Category: Business

MIL-OSI USA: Fischer, King Reintroduce Legislation to Help America’s Working Families
US Senate News:
Source: United States Senator for Nebraska Deb Fischer

Today, U.S. Senators Deb Fischer (R-Neb.) and Angus King (I-Maine) reintroduced the Paid Family and Medical Leave Tax Credit Extension and Enhancement Act. This bipartisan, bicameral legislation will make the Paid Family and Medical Leave (PFML) Employer Tax Credit permanent, helping companies of all sizes offer PFML plans to their employees.

Senators Fischer and King established the country’s first-ever nationwide PFML policy, which wasincluded in the 2017 Tax Cuts and Jobs Act and implemented in 2018. The Senators’ legislationbuilds on the 2017 law to better serve working families and hourly workers. It also provides additional ways for businesses to qualify for the paid leave tax credit, such as paying for PFML insurance products, and requires greater outreach efforts to raise awareness about the credit.

U.S. Representatives Randy Feenstra (IA-04), Stephanie Bice (OK-05), and Marie Gluesenkamp Perez (WA-03) will introduce identical companion legislation in the House.

“America’s working families drive our economy forward and strengthen our communities. They shouldn’t have to choose between earning a paycheck and caring for their loved ones. That’s why Senator King and I passed the first-ever nationwide paid family leave law. Now, we need to make our legislation permanent and expand access to ensure that even more businesses can provide paid family leave to the workers who keep them running. I’m determined to get this key legislation included in whatever tax package Congress considers this year,” said Senator Fischer.

“I have often said that Maine is one big town with long roads and when a member of our community is hurting, we drop everything to take care of our own. However, no one should have to choose between caring for our families or receiving the next paycheck to put food on the table,” said Senator King. “That’s why I’ve been working with my Republican colleague, Deb Fischer of Nebraska, to introduce the Paid Family and Medical Leave Tax Credit Extension and Enhancement Act which makes the PFML tax credit permanent. When families have access to care, they are able to succeed both at home and in their professional careers. Child care is more than a household priority; child care means business!”

“Paid family and medical leave (PFML) is a lifeline for workers when facing a medical condition or welcoming a newborn into the world. The Tax Cuts and Jobs Act recognized the importance of PFML by helping American small businesses offer these benefits to their employees through the creation of a targeted tax credit specifically for small businesses. However, along with many other policies, this provision expires at the end of the year without action from Congress,” said Congressman Feenstra. “That’s why I introduced legislation to extend and improve this tax credit for our small businesses so that they can provide their workers with up to 12 weeks of PFML without missing a paycheck. As a member of the House Ways and Means Committee, I believe that, by making this policy permanent, we can deliver certainty for our small businesses, keep our workers healthy and employed, and grow our economy and rural communities.”

“The 45S tax credit, first implemented under the Trump administration, has been instrumental in helping many employers expand paid family leave benefits for their workers. However, awareness and uptake of this credit have been lower than we’d like. This legislation, which I’m pleased to introduce alongside my colleagues, will improve the credit, make it more flexible, increase employer awareness, and make the tax credit permanent,” said Congresswoman Bice.

“Taking care of your health, newborn, or family when they’re most in need shouldn’t come at the cost of paying the bills. Strong families mean strong communities and local economies,” said Congresswoman Gluesenkamp Perez. “With the paid family and medical leave tax credit due to expire, our bipartisan legislation will make this successful credit permanent and expand access for Washington-based businesses and newer employees, so more families can feel the benefits.”

Nebraska Stakeholder Support:

“The Nebraska Chamber is committed to making Nebraska the best place to own, operate and grow a business, and this bill brings us one step closer to achieving that. The Paid Family and Medical Leave Tax Credit represents Nebraska business owners’ desire to strengthen the state’s overall workforce. The NE Chamber and businesses across the state appreciate Senator Fischer’s continued leadership on this issue,” said President of the Nebraska Chamber of Commerce Bryan Sloane.

“The Lincoln Chamber of Commerce appreciates Senator Fischer’s leadership in her efforts to empower small businesses to provide paid family and medical leave. Senator Fischer’s continued efforts by way of introducing her Paid Family and Medical Leave Tax Credit Extension and Enhancement Act is a continuation of her commitment to employers, employees, families, and communities. We view this crucial policy initiative as something that should be included in any larger pro-growth tax policy package that might be considered,” said Lincoln Chamber of Commerce President Jason Ball.

“The Greater Omaha Chamber is grateful to Senators Fischer and King for introducing this important legislation. While a broad representation of our membership offers various types of paid leave, incentives will matter to companies and businesses who have greater barriers to offering paid leave, especially our smallest members. This proposed legislation allows us greater opportunities to care holistically for employees the way we strive to, and aligns with the Chamber’s mission,” said Greater Omaha Chamber President and CEO Heath Mello.

“The Nebraska Grocers and all our affiliates thank Senator Fischer for her commitment to businesses, families, and communities. By embracing incentives, rather than imposing burdensome and impractical mandates, this Act recognizes that business owners want to provide flexibility to their most valuable resource – their dedicated employees. The Paid Family and Medical Leave Tax Credit Extension and Enhancement Act is genuinely helpful, responsible policymaking which empowers both employers and employees,” said Nebraska Grocery Industry Association Executive Director Ansley Fellers.

Full List of Nebraska Endorsements:

Nebraska Chamber of Commerce, Lincoln Chamber of Commerce, Greater Omaha Chamber of Commerce, Mutual of Omaha, Nebraska Grocery Industry Association, Nebraska Hospitality Association, and Nebraska Retail Federation.

National Stakeholder Support:

“AARP, which advocates for the more than 100 million Americans age 50 and older, is pleased to endorse the bipartisan Paid Family and Medical Leave Tax Credit Extension and Enhancement Act. This legislation will provide consistency and certainty to businesses by making tax credit 45S permanent. In addition, the proposed enhancements to the credit will encourage more employers to provide this important benefit to support working family caregivers with low to moderate incomes,” said AARP Senior Vice President of Government Affairs Bill Sweeney.

“Too many people today face the difficult choice between earning a paycheck and caring for themselves or family member. Senators Fischer and King are offering a bipartisan solution that will go a long way toward helping working families facing this dilemma. The enhanced tax credit will enable more employers—especially small employers— to offer their workers a paid family and medical leave benefit. It also will help more people access this benefit by making it easier for employers to qualify for the credit. Most important, the legislation gives people peace of mind knowing they’ll be protected from economic loss when taking time off from work to care for themselves or a loved one. We applaud Senators Fischer and King for advancing this legislation that offers working Americans the help they want and need,” said American Council of Life Insurers President & CEO David Chavern.

“Over the last year, the AICPA has worked closely with staff from both Senator Fischer and Senator King‘s offices on important legislation that would help families and middle income households by allowing more employers to offer the benefit of paid family and medical leave to their employees by making the tax credit permanent. We applaud Senators Fischer and King for their thoughtful and consistent leadership on this bill and offer our strong support,” said American Institute of Certified Public Accountants Vice President of Tax Policy & Advocacy Melanie Lauridsen.

“Benefits like paid family leave help restaurant operators recruit skilled hospitality professionals. Making the Paid Family, Medical Leave tax credit program pilot permanent would support the growth of the small business operators who are considering or offering PFML. In the current economy, we appreciate Sens. Fisher and King’s efforts to support small business restaurant owners and their employees by continuing this program,” said National Restaurant Association Executive Vice President of Public Affairs Sean Kennedy.

“NFIB thanks Senator Fischer and Senator King for introducing the Paid Family and Medical Leave Tax Credit Extension and Enhancement Act. Incentivizing small business owners to offer paid family and medical leave rather than penalizing them for failing to provide a benefit that they cannot afford is a wise policy for the small business owners,” said National Federation of Independent Businesses Vice President Federal Government Relations Jeff Brabant.

“BPC Action is proud to endorse the Paid Family and Medical Leave Tax Credit Extension and Enhancement Act to make permanent and expand the employer tax credit for paid family and medical leave, known as 45S, and applauds Sens. Deb Fischer (R-NE) and Angus King (I-ME) for their bipartisan leadership on this bill. As BPC has found, ‘In an ever-changing economy and tight labor market, paid family and medical leave can importantly encourage workers to stay in the labor force, support household finances, and help businesses compete for workers.’ This bill is critical to helping businesses provide paid leave benefits to more hardworking American families. We urge Congress to take up this proposal, originally enacted as part of the 2017 Tax Cuts and Jobs Act,” said Bipartisan Policy Center President Michele Stockwell.

“We the People send Americans into the halls of government with the opportunity to do the Will of the People, to do good. As such, it is perpetually our hope that our elected officials will execute such Will and enact laws that will serve the People, especially in cases where it is feasible in order to ease the burdens that life sometimes thrusts upon us where loved ones, families and businesses are most affected. The PFML Tax Credit Bill provides a judicious antidote for a malaise that has existed for far too long for so many Americans and businesses. More specifically, the PFML Bill effectively eliminates the decision of having to choose between family and a paycheck. In short, it gives individuals, families and employers the relief and peace of mind that they desperately need. On behalf of the American Caregiver Association, I encourage all those who are willing, to support U.S. Senators Deb Fischer and Senator Angus King and their continuing efforts to make the PFML Tax Credit Bill permanent,” said American Caregiver Association President Vincent S. Pettis.

“At SHRM, we are committed to advancing smart, practical policies that strengthen workplaces, empower HR professionals, and maximize human potential. As employers innovate to provide leave options that support well-being and family care, public policy must keep pace—offering incentives that encourage organizations to expand access to leave while maintaining the flexibility needed to design and sustain these programs. A balanced approach ensures that more workers can benefit from this critical support. At SHRM, we prioritize policy over politics and view this effort as a strong example of bipartisan collaboration and constructive policymaking in Congress,” said Society for Human Resource Management Chief of Staff and Head of Government Affairs Emily M. Dickens, J.D.

“On behalf of our nation’s 2.95 million Asian American Pacific Islander (AAPI) business owners and entrepreneurs, National ACE applauds Senators Fischer and King for their leadership in reintroducing the Paid Family and Medical Leave Tax Credit Extension and Enhancement Act. Access to paid family and medical leave is vital for small business owners and their employees, particularly within the AAPI community, where caregiving responsibilities often extend across generations. This bipartisan effort provides much-needed support for entrepreneurs striving to balance business success with the well-being of their workforce. We are proud to support this legislation and look forward to working together to ensure small businesses have the resources they need to thrive,” said National Asian Pacific Islander American Chamber of Commerce and Entrepreneurship President and CEO Chiling Tong.

“The Paid Family and Medical Leave Tax Credit Extension and Enhancement Act is essential to help ensure that more small business owners can offer paid family medical leave to their employees. Policies that include support for business owners and working families through programs like paid family leave help address the economic needs of our small businesses and workforce while at the same time making sure small business owners can compete against their larger counterparts. We thank Senators Fischer and King for their bipartisan leadership in introducing this important legislation and applaud the efforts to both expand access to this credit and ensure that the tax credit is permanent,” said National Association of Women Business Owners Board Chair Dr. Janis Shinkawa.

“We are pleased to see the reintroduction of this legislation by Senators Fischer and King and thank them for their leadership on this critical issue. This legislation will encourage employers around the country to offer paid leave to their employees, increasing the number of Americans with paid leave coverage. Paid leave strengthens families and the economy by enabling workers to keep their jobs when they need to care for themselves or a loved one, while helping businesses retain valued employees,” said Sun Life U.S. President Dan Fishbein, M.D.

Full List of National Endorsements:

AARP, Alzheimer’s Impact Movement (AIM), American Council of Life Insurers, American Institute of Certified Public Accountants (AICPA), National Restaurant Association, National Federation of Independent Businesses (NFIB), Bipartisan Policy Center (BPC), American Caregiver Association, Society for Human Resource Management (SHRM), National Asian Pacific Islander American Chamber of Commerce and Entrepreneurship, National Association of Women Business Owners, and Sun Life U.S.

Background:

The Tax Cuts and Jobs Act (TCJA) created a two-year general business tax credit for employers that voluntarily offer up to 12 weeks of PFML to employees. Congress has extended the credit through 2025. The credit also includes an income cap for eligible employees to ensure that it remains targeted to those who need it the most.

Under current law, an employer must meet the following criteria to claim the credit: offer all qualifying employees at least two weeks of PFML, have a written PFML policy in effect, and pay at least 50 percent of an employee’s normal wages while the employee is on PFML. According to the Bureau of Labor Statistics (BLS), only 19 percent of those working for employers with less than 50 employees have access to PFML.

Senators Fischer and King’s legislation builds on the existing credit by making the following changes:

Making the Credit Permanent:
- Provides certainty to businesses taking the leap to offer paid family and medical leave.
Updating the Treatment of Paid Leave Required by State or Local Mandates:
- Allows eligible employers to receive the credit for leave provided in states without PFML mandates or for leave offered in excess of any state or local mandate.
  
  Currently, employers providing PFML under state or local government mandates are ineligible for the credit, meaning that some employers with operations in both non-mandate and mandate states are ineligible for the credit.
Supporting Coverage of PFL Insurance Premiums:
- Allows employers to claim the credit for premiums paid for PFML insurance products that cover qualifying employees. The structure mirrors the current credit, enabling employers to receive up to a 25 percent credit towards yearly premiums, depending on the percentage of wages the insurance plan replaces.
Reducing the Minimum Employment Period Requirement:
- Provides employers the option to offer PFML to employees at six months and better target the credit towards younger workers.
Requiring Greater Outreach and Awareness:
- Requires the Small Business Administration and Internal Revenue Service to conduct targeted outreach, education, and technical assistance to assist in increasing awareness of the credit.
Click here to read a summary of the bill.

Click here to read the text of the bill.
MIL OSI USA News –
February 6, 2025
MIL-OSI USA: Ricketts Votes to Confirm Scott Turner as U.S. Secretary of Housing and Urban Development

US Senate News:

Source: United States Senator Pete Ricketts (Nebraska)

February 5, 2025

February 5, 2025

WASHINGTON, D.C. – Today, U.S. Senator Pete Ricketts (R-NE), a member of the Senate Committee on Banking, Housing, and Urban Affairs, issued the following statement after voting to confirm Scott Turner as the U.S. Secretary of Housing and Urban Development (HUD).

“Scott Turner led the White House initiative on Opportunity Zones which expanded economic opportunity for people across the country. He understands how targeted reforms can make housing more affordable and available for Americans. He’s committed to cutting red tape and delivering the solutions we need to address homelessness and restore the American dream.”

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MIL OSI USA News –

February 6, 2025
MIL-OSI United Kingdom: Innovating to detect deepfakes and protect the public

Source: United Kingdom – Executive Government & Departments

Case study

Innovating to detect deepfakes and protect the public

Collaborating to find ways to mitigate the growing threat from AI-generated deepfakes is an urgent national priority.

The rise in deepfakes generated by artificial intelligence (AI) has been scarily rapid – a projected eight million will be shared in 2025, up from 500,000 in 2023. This sheer scale combined with greater sophistication and convincingness means finding ways to quickly detect and mitigate this ever-growing threat is an increasingly urgent priority.

Concerns over criminal manipulation of digital text, images and video are not new, but the proliferation in recent months of generative AI tools that enable anyone, anywhere to quickly, easily and cheaply create deepfake images has significantly changed the game.

As deepfakes threaten to hit the mainstream across a range of harmful activity, from online child sexual exploitation and abuse (CSEA) to fraud and election interference, there is a corresponding drive to develop the tools and methods needed to tackle them at the required scale and pace.

In its role as an innovative enabler connecting frontline government and law enforcement with cutting-edge technology from industry, the Accelerated Capability Environment (ACE) is at the heart of this ramp-up in activity designed to find practical solutions to arguably the greatest challenge of the online age. And 2024 was a year where the marriage of cutting-edge technology, collaboration and fresh thinking enabled significant strides forward.

Circular collaboration

Clear results that accelerate crucial deepfake detection in a range of domains have been made across a series of focused commissions carried out by ACE. And just as importantly, learnings and practical experiences developed in one commission have been shared with others to pass on deeper knowledge and skills.

The biggest event in this space was the Deepfake Detection Challenge. Initiated by the Home Office, the Department for Science, Innovation and Technology, ACE and the renowned Alan Turing Institute, this visionary idea brought together academic, industry and government experts to develop innovative and practical solutions focused on detecting fake media.

More than 150 people attended the initial briefing where five challenge statements pushing the boundaries of current capabilities were launched. The critical importance of collaboration and sharing of skills and knowledge was a recurring theme, and major tech companies including Microsoft and Amazon Web Services (AWS) provided practical support.

Eight weeks were spent developing innovative ideas and solutions on a specially created platform, which hosted approximately two million assets made up of both real and synthetic data for training and testing. Following this, 17 submissions were received, and six teams from our community – Frazer-Nash Consulting, IBM, Oxford Wave Research, Open Origins, Safe and Sound from the University of Southampton, and Naimuri – were selected to demonstrate their ideas in front of more than 200 stakeholders.

Solutions from Frazer-Nash, Oxford Wave, the University of Southampton and Naimuri, a combination of existing products that have been identified as potentially showing operational value as well as early-stage proof of concepts being developed against specific use cases including CSEA, disinformation and audio, are now going through benchmark testing and user trials.

Key insights from the initial challenge work, alongside the clear success in accelerating the state-of-the art in deepfake detection possibilities, included that curated data was critical to be able to make as much progress as possible in the time and conditions available, and that creating a dataset that was more representative of real-world operational scenarios would have been helpful.

Using better data to detect child abuse deepfakes

When another significant commission to further deepfake detection was brought to ACE by the government’s Defence Science and Technology Laboratory (DSTL) and the Office of the Chief Scientific Adviser (OCSA), data development was a top priority.

To mature the EVITA (Evaluating video, text and audio) AI content detection tool the focus shifted away from volume.

As part of developing next-step recommendations, ACE leveraged its expertise from the Deepfake Detection Challenge to create a reusable ‘gold standard’ dataset. This dataset was designed to effectively test detection models, including those targeting child sexual abuse material (CSAM).

By combining this ‘gold standard’ dataset with ACE’s extensive domain and community expertise – drawing on insights from Naimuri and Bays Consulting – ACE delivered rapid insights into the maturation of EVITA through comprehensive and diverse testing.

This work not only enabled ACE to deliver the requested next-step recommendations for the EVITA programme but also led to the development of a repeatable testing and evaluation approach for deepfake detection. This approach enhances the ability to interpret and understand the results generated by detection tools.

Alongside this, another piece of work was taking place exploring how AI can be used to detect deepfakes in policing. The biggest challenge is in digital forensics where, the ACE team heard, officers can be faced with up to a million child abuse images on a single seized phone.

This commission, working with community members Blueprint, Camera Forensics and TRMG, seeks to understand where deepfake detection tooling fits into the investigation stage to add most value. Next steps in this particular project are ‘making this real’ – working towards commissioning a proof of concept or trial of an existing capability.

And so the learning is becoming circular once more as the next stage of the Deepfake Detection Challenge progresses. This will push further than any work in this field so far, focusing on making the initial solutions presented more user-centric and deeply relevant to practitioners in the field.

Deepfakes are both a growing menace and an evolving threat, but bridging the gap between models and reality will be critical to tackling them at scale and at pace. ACE, its customers and suppliers remain laser focused on this evolution from the theoretical to the practical. The potential of innovation combined with collaboration has already proved to be a potent force in this area, the challenge – in all ways – is maximising the potential of what comes next.

Updates to this page

Published 5 February 2025

MIL OSI United Kingdom –

February 6, 2025
MIL-OSI USA: IAM Union, Rail Labor Leaders Demand Safety Reform on Two-Year Anniversary of East Palestine Disaster

Source: US GOIAM Union

IAM Rail Division representatives joined members of Congress and leaders from fellow U.S. rail unions in calling on Congress to act on rail safety two years after the toxic East Palestine train derailment.

“On behalf of all our members, our hearts still go out to the people of East Palestine. They want answers, they want results and so do we,” said Transportation Communications Union (TCU/IAM) National Legislative Director David Arouca. “The so-called Precision Scheduled Railroading (PSR) era has been nothing short of just cutting head counts to the bone and then harassing those who remain to pick up the slack.”

TCU/IAM represents various crafts, one of the largest being carmen, who maintain, repair and critically inspect rail cars all across the country.

“Whether it’s our carmen being harassed to perform safety inspections on insane timelines or signalmen maintaining our national network of safety detectors, we’ve all been saying the same thing: PSR is going to kill people,” said Arouca. “We need legislation passed now to reduce the risk of another East Palestine. The time to act was yesterday. Rail safety is not, nor should it ever, be a partisan issue.”

IAM District 19 President and Directing General Chair Reece Murtagh was also present to answer questions for the press. Members of Congress joining rail included House Transportation Committee Vice Ranking Member Emilia Sykes (D-Ohio), House Rail Subcommittee Ranking Member Dina Titus (D-Nev.), House Transportation Committee Member Troy Nehls (R-Texas) and House Transportation Committee Member Chris Deluzio (D-Pa.).

The rail leaders demanded that Class I railroad companies adopt the Federal Railroad Administration’s (FRA) Confidential Close Call Reporting System (C3RS), which allows rail workers to report safety concerns without retaliation from employers.

While addressing the public with his own press conference in East Palestine, Ohio on the disaster’s anniversary, U.S. Vice President JD Vance, who co-sponsored the bipartisan Railway Safety Act as Senator, said that passing legislation “is a very viable and a very reasonable goal.”

Senator Maria Cantwell sent a letter to U.S. Senate Committee on Commerce, Science, and Transportation Chairman Ted Cruz urging him to “advance the re-introduced Railway Safety Act to ensure President Trump and Vice President Vance have the tools they need to hold the railroads accountable for improving safety. “

“Rail safety is not a partisan issue or a regional issue, it is a human issue,” said Congresswoman Sykes. “I am proud to work with my colleagues on both sides of the aisle on and off the Transportation Committee to put forth a piece of legislation we can be proud of, but we can only truly make it right for the people of East Palestine if we actually pass meaningful rail safety legislation.”

“I think we have a real opportunity here,” said Congresswoman Titus. “I think we can get it done, just reintroduce those bills, bring it together in a package, and move it forward. I’m committed to it, other members of Congress and the great representatives from unions are, so I’m leading this with optimism.”

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MIL OSI USA News –

February 6, 2025
MIL-OSI: Bpce: Appointments of Mohamed Kallala and Philippe Setbon to the Executive Management Committee of BPCE
Source: GlobeNewswire (MIL-OSI)

Appointments of Mohamed Kallala and Philippe Setbon to the Executive Management Committee of BPCE

Paris, February 5, 2025

Mohamed Kallala, Chief Executive Officer of Natixis, in charge of Corporate & Investment Banking, and Philippe Setbon, Deputy Chief Executive Officer of Natixis, in charge of Asset & Wealth Management, are joining the Executive Management Committee of BPCE, following their direct reporting to Nicolas Namias, CEO of BPCE, since January 1, 2025. The Executive Management Committee of BPCE now has a total of twelve members.

Biography of Mohamed Kallala

Mohamed Kallala started his career in 1993 as an ALM trader for BNP Paribas before being appointed Head of Mergers & Acquisitions at Crédit Agricole Indosuez in 1995. In 2000, he founded Global Equities Corporate Finance. In 2005, he joined Natixis and became Head of Real Estate Specialist Advisory. In 2010, Mohamed was appointed Head of Real Estate Finance before becoming Global Head of Investment Banking in 2016. In early 2020, Mohamed Kallala became Global Head of Natixis Corporate & Investment Banking’s Global Markets activity, before becoming its Global Co-Head later the same year. In 2023, he was appointed Global Head of Natixis Corporate & Investment Banking businesses. In January 2025, he was appointed Chief Executive Officer of Natixis, in charge of Corporate & Investment Banking.

Biography of Philippe Setbon

Philippe Setbon began his career in 1990 as a financial analyst with Barclays Bank in Paris, before working for Groupe Azur-GMF for 10 years as Head of Asset Management. He then joined Generali Group in 2004 where he held a succession of senior roles including CEO of Generali Investments France, CEO of Generali Investments Europe Sgr and Chief Investment Officer for the whole Generali Group. He joined Groupama in 2013 as CEO of Groupama Asset Management. In 2019, he became CEO of Ostrum Asset Management, then CEO of Natixis Investment Managers in 2023. Philippe Setbon has been President of the French Asset Management Association (AFG) since June 2022. In January 2025, Philippe Setbon was appointed Deputy Chief Executive Officer of Natixis, in charge of Asset & Wealth Management.

