Source: Press Release Service
Headline: Reuben’s Brought Home the Bacon… and the Ham! – PR.co.nz
Rueben Sharples, owner of The Aussie Butcher New Lynn, is proud to share that his team has picked up six medals at the 2025 100% New Zealand Bacon & Ham Awards, including three shiny Golds for their standout bacon and ham.
The post Reuben’s Brought Home the Bacon… and the Ham! first appeared on PR.co.nz.
Source: Northern Territory Police and Fire Services
The Northern Territory Police Force continues to hold serious concerns for the welfare of 26-year-old Gach, who has been missing since the afternoon of Monday 28 July.
Extensive search efforts, coordinated by the NT Police Force’s Search and Rescue Section (SRS), have now entered their fourth day. The operation continues to be centred around an area approximately 21km west of Alice Springs and involves more than 50 personnel from NT Police, NT Emergency Services, NT Fire and Rescue Service, and Parks and Wildlife NT.
Ground teams, ATVs, drones, the Dog Operations Unit, and a Jet Ranger helicopter have now covered more than 500km² of rugged terrain since the search commenced on Tuesday.
Gach is described as being of Sudanese appearance, with dark skin, a slim build, short curly hair, and approximately 6 feet tall. He was last seen wearing cream tracksuit pants, a black t-shirt, a red/orange puffer jacket, and dark-coloured shoes.
Police are maintaining close contact with Gach’s family and urge anyone with information to contact police on 131 444.
In particular, police urge anyone who may have seen Gach in the vicinity of Larapinta Drive, Standley Chasm, or Simpsons Gap on the evening of Monday 28 July is encouraged to reach out.
Source: New South Wales – News
A man has been arrested after child exploitation material was located at his home today.
On Friday 1 August, investigators from the South Australian JACET, a joint taskforce between South Australia Police and Australian Federal Police, attended a northeast suburbs home as a result of an online conversation between the accused and a covert online police officer.
The house was searched and a mobile phone, computer hard drives and a computer were seized.
Child exploitation material was located on the devices by Digital Evidence Section specialists and further examinations will continue.
Also during the search, investigators located three gel blasters.
A 38-year-old man from the northeastern suburbs was arrested and charged with disseminating child exploitation material, possessing child exploitation material and three counts of possessing a firearm without a licence.
He was refused police bail and will appear in the Adelaide Magistrates Court later today.
“This operation is a stark reminder of the realities of child sexual exploitation and the proliferation of child sexual abuse material on the internet, and the need for proactive measures to address these crimes against our children,” said Chief Inspector George Fenwick Manager, of the Special Crimes Investigation Section.
“Without my officers being online and in these chat forums, we may never have identified this man or his offending.”
Members of the public who have information about people involved in child abuse and exploitation are urged to contact Crime Stoppers at www.crimestopperssa.com.au or on 1800 333 000. You can remain anonymous.
CO2500196535
Source: Greenpeace Statement –
PERTH, Friday 1 August 2025 — In response to reports that fossil fuel giant Woodside has been hit with mandated orders over decommissioning by safety regulator NOPSEMA, the following statement can be attributed to Geoff Bice, WA Campaign Lead at Greenpeace Australia Pacific:
“It’s unsettling but unsurprising that Woodside is yet again in trouble with the federal regulator NOPSEMA. Woodside’s mess is its own to clean up through thorough, safe and timely decommissioning of its toxic, retired offshore projects. But at this rate, what Woodside calls decommissioning is more like decomposing.
“Woodside’s decommissioning woes are piling up as its safety record and timelines blow out. The latest issues highlighted by the regulator include plastic from its Victorian structures washing up on local beaches, dangerous worker safety incidents, and ongoing issues related to the giant riser turret mooring that sank to the ocean floor near Ningaloo Reef.
“This follows on from troubling reports last week that taxpayers are expected to foot Chevron’s bill for the massive clean-up required of the once-pristine Barrow Island. It has never been clearer that the oil and gas industry cannot be trusted to operate off the beautiful WA coast. We cannot risk similar outcomes at Scott Reef, where Woodside wants to drill up to 57 wells. The federal and Western Australian governments must make the polluters pay for their own full and proper clean up and prevent further risks to WA’s nature by rejecting Woodside’s dirty gas proposal at Scott Reef.”
-ENDS-
Photos and videos available here
For more information or interviews, contact Kimberley Bernard on +61407581404 or [email protected]
Source: Northern Territory Police and Fire Services
You can view the reconciliation mural at O’Connor shops.
A reconciliation artwork created by a young student has breathed new life into an O’Connor bus shelter.
The mural was designed by Noah Yong, a year 6 student at Turner Primary School.
The whole school participated in a 2025 Reconciliation Day poster competition. Noah won first place, and his two classmates came second and third.
Noah’s artwork represents the country, water, fauna, and community.
‘The centre shows First Nations people holding Australia, which includes all the different communities of Aboriginal Australia – this links with the 2025 Reconciliation Day theme Bridging Now to Next,’ he said.
Wiradjuri artist Kalara Gilbert helped bring Noah’s mural to life.
‘The equal placement of the Aboriginal and Australian flags reflects unity and respect, while the Aboriginal flag’s precedence acknowledges Indigenous peoples as the land’s First Custodians,’ she said.
‘The surrounding patterns I’ve painted represent the journey for justice for Aboriginal and Torres Strait Islander peoples.’
Wiradjuri artist Kalara Gilbert.
This is the second bus stop in Canberra to be painted in honour of Reconciliation Day.
Displaying the artwork in a public bus shelter helps to ensure conversations about reconciliation happen every day.
View the mural at the O’Connor shops bus shelter on Sargood Street.
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US Senate News:
Source: United States Senator Marsha Blackburn (R-Tenn)
WASHINGTON, D.C. – Today, U.S. Senator Marsha Blackburn (R-Tenn.) introduced the Terminating Education Association Congressional Handouts (TEACH) Act to ban the National Education Association (NEA) from influencing the decisions of the federal government. This follows Senator Blackburn’s legislation to revoke the congressional charter of the NEA, the nation’s largest teachers’ union and the only labor union with a federal charter.
“The National Education Association has abandoned its mission of supporting America’s teachers and students in the name of pushing its far-left political agenda,” said Senator Blackburn. “The NEA has become nothing more than a radical-left activist group, and it has no business using its status as a congressionally chartered entity to push woke gender ideology, antisemitism, and propaganda on America’s students.”
BACKGROUND
THE TEACH ACT
The TEACH Act would:
Click here for bill text.
Source: New South Wales – News
Police and emergency services are at the scene of a serious crash at Hindmarsh Valley.
Just before 1.15pm on Friday 1 August, police were called to the intersection of Victor Harbor Road near Hindmarsh Tiers Road after reports of a two-car crash.
Northbound traffic on Victor Harbor Road is being diverted at Hindmarsh Tiers Road and southbound traffic is diverted at Crows Nest Road.
Please avoid the area.
Source: City of Leeds
Yorkshire Day marks one year on from service starting
Yorkshire Day this year is a double cause for celebration in Leeds due to the successful impact of the first year of household glass collections in the city.
The new service delivered by Leeds City Council, which began a year ago today, has seen nearly 12,000 tonnes of glass recycled by residents across the city through their green bins. That equates to over two million wine bottles per month and has helped save 464 tonnes of carbon dioxide (CO2e), the equivalent of taking more than 170 cars off the road. It has also helped increase glass recycling levels in Leeds from 48 per cent to 75 per cent in the first 12 months.
Empty glass bottles and jars are 100 per cent recyclable, with the process able to be repeated endlessly with no loss in quality, delivering significant benefits to the environment.
The council works with contractor HW Martin to sort the glass at its Leeds plant, with over 85 per cent of it being remelted at facilities in Yorkshire to produce new bottles and jars ready for reuse within a month.
The collection service is for any colour of glass bottle or jars, including those for wine, spirits, beer, pop, jam, sauces, coffee jars and spreads. Caps, lids and labels can be left on ready for collection. As part of the Leeds approach to make recycling as simple and easy as possible from home, all glass bottle and jars can go in the green bin; along with paper, cardboard, plastic bottles, pots, tubs and trays, foil and metal cans.
The council is keen to build on the success of the first 12 months by encouraging even more glass to be recycled in green bins. Currently 25 per cent of glass bottles and jars are still needlessly being put in black bins and the council is asking residents to encourage everyone to use their green bins to recycle more.
Another option aside from the green bin is to make use of the extensive network of more than 700 glass recycling banks around the city. Each of these banks is able to hold up to 3,000 bottles and jars. This option is particularly helpful after a party or large gathering to dispose of empty glass, or for those who still prefer to make regular trips to their nearest bottle bank.
While glass bottles and jars can be easily remelted and recycled, a few specialised types -such as oven-proof or Pyrex dishes, lightbulbs, and drinking glasses – require different handling due to their unique melting points. These items can still be given a second life by donating them to a local charity shop or responsibly disposing of them at a household waste recycling centre in Leeds.
Leeds City Council’s executive member for climate, energy, environment and green space, Councillor Mohammed Rafique said:
“The first year of household glass collections has been a big success so we’d like to say a big thank you to everyone in Leeds for their efforts, and on Yorkshire Day we would call on people to continue to be glass acts and recycle even more if they can, as it does make a big and real difference.
“Let’s all work together to make the second year of glass collections even more successful than the first, to help the environment and the Yorkshire economy so that everyone wins.”
Victoria Adams, Marketing and Communications manager, British Glass, said:
“British Glass are pleased to see the success of the approach by Leeds and, importantly, how much glass is now being sorted and then remelted into new bottles and jars within the local area.
“We supported Leeds with the launch a year ago on Yorkshire Day and join with the council in thanking residents for their efforts in this first year and we look forward to even more glass being recycled in the year ahead.”
Declan Nortcliffe, Operations Director, HW Martin Waste said:
“It’s fantastic that Leeds is extracting over 75 per cent of the city’s glass, within a year of taking jars and bottles in the green bin. We prioritise sending this material to local outlets across Yorkshire for remelting, keeping our carbon footprint low and ensuring new products are back on shelves quickly.”
Notes to editors:
Leeds waste collections services currently empty on average 88,000 bins per day – over half a million a week. Annually, this adds up to almost 33,500 tonnes collected from green bins and over 172,000 tonnes from black bins. Thanks to increases in green bin collections to 10,000 homes in 2024 and a further 40,000 in 2025, all households in Leeds now receive a green bin recycling collection at least fortnightly, with 20,000 households in the most densely housed areas now getting a weekly recycling collection. Less than 0.2% of Leeds kerbside collection waste goes to landfill.
ENDS
For media enquiries please contact:
Leeds City Council communications and marketing,
Email: communicationsteam@leeds.gov.uk
Tel: 0113 378 6007
Source: The Conversation (Au and NZ) – By Emily M. Ogier, Associate Professor in Marine Social Science, University of Tasmania
The world’s oceans are being rapidly transformed as climate change intensifies. Corals are bleaching, sea levels are rising, and seawater is becoming more acidic – making life difficult for shellfish and reef-building corals. All this and more is unfolding on our watch, with profound consequences for marine ecosystems and the people who depend on them.
In response, scientists, governments and industries are trying to intervene.
People all over the world are experimenting with new ways to capture and store more carbon dioxide, or make up for damage already done.
Ocean-based climate actions include breeding more heat-tolerant corals, restoring mangroves, and farming seaweed. Such interventions offer hope, but they’re also inherently risky. Some may be ineffective, inequitable or even harmful.
The pace of innovation is now outstripping the capacity to responsibly regulate, monitor and evaluate these interventions. This means current and future generations may not be getting value for money, or worse – the chance to avoid irreversible change may be slipping away.
In our new research, published in Science, we reviewed the latest evidence on known and perceived risks of new ocean-based climate interventions. We then gathered emerging ideas on how to reduce those risks.
We found the risks aren’t being widely considered, and the benefits are unclear. But there are emerging assessment tools and planning frameworks we can build on, to plan ocean-based climate actions that meet humanity’s climate goals.
Marine climate interventions vary in scope and ambition. Examples can be found all over the world. These include:
making oceans in North America more alkaline (less acidic) so they can take up more carbon dioxide
breeding heat-tolerant corals in Australia to transplant onto degraded reefs
farming seaweed in Africa to capture carbon and reduce ocean acidity
restoring mangroves in Asia to defend coastal communities
avoiding emissions by banning offshore oil and gas exploration.
Some interventions are still at proof-of-concept stage, and several have been tested and abandoned. Others are facing challenges owing to complexity of monitoring and verification.
Each has its own set of benefits, costs and risks. For example, making the ocean more alkaline may help to squeeze in more carbon from the atmosphere, but it’s difficult to verify how much carbon has been removed. This makes it hard to justify the costs and the potential damage to ecosystems, such as effects on local fish populations.
Restoring coral can support biodiversity in the short term, but it may not last as warming exceeds their (modified) ability to adapt. This type of intervention is also expensive and labour-intensive, with unintended emissions from energy-intensive processes. So it may be impossible to scale up.
Seaweed farming at scale would occupy thousands if not millions of square kilometres of oceans, displacing fishing, shipping and conservation. Harvesting 1 billion tonnes of seaweed carbon would require farming more than 1 million square km of the Pacific Ocean, and would deliver just 10% of the annual atmospheric carbon dioxide removal required to limit global warming to 1.5°C.
It’s doubtful whether seaweed farming would actually remove carbon from the atmosphere. But seaweed farming can – if well-planned – produce a range of other climate-related benefits.
Moreover, interventions often overlap in space and time, creating cumulative impacts and unintended consequences. In some cases, the projects may displace other users, undermine Indigenous rights, or erode public trust in climate science and policy. Without careful understanding and planning, these efforts could exacerbate the very problems they aim to solve.
One of the most pressing challenges is the lack of regulation and oversight suited to the scale and complexity of marine climate interventions.
Existing regulations are often outdated, fragmented, or designed for land-based systems. Few countries have biosafety laws for the ocean. This means many interventions proceed without comprehensive risk assessments or community consultation.
Ethical dilemmas abound. Who decides what constitutes a “healthy” ocean? Who bears responsibility if an intervention causes harm? And how do we ensure benefits — such as improved livelihoods or climate resilience — are equitably distributed?
Currently, scientists, funding bodies and non-government organisations do the bulk of the decision-making. There is limited input from governments, local communities and Indigenous Peoples. This imbalance risks perpetuating historical injustices and undermining the legitimacy of many ocean-based climate actions.
We identified opportunities for scientists, policymakers, and funding bodies to work together more effectively on more comprehensive assessments of interventions.
Guidelines and insights are emerging from experimental-scale research into capturing and storing “blue” carbon in ocean and coastal ecosystems. Similarly, a non-profit organisation in the United States has developed a code of conduct for marine carbon dioxide removal. However these guidelines are yet to be integrated into broader governance frameworks.
Awareness of the urgent need to ensure intervention is done responsibly is also growing. Many high-level policy documents now recognise the importance of transitioning to more sustainable, equitable, and adaptive states. For example, the Samoa Climate Change Policy 2020 recognises the need to adapt coastal economies and communities to warming oceans, while also working to reduce carbon emissions.
The ocean is central to our climate future. It absorbs heat, stores carbon, and sustains life. But it is also vulnerable — and increasingly, a site of experimentation. If we are to harness the promise of ocean-based climate action, we must do so with care, humility, and foresight.
Responsible governance is not a barrier to innovation — it is its foundation. By embedding ethical, inclusive, and evidence-based principles into our marine climate strategies, we can chart a course toward a more resilient and equitable ocean future.
Emily M. Ogier receives salary support from the Australia Research Council. She receives funding from The Nature Conservancy, the Fisheries Research and Development Corporation and the Blue economy Centre for Research Excellence. She is affiliated with the Centre for Marine Socioecology.
Gretta Pecl receives funding from the Australian Research Council, Department of Agriculture Water and the Environment, Department of Primary Industries NSW, Department of Premier and Cabinet (Tasmania), the Fisheries Research and Development Corporation, The Ian Potter Foundation and has received travel funding support from the Australian government for participation in the UN Intergovernmental Panel on Climate Change process. She is affiliated with the Biodiversity Council and the Centre for Marine Socioecology.
Tiffany Morrison receives funding from the Australian Research Council Laureate and Discovery Programmes, WorldFish-CGIAR ( (formerly the Consultative Group for International Agricultural Research), and The Nature Conservancy Science for Nature and People Partnership.
– ref. Marine climate interventions can have unintended consequences – we need to manage the risks – https://theconversation.com/marine-climate-interventions-can-have-unintended-consequences-we-need-to-manage-the-risks-262343
Source: New South Wales – News
01 Aug 2025 4:37pm
Police and emergency services are at the scene of a serious crash at Hindmarsh Valley.
01 Aug 2025 12:32pm
A man has been arrested after child exploitation material was located at his home today.
31 Jul 2025 5:54pm
A man has been arrested following a fatal crash last week.
31 Jul 2025 5:33pm
A rider has been taken to hospital following a serious crash at Ethelton this evening.
31 Jul 2025 2:49pm
Detective Superintendent Darren Fielke, the Officer in Charge of Major Crime provided an update to the media in relation to human remains being located in scrubland near Port Lincoln, believed to be that of Julian Storey.
31 Jul 2025 11:01am
Three alleged Rebels members were arrested for criminal association on Wednesday 30 July.
30 Jul 2025 6:36am
An intruder was arrested after breaking into a Tonsley business overnight.
30 Jul 2025 6:27am
A man was arrested after being caught on a construction site at Ridgehaven overnight.
30 Jul 2025 11:01am
South Australia Police (SAPOL) has partnered with Dementia Support Australia (DSA) to create a police-only 24-hour helpline to better support people living with dementia.
29 Jul 2025 12:15pm
A man has died following a fatal crash at Angle Vale this morning.
US Senate News:
Source: United States Senator for Kansas Roger Marshall
Senator Marshall Joins Fox Business to Discuss Interest Rates and Trade Deals
Washington – On Thursday, U.S. Senator Roger Marshall, M.D. (R-Kansas), joined Fox Business to discuss the Federal Reserve’s refusal to lower interest rates, and how the President’s trade strategy isn’t harming Americans but will get us leverage on our geo-political rivals.
Click HERE or on the image above to watch Senator Marshall’s full interview
On the Federal Reserve not raising interest rates:
“Well, I wasn’t surprised, because there’s a reason that President Trump calls him Jerome ‘Too Late’ Powell. Let’s go back to March of 2021, and Jerome Powell says inflation is going to be transitory. It’s 18 months later, and it’s just starting to peak, and it’s not a couple months after that before it starts coming down. So, he is indeed always too late.
“And let me put an exclamation point behind what President Trump is saying. To that average Kansas farmer back home, they have an operation loan of a million dollars. We saw interest rates on those loans go from 2% to 9% and that’s what caused a record drop in net farm income. So, he’s right. Every point matters. And I’m not saying we should drop at two or three points, but dropping at a quarter point or a half point, come on. I think that the economy would dictate that. Now we don’t know what’s holding up Jay Powell, except he’s always too late.”
