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Category: Asia

  • MIL-OSI Russia: China-Central Asia Poverty Alleviation Cooperation Center and China-Central Asia Education Exchange and Cooperation Center Open in Urumqi

    Translation. Region: Russian Federal

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

    An important disclaimer is at the bottom of this article.

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

    BEIJING, July 23 (Xinhua) — The China-Central Asia Poverty Alleviation Cooperation Center and the China-Central Asia Education Exchange and Cooperation Center were opened Monday in Urumqi, capital of northwest China’s Xinjiang Uygur Autonomous Region.

    The decision to establish these two centers was announced on June 17 this year at the 2nd China-Central Asia Summit in Astana.

    The China-Central Asia Poverty Alleviation Cooperation Center is located in the Department of Agriculture and Rural Affairs of the Xinjiang Uygur Autonomous Region, and the China-Central Asia Education Exchange and Cooperation Center is located in the Department of Education of the Xinjiang Uygur Autonomous Region.

    The opening ceremony of these institutions was attended by Secretary of the CPC Xinjiang Uygur Autonomous Region Committee Chen Xiaojiang, Secretary General of the China-Central Asia Format Sun Weidong and others, the Xinjiang Daily newspaper reported.

    The opening of the above-mentioned centers marks a new stage of exchanges and cooperation between China and Central Asian countries in the field of poverty alleviation and education. In addition, it will expand a new space for practical exchanges and mutually beneficial cooperation between Xinjiang and the regions of Central Asian countries, the newspaper writes.

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

    .

    MIL OSI Russia News –

  • MIL-OSI Economics: Asian Development Blog: Your Questions Answered: How Will the Big Beautiful Bill Affect Asia and the Pacific?

    Source: Asia Development Bank

    Economists Ahmad Miraj and Gabriele Ciminelli, with ADB’s Economic Research and Development Impact Department, answer questions about the recently approved One Big Beautiful Bill Act in the United States, based on research for the July 2025 Asian Development Outlook.

    MIL OSI Economics –

  • MIL-Evening Report: Hard labour conditions of online moderators directly affect how well the internet is policed – new study

    Source: The Conversation (Au and NZ) – By Tania Chatterjee, Joint PhD Candidate at Indian Institute of Technology, Delhi, The University of Queensland

    Getty Images/GCShutter

    Big tech platforms often present content moderation as a seamless, tech‑driven system. But human labour, often outsourced to countries such as India and the Philippines, plays a pivotal role in making judgements that involve understanding context. Technology alone can’t do this.

    Behind closed doors, hidden human moderators are tasked with filtering some of the internet’s most harmful material. They often do so with minimal mental health support and under strict non-disclosure agreements.

    After receiving vague training, moderators are expected to make decisions within seconds, keeping in mind a platform’s constantly changing content policies and ensuring at least 95% accuracy.

    Do these working conditions affect moderating decisions? To date, we don’t have much data on this. In a new study published in New Media & Society, we examined the everyday decision-making process of commercial content moderators in India.

    Our results shed light on how the employment conditions of moderators do shape the outcomes of their work – and three key arguments that emerged from our interviews.

    Efficiency over appropriateness

    “Would never recommend de-ranking content as it would take time.”

    —A 28-year-old audio moderator working for an Indian social media platform

    As moderators work under high productivity targets, it compels them to prioritise content that can be handled quickly without drawing attention from supervisors.

    In the above excerpt, the moderator explained she avoided content and processes that required more time to maintain her pace. While observing her work over a screen-share session, we noticed that reducing the visibility of content (de-ranking) involved four steps. Meanwhile ending live streams or removing posts required only two steps.

    To save time, she skipped the content flagged to be de-ranked. As a result, content marked for reduced visibility, such as impersonations, often remained on the platform until another moderator intervened.

    This shows how productivity pressures in the moderation industry easily lead to problematic content staying online.

    Decontextualised decisions

    “Ensure that none of the highlighted yellow words remained on the profile”

    —Instructions received by a text/image moderator

    Moderation work often includes automation tools that can detect certain words in text, transcribe speech, or use image recognition to scan the contents of pictures.

    These tools are supposed to assist moderators by flagging potential violations for further judgement that takes context into account. For example, is the potentially offensive language simply a joke, or does it actually violate any policies?

    In practice we found that under tight timelines, moderators frequently follow the tools’ cues mechanically rather than exercising independent judgement.

    The quoted moderator above described instructions from her supervisor to simply remove text detected by the software. During a screen-share, we observed her removing flagged words without evaluating the context.

    Often the automation tools that queue content and organise it for human moderators will also detach it from the broader conversational context. This makes it even harder for the moderator to make a context-based judgement on content that gets flagged but was actually innocent – despite that judgement being one of the reasons human moderators are hired in the first place.

    Impossibility of thorough judgements

    “If you guys can’t do the work and complete the targets, you may leave”

    —Work group message of a freelance content moderator

    Precarious employment compels moderators to mould their decision‑making processes around job security.

    They are compelled to use strategies that allow them to decide quickly and appropriately. In turn, this influences their future decisions.

    For instance, we found that over time, moderators develop a list of “dos and don’ts”. They may dilute expansive moderation guidelines into an easily remembered list of ethically unambiguous violations which they can quickly follow.

    These strategies reveal how the very structure of the moderation industry impedes thoughtful decisions and makes thorough judgement impossible.

    What should we take away from this?

    Our findings show that moderation decisions aren’t just shaped by platform policies. The precarious working conditions of moderators play a crucial role in how content gets moderated.

    Online platforms can’t put into place consistent and thorough moderation policies if the moderation industry’s employment practices are not improved too. We argue that content moderation and its effectiveness are as much a labour issue as it is a policy challenge.

    For truly effective moderation, online platforms must address the economic pressures on moderators, such as strict performance targets and insecure employment.

    We need greater transparency around how much platforms spend on human labour in trust and safety, both in‑house and outsourced. Currently, it’s not clear whether their investment in human resources is truly proportionate to the volume of content flowing through their platforms.

    Beyond employment conditions, platforms should also redesign their moderation tools. For example, integrating quick‑access rulebooks, implementing violation‑specific content queues, and standardising the steps required for different enforcement actions would streamline decision-making, so that moderators don’t default to faster options just to save time.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Hard labour conditions of online moderators directly affect how well the internet is policed – new study – https://theconversation.com/hard-labour-conditions-of-online-moderators-directly-affect-how-well-the-internet-is-policed-new-study-261386

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: Trump announces trade deal after meeting Philippine president

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

    U.S. President Donald Trump (2nd L) welcomes Philippine President Ferdinand Romualdez Marcos Jr. (2nd R) at the White House in Washington, D.C., the United States, on July 22, 2025. [Photo/Xinhua]

    U.S. President Donald Trump met his Philippine counterpart, Ferdinand Marcos Jr., on Tuesday at the White House over trade and bilateral relations.

    “We concluded our Trade Deal, whereby The Philippines is going OPEN MARKET with the United States, and ZERO Tariffs. The Philippines will pay a 19 percent Tariff,” said Trump in a post on Truth Social, his social media platform.

    In a recent letter to Marcos, Trump said the United States would raise tariffs on Philippine goods to 20 percent starting Aug. 1.

    The White House has not released more details about the trade deal with the Philippines.

    Marcos said their bilateral ties have “evolved into as important a relationship as is possible to have.”

    MIL OSI China News –

  • MIL-OSI China: Chinese envoy calls for multilateralism for sake of international peace, security

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

    Fu Cong, China’s permanent representative to the United Nations, on Tuesday called on the international community to revitalize multilateralism to maintain international peace and security.

    He made the appeal at a UN Security Council open debate on multilateralism and the peaceful settlement of disputes.

    “Countries must respect each other’s national sovereignty and territorial integrity, take seriously each other’s legitimate security concerns, resolve differences through mutual understanding and accommodation, and move toward greater consensus through dialogue and engagement,” Fu said.

    The international community, particularly major countries, should build bridges for dialogue and cooperation rather than stoke or fuel the flames and instigate confrontation, he added.

    Fu said that the UN Charter is the unshakable bedrock of the international order, and that it is not an a la carte menu. The international community must reject the law of the jungle, where more powerful nations bully weaker ones, he said. “We must adhere to the principles of the UN Charter, including sovereign equality, non-interference in internal affairs, and peaceful settlement of disputes,” he added.

    The Security Council shoulders the primary responsibility for maintaining international peace and security. Council members should rise above self-interests, prioritize the common good, abandon geopolitical calculations, and seek unity and cooperation, said Fu.

    Security Council resolutions are legally binding and must be implemented in both letter and spirit, he said, adding that selective application and double standards must be rejected.

    Most countries of the Global South have suffered invasion, colonization and plunder, and thus deeply understand the value of peace, Fu said. They represent a stabilizing, constructive and progressive force amid the tectonic changes in the world, he said.

    Fu called for support for regional organizations like the African Union, the Association of Southeast Asian Nations, and the Arab League in deepening their partnerships with the UN and playing leading roles in resolving regional conflicts.

    China remains ready to work with the international community to uphold true multilateralism and build a community with a shared future for humanity, he said. 

    MIL OSI China News –

  • MIL-OSI China: Innovation, solid supply chain attracting FDI

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

    This aerial photo taken on July 5, 2023 shows the Tianjin factory of Danfoss, a global refrigeration industry giant, in north China’s Tianjin. [Photo/Xinhua]

    China will remain a vital innovation hub and manufacturing base for foreign corporations despite global economic uncertainty, said government officials and business leaders.

    They noted that foreign firms are maintaining deep engagement with the Chinese market, capitalizing on their technological expertise alongside China’s well-developed industrial and supply chains — a synergy that enhances operational efficiency, fosters innovation and strengthens supply chain resilience.

    Foreign-invested companies in China saw their export and import value grow by 2.4 percent year-on-year to 6.32 trillion yuan ($881.2 billion) in the first half, marking growth for the fifth consecutive quarter, statistics from the General Administration of Customs showed.

    The number of foreign-invested businesses in the country with actual import and export activities amounted to 75,000 in the first six months, the highest level for the same period since 2021, said the administration.

    China’s evolving industrial ecosystem — combining cost, quality and speed with advanced infrastructure — is transforming into a collaborative innovation hub where multinationals co-develop and expand alongside local partners, said Mohamed Kande, global chairman of PricewaterhouseCoopers International Ltd, a London-based global accounting company.

    Reflecting on this shift, Lyu Daliang, director of the GAC’s department of statistics and analysis, said that among the major manufacturing categories involved in foreign company exports, industries such as specialized equipment, electrical machinery and electronic devices all posted robust growth between January and June.

    One such company — Global Electric Appliance (Nantong) Co Ltd, a manufacturer of household appliances in Nantong, Jiangsu province and a subsidiary of a Singapore-based industrial group — reported a 31.9 percent year-on-year increase in exports, reaching 343 million yuan in the first half, said Nanjing Customs.

    Chen Jinxin, head of the company’s foreign trade unit, said the company has shipped its products, including vacuum and steam cleaners, to over 90 overseas markets, backed by China’s innovative solutions and a highly integrated supply chain that enables rapid product development and efficient global distribution.

    Apart from investing 3 billion yuan in its Hangzhou plant in Zhejiang province over the past decade, Italian chocolate and confectionery maker Ferrero Group said that the factory now supplies 53 percent of its products to the Chinese market, with the remaining 47 percent exported to more than 20 countries and regions across the Asia-Pacific, the Middle East and North America.

    Yang Lianjun, general manager of Ferrero’s Hangzhou plant, said the Chinese market offers significant opportunities, and the company may introduce additional premium product categories in the future, such as ice cream.

    To bolster its local research and development capabilities, Ferrero established a food innovation center within its Hangzhou facility last year. The center focuses on developing chocolate, confectionery and bakery products tailored to regional preferences and shortening time-to-market cycles.

    The Ministry of Commerce said foreign direct investment in China’s manufacturing sector reached 109.06 billion yuan in the first half, while high-tech industries attracted 127.87 billion yuan. FDI inflows from Switzerland, Japan, the United Kingdom and Germany rose by 68.6 percent, 59.1 percent, 37.6 percent and 6.3 percent, respectively.

    Amid a turbulent and uncertain global trade landscape, the stability of China’s policy environment and the long-term orientation of its planning have grown increasingly valuable, said Li Xingqian, vice-chairman of the China Council for the Promotion of International Trade.

    Neutrik Technology (Ningbo) Co Ltd, a Ningbo, Zhejiang province-based manufacturer of electronic connectors and a subsidiary of the European company Neutrik AG, reported a 19 percent year-on-year rise in first-half sales to 68.45 million yuan, covering both domestic sales and exports, said Ningbo Customs.

    Dong Lanju, the company’s president, said that China’s well-integrated industrial ecosystem and pro-business environment will continue to empower foreign manufacturers to expand production, boost operational efficiency and better capture opportunities in global markets.

    MIL OSI China News –

  • MIL-OSI China: China-made tonne-class eVTOL delivered

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

    The V2000CG CarryAll, a tonne-class electric vertical takeoff and landing (eVTOL) aircraft, conducts a flight demonstration at a flight test base in Kunshan, east China’s Jiangsu Province, on July 22, 2025. [Photo/Xinhua]

    A Chinese tech startup on Tuesday delivered a tonne-class electric vertical takeoff and landing (eVTOL) aircraft, marking a breakthrough in the application of large eVTOLs.

    Developed by the Shanghai-based company AutoFlight, the V2000CG CarryAll boasts a maximum takeoff weight of 2 tonnes.

    Following the acquisition of the type certificate and production certificate last year, along with the airworthiness certificate acquired on Monday, the unmanned aircraft will be operated by a Guangzhou-based low-altitude transportation business.

    The all-electric V2000CG CarryAll has a payload capacity of up to 400 kg with a maximum cruising speed of 200 km per hour and a range of 200 km. It features vertical takeoff and landing capabilities and a fixed-wing cruising design, enabling its applications in low-altitude logistics, emergency response and other fields.

    Xie Jia, senior vice president of AutoFlight, said that the aircraft type has so far completed more than 40,000 km of safe flights over various terrains across China and other countries such as the United Arab Emirates and Japan, which help validate its performance and explore its potential application scenarios.

    The eVTOL’s delivery comes as China’s low-altitude economy is entering a stage of rapid growth. According to the Civil Aviation Administration of China, the market value of the sector will soar from 500 billion yuan (about 70 billion U.S. dollars) in 2023 to 1.5 trillion yuan in 2025, and that number could reach an astounding 3.5 trillion yuan by 2035.

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    MIL OSI China News –

  • MIL-OSI China: China claim team gold in artistic swimming at World Aquatics Championships

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

    Wearing golden headbands symbolizing the legendary Monkey King, China’s artistic swimmers brought the myth to life in a powerful Wukong-inspired routine to win gold in the team technical event at the 2025 World Aquatics Championships on Tuesday.

    Their performance, based on the popular Chinese video game Black Myth: Wukong, earned China 307.8001 points – edging out longtime rivals Russia, competing under the name Neutral Athletes B (NAB), who finished second with 300.6183 points. Spain took third with 294.8575.

    Team China perform during the team technical final of artistic swimming at the World Aquatics Championships in Singapore, July 22, 2025. (Photo by Then Chih Wey/Xinhua)

    “This is a very special day,” said head coach Zhang Xiaohuan. “It’s the first time the Chinese artistic swimming team has been able to directly compete against our biggest rivals on a stage like this. It’s a moment we’ve waited a long time for.”

    “This gold medal doesn’t feel any less important than the one we won at the Olympic Games in Paris,” she added. “Our swimmers performed very well today. They improved on the areas that needed work after the preliminary round, and with that, they earned this title.”

    China won both the duet and team titles at the 2024 Paris Games, where Russian athletes did not participate.

    “I think they are still a very admirable opponent,” Zhang said. “They give us strong motivation to keep improving. We only narrowly won this time. We still have a long way to go.”

    Defeating NAB also gave the Chinese team a significant confidence boost.

    “We’ve waited a long time to compete against a team we’ve always wanted to measure ourselves against,” said team captain Feng Yu. “That makes this result even more special. It’s only when you face tough competition that you learn and improve.”

    The Wukong routine has been successful since its debut at the Artistic Swimming World Cup Super Final in Xi’an this June, where China also delivered a dominant performance. The coaching staff increased the difficulty level for the World Championships.

    “We raised the difficulty by almost two points,” Zhang said. “Most of that came from the leg movements. However, we didn’t extend the athletes’ breath-holding time. Instead, we incorporated more challenging movements at a faster tempo.”

    The runners-up were pleased with their silver medal.

    “We are very happy to be here at such a high-level competition,” said Anastasiia Bakhtyreva of NAB. “This is our first time competing at this level, and we feel a tremendous amount of emotion. We are very excited.”

    Earlier in the day, China’s Xu Huiyan won silver in the women’s solo free event, finishing behind Spain’s Iris Tio Casas. Just hours later, she returned to the pool for the team technical final.

    Xu made history in Singapore by winning China’s first-ever women’s solo technical gold medal at the World Championships. The 19-year-old now holds 19 gold medals across the World Cup, World Championships and World Junior Championships.

    “As a young athlete, Huiyan has progressed remarkably in just one year – from winning bronze in Doha to achieving what she has here in Singapore,” said Zhang. “Our rival in the solo free delivered an outstanding routine today.”

    The team technical gold marks China’s third gold in artistic swimming at the 2025 World Championships. 

    MIL OSI China News –

  • MIL-OSI China: Tears of triumph and disappointment: Casas wins solo free gold, Xu falls short

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

    Tears flowed for both Spain’s Iris Tio Casas and China’s Xu Huiyan after the women’s solo free final at the World Aquatics Championships on Tuesday – but for very different reasons.

    Casas stood atop the podium with tears of joy after clinching her first individual world title in artistic swimming with a score of 245.1913 points. Xu, who had led the preliminary round, settled for silver, 4.1888 points behind Casas, and she couldn’t hold back tears of disappointment.

    Xu Huiyan of China reacts during awarding ceremony for the women’s solo free of artistic swimming at the World Aquatics Championships in Singapore, July 22, 2025. (Xinhua/Luo Yuan)

    “I’m super happy,” Casas said. “I can’t believe it right now. I feel very emotional because my parents are here in the stands. When I was little, the dream of becoming a world champion was deep in my soul. I’m still in shock.”

    The 22-year-old Spaniard improved her degree of difficulty in the final, responding to Xu’s similar strategy. Entering the final ranked third, Casas executed with precision and passion to rise to the top – an achievement that left her surrounded by jubilant teammates after the result was announced.

    “I think it worked out,” she said, smiling through tears.

    Xu, just 19, had hoped to complete a golden solo double after winning the technical event three days earlier, where Casas took bronze. But after her final routine, Xu buried her face in hands, tears streaming down – not from regret, she said, but from emotion.

    “I’m not sad about the result,” she said. “Actually, I’ve improved a lot in the past few weeks. I just feel like I still have so much more to work on.”

    Despite the silver, Xu has already made history for China. She now holds 18 gold medals across the World Cup, World Championships and World Junior Championships. Her solo technical win in Singapore earned China its first-ever world gold in that discipline.

    “I anticipated today’s result,” she admitted. “Ever since I started competing in the solo free routine, I’ve known there are still areas I need to improve – especially in the free elements. We didn’t have much time to make big changes, and training time for solo routines was quite limited.”

    Xu isn’t dwelling on the disappointment for long. Just hours after the solo free final, she will be back for the team technical final. She has already led China to the team free title.

    “That’s not a problem,” she said. “I’ll do my best and won’t let my teammates down.”

    MIL OSI China News –

  • MIL-OSI USA: Scott Statement on Deportations of Cruise Ship Seafarers

    Source: {United States House of Representatives – Congressman Bobby Scott (3rd District of Virginia)

    Headline: Scott Statement on Deportations of Cruise Ship Seafarers

    WASHINGTON, DC – Congressman Robert C. “Bobby” Scott (VA-03) issued the following statement on recent press reports of U.S. Customs and Border Patrol (CBP) deporting cruise ship seafarers at the Port of Norfolk and other ports in the United States:

    “My office has been made aware of recent immigration enforcement actions by CBP at the Port of Norfolk and other ports in the United States against cruise ship seafarers from the Philippines and other nations even though they held valid C1/D visas. 

    “Based on credible press reports, an earlier CBP action last year in Florida aboard a cruise ship was pursuant to a law enforcement investigation. However, that individual was arrested, charged, and convicted of a crime – and will not be deported until after serving his sentence. It is unclear based on press reports why these recently deported seafarers were targeted. Especially, whether for each individual detained, if there was probable cause that they had committed a crime.

    “I am making inquiries with the appropriate federal authorities to gather more information. Our nation was founded on the fundamental principles of due process. Under our Constitution, everyone is entitled to due process regardless of citizenship or immigration status.”

    # # #

    MIL OSI USA News –

  • MIL-OSI USA: Rep. Chu Honors Local Leaders at 2025 Congressional Leadership of the Year Awards Ceremony

    Source: United States House of Representatives – Representative Judy Chu (CA2-27)

    PASADENA, CALIFORNIA – On Saturday, Congresswoman Judy Chu (CA-28) hosted her annual Congressional Leadership of the Year Awards Ceremony, honoring nine remarkable individuals and organizations from across California’s 28th Congressional District for their outstanding service and contributions to their communities. The event was emceed by acclaimed actress and community advocate Tamlyn Tomita, best known for her roles in The Karate Kid Part II, The Joy Luck Club, and Star Trek: Picard. 

     “After everything our communities have been through, especially in the wake of the Eaton Fire, these leaders stepped up,” said Rep. Chu. “Many of our honorees have helped families rebuild, uplifted young people, supported our seniors, empowered immigrant communities, and brought hope during some of the hardest times. They’re educators, volunteers, activists, and small business owners. I’m so proud to recognize them for all they’ve done and all they continue to do. They really do represent the very best of the San Gabriel Valley.”

    This year’s honorees include:

    • Wendy Sinnette – Educator of the Year (La Cañada Flintridge): Wendy Sinnette was recognized for her compassionate and resilient leadership as Superintendent of the La Cañada Unified School District, particularly during the COVID-19 pandemic and the aftermath of the Eaton Fire.
       
    • San Gabriel Valley Habitat for Humanity – Nonprofit of the Year: SGV Habitat for Humanity was celebrated for its decades-long commitment to affordable housing and rapid response to the Eaton Fire, including innovative rebuilding efforts and community-driven volunteer mobilization.
       
    • Pastor Jonathan “Jon” DeCuir – Community Activist of the Year (Altadena): Pastor DeCuir was honored for transforming Victory Bible Church into a relief hub after the Eaton Fire and launching the Legacy Land Project to support long-term recovery and housing.
       
    • Jason Kim & Johanna Quach – Businesspeople of the Year (San Gabriel): The leadership of Paris Baguette San Gabriel, Jason Kim & Johanna Quach, were recognized for their philanthropic support of local schools, emergency responders, and inclusive hiring practices. 
       
    • Rev. Gene Boutilier – Volunteer of the Year (Claremont): A lifelong advocate for social justice, Rev. Gene Boutilier has dedicated decades to volunteer service across Southern California and was instrumental in launching Claremont’s first low-income housing project – Larkin Place. 
       
    • National Day Laborer Organizing Network (NDLON) – Nonprofit of the Year (Pasadena): NDLON was commended for their leadership in defending day laborers and immigrants, including its response to ICE raids and coordination of fire recovery work through the Pasadena Community Job Center.
       
    • Tzi Ma – Community Activist of the Year (Pasadena): Tzi Ma is a renowned actor and activist, honored for decades of advocacy for AAPI representation in entertainment and media, civil rights activism, and his leadership in #WashTheHate social media campaign during the rise in anti-Asian hate amid the COVID-19 pandemic.
       
    • Nic Arnzen – Building Bridges Award (Altadena): Nic Arnzen is the Vice Chair of the Altadena Town Council, recognized for his leadership during the Eaton Fire and for founding Altadena Pride, fostering visibility, inclusivity, and healing.
       
    • Edgar McGregor – Courageous Service of the Year (Altadena/Pasadena): Edgar McGregor is a local meteorologist awarded for issuing life-saving warnings ahead of the Eaton Fire, helping thousands of residents evacuate safely and avoid disaster.

    MIL OSI USA News –

  • MIL-OSI USA: Reps. Chu, Jayapal, and Colleagues Demand Answers on Funding Delay for Low-Income Senior Employment Program

    Source: United States House of Representatives – Representative Judy Chu (CA2-27)

    WASHINGTON, DC – Reps. Judy Chu (CA-28) and Pramila Jayapal (WA-07) led 40 of their colleagues in a letter to the Trump Administration demanding the immediate release of federal funding for a vital senior jobs training and community service program. The current delay has left thousands of low-income older Americans without pay and deprived communities of needed services.

    In their letter to Department of Labor (DOL) Secretary Lori Chavez-DeRemer and Office of Management and Budget (OMB) Director Russell Vought, the Members urged the immediate release of funding for national grantees of the Senior Community Service Employment Program (SCSEP). Through SCSEP, low-income seniors receive jobs training, earn a paycheck, and in return provide essential services to their communities. In Program Year (PY) 2022, over 42,000 seniors provided over 20.4 million hours of community service.

    The letter emphasizes that SCSEP grantees rely on the DOL’s timely release of the Training and Employment Guidance Letter (TEGL), which provides annual allotments for grantees. Although the PY2025 TEGL for state and territorial grantees was published on July 1, 2025—the start of the Program Year—the DOL has still not published a TEGL for national grantees and has not provided a timeline for its publication.

    This delay has impacted national grantees operating in California, Washington, Indiana, North Carolina, and Oklahoma, among others.

    “We have already begun to see the devastating impacts of this delay,” wrote the Members. “For example, the National Asian Pacific Center on Aging (NAPCA), a 501(c)(3) nonprofit and SCSEP national grantee, based in Washington, which serves limited-English proficient older adults from various ethnic groups, has already furloughed 800 low-income seniors due to this funding uncertainty.” 

    “Because there is no clear timeline for when furloughs will end, this uncertainty is causing deep distress among program participants, many of whom live paycheck to paycheck and rely on the income they earn through SCSEP to make ends meet. The funding delay is also harming entire communities, as nonprofits and other local businesses are losing the critical support of SCSEP-supported trainees and volunteers due to furloughs,” the Members continued.

    The letter concludes by urging DOL and OMB to expend PY25 SCSEP funds to national grantees immediately and make them retroactive to July 1, 2025. 