For Nicolas Namias, CEO of BPCE: “I would like to welcome Mohamed Kallala and Philippe Setbon to the Executive Management Committee, recognizing their professionalism and the excellent results they have achieved for the two global businesses of Groupe BPCE. This also demonstrates our commitment to the continued development of Natixis CIB and Natixis IM in service of their direct clients, as well as those of the Banques Populaires and Caisses d’Epargne. This move further enriches our Executive Management Committee by providing a balanced representation of each of the Group’s businesses, including retail banking and insurance as well as those with a global dimension, and our major functions. Now comprising 12 members, the Executive Management Committee illustrates the richness of career paths within the group, blending expertise and experience, and our ability to attract and nurture talent.”

© Photo Credits :
Mohamed Kallala : Fabrice Vallon
Phlippe Setbon : Noura Felfel

About Groupe BPCE

Groupe BPCE is the second-largest banking group in France and the fourth in Europe. Through its 100,000 staff, the group serves 35 million customers – individuals, professionals, companies, investors and local government bodies – around the world. It operates in the retail banking and insurance fields in France via its two major networks, Banque Populaire and Caisse d’Epargne, along with Banque Palatine and Oney. It also pursues its activities worldwide with the asset & wealth management services provided by Natixis Investment Managers and the wholesale banking expertise of Natixis Corporate & Investment Banking. The Group’s financial strength is recognized by four credit rating agencies with the following senior preferred LT ratings: Moody’s (A1, stable outlook), Standard & Poor’s (A+, stable outlook), Fitch (A+, stable outlook) and R&I (A+, stable outlook).

Attachment
- 20250205_PR_GroupeBPCE_Appointments Mohamed Kallala and Philippe Setbon to the EMC of BPCE
The MIL Network –
February 6, 2025
MIL-OSI: Radix, Gold Sponsor at ARC Industry Leadership Forum 2025, Revolutionizes Asset Performance & Operations

Source: GlobeNewswire (MIL-OSI)

HOUSTON, Feb. 05, 2025 (GLOBE NEWSWIRE) — Radix, a global technology solutions company at the forefront of industrial digital transformation is proud to showcase a groundbreaking AI-powered solution designed to revolutionize operations in asset-intensive industries.

As a Gold Sponsor at the ARC Leadership Forum 2025, taking place in Orlando, Florida, from February 10-13, 2025, Radix takes center stage for adding tangible, adoptable and scalable AI capabilities that deliver best-in-class asset performance and sustainability.

What makes Radix AI solutions unique is the tailored effectiveness of their custom-built applications paired with the in-house, industry expertise and personalized customer focus and attention, resulting in immediate, beneficial impacts to both production and profits for any industrial company. At ARC, these capabilities will reflect the Radix theme of “On the Ground: Accelerate. Optimize. Scale.”

Alex Clausbruch, CEO of North America at Radix, expressed his enthusiasm for the company’s continued participation with a large executive team attending alongside partners, such as Cognite and clients, like Devon Energy. “We pride ourselves on being “on the ground,” working side by side with our customers and partners. We are happy to share the innovative approaches to Asset performance management, energy transition, digitalization and sustainability to empower our customers to achieve transformational business performance and excellence,” Clausbruch commented

Heavy hitters from Radix’s executive team and industry experts, along with its long-standing partners and customers, will be showcasing solutions during the ARC event and plan to focus on industries like Oil and Gas, Chemical, Manufacturing, and Power in both workshops and in scheduled sessions.

“We are quickly growing and expanding our footprint in North America, and ARC is a fantastic platform to showcase what are doing to create a sustainable impact with our clients,” said, Natalia Klafke, Executive Vice President of Energy and Sustainability at Radix. “From energy management to more ways on how digital next-gen solutions are empowering customers to reach decarbonization targets, Radix is proud to showcase these and other capabilities at ARC 2025.”

Radix’s delegation will participate in various sessions, including an interactive lunch workshop on asset-intensive solutions, a risk-reduction via smart infrastructure sustainability session, and an AI Industrial Co-pilot session focusing on cutting edge technology and successful transformation initiatives.

For more information visit RADIX | ARC Industry Leadership Forum 2025.

About Radix

Founded in 2010, Radix is a privately held global technology solutions company providing consulting, engineering, operations technology, and data and software technology solutions.

Radix combines key capabilities and practices to empower customers to thrive along their digital transformation journey. Radix provides technology-based, data-driven solutions to industrial and non-industrial companies worldwide. Radix has experience leading projects in more than 30 countries and has more than 1,700+ employees around the globe, with North American headquarters in Houston, Texas, main headquarters in Rio de Janeiro, additional offices in Sao Paulo and Belo Horizonte, and a presence in Singapore and Amsterdam. To learn more, visit www.radixeng.com.

For more information:
Citalouise Geiggar, Ph.D.
citalouise.geiggar@radixeng.com
Radix

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bb0b2847-918b-4b84-bce7-0f69e507e71f

The MIL Network –

February 6, 2025
MIL-OSI USA: Senator Baldwin Introduces Bipartisan Legislation to Support More Wisconsin Dairy Businesses
US Senate News:
Source: United States Senator for Wisconsin Tammy Baldwin

WASHINGTON, D.C. – Today, U.S. Senators Tammy Baldwin (D-WI) and Marsha Blackburn (R-TN) introduced the Dairy Business Innovation Act of 2025, bipartisan legislation that will strengthen the Dairy Business Innovation Initiatives (DBII) to help more American dairy farmers and processors add value to their businesses, including creating new products, expanding their markets, and modernizing their production facilities. To date, the Baldwin-backed program has supported over 250 dairy farmers and processors in the Midwest, including 109 in Wisconsin.

“My Dairy Business Innovation Initiative has helped Wisconsin dairy farmers, producers, and cheesemakers grow their operations, tap into new markets, and innovate new products,” said Senator Baldwin. “From expanding facilities and growing their operations to improving packaging and lowering their shipping costs, this program has helped Wisconsin businesses grow their bottom lines and create jobs in our rural communities. I’m fighting to expand this vital program so more farmers, cheesemakers, and dairy processors have the tools to innovate and drive our rural economy forward.”

“The dairy industry is an essential part of the American economy. It is crucial that we provide the resources that dairies in Tennessee need to expand and create new products,” said Senator Blackburn. “With many small Tennessee dairies struggling to remain open, this bill will allow these businesses to diversify and expand their market competitiveness.”

After Senator Baldwin successfully created the DBII program in the 2018 Farm Bill, multiple dairy business and innovation centers were established to serve producers across the country. These centers, in partnership with dairy farmers and processors, are spurring innovation in dairy businesses, fostering the development of new dairy products and modernizing existing dairy plants. As a result, the program has gone on to add value to the milk produced by American farmers and expand their market access.

Each regional initiative is tasked with providing technical assistance and grants to farmers and processors, including:
- Supporting new and expanding dairy businesses—Centers provide assistance with business plan development, accounting, market evaluation, and strategic planning.
- Promoting innovation in dairy products—Dairy businesses receive assistance with product innovation, marketing and branding, packaging, distribution, supply chain innovation, food safety training and consultation, and dairy product production training.
- Assisting with dairy plant modernization and process improvement—Dairy businesses receive assistance with processing facility improvement, including assistance with plant upgrades, food safety modernization, energy and water efficiency, byproduct reprocessing and use maximization, and waste treatment.
The Dairy Business Innovation Act of 2025 builds on the support for regional dairy research and innovation centers across the country by raising the program’s annual authorization from $20 million to $36 million.

The legislation is endorsed by the International Dairy Foods Association, Midwest Dairy Coalition, National Milk Producers Federation, Organic Valley, Wisconsin Cheese Makers Association, and the Wisconsin Farm Bureau Federation.

“Dairy Business Innovation Initiatives have spurred both farm and processor business growth over the past five years, strengthening rural economies and creating career opportunities, but our work is far from done. Increased program funding is critical now as the dairy industry faces new market volatility, labor challenges, and inflation,” said Rebekah Sweeney, senior director of programs and policy for the Wisconsin Cheese Makers Association, serving nearly 900 dairy industry companies and cooperatives nationwide. “We’re deeply grateful for Sen. Baldwin’s championship of Dairy Business Innovation Initiatives and for the bipartisan coalition of lawmakers working hard to see this program continue.”

“We thank Senators Baldwin and Blackburn for their continued bipartisan leadership in strengthening the Dairy Business Innovation Initiatives program. Dairy has a storied history of pioneering effective new products and practices as dairy farmers and their cooperatives work to supply the U.S. and the world with nutritious, sustainably produced food. This program helps support researchers and their industry partners working to drive this innovation forward,” said Gregg Doud, President and CEO of National Milk Producers Federation.

“Senator Tammy Baldwin and Senator Marsha Blackburn should be commended for a bill that enhances the assets and investments in the U.S. the dairy industry,” said Adam Warthesen, Vice President of Government and Industry Affairs at Organic Valley. “Dairy is an economic engine in rural communities – we at Organic Valley know dairy processors who are doing more with support from this initiative and American farmers who are better positioned to bring milk to market because of it.”

“Wisconsin dairy farmers are a mainstay of our state’s rural economy and its essential we continue to support innovation in an effort to keep it relevant,” said Wisconsin Farm Bureau President Brad Olson. “The Dairy Business Innovation Act of 2025 will increase the funding available to dairy farmers and processors to maintain Wisconsin’s place as a national and global leader. Wisconsin Farm Bureau appreciate Sen. Baldwin’s commitment to providing the necessary funding needed to help Wisconsin’s dairy industry develop new products and access emerging markets with the introduction of the Dairy Business Innovation Act of 2025.”

“The Midwest Dairy Coalition applauds Senators Baldwin and Blackburn for their continued leadership in providing dairy farmers and dairy businesses with the resources to innovate and diversify their operations for a more economically sustainable future,” said Steve Etka, Policy Director, Midwest Dairy Coalition.

“IDFA applauds Senators Baldwin and Blackburn for introducing the Dairy Business Innovation Act of 2025. The bill promotes innovation in the dairy processing sector and will help industry members work together to address common challenges and create new market opportunities for healthy and nutritious dairy products,” said International Dairy Foods Association (IDFA) President and CEO Michael Dykes, D.V.M.
MIL OSI USA News –
February 6, 2025
MIL-OSI Security: U.S. Attorney’s Office Collects More Than $26 Million in Civil and Criminal Actions in Fiscal Year 2024

Source: Office of United States Attorneys

New Haven – Acting U.S. Attorney Marc H. Silverman today announced that the District of Connecticut collected $26,212,307 in criminal and civil actions in Fiscal Year 2024. Of this amount, approximately $14,110,085 was collected in criminal actions and approximately $12,102,222 was collected in civil actions.

The Connecticut U.S. Attorney’s Office also worked with other U.S. Attorney’s Offices and components of the Department of Justice to collect an additional $20,069 in cases pursued jointly by these offices.

“In the last fiscal year, our dedicated attorneys and staff have helped to recover more than $26 million,” said Acting U.S. Attorney Silverman. “These funds are returned directly to crime victims, used to support victim services, and bolster federal, state, and local law enforcement efforts. Through our criminal prosecutions and civil enforcement actions, we remain steadfast in our commitment to seeking justice, removing illicit profits from wrongdoers, and safeguarding the integrity of crucial government programs.”

Significant criminal recoveries included more than a $1 million in restitution from multiple defendants involved in a bid rigging scheme related to insulation contracts, and the satisfaction of a restitution obligation from a Connecticut business owner who was required to pay more than $2 million in back taxes, interest, and penalties to the IRS. Large civil recoveries included approximately $4.5 million from a network of healthcare companies who are alleged to have submitted false claims to Medicare and Connecticut Medicaid for telehealth psychological care services, and more than $1 million from the operators of Connecticut dental practices who are alleged to have paid patient recruiters to steer Connecticut Medicaid patients to their practice, in violation of federal and state laws.

The U.S. Attorneys’ Offices, along with the department’s litigating divisions, are responsible for enforcing and collecting civil and criminal debts owed to the U.S. and criminal debts owed to federal crime victims. The law requires defendants to pay restitution to victims of certain federal crimes who have suffered a physical injury or financial loss. While restitution is paid to the victim, criminal fines and felony assessments are paid to the department’s Crime Victims Fund, which distributes the funds collected to federal and state victim compensation and victim assistance programs.

Additionally, the Connecticut U.S. Attorney’s Office, working with partner agencies and divisions, collected $5,525,420 in asset forfeiture actions in FY 2024. Forfeited assets deposited into the Department of Justice Assets Forfeiture Fund are used to restore funds to crime victims and for a variety of law enforcement purposes.

The U.S. Attorney’s Office is charged with enforcing federal criminal laws in Connecticut and representing the federal government in civil litigation. The Office is composed of approximately 68 Assistant U.S. Attorneys and 57 staff members at offices in New Haven, Bridgeport, and Hartford.

MIL Security OSI –

February 6, 2025

MIL-OSI: Bpce: Groupe BPCE Results Q4-24 & 2024

Source: GlobeNewswire (MIL-OSI)

Paris, February 5, 2025

STRONG PERFORMANCES IN 2024

• Excellent performance in Q4-24 •
• Net income (Group share) of €3.5bn in 2024, strong growth of +26% •
• VISION 2030: dynamic implementation of the strategic project •

Q4-24: net banking income at €6bn, up +11% YoY; very good performance achieved by retail banking and the global businesses; net income of €913m, +140% YoY
2024: net banking income of €23.3bn, 5% growth YoY driven by all the business lines; gross operating income up by a strong 18% notably thanks to good cost control; reported net income²of €3.5bn, up by 26% YoY

Very high levels of solvency and liquidity with a CET1 ratio of 15.6%³ and a LCR of 142%⁴ at end-2024

RETAIL BANKING & INSURANCE Sharp 14% growth in revenues in Q4-24 and 4% in 2024 driven in particular by the confirmed rebound in net interest margins and commissions. The Banque Populaire and Caisse d’Epargne retail banking networks enjoyed sustained growth in their customer bases with the addition of 846,000 new clients⁶in 2024

Local & regional financing: €84bn of funding for our clients of individual, professional, corporate, and institutional clients; 1% year-on-year growth in loan outstandings, rising to a total of €724bn at end-December 2024
Deposits & savings⁷up by €5bn year-on-year, reaching a total of €681bn at end-December 2024
Insurance: gross inflows⁸ of €14.9bn in life insurance in 2024. Premiums up 15% in 2024 YoY. The equipment rate⁹for P&C and Personal Protection insurance stood at ~35% at end-December 2024

Financial Solutions & Expertise: net banking income remained stable in Q4-24 and rose by 2% in full-year 2024 vs. a high basis of comparison in 2023. Good performance reported by the Leasing and Consumer Credit activities
Digital & Payments: +5% growth in the number of card transactions at end-December 2024 YoY. Oney net banking income up 8% in full-year 2024

GLOBAL FINANCIAL SERVICES Strong revenue growth, +8% in Q4-24 and full-year 2024; very dynamic business development in Corporate & Investment Banking, net banking income up 5% in Q4-24 year-on-year; very good performance achieved by Asset Management with net banking income up 11% in Q4-24 year-on-year

Corporate & Investment Banking: net banking income of €1.1bn in Q4-24; +19% growth in revenues in Q4-24 YoY for Global Markets, driven by the Fixed-income and Equity segments; net banking income up 2% for Global Finance, driven in particular by Trade Finance activities, and up by 6% for Investment Banking activities in Q4-24
Asset & Wealth Management: Natixis IM’s assets under management up 13% YtD, reaching an all-time high of €1,317bn at end-December 2024; very high net fund inflows of €40bn in full-year 2024, particularly from Fixed-Income expertise; net banking income of €968m in Q4-24, reflecting strong growth of 11% YoY.

Expenses remained stable year-on-year in 2024 and good improvement in the cost/income by 3.5pp

Prudent provisioning policy: cost of risk of €2.1bn in 2024, i.e. 24bps, standing below the announced guidance level; €596 million in Q4-24, down 20% year-on-year

Financial strength: CET1 ratio of 15.6%³at end-December 2024; liquidity reserves of €302bn

VISION 2030 strategic project: fast-paced and dynamic implementation

April 2024: announcement of the project to acquire SGEF, making Groupe BPCE the European leader in equipment leasing; completion of the transaction scheduled for Q1-25.
June 2024: plan to create France’s No. 1 payment processor in partnership with BNP Paribas with a view to becoming one of the top 3 players in Europe.
June 2024: commercial partnerships with two leaders in their respective markets: Leroy Merlin and Verisure
January 2025: announcement of plan to create Europe’s leading asset manager in a joint venture with Generali.
Plans to create a shared technology platform for retail banking activities

¹ See the notes on methodology annexed to this press release ²Group share ³ Ratio estimated at end-December 2024 integrating pro forma the coming impact of SGEF and Nagelmackers acquisitions ⁴Average end-of month LCRs in Q4-24 ⁵ Estimated at end-December 2024 ⁶ 196,100 new active clients over the year ⁷ On-balance sheet savings & deposits within the scope of the Retail Banking & Insurance business unit ⁸ Excluding reinsurance treaty with CNP Assurance ⁹ Scope of the individual clients in the BP and CE retail banking networks

Nicolas Namias, Chairman of the Management Board of BPCE, said: “2024 marked the return of strong performance across all our business lines. Groupe BPCE saw its earnings grow by 26% over the year as a whole and by a total of 140% in the fourth quarter of 2024.

Banques Populaires and Caisses d’Epargne benefited from the confirmed rebound in their net interest margin along with an extremely buoyant level of commercial activity, illustrated by the arrival of 846,000 new clients in 2024. All the business lines serving the retail banking networks – Insurance, Payments, Financial Solutions & Expertise – generated growth both in full-year 2024 and in the 4^thquarter of the year. It also proved to be a remarkable quarter and full-year period for the global business lines managed by Natixis CIB and Natixis IM with, in particular, 19% revenue growth in our capital markets activities in the fourth quarter, and a record-breaking 40 billion euros in net inflows for our asset management activities in the course of the year.

These results testify to the dynamic implementation of our VISION 2030 strategic project. In the space of a year, we announced the planned acquisition of SGEF, making the Group the front-ranking European equipment leasing specialist, an initiative due to be completed early this year; the creation, with BNP Paribas, of the French leader in payment processing, with a view to becoming one of the top 3 players in Europe; plans to create a champion in asset management with Generali that would be No.1 in Europe in terms of revenues and one of the top 10 asset management specialists worldwide. Today, we announce our ambition to create a common technological platform for the Banques Populaires and Caisses d’Epargne by setting up a joint information system. Designed to further enhance the Group’s performance, this project sets out to optimize the service offered to our 35 million clients and to improve the day-to-day lives of our employees and, in the process, support the development of retail banking in France. These projects give concrete expression to our determination to pursue well-balanced development across our three priority growth areas: France, Europe, and the rest of the world.

These extremely exciting prospects for the months ahead will be driven by our staff of employees, who this year demonstrated their tremendous mobilization and enthusiasm during the Olympic & Paralympic Games Paris 2024. We gave expression to our promise to share the Games with as many people as possible in every territorial region of France. This event enabled us to strengthen our ties with our clients both in regional France and around the world, and we will continue to foster these relationships by contributing to the sustainable development of the economies in which we do business, in line with our cooperative values.”

The quarterly financial statements of Groupe BPCE for the period ended December 31, 2024, approved by the Management Board on February 3, 2025, were verified and reviewed by the Supervisory Board, at a meeting chaired by Eric Fougère on February 5, 2025.

In this document, 2023 figures have been restated on a pro-forma basis (see annex for the reconciliation of reported data to pro-forma data).

Groupe BPCE

€m¹	Q4-24	Q4-23	% Change	2024	2023	% Change
Net banking income	6,046	5,462	11%	23,317	22,198	5%
Operating expenses	(4,184)	(4,129)	1%	(16,384)	(16,328)	0%
Gross operating income	1,862	1,332	40%	6,933	5,870	18%
Cost of risk	(596)	(744)	(20)%	(2,061)	(1,731)	19%
Income before tax	1,262	537	135%	4,956	4,182	19%
Income tax	(326)	(159)	106%	(1,357)	(1,340)	1%
Net income – Group share	913	381	140%	3,520	2,804	26%
Exceptional items	(64)	(100)	(35)%	(155)	(122)	28%
Underlying²net income – Group share	977	481	103%	3,675	2,925	26%
Underlying cost to income ratio³	67.8%	74.6%	(6.8)pp	69.4%	72.9%	(3.5)pp

¹ Reported figures as far as “Net income (Group share)” ² “Underlying” means exclusive of exceptional items ³ The underlying cost/income ratio of Groupe BPCE is calculated on the basis of net banking income and operating expenses excluding exceptional items. The calculations are detailed in the annex on pages 18 and 24.

1. Groupe BPCE

Unless specified to the contrary, the financial data and related comments refer to the reported results of the Group and
business lines; changes express differences between Q4-24 and Q4-23 and between full-year 2024 and full-year 2023.

Groupe BPCE’s net banking income rose by 11% to reach 6,046 million euros in Q4-24 thanks to strong commercial activity in all business lines. At the end of December 2024, it stood at 23,317 million euros, up 5%.

Revenues from the Retail Banking & Insurance business unit (RB&I) rose 14% in Q4-24 to 4,064 million euros and stood at 15,397 million euros in full-year 2024, representing growth of 4%. Banques Populaires and Caisses d’Epargne put up a strong commercial performance, attracting more than 846,000 new clients¹ across all markets since the beginning of the year.

Revenues in the Financial Solutions & Expertise business unit, stable in Q4-24 and up 2% in full-year 2024, were driven in particular by the leasing and consumer credit businesses. The Insurance business unit benefited from strong business momentum in life insurance with gross new inflows² of 14.9 billion euros. Business was buoyant for the Digital & Payments business unit with renewed momentum for Oney.

Revenues from the Global Financial Services (GFS) business unit were up 8% in Q4-24 and full-year 2024, reaching a total of 2,055 million euros and 7,947 million euros respectively. Corporate & Investment Banking revenues, buoyed up by strong commercial performance across all its business lines, came to 1,087 million euros in Q4-24, up 5%, and to 4,440 million euros in full-year 2024, up 7%. The net banking income generated by Asset & Wealth Management stood at 968 million euros in Q4-24, up 11%, and reached a total of 3,507 million euros in full-year 2024, up 10%. Assets under management, which rose to their highest level ever thanks to record-breaking fund inflows and positive market and currency effects, rose by 13% in the course of the year to reach 1,317 billion euros.

The net interest margin stood at 7.6 billion euros, up 4% year-on-year, while commission income, which reached 11 billion euros in full-year 2024, was up 7% year-on-year.

In full-year 2024, operating expenses remained stable at 16,384 million euros, rising 1% to 4,184 million euros in Q4-24, benefitting from positive jaws effects over the 2 periods.

The underlying cost/income ratio³ improved by 6.8pp in Q4-24 to 67.8%, and by 3.5pp in full-year 2024 to 69.4%

Gross operating income rose by 40% to 1,862 million euros in Q4-24, and by 18% to 6,933 million euros in full-year 2024.

Groupe BPCE’s cost of risk, which came to -2,061 million euros in 2024, increased by a total of 19% vs. a low basis of comparison in 2023. In Q4-24, it stood at -596 million euros, down 20%.

Performing loans are deemed to be rated ‘Stage 1’ or ‘Stage 2,’ while loans with proven risk are rated ‘Stage 3.’

¹ 196,100 new active clients in full-year 2024 ² Excluding the reinsurance treaty with CNP Assurances³ The underlying cost/income ratio of Groupe BPCE is calculated on the basis of net banking income and operating expenses excluding exceptional items. The calculations are detailed in the annex on page 24

For Groupe BPCE, the amount of provisions for performing loans rated ‘Stage 1’ or ‘Stage 2’ corresponds:

For the quarter, to a reversal of 31 million euros in Q4-24 vs. an allocation of 34 million euros in Q3-24 and vs. an allocation of 145 million euros in Q4-23,
For the 12-month period, a reversal of 177 million euros in 2024 vs. a reversal of 112 million euros in 2023.

Provisions for loan outstandings with proven risk, rated ‘Stage 3,’ correspond:

For the quarter, to an allocation of 627 million euros in Q4-24 vs. an allocation of 488 million euros in Q3-24 and vs. an allocation of 598 million euros in Q4-23,
For the 12-month period, an allocation of 2,238 million euros in 2024 vs. an allocation of 1,843 million euros in 2023.

