taiwan’s representative at the MOU signing ceremony, Deputy Minister Wu stated that postsurgery rehabilitation would be available to military personnel and civilians at the Taiwan Friendship Building in the UNBROKEN center and that the Taiwan government would continue to work with Lviv on the basis of mutual trust and support so as to help Ukraine work toward a brighter future amidst current adversity. Mayor Sadovyy presented a briefing on UNBROKEN’s operations and the recovery of those injured. Noting that the rehabilitation facility to be renovated with Taiwan government funding would benefit more Ukrainian patients, he expressed heartfelt appreciation to the government and people of Taiwan.

UNBROKEN is a national rehabilitation center supported by Ukraine’s Ministry of Health and overseen by the Lviv city government. The center includes a general hospital, a children’s hospital, a rehabilitation center, a surgery facility, a prosthetics manufacturing facility, and temporary housing. To date, more than 940,000 Ukrainian patients have received medical treatment at this nationally renowned center. The facility to be renovated with Taiwan’s assistance is a seven-story building located in the western part of the center. Once the project is completed, it will be home to specialized departments and provide such diverse medical and rehabilitation services as physical therapy, psychological consultations, and prosthetic fittings. It is expected to have the capacity to serve 13,000 patients simultaneously. (E)

MIL OSI Asia Pacific News –

April 30, 2025
MIL-OSI Asia-Pac: US reaffirms staunch bipartisan support for Taiwan at bilateral working group meeting on international organizations

Source: Republic of China Taiwan

US reaffirms staunch bipartisan support for Taiwan at bilateral working group meeting on international organizations

Date：2025-01-11
Data Source：Department of International Organizations

January 11, 2025
No. 007

Taiwan and the United States on January 8 convened the annual working group meeting on promoting Taiwan’s participation in international organizations. During the event, held in Washington, DC, the United States reaffirmed staunch bipartisan endorsement of Taiwan’s bids to expand its international involvement. The Ministry of Foreign Affairs (MOFA) sincerely appreciates this show of support.

The two sides exchanged views on Taiwan’s pursuit of increased participation in organizations related to such issues as public health, aviation safety, fighting transnational crime, and environmental protection. They reviewed the progress made in 2024 and engaged in in-depth discussions on future strategies and approaches. The two sides also agreed to continue working together with Taiwan’s diplomatic allies and like-minded countries to further foster worldwide support for Taiwan’s meaningful participation in international organizations, advance Taiwan’s cause, and achieve related breakthroughs. (E)

MIL OSI Asia Pacific News –

April 30, 2025
MIL-OSI Asia-Pac: 2024 diplomacy review: building a new Taiwan of democracy, peace, and prosperity through integrated diplomacy

Source: Republic of China Taiwan

December 30, 2024
No. 471

In 2024, the global landscape underwent rapid changes; geopolitical turmoil continued unabated; democracy and authoritarianism remained starkly divided; the Russia-Ukraine war deadlocked; and instability prevailed in the Middle East, the South China Sea, the Korean Peninsula, and even in the first island chain. All of these events highlighted the increasingly formidable challenges that the world faces from the axis of upheaval.

Meanwhile, the Republic of China (Taiwan) successfully completed its eighth presidential election on January 13, another milestone in its democratic advancement. The situation across the Taiwan Strait continued to elicit a high level of international concern, while the Indo-Pacific became pivotal to global strategy. All of these developments were closely intertwined with Taiwan’s national security and interests.

Diplomats at the Ministry of Foreign Affairs (MOFA) and its overseas missions showed resilience and self-confidence. They did their utmost to safeguard Taiwan’s sovereignty, dignity, and interests, as well as the Taiwanese people’s rights and interests. Building on the excellent foundation laid by steadfast diplomacy over the past eight years, MOFA implemented integrated diplomacy, which aims at realizing values-based diplomacy and transforming Taiwan into a thriving global economic powerhouse as envisioned by President Lai Ching-te. Based on the three pillars of democracy, peace, and prosperity, MOFA fostered cooperation and deepened partnerships. MOFA pursued mutual benefits and coprosperity with diplomatic allies and like-minded nations, demonstrating that Taiwan was a pivotal force for stability and prosperity in the Indo-Pacific and underscoring its value as a global model of freedom and democracy.

Democratic Taiwan neither yielded nor provoked, remaining calm and confident. It worked with the global democratic community to respond to threats posed by authoritarian regimes. Taiwan stood firm and resilient against authoritarian expansionism, actively provided international humanitarian assistance during times of crisis, and leveraged its strengths to share prosperity with diplomatic allies and like-minded countries. For its contributions, Taiwan gained worldwide acclaim and recognition from all sectors.

With the support of Taiwan’s people, MOFA and its overseas missions spared no effort to promote head-of-state diplomacy. In December, President Lai led a delegation to Pacific diplomatic allies the Marshall Islands, Tuvalu, and Palau under the theme “Smart and Sustainable Development for a Prosperous Austronesian Region.” He achieved the three main objectives of smart sustainability, sustainable democracy, and sustainable diplomatic ties while also making successful US transit stops in Hawaii and Guam. The tour was immensely productive and successfully consolidated international support for Taiwan. It both deepened Taiwan’s friendships with allies and launched a new era of values-based diplomacy.

In October, Minister of Foreign Affairs Lin Chia-lung, serving as special presidential envoy, attended celebrations marking the 45th anniversary of the independence of Saint Vincent and the Grenadines. He also visited Guatemala, Saint Lucia, Belize, and Saint Christopher and Nevis, where he witnessed the achievements of values-based diplomacy and economic and trade diplomacy. In addition, he deepened partnerships on the foundations already laid for bilateral cooperation. In November, Minister Lin visited Belgium, where the European Parliament is headquartered, as well as Lithuania and Poland, further enhancing democratic alliances and cooperation as well as economic and trade linkages between Taiwan and Europe.