On the real impact of the trade deals President Trump has secured:
“Well, I’m going to trust Michelle Bowman, of course. She’s from Council Grove, Kansas, but let’s just think about this for a second. Of all the goods that Americans consume, only about 11% of them are imported. Only 11%. So, let’s just suppose there’s a 10% tariff on 11% of what we consume. Well, my little math says that’s going to be a 1.1% increase, assuming that’s all passed along to the consumer, and you know, it’s not going to. So, I think that these tariffs could cause a one-time hit of one or 2%, but I think the manufacturers are going to absorb a lot of that. The wholesalers are going to absorb a lot of that as well.
“And meanwhile, we’re trying to balance this trillion-dollar trade deficit. So, I think President Trump is right on task. Look at what he’s doing; Cambodia and Thailand today, he’s surrounded China. He’s got Indonesia done, Japan, Australia, Vietnam, the Philippines, [and] South Korea. So, he’s going to push China. They’ve got till August. The 12th is their deadline, I believe. So, President Trump is doing a good job.”
Source: New South Wales – News
Detectives from the Major Crime Investigation Branch and Port Lincoln Police, supported by SES personnel and a cadaver dog, have finished a detailed search of the Parnkalla Trail area in connection with the murder of Julian Story.
A number of items were located during the search. All recovered evidence will be forwarded to Forensic Science SA for detailed scientific examination over the coming days.
Police extend their gratitude to the many members of the Port Lincoln community who have come forward with information to aid this investigation.
At this stage, there are no further searches planned, and investigators will now await the results of the forensic analysis.
Source: Hong Kong Government special administrative region
DGCA attends Asia-Pacific aviation heads conference in Japan
The theme for this year’s Conference was “The sustainable skies of the Asia-Pacific region: towards increased economic prosperity and social well-being by air transportation of people and goods in the region”. The five-day Conference, with over 350 participants from 47 member states, administrations and international organisations, concluded on a high note today (August 1). Discussion and information papers covering a wide range of subjects, including aviation safety, air navigation, aviation security, aviation and the environment, aviation technologies, as well as regional co-operation were submitted by aviation authorities and industry organisations to the Conference.
Among the three papers submitted to the Conference by the CAD, one of them was themed “Development of Low-Altitude Economy” to share Hong Kong’s efforts of leveraging advanced air mobility technologies to develop the low-altitude economy in Hong Kong while safeguarding aviation and public safety. The other two papers presented the CAD’s experiences in upholding aviation safety and aviation security requirements for sustainable air cargo operations, and discussed the collaborative achievements in the commissioning of the Three-Runway System at Hong Kong International Airport to ensure the safe and efficient operation of the aerodrome remained unaffected throughout the project. The papers received recognition and support from delegates.
During their stay in Sendai, the CAD delegation attended side meetings with representatives from different aviation authorities and industry organisations such as the Civil Aviation Safety Authority of Australia, the European Union Aviation Safety Agency, the Federal Aviation Administration, the Airports Council International and the International Air Transport Association. Views on matters of mutual interest were shared, and ways to strengthen co-operation were explored with the aim of facilitating aviation developments.
The CAD will continue to maintain close co-operation with its aviation partners and continue to support the ICAO’s global aviation development initiatives.
Issued at HKT 16:00
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By Craig McCulloch, RNZ News acting political editor
New Zealand is lagging behind the rest of the world through its failure to recognise Palestinian statehood, says Former Prime Minister Helen Clark.
Canada yesterday became the latest country to announce it would formally recognise the state of Palestine when world leaders met at the UN General Assembly in September.
It follows recent similar commitments from the France and the United Kingdom.
On Wednesday, Prime Minister Christopher Luxon suggested the discussion was a distraction and said the immediate focus should be on getting humanitarian aid into Gaza.
But, speaking to RNZ Midday Report, Clark said New Zealand needed to come on board.
“We are watching a catastrophe unfold in Gaza. We’re watching starvation. We’re watching famine conditions for many. Many are using the word genocide,” she said.
“If New Zealand can’t act in these circumstances, when can it act?”
Elders call for recognition
“The Elders, a group of world leaders of which Clark is a part, last month issued a call for countries to recognise the state of Palestine, calling it the “beginning, not the end of a political pathway towards lasting peace”.
Clark said the government seemed to be trying avoid the ire of the United States by waiting until the peace process was well underway or nearing its end.
“That is no longer tenable,” she said.
“New Zealand really is lagging behind.”
Even before the recent commitments from France, Canada and the UK, 147 of the UN’s 193 member states had recognised the Palestinian state.
Clark said the hope was that the series of recognitions from major Western states would first shift the US position and then Israel’s.
“When the US moves, Israel eventually jumps because it owes so much to the United States for the support, financial, military and otherwise,” she said.
“At some point, Israel has to smell the coffee.”
Surprised over Peters
Clark said she was “a little surprised” that Foreign Minister Winston Peters had not been more forward-leaning given he historically had strongly advocated New Zealand’s even-handed position.
On Wednesday, New Zealand signed a joint statement with 14 other countries expressing a willingness to recognise the State of Palestine as a necessary step towards a two-state solution.
However, later speaking in Parliament, Peters said that was conditional on first seeing progress from Palestine, including representative governance, commitment to non-violence, and security guarantees for Israel.
“If we are to recognise the state of Palestine, New Zealand wants to know that what we are recognising is a legitimate, representative, viable, political entity,” Peters told MPs.
Peters also agreed with a contribution from ACT’s Simon Court that recognising the state of Palestine could be viewed as “a reward [to Hamas] for acts of terrorism” if it was done before Hamas had returned hostages or laid down arms.
Luxon earlier told RNZ New Zealand had long supported the eventual recognition of Palestinian statehood, but that the immediate focus should be on getting aid into Gaza rather than “fragmenting and talking about all sorts of other things that are distractions”.
“We need to put the pressure on Israel to get humanitarian assistance unfettered, at scale, at volume, into Gaza,” he told RNZ.
“You can talk about a whole bunch of other things, but for right now, the world needs to focus.”
This article is republished under a community partnership agreement with RNZ.
Source: City of Plymouth
Throughout August, parks and green spaces in Plymouth will be filled with fun, free activities for families.
These events are a great opportunity to keep kids entertained during the summer holiday while also finding out more about the support that’s on offer for parents and carers across the city.
The popular Fit and Fed programme will go on tour every Tuesday during August, taking place from 10am to 2pm:
Hundreds of free healthy lunches will be available for children at each event, offered on a first come, first served basis.
Organised by Plymouth Active Leisure and Plymouth City Council with support from Plymouth Argyle Community Trust and St John’s Ambulance, Fit and Fed on Tour features a huge range of activities for children to enjoy.
This includes inflatables, slime making, scrap art sessions, cycling, mini golf and archery. Local organisations such as Peninsula Dental School and Plymouth Libraries will also be on hand with games, activities and lots of advice and guidance for parents and carers.
Councillor Sue Dann, Cabinet Member for Sport and Leisure, said: “Fit and Fed is a lifeline for many families during the summer holidays. It’s about making sure children have access to healthy food, safe spaces to play, and opportunities to stay active and engaged.
“I’m delighted that we’re working with Plymouth Active Leisure to take Fit & Fed on tour once again this year so that even more families can access support right in the heart of their communities.”
Plymouth Family Hubs will then be hosting ‘Play and Beyond’ events on Wednesdays throughout August, which also take place between 10am and 2pm:
The Family Hubs teams from Barnardo’s, Action for Children and LARK will be on hand at these events providing fun activities for children of all ages, including face painting, bouncy castles, football, STEM activities and storytelling sessions.
There will also be lots of advice available about infant feeding and learning activities to try at home with younger children. Young parents can also find out more about the local support available to them.
Staff will also be on hand to showcase all the support on offer at your local Family Hub, including parenting workshops, courses and more.
Councillor Jemima Laing, Cabinet Member for Children’s Social Care said: “We’re really excited to be bringing free, family-friendly fun to local communities across Plymouth this August.
“These events are a brilliant way to keep children active and entertained during the summer holidays, while also connecting parents and carers with the fantastic support available to them.”
Plymouth Family Hubs are also hosting free pop-up sessions with lots of activities and storytelling at The Little Box, outside The Box on Tavistock Place. All families are welcome, but the activities are aimed at pre-school age children. The sessions will include ideas for activities that parents and carers can try at home with their children.
Drop in to the sessions anytime between 9.30am and 3pm, with stories at 10am, 11.30am and 1pm, every weekday from 4 to 8 August and 11 to 15 August.
Find out more about Plymouth Family Hubs at www.plymouth.gov.uk/family-hubs or follow Plymouth Family Hubs on Facebook.
Find out more about Fit and Fed programme at www.plymouth.gov.uk/fit-and-fed.
The Australian Judicial Officers Association (AJOA) calls on the Attorney General of the Northern Territory to defend the Northern Territory Coroner against personal attack.
This follows an extraordinary attack on the Coroner in the Northern Territory Parliament by the Minister for Prevention of Domestic Violence on 29 July 2025.
“Public discussion and debate about the work of the courts is an essential part of our democracy”, AJOA President Justice Steven Moore said.
“But it must not undermine judicial independence and the vital work of the courts. Personal attacks by politicians on members of the judiciary have that effect and only undermine public confidence in the courts”.
“In saying that the Coroner lacked ‘humility’ and ‘bravery’, and that she was ‘more focused on the reveal rather than the result’, the Minister unfairly belittled the integrity and professionalism of the Coroner in important proceedings of great public interest”.
“There is no place for such personal attacks on judicial officers in our public debate”.
The Australian Judicial Officers Association is the professional association of judges and magistrates in Australia.
Source: GlobeNewswire (MIL-OSI)
LIMASSOL, Cyprus, Aug. 01, 2025 (GLOBE NEWSWIRE) — WeTrade, the leading international financial broker, is celebrating its 10th anniversary with a global branding campaign, a domain name upgrade, expanded trading tools, and one of its biggest client reward programmes to date.
Since its founding in 2015, WeTrade has grown into a globally recognised trading platform serving a fast-expanding community of clients across multiple regions. This year’s anniversary campaign brings together everything the company stands for: performance, visibility, and appreciation.
WeTrade marked the milestone by lighting up three of the world’s most iconic skylines — Nasdaq Tower in New York, Leicester Square in London, and Victoria Harbour in Hong Kong — showcasing the brand on some of the largest LED billboards in global finance and culture. The campaign reinforced WeTrade’s position as a trusted international broker and highlighted its growing influence in the financial industry.
$100,000 Reward Campaign for Clients
Running from 1 to 31 August 2025, the “10 Years In Trust We Trade” campaign features significant incentives for both new and existing clients, terms and conditions apply:
New clients receive $2 cashback per standard lot traded, up to $100,000 in total giveaways.
Existing clients earn 2 Reward Points per lot, up to 100,000 points.
All clients who trade 25 standard lots within the campaign period can redeem a limited-edition Gold Note.
All clients stand a chance to win up to 3,000 Reward Points per spin on the Anniversary Lucky Wheel.
Major Brand Updates
In conjunction with the 10th anniversary celebration, WeTrade has also launched several important updates:
The official website has transitioned from wetradebroker.com to wetrade.com — reflecting a more streamlined and global digital identity.
MetaTrader 5 (MT5) is now available across mobile and desktop, providing traders with faster execution, deeper market data, more charting options, and multi-asset trading flexibility.
Built for the Future
WeTrade’s growth has been defined by its commitment to trust, client-first innovation, and strong partnerships. Over the years, the brand has earned multiple regulatory licences, industry recognition, and loyal client support — positioning it as a reliable partner for modern traders.
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Source: GlobeNewswire (MIL-OSI)
BROOKFIELD, NEWS, Aug. 01, 2025 (GLOBE NEWSWIRE) — Brookfield Business Partners (NYSE: BBU, BBUC; TSX: BBU.UN, BBUC) announced today financial results for the quarter ended June 30, 2025.
“We had an active quarter, reaching an agreement on the sale of a partial interest in three businesses, investing $300 million to acquire two market-leading businesses, and repurchasing an additional 2.2 million of common equity at highly accretive levels,” said Anuj Ranjan, CEO of Brookfield Business Partners. “The strength of our financial results in an uneven macroeconomic environment underscores the resilience of our operations, while progress on our value creation plans and capital recycling initiatives enable us to continue compounding growth for investors.”
| Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||
| US$ millions (except per unit amounts), unaudited | 2025 | 2024 | 2025 | 2024 | ||||||
| Net income (loss) attributable to Unitholders1 | $ | 26 | $ | (20 | ) | $ | 106 | $ | 28 | |
| Net income (loss) per limited partnership unit2 | $ | 0.12 | $ | (0.10 | ) | $ | 0.49 | $ | 0.13 | |
| Adjusted EBITDA3 | $ | 591 | $ | 524 | $ | 1,182 | $ | 1,068 | ||
Net income attributable to Unitholders for the three months ended June 30, 2025 was $26 million ($0.12 per limited partnership unit), compared to net loss of $20 million (loss of $0.10 per limited partnership unit) in the prior period.
Adjusted EBITDA for the three months ended June 30, 2025 was $591 million, compared to $524 million in the prior period reflecting increased performance on a same store basis and contribution from recently completed acquisitions. Prior period results included $71 million of contribution from disposed operations including our offshore oil services’ shuttle tanker operation which was sold in January 2025.
Operational Update
The following table presents Adjusted EBITDA by segment:
| Three Months Ended June 30, |
Six Months Ended June 30, |
||||||||||||
| US$ millions, unaudited | 2025 | 2024 | 2025 | 2024 | |||||||||
| Industrials | $ | 307 | $ | 213 | $ | 611 | $ | 441 | |||||
| Business Services | 205 | 182 | 418 | 387 | |||||||||
| Infrastructure Services | 109 | 157 | 213 | 300 | |||||||||
| Corporate and Other | (30 | ) | (28 | ) | (60 | ) | (60 | ) | |||||
| Adjusted EBITDA | $ | 591 | $ | 524 | $ | 1,182 | $ | 1,068 | |||||
Our Industrials segment generated Adjusted EBITDA of $307 million for the three months ended June 30, 2025, compared to $213 million during the same period in 2024, benefiting from strong operating performance at our advanced energy storage operation. Current period results included $71 million of tax recoveries as well as contribution from recent acquisitions including our electric heat tracing systems manufacturer which was acquired in January 2025. Prior period results included contribution from our Canadian aggregates production operation which was sold in June 2024.
Our Business Services segment generated Adjusted EBITDA of $205 million for the three months ended June 30, 2025, compared to $182 million during the same period in 2024 which reflected the impact of reduced contribution from our dealer software and technology services operation in the prior period. Prior period results included contribution from our road fuels operation which was sold in July 2024.
Our Infrastructure Services segment generated Adjusted EBITDA of $109 million for the three months ended June 30, 2025, compared to $157 million during the same period in 2024 primarily reflecting the sale of our offshore oil services’ shuttle tanker operation in January 2025.
The following table presents Adjusted EFO4 by segment:
| Three Months Ended June 30, |
Six Months Ended June 30, |
||||||||||||
| US$ millions, unaudited | 2025 | 2024 | 2025 | 2024 | |||||||||
| Adjusted EFO | |||||||||||||
| Industrials | $ | 154 | $ | 206 | $ | 284 | $ | 386 | |||||
| Business Services | 105 | 86 | 222 | 254 | |||||||||
| Infrastructure Services | 38 | 76 | 204 | 148 | |||||||||
| Corporate and Other | (63 | ) | (79 | ) | (131 | ) | (168 | ) | |||||
Adjusted EFO included the benefit of lower interest expense due to a reduction in corporate borrowings compared to the prior period. Industrials Adjusted EFO reflected the impact of higher interest expense related to the funding of a distribution received from our advanced energy storage operation during the current year. Adjusted EFO in the prior period included $103 million of net gains related to the disposition of our Canadian aggregates production operation and the sale of public securities.
Strategic Initiatives
Liquidity
We ended the quarter with approximately $2.3 billion of liquidity at the corporate level, including $2.2 billion of availability on our credit facilities. Pro forma for announced and recently closed transactions, corporate liquidity is approximately $2.9 billion.
Distribution
The Board of Directors has declared a quarterly distribution in the amount of $0.0625 per unit, payable on September 29, 2025 to unitholders of record as at the close of business on August 29, 2025.
Additional Information
The Board has reviewed and approved this news release, including the summarized unaudited interim condensed consolidated financial statements contained herein.
Brookfield Business Partners’ Letter to Unitholders and the Supplemental Information are available on our website https://bbu.brookfield.com under Reports & Filings.
Notes:
1 Attributable to limited partnership unitholders, general partnership unitholders, redemption-exchange unitholders, special limited partnership unitholders and BBUC exchangeable shareholders.
2 Net income (loss) per limited partnership unit calculated as net income (loss) attributable to limited partners divided by the average number of limited partnership units outstanding for the three and six months ended June 30, 2025 which were 88.9 million and 84.5 million, respectively (June 30, 2024: 74.3 million and 74.3 million, respectively).
3 Adjusted EBITDA is a non-IFRS measure of operating performance presented as net income and equity accounted income at the partnership’s economic ownership interest in consolidated subsidiaries and equity accounted investments, respectively, excluding the impact of interest income (expense), net, income taxes, depreciation and amortization expense, gains (losses) on dispositions, net, transaction costs, restructuring charges, revaluation gains or losses, impairment expenses or reversals, other income or expenses, and preferred equity distributions. The partnership’s economic ownership interest in consolidated subsidiaries and equity accounted investments excludes amounts attributable to non-controlling interests consistent with how the partnership determines net income attributable to non-controlling interests in its unaudited interim condensed consolidated statements of operating results. The partnership believes that Adjusted EBITDA provides a comprehensive understanding of the ability of its businesses to generate recurring earnings which allows users to better understand and evaluate the underlying financial performance of the partnership’s operations and excludes items that the partnership believes do not directly relate to revenue earning activities and are not normal, recurring items necessary for business operations. Please refer to the reconciliation of net income (loss) to Adjusted EBITDA included in this news release.
4 Adjusted EFO is the partnership’s segment measure of profit or loss and is presented as net income and equity accounted income at the partnership’s economic ownership interest in consolidated subsidiaries and equity accounted investments, respectively, excluding the impact of depreciation and amortization expense, deferred income taxes, transaction costs, restructuring charges, unrealized revaluation gains or losses, impairment expenses or reversals and other income or expense items that are not directly related to revenue generating activities. The partnership’s economic ownership interest in consolidated subsidiaries excludes amounts attributable to non-controlling interests consistent with how the partnership determines net income attributable to non-controlling interests in its unaudited interim condensed consolidated statements of operating results. In order to provide additional insight regarding the partnership’s operating performance over the lifecycle of an investment, Adjusted EFO includes the impact of preferred equity distributions and realized disposition gains or losses recorded in net income, other comprehensive income, or directly in equity, such as ownership changes. Adjusted EFO does not include legal and other provisions that may occur from time to time in the partnership’s operations and that are one-time or non-recurring and not directly tied to the partnership’s operations, such as those for litigation or contingencies. Adjusted EFO includes expected credit losses and bad debt allowances recorded in the normal course of the partnership’s operations. Adjusted EFO allows the partnership to evaluate its segments on the basis of return on invested capital generated by its operations and allows the partnership to evaluate the performance of its segments on a levered basis.
Brookfield Business Partners is a global business services and industrials company focused on owning and operating high-quality businesses that provide essential products and services and benefit from a strong competitive position. Investors have flexibility to invest in our company either through Brookfield Business Partners L.P. (NYSE: BBU; TSX: BBU.UN), a limited partnership or Brookfield Business Corporation (NYSE, TSX: BBUC), a corporation. For more information, please visit https://bbu.brookfield.com.
Brookfield Business Partners is the flagship listed vehicle of Brookfield Asset Management’s Private Equity Group. Brookfield Asset Management is a leading global alternative asset manager with over $1 trillion of assets under management.
Please note that Brookfield Business Partners’ previous audited annual and unaudited quarterly reports have been filed on SEDAR+ and EDGAR, and are available at https://bbu.brookfield.com under Reports & Filings. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.
For more information, please contact:
Conference Call and Quarterly Earnings Webcast Details
Investors, analysts and other interested parties can access Brookfield Business Partners’ second quarter 2025 results as well as the Letter to Unitholders and Supplemental Information on our website https://bbu.brookfield.com under Reports & Filings.
The results call can be accessed via webcast on August 1, 2025 at 10:00 a.m. Eastern Time at BBU2025Q2Webcast or participants can preregister at BBU2025Q2ConferenceCall. Upon registering, participants will be emailed a dial-in number and unique PIN. A replay of the webcast will be available at https://bbu.brookfield.com.
| Brookfield Business Partners L.P. | |||||||||
| Consolidated Statements of Financial Position | |||||||||
| As at | |||||||||
| US$ millions, unaudited | June 30, 2025 | December 31, 2024 | |||||||
| Assets | |||||||||
| Cash and cash equivalents | $ | 3,329 | $ | 3,239 | |||||
| Financial assets | 11,658 | 12,371 | |||||||
| Accounts and other receivable, net | 7,148 | 6,279 | |||||||
| Inventory and other assets | 5,808 | 5,728 | |||||||
| Property, plant and equipment | 10,591 | 13,232 | |||||||
| Deferred income tax assets | 1,959 | 1,744 | |||||||
| Intangible assets | 19,158 | 18,317 | |||||||
| Equity accounted investments | 2,397 | 2,325 | |||||||
| Goodwill | 13,287 | 12,239 | |||||||
| Total Assets | $ | 75,335 | $ | 75,474 | |||||
| Liabilities and Equity | |||||||||
| Liabilities | |||||||||
| Corporate borrowings | $ | 1,116 | $ | 2,142 | |||||
| Accounts payable and other | 13,766 | 16,691 | |||||||
| Non-recourse borrowings in subsidiaries of the partnership | 42,493 | 36,720 | |||||||
| Deferred income tax liabilities | 2,639 | 2,613 | |||||||
| Equity | |||||||||
| Limited partners | $ | 2,291 | $ | 1,752 | |||||
| Non-controlling interests attributable to: | |||||||||
| Redemption-exchange units | 1,330 | 1,644 | |||||||
| Special limited partner | — | — | |||||||
| BBUC exchangeable shares | 1,805 | 1,721 | |||||||
| Preferred securities | 740 | 740 | |||||||
| Interest of others in operating subsidiaries | 9,155 | 11,451 | |||||||
| 15,321 | 17,308 | ||||||||
| Total Liabilities and Equity | $ | 75,335 | $ | 75,474 | |||||
| Brookfield Business Partners L.P. | |||||||||||||
| Consolidated Statements of Operating Results | |||||||||||||
| US$ millions, unaudited | Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||
| Revenues | $ | 6,695 | $ | 11,946 | $ | 13,444 | $ | 23,961 | |||||
| Direct operating costs | (5,465 | ) | (10,928 | ) | (10,867 | ) | (21,806 | ) | |||||
| General and administrative expenses | (271 | ) | (307 | ) | (582 | ) | (624 | ) | |||||
| Interest income (expense), net | (801 | ) | (778 | ) | (1,571 | ) | (1,574 | ) | |||||
| Equity accounted income (loss) | 23 | 31 | 15 | 54 | |||||||||
| Impairment reversal (expense), net | (14 | ) | — | (14 | ) | 10 | |||||||
| Gain (loss) on dispositions, net | 6 | 84 | 220 | 99 | |||||||||
| Other income (expense), net | (103 | ) | (100 | ) | (186 | ) | 16 | ||||||
| Income (loss) before income tax | 70 | (52 | ) | 459 | 136 | ||||||||
| Income tax (expense) recovery | |||||||||||||
| Current | (119 | ) | (122 | ) | (316 | ) | (212 | ) | |||||
| Deferred | 184 | 239 | 248 | 344 | |||||||||
| Net income (loss) | $ | 135 | $ | 65 | $ | 391 | $ | 268 | |||||
| Attributable to: | |||||||||||||
| Limited partners | $ | 11 | $ | (7 | ) | $ | 41 | $ | 10 | ||||
| Non-controlling interests attributable to: | |||||||||||||
| Redemption-exchange units | 6 | (6 | ) | 29 | 9 | ||||||||
| Special limited partner | — | — | — | — | |||||||||
| BBUC exchangeable shares | 9 | (7 | ) | 36 | 9 | ||||||||
| Preferred securities | 13 | 13 | 26 | 26 | |||||||||
| Interest of others in operating subsidiaries | 96 | 72 | 259 | 214 | |||||||||
| Brookfield Business Partners L.P. | ||||||||||||||||||||
| Reconciliation of Non-IFRS Measure | ||||||||||||||||||||
| US$ millions, unaudited | Three Months Ended June 30, 2025 | |||||||||||||||||||
| Business Services |
Infrastructure Services |
Industrials | Corporate and Other |
Total | ||||||||||||||||
| Net income (loss) | $ | 253 | $ | (173 | ) | $ | 95 | $ | (40 | ) | $ | 135 | ||||||||
| Add or subtract the following: | ||||||||||||||||||||
| Depreciation and amortization expense | 208 | 175 | 384 | — | 767 | |||||||||||||||
| Impairment reversal (expense), net | — | — | 14 | — | 14 | |||||||||||||||
| Gain (loss) on dispositions, net | (6 | ) | — | — | — | (6 | ) | |||||||||||||
| Other income (expense), net1 | (200 | ) | 76 | 229 | (2 | ) | 103 | |||||||||||||
| Income tax (expense) recovery | 9 | 10 | (76 | ) | (8 | ) | (65 | ) | ||||||||||||
| Equity accounted income (loss) | (5 | ) | (4 | ) | (14 | ) | — | (23 | ) | |||||||||||
| Interest income (expense), net | 238 | 142 | 401 | 20 | 801 | |||||||||||||||
| Equity accounted Adjusted EBITDA2 | 28 | 40 | 20 | — | 88 | |||||||||||||||
| Amounts attributable to non-controlling interests3 | (320 | ) | (157 | ) | (746 | ) | — | (1,223 | ) | |||||||||||
| Adjusted EBITDA | $ | 205 | $ | 109 | $ | 307 | $ | (30 | ) | $ | 591 | |||||||||
Notes:
1 Other income (expense), net corresponds to amounts that are not directly related to revenue earning activities and are not normal, recurring income or expenses necessary for business operations. The components of other income (expense), net include $236 million of net gain recognized upon the deconsolidation of our healthcare services operation, $183 million of expenses related to employee incentive payments linked to the realization of value at our advanced energy storage operation, $59 million of net revaluation losses, $57 million of business separation expenses, stand-up costs and restructuring charges, $19 million of net loss on debt modification and extinguishment, $3 million of transaction costs and $18 million of other expenses.
2 Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by its investments in associates and joint ventures accounted for using the equity method.
3 Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by the non-controlling interests in consolidated subsidiaries.
| Brookfield Business Partners L.P. | ||||||||||||||||||||
| Reconciliation of Non-IFRS Measure | ||||||||||||||||||||
| US$ millions, unaudited | Six Months Ended June 30, 2025 | |||||||||||||||||||
| Business Services |
Infrastructure Services |
Industrials | Corporate and Other |
Total | ||||||||||||||||
| Net income (loss) | $ | 253 | $ | (17 | ) | $ | 240 | $ | (85 | ) | $ | 391 | ||||||||
| Add or subtract the following: | ||||||||||||||||||||
| Depreciation and amortization expense | 430 | 340 | 727 | — | 1,497 | |||||||||||||||
| Impairment reversal (expense), net | — | — | 14 | — | 14 | |||||||||||||||
| Gain (loss) on dispositions, net | (6 | ) | (214 | ) | — | — | (220 | ) | ||||||||||||
| Other income (expense), net1 | (132 | ) | (3 | ) | 322 | (1 | ) | 186 | ||||||||||||
| Income tax (expense) recovery | 27 | 35 | 25 | (19 | ) | 68 | ||||||||||||||
| Equity accounted income (loss) | (8 | ) | 22 | (29 | ) | — | (15 | ) | ||||||||||||
| Interest income (expense), net | 468 | 291 | 767 | 45 | 1,571 | |||||||||||||||
| Equity accounted Adjusted EBITDA2 | 52 | 73 | 35 | — | 160 | |||||||||||||||
| Amounts attributable to non-controlling interests3 | (666 | ) | (314 | ) | (1,490 | ) | — | (2,470 | ) | |||||||||||
| Adjusted EBITDA | $ | 418 | $ | 213 | $ | 611 | $ | (60 | ) | $ | 1,182 | |||||||||
Notes:
1 Other income (expense), net corresponds to amounts that are not directly related to revenue earning activities and are not normal, recurring income or expenses necessary for business operations. The components of other income (expense), net include $236 million of net gain recognized upon the deconsolidation of our healthcare services operation, $183 million of expenses related to employee incentive payments linked to the realization of value at our advanced energy storage operation, $135 million of business separation expenses, stand-up costs and restructuring charges, $125 million of unrealized gains recorded on reclassification of property, plant and equipment to finance leases at our offshore oil services operation, $110 million of net revaluation losses, $38 million of transaction costs, $22 million of net loss on debt modification and extinguishment and $59 million of other expenses.
2 Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by our investments in associates and joint ventures accounted for using the equity method.
3 Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by the non-controlling interests in consolidated subsidiaries.
| Brookfield Business Partners L.P. | ||||||||||||||||||||
| Reconciliation of Non-IFRS Measure | ||||||||||||||||||||
| US$ millions, unaudited | Three Months Ended June 30, 2024 | |||||||||||||||||||
| Business Services |
Infrastructure Services |
Industrials | Corporate and Other |
Total | ||||||||||||||||
| Net income (loss) | $ | (5 | ) | $ | (92 | ) | $ | 216 | $ | (54 | ) | $ | 65 | |||||||
| Add back or deduct the following: | ||||||||||||||||||||
| Depreciation and amortization expense | 248 | 222 | 339 | — | 809 | |||||||||||||||
| Gain (loss) on dispositions, net | — | — | (84 | ) | — | (84 | ) | |||||||||||||
| Other income (expense), net1 | 51 | 22 | 26 | 1 | 100 | |||||||||||||||
| Income tax expense (recovery) | (17 | ) | 4 | (91 | ) | (13 | ) | (117 | ) | |||||||||||
| Equity accounted income (loss) | (5 | ) | (11 | ) | (15 | ) | — | (31 | ) | |||||||||||
| Interest income (expense), net | 253 | 178 | 309 | 38 | 778 | |||||||||||||||
| Equity accounted Adjusted EBITDA2 | 18 | 44 | 15 | — | 77 | |||||||||||||||
| Amounts attributable to non-controlling interests3 | (361 | ) | (210 | ) | (502 | ) | — | (1,073 | ) | |||||||||||
| Adjusted EBITDA | $ | 182 | $ | 157 | $ | 213 | $ | (28 | ) | $ | 524 | |||||||||
Notes:
1 Other income (expense), net corresponds to amounts that are not directly related to revenue earning activities and are not normal, recurring income or expenses necessary for business operations. The components of other income (expense), net include $82 million related to provisions recorded at our construction operation, $49 million of net gains on debt modification and extinguishment, $41 million of business separation expenses, stand-up costs, and restructuring charges, $21 million of net revaluation gains, $8 million of transaction costs and $39 million of other expenses.
2 Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by our investments in associates and joint ventures accounted for using the equity method.
3 Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by the non-controlling interests in consolidated subsidiaries.
| Brookfield Business Partners L.P. | ||||||||||||||||||||
| Reconciliation of Non-IFRS Measure | ||||||||||||||||||||
| US$ millions, unaudited | Six Months Ended June 30, 2024 | |||||||||||||||||||
| Business Services |
Infrastructure Services |
Industrials | Corporate and Other |
Total | ||||||||||||||||
| Net income (loss) | $ | 235 | $ | (157 | ) | $ | 314 | $ | (124 | ) | $ | 268 | ||||||||
| Add back or deduct the following: | ||||||||||||||||||||
| Depreciation and amortization expense | 502 | 434 | 681 | — | 1,617 | |||||||||||||||
| Impairment reversal (expense), net | (4 | ) | (12 | ) | 6 | — | (10 | ) | ||||||||||||
| Gain (loss) on dispositions, net | (15 | ) | — | (84 | ) | — | (99 | ) | ||||||||||||
| Other income (expense), net1 | (89 | ) | 4 | 58 | 11 | (16 | ) | |||||||||||||
| Income tax expense (recovery) | 7 | 1 | (118 | ) | (22 | ) | (132 | ) | ||||||||||||
| Equity accounted income (loss), net | (6 | ) | (15 | ) | (33 | ) | — | (54 | ) | |||||||||||
| Interest income (expense), net | 505 | 358 | 636 | 75 | 1,574 | |||||||||||||||
| Equity accounted Adjusted EBITDA2 | 35 | 83 | 31 | — | 149 | |||||||||||||||
| Amounts attributable to non-controlling interests3 | (783 | ) | (396 | ) | (1,050 | ) | — | (2,229 | ) | |||||||||||
| Adjusted EBITDA | $ | 387 | $ | 300 | $ | 441 | $ | (60 | ) | $ | 1,068 | |||||||||
Notes:
1 Other income (expense), net corresponds to amounts that are not directly related to revenue earning activities and are not normal, recurring income or expenses necessary for business operations. The components of other income (expense), net include $179 million of net revaluation gains, $82 million related to provisions recorded at our construction operation, $61 million of business separation expenses, stand-up costs and restructuring charges, $50 million of other income related to a distribution at our entertainment operation, $38 million of net gains on debt modification and extinguishment, $29 million of transaction costs and $79 million of other expenses.
2 Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by our investments in associates and joint ventures accounted for using the equity method.
3 Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by the non-controlling interests in consolidated subsidiaries.
| Brookfield Business Corporation Reports Second Quarter 2025 Results |
Brookfield, News, August 1, 2025 – Brookfield Business Corporation (NYSE, TSX: BBUC) announced today its net income (loss) for the quarter ended June 30, 2025.
| Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||
| US$ millions, unaudited | 2025 | 2024 | 2025 | 2024 | ||||||||
| Net income (loss) attributable to Brookfield Business Partners | $ | (120 | ) | $ | 124 | $ | (178 | ) | $ | (26 | ) | |
Net loss attributable to Brookfield Business Partners for the three months ended June 30, 2025 was $120 million, compared to net income of $124 million during the same period in 2024. Current period results included $176 million of remeasurement loss on our exchangeable and class B shares that are classified as liabilities under IFRS and a net gain recognized upon the deconsolidation of our healthcare services operation due to loss of control. Prior period results reflect the impact of reduced contribution from our construction operation. As at June 30, 2025, the exchangeable and class B shares were remeasured to reflect the closing price of $25.93 per unit.
Dividend
The Board of Directors has declared a quarterly dividend in the amount of $0.0625 per share, payable on September 29, 2025 to shareholders of record as at the close of business on August 29, 2025.
Additional Information
Each exchangeable share of Brookfield Business Corporation has been structured with the intention of providing an economic return equivalent to one unit of Brookfield Business Partners L.P. Each exchangeable share will be exchangeable at the option of the holder for one unit. Brookfield Business Corporation will target that dividends on its exchangeable shares be declared and paid at the same time as distributions are declared and paid on the Brookfield Business Partners’ units and that dividends on each exchangeable share will be declared and paid in the same amount as distributions are declared and paid on each unit to provide holders of exchangeable shares with an economic return equivalent to holders of units.
In addition to carefully considering the disclosures made in this news release in its entirety, shareholders are strongly encouraged to carefully review the Letter to Unitholders, Supplemental Information and other continuous disclosure filings which are available at https://bbu.brookfield.com.
Please note that Brookfield Business Corporation’s previous audited annual and unaudited quarterly reports have been filed on SEDAR+ and EDGAR and are available at https://bbu.brookfield.com/bbuc under Reports & Filings. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.
| Brookfield Business Corporation | |||||||||||
| Consolidated Statements of Financial Position | |||||||||||
| As at | |||||||||||
| US$ millions, unaudited | June 30, 2025 | December 31, 2024 | |||||||||
| Assets | |||||||||||
| Cash and cash equivalents | $ | 613 | $ | 1,008 | |||||||
| Financial assets | 290 | 353 | |||||||||
| Accounts and other receivable, net | 3,234 | 3,229 | |||||||||
| Inventory, net | 26 | 52 | |||||||||
| Other assets | 517 | 627 | |||||||||
| Property, plant and equipment | 181 | 2,480 | |||||||||
| Deferred income tax assets | 236 | 197 | |||||||||
| Intangible assets | 5,980 | 5,966 | |||||||||
| Equity accounted investments | 187 | 198 | |||||||||
| Goodwill | 5,018 | 4,988 | |||||||||
| Total Assets | $ | 16,282 | $ | 19,098 | |||||||
| Liabilities and Equity | |||||||||||
| Liabilities | |||||||||||
| Accounts payable and other | $ | 2,981 | $ | 5,276 | |||||||
| Non-recourse borrowings in subsidiaries of the company | 7,940 | 8,490 | |||||||||
| Exchangeable and class B shares | 1,815 | 1,709 | |||||||||
| Deferred income tax liabilities | 967 | 988 | |||||||||
| Equity | |||||||||||
| Brookfield Business Partners | $ | (159 | ) | $ | (59 | ) | |||||
| Non-controlling interests | 2,738 | 2,694 | |||||||||
| 2,579 | 2,635 | ||||||||||
| Total Liabilities and Equity | $ | 16,282 | $ | 19,098 | |||||||
| Brookfield Business Corporation | |||||||||||||
| Consolidated Statements of Operating Results | |||||||||||||
| US$ millions, unaudited | Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||
| Revenues | $ | 1,860 | $ | 1,929 | $ | 3,826 | $ | 3,794 | |||||
| Direct operating costs | (1,695 | ) | (1,860 | ) | (3,484 | ) | (3,512 | ) | |||||
| General and administrative expenses | (69 | ) | (77 | ) | (144 | ) | (141 | ) | |||||
| Interest income (expense), net | (212 | ) | (203 | ) | (431 | ) | (413 | ) | |||||
| Equity accounted income (loss) | 2 | 2 | 5 | 3 | |||||||||
| Impairment reversal (expense), net | — | — | — | (2 | ) | ||||||||
| Remeasurement of exchangeable and class B shares | (176 | ) | 237 | (183 | ) | 126 | |||||||
| Other income (expense), net | 236 | (59 | ) | 202 | (70 | ) | |||||||
| Income (loss) before income tax | (54 | ) | (31 | ) | (209 | ) | (215 | ) | |||||
| Income tax (expense) recovery | |||||||||||||
| Current | 14 | 16 | (9 | ) | (28 | ) | |||||||
| Deferred | 17 | 55 | 60 | 109 | |||||||||
| Net income (loss) | $ | (23 | ) | $ | 40 | $ | (158 | ) | $ | (134 | ) | ||
| Attributable to: | |||||||||||||
| Brookfield Business Partners | (120 | ) | 124 | (178 | ) | (26 | ) | ||||||
| Non-controlling interests | $ | 97 | $ | (84 | ) | $ | 20 | $ | (108 | ) | |||
Cautionary Statement Regarding Forward-looking Statements and Information
Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian and U.S. securities laws. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of Brookfield Business Partners, as well as regarding recently completed and proposed acquisitions, dispositions, and other transactions, and the outlook for North American and international economies for the current fiscal year and subsequent periods, and include words such as “expects”, “anticipates”, “plans”, “believes”, “estimates”, “seeks”, “intends”, “targets”, “projects”, “forecasts”, “views”, “potential”, “likely” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”.
Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, investors and other readers should not place undue reliance on forward-looking statements and information because they involve assumptions, known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of Brookfield Business Partners to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements and information. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us or are within our control. If a change occurs, our business, financial condition, liquidity and results of operations and our plans and strategies may vary materially from those expressed in the forward-looking statements and forward-looking information herein.
Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to, the following: the cyclical nature of our operating businesses and general economic conditions and risks relating to the economy, including unfavorable changes in interest rates, foreign exchange rates, inflation, commodity prices and volatility in the financial markets; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; business competition, including competition for acquisition opportunities; strategic actions including our ability to complete dispositions and achieve the anticipated benefits therefrom; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; changes to U.S. laws or policies, including changes in U.S. domestic and economic policies as well as foreign trade policies and tariffs; technological change; litigation; cybersecurity incidents; the possible impact of international conflicts, wars and related developments including terrorist acts and cyber terrorism; operational, or business risks that are specific to any of our business services operations, infrastructure services operations or industrials operations; changes in government policy and legislation; catastrophic events, such as earthquakes, hurricanes and pandemics/epidemics; changes in tax law and practice; and other risks and factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States including those set forth in the “Risk Factors” section in our annual report for the year ended December 31, 2024 filed on Form 20-F.
Statements relating to “reserves” are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described herein can be profitably produced in the future. We qualify any and all of our forward-looking statements by these cautionary factors.
We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.
Cautionary Statement Regarding the Use of a Non-IFRS Measure
This news release contains references to a Non-IFRS measure. Adjusted EBITDA is not a generally accepted accounting measure under IFRS and therefore may differ from definitions used by other entities. We believe this is a useful supplemental measure that may assist investors in assessing the financial performance of Brookfield Business Partners and its subsidiaries. However, Adjusted EBITDA should not be considered in isolation from, or as a substitute for, analysis of our financial statements prepared in accordance with IFRS.
References to Brookfield Business Partners are to Brookfield Business Partners L.P. together with its subsidiaries, controlled affiliates and operating entities. Unitholders’ results include limited partnership units, redemption-exchange units, general partnership units, BBUC exchangeable shares and special limited partnership units. More detailed information on certain references made in this news release will be available in our Management’s Discussion and Analysis of Financial Condition and Results of Operations in our interim report for the second quarter ended June 30, 2025 furnished on Form 6-K.
Source: Government of India
Source: Government of India (4)
Japanese Ambassador to India, Ono Keiichi, on Friday said he had a detailed conversation with Reserve Bank of India (RBI) Governor Sanjay Malhotra on the expanding role of Japanese banks in India’s economy.
In a post on social media platform X (formerly Twitter), the envoy highlighted that the meeting focused on the expansion of Japanese banks’ investments in India and how they are increasingly contributing to the country’s economic growth.
“Honoured to meet Sanjay Malhotra, Governor of the Reserve Bank of India (RBI). We had an engaging discussion on the expansion of Japanese banks’ investments in India and their growing contribution to the Indian economy,” Keiichi said on X.
The meeting comes as India and Japan continue to deepen their Special Strategic and Global Partnership, with greater emphasis on trade, investment, and financial cooperation.
In recent years, Japanese financial institutions have expanded their footprint in India, supporting infrastructure projects, industrial growth, and business collaborations.
Earlier, senior officials from both nations reaffirmed the importance of strengthening bilateral ties ahead of Prime Minister Narendra Modi’s scheduled visit to Japan later this year.
During a high-level dialogue in the national capital on July 28, Indian Foreign Secretary Vikram Misri and Japan’s Vice-Minister for Foreign Affairs Takehiro Funakoshi agreed to enhance cooperation in security, economy, and people-to-people exchanges, while working closely within frameworks such as the Japan-US-Australia-India partnership to promote a Free and Open Indo-Pacific.
“At the Japan-India Vice-Ministerial Dialogue, the two Secretaries confirmed that, in anticipation of Prime Minister Modi’s visit to Japan scheduled for this year, they would work to strengthen bilateral relations in a wide range of areas, including security, economy, and people-to-people exchanges, and would further cooperate, including within the Japan-US-Australia-India framework, towards the realization of a Free and Open Indo-Pacific,” read a statement issued by Japan’s Ministry of Foreign Affairs on the evening of July 28.
“In addition to bilateral relations, the two Secretaries also exchanged views on regional situations and agreed to continue to cooperate closely. During the exchange of views with Mishra, Principal Secretary to the Prime Minister’s Office, the two sides discussed various aspects of bilateral relations,” it added.
—IANS
Source: GlobeNewswire (MIL-OSI)
CALGARY, Alberta, Aug. 01, 2025 (GLOBE NEWSWIRE) — TransAlta Corporation (TransAlta or the Company) (TSX: TA) (NYSE: TAC) today reported its financial results for the second quarter ended June 30, 2025.
“Our strong second quarter results illustrate the value of our diversified fleet and exceptional operational performance. Our Alberta portfolio’s hedging strategy and active asset optimization continued to generate realized prices well above spot prices while environmental credits generated by our hydro and wind assets significantly offset our gas fleet’s carbon price compliance obligation. While we continue to navigate a challenging Alberta price environment, our assets continue to perform well, and we remain confident in achieving our 2025 Outlook,” said John Kousinioris, President and Chief Executive Officer.
“Our team remains focused on advancing our strategic priorities. We are pleased with the progress on our Alberta data centre strategy and the associated negotiations, which now reflect the Alberta Electric System Operator’s (AESO) approach to large load integration. The AESO currently expects Demand Transmission Service contracts to be executed in mid-September, which will secure each proponent’s access to system capacity. We continue to work closely with our counterparties and are progressing towards the execution of a data centre memorandum of understanding in relation to our system capacity allocation,” added Mr. Kousinioris.
“Finally, we continue to progress negotiations on conversion opportunities at Centralia and are working towards executing a definitive agreement later this year with our customer for the full capacity of Centralia Unit 2.”
Second Quarter 2025 Highlights
Second Quarter 2025 Operational and Financial Highlights
| $ millions, unless otherwise stated | Three Months Ended | Six Months Ended | ||||
| June 30, 2025 |
June 30, 2024 |
June 30, 2025 |
June 30, 2024 |
|||
| Operational information | ||||||
| Availability (%) | 91.6 | 90.8 | 93.3 | 91.5 | ||
| Production (GWh) | 4,813 | 4,781 | 11,645 | 10,959 | ||
| Select financial information | ||||||
| Revenues | 433 | 582 | 1,191 | 1,529 | ||
| Adjusted EBITDA(1) | 349 | 316 | 619 | 658 | ||
| Adjusted earnings before income taxes(1) | 122 | 112 | 150 | 256 | ||
| (Loss) earnings before income taxes | (95 | ) | 94 | (46 | ) | 361 |
| Adjusted net earnings after taxes attributable to common shareholders(1) | 54 | 70 | 84 | 197 | ||
| Net (loss) earnings attributable to common shareholders | (112 | ) | 56 | (66 | ) | 278 |
| Cash flows | ||||||
| Cash flow from operating activities | 157 | 108 | 164 | 352 | ||
| Funds from operations(1) | 252 | 236 | 431 | 490 | ||
| Free cash flow(1) | 177 | 177 | 316 | 398 | ||
| Per share | ||||||
| Adjusted net earnings attributable to common shareholders per share(1) | 0.18 | 0.23 | 0.28 | 0.64 | ||
| Net (loss) earnings per share attributable to common shareholders, basic and diluted | (0.38 | ) | 0.18 | (0.22 | ) | 0.91 |
| Cash flow from operating activities per share | 0.53 | 0.36 | 0.55 | 1.15 | ||
| Funds from operations per share(1) | 0.85 | 0.78 | 1.45 | 1.60 | ||
| FCF per share(1) | 0.60 | 0.58 | 1.06 | 1.30 | ||
| Dividends declared per common share | — | 0.06 | 0.07 | 0.06 | ||
| Weighted average number of common shares outstanding | 297 | 303 | 297 | 306 | ||
Segmented Financial Performance
|
$ millions |
Three Months Ended | Six Months Ended | ||||||
| June 30, 2025 |
June 30, 2024 |
June 30, 2025 |
June 30, 2024 |
|||||
| Hydro | 126 | 83 | 173 | 170 | ||||
| Wind and Solar | 89 | 88 | 191 | 177 | ||||
| Gas | 128 | 142 | 232 | 267 | ||||
| Energy Transition | 19 | 2 | 56 | 29 | ||||
| Energy Marketing | 26 | 39 | 47 | 78 | ||||
| Corporate | (39 | ) | (38 | ) | (80 | ) | (63 | ) |
| Total adjusted EBITDA(1)(2) | 349 | 316 | 619 | 658 | ||||
| Adjusted earnings before income taxes(1) | 122 | 112 | 150 | 256 | ||||
| (Loss) earnings before income taxes | (95 | ) | 94 | (46 | ) | 361 | ||
| Adjusted net earnings attributable to common shareholders(1) | 54 | 70 | 84 | 197 | ||||
| Net (loss) earnings attributable to common shareholders | (112 | ) | 56 | (66 | ) | 278 | ||
Key Business Developments
Credit Facility Extension
On July 16, 2025, the Company executed agreements to extend committed credit facilities totalling $2.1 billion with a syndicate of lenders. The revised agreements extend the maturity dates of the syndicated credit facility from June 30, 2028 to June 30, 2029 and the bilateral credit facilities from June 30, 2026 to June 30, 2027.
Divestiture of Poplar Hill
During the second quarter of 2025, the Company signed an agreement for the divestiture of the 48 MW Poplar Hill asset, as required by the consent agreement with the federal Competition Bureau and pursuant to the terms of the acquisition of Heartland Generation. Energy Capital Partners will be entitled to receive the proceeds from the sale of Poplar Hill, net of certain adjustments, following completion of the divestiture.
Recontracting of Ontario Wind Facilities
During the second quarter of 2025, the Company successfully recontracted its Melancthon 1, Melancthon 2 and Wolfe Island wind facilities through the Ontario Independent Electricity System Operator Five-Year Medium-Term 2 Energy Contract (MT2e). MT2e will replace current energy contracts for the three wind facilities when they expire, extending the contract dates until April 30, 2031, for Melancthon 1 and April 30, 2034, for Melancthon 2 and Wolfe Island.
Normal Course Issuer Bid (NCIB)
On May 27, 2025, the Company announced that it had received approval from the Toronto Stock Exchange to repurchase up to a maximum of 14 million common shares during the 12-month period that commenced May 31, 2025 and will terminate on May 30, 2026.
On Feb. 19, 2025, the Company announced it was allocating up to $100 million to be returned to shareholders in the form of share repurchases.
During the six months ended June 30, 2025, the Company purchased and cancelled a total of 1,932,800 common shares at an average price of $12.42 per common share, for a total cost of $24 million, including taxes.
Conference call and webcast
TransAlta will host a conference call and webcast at 9:00 a.m. MST (11:00 a.m. EST) today, August 1, 2025, to discuss our second quarter 2025 results. The call will begin with comments from John Kousinioris, President and Chief Executive Officer, and Joel Hunter, EVP Finance and Chief Financial Officer, followed by a question-and-answer period.
Second Quarter 2025 Conference Call
Webcast link: https://edge.media-server.com/mmc/p/zpy9addj
To access the conference call via telephone, please register ahead of time using the call link here: https://register-conf.media-server.com/register/BI215de673b3704e0da46b2a02e0f35bb0. Once registered, participants will have the option of 1) dialing into the call from their phone (via a personalized PIN); or 2) clicking the “Call Me” option to receive an automated call directly to their phone.
If you are unable to participate in the call, the replay will be accessible at https://edge.media-server.com/mmc/p/zpy9addj. A transcript of the broadcast will be posted on TransAlta’s website once it becomes available.
Related Materials
Related materials, including the consolidated financial statements and Management’s Discussion and Analysis (MD&A) will be available on the Investor Centre section of TransAlta’s website at https://transalta.com/investors/presentations-and-events/ and https://transalta.com/investors/results-reporting/ and have been filed under TransAlta Corporation’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov.
Notes
1. These items (Adjusted EBITDA, adjusted earnings (loss) before income taxes, adjusted net earnings (loss) after income taxes attributable to common shareholders, funds from operations, free cash flow, adjusted net earnings attributable to common shareholders per share, funds from operations (FFO) per share and free cash flow (FCF) per share) are non-IFRS measures, which are not defined, have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. Presenting these items from period to period provides management and investors with the ability to evaluate earnings (loss) trends more readily in comparison with prior periods’ results. Please refer to the Non-IFRS financial measures section of this earnings release for further discussion of these items, including, where applicable, reconciliations to measures calculated in accordance with IFRS.
2. During the first quarter of 2025, our Adjusted EBITDA composition was amended to exclude the impact of realized gain (loss) on closed exchange positions and Australian interest income. Therefore, the Company has applied this composition to all previously reported periods. Refer to the Additional Non-IFRS and Supplementary Financial Measures section of this earnings release.
Non-IFRS financial measures
We use a number of financial measures to evaluate our performance and the performance of our business segments, including measures and ratios that are presented on a non-IFRS basis, as described below. Unless otherwise indicated, all amounts are in Canadian dollars and have been derived from our consolidated financial statements prepared in accordance with IFRS. We believe that these non-IFRS amounts, measures and ratios, read together with our IFRS amounts, provide readers with a better understanding of how management assesses results.
Non-IFRS amounts, measures and ratios do not have standardized meanings under IFRS. They are unlikely to be comparable to similar measures presented by other companies and should not be viewed in isolation from, as an alternative to, or more meaningful than, our IFRS results.
We calculate adjusted measures by adjusting certain IFRS measures for certain items we believe are not reflective of our ongoing operations in the period. Except as otherwise described, these adjusted measures are calculated on a consistent basis from period to period and are adjusted for specific items in each period, unless stated otherwise.
Adjusted EBITDA
Each business segment assumes responsibility for its operating results measured by adjusted EBITDA. Adjusted EBITDA is an important metric for management that represents our core operational results.
During the first quarter of 2025, our adjusted EBITDA composition was amended to remove the impact of realized gain (loss) on closed exchange positions, which was included in adjusted EBITDA composition until the fourth quarter of 2024. The adjustment was intended to explain a timing difference between our internally and externally reported results and was useful at a time when markets were more volatile. The impact of realized gain (loss) on closed exchange positions was removed to simplify our reporting. Accordingly, the Company has applied this composition to all previously reported periods.
During the first quarter of 2025, our adjusted EBITDA composition was amended to remove the impact of Australian interest income, which was included in adjusted EBITDA composition until the fourth quarter of 2024. Initially, on the commissioning of the South Hedland facility in July 2017, we prepaid approximately $74 million of electricity transmission and distribution costs. Interest income, which was recorded on the prepaid funds, was reclassified as a reduction in the transmission and distribution costs expensed each period to reflect the net cost to the business. The impact of Australian interest income was removed to simplify our reporting since the amounts were not material. Accordingly, the Company has applied this composition to all previously reported periods.
Interest, taxes, depreciation and amortization are not included, as differences in accounting treatment may distort our core business results. In addition, certain reclassifications and adjustments are made to better assess results, excluding those items that may not be reflective of ongoing business performance. This presentation may facilitate the readers’ analysis of trends. The most directly comparable IFRS measure is earnings before income taxes.
Adjusted Revenue
Adjusted Revenues is Revenues (the most directly comparable IFRS measure) adjusted to exclude:
The impact of unrealized mark-to-market gains or losses and unrealized foreign exchange gains or losses on commodity transactions.
Certain assets that we own in Canada and Western Australia are fully contracted and recorded as finance leases under IFRS. We believe that it is more appropriate to reflect the payments we receive under the contracts as a capacity payment in our revenues instead of as finance lease income and a decrease in finance lease receivables.
Revenues from the Planned Divestitures as they do not reflect ongoing business performance.
Adjusted Fuel and Purchased Power
Adjusted Fuel and Purchased Power is Fuel and Purchased Power (the most directly comparable IFRS measure) adjusted to exclude fuel and purchased power from the Planned Divestitures as it does not reflect ongoing business performance.
Adjusted Gross Margin
Adjusted gross margin is calculated as adjusted revenues less adjusted fuel and purchased power and carbon compliance costs, where adjustments to revenue or fuel and purchased power were applied as stated above. The Skookumchuck wind facility has been included on a proportionate basis in the Wind and Solar segment. The most directly comparable IFRS measure is gross margin in the consolidated statement of earnings.
Adjusted OM&A
Adjusted OM&A is OM&A (the most directly comparable IFRS measure) adjusted to exclude:
Acquisition-related transaction and restructuring costs, mainly comprised of severance, legal and consultant fees as these do not reflect ongoing business performance.
ERP integration costs representing planning, design and integration costs of upgrades to the existing ERP system as they represent project costs that do not occur on a regular basis, and therefore do not reflect ongoing performance.
OM&A from the Planned Divestitures as it does not reflect ongoing business performance.
Adjusted Net Other Operating Income
Adjusted Net Other Operating Income is Net Other Operating Income (the most directly comparable IFRS measure) adjusted to exclude insurance recoveries related to the Kent Hills replacement costs of the tower collapse as these relate to investing activities and are not reflective of ongoing business performance.
Adjustments to Earnings (Loss) in Addition to Interest, Taxes, Depreciation and Amortization
Adjustments for Equity-Accounted Investments
Adjusted Earnings (Loss) before income taxes
Adjusted earnings (loss) before income taxes represents segmented earnings (loss) adjusted for certain items that we believe do not reflect ongoing business performance and is an important metric for evaluating performance trends in each segment.