In Q4-24, the cost of risk for Groupe BPCE stood at 28bps in terms of gross customer outstandings, down 7bps. This figure includes a reversal of 1bp on performing loans (vs. an allocation of 7bps in Q4-23) and an allocation on loan outstandings with proven risk of 29bps vs. an allocation of 28bps in Q4-23.
In Q4-24, the cost of risk remained stable for the Retail Banking & Insurance business unit at 30bps, including a 1bp provision for performing loans (vs. a 5bps allocation to provisions in Q4-23) and a 30bps allocation on loan outstandings with proven risk, as in Q4-23.
The cost of risk for the Corporate & Investment Banking business unit came to 55bps (vs. 37bps in Q4-23), including a 13bps reversal on performing loans (vs. a 16bps provision in Q4-23) and a 67bps provision on loans with proven risk (vs. a 21bps provision in Q4-23).

In 2024, Groupe BPCE’s cost of risk stood at 24bps of gross customer loan outstandings. This figure includes a 2bps reversal of provisions on performing loans (vs. a 1bp reversal in 2023) and a 26bps provision on loans with proven risk (vs. a 22bps provision in 2023).
The cost of risk was 24bps for the Retail Banking & Insurance business unit (21bps in 2023), including a 2bps reversal on performing loans (as in 2023) and a 26bps provision on loans with proven risk (vs. a 23bps provision in 2023).
The cost of risk for the Corporate & Investment Banking business unit came to 40bps (24bps in 2023), including a 6bps reversal on performing loans (vs. a 4bps reversal in 2023) and a 46bps provision on loans with proven risk (vs. a 28bps provision in 2023).

The ratio of non-performing loans to gross loan outstandings stood at 2.5% at December 31, 2024, up 0.1pp compared with end-December 2023.

Reported net income (Group share) came to 913 million euros in Q4-24, up 140%. In full-year 2024, it stood at 3,520 million euros, up 26%.

The impact of exceptional items on net income (Group share) was -64 million euros in Q4-24 vs. -100 million euros in Q4-23 and -155 million euros in full-year 2024 vs. -122 million euros in full-year 2023.

Underlying net income (Group share)¹ rose by 103% to stand at 977 million euros in Q4-24, and grew by 26% to 3,675 million euros in full-year 2024.

1 “Underlying” means exclusive of exceptional items

2. A Group mobilized to decarbonize the economy and committed to making impact accessible to all

Strong commitments in 2024

Climate commitments:

The Group has published new decarbonization ambitions for the 11¹ most highly emissive industrial sectors: Aluminum, Aviation, Commercial real estate, Residential real estate, Agriculture, Automotive, Steel and Cement, and has strengthened its ambitions in the Power Generation and Oil & Gas sectors.

Environmental commitments:

Groupe BPCE has strengthened its commitment by joining act4nature international.

Social commitments by providing financing for players in the social & solidarity-based economy, in social housing and the Public Sector.

Innovative and concrete actions for our clients

The Banques Populaires and Caisses d’Epargne retail banking networks have launched innovations to facilitate home ownership and offer all individual customers energy-efficient renovation solutions to preserve the value of their real-estate assets: for example, by the end of November 2024, over 640 million euros in financing had been granted for energy-efficient home renovation, and the Advice and Sustainable Solutions digital module had received over 5 million unique visitors.
The Group serves the SME and ISE clients of the Banques Populaires and Caisses d’Epargne, as well as local communities by providing locally-based advice and by financing the transition of their business models. It has also strengthened its partnership with the European Investment Bank (EIB) for the innovation and energy transition with over one billion euros in transition and decarbonization financing.
Green revenues in the CIB rose by +14% in 2024 YoY, driven by sustainable finance and renewable energy & new energy activities including tailored-made solutions and dedicated expertise provided by the Green Hub.

Groupe BPCE, a pioneer in sustainable finance, launched 5 green and social bond issues in the course of 2024 for an aggregate value of more than 3.6 billion euros, including the 1^st Social Bond with a profit-sharing coupon for the benefit of the Institut Robert-Debré du Cerveau de l’Enfant (Children’s Brain Development Institute), supported by APHP (Paris Public Hospitals).

¹ Given the insignificant amount of Natixis CIB’s financing dedicated to freight and passenger ships, Groupe BPCE has not published its action plan for this industrial sector

3. Capital, loss-absorbing capacity, liquidity, and funding

3.1 CET1¹ratio

Groupe BPCE’s CET1 ratio at end-December 2024 stood at an estimated 16.2%, unchanged from the previous quarter. It includes the following impacts:

Retained earnings: +21bps,
Net issuance of cooperative shares: +3bps,
Change in risk-weighted assets: – 33bps,
Other changes, including variations in the prudential backstop provision, items included under Other Comprehensive Income, and other adjustments: +4bps.

The Group’s CET1 ratio – presented on a pro-forma basis to reflect the inclusion of the future impacts of the SGEF and Nagelmackers acquisitions (-54bps) – stands at 15.6%,

At end-December 2024, Groupe BPCE held an equity buffer estimated at 18.6 billion euros above the threshold for triggering the maximum distributable amount (MDA) for equity capital, taking account of the prudential requirements laid down by the ECB applicable on January 2, 2025.

3.2 TLAC ratio¹

The Total Loss-Absorbing Capacity (TLAC) stood at an estimated 122.1 billion euros at the end of December 2024. The TLAC ratio, expressed as a percentage of risk-weighted assets, stood at an estimated 26.7%² at the end of December 2024 (without taking account of preferred senior debt for the calculation of this ratio), well above the standard requirements of the Financial Stability Board that were equal to 22.4% at January 2, 2025.

3.3 MREL ratio¹

Expressed as a percentage of risk-weighted assets at December 31, 2024, Groupe BPCE’s subordinated MREL ratio (without taking account of preferred senior debt for the calculation of this ratio) and the total MREL ratio stood at 26.7%² and 34.6%, well above the minimum requirements laid down by the SRB at January 2, 2025 of 22.4%³ and 27.3%³ respectively.

3.4 Leverage ratio¹

At December 31, 2024, the estimated leverage ratio stood at 5.1%, well above the requirement.

3.5 Liquidity reserves at a high level

The LCR (Liquidity Coverage Ratio) for Groupe BPCE is well above the regulatory requirement of 100%, at an average of 142% of month-end LCRs for the 4^th quarter 2024.
Liquidity reserves stood at 302 billion euros at December 2024, representing a coverage ratio of 177% of short-term financial debt (including short-term maturities of medium- to long-term financial debt).

3.6 MLT funding plan: 32% of the 2025 objectives completed as at January 31, 2025

The size of the MLT funding plan, excluding structured private placements and Asset Backed Securities (ABS), has been set at 23 billion euros for 2025. The breakdown per type of debt is as follows:

10 billion euros in TLAC funding: 2.0 billion euros in Tier 2 funding and 8 billion euros in senior non-preferred debt,
3 billion euros senior preferred debt,
10 billion euros in covered bonds.

The target for ABS is 8 billion euros.

At January 31, 2025, Groupe BPCE had raised 7.3 billion euros, excluding structured private placements and ABS (32% of the 23 billion euro funding plan):

5.6 billion euros in TLAC funding: 1.7 billion euros in Tier 2 funding (87% of requirements) and 3.9 billion euros in senior non-preferred debt (49% of requirements),
1.7 billion euros in covered bonds (17% of requirements).

At January 31, 2025, the amount of ABS raised came to a total of 0.7 billion euros, i.e. 8% of the target.

Capital adequacy, Total loss-absorbing capacity – see the note on methodology
¹ Estimated at December 31, 2024 ² Groupe BPCE has chosen to waive the possibility provided by Article 72 Ter (3) of the Capital Requirements Regulation (CRR) to use senior preferred debt to ensure compliance with its TLAC/subordinated MREL requirements. ³ Following reception of MREL’s annual letter for 2024

4. Results of the business lines

4.1 Retail Banking & Insurance

€m¹	Q4-24	% Change	2024	% Change
Net banking income	4,064	14%	15,397	4%
Operating expenses	(2,497)	(0)%	(9,902)	1%
Gross operating income	1,567	45%	5,495	10%
Cost of risk	(556)	(13)%	(1,751)	16%
Income before tax	998	142%	3,807	8%
Exceptional items	(45)	(60)%	(115)	3%
Underlying²income before tax	1,044	98%	3,922	8%
Underlying cost/income ratio³	60.4%	(8.5)pp	63.6%	(2.2)pp

At end-December 2024, loan outstandings rose by 1% to 724 billion euros. Outstanding home loans remained stables at 400 billion euros, while equipment loans rose by 3% during the year to 199 billion euros.

At end-December 2024, on-balance sheet customer deposits & savings totaled 681 billion euros, representing an increase of 5 billion euros year-on-year, with a 5% rise in term accounts and a 3% year-on-year increase in both regulated and unregulated passbook savings accounts.

Net banking income for the Retail Banking & Insurance business unit rose by 14% in Q4-24 to 4,064 million euros, and by 4% in full-year 2024 to 15,397 million euros. In Q4-24, these changes reflect the good level of business activities: in the networks, revenues rose by 17% for the Banque Populaire retail banking network and by 14% for the Caisse d’Épargne network. Net banking income for both networks also recorded growth in full-year 2024, by 4% for the Banque Populaire network and by 3% for the Caisse d’Épargne network.

The Financial Solutions & Expertise business lines continued to benefit from strong sales momentum, particularly in the leasing segment. Revenues remained stable in Q4-24 but saw 2% growth in full-year 2024. In Insurance, premiums⁴ rose by 15% in 2024, driven by both Non-Life Insurance and Life & Personal Protection Insurance. The Digital & Payments business unit reported a 14% increase in revenues in Q4-24 and 7% growth in full-year 2024, driven by card transactions and instant payment operations.

Operating expenses remained tightly managed, stable in Q4-24 at 2,497 million euros, and up by just 1% in full-year 2024 to 9,902 million euros.

The underlying cost/income ratio³ improved by 8.5pp in Q4-24 to 60.4%, and by 2.2pp in full-year 2024 to 63.6%.

The business unit’s gross operating income benefited from a strong positive jaws effect, rising by 45% in Q4-24 to
1,567 million euros and by 10% in full-year 2024 to 5,495 million euros.

The cost of risk amounted to -556 million euros in Q4-24, down 13%, and stood at -1,751 million euros in 2024, up 16%.

For the business unit as a whole, income before tax amounted to 998 million euros in Q4-24, up 142%, and stood at 3,807 million in full-year 2024, up 8%.

Underlying income before tax² amounted to 1,044 million euros in Q4-24, up 98%, and came to 3,922 million euros in full-year 2024, up 8%.

4.1.1 Banque Populaire network
The Banque Populaire retail banking network is comprised of 14 cooperative banks (12 regional Banques Populaires along
with CASDEN Banque Populaire and Crédit Coopératif) and their subsidiaries, Crédit Maritime Mutuel, and the Mutual
Guarantee Companies.

€m¹	Q4-24	% Change	2024	% Change
Net banking income	1,614	17%	6,098	4%
Operating expenses	(980)	1%	(4,047)	2%
Gross operating income	634	56%	2,051	8%
Cost of risk	(266)	(6)%	(814)	25%
Income before tax	352	137%	1,285	(2)%
Exceptional items	(17)	77%	(51)	ns
Underlying²income before tax	369	133%	1,336	2%
Underlying cost/income ratio³	59.7%	(10.2)pp	65.5%	(1.9)pp

Loan outstandings remained stable year-on-year, standing at 301 billion euros at the end of December 2024.
On-balance sheet customer deposits & savings decreased by 2 billion euros year-on-year at the end of December 2024, with term accounts remaining stable during the 12-month period, while both regulated and unregulated passbook savings accounts saw 2% year-on-year growth.

Net banking income came to 6,098 million euros in full-year 2024, up 4% year-on-year. This included 3.2 billion euros in net interest margin^4,5 up 5% year-on-year, and 2.9 billion euros in commissions⁵ (up 3% year-on-year).
In Q4-24, net banking income came to a total of 1,614 million euros, up 17% year-on-year.

Operating expenses rose by a limited 1% in Q4-24 to 980 million euros, and increased by 2% in full-year 2024, to 4,047 million euros.
The underlying cost/income ratio³ consequently saw a 10.2pp improvement in Q4-24, to 59.7%, and a 1.9pp improvement in full-year 2024, to 65.5%.

Gross operating income benefited from positive jaws effects, rising by 56% to 634 million euros in Q4-24 and by 8% to 2,051 million euros in full-year 2024.

The cost of risk stood at -266 million euros in Q4-24, down 6%, and -814 million euros in 2024, up 25%.

Income before tax came to 352 million euros in Q4-24 (+137%) and 1,285 million euros in 2024 (-2%).

Underlying income before tax² amounted to 369 million euros in Q4-24 (+133%) and 1,336 million euros in full-year 2024
(+2%).

¹ Reported figures until “Income before tax” ² “Underlying” means exclusive of exceptional items ³ The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses ⁴ Excluding provisions for home-purchase savings schemes ⁵ Income on regulated savings has been restated to account for the net interest margin and included under commissions

4.1.2 Caisse d’Epargne network
The Caisse d’Epargne retail banking network comprises 15 individual Caisses d’Epargne along with their subsidiaries

€m¹	Q4-24	% Change	2024	% Change
Net banking income	1,616	14%	6,054	3%
Operating expenses	(1,084)	0%	(4,216)	1%
Gross operating income	531	55%	1,838	10%
Cost of risk	(205)	(6)%	(640)	16%
Income before tax	328	161%	1,200	7%
Exceptional items	(27)	171%	(60)	ns
Underlying²income before tax	355	162%	1,260	13%
Underlying cost/income ratio³	65.4%	(9.8)pp	68.7%	(2.7)pp

Loan outstandings rose by 1% year-on-year to 376 billion euros at the end of December 2024.
On-balance sheet customer deposits & savings increased by 5 billion euros year-on-year, with growth in term accounts (+12%) and an increase in regulated and unregulated passbook savings accounts (+3%).

Net banking income rose by 3% to reach 6,054 million euros in full-year 2024, including:

2.6 billion euros in net interest margin^4,5, down 3% year-on-year,
3.4 billion euros in commissions⁵ up 7% year-on-year.

Net banking income came to a total of 1,616 million euros, up 14% year-on-year, in Q4-24 and stood at 6,054 million euros, up 3% year-on-year in full-year 2024.

Operating expenses remained stable at 1,084 million euros in Q4-24, and rose by 1% in full-year 2024 to 4,216 million euros.

The underlying cost/income ratio³ improved by 9.8pp to 65.4% in Q4-24 and by 2.7pp to 68.7% in full-year 2024.

Gross operating income benefited from positive jaws effects in Q4-24 (+55%), rising to 531 million euros, and enjoyed 10% growth in full-year 2024, rising to 1,838 million euros.

The cost of risk came to -205 million euros in Q4-24, down 6%, and to -640 million euros in 2024, up 16%.

Income before tax rose by 161% to 328 million euros in Q4-24, and came to 1,200 million euros in 2024.
(+7%).

Underlying income before tax² amounted to 355 million euros in Q4-24 (+162%) and 1,260 million euros in full-year 2024
(+13%).

4.1.3 Financial Solutions & Expertise

€m¹	Q4-24	% Change	2024	% Change
Net banking income	334	(0)%	1,303	2%
Operating expenses	(169)	1%	(636)	1%
Gross operating income	165	(2)%	667	3%
Cost of risk	(38)	(30)%	(108)	11%
Income before tax	125	11%	555	2%
Exceptional items	0	ns	0	ns
Underlying²income before tax	125	11%	555	1%
Underlying cost/income ratio³	50.7%	1.0pp	48.8%	(0.3)pp

Sales momentum remained strong in services designed for individual customers, particularly in consumer credit, with average loan outstandings (personal loans and revolving credit) up 7% year-on-year, consolidating the Group’s position as France’s leading bank for consumer credit.

The Leasing activity continued to provide robust support to companies with growth in average outstandings (+10% year-on-year) chiefly driven by equipment leasing (+17%). Energéco, a player committed to the renewable energies sector, had an exceptional year with production exceeding, for the first time, one billion transactions arranged.

Despite the unfavorable business environment, the business lines working in the housing and real estate sector demonstrated their resilience with confirmation in Q4-2024 of the positive upturn of activity in personal loan guarantees, leading to an increase in gross written premiums (+2% in Q4-24 year-on-year vs. -40% in the first 9 months of 2024).

Net banking income for the Financial Solutions & Expertise business unit remained stable at 334 million euros in Q4-24, but rose 2% to 1,303 million euros in full-year 2024.

Operating expenses, which stood at 169 million euros in Q4-24 and 636 million euros in full-year 2024, remained tightly managed.

The underlying cost/income ratio³ increased by 1.0pp in Q4-24 to 50.7% and improved by 0.3pp in full-year 2024 to 48.8%.

Gross operating income, which came to 165 million euros in Q4-24, was down 2%; it stood at 667 million euros in full-year 2024, up 3%.

The cost of risk stood at -38 million euros in Q4-24, down 30%, and at -108 million euros in full-year 2024 (+11%).

Income before tax rose by 11% to 125 million euros in Q4-24 and increased by 2% to 555 million euros in full-year 2024.

Underlying income before tax² rose by 11% in Q4-24 and by 1% in full-year 2024, to 125 million euros and 555 million euros respectively.

4.1.4 Insurance¹
The results presented below concern the Insurance business unit held directly by BPCE since March 1, 2022.

€m²	Q4-24	% Change	2024	% Change
Net banking income	171	17%	694	10%
Operating expenses³	(36)	(10)%⁴	(143)	(12)%⁴
Gross operating income	135	28%	550	17%
Income before tax	141	32%	566	19%
Exceptional items	0	ns	0	ns
Underlying⁵income before tax	141	30%	566	17%
Underlying cost/income ratio⁶	21.3%	(5.3)pp	20.7%	(4.1)pp

In Q4-24, premiums⁷ reached 4.8 billion euros, up 12% thanks to the considerable dynamism demonstrated by Life Insurance and Life & Personal Protection insurance. In full-year 2024, premiums⁷ rose by 15% to 18.6 billion euros, with a 16% increase for Life & Personal Protection insurance and a 9% increase for Property & Casualty insurance.

Life insurance assets under management⁷ reached 103 billion euros at the end of December 2024 thanks to record-breaking net inflows in both euro funds and unit-linked products. Since the end of December 2023, life insurance assets have risen by 12%, driven by significant positive inflows in both euro funds and unit-linked products. Gross inflows⁷ in life insurance stood at 14.9 billion euros in 2024. Unit-linked products accounted for 53% of inflows⁷ at the end of December 2024.

In the Property & Casualty segment, the client equipment rate for both networks was approximately 35%⁸ at the end of December 2024, up 0.5pp since the end of December 2023.

Net banking income rose by 17% in Q4-24 to 171 million euros, and rose by 10% to 694 million euros in full-year 2024.

Operating expenses³ fell by 10%⁴ year-on-year in Q4-24 to 36 million euros, and by 12%⁴ in full-year 2024 to 143 million euros.

The underlying cost/income ratio⁶ improved by 5.3pp to stand at 21.3% in Q4-24, and improved by 4.1pp to reach 20.7% in full-year 2024.

Thanks to positive jaws effects in Q4-24 and full-year 2024, EBITDA rose by 28% and 17% respectively.

Income before tax also improved, rising by 32% to 141 million euros in Q4-24 and by 19% to 566 million euros in full-year 2024.

Underlying⁵income before tax came to 141 million euros in Q4-24 (+30%) and to 566 million euros in full-year 2024 (+17%).

¹ BPCE Assurances ² Reported figures until “Income before tax” ³ “Operating expenses” corresponds to “non-attributable expenses” under IFRS 17, i.e. all costs that are not directly attributable to insurance contracts ⁴ At constant method: +7% in Q4-24 YoY and +4% in 2024 YoY ⁵ “Underlying” means exclusive of exceptional items ⁶ The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses ⁷ Excluding reinsurance treaty with CNP Assurance
⁸ Scope: combined individual clients of the BP and CE networks

4.1.5 Digital & Payments

€m¹	Q4-24	% Change	2024	% Change
Net banking income	227	14%	873	7%
o/w Payments	128	10%	491	6%
o/w Oney	99	19%	382	8%
Operating expenses	(173)	1%	(646)	(1)%
o/w Payments	(108)	9%	(394)	3%
o/w Oney	(65)	(10)%	(252)	(7)%
Gross operating income	54	96%	227	39%
Cost of risk	(33)	(52)%	(126)	(26)%
Income before tax	20	ns	97	ns
Exceptional items	(1)	(99)%	(5)	(96)%
Underlying²income before tax	21	ns	102	125%
Underlying cost/income ratio³	76.2%	(3.5)pp	73.9%	(2.1)pp

Digital & AI

At the end of December 2024, 11.8 million customers were active on Banques Populaires and Caisses d’Epargne mobile applications (up 3% vs. end-December 2023).

The “AI for all” in-house generative AI solution was being used by over 26,000 employees at the end of December 2024 (i.e. 25% of all Group employees.)

Thanks to transformative AI, 10 million documents had been verified automatically (+71%) by end-December 2024.

Payments

Net banking income enjoyed 10% growth in Q4-24 and 6% growth in full-year 2024, while operating expenses rose 9% in Q4-24 and 3% in full-year 2024.

The widespread use of Wero (European Payments Initiative) enables all customers to send and receive money via instant account-to-account payments in less than 10 seconds. Wero handles 2 million transactions per month and serves over 2 million active customers.

In the Payment Solutions business, the number of card transactions rose by 5% year-on-year, with continued growth in mobile and instant payments (+54% and +49% year-on-year respectively) and the ongoing rollout of Android POS terminals (multiplied by a factor of 2). The launch of Google Pay has strengthened our range of mobile products.

Oney Bank

Net banking income rose by 8% in 2024 thanks to improved margin rates and the asset repricing effect. Oney maintained its leadership position in the BNPL⁴ segment in France while business was robust in Europe outside France (+19% in volumes year-on-year).

Management expenses remained well under control, falling by 7% in full-year 2024.

The sharp drop in the cost of risk in 2024 (-26% YoY) confirms the positive impact of our action plans.
Net banking income for the Digital & Payments business unit rose by 14% in Q4-24 and by 7% in full-year 2024, to reach 227 million euros and 873 million euros respectively.

The business unit’s operating expenses were up 1% in Q4-24 and down 1% in full-year 2024, to reach 173 million euros and 646 million euros respectively.

This led to a 3.5pp improvement in the underlying cost/income ratio³ to 76.2% in Q4-24 and a 2.1pp improvement to 73.9% in full-year 2024.

Gross operating income, which benefitted from positive jaws effects, rose by 96% in Q4-24 to 54 million euros, and by 39% to 227 million euros in full-year 2024.

The cost of risk fell by 52% in Q4-24 to -33 million euros, and by 26% in full-year 2024 to -126 million euros.

Income before tax amounted to 20 million euros in Q4-24 and 97 million euros full-year 2024.

Underlying²income before tax came to 21 million euros in Q4-24 and 102 million euros in full-year 2024, equal to a sharp rise of 125%.

4.2 Global Financial Services
The GFS business unit includes the Asset & Wealth Management activities and the Corporate & Investment Banking activities of
Natixis.

€m¹	Q4-24	% Change	Constant Fx % change	2024	% Change	Constant Fx % change
Net banking income	2,055	8%	7%	7,947	8%	8%
o/w CIB	1,087	5%	5%	4,440	7%	7%
o/w AWM	968	11%	10%	3,507	10%	10%
Operating expenses	(1,501)	8%	7%	(5,651)	7%	7%
o/w CIB	(738)	5%	5%	(2,889)	8%	8%
o/w AWM	(763)	11%	10%	(2,763)	6%	6%
Gross operating income	553	8%	7%	2,296	10%	10%
Cost of risk	(86)	18%		(268)	73%
Income before tax	479	14%		2,051	4%
Exceptional items	0	ns		0	ns
Underlying²income before tax	479	10%		2,051	3%
Underlying cost/income ratio³	73.1%	0.7pp		71.1%	(0.1)pp

GFS revenues rose by 8% in both Q4-24 and full-year 2024 to respectively 2,055 million euros (+7% at constant exchange rates) and 7,947 million euros (+8% at constant exchange rates). These trends are the result of the robust performance of our global business lines.

In Q4-24, revenues generated by the Corporate & Investment Banking business rose by 5% to 1,087 million euros thanks, in particular, to the strong performance achieved by the Global Markets (+19%) and Global Finance (+2%) activities in full-year 2024. Net banking income for the CIB business in full-year 2024 rose by 7% to 4,440 million euros.

In Q4-24, Asset & Wealth Management revenues rose 10% at constant exchange rates to 968 million euros, chiefly thanks to higher management fees year-on-year. Assets under management rose by 13% since the begging of the year to reach a historic high of 1,317 billion euros, with record inflows and a strong positive market and change effects.