International friendship and support for Taiwan reached new heights this year. Following the successful completion of Taiwan’s presidential and legislative elections in January, more than 1,600 prominent political figures from over 100 countries offered congratulations. Taiwan’s significant success in diplomacy was substantively reflected through its solid formal alliances, rock-solid partnership with the United States, growing ties with Europe, and steadfast friendship with Japan. Diplomatic allies and like-minded nations spoke in support of Taiwan’s international participation and reaffirmed the global consensus on maintaining peace and stability across the Taiwan Strait. They lauded Taiwan as a force for good that safeguarded democratic values, provided humanitarian assistance, and made concrete contributions.

Meanwhile, Taiwan has continued to deploy soft power, pursue public diplomacy, and seek international support. It has integrated resources across ministries, agencies, and departments to bolster its overall diplomatic strength. Furthermore, it has sought to have other countries implement consular measures addressing visas and digital governance to afford greater convenience to Taiwan’s people while also promoting closer people-to-people exchanges with other nations.

MOFA has devoted a maximum effort to the planning and implementation of the Diplomatic Allies Prosperity Project to deepen substantive relations with allies and like-minded countries. MOFA has formulated eight flagship projects concerning the Five Trusted Industry Sectors, covering semiconductor supply chain resilience, reliable networks and digital governance, new energy and carbon credit cooperation, smart demonstration parks overseas, smart medicine and healthcare, smart agriculture, sovereign AI, and sustainable tourism. Taiwan has brought its industrial strengths to play while integrating the resources of all ministries and agencies. Through the export of smart solutions, Taiwan has stimulated the prosperous development of allies and bolstered democratic supply chains. This has consolidated diplomatic ties and is helping allies enjoy greater prosperity.

Taiwan is greeting a new world and the world is greeting a new Taiwan. Not only is this MOFA’s mission in its diplomatic work, it is also the stellar outcome of coordinated efforts by the Taiwanese people and related agencies. MOFA has helped to promote the Executive Yuan’s economic diplomacy task force and has a strategic team conducting research and administrative work for the task force. This task force facilitates the efficient integration of resources from across ministries, enabling every citizen to be a diplomat and every ministry to serve as a foreign ministry.

MOFA will continue to improve the efficiency and quality of its public-facing services so that they have a tangible and positive impact on people’s lives. It will work diligently for the dignity, rights, interests, continuity, and development of the nation and people. MOFA will utilize Taiwan’s strengths as it connects to the world and work steadily to promote technology diplomacy, human rights diplomacy, cultural diplomacy, urban diplomacy, parliamentary diplomacy, medical and public health diplomacy, environmental diplomacy, sports diplomacy, indigenous diplomacy, religious diplomacy, and gender equality diplomacy. MOFA will help the international community better understand the important role that Taiwan plays. It will live up to the expectations of all sectors as concerns diplomatic efforts.

In 2025, the world will usher in a new chapter in geopolitics. With confidence, resilience, and a professional and flexible approach, MOFA will maintain its footing in the new environment. It will leverage Taiwan’s strengths; overcome challenges; and amplify the values of democracy, peace, and prosperity. By integrating diplomatic momentum from all sectors, MOFA will continue to contribute to the international community and realize President Lai’s policy of values-based diplomacy and vision of Taiwan as a thriving global economic powerhouse. MOFA will demonstrate that Taiwan can help and that Taiwan can lead so that Taiwan continues to serve as a beacon shining far and wide across the globe. (E)

MIL OSI Asia Pacific News –

April 30, 2025
MIL-OSI Asia-Pac: MOFA thanks Philippine Foreign Secretary Manalo for again publicly expressing concern over cross-strait peace and stability

Source: Republic of China Taiwan

MOFA thanks Philippine Foreign Secretary Manalo for again publicly expressing concern over cross-strait peace and stability

Date：2025-01-09
Data Source：Department of East Asian and Pacific Affairs

January 9, 2025
No. 004

In response to a question at the Regional Outlook Forum 2025 held on January 9 by Singaporean think tank the Yusof Ishak Institute, Philippine Secretary for Foreign Affairs Enrique Manalo stated that the Philippines held a staunch position that the Taiwan Strait issue should be resolved through peaceful means. The Philippines is located close to Taiwan and hundreds of thousands of Filipinos live and work in Taiwan. Therefore, the Philippines has urged all parties concerned to maintain communications so as to prevent rising tensions.

Secretary Manalo’s public comment followed an earlier expression of concern in August 2024 regarding the importance of cross-strait peace and stability to the international community. The Ministry of Foreign Affairs welcomes and appreciates the Philippines’ support. It stresses that Taiwan hopes to further deepen substantive bilateral cooperation through integrated diplomacy.

President Ferdinand Romualdez Marcos, Jr., Secretary Manalo, and other high-level government officials of the Philippines have all recently made numerous public statements on the importance of maintaining peace and stability across the Taiwan Strait. MOFA welcomes the continuing concrete actions and expressions of concern by the global community in working together with Taiwan to preserve the rules-based international order and protect democracy, peace, and prosperity in the Indo-Pacific. (E)

MIL OSI Asia Pacific News –

April 30, 2025
MIL-OSI Asia-Pac: Foreign Minister Lin hosts welcome banquet for former Lithuanian Foreign Minister Landsbergis

Source: Republic of China Taiwan

Foreign Minister Lin hosts welcome banquet for former Lithuanian Foreign Minister Landsbergis

Date：2025-01-14
Data Source：Department of European Affairs

January 14, 2025
No. 012

Minister of Foreign Affairs Lin Chia-lung on January 14 hosted a welcome luncheon for former Lithuanian Minister of Foreign Affairs Gabrielius Landsbergis and his wife. During the event, the two sides exchanged views on how democracies can counter authoritarian nations, furthering bilateral collaboration on drone development, and exploring other areas of cooperation.

Minister Lin thanked Mr. Landsbergis for his staunch support of Taiwan and for his proactive efforts to bolster bilateral relations between Taiwan and Lithuania during his tenure as foreign minister, adding that this was an excellent model of democratic solidarity. He stated that he had led 20 drone-related Taiwanese companies to the Drone Industry Business Forum in Lithuania last November, demonstrating Taiwan’s determination to build democratic supply chains together with Lithuania and substantively implementing integrated diplomacy.