    This letter is endorsed by: the National Asian Pacific American Center for Aging, Easterseals, Goodwill Industries International, National Caucus & Center on Black Aging (NCBA), Life Skills of America, Inc., The WorkPlace, Easterseals-Goodwill Northern Rocky Mountain Inc., Diverse Elders Coalition, National Urban League, National Hispanic Council on Aging (NHCOA), National Council on Aging (NCOA), Institute for Indian Development, Inc., and the Asian & Pacific Islander American Health Forum (APIAHF).

    Click here to access the full letter.

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    MIL OSI USA News –

  • MIL-Evening Report: ‘Maybe this is the last minutes you are living’: how the war is impacting young Ukrainians

    Source: The Conversation (Au and NZ) – By Ashley Humphrey, Lecturer in Social Sciences, Monash University

    Now into its fourth year, the war that followed Russia’s invasion of Ukraine has taken a devastating toll.

    An estimated 60,000 to 100,0000 Ukrainian lives have been lost and more than 10 million citizens displaced, and entire cities have been devastated.

    Daily life in Ukraine is disrupted by frequent power outages, significant interruptions to school and work routines and the recurrent warnings of air raid sirens.

    We sought to understand the war’s impact on young Ukrainians by interviewing those still in, and outside of Ukraine.

    Stolen youth

    Young adults (aged 18-35) tend to be in a transitional phase of life, working towards establishing a career, starting a family and making future plans.

    For many young Ukrainians, these developmental processes have been severely impeded during the war.

    Our work provides insights into how young Ukrainians have navigated the severe intrusion to their development, as well as how they have coped psychologically during this time.

    Our research drew on in-depth interviews with young Ukrainians who had lived in Ukraine for either the entirety or part of the war.

    Conducted both in person in Ukraine as well as online, these interviews looked specifically at how the ongoing war has affected young people’s employment or study situation, their aspirations for the future and mental health, while also seeking to understand what support they need.

    Responses from the participants varied.

    Those who were working were now exclusively engaged in work centred on assisting the war effort, including in some cases having joined the armed forces.

    Those who were studying had shifted to online mediums. The COVID pandemic ensured online learning platforms were largely already in place, allowing some to continue their studies from locations outside of Ukraine.

    While perhaps an alluring prospect to some, this flexibility while studying was also accompanied by chaos and disorientation, with short-term visas forcing young Ukrainians to move from one country to another.

    As one student explained:

    We went to Ukraine for two weeks and then we moved to Georgia for three months. Now we’re in Thailand for one month, and now we’re going to be in Australia for two or three months. Then we’re probably going to go to Japan for a year maybe.

    Local residents walk past buildings damaged as a result of a missile strike in Odesa.
    OLEKSANDR GIMANOV/AFP via Getty Images

    Depression, stress and surprising optimisim

    Despite enduring the horrors of the war, the participants generally spoke of their futures with admirable optimism.

    Remarkably, many commented on the way the war had redefined their goals toward helping their country in some way. One respondent told us:

    When you are starting a new project, when you are applying for a job, you are having a constant filter: how does this affect Ukraine? Am I helping Ukraine? Am I helping Ukraine enough? What else can I do?’

    Another shared:

    I know we are fighting for our future. And I want to be a part of Ukraine and be a part of its reconstruction. Because I am like this bright future – I am the youth that will be reconstructing Ukraine because of their knowledge and money and everything else.

    Unsurprisingly, some were also apathetic or dismissive of their futures, commenting on broken dreams and stating it was not a time for making future plans. They felt let down by the United Nations and the “international global order”.

    Participants commented on the ways the war has affected their mental health.

    Symptoms of PTSD, elevated stress, depression, constant anxiety as well as existential dread were raised, with one young Ukrainian telling us:

    Every time when I hear alerts […] you’re thinking, maybe this is the last minutes you are living because the bomb can strike your flat.

    The fear of loud noises, the harrowing plight of their country and the associated stress were emergent themes.

    Yet, some indicated they had become resilient to this stress:

    I think I became quite resistant to the stress as well, because I think I faced the scariest moments of my life, where I can die, and I understand that when you cannot control the situation and what’s going on, I cannot control whether a missile is going to be in my house.

    This notion of resilience was both surprising and inspiring and this finding corroborated with past studies on war-affected Ukrainians.

    As one participant explained:

    If there was no war, I wouldn’t be who I am right now. It has really changed me. It has given me strength, this optimistic outlook.

    A need for greater support

    There is much to learn from these inspiring young people. But more pressingly, they need help.

    As the relentless shelling of Ukrainian cities continues, the participants call for greater access to mental health and counselling services, ongoing investment in online learning tools and job opportunities and basic resources to support their wellbeing.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. ‘Maybe this is the last minutes you are living’: how the war is impacting young Ukrainians – https://theconversation.com/maybe-this-is-the-last-minutes-you-are-living-how-the-war-is-impacting-young-ukrainians-260800

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Rep. Mann Introduces Legislation to Strengthen Agricultural Supply Chain

    Source: United States House of Representatives – Representative Tracey Mann (Kansas, 1)

    WASHINGTON, D.C. –  Today, U.S. Representative Tracey Mann (KS-01) led 16 of his colleagues in introducing legislation to remove regulatory roadblocks for heavy vehicle operators when renewing their commercial driver’s licenses (CDLs). The Seasonal Agriculture CDL Modernization Act enables seasonal drivers to renew their CDL online while providing greater flexibility in the types of commercial vehicles they can operate. As the American Trucking Association estimates a national truck driver shortage of 115,000 by the end of 2025, Rep. Mann’s legislation reforms the Farm-Related Restricted Commercial Driver’s License program by allowing states to develop an online registration and renewal system for farm-related service providers, enabling drivers to more easily renew their seasonal license.

    “Successfully feeding, clothing, and fueling the world doesn’t stop when crops are harvested,” said Rep. Mann. “The entire agriculture supply chain relies on timely and reliable delivery every step of the way from production to consumption. If our nation’s farmers, ranchers, and agricultural producers can’t access the machinery they need to operate their farms or transport their products to storage, it would be impossible for them to fulfill their calling or deliver products to consumers. Our bill strengthens the entire agricultural supply chain by enacting commonsense reforms that make it easier for farm-service drivers to simply do their jobs and serve customers and consumers. Food security is national security that we can and should protect by removing regulatory burdens.”

    Joining Rep. Mann in introducing the Seasonal Agriculture CDL Modernization Act are Reps. Jeff Hurd (CO-03), Ron Estes (KS-04), Randy Feenstra (IA-04), Brad Finstad (MN-01), Mark Messmer (IN-08), Derek Schmidt (KS-02), Buddy Carter (GA-01), Troy Nehls (TX-22), Jack Berman (MI-01), John Rose (TN-06), Adrian Smith (NE-03), Mike Flood (NE-01), David Kustoff (TN-08), Craig Goldman (TX-12), Tim Burchett (TN-02), and Bruce Westerman (AR-04).

    “This bill delivers commonsense wins that will make it easier for the ag sector to keep essential goods moving,” said Rep. Flood. “By streamlining the CDL process and clarifying federal definitions, we’re reducing red tape without compromising safety. This is a smart step toward strengthening our nation’s ag supply chain.”

    “The work of Hoosier farmers never stops as they feed Americans and the world,” said Rep. Messmer. “I am proud to support Congressman Mann’s bill to get government red tape out of the way and let farmers do what they do best!”

    The Seasonal Ag CDL Modernization Act is supported by the Kansas Association of Wheat Growers, Kansas Corn Growers Association, Kansas Grain and Feed Association, Kansas Farm Bureau, Kansas Sorghum Producers, Kansas Soybean Association, Agribusiness Association of Iowa, Agribusiness Association of Kentucky, Agribusiness Council of Indiana, Agricultural Council of Arkansas, Agricultural Retailers Association, Agriculture Transportation Coalition, American Cotton Shippers Association, American Farm Bureau Federation, American Feed Industry Association, American Honey Producers Association, American Malting Barley Association, Council of Producers & Distributors of Agrotechnology, Far West Agribusiness Association, Farm Credit Council, Florida Fertilizer & Agrichemical Association, Georgia Agribusiness Council, Idaho Grain Producers Association, Kansas Agribusiness Retailers Association, Michigan Agri-Business Association, Minnesota Crop Production Retailers, Mississippi Agricultural Industry Council, Missouri Agribusiness Association, Montana Agricultural Business Association, National Aquaculture Association, National Association of Wheat Growers, National Barley Growers Association, National Cattlemen’s Beef Association, National Corn Growers Association, National Cotton Council, National Council of Farmer Cooperatives, National Grain and Feed Association, National Grange, National Farmers Union, National Milk Producers Federation, National Pork Producers Council, National Sunflower Association, National Sorghum Producers, Nebraska Agri-Business Association, Nebraska Cooperative Council, North American Millers’ Association, North American Renderers Association, North Carolina AgriBusiness Council, North Dakota Agricultural Association, North Dakota Grain Dealers Association, Louisiana Ag Industries Association, Ohio AgriBusiness Association, Pet Food Institute, Rocky Mountain Agribusiness Association, South Dakota Agri-Business Association, Southern Crop Production Association, Texas Ag Industries Association, Texas Grain & Feed Association, The Fertilizer Institute, USA Rice, U.S. Canola Association, US Rice Producers Association, Virginia Agribusiness Council, Washington Association of Wheat Growers, Wisconsin Agri-Business Association, Wyoming Ag Business Association and the Wyoming Wheat Growers Association.

    “This important legislation, championed by Representative Tracey Mann and the original co-sponsors, provides critical support for agricultural retailers who deliver essential products and services to our farms and livestock operations,” said Richard Gupton, the Senior Vice President of Public Policy for the Agricultural Retailers Association. “By modernizing outdated regulations, this bill empowers retailers to operate more efficiently and reliably, strengthening the entire agricultural supply chain and helping our rural communities thrive. Additionally, by allowing for increased load capacities, the proposal helps alleviate the industry’s chronic driver shortage, enabling businesses to make fewer trips with the same workforce and ensuring that essential goods reach their destinations in a timely manner.”

    “The Agriculture Transportation Coalition has long recognized that there is nothing we produce in agriculture in the United States that cannot be sourced somewhere else in the world,” said Peter Friedmann, Executive Director of the Agriculture Transportation Coalition. “If we are unable to transport and deliver affordably and dependably, our international customers will buy from those other countries, and US farmers, ranchers, processors will lose those sales. The international agriculture supply chain begins at the farms here in the United States. The need to enhance transport efficiency at the very beginning of the supply chain, namely the harvest at the field, has never been greater. The Seasonal Agriculture CDL Modernization Act, will advance this essential component of the domestic and international export supply chain, to keep our agriculture competitive in the global and domestic marketplace. The AgTC strongly supports this bill.”

    “As America’s oldest grassroots agriculture and rural life advocacy organization, the National Grange appreciates Representative Mann taking the lead on the Seasonal Ag CDL Modernization Act,” said Burton Eller, Executive Director of National Grange. “The seasonal ag CDL is a critical link in the success of our harvest chain in rural America.”

    “The Seasonal Ag CDL Modernization Act is a major win for the Wisconsin Agri-Business Association and its members,” said Grace Howe, Executive Director of the Wisconsin Agri-Business Association. “By extending the restricted seasonal CDL period and aligning licensing with the calendar year, it provides agribusinesses with more flexibility during peak planting and harvest seasons. This change reduces administrative burdens, streamlines compliance with federal and state rules, and ensures a more reliable seasonal workforce, and ultimately saving time, cutting costs, and supporting smoother operations across Wisconsin’s ag supply chain.”

    “The Pet Food Institute (PFI), whose members make the vast majority of dog and cat food and treats in the U.S., supports Rep. Tracey Mann (R-Kan.) in proposing updates to the Farm-Related Service Industries Restricted CDL program that will set a new federal definition for implements of husbandry,” said PFI’s president and CEO, Dana Brooks. “U.S. pet food is predominantly made with ingredients produced on American farms, and pet food manufacturing is a major contributor to agricultural and rural economies. We recognize that modern agriculture depends on a broad array of vehicles and equipment to operate efficiently, to innovate and to continue producing safe, quality food for people and pets.”

    “Montana agricultural businesses and producers already face major challenges, from weather and drought to delays getting product across our borders,” said Tanner Hoversland, Montana Agricultural Business Association Board Chair. “Legislation like the Seasonal Ag CDL Modernization Act is good government policy that makes improvements to this essential licensing process, and removes burdens instead of throwing up more roadblocks, especially for our rural operators. The Montana Agricultural Business Association and its members are grateful to Rep. Mann for introducing this commonsense proposal.”

    ###

    For more information about Representative Mann, visit: www.mann.house.gov

    MIL OSI USA News –

  • MIL-OSI China: China’s large scientific facility attracts global scientists for cutting-edge research

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

    China’s large scientific facility attracts global scientists for cutting-edge research

    BEIJING, July 22 — The Synergetic Extreme Condition User Facility (SECUF), a major scientific infrastructure in Beijing’s suburban district Huairou, has attracted scientists from multiple countries to conduct cutting-edge research with its exceptional experimental conditions.

    A recent conference based on SECUF was held in Huairou, bringing together over 50 foreign scientists from 13 countries and more than 100 Chinese scientists.

    SECUF, led and operated by the Institute of Physics (IOP) of the Chinese Academy of Sciences (CAS), is a comprehensive research infrastructure that integrates extreme experimental conditions such as ultralow temperatures, ultrahigh magnetic fields, ultrahigh pressures, and ultrafast optics.

    The facility has provided over 350,000 hours of experimental services to domestic and international research teams since its full trial operation began in early 2023, according to IOP.

    Chen Xianhui, an academician of CAS and a professor at the University of Science and Technology of China, said: “SECUF is like an ‘all-rounder’ in scientific research. Its integrated capabilities across multiple extreme conditions are rare globally. This ‘one-stop’ research platform offers unique support for fundamental studies.”

    Cheng Jinguang, deputy director of IOP, said that the essence of SECUF lies in its “openness and sharing,” which is completely consistent with the concept of international large-scale scientific facilities. Operating under international standards, SECUF opens global user applications twice a year. Proposals are reviewed and selected by a user committee, and all approved experiments are offered free of charge to global researchers.

    “SECUF allows us to conduct experiments that cannot be done in Europe,” said Igor Vinograd, a young scientist from the Grenoble High Magnetic Field Laboratory in France’s National Centre for Scientific Research (CNRS), adding that SECUF enables far more complex and time-intensive precision experiments.

    Yoshiya Uwatoko, a professor from University of Tokyo, affirmed SECUF’s global standing. He said that SECUF is a world-class research facility vital to the international condensed matter physics community.

    Its stable high magnetic fields, combined with low-temperature capabilities and high-precision measurement systems, allow scientists to probe subtle quantum states under pressure. Its ability to maintain experimental conditions over extended periods is invaluable for pressure studies which have extremely high requirements for precise control and stability, Uwatoko said.

    “China has become a global leader in materials research and experimental infrastructure. Collaborating with Chinese institutions grants access to cutting-edge facilities like SECUF. Such partnerships accelerate discovery and foster long-term scientific exchange,” he added.

    In 2024, IOP and the Max Planck Institute for Chemical Physics of Solids in Germany established the Joint Research Center for Quantum Materials and Physics under Extreme Conditions, leveraging SECUF’s capabilities. Collaborative results have since been published in academic journals.

    “SECUF’s hardware is outstanding and fully capable of supporting frontier research. What impressed me most was the team’s execution efficiency — from agreement signing to project implementation. This reflects exceptional scientific management professionalism,” said Sergey Medvedev, a senior researcher at the Max Planck Institute for Chemical Physics of Solids.

    Ariando Ariando, a professor from the National University of Singapore, highlighted that China’s advancements in physics over the past two decades — both in research caliber and experimental facilities — have been astounding.

    “SECUF’s high-pressure and high-magnetic-field capabilities are precisely what our quantum research requires. We look forward to fruitful collaboration,” he said.

    In February this year, SECUF passed national acceptance inspection and is now fully operational. To create a seamless “barrier-free” soft environment, it is making efforts to enhance its global accessibility include optimizing its English website, preparing comprehensive English manuals, and ensuring all facility signage includes English descriptions, according to IOP.

    As a new facility, the experimental hours of international users at SECUF currently account for 3 percent to 4 percent of the total hours. This proportion is planned to increase to 20 percent by 2030, transforming the facility into a broader global “scientific stage,” said IOP.

    “We warmly welcome experts and scholars worldwide to conduct research here and share their valuable insights,” said Fang Zhong, a CAS academician and director of IOP.

    MIL OSI China News –

  • MIL-OSI Economics: ADB Lowers Economic Growth Forecast for Asia and the Pacific

    Source: Asia Development Bank

    ADB has lowered its growth forecasts for economies in developing Asia and the Pacific this year and next year. The downgrades are driven by expectations of reduced exports amid higher United States (U.S.) tariffs and global trade uncertainty, as well as weaker domestic demand.

    MIL OSI Economics –

  • MIL-OSI Economics: Asian Development Outlook (ADO) July 2025: Slower Growth Amid Tariffs and Uncertainty

    Source: Asia Development Bank

    Tariffs and trade uncertainty are dampening the outlook for developing Asia and the Pacific, with growth forecasts downgraded to 4.7% for 2025 and 4.6% for 2026. Risks include renewed tariff hikes, geopolitical tensions, and further property market weakness in the People’s Republic of China.

    MIL OSI Economics –

  • MIL-Evening Report: Auckland is NZ’s ‘primate city’ but its potential remains caged in by poor planning and vision

    Source: The Conversation (Au and NZ) – By Timothy Welch, Senior Lecturer in Urban Planning, University of Auckland, Waipapa Taumata Rau

    Getty Images

    The recent report comparing Auckland to nine international peer cities delivered an uncomfortable truth: our largest city is falling behind, hampered by car dependency, low-density housing and “weak economic performance”.

    The Deloitte State of the City analysis was no surprise to anyone who has watched successive governments treat the city as a problem to manage, rather than an engine to fuel.

    The report’s findings were stark: Auckland rates 82nd out of 84 cities globally for pedestrian friendliness, and its car-dependent transport system is more carbon-intensive and slower to decarbonise than peer cities.

    This is the direct result of decades of planning failures, including what urban researchers call the 1970s “great down-zoning” which halved central Auckland’s housing capacity.

    This isn’t just Auckland’s problem. When we mismanage what geographers call a “primate city,” it reveals our fundamental misunderstanding of how modern economies work.

    The concept of the primate city was formalised by geographer Mark Jefferson in 1939. Such cities are defined as being “at least twice as large as the next largest city and more than twice as significant”.

    Auckland fits this definition perfectly. With more than 1.7 million people, it is over four times larger than Christchurch or the greater Wellington region. The city accounts for 34% of New Zealand’s population and is projected to hit 40% of the working-age population by 2048.

    Auckland contributes 38% of New Zealand’s gross domestic product and its per-capita GDP is 15% higher than the rest of the country’s. Its most productive area, the central business district, enjoys a 40% productivity premium over the national average.

    To economists, these numbers represent the “agglomeration benefits” research shows primate cities generate. It is the economic effect of combining businesses, talent and infrastructure.

    Yet New Zealand systematically underinvests in the very place generating this outsized economic contribution.

    A pattern of infrastructure failure

    Auckland’s infrastructure deficit follows a predictable pattern. The City Rail Link, while progressing, has grown from an initial budget of NZ$2-3 billion to $5.5 billion, with opening delayed until 2026.

    Light rail was cancelled entirely after years of planning. A second harbour crossing has been studied for decades without a shovel hitting dirt. Each represents billions in opportunity costs while congestion worsens.

    This goes well beyond project mismanagement. It is a deep structural problem.

    The Infrastructure Commission-Te Waihanga identifies a $210 billion national infrastructure shortfall, with Auckland bearing a disproportionate burden despite generating a disproportionately high level of revenue.

    International research by the OECD shows successful countries treat metropolitan regions as engines of national growth, not a burden.

    The ‘Wellington problem’

    Public policy expert Ian Shirley called it the “Wellington Problem”: the way Auckland’s governance became an obsession for politicians and bureaucrats based in Wellington.

    The tension dates to 1865 when the capital was moved from Auckland to Wellington, establishing a pattern where political power was deliberately separated from economic power.

    Auckland loses an estimated $415.35 million annually in GST collected on rates. This goes to Wellington and into government revenue rather than being reinvested locally. Central government properties in Auckland, worth $36.3 million in rates, are exempt from payment while still using Auckland’s infrastructure.

    When Auckland speaks with “one voice” through its unified council, Wellington responds with legislative overrides.

    The recent National Land Transport Programme, for example, cut Auckland’s transport funding by $564 million. Mayor Wayne Brown said the government’s transport policy “makes zero sense for Auckland”.

    Learning from others

    The contrast with international approaches reveals just how counterproductive New Zealand’s approach has been.

    London has an integrated Transport for London authority with congestion charging powers, generating £136 million annually for reinvestment. Paris is investing more than €35 billion in the Grand Paris Express transit project.

    Japan’s “Quality Infrastructure Investment” principles include ¥13.2 trillion in regional infrastructure investment. Australia’s A$120 billion infrastructure programme explicitly recognises its largest cities contribute over 50% of GDP and require proportional investment.

    Research has shown excessive urban concentration in one country can create problems. But denying the primate city resources only leads to a “deterioration in the quality of life” that drags down the entire national economy.

    The solution lies in making strategic investments that maximise the benefits of agglomeration while managing any negative costs to the national economy.

    Growing pains

    Auckland isn’t a problem to be managed, it is an asset to be leveraged. Every successful developed economy has learned this lesson. Paris generates 31% of France’s GDP and gets treated accordingly.

    Seoul produces 23% of South Korea’s output and receives massive infrastructure investment. Tokyo drives Japan’s economy.

    The international evidence is unambiguous: countries that strategically invest in their primate cities achieve higher productivity growth and maintain competitive advantages.

    Auckland doesn’t need sympathy or special treatment. It needs what every primate city in every successful economy gets: infrastructure investment proportional to its economic contribution, governance structures that reflect its scale, and political leadership that understands agglomeration economics.

    The question isn’t whether Auckland is too big. The question is whether New Zealand is big enough to nurture its primate city.

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

    – ref. Auckland is NZ’s ‘primate city’ but its potential remains caged in by poor planning and vision – https://theconversation.com/auckland-is-nzs-primate-city-but-its-potential-remains-caged-in-by-poor-planning-and-vision-261176

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI New Zealand: Environment – EPA approves new fruit fungicide

    Source: Environmental Protection Authority

    The Environmental Protection Authority (EPA) has approved a fungicide with a new active ingredient that controls blackspot and powdery mildew on apples and pears, and Botrytis on grapes.
    UPL New Zealand Limited applied to import or manufacture Rhapsody, a fungicide containing 218 g/L ipflufenoquin, a chemical new to New Zealand.
    UPL says Rhapsody gives growers an alternative to other products that may be becoming less effective due to increasing resistance, gives another option for late season use, and is lower risk to human health.
    “This approval means growers will have access to an innovative tool with a new mode of action, helping protect crops vital to New Zealand’s primary sector,” says Dr Lauren Fleury, EPA Hazardous Substances Applications Manager.
    The apple industry contributed almost $2 billion to the New Zealand economy last year, and the wine export value reached approximately $2.4 billion.
    The decision to approve Rhapsody was made following a rigorous assessment and consultation process, says Dr Fleury.
    “As this product contains an active ingredient that is new to New Zealand, we assessed the scientific data and evidence, as well as economic and local information, to enable access to new chemistry while continuing to protect people’s health and our unique environment.”
    Ipflufenoquin has been approved in other countries, including Australia, Canada, Japan and the USA.
    This decision is the latest for the EPA, which has reduced the queue of hazardous substance release applications by almost 21 percent since 1 July 2024. The EPA has set ambitious assessment targets for the coming year, including increasing the number of assessments for substances containing new active ingredients.
    “We understand the importance of timely access to new products. Continuing to reduce the queue and assess new active ingredients is a top priority for us.”
    The substance can only be used by professionals in commercial settings, and users must comply with specific controls.
    As an agricultural compound, Rhapsody must also receive approval from the Ministry for Primary Industries (MPI) before it can be used in New Zealand.

    MIL OSI New Zealand News –

  • MIL-OSI: Cre8 Enterprise Limited Announces Pricing of Initial Public Offering and Listing on Nasdaq

    Source: GlobeNewswire (MIL-OSI)

    Hong Kong, July 22, 2025 (GLOBE NEWSWIRE) — Cre8 Enterprise Limited (Nasdaq: CRE) (the “Company”), a Hong Kong-based integrated financial printing service provider, today announced the pricing of its initial public offering (the “Offering”) of 1,450,000 Class A ordinary shares (the “Class A Ordinary Shares”) on July 22, 2025, at a price of $4.00 per Class A Ordinary Share (the “Offering Price”).

    The Class A Ordinary Shares are expected to begin trading on the Nasdaq Capital Market on July 23, 2025 under the symbol “CRE”. The Offering is expected to close on July 24, 2025, subject to the satisfaction of customary closing conditions.

    The Company expects to receive gross proceeds of approximately US$5.8 million from the Offering, before deducting underwriting discounts and other offering expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 217,500 Class A Ordinary Shares of the Company, at the Offering Price, representing 15% of the Class A Ordinary Shares sold in the Offering (the “Over-allotment”). 

    The Company intends to use the net proceeds for upgrading the Company’s office in the Central District in Hong Kong and expanding its business, expanding its workforce and staff training, upgrading and/or acquiring equipment and information technology systems, and for working capital and other general corporate purposes.

    The Offering is being conducted on a firm commitment basis. American Trust Investment Services, Inc. is acting as the representative of the underwriters, with Prime Number Capital, LLC acted as the co-underwriter (collectively, the “Underwriters”) for the Offering. Ortoli Rosenstadt LLP acted as U.S. securities counsel to the Company. Winston & Strawn LLP acted as the legal counsel to the Underwriters in connection with the Offering. 

    The Offering is being conducted pursuant to the Company’s Registration Statement on Form F-1 (File No. 333-281629) previously filed with, and declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on July 22, 2025. The Offering is being made only by means of a prospectus. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, electronic copies of the prospectus relating to the Offering may be obtained from American Trust Investment Services, Inc. by standard mail to 1244 119th Street, Whiting, IN 46394, by telephone at +1 (219) 473-5542 or via email at IB@amtruinvest.com; or from Prime Number Capital, LLC by standard mail to Prime Number Capital, LLC, 12 E 49 St, Floor 27, New York, NY 10017, by email at info@pncps.com, or by telephone at +1 (516) 717-5671.