GFS operating expenses increased by 8% in Q4-24 and by 7% in 2024, to respectively 1,501 million euros (+7% at constant exchange rates) and 5,651 million euros (+7% at constant exchange rates). This rise in expenses is in line with revenue growth, leading to positive jaws effects in full-year 2024.

In Q4-24, Corporate & Investment Banking operating expenses rose by 5% in line with revenue growth. Asset & Wealth Management expenses rose by 10% at constant exchange rates in Q4-24.

The underlying cost/income ratio³ was 73.1% in Q4-24 and 71.1% in full-year 2024, up 0.7pp and down 0.1pp respectively.

Gross operating income rose 8% in Q4-24 to 553 million euros (+7% at constant exchange rates); it rose 10% in full-year 2024 to 2,296 million euros (+10% at constant exchange rates).

The cost of risk increased by 18% in Q4-24 and by 73% in full-year 2024, to -86 million euros and -268 million euros respectively.

Income before tax rose by 14% in Q4-24 to 479 million euros, and by 4% in full-year 2024 to 2,051 million euros.

Underlying²income before tax for Q4-24 was 479 million euros, up 10%, and stood at 2,051 million euros in full-year 2024, up 3%.

4.2.1 Corporate & Investment Banking
The Corporate & Investment Banking (CIB) business unit includes the Global markets, Global finance, Investment banking and
M&A activities of Natixis.

€m¹	Q4-24	% Change	2024	% Change
Net banking income	1,087	5%	4,440	7%
Operating expenses	(738)	5%	(2,889)	8%
Gross operating income	349	5%	1,551	3%
Cost of risk	(98)	60%	(282)	78%
Income before tax	262	3%	1,293	(3)%
Exceptional items	0	ns	0	ns
Underlying²income before tax	262	1%	1,293	(4)%
Underlying cost/income ratio³	67.9%	0.2pp	65.1%	1.2pp

Global Markets revenues rose by 19% to 452 million euros in full-year 2024. Revenues generated by the Equity business rose 53% to 96 million euros in Q4-24, driven by a strong performance in the Global Securities Financing activity. FIC-T revenues rose by 14% to 354 million euros in Q4-24, driven by a strong performance in the Credit and Foreign Exchange segments.

Global Finance revenues were up 2%, rising to 466 million euros in Q4-24 thanks to the sustained momentum of Trade Finance activities.

Investment Banking revenues were up 6% to 50 million euros in Q4-24, driven by the Acquisition & Strategic Finance and SECM business lines.
The M&A business lines recorded revenues of 361 million euros in full-year 2024, up 11% year-on-year.
Natixis Partners has acquired a stake in Financière de Courcelles in order to strengthen its position in the French M&A market within the small, mid, and upper mid-cap segments.

Net banking income generated by the Corporate & Investment Banking business unit rose by 5% in Q4-24 and by 7% in full-year 2024, to 1,087 million euros and 4,440 million euros respectively.

Operating expenses, which stood at 738 million euros in Q4-24, reflect 5% growth; expenses rose 8% in full-year 2024 to 2,889 million euros, in line with revenue growth.

The underlying cost/income ratio³ increased by 0.2pp to 67.9% in Q4-24, and by 1.2pp to 65.1% in full-year 2024.

Gross operating income rose by 5% in Q4-24 to 349 million euros, and by 3% in full-year 2024 to 1,551 million euros.

The cost of risk stood at -98 million euros, up 60%, in Q4-24, and at -282 million euros, up 78%, in full-year 2024.

Income before tax was up 3% to 262 million euros in Q4-24, and down 3% to 1,293 million euros in full-year 2024.

Underlying²income before tax was up 1% to 262 million euros in Q4-24, and down 4% to 1,293 million euros in full-year 2024.

4.2.2 Asset & Wealth Management
The business unit includes the Asset & Wealth Management activities of Natixis.

€m¹	Q4-24	% Change	2024	% Change
Net banking income	968	11%	3,507	10%
Operating expenses	(763)	11%	(2,763)	6%
Gross operating income	205	12%	744	27%
Income before tax	217	32%	759	21%
Exceptional items	0	ns	0	ns
Underlying²income before tax	217	24%	759	16%
Underlying cost/income ratio³	78.8%	1.0pp	78.8%	(2.0)pp

In Asset Management, assets under management⁴ reached an all-time high of 1,317 billion euros at the end of December 2024, up 13% since the beginning of the year, with record net inflows and strong positive market and currency effects.

Net inflows into Asset Management⁴ reached 40 billion euros in full-year 2024, chiefly thanks to fixed-income products from Loomis Sayles and DNCA, and to life insurance products. Private asset inflows remained positive on an annual basis.

ESG assets accounted for 40.3% of assets under management at the end of December 2024.

Asset management revenues grew at constant exchange rates by 10% in full-year 2024 but also in Q4-2024, driven by a higher level of average assets under management (+10% in Q4-2024).

In Asset Management⁴ in full-year 2024, the total fee rate (excluding performance fees) stood at 25.2bps (stable) and at 36.8bps excluding insurance asset management (-1.1bp).

Net banking income for the Asset & Wealth Management business unit rose by 11% in Q4-24 to 968 million euros, and by 10% in full-year 2024 to 3,507 million euros.

Operating expenses came to 763 million euros, up 11% in Q4-24, and to 2,763 million euros, up 6% in full-year 2024.

The underlying cost/income ratio³increased by 1.0pp in Q4-24 to 78.8%, and improved by 2.0pp in full-year 2024 to 78.8%.

Gross operating income rose by 12% to 205 million euros in Q4-24, and by 27% to 744 million euros in full-year 2024.

Income before tax came to 217 million euros in Q4-24 (+32%), and to 759 million euros in full-year 2024 (+21%).

Underlying²income before tax rose by 24% to 217 million euros in Q4-24, and by 16% to 759 million euros in full-year 2024.

¹ Reported figures until “Income before tax” ² “Underlying” means exclusive of exceptional items ³ The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses ⁴ Asset management: Europe includes Dynamic Solutions and Vega IM; North America includes WCM IM; excluding Wealth Management

ANNEXES

Notes on methodology

Presentation on the pro-forma quarterly results

The 2023 quarterly series are presented pro forma with changes in standards and organization:
The sectoral reallocation of the results of the private equity activities of the entities BP Développement & CE Développement from Corporate center to RB&I and GFS divisions.
The new management standards adopted by Natixis (including the normative allocation of capital to the business lines) within the GFS division.
The main evolutions impact RB&I, GFS and the Corporate center.
The data for 2023 has been recalculated to obtain a like-for-like basis of comparison.
The quarterly series of Groupe BPCE remain unchanged.
The tables showing the transition from reported 2023 to pro-forma 2023 are presented on annexes.

Exceptional items

Exceptional items and the reconciliation of the reported income statement to the underlying income statement of Groupe BPCE are detailed in the annexes.

Net banking income

Customer net interest income, excluding regulated home savings schemes, is computed on the basis of interest earned from transactions with customers, excluding net interest on centralized savings products (Livret A, Livret Développement Durable, Livret Épargne Logement passbook savings accounts) in addition to changes in provisions for regulated home purchase savings schemes. Net interest on centralized savings is assimilated to commissions.

Operating expenses

Operating expenses correspond to the aggregate total of the “Operating Expenses” (as presented in the second amendment of Group’s universal registration document, note 4.7 appended to the consolidated financial statements of Groupe BPCE) and “Depreciation, amortization and impairment for property, plant and equipment and intangible assets.”

Cost/income ratio

Groupe BPCE’s cost/income ratio is calculated on the basis of net banking income and operating expenses excluding exceptional items. The calculations are detailed in the annexes.
Business line cost/income ratios are calculated on the basis of underlying net banking income and operating expenses.

Cost of risk

The cost of risk is expressed in basis points and measures the level of risk per business line as a percentage of the volume of loan outstandings; it is calculated by comparing net provisions booked with respect to credit risks of the period to gross customer loan outstandings at the beginning of the period.

Loan oustandings and deposits & savings

Restatements regarding transitions from book outstandings to outstandings under management are as follows:
Loan outstandings: the scope of outstandings under management does not include securities classified as customer loans and receivables and other securities classified as financial operations,
Deposits & savings: the scope of outstandings under management does not include debt securities (certificates of deposit and savings bonds).

Capital Adequacy

Common Equity Tier 1 is determined in accordance with the applicable CRR II/CRD IV rules, after deductions.
Additional Tier-1 capital takes account of subordinated debt issues that have become non-eligible and subject to ceilings at the phase-out rate in force.
The leverage ratio is calculated in accordance with the applicable CRR II/CRD V rules. Centralized outstandings of regulated savings are excluded from the leverage exposures as are Central Bank exposures for a limited period of time (pursuant to ECB decision 2021/27 of June 18, 2021).

Total loss-absorbing capacity

The amount of liabilities eligible for inclusion in the numerator used to calculate the Total Loss-Absorbing Capacity (TLAC) ratio is determined by article 92a of CRR. Please note that a quantum of Senior Preferred securities has not been included in our calculation of TLAC.
This amount is consequently comprised of the 4 following items:

Common Equity Tier 1 in accordance with the applicable CRR II/CRD IV rules,
Additional Tier-1 capital in accordance with the applicable CRR II/CRD IV rules,
Tier-2 capital in accordance with the applicable CRR II/CRD IV rules,
Subordinated liabilities not recognized in the capital mentioned above and whose residual maturity is greater than 1 year, namely:
- The share of additional Tier-1 capital instruments not recognized in common equity (i.e. included in the phase-out),
- The share of the prudential discount on Tier-2 capital instruments whose residual maturity is greater than 1 year,
- The nominal amount of Senior Non-Preferred securities maturing in more than 1 year.

Liquidity

Total liquidity reserves comprise the following:

Central bank-eligible assets include: ECB-eligible securities not eligible for the LCR, taken for their ECB valuation (after ECB haircut), securities retained (securitization and covered bonds) that are available and ECB-eligible taken for their ECB valuation (after ECB haircut) and private receivables available and eligible for central bank funding (ECB and the Federal Reserve), net of central bank funding,
LCR eligible assets comprising the Group’s LCR reserve taken for their LCR valuation,
Liquid assets placed with central banks (ECB and the Federal Reserve), net of US Money Market Funds deposits and to which fiduciary money is added.

Short-term funding corresponds to funding with an initial maturity of less than, or equal to, 1 year and the short-term maturities of medium-/long-term debt correspond to debt with an initial maturity date of more than 1 year maturing within the next 12 months.
Customer deposits are subject to the following adjustments:

Addition of security issues placed by the Banque Populaire and Caisse d’Epargne retail banking networks with their customers, and certain operations carried out with counterparties comparable to customer deposits
Withdrawal of short-term deposits held by certain financial customers collected by Natixis in pursuit of its intermediation activities.

Business line indicators – BP & CE networks

Average rate (%) for residential mortgages: the average client rate for residential mortgages corresponds to the weighted average of actuarial rates for committed residential mortgages, excluding ancillary items (application fees, guarantees, creditor insurance). The rates are weighted by the amounts committed (offers made, net of cancellations) over the period under review. The calculation is based on aggregate residential mortgages, excluding zero interest rate loans.

Average rate (%) for consumer loans: the average client rate for consumer loans corresponds to the weighted average of the actuarial rates for committed consumer loans, excluding ancillary items (application fees, guarantees, creditor insurance). The rates are weighted by the amounts committed (offers made net of cancellations) over the period under review. The calculation is based on the scope of amortizable consumer loans, excluding overdraft and revolving loans.

Average rate (%) for equipment loans: the average customer rate for equipment loans is the average of the actuarial rates for equipment loans in each volume-weighted market.

Digital indicators

The number of active customers using mobile apps corresponds to the number of customers who have made at least one visit via one mobile apps over one month.
The number of documents checked automatically corresponds to the number of documents transmitted by customers through their digital spaces or in a physical branch and checked automatically: eligibility for the LEP popular passbook savings account and customer intelligence documents (KYC) for consumer loans, mortgages (digital) and new business relationships (digital and physical branches).

Impact indicators

Financing for energy-efficient home renovation for individual clients: this indicator calculates the aggregate annual production of loans granted to individual customers (natural persons) to finance energy renovation work, expressed in €m:

– Rénovation Energétique (Energy Renovation): consumer credit for environmentally-friendly properties,
– ECO PTZ MPR: consumer credit designed for renovation work eligible for the MaPrimeRenov program (government scheme to support energy-efficient home renovation work) for up to a total of €30,000,
– ECO PTZ: interest-free regulated home improvement loan for up to a total of €50,000

Number of unique visitors to the ‘Advice and Sustainable Solutions’ digital module: this indicator calculates the aggregate annual number of unique visitors who consult the ‘Advice and sustainable solutions’ page on BP and CE mobile applications.

Financing BtoB clients in their transition and decarbonization efforts: this indicator calculates the aggregate annual amount of loans granted to businesses to help finance their transition and decarbonization efforts, expressed in €m. This aggregate total is derived from the sum of BtoB loan amounts (Green loans + Impact loans + Vehicle Leasing + Green Lease with Purchase Option/Long-Term Rental agreements (LOA/LDD Green).

Within the scope of CIB activities, Green revenues are comprised of:

Sustainable Finance (GSH scope)
Renewable & new energies franchises
Activities with clients/assets rated Dark & Medium Green (Green Weighting Factor).

(restated for scope reconciliations).

Reconciliation of 2023 data to pro forma data

Retail banking and Insurance	Q1-23
€m	Net banking income	Operating expenses	Income before tax	Income tax	Net income
Reported figures	3,891	(2,496)	1,107	(269)	840
Sectoral reallocation	12	(1)	11	0	11
Pro forma figures	3,903	(2,497)	1,118	(269)	851

Global Financial Services	Q1-23
€m	Net banking income	Operating expenses	Income before tax	Income tax	Net income
Reported figures	1,822	(1,303)	590	(146)	432
Sectoral reallocation	0	0	0	0	0
New rules	32	(2)	30	(4)	26
Pro forma figures	1,854	(1,305)	621	(151)	458

Corporate center	Q1-23
€m	Net banking income	Operating expenses	Income before tax	Income tax	Net income
Reported figures	102	(788)	(729)	(10)	(739)
Sectoral reallocation	(12)	1	(11)	0	(11)
New rules	(32)	2	(30)	4	(26)
Pro forma figures	57	(785)	(771)	(5)	(776)

Retail banking and Insurance	Q2-23
€m	Net banking income	Operating expenses	Income before tax	Income tax	Net income
Reported figures	3,655	(2,459)	952	(224)	729
Sectoral reallocation	(15)	(1)	(15)	(0)	(15)
Pro forma figures	3,640	(2,460)	936	(224)	713

Global Financial Services	Q2-23
€m	Net banking income	Operating expenses	Income before tax	Income tax	Net income
Reported figures	1,798	(1,282)	429	(115)	300
Sectoral reallocation	(0)	(0)	(0)	(0)	(0)
New rules	31	(5)	26	(3)	22
Pro forma figures	1,829	(1,287)	455	(118)	322

Corporate center	Q2-23
€m	Net banking income	Operating expenses	Income before tax	Income tax	Net income
Reported figures	13	(58)	(44)	(14)	(56)
Sectoral reallocation	15	1	16	0	16
New rules	(31)	5	(26)	3	(22)
Pro forma figures	(3)	(52)	(54)	(10)	(63)

Retail banking and Insurance	Q3-23
€m	Net banking income	Operating expenses	Income before tax	Income tax	Net income
Reported figures	3,721	(2,358)	1,072	(268)	799
Sectoral reallocation	(13)	(1)	(14)	0	(14)
Pro forma figures	3,709	(2,359)	1,058	(268)	785

Global Financial Services	Q3-23
€m	Net banking income	Operating expenses	Income before tax	Income tax	Net income
Reported figures	1,736	(1,279)	444	(114)	319
Sectoral reallocation	(0)	(0)	(0)	0	(0)
New rules	31	(4)	27	(4)	23
Pro forma figures	1,767	(1,283)	470	(118)	341

Corporate center	Q3-23
€m	Net banking income	Operating expenses	Income before tax	Income tax	Net income
Reported figures	(3)	(175)	(176)	(23)	(200)
Sectoral reallocation	13	1	14	0	14
New rules	(31)	4	(27)	4	(23)
Pro forma figures	(21)	(170)	(189)	(19)	(210)

Retail banking and Insurance	Q4-23
€m	Net banking income	Operating expenses	Income before tax	Income tax	Net income
Reported figures	3,557	(2,497)	395	(122)	294
Sectoral reallocation	19	(1)	18	(0)	18
Pro forma figures	3,576	(2,499)	413	(122)	312

Global Financial Services	Q4-23
€m	Net banking income	Operating expenses	Income before tax	Income tax	Net income
Reported figures	1,874	(1,389)	391	(118)	255
Sectoral reallocation	0	(1)	(0)	(0)	(0)
New rules	33	(4)	29	(3)	26
Pro forma figures	1,908	(1,394)	420	(121)	280

Corporate center	Q4-23
€m	Net banking income	Operating expenses	Income before tax	Income tax	Net income
Reported figures	31	(243)	(249)	81	(168)
Sectoral reallocation	(20)	2	(18)	0	(18)
New rules	(33)	4	(29)	3	(26)
Pro forma figures	(22)	(237)	(296)	84	(211)

Q4-24 & Q4-23 results : reconcialiation of reported data to alternative performance measures

€m		Net banking income	Operating expenses	Cost of risk	Gains or losses on other assets	Income before tax	Net income – Group share
Reported Q4-24 results		6,046	(4,184)	(596)	(35)	1,262	913
Transformation and reorganization costs	Business lines/Corporate center	0	(86)		(1)	(87)	(64)
Disposals	Corporate center				(1)	(1)	(1)
Q4-24 results excluding exceptional items		6,045	(4,098)	(596)	(34)	1,349	977

€m		Net banking income	Operating expenses	Cost of risk	Gains or losses on other assets	Income before tax	Net income – Group share
Pro forma reported Q4-23 results		5,462	(4,129)	(744)	(43)	537	381
Transformation and reorganization costs	Business lines/Corporate center	(5)	(54)	(34)		(93)	(57)
Disposals	Corporate center				(43)	(43)	(43)
Pro forma Q4-23 results excluding exceptional items		5,467	(4,076)	(710)	(0)	672	481

2024 & 2023 results : reconcialiation of reported data to alternative performance measures

€m		Net banking income	Operating expenses	Cost of risk	Gains or losses on other assets	Income before tax	Net income – Group share
Reported 2024 results		23,317	(16,384)	(2,061)	28	4,956	3,520
Transformation and reorganization costs	Business lines/Corporate center	3	(208)		(1)	(206)	(153)
Disposals	Corporate center	0			(3)	(3)	(3)
2024 results excluding exceptional items		23,314	(16,176)	(2,061)	32	5,165	3,675

€m		Net banking income	Operating expenses	Cost of risk	Gains or losses on other assets	Income before tax	Net income – Group share
Pro forma reported 2023 results		22,198	(16,328)	(1,731)	8	4,182	2,804
Transformation and reorganization costs	Business lines/Corporate center	2	(213)	(32)		(242)	(164)
Disposals	Corporate center				(45)	(45)	(44)
Litigations	Business lines/Corporate center	87				87	87
Pro forma 2023 results excluding exceptional items		22,108	(16,115)	(1,699)	53	4,381	2,925

Groupe BPCE : underying cost to income ratio

€m	Net banking income	Operating expenses	Underlying cost income ratio
Q4-24 reported figures	6,046	(4,184)
Impact of exceptional items	0	(86)
Q4-24 underlying figures	6,045	(4,098)	67.8%

€m	Net banking income	Operating expenses	Underlying cost income ratio
Q4-23 Pro forma reported figures	5,462	(4,129)
Impact of exceptional items	(5)	(54)
Q4-23 Pro forma underlying figures	5,467	(4,076)	74.6%

Groupe BPCE : underying cost to income ratio

€m	Net banking income	Operating expenses	Underlying cost income ratio
2024 reported figures	23,317	(16,384)
Impact of exceptional items	3	(208)
2024 underlying figures	23,314	(16,176)	69.4%

€m	Net banking income	Operating expenses	Underlying cost income ratio
2023 Pro forma reported figures	22,198	(16,328)
Impact of exceptional items	89	(213)
2023 Pro forma underlying figures	22,108	(16,115)	72.9%

Groupe BPCE : quarterly income statement per business line

	RETAIL BANKING & INSURANCE		GLOBAL FINANCIAL SERVICES		CORPORATE CENTER		GROUPE BPCE
€m	Q4-24	Q4-23	Q4-24	Q4-23	Q4-24	Q4-23	Q4-24	Q4-23	%
Net banking income	4,064	3,576	2,055	1,908	(73)	(22)	6,046	5,462	11%
Operating expenses	(2,497)	(2,499)	(1,501)	(1,394)	(186)	(237)	(4,184)	(4,129)	1%
Gross operating income	1,567	1,077	553	514	(259)	(259)	1,862	1,332	40%
Cost of risk	(556)	(643)	(86)	(73)	46	(28)	(596)	(744)	(20)%
Income before tax	998	413	479	420	(215)	(296)	1,262	537	x 2
Income tax	(222)	(122)	(124)	(121)	19	84	(326)	(159)	x 2
Non-controlling interests	(5)	21	(18)	(19)	0	1	(23)	3	ns
Net income – Group share	772	312	337	280	(196)	(211)	913	381	x 2

Groupe BPCE : 2024 income statement per business line

	RETAIL BANKING & INSURANCE		GLOBAL FINANCIAL SERVICES		CORPORATE CENTER		GROUPE BPCE
€m	2024	2023	2024	2023	2024	2023	2024	2023	%
Net banking income	15,397	14,828	7,947	7,358	(27)	12	23,317	22,198	5%
Operating expenses	(9,902)	(9,815)	(5,651)	(5,269)	(831)	(1,244)	(16,384)	(16,328)	0%
Gross operating income	5,495	5,013	2,296	2,088	(858)	(1,232)	6,933	5,870	18%
Cost of risk	(1,751)	(1,505)	(268)	(154)	(43)	(72)	(2,061)	(1,731)	19%
Income before tax	3,807	3,526	2,051	1,966	(902)	(1,310)	4,956	4,182	19%
Income tax	(891)	(882)	(534)	(507)	67	49	(1,357)	(1,340)	1%
Non-controlling interests	(14)	18	(66)	(56)	1	1	(79)	(38)	x 2
Net income – Group share	2,902	2,661	1,452	1,402	(834)	(1,260)	3,520	2,804	26%

Groupe BPCE : quarterly series

GROUPE BPCE
€m	Q1-23	Q2-23	Q3-23	Q4-23	Q1-24	Q2-24	Q3-24	Q4-24
Net banking income	5,815	5,467	5,455	5,462	5,753	5,626	5,892	6,046
Operating expenses	(4,587)	(3,799)	(3,812)	(4,129)	(4,151)	(4,008)	(4,041)	(4,184)
Gross operating income	1,228	1,667	1,642	1,332	1,602	1,618	1,851	1,862
Cost of risk	(326)	(342)	(319)	(744)	(382)	(560)	(523)	(596)
Income before tax	968	1,337	1,339	537	1,233	1,124	1,336	1,262
Net income – Group share	533	973	917	381	875	806	925	913

Groupe BPCE : Consolidated balance sheet

ASSETS €m	Dec. 31, 2024	Dec. 31, 2023
Cash and amounts due from central banks	133,186	152,669
Financial assets at fair value through profit or loss	230,521	214,582
Hedging derivatives	7,624	8,855
Financial assets at fair value through other comprehensive income	57,166	48,073
Securities at amortized cost	27,021	26,373
Loans and advances to banks and similar at amortized cost	115,862	108,631
Loans and receivables due from customers at amortized cost	851,843	839,457
Revaluation difference on interest rate risk-hedged portfolios	(856)	(2,626)
Financial investments of insurance activities	115,631	103,615
Insurance contracts issued – Assets	1,134	1,124
Reinsurance contracts held – Assets	9,320	9,564
Current tax assets	640	829
Deferred tax assets	4,160	4,575
Accrued income and other assets	16,444	14,611
Non-current assets held for sale	438	–
Investments in accounted for using equity method	2,146	1,616
Investment property	733	717
Property, plant and equipment	6,085	6,023
Intangible assets	1,147	1,110
Goodwill	4,312	4,224
TOTAL ASSETS	1,584,558	1,544,022