Minister Lin also noted that authoritarian expansionism posed a significant challenge to the democratic community. Pointing to the recent incidents of underwater cable sabotage in the Baltic Sea and the waters around Taiwan, he underscored the urgent need for democracies to collaborate and adopt joint strategic responses and prevention measures.

Mr. Landsbergis said that Taiwan and Lithuania had done their utmost to protect freedom and democracy since transitioning away from authoritarian rule in the 1980s. Observing that the two nations had long faced geopolitical security threats from authoritarian countries, he stressed that it was important for democratic partners to work in concert and that the peoples of Taiwan and Lithuania had forged a friendship based on mutual understanding and appreciation. With the two countries having achieved considerable success in various joint projects, he expressed the hope that bilateral cooperation would continue to deepen.

During his tenure as foreign minister, Mr. Landsbergis arranged for Lithuania to donate COVID-19 vaccines to Taiwan, making it the first European country to do so. He further showed a firm commitment to safeguarding the values of democracy and freedom and backed the establishment of a Taiwanese representative office in Lithuania including the name Taiwan. A staunch friend of Taiwan, he spared no effort to strengthen relations between the two countries. During his visit, Mr. Landsbergis will deliver a speech at an event organized by the Prospect Foundation and will engage with Taiwanese students at National Taiwan University. (E)

MIL OSI Asia Pacific News –

April 30, 2025
MIL-OSI Asia-Pac: MOFA announces US$500,000 donation to assist US relief efforts in wake of Southern California wildfires

Source: Republic of China Taiwan

MOFA announces US$500,000 donation to assist US relief efforts in wake of Southern California wildfires

Date：2025-01-16
Data Source：Department of North American Affairs

January 16, 2025
No. 018

Recent wildfires raging across mountainous areas in Southern California in the United States have caused severe devastation, with at least 25 deaths confirmed and more than 12,300 structures destroyed. The fires remain severe. Nearly 90,000 people have been evacuated, and losses are estimated to have reached US$150 billion. The Ministry of Foreign Affairs (MOFA) has announced a donation of US$500,000 to assist the local government in rescue and relief efforts.

At the suggestion of the Los Angeles city government, the donation will be made to the Los Angeles Fire Department Foundation and will be used for the purchase of professional firefighting equipment urgently needed in rescue operations.

Following the outbreak of wildfires in the mountainous regions of Los Angeles, the Taipei Economic and Cultural Office in Los Angeles promptly conveyed sympathies to the local government on behalf of the Taiwan government. It has also actively integrated relief resources of overseas Taiwanese communities, the Tzu Chi Charity Foundation, the Buddha’s Light International Association, and other charitable organizations. To date, tens of thousands of N95 masks have been donated to rescue workers, disaster victims, and local educational institutions to help protect against poor air quality. Numerous overseas Taiwanese communities have responded by launching fundraisers and in-kind donation drives, providing free accommodation, and initiating other charitable acts.

Taiwan and the United States maintain a cordial partnership, and their peoples enjoy robust friendships. Taiwan and California have shared a sister-state relationship for 41 years, and Southern California has the largest population of Taiwanese compatriots in the United States. In the wake of the wildfire destruction, Taiwan has proactively upheld the spirit of humanitarian concern, showing that Taiwan can help and Taiwan is helping. Taiwan hopes that rescue and relief operations will proceed smoothly; that the situation will be brought under control at an early date; and that those affected, including local Taiwanese compatriots, can resume their normal lives. (E)

MIL OSI Asia Pacific News –

April 30, 2025
MIL-OSI Asia-Pac: Deputy Foreign Minister Wu to attend Somaliland presidential inauguration as special envoy of President Lai

Source: Republic of China Taiwan

Deputy Foreign Minister Wu to attend Somaliland presidential inauguration as special envoy of President Lai

Date：2024-12-11
Data Source：Department of West Asian and African Affairs

December 11, 2024 No. 458

President-elect of the Republic of Somaliland Abdirahman Mohamed Abdullahi, who represents the Waddani National Party and previously served as speaker of the House of Representatives, will be sworn into office on December 12 following his election victory on November 13. Deputy Minister of Foreign Affairs François Chihchung Wu, serving as special envoy of President Lai Ching-te, is leading a delegation to Somaliland to attend the inauguration ceremony and extend congratulations on behalf of the government and people of Taiwan. His visit underscores the friendly relations between the two democratic countries.

Deputy Minister Wu arrived in the capital city of Hargeisa at noon on December 11. He was met at the airport by Deputy Minister of Foreign Affairs and International Cooperation Rhoda Jama Elmi on behalf of the Somaliland government. Representative of the Republic of Somaliland Representative Office in Taiwan Mohamed Omar Hagi Mohamoud and representative of the new government’s transition team Khadar Hussein Abdi were also there to welcome the delegation.

Deputy Minister Wu will attend the presidential inauguration and convey a message of congratulations from President Lai to President Abdullahi. He will also meet with outgoing President Muse Bihi Abdi and other prominent political figures, as well as representatives, envoys, and delegations from other nations, to exchange views on the latest international developments.

Somaliland is an important partner of Taiwan in East Africa. The Ministry of Foreign Affairs will continue to promote bilateral exchanges and cooperation across various domains and deepen the friendship between the two sides. (E)

MIL OSI Asia Pacific News –

April 30, 2025
MIL-OSI Security: Mobile Diving and Salvage Unit 1 conducts dive training with the Republic of Korea Navy’s Sea Salvage and Rescue Unit during SALVEX Korea 2025 [Image 15 of 17]

Source: United States Navy (Logistics Group Western Pacific)

Issued by: on

JINHAE NAVAL BASE, Republic of Korea (April 10, 2025) Navy Diver 3rd Class Anthony Briggs, center, assigned to Mobile Diving and Salvage Unit 1, receives a gear check from Navy Diver 1st Class Ernest Smith before conducting a simulated salvage mission alongside a Republic of Korea navy diver, left, during a joint dive and salvage exercise in the harbor of Jinhae Naval Base, Republic of Korea, April 10, 2025. Commander, Logistics Group Western Pacific/Task Force 73 sustains the U.S. Navy’s maritime forces and is responsible for all diving and salvage operations in the Western Pacific in support of a free and open Indo-Pacific. (U.S. Navy photo by Mass Communication Specialist 2nd Class Jordan Jennings)