    Before you invest, you should read the prospectus and other documents the Company has filed or will file with the SEC for more information about the Company and the Offering. This press release has been prepared for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities described herein, and no sale of these securities may be made in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

    About Cre8 Enterprise Limited

    Cre8 Enterprise Limited provides 24/7 integrated financial printing services for listed companies, IPO applicants and private companies in the finance and capital market in Hong Kong under its brand, “Cre8”. The services cover concept creation and artwork design, typesetting, proofreading, translation, printing, binding, logistics arrangement, uploading or making e-submissions of customers’ financial reports and compliance documents and media placements. In addition to these core services, it has expanded its offerings to include complementary design services such as website design, branding, and content creation for marketing materials. Moreover, it is now providing technological support to its customers by disseminating and publishing announcements, circulars, financial reports, and industry news feeds through a website of its “Cre8IR” brand. 

    Forward-Looking Statements

    This press release contains forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. These forward-looking statements include, without limitation, the Company’s statements regarding the expected trading of its Class A Ordinary Shares on the Nasdaq Capital Market, its intended use of proceeds and the closing of the Offering. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

    For more information, please contacts:

    Cre8 Enterprise Limited

    Email: ir@cre8corp.com
    Phone: +852 3693 2688

    The MIL Network –

  • MIL-OSI USA: Rep. Young Kim Initiative to Support U.S. Leadership in Indo-Pacific Passes Markup

    Source: United States House of Representatives – Representative Young Kim (CA-39)

    Washington, DC – Today, the House Foreign Affairs Committee passed out of markup H.R. 4490, the Providing Appropriate Recognition and Treatment Needed to Enhance Relations (PARTNER) Act. 

    U.S. Representative Young Kim (CA-40), chairwoman of the House Foreign Affairs East Asia and Pacific Subcommittee, helped introduce H.R. 4490. Included in the bill are the PARTNER with ASEAN Act and Pacific Partnership Act, which Rep. Kim helped work on to elevate U.S. cooperation with our Indo-Pacific allies.  

    “When the United States shows up as the partner of choice for our Indo-Pacific allies and partners, we win,” said Congresswoman Kim. “The PARTNER Act sends a clear and needed message that the United States will stand shoulder-to-shoulder with our friends, including our Indo-Pacific partners, from the Philippines to Palau, to promote a free, open, and prosperous Indo-Pacific region.” 

    MIL OSI USA News –

  • MIL-OSI United Nations: Noting Almost 3 Billion People Lack Safe Place to Live, Deputy Secretary-General Urges Investment in Adequate Housing as Both Development, Peace Infrastructure

    Source: United Nations General Assembly and Security Council

    Following are UN Deputy Secretary-General Amina Mohammed’s remarks, as prepared for delivery, at the joint Economic and Social Council and the United Nations Human Settlements Programme (UN-Habitat) high-level dialogue on adequate housing, today:

    It is a privilege to join you today for this important dialogue.  I thank the President of the Economic and Social Council and UN-Habitat for convening us at such a critical moment.

    Let me begin with a simple question:  What did it take for us to be here today?  We woke up somewhere safe.  We had an address where documents could reach us, where our families knew to find us.  We had a place to eat a meal, charge our phones and prepare for this day.  For almost 3 billion people on our planet, none of that is guaranteed.

    This is why today’s dialogue — at this critical moment during the High-Level Political Forum — matters so urgently.  Housing is not simply about a roof over one’s head.  It is a fundamental human right and the foundation upon which peace itself rests.  Sustainable development and sustainable peace are inseparable.

    Today, in an increasingly urbanized world, almost 3 billion people still live in inadequate conditions, in informal settlements, overcrowded housing or with no shelter at all.  Among them are more than 120 million refugees and internally displaced persons — families torn from their homes by conflict, persecution and violence.

    When homes are destroyed, when families are forced to flee, when communities are uprooted, we witness how housing becomes both a casualty and weapon of war.  In Gaza, in Ukraine, in Sudan, in Yemen, in Myanmar and beyond, we have seen this time and again.

    There is no safe housing in rubble, and without shelter, we lose the very basis of social cohesion and stability that makes peace possible.  This crisis touches every Sustainable Development Goal we’ve committed to achieving by 2030.

    We often say that home is where the heart is.  Our work on housing sits at the very heart of the Sustainable Development Goals, and when we secure adequate housing for all, we nurture the conditions where every other goal can flourish.

    We know that when people have access to safe, adequate, and affordable housing, children perform better in school.  Workers are more productive.  Health outcomes improve dramatically.  Decent work becomes accessible.  Communities become more resilient to the forces that fuel conflict and division.  And while adequate housing cannot eliminate gender-based violence within the home, it reduces women and girls’ exposure to violence in public spaces.

    So, the reality is that the ambition of the 2030 Agenda to leave no one behind begins with something as fundamental as a safe place to call home. By 2030, 60 per cent of the world’s population will live in cities, rising to nearly 70 per cent by 2050.

    We have the tools and the commitment to grow cities, not slums, guided by the New Urban Agenda’s call for planned, inclusive urbanization that ensures housing, services and dignity for all.  Success or failure to deliver on our commitments will depend on our ability to act urgently and work together.

    At the Financing for Development Forum, Member States rightly called for bold reforms and investments to strengthen the social contract.  That must include housing, not as a stand-alone project, but as a driver of inclusive development.

    The Pact for the Future reaffirmed the 2030 Agenda and gave us a mandate to make multilateralism deliver in the lives of people, in the neighbourhoods where they live.  It also gave us a mandate to prevent conflict and sustain peace — and housing sits at the intersection of both.

    Later this year, the Second World Social Summit offers us an opportunity to reaffirm that housing is critical for social protection, decent work, access to services, and essential to building a just and cohesive society.  It is also an opportunity to recognize housing as a pillar of conflict prevention and peacebuilding.

    As Chair of the UN Sustainable Development Group, I see how country teams are working every day with governments, civil society and local and regional governments to advance these goals.

    But we need to do more.  Concretely, that means aligning political commitment and financing with the urgency and scale of the challenge.  It means investing in adequate housing, not just as development infrastructure, but peace infrastructure.

    We also need to bring to the centre those who are too often pushed to the margins:  women, young people, older persons, persons with disabilities, Indigenous Peoples, displaced populations and people living in homelessness.

    Their voices and experiences must inform the policies and solutions because they know what works, what’s missing, and they can inform the solutions we need to scale.  They also know intimately the connections between displacement, insecurity and conflict. Their involvement is the best measure of our commitment to equity, dignity and human rights.

    The first place where opportunity begins or where it is denied is not an office building or a school – it’s a home.  Together, let’s deliver not only shelter, but lasting solutions that offer security and a path to prosperity.  Not only four walls and a roof, but the opportunity to live in dignity.

    MIL OSI United Nations News –

  • MIL-OSI United Nations: ‘Perfect storm’ of global crises drove years of food price surges: FAO

    Source: United Nations 2

    The report, to be released later this month, reveals how between 2020 and 2024, the world experienced a dramatic increase in food prices driven by a combination of COVID-19 inflation, the war in Ukraine restricting movements on food and commodities, and increasing climate shocks.  

    “The episodes described in this publication bring up what we call a perfect storm,” said Mr. Torero Cullen.

    Máximo Torero Cullen speaks to journalists at the UN HQs via video link.

    First, he explained that during the COVID-19 pandemic, governments launched fiscal stimulus and relief packages, which increased demand and, thus, global inflation.

    Russia’s full-scale invasion of Ukraine compounded this crisis. Before the war began in 2022, Ukraine was a key exporter of wheat, sunflower oil and fertilisers. The war not only restricted these exports but disrupted trade routes and pushed up fuel and input costs, which amplified inflation across the world.

    Additionally, increasingly frequent and intense climate shocks in major producing regions – such as droughts, floods and heat waves – further aggravated food inflation.

    Worldwide impacts

    Only in 2024 did prices return to pre-COVID levels, meaning that households struggled for multiple years to afford food, with major consequences.

    As real wages fell while food prices increased, household purchasing power was eroded. Households responded by buying cheaper and less nutritious food, reducing meal frequency, and often prioritising meals for certain family members and reducing intake for women and children.

    Mr. Torero Cullen also explained that an increase in food prices directly correlates to an increase in moderate and severe food insecurity. The impacts of this were particularly harsh in Africa and Western Asia, where food imports, dependence and currency depreciation made food even more expensive.

    Moreover, as food prices increased, nutrition outcomes among children under five worsened. The SOFI report illustrated that a 10 per cent food price increase led to a 2.7 to 6.1 per cent increase in moderate to severe wasting, which has long-lasting effects on child development and public health systems.  

    Notably, these grave impacts were uneven, mostly affecting low-income and African countries – many of which are still seeing worsening figures. During the peak of the crisis in January 2023, some low-income countries experienced food price inflation of up to 30 per cent, compared to 13.6 per cent globally.

    Policy recommendations  

    Mr. Torero Cullen finished his briefing by outlining the policy prescriptions detailed in the SOFI report.  

    He first underscored targeted fiscal support. “Social protection measures are the most effective response to food price spikes,” he explained. “This will protect vulnerable populations without creating long-term fiscal risk or market distortions.”  

    He also highlighted avoiding trade disruptions, coordinating monetary and fiscal policies, improving market transparency, and institutional preparedness as essential components for avoiding future crises.

    “This SOFI underscores that inflation can undermine progress. It underlines our vulnerabilities, and it also brings the importance of strengthening resilience, inclusiveness and transparency to be able to avoid and minimize the risk of these problems,” he concluded.  

    MIL OSI United Nations News –

  • MIL-OSI Canada: Minister Sidhu discusses trade priorities and opportunities with counterparts and business leaders in British Columbia

    Source: Government of Canada News (2)

    July 22, 2025 – Vancouver, British Columbia – Global Affairs Canada

    The Honourable Maninder Sidhu, Minister of International Trade, was in British Columbia (B.C.) from July 17 to 21, to meet with provincial and industry leaders, as well as Trade Commissioner Service (TCS) clients in the defence, aerospace and agriculture sectors.

    During a keynote address at a Surrey Board of Trade event, Minister Sidhu outlined Canada’s economic priorities, including strengthening and diversifying trade relationships worldwide. He spoke about the significance of the Government of Canada’s Team Canada Trade Missions, a key initiative under the Indo-Pacific Strategy that helps Canadian businesses export to new international markets.

    The minister also met with his newly appointed B.C. counterpart, the Minister of Jobs and Economic Growth, Ravi Kahlon. They explored collaboration opportunities between the federal and provincial governments to create market connections for Canadian companies, including through Canada’s TCS. Following their meeting, Minister Kahlon joined Minister Sidhu at a round-table discussion with Business Council of British Columbia members, where they shared Canada’s and B.C.’s priorities for continued growth in the energy sector.

    While in the Vancouver area, Minister Sidhu toured the Port of Vancouver and saw first-hand how the harbour contributes to Canada’s international supply chain, facilitating the flow of exports to Asia and connections to essential goods from around the world. He also visited OSI Maritime Systems Ltd., a successful TCS partner, where he gained valuable insights into the unique export challenges faced by Canadian defence companies. The Minister then met with Tamara Vrooman, President and CEO of the Vancouver International Airport to discuss key priorities, including cargo capacity and enhancing international connectivity.

    In Kitimat, he visited LNG Canada, the country’s first export-oriented liquefied natural gas facility, where he learned about the company’s exports to Asia. As a world leader in the energy sector, Canada is a partner of choice for clean energy solutions and is ready to become a conventional and clean energy superpower.

    Minister Sidhu concluded his visit to B.C. in Kelowna. He participated in a discussion with business leaders at the Kelowna Chamber of Commerce, where he highlighted the role the TCS can play to help B.C. companies reach new export markets. While in Kelowna, the minister also visited Anodyne Electronics Manufacturing, Hillcrest Farms, and KF Aerospace, local businesses, to gain insights into their experiences, discuss challenges they face, and explore how the TCS can support them.

    MIL OSI Canada News –

  • MIL-OSI USA: Reps. Moore and Zinke Introduce Legislation to Codify Executive Order on National Parks

    Source: United States House of Representatives – Representative Riley Moore (WV-02)

    Washington, D.C. – Today, Congressman Riley M. Moore (WV-02) and Congressman Ryan Zinke (MT-01) introduced the PATRIOT Parks Act — which codifies President Trump’s Executive Order “Making America Beautiful Again by Improving Our National Parks.”

    Currently, the National Parks System faces more than $23 billion in deferred maintenance, including more than $200 million on parklands in West Virginia. This legislation implements increased entrance fees for foreign visitors at National Parks, with the additional funds being reinvested back into parks for maintenance and other basic operating costs. Senator Jim Banks of Indiana and Senator Tim Sheehy of Montana introduced companion legislation in the Senate.

    The bill is supported by the American Conservation Coalition Action (ACC Action) and the Property and Environment Research Center (PERC). Both organizations were instrumental in helping craft the President’s executive order. The Bull Moose Project and American Prairie are also supportive of the legislation.

    Congressman Moore issued the following statement:

    “From the New River Gorge in my home state to Shenandoah, the Great Smoky Mountains, the Everglades, and the Grand Canyon – God blessed our nation with a tremendous natural heritage. We owe it to future generations to ensure these natural marvels are protected.

    “Unfortunately, the National Park System currently faces a backlog of more than $23 billion in deferred maintenance, including more than $200 million on properties across the Mountain State. Our commonsense legislation keeps entry fees static for Americans while charging more for foreigners visiting our National Parks. This will allow us to finally start tackling this extensive maintenance backlog.”

    Here’s what others are saying:

    “National Parks are America’s best idea and maintaining that legacy for future generations means making smart investments in the management of the parks,” said Congressman Zinke. “Americans already pay for parks in our tax dollars as well as at the gates. It’s unfair to American taxpayers to foot the bill for millions of foreign visitors. Almost every other country charges foreign visitors more, it’s common sense. President Trump and Secretary Burgum did the right thing directing the National Park Service implement a foreign visitor fee. This legislation will codify the policy and ensure Americans are put First in our own parks.”

    “Americans already pay for our parks through federal taxes on top of standard admission fees, so it’s fair to ask foreign visitors to chip in more,” said Senator Banks. “This bill codifies President Trump’s executive order and helps protect our national treasures for future generations.”

    “Our national parks drive Montana’s tourism economy by bringing in visitors from all over the world and define our way life by offering an experience you can only find in America,” said Senator Sheehy. “Implementing a foreign visitor fee is an America First, commonsense way to secure affordable access for American families, improve our national parks for all visitors, and better manage our treasured public lands. It’s not too much for Americans to ask that their government puts them first, and that’s why I’m proud to support the PATRIOT Parks Act so more American families can enjoy our national parks for generations to come.”

    “Our national parks are America’s best idea and a crucial part of our natural heritage, but in recent decades, they have fallen into disrepair with a multibillion-dollar maintenance backlog,” said ACC Action President Chris Barnard.  “An increased entry fee for international visitors would raise needed revenue to steward our national treasures and ensure that everyone who enjoys them contributes to protecting them. The American Conservation Coalition Action and our thousands of members are proud to support this effort to bolster the National Park Service.”

    “Visitors from across the globe come to see the wonder of America’s national parks, and this proposal offers them a way to give back,” said PERC CEO Brian Yablonski. “Charging a modest fee to international tourists—something many countries already do—provides a steady source of funding to improve park infrastructure, enhance visitor experiences, and invest in long-overdue restoration. Drawing on years of PERC research, we’re grateful to Sen. Banks and Rep. Moore for championing efforts to conserve these iconic places for future generations.”

    ###

    MIL OSI USA News –

  • MIL-OSI Russia: 155th Joint Mekong River Patrol Begins

    Translation. Region: Russian Federal

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

    An important disclaimer is at the bottom of this article.

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

    KUNMING, July 22 (Xinhua) — Law enforcement agencies from China, Laos, Myanmar and Thailand on Tuesday launched the 155th joint patrol of the Mekong River to combat cross-border crime.

    The patrol officially began at around 9 a.m. Tuesday, when three Chinese vessels left Jingha Port in southwest China’s Yunnan Province. Patrol vessels from Laos and Myanmar also set out from ports in Laos and Myanmar at the same time, heading to a pre-designated area.

    The four-day, three-night joint patrol involves more than 100 law enforcement officers from China, Laos, Myanmar and Thailand, as well as seven patrol vessels from those countries, excluding Thailand. The mission will include combined water-land inspections and training in some key waters on the Mekong River, aimed at combating drug trafficking, fraud, smuggling and illegal migration.

    During the patrol, the relevant law enforcement agencies of the four countries will also hold an information-sharing meeting in Chiang Saen, Thailand, to review the security situation in the Lancang-Mekong basin and identify priority areas for further cooperation.

    The previous joint patrol ended at the end of June this year. During it, representatives of the joint patrol group organized various preventive actions in villages, schools and enterprises in the coastal zone, distributing more than 1,000 anti-drug leaflets and 4,000 educational materials.

    The Mekong River, known in China as the Lancangjiang, is one of the most important waterways for transboundary shipping in Southeast Asia. Joint patrols of the Mekong involving China, Laos, Myanmar and Thailand have been conducted since December 2011. –0–

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

    .

    MIL OSI Russia News –

  • MIL-OSI: First Busey Corporation Announces 2025 Second Quarter Earnings

    Source: GlobeNewswire (MIL-OSI)

    LEAWOOD, Kan., July 22, 2025 (GLOBE NEWSWIRE) — First Busey Corporation (Nasdaq: BUSE) Announces 2025 Second Quarter Earnings.

    Net Income   Diluted EPS   Net Interest Margin1   ROAA1   ROATCE1
    $47.4 million   $0.52   3.49%   1.00%   11.24%
    $57.4 million (adj)2   $0.63 (adj)2   3.33% (adj)2   1.21% (adj)2   13.61% (adj)2
                     
    MESSAGE FROM OUR CHAIRMAN & CEO
    This quarter’s bank merger and data conversion represents a significant milestone for our organization, as we officially welcome CrossFirst Bank customers to Busey Bank. We are proud to offer a premier, full-service banking experience for both consumer and commercial clients, with 78 locations spanning 10 states. Our comprehensive services also include a robust wealth management platform and cutting-edge payment technology solutions through FirsTech, Inc. This transformational partnership allows us to enhance Busey’s rich 157-year legacy of service excellence, further advancing our organization for the benefit of all our Pillars—associates, customers, communities, and shareholders.

    Van A. Dukeman
    Chairman and Chief Executive Officer
     

    FINANCIAL RESULTS

    CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)
                         
        Three Months Ended   Six Months Ended
    (dollars in thousands, except per share amounts)   June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    Total interest income   $ 247,446     $ 166,815     $ 131,939     $ 414,261     $ 257,759  
    Total interest expense     94,263       63,084       49,407       157,347       99,373  
    Net interest income     153,183       103,731       82,532       256,914       158,386  
    Provision for credit losses1     5,700       45,593       1,908       51,293       6,268  
    Net interest income after provision for credit losses1     147,483       58,138       80,624       205,621       152,118  
    Total noninterest income     44,863       21,223       33,703       66,086       68,616  
    Total noninterest expense1     127,833       112,030       75,906       239,863       147,353  
    Income (loss) before income taxes     64,513       (32,669 )     38,421       31,844       73,381  
    Income taxes     17,109       (2,679 )     11,064       14,430       19,799  
    Net income (loss)     47,404       (29,990 )     27,357       17,414       53,582  
    Dividends on preferred stock     155       —       —       155       —  
    Net income (loss) available to common stockholders   $ 47,249     $ (29,990 )   $ 27,357     $ 17,259     $ 53,582  
                         
    Basic earnings (loss) per common share   $ 0.53     $ (0.44 )   $ 0.48     $ 0.22     $ 0.95  
    Diluted earnings (loss) per common share   $ 0.52     $ (0.44 )   $ 0.47     $ 0.22     $ 0.94  
    Effective income tax rate     26.52 %     8.20 %     28.80 %     45.31 %     26.98 %

    ___________________________________________

    1. Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses; therefore, it is no longer included within total noninterest expense.

    Following the acquisition of CrossFirst Bankshares, Inc. (“CrossFirst”) and its subsidiary CrossFirst Bank, by First Busey Corporation, the holding company for Busey Bank, in the first quarter of 2025, CrossFirst Bank was merged with and into Busey Bank (the “Bank Merger”) on June 20, 2025. At the time of the Bank Merger, CrossFirst Bank banking centers became banking centers of Busey Bank. Throughout this document, we refer to First Busey Corporation, together with its consolidated subsidiaries, as “Busey,” the “Company,” “we,” “us,” or “our.”

    Busey’s net income for the second quarter of 2025 was $47.4 million, or $0.52 per diluted common share, compared to a net loss of $30.0 million, or $0.44 per diluted common share, for the first quarter of 2025, and net income of $27.4 million, or $0.47 per diluted common share, for the second quarter of 2024. Annualized return on average assets and annualized return on average tangible common equity2 were 1.00% and 11.24%, respectively, for the second quarter of 2025. The second quarter of 2025 represented the first full quarter in which the CrossFirst acquisition contributed to Busey’s financial results.

    Busey views certain non-operating items, including acquisition-related expenses, restructuring charges, and nonrecurring strategic events, as adjustments to net income reported under U.S. generally accepted accounting principles (“GAAP”). We also adjust for net securities gains and losses to align with industry and research analyst reporting. The objective of our presentation of adjusted earnings and adjusted earnings metrics is to allow investors and analysts to more clearly identify quarterly trends in core earnings performance. Non-operating pre-tax adjustments for acquisition and restructuring expenses2 in the second quarter of 2025 were $16.6 million, with an additional $4.0 million adjustment to the initial provision for unfunded commitments resulting from the adoption of a new Current Expected Credit Losses (“CECL”) model. Further, net securities gains were $6.0 million, almost entirely related to unrealized gains on Busey’s approximately 3% equity ownership of a financial institution that was the target of an announced acquisition at a significant market premium. For more information and a reconciliation of these non-GAAP measures (which are identified with the End Note labeled as 2) in tabular form, see “Non-GAAP Financial Information” beginning on page 13.

    Adjusted net income,2 which excludes the impact of non-GAAP adjustments, was $57.4 million, or $0.63 per diluted common share, for the second quarter of 2025, compared to $39.9 million, or $0.57 per diluted common share, for the first quarter of 2025 and $30.5 million, or $0.53 per diluted common share, for the second quarter of 2024. Annualized adjusted return on average assets2 and annualized adjusted return on average tangible common equity2 were 1.21% and 13.61%, respectively, for the second quarter of 2025.

    Pre-Provision Net Revenue2

    Pre-provision net revenue2 was $64.2 million for the second quarter of 2025, compared to $28.7 million for the first quarter of 2025 and $40.7 million for the second quarter of 2024. Pre-provision net revenue to average assets2 was 1.35% for the second quarter of 2025, compared to 0.78% for the first quarter of 2025, and 1.35% for the second quarter of 2024.

    Adjusted pre-provision net revenue2 was $80.8 million for the second quarter of 2025, compared to $54.7 million for the first quarter of 2025 and $42.6 million for the second quarter of 2024. Adjusted pre-provision net revenue to average assets2 was 1.70% for the second quarter of 2025, compared to 1.50% for the first quarter of 2025 and 1.42% for the second quarter of 2024.

    Net Interest Income and Net Interest Margin2

    Net interest income was $153.2 million in the second quarter of 2025, compared to $103.7 million in the first quarter of 2025 and $82.5 million in the second quarter of 2024.

    Net interest margin2 was 3.49% for the second quarter of 2025, compared to 3.16% for the first quarter of 2025 and 3.03% for the second quarter of 2024. Excluding purchase accounting accretion, adjusted net interest margin2 was 3.33% for the second quarter of 2025, compared to 3.08% in the first quarter of 2025 and 3.00% in the second quarter of 2024.

    Components of the 33 basis point increase in net interest margin2 during the second quarter of 2025, which includes a full quarter of assets assumed in the CrossFirst acquisition, were as follows:

    • Increased loan portfolio and held for sale loan yields contributed +54 basis points
    • Increased purchase accounting accretion contributed +8 basis points
    • Securities repositioning executed in March contributed +4 basis points
    • Decreased borrowing expense contributed +4 basis points, of which +2 basis points were related to the redemption of subordinated debt in June
    • Increased non-maturity deposit funding costs contributed -25 basis points
    • Decreased cash and securities portfolio yield contributed -12 basis points

    Based on our most recent Asset Liability Management Committee (“ALCO”) model, a +100 basis point parallel rate shock is expected to increase net interest income by 2.8% over the subsequent twelve-month period. Busey continues to evaluate and execute off-balance sheet hedging and balance sheet repositioning strategies as well as embedding rate protection in our asset originations to provide stabilization to net interest income in lower rate environments. Time deposit and savings specials have continued to stabilize the funding base, and we had excess earning cash during the second quarter of 2025. Brokered deposit balances were reduced by $368.6 million during the second quarter of 2025 and at June 30, 2025, the Bank had $353.6 million, or 2.2% of total deposits, of remaining brokered funding. Total deposit cost of funds increased, as expected, from 1.91% during the first quarter of 2025 to 2.21% during the second quarter of 2025. Deposit cost of funds increased due to a full quarter of the higher mix of acquired CrossFirst indexed/managed rate customer products and brokered deposits. Busey will continue to deploy excess cash to pay down non-core and non-relationship high cost funding, which we anticipate will compress the asset base in the short term while helping to reduce the Bank’s overall funding cost. We expect the deposit beta will lessen during the year and is expected to normalize in a range between 45% and 50% of the upper limit of the federal funds target range.