LIABILITIES €m	Dec. 31, 2024	Dec. 31, 2023
Amounts due to central banks	1	2
Financial liabilities at fair value through profit or loss	218,963	204,023
Hedging derivatives	14,260	14,973
Debt securities	304,957	292,598
Amounts due to banks and similar	69,953	79,634
Amounts due to customers	723,090	711,658
Revaluation difference on interest rate risk-hedged portfolios, liabilities	14	159
Insurance contracts issued – Liabilities	117,551	106,137
Reinsurance contracts held – Liabilities	119	149
Current tax liabilities	2,206	2,026
Deferred tax liabilities	1,323	1,640
Accrued expenses and other liabilities	20,892	22,492
Liabilities associated with non-current assets held for sale	312	–
Provisions	4,748	4,825
Subordinated debt	18,401	18,801
Shareholders’ equity	87,768	84,905
Equity attributable to equity holders of the parent	87,137	84,351
Non-controlling interests	630	553
TOTAL LIABILITIES	1,584,558	1,544,022

Groupe BPCE : Goodwill

€m	Dec. 31, 2023	Acquisitions	IRFS5 reclassifications	Translation adjustments	Dec. 31, 2024
Retail Banking & Insurance	822	58			879
Asset & Wealth Management	3,257	1	(72)	95	3,280
Corporate & Investment Banking	144			7	151
Total	4,224	58	(72)	102	4,312

Groupe BPCE: Statement of changes in shareholders’ equity

€m	Equity attributable to shareholders’ equity
December 31, 2023	84,407
Restatements¹	(56)
December 31, 2023 restated	84,351
Distributions	(833)
Change in capital (cooperative shares)	90
Impact of acquisitions and disposals on non-controlling interests (minority interests)	(48)
Income	3,520
Changes in gains & losses directly recognized in equity	144
Capital gains and losses reclassified as reserves	(31)
Others	(56)
December 31, 2024	87,137

¹ Opening shareholders’ equity has been adjusted for Funding Valuation Adjustments whose non-material impact on income has not given rise to a change in the latter in the 2024 consolidated financial statements

Retail Banking & Insurance: quarterly income statement

	BANQUE POPULAIRE NETWORK			CAISSE D’EPARGNE NETWORK			FINANCIAL SOLUTIONS & EXPERTISE			INSURANCE			DIGITAL & PAYMENTS				OTHER NETWORK				RETAIL BANKING & INSURANCE
€m	Q4-24	Q4-23	%	Q4-24	Q4-23	%	Q4-24	Q4-23	%	Q4-24	Q4-23	%	Q4-24	Q4-23	%	Q4-24		Q4-23	%	Q4-24		Q4-23	%
Net banking income	1,614	1,382	17%	1,616	1,423	14%	334	335	(0)%	171	146	17%	227	199	14%	101		91	12%	4,064		3,576	14%
Operating expenses	(980)	(975)	1%	(1,084)	(1,081)	0%	(169)	(167)	1%	(36)	(41)	(10)%	(173)	(171)	1%	(53)		(63)	(16)%	(2,497)		(2,499)	(0)%
Gross operating income	634	407	56%	531	343	55%	165	168	(2)%	135	105	28%	54	27	96%	48		28	75%	1,567		1,077	45%
Cost of risk	(266)	(282)	(6)%	(205)	(218)	(6)%	(38)	(54)	(31)%				(33)	(69)	(52)%	(15)		(19)	(23)%	(556)		(643)	(13)%
Income before tax	352	149	x2	328	126	x3	125	112	12%	141	107	32%	20	(89)	ns	33		9	x4	998		413	x2
Income tax	(73)	(45)	62%	(78)	(20)	x4	(33)	(27)	22%	(29)	(25)	16%	0	(2)	ns	(8)		(2)	x4	(222)		(122)	82%
Non-controlling interests	(0)	(6)	(94)%	(1)	(3)	(66)%	0	(0)	ns	0	(1)	ns	(3)	30	ns					(5)		21	ns
Net income – Group share	278	98	x3	248	103	x2	92	85	8%	112	81	39%	16	(61)	ns	25		7	x4	772		312	x2

	BANQUE POPULAIRE NETWORK			CAISSE D’EPARGNE NETWORK			FINANCIAL SOLUTIONS & EXPERTISE			INSURANCE			DIGITAL & PAYMENTS				OTHER NETWORK				RETAIL BANKING & INSURANCE
€m	2024	2023	%	2024	2023	%	2024	2023	%	2024	2023	%	2024	2023	%	2024		2023	%	2024		2023	%
Net banking income	6,098	5,862	4%	6,054	5,858	3%	1,303	1,274	2%	694	633	10%	873	816	7%	375		384	(2)%	15,397		14,828	4,%
Operating expenses	(4,047)	(3,970)	2%	(4,216)	(4,181)	1%	(636)	(630)	1%	(143)	(163)	(12)%	(646)	(652)	(1)%	(213)		(218)	(2)%	(9,902)		(9,815)	1%
Gross operating income	2,051	1,892	8%	1,838	1,677	10%	667	644	3%	550	470	17%	227	164	39%	162		166	(2)%	5,495		5,013	10%
Cost of risk	(814)	(651)	25%	(640)	(553)	16%	(108)	(98)	11%				(126)	(171)	(26)%	(62)		(33)	89%	(1,751)		(1,505)	16%
Income before tax	1,285	1,308	(2)%	1,200	1,125	7%	555	545	2%	566	475	19%	97	(68)	ns	103		140	(26)%	3,807		3,526	8%
Income tax	(307)	(329)	(7)%	(264)	(254)	4%	(146)	(140)	4%	(123)	(99)	24%	(27)	(25)	9%	(24)		(35)	(30)%	(891)		(882)	1%
Non-controlling interests	(9)	(24)	(64)%	(5)	(7)	(24)%	0	(0)	ns	0	(0)	ns	(0)	49	ns					(14)		18	ns
Net income – Group share	970	954	2%	931	864	8%	409	405	1%	443	376	18%	70	(43)	ns	79		106	(25)%	2,902		2,661	9%

Retail Banking & Insurance: 2024 income statement

Retail banking & insurance: quarterly series

RETAIL BANKING & INSURANCE
€m	Q1-23	Q2-23	Q3-23	Q4-23	Q1-24	Q2-24	Q3-24	Q4-24
Net banking income	3,903	3,640	3,709	3,576	3,763	3,701	3,869	4,064
Operating expenses	(2,497)	(2,460)	(2,359)	(2,499)	(2,547)	(2,456)	(2,403)	(2,497)
Gross operating income	1,406	1,180	1,350	1,077	1,217	1,245	1,467	1,567
Cost of risk	(308)	(252)	(302)	(643)	(296)	(475)	(423)	(556)
Income before tax	1,118	936	1,058	413	934	831	1,044	998
Net income – Group share	851	713	785	312	709	637	785	772

Retail Banking & Insurance: Banque Populaire and Caisse d’Epargne networks quarterly series

BANQUE POPULAIRE NETWORK
€m	Q1-23	Q2-23	Q3-23	Q4-23	Q1-24	Q2-24	Q3-24	Q4-24
Net banking income	1,569	1,442	1,469	1,382	1,489	1,489	1,506	1,614
Operating expenses	(1,018)	(1,015)	(961)	(975)	(1,043)	(1,025)	(999)	(980)
Gross operating income	551	427	508	407	445	464	508	634
Cost of risk	(132)	(110)	(127)	(282)	(125)	(228)	(195)	(266)
Income before tax	434	328	398	149	329	290	315	352
Net income – Group share	332	240	284	98	252	210	230	278

CAISSE D’EPARGNE NETWORK
€m	Q1-23	Q2-23	Q3-23	Q4-23	Q1-24	Q2-24	Q3-24	Q4-24
Net banking income	1,537	1,465	1,432	1,423	1,454	1,467	1,517	1,616
Operating expenses	(1,066)	(1,041)	(993)	(1,081)	(1,085)	(1,038)	(1,008)	(1,084)
Gross operating income	470	424	440	343	368	429	509	531
Cost of risk	(136)	(84)	(115)	(218)	(100)	(176)	(159)	(205)
Income before tax	334	340	325	126	270	252	350	328
Net income – Group share	253	256	253	103	208	194	281	248

Retail Banking & Insurance: FSE quarterly series

FINANCIAL SOLUTIONS & EXPERTISE
€m	Q1-23	Q2-23	Q3-23	Q4-23	Q1-24	Q2-24	Q3-24	Q4-24
Net banking income	315	306	318	335	327	320	322	334
Operating expenses	(157)	(151)	(154)	(167)	(162)	(154)	(151)	(169)
Gross operating income	158	155	164	168	166	166	171	165
Cost of risk	(6)	(19)	(18)	(54)	(24)	(22)	(24)	(38)
Income before tax	151	136	146	112	141	143	146	125
Net income – Group share	112	102	107	85	104	106	108	92

Retail Banking & Insurance: Insurance quarterly series

INSURANCE
€m	Q1-23	Q2-23	Q3-23	Q4-23	Q1-24	Q2-24	Q3-24	Q4-24
Net banking income	180	126	181	146	188	118	217	171
Operating expenses	(43)	(37)	(42)	(41)	(42)	(25)	(40)	(36)
Gross operating income	137	89	139	105	146	93	177	135
Income before tax	139	93	137	107	149	99	177	141
Net income – Group share	109	83	103	81	113	92	126	112

Retail Banking & Insurance: Digital & Payments quarterly series

DIGITAL & PAYMENTS
€m	Q1-23	Q2-23	Q3-23	Q4-23	Q1-24	Q2-24	Q3-24	Q4-24
Net banking income	205	203	209	199	215	214	218	227
Operating expenses	(161)	(163)	(157)	(171)	(160)	(159)	(154)	(173)
Gross operating income	44	40	52	27	55	55	64	54
Cost of risk	(32)	(41)	(29)	(69)	(31)	(32)	(30)	(33)
Income before tax	8	(6)	19	(89)	24	22	32	20
Net income – Group share	7	(3)	13	(61)	17	16	21	16

Retail Banking & Insurance: Other network quarterly series

OTHER NETWORK
€m	Q1-23	Q2-23	Q3-23	Q4-23	Q1-24	Q2-24	Q3-24	Q4-24
Net banking income	97	97	99	91	91	93	90	101
Operating expenses	(51)	(52)	(52)	(63)	(55)	(55)	(51)	(53)
Gross operating income	46	45	47	28	37	38	39	48
Cost of risk	(2)	2	(14)	(19)	(16)	(17)	(14)	(15)
Income before tax	52	47	33	9	20	25	25	33
Net income – Group share	39	36	25	7	16	19	20	25

Global Financial Services: quarterly income statement per business line

	ASSET AND WEALTH MANAGEMENT		CORPORATE & INVESTMENT BANKING		GLOBAL FINANCIAL SERVICES
€m	Q4-24	Q4-23	Q4-24	Q4-23	Q4-24	Q4-23	%
Net banking income	968	874	1,087	1,034	2,055	1,908	8%
Operating expenses	(763)	(691)	(738)	(703)	(1,501)	(1,394)	8%
Gross operating income	205	183	349	331	553	514	8%
Cost of risk	12	(12)	(98)	(62)	(86)	(73)	18%
Share in net income of associates	0	0	12	4	12	4	x3
Gains or losses on other assets	0	(7)	0	(17)	0	(24)	ns
Income before tax	217	165	262	255	479	420	14%
Net income – Group share	143	105	194	176	337	280	20%

Global Financial Services: 2024 income statement per business line

	ASSET AND WEALTH MANAGEMENT		CORPORATE & INVESTMENT BANKING		GLOBAL FINANCIAL SERVICES
€m	2024	2023	2024	2023	2024	2023	%
Net banking income	3,507	3,192	4,440	4,166	7,947	7,358	8%
Operating expenses	(2,763)	(2,604)	(2,889)	(2,666)	(5,651)	(5,269)	7%
Gross operating income	744	588	1,551	1,500	2,296	2,088	10%
Cost of risk	14	4	(282)	(158)	(268)	(154)	73%
Share in net income of associates	0	0	23	13	23	14	67%
Gains or losses on other assets	0	35	0	(17)	0	18	ns
Income before tax	759	627	1,293	1,338	2,051	1,966	4%
Net income – Group share	500	425	952	977	1,452	1,402	4%

Global Financial Services: quarterly series

GLOBAL FINANCIAL SERVICES
€m	Q1-23	Q2-23	Q3-23	Q4-23	Q1-24	Q2-24	Q3-24	Q4-24
Net banking income	1,854	1,829	1,767	1,908	1,933	1,983	1,976	2,055
Operating expenses	(1,305)	(1,287)	(1,283)	(1,394)	(1,368)	(1,366)	(1,415)	(1,501)
Gross operating income	549	542	483	514	564	617	561	553
Cost of risk	27	(91)	(17)	(73)	(58)	(82)	(41)	(86)
Income before tax	621	455	470	420	510	539	525	479
Net income – Group share	458	322	341	280	364	384	366	337

Corporate & Investment Banking: quarterly series

CORPORATE & INVESTMENT BANKING
€m	Q1-23	Q2-23	Q3-23	Q4-23	Q1-24	Q2-24	Q3-24	Q4-24
Net banking income	1,074	1,056	1,002	1,034	1,102	1,133	1,118	1,087
Operating expenses	(661)	(651)	(650)	(703)	(706)	(694)	(751)	(738)
Gross operating income	412	405	352	331	396	439	367	349
Cost of risk	21	(90)	(28)	(62)	(54)	(91)	(39)	(98)
Income before tax	437	318	328	255	346	352	333	262
Net income – Group share	321	233	247	176	255	261	242	194

Asset & Wealth Management: quarterly series

ASSET & WEALTH MANAGEMENT
€m	Q1-23	Q2-23	Q3-23	Q4-23	Q1-24	Q2-24	Q3-24	Q4-24
Net banking income	781	773	764	874	830	850	858	968
Operating expenses	(644)	(636)	(633)	(691)	(662)	(673)	(664)	(763)
Gross operating income	137	137	131	183	168	178	194	205
Cost of risk	6	(1)	11	(12)	(5)	9	(2)	12
Income before tax	184	136	143	165	163	187	192	217
Net income – Group share	137	89	94	105	109	123	124	143

Corporate center: quarterly series

CORPORATE CENTER
€m	Q1-23	Q2-23	Q3-23	Q4-23	Q1-24	Q2-24	Q3-24	Q4-24
Net banking income	57	(3)	(21)	(22)	57	(58)	46	(73)
Operating expenses	(785)	(52)	(170)	(237)	(236)	(186)	(223)	(186)
Gross operating income	(728)	(55)	(191)	(259)	(179)	(244)	(176)	(259)
Cost of risk	(46)	1	0	(28)	(28)	(2)	(59)	46
Share in income of associates	2	0	1	(9)	3	0	1	5
Gains or losses on other assets	(0)	0	(0)	(0)	(6)	1	3	(8)
Income before tax	(771)	(54)	(189)	(296)	(210)	(245)	(232)	(215)
Net income – Group share	(776)	(63)	(210)	(211)	(198)	(215)	(226)	(196)

DISCLAIMER

This document may contain forward-looking statements and comments relating to the objectives and strategy of Groupe BPCE. By their very nature, these forward-looking statements inherently depend on assumptions, project considerations, objectives and expectations linked to future events, transactions, products and services as well as on suppositions regarding future performance and synergies.

No guarantee can be given that such objectives will be realized; they are subject to inherent risks and uncertainties and are based on assumptions relating to the Group, its subsidiaries and associates and the business development thereof; trends in the sector; future acquisitions and investments; macroeconomic conditions and conditions in the Group’s principal local markets; competition and regulation. Occurrence of such events is not certain, and outcomes may prove different from current expectations, significantly affecting expected results. Actual results may differ significantly from those anticipated or implied by the forward-looking statements. Groupe BPCE shall in no event have any obligation to publish modifications or updates of such objectives.

Information in this presentation relating to parties other than Groupe BPCE or taken from external sources has not been subject to independent verification; the Group makes no statement or commitment with respect to this third-party information and makes no warranty as to the accuracy, fairness, precision or completeness of the information or opinions contained in this press release. Neither Groupe BPCE nor its representatives shall be held liable for any errors or omissions or for any harm that may result from the use of this presentation or of its contents or any related material, or of any document or information referred to in this presentation.

The financial information presented in this document relating to the fiscal period ended December 31, 2024 has been drawn up in compliance with IFRS standards, as adopted in the European Union.
This financial information is not the equivalent of summary financial statements for an interim period as defined by IAS 34 “Interim Financial Reporting”.

Preparation of the financial information requires Management to make estimates and assumptions in certain areas regarding uncertain future events.

These estimates are based on the judgment of the individuals preparing this financial information and the information available at the date of the balance sheet. Actual future results may differ from these estimates. For further information, see chapter 5, part 5.1, note 2.3 “Use of estimates and judgments” of the Universal Registration Document 2023 filed with the Autorité des Marchés Financiers, the French financial markets authority.
With respect to the financial information of Groupe BPCE for the quarter ended December 31, 2024, and in view of the context mentioned above, attention should be drawn to the fact that the estimated increase in credit risk and the calculation of expected credit losses (IFRS 9 provisions) are largely based on assumptions that depend on the macroeconomic context.

Significant factors liable to cause actual results to differ from those anticipated in the projections are related to the banking and financial environment in which Groupe BPCE operates, which exposes it to a multitude of risks. These potential risks liable to affect Groupe BPCE’s financial results are detailed in the “Risk factors & risk management” chapter of the latest amendment to the 2023 Universal Registration Document filed with the Autorité des Marchés Financiers.

Investors are advised to consider the uncertainties and risk factors liable to affect the Group’s operations when examining the information contained in the projection elements.

The financial results contained in this presentation have not been reviewed by the statutory auditors. The quarterly financial information of Groupe BPCE for the period ended December 31, 2024, approved by the Management Board at a meeting convened on February 3, 2025, were verified and reviewed by the Supervisory Board at a meeting convened on February 5, 2025.

The sum of the values shown in the tables and analyses may differ slightly from the total reported owing to rounding effects.

About Groupe BPCE
Groupe BPCE is the second-largest banking group in France. Through its 100,000 staff, the group serves 35 million customers – individuals, professionals, companies, investors and local government bodies – around the world. It operates in the retail banking and insurance fields in France via its two major networks, Banque Populaire and Caisse d’Epargne, along with Banque Palatine and Oney. It also pursues its activities worldwide with the wholesale banking expertise of Natixis Corporate & Investment Banking and with the asset & wealth management services provided by Natixis Investment Managers.
The Group’s financial strength is recognized by four financial rating agencies: Moody’s (A1, stable outlook), Standard & Poor’s (A+, stable outlook), Fitch (A+, stable outlook) and R&I (A+, stable outlook).

groupebpce.com

Attachment

Groupe BPCE_PR_Results_Q4-24 & 2024_FV

The MIL Network –

February 6, 2025

MIL-OSI Global: Turkey’s earthquake reconstruction efforts must balance speed with fairness

Source: The Conversation – Canada – By Fatma Ozdogan, PhD Candidate & Researcher, Université de Montréal

Earthquake survivors in Hatay Province, Turkey, on Sept. 6, 2024. (Fatma Özdoğan)

Two years after the devastating 2023 earthquakes in Turkey that killed about 60,000 people and caused the collapse of 57,000 buildings, the country’s recovery remains slow, fragmented, and heavily politicized.

Despite large-scale reconstruction efforts, branded the “Reconstruction of the Century,” there is no clear strategy or timeline, and affected communities are still excluded from decision-making.

Given the scale of destruction, reconstruction efforts will likely take years. Large-scale government housing projects on city outskirts are being prioritized due to their speed and the ease of land acquisition. However, these developments often come at the cost of uprooting established communities, pushing people into peripheral areas with limited access to services like transport and education and fewer economic opportunities.

Temporary accommodations like container cities continue to deteriorate. Overcrowding, inadequate sanitation and unreliable access to clean water, electricity, health care and education are widespread. Women face heightened safety risks, and schools are overwhelmed, forcing many families to relocate unwillingly or leaving children with no option but to hitchhike to school.

‘Disaster of the century’ narrative

From the outset, Turkey’s political leadership framed the 2023 earthquakes as the “disaster of the century,” using their scale to deflect scrutiny from governance failures. Weak enforcement of earthquake regulations and systemic negligence played a key role in the destruction, yet officials have avoided accountability.

This narrative was reinforced by contractors facing trial, who claimed the devastation was caused by an extraordinary natural event rather than poor construction practices or regulatory failures. By portraying the disaster as unavoidable, they have sought to shift responsibility away from those who contributed to the destruction.

The rapid removal of debris further weakened efforts to establish accountability. Clearing ruins so quickly erased critical evidence that could have explained why some buildings collapsed while others remained standing. Many structures were never properly assessed, and legal cases against those responsible have struggled to move forward due to missing documentation.

Survivors seeking justice remain trapped in lengthy legal battles with little hope for accountability. Among them are initiatives like Families in Pursuit of Justice and the Association for the Survival of the Champion Angels, led by relatives of victims, continue to demand accountability from contractors and officials.

It is important to note that earthquake-induced ground motions in a few localities did exceed the parameters defined in the building codes, but this should only have resulted in damage, not total building collapses.

Land expropriation and legal battles

Turkey’s construction industry, closely tied to political power, has benefited from disaster recovery, reinforcing existing economic and political hierarchies. Large-scale reconstruction projects serve as an economic engine, giving firms with close government ties an advantage while sidelining local communities.

The awarding of large-scale projects without competitive bidding has fuelled concerns that reconstruction is prioritizing political and economic interests over the needs of local communities.

One of the key mechanisms enabling top-down reconstruction is the designation of reserve areas, a legal tool allowing the state to expropriate land for redevelopment under the justification of disaster recovery and urban renewal. This process has often led to forced displacement, particularly in areas with high land value or where redevelopment aligns with broader political and economic interests.

This is evident in Akevler, a neighbourhood in central Antakya, where residents received sudden expropriation orders, even for structurally sound or repaired homes. Many launched legal challenges, marking their buildings with signs reading “Do not demolish; in court” to resist state-led destruction.

In November 2024, there was a significant legal victory for residents when a court issued a stay within the reserve area in Akevler. The court cited “irreparable harm” and ruled that demolitions and evictions could not proceed without due legal process. This decision also extended to vacant parcels, reinforcing concerns about arbitrary land seizures.

Beyond urban areas, rapid recovery decisions have also disregarded environmental concerns. In Defne, Hatay, earthquake survivor Çiğdem Mutlu Arslan has been fighting to protect her family’s ancestral olive grove. In July 2024, a contractor — citing post-disaster road construction — cut down 32 of 40 trees, some more than 150 years old, without an expropriation decision.

Determined to resist further encroachment, Arslan set up camp on her land, documenting the destruction and raising awareness of how recovery policies are exacerbating environmental degradation. Her struggle reflects broader post-disaster consequences, where recovery efforts threaten communities, heritage and the environment.

‘Building Back Better’

While these struggles highlight the shortcomings of post-disaster recovery, there are potentially better and fairer ways to approach reconstruction. Building Back Better (BBB) has become a central principle globally accepted, shaping expectations for reconstruction.

Introduced by the United Nations after the 2004 Indian Ocean tsunami, BBB promotes rebuilding stronger, more resilient and more equitable communities rather than simply restoring pre-disaster conditions. BBB prioritizes disaster-resistant infrastructure, social equity and sustainability to reduce future risks.

Yet, BBB faces significant challenges. The tension between rapid reconstruction and long-term resilience often leads to trade-offs, where speed takes priority over equity and sustainability. Vulnerable communities, particularly low-income groups with insecure land tenure rights, frequently receive inadequate attention, exacerbating pre-existing inequalities.

For BBB to be effective, recovery strategies must be inclusive and adapted to local contexts. However, many disaster-prone regions lack the social safety nets and institutional capacity to implement BBB successfully. Additionally, the framework’s broad and ambiguous goals often result in inconsistent applications, where vulnerabilities are reinforced rather than addressed.

A more effective path forward

Drawing from these examples and considering the global discourse around post-disaster recovery, a more effective approach must prioritize social justice, transparency and long-term resilience. Several key measures should be considered:

A people-centred recovery: Reconstruction must prioritize affected communities rather than external economic or political interests. Ensuring access to stable housing, education and health care while addressing existing inequalities is crucial. Organized civil society groups can assist with articulating needs and developing community-driven plans. Decentralized access to financing for communities coupled with technical support can help with realizing these plans.

Transparency and accountability: Decision-making must be open to public scrutiny, and legal rulings must be enforced.

Challenging dominant narratives: Moving beyond narratives that frame disasters as inevitable is critical. Acknowledging governance failures and addressing systemic issues will be key to preventing future tragedies.

Balancing speed with resilience: While urgent needs must be met, reconstruction should incorporate more sustainable planning to prevent future displacement and social impacts.

Reforming the construction industry: Ensuring the effective enforcement of regulations and addressing systemic gaps in oversight are essential to reducing vulnerability to future disasters.