Date Taken: 04.10.2025

Date Posted: 04.13.2025 22:26

Photo ID: 8971783

VIRIN: 250410-N-YV347-1299

Resolution: 7998×5332

Size: 14.13 MB

Location: JINHAE, KR

Web Views: 55

Downloads: 2

PUBLIC DOMAIN

This work, Mobile Diving and Salvage Unit 1 conducts dive training with the Republic of Korea Navy’s Sea Salvage and Rescue Unit during SALVEX Korea 2025 [Image 17 of 17], by PO2 Jordan Jennings, identified by DVIDS, must comply with the restrictions shown on https://www.dvidshub.net/about/copyright.

Flag Asset

Mobile Diving and Salvage Unit 1 conducts dive training with the Republic of Korea Navy’s Sea Salvage and Rescue Unit during SALVEX Korea 2025

MIL Security OSI –

April 30, 2025
MIL-OSI Security: Military Sealift Command Changes Commanders in Far East [Image 1 of 3]

Source: United States Navy (Logistics Group Western Pacific)

Issued by: on

SINGAPORE—Capt. Robert R. Williams, outgoing commander, Military Sealift Command Far East, gets piped aboard during a change of command ceremony at the Singapore Naval Installation in Sembawang, April 30, 2025. (Photo by MC2 Jordan Jennings)

Date Taken: 04.30.2025

Date Posted: 04.30.2025 02:09

Photo ID: 9003795

VIRIN: 250430-N-YV347-1002

Resolution: 4778×7167

Size: 22.47 MB

Location: SG

Web Views: 3

Downloads: 1

PUBLIC DOMAIN

This work, Military Sealift Command Changes Commanders in Far East [Image 3 of 3], by PO2 Jordan Jennings, identified by DVIDS, must comply with the restrictions shown on https://www.dvidshub.net/about/copyright.

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Military Sealift Command Changes Commanders in Far East

MIL Security OSI –

April 30, 2025
MIL-OSI: CREDIT AGRICOLE S.A. ANNOUNCES FULL REDEMPTION OF the outstanding principal amount of its GBP Undated Deeply Subordinated Additional Tier 1 Fixed Rate Resettable Notes issued on April 8, 2014 (ISIN: XS1055037920)
Source: GlobeNewswire (MIL-OSI)

                                           Montrouge, 30 April 2025

CREDIT AGRICOLE S.A. ANNOUNCES FULL REDEMPTION OF
the outstanding principal amount of its
GBP Undated Deeply Subordinated Additional Tier 1
Fixed Rate Resettable Notes issued on April 8, 2014
(ISIN: XS1055037920)*

Crédit Agricole S.A. (the “Issuer”) announces today the full redemption (the “Redemption”) with effect on June 30, 2025 (the “Redemption Date”) of the outstanding principal amount of its GBP Undated Deeply Subordinated Additional Tier 1 Fixed Rate Resettable Notes (the “Notes”) which amount as of today to GBP103,316,000 (ISIN: XS1055037920).

The Notes were issued on April 8, 2014 with a principal amount of GBP500,000,000 on the basis of the terms and conditions (the “Terms and Conditions”) included in the prospectus dated April 2, 2014 which was granted the visa n° 14-123 by the Autorité des marchés financiers on April 2, 2014 (the “Prospectus”). The Notes are governed by English law, which, following the United Kingdom’s withdrawal from the European Union, has become a third country law. The Terms and Conditions do not include a contractual recognition of bail-in clause and, as a result, the Notes will cease to qualify as Additional Tier 1 capital on June 28, 2025, upon expiry of the grandfathering applicable to the Notes in accordance with Article 494b(1) of the Regulation (EU) No 575/2013 of the European Parliament and of the Council of June 26, 2013 on prudential requirements for credit institutions and investment firms (as amended) (the “CRR Regulation”).

On May 20, 2021, the Issuer launched an exchange offer inviting the eligible holders of the Notes to exchange their Notes for an equivalent principal amount of its new Undated Deeply Subordinated Additional Tier 1 Fixed Rate Resettable GBP Notes (the “New Notes”) (the “Exchange Offer”). The Exchange Offer was intended to offer eligible holders of the Notes the opportunity to receive New Notes for which the economic terms were substantially similar to those of the Notes, with the exception of, in addition to certain technical modifications aimed at aligning the Terms and Conditions with market practice (i) the replacement of the LIBOR linked mid-swap rate by a SONIA linked mid-swap rate in the context of the discontinuation of the LIBOR rate used for securities denominated in pounds sterling, and (ii) modifications aimed at enabling the New Notes to qualify as Additional Tier 1 capital under banking regulations in force at that date, notably through the introduction of a contractual bail-in recognition clause. As a result of the Exchange Offer, the Notes were exchanged up to an aggregate principal amount of GBP 396,684,000 against New Notes.

The Notes that were not exchanged in the context of the Exchange Offer and that are still outstanding as of today, i.e a principal amount of GBP103,316,000, will cease to qualify as Additional Tier 1 capital on June 28, 2025, upon expiry of the grandfathering applicable to the Notes in accordance with article 494(b)(1) of the CRR Regulation. Therefore a Capital Event will occur on June 28, 2025 enabling the Issuer, pursuant to Condition 7.3 (Redemption Upon the Occurrence of a Capital Event) of the Terms and Conditions, to redeem the outstanding principal amount of such Notes (i.e. GBP103,316,000).

In accordance with Condition 7.3 (Redemption Upon the Occurrence of a Capital Event) of the Terms and Conditions, the Notes will be redeemed at their par value, together with any accrued interest thereon (the “Redemption Amount”) and such Redemption Amount shall become due and payable on the Redemption Date. As of such date, in accordance with Condition 5.2 (Accrual of Interest) of the Terms and Conditions, each Note shall cease to bear interest unless the Redemption Amount is improperly withheld or refused.