    Noninterest Income

      Three Months Ended   Six Months Ended
    (dollars in thousands) June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    NONINTEREST INCOME                  
    Wealth management fees $ 16,777   $ 17,364     $ 15,917     $ 34,141     $ 31,466  
    Payment technology solutions   4,956     5,073       5,915       10,029       11,624  
    Treasury management services   4,981     3,017       2,145       7,998       4,046  
    Card services and ATM fees   4,880     3,709       3,430       8,589       6,390  
    Other service charges on deposit accounts   1,513     1,533       2,321       3,046       4,669  
    Mortgage revenue   776     329       478       1,105       1,224  
    Income on bank owned life insurance   1,745     1,446       1,442       3,191       2,861  
    Realized net gains (losses) on the sale of mortgage servicing rights   —     —       277       —       7,742  
    Net securities gains (losses)   5,997     (15,768 )     (353 )     (9,771 )     (6,728 )
    Other noninterest income   3,238     4,520       2,131       7,758       5,322  
    Total noninterest income $ 44,863   $ 21,223     $ 33,703     $ 66,086     $ 68,616  
                                         

    Total noninterest income increased by 111.4% compared to the first quarter of 2025 and increased by 33.1% compared to the second quarter of 2024, primarily due to net securities gains and losses, as well as the benefit of a full quarter of income from the CrossFirst acquisition.

    Excluding the impact of net securities gains and losses and the gains on the sale of mortgage servicing rights, adjusted noninterest income2 increased by 5.1% to $38.9 million, or 20.2% of operating revenue2, during the second quarter of 2025, compared to $37.0 million, or 26.3% of operating revenue2, for the first quarter of 2025. Compared to the second quarter of 2024, adjusted noninterest income2 increased by 15.1% from $33.8 million, or 29.0% of operating revenue.2

    Our fee-based businesses continue to add revenue diversification. Wealth management fees, wealth management referral fees included in other noninterest income, and payment technology solutions contributed 56.4% of adjusted noninterest income2 for the second quarter of 2025.

    Noteworthy components of noninterest income are as follows:

    • Wealth management fees declined by 3.4% compared to the first quarter of 2025. The decrease in the second quarter of 2025 was primarily related to seasonal fees, with a decrease in farm management fees, partially offset by higher tax preparation fees. Compared to the second quarter of 2024 wealth management fees increased by 5.4%. Busey’s Wealth Management division ended the second quarter of 2025 with $14.10 billion in assets under care, compared to $13.68 billion at the end of the first quarter of 2025 and $13.02 billion at the end of the second quarter of 2024. Our portfolio management team continues to focus on long-term returns and managing risk in the face of volatile markets and has outperformed its blended benchmark3 over the last three and five years.
    • Payment technology solutions includes income from electronic payments, merchant processing, and lockbox. Revenue in this category declined by 2.3% compared the first quarter of 2025 and declined by 16.2% compared to the second quarter of 2024, primarily due to decreases in income from electronic payments.
    • Treasury management services consist primarily of business analysis charges and wire transfer fees on commercial accounts. Income from treasury management services increased by 65.1% compared to the first quarter of 2025 and increased by 132.2% compared to the second quarter of 2024 due to the addition of CrossFirst commercial services.
    • Card services and ATM fees, which include both commercial and consumer accounts, increased by 31.6% compared to the first quarter of 2025 and increased by 42.3% compared to the second quarter of 2024 primarily due to addition of CrossFirst corporate card services.
    • Other service charges on deposit accounts declined by 1.3% compared to the first quarter of 2025 and declined by 34.8% compared to the second quarter of 2024. Declines are largely related to lower non-sufficient fund charges.
    • Other noninterest income decreased by 28.4% compared to the first quarter of 2025, primarily due to declines in gains on commercial loan sales, loss on sales of other real estate owned and a related reduction in income from the sold property, and decreases in venture capital investments. Compared to the second quarter of 2024, other noninterest income increased by 51.9%, primarily due to increases in venture capital investments, commercial loan servicing income, and other loan fee income.

    Operating Efficiency

      Three Months Ended   Six Months Ended
    (dollars in thousands) June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    NONINTEREST EXPENSE                  
    Salaries, wages, and employee benefits $ 78,360   $ 67,563   $ 43,478   $ 145,923   $ 85,568
    Data processing   14,021     9,575     7,100     23,596     13,650
    Net occupancy expense of premises   7,832     5,799     4,590     13,631     9,310
    Furniture and equipment expenses   2,409     1,744     1,695     4,153     3,508
    Professional fees   2,874     9,511     2,495     12,385     4,748
    Amortization of intangible assets   4,592     3,083     2,629     7,675     5,038
    Interchange expense   1,297     1,343     1,733     2,640     3,344
    FDIC insurance   2,424     2,167     1,460     4,591     2,860
    Other noninterest expense1   14,024     11,245     10,726     25,269     19,327
    Total noninterest expense1 $ 127,833   $ 112,030   $ 75,906   $ 239,863   $ 147,353

    ___________________________________________

    1. Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses; therefore, it is no longer included within other noninterest expense or total noninterest expense.

    Total noninterest expense increased by 14.1% compared to the first quarter of 2025 and increased by 68.4% compared to the second quarter of 2024. Growth in noninterest expense was primarily attributable to nonrecurring acquisition expenses related to the CrossFirst acquisition, added costs for operating expenses for two banks during the majority of the second quarter, until the banks were merged on June 20, 2025, and increased expense associated with the larger organization and branch network. Annual pre-tax expense synergy estimates resulting from the CrossFirst acquisition remain on track at $25.0 million, and we expect 50% of the identified synergies to be realized in 2025 and 100% in 2026.

    Adjusted noninterest expense,2 which excludes acquisition and restructuring expenses and amortization of intangible assets, was $106.6 million in the second quarter of 2025, a 28.6% increase compared to $82.9 million in the first quarter of 2025 and a 50.1% increase compared to $71.1 million in the second quarter of 2024.

    Noteworthy components of noninterest expense are as follows:

    • Salaries, wages, and employee benefits expenses increased by $10.8 million compared to the first quarter of 2025, with acquisition and restructuring expenses declining by $4.3 million. In connection with the CrossFirst acquisition in March and the addition of 16 banking centers, Busey’s workforce expanded, which resulted in only one month of associated expenses during the first quarter of 2025 in contrast to a full quarter of associated expenses reflected in the Company’s results for the second quarter of 2025. Compared to the second quarter of 2024, salaries, wages, and employee benefits expenses increased by $34.9 million, of which $10.4 million was attributable to increases in acquisition and restructuring expenses. Including associates added in connection with the CrossFirst acquisition, Busey has added 430 FTEs over the past year.
    • Data processing expense increased by $4.4 million compared to the first quarter of 2025 and by $6.9 million compared to the second quarter of 2024, of which $1.7 million and $3.6 million, respectively, was attributable to increases in acquisition and restructuring expenses. Busey has continued to make investments in technology enhancements and has also experienced inflation-driven price increases.
    • Professional fees declined by $6.6 million compared to the first quarter of 2025, which was primarily driven by a $7.0 million decrease in acquisition and restructuring expenses. Compared to the second quarter of 2024, professional fees increased by $0.4 million, primarily due to increased audit and accounting fees and legal fees, partially offset by $0.1 million declines in acquisition and restructuring expenses.
    • Amortization of intangible assets increased by $1.5 million compared to the first quarter of 2025, and by $2.0 million compared to the second quarter of 2024. The CrossFirst acquisition added an estimated $81.8 million of finite-lived intangible assets with amortization of $2.4 million and $3.1 million during the second quarter of 2025 and the first six months of 2025, respectively. Busey uses an accelerated amortization methodology.
    • Other noninterest expense increased by $2.8 million compared to the first quarter of 2025, and increased by $3.3 million compared to the second quarter of 2024. Items contributing to the increases included marketing, business development, supplies, and onboarding costs as well as increases in acquisition and restructuring expenses of $0.2 million compared to the first quarter of 2025 and $0.5 million compared to the second quarter of 2024.

    Busey’s efficiency ratio2 was 63.9% for the second quarter of 2025, compared to 77.1% for the first quarter of 2025 and 62.6% for the second quarter of 2024. Our adjusted efficiency2 ratio was 55.3% for the second quarter of 2025, compared to 58.7% for the first quarter of 2025, and 60.9% for the second quarter of 2024.

    Busey’s annualized ratio of adjusted noninterest expense to average assets was 2.24% for the second quarter of 2025, compared to 2.27% for the first quarter of 2025 and 2.36% for the second quarter of 2024. As our business grows, Busey remains focused on prudently managing our expense base and operating efficiency.

    BALANCE SHEET STRENGTH

    CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
               
      As of
    (dollars in thousands, except per share amounts) June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024
    ASSETS          
    Cash and cash equivalents $ 752,352     $ 1,200,292     $ 285,269  
    Debt securities available for sale   2,217,788       2,273,874       1,829,896  
    Debt securities held to maturity   802,965       815,402       851,261  
    Equity securities   16,171       10,828       9,618  
    Loans held for sale   10,497       7,270       11,286  
    Portfolio loans   13,808,619       13,868,357       7,998,912  
    Allowance for credit losses   (183,334 )     (195,210 )     (85,226 )
    Restricted bank stock   77,112       53,518       6,884  
    Premises and equipment, net   181,394       182,003       121,647  
    Right of use assets   38,065       40,594       11,137  
    Goodwill and other intangible assets, net   488,181       496,118       370,580  
    Other assets   708,930       711,206       560,152  
    Total assets $ 18,918,740     $ 19,464,252     $ 11,971,416  
               
    LIABILITIES & STOCKHOLDERS’ EQUITY          
    Liabilities          
    Deposits:          
      Noninterest-bearing deposits $ 3,590,363     $ 3,693,070     $ 2,832,776  
      Interest-bearing checking, savings, and money market deposits   9,578,953       9,675,324       5,619,470  
      Time deposits   2,632,456       3,091,076       1,523,889  
    Total deposits   15,801,772       16,459,470       9,976,135  
    Securities sold under agreements to repurchase   158,030       137,340       140,283  
    Short-term borrowings   —       11,209       —  
    Long-term debt   189,726       313,535       227,245  
    Junior subordinated debt owed to unconsolidated trusts   77,187       77,117       74,693  
    Lease liabilities   39,235       41,111       11,469  
    Other liabilities   240,244       244,864       207,781  
    Total liabilities   16,506,194       17,284,646       10,637,606  
               
    Stockholders’ equity          
    Retained earnings   273,799       249,484       261,820  
    Accumulated other comprehensive income (loss)   (155,311 )     (172,810 )     (220,326 )
    Other stockholders’ equity1   2,294,058       2,102,932       1,292,316  
    Total stockholders’ equity   2,412,546       2,179,606       1,333,810  
    Total liabilities & stockholders’ equity $ 18,918,740     $ 19,464,252     $ 11,971,416  

    ___________________________________________

    1. Net balance of preferred stock ($0.001 par value), common stock ($0.001 par value), additional paid-in capital, and treasury stock.
    AVERAGE BALANCES (unaudited)
                       
      Three Months Ended   Six Months Ended
    (dollars in thousands) June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    ASSETS                  
    Cash and cash equivalents $ 868,164   $ 861,021   $ 346,381   $ 864,613   $ 470,287
    Investment securities   3,083,284     2,782,435     2,737,313     2,933,690     2,822,228
    Loans held for sale   6,899     3,443     9,353     5,181     7,093
    Portfolio loans   13,840,190     9,838,337     8,010,636     11,850,318     7,804,976
    Interest-earning assets   17,700,356     13,363,594     11,000,785     15,543,955     11,003,344
    Total assets   19,068,086     14,831,298     12,089,692     16,961,396     12,056,950
                       
    LIABILITIES & STOCKHOLDERS’ EQUITY                  
    Noninterest-bearing deposits   3,542,617     3,036,127     2,816,293     3,290,770     2,762,439
    Interest-bearing deposits   12,450,529     9,142,781     7,251,582     10,805,793     7,290,844
    Total deposits   15,993,146     12,178,908     10,067,875     14,096,563     10,053,283
    Federal funds purchased and securities sold under agreements to repurchase   141,978     144,838     144,370     143,400     161,514
    Interest-bearing liabilities   12,985,015     9,627,841     7,725,832     11,315,702     7,778,744
    Total liabilities   16,783,504     12,896,222     10,757,877     14,850,601     10,753,180
    Stockholders’ equity – preferred   103,619     2,669     —     53,423     —
    Stockholders’ equity – common   2,180,963     1,932,407     1,331,815     2,057,372     1,303,770
    Tangible common equity1   1,686,490     1,521,387     955,591     1,604,394     939,150

    ___________________________________________

    1. See “Non-GAAP Financial Information” for reconciliation.

    Busey’s financial strength is built on a long-term conservative operating approach. That focus has endured over time and will continue to guide us in the future.

    Total assets were $18.92 billion as of June 30, 2025, compared to $19.46 billion as of March 31, 2025, and $11.97 billion as of June 30, 2024. Average interest-earning assets were $17.70 billion for the second quarter of 2025, compared to $13.36 billion for the first quarter of 2025, and $11.00 billion for the second quarter of 2024.

    Portfolio Loans

    We remain steadfast in our conservative approach to underwriting and our disciplined approach to pricing. Loan demand has been tempered with borrowers hesitant to invest because of lingering macroeconomic uncertainty. At the same time, our commercial real estate portfolio continues to season, resulting in payoffs as properties are completed, stabilized, and refinanced to permanent markets or sold. We expect continued pressure from paydowns within our commercial real estate portfolio through the remainder of 2025. Portfolio loans totaled $13.81 billion at June 30, 2025, compared to $13.87 billion at March 31, 2025, and $8.00 billion at June 30, 2024.

    Average portfolio loans were $13.84 billion for the second quarter of 2025, compared to $9.84 billion for the first quarter of 2025 and $8.01 billion for the second quarter of 2024.

    Asset Quality

    Asset quality continues to be strong. Busey Bank maintains a well-diversified loan portfolio and, as a matter of policy and practice, limits concentration exposure in any particular loan segment. Following the Bank Merger in June, we are operating as one bank, with a singular credit policy, concentration limits, and monitoring that will continue to align with Busey Bank’s pillars of credit quality.

    ASSET QUALITY (unaudited)
               
      As of
    (dollars in thousands) June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024
    Total assets $ 18,918,740     $ 19,464,252     $ 11,971,416  
    Portfolio loans   13,808,619       13,868,357       7,998,912  
    Loans 30 – 89 days past due   42,188       18,554       23,463  
    Non-performing loans:          
    Non-accrual loans   53,614       48,647       8,393  
    Loans 90+ days past due and still accruing   941       6,077       712  
    Non-performing loans   54,555       54,724       9,105  
    Other non-performing assets   3,596       4,757       90  
    Non-performing assets   58,151       59,481       9,195  
    Substandard (excludes 90+ days past due)   117,580       131,078       86,579  
    Classified assets $ 175,731     $ 190,559     $ 95,774  
               
    Allowance for credit losses $ 183,334     $ 195,210     $ 85,226  
               
    RATIOS          
    Non-performing loans to portfolio loans   0.40 %     0.39 %     0.11 %
    Non-performing assets to total assets   0.31 %     0.31 %     0.08 %
    Non-performing assets to portfolio loans and other non-performing assets   0.42 %     0.43 %     0.11 %
    Allowance for credit losses to portfolio loans   1.33 %     1.41 %     1.07 %
    Coverage ratio of the allowance for credit losses to non-performing loans 3.36 x   3.57 x   9.36 x
    Classified assets to Bank Tier 1 capital1and reserves   7.70 %     8.40 %     6.40 %

    ___________________________________________

    1. Capital amounts for the second quarter of 2025 are not yet finalized and are subject to change.

    Loans 30-89 days past due increased by $23.6 million compared to March 31, 2025, and increased by $18.7 million compared to June 30, 2024. Increases are primarily due to two commercial credits, one of which—representing approximately $12.5 million—was brought current after the end of the second quarter.

    Non-performing loans decreased by $0.2 million compared to March 31, 2025, and increased by $45.5 million compared to June 30, 2024, with the increase compared to the prior year due to loans purchased with credit deterioration (“PCD” loans) assumed in the CrossFirst acquisition. Non-performing loans were 0.40% of portfolio loans as of June 30, 2025, a 1 basis point increase from March 31, 2025, and a 29 basis point increase from June 30, 2024.

    Non-performing assets decreased by $1.3 million compared to March 31, 2025, and increased by $49.0 million compared to June 30, 2024, with the increase compared to the prior year due to the PCD loans assumed in the CrossFirst acquisition. Non-performing assets represented 0.31% of total assets as of both June 30, 2025, and March 31, 2025, which is a 23 basis point increase from June 30, 2024.

    Classified assets decreased by $14.8 million compared to March 31, 2025, and increased by $80.0 million compared to June 30, 2024, with the increase compared to the prior year due to the PCD loans assumed in the CrossFirst acquisition.

    The allowance for credit losses was $183.3 million as of June 30, 2025, representing 1.33% of total portfolio loans outstanding, and providing coverage of 3.36 times our non-performing loans balance.

    NET CHARGE-OFFS (RECOVERIES) AND PROVISION EXPENSE (RELEASE) (unaudited)
                       
      Three Months Ended   Six Months Ended
    (dollars in thousands) June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    Net charge-offs (recoveries) $ 12,882   $ 31,429   $ 9,856     $ 44,311   $ 15,072  
                       
    Provision for loan losses1 $ 1,005   $ 42,452   $ 2,277     $ 43,457   $ 7,315  
    Provision for unfunded commitments2   4,695     3,141     (369 )     7,836     (1,047 )
    Provision for credit losses3 $ 5,700   $ 45,593   $ 1,908     $ 51,293   $ 6,268  

    ___________________________________________

    1. Amounts reported as provision for loan losses for periods ending prior to June 30, 2025, were previously reported as provision for credit losses. March 31, 2025, included $42.4 million to establish an initial allowance for credit losses for loans purchased without credit deterioration (“non-PCD” loans) following the close of the CrossFirst acquisition.
    2. June 30, 2025, included an additional $4.0 million adjustment to the initial provision for unfunded commitments resulting from the adoption of a new CECL model. March 31, 2025, included $3.1 million to establish an initial allowance for unfunded commitments following the close of the CrossFirst acquisition.
    3. Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses.

    Net charge-offs decreased by $18.5 million when compared to the first quarter of 2025, and increased by $3.0 million when compared with the second quarter of 2024. Net charge-offs during the second quarter of 2025 primarily related to one legacy-Busey medical office credit. Net charge-offs during the first quarter of 2025 included $29.6 million related to PCD loans acquired from CrossFirst Bank, which were fully reserved at acquisition and did not require recording additional provision expense.

    The $1.0 million provision for loan losses recorded in the second quarter of 2025 included a release of the PCD provision of $11.8 million due to PCD loan payoffs/paydowns and non-PCD provision expense of $12.8 million to support charge-offs, to adjust for the loan portfolio mix, and as a response to economic factors.

    Deposits

    Total deposits were $15.80 billion at June 30, 2025, compared to $16.46 billion at March 31, 2025, and $9.98 billion at June 30, 2024. Average deposits were $15.99 billion for the second quarter of 2025, compared to $12.18 billion for the first quarter of 2025 and $10.07 billion for the second quarter of 2024. The deliberate run-off of higher cost brokered deposits and listing service CD reductions accounted for $386.8 million of the quarter over quarter decrease as well as seasonal tax payments that put additional pressure on funding during the quarter.

    Core deposits2 accounted for 92.5% of total deposits as of June 30, 2025. The quality of our core deposit franchise is a critical value driver of our institution. We estimated that 33% of our deposits were uninsured and uncollateralized4 as of June 30, 2025, and we have sufficient on- and off-balance sheet liquidity to manage deposit fluctuations and the liquidity needs of our customers.

    We have executed various deposit campaigns to attract term funding and savings accounts at a lower rate than our marginal cost of funds. New certificate of deposit production in the second quarter of 2025 had a weighted average term of 8.0 months at a rate of 3.74%, which was 80 basis points below our average marginal wholesale equivalent-term funding cost during the quarter.

    Borrowings

    On June 1, 2025, Busey redeemed the entire $125.0 million outstanding principal amount of its 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030 (the “Subordinated Notes”). The aggregate principal amount of the Subordinated Notes, plus accrued and unpaid interest thereon up to, but excluding, June 1, 2025, was $128.3 million.

    Liquidity

    As of June 30, 2025, Busey’s available sources of on- and off-balance sheet liquidity5 totaled $7.95 billion. Furthermore, Busey’s balance sheet liquidity profile continues to be aided by the cash flows expected from Busey’s relatively short-duration securities portfolio. Those cash flows were approximately $123.1 million in the second quarter of 2025. Cash flows from maturing securities within our portfolio are expected to be approximately $181.0 million for the remainder of 2025, with a current book yield of 2.52%, and approximately $289.7 million for 2026, with a current book yield of 2.58%.

    Capital Strength

    The strength of our balance sheet is also reflected in our capital foundation. Although still impacted by the strategic deployment of capital for the CrossFirst acquisition, as well as by Busey’s active share repurchase program, our capital ratios remain strong, and as of June 30, 2025, our estimated regulatory capital ratios6 continued to provide a buffer of more than $870 million above levels required to be designated well-capitalized. Busey’s Common Equity Tier 1 ratio is estimated6 to be 12.22% at June 30, 2025, compared to 12.00% at March 31, 2025, and 13.20% at June 30, 2024. Our Total Capital to Risk Weighted Assets ratio is estimated6 to be 15.75% at June 30, 2025, compared to 14.88% at March 31, 2025, and 17.50% at June 30, 2024.

    Busey’s tangible common equity2 was $1.71 billion at June 30, 2025, compared to $1.68 billion at March 31, 2025, and $963.2 million at June 30, 2024. Tangible common equity2 represented 9.27% of tangible assets at June 30, 2025, compared to 8.83% at March 31, 2025, and 8.30% at June 30, 2024.

    Busey’s tangible book value per common share2 was $19.18 at June 30, 2025, compared to $18.62 at March 31, 2025, and $16.97 at June 30, 2024, reflecting a 13.0% year-over-year increase.

    Dividends

    Busey’s strong capital levels, coupled with its earnings, have allowed the Company to provide a steady return to its stockholders through dividends. During the second quarter of 2025, Busey paid a dividend of $0.25 per share on its common stock. Busey has consistently paid dividends to its common stockholders since the bank holding company was organized in 1980. Additionally, during the second quarter of 2025, Busey paid a dividend of $20.00 per share on its Series A Non-cumulative Perpetual Preferred Stock, which was issued in connection with the CrossFirst acquisition.

    Series B Preferred Stock Issuance

    On May 20, 2025, Busey issued an aggregate of 8,600,000 depositary shares (the “Depositary Shares”), each representing a 1/40th interest in a share of Busey’s 8.25% Fixed-Rate Series B Non-Cumulative Perpetual Preferred Stock, $0.001 par value (the “Series B Preferred Stock”), with a liquidation preference of $1,000 per share of Series B Preferred Stock (equivalent to $25 per Depositary Share). Additional information about the Depositary Shares and Series B Preferred Stock issuance can be found in Busey’s 8-K filed with the SEC on May 20, 2025, and the related exhibits thereto.

    Share Repurchases

    During the second quarter of 2025, Busey’s board of directors authorized the purchase of up to 2,000,000 additional shares of the Company’s common stock under Busey’s stock repurchase plan. Busey purchased 1,012,000 shares of its common stock under the plan during the second quarter of 2025 at a weighted average price of $21.40 per share for a total of $21.7 million. As of June 30, 2025, Busey had 2,687,275 shares remaining available for repurchase under the plan.

    SECOND QUARTER EARNINGS INVESTOR PRESENTATION

    For additional information on Busey’s financial condition and operating results, please refer to our Q2 2025 Earnings Investor Presentation furnished via Form 8‑K on July 22, 2025, in connection with this earnings release.

    CORPORATE PROFILE

    As of June 30, 2025, First Busey Corporation (Nasdaq: BUSE) was a $18.92 billion financial holding company headquartered in Leawood, Kansas.

    Busey Bank, a wholly-owned bank subsidiary of First Busey Corporation headquartered in Champaign, Illinois, had total assets of $18.87 billion as of June 30, 2025. Busey Bank currently has 78 banking centers, with 21 in Central Illinois markets, 17 in suburban Chicago markets, 20 in the St. Louis Metropolitan Statistical Area, four in the Dallas-Fort Worth-Arlington Metropolitan Statistical Area, three in the Kansas City Metropolitan Statistical Area, three in Southwest Florida, one in Indianapolis, two in Oklahoma City, one in Tulsa, one in Wichita, one in Denver, one in Colorado Springs, one in Phoenix, one in Tucson, and one in New Mexico. More information about Busey Bank can be found at busey.com.

    Through Busey’s Wealth Management division, the Company provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations. Assets under care totaled $14.10 billion as of June 30, 2025. More information about Busey’s Wealth Management services can be found at busey.com/wealth-management.

    Busey Bank’s wholly-owned subsidiary, FirsTech, specializes in the evolving financial technology needs of small and medium-sized businesses, highly regulated enterprise industries, and financial institutions. FirsTech provides comprehensive and innovative payment technology solutions, including online, mobile, and voice-recognition bill payments; money and data movement; merchant services; direct debit services; lockbox remittance processing for payments made by mail; and walk-in payments at retail agents. Additionally, FirsTech simplifies client workflows through integrations enabling support with billing, reconciliation, bill reminders, and treasury services. More information about FirsTech can be found at firstechpayments.com.

    For the fourth consecutive year, Busey was named among Forbes’ 2025’s America’s Best Banks. In 2025, Forbes also recognized Busey as a Best-in-State Bank, based on rankings of customer service, quality of financial advice, fee structures, ease of digital services, accessing help at branch locations and the degree of trust inspired. Busey was also named among the 2024 Best Banks to Work For by American Banker and the 2024 Best Places to Work in Money Management by Pensions and Investments. We are honored to be consistently recognized as an outstanding financial services organization with an engaged culture of integrity and commitment to community development.

    NON-GAAP FINANCIAL INFORMATION

    This earnings release contains certain financial information determined by methods other than GAAP. Management uses these non-GAAP measures, together with the related GAAP measures, in analysis of Busey’s performance and in making business decisions, as well as for comparison to Busey’s peers. Busey believes the adjusted measures are useful for investors and management to understand the effects of certain non-core and non-recurring items and provide additional perspective on Busey’s performance over time.

    The following tables present reconciliations between these non-GAAP measures and what management believes to be the most directly comparable GAAP financial measures.

    These non-GAAP disclosures have inherent limitations and are not audited. They should not be considered in isolation or as a substitute for operating results reported in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Tax effected numbers included in these non-GAAP disclosures are based on estimated statutory rates, estimated federal income tax rates, or effective tax rates, as noted with the tables below.

    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)

    Pre-Provision Net Revenue and Related Measures
                         
        Three Months Ended   Six Months Ended
    (dollars in thousands)   June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    Net interest income (GAAP)   $ 153,183     $ 103,731     $ 82,532     $ 256,914     $ 158,386  
    Total noninterest income (GAAP)     44,863       21,223       33,703       66,086       68,616  
    Net security (gains) losses (GAAP)     (5,997 )     15,768       353       9,771       6,728  
    Total noninterest expense (GAAP)1     (127,833 )     (112,030 )     (75,906 )     (239,863 )     (147,353 )
    Pre-provision net revenue (Non-GAAP) [a]   64,216       28,692       40,682       92,908       86,377  
    Acquisition and restructuring expenses, excluding initial provision expenses     16,600       26,026       2,212       42,626       2,620  
    Realized net (gains) losses on the sale of mortgage service rights     —       —       (277 )     —       (7,742 )
    Adjusted pre-provision net revenue (Non-GAAP) [b] $ 80,816     $ 54,718     $ 42,617     $ 135,534     $ 81,255  
                         
    Average total assets [c] $ 19,068,086     $ 14,831,298     $ 12,089,692     $ 16,961,396     $ 12,056,950  
                         
    Pre-provision net revenue to average total assets (Non-GAAP)2 [a÷c]   1.35 %     0.78 %     1.35 %     1.10 %     1.44 %
    Adjusted pre-provision net revenue to average total assets (Non-GAAP)2 [b÷c]   1.70 %     1.50 %     1.42 %     1.61 %     1.36 %

    ___________________________________________

    1. Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses; therefore, it is no longer included within total noninterest expense.
    2. Annualized measure.
    Adjusted Net Income, Average Tangible Common Equity, and Related Ratios
                         
        Three Months Ended   Six Months Ended
    (dollars in thousands, except per share amounts)   June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    Net income (loss) (GAAP) [a] $ 47,404     $ (29,990 )   $ 27,357     $ 17,414     $ 53,582  
    Day 2 provision for credit losses1     —       45,572       —       45,572       —  
    Adjustment of initial provision for unfunded commitments due to adoption of new model1     4,030       —       —       4,030       —  
    Other acquisition expenses     16,600       26,026       2,212       42,626       2,497  
    Restructuring expenses     —       —       —       —       123  
    Net securities (gains) losses     (5,997 )     15,768       353       9,771       6,728  
    Realized net (gains) losses on the sale of mortgage servicing rights     —       —       (277 )     —       (7,742 )
    Related tax (benefit) expense2     (4,971 )     (22,069 )     (572 )     (27,040 )     (402 )
    Non-recurring deferred tax adjustment3     328       4,591       1,446       4,919       1,446  
    Adjusted net income (Non-GAAP)4 [b]   57,394       39,898       30,519       97,292       56,232  
    Preferred dividends [c]   155       —       —       155       —  
    Adjusted net income available to common stockholders (Non-GAAP) [d] $ 57,239     $ 39,898     $ 30,519     $ 97,137     $ 56,232  
                         
    Weighted average number of common shares outstanding, diluted (GAAP) [e]   90,883,711       68,517,647       57,853,231       80,251,577       57,129,865  
    Diluted earnings (loss) per common share (GAAP) [(a-c)÷e] $ 0.52     $ (0.44 )   $ 0.47     $ 0.22     $ 0.94  
                         
    Weighted average number of common shares outstanding, diluted (Non-GAAP)5 [f]   90,883,711       69,502,717       57,853,231       80,251,577       57,129,865  
    Adjusted diluted earnings per common share (Non-GAAP)5,6 [d÷f] $ 0.63     $ 0.57     $ 0.53     $ 1.21     $ 0.98  
                         
    Average total assets [g] $ 19,068,086     $ 14,831,298     $ 12,089,692     $ 16,961,396     $ 12,056,950  
    Return on average assets (Non-GAAP)6 [a÷g]   1.00 %   (0.82)%     0.91 %     0.21 %     0.89 %
    Adjusted return on average assets (Non-GAAP)4,6 [b÷g]   1.21 %     1.09 %     1.02 %     1.16 %     0.94 %
                         
    Average common equity   $ 2,180,963     $ 1,932,407     $ 1,331,815     $ 2,057,372     $ 1,303,770  
    Average goodwill and other intangible assets, net     (494,473 )     (411,020 )     (376,224 )     (452,978 )     (364,620 )
    Average tangible common equity (Non-GAAP) [h] $ 1,686,490     $ 1,521,387     $ 955,591     $ 1,604,394     $ 939,150  
                         
    Return on average tangible common equity (Non-GAAP)6 [(a-c)÷h]   11.24 %   (7.99)%     11.51 %     2.17 %     11.47 %
    Adjusted return on average tangible common equity (Non-GAAP)4,6 [d÷h]   13.61 %     10.64 %     12.85 %     12.21 %     12.04 %

    ___________________________________________

    1. The Day 2 provision represents the initial provision for credit losses recorded in connection with the CrossFirst acquisition to establish an allowance on non-PCD loans and unfunded commitments and is reflected within the provision for credit losses line on the Statement of Income.
    2. Tax benefits were calculated for the year-to-date periods using tax rates of 26.51% and 25.03% for the six months ended June 30, 2025 and 2024, respectively. Tax benefits for the quarterly periods were calculated as the year-to-date tax amounts less the tax reported for previous quarters during the year.
    3. A deferred valuation tax adjustment in 2025 was recorded in connection with the CrossFirst acquisition and the expansion of Busey’s footprint into new states. Additionally, 2025 includes a write-off of deferred tax assets related to non-deductible acquisition-related expenses. A deferred tax valuation adjustment in 2024 resulted from a change to Busey’s Illinois apportionment rate due to recently enacted regulations. Deferred tax adjustments are reflected within the income taxes line on the Statement of Income.
    4. Beginning in 2025, Busey revised its calculation of adjusted net income for all periods presented to include, as applicable, adjustments for net securities gains and losses, realized net gains and losses on the sale of mortgage servicing rights, and one-time deferred tax valuation adjustments. In 2024, these adjusting items were presented as further adjustments to adjusted net income.
    5. Dilution includes shares that would have been dilutive if there had been net income during the period.
    6. Annualized measure.
    Tax-Equivalent Net Interest Income, Adjusted Net Interest Income, Net Interest Margin, and Adjusted Net Interest Margin
                         
        Three Months Ended   Six Months Ended
    (dollars in thousands)   June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    Net interest income (GAAP)   $ 153,183     $ 103,731     $ 82,532     $ 256,914     $ 158,386  
    Tax-equivalent adjustment1     791       537       402       1,328       851  
    Tax-equivalent net interest income (Non-GAAP) [a]   153,974       104,268       82,934       258,242       159,237  
    Purchase accounting accretion related to business combinations     (7,119 )     (2,728 )     (812 )     (9,847 )     (1,016 )
    Adjusted net interest income (Non-GAAP) [b] $ 146,855     $ 101,540     $ 82,122     $ 248,395     $ 158,221  
                         
    Average interest-earning assets (Non-GAAP) [c] $ 17,700,356     $ 13,363,594     $ 11,000,785     $ 15,543,955     $ 11,003,344  
                         
    Net interest margin (Non-GAAP)2 [a÷c]   3.49 %     3.16 %     3.03 %     3.35 %     2.91 %
    Adjusted net interest margin (Non-GAAP)2 [b÷c]   3.33 %     3.08 %     3.00 %     3.22 %     2.89 %

    ___________________________________________

    1. Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investments and loans.
    2. Annualized measure.
    Adjusted Noninterest Income, Revenue Measures, Adjusted Noninterest Expense, Efficiency Ratios, and Adjusted Noninterest Expense to Average Assets
                         
        Three Months Ended   Six Months Ended
    (dollars in thousands)   June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    Net interest income (GAAP) [a] $ 153,183     $ 103,731     $ 82,532     $ 256,914     $ 158,386  
    Tax-equivalent adjustment1     791       537       402       1,328       851  
    Tax-equivalent net interest income (Non-GAAP) [b]   153,974       104,268       82,934       258,242       159,237  
                         
    Total noninterest income (GAAP)     44,863       21,223       33,703       66,086       68,616  
    Net security (gains) losses     (5,997 )     15,768       353       9,771       6,728  
    Noninterest income excluding net securities gains and losses (Non-GAAP) [c]   38,866       36,991       34,056       75,857       75,344  
    Realized net (gains) losses on the sale of mortgage service rights     —       —       (277 )     —       (7,742 )
    Adjusted noninterest income (Non-GAAP) [d] $ 38,866     $ 36,991     $ 33,779     $ 75,857     $ 67,602  
                         
    Tax-equivalent revenue (Non-GAAP) [e = b+c] $ 192,840     $ 141,259     $ 116,990     $ 334,099     $ 234,581  
    Adjusted tax-equivalent revenue (Non-GAAP) [f = b+d]   192,840       141,259       116,713       334,099       226,839  
    Operating revenue (Non-GAAP) [g = a+d]   192,049       140,722       116,311       332,771       225,988  
                         
    Adjusted noninterest income to operating revenue (Non-GAAP) [d÷g]   20.24 %     26.29 %     29.04 %     22.80 %     29.91 %
                         
    Total noninterest expense (GAAP)2   $ 127,833     $ 112,030     $ 75,906     $ 239,863     $ 147,353  
    Amortization of intangible assets     (4,592 )     (3,083 )     (2,629 )     (7,675 )     (5,038 )
    Noninterest expense excluding amortization of intangible assets (Non-GAAP)2 [h]   123,241       108,947       73,277       232,188       142,315  
    Acquisition and restructuring expenses, excluding initial provision expenses     (16,600 )     (26,026 )     (2,212 )     (42,626 )     (2,620 )
    Adjusted noninterest expense (Non-GAAP)2 [i] $ 106,641     $ 82,921     $ 71,065     $ 189,562     $ 139,695  
                         
    Efficiency ratio (Non-GAAP)2 [h÷e]   63.91 %     77.13 %     62.64 %     69.50 %     60.67 %
    Adjusted efficiency ratio (Non-GAAP)2 [i÷f]   55.30 %     58.70 %     60.89 %     56.74 %     61.58 %
                         
    Average total assets [j] $ 19,068,086     $ 14,831,298     $ 12,089,692     $ 16,961,396     $ 12,056,950  
    Adjusted noninterest expense to average assets (Non-GAAP)2,3 [i÷j]   2.24 %     2.27 %     2.36 %     2.25 %     2.33 %

    ___________________________________________

    1. Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investments and loans.
    2. Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses; therefore, it is no longer included within total noninterest expense. This change affects all measures and ratios derived from total noninterest expense.
    3. Annualized measure.
    Tangible Assets, Tangible Common Equity, and Related Measures and Ratio
                 
        As of
    (dollars in thousands, except per share amounts)   June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024
    Total assets (GAAP)   $ 18,918,740     $ 19,464,252     $ 11,971,416  
    Goodwill and other intangible assets, net     (488,181 )     (496,118 )     (370,580 )
    Tangible assets (Non-GAAP)1 [a] $ 18,430,559     $ 18,968,134     $ 11,600,836  
                 
    Total stockholders’ equity (GAAP)   $ 2,412,546     $ 2,179,606     $ 1,333,810  
    Preferred stock and additional paid in capital on preferred stock     (215,197 )     (7,750 )     —  
    Common equity [b]   2,197,349       2,171,856       1,333,810  
    Goodwill and other intangible assets, net     (488,181 )     (496,118 )     (370,580 )
    Tangible common equity (Non-GAAP)1 [c] $ 1,709,168     $ 1,675,738     $ 963,230  
                 
    Tangible common equity to tangible assets (Non-GAAP)1 [c÷a]   9.27 %     8.83 %     8.30 %
                 
    Ending number of common shares outstanding (GAAP) [d]   89,104,678       90,008,178       56,746,937  
    Book value per common share (Non-GAAP) [b÷d] $ 24.66     $ 24.13     $ 23.50  
    Tangible book value per common share (Non-GAAP) [c÷d] $ 19.18     $ 18.62     $ 16.97  

    ___________________________________________

    1. Beginning in 2025, Busey revised its calculation of tangible assets and tangible common equity for all periods presented to exclude any tax adjustment.
    Core Deposits and Related Ratio
                 
        As of
    (dollars in thousands)   June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024
    Total deposits (GAAP) [a] $ 15,801,772     $ 16,459,470     $ 9,976,135  
    Brokered deposits, excluding brokered time deposits of $250,000 or more     (353,614 )     (722,224 )     (43,089 )
    Time deposits of $250,000 or more     (827,762 )     (867,035 )     (314,461 )
    Core deposits (Non-GAAP) [b] $ 14,620,396     $ 14,870,211     $ 9,618,585  
                 
    Core deposits to total deposits (Non-GAAP) [b÷a]   92.52 %     90.34 %     96.42 %
                             

    FORWARD-LOOKING STATEMENTS

    This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to Busey’s financial condition, results of operations, plans, objectives, future performance, and business. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of Busey’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should,” “position,” or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and Busey undertakes no obligation to update any statement in light of new information or future events.

    A number of factors, many of which are beyond Busey’s ability to control or predict, could cause actual results to differ materially from those in any forward-looking statements. These factors include, among others, the following: (1) the strength of the local, state, national, and international economies and financial markets (including effects of inflationary pressures, the threat or implementation of tariffs, trade wars, and changes to immigration policy); (2) changes in, and the interpretation and prioritization of, local, state, and federal laws, regulations, and governmental policies (including those concerning Busey’s general business); (3) the economic impact of any future terrorist threats or attacks, widespread disease or pandemics, or other adverse external events that could cause economic deterioration or instability in credit markets (including Russia’s invasion of Ukraine and the conflict in the Middle East); (4) unexpected results of acquisitions, including the acquisition of CrossFirst, which may include the failure to realize the anticipated benefits of the acquisitions and the possibility that the transaction and integration costs may be greater than anticipated; (5) the imposition of tariffs or other governmental policies impacting the value of products produced by Busey’s commercial borrowers; (6) new or revised accounting policies and practices as may be adopted by state and federal regulatory banking agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission, or the Public Company Accounting Oversight Board; (7) changes in interest rates and prepayment rates of Busey’s assets (including the impact of sustained elevated interest rates); (8) increased competition in the financial services sector (including from non-bank competitors such as credit unions and fintech companies) and the inability to attract new customers; (9) technological changes implemented by us and other parties, including our third-party vendors, which may have unforeseen consequences to us and our customers, including the development and implementation of tools incorporating artificial intelligence; (10) the loss of key executives or associates, talent shortages, and employee turnover; (11) unexpected outcomes and costs of existing or new litigation, investigations, or other legal proceedings, inquiries, and regulatory actions involving Busey (including with respect to Busey’s Illinois franchise taxes); (12) fluctuations in the value of securities held in Busey’s securities portfolio, including as a result of changes in interest rates; (13) credit risk and risk from concentrations (by type of borrower, geographic area, collateral, and industry), within Busey’s loan portfolio and large loans to certain borrowers (including commercial real estate loans); (14) the concentration of large deposits from certain clients who have balances above current Federal Deposit Insurance Corporation insurance limits and may withdraw deposits to diversify their exposure; (15) the level of non-performing assets on Busey’s balance sheets; (16) interruptions involving information technology and communications systems or third-party servicers; (17) breaches or failures of information security controls or cybersecurity-related incidents; (18) the economic impact on Busey and its customers of climate change, natural disasters, and exceptional weather occurrences such as tornadoes, hurricanes, floods, blizzards, and droughts; (19) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact Busey’s cost of funds; (20) the ability to maintain an adequate level of allowance for credit losses on loans; (21) the effectiveness of Busey’s risk management framework; and (22) the ability of Busey to manage the risks associated with the foregoing. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.

    Additional information concerning Busey and its business, including additional factors that could materially affect Busey’s financial results, is included in Busey’s filings with the Securities and Exchange Commission.

    END NOTES

    1 Annualized measure.
    2 Represents a non-GAAP financial measure. For a reconciliation to the most directly comparable financial measure calculated and presented in accordance with Generally Accepted Accounting Principles (“GAAP”), see “Non-GAAP Financial Information.”
    3 The blended benchmark consists of 60% MSCI All Country World Index and 40% Bloomberg Intermediate US Government/Credit Total Return Index.
    4 Estimated uninsured and uncollateralized deposits consist of account balances in excess of the $250,000 Federal Deposit Insurance Corporation insurance limit, less intercompany accounts, fully collateralized accounts (including preferred deposits), and pass-through accounts where clients have deposit insurance at the correspondent financial institution.
    5 On- and off-balance sheet liquidity is comprised of cash and cash equivalents, debt securities excluding those pledged as collateral, brokered deposits, and Busey’s borrowing capacity through its revolving credit facility, the FHLB, the Federal Reserve Bank, and federal funds purchased lines.
    6 Capital amounts and ratios for the second quarter of 2025 are not yet finalized and are subject to change.
       

    INVESTOR CONTACT: Scott A. Phillips, Interim Chief Financial Officer | 239-689-7167

    The MIL Network –

  • MIL-OSI: Baker Hughes Company Announces Second-Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Second-quarter highlights

    • Orders of $7.0 billion, including $3.5 billion of IET orders.
    • RPO of $34.0 billion, including record IET RPO of $31.3 billion.
    • Revenue of $6.9 billion, down 3% year-over-year.
    • Attributable net income of $701 million.
    • GAAP diluted EPS of $0.71 and adjusted diluted EPS* of $0.63.
    • Adjusted EBITDA* of $1,212 million, up 7% year-over-year.
    • Cash flows from operating activities of $510 million and free cash flow* of $239 million.
    • Returns to shareholders of $423 million, including $196 million of share repurchases.

    HOUSTON and LONDON, July 22, 2025 (GLOBE NEWSWIRE) — Baker Hughes Company (Nasdaq: BKR) (“Baker Hughes” or the “Company”) announced results today for the second quarter of 2025.

    “We delivered strong second-quarter results, with total adjusted EBITDA margins increasing 170 basis points year-over-year to 17.5% despite a modest decline in revenue. This performance reflects the benefits of structural cost improvements and continued deployment of our business system, which is driving higher productivity, stronger operating leverage and more durable earnings across the company,” said Lorenzo Simonelli, Baker Hughes Chairman and Chief Executive Officer.

    “IET orders totaled $3.5 billion in the quarter, resulting in another record backlog for the segment. Importantly, order momentum remained strong, supported by more than $550 million of data center related orders, despite the absence of large LNG awards. Following a strong first half and a positive outlook for second half awards, we are confident of achieving the full-year order guidance range for IET.”

    “We remain confident in our ability to deliver solid performance in 2025, with continued growth in IET helping to offset softness in more market-sensitive areas of OFSE – underscoring the strength of our portfolio and the benefits of our strategic diversification. Accordingly, we are raising our full-year revenue and EBITDA guidance for IET and reestablishing full-year guidance for OFSE.”

    “During the quarter, we also announced three strategic transactions to advance our portfolio optimization strategy, reinforcing efforts to enhance the durability of earnings and cash flow while creating long-term value for shareholders. These actions are designed to unlock value from non-core businesses in our portfolio and redeploy that capital into higher-margin opportunities that fit our financial and strategic frameworks.”

    “We are progressing with our strategy of positioning the company for sustainable, differentiated growth and commend the focus and dedication of our people in executing this strategy,” concluded Simonelli.

    * Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

        Three Months Ended   Variance
    (in millions except per share amounts)   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Orders   $ 7,032   $ 6,459   $ 7,526     9 % (7 %)
    Revenue     6,910     6,427     7,139     8 % (3 %)
    Net income attributable to Baker Hughes     701     402     579     74 % 21 %
    Adjusted net income attributable to Baker Hughes*     623     509     568     22 % 10 %
    Adjusted EBITDA*     1,212     1,037     1,130     17 % 7 %
    Diluted earnings per share (EPS)     0.71     0.40     0.58     76 % 22 %
    Adjusted diluted EPS*     0.63     0.51     0.57     23 % 11 %
    Cash flow from operating activities     510     709     348     (28 %) 47 %
    Free cash flow*     239     454     106     (47 %) F


    * Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

    Certain columns and rows in our tables and financial statements may not sum up due to the use of rounded numbers.

    “F” is used in most instances when variance is above 100%. Additionally, “U” is used when variance is below (100)%.

    Quarter Highlights

    Executing our portfolio optimization strategy

    In the second quarter, Baker Hughes announced three strategic transactions, all of which reflect a disciplined capital allocation framework and a focus on core businesses with strong return potential.

    First, the Company signed an agreement to form a joint venture with a subsidiary of Cactus, Inc., contributing the Oilfield Services & Equipment’s (“OFSE“) Surface Pressure Control (“SPC“) product line in exchange for approximately $345 million while maintaining a minority ownership stake.

    Second, the Company announced an agreement to sell the Precision Sensors & Instrumentation (“PSI“) product line within Industrial & Energy Technology (“IET“) to Crane Company for approximately $1.15 billion. These proceeds will enhance the Company’s flexibility to reinvest in higher-growth, higher-return areas that support further margin expansion and improved returns.

    Finally, Baker Hughes agreed to acquire Continental Disc Corporation (“CDC“), a leading provider of pressure management solutions, for approximately $540 million. The CDC acquisition strengthens the IET Industrial Products portfolio with a highly complementary, margin-accretive business that expands the Company’s position in the flow and pressure control market and enhances recurring, lifecycle driven revenue.

    Key awards and technology achievements

    The Company continued to support the development of critical data center projects, with year-to-date data center awards of more than $650 million. IET received an award to supply 30 NovaLT™ turbines, representing our largest data center award to-date. The turbines, alongside other associated Baker Hughes equipment, will deliver up to 500 megawatts (MW) of reliable and efficient power for data center development across various U.S. locations.

    Frontier Infrastructure awarded a contract for NovaLT™ turbines, delivering up to 270 MW of power for its data center projects in Wyoming and Texas. This follows the March 2025 enterprise-wide agreement to accelerate large scale carbon capture and storage (“CCS“) and power solutions.

    Baker Hughes continues to grow the pipeline of future data center opportunities. At the Saudi-U.S. Investment Forum in May, the Company signed an MoU with DataVolt that plans to power data centers globally, including the NEOM project in the Kingdom that intends to utilize Baker Hughes’ multi-fuel NovaLT™ technology solution.

    In addition to growing demand from data center applications, IET experienced increased demand for NovaLT™ turbines in the gas infrastructure sector. During the second quarter, the segment secured an award for four gas turbines to support Aramco’s Master Gas System III pipeline project. Including this award, we have secured a total of $2.9 billion in gas infrastructure equipment orders over the past six quarters.

    Highlighting the durability of IET’s lifecycle model, the segment was awarded several aftermarket services contracts. In Gas Technology Services (“GTS“), the Company secured more than $350 million of Contractual Services Agreements (“CSA“) during the quarter. We signed a maintenance agreement with Belayim Petroleum Company (“Petrobel”) to improve uptime and reliability of critical turbomachinery equipment in Egypt. Also in GTS, we renewed a multi-year service agreement with Oman LNG, including resident engineering support along with digital remote monitoring and diagnostics services delivered through iCenter™.

    The Company gained further traction with New Energy globally, with year-to-date bookings now totaling $1.25 billion. In Climate Technology Solutions (“CTS“), we secured one of our largest CCS orders to-date, providing compression technology for a CCS hub in the Middle East. Also in CTS, we signed a framework agreement with Energinet in Denmark to supply 16 reciprocating compressor packages, supporting an increase in biogas production while driving methane and CO2 emissions reduction for gas infrastructure across the country.

    Industrial Technology continued to demonstrate strong momentum across multiple end markets. In Industrial Solutions, we secured a variety of awards for our Cordant™ suite of solutions. This includes an award from a large NOC to deploy Asset Performance Management across several compression stations in the Middle East, and an award from NOVA Chemicals to optimize maintenance spend and maximize production.

    OFSE maintained strong momentum in Mature Assets Solutions around the globe. In Angola, OFSE was awarded multi-year production solutions contracts for chemicals, artificial lift, and digital services to support a major operator’s offshore activities. In Kazakhstan, the TOPAN and Baker Hughes joint venture secured a critical production chemicals and services award. In Norway, Equinor awarded OFSE a contract to industrialize offshore plug and abandonment (“P&A“) operations in the Oseberg East field, which followed the announcement of a multi-year P&A framework agreement for integrated well services.

    OFSE saw continued adoption of Leucipa™ automated field production solution, securing an award from Repsol for next-generation AI capabilities following the MoU signed in October 2024. The Company also signed an agreement with ENI to deploy Leucipa for electric submersible pumps (“ESP“) optimization and AI-powered predictive failure analytics in the Middle East.

    Also in the Middle East, Baker Hughes signed a master services agreement with Aramco for installation and maintenance of ESPs across the Kingdom of Saudi Arabia.

    In North America, OFSE secured a multi-year contract to provide drag reducing chemicals to be deployed on Genesis Energy’s Cameron Highway Oil Pipeline and Poseidon systems, each of which is operated and 64% owned by Genesis Energy. To support this agreement, OFSE will expand its chemicals manufacturing footprint and deploy Leucipa. Additionally, bp awarded OFSE a multi-year chemicals management services contract to optimize throughput and asset reliability in the U.S. Gulf Coast.

    In Germany, OFSE successfully drilled Lower Saxony’s first productive deep geothermal exploration well, a project that leverages OFSE’s integrated well construction and production capabilities and the Company’s industry-leading subsurface-to-surface digital solutions to monitor and optimize operational performance.

    Consolidated Financial Results

    Revenue for the quarter was $6,910 million, an increase of 8% sequentially and down $229 million year-over-year. The decrease in revenue year-over-year was driven by a decrease in OFSE partially offset by an increase in IET.

    The Company’s total book-to-bill ratio in the second quarter of 2025 was 1.0; the IET book-to-bill ratio was 1.1.

    Net income as determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for the second quarter of 2025 was $701 million. Net income increased $299 million sequentially and increased $122 million year-over-year.

    Adjusted net income (a non-GAAP financial measure) for the second quarter of 2025 was $623 million, which excludes adjustments totaling $78 million. A list of the adjusting items and associated reconciliation from GAAP has been provided in Table 1b in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted net income for the second quarter of 2025 was up 22% sequentially and up 10% year-over-year.

    Depreciation and amortization for the second quarter of 2025 was $293 million.

    Adjusted EBITDA (a non-GAAP financial measure) for the second quarter of 2025 was $1,212 million, which excludes adjustments totaling $102 million. See Table 1a in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted EBITDA for the second quarter was up 17% sequentially and up 7% year-over-year.

    The sequential increase in adjusted net income and adjusted EBITDA was primarily driven by an increase in volume, favorable FX, and overall productivity. The year-over-year increase in adjusted net income and adjusted EBITDA was driven by productivity and structural cost out initiatives, favorable FX, partially offset by lower volume in OFSE, and cost inflation in both segments.

    Other Financial Items

    Remaining Performance Obligations (“RPO”) in the second quarter of 2025 ended at $34 billion, an increase of $0.8 billion from the first quarter of 2025. OFSE RPO was $2.7 billion, down 3% sequentially, while IET RPO was $31.3 billion, up 3% sequentially. Within IET RPO, GTE RPO was $11.3 billion, and GTS RPO was $15.6 billion.

    Income tax expense in the second quarter of 2025 was $256 million.

    Other (income) expense, net in the second quarter of 2025 was $(134) million, primarily related to changes in fair value for equity securities of $(119) million.

    GAAP diluted earnings per share was $0.71. Adjusted diluted earnings per share (a non-GAAP financial measure) was $0.63. Excluded from adjusted diluted earnings per share were all items listed in Table 1b in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

    Cash flow from operating activities was $510 million for the second quarter of 2025. Free cash flow (a non-GAAP financial measure) for the quarter was $239 million. A reconciliation from GAAP has been provided in Table 1c in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

    Capital expenditures, net of proceeds from disposal of assets, were $271 million for the second quarter of 2025, of which $184 million was for OFSE and $68 million was for IET.

    Results by Reporting Segment

    The following segment discussions and variance explanations are intended to reflect management’s view of the relevant comparisons of financial results on a sequential or year-over-year basis, depending on the business dynamics of the reporting segments.

    Oilfield Services & Equipment

    (in millions)   Three Months Ended   Variance
    Segment results   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Orders   $ 3,503   $ 3,281   $ 4,068     7 % (14 %)
    Revenue   $ 3,617   $ 3,499   $ 4,011     3 % (10 %)
    EBITDA   $ 677   $ 623   $ 716     9 % (5 %)
    EBITDA margin     18.7 %   17.8 %   17.8 %   0.9pts 0.9pts
    (in millions)   Three Months Ended   Variance
    Revenue by Product Line   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Well Construction   $ 921   $ 892   $ 1,090     3 % (16 %)
    Completions, Intervention, and Measurements     935     925     1,118     1 % (16 %)
    Production Solutions     968     899     958     8 % 1 %
    Subsea & Surface Pressure Systems     793     782     845     1 % (6 %)
    Total Revenue   $ 3,617   $ 3,499   $ 4,011     3 % (10 %)
    (in millions)   Three Months Ended   Variance
    Revenue by Geographic Region   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    North America   $ 928   $ 922   $ 1,023     1 % (9 %)
    Latin America     639     568     663     12 % (4 %)
    Europe/CIS/Sub-Saharan Africa     653     580     827     13 % (21 %)
    Middle East/Asia     1,398     1,429     1,498     (2 %) (7 %)
    Total Revenue   $ 3,617   $ 3,499   $ 4,011     3 % (10 %)
                   
    North America   $ 928   $ 922   $ 1,023     1 % (9 %)
    International   $ 2,689   $ 2,577   $ 2,988     4 % (10 %)


    EBITDA excludes depreciation and amortization of     $233 million, $226 million, and $223 million for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. EBITDA margin is defined as EBITDA divided by revenue.

    OFSE orders of $3,503 million for the second quarter of 2025 increased by 7% sequentially. Subsea and Surface Pressure Systems orders were $698 million, up 31% sequentially, and down 21% year-over-year.

    OFSE revenue of $3,617 million for the second quarter of 2025 was up 3% sequentially, and down 10% year-over-year.

    North America revenue was $928 million, up 1% sequentially. International revenue was $2,689 million, up 4% sequentially, with increase in all regions with the exception of Middle East and Asia.

    Segment EBITDA for the second quarter of 2025 was $677 million, an increase of $54 million, or 9% sequentially. The sequential increase in EBITDA was primarily driven by productivity, structural cost-out initiatives, volume increase, partially offset by inflation and revenue mix.

    Industrial & Energy Technology

    (in millions)   Three Months Ended   Variance
    Segment results   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Orders   $ 3,530   $ 3,178   $ 3,458     11 % 2 %
    Revenue   $ 3,293   $ 2,928   $ 3,128     12 % 5 %
    EBITDA   $ 585   $ 501   $ 497     17 % 18 %
    EBITDA margin     17.8 %   17.1 %   15.9 %   0.7pts 1.9pts
    (in millions)   Three Months Ended   Variance
    Orders by Product Line   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Gas Technology Equipment   $ 781   $ 1,335   $ 1,493     (42 %) (48 %)
    Gas Technology Services     986     913     769     8 % 28 %
    Total Gas Technology     1,767     2,248     2,261     (21 %) (22 %)
    Industrial Products     513     501     524     2 % (2 %)
    Industrial Solutions     327     281     281     16 % 16 %
    Total Industrial Technology     839     782     805     7 % 4 %
    Climate Technology Solutions     923     148     392     F F
    Total Orders   $ 3,530   $ 3,178   $ 3,458     11 % 2 %
    (in millions)   Three Months Ended   Variance
    Revenue by Product Line   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Gas Technology Equipment   $ 1,624   $ 1,456   $ 1,539     12 % 6 %
    Gas Technology Services     752     592     691     27 % 9 %
    Total Gas Technology     2,377     2,047     2,230     16 % 7 %
    Industrial Products     488     445     509     10 % (4 %)
    Industrial Solutions     273     258     262     6 % 4 %
    Total Industrial Technology     761     703     770     8 % (1 %)
    Climate Technology Solutions     156     178     128     (12 %) 22 %
    Total Revenue   $ 3,293   $ 2,928   $ 3,128     12 % 5 %


    EBITDA excludes depreciation and amortization of     $56 million, $53 million, and $55 million for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. EBITDA margin is defined as EBITDA divided by revenue.

    “F” is used in most instances when variance is above 100%. Additionally, “U” is used when variance is below (100)%.

    IET orders of $3,530 million for the second quarter of 2025 increased by $72 million, or 2% year-over-year. The increase was driven primarily by Climate Technology Solutions and partially offset by Gas Technology.

    IET revenue of $3,293 million for the second quarter of 2025 increased $165 million, or 5% year-over-year. The increase was driven by Gas Technology Equipment, up $85 million or 6% year-over-year, Gas Technology Services, up $61 million or 9% year-over-year, and Climate Technology Solutions, up $28 million or 22% year-over-year.

    Segment EBITDA for the quarter was $585 million, an increase of $88 million, or 18% year-over-year. The year-over-year increase in segment EBITDA was driven by positive pricing, favorable FX, and productivity, partially offset by cost inflation.

    Reconciliation of GAAP to non-GAAP Financial Measures

    Management provides non-GAAP financial measures because it believes such measures are widely accepted financial indicators used by investors and analysts to analyze and compare companies on the basis of operating performance (including adjusted EBITDA; adjusted net income attributable to Baker Hughes; and adjusted diluted earnings per share) and liquidity (free cash flow) and that these measures may be used by investors to make informed investment decisions. Management believes that the exclusion of certain identified items from several key operating performance measures enables us to evaluate our operations more effectively, to identify underlying trends in the business, and to establish operational goals for certain management compensation purposes. Management also believes that free cash flow is an important supplemental measure of our cash performance but should not be considered as a measure of residual cash flow available for discretionary purposes, or as an alternative to cash flow from operating activities presented in accordance with GAAP.

    Table 1a. Reconciliation of Net Income Attributable to Baker Hughes to Adjusted EBITDA and Segment EBITDA

        Three Months Ended
    (in millions)   June 30, 2025 March 31, 2025 June 30, 2024
    Net income attributable to Baker Hughes (GAAP)   $ 701   $ 402   $ 579  
    Net income attributable to noncontrolling interests     10     7     2  
    Provision for income taxes     256     152     243  
    Interest expense, net     54     51     47  
    Depreciation & amortization     293     285     283  
    Change in fair value of equity securities (1)     (119 )   140     (19 )
    Other charges and credits (1)     17     —     (6 )
    Adjusted EBITDA (non-GAAP)     1,212     1,037     1,130  
    Corporate costs     78     85     83  
    Other (income) / expense not allocated to segments     (28 )   1     —  
    Total Segment EBITDA (non-GAAP)   $ 1,262   $ 1,124   $ 1,213  
    OFSE     677     623     716  
    IET     585     501     497  


    (1)     Change in fair value of equity securities and other charges and credits are reported in “Other (income) expense, net” on the condensed consolidated statements of income (loss).

    Table 1a reconciles net income attributable to Baker Hughes, which is the directly comparable financial result determined in accordance with GAAP, to adjusted EBITDA and Segment EBITDA. Adjusted EBITDA and Segment EBITDA exclude the impact of certain identified items.

    Table 1b. Reconciliation of Net Income Attributable to Baker Hughes to Adjusted Net Income Attributable to Baker Hughes

        Three Months Ended
    (in millions, except per share amounts)   June 30, 2025 March 31, 2025 June 30, 2024
    Net income attributable to Baker Hughes (GAAP)   $ 701   $ 402   $ 579  
    Change in fair value of equity securities     (119 )   140     (19 )
    Other adjustments     17     —     14  
    Tax adjustments(1)     24     (32 )   (6 )
    Total adjustments, net of income tax     (78 )   108     (11 )
    Less: adjustments attributable to noncontrolling interests     —     —     —  
    Adjustments attributable to Baker Hughes     (78 )   108     (11 )
    Adjusted net income attributable to Baker Hughes (non-GAAP)   $ 623   $ 509   $ 568  
             
    Denominator:        
    Weighted-average shares of Class A common stock outstanding diluted     991     999     1,001  
    Adjusted earnings per share – diluted (non-GAAP)   $ 0.63   $ 0.51   $ 0.57  


    (1)     All periods reflect the tax associated with the other (income) loss adjustments.

    Table 1b reconciles net income attributable to Baker Hughes, which is the directly comparable financial result determined in accordance with GAAP, to adjusted net income attributable to Baker Hughes. Adjusted net income attributable to Baker Hughes excludes the impact of certain identified items.

    Table 1c. Reconciliation of Net Cash Flows from Operating Activities to Free Cash Flow

        Three Months Ended
    (in millions)   June 30, 2025 March 31, 2025 June 30, 2024
    Net cash flows from operating activities (GAAP)   $ 510   $ 709   $ 348  
    Add: cash used for capital expenditures, net of proceeds from disposal of assets     (271 )   (255 )   (242 )
    Free cash flow (non-GAAP)   $ 239   $ 454   $ 106  

    Table 1c reconciles net cash flows from operating activities, which is the directly comparable financial result determined in accordance with GAAP, to free cash flow. Free cash flow is defined as net cash flows from operating activities less expenditures for capital assets plus proceeds from disposal of assets.


    Financial Tables (GAAP)

    Condensed Consolidated Statements of Income (Loss)
    (Unaudited)
     
        Three Months Ended June 30, Six Months Ended June 30,
    (In millions, except per share amounts)     2025     2024     2025     2024  
    Revenue   $ 6,910   $ 7,139   $ 13,337   $ 13,557  
    Costs and expenses:          
    Cost of revenue     5,295     5,493     10,247     10,469  
    Selling, general and administrative     567     643     1,144     1,261  
    Research and development costs     161     158     307     322  
    Other (income) expense, net     (134 )   (26 )   6     (48 )
    Interest expense, net     54     47     105     88  
    Income before income taxes     967     824     1,528     1,465  
    Provision for income taxes     (256 )   (243 )   (408 )   (421 )
    Net income     711     581     1,120     1,044  
    Less: Net income attributable to noncontrolling interests     10     2     17     10  
    Net income attributable to Baker Hughes Company   $ 701   $ 579   $ 1,103   $ 1,034  
               
    Per share amounts:      
    Basic income per Class A common stock   $ 0.71   $ 0.58   $ 1.11   $ 1.04  
    Diluted income per Class A common stock   $ 0.71   $ 0.58   $ 1.11   $ 1.03  
               
    Weighted average shares:          
    Class A basic     988     996     990     997  
    Class A diluted     991     1,001     995     1,002  
               
    Cash dividend per Class A common stock   $ 0.23   $ 0.21   $ 0.46   $ 0.42  
    Condensed Consolidated Statements of Financial Position
    (Unaudited)
     
    (In millions)   June 30, 2025 December 31, 2024
    ASSETS
    Current Assets:      
    Cash and cash equivalents   $ 3,087   $ 3,364  
    Current receivables, net     6,511     7,122  
    Inventories, net     5,105     4,954  
    All other current assets     2,915     1,771  
    Total current assets     17,618     17,211  
    Property, plant and equipment, less accumulated depreciation     5,176     5,127  
    Goodwill     5,801     6,078  
    Other intangible assets, net     3,919     3,951  
    Contract and other deferred assets     1,841     1,730  
    All other assets     4,385     4,266  
    Total assets   $ 38,740   $ 38,363  
    LIABILITIES AND EQUITY
    Current Liabilities:      
    Accounts payable   $ 4,340   $ 4,542  
    Short-term debt     66     53  
    Progress collections and deferred income     5,680     5,672  
    All other current liabilities     2,429     2,724  
    Total current liabilities     12,515     12,991  
    Long-term debt     5,968     5,970  
    Liabilities for pensions and other postretirement benefits     997     988  
    All other liabilities     1,392     1,359  
    Equity     17,868     17,055  
    Total liabilities and equity   $ 38,740   $ 38,363  
           
    Outstanding Baker Hughes Company shares:      
    Class A common stock     985     990  
    Condensed Consolidated Statements of Cash Flows
    (Unaudited)
     
        Three Months Ended June 30, Six Months Ended June 30,
    (In millions)     2025     2025     2024  
    Cash flows from operating activities:        
    Net income   $ 711   $ 1,120   $ 1,044  
    Adjustments to reconcile net income to net cash flows from operating activities:        
    Depreciation and amortization     293     579     566  
    Stock-based compensation cost     52     102     101  
    Change in fair value of equity securities     (119 )   21     (71 )
    (Benefit) provision for deferred income taxes     36     (17 )   33  
    Working capital     (120 )   98     (36 )
    Other operating items, net     (343 )   (684 )   (505 )
    Net cash flows provided by operating activities     510     1,219     1,132  
    Cash flows from investing activities:        
    Expenditures for capital assets     (301 )   (601 )   (625 )
    Proceeds from disposal of assets     30     74     101  
    Other investing items, net     (15 )   (69 )   (6 )
    Net cash flows used in investing activities     (286 )   (596 )   (530 )
    Cash flows from financing activities:        
    Repayment of long-term debt     —     —     (125 )
    Dividends paid     (227 )   (456 )   (419 )
    Repurchase of Class A common stock     (196 )   (384 )   (324 )
    Other financing items, net     (20 )   (105 )   (61 )
    Net cash flows used in financing activities     (443 )   (945 )   (929 )
    Effect of currency exchange rate changes on cash and cash equivalents     29     45     (35 )
    Decrease in cash and cash equivalents     (190 )   (277 )   (362 )
    Cash and cash equivalents, beginning of period     3,277     3,364     2,646  
    Cash and cash equivalents, end of period   $ 3,087   $ 3,087   $ 2,284  
    Supplemental cash flows disclosures:        
    Income taxes paid, net of refunds   $ 211   $ 418   $ 336  
    Interest paid   $ 98   $ 148   $ 150  


    Supplemental Financial Information

    Supplemental financial information can be found on the Company’s website at: investors.bakerhughes.com in the Financial Information section under Quarterly Results.

    Conference Call and Webcast

    The Company has scheduled an investor conference call to discuss management’s outlook and the results reported in today’s earnings announcement. The call will begin at 9:30 a.m. Eastern time, 8:30 a.m. Central time on Wednesday, July 23, 2025, the content of which is not part of this earnings release. The conference call will be broadcast live via a webcast and can be accessed by visiting the Events and Presentations page on the Company’s website at: investors.bakerhughes.com. An archived version of the webcast will be available on the website for one month following the webcast.

    Forward-Looking Statements

    This news release (and oral statements made regarding the subjects of this release) may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, (each a “forward-looking statement”). Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “would,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target,” “goal” or other similar words or expressions. There are many risks and uncertainties that could cause actual results to differ materially from our forward-looking statements. These forward-looking statements are also affected by the risk factors described in the Company’s annual report on Form 10-K for the annual period ended December 31, 2024 and those set forth from time to time in other filings with the Securities and Exchange Commission (“SEC”). The documents are available through the Company’s website at: www.investors.bakerhughes.com or through the SEC’s Electronic Data Gathering and Analysis Retrieval system at: www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

    Our expectations regarding our business outlook and business plans; the business plans of our customers; oil and natural gas market conditions; cost and availability of resources; economic, legal and regulatory conditions, and other matters are only our forecasts regarding these matters.

    These forward-looking statements, including forecasts, may be substantially different from actual results, which are affected by many risks, along with the following risk factors and the timing of any of these risk factors:

    • Economic and political conditions – the impact of worldwide economic conditions and rising inflation; the impact of tariffs and the potential for significant increases thereto; the impact of global trade policy and the potential for significant changes thereto; the effect that declines in credit availability may have on worldwide economic growth and demand for hydrocarbons; foreign currency exchange fluctuations and changes in the capital markets in locations where we operate; and the impact of government disruptions and sanctions.
    • Orders and RPO – our ability to execute on orders and RPO in accordance with agreed specifications, terms and conditions and convert those orders and RPO to revenue and cash.
    • Oil and gas market conditions – the level of petroleum industry exploration, development and production expenditures; the price of, volatility in pricing of, and the demand for crude oil and natural gas; drilling activity; drilling permits for and regulation of the shelf and the deepwater drilling; excess productive capacity; crude and product inventories; liquefied natural gas supply and demand; seasonal and other adverse weather conditions that affect the demand for energy; severe weather conditions, such as tornadoes and hurricanes, that affect exploration and production activities; Organization of Petroleum Exporting Countries (“OPEC”) policy and the adherence by OPEC nations to their OPEC production quotas.
    • Terrorism and geopolitical risks – war, military action, terrorist activities or extended periods of international conflict, particularly involving any petroleum-producing or consuming regions, including Russia and Ukraine; and the recent conflict in the Middle East; labor disruptions, civil unrest or security conditions where we operate; potentially burdensome taxation, expropriation of assets by governmental action; cybersecurity risks and cyber incidents or attacks; epidemic outbreaks.

    About Baker Hughes:

    Baker Hughes (Nasdaq: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

    For more information, please contact:

    Investor Relations

    Chase Mulvehill
    +1 346-297-2561
    investor.relations@bakerhughes.com

    Media Relations

    Adrienne M. Lynch
    +1 713-906-8407
    adrienne.lynch@bakerhughes.com

    The MIL Network –

  • MIL-OSI: Baker Hughes Company Announces Second-Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Second-quarter highlights

    • Orders of $7.0 billion, including $3.5 billion of IET orders.
    • RPO of $34.0 billion, including record IET RPO of $31.3 billion.
    • Revenue of $6.9 billion, down 3% year-over-year.
    • Attributable net income of $701 million.
    • GAAP diluted EPS of $0.71 and adjusted diluted EPS* of $0.63.
    • Adjusted EBITDA* of $1,212 million, up 7% year-over-year.
    • Cash flows from operating activities of $510 million and free cash flow* of $239 million.
    • Returns to shareholders of $423 million, including $196 million of share repurchases.

    HOUSTON and LONDON, July 22, 2025 (GLOBE NEWSWIRE) — Baker Hughes Company (Nasdaq: BKR) (“Baker Hughes” or the “Company”) announced results today for the second quarter of 2025.

    “We delivered strong second-quarter results, with total adjusted EBITDA margins increasing 170 basis points year-over-year to 17.5% despite a modest decline in revenue. This performance reflects the benefits of structural cost improvements and continued deployment of our business system, which is driving higher productivity, stronger operating leverage and more durable earnings across the company,” said Lorenzo Simonelli, Baker Hughes Chairman and Chief Executive Officer.

    “IET orders totaled $3.5 billion in the quarter, resulting in another record backlog for the segment. Importantly, order momentum remained strong, supported by more than $550 million of data center related orders, despite the absence of large LNG awards. Following a strong first half and a positive outlook for second half awards, we are confident of achieving the full-year order guidance range for IET.”

    “We remain confident in our ability to deliver solid performance in 2025, with continued growth in IET helping to offset softness in more market-sensitive areas of OFSE – underscoring the strength of our portfolio and the benefits of our strategic diversification. Accordingly, we are raising our full-year revenue and EBITDA guidance for IET and reestablishing full-year guidance for OFSE.”

    “During the quarter, we also announced three strategic transactions to advance our portfolio optimization strategy, reinforcing efforts to enhance the durability of earnings and cash flow while creating long-term value for shareholders. These actions are designed to unlock value from non-core businesses in our portfolio and redeploy that capital into higher-margin opportunities that fit our financial and strategic frameworks.”

    “We are progressing with our strategy of positioning the company for sustainable, differentiated growth and commend the focus and dedication of our people in executing this strategy,” concluded Simonelli.

    * Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

        Three Months Ended   Variance
    (in millions except per share amounts)   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Orders   $ 7,032   $ 6,459   $ 7,526     9 % (7 %)
    Revenue     6,910     6,427     7,139     8 % (3 %)
    Net income attributable to Baker Hughes     701     402     579     74 % 21 %
    Adjusted net income attributable to Baker Hughes*     623     509     568     22 % 10 %
    Adjusted EBITDA*     1,212     1,037     1,130     17 % 7 %
    Diluted earnings per share (EPS)     0.71     0.40     0.58     76 % 22 %
    Adjusted diluted EPS*     0.63     0.51     0.57     23 % 11 %
    Cash flow from operating activities     510     709     348     (28 %) 47 %
    Free cash flow*     239     454     106     (47 %) F


    * Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

    Certain columns and rows in our tables and financial statements may not sum up due to the use of rounded numbers.

    “F” is used in most instances when variance is above 100%. Additionally, “U” is used when variance is below (100)%.

    Quarter Highlights

    Executing our portfolio optimization strategy

    In the second quarter, Baker Hughes announced three strategic transactions, all of which reflect a disciplined capital allocation framework and a focus on core businesses with strong return potential.

    First, the Company signed an agreement to form a joint venture with a subsidiary of Cactus, Inc., contributing the Oilfield Services & Equipment’s (“OFSE“) Surface Pressure Control (“SPC“) product line in exchange for approximately $345 million while maintaining a minority ownership stake.

    Second, the Company announced an agreement to sell the Precision Sensors & Instrumentation (“PSI“) product line within Industrial & Energy Technology (“IET“) to Crane Company for approximately $1.15 billion. These proceeds will enhance the Company’s flexibility to reinvest in higher-growth, higher-return areas that support further margin expansion and improved returns.

    Finally, Baker Hughes agreed to acquire Continental Disc Corporation (“CDC“), a leading provider of pressure management solutions, for approximately $540 million. The CDC acquisition strengthens the IET Industrial Products portfolio with a highly complementary, margin-accretive business that expands the Company’s position in the flow and pressure control market and enhances recurring, lifecycle driven revenue.

    Key awards and technology achievements

    The Company continued to support the development of critical data center projects, with year-to-date data center awards of more than $650 million. IET received an award to supply 30 NovaLT™ turbines, representing our largest data center award to-date. The turbines, alongside other associated Baker Hughes equipment, will deliver up to 500 megawatts (MW) of reliable and efficient power for data center development across various U.S. locations.

    Frontier Infrastructure awarded a contract for NovaLT™ turbines, delivering up to 270 MW of power for its data center projects in Wyoming and Texas. This follows the March 2025 enterprise-wide agreement to accelerate large scale carbon capture and storage (“CCS“) and power solutions.

    Baker Hughes continues to grow the pipeline of future data center opportunities. At the Saudi-U.S. Investment Forum in May, the Company signed an MoU with DataVolt that plans to power data centers globally, including the NEOM project in the Kingdom that intends to utilize Baker Hughes’ multi-fuel NovaLT™ technology solution.

    In addition to growing demand from data center applications, IET experienced increased demand for NovaLT™ turbines in the gas infrastructure sector. During the second quarter, the segment secured an award for four gas turbines to support Aramco’s Master Gas System III pipeline project. Including this award, we have secured a total of $2.9 billion in gas infrastructure equipment orders over the past six quarters.

    Highlighting the durability of IET’s lifecycle model, the segment was awarded several aftermarket services contracts. In Gas Technology Services (“GTS“), the Company secured more than $350 million of Contractual Services Agreements (“CSA“) during the quarter. We signed a maintenance agreement with Belayim Petroleum Company (“Petrobel”) to improve uptime and reliability of critical turbomachinery equipment in Egypt. Also in GTS, we renewed a multi-year service agreement with Oman LNG, including resident engineering support along with digital remote monitoring and diagnostics services delivered through iCenter™.

    The Company gained further traction with New Energy globally, with year-to-date bookings now totaling $1.25 billion. In Climate Technology Solutions (“CTS“), we secured one of our largest CCS orders to-date, providing compression technology for a CCS hub in the Middle East. Also in CTS, we signed a framework agreement with Energinet in Denmark to supply 16 reciprocating compressor packages, supporting an increase in biogas production while driving methane and CO2 emissions reduction for gas infrastructure across the country.

    Industrial Technology continued to demonstrate strong momentum across multiple end markets. In Industrial Solutions, we secured a variety of awards for our Cordant™ suite of solutions. This includes an award from a large NOC to deploy Asset Performance Management across several compression stations in the Middle East, and an award from NOVA Chemicals to optimize maintenance spend and maximize production.

    OFSE maintained strong momentum in Mature Assets Solutions around the globe. In Angola, OFSE was awarded multi-year production solutions contracts for chemicals, artificial lift, and digital services to support a major operator’s offshore activities. In Kazakhstan, the TOPAN and Baker Hughes joint venture secured a critical production chemicals and services award. In Norway, Equinor awarded OFSE a contract to industrialize offshore plug and abandonment (“P&A“) operations in the Oseberg East field, which followed the announcement of a multi-year P&A framework agreement for integrated well services.

    OFSE saw continued adoption of Leucipa™ automated field production solution, securing an award from Repsol for next-generation AI capabilities following the MoU signed in October 2024. The Company also signed an agreement with ENI to deploy Leucipa for electric submersible pumps (“ESP“) optimization and AI-powered predictive failure analytics in the Middle East.