Without these measures, Turkey risks repeating past mistakes, deepening inequalities and failing to provide stability for disaster-affected communities.

Cassidy Johnson receives funding from UK Engineering and Physical Sciences Research Council, “Learning from Earthquakes: Building Resilient Communities Through Earthquake Reconnaissance, Response and Recovery,” grant EP/P025951/1.

Fatma Ozdogan 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. Turkey’s earthquake reconstruction efforts must balance speed with fairness – https://theconversation.com/turkeys-earthquake-reconstruction-efforts-must-balance-speed-with-fairness-248730

MIL OSI – Global Reports –

February 6, 2025
MIL-OSI Canada: New B.C. council will advocate for forestry workers
Source: Government of Canada regional news
The Province has formed a new council to advance British Columbia’s interests in the long-standing softwood lumber dispute with the United States.

The council brings together leaders from the forestry sector and labour, alongside experts on U.S. relations and officials from the B.C. government.

The B.C. Softwood Lumber Advisory Council convened its first meeting on Jan. 30, 2025, and will meet regularly. It advises the Minister of Forests on the dispute, including the sixth administrative review, providing recommendations on steps B.C. can take to eliminate the 14.4% softwood lumber duties. The council will also help the Province advocate to the federal government as these duties continue to take their toll on B.C.’s forestry sector.

“The U.S. has imposed unjustified softwood lumber duties on Canada for years, and we anticipate that they will likely double before the end of this year,” said Ravi Parmar, Minister of Forests. “Bringing this team together, I am ready to throw the full weight of B.C. in the ring to fight these duties. We are going to defend the hard-working forestry workers of B.C. from these unfair duties.”

Parmar will chair the council with a focus on diplomatic and trade strategy and measures to fight for B.C.’s interests in the softwood lumber dispute with the U.S. Council members are:
- Harry Bains, former minister of labour, Government of B.C.
- Dan Battistella, former president, Interior Lumber Manufacturers’ Association
- Linda Coady, former president and CEO, BC Council of Forest Industries
- Geoff Dawe, national president, Public and Private Workers of Canada
- Rick Doman, chairman, Boreal Carbon Corporation and former forestry executive
- Scott Lunny, western director, United Steelworkers
- Gavin McGarrigle, western regional director, Unifor
- Ric Slaco, former vice-president and chief forester, Interfor
- Dallas Smith, president and CEO, Na̲nwak̲olas Council
“The U.S. forest industry alleges that Canadian softwood lumber is subsidized and companies sell in the U.S. at below-market prices,” Parmar said. “This is wrong; these allegations couldn’t be farther from the truth. We’ve been very clear that we’re happy to come to the table, but that can’t happen if the U.S. industry isn’t willing to negotiate.”

Although this dispute with the U.S. goes back decades, this most recent iteration of the dispute follows the expiry of the Softwood Lumber Agreement in 2015. At the request of the U.S. lumber industry, the U.S. imposed duties on Canadian softwood lumber, starting in 2017. The B.C. government has worked with the Government of Canada to pursue claims through all available avenues, including under the North American Free Trade Agreement, the Canada-U.S.-Mexico Agreement, the World Trade Organization and the U.S. Court of International Trade.

Past dispute settlement panels have consistently ruled in Canada’s favour in the ongoing softwood lumber dispute, determining that B.C.’s forest policies are compliant with international agreements.

Quick Facts:
- B.C. softwood lumber accounts for nearly 10% of lumber used to build American homes.
- Canada is the U.S.’s largest source of forest product imports, making up 44% in 2023.
- U.S. consumers will pay for these tariffs and duties, leading to higher prices for the goods and materials people need to build homes, or repair and remodel them.
- In 2023, B.C. exported more than $3.3 billion worth of softwood lumber to the U.S.
Learn More:

To learn more about the history of softwood lumber dispute and the actions B.C. has taken, visit: https://www2.gov.bc.ca/gov/content/industry/forestry/competitive-forest-industry/softwood-lumber-trade-with-the-u-s
MIL OSI Canada News –
February 6, 2025
MIL-OSI USA: Governor Stein Announces Cold Storage Company Will Create 123 Jobs In Robeson County

Source: US State of North Carolina

Headline: Governor Stein Announces Cold Storage Company Will Create 123 Jobs In Robeson County

Governor Stein Announces Cold Storage Company Will Create 123 Jobs In Robeson County
bwood
Wed, 02/05/2025 – 11:25

Raleigh, NC

Today, Governor Josh Stein announced that Cold-Link Logistics, a cold storage management firm, will create 123 new jobs in Robeson County. The company will invest $85.5 million to build a cold storage warehouse in Lumberton.

“North Carolina is consistently ranked as a top state to do business thanks to our skilled workforce, robust transportation infrastructure, and friendly business climate,” said Governor Josh Stein. “We are proud to welcome Cold-Link Logistics to our state and to partner with them to bring more jobs to Robeson County.”

A subsidiary of family-owned Mandich Group, Cold-Link Logistics is a full-service third-party logistics cold storage company. Headquartered in Florida, the company’s cold storage locations provide customized product handling, storage, order picking and load preparation, blast freezing, and other value-added logistics services. Cold-Link Lumberton will be a modern 233,000-square-foot temperature-controlled building that will serve the local and regional poultry business, as well as a broad variety of other food companies, manufacturers, and distributors. The company is building on 55 acres in the new Southeast Crossroads Industrial Park.

“We are excited to expand our footprint into the great State of North Carolina,” said Michael Mandich, Managing Partner of Cold-Link Logistics. “We have listened to our customers and their need for additional cold storage warehousing in the Southeast regions surrounding Lumberton. There’s a strong interest among the protein and other food manufacturers in this area to work with a family owned and operated company like Cold-Link that can offer first-class, value-added services. The Robeson County Community has welcomed us with open arms. After looking into many areas to expand our business we knew this was the right place to locate our 10th facility.”

“North Carolina’s supply chain for food and agriculture has always been an economic driver for our state,” said N.C. Commerce Secretary Lee Lilley. “Our agricultural legacy and commitment to innovation will help companies like Cold-Link establish its operations and increase its footprint in the southeastern United States.”

New positions for the company include managers, supervisors, warehouse staff, and shipping and receiving personnel. Wages for the positions will vary, but altogether, the average annual salary will be $50,128, which exceeds the Robeson County average of $42,964. These new jobs could create a potential annual payroll impact of more than $6.1 million.

A performance-based grant of $375,000 from the One North Carolina Fund has been awarded to MG88 Lumberton Cold Storage, LLC, which does business under the name Cold-Link Logistics Lumberton, LLC, to support the project locating to Robeson County. The OneNC Fund provides financial assistance to local governments to help attract economic investment and to create jobs. Companies receive no money upfront and must meet job creation and capital investment targets to qualify for payment. All OneNC grants require a matching participation from local governments, and any award is contingent upon that condition being met.

“This is fantastic news for region and the entire state,” said Senator Danny Earl Britt, Jr. “Being situated along the I-95 corridor, Lumberton is a great location for warehouse and distribution companies looking to invest in growing markets with a solid pipeline of talent.”

“Cold-Link’s decision to build in the Southeast Crossroads Industrial Park is yet another symbol of the strong collaboration to grow our state’s economy,” said Representative Jarrod Lowery. “We are grateful for all the state, regional, and local partners that helped prepare the site and Robeson County for economic development wins such as this.”

In addition to the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina, other key partners in this project include the North Carolina General Assembly, North Carolina Community College System, Golden LEAF Foundation, Electricities, Robeson County, Robeson County Committee of 100, North Carolina’s Southeast, and the City of Lumberton.

Feb 5, 2025

MIL OSI USA News –

February 6, 2025
MIL-OSI: TrendPulse Quantitative Think Tank Center Leads Innovation in FinTech Under Johnathan Walker

Source: GlobeNewswire (MIL-OSI)

Denver, CO, Feb. 05, 2025 (GLOBE NEWSWIRE) — TrendPulse Quantitative Think Tank Center continues to lead innovation in the financial technology (FinTech) space, under the guidance of Johnathan Walker. The center’s commitment to integrating advanced technologies into financial strategies has created groundbreaking tools for investors looking to stay ahead of market trends, manage risk more effectively, and streamline investment processes.

Pioneering Financial Technology

In an era where the financial landscape is rapidly evolving, TrendPulse has positioned itself at the forefront of FinTech innovation. The center has developed cutting-edge solutions that integrate powerful data analytics, machine learning, and automation to reshape investment strategies. By combining quantitative investment models with state-of-the-art technology, TrendPulse provides investors with the tools they need to make better decisions and drive growth in an increasingly competitive market.

Empowering Investors with Data and Automation

A key pillar of TrendPulse’s success has been its ability to harness the power of data and automation. Under Johnathan Walker’s leadership, the center has introduced machine learning algorithms that analyze vast amounts of market data, enabling real-time predictions and automated trading. These tools allow investors to react quickly to market changes, optimize their portfolios, and execute strategies with minimal manual intervention. As a result, investors can capitalize on opportunities faster and more efficiently, significantly improving their potential for returns.

The center’s use of automated systems also reduces human error, enhances accuracy, and provides a scalable solution that adapts to changing market conditions. Whether institutional investors or individual clients, TrendPulse’s automated solutions make it easier for users to optimize their investments while minimizing risks.

Transforming Investment Strategy with Predictive Analytics

One of the standout features of TrendPulse’s offerings is its use of predictive analytics to forecast market trends and guide decision-making. By leveraging advanced algorithms and big data, the center helps investors identify emerging opportunities, detect potential risks, and allocate assets more strategically. This approach enables investors to stay ahead of the curve, making data-driven decisions that have a higher probability of success.

TrendPulse’s predictive tools have proven particularly valuable for identifying undervalued assets, recognizing short-term trading opportunities, and optimizing long-term investment strategies. The integration of these data-driven insights ensures that investors are not just reacting to market movements, but proactively shaping their portfolios for better outcomes.

A Vision for the Future of FinTech

Looking forward, TrendPulse Quantitative Think Tank Center aims to further expand its FinTech capabilities. The center plans to incorporate even more advanced technologies such as artificial intelligence and blockchain into its offerings, providing an even greater level of sophistication in its investment tools. Johnathan Walker’s vision for the future is clear: to provide users with next-generation technology that empowers them to navigate the complexities of modern financial markets with confidence.

The goal is not just to keep up with market changes, but to stay ahead of them. By continuously refining its investment tools and integrating the latest technological advancements, TrendPulse remains at the cutting edge of the FinTech industry.

Building a Stronger Investment Ecosystem

TrendPulse is not just creating innovative tools for individual investors; it is also fostering a broader investment ecosystem. The center has built a collaborative platform where investors can share knowledge, engage in discussions, and learn from each other. By promoting a community-driven environment, TrendPulse ensures that users not only have access to advanced technologies but also a network of like-minded individuals who are committed to shared financial success.

Conclusion

TrendPulse Quantitative Think Tank Center’s commitment to innovation in financial technology is reshaping the way investors approach the markets. Through advanced data analytics, machine learning, and automation, the center has empowered users to make smarter, data-driven decisions. As Johnathan Walker continues to lead the charge, TrendPulse will undoubtedly remain at the forefront of the FinTech revolution, providing investors with the tools, insights, and community needed to succeed in a rapidly evolving financial landscape.

The MIL Network –

February 6, 2025
MIL-OSI Economics: IADC Welcomes 2 New Regional Reps for Latin America

Source: International Association of Drilling Contractors – IADC

Headline: IADC Welcomes 2 New Regional Reps for Latin America

IADC recently welcomed two new Regional Representatives for the IADC Latin America (LATAM) Regional Chapter: Soraya Carvalho and Ricardo Carvalho of Soraya & Carvalho Consulting.

Soraya and Ricardo each bring over 17 years of industry experience and have been actively involved with the IADC LATAM Chapter since its beginning. Their extensive backgrounds include leadership roles at NOV, Transocean, and IADC, where they gained deep expertise in business development, sales, project management, contract negotiations, strategic planning, and overall business operations. In addition to running their own consulting firm, Soraya and Ricardo are key members of Sophia Oilfield Supply Services — Ricardo serves as the Director of Operations – LATAM, while Soraya is the VP of Sales – LATAM.

IADC is very pleased to welcome Soraya and Ricardo as the new IADC LATAM Chapter Regional Representatives. Their dynamic leadership will be key to strengthening our community and enhancing Member value throughout the region.

MIL OSI Economics –

February 6, 2025
MIL-OSI Submissions: Tech – Ivo raises $16M Series A to deliver reliable AI contract review at scale, as it launches Ivo Search Agent

Source: Ivo

AI-powered legal assistant cuts contract review time by 75%, as demand surges for intelligent automation in corporate legal departments.

San Francisco, California – February 6, 2024; Contract negotiation remains the most challenging bottleneck in the contract lifecycle, with legal teams spending hours on manual redlining and revisions while ensuring perfect accuracy. As contract volumes surge, in-house lawyers face mounting pressure to review more agreements than ever before – yet traditional automation tools prioritize speed over accuracy, forcing legal teams to choose between efficiency and reliability. Today, Ivo announces a $16 million Series A funding round to scale its AI-powered contract review solution that has already helped over 150 corporate legal teams negotiate their agreements. Ivo’s customers include companies like Canva, Fonterra, Pipedrive, Weightwatchers, Eventbrite, Blue Cross Blue Shield Kansas City, and several Fortune 500’s.

The Series A funding round is led by Costanoa Ventures, with participation from Fika Ventures, Uncork Capital, NFDG, Blackbird VC, GD1, and Phase One Ventures. It brings Ivo’s total funding to $22.2 million, following early backing from Daniel Gross and a $4.8 million seed round led by Fika Ventures and Uncork Capital.

Ivo has developed a breakthrough approach to contract review that sets new standards for accuracy. The platform automatically checks agreements against company requirements, generates specific suggestions for resolving discrepancies, and creates compromise language between conflicting clauses. Unlike competitors that treat legal review as a simple automation problem, Ivo’s sophisticated AI produces naturalistic redlines that mirror the work of experienced attorneys, maintaining consistent terminology and making minimal necessary changes.

“When I was a corporate lawyer, contract review was amongst the most manual and time-consuming tasks,” says Min-Kyu Jung, CEO and Co-founder of Ivo. Determined to solve this problem himself, Jung left his legal career, taught himself to code, and began building what would become Ivo. After speaking with hundreds of legal professionals and iterating through multiple versions of the product, his team developed a solution that lawyers could use in confidence.

The impact on legal teams has been immediate and significant. “Ivo reduced our average time to approve counterparty NDAs for signatures from four days to two, while first pass turn improved from an average of 11 hours to 5 minutes,” says Adrie Christiansen, Legal Operations Lead at Quora. Similarly, Geotab’s legal team reports an average savings of 45 minutes per contract review – a 75% efficiency gain that allows their lawyers to focus on strategic work. This improvement comes without sacrificing accuracy, as Ivo’s transparency allows lawyers to understand and validate every suggestion. The platform has proven particularly valuable for high-volume contract review, where maintaining consistency across thousands of agreements is critical. Through extensive customization options and playbook features, legal teams can establish clear guardrails that enable business users to handle initial contract reviews while ensuring proper escalation protocols.

The timing of Ivo’s expansion is critical. As artificial intelligence emerges as potentially the most transformative technology since the internet, legal teams face mounting pressure to adopt solutions that can scale their capabilities. Yet most AI tools lack the sophistication to handle complex legal analysis, creating more work for lawyers who must double-check every output. With its team of in-house lawyers continually refining and enhancing the platform, Ivo has developed an approach that augments rather than replaces legal judgment – acting as a “powerful force multiplier” for teams handling increasingly large volumes of contracts.

Today’s launch of Ivo Search Agent marks another milestone in the company’s mission to transform how legal teams work. This new capability revolutionizes contract search and analysis by eliminating the need for manual metadata tagging — a significant pain point in traditional contract lifecycle management systems. Legal teams can now search and generate reports across their entire contract portfolio regardless of where documents are stored, whether in cloud storage solutions like Box and SharePoint or local computers. The system works seamlessly across various data sources, including CLM integrations, requiring minimal implementation while delivering comprehensive insights.

“Ivo is fundamentally transforming contract review for lawyers and legal teams,” said Amy Cheetham, Partner at Costanoa Ventures. “By leveraging AI to manage the meticulous, painstaking work of contract review, Ivo gives legal teams tools designed by lawyers to work faster with greater accuracy. In a world where legal organizations are constantly under pressure to meet business demands and improve efficiency, the launch of Ivo’s new search tool will allow legal teams to search and generate reports across their entire contract portfolio, significantly reducing their workload and increasing efficiency.”

“The legal profession is in the early stages of an AI-driven transformation,” adds Min-Kyu Jung. “We’re building Ivo to ensure this change enhances rather than diminishes the crucial role of legal judgment. Our vision is to give every legal team the power to handle enterprise-scale contract volumes while maintaining the highest standards of accuracy and control.”

About Ivo

Ivo is on a mission to reduce the time, effort and cost spent on contracts. Ivo was founded out of a belief that contracts are foundational to commerce. The founders saw first-hand how contract review was slowing down mission-critical projects, and decided to do something about it.

Founded in New Zealand and now headquartered in San Francisco, Ivo powers the world’s most comprehensive and accurate AI Contract Review platform, designed to help legal and business teams accelerate time-to-close and unblock contracts from key business processes.

By using AI to reduce the time, effort, and cost of negotiating contracts, Ivo makes it easier for businesses to work together. For more information please visit https://www.ivo.ai/ or follow via LinkedIn

About Costanoa Ventures

Founded in 2012, Costanoa Ventures partners with technical and product founders as early as company formation, with a focus on apps and infrastructure in data, dev and fintech. Costanoa is a long-term partner to entrepreneurs who want hands-on help in their earliest company stages on all things go-to-market and talent. For more information, please visit https://costanoa.vc/

MIL OSI – Submitted News –

February 6, 2025
MIL-OSI: PawnTrust celebrates the start of Black History Month and launches its weekly “CEO Corner”

Source: GlobeNewswire (MIL-OSI)

ATLANTA, GA, Feb. 05, 2025 (GLOBE NEWSWIRE) — Dinewise, Inc (OTC PINK-DWIS) (referred to as “Dinewise”, “we”, “us”, “our” or the “Company”) a fintech company operating as PawnTrust Inc., providing solutions to the pawn shop industry celebrates the start of Black History Month and launches its weekly “CEO Corner” on its You Tube Channel.

As America commemorates Black History Month, PawnTrust honors the invaluable contributions of African American pioneers who have shaped this nation and upon whose shoulders we stand today. The company recognizes the sacrifices and resilience of its forebears and remains committed to preserving their legacy. “When I was young, I was fortunate to accompany my father to meetings with African American disruptors of change. At the time, I didn’t understand the significance of those gatherings, but now realize I am a direct beneficiary of their efforts,” Michael Farr, CEO.

As previously announced in shareholder updates, Dinewise, Inc. will officially change its name to PawnTrust, Inc. in Q1 2025. Along with this rebranding, the company will undergo a ticker symbol change and file a new registration statement. Additionally, the final agreement for the acquisition of TitlePal, a fintech title loan company, is progressing ahead of schedule. The transaction is expected to close within the same timeframe as the registration statement, further strengthening PawnTrust’s strategic growth initiatives. Furthermore, PawnTrust is in talks regarding a major acquisition and expects to announce it in early Q2 2025.

PawnTrust’s commitment to perseverance and integrity is ingrained in its corporate culture. The company stands on three fundamental pillars: transparency, timeliness, and trust. The upcoming name change to PawnTrust amplifies the critical pillar of trust. To reinforce these values and foster direct engagement with shareholders and the investment community, CEO Michael Farr will host a weekly “CEO Corner” on YouTube. This series will provide an in-depth look into the business, its strategies, and its leadership vision. The first episode of “CEO Corner” will premiere on Friday, February 7, 2025, at 2 PM Eastern Time. Tune in on http://www.youtube.com/@pawntrust

About PawnTrust

PawnTrust is an exclusively tailored marketplace for the estimated 11,000 pawn shops nationwide. The online marketplace (www.pawntrust.com) digitizes the inventory using advanced image recognition algorithms to automate item descriptions of the participating pawn shops and markets them on a national scale. The marketplace contains cutting-edge technology that streamlines the borrowing, buying, and bartering transactions typically found at a pawn shop. The platform plans to leverage Artificial Intelligence (AI) to optimize pricing, reduce fraud, and create personalized search recommendations to enhance the customer’s experience. These enhancements let consumers experience a frictionless shopping experience on their mobile app that gives them instant access to this nationwide inventory of pawn shops. Not only does this provide a more efficient way for consumers to shop, eliminating the need to visit multiple stores, but it also amplifies the reach of individual pawn shop owners. By joining the PawnTrust- ‘Pawn Partners’ network, shop owners gain access to a broader audience, enhancing their visibility and sales opportunities. This innovative approach aligns customer convenience with business growth, reshaping how people interact with the pawn industry. Consumers that purchase items outside of their local area will have their items conveniently shipped to them. As the intermediary in each transaction, PawnTrust earns a fee on every item sold in the marketplace. Many of these local pawn shops lack an online presence or the capital to market their inventory on a national scale. By bridging this gap, PawnTrust opens up opportunities for incremental sales from a wider buying base, effectively transforming the pawn shop and micro-lending industries. This model not only supports local businesses but also extends their reach, driving growth and innovation within the market.”

Forward-Looking Information

This release includes statements that may constitute ”forward-looking” statements, usually containing the words ”believe,” ”estimate,” ”project,” ”expect” or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. While the Company believes the expectations reflected in forward-looking statements are reasonable, there can be no assurances such expectations will prove to be accurate. Security holders are cautioned such forward-looking statements involve risks and uncertainties. Certain factors may cause results to differ materially from those anticipated by the forward-looking statements made in this release. Factors that would cause or contribute to such differences include, but are not limited to, acceptance of the Company’s current and future products and services in the marketplace, the ability of the Company to develop effective new products and receive regulatory approvals of such products, competitive factors, dependence upon third-party vendors, risks and uncertainties related to the current unknown duration and severity of the COVID-19 pandemic and other risks detailed in the Company’s periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.

Investor Relations:
Resources Unlimited
718-269-3366
mike@resourcesunlimitedllc.com

The MIL Network –

February 6, 2025
MIL-OSI: Completion of proportionate buyback of shares from Alm. Brand af 1792 fmba
Source: GlobeNewswire (MIL-OSI)

Today, Alm. Brand Group A/S has completed a block buyback of 3,159,286 shares for a total amount of DKK 47.8 million from Alm. Brand af 1792 fmba, equivalent to 47.8% of the total share buyback of DKK 100 million announced on 22 January 2025 through company announcement no. 4/2025. The block buyback was completed to maintain Alm. Brand af 1792 fmba’s percentage ownership interest in Alm. Brand Group A/S following completion of the total share buyback. The buyback was completed at the closing price of the company’s shares on Nasdaq Copenhagen on 5 February 2025.

Contact
Please direct any questions regarding this announcement to:

Head of IR, Rating and ESG reporting
Mads Thinggaard

Mobile no. +45 2025 5469

Attachment
- AS 8 2025 – Share buyback from main shareholder
The MIL Network –
February 6, 2025

MIL-OSI: SOITEC REPORTS FY’25 THIRD QUARTER REVENUE

Source: GlobeNewswire (MIL-OSI)

SOITEC REPORTS FY’25 THIRD QUARTER REVENUE

Reaching €226m, Q3’25 revenue was almost stable vs. Q2’25 and down 10% at constant exchange rates and perimeter compared with Q3’24
9M’25 revenue reached €564m, down 12% on a reported basis and decreased by 13% at constant exchange rates and perimeter vs. 9M’24
FY’25 guidance revised: revenue expected to decrease by high single digit year-on-year at constant exchange rates and perimeter (compared to flat previously), and EBITDA¹margin²expected between 32% and 34% (compared to around 35% previously)
Given the current lack of visibility on end markets, Soitec expects at this stage quite limited growth for FY’26

Bernin (Grenoble), France, February 5^th, 2025 – Soitec (Euronext Paris), a world leader in designing and manufacturing innovative semiconductor materials, today announced consolidated revenue of 226 million Euros for the third quarter of FY’25 (ended December 29^th, 2024), down 6% on a reported basis compared to the third quarter of FY’24. This reflects a 10% decline at constant exchange rates and perimeter, a positive currency impact of 5% and a negative scope effect³ of 1%.