The holders of the Notes will receive formal notice of the Redemption in accordance with the Terms and Conditions.

The Issuer has requested and obtained the prior permission of the European Central bank to redeem the Notes early.

For further information on Crédit Agricole S.A., please see Crédit Agricole S.A.’s website: https://www.credit-agricole.com/en/finance.

DISCLAIMER

This press release does not constitute an offer to buy or the solicitation of an offer to sell the Notes in the United States of America, Canada, Australia or Japan or in any other jurisdiction. The distribution of this press release in certain jurisdictions may be restricted by law. Persons into whose possession this announcement comes are required to inform themselves about, and to observe, any such restrictions.

No communication or information relating to the redemption of the Notes may be distributed to the public in a country where a registration obligation or an approval is required. No action has been or will be taken in any country where such action would be required. The redemption of the Notes may be subject to specific legal and regulatory restrictions in certain jurisdictions; Crédit Agricole S.A. accepts no liability in connection with a breach by any person of such restrictions.

This press release is an advertisement; and none of this press release, any notice or any other document or material made public and/or delivered, or which may be made public and/or delivered to the holders of the Notes in connection with the redemption of the Notes is or is intended to be a prospectus for the purposes of Regulation (EU) 2017/1129 of the European Parliament and of the Council dated 14 June 2017 (as amended, the “Prospectus Regulation”). No prospectus will be published in connection with the redemption of the Notes for the purposes of the Prospectus Regulation.

This press release does not, and shall not, in any circumstances, constitute an offer to the public of Notes by Crédit Agricole S.A. nor an invitation to the public in connection with any offer in any jurisdiction, including France.

* The ISIN number is included solely for the convenience of the holders of the Notes. No representation is being made as to the correctness or accuracy of the ISIN number as contained herein.

CRÉDIT AGRICOLE S.A. PRESS CONTACT

Alexandre Barat                             + 33 1 57 72 12 19                                      alexandre.barat@credit-agricole-sa.fr
Olivier Tassain                               + 33 1 43 23 25 41                                      olivier.tassain@credit-agricole-sa.fr

Find our press release on: www.credit-agricole.com – www.creditagricole.info

Crédit_Agricole Groupe Crédit Agricole créditagricole_sa

Attachment
- CASA_Call AT1 GBP 30 June 2025_Press release
The MIL Network –
April 30, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

HIGHLIGHTS

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

2024 FOURTH QUARTER RESULTS

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

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

2024 YEAR TO DATE RESULTS

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

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

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

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

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

FOURTH QUARTER 2024 SELECT FINANCIAL AND OPERATIONAL RESULTS OVERVIEW

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

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

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

Operating Results

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

⁽¹⁾See “Non-IFRS Measures”

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

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

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

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

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

Operating Results

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

⁽¹⁾See “Non-IFRS Measures”

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

Liquidity and Capital Resources

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

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

⁽¹⁾See “Non-IFRS Measures”

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

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

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

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

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

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

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

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

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

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

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

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

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

About High Arctic ‎Overseas Holdings Corp.

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

For further information, please contact:

Mike Maguire
Chief Executive Officer
1.587.320.1301

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

Forward-Looking Statements

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

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

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

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

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

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

The MIL Network –

April 30, 2025

MIL-Evening Report: People’s mental health goes downhill after repeated climate disasters – it’s an issue of social equity

Source: The Conversation (Au and NZ) – By Ang Li, ARC DECRA and Senior Research Fellow, NHMRC Centre of Research Excellence in Healthy Housing, Melbourne School of Population and Global Health, The University of Melbourne

Across Australia, communities are grappling with climate disasters that are striking more frequently and with greater intensity. Bushfires, floods and cyclones are no longer one-off events. And this pattern is predicted to worsen due to climate change.

As it becomes more common to face climate disasters again and again, what does this mean for the mental health and wellbeing of people affected?

In a new study published today in the Lancet Public Health, we found experiencing repeated disasters leads to more severe and sustained effects on mental health compared to experiencing a single disaster.

What we did in our study

We drew on ten years of Australian data (2009–19) from the nationally representative Household, Income and Labour Dynamics in Australia survey.

Specifically, our study involved data from 1,511 people who experienced at least one disaster. We tracked them from the year before the first disaster, at the first disaster, and, where applicable, each subsequent disaster, and a few years after each disaster.

We also included 3,880 people who did not experience disasters during this time but shared similar demographic, socioeconomic, health and place-based characteristics for comparison.

We measured exposure to climate disasters based on whether respondents reported a weather-related disaster (for example, flood, bushfire or cyclone) damaged or destroyed their home in the previous year.

The mental health outcomes were measured using two questionnaires commonly administered to assess depression and anxiety disorders (the 5-item mental health inventory) and psychological distress (the Kessler Psychological Distress Scale).

Cumulative effects

Our results show mental health declines became more severe with repeated disasters.

The graph below plots the mental health trajectories for everyone in our study who experienced at least one disaster, and the control group who did not experience any disasters. We looked at a maximum of three disasters in the study due to data availability.

It shows experiencing one disaster led to a decline in mental health during the disaster year, followed by a recovery to pre-disaster levels in the post-disaster period.

However, with repeated disasters, mental health trajectories declined further and it took longer to recover to pre-disaster levels.

We also found experiencing an additional disaster close to a previous disaster (for example, one or two years apart) was linked to greater mental health declines than disasters that were spaced further apart.

Some risk factors

We observed that certain factors consistently shaped mental health outcomes. For instance, having social support was consistently a protective factor, while having a long-term health condition consistently increased the risk of poorer mental health. This was true regardless of the number of disasters someone experienced.

On the other hand, some risk factors became stronger with each disaster. In particular, households with lower incomes, those in rural areas, and younger people appeared to experience greater effects of cumulative disasters.

There are some limitations to our research. For example, the data we had did not detail the type or severity of each disaster. It also was limited in what it could tell us about the mental health effects of three or more disasters.