For details of the adjustments made to earnings (loss) before income taxes (the most directly comparable IFRS measure) to calculate adjusted earnings (loss) before income taxes, refer to the Reconciliation of Non-IFRS Measures on a Consolidated Basis by Segment section of the MD&A.
Adjusted Net Earnings (Loss) attributable to common shareholders
Adjusted net earnings (loss) attributable to common shareholders represents net earnings (loss) attributable to common shareholders adjusted for specific reclassifications and adjustments and their tax impact, and is an important metric for evaluating performance. For details of the reclassifications and adjustments made to net earnings (loss) attributable to common shareholders (the most directly comparable IFRS measure), please refer to the reconciliation of net earnings (loss) to adjusted net earnings (loss) attributable to common shareholders in the Reconciliation of Non-IFRS Measures on a Consolidated Basis by Segment section of the MD&A.
Adjusted Net Earnings (Loss) per common share attributable to common shareholders
Adjusted net earning (loss) per common share attributable to common shareholders is calculated as adjusted net earnings (loss) attributable to common shareholders divided by a weighted average number of common shares outstanding during the period. The measure is useful in showing the earnings per common share for our core operational results as it excludes the impact of items that do not reflect an ongoing business performance. Adjusted net earnings (loss) attributable per common share is a non-IFRS ratio and the most directly comparable IFRS measure is net income (loss) per common share attributable to common shareholders. Refer to the reconciliation of earnings (loss) before income taxes to adjusted net earnings (loss) attributable to common shareholders in the Reconciliation of Non-IFRS Measures on a Consolidated Basis by Segment section of the MD&A.
Funds From Operations (FFO)
Represents a proxy for cash generated from operating activities before changes in working capital and provides the ability to evaluate cash flow trends in comparison with results from prior periods. FFO is calculated as cash flow from operating activities before changes in working capital and is adjusted for transactions and amounts that the Company believes are not representative of ongoing cash flows from operations.
Free Cash Flow (FCF)
Represents the amount of cash that is available to invest in growth initiatives, make scheduled principal debt repayments, repay maturing debt, pay common share dividends or repurchase common shares and provides the ability to evaluate cash flow trends in comparison with the results from prior periods. Changes in working capital are excluded so that FFO and FCF are not distorted by changes that we consider temporary in nature, reflecting, among other things, the impact of seasonal factors and timing of receipts and payments.
Non-IFRS Ratios
FFO per share, FCF per share and adjusted net debt to adjusted EBITDA are non-IFRS ratios that are presented in the MD&A. Refer to the Reconciliation of Cash Flow from Operations to FFO and FCF and Key Non-IFRS Financial Ratios sections of the MD&A for additional information.
Net Interest Expense
Net interest expense is calculated as total interest expense less total interest income and non-cash items. For detailed calculation refer to the table in the Reconciliation of Adjusted EBITDA to FFO and FCF section of this MD&A. Net Interest expense is a proxy for the actual cash interest paid that approximates the cash outflow in the FFO and FCF calculation. The most directly comparable IFRS measure is total interest expense.
FFO per share and FCF per share
FFO per share and FCF per share are calculated using the weighted average number of common shares outstanding during the period. FFO per share and FCF per share are non-IFRS ratios.
Supplementary financial measures include available liquidity, carbon compliance per MWh, fuel cost per MWh, hedged power price average per MWh, realized foreign exchange loss, sustaining capital expenditures, the Alberta electricity portfolio metrics and unrealized foreign exchange loss (gain).
Reconciliation of these non-IFRS financial measures to the most comparable IFRS measure are provided below.
Reconciliation of Non-IFRS Measures on a Consolidated Basis by Segment
The following table reflects adjusted EBITDA and adjusted earnings (loss) before income taxes by segment and provides reconciliation to earnings (loss) before income taxes for the three months ended June 30, 2025:
| Hydro | Wind & Solar(1) |
Gas | Energy Transition |
Energy Marketing |
Corporate | Total | Equity- accounted investments(1) |
Reclass adjustments |
IFRS financials |
|||||||||||
| Revenues | 129 | 59 | 204 | 73 | 38 | (67 | ) | 436 | (3 | ) | — | 433 | ||||||||
| Reclassifications and adjustments: | ||||||||||||||||||||
| Unrealized mark-to-market (gain) loss | 18 | 68 | 71 | 15 | (2 | ) | — | 170 | — | (170 | ) | — | ||||||||
| Decrease in finance lease receivable | — | — | 7 | — | — | — | 7 | — | (7 | ) | — | |||||||||
| Finance lease income | — | 2 | 3 | — | — | — | 5 | — | (5 | ) | — | |||||||||
| Revenues from Planned Divestitures | — | — | (3 | ) | — | — | — | (3 | ) | — | 3 | — | ||||||||
| Unrealized foreign exchange gain on commodity | — | — | — | — | (2 | ) | — | (2 | ) | — | 2 | — | ||||||||
| Adjusted revenue | 147 | 129 | 282 | 88 | 34 | (67 | ) | 613 | (3 | ) | (177 | ) | 433 | |||||||
| Fuel and purchased power | 7 | 9 | 106 | 51 | — | — | 173 | — | — | 173 | ||||||||||
| Reclassifications and adjustments: | ||||||||||||||||||||
| Fuel and purchased power related to Planned Divestitures | — | — | (1 | ) | — | — | — | (1 | ) | — | 1 | — | ||||||||
| Adjusted fuel and purchased power | 7 | 9 | 105 | 51 | — | — | 172 | — | 1 | 173 | ||||||||||
| Carbon compliance costs (recovery) | — | 1 | (8 | ) | — | — | (67 | ) | (74 | ) | — | — | (74 | ) | ||||||
| Adjusted gross margin | 140 | 119 | 185 | 37 | 34 | — | 515 | (3 | ) | (178 | ) | 334 | ||||||||
| OM&A | 13 | 25 | 65 | 18 | 8 | 45 | 174 | (1 | ) | — | 173 | |||||||||
| Reclassifications and adjustments: | ||||||||||||||||||||
| OM&A related to Planned Divestitures | — | — | (1 | ) | — | — | — | (1 | ) | — | 1 | — | ||||||||
| ERP integration costs | — | — | — | — | — | (6 | ) | (6 | ) | — | 6 | — | ||||||||
| Acquisition-related transaction and restructuring costs | — | — | — | — | — | (1 | ) | (1 | ) | — | 1 | — | ||||||||
| Adjusted OM&A | 13 | 25 | 64 | 18 | 8 | 38 | 166 | (1 | ) | 8 | 173 | |||||||||
| Taxes, other than income taxes | 1 | 5 | 5 | — | — | 1 | 12 | — | — | 12 | ||||||||||
| Net other operating income | — | — | (12 | ) | — | — | — | (12 | ) | — | — | (12 | ) | |||||||
| Adjusted EBITDA(2) | 126 | 89 | 128 | 19 | 26 | (39 | ) | 349 | ||||||||||||
| Depreciation and amortization | (8 | ) | (52 | ) | (74 | ) | (13 | ) | — | (4 | ) | (151 | ) | 1 | — | (150 | ) | |||
| Equity income | — | — | — | — | — | — | — | — | 1 | 1 | ||||||||||
| Interest income | — | — | — | — | — | 7 | 7 | (1 | ) | — | 6 | |||||||||
| Interest expense | — | — | — | — | — | (89 | ) | (89 | ) | 1 | — | (88 | ) | |||||||
| Realized foreign exchange gain | — | — | — | — | — | 6 | 6 | — | — | 6 | ||||||||||
| Adjusted earnings (loss) before income taxes(2) | 118 | 37 | 54 | 6 | 26 | (119 | ) | 122 | ||||||||||||
| Reclassifications and adjustments above | (18 | ) | (70 | ) | (80 | ) | (15 | ) | 4 | (7 | ) | (186 | ) | |||||||
| Finance lease income | — | 2 | 3 | — | — | — | 5 | — | — | 5 | ||||||||||
| Skookumchuk earnings reclass to Equity income(1) | — | (1 | ) | — | — | — | 1 | — | — | — | — | |||||||||
| Asset impairment charges | — | — | — | (11 | ) | — | (2 | ) | (13 | ) | — | — | (13 | ) | ||||||
| Unrealized foreign exchange loss | — | — | — | — | — | (23 | ) | (23 | ) | — | — | (23 | ) | |||||||
| Earnings (loss) before income taxes | 100 | (32 | ) | (23 | ) | (20 | ) | 30 | (150 | ) | (95 | ) | — | — | (95 | ) | ||||
The following table reflects adjusted EBITDA and adjusted earnings (loss) before income taxes by segment and provides reconciliation to earnings (loss) before income taxes for the three months ended June 30, 2024:
| Hydro | Wind & Solar(1) |
Gas | Energy Transition |
Energy Marketing |
Corporate | Total | Equity- accounted investments(1) |
Reclass adjustments |
IFRS financials |
|||||||||||
| Revenues | 99 | 112 | 284 | 79 | 47 | (34 | ) | 587 | (5 | ) | — | 582 | ||||||||
| Reclassifications and adjustments: | ||||||||||||||||||||
| Unrealized mark-to-market (gain) loss | 1 | 8 | 10 | (14 | ) | 1 | — | 6 | — | (6 | ) | — | ||||||||
| Decrease in finance lease receivable | — | — | 5 | — | — | — | 5 | — | (5 | ) | — | |||||||||
| Finance lease income | — | 2 | 2 | — | — | — | 4 | — | (4 | ) | — | |||||||||
| Unrealized foreign exchange gain on commodity | — | — | (1 | ) | — | — | — | (1 | ) | — | 1 | — | ||||||||
| Adjusted revenue | 100 | 122 | 300 | 65 | 48 | (34 | ) | 601 | (5 | ) | (14 | ) | 582 | |||||||
| Fuel and purchased power | 3 | 8 | 97 | 46 | — | — | 154 | — | — | 154 | ||||||||||
| Carbon compliance costs (recovery) | — | — | 26 | — | — | (34 | ) | (8 | ) | — | — | (8 | ) | |||||||
| Adjusted gross margin | 97 | 114 | 177 | 19 | 48 | — | 455 | (5 | ) | (14 | ) | 436 | ||||||||
| OM&A | 13 | 24 | 42 | 15 | 9 | 42 | 145 | (1 | ) | — | 144 | |||||||||
| Reclassifications and adjustments: | ||||||||||||||||||||
| Acquisition-related transaction and restructuring costs | — | — | — | — | — | (4 | ) | (4 | ) | — | 4 | — | ||||||||
| Adjusted OM&A | 13 | 24 | 42 | 15 | 9 | 38 | 141 | (1 | ) | 4 | 144 | |||||||||
| Taxes, other than income taxes | 1 | 4 | 3 | 2 | — | — | 10 | (1 | ) | — | 9 | |||||||||
| Net other operating income | — | (2 | ) | (10 | ) | — | — | — | (12 | ) | — | — | (12 | ) | ||||||
| Adjusted EBITDA(2)(3) | 83 | 88 | 142 | 2 | 39 | (38 | ) | 316 | — | — | — | |||||||||
| Depreciation and amortization | (8 | ) | (47 | ) | (56 | ) | (15 | ) | (1 | ) | (5 | ) | (132 | ) | 1 | — | (131 | ) | ||
| Equity income | — | — | — | — | — | 1 | 1 | — | 2 | 3 | ||||||||||
| Interest income | — | — | — | — | — | 8 | 8 | — | — | 8 | ||||||||||
| Interest expense | — | — | — | — | — | (80 | ) | (80 | ) | — | — | (80 | ) | |||||||
| Realized foreign exchange loss(3) | — | — | — | — | — | (1 | ) | (1 | ) | — | — | (1 | ) | |||||||
| Adjusted earnings (loss) before income taxes(2) | 75 | 41 | 86 | (13 | ) | 38 | (115 | ) | 112 | — | — | — | ||||||||
| Reclassifications and adjustments above | (1 | ) | (10 | ) | (16 | ) | 14 | (1 | ) | (4 | ) | (18 | ) | — | — | — | ||||
| Finance lease income | — | 2 | 2 | — | — | — | 4 | — | — | 4 | ||||||||||
| Skookumchuk earnings reclass to Equity income(1) | — | (2 | ) | — | — | — | 2 | — | — | — | — | |||||||||
| Asset impairment (charges) reversals | — | (1 | ) | — | 1 | — | (5 | ) | (5 | ) | — | — | (5 | ) | ||||||
| Gain on sale of assets and other(3) | — | — | — | 1 | — | — | 1 | — | — | 1 | ||||||||||
| Unrealized foreign exchange loss(3) | — | — | — | — | — | (1 | ) | (1 | ) | — | — | (1 | ) | |||||||
| Earnings (loss) before income taxes | 74 | 30 | 72 | 3 | 37 | (122 | ) | 94 | — | — | 94 | |||||||||
The following table reflects adjusted EBITDA and adjusted earnings (loss) before income taxes by segment and provides reconciliation to earnings (loss) before income taxes for the six months ended June 30, 2025:
| Hydro | Wind & Solar(1) |
Gas | Energy Transition |
Energy Marketing |
Corporate | Total | Equity- accounted investments(1) |
Reclass adjustments |
IFRS financials |
|||||||||||
| Revenues | 215 | 166 | 594 | 227 | 65 | (66 | ) | 1,201 | (10 | ) | — | 1,191 | ||||||||
| Reclassifications and adjustments: | ||||||||||||||||||||
| Unrealized mark-to-market (gain) loss | (3 | ) | 104 | 39 | 14 | (1 | ) | — | 153 | — | (153 | ) | — | |||||||
| Decrease in finance lease receivable | — | 1 | 14 | — | — | — | 15 | — | (15 | ) | — | |||||||||
| Finance lease income | — | 3 | 8 | — | — | — | 11 | — | (11 | ) | — | |||||||||
| Revenues from Planned Divestitures | — | — | (7 | ) | — | — | — | (7 | ) | — | 7 | — | ||||||||
| Unrealized foreign exchange gain on commodity | — | — | — | — | (2 | ) | — | (2 | ) | — | 2 | — | ||||||||
| Adjusted revenue | 212 | 274 | 648 | 241 | 62 | (66 | ) | 1,371 | (10 | ) | (170 | ) | 1,191 | |||||||
| Fuel and purchased power | 11 | 19 | 269 | 149 | — | 2 | 450 | — | — | 450 | ||||||||||
| Reclassifications and adjustments: | ||||||||||||||||||||
| Fuel and purchased power related to Planned Divestitures | — | — | (3 | ) | — | — | — | (3 | ) | — | 3 | — | ||||||||
| Adjusted fuel and purchased power | 11 | 19 | 266 | 149 | — | 2 | 447 | — | 3 | 450 | ||||||||||
| Carbon compliance costs (recovery) | — | 2 | 41 | — | — | (68 | ) | (25 | ) | — | — | (25 | ) | |||||||
| Adjusted gross margin | 201 | 253 | 341 | 92 | 62 | — | 949 | (10 | ) | (173 | ) | 766 | ||||||||
| OM&A | 26 | 54 | 124 | 35 | 15 | 94 | 348 | (2 | ) | — | 346 | |||||||||
| Reclassifications and adjustments: | ||||||||||||||||||||
| OM&A related to Planned Divestitures | — | — | (3 | ) | — | — | — | (3 | ) | — | 3 | — | ||||||||
| ERP integration costs | — | — | — | — | — | (10 | ) | (10 | ) | — | 10 | — | ||||||||
| Acquisition-related transaction and restructuring costs | — | — | — | — | — | (5 | ) | (5 | ) | — | 5 | — | ||||||||
| Adjusted OM&A | 26 | 54 | 121 | 35 | 15 | 79 | 330 | (2 | ) | 18 | 346 | |||||||||
| Taxes, other than income taxes | 2 | 10 | 10 | 1 | — | 1 | 24 | — | — | 24 | ||||||||||
| Net other operating income | — | (4 | ) | (22 | ) | — | — | — | (26 | ) | — | — | (26 | ) | ||||||
| Reclassifications and adjustments: | ||||||||||||||||||||
| Insurance recovery | — | 2 | — | — | — | — | 2 | — | (2 | ) | — | |||||||||
| Adjusted net other operating income | — | (2 | ) | (22 | ) | — | — | — | (24 | ) | — | (2 | ) | (26 | ) | |||||
| Adjusted EBITDA(2) | 173 | 191 | 232 | 56 | 47 | (80 | ) | 619 | ||||||||||||
| Depreciation and amortization | (17 | ) | (105 | ) | (138 | ) | (28 | ) | (2 | ) | (9 | ) | (299 | ) | 3 | — | (296 | ) | ||
| Equity income | — | — | — | — | — | (1 | ) | (1 | ) | — | 4 | 3 | ||||||||
| Interest income | — | — | — | — | — | 12 | 12 | (1 | ) | — | 11 | |||||||||
| Interest expense | — | — | — | — | — | (183 | ) | (183 | ) | 2 | — | (181 | ) | |||||||
| Realized foreign exchange gain | — | — | — | — | — | 2 | 2 | — | — | 2 | ||||||||||
| Adjusted earnings (loss) before income taxes(2) | 156 | 86 | 94 | 28 | 45 | (259 | ) | 150 | ||||||||||||
| Reclassifications and adjustments above | 3 | (106 | ) | (60 | ) | (14 | ) | 3 | (15 | ) | (189 | ) | ||||||||
| Finance lease income | — | 3 | 8 | — | — | — | 11 | — | — | 11 | ||||||||||
| Skookumchuk earnings reclass to Equity income(1) | — | (4 | ) | — | — | — | 4 | — | — | — | — | |||||||||
| Fair value change in contingent consideration payable | — | — | 34 | — | — | — | 34 | — | — | 34 | ||||||||||
| Asset impairment (charges) reversals | — | — | (34 | ) | 13 | — | (7 | ) | (28 | ) | — | — | (28 | ) | ||||||
| Loss on sale of assets and other | — | — | — | — | — | (1 | ) | (1 | ) | — | — | (1 | ) | |||||||
| Unrealized foreign exchange loss | — | — | — | — | — | (23 | ) | (23 | ) | — | — | (23 | ) | |||||||
| Earnings (loss) before income taxes | 159 | (21 | ) | 42 | 27 | 48 | (301 | ) | (46 | ) | — | — | (46 | ) | ||||||
The following table reflects adjusted EBITDA and adjusted earnings (loss) before income taxes by segment and provides reconciliation to earnings (loss) before income taxes for the six months ended June 30, 2024:
| Hydro | Wind & Solar(1) |
Gas | Energy Transition |
Energy Marketing |
Corporate | Total | Equity- accounted investments(1) |
Reclass adjustments |
IFRS financials |
|||||||||||
| Revenues | 211 | 251 | 717 | 296 | 99 | (34 | ) | 1,540 | (11 | ) | — | 1,529 | ||||||||
| Reclassifications and adjustments: | ||||||||||||||||||||
| Unrealized mark-to-market (gain) loss | (4 | ) | (13 | ) | (81 | ) | (20 | ) | (2 | ) | — | (120 | ) | — | 120 | — | ||||
| Decrease in finance lease receivable | — | 1 | 9 | — | — | — | 10 | — | (10 | ) | — | |||||||||
| Finance lease income | — | 3 | 3 | — | — | — | 6 | — | (6 | ) | — | |||||||||
| Unrealized foreign exchange gain on commodity | — | — | (2 | ) | — | — | — | (2 | ) | — | 2 | — | ||||||||
| Adjusted revenue | 207 | 242 | 646 | 276 | 97 | (34 | ) | 1,434 | (11 | ) | 106 | 1,529 | ||||||||
| Fuel and purchased power | 9 | 17 | 239 | 212 | — | — | 477 | — | — | 477 | ||||||||||
| Carbon compliance costs (recovery) | — | — | 66 | — | — | (34 | ) | 32 | — | — | 32 | |||||||||
| Adjusted gross margin | 198 | 225 | 341 | 64 | 97 | — | 925 | (11 | ) | 106 | 1,020 | |||||||||
| OM&A | 26 | 44 | 88 | 33 | 19 | 70 | 280 | (2 | ) | — | 278 | |||||||||
| Reclassifications and adjustments: | ||||||||||||||||||||
| Acquisition-related transaction and restructuring costs | — | — | — | — | — | (7 | ) | (7 | ) | — | 7 | — | ||||||||
| Adjusted OM&A | 26 | 44 | 88 | 33 | 19 | 63 | 273 | (2 | ) | 7 | 278 | |||||||||
| Taxes, other than income taxes | 2 | 8 | 6 | 2 | — | — | 18 | (1 | ) | — | 17 | |||||||||
| Net other operating income | — | (4 | ) | (20 | ) | — | — | — | (24 | ) | — | — | (24 | ) | ||||||
| Adjusted EBITDA(2)(3) | 170 | 177 | 267 | 29 | 78 | (63 | ) | 658 | ||||||||||||
| Depreciation and amortization | (15 | ) | (90 | ) | (111 | ) | (31 | ) | (2 | ) | (9 | ) | (258 | ) | 3 | — | (255 | ) | ||
| Equity income | — | — | — | — | — | (1 | ) | (1 | ) | — | 5 | 4 | ||||||||
| Interest income | — | — | — | — | — | 15 | 15 | — | — | 15 | ||||||||||
| Interest expense | — | — | — | — | — | (149 | ) | (149 | ) | — | — | (149 | ) | |||||||
| Realized foreign exchange loss(4) | — | — | — | — | — | (9 | ) | (9 | ) | — | — | (9 | ) | |||||||
| Adjusted earnings (loss) before income taxes(2) | 155 | 87 | 156 | (2 | ) | 76 | (216 | ) | 256 | |||||||||||
| Reclassifications and adjustments above | 4 | 9 | 71 | 20 | 2 | (7 | ) | 99 | ||||||||||||
| Finance lease income | — | 3 | 3 | — | — | — | 6 | — | — | 6 | ||||||||||
| Skookumchuk earnings reclass to Equity income(1) | — | (5 | ) | — | — | — | 5 | — | — | — | — | |||||||||
| Asset impairment (charges) reversals | — | (5 | ) | — | 4 | — | (5 | ) | (6 | ) | — | — | (6 | ) | ||||||
| Gain on sale of assets and other(4) | — | — | — | 1 | — | 2 | 3 | — | — | 3 | ||||||||||
| Unrealized foreign exchange gain(4) | — | — | — | — | — | 3 | 3 | — | — | 3 | ||||||||||
| Earnings (loss) before income taxes | 159 | 89 | 230 | 23 | 78 | (218 | ) | 361 | — | — | 361 | |||||||||
Reconciliation of Earnings Before Income Taxes to Adjusted Net Earnings attributable to common shareholders
The following table reflects reconciliation of (loss) earnings before income taxes to adjusted net earnings attributable to common shareholders for the three and six months ended June 30, 2025 and June 30, 2024:
| Three months ended June 30 |
Six months ended June 30 |
|||||||
| 2025 | 2024 | 2025 | 2024 | |||||
| (Loss) earnings before income taxes | (95 | ) | 94 | (46 | ) | 361 | ||
| Income tax expense | 11 | 28 | 18 | 57 | ||||
| Net (loss) earnings | (106 | ) | 66 | (64 | ) | 304 | ||
| Net (loss) earnings attributable to non-controlling interests | (7 | ) | (3 | ) | (11 | ) | 13 | |
| Preferred share dividends | 13 | 13 | 13 | 13 | ||||
| Net (loss) earnings attributable to common shareholders | (112 | ) | 56 | (66 | ) | 278 | ||
| Adjustments and reclassifications (pre-tax): | ||||||||
| Adjustments and reclassifications to Revenues | 177 | 14 | 170 | (106 | ) | |||
| Adjustments and reclassifications to Fuel and purchased power | 1 | — | 3 | — | ||||
| Adjustments and reclassifications to OM&A | 8 | 4 | 18 | 7 | ||||
| Adjustments and reclassifications to Net other operating income | — | — | (2 | ) | — | |||
| Fair value change in contingent consideration payable (gain) | — | — | (34 | ) | — | |||
| Finance lease income | (5 | ) | (4 | ) | (11 | ) | (6 | ) |
| Asset impairment charges | 13 | 5 | 28 | 6 | ||||
| Loss (gain) on sale of assets and other | — | (1 | ) | 1 | (3 | ) | ||
| Unrealized foreign exchange loss (gain)(1) | 23 | — | 23 | (3 | ) | |||
| Calculated tax (expense) recovery on adjustments and reclassifications(2) | (51 | ) | (4 | ) | (46 | ) | 24 | |
| Adjusted net earnings attributable to common shareholders(3) | 54 | 70 | 84 | 197 | ||||
| Weighted average number of common shares outstanding in the period | 297 | 303 | 297 | 306 | ||||
| Net (loss) income per common share attributable to common shareholders | (0.38 | ) | 0.18 | (0.22 | ) | 0.91 | ||
| Adjustments and reclassifications (net of tax) | 0.56 | 0.05 | 0.50 | (0.26 | ) | |||
| Adjusted net earnings per common share attributable to common shareholders(3) | 0.18 | 0.23 | 0.28 | 0.64 | ||||
Reconciliation of cash flow from operations to FFO and FCF
The table below reconciles our cash flow from operating activities to our FFO and FCF:
| Three months ended June 30 |
Six months ended June 30 |
|||||||
| 2025 | 2024 | 2025 | 2024 | |||||
| Cash flow from operating activities(1) | 157 | 108 | 164 | 352 | ||||
| Change in non-cash operating working capital balances | 81 | 114 | 198 | 107 | ||||
| Cash flow from operations before changes in working capital | 238 | 222 | 362 | 459 | ||||
| Adjustments | ||||||||
| Share of adjusted FFO from joint venture(1) | 1 | 2 | 3 | 4 | ||||
| Decrease in finance lease receivable | 7 | 5 | 15 | 10 | ||||
| Clean energy transition provisions and adjustments | — | 2 | — | 2 | ||||
| Brazeau penalties payment | — | — | 33 | — | ||||
| Acquisition-related transaction and restructuring costs | 2 | 4 | 8 | 7 | ||||
| Other(2) | 4 | 1 | 10 | 8 | ||||
| FFO(3) | 252 | 236 | 431 | 490 | ||||
| Deduct: | ||||||||
| Sustaining capital expenditures(1) | (57 | ) | (40 | ) | (80 | ) | (40 | ) |
| Dividends paid on preferred shares | (13 | ) | (13 | ) | (26 | ) | (26 | ) |
| Distributions paid to subsidiaries’ non-controlling interests | (2 | ) | (5 | ) | (2 | ) | (24 | ) |
| Principal payments on lease liabilities | — | (1 | ) | (1 | ) | (2 | ) | |
| Other | (3 | ) | — | (6 | ) | — | ||
| FCF(3) | 177 | 177 | 316 | 398 | ||||
| Weighted average number of common shares outstanding in the period | 297 | 303 | 297 | 306 | ||||
| Cash flow from operating activities per share | 0.53 | 0.36 | 0.55 | 1.15 | ||||
| FFO per share(3) | 0.85 | 0.78 | 1.45 | 1.60 | ||||
| FCF per share(3) | 0.60 | 0.58 | 1.06 | 1.30 | ||||
The table below provides a reconciliation of our adjusted EBITDA to our FFO and FCF:
| Three months ended June 30 |
Six months ended June 30 |
|||||||
| $ millions, unless otherwise stated | 2025 | 2024 | 2025 | 2024 | ||||
| Adjusted EBITDA(1)(5) | 349 | 316 | 619 | 658 | ||||
| Provisions | (2 | ) | 6 | 6 | 6 | |||
| Net interest expense(2) | (66 | ) | (57 | ) | (138 | ) | (105 | ) |
| Current income tax expense | (46 | ) | (33 | ) | (59 | ) | (60 | ) |
| Realized foreign exchange gain (loss)(3) | 4 | (1 | ) | 2 | (9 | ) | ||
| Decommissioning and restoration costs settled | (11 | ) | (12 | ) | (20 | ) | (19 | ) |
| Other non-cash items | 24 | 17 | 21 | 19 | ||||
| FFO(4)(5) | 252 | 236 | 431 | 490 | ||||
| Deduct: | ||||||||
| Sustaining capital expenditures(3)(5) | (57 | ) | (40 | ) | (80 | ) | (40 | ) |
| Dividends paid on preferred shares | (13 | ) | (13 | ) | (26 | ) | (26 | ) |
| Distributions paid to subsidiaries’ non-controlling interests | (2 | ) | (5 | ) | (2 | ) | (24 | ) |
| Principal payments on lease liabilities | — | (1 | ) | (1 | ) | (2 | ) | |
| Other | (3 | ) | — | (6 | ) | — | ||
| FCF(4)(5) | 177 | 177 | 316 | 398 | ||||
Net interest expense in the reconciliation of our adjusted EBITDA to our FFO and FCF is calculated as follows:
| Three months ended June 30 |
Six months ended June 30 |
|||||||
| 2025 | 2024 | 2025 | 2024 | |||||
| Interest expense | 88 | 80 | 181 | 149 | ||||
| Less: Interest Income | (6 | ) | (8 | ) | (11 | ) | (15 | ) |
| Less: non-cash items(1) | (16 | ) | (15 | ) | (32 | ) | (29 | ) |
| Net Interest Expense | 66 | 57 | 138 | 105 | ||||
TransAlta is in the process of filing its unaudited interim Consolidated Financial Statements and accompanying notes, as well as the associated Management’s Discussion & Analysis (MD&A). These documents will be available today on the Investors section of TransAlta’s website at www.transalta.com or through SEDAR at www.sedarplus.ca.
About TransAlta Corporation:
TransAlta owns, operates and develops a diverse fleet of electrical power generation assets in Canada, the United States and Australia with a focus on long-term shareholder value. TransAlta provides municipalities, medium and large industries, businesses and utility customers with affordable, energy efficient and reliable power. Today, TransAlta is one of Canada’s largest producers of wind power and Alberta’s largest producer of thermal generation and hydro-electric power. For over 114 years, TransAlta has been a responsible operator and a proud member of the communities where we operate and where our employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and the Future-Fit Business Benchmark, which also defines sustainable goals for businesses. Our reporting on climate change management has been guided by the International Financial Reporting Standards (IFRS) S2 Climate-related Disclosures Standard and the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. TransAlta has achieved a 70 per cent reduction in GHG emissions or 22.7 million tonnes CO2e since 2015 and received an upgraded MSCI ESG rating of AA.
For more information about TransAlta, visit our web site at transalta.com.
Cautionary Statement Regarding Forward-Looking Information
This news release includes “forward-looking information,” within the meaning of applicable Canadian securities laws, and “forward-looking statements,” within the meaning of applicable United States securities laws, including the Private Securities Litigation Reform Act of 1995 (collectively referred to herein as “forward-looking statements”). Forward-looking statements are not facts, but only predictions and generally can be identified by the use of statements that include phrases such as “may”, “will”, “can”, “could”, “would”, “shall”, “believe”, “expect”, “estimate”, “anticipate”, “intend”, “plan”, “forecast”, “foresee”, “potential”, “enable”, “continue” or other comparable terminology. These statements are not guarantees of our future performance, events or results and are subject to risks, uncertainties and other important factors that could cause our actual performance, events or results to be materially different from those set out in or implied by the forward-looking statements. In particular, this news release contains forward-looking statements about the following, among other things: the strategic objectives of the Company and that the execution of the Company’s strategy will realize value for shareholders; our capital allocation and financing strategy; our sustainability goals and targets, including those in our 2024 Sustainability Report; our 2025 Outlook; our financial and operational performance, including our hedge position; optimizing and diversifying our existing assets; the increasingly contracted nature of our fleet; expectations about strategies for growth and expansion; data centre opportunities, including the AESO’s expectation around the timing of execution of Demand Transmission Service contracts and entering into a data centre memorandum of understanding; opportunities for Centralia redevelopment, including the execution of a definitive agreement with our customer for the full capacity of Centralia Unit 2; expectations regarding ongoing and future transactions, including the sale of Poplar Hill; expected costs and schedules for planned projects; expected regulatory processes and outcomes, including in relation to the Alberta restructured energy market; the completion and closing of acquisition and divestiture transactions which are subject to customary closing terms and conditions, the power generation industry and the supply and demand of electricity; the cyclicality of our business; expected outcomes with respect to legal proceedings; the expected impact of future tax and accounting changes; and expected industry, market and economic conditions.
The forward-looking statements contained in this news release are based on many assumptions including, but not limited to, the following: no significant changes to applicable laws and regulations; no unexpected delays in obtaining required regulatory approvals; no material adverse impacts to investment and credit markets; no significant changes to power price and hedging assumptions; no significant changes to gas commodity price assumptions and transport costs; no significant changes to interest rates; no significant changes to the demand and growth of renewables generation; no significant changes to the integrity and reliability of our facilities; no significant changes to the Company’s debt and credit ratings; no unforeseen changes to economic and market conditions; no significant event occurring outside the ordinary course of business; and realization of expected impacts from ongoing and future transactions.
These assumptions are based on information currently available to TransAlta, including information obtained from third-party sources. Actual results may differ materially from those predicted. Factors that may adversely impact what is expressed or implied by forward-looking statements contained in this news release include, but are not limited to: fluctuations in power prices; changes in supply and demand for electricity; our ability to contract our electricity generation for prices that will provide expected returns; our ability to replace contracts as they expire; risks associated with development projects and acquisitions; failure to complete divestitures on the terms and conditions specified or at all; any difficulty raising needed capital in the future on reasonable terms or at all; our ability to achieve our targets relating to ESG; long-term commitments on gas transportation capacity that may not be fully utilized over time; changes to the legislative, regulatory and political environments; environmental requirements and changes in, or liabilities under, these requirements; operational risks involving our facilities, including unplanned outages and equipment failure; disruptions in the transmission and distribution of electricity; reductions in production; impairments and/or writedowns of assets; adverse impacts on our information technology systems and our internal control systems, including increased cybersecurity threats; commodity risk management and energy trading risks; reduced labour availability and ability to continue to staff our operations and facilities; disruptions to our supply chains; climate-change related risks; reductions to our generating units’ relative efficiency or capacity factors; general economic risks, including deterioration of equity and debt markets, increasing interest rates or rising inflation; general domestic and international economic and political developments, including potential trade tariffs; industry risk and competition; counterparty credit risk; inadequacy or unavailability of insurance coverage; increases in the Company’s income taxes and any risk of reassessments; legal, regulatory and contractual disputes and proceedings involving the Company; reliance on key personnel; and labour relations matters.
The foregoing risk factors, among others, are described in further detail under the heading “Governance and Risk Management” in the MD&A, which section is incorporated by reference herein.
Readers are urged to consider these factors carefully when evaluating the forward-looking statements and are cautioned not to place undue reliance on them. The forward-looking statements included in this news release are made only as of the date hereof and we do not undertake to publicly update these forward-looking statements to reflect new information, future events or otherwise, except as required by applicable laws. The purpose of the financial outlooks contained herein is to give the reader information about management’s current expectations and plans and readers are cautioned that such information may not be appropriate for other purposes.
Note: All financial figures are in Canadian dollars unless otherwise indicated.
For more information:
| Investor Inquiries: | Media Inquiries: |
| Phone: 1-800-387-3598 in Canada and U.S. | Phone: 1-855-255-9184 |
| Email: investor_relations@transalta.com | Email: ta_media_relations@transalta.com |
Source: City of Portsmouth
Portsmouth will join the global celebration of World Breastfeeding Week 2025 by lighting up the Spinnaker Tower in purple on Friday 1 August, and hosting a picnic for families in Victoria Park on Tuesday 5 August, 10am-12pm to highlight the city’s commitment to supporting breastfeeding families.
World Breastfeeding Week is a global campaign held every year from 1-7 August to raise awareness of the benefits of breastfeeding and the importance of community support. This year’s theme focuses on inclusive, welcoming environments for breastfeeding and Portsmouth is leading the way with its Portsmouth Welcomes Breastfeeding Scheme. The initiative encourages local businesses, community venues, and public spaces to actively support and welcome breastfeeding families, making it easier for parents to feed their babies with confidence.
Any venue open to the public can sign up to the Portsmouth Welcomes Breastfeeding Scheme and it is free to join. Venues simply complete a short checklist and will receive window stickers to display to show families that they are welcome to breastfeed whilst spending time in the venue.
Families in Portsmouth have access to a wide range of breastfeeding and infant feeding support. Early guidance is provided by midwives and health visitors. There is also a specialist infant feeding team if further support is needed, and this can include 1:1 phone consultations, home visits, clinic appointments, and workshops and groups. Free drop-in sessions are also run by The Breastfeeding Network both in person and online. You can search for local support here: https://www.breastfeedingnetwork.org.uk/drop-in-centres-map/
Laura Dearling, Infant Feeding Lead for Portsmouth at Hampshire and Isle of Wight Healthcare NHS Foundation Trust, said:
“The Portsmouth Welcomes Breastfeeding Scheme is a fantastic opportunity to support the work we do and normalise breastfeeding by making families feel welcome in their communities.
Our team is also here to support with any infant feeding queries – from breastfeeding challenges and positioning to tongue tie and assessments through phone, video, home visits, or at Portsmouth’s Family Hubs.”
Cllr Matthew Winnington, Cabinet Member for Health, Wellbeing and Social Care at Portsmouth City Council, said:
“The key to improving breastfeeding rates is having specialist support available and helping mums feel comfortable to breastfeed in public, so I’m pleased this is something we are striving towards in Portsmouth.
These activities, including lighting up the Spinnaker Tower, show our city’s commitment to inclusion, health, and community.”
How you can get involved:
For more information about support around feeding your baby, go to: www.portsmouthfamilyhubs.co.uk/infantfeeding
Source: United Kingdom – Executive Government & Departments
The building, funded by the UK Ministry of Defence will support UK personnel to deliver a variety of training and support to Lebanese Armed Forces (LAF) units.
UK-Lebanon military cooperation
Ahead of Lebanese Army Day on 1 August the UK Chargé D’Affaires Victoria Dunne, accompanied by Defence Attaché Lt Col Charles Smith, inaugurated a new military accommodation facility in Hamat on Thursday 31 July.
The building, funded by the UK Ministry of Defence will support UK personnel to deliver a variety of training and support to various Lebanese Armed Forces (LAF) units. This includes leadership development for junior officers and infantry skills courses, including for female LAF personnel.
The UK continues to be a steadfast supporter of the LAF, the sole legitimate defender of Lebanon, supporting with training, kit and equipment.
Chargé D’Affaires Victoria Dunne said:
A huge congratulations to the LAF on their 80th anniversary whose bravery defending Lebanon internally and on the borders is admirable.
I am thrilled to be in Hamat today to inaugurate this new accommodation facility.
We are proud of our partnership with the LAF and ongoing support for the development of its capabilities, including through training.
Defence Attaché Charles Smith said:
Today is another milestone for UK-Lebanese defence cooperation.
The provision of accommodation and facilities will assist UK personnel in delivering high-impact training to various LAF brigades and units, including to female officers and soldiers.
It also demonstrates that the UK remains a proud and enduring partner to the LAF.
Source: United Kingdom – Executive Government & Departments
The Charity Commission has opened a statutory inquiry into the Abdullah Quilliam Society.
The charity, based in Liverpool, was set up to restore Britain’s first ever mosque, founded by the Victorian convert to Islam, Abdullah Quilliam. It has registered purposes to promote Islam and to educate the public in the heritage of that faith.
The investigation is launched after the charity posted a video to its social media channels in June 2025, whose contents may not have furthered the charity’s objects could potentially be considered political, divisive and inflammatory.
The video suggested that named senior members of the Westminster Government were acting improperly and had received donations from the “Israeli lobby” and that the Commission was also being unduly influenced to ‘silence’ trustees. The video appeared to be drawn from a sermon delivered at the charity’s premises on 27 June 2025 and has since been removed from the charity’s social media platforms.
The Commission’s concerns are aggravated by previous engagement with the charity over the content of sermons and speeches at its premises, which culminated in an Official Warning issued against the charity on 12 June of this year. The warning stated that the trustees should take a number of steps, including to ensure all the charity’s activities are in furtherance of its purposes, and to create, implement and adhere to robust policies around the use of speakers and social media.
The inquiry has been opened to evaluate the general administration, management, and governance of the charity by its trustees to determine whether there has been mismanagement and / or misconduct on the part of the trustees. It will establish facts, including the full circumstances around the sermon, determining whether its content was in furtherance of the charity’s objects, and in its best interests. The investigation will also seek to understand whether the charity has updated its policies following the Official Warning.
The scope of the inquiry may be extended if additional regulatory issues emerge during the Commission’s investigation.
As part of its inquiry, the Commission has issued the charity with an Order under section 84A of the Charities Act, which among other things prohibits the charity from allowing sermons or events to be held at the charity’s premises that include content that does not further the charity’s purposes or are not in the charity’s best interests. Similarly, the Order prevents the charity from posting content on its website or social media channels that do not further the charity’s purposes or are not in the charity’s best interests.
Email pressenquiries@charitycommission.gov.uk
Out of hours press office contact number: 07785 748787
Source: GlobeNewswire (MIL-OSI)
LOS ANGELES, July 31, 2025 (GLOBE NEWSWIRE) — With investors increasingly seeking income and diversification amid shifting monetary policy and market volatility, the Payden Securitized Income Fund (PYSFX) offers a compelling approach. The Fund provides access to a wide range of securitized assets—including agency and non-agency residential mortgage-backed securities (RMBS), asset-backed securities (ABS), commercial mortgage-backed securities (CMBS), and collateralized loan obligations (CLOs).
Designed to offer attractive yield potential while seeking limited interest rate sensitivity, the Payden Securitized Income Fund navigates changing market conditions through active management. The Fund seeks to capitalize on market inefficiencies and spread opportunities while maintaining a high degree of liquidity and risk awareness.
“The Payden Securitized Income Fund is designed with an aim to help investors earn more income, enhance diversification beyond traditional bonds, and maintain flexibility in a changing interest rate environment,” said Gary Greenberg, CFA, Director and Co-Manager.
Recent market dynamics have favored securitized credit, with CMBS and residential credit offering strong relative value. A resilient U.S. economy and a Federal Reserve nearing the end of its tightening cycle create favorable conditions for active managers seeking differentiated sources of income.
The Fund’s diversified structure and risk-conscious portfolio management strategy make it a timely solution for investors looking to complement traditional fixed income holdings.
PAYDEN & RYGEL
With $160 billion under management, Payden & Rygel is one of the largest privately-owned global investment advisers focused on the active management of fixed income and equity portfolios. Payden & Rygel provides a full range of investment strategies and solutions to investors around the globe, including Central Banks, Pension Funds, London, and Milan. Visit www.payden.com for more information about Payden’s investment offerings, including US mutual funds and Irish-domiciled funds (subject to investor eligibility).
Past performance does not guarantee future results. Investment returns and principal value will fluctuate, so investors’ shares, when sold, may be worth more or less than their original cost. For the most recent month-end performance, which may be higher or lower than that quoted, visit our website at payden.com or call 800 572-9336.
For more information and to obtain a prospectus or summary prospectus, visit payden.com or call 800 572-9336. Before investing, investors should carefully read and consider investment objectives, risks, charges, expenses and other important information about the Fund, which is contained in these documents. Interest Rate Risk: As with most funds that invest in debt securities, the income on and value of your shares in the Fund will fluctuate along with interest rates. When interest rates rise, the market prices of the debt securities the Fund owns usually decline. When interest rates fall, the prices of these securities usually increase. Extension Risk: Rising interest rates can cause the average maturity of the Fund’s holdings of mortgage-backed securities to lengthen unexpectedly due to a drop in prepayments. This would increase the sensitivity of the Fund to rising rates, and could cause certain of the Fund’s investments to decline in value more than they would have declined due to the rise in interest rates alone. The Payden Funds are distributed through Payden & Rygel Distributors, member FINRA.
This material reflects the firm’s current opinion and is subject to change without notice. Sources for the material contained herein are deemed reliable but cannot be guaranteed. This material is for illustrative purposes only and does not constitute investment advice or an offer to sell or buy any security. Past performance is no guarantee of future results.
CONTACT
Kate Ennis
ennis@daipartnerspr.com
(301) 580-6726
This press release was published by a CLEAR® Verified individual.
Source: The Conversation – Africa – By Habib Noorbhai, Professor (Health & Sports Science), University of Johannesburg
If you were to walk through the corridors of some of the world’s leading cricket schools, you might hear the crack of leather on willow long before the bell for the end of the day rings.
Across the cricketing world, elite schools have served as key feeder systems to national teams for decades. They provide young players with superior training facilities, high-level coaching and competitive playing opportunities.
This tradition has served as cricket’s most dependable talent pipeline. But is it a strength or a symptom of exclusion?
My recent study examined the school backgrounds of 1,080 elite men’s cricketers across eight countries over a 30-year period. It uncovered telling patterns.
Read more: Cricket: children are the key to the future of the game, not broadcast rights
Top elite cricket countries such as South Africa, England and Australia continue to draw heavily from private education systems. In these nations, cricket success seems almost tied to one’s school uniform.
I argue that if cricket boards want to promote equity and competitiveness, they will need to broaden the talent search by investing in grassroots cricket infrastructure in under-resourced areas.
For cricket to be a sport that anyone with talent can succeed in, there will need to be more school leagues and entry-level tournaments as well as targeted investment in community-based hubs and non-elite school zones.
South Africa is a case in point. My previous study in 2020 outlined that more than half of its national players at One-Day International (ODI) World Cups came from boys-only schools (mostly private).
These schools are often well-resourced, with turf wickets, expert coaches and an embedded culture of competition. Unsurprisingly, the same schools tend to produce a high number of national team batters, as they offer longer game formats and better playing surfaces. Cricket’s colonial origins have influenced the structure and culture of school cricket being tied to a form of privilege.
Read more: Elite boys’ schools still shape South Africa’s national cricket team
In Australia and England, the story is not very different. Despite their efforts to diversify player sourcing, private schools still dominate. Even in cricketing nations that celebrate working-class grit, such as Australia, private school players continue to shape elite squads.
The statistics say as much; for example: about 44% of Australian Ashes test series players since 2010 attended private schools, and for England, the figure is 45%. That’s not grassroots, it could be regarded as gated turf…
Yet not all countries follow this route. The West Indies, Pakistan and Sri Lanka reflect very different models. Club cricket, informal play and community academies provide their players with opportunities to rise. These countries have lower reliance on private schools. Some of their finest players emerged from modest public schooling or neighbourhood cricketing networks.
India provides an interesting hybrid. Although elite schools such as St. Xavier’s and Modern School contribute players, most national stars emerge from public institutions or small-town academies. The explosion of the Indian Premier League since 2008 has also democratised access, pulling in talent from previously overlooked and underdeveloped cities.
In these regions, scouting is based on potential, not privilege.
At first glance, elite schools producing elite cricketers might appear logical. These institutions have the resources to nurture talent. But scratch beneath the surface and troubling questions appear.
Are national teams truly reflecting their countries? Or are they simply echo chambers of social advantage?
In South Africa, almost every Black African cricketer to represent the country has come through a private school (often on scholarship). That suggests that talent without access remains potentially invisible. It also places unfair pressure on the few who make it through, as if they carry the hopes of entire communities.
I found that in England, some county systems have started integrating players from state schools, but progress is slow. In New Zealand, where cricket is less centralised around private institutions, regional hubs and public schools have had more success in spreading opportunities. However, even there, Māori and Pasifika players remain underrepresented in elite squads.
1. One solution lies in recognising that schools don’t have a monopoly on talent. Cricket boards must increase investment in grassroots infrastructure, particularly in under-resourced areas. Setting up community hubs, supporting school-club partnerships and more regional competitions could discover hidden talent.
2. Another step is to improve the visibility and reach of scouting networks. Too often, selection favours players from known institutions. By diversifying trial formats and leveraging technology (such as video submissions or performance-tracking apps), selectors can widen their net. It’s already happening in India, where IPL scouts visit the most unlikely of places.
3. Coaching is another stumbling block. In many countries, high-level coaches are clustered in elite schools. National boards should consider optimising salaries as well as rotating certified coaches into public schools and regional academies. They should also ensure coaches are developed to be equipped to work with diverse learners and conditions.
4. Technology offers other exciting possibilities too. Virtual simulations, motion tracking and AI-assisted video reviews are now common in high-performance centres. Making simplified versions available to lower-income schools could level the playing field. Imagine a township bowler in South Africa learning to analyse their technique using only a smartphone and a free app?
The conversation about schools and cricket is not just about numbers or stats. It is about fairness. Sport should be the great leveller, not another mechanism of exclusion. If cricket is to thrive, it needs to look beyond scoreboards and trophies. It must ask who gets to play and who never gets seen?
Read more: Why is cricket so popular on the Indian sub-continent?
A batter from a village school in India, a wicket-keeper from a government school in Sri Lanka or a fast bowler in a South African township; each deserves the chance to be part of the national story. Cricket boards, policymakers and educators must work together to make that possible.
The game will only grow when it welcomes players from all walks of life. That requires more than scholarships. It requires a reset of how we think about talent. Because the next cricket superstar may not wear a crest on their blazer. They may wear resilience on their sleeve.
– Cricket’s great global divide: elite schools still shape the sport
– https://theconversation.com/crickets-great-global-divide-elite-schools-still-shape-the-sport-261709
Source: The Conversation – Africa – By Habib Noorbhai, Professor (Health & Sports Science), University of Johannesburg
If you were to walk through the corridors of some of the world’s leading cricket schools, you might hear the crack of leather on willow long before the bell for the end of the day rings.
Across the cricketing world, elite schools have served as key feeder systems to national teams for decades. They provide young players with superior training facilities, high-level coaching and competitive playing opportunities.
This tradition has served as cricket’s most dependable talent pipeline. But is it a strength or a symptom of exclusion?
My recent study examined the school backgrounds of 1,080 elite men’s cricketers across eight countries over a 30-year period. It uncovered telling patterns.
Read more:
Cricket: children are the key to the future of the game, not broadcast rights
Top elite cricket countries such as South Africa, England and Australia continue to draw heavily from private education systems. In these nations, cricket success seems almost tied to one’s school uniform.
I argue that if cricket boards want to promote equity and competitiveness, they will need to broaden the talent search by investing in grassroots cricket infrastructure in under-resourced areas.
For cricket to be a sport that anyone with talent can succeed in, there will need to be more school leagues and entry-level tournaments as well as targeted investment in community-based hubs and non-elite school zones.
South Africa is a case in point. My previous study in 2020 outlined that more than half of its national players at One-Day International (ODI) World Cups came from boys-only schools (mostly private).
These schools are often well-resourced, with turf wickets, expert coaches and an embedded culture of competition. Unsurprisingly, the same schools tend to produce a high number of national team batters, as they offer longer game formats and better playing surfaces. Cricket’s colonial origins have influenced the structure and culture of school cricket being tied to a form of privilege.
Read more:
Elite boys’ schools still shape South Africa’s national cricket team
In Australia and England, the story is not very different. Despite their efforts to diversify player sourcing, private schools still dominate. Even in cricketing nations that celebrate working-class grit, such as Australia, private school players continue to shape elite squads.
The statistics say as much; for example: about 44% of Australian Ashes test series players since 2010 attended private schools, and for England, the figure is 45%. That’s not grassroots, it could be regarded as gated turf…
Yet not all countries follow this route. The West Indies, Pakistan and Sri Lanka reflect very different models. Club cricket, informal play and community academies provide their players with opportunities to rise. These countries have lower reliance on private schools. Some of their finest players emerged from modest public schooling or neighbourhood cricketing networks.
India provides an interesting hybrid. Although elite schools such as St. Xavier’s and Modern School contribute players, most national stars emerge from public institutions or small-town academies. The explosion of the Indian Premier League since 2008 has also democratised access, pulling in talent from previously overlooked and underdeveloped cities.
In these regions, scouting is based on potential, not privilege.
At first glance, elite schools producing elite cricketers might appear logical. These institutions have the resources to nurture talent. But scratch beneath the surface and troubling questions appear.
Are national teams truly reflecting their countries? Or are they simply echo chambers of social advantage?
In South Africa, almost every Black African cricketer to represent the country has come through a private school (often on scholarship). That suggests that talent without access remains potentially invisible. It also places unfair pressure on the few who make it through, as if they carry the hopes of entire communities.
I found that in England, some county systems have started integrating players from state schools, but progress is slow. In New Zealand, where cricket is less centralised around private institutions, regional hubs and public schools have had more success in spreading opportunities. However, even there, Māori and Pasifika players remain underrepresented in elite squads.
1. One solution lies in recognising that schools don’t have a monopoly on talent. Cricket boards must increase investment in grassroots infrastructure, particularly in under-resourced areas. Setting up community hubs, supporting school-club partnerships and more regional competitions could discover hidden talent.
2. Another step is to improve the visibility and reach of scouting networks. Too often, selection favours players from known institutions. By diversifying trial formats and leveraging technology (such as video submissions or performance-tracking apps), selectors can widen their net. It’s already happening in India, where IPL scouts visit the most unlikely of places.
3. Coaching is another stumbling block. In many countries, high-level coaches are clustered in elite schools. National boards should consider optimising salaries as well as rotating certified coaches into public schools and regional academies. They should also ensure coaches are developed to be equipped to work with diverse learners and conditions.
4. Technology offers other exciting possibilities too. Virtual simulations, motion tracking and AI-assisted video reviews are now common in high-performance centres. Making simplified versions available to lower-income schools could level the playing field. Imagine a township bowler in South Africa learning to analyse their technique using only a smartphone and a free app?
The conversation about schools and cricket is not just about numbers or stats. It is about fairness. Sport should be the great leveller, not another mechanism of exclusion. If cricket is to thrive, it needs to look beyond scoreboards and trophies. It must ask who gets to play and who never gets seen?
Read more:
Why is cricket so popular on the Indian sub-continent?
A batter from a village school in India, a wicket-keeper from a government school in Sri Lanka or a fast bowler in a South African township; each deserves the chance to be part of the national story. Cricket boards, policymakers and educators must work together to make that possible.
The game will only grow when it welcomes players from all walks of life. That requires more than scholarships. It requires a reset of how we think about talent. Because the next cricket superstar may not wear a crest on their blazer. They may wear resilience on their sleeve.
Habib Noorbhai 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. Cricket’s great global divide: elite schools still shape the sport – https://theconversation.com/crickets-great-global-divide-elite-schools-still-shape-the-sport-261709
Source: City of Plymouth
A speed enforcement camera is to be trialled on Victoria Road in St Budeaux, following concerns raised by local residents and ward councillors.
The static camera, which will be installed near the tennis club and play area, will be used to enforce the existing 30mph speed limit in both directions over a six-month period.
It is one of two being loaned free of charge to Devon and Cornwall Police by a new supplier on a temporary basis to test their operation.
Victoria Road has been chosen as a suitable site to deploy one of the cameras as it has seen a number of collisions in recent years, some involving serious and fatal injuries and residents have been pressing the Council to introduce measures to tackle speeding and improve safety.
It is hoped the camera will encourage greater speed limit compliance, as well as help reduce traffic noise along this busy route.
Councillor John Stephens, Cabinet Member for Strategic Planning and Transport, said: “Victoria Road is part of our major road network and runs through a densely populated residential area. There have been a number of collisions there in recent years, some of which were speed-related and some that have resulted in fatalities.
“Local residents have been raising their concerns about speeding traffic for some time and we are pleased to have been given the opportunity to trial this camera enforcement free of charge. I hope it helps to remind drivers of the limit in place and deter the more deliberate ‘racing’ we often see along this road.”
The camera is expected to installed next week and will be fixed to a lamp column that will have yellow reflective banding. There will be warning signs on both approaches and it will operate in the same way as other standard speed cameras across the city (not as an average speed camera).
If the trial is successful the police hope to purchase the camera, which will then remain on Victoria Road.
The Council does not make any money from speed camera fines. Once police operating costs are met, any surplus from fines goes to Vision Zero and, by law, has to go into road safety measures.
Vision Zero brings together local councils, emergency services, health trusts, National Highways, the Office of the Police and Crime Commissioner and the Parliamentary Advisory Council for Transport Safety. Its vision is to cut the number of deaths and serious injuries to zero.
Source: GlobeNewswire (MIL-OSI)
Coface confirms its good start to the year and continues its strategic investments. Annualised return on tangible equity at 12.6%
Paris, 31 July 2025 – 5.35 p.m.
Unless otherwise indicated, changes are expressed by comparison with the results as at 30 June 2024.
Commenting, Xavier Durand, CEO of Coface, said:
“Coface generated net income of €62m in Q2-25, down from a record Q2-24. The number of bankruptcies worldwide has continued to rise steadily and is now well above pre-COVID levels. Through constant vigilance and flawless execution, we have contained the increase in the loss experience, with the uncertainties created by the increase in tariffs in the United States having probably yet to fully materialise.
However, our revenues are growing, both in credit insurance and services. This growth is being driven by our investments, which have brought new business to a record level in insurance and services.
These deliberate investments strengthen our distribution capabilities, the range of products and services available to our clients, and our risk analysis tools. Since the beginning of the year, we have made two acquisitions in information services, Cedar Rose and Novertur. We have also announced the launch of a Lloyd’s syndicate to offer AA solutions to some of our clients.
Lastly, our solvency ratio remains high, at 195%.”
Key figures at 30 June 2025
The Board of Directors of COFACE SA examined the consolidated financial statements at 30 June 2025 at its meeting of 31 July 2025. These statements were also previously reviewed by the Audit Committee at its meeting of 30 July 2025. These interim consolidated financial statements have been subject to limited review by the Statutory Auditors. The limited review report is being issued.
| Income statement items in €m | H1-24 | H1-25 | Variation | % ex FX* |
| Insurance revenue | 754.3 | 760.0 | +0.8% | +1.7% |
| Other revenues | 168.5 | 176.6 | +4.9% | +4.8% |
| REVENUE | 922.7 | 936.6 | +1.5% | +2.3% |
| UNDERWRITING INCOME (LOSS) NET OF REINSURANCE | 195.0 | 153.6 | (21.2)% | (20.3)% |
| Investment income, net of management expenses,excluding finance costs | 40.8 | 26.3 | (35.4)% | (36.0)% |
| Insurance finance expenses | (18.1) | 6.7 | (137.1)% | (130.8)% |
| CURRENT OPERATING INCOME | 217.7 | 186.6 | (14.3)% | (14.1)% |
| Other operating income and expenses | (0.5) | (0.6) | +21.8% | +12.2% |
| OPERATING INCOME | 217.2 | 186.0 | (14.4)% | (14.2)% |
| NET INCOME (GROUP SHARE) | 142.3 | 124.2 | (12.7)% | (12.7)% |
| Key ratios | H1-24 | H1-25 | Variation | |
| Loss ratio after reinsurance | 35.0% | 40.1% | 5.1 | ppts |
| Cost ratio after reinsurance | 28.4% | 31.2% | 2.8 | ppts |
| COMBINED RATIO AFTER REINSURANCE | 63.4% | 71.3% | 7.9 | ppts |
| Balance sheet items in €m | 2024 | H1-25 | Variation | |
| Total equity (Group share) | 2,193.6 | 2,098,0 | (4.4)% | |
| H1-24 | H1-25 | |||
| Solvency ratio | 195%1 | 195%1 | 0 | ppt |
* Excluding scope effect.
1This estimated solvency ratio is a preliminary calculation made according to Coface’s interpretation of Solvency II regulations and using the Partial Internal Model. The final calculation may differ from this preliminary calculation. The estimated solvency ratio is not audited.
1. Revenue
Coface posted consolidated turnover of €937m in the first half of 2025, up +2.3% at constant FX and perimeter compared with H1-24. On a reported basis (at current FX and perimeter), turnover was up +1.5%.
Revenues from insurance activities (including Bonding and Single Risk) increased +1.7% at constant FX and perimeter, benefiting from a slight increase in client activity and the return to a record retention level at 94.0%. New business reached €76m, the highest since H1-20, driven by an increase in demand and benefiting from growth investments made by Coface.
Growth in client activity had a positive impact of +1.8% in H1-25 against a backdrop of extreme political uncertainty, particularly in terms of tariffs, and modest economic growth. The price effect remained negative at -1.6% in H1-25, in line with long-term trends. This decrease is largely explained by a very low past loss experience, offset by today’s return to normal.
Turnover from non-insurance activities was up +8.2% compared with H1-24. Factoring turnover fell -1.5% in H1-25 and -2.2% in Q2 25 on lower interest rates and weak client activity in Germany and Poland. Information services turnover continued to post double-digit growth, at +14.7%. Debt Collection commissions increased, from a still modest base, by +35% due to the increase in claims to be collected. Fee and commission were up +2.3%.
| Total revenue in €m (by invoicing region) |
H1-24 | H1-25 | Variation | % ex FX3 |
| Northern Europe | 185.0 | 185.2 | +0.1% | +0.1% |
| Western Europe | 187.6 | 191.6 | +2.1% | +1.0% |
| Central and Eastern Europe | 87.0 | 83.9 | (3.5)% | (3.8)% |
| Mediterranean & Africa | 276.0 | 280.2 | +1.5% | +3.0% |
| North America | 88.7 | 87.7 | (1.2)% | +2.0% |
| Latin America | 38.2 | 41.5 | +8.6% | +17.5% |
| Asia-Pacific | 60.2 | 66.5 | +10.5% | +9.5% |
| Total Group | 922.7 | 936.6 | +1.5% | +2.3% |
In the Northern Europe region, turnover was up +0.1% at constant and current FX. The credit insurance business benefited from robust new business and a high retention rate. Factoring turnover was down -1.6%.
In Western Europe, turnover rose +1.0% at constant FX (2.1% at current FX) on solid sales performances in services (+27%) and credit insurance, offsetting the loss of a contract with a financial institution.
In Central and Eastern Europe, turnover was down -3.8% at constant FX (-3.5% at current FX) but improved significantly compared with the previous quarter (-6.9%). Credit insurance was negatively impacted by a non-recurring effect recorded in 2024, as well as the transfer of a major contract to the Asia-Pacific region.
In the Mediterranean & Africa region, which is driven by Italy and Spain, turnover increased +3.0% at constant FX and +1.5% at current FX, the result of a high retention rate and a more dynamic economy overall.
In North America, turnover rose +2.0% at constant FX (-1.2% on a reported basis). The region is benefiting from an improvement in new business. Reported figures have been adversely affected by the sharp fall in the US dollar since the beginning of the year.
In Latin America, turnover was up +17.5% at constant FX and +8.6% at current FX. The region is benefiting from the persistently high level of local inflation, which is benefiting client activity.
Turnover in the Asia-Pacific region was up +9.5% at constant FX and +10.5% at current FX, driven by a high retention rate, a rebound in client activity, and the transfer of a client from another region.
2. Result
The combined ratio after reinsurance stood at 71.3% in H1-25 (up 7.9 ppts year on year) and 74.0% in Q2-25, reaching a level close to the cycle average.
(i) Loss ratio
The gross loss ratio stood at 37.8%, up 5.3 ppts year-on-year. This increase reflects the return to normal of the loss experience, offset by the reserve releases, which remain at a high level. The number of mid-sized claims increased but remains below long-term trends.
The Group’s reserving policy remained unchanged. The amount of provisions related to the underwriting year, although discounted, remained in line with the historical average. The rigorous management of past claims enabled the Group to record 41.0 ppts of recoveries.
The net loss ratio increased to 40.1%, up 5.1 ppts compared with H1-24, but close to the level reached in H1-23 (40.3%), in today’s more difficult economic environment.
(ii) Cost ratio
Coface is pursuing its strict cost management policy while maintaining its investments, in accordance with the Power the Core strategic plan. Costs were up +7.0% in H1-25 at constant FX and perimeter and +6.3% at current FX.
The cost ratio before reinsurance stood at 34.6% in H1-25, up 2.0 ppts year on year. This increase mainly resulted from cost inflation (0.6 ppt) as well as continued investments (2.3 ppts). Conversely, the improved product mix (information services, debt collection and fee and commission income) had a positive effect of -0.9 ppt. The trend in reinsurance commissions explains the remainder of the variation.
Income from financial investments was +€26.3m in the first half of the year. The total includes an FX effect of -€17.0m on financial assets, owing to the sharp fall in the dollar against the euro, as well as a negative impact of the application of IAS 29 (hyperinflation) in Turkey of -€6.7m.
The portfolio’s current income (i.e. excluding capital gains, depreciation and FX) was €52.1m. The accounting yield4, excluding capital gains and fair value effect, was 1.6% in H1-25. The yield on new investments was 3.7%.
Insurance finance expenses (IFE) were positive at €6.7m in H1-25. They include a significant FX gain (+€23.1m) on technical liabilities, which reflects the expense recorded on assets and partially on net loss.
Operating income totalled €186.0m in H1-25, down 14.4%, approaching the level reached in H1-23.
The effective tax rate in H1-25 was 25% (vs. 27% in H1-24).
Overall, net income (Group share) was €124.2m, down 12.7% compared with H1-24, slightly below the result in H1-23 (€128.8m) in a more difficult economic environment.
3. Shareholders’ equity
At 30 June 2025, Group shareholders’ equity was €2,098.0m, down €95.6m or -4.4% (€2,193.6m at 31 December 2024).
The change is mainly due to positive net income of €124.2m, the dividend payment of -€209m, and the increase in unrealised capital gains (€21.9m).
The annualised return on average tangible equity (RoATE) was 12.6% at 30 June 2025, down compared with the previous year, in line with the decline in net income.
The solvency ratio stood at 195%5, stable compared with H1-24. It remains well above the Group’s target range (155%-175%).
4. Outlook
The second quarter of 2025 was marked by the continued increase in tariffs announced by the United States. The US administration’s announcements of sharp increases alternated with deferments of varying duration and the signing of a few bilateral agreements. As things stand today, tariffs on imports from Europe should reach 15%.
Some tariffs (automotive, metals) have already come into force and have had direct negative consequences on the trade flows of the goods concerned. Conversely, announcements of deferred tariffs triggered advance purchases, bolstering economic activity. Lastly, extreme uncertainty as to the final outcome of the tariff issue have led to a postponement of investments as well as the redirection of Chinese exports, particularly towards markets deemed more stable.
This highly uncertain environment is impacting global trade and the health of companies in markedly different ways. During the second quarter, Coface downgraded the ratings of 23 sectors and 4 countries. Persistent inflationary pressures are preventing central banks from cutting rates for now. Demand is being supported solely by the maintenance of high public deficits and the continuation of an extremely strong investment cycle to foster the development of AI technology.
Business failures have increased in 80% of advanced economies and are now at a decade high, 20% to 25% higher than in 2019.
Coface’s expertise in risk management and services (information services, debt collection) is more relevant than ever in this context of rapid change. The company is resolutely pursuing its investments while they weigh on the cost ratio in the short term. Since the beginning of the year, Coface has announced two acquisitions (Cedar Rose and Novertur) as well as the creation of a Lloyd’s syndicate and a technology division.
Conference call for financial analysts
Coface’s H1-2025 results will be discussed with financial analysts during the conference call that will take place on Thursday 31 July at 6.00 p.m. (Paris time). It will be accessible:
The presentation will be available (in English only) at the following address:
http://www.coface.com/fr/Investisseurs/Résultats-et-rapports-financiers
Appendices
Quarterly results
| Income statement items in €m Quarterly figures |
Q1-24 | Q2-24 | Q3-24 | Q4-24 | Q1-25 | Q2-25 | % | % ex. FX* | |
| Insurance revenue | 378.6 | 375.6 | 375.9 | 382.7 | 382.9 | 377.1 | +0.4% | +2.3% | |
| Other revenues | 85.0 | 83.4 | 78.0 | 85.5 | 90.3 | 86.3 | +3.5% | +4.2% | |
| REVENUE | 463.7 | 459.1 | 453.8 | 468.3 | 473.2 | 463.4 | +0.9% | +2.6% | |
| UNDERWRITING INCOME (LOSS) AFTER REINSURANCE |
100.3 | 94.7 | 88.8 | 84.9 | 85.4 | 68.2 | (27.9)% | (25.5)% | |
| Investment income, net of management expenses, excluding finance costs | 17.9 | 22.8 | 19.0 | 31.9 | 10.4 | 15.9 | (30.3)% | (29.5)% | |
| Insurance finance expenses | (11.4) | (6.7) | (7.3) | (17.1) | (4.1) | 10.8 | (262.8)% | (249.1)% | |
| CURRENT OPERATING INCOME | 106.8 | 110.9 | 100.5 | 99.7 | 91.6 | 95.0 | (14.3)% | (12.9)% | |
| Other operating income and expenses | (0.1) | (0.5) | (2.6) | (5.5) | (0.4) | (0.3) | (43.9)% | (48.0)% | |
| OPERATING INCOME | 106.8 | 110.4 | 97.9 | 94.2 | 91.2 | 94.7 | (14.2)% | (12.7)% | |
| NET INCOME (GROUP SHARE) | 68.4 | 73.8 | 65.4 | 53.4 | 62.1 | 62.1 | (15.9)% | (14.7)% | |
| Income tax rate | 27.2% | 26.8% | 25.5% | 36.2% | 23.0% | 26.3% | (0,5) ppt | ||
Cumulated results
| Income statement items in €m Cumulated figures |
Q1-24 | H1-24 | 9M-24 | FY-24 | Q1-25 | H1-25 | % | % ex. FX* | ||
| Insurance revenue | 378.6 | 754.3 | 1,130.2 | 1,512.9 | 382.9 | 760.0 | +0.8% | +1.7% | ||
| Other revenues | 85.0 | 168.5 | 246.4 | 331.9 | 90.3 | 176.6 | +4.9% | +4.8% | ||
| TURNOVER | 463.7 | 922.7 | 1,376.6 | 1,844.8 | 473.2 | 936.6 | +1.5% | +2.3% | ||
| UNDERWRITING INCOME (LOSS) AFTER REINSURANCE |
100.3 | 195.0 | 283.8 | 368.7 | 85.4 | 153.6 | (21.2)% | (20.3)% | ||
| Investment income, net of management expenses, excluding finance costs | 17.9 | 40.8 | 59.8 | 91.7 | 10.4 | 26.3 | (35.4)% | (36.0)% | ||
| Insurance finance expenses | (11.4) | (18.1) | (25.4) | (42.5) | (4.1) | 6.7 | (137.1)% | (130.8)% | ||
| CURRENT OPERATING INCOME | 106.8 | 217.7 | 318.2 | 417.9 | 91.6 | 186.6 | (14.3)% | (14.1)% | ||
| Other operating income and expenses | (0.1) | (0.5) | (3.1) | (8.6) | (0.4) | (0.6) | +21.8% | +12.2% | ||
| OPERATING INCOME | 106.8 | 217.2 | 315.1 | 409.2 | 91.2 | 186.0 | (14.4)% | (14.2)% | ||
| NET INCOME (GROUP SHARE) | 68.4 | 142.3 | 207.7 | 261.1 | 62.1 | 124.2 | (12.7)% | (12.7)% | ||
| Income tax rate | 27.2% | 27.0% | 26.5% | 28.7% | 23.0% | 24.7% | (2,3) ppt | |||
* Excluding scope effect.
CONTACTS
INVESTOR/ANALYST RELATIONS
Thomas Jacquet: +33 1 49 02 12 58 – thomas.jacquet@coface.com
Rina Andriamiadantsoa: +33 1 49 02 15 85 – rina.andriamiadantsoa@coface.com
MEDIA RELATIONS
Saphia Gaouaoui: +33 1 49 02 14 91 – saphia.gaouaoui@coface.com
Adrien Billet: +33 1 49 02 23 63 – adrien.billet@coface.com
FINANCIAL CALENDAR 2025
(subject to change)
9M-2025 results: 3 November 2025, after market close
FINANCIAL INFORMATION
This press release, as well as all of COFACE SA’s regulated information, can be found on the Group’s website: https://www.coface.com/investors
For regulated information on Alternative Performance Indicators (APMs), please refer to our Interim Financial Report for H1-2025 and our 2024 Universal Registration Document (see 3.7 “Key financial performance indicators”).
| Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust. You can check the authenticity on the website www.wiztrust.com. |
|
COFACE: FOR TRADE COFACE SA is listed on Compartment A of Euronext Paris |
DISCLAIMER – Certain statements in this press release may contain forecasts that notably relate to future events, trends, projects or targets. By nature, these forecasts include identified or unidentified risks and uncertainties, and they may be affected by many factors likely to give rise to a significant discrepancy between the real results and those stated in these statements. Please refer to chapter 5 “Main risk factors and their management within the Group” of the Coface Group’s 2024 Universal Registration Document filed with AMF on 3 April 2025 under the number D.25-0227 to obtain a description of certain major factors, risks and uncertainties likely to influence the Coface Group’s businesses. The Coface Group disclaims any intention or obligation to publish an update of these forecasts or to provide new information on future events or any other circumstance.
1 RoATE = Return on average tangible equity.
2 This estimated solvency ratio is a preliminary calculation made according to Coface’s interpretation of Solvency II regulations and using the Partial Internal Model. The final calculation may differ from this preliminary calculation. The estimated solvency ratio is not audited.
3 Excluding scope effect.
4 Book yield calculated on the average of the investment portfolio excluding non-consolidated investments.
5 This estimated solvency ratio is a preliminary calculation made according to Coface’s interpretation of Solvency II regulations and using the Partial Internal Model. The final calculation may differ from this preliminary calculation. The estimated solvency ratio is not audited.
Attachment
Source: GlobeNewswire (MIL-OSI)
2025 half-year financial report available
Paris, 31 July 2025 – 17.35
Coface announces today that its half-year financial report for 2025 is now available and was filed with the French financial market authority (Autorité des marchés financiers – AMF).
This report is also on Coface website in “Investor Relations” section (Investor Resources – Coface Group Financial Reports | Coface).
Copies are available, free of charge and on request by writing to the Company at 1 place Costes et Bellonte, 92270 Bois-Colombes, France.
The present press release and the full regulated information concerning COFACE SA are available on the Group’s website Financial press releases & Publication announcements | Coface.
CONTACTS
ANALYSTS / INVESTORS
Thomas JACQUET: +33 1 49 02 12 58 – thomas.jacquet@coface.com
Rina ANDRIAMIADANTSOA: +33 1 49 02 15 85 – rina.andriamiadantsoa@coface.com
MEDIA RELATIONS
Saphia GAOUAOUI: +33 1 49 02 14 91 – saphia.gaouaoui@coface.com
Adrien BILLET: +33 1 49 02 23 63 – adrien.billet@coface.com
FINANCIAL CALENDAR 2025
(subject to change)
9M-2025 results: 3 November 2025 (after market close)
FINANCIAL INFORMATION
This press release, as well as COFACE SA’s integral regulatory information, can be found on the Group’s website: http://www.coface.com/Investors
For regulated information on Alternative Performance Measures (APM), please refer to our Interim Financial Report for H1-2025 and our 2024 Universal Registration Document (see part 3.7 “Key financial performance indicators”).
| Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust. You can check the authenticity on the website www.wiztrust.com. |
|
COFACE: FOR TRADE COFACE SA is listed in Compartment A of Euronext Paris |
DISCLAIMER – Certain declarations featured in this press release may contain forecasts that notably relate to future events, trends, projects or targets. By nature, these forecasts include identified or unidentified risks and uncertainties, and may be affected by many factors likely to give rise to a significant discrepancy between the real results and those stated in these declarations. Please refer to chapter 5 “Main risk factors and their management within the Group” of the Coface Group’s 2024 Universal Registration Document filed with AMF on 5 April 2025 under the number D.25-0227 in order to obtain a description of certain major factors, risks and uncertainties likely to influence the Coface Group’s businesses. The Coface Group disclaims any intention or obligation to publish an update of these forecasts, or provide new information on future events or any other circumstance.
Attachment