    Also in the Middle East, Baker Hughes signed a master services agreement with Aramco for installation and maintenance of ESPs across the Kingdom of Saudi Arabia.

    In North America, OFSE secured a multi-year contract to provide drag reducing chemicals to be deployed on Genesis Energy’s Cameron Highway Oil Pipeline and Poseidon systems, each of which is operated and 64% owned by Genesis Energy. To support this agreement, OFSE will expand its chemicals manufacturing footprint and deploy Leucipa. Additionally, bp awarded OFSE a multi-year chemicals management services contract to optimize throughput and asset reliability in the U.S. Gulf Coast.

    In Germany, OFSE successfully drilled Lower Saxony’s first productive deep geothermal exploration well, a project that leverages OFSE’s integrated well construction and production capabilities and the Company’s industry-leading subsurface-to-surface digital solutions to monitor and optimize operational performance.

    Consolidated Financial Results

    Revenue for the quarter was $6,910 million, an increase of 8% sequentially and down $229 million year-over-year. The decrease in revenue year-over-year was driven by a decrease in OFSE partially offset by an increase in IET.

    The Company’s total book-to-bill ratio in the second quarter of 2025 was 1.0; the IET book-to-bill ratio was 1.1.

    Net income as determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for the second quarter of 2025 was $701 million. Net income increased $299 million sequentially and increased $122 million year-over-year.

    Adjusted net income (a non-GAAP financial measure) for the second quarter of 2025 was $623 million, which excludes adjustments totaling $78 million. A list of the adjusting items and associated reconciliation from GAAP has been provided in Table 1b in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted net income for the second quarter of 2025 was up 22% sequentially and up 10% year-over-year.

    Depreciation and amortization for the second quarter of 2025 was $293 million.

    Adjusted EBITDA (a non-GAAP financial measure) for the second quarter of 2025 was $1,212 million, which excludes adjustments totaling $102 million. See Table 1a in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted EBITDA for the second quarter was up 17% sequentially and up 7% year-over-year.

    The sequential increase in adjusted net income and adjusted EBITDA was primarily driven by an increase in volume, favorable FX, and overall productivity. The year-over-year increase in adjusted net income and adjusted EBITDA was driven by productivity and structural cost out initiatives, favorable FX, partially offset by lower volume in OFSE, and cost inflation in both segments.

    Other Financial Items

    Remaining Performance Obligations (“RPO”) in the second quarter of 2025 ended at $34 billion, an increase of $0.8 billion from the first quarter of 2025. OFSE RPO was $2.7 billion, down 3% sequentially, while IET RPO was $31.3 billion, up 3% sequentially. Within IET RPO, GTE RPO was $11.3 billion, and GTS RPO was $15.6 billion.

    Income tax expense in the second quarter of 2025 was $256 million.

    Other (income) expense, net in the second quarter of 2025 was $(134) million, primarily related to changes in fair value for equity securities of $(119) million.

    GAAP diluted earnings per share was $0.71. Adjusted diluted earnings per share (a non-GAAP financial measure) was $0.63. Excluded from adjusted diluted earnings per share were all items listed in Table 1b in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

    Cash flow from operating activities was $510 million for the second quarter of 2025. Free cash flow (a non-GAAP financial measure) for the quarter was $239 million. A reconciliation from GAAP has been provided in Table 1c in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

    Capital expenditures, net of proceeds from disposal of assets, were $271 million for the second quarter of 2025, of which $184 million was for OFSE and $68 million was for IET.

    Results by Reporting Segment

    The following segment discussions and variance explanations are intended to reflect management’s view of the relevant comparisons of financial results on a sequential or year-over-year basis, depending on the business dynamics of the reporting segments.

    Oilfield Services & Equipment

    (in millions)   Three Months Ended   Variance
    Segment results   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Orders   $ 3,503   $ 3,281   $ 4,068     7 % (14 %)
    Revenue   $ 3,617   $ 3,499   $ 4,011     3 % (10 %)
    EBITDA   $ 677   $ 623   $ 716     9 % (5 %)
    EBITDA margin     18.7 %   17.8 %   17.8 %   0.9pts 0.9pts
    (in millions)   Three Months Ended   Variance
    Revenue by Product Line   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Well Construction   $ 921   $ 892   $ 1,090     3 % (16 %)
    Completions, Intervention, and Measurements     935     925     1,118     1 % (16 %)
    Production Solutions     968     899     958     8 % 1 %
    Subsea & Surface Pressure Systems     793     782     845     1 % (6 %)
    Total Revenue   $ 3,617   $ 3,499   $ 4,011     3 % (10 %)
    (in millions)   Three Months Ended   Variance
    Revenue by Geographic Region   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    North America   $ 928   $ 922   $ 1,023     1 % (9 %)
    Latin America     639     568     663     12 % (4 %)
    Europe/CIS/Sub-Saharan Africa     653     580     827     13 % (21 %)
    Middle East/Asia     1,398     1,429     1,498     (2 %) (7 %)
    Total Revenue   $ 3,617   $ 3,499   $ 4,011     3 % (10 %)
                   
    North America   $ 928   $ 922   $ 1,023     1 % (9 %)
    International   $ 2,689   $ 2,577   $ 2,988     4 % (10 %)


    EBITDA excludes depreciation and amortization of     $233 million, $226 million, and $223 million for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. EBITDA margin is defined as EBITDA divided by revenue.

    OFSE orders of $3,503 million for the second quarter of 2025 increased by 7% sequentially. Subsea and Surface Pressure Systems orders were $698 million, up 31% sequentially, and down 21% year-over-year.

    OFSE revenue of $3,617 million for the second quarter of 2025 was up 3% sequentially, and down 10% year-over-year.

    North America revenue was $928 million, up 1% sequentially. International revenue was $2,689 million, up 4% sequentially, with increase in all regions with the exception of Middle East and Asia.

    Segment EBITDA for the second quarter of 2025 was $677 million, an increase of $54 million, or 9% sequentially. The sequential increase in EBITDA was primarily driven by productivity, structural cost-out initiatives, volume increase, partially offset by inflation and revenue mix.

    Industrial & Energy Technology

    (in millions)   Three Months Ended   Variance
    Segment results   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Orders   $ 3,530   $ 3,178   $ 3,458     11 % 2 %
    Revenue   $ 3,293   $ 2,928   $ 3,128     12 % 5 %
    EBITDA   $ 585   $ 501   $ 497     17 % 18 %
    EBITDA margin     17.8 %   17.1 %   15.9 %   0.7pts 1.9pts
    (in millions)   Three Months Ended   Variance
    Orders by Product Line   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Gas Technology Equipment   $ 781   $ 1,335   $ 1,493     (42 %) (48 %)
    Gas Technology Services     986     913     769     8 % 28 %
    Total Gas Technology     1,767     2,248     2,261     (21 %) (22 %)
    Industrial Products     513     501     524     2 % (2 %)
    Industrial Solutions     327     281     281     16 % 16 %
    Total Industrial Technology     839     782     805     7 % 4 %
    Climate Technology Solutions     923     148     392     F F
    Total Orders   $ 3,530   $ 3,178   $ 3,458     11 % 2 %
    (in millions)   Three Months Ended   Variance
    Revenue by Product Line   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Gas Technology Equipment   $ 1,624   $ 1,456   $ 1,539     12 % 6 %
    Gas Technology Services     752     592     691     27 % 9 %
    Total Gas Technology     2,377     2,047     2,230     16 % 7 %
    Industrial Products     488     445     509     10 % (4 %)
    Industrial Solutions     273     258     262     6 % 4 %
    Total Industrial Technology     761     703     770     8 % (1 %)
    Climate Technology Solutions     156     178     128     (12 %) 22 %
    Total Revenue   $ 3,293   $ 2,928   $ 3,128     12 % 5 %


    EBITDA excludes depreciation and amortization of     $56 million, $53 million, and $55 million for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. EBITDA margin is defined as EBITDA divided by revenue.

    “F” is used in most instances when variance is above 100%. Additionally, “U” is used when variance is below (100)%.

    IET orders of $3,530 million for the second quarter of 2025 increased by $72 million, or 2% year-over-year. The increase was driven primarily by Climate Technology Solutions and partially offset by Gas Technology.

    IET revenue of $3,293 million for the second quarter of 2025 increased $165 million, or 5% year-over-year. The increase was driven by Gas Technology Equipment, up $85 million or 6% year-over-year, Gas Technology Services, up $61 million or 9% year-over-year, and Climate Technology Solutions, up $28 million or 22% year-over-year.

    Segment EBITDA for the quarter was $585 million, an increase of $88 million, or 18% year-over-year. The year-over-year increase in segment EBITDA was driven by positive pricing, favorable FX, and productivity, partially offset by cost inflation.

    Reconciliation of GAAP to non-GAAP Financial Measures

    Management provides non-GAAP financial measures because it believes such measures are widely accepted financial indicators used by investors and analysts to analyze and compare companies on the basis of operating performance (including adjusted EBITDA; adjusted net income attributable to Baker Hughes; and adjusted diluted earnings per share) and liquidity (free cash flow) and that these measures may be used by investors to make informed investment decisions. Management believes that the exclusion of certain identified items from several key operating performance measures enables us to evaluate our operations more effectively, to identify underlying trends in the business, and to establish operational goals for certain management compensation purposes. Management also believes that free cash flow is an important supplemental measure of our cash performance but should not be considered as a measure of residual cash flow available for discretionary purposes, or as an alternative to cash flow from operating activities presented in accordance with GAAP.

    Table 1a. Reconciliation of Net Income Attributable to Baker Hughes to Adjusted EBITDA and Segment EBITDA

        Three Months Ended
    (in millions)   June 30, 2025 March 31, 2025 June 30, 2024
    Net income attributable to Baker Hughes (GAAP)   $ 701   $ 402   $ 579  
    Net income attributable to noncontrolling interests     10     7     2  
    Provision for income taxes     256     152     243  
    Interest expense, net     54     51     47  
    Depreciation & amortization     293     285     283  
    Change in fair value of equity securities (1)     (119 )   140     (19 )
    Other charges and credits (1)     17     —     (6 )
    Adjusted EBITDA (non-GAAP)     1,212     1,037     1,130  
    Corporate costs     78     85     83  
    Other (income) / expense not allocated to segments     (28 )   1     —  
    Total Segment EBITDA (non-GAAP)   $ 1,262   $ 1,124   $ 1,213  
    OFSE     677     623     716  
    IET     585     501     497  


    (1)     Change in fair value of equity securities and other charges and credits are reported in “Other (income) expense, net” on the condensed consolidated statements of income (loss).

    Table 1a reconciles net income attributable to Baker Hughes, which is the directly comparable financial result determined in accordance with GAAP, to adjusted EBITDA and Segment EBITDA. Adjusted EBITDA and Segment EBITDA exclude the impact of certain identified items.

    Table 1b. Reconciliation of Net Income Attributable to Baker Hughes to Adjusted Net Income Attributable to Baker Hughes

        Three Months Ended
    (in millions, except per share amounts)   June 30, 2025 March 31, 2025 June 30, 2024
    Net income attributable to Baker Hughes (GAAP)   $ 701   $ 402   $ 579  
    Change in fair value of equity securities     (119 )   140     (19 )
    Other adjustments     17     —     14  
    Tax adjustments(1)     24     (32 )   (6 )
    Total adjustments, net of income tax     (78 )   108     (11 )
    Less: adjustments attributable to noncontrolling interests     —     —     —  
    Adjustments attributable to Baker Hughes     (78 )   108     (11 )
    Adjusted net income attributable to Baker Hughes (non-GAAP)   $ 623   $ 509   $ 568  
             
    Denominator:        
    Weighted-average shares of Class A common stock outstanding diluted     991     999     1,001  
    Adjusted earnings per share – diluted (non-GAAP)   $ 0.63   $ 0.51   $ 0.57  


    (1)     All periods reflect the tax associated with the other (income) loss adjustments.

    Table 1b reconciles net income attributable to Baker Hughes, which is the directly comparable financial result determined in accordance with GAAP, to adjusted net income attributable to Baker Hughes. Adjusted net income attributable to Baker Hughes excludes the impact of certain identified items.

    Table 1c. Reconciliation of Net Cash Flows from Operating Activities to Free Cash Flow

        Three Months Ended
    (in millions)   June 30, 2025 March 31, 2025 June 30, 2024
    Net cash flows from operating activities (GAAP)   $ 510   $ 709   $ 348  
    Add: cash used for capital expenditures, net of proceeds from disposal of assets     (271 )   (255 )   (242 )
    Free cash flow (non-GAAP)   $ 239   $ 454   $ 106  

    Table 1c reconciles net cash flows from operating activities, which is the directly comparable financial result determined in accordance with GAAP, to free cash flow. Free cash flow is defined as net cash flows from operating activities less expenditures for capital assets plus proceeds from disposal of assets.


    Financial Tables (GAAP)

    Condensed Consolidated Statements of Income (Loss)
    (Unaudited)
     
        Three Months Ended June 30, Six Months Ended June 30,
    (In millions, except per share amounts)     2025     2024     2025     2024  
    Revenue   $ 6,910   $ 7,139   $ 13,337   $ 13,557  
    Costs and expenses:          
    Cost of revenue     5,295     5,493     10,247     10,469  
    Selling, general and administrative     567     643     1,144     1,261  
    Research and development costs     161     158     307     322  
    Other (income) expense, net     (134 )   (26 )   6     (48 )
    Interest expense, net     54     47     105     88  
    Income before income taxes     967     824     1,528     1,465  
    Provision for income taxes     (256 )   (243 )   (408 )   (421 )
    Net income     711     581     1,120     1,044  
    Less: Net income attributable to noncontrolling interests     10     2     17     10  
    Net income attributable to Baker Hughes Company   $ 701   $ 579   $ 1,103   $ 1,034  
               
    Per share amounts:      
    Basic income per Class A common stock   $ 0.71   $ 0.58   $ 1.11   $ 1.04  
    Diluted income per Class A common stock   $ 0.71   $ 0.58   $ 1.11   $ 1.03  
               
    Weighted average shares:          
    Class A basic     988     996     990     997  
    Class A diluted     991     1,001     995     1,002  
               
    Cash dividend per Class A common stock   $ 0.23   $ 0.21   $ 0.46   $ 0.42  
    Condensed Consolidated Statements of Financial Position
    (Unaudited)
     
    (In millions)   June 30, 2025 December 31, 2024
    ASSETS
    Current Assets:      
    Cash and cash equivalents   $ 3,087   $ 3,364  
    Current receivables, net     6,511     7,122  
    Inventories, net     5,105     4,954  
    All other current assets     2,915     1,771  
    Total current assets     17,618     17,211  
    Property, plant and equipment, less accumulated depreciation     5,176     5,127  
    Goodwill     5,801     6,078  
    Other intangible assets, net     3,919     3,951  
    Contract and other deferred assets     1,841     1,730  
    All other assets     4,385     4,266  
    Total assets   $ 38,740   $ 38,363  
    LIABILITIES AND EQUITY
    Current Liabilities:      
    Accounts payable   $ 4,340   $ 4,542  
    Short-term debt     66     53  
    Progress collections and deferred income     5,680     5,672  
    All other current liabilities     2,429     2,724  
    Total current liabilities     12,515     12,991  
    Long-term debt     5,968     5,970  
    Liabilities for pensions and other postretirement benefits     997     988  
    All other liabilities     1,392     1,359  
    Equity     17,868     17,055  
    Total liabilities and equity   $ 38,740   $ 38,363  
           
    Outstanding Baker Hughes Company shares:      
    Class A common stock     985     990  
    Condensed Consolidated Statements of Cash Flows
    (Unaudited)
     
        Three Months Ended June 30, Six Months Ended June 30,
    (In millions)     2025     2025     2024  
    Cash flows from operating activities:        
    Net income   $ 711   $ 1,120   $ 1,044  
    Adjustments to reconcile net income to net cash flows from operating activities:        
    Depreciation and amortization     293     579     566  
    Stock-based compensation cost     52     102     101  
    Change in fair value of equity securities     (119 )   21     (71 )
    (Benefit) provision for deferred income taxes     36     (17 )   33  
    Working capital     (120 )   98     (36 )
    Other operating items, net     (343 )   (684 )   (505 )
    Net cash flows provided by operating activities     510     1,219     1,132  
    Cash flows from investing activities:        
    Expenditures for capital assets     (301 )   (601 )   (625 )
    Proceeds from disposal of assets     30     74     101  
    Other investing items, net     (15 )   (69 )   (6 )
    Net cash flows used in investing activities     (286 )   (596 )   (530 )
    Cash flows from financing activities:        
    Repayment of long-term debt     —     —     (125 )
    Dividends paid     (227 )   (456 )   (419 )
    Repurchase of Class A common stock     (196 )   (384 )   (324 )
    Other financing items, net     (20 )   (105 )   (61 )
    Net cash flows used in financing activities     (443 )   (945 )   (929 )
    Effect of currency exchange rate changes on cash and cash equivalents     29     45     (35 )
    Decrease in cash and cash equivalents     (190 )   (277 )   (362 )
    Cash and cash equivalents, beginning of period     3,277     3,364     2,646  
    Cash and cash equivalents, end of period   $ 3,087   $ 3,087   $ 2,284  
    Supplemental cash flows disclosures:        
    Income taxes paid, net of refunds   $ 211   $ 418   $ 336  
    Interest paid   $ 98   $ 148   $ 150  


    Supplemental Financial Information

    Supplemental financial information can be found on the Company’s website at: investors.bakerhughes.com in the Financial Information section under Quarterly Results.

    Conference Call and Webcast

    The Company has scheduled an investor conference call to discuss management’s outlook and the results reported in today’s earnings announcement. The call will begin at 9:30 a.m. Eastern time, 8:30 a.m. Central time on Wednesday, July 23, 2025, the content of which is not part of this earnings release. The conference call will be broadcast live via a webcast and can be accessed by visiting the Events and Presentations page on the Company’s website at: investors.bakerhughes.com. An archived version of the webcast will be available on the website for one month following the webcast.

    Forward-Looking Statements

    This news release (and oral statements made regarding the subjects of this release) may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, (each a “forward-looking statement”). Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “would,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target,” “goal” or other similar words or expressions. There are many risks and uncertainties that could cause actual results to differ materially from our forward-looking statements. These forward-looking statements are also affected by the risk factors described in the Company’s annual report on Form 10-K for the annual period ended December 31, 2024 and those set forth from time to time in other filings with the Securities and Exchange Commission (“SEC”). The documents are available through the Company’s website at: www.investors.bakerhughes.com or through the SEC’s Electronic Data Gathering and Analysis Retrieval system at: www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

    Our expectations regarding our business outlook and business plans; the business plans of our customers; oil and natural gas market conditions; cost and availability of resources; economic, legal and regulatory conditions, and other matters are only our forecasts regarding these matters.

    These forward-looking statements, including forecasts, may be substantially different from actual results, which are affected by many risks, along with the following risk factors and the timing of any of these risk factors:

    • Economic and political conditions – the impact of worldwide economic conditions and rising inflation; the impact of tariffs and the potential for significant increases thereto; the impact of global trade policy and the potential for significant changes thereto; the effect that declines in credit availability may have on worldwide economic growth and demand for hydrocarbons; foreign currency exchange fluctuations and changes in the capital markets in locations where we operate; and the impact of government disruptions and sanctions.
    • Orders and RPO – our ability to execute on orders and RPO in accordance with agreed specifications, terms and conditions and convert those orders and RPO to revenue and cash.
    • Oil and gas market conditions – the level of petroleum industry exploration, development and production expenditures; the price of, volatility in pricing of, and the demand for crude oil and natural gas; drilling activity; drilling permits for and regulation of the shelf and the deepwater drilling; excess productive capacity; crude and product inventories; liquefied natural gas supply and demand; seasonal and other adverse weather conditions that affect the demand for energy; severe weather conditions, such as tornadoes and hurricanes, that affect exploration and production activities; Organization of Petroleum Exporting Countries (“OPEC”) policy and the adherence by OPEC nations to their OPEC production quotas.
    • Terrorism and geopolitical risks – war, military action, terrorist activities or extended periods of international conflict, particularly involving any petroleum-producing or consuming regions, including Russia and Ukraine; and the recent conflict in the Middle East; labor disruptions, civil unrest or security conditions where we operate; potentially burdensome taxation, expropriation of assets by governmental action; cybersecurity risks and cyber incidents or attacks; epidemic outbreaks.

    About Baker Hughes:

    Baker Hughes (Nasdaq: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

    For more information, please contact:

    Investor Relations

    Chase Mulvehill
    +1 346-297-2561
    investor.relations@bakerhughes.com

    Media Relations

    Adrienne M. Lynch
    +1 713-906-8407
    adrienne.lynch@bakerhughes.com

    The MIL Network –

  • MIL-OSI: Weatherford Announces Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    • Second quarter revenue of $1,204 million increased 1% sequentially
    • Second quarter operating income of $237 million increased 67% sequentially
    • Second quarter net income of $136 million increased 79% sequentially; net income margin of 11.3%
    • Second quarter adjusted EBITDA* of $254 million was flat sequentially; adjusted EBITDA margin* of 21.1% decreased 11 basis points sequentially
    • Second quarter cash provided by operating activities of $128 million and adjusted free cash flow* of $79 million
    • Repurchased $27 million of 8.625% Senior Notes due 2030 in the second quarter of 2025
    • Shareholder return of $52 million for the quarter, which included dividend payments of $18 million and share repurchases of $34 million
    • Board approved quarterly cash dividend of $0.25 per share, payable on September 4, 2025, to shareholders of record as of August 6, 2025
    • Signed an agreement with Amazon Web Services to migrate and modernize our digital platforms, including the Modern Edge Platform and Unified Data Model, enhancing operational efficiency and data-driven decision-making. The collaboration also boosts Weatherford’s Software Launchpad, offering scalable, cloud-based solutions while ensuring data control and integration flexibility

    *Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled

    HOUSTON, July 22, 2025 (GLOBE NEWSWIRE) — Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) announced today its results for the second quarter of 2025.

    Revenues for the second quarter of 2025 were $1,204 million, an increase of 1% sequentially and a decrease of 14% year-over-year. Operating income in the second quarter of 2025 was $237 million, an increase of 67% sequentially and a decrease of 10% year-over-year. Net income in the second quarter of 2025 was $136 million, with a 11.3% margin, an increase of 79%, or 493 basis points, sequentially, and an increase of 9%, or 240 basis points, year-over-year. Adjusted EBITDA* was $254 million, with a 21.1% margin, flat, or a decrease of 11 basis points, sequentially, and a decrease of 30%, or 488 basis points, year-over-year. Basic income per share in the second quarter of 2025 was $1.87, an increase of 81% sequentially and an increase of 10% year-over-year. Diluted income per share in the second quarter of 2025 was $1.87, an increase of 81% sequentially and an increase of 13% year-over-year.

    Second quarter 2025 cash flows provided by operating activities were $128 million, a decrease of 10% sequentially and a decrease of 15% year-over-year. Adjusted free cash flow* was $79 million, an increase of 20% sequentially and a decrease of 18% year-over-year. Capital expenditures were $54 million in the second quarter of 2025, a decrease of 30% sequentially and a decrease of 13% year-over-year.

    Girish Saligram, President and Chief Executive Officer, commented, “Our core operating markets continued to exhibit activity slowdown during the quarter, driven by geopolitical events, supply-demand imbalance concerns, and trade uncertainties. Despite these structural headwinds, the One Weatherford team delivered second-quarter results in line with expectations, reflecting disciplined execution and operational efficiency in a distinctly softer market. The sequential performance demonstrates strong fundamentals and the resilience of our operating model. Revenues increased and adjusted EBITDA was flat despite the previously announced divestiture of certain businesses in Argentina. Adjusted Free Cash Flow also increased, even as receivables continued to build in Latin America due to lack of payments in Mexico. This performance underscores the strength of the new Weatherford operating paradigm and marks a positive departure from past responses to prior market cycle inflections.

    Looking ahead, activity levels in both North America and international markets continue to show signs of sluggishness, and expectations for a broader sector recovery have shifted further to the right. While we anticipate a relatively flat trajectory on revenues for the immediate future, we remain focused on driving adjusted free cash flow conversion through portfolio optimization, structural cost efficiencies, optimization of working capital, and CAPEX efficiency.”

    *Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled

    Operational & Commercial Highlights

    • An International Oil Company (IOC) awarded Weatherford a three-year contract to provide Managed Pressure Drilling (MPD) services for a deepwater development project in Mexico.
    • Aramco awarded Weatherford a one-year contract extension to provide MPD services for its onshore and offshore wells.
    • Weatherford, with Superior Energy Services, secured a three-year contract to supply conventional completions (Upper and Lower) equipment to Petrobras for pre-salt and post-salt fields offshore Brazil.
    • Cairn Oil & Gas granted Weatherford a Letter of Award to provide Completions, Liner Hanger, Whipstock systems and services, and MPD services for High Temperature – Ultra High Temperature (HT-UHT) drilling and rigless project in Barmer, India.
    • bp UK awarded Weatherford a one-year contract to provide Cementation Products, Completions, Drilling Services, Intervention Services & Drilling Tools (ISDT), and a one-year contract to provide Liner Hanger systems for the Northern Endurance Partnership CO2 Storage Project in offshore UK.
    • Beach Energy Limited awarded Weatherford contracts to provide Cementation Products, Cement Heads, Liner Hangers, and Tubular Running Services (TRS) for a campaign in offshore Australia.
    • Origin Energy awarded Weatherford a five-year contract to re-supply PCP systems in onshore Australia.
    • OMV awarded Weatherford a three-year contract to supply Completions and Reservoir Monitoring equipment in Tunisia.
    • Shell awarded Weatherford a three-year contract to provide ISDT offshore in the Gulf of America.
    • An IOC awarded Weatherford a three-year contract to provide thru-tubing Well Services in offshore Malaysia.
    • Kuwait Oil Company (KOC) awarded Weatherford a contract for the supply of XpressTM XT Liner Hanger systems for deep drilling operations in Kuwait.
    • A National Oil Company in the Middle East awarded a two-year contract to provide thru-tubing and safety valve systems in the United Arab Emirates.
    • A major operator in Canada awarded Weatherford a two-year contract to provide Artificial Lift services in onshore Canada.
    • Weatherford, in strategic partnership with Constellation, secured a three-year contract to deliver TRS, integrating the automated Vero™ technology into their rig for Petrobras in offshore Brazil.

    Technology Highlights

    • Drilling & Evaluation (“DRE”)
      • In Kuwait, Weatherford successfully deployed combined Magnus™ and Victus™ solutions for a pilot project for KOC. This approach enabled the use of a smaller wellhead, eliminated one casing string, and allowed effective drilling and cementing through stacked reservoirs, potentially unlocking new completion designs and enhancing recovery.
      • In Qatar, Weatherford successfully completed the first Modus™ job using MPD techniques that significantly improved operational efficiency and well safety. The Modus system enabled the operator to reach the targeted total depth while saving substantial rig time and costs compared to conventional methods.
      • In Norway, Weatherford successfully completed three open hole logging jobs for an international operator using coiled tubing for deployment. This approach enabled effective logging in a highly deviated well, overcoming the limitations of conventional wireline conveyance.
    • Well Construction and Completions (“WCC”)
      • In the Gulf of America, Weatherford successfully integrated multiple TRS technologies for bp. This integration enhanced operational speed, cost-effectiveness, and well integrity while improving quality, efficiency, and safety by reducing personnel requirements and eliminating manual intervention.
      • In the United Kingdom, Weatherford successfully implemented StringGuardTM for Shell. The solution is designed to provide protection against potential dropped string events, with the aim of maintaining operational focus and incident free delivery.
    • Production and Intervention (“PRI”)
      • Weatherford’s Rotaflex® Artificial Lift technology has witnessed continued global adoption, with recent installations in France, Australia, and Oman. These projects have addressed a variety of operational challenges, including the replacement of Electric Submersible Pumps and conventional pumping units, enhancement of production efficiency, support for Coal Bed Methane initiatives, and restoration of output in complex wells, underscoring the versatility and effectiveness of the Rotaflex technology.
      • In Norway, Weatherford completed a successful field trial of TITAN RS technology for Equinor, following the acquisition of Ardyne. The trial delivered a full casing cut and recovery solution for the plug and abandonment market, reinforcing Weatherford’s leadership in advanced well abandonment.
      • In Saudi Arabia, Weatherford installed the first Rod Lift system in the Jafurah field. The unit was successfully commissioned, validating Weatherford’s Rod Lift technology as a viable artificial lift solution for this unconventional gas field.

    Shareholder Return

    During the second quarter of 2025, Weatherford paid dividends of $18 million and repurchased shares for approximately $34 million, resulting in a total shareholder return of $52 million. In the first half of the year, Weatherford paid dividends of $36 million and repurchased shares for approximately $87 million, resulting in a total shareholder return of $123 million.

    On July 17, 2025, our Board declared a cash dividend of $0.25 per share of the Company’s ordinary shares, payable on September 4, 2025, to shareholders of record as of August 6, 2025.

    Results by Reportable Segment

    Drilling and Evaluation (“DRE”)
      

        Three Months Ended   Variance
    ($ in Millions)   June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   Seq.   YoY
    Revenue   $          335     $              350     $          427     (4)   %   (22)    %
    Segment Adjusted EBITDA   $            69     $                 74     $          130     (7)   %   (47)    %
    Segment Adj EBITDA Margin     20.6 %     21.1 %     30.4 %            (55) bps         (985) bps

    Second quarter 2025 DRE revenue of $335 million decreased by $15 million, or 4% sequentially, primarily from lower Wireline activity in North America and Latin America partly offset by higher Drilling Services activity in Europe/Sub-Sahara Africa/Russia and Latin America. Year-over-year DRE revenue decreased by $92 million, or 22%, primarily from lower activity across all geographies, especially in Latin America, partly offset by higher Drilling Services activity in Europe/Sub-Sahara Africa/ Russia, North America and Middle East/North Africa/Asia.

    Second quarter 2025 DRE segment adjusted EBITDA of $69 million decreased by $5 million, or 7% sequentially, primarily from lower Wireline activity, partly offset by higher Drilling Services activity. Year-over-year DRE segment adjusted EBITDA decreased by $61 million, or 47%, primarily from lower activity across all geographies, especially in Latin America.

    Well Construction and Completions (“WCC”)  

        Three Months Ended   Variance
    ($ in Millions)   June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   Seq.   YoY
    Revenue   $          456     $              441     $          504     3 %   (10)   %
    Segment Adjusted EBITDA   $          118     $              128     $          145     (8) %   (19)   %
    Segment Adj EBITDA Margin     25.9 %     29.0 %     28.8 %         (315) bps          (289) bps

    Second quarter 2025 WCC revenue of $456 million increased by $15 million, or 3% sequentially, primarily from higher Liner Hangers and Cementation Products activity partly offset by lower Completions activity especially in Latin America.  Year-over-year WCC revenues decreased by $48 million, or 10%, primarily from lower activity in Latin America, Europe/Sub-Sahara Africa/Russia and North America partly offset by higher Liner Hangers activity in Middle East/North Africa/Asia.

    Second quarter 2025 WCC segment adjusted EBITDA of $118 million decreased by $10 million, or 8% sequentially, primarily from lower Completions activity partly offset by higher Liner Hangers activity and Cementation Products activity and fall through. Year-over-year WCC segment adjusted EBITDA decreased by $27 million, or 19%, primarily from lower activity in Latin America, Europe/Sub-Sahara Africa/Russia and North America partly offset by higher Liner Hangers and TRS fall through in Middle East/North Africa/Asia.

    Production and Intervention (“PRI”)  

        Three Months Ended   Variance
    ($ in Millions)   June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   Seq.   YoY
    Revenue   $          327         $              334     $          369     (2)  %   (11)   %
    Segment Adjusted EBITDA   $            63         $                 62     $            85     2 %   (26)   %
    Segment Adj EBITDA Margin     19.3 %     18.6 %     23.0 %             70  bps          (377) bps

    Second quarter 2025 PRI revenue of $327 million  decreased by $7 million, or 2% sequentially, primarily from lower Pressure Pumping activity in Latin America pursuant to the sale of the Argentina Pressure Pumping business partly offset by higher Artificial Lift and Sub-sea Intervention activity. Year-over-year PRI revenue decreased by $42 million, or 11%, as lower activity across all geographies was partly offset by higher Sub-sea intervention activity in Latin America.

    Second quarter 2025 PRI segment adjusted EBITDA of $63 million increased by $1 million, or 2% sequentially, primarily from  higher Sub-sea Intervention activity and fall through partly offset by lower Pressure Pumping activity in Latin America pursuant to the sale of the Argentina Pressure Pumping business. Year-over-year PRI segment adjusted EBITDA decreased by $22 million, or 26%, primarily from lower activity across all geographies, partly offset by higher Sub-sea intervention activity and fall through in Latin America.

    Revenue by Geography 

        Three Months Ended   Variance
    ($ in Millions)   June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   Seq.   YoY
    North America   $             241   $                  250   $             252   (4) %   (4) %
                         
    International   $             963   $                  943   $          1,153   2 %   (16) %
       Latin America                     195                        241                    353   (19) %   (45) %
       Middle East/North Africa/Asia                    524                        503                    542   4 %   (3) %
       Europe/Sub-Sahara Africa/Russia                    244                        199                    258   23 %   (5) %
    Total Revenue   $          1,204   $               1,193   $          1,405   1 %   (14) %


    North America

    Second quarter 2025 North America revenue of $241 million decreased by $9 million, or 4% sequentially, primarily from lower Wireline activity in Canada Land, partly offset by higher Cementation Products and Liner Hangers activity. Year-over-year, North America decreased by $11 million, or 4% , primarily from lower activity across all the segments, partly offset by higher activity in US Offshore.

    International

    Second quarter 2025 international revenue of $963 million increased by $20 million, or 2% sequentially and decreased by $190 million, or 16% year-over-year.

    Second quarter 2025 Latin America revenue of $195 million decreased by $46 million, or 19% sequentially, primarily from lower activity in Argentina pursuant to the sale of the Argentina Pressure Pumping business, partly offset by higher Sub-sea intervention activity. Year-over-year, Latin America revenue decreased by $158 million, or 45%, primarily from lower activity in Mexico and Argentina, partly offset by higher Sub-sea intervention activity.

    Second quarter 2025 Middle East/North Africa/Asia revenue of $524 million increased by $21 million, or 4% sequentially, primarily from higher Liner Hangers and Cementation Products activity partly offset by lower Drilling Services. Year-over-year, the Middle East/North Africa/Asia revenue decreased by $18 million, or 3%, primarily from lower activity in the DRE and PRI segments partly offset by higher Liner Hangers activity.

    Second quarter 2025 Europe/Sub-Sahara Africa/Russia revenue of $244 million increased by $45 million, or 23% sequentially, primarily from higher activity across all the segments. Year-over-year, Europe/Sub-Sahara Africa/Russia revenue decreased by $14 million, or 5%, primarily from lower activity across all the segments especially WCC, partly offset by higher Drilling Services and Pressure Pumping.

    About Weatherford
    Weatherford delivers innovative energy services that integrate proven technologies with advanced digitalization to create sustainable offerings for maximized value and return on investment. Our world-class experts partner with customers to optimize their resources and realize the full potential of their assets. Operators choose us for strategic solutions that add efficiency, flexibility, and responsibility to any energy operation. The Company conducts business in approximately 75 countries and has approximately 17,300 team members representing more than 110 nationalities and 310 operating locations. Visit weatherford.com for more information and connect with us on social media.

    Conference Call Details

    Weatherford will host a conference call on Wednesday, July 23, 2025, to discuss the Company’s results for the second quarter ended June 30, 2025. The conference call will begin at 8:30 a.m. Eastern Time (7:30 a.m. Central Time).

    Listeners are encouraged to download the accompanying presentation slides which will be available in the investor relations section of the Company’s website.

    Listeners can participate in the conference call via a live webcast at https://www.weatherford.com/investor-relations/investor-news-and-events/events/ or by dialing +1 877-328-5344 (within the U.S.) or +1 412-902-6762 (outside of the U.S.) and asking for the Weatherford conference call. Participants should log in or dial in approximately 10 minutes prior to the start of the call.

    A telephonic replay of the conference call will be available until August 6, 2025, at 5:00 p.m. Eastern Time. To access the replay, please dial +1 877-344-7529 (within the U.S.) or +1 412-317-0088 (outside of the U.S.) and reference conference number 1312926. A replay and transcript of the earnings call will also be available in the investor relations section of the Company’s website.

    Contacts
    For Investors:
    Luke Lemoine
    Senior Vice President, Corporate Development & Investor Relations
    +1 713-836-7777
    investor.relations@weatherford.com

    For Media:
    Kelley Hughes
    Senior Director, Communications & Employee Engagement
    media@weatherford.com

    Forward-Looking Statements

    This news release contains projections and forward-looking statements concerning, among other things, the Company’s adjusted EBITDA*, adjusted EBITDA margin*, adjusted free cash flow*, shareholder return program, forecasts or expectations regarding business outlook, prospects for its operations, capital expenditures, expectations regarding future financial results, and are also generally identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “outlook,” “budget,” “intend,” “strategy,” “plan,” “guidance,” “may,” “should,” “could,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions, although not all forward-looking statements contain these identifying words. Such statements are based upon the current beliefs of Weatherford’s management and are subject to significant risks, assumptions, and uncertainties. Should one or more of these risks or uncertainties materialize, or underlying assumptions prove incorrect, actual results may vary materially from those indicated in our forward-looking statements. Readers are cautioned that forward-looking statements are only estimates and may differ materially from actual future events or results, based on factors including but not limited to: global political, economic and market conditions, political disturbances, war or other global conflicts, terrorist attacks, changes in global trade policies, tariffs and sanctions, weak local economic conditions and international currency fluctuations; general global economic repercussions related to U.S. and global inflationary pressures and potential recessionary concerns; various effects from conflicts in the Middle East and the Russia Ukraine conflicts, including, but not limited to, nationalization of assets, extended business interruptions, sanctions, treaties and regulations (including changes in the regulatory environment) imposed by various countries, associated operational and logistical challenges, and impacts to the overall global energy supply; cybersecurity issues; our ability to comply with, and respond to, climate change, environmental, social and governance and other sustainability initiatives and future legislative and regulatory measures both globally and in specific geographic regions; the potential for a resurgence of a pandemic in a given geographic area and related disruptions; the price and price volatility of, and demand for, oil and natural gas; the macroeconomic outlook for the oil and gas industry; our ability to generate cash flow from operations to fund our operations; our ability to effectively and timely adapt our technology portfolio, products and services to remain competitive, and to address and participate in changes to the market demands, including for the transition to alternate sources of energy such as geothermal, carbon capture and responsible abandonment, including our digitalization efforts, increases in the prices and lead times, and the lack of availability of our procured products and services, including due to macroeconomic and geopolitical conditions such as tariffs and changes in trade policies, our ability to timely collect from customers; our ability to effectively execute our capital allocation framework; our ability to return capital to shareholders, including those related to the timing and amounts (including any plans or commitments in respect thereof) of any dividends and share repurchases; and the realization of additional cost savings and operational efficiencies.

    These risks and uncertainties are more fully described in Weatherford’s reports and registration statements filed with the Securities and Exchange Commission, including the risk factors described in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Accordingly, you should not place undue reliance on any of the Company’s forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law, and we caution you not to rely on them unduly.

    *Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled

    Weatherford International plc
    Selected Statements of Operations (Unaudited)
                         
        Three Months Ended   Six Months Ended
    ($ in Millions, Except Per Share Amounts)   June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    Revenues:                    
    DRE Revenues   $              335     $                 350     $              427     $            685     $            849  
    WCC Revenues                    456                          441                      504                     897                    962  
    PRI Revenues                    327                          334                      369                     661                    717  
    All Other                       86                            68                      105                     154                    235  
    Total Revenues                 1,204                      1,193                   1,405                 2,397                 2,763  
                         
    Operating Income:                    
    DRE Segment Adjusted EBITDA[1]   $                69     $                    74     $              130     $            143     $            260  
    WCC Segment Adjusted EBITDA[1]                    118                          128                      145                     246                    265  
    PRI Segment Adjusted EBITDA[1]                       63                            62                        85                     125                    158  
    All Other[2]                       19                              4                        23                       23                       50  
    Corporate[2]                     (15 )                        (15 )                    (18 )                   (30 )                   (32 )
    Depreciation and Amortization                     (64 )                        (62 )                    (86 )                 (126 )                (171 )
    Share-based Compensation                       (9 )                          (7 )                    (12 )                   (16 )                   (25 )
    Gain on Sale of Business                       70                            —                        —                       70                       —  
    Restructuring Charges                     (11 )                        (29 )                       (5 )                   (40 )                     (8 )
    Other (Charges) Credits                       (3 )                        (13 )                        2                     (16 )                     —  
    Operating Income                    237                          142                      264                     379                    497  
                         
    Other Expense:                    
    Interest Expense, Net of Interest Income of $14, $11,
    $17, $25 and $31    		                     (21 )                        (26 )                    (24 )                   (47 )                   (53 )
    Loss on Blue Chip Swap Securities                       (1 )                          —                      (10 )                     (1 )                   (10 )
    Other Expense, Net                     (24 )                        (20 )                    (20 )                   (44 ) —                 (42 )
    Income Before Income Taxes                    191                            96                      210                     287                    392  
    Income Tax Provision                     (46 )                        (10 )                    (73 )                   (56 )                (132 )
    Net Income                    145                            86                      137                     231                    260  
    Net Income Attributable to Noncontrolling Interests                         9                            10                        12                       19                       23  
    Net Income Attributable to Weatherford   $              136     $                    76     $              125     $            212     $            237  
                         
    Basic Income Per Share   $             1.87     $                1.04     $             1.71     $           2.91     $           3.25  
    Basic Weighted Average Shares Outstanding                   72.2                         73.1                     73.2                    72.7                   73.1  
                         
    Diluted Income Per Share   $             1.87     $                1.03     $             1.66     $           2.90     $           3.16  
    Diluted Weighted Average Shares Outstanding                   72.4                         73.4                     75.3       72.9       75.0  
    [1] Segment adjusted EBITDA is our primary measure of segment profitability under U.S. GAAP ASC 280 “Segment Reporting” and represents segment earnings before interest, taxes, depreciation, amortization, share-based compensation, restructuring charges and other adjustments. Research and development expenses are included in segment adjusted EBITDA.
    [2] All Other includes results from non-core business activities (including integrated services and projects), and Corporate includes overhead support and centrally managed or shared facilities costs. All Other and Corporate do not individually meet the criteria for segment reporting.
    Weatherford International plc
    Selected Balance Sheet Data (Unaudited)
           
    ($ in Millions) June 30, 2025   December 31, 2024
    Assets:      
    Cash and Cash Equivalents $                              943   $                                 916
    Restricted Cash                                     60                                         59
    Accounts Receivable, Net                               1,177                                    1,261
    Inventories, Net                                  881                                       880
    Property, Plant and Equipment, Net                               1,136                                    1,061
    Intangibles, Net                                  305                                       325
           
    Liabilities:      
    Accounts Payable                                  685                                       792
    Accrued Salaries and Benefits                                  252                                       302
    Current Portion of Long-term Debt                                     26                                         17
    Long-term Debt                               1,565                                    1,617
           
    Shareholders’ Equity:      
    Total Shareholders’ Equity                               1,519                                    1,283
    Weatherford International plc
    Selected Cash Flows Information (Unaudited)
                         
        Three Months Ended   Six Months Ended
    ($ in Millions)   June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    Cash Flows From Operating Activities:                    
    Net Income   $             145     $                    86     $             137     $             231     $             260  
    Adjustments to Reconcile Net Income to Net Cash
    Provided By Operating Activities:    		                    
    Depreciation and Amortization                      64                             62                        86                      126                      171  
    Foreign Exchange Losses                      17                             13                          8                        30                        23  
    Loss on Blue Chip Swap Securities                        1                             —                        10                          1                        10  
    Gain on Disposition of Assets                      (3 )                           (1 )                    (25 )                      (4 )                    (32 )
    Gain on Sale of Business                    (70 )                           —                        —                      (70 )                      —   
    Deferred Income Tax Provision (Benefit)                      (5 )                             7                        13                          2                        27  
    Share-Based Compensation                        9                               7                        12                        16                        25  
    Changes in Accounts Receivable, Inventory, Accounts
    Payable and Accrued Salaries and Benefits    		                    (22 )                         (17 )                    (22 )                    (39 )                  (174 )
    Other Changes, Net                      (8 )                         (15 )                    (69 )                    (23 )                    (29 )
    Net Cash Provided By Operating Activities                    128                          142                      150                      270                      281  
                         
    Cash Flows From Investing Activities:                    
    Capital Expenditures for Property, Plant and Equipment                    (54 )                         (77 )                    (62 )                  (131 )                  (121 )
    Proceeds from Disposition of Assets                        5                               1                          8                          6                        18  
    Proceeds from Sale of Businesses                      97                             —                        —                        97                        —   
    Purchases of Blue Chip Swap Securities                    (83 )                           —                      (50 )                    (83 )                    (50 )
    Proceeds from Sales of Blue Chip Swap Securities                      82                             —                        40                        82                        40  
    Business Acquisitions, Net of Cash Acquired                      —                             —                        —                        —                       (36 )
    Proceeds from Sale of Investments                      —                             —                        —                        —                         41  
    Other Investing Activities                      (4 )                           (3 )                        3                        (7 )                      (7 )
    Net Cash Provided by (Used In) Investing Activities                      43                           (79 )                    (61 )                    (36 )                  (115 )
                         
    Cash Flows From Financing Activities:                    
    Repayments of Long-term Debt                    (34 )                         (39 )                    (87 )                    (73 )                  (259 )
       Distributions to Noncontrolling Interests                      (8 )                           —                        (9 )                      (8 )                      (9 )
    Tax Remittance on Equity Awards                      —                           (20 )                      (1 )                    (20 )                      (9 )
    Share Repurchases                    (34 )                         (53 )                      —                      (87 )                      —   
    Dividends Paid                    (18 )                         (18 )                      —                      (36 )                      —   
    Other Financing Activities                      (3 )                           (3 )                      (5 )                      (6 )                    (12 )
    Net Cash Used In Financing Activities   $              (97 )   $                (133 )   $           (102 )   $           (230 )   $           (289 )
    Weatherford International plc
    Non-GAAP Financial Measures Defined (Unaudited)

    We report our financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, Weatherford’s management believes that certain non-GAAP financial measures (as defined under the SEC’s Regulation G and Item 10(e) of Regulation S-K) may provide users of this financial information additional meaningful comparisons between current results and results of prior periods and comparisons with peer companies. The non-GAAP amounts shown in the following tables should not be considered as substitutes for results reported in accordance with GAAP but should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

    Adjusted EBITDA* – Adjusted EBITDA* is a non-GAAP measure and represents consolidated income before interest expense, net, income taxes, depreciation and amortization expense, and excludes, among other items, restructuring charges, share-based compensation expense, as well as other charges and credits. Management believes adjusted EBITDA* is useful to assess and understand normalized operating performance and trends. Adjusted EBITDA* should be considered in addition to, but not as a substitute for consolidated net income and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

    Adjusted EBITDA margin* – Adjusted EBITDA margin* is a non-GAAP measure which is calculated by dividing consolidated adjusted EBITDA* by consolidated revenues. Management believes adjusted EBITDA margin* is useful to assess and understand normalized operating performance and trends. Adjusted EBITDA margin* should be considered in addition to, but not as a substitute for consolidated net income margin and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

    Adjusted Free Cash Flow* – Adjusted Free Cash Flow* is a non-GAAP measure and represents cash flows provided by (used in) operating activities, less capital expenditures plus proceeds from the disposition of assets. Management believes adjusted free cash flow* is useful to understand our performance at generating cash and demonstrates our discipline around the use of cash. Adjusted free cash flow* should be considered in addition to, but not as a substitute for cash flows provided by operating activities and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

    Net Debt* – Net Debt* is a non-GAAP measure that is calculated taking short and long-term debt less cash and cash equivalents and restricted cash. Management believes the net debt* is useful to assess the level of debt in excess of cash and cash and equivalents as we monitor our ability to repay and service our debt. Net debt* should be considered in addition to, but not as a substitute for overall debt and total cash and should be viewed in addition to the Company’s results prepared in accordance with GAAP.​

    Net Leverage* – Net Leverage* is a non-GAAP measure which is calculated by dividing by taking net debt* divided by adjusted EBITDA* for the trailing 12 months. Management believes the net leverage* is useful to understand our ability to repay and service our debt. Net leverage* should be considered in addition to, but not as a substitute for the individual components of above defined net debt* divided by consolidated net income attributable to Weatherford and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

    *Non-GAAP – as defined above and reconciled to the GAAP measures in the section titled GAAP to Non-GAAP Financial Measures Reconciled

    Weatherford International plc
    GAAP to Non-GAAP Financial Measures Reconciled (Unaudited)
     
                         
        Three Months Ended   Six Months Ended
    ($ in Millions, Except Margin in Percentages)   June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    Revenues   $         1,204     $          1,193     $         1,405     $      2,397     $      2,763  
    Net Income Attributable to Weatherford   $            136     $                76     $            125     $         212     $         237  
    Net Income Margin     11.3 %     6.4 %     8.9 %     8.8 %     8.6 %
    Adjusted EBITDA*   $            254     $              253     $            365     $         507     $         701  
    Adjusted EBITDA Margin*     21.1 %     21.2 %     26.0 %     21.2 %     25.4 %
                         
    Net Income Attributable to Weatherford   $            136     $                76     $            125     $         212     $         237  
    Net Income Attributable to Noncontrolling Interests                       9                        10                       12                    19                    23  
    Income Tax Provision                     46                        10                       73                    56                 132  
    Interest Expense, Net of Interest Income of $14, $11,
    $17, $25 and $31    		                     21                        26                       24                    47                    53  
    Loss on Blue Chip Swap Securities                       1                        —                       10                      1                    10  
    Other Expense, Net                     24                        20                       20                    44                    42  
    Operating Income                  237                      142                    264                 379                 497  
    Depreciation and Amortization                     64                        62                       86                 126                 171  
    Other Charges (Credits)[1]                       3                        13                       (2 )                  16                    —  
    Gain on Sale of Business                   (70 )                      —                       —                  (70 )                  —  
    Restructuring Charges                     11                        29                         5                    40                      8  
    Share-Based Compensation                       9                          7                       12                    16                    25  
    Adjusted EBITDA*   $            254     $              253     $            365     $         507     $         701  
                         
    Net Cash Provided By Operating Activities   $            128     $              142     $            150     $         270     $         281  
    Capital Expenditures for Property, Plant and
    Equipment    		                   (54 )                    (77 )                   (62 )             (131 )             (121 )
    Proceeds from Disposition of Assets                       5                          1                         8                      6                    18  
    Adjusted Free Cash Flow*   $              79     $                66     $              96     $         145     $         178  
    [1] Other Charges (Credits) in the three and six months ended June 30, 2025 primarily includes fees to third-party financial institutions related to collections of certain receivables from our largest customer in Mexico and other miscellaneous charges and credits.

    *Non-GAAP – as reconciled to the GAAP measures above and defined in the section titled Non-GAAP Financial Measures Defined

    Weatherford International plc
    GAAP to Non-GAAP Financial Measures Reconciled Continued (Unaudited)
     
                   
         
    ($ in Millions)   June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		  
    Current Portion of Long-term Debt   $                   26   $                    22   $                   20  
    Long-term Debt                    1,565                    1,583                    1,628  
    Total Debt   $              1,591   $              1,605   $              1,648  
                   
    Cash and Cash Equivalents   $                 943   $                 873   $                 862  
    Restricted Cash                          60                          57                          58  
    Total Cash   $              1,003   $                 930   $                 920  
                   
    Components of Net Debt              
    Current Portion of Long-term Debt   $                   26   $                    22   $                   20  
    Long-term Debt                    1,565                    1,583                    1,628  
    Less: Cash and Cash Equivalents                       943                        873                       862  
    Less: Restricted Cash                          60                          57                          58  
    Net Debt*   $                 588   $                 675   $                 728  
                   
    Net Income for trailing 12 months   $                 481   $                 470   $                 500  
    Adjusted EBITDA* for trailing 12 months   $              1,188   $              1,299   $              1,327  
                   
    Net Leverage* (Net Debt*/Adjusted EBITDA*)                      0.49 x                     0.52 x                    0.55 x


    *Non-GAAP – as reconciled to the GAAP measures above and defined in the section titled Non-GAAP Financial Measures Defined

    The MIL Network –