Nonetheless, our study provides novel insights into the mental health consequences of multiple climate disasters. This highlights the need for better support for communities facing an increasing number of emergencies.

Our findings also align with other studies that have observed increasing risk to mental health with multiple disasters.

At the same time, our findings add a new perspective by showing how trajectories can change over time. People’s mental health often recovers to pre-disaster levels after a single disaster, but repeat disasters can delay or halt this recovery.

Why might repeated disasters lead to worse mental health?

Repeated disasters, especially when they occur in close succession, can lead to cumulative stress driven by trauma and uncertainty. This can create a reinforcing cycle. People already facing social disadvantages – such as poor health and low income – are more likely to be exposed to disasters. In turn, these events disproportionately affect those facing existing disadvantages.

The result is a compounding effect that can contribute to worsening mental health outcomes and slower recovery over multiple disasters. This means disasters are an issue of social equity and must be considered in efforts to reduce poverty and improve social outcomes, as well as health outcomes.

Repeated disasters in particular can drain financial, social and community resources. They can exacerbate existing strain on household savings, disrupted social ties due to displacement, and reduced access to services after disasters – especially in rural areas.

What can we do to support people through multiple disasters?

We need to transform the way we think about disasters. It’s estimated children born today will experience up to seven times the number of extreme weather events across their lifetimes than someone born in 1960.

We are starting to get a better picture of what people need to recover from climate disasters. Our research points to the need for clinical services (for example, GPs) to screen for past disaster exposures in mental health assessments.

Emergency services need to plan services to reach at-risk groups during disasters. They also need to ensure recovery planning considers the effects of past disasters, for example by making sure support programs are not just tied to one disaster, but can be used across multiple.

The current approach to emergency services that looks at “one disaster at a time” doesn’t work anymore. As the climate continues to change, we urgently need to consider the effects of multiple disasters in public health, welfare and disaster services.

Ang Li receives funding from the Australian Research Council.

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

– ref. People’s mental health goes downhill after repeated climate disasters – it’s an issue of social equity – https://theconversation.com/peoples-mental-health-goes-downhill-after-repeated-climate-disasters-its-an-issue-of-social-equity-254475

MIL OSI Analysis – EveningReport.nz –

April 30, 2025
MIL-OSI Asia-Pac: Astronaut camp nominations to open

Source: Hong Kong Information Services

The Young Astronaut Training Camp 2025 will be open for nominations from local secondary schools from tomorrow until May 31, the Leisure & Cultural Services Department announced today.

Selected participants will undergo astronaut training on the Mainland, in a nine-day cost-free training camp to be held from July 25 to August 2, where they will learn about space science, astronomy and China’s aerospace achievements.

With a trip to Beijing, Jiuquan and Xi’an, the itinerary includes visiting key astronomy and aerospace facilities such as Beijing Aerospace City, the Xinglong Observatory of the National Astronomical Observatories and the Jiuquan Satellite Launch Center. In addition, participants will have the chance to meet astronauts and aerospace experts.

Thirty places are available for the training camp. Candidates should be local full-time students studying at Secondary 2 through 6 in the 2024-25 academic year. They must be aged 12 or above and be nominated by their school. Each school can nominate two students at most.

There will be three rounds in the selection process – a quiz, a pre-camp training and an interview. The department noted that candidates who are graded outstanding will be selected to join the camp.

A briefing will be conducted on May 6 at 5pm in the Space Museum.

Click here for more details.

MIL OSI Asia Pacific News –

April 30, 2025
MIL-OSI Asia-Pac: Director General David Cheng-Wei Wu Presents Certificates of Appointment to OCAC Honorary Consultants

Source: Republic of China Taiwan

Director General David Cheng-Wei Wu was honoured to present Certificates of Appointment to the newly appointed OCAC Honorary Consultants, including Senior Advisers, Council Members, Advisers, and Associate Advisers of the Overseas Community Affairs Council, R.O.C. (Taiwan).
Guided by the core principles of unity, harmony, and generational continuity, the government aims to integrate the strength of global overseas Taiwanese communities to form #TeamTaiwan in response to growing international political and economic challenges.
We look forward to working hand in hand with all OCAC Honorary Consultants in Sydney to further strengthen the solidarity of the Taiwanese community, deepen Taiwan–Australia ties and contribute to Taiwan’s vision of becoming “A Country Where the Economic Sun Never Sets” .

MIL OSI Asia Pacific News –

April 30, 2025

MIL-OSI Economics: Result of the Daily Variable Rate Repo (VRR) auction held on April 30, 2025

Source: Reserve Bank of India

Tenor	2-day
Notified Amount (in ₹ crore)	50,000
Total amount of bids received (in ₹ crore)	14,952
Amount allotted (in ₹ crore)	14,952
Cut off Rate (%)	6.01
Weighted Average Rate (%)	6.01
Partial Allotment Percentage of bids received at cut off rate (%)	NA

Ajit Prasad
Deputy General Manager
(Communications)

Press Release: 2025-2026/213

MIL OSI Economics –

April 30, 2025

MIL-OSI Asia-Pac: Man charged with sedition

Source: Hong Kong Information Services

The Police Force’s National Security Department has charged a 22-year-old man with one count of knowingly publishing material with seditious intent, in contravention of Section 24 of the Safeguarding National Security Ordinance.

The man is accused of repeatedly publishing posts with seditious intent on online platforms, including content provoking hatred, contempt or disaffection against the fundamental system of the state established by the Constitution, and inciting others to break the law.

The man was arrested in Kowloon on Monday. The case was due to be mentioned at the West Kowloon Magistrates’ Courts this afternoon.

MIL OSI Asia Pacific News –

April 30, 2025
MIL-OSI New Zealand: Health and Employment – Auckland theatre nurses to strike tomorrow – NZNO

Source: New Zealand Nurses Organisation

Te Toka Tumai Auckland Te Whatu Ora theatre nurses will strike for two hours tomorrow over attempts by Health New Zealand not to pay them appropriately for involuntary overtime.

The 370 perioperative (which includes preoperative, theatre and postoperative) nurses are members of the New Zealand Nurses Organisation Tōpūtanga Tapuhi Kaitiaki O Aotearoa (NZNO) working at Auckland City Hospital, Starship Hospital and Greenlane Hospital.

NZNO delegate and perioperative nurse Alissa Baker says nurses are standing up against involuntary overtime. This stand is part of the current collective agreement bargaining between NZNO and Te Whatu Ora.

“Nurses should be paid appropriately for the work we are doing, and that does not include forced overtime as the Te Whatu Ora proposal seeks to enforce,” Alissa Baker says.

NZNO chief executive Paul Goulter says it is appropriate the perioperative nurses are striking on May Day.

“May Day is a day for workers and unions around the world to celebrate workers’ rights and the union movement. It is timely that our perioperative nurses are making a stand for fair pay on May Day.

“The Government continues to chronically under-resource health, is increasing the privatisation of health services and fails to address the crisis in primary and aged residential care. This is another insult to other nurses and health care workers around the country.

“This year NZNO members will join their fellow union members around the country at Fight Back for Health and Fight Back Together events,” Paul Goulter says.

Notes:

– Striking perioperative nurses will join senior doctors and cross-union members for the May Day Fight Back for Heath event outside the front of Auckland City Hospital from 9am to 1pm tomorrow (Thursday 1 May)

– NZNO perioperative members from Auckland City Hospital, Starship Hospital and Greenlane Clinical Centre will strike between 9am-11am.

– NZNO perioperative members working in Post Anaesthesia Care Units on level 4, 8 and 9 at Auckland City Hospital, Starship Hospital and Greenlane Clinical Centre will strike between 11.30am-1.30pm.

– Information about Fight Back for Health events can be found here: https://maranga-mai.nzno.org.nz/fight_back_for_health

– Information about Fight Back Together can be found here: https://www.together.org.nz/may_day_hui

MIL OSI New Zealand News –

April 30, 2025
MIL-OSI New Zealand: Media – PSNA complaint about TVNZ reporting upheld by the Broadcasting Standards Authority

Source: Palestine Solidarity Network Aotearoa

It was good to see this PSNA complaint against TVNZ reporting upheld by the Broadcasting Standards Authority. (ref. https://www.bsa.govt.nz/decisions/all-decisions/minto-and-television-new-zealand-ltd-2025-002-29-april-2025/ )

TVNZ showed film which they claimed was of “anti-semitic violence” by Dutch football fans attacking Israeli football fans on the streets of Amsterdam last November. TVNZ described the scenes as disturbing.

The film actually showed the opposite – violent attacks on Dutch fans by Israeli hooligans who had engaged in racist “Death to Arabs” chants and attacks on Palestinians and Palestinian flags prior to the game.

We pointed out the error quickly but TVNZ refused to issue an apology and said it didn’t really matter because the mayor of Amsterdam had said there were anti-semitic attacks so the TVNZ mistake was minor.

Imagine if the situation had been reversed. TVNZ would have bent over backwards to issue grovelling apologies to the pro-Israel lobby.

TVNZ’s reporting over the past 18 months has been relentlessly pro-Israel. They have centred Israeli narratives, Israeli excuses, Israeli explanations, Israeli propaganda points and Israeli spokespeople. Palestinian voices have been sidelined and given rudimentary coverage if at all.

John Minto
Co-National Chair
Palestine Solidarity Network Aotearoa

MIL OSI New Zealand News –

April 30, 2025
MIL-OSI New Zealand: Transport – Retirement of Aratere Highlights Urgent Need for New Cook Strait Ferries

Source: Ia Ara Aotearoa Transporting New Zealand

Transporting New Zealand CEO Dom Kalasih says KiwiRail’s announcement today that the Interislander ferry Aratere will be retired later this year is appreciated by his members in so far as it gives some certainty on what’s happening.

The withdrawal of the Aratere means there will be just four ferries being operated by the Interislander and Bluebridge companies for nearly four years, until the new vessels are scheduled to go into service in December 2029.

“It is a concern that the decaying wharf has reached such a point that the Aratere can no longer be used.

“Given the earlier debate around rail-enabled versus rail capable it is also interesting that it appears that freight movements between the islands will manage for at least the next four years without a rail enabled vessel,” Kalasih says.

“Our road freight operators will do their best to adapt to the challenges of having one fewer ferry, but there are times when getting space on board is going to be tight.”

“Planned maintenance, or unexpected breakdowns which could happen as these ships near the end of their service lives, could put real pressure on capacity for freight,” Kalasih says.

“While we appreciate the early notice, the reality is that time has run out for any further delays in securing new ferries.

“This also highlight the problems associated with rail-enabled ferries requiring specialist facilities.”

He says it is vital that Rail Minister Winston Peters gets the new ferries on the water as quickly as possible.

“December 2029 is looking a long way away now. The transport sector wants resilience and regular sailings. Anything else is just not good enough for the country.”

About Ia Ara Aotearoa Transporting New Zealand

Ia Ara Aotearoa Transporting New Zealand is the peak national membership association representing the road freight transport industry. Our members operate urban, rural and inter- regional commercial freight transport services throughout the country.

Road is the dominant freight mode in New Zealand, transporting 92.8% of the freight task on a tonnage basis, and 75.1% on a tonne-km basis. The road freight transport industry employs over 34,000 people across more than 4700 businesses, with an annual turnover of $6 billion.

MIL OSI New Zealand News –

April 30, 2025

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

Source: GlobeNewswire (MIL-OSI)

INCREASED REVENUES, STRONG PROFITABILITY DESPITE EXCEPTIONAL HIGH TAX IMPACT

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

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

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

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

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

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

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

Crédit Agricole Group

Group activity

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

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

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

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

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

Continued support for the energy transition

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

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

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

Group results

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

-9.2% compared to the first quarter of 2024.

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

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

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

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

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

Regional banks

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

Crédit Agricole S.A.

Results

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Activity of the Asset Gathering division

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

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

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

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

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

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

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

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

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

Results of the Asset Gathering division

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

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

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

Insurance results

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

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

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

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

Asset Management results

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

Wealth Management results³¹

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

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

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

Activity of the Large Customers division

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

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

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

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

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

Results of the Large Customers division

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

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

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

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

Corporate and Investment Banking results

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

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

Asset servicing results

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

Specialised financial services activity

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

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

Specialised financial services’ results

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

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

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

Personal Finance and Mobility results

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

Leasing & Factoring results

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

Crédit Agricole S.A. Retail Banking activity

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

Retail banking activity in France

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

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

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

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

Retail banking activity in Italy

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

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

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

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

International Retail Banking activity excluding Italy

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

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

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

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

French retail banking results

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

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

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

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

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

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

International Retail Banking results⁴¹

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

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

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

Results in Italy

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

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

International Retail Banking results – excluding Italy

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

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

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

Corporate Centre results

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

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

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

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

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

Financial strength

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

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

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

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

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

Crédit Agricole Group’s financial structure

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

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

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

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

Liquidity and Funding

Liquidity is measured at Crédit Agricole Group level.

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

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

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

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

This increase in liquidity reserves is notably explained by:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Appendix 3 – Data per share

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

(€m)

Q1-2025
Q1-2024

Net income Group share

1,824
1,903

– Interests on AT1, including issuance costs, before tax

(129)
(138)

– Foreign exchange impact on reimbursed AT1

–
(247)

NIGS attributable to ordinary shares

[A]
1,695
1,518

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

[B]
3,025
3,018

Net earnings per share

[A]/[B]
0.56 €
0.50 €

(€m)

31/03/2025
31/03/2024

Shareholder’s equity Group share

77,378
72,429

– AT1 issuances

(8,726)
(7,184)

– Unrealised gains and losses on OCI – Group share

1,222
1,021

– Payout assumption on annual results*

(3,327)
(3,181)

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

[D]
66,546
63,086

– Goodwill & intangibles** – Group share

(17,764)
(17,280)

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

[E]
48,783
45,807

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

[F]
3,025
3,026

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

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

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

[D]/[F]
22.0 €
20.9 €

[H]
1.10 €
1.05 €

[G]=[E]/[F]
16.1 €
15.1 €

[G]+[H]
17.2 €
16.2 €

* dividend proposed to the Board meeting to be paid

** including goodwill in the equity-accounted entities

(€m)

Q1-25
Q1-24

Net income Group share

[K]
1,824
1,903

Impairment of intangible assets

[L]
0
0

Additional corporate tax

[LL]
-123
–

IFRIC

[M]
-173
-110

NIGS annualised (1)

[N]
8,111
7,944

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

[O]
-515
-799

Result adjusted

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

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

[J]
47,752
44,671

Stated ROTE adjusted (%)

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

*** including assumption of dividend for the current exercice

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

Alternative Performance Indicators⁵⁴

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Disclaimer

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

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

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

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

Applicable standards and comparability

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

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

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

Other information

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

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

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

Financial Agenda

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

Contacts

CREDIT AGRICOLE PRESS CONTACTS

CRÉDIT AGRICOLE S.A. INVESTOR RELATIONS CONTACTS

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

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


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

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

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

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

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

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

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

Attachment

EN_CASA_PR_2025_Q1

The MIL Network –

April 30, 2025

MIL-OSI NGOs: Major parties must reject Trump’s dangerous plans to mine the Pacific deep sea

Source: Greenpeace Statement –

SYDNEY, Wednesday 30 April 2025 — Ahead of the Federal Election, Greenpeace Australia Pacific is calling on all parties to support a moratorium on deep sea mining, with news today that The Metals Company is forging ahead with plans to commercially mine the Pacific seabed following President Trump’s executive order greenlighting the harmful practice.

Controversial deep sea mining company The Metals Company (TMC) – headed by Australian CEO Gerard Barron – has overnight submitted the first-ever application to mine the Pacific Ocean seabed. Lauded on its website as a “world-first”, the company says minerals extracted from the deep, environmentally sensitive ocean floor would be used to support the green transition, but Trump’s executive order states they would also be used by the US for weapons manufacturing and infrastructure.

Last year, an investigation by the Sydney Morning Herald exposed TMC’s links to former PM Scott Morrison and the AUKUS deal. Greenpeace says the move threatens Pacific sovereignty and is a power play in the United States’ national interest.

Glenn Walker, Head of Nature at Greenpeace Australia Pacific, said: “The ocean is under attack from every angle, suffering from climate change, destructive industrial fishing, plastic pollution, and now the new threat of deep sea mining, driven by the Trump administration and billionaire elites seeking to profit from ocean destruction.

“Australians love the ocean and want to protect it. Now is the time for all Australian political parties, including Prime Minister Anthony Albanese and Opposition Leader Peter Dutton, to set themselves apart from Trump and publicly and strongly support a moratorium on deep sea mining, and be a good neighbour to Pacific nations. Our leaders now have a choice: protect our blue planet, or sit idly by and allow Trump to undermine international law and plunder the ocean.”

The move by the US undermines international law and breaks the longstanding tradition of it being a good-faith actor on UNCLOS (The United Nations Convention on the Law of the Sea).

Greenpeace Aotearoa spokesperson Juressa Lee said: “The Metals Company and Donald Trump are wilfully ignoring the rules-based international order and the science that deep sea mining will wreak havoc on the oceans.

“Pacific Peoples have deep cultural ties to the ocean, and it is the source of livelihoods for many. Our home is more ocean than land, and our ancestors were wayfarers who traversed the Pacific Ocean for centuries. Deep sea mining is not the answer to the green transition away from carbon-based fossil fuels.”

Currently, 32 countries have backed a moratorium or precautionary pause on deep sea mining, including Tuvalu, Palau, Solomon Islands, Marshall Islands, Fiji, the Federated States of Micronesia, Vanuatu and Samoa. Australia has not.

Australia will have a crucial chance to support a moratorium on deep sea mining at the UN Ocean Conference in June.

—ENDS—

MIL OSI NGO –

April 30, 2025

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