Pierre Barnabé, Soitec’s CEO, commented: “After a very strong sequential rebound in the second quarter, we maintained the third-quarter revenue at a fairly similar level. The good performance of the Mobile Communications division was driven by sustained momentum in POI, and a seasonal tailwind in RF-SOI sales. Despite seasonal restocking in the second half of the fiscal year, the customers continue to optimize RF-SOI inventory levels based on seasonality and market conditions, which will keep driving fluctuations over the next few quarters. At the same time, we are strengthening our position as a leader, notably with the introduction of new innovative 300mm products. The Automotive and Industrial division continues to be impacted by a weak automotive market. In Edge & Cloud AI, the momentum remains strong, supported by significant investments in cloud infrastructure across the industry to accelerate AI computing power, as well as increasing demand at the edge for lower energy consumption and processing costs.

Due to worsening conditions in the Automotive and Consumer markets, a couple of customers have requested to put some delivery requests on hold. As a consequence, we are adjusting our guidance for fiscal year 2025, with annual revenue expected to decrease by high single digit year-on-year. We are managing our EBITDA margin to be between 32% and 34%.

With the lack of visibility on our end markets for now, it is also too early to provide specific guidance for fiscal year 2026. Given current market conditions, we expect at this stage quite limited growth for fiscal year 2026.

Our fundamentals remain solid and will allow us to accelerate as end markets recover. We continue to enhance our technology leadership, to strengthen our SOI positioning with both existing and new customers, and to deploy our expansion into compound semiconductors with the acceleration of POI volumes and a fifth customer in qualification on SmartSiC^TM.”

Third quarter FY’25 consolidated revenue (unaudited)

	Q3’25	Q3’24	*Q3’25/Q3’24*


(Euros millions)			*change reported*	*chg. at const. exch. rates & perimeter*

Mobile Communications	154	130	*+18%*	*+11%*
Automotive & Industrial	25	44	*-43%*	*-47%*
Edge & Cloud AI	47	65	*-28%*	*-30%*

Revenue	226	240	*-6%*	*-10%*

Q3’25 revenue reached 226 million Euros. After the sharp sequential increase achieved in Q2’25, it was up 4% versus Q2’25 on a reported basis (down 2% at constant exchange rates and perimeter). Compared to Q3’24, it was down 10% at constant exchange rates and perimeter.

Q3’25 revenue reflected an improved performance in Mobile Communications and a weaker performance in Automotive & Industrial as well as in Edge & Cloud AI which was due to a different phasing in Imager-SOI wafer sales.

Mobile Communications

Mobile Communications revenue reached 154 million Euros in Q3’25, up 11% at constant exchange rates and perimeter compared to Q3’24. In the context of a healthier smartphone market and inventory situation, Mobile Communications revenue continued to recover in Q3’25 after the sharp rebound already experienced in Q2’25.

As expected, growth in RF-SOI wafer sales has resumed. Q3’25 sales were significantly higher than in Q2’25, and also higher than in Q3’24. While reflecting different situations, inventories in the overall supply chain now seem to progressively normalize. Soitec is confident that growth in RF-SOI wafer sales will continue in Q4’25. Soitec continues to reinforce its strong customer intimacy, leveraging state-of-the-art Innovation capabilities to develop leading-edge products, as evidenced by the announcement of its commitment to provide GlobalFoundries with its latest generation of RF-SOI 300mm wafers to support GF’s most advanced 9SW platform.

Sales of POI (Piezoelectric-on-Insulator) wafers dedicated to RF filters continue to grow quarter after quarter, as the adoption of Surface Acoustic Wave (SAW) filters on POI is accelerating with ten active customers in production, and more than ten in qualification. Q3’25 POI wafer sales were significantly higher than in Q2’25 and Q3’24. Soitec is engaged with all leading US fabless companies.

Sales of FD-SOI wafers, the only solution for fully integrated 5G mmWave system-on-chip, have made further progress in Q3’25, showing an increase from Q2’25 as well as growth compared to Q3’24.

Automotive & Industrial

Automotive & Industrial revenue reached 25 million Euros in Q3’25, lower than in Q2’25 and down 47% at constant exchange rates and perimeter compared Q3’24, reflecting the ongoing difficulties of the automotive market.

Power-SOI wafer sales reached a particularly low level in Q3’25, as the ongoing weakness of the automotive market is leading to some inventory adjustments at customer level. Power-SOI remains a key component for gate drivers, in vehicle networking and in Battery Management ICs.

Conversely, FD-SOI wafers recorded a better level of sales in Q3’25 than in Q3’24. Automotive FD-SOI continue to be mostly driven by adoption for microcontrollers, radar and wireless connectivity, delivering on superior performance and power efficiency.

Further SmartSiC^TM samples and prototypes were delivered during Q3’25, paving the way for new qualifications. Soitec has engaged with a fifth customer in a qualification process. The current weakness of the automotive market and the longer than initially anticipated customers’ qualification cycles confirm a delay in the expected wafer production ramp-up, as stated earlier this year.

Edge & Cloud AI

Edge & Cloud AI revenue reached 47 million Euros in Q3’25, down 30% at constant exchange rates and perimeter compared to Q3’24. Performance was however contrasted from one product to another.

Demand in Photonics-SOI wafers continue to benefit from a very positive momentum driven by high investments in Cloud infrastructure. Sales of Photonics-SOI were much stronger in Q3’25 than in Q2’25, and significantly higher than in Q3’24. This reflects the need for more powerful and more energy-efficient data centers to support the exponential growth of AI-related computing power capabilities. Photonics-SOI has become a standard technology platform for high-speed and high bandwidth optical interconnections in data centers, adopted in pluggable optical transceivers, and used for the development of Co-Packaged Optics.

Sales of FD-SOI wafers remained as strong as in Q2’25 but were lower than in Q3’24. FD-SOI technology is a key enabler for AI-driven consumer and industrial IoT applications due to its unique power efficiency, performance, thermal management and reliability advantages.

Sales of Imager-SOI wafers for 3D imaging applications are down year-on-year, reflecting the phase out of this product.

First nine months FY’25 consolidated revenue (unaudited)

	9M’25	9M’24	*9M’25/9M’24*

(Euros millions)			*change reported*	*chg. at const. exch. rates & perimeter*

Mobile Communications	326	388	*-16%*	*-18%*
Automotive & Industrial	84	119	*-29%*	*-31%*
Edge & Cloud AI	154	133	*+15%*	*+16%*

Revenue	564	641	*-12%*	*-13%*

Consolidated revenue reached 564 million Euros in 9M’25, down 13% at constant exchange rates and perimeter compared to 641 million Euros in 9M’24.

Overall, the decrease in Soitec’s 9M’25 revenue essentially reflects lower volumes in both RF-SOI and Power-SOI wafers, partly offset by strong performances in POI, Photonics-SOI and Imager-SOI wafers.

Mobile Communications revenue reached 326 million Euros in 9M’25 (58% of total revenue), down 18% at constant exchange rates and perimeter compared to 9M’24, with significant improvement quarter after quarter over FY’25.

Automotive & Industrial revenue amounted to 84 million Euros in 9M’25 (15% of total revenue), down 31% at constant exchange rates and perimeter compared to 9M’24, reflecting the current weakness of the automotive market.

Edge & Cloud AI revenue reached 154 million Euros in 9M’25 (27% of total revenue), up 16% at constant exchange rates and perimeter compared to 9M’24, supported by strong growth of photonics SOI products.

FY’25 outlook

Soitec expects FY’25 revenue to be down high single digit year on year, at constant exchange rates and perimeter (compared to flat revenue previously) as a couple of customers requested to put some deliveries on hold on the back of worsening conditions in the Automotive and Consumer markets. This implies strong sequential growth in Q4’25, primarily driven by the continued recovery in RF-SOI wafer sales supported by some seasonal restocking. Additionally, Soitec will continue to benefit from strong demand for Photonics-SOI products and the growing adoption of POI.

Soitec is managing FY’25 EBITDA¹margin² to be between 32% and 34%.

FY’26 outlook

With the lack of visibility on our end markets for now, it is too early to provide specific guidance for fiscal year 2026. Given current market conditions, Soitec expects at this stage quite limited growth for fiscal year 2026.

Q3’25 key events

Divestment of Dolphin Design’s main businesses

Dolphin Design’s mixed-signal IP activities have been acquired on November 5^th, 2024, by Jolt Capital, a private equity firm specializing in European deeptech investments. Dolphin Design’s ASIC activities were sold to NanoXplore, a major player in SoC and FPGA semiconductor design, on December 30^th, 2024.

Dolphin Design, acquired by Soitec in 2018, has long been at the forefront of delivering cutting-edge semiconductor design solutions in mixed-signal IP and ASICs.The sale of Dolphin Design’s two main business activities will support Soitec’s focus on strategic development and growth opportunities in its core advanced semiconductor materials business.

Following these operations, Dolphin Design revenue will no longer be reported from Q4’25 onwards, and will have no impact on Soitec financial statements from FY’26.

Appointment of Frédéric Lissalde as Chairman of the Board

During the meeting of the Board of Directors held on November 20^th, 2024, upon recommendation of the Compensation and Nominations Committee, Frédéric Lissalde, who has been Director since the Annual General Meeting held on July 23^rd, 2024, was appointed as Chairman of the Board of Directors as of March 1^st, 2025, for the remainder of his term of office as Director.

Soitec to collaborate with GlobalFoundries in the production of high-performance RF-SOI semiconductors

On December 4^th, 2024, Soitec announced its commitment to deliver 300mm RF-SOI substrates to GlobalFoundries (GF) for the production of GF’s leading RF-SOI technology platforms, including the company’s most advanced RF solution, 9SW. Building on the longstanding relationship between the two companies, this commitment will ensure the supply of advanced RF-SOI engineered substrates required for 5G, 5G-Advanced, Wi-Fi, and other smart mobile device Radio Frequency Front-End (RFFE) modules. To support advanced connectivity, GF’s 9SW RF-SOI platform with its superior switching, low-noise amplifiers (LNA) and logic processing capabilities offers significant advantages and value for premium smartphones by delivering enhanced RF performance, improved power efficiency and scalability. These features are critical for ensuring a superior user experience in high-end devices.

Soitec continues its collaboration with MIT’s Microsystems Technology Laboratories, thereby strengthening its presence in the United States

On December 12^th, 2024, Soitec announced the continuation of its research collaboration with the Microsystems Technology Laboratories (MTL) of the Massachusetts Institute of Technology (MIT). This agreement covers research in innovative semiconductor materials for diverse applications, including mobile communications, power devices, sensors and quantum computing. Soitec is thereby further solidifying its presence in the North American semiconductor sector, intensifying its efforts amidst favorable industrial and regulatory dynamics supporting semiconductor development.

# # #

Analysts conference call to be held in English on Thursday 6^thFebruary at 8:00 am CET.

To listen this conference call, the audiocast is available live and in replay at the following address: https://channel.royalcast.com/soitec/#!/soitec/20250206_1

# # #

Agenda

FY’25 results are due to be published on May 27^th, 2025, after market close.

# # #

Disclaimer

This document is provided by Soitec (the “Company”) for information purposes only.

The Company’s business operations and financial position are described in the Company’s 2023-2024 Universal Registration Document (which notably includes the Annual Financial Report) which was filed on June 5^th, 2024, with the French stock market authority (Autorité des Marchés Financiers, or AMF) under number D.24-0462, as well as in the Company’s 2024-2025 half-year financial report released on November 20^th, 2024. The French versions of the 2023-2024 Universal Registration Document and the 2024-2025 half-year financial report, together with English courtesy translations for information purposes of both documents, are available for consultation on the Company’s website (www.soitec.com), in the section Company – Investors – Financial Reports.

Your attention is drawn to the risk factors described in Chapter 2.1 (Risk factors and controls mechanism) of the Company’s 2023-2024 Universal Registration Document.

This document contains summary information and should be read in conjunction with the 2023-2024 Universal Registration Document and the 2024-2025 half-year financial report.

This document contains certain forward-looking statements. These forward-looking statements relate to the Company’s future prospects, developments and strategy and are based on analyses of earnings forecasts and estimates of amounts not yet determinable. By their nature, forward-looking statements are subject to a variety of risks and uncertainties as they relate to future events and are dependent on circumstances that may or may not materialize in the future. Forward-looking statements are not a guarantee of the Company’s future performance. The occurrence of any of the risks described in Chapter 2.1 (Risk factors and controls mechanism) of the 2023-2024 Universal Registration Document may have an impact on these forward-looking statements.

The Company’s actual financial position, results and cash flows, as well as the trends in the sector in which the Company operates may differ materially from those contained in this document. Furthermore, even if the Company’s financial position, results, cash-flows and the developments in the sector in which the Company operates were to conform to the forward-looking statements contained in this document, such elements cannot be construed as a reliable indication of the Company’s future results or developments.

The Company does not undertake any obligation to update or make any correction to any forward-looking statement in order to reflect an event or circumstance that may occur after the date of this document.

This document does not constitute or form part of an offer or a solicitation to purchase, subscribe for, or sell the Company’s securities in any country whatsoever. This document, or any part thereof, shall not form the basis of, or be relied upon in connection with, any contract, commitment or investment decision.

Notably, this document does not constitute an offer or solicitation to purchase, subscribe for or to sell securities in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from the registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”). The Company’s shares have not been and will not be registered under the Securities Act. Neither the Company nor any other person intends to conduct a public offering of the Company’s securities in the United States.

# # #

About Soitec

Soitec (Euronext – Tech Leaders), a world leader in innovative semiconductor materials, has been developing cutting-edge products delivering both technological performance and energy efficiency for over 30 years. From its global headquarters in France, Soitec is expanding internationally with its unique solutions, and generated sales of 1 billion Euros in fiscal year 2023-2024. Soitec occupies a key position in the semiconductor value chain, serving three main strategic markets: Mobile Communications, Automotive and Industrial, and Edge & Cloud AI (previously Smart Devices). The company relies on the talent and diversity of its 2,300 employees, representing 50 different nationalities, working at its sites in Europe, the United States and Asia. Soitec has registered over 4,000 patents.

Soitec, SmartSiC™ and Smart Cut™ are registered trademarks of Soitec.

For more information: https://www.soitec.com/en/ and follow us on X: @Soitec_Official

# # #

Appendix

Consolidated revenue per quarter (Q3’25 unaudited)

Quarterly revenue	Q1’24	Q2’24	Q3’24	Q4’24	Q1’25	Q2’25	Q3’25	9M’24	*9M’25*
(Euros millions)

Mobile Communications	89	169	130	222	48	124	154	388	*326*
Automotive & Industrial	37	38	44	44	26	33	25	119	84
Edge & Cloud AI	31	37	65	70	46	61	47	133	*154*

Revenue	157	245	240	337	121	217	226	641	*564*

Change in quarterly revenue	Q1’25/Q1’24		Q2’25/Q2’24		Q3’25/Q3’24		*9M’25/9M’24*
	Reported change	Organic change¹	Reported change	Organic change¹	Reported change	Organic change¹	Reported change	Organic change¹
(vs. previous year)

Mobile Communications	-45%	*-46%*	-27%	*-25%*	+18%	*+11%*	-16%	*-18%*
Automotive & Industrial	-29%	*-31%*	-13%	*-11%*	-43%	*-47%*	-29%	*-31%*
Edge & Cloud AI	+49%	*+47%*	+62%	*+66%*	-28%	*-30%*	+15%	*+16%*

Revenue	-23%	*-24%*	-11%	*-9%*	-6%	*-10%*	-12%	*-13%*

At constant exchange rates and comparable scope of consolidation (there was no scope effect in Q1’25 and Q2’25 vs. Q1’24 and Q2’24 – in Q3’25 Soitec sold Dolphin Design’s mixed signal IP activities on November 5^th, 2024)

# # #

¹ The EBITDA represents operating income (EBIT) before depreciation, amortization, impairment of non-current assets, non-cash items relating to share-based payments, provisions for impairment of current assets and for contingencies and expenses, and disposals gains and losses. This alternative indicator of performance is a non-IFRS quantitative measure used to measure the company’s ability to generate cash from its operating activities. EBITDA is not defined by an IFRS standard and must not be considered an alternative to any other financial indicator

² EBITDA margin = EBITDA from continuing operations / Revenue

³ The scope effect is related to the divestment of Dolphin Design’s mixed signal IP activities which was completed on November 5^th, 2024

Attachment

Soitec Q3’25 revenue VUK 05 02 25_Published

The MIL Network –

February 6, 2025

MIL-OSI: Canadian General Investments: Investment Update – Unaudited

Source: GlobeNewswire (MIL-OSI)

TORONTO, Canada, Feb. 05, 2025 (GLOBE NEWSWIRE) — Canadian General Investments, Limited (CGI) (TSX:CGI) (LSE: CGI) reports on an unaudited basis that its net asset value per share (NAV) at January 31, 2025 was $70.79 resulting in year-to-date and 12-month NAV returns, with dividends reinvested, of 2.1% and 26.3%, respectively. These compare with the 3.5% and 25.2% returns of the benchmark S&P/TSX Composite Index on a total return basis for the same periods.

The Company employs a leveraging strategy, by way of bank borrowing, with the intent to enhance returns to common shareholders. As at January 31, 2025, the leverage represented 13.5% of CGI’s net assets, down from 13.8% at the end of 2024 and 14.7% at January 31, 2024.

The closing price for CGI’s common shares at January 31, 2025 was $39.75, resulting in year-to-date and 12-month share price returns, with dividends reinvested, of -1.8% and 14.0%, respectively.

The sector weightings of CGI’s investment portfolio at market as of January 31, 2025 were as follows:


Information Technology	23.7	%
Industrials	22.7	%
Financials	13.9	%
Energy	11.7	%
Materials	11.4	%
Consumer Discretionary	9.9	%
Real Estate	4.2	%
Cash & Cash Equivalents	1.9	%
Communication Services	0.6	%

The top ten investments which comprised 37.0% of the investment portfolio at market as of January 31, 2025 were as follows:


The Descartes Systems Group Inc.	4.0	%
TFI International Inc.	4.0	%
Canadian Pacific Kansas City Limited	4.0	%
NVIDIA Corporation	3.9	%
Celestica Inc.	3.7	%
Apple Inc.	3.5	%
Shopify Inc.	3.5	%
WSP Global Inc.	3.5	%
Mastercard Incorporated	3.5	%
Franco-Nevada Corporation	3.4	%

FOR FURTHER INFORMATION PLEASE CONTACT:
Jonathan A. Morgan
President & CEO
Phone: (416) 366-2931
Fax: (416) 366-2729
e-mail: cgifund@mmainvestments.com
website: www.canadiangeneralinvestments.ca

The MIL Network –

February 6, 2025

MIL-OSI United Kingdom: Net Zero Council relaunched to supercharge Clean Energy Superpower Mission
Source: United Kingdom – Executive Government & Departments

Government relaunches an expanded Net Zero Council, bringing together business, civil society and local authorities to drive the clean energy transition as part of the Plan for Growth.
New Net Zero Council is tasked with ensuring the clean energy transition drives economic growth and creates jobs as part of government’s Plan for Change

brings together a broader range of representatives from organisations including World Wildlife Fund, Design Council and Local Government Association, alongside others including Siemens, HSBC and Nestle

Council to deepen public-private partnership to maximise economic opportunities for the UK

Leaders from major businesses, civil society and local authorities have backed the government’s pro-growth and clean energy superpower missions following a meeting of the relaunched Net Zero Council (5 February), with a plan to help sectors accelerate to net zero and support thousands of jobs.

Co-chaired by Energy Secretary Ed Miliband and Co-operative Group CEO Shrine Khoury-Haq, the Council brings together leaders from some of the UK’s biggest businesses, charities and organisations, as well as trade unions and local authorities.

New members include representatives from the Trades Union Congress and Design Council, bringing expertise of green skills and jobs creation to the council to support the government’s mission for clean energy growth on the path to net zero.

This broader coalition strengthens the Council’s ability to unlock the opportunities of decarbonisation, with major industry players such as Siemens, Nestle and HSBC returning to the Council alongside new members including the Local Government Association and Aviva Investors to seize the growth opportunities of decarbonising the economy.

The first meeting focused on agreeing the Council’s priorities for 2025/26, which will include:

a new focus on providing expert input to inform government strategies relating to net zero

supporting the development and delivery of sector roadmaps, helping businesses to develop transition plans and investors to identify opportunities

supporting small and medium-sized enterprises to decarbonise while maximising the benefits of the transition

informing the government’s approach to public engagement and developing products to support public participation with net zero

A new Delivery Group will oversee the Council’s workstreams and help to drive progress.

The relaunch reflects a new mission-led approach, ensuring government actively engages with a broad range of industry leaders and stakeholders to drive progress towards net zero. This will support the Plan for Change to help deliver new jobs and economic opportunities while ensuring a fair transition.

Energy Secretary Ed Miliband said:

Businesses and leaders across our country recognise that clean power and accelerating towards net zero represents the economic opportunity of the 21st century.

It is one which will protect bills, create jobs, and tackle the climate crisis. This Council is about mission-driven leadership, bringing government, business and civil society together to turn ambition into action.

By working in partnership, we can drive the investment, innovation and industrial transformation needed to make the UK a clean energy superpower.

Climate Minister Kerry McCarthy said:

The relaunch of the Net Zero Council comes at a critical moment in the UK’s journey towards a clean energy future.

Bringing together leaders from across business, finance and civil society, the Council will play a crucial role in accelerating net zero ambitions, driving economic growth and creating thousands of jobs.

Shirine Khoury-Haq, CEO of The Co-operative Group, said:

Working urgently for a faster, fairer transition to a greener, cleaner economy is an absolute imperative. For the sake of our planet and for every community here in the UK and around the globe, it’s crucial we work together to unlock the significant opportunities the transition will bring for economic growth too.

I’m therefore delighted to be continuing in my role as Co-chair of the Net Zero Council. The science couldn’t be clearer that we must act collectively and decisively, and co-operation between businesses, civic society and government is what we need now more than ever.

While the Council itself is made up of senior leaders from key sectors, it is committed to an inclusive engagement strategy, ensuring a broad range of voices contribute to net zero delivery beyond formal members. This approach will ensure that businesses, communities and experts across the UK have opportunities to inform strategy, share best practices and help shape the transition.

Statements from Net Zero Council and Delivery Group members

Bev Cornaby, Director of the UK Corporate Leaders Group (CLG UK), said:

The relaunch of the Net Zero Council marks an important step in strengthening collaboration between government, business, civil society, and local government to accelerate the UK’s transition to net zero. Businesses are ready to lead, invest, and innovate, but they need the right policy framework and long-term clarity to unlock the full potential of a clean, competitive economy. The UK Corporate Leaders Group welcomes the opportunity to bring business leadership and ambition to the Council, supporting accelerated delivery and ensuring that government strategies are informed by real-world insights and that industry can play a central role in delivering a net zero future.

David Thomas, Chief Executive of Barratt Redrow, said:

I’m pleased to join the Net Zero Council at a critical time for the environment and as we scale up to build the new high quality, energy efficient homes the UK desperately needs.

Government has set out its clear ambition to shift to clean energy, meanwhile the homebuilding industry is making good progress towards delivering net zero homes and places – but we must unite behind one plan and work together to build a sustainable future.

Minnie Moll, Chief Executive of the Design Council, said:  

I am honoured to join the Net Zero Council to contribute to this crucial national mission and represent the voice of design as a transformative tool for innovation. Design has the power to cut across sectors, fuelling innovative thinking, embracing circular approaches, and turning the challenges of climate change into opportunities for economic growth, improved quality of life, and a cleaner, more sustainable future for all. We are excited to bring our expertise to this ambitious mission and support the UK’s leadership in becoming a clean energy superpower.

John Scanlon, Chief Executive Officer for SUEZ recycling and recovery UK said:

I am delighted to bring SUEZ’s expertise in the circular economy to the Net Zero Council. Often unseen, the work of the waste and resources sector sits at the core of the delivery of the Industrial Strategy – at the same time as we are taking steps to decarbonise our own operations, the sector is helping other sectors to decarbonise by providing secondary resources for manufacturing, and energy and fuels for transport, homes and industry. A resource efficient economy is a thriving economy and I’m looking forward to working in partnership with industry peers to advance the Government’s mission to become a Clean Energy Superpower.

Ian Simm, Founder & Chief Executive, Impax Asset Management said:

It’s very encouraging to see the Net Zero Council relaunched and I welcome the decision to expand its membership to include representatives from civil society and local government. The Council has a vital role to play at a moment when pivotal decisions are being made that will decide the future shape of the UK economy, not least on housing, infrastructure, and energy supply. I look forward to providing an investor’s view regarding how the Council can maximise its impact and effectiveness, both in helping to shape the shift to a net-zero economy and in supporting the Government’s broader and much needed growth agenda.

 Jennifer Beckwith, Senior Manager, CBI, said:

Accelerating to net zero and achieving growth is society’s defining economic challenge – one that can only be achieved through industry and government partnership. Inaction on the transition is costlier than action and business wants to play its part in achieving sustainable growth.

Increasing decarbonisation beyond the power sector is the big opportunity to grow clean energy markets, scale infrastructure and advance green technologies. The government leading collaboration across business and finance sectors powerfully signals to investors a focus on delivery that can help get capital moving.

Ed Lockhart, Convenor, Broadway Initiative, said:

UK businesses need certainty, including on the transition to a clean energy future, to invest, grow and ultimately improve living standards.

By launching the Net Zero Council aligned to the clean energy mission, the Government is providing a much-needed platform for the business community, financial institutions, civil society and Government to work in partnership on a shared and inclusive long-term plan.

The Broadway Initiative looks forward to bringing business and environmental organisations together to make the most of this opportunity.

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Updates to this page

Published 5 February 2025
MIL OSI United Kingdom –
February 6, 2025
MIL-OSI United Kingdom: London Assembly Member Leonie Cooper welcomes Government support for Super Reservoir in Abingdon.

Source: Mayor of London

Leonie Cooper, Labour Group spokesperson for Environment, has welcomed Government plans to build a new super reservoir in Abingdon, Oxfordshire.

The proposals, announced by Chancellor Rachel Reeves today, would see nine new reservoirs built, as the Government has agreed for water companies to invest £7.9b to improve the UK’s water infrastructure.

When complete, the Abingdon Reservoir is set to produce up to 270 million litres of water per day, providing additional water supplies for millions of people across London and the South-East.

Expanding the UK’s reservoir capacity will secure safe, high-quality water for several generations to come, and demonstrates the government’s commitment to kickstarting economic growth by investing in the UK’s water infrastructure.

Assembly Member Cooper has campaigned for the reservoir to be built since 2016 when first elected, raising the issue at City Hall. She has welcomed the progress, saying this will be of enormous benefit in providing clean water for Londoners in the decades to come.

London Assembly Labour environment spokesperson Leonie Cooper AM said:

“London has some of the highest quality drinking water in the world. For nearly 15 years more than 99.95 per cent of tests taken from Londoners’ taps have met the stringent standards set by Europe and the UK.

“I am delighted with the plan to go ahead with the long-planned Abingdon Reservoir project. This will be of enormous benefit to Londoners and will provide clean water for decades to come.

“I will continue to campaign for the water companies and central government to make sure that construction of the Abingdon Reservoir project is accelerated to 2035 – two years sooner than planned.”

ENDS 

MIL OSI United Kingdom –

February 6, 2025
MIL-OSI Security: Man Pleads Guilty in Connection with $17 Million Medicare Hospice Fraud and Home Health Care Fraud Schemes

Source: Federal Bureau of Investigation (FBI) State Crime News

A California man pleaded guilty today to health care fraud, aggravated identity theft, and money laundering in connection with a years-long scheme to defraud Medicare of more than $17 million through sham hospice companies and his home health care company.

According to court documents, Petros Fichidzhyan, 43, of Granada Hills, engaged in a scheme with others to operate a series of sham hospice companies. Fichidzhyan, along with co-schemers, impersonated the identities of foreign nationals to use as the purported owners of the hospices — including using the identities to open bank accounts and sign property leases — and submitted false and fraudulent claims to Medicare for hospice services that were not medically necessary and not provided. In submitting the false claims, Fichidzhyan and his co-schemers also misappropriated the identifying information of doctors, claiming to Medicare that the doctors had determined hospice services were necessary, when in fact the purported recipients of these hospice services were not terminally ill and had never requested nor received care from the sham hospices. As a result of the scheme, Medicare paid the sham hospices nearly $16 million. Fichidzhyan personally received nearly $7 million of the proceeds from the fraud scheme, including more than $5.3 million in transfers to his personal and business bank accounts, which were laundered through a dozen shell and third-party bank accounts. Fichidzhyan additionally admitted to wrongfully obtaining more than $1 million for his home health care agency through the fraudulent use of a doctor’s name and identifying information in certifying Medicare beneficiaries for home health care, which he attempted to cover up by paying the doctor $11,000.

Fichidzhyan pleaded guilty to health care fraud, aggravated identity theft, and money laundering. He is scheduled to be sentenced on April 14 and faces a mandatory penalty of two years in prison on the aggravated identity theft charge, a maximum penalty of 10 years in prison on the health care fraud charge, and a maximum penalty of 20 years in prison on the money laundering charge. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

Today’s guilty plea is the most recent conviction in the Justice Department’s ongoing effort to combat hospice fraud in the greater Los Angeles area. Last year, a doctor was convicted at trial for his role in a scheme to bill Medicare for hospice services patients did not need, and two other defendants were sentenced for their roles in a hospice fraud scheme.

Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division, Assistant Director in Charge Akil Davis of the FBI Los Angeles Field Office, and Acting Special Agent in Charge Diane N. Vu of the Department of Health and Human Services Office of Inspector General (HHS-OIG) Los Angeles Regional Office made the announcement.

The FBI and HHS-OIG are investigating the case.

Trial Attorneys Eric C. Schmale and Sarah E. Edwards of the Criminal Division’s Fraud Section are prosecuting the case.

The Fraud Section leads the Criminal Division’s efforts to combat health care fraud through the Health Care Fraud Strike Force Program. Since March 2007, this program, currently comprised of nine strike forces operating in 27 federal districts, has charged more than 5,800 defendants who collectively have billed federal health care programs and private insurers more than $30 billion. In addition, the Centers for Medicare & Medicaid Services, working in conjunction with HHS-OIG, are taking steps to hold providers accountable for their involvement in health care fraud schemes. More information can be found at www.justice.gov/criminal-fraud/health-care-fraud-unit.

MIL Security OSI –

February 6, 2025
MIL-OSI Economics: coincapitals.net and easyinvestingpro.com: BaFin warns against websites

Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

The operators of the websites appear under the names CoinCapitals and EasyInvestingPro, without using a legal form. They do not provide any information about their place of business.

Recently, a large number of websites with almost identical content have already come to light, and BaFin has also issued warnings about these. In the vast majority of, cases the presentation on the websites begins with the following sentence: “Step into the trading arena with confidence & [name of website]”. However, this introductory sentence has been changed in some cases, as on the website easyinvestingpro.com, to: “Step into the world of trading with [name of website]” or “Step confidently into the world of trading with [name of website]”. However, the rest of the content on the websites has remained essentially the same.

Anyone offering financial or investment services or crypto-asset services in Germany requires a license from BaFin. However, some companies offer such services without the required license. Information on whether a particular company is authorized by BaFin can be found in the company database.

The information provided by BaFin is based on Section 37 (4) of the German Banking Act (KWG) and Section 10 (7) of the German Crypto Markets Supervision Act (KMAG).

Please be aware:

BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.

MIL OSI Economics –

February 6, 2025
MIL-OSI Economics: Global Trade Verein: BaFin warns against website gtv-holdings.com

Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

The German Federal Financial Supervisory Authority (BaFin) warns against offers on the website gtv-holdings.com. According to its findings, the Global Trade Verein, Zurich, Switzerland, offers financial and investment services there without a license.

Der Betreiber tritt auf seiner Website unter der Bezeichnung Global Trade Verein auf, ohne Nennung einer Rechtsform. Unter diesem Namen lässt sich kein Eintrag im Schweizer Handelsregister finden.

The operator appears on its website under the name Global Trade Verein, without mentioning a legal form. No entry can be found under this name in the Swiss commercial register.

Anyone offering financial or investment services or crypto-asset services in Germany requires a license from BaFin. However, some companies offer such services without the required license. Information on whether a particular company is authorized by BaFin can be found in the company database.

The information provided by BaFin is based on Section 37 (4) of the German Banking Act (KWG) and Section 10 (7) of the German Crypto Markets Supervision Act (KMAG).

Please be aware:

BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.

MIL OSI Economics –

February 6, 2025
MIL-OSI Economics: Resolution planning: a competitive advantage for Europe

Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

SRM Vision 2028, our strategy that we are currently implementing, is designed to further strengthen our resolution framework and to make our work more inclusive, transparent, focused and ultimately efficient for the SRB, the national resolution authorities and the banks.

Streamlining practices or reporting requirements should not be confused with deregulation. Resolution needs to remain a credible option for ensuring financial stability. Resolution is credible if banks have the right capabilities in place. An adequate buffer of loss-absorbing liabilities and robust management information systems capable of producing, at short notice, the information and data required for a bail-in or a valuation are, for instance, key ingredients to a successful resolution. Without capabilities such as these ones, resolution loses its teeth, jeopardising financial stability.

A strong crisis management framework is a crucial pillar of a resilient and competitive banking sector. It ensures that, like any other business, a bank can fail without destabilising the wider economy or burdening taxpayers with debt. This requires correctly aligned incentives for shareholders and bondholders, and effective mechanisms for managing the fallout when failures occur. This is the core purpose of resolution: to prevent bail-outs and to safeguard financial stability. This is particularly vital given the limited fiscal capacity of some EU Member States.

The proposed reform of the European crisis management and deposit insurance framework (CMDI) would be a step toward more financial stability. Unfortunately, CMDI has been facing important headwinds while some of its features would enrich the current toolkit, benefitting both depositors, taxpayers and financial stability at large – at a negligible cost for the industry.

Banks benefit too from a good crisis management toolkit and preparedness. Financial stability is the bedrock of a healthy and competitive economy. The recent strong performance of European banks, while partly attributable to a favourable macroeconomic environment, also reflects the resilience built into the system by the Banking Union over the past decade.

This resilience, fostered by resolution planning, protects depositors, taxpayers and – ultimately – the banks’ own long-term interests, especially during times of crisis. A complete crisis management toolkit provides a key competitive advantage for Europe and the Banking Union. Resolution planning allows banks to grow, innovate and even fail without jeopardising past economic gains.

Looking ahead, the SRB’s work will double down on its efforts to further strengthening the Banking Union’s resilience. It is important that policymakers are aware that providing us with the necessary tools to deal with the next crisis will be essential for achieving their own long-term growth objectives.

MIL OSI Economics –

February 6, 2025
MIL-OSI Security: Fresno Man with Prior Fraud Conviction Pleads Guilty to Running a $4.2 Million Fraud Scheme Through His Technology Startup

Source: Federal Bureau of Investigation (FBI) State Crime News

FRESNO, Calif. — Royce Newcomb, 62, of Fresno, pleaded guilty today to wire fraud and money laundering charges today for a long-running fraud scheme where he stole $4.2 million from investors, lenders, and the federal government, Acting U.S. Attorney Michele Beckwith announced.

According to court documents, from 2017 through 2022, Newcomb owned Strategic Innovations, which was a technology startup company that purported to make smart home and business products meant to stop package theft, prevent weather damage to packages, and make it easier for emergency responders and delivery services to find homes and businesses. Newcomb developed prototypes of his products and received local and national media attention for them. For example, Time Magazine included his eLiT Address Box & Security System, which used mobile networks to pinpoint home and business locations, on its Best Inventions of 2021 list.

Newcomb made several false representations to his investors to deceive and cheat them out of their money. The false representations included that he had been awarded a grant by the National Science Foundation and that he would use the investors’ money to further develop and bring his products to market. That was not true. Instead, Newcomb used the money to pay for gambling, a Mercedes and Jaguar, and a mansion. He also used the money to pay for refunds to other investors who wanted out, and to pay for new, unrelated projects without the investors’ authorization.

During this period, Newcomb also received a fraudulent COVID-19 loan for more than $70,000 from the Small Business Administration and fraudulent loans for more than $190,000 from private lenders. He lied about Strategic Innovations having hundreds of thousands and even millions in revenue to get these loans.

Newcomb was previously convicted federally in 2011 for running a real estate fraud scheme in Sacramento. He was sentenced to more than five years in prison for that offense, and he was on federal supervised release for that offense when he committed the offenses charged in this case.

This case is the product of an investigation by the Federal Bureau of Investigation. Assistant U.S. Attorneys Joseph Barton and Jeffrey Spivak are prosecuting the case.

Newcomb is scheduled to be sentenced on May 5, 2025. Newcomb faces maximum statutory penalties of 20 years in prison and a $250,000 fine for the wire fraud charge, and 10 years in prison and a $250,000 fine for the money laundering charge. The actual sentence, however, will be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables.

This effort is part of a California COVID-19 Fraud Enforcement Strike Force operation, one of five interagency COVID-19 fraud strike force teams established by the U.S. Department of Justice. The California Strike Force combines law enforcement and prosecutorial resources in the Eastern and Central Districts of California and focuses on large-scale, multistate pandemic relief fraud perpetrated by criminal organizations and transnational actors. The strike forces use prosecutor-led and data analyst-driven teams to identify and bring to justice those who stole pandemic relief funds.

MIL Security OSI –

February 6, 2025
MIL-OSI: RapidCents Enhances Merchant Payment Processing and Chargeback Protection with DeepSeek AI

Source: GlobeNewswire (MIL-OSI)

TORONTO, Feb. 05, 2025 (GLOBE NEWSWIRE) —

RapidCents, the payment processing platform, that specializes in secure transactions and automated billing, has announced an expansion to better serve merchants across North America. The investment aims to cover the development of the application and the investment of USD 500,000 in advanced AI infrastructure and specialized hardware + GPUs, according to the organization, which was led by Founder and CEO Mani Rahnama.

As a result, Rahnama says this major investment in machine learning is expected to lead to major advances in fraud protection, chatbot assistance, security, and marketing. These developments — which Rahnama said condensed projected timelines — explained that “There’s a growth roadmap that could have taken two to three years is now deliverable in less than six months with our AI platform. And we are doubling down on our company to accelerate progress and better serve our merchants.”

Virtual Terminals: Process Payments on-the-go
The RapidCents platform today includes an intuitive virtual terminal that allows merchants to take payments from anywhere. This function is advantageous for businesses with orders from the phone or email and those with no point-of-sale system. The solution seeks to empower companies of all sizes with fast and transparent payment experiences, by enabling merchants to securely accept credit cards regardless of location.

Subscription Payments: Automated Billing
Recurring billing is important for many subscription-based businesses, fitness facilities, and SaaS providers. RapidCents automates these recurring payment cycles with the least human participation. Its service is designed to allow businesses to automate billing and minimize mistakes, better manage cash flow, and keep customers in the longer term.

Introduction to Chargeback Protection
“Chargebacks can have a serious impact on a business operation, and erode trust,” Rahnama said. “RapidCents significantly reduces this risk by including in its low-fee payment processor over 70 machine-learning-based fraud-detection parameters. Such an approach helps maintain compliance, limit financial losses, and protect merchants’ revenue streams.”

Integrated Engineering Capabilities and customized Solutions
RapidCents enables integration with popular platforms such as WooCommerce and Microsoft 365 via simple plug-ins or sophisticated API connections. Key features of the platform include multi-currency support, subscription management, and detailed analytics. This payment plugin empowers businesses to tailor payment flows to meet their specific requirements while also maintaining a regulatory balance via a built-in chargeback prevention system.

Investing in AI infrastructure in a smart way
The recent Investment in AI hardware and GPUs by RapidCents supports the machine learning program through DeepSeek V3, 671B. The technology, already in immersive heavy training, boosts chatbot functions or security protocols, fraud detection even marketing. According to Rahnama, the initiative allows for more rapid and resilient growth across various aspects of the company, noting that future iterations of RapidCents will now be able to deploy “in a month” which would take years without AI.

About RapidCents
RapidCents is a payment processing solution that includes secure virtual terminals, automated recurring billing, and powerful chargeback protection. Through AI-guided attributes and advanced crypto security protocols, RapidCents is built to help merchants from all verticals who need fast, scalable, and secure payment options. Users can learn more, by visiting https://rapidcents.com.

Contact

Carlo
John
RapidCents Inc
ea@rapidcents.com
+1 (844) 957-2743

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/d3bc921d-f303-4d8e-ae74-5f4e51820cec

https://www.globenewswire.com/NewsRoom/AttachmentNg/339b627d-b63c-4372-8d93-9bca6721b383

The MIL Network –

February 6, 2025
MIL-OSI: Amfeltec Celebrates 20th Anniversary

Source: GlobeNewswire (MIL-OSI)

STOUFFVILLE, Ontario, Feb. 05, 2025 (GLOBE NEWSWIRE) — Amfeltec Corporation proudly marks 20 years of innovation and excellence.

Since its founding in 2005, Amfeltec has been at the forefront of technological innovation, providing cutting-edge solutions for electronics design, production testing, and embedded systems development. Over the past two decades, the company has earned a reputation for excellence in high-speed signal processing, PCI Express expansion, telecommunications, embedded systems and testing equipment.

“It’s an honour to have been a trusted and established Canadian company for so many years,” said Michael Feldman, President and CTO of Amfeltec. “For 20 years, we’ve had the privilege of serving technical experts from engineers to hobbyists, witnessing the incredible growth of our industry. Throughout our journey, we have introduced numerous patented technologies, ensuring our users benefit from unique, reliable, efficient, and scalable solutions. Our clientele spans various industries, including telecommunications, aerospace, industrial automation, medical technology, and military applications.”

Amfeltec’s modern product lines – including the Squid Carrier Board(TM), Piranha USB Telecom Adapter(TM), Arowana PCIe SSD Board(TM), AngelShark Carrier Board(TM) and PocketShark(TM) for System Monitoring and Crash Recovery – are widely used out-of-the-box products across various fields where advanced, compact and robust solutions are needed.

“The ‘Amfeltec advantage’ extends beyond providing unique and feisty product lines,” said Feldman. “We also provide an exceptional engineering service by offering customization of existing products and delivering tailored solutions to meet specific customer requirements. Clients can use our off-the-shelf products for proof-of-concept and request modifications for specific needs, allowing seamless integration, thus minimizing development time and costs. By close collaboration with customers, Amfeltec ensures that solutions precisely meet their requirements – whether through minor adjustments of an existing product or through fully customized devices designed from the ground up.”

Looking forward, Amfeltec remains dedicated to technological innovation, expanding its product portfolio, and reinforcing its industry leadership. As the company celebrates 20 years of success, it embraces the future with enthusiasm, striving to drive continued growth and advancement in the years to come.

About Amfeltec Corporation:
Amfeltec is a Canadian electronics engineering company, incorporated in 2005. It is a leading provider of complex and innovative solutions for the world’s diverse electronics markets. All Amfeltec products are designed and manufactured in Canada, and most are covered by one or more United States patents.

The MIL Network –

February 6, 2025
MIL-OSI USA: Governor Josh Stein Announces Additional $5 Million to Fund Grants for Small Businesses Impacted by Hurricane Helene
Source: US State of North Carolina

Headline: Governor Josh Stein Announces Additional $5 Million to Fund Grants for Small Businesses Impacted by Hurricane Helene

Governor Josh Stein Announces Additional $5 Million to Fund Grants for Small Businesses Impacted by Hurricane Helene
bwood
Wed, 02/05/2025 – 10:16

Raleigh, NC
Today, Governor Josh Stein announced that the Duke Endowment has committed $5 million to the Western North Carolina Small Business Initiative grant program, which will support small businesses impacted by Hurricane Helene. Since its initial announcement on January 31, the WNCSBI grant program has already seen nearly 900 applicants—a number that is increasing daily.

“I am grateful that the Duke Endowment has joined our private-public partnership to ensure that small businesses in western North Carolina can get on the road to recovery,” said Governor Josh Stein. “This program is making a difference for the economy, but the need is great. I encourage more North Carolina philanthropies to support this critical work.”

“Small businesses are essential to the social and economic fabric of Western North Carolina,” said Duke Endowment president Rhett Mabry. “As communities work to recover from the devastation caused by Hurricane Helene, The Duke Endowment remains steadfast in its commitment to support rebuilding efforts, such as this, ensuring small businesses have the resources they need to emerge stronger than before.”

The Duke Endowment joins the Dogwood Health Trust in participating with the state on this initiative. Funds will be managed by Appalachian Community Capital, with the partnership of the Community Reinvestment Fund on the application process. Eligible businesses can apply through the portal here. Eligibility requirements are below:

Businesses with an annual revenue of up to and including $2.5 million

Businesses in the 28 counties and the Eastern Band of Cherokee Indians that are covered by President Biden’s federal disaster declaration or in Dogwood Health Trust’s 18-county footprint, including: Alexander, Alleghany, Ashe, Avery, Buncombe, Burke, Caldwell, Catawba, Cherokee, Clay, Cleveland, Gaston, Graham, Haywood, Henderson, Jackson, Lincoln, Macon, Madison, McDowell, Mitchell, Polk, Rutherford, Surry, Swain, Transylvania, Watauga, Wilkes, Yadkin, Yancey.
Feb 5, 2025

MIL OSI USA News –
February 6, 2025
MIL-OSI Security: Rochester Woman Pleads Guilty to Wire Fraud, Money Laundering in Feeding Our Future Scheme

Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

MINNEAPOLIS – A Rochester woman pleaded guilty for her role in the $250 million fraud scheme that exploited a federally funded child nutrition program during the COVID-19 pandemic, announced Acting U.S. Attorney Lisa D. Kirkpatrick.

According to court documents, from approximately December 2020 through January 2022, Ayan Jama, 45, knowingly participated in a scheme to defraud a federal child nutrition program designed to provide free meals to children in need. Rather than feed children, the defendants took advantage of the COVID-19 pandemic—and the resulting program changes—to enrich themselves by fraudulently misappropriating millions of dollars in federal child nutrition program funds.

According to court documents, Jama was one of the principals of Brava Rochester in Rochester, Minnesota. In September 2020, Jama’s Brava Restaurant and Aimee Bock applied for enrollment in the Federal Child Nutrition Program under the sponsorship of Bock’s non-profit, Feeding Our Future. A co-conspirator enrolled Brava Restaurant in the Federal Child Nutrition Program after the co-conspirator first prepared application paperwork at the direction of Salim Said, the co-owner of Safari Restaurant in Minneapolis, which was another business involved in the scheme to defraud the food program.

From late 2020 through 2021, Jama and other conspirators claimed Brava Restaurant was serving approximately 2,000 to 3,000 daily breakfasts and lunches to children, for which they fraudulently claimed and received millions of dollars in federal child nutrition program funds. To accomplish his scheme, Jama and her co-conspirators submitted fake attendance rosters purporting to list the names of children who purportedly received their food at sites. These rosters were fraudulent in that the names on them were fake or did not correctly reflect the number of children that were fed.

According to her plea agreement entered today, Jama claimed Brava Restaurant had served more than 1.7 million meals in Rochester as part of the Federal Child Nutrition Program in a little over one year, a number substantially higher than the actual number of meals served. Based on these fraudulent claims, Feeding Our Future paid out over $5.3 million in federal child nutrition program reimbursements for meals purportedly served to children by the defendant and her co-conspirators. Jama knew her receipt of such funds was fraudulent because she and other conspirators intentionally submitted inflated meal counts. Jama’s Brava Restaurant ultimately received $4.3 million directly from Feeding Our Future and over $900,000 from Safari Restaurant, co-owned by Salim Said.

As part of their scheme, Jama and her conspirators coordinated the establishment of shell companies through which they received and dispersed funds from the federal child nutrition program. Specifically, on January 7, 2021, Salim Said paid to register six different shell companies with the state of Minnesota for Jama and others. For Jama, Salim Said paid to register East Africa LLC. In 2021, Jama deposited at least $407,070 in misappropriated Federal Child Nutrition Program funds into her East Africa LLC bank accounts.

Jama used the federal child nutrition funds to pay for personal expenditures unrelated to feeding children, including $254,041 to purchase a home located in Rochester, Minnesota, $168,000 to purchase a home located in Columbus, Ohio, and $356,795 to purchase property on the Mediterranean Coast in Alanya, Turkey.

Jama pleaded guilty last Friday in U.S. District Court before Chief Judge Patrick J. Schiltz to one count of wire fraud and one count of money laundering. Her sentencing hearing will be scheduled at a later date.

The case is the result of an investigation by the FBI, IRS – Criminal Investigations, and the U.S. Postal Inspection Service.

Assistant U.S. Attorneys Matthew S. Ebert, Joseph H. Thompson, and Harry M. Jacobs are prosecuting the case. Assistant U.S. Attorney Craig Baune is handling the seizure and forfeiture of assets.

MIL Security OSI –

February 6, 2025

Category: Business

Innovating to detect deepfakes and protect the public

Circular collaboration

Using better data to detect child abuse deepfakes

Updates to this page

‘Disaster of the century’ narrative

Land expropriation and legal battles

‘Building Back Better’

A more effective path forward

Statements from Net Zero Council and Delivery Group members

Share this page

Updates to this page

Please be aware:

Please be aware: