Category: Business

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

Source: Government of India

Source: Government of India (4)

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

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

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

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

July 24, 2025
MIL-OSI: Tanate Phutrakul to step down as CFO at 2026 AGM
Source: GlobeNewswire (MIL-OSI)

Tanate Phutrakul to step down as CFO at 2026 AGM

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Attachment
- PDF version of Press Release
The MIL Network –
July 24, 2025
MIL-OSI: Australian Life Sciences Venture Capital firm Brandon Capital announces Fund Six final close totalling over A$439m

Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

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

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

About Brandon Capital – www.brandoncapital.vc

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

For further information please contact

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

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

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

About the National Reconstruction Fund Corporation (NRFC)

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

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

For more information, visit nrf.gov.au

The MIL Network –

July 24, 2025

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

Source: Reserve Bank of India

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

Ajit Prasad
Deputy General Manager
(Communications)

Press Release: 2025-2026/775

MIL OSI Economics –

July 24, 2025

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

Source: Reserve Bank of India

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

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

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

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

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

Ajit Prasad
Deputy General Manager
(Communications)

Press Release: 2025-2026/774

MIL OSI Global Banks –

July 24, 2025

MIL-OSI Russia: Saudi Arabian delegation arrives in Damascus to participate in investment forum

Translation. Region: Russian Federal

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

An important disclaimer is at the bottom of this article.

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

DAMASCUS, July 24 (Xinhua) — A high-level Saudi delegation led by Investment Minister Khalid al-Falih arrived in Damascus on Wednesday to open the Saudi-Syrian Investment Forum, which is seen as a significant step toward restoring and expanding economic cooperation between the two countries, state news agency SANA reported.

The delegation, sent at the initiative of Saudi Arabia’s Crown Prince Mohammed bin Salman Al Saud, includes more than 130 businessmen and investors.

As SANA notes, the purpose of the forum is to explore opportunities for bilateral cooperation and promote the signing of agreements that support sustainable development and mutual economic interests of the two countries.

As part of the forum program, it is planned to launch a project for a white cement production plant in the city of Adra in the outskirts of Damascus.

In an interview with Saudi Arabia’s Al Arabiya TV channel on Wednesday, Saudi Arabia’s Ambassador to Syria Faisal al-Majfal said the forum reflects the kingdom’s leadership’s commitment to supporting reconstruction, the resumption of state institutions and the territorial unity of Syria. –0–

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

.

MIL OSI Russia News –

July 24, 2025
MIL-OSI Asia-Pac: Waste Generation Rate Continues To Trend Downwards In 2024

Source: Government of Singapore

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

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

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

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

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

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

Recycling rate continues to hover at around 50 per cent

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

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

10-year Recycling Trends

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

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

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

Upcoming efforts to improve recycling of key waste streams

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

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

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

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

Waste Disposed of

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

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

——————

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

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

~~ End ~~

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

MIL OSI Asia Pacific News –

July 24, 2025
MIL-Evening Report: Historic ruling finds climate change ‘imperils all forms of life’ and puts laggard nations on notice

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

Hilaire Bule/Getty

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

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

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

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

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

Climate change breaches human rights

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

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

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

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

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

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

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

Keeping 1.5°C alive?

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

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

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

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

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

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

Holding states accountable for inaction

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

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

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

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

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

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

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

Paris Agreement quitters aren’t safe

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

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

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

Could this lead to greater climate action?

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

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

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

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

MIL OSI Analysis – EveningReport.nz –

July 24, 2025
MIL-OSI USA: Congresswoman Amata Highlights National Hire A Veteran Day

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

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

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

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

Resources:

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

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

###

MIL OSI USA News –

July 24, 2025
MIL-OSI New Zealand: Media Statement: Transgender sports policy reflects public opinion

Source: Family First

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

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

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

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

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

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

MIL OSI New Zealand News –

July 24, 2025
MIL-OSI USA: Golden, Collins introduce bipartisan legislation to create disaster relief fund for loggers
Source: United States House of Representatives – Congressman Jared Golden (ME-02)

WASHINGTON — Congressman Jared Golden (ME-02) and Senator Susan Collins (R-ME) today introduced the bicameral, bipartisan Loggers Economic Assistance and Relief Act, which would establish a new program within the U.S. Department of Agriculture (USDA) to support loggers who have lost income due to natural disasters.

Senator Angus King (I-ME) and Congresswoman Chellie Pingree (ME-01) are original cosponsors of the legislation, while Congressman Pete Stauber (R-MN-08) is the lead cosponsor in the House.

Current law excludes loggers from the kinds of disaster relief and assistance available to other industries, including fishermen and farmers, when natural disasters strike. Under the Loggers Economic Assistance and Relief Act, a disaster declaration from the president or governor would unlock federal assistance eligibility for logging businesses with at least a 10 percent loss in revenue or volume compared to the prior year. Covered damage would include high winds, fire, flooding, insect infestation and drought.

“You can’t write the story of Maine without loggers. Our forest products industry has provided for generations of Mainers and continues to be the economic bedrock of many rural communities. There must be a safety net to ensure one particularly bad season cannot uproot logging families and communities” Golden said. “I’m proud of our loggers, and I’m proud of the rock-solid coalition we’re building to support them. ”

“Maine’s forest products industry has long supported good‑paying jobs and helped grow local economies across our state. Loggers are at the heart of that industry, but devastating storms in recent years have severely impacted the ability of logging businesses to operate at full capacity,” Senator Collins said. “This bipartisan bill would provide targeted financial assistance to help loggers recover from federally declared disasters, so that they can continue their important work, sustain rural communities, and contribute to our state’s economy.”

“In Minnesota’s Eighth Congressional District, our forest products industry has created good paying jobs and driven our local economies,” Stauber said. “Unfortunately, this crucial industry is currently facing a wide variety of threats, from wildfires and drought to insect infestation. Minnesota’s loggers have supported our communities for generations, and it is now our turn to support them. That’s why I am proud to introduce legislation with my friend, Congressman Jared Golden, to establish a new program through the USDA that will provide financial assistance to timber harvesting and timber hauling businesses that have seen their bottom line impacted by natural disasters. I look forward to seeing this legislation help ensure Minnesota’s forest products industry remains strong and resilient.”

In December 2023, Maine’s logging industry lost $2.6 million after just one particularly severe storm — with a survey released by the Professional Logging Contractors of the Northeast later finding that more than 90 percent of the industry’s businesses suffered damage to equipment or logistics. In total, Maine’s economy lost $5.5 million due to the loss in logging revenue and productivity that winter.

“Generations of loggers have spent their lifetimes powering our state’s economy while providing for their families, which is why it is so important to protect and sustain this historic industry,” Senator King said. “As natural disasters across Maine increase, the bipartisan Loggers Economic Assistance and Relief Act will help establish a new program within the USDA to support loggers who need assistance to overcome damage and lost income. The logging industry has supported rural Maine families and communities for hundreds of years, and it’s imperative that investments in our foresting community evolve for today’s challenges as we protect it for a sturdy future.”

“As Maine experiences more extreme weather events and natural disasters, it’s imperative that we protect our state’s loggers from potentially devastating financial impacts—just as we’ve long done for our fishermen and farmers,” Pingree, a member of the House Agriculture Committee, said.“We’ve already seen the harmful impacts climate change has created for our forest products industry, from delayed harvests to damaged equipment and infrastructure. This common-sense, bipartisan legislation will provide real relief to the families and communities that rely on Maine’s forests for their livelihoods and wellbeing.”

Logging industry leaders praised the bipartisan legislation:
- Dana Doran, executive director of the Professional Logging Contractors of the Northeast: “For too long, logging and forest trucking contractors in the Northeast have been left out of federal relief efforts in the wake of natural disasters, despite suffering losses as severe as those in other industries like fishing and farming that have received aid. The extreme weather our region has experienced in recent years has idled harvest operations for long periods, destroyed logging and timber hauling infrastructure, and driven up costs at a time when the logging industry is already grappling with unprecedented challenges and can least afford it. We are grateful to Congressmen Golden and the rest of Maine’s delegation for their leadership in this effort to secure fair treatment for these hard-working small family businesses, and we encourage swift passage of the Loggers Economic Assistance and Relief Act to provide the aid the industry deserves.”
- Chuck Ames, president of SDR Logging, Sebec, ME: “I talk to loggers every day and most are struggling, but all they ask for is a level playing field with other industries. I believe this legislation is a step in the right direction toward treating loggers the same as farmers and fishermen. We are all harvesting natural resources, and are all impacted by natural disasters. I appreciate the efforts of Congressman Golden and the rest of Maine’s congressional delegation to recognize that and pass this bill on our behalf.”
- Marc Greaney, president of Western Maine Timberlands, Fryeburg, ME: “I have been logging for decades in Western Maine, and in recent years have seen severe weather limit my company’s ability to harvest and truck wood for longer periods of time than ever before. When we can’t cut and move wood we don’t get paid, and this is happening at the same time that operating costs are continuing to rise, so I am grateful to Congressman Golden and the other members of Maine’s congressional delegation for attempting to provide disaster relief to loggers in the same way it has been provided to other industries in the past.”
- Scott Dane, executive director of the American Loggers Council: “The timber industry invests in public and private stumpage (timber) years in advance. A multiyear timber portfolio is necessary to adjust for market and weather conditions. This is an essential element for a logger’s business plan. When unforeseen natural disasters such as drought, wildfire, winds, and invasive species infestations occur, the timber is lost. There are limited options, if any, to replace that timber with new tracts in a timely manner. These losses are extremely disruptive to a logger’s harvest plan and create a significant revenue loss. Congressman Golden’s Loggers Assistance and Relief Act is necessary to support the timber industry, similar to assistance programs for other natural resource and agricultural sectors. The American Loggers Council appreciates the Maine Congressional Delegation, and other sponsors, for this Bill and the security it will provide to logging and trucking businesses”
Full text of the legislation can be found here.

###

MIL OSI USA News –
July 24, 2025
Over 3.42 pilgrims had ‘Darshan’ in 21 days, Amarnath Yatra to cross officially expected 3.5-lakh mark today

Source: Government of India

Source: Government of India (4)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(IANS)

July 24, 2025
From Gujarat to global: How PM Modi’s diaspora diplomacy took root in the UK

Source: Government of India

Source: Government of India (4)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

IANS

July 24, 2025
MIL-OSI New Zealand: Transport – Supply chain partners face significant fines if they contribute to speeding, fatigue or overloading by truck drivers

Source: Ia Ara Aotearoa Transporting New Zealand

The national road freight association, Transporting New Zealand, is calling on all parties across the supply chain to play their part in preventing speeding, breach of work time rules and overladen trucks.

Transporting New Zealand has launched a set of resources raising awareness about the “Chain of Responsibility” provisions in the Land Transport Act, that can result in serious fines for those who influence truck drivers to breach transport rules.

Transporting New Zealand Chief Executive Dom Kalasih says that it isn’t just truck drivers with road safety responsibilities.

“If your conduct contributes to truck drivers exceeding speed limits, breaching work time rules, or operating overweight vehicles, you can be liable for a fine of up to $25,000 under the Land Transport Act.”

“This is relevant to everyone from transport company directors, cargo owners, processors, and ports. All those supply chain parties whose instructions, expectations and facilities can contribute to non-compliance.”

“While it is ultimately the responsibility of truck drivers and road freight businesses to ensure they are operating safely and compliantly, the Chain of Responsibility provisions recognise that other parties are often in a position of power when it comes to getting freight delivered.”

“Transporting New Zealand has always maintained a zero-tolerance policy towards deliberate non-compliance by transport operators, and that remains unchanged.”

Kalasih says he hopes that the Chain of Responsibility resources will encourage conversations between transporters, their clients, and transport facilities like processing plants and ports.

“Issues that really put road freight companies under pressure include last minute timing and delivery changes, unrealistic ultimatums from supply chain partners, and a lack of weighing facilities or parking facilities.”

Kalasih would like to see supply chain partners have clear chain of responsibility policies, and increased use of written contracts with appropriate protections for transporters.

“If all parties across the supply chain play their part, it puts truck drivers and road freight companies in the best position to deliver the freight task safely and efficiently.”

Chain of Responsibility Resources

Chain of Responsibility Posters can be downloaded here.

The NZTA Chain of Responsibility Fact Sheet is available here.

MIL OSI New Zealand News –

July 24, 2025
MIL-OSI Asia-Pac: Taisugar Gas Stations Mid-Year Giveaway (July 15 to August 5),Fuel Up and Strengthen Your Joints!

Source: Republic of China Taiwan

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

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

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

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

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

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

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

MIL OSI Asia Pacific News –

July 24, 2025

MIL-OSI: STMicroelectronics Reports 2025 Second Quarter Financial Results

Source: GlobeNewswire (MIL-OSI)

PR No: C3349C

STMicroelectronics Reports 2025 Second Quarter Financial Results

Q2 net revenues $2.77 billion; gross margin 33.5%; operating loss of $133 million, including $190 million related to impairment, restructuring charges and other related phase-out costs; net loss of $97 million
H1 net revenues $5.28 billion; gross margin 33.5%; operating loss of $130 million, including $198 million related to impairment, restructuring charges and other related phase-out costs; net loss of $41 million
Business outlook at mid-point: Q3 net revenues of $3.17 billion and gross margin of 33.5%

Geneva, July 24, 2025 – STMicroelectronics N.V. (“ST”) (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, reported U.S. GAAP financial results for the second quarter ended June 28, 2025. This press release also contains non-U.S. GAAP measures (see Appendix for additional information).

ST reported second quarter net revenues of $2.77 billion, gross margin of 33.5%, operating loss of $133 million, and net loss of $97 million or -$0.11 diluted earnings per share (non-U.S. GAAP¹ operating income of $57 million, and non-U.S. GAAP¹ net income of $57 million or $0.06 diluted earnings per share).

Jean-Marc Chery, ST President & CEO, commented:

“Q2 net revenues came above the mid-point of our business outlook range, driven by higher revenues in Personal Electronics and Industrial, while Automotive was slightly below expectations. Gross margin was in line with the mid-point of our business outlook range.”
“On a year-over-year basis, Q2 net revenues decreased 14.4%, non-U.S. GAAP¹operating margin decreased to 2.1% from 11.6% and non-U.S. GAAP¹net income decreased to $57 million from $353 million.”
“First half net revenues decreased 21.1% year-over-year, with a decrease in all reportable segments. Non-U.S. GAAP¹operating margin was 1.3% and non-U.S. GAAP¹net income was $120 million.”
“In the second quarter, our book-to-bill ratio remained above one for Industrial, while Automotive was below parity. Bookings continued to increase sequentially.”
“Our third quarter business outlook, at the mid-point, is for net revenues of $3.17 billion, decreasing year-over-year by 2.5% and increasing sequentially by 14.6%; gross margin is expected to be about 33.5%; including about 340 basis points of unused capacity charges. On a sequential basis, our Q3 gross margin will be negatively impacted by about 140 basis points, mainly from currency effect and, to a lesser extent, the start of non-recurring cost related to our manufacturing reshaping program.”
“While we expect Q3 revenues to show a solid sequential growth enabling a continued year-over-year improvement, we are still operating amid an uncertain macroeconomic environment. Given these external factors, our priorities remain supporting our customers, accelerating new product introductions, and executing our company-wide program to reshape our manufacturing footprint and resize our global cost base.”

Quarterly Financial Summary

U.S. GAAP (US$ m, except per share data)	Q2 2025	Q1 2025	Q2 2024	Q/Q	Y/Y
Net Revenues	$2,766	$2,517	$3,232	9.9%	-14.4%
Gross Profit	$926	$841	$1,296	10.2%	-28.5%
Gross Margin	33.5%	33.4%	40.1%	+10 bps	– 660 bps
Operating Income (Loss)	$(133)	$3	$375	–	–
Operating Margin	-4.8%	0.1%	11.6%	-490 bps	-1,640 bps
Net Income (Loss)	$(97)	$56	$353	–	–
Diluted Earnings Per Share	$(0.11)	$0.06	$0.38	–	–
Non-U.S. GAAP² (US$ m, except per share data)	Q2 2025	Q1 2025	Q2 2024	Q/Q	Y/Y
Operating Income	$57	$11	$375	429.6%	-84.7%
Operating Margin	2.1%	0.4%	11.6%	170 bps	-950 bps
Net Income	$57	$63	$353	-9.1%	-83.9%
Diluted Earnings Per Share	$0.06	$0.07	$0.38	-14.3%	-84.2%

Second Quarter 2025 Summary Review
Reminder: on January 1, 2025 we made some adjustments to our segment reporting. Prior year comparative periods have been adjusted accordingly. See Appendix for more detail.

Net Revenues by Reportable Segment³ (US$ m)	Q2 2025	Q1 2025	Q2 2024	Q/Q	Y/Y
Analog products, MEMS and Sensors (AM&S) segment	1,133	1,069	1,336	5.9%	-15.2%
Power and discrete products (P&D) segment	447	397	576	12.9%	-22.2%
Subtotal: Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group	1,580	1,466	1,912	7.8%	-17.4%
Embedded Processing (EMP) segment	847	742	906	14.1%	-6.5%
RF & Optical Communications (RF&OC) segment	336	306	410	10.1%	-17.9%
Subtotal: Microcontrollers, Digital ICs and RF products (MDRF) Product Group	1,183	1,048	1,316	13.0%	-10.1%
Others	3	3	4	–	–
Total Net Revenues	$2,766	$2,517	$3,232	9.9%	-14.4%

Net revenues totaled $2.77 billion, representing a year-over-year decrease of 14.4%. Year-over-year net sales to OEMs and Distribution decreased 15.3% and 12.0%, respectively. On a sequential basis, net revenues increased 9.9%, 220 basis points better than the mid-point of ST’s guidance.

Gross profit totaled $926 million, representing a year-over-year decrease of 28.5%. Gross margin of 33.5%, 10 basis points above the mid-point of ST’s guidance, decreased 660 basis points year-over-year, mainly due to product mix, lower manufacturing efficiencies and, to a lesser extent, higher unused capacity charges.

Operating income decreased from $375 million in the year-ago quarter to an operating loss of $133 million. ST’s operating margin decreased 1,640 basis points on a year-over-year basis to -4.8% of net revenues, compared to 11.6% in the second quarter of 2024. Operating loss included $190M impairment, restructuring charges and other related phase-out costs for the quarter, reflecting impairment of assets and restructuring charges predominantly associated with the previously announced company-wide program to reshape our manufacturing footprint and resize our global cost base. Excluding these items, non-U.S. GAAP¹ Operating income stood at $57 million in the second quarter.

By reportable segment, compared with the year-ago quarter:

In Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group:

Analog products, MEMS and Sensors (AM&S) segment:

Revenue decreased 15.2% mainly due to a decrease in Analog.
Operating profit decreased by 55.9% to $85 million. Operating margin was 7.5% compared to 14.5%.

Power and Discrete products (P&D) segment:

Revenue decreased 22.2%.
Operating profit decreased from $61 million to an operating loss of $56 million. Operating margin was -12.5% compared to 10.6%.

In Microcontrollers, Digital ICs and RF products (MDRF) Product Group:

Embedded Processing (EMP) segment:

Revenue decreased 6.5% mainly due to Custom Processing.
Operating profit decreased by 8.7% to $114 million. Operating margin was 13.5% compared to 13.8%.

RF & Optical Communications (RF&OC) segment:

Revenue decreased 17.9%.
Operating profit decreased by 37.2% to $60 million. Operating margin was 17.9% compared to 23.4%.

Net Earnings and diluted Earnings Per Share decreased to a negative $97 million and a negative $0.11 respectively compared to a positive $353 million and $0.38 respectively in the year-ago quarter. Non-U.S. GAAP¹ Net income and diluted Earnings Per Share, stood at $57 million and $0.06 respectively in the second quarter of 2025.

Cash Flow and Balance Sheet Highlights

				Trailing 12 Months
(US$ m)	Q2 2025	Q1 2025	Q2 2024	Q2 2025	Q2 2024	TTM Change
Net cash from operating activities	354	574	702	2,332	4,922	-52.6%
Free cash flow (non-U.S. GAAP¹)	(152)	30	159	142	1,384	-89.7%

Net cash from operating activities was $354 million in the second quarter compared to $702 million in the year-ago quarter.

Net Capex (non-U.S. GAAP¹), was $465 million in the second quarter compared to $528 million in the year-ago quarter.

Free cash flow (non-U.S. GAAP¹) was negative at $152 million in the second quarter, compared to positive $159 million in the year-ago quarter.

Inventory at the end of the second quarter was $3.27 billion, compared to $3.01 billion in the previous quarter and $2.81 billion in the year-ago quarter. Days sales of inventory at quarter-end was 166 days, compared to 167 days for the previous quarter and 130 days for the year-ago quarter.

In the second quarter, ST paid cash dividends to its stockholders totaling $81 million and executed a $92 million share buy-back, as part of its current share repurchase program.

ST’s net financial position (non-U.S. GAAP⁴) remained strong at $2.67 billion as of June 28, 2025, compared to $3.08 billion as of March 29, 2025, and reflected total liquidity of $5.63 billion and total financial debt of $2.96 billion. Adjusted net financial position (non-U.S. GAAP¹), taking into consideration the effect on total liquidity of advances from capital grants for which capital expenditures have not been incurred yet, stood at $2.31 billion as of June 28, 2025.

Corporate developments

On May 28, 2025, STMicroelectronics held its 2025 Annual General Meeting of Shareholders in Amsterdam, the Netherlands. All proposed resolutions were approved by the Shareholders.

Business Outlook

ST’s guidance, at the mid-point, for the 2025 third quarter is:

Net revenues are expected to be $3.17 billion, an increase of 14.6% sequentially, plus or minus 350 basis points.
Gross margin of 33.5%, plus or minus 200 basis points.
This outlook is based on an assumed effective currency exchange rate of approximately $1.14 = €1.00 for the 2025 third quarter and includes the impact of existing hedging contracts.
The third quarter will close on September 27, 2025.

This business outlook does not include any impact of potential further changes to global trade tariffs compared to the current situation.

Conference Call and Webcast Information

ST will conduct a conference call with analysts, investors and reporters to discuss its second quarter 2025 financial results and current business outlook today at 9:30 a.m. Central European Time (CET) / 3:30 a.m. U.S. Eastern Time (ET). A live webcast (listen-only mode) of the conference call will be accessible at ST’s website, https://investors.st.com, and will be available for replay until August 8, 2025.

Use of Supplemental Non-U.S. GAAP Financial Information

This press release contains supplemental non-U.S. GAAP financial information.

Readers are cautioned that these measures are unaudited and not prepared in accordance with U.S. GAAP and should not be considered as a substitute for U.S. GAAP financial measures. In addition, such non-U.S. GAAP financial measures may not be comparable to similarly titled information from other companies. To compensate for these limitations, the supplemental non-U.S. GAAP financial information should not be read in isolation, but only in conjunction with ST’s consolidated financial statements prepared in accordance with U.S. GAAP.

See the Appendix of this press release for a reconciliation of ST’s non-U.S. GAAP financial measures to their corresponding U.S. GAAP financial measures.

Forward-looking Information

Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 or Section 21E of the Securities Exchange Act of 1934, each as amended) that are based on management’s current views and assumptions, and are conditioned upon and also involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those anticipated by such statements due to, among other factors:

changes in global trade policies, including the adoption and expansion of tariffs and trade barriers, that could affect the macro-economic environment and may directly or indirectly adversely impact the demand for our products;
uncertain macro-economic and industry trends (such as inflation and fluctuations in supply chains), which may impact production capacity and end-market demand for our products;
customer demand that differs from projections which may require us to undertake transformation measures that may not be successful in realizing the expected benefits in full or at all;
the ability to design, manufacture and sell innovative products in a rapidly changing technological environment;
changes in economic, social, public health, labor, political, or infrastructure conditions in the locations where we, our customers, or our suppliers operate, including as a result of macro-economic or regional events, geopolitical and military conflicts, social unrest, labor actions, or terrorist activities;
unanticipated events or circumstances, which may impact our ability to execute our plans and/or meet the objectives of our R&D and manufacturing programs, which benefit from public funding;
financial difficulties with any of our major distributors or significant curtailment of purchases by key customers;
the loading, product mix, and manufacturing performance of our production facilities and/or our required volume to fulfill capacity reserved with suppliers or third-party manufacturing providers;
availability and costs of equipment, raw materials, utilities, third-party manufacturing services and technology, or other supplies required by our operations (including increasing costs resulting from inflation);
the functionalities and performance of our IT systems, which are subject to cybersecurity threats and which support our critical operational activities including manufacturing, finance and sales, and any breaches of our IT systems or those of our customers, suppliers, partners and providers of third-party licensed technology;
theft, loss, or misuse of personal data about our employees, customers, or other third parties, and breaches of data privacy legislation;
the impact of IP claims by our competitors or other third parties, and our ability to obtain required licenses on reasonable terms and conditions;
changes in our overall tax position as a result of changes in tax rules, new or revised legislation, the outcome of tax audits or changes in international tax treaties which may impact our results of operations as well as our ability to accurately estimate tax credits, benefits, deductions and provisions and to realize deferred tax assets;
variations in the foreign exchange markets and, more particularly, the U.S. dollar exchange rate as compared to the Euro and the other major currencies we use for our operations;
the outcome of ongoing litigation as well as the impact of any new litigation to which we may become a defendant;
product liability or warranty claims, claims based on epidemic or delivery failure, or other claims relating to our products, or recalls by our customers for products containing our parts;
natural events such as severe weather, earthquakes, tsunamis, volcano eruptions or other acts of nature, the effects of climate change, health risks and epidemics or pandemics in locations where we, our customers or our suppliers operate;
increased regulation and initiatives in our industry, including those concerning climate change and sustainability matters and our goal to become carbon neutral in all direct and indirect emissions (scopes 1 and 2), product transportation, business travel, and employee commuting emissions (our scope 3 focus), and to achieve our 100% renewable electricity sourcing goal by the end of 2027;
epidemics or pandemics, which may negatively impact the global economy in a significant manner for an extended period of time, and could also materially adversely affect our business and operating results;
industry changes resulting from vertical and horizontal consolidation among our suppliers, competitors, and customers;
the ability to successfully ramp up new programs that could be impacted by factors beyond our control, including the availability of critical third-party components and performance of subcontractors in line with our expectations; and
individual customer use of certain products, which may differ from the anticipated uses of such products and result in differences in performance, including energy consumption, may lead to a failure to achieve our disclosed emission-reduction goals, adverse legal action or additional research costs.

Such forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of our business to differ materially and adversely from the forward-looking statements. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as “believes”, “expects”, “may”, “are expected to”, “should”, “would be”, “seeks” or “anticipates” or similar expressions or the negative thereof or other variations thereof or comparable terminology, or by discussions of strategy, plans or intentions.

Some of these risk factors are set forth and are discussed in more detail in “Item 3. Key Information — Risk Factors” included in our Annual Report on Form 20-F for the year ended December 31, 2024 as filed with the Securities and Exchange Commission (“SEC”) on February 27, 2025. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this press release as anticipated, believed or expected. We do not intend, and do not assume any obligation, to update any industry information or forward-looking statements set forth in this release to reflect subsequent events or circumstances.

Unfavorable changes in the above or other factors listed under “Item 3. Key Information — Risk Factors” from time to time in our Securities and Exchange Commission (“SEC”) filings, could have a material adverse effect on our business and/or financial condition.

About STMicroelectronics

At ST, we are 50,000 creators and makers of semiconductor technologies mastering the semiconductor supply chain with state-of-the-art manufacturing facilities. An integrated device manufacturer, we work with more than 200,000 customers and thousands of partners to design and build products, solutions, and ecosystems that address their challenges and opportunities, and the need to support a more sustainable world. Our technologies enable smarter mobility, more efficient power and energy management, and the wide-scale deployment of cloud-connected autonomous things. We are on track to be carbon neutral in all direct and indirect emissions (scopes 1 and 2), product transportation, business travel, and employee commuting emissions (our scope 3 focus), and to achieve our 100% renewable electricity sourcing goal by the end of 2027. Further information can be found at www.st.com.

For further information, please contact:

INVESTOR RELATIONS:
Jérôme Ramel
EVP Corporate Development & Integrated External Communication
Tel: +41 22 929 59 20
jerome.ramel@st.com

MEDIA RELATIONS:
Alexis Breton
Corporate External Communications
Tel: + 33 6 59 16 79 08
alexis.breton@st.com

STMicroelectronics N.V.
CONSOLIDATED STATEMENTS OF INCOME
(in millions of U.S. dollars, except per share data ($))

	Three months ended
	June 28,	June 29,
	2025	2024
	(Unaudited)	(Unaudited)

Net sales	2,745	3,227
Other revenues	21	5
NET REVENUES	2,766	3,232
Cost of sales	(1,840)	(1,936)
GROSS PROFIT	926	1,296
Selling, general and administrative expenses	(420)	(419)
Research and development expenses	(514)	(535)
Other income and expenses, net	65	33
Impairment, restructuring charges and other related phase-out costs	(190)	–
Total operating expenses	(1,059)	(921)
OPERATING INCOME (LOSS)	(133)	375
Interest income, net	45	51
Other components of pension benefit costs	(5)	(4)
Loss on financial instruments, net	(19)	(1)
INCOME (LOSS) BEFORE INCOME TAXES AND NONCONTROLLING INTEREST	(112)	421
Income tax benefit (expense)	18	(67)
NET INCOME (LOSS)	(94)	354
Net income attributable to noncontrolling interest	(3)	(1)
NET INCOME (LOSS) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS	(97)	353

EARNINGS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS	(0.11)	0.39
EARNINGS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS	(0.11)	0.38

NUMBER OF WEIGHTED AVERAGE SHARES USED IN CALCULATING DILUTED EPS	893.9	941.1

STMicroelectronics N.V.
CONSOLIDATED STATEMENTS OF INCOME
(in millions of U.S. dollars, except per share data ($))

	Six months ended
	June 28,	June 29,
	2025	2024
	(Unaudited)	(Unaudited)

Net sales	5,257	6,670
Other revenues	26	27
NET REVENUES	5,283	6,697
Cost of sales	(3,516)	(3,958)
GROSS PROFIT	1,767	2,739
Selling, general and administrative expenses	(810)	(844)
Research and development expenses	(1,004)	(1,063)
Other income and expenses, net	115	93
Impairment, restructuring charges and other related phase-out costs	(198)	–
Total operating expenses	(1,897)	(1,814)
OPERATING INCOME (LOSS)	(130)	925
Interest income, net	93	111
Other components of pension benefit costs	(9)	(8)
Gain (loss) on financial instruments, net	6	(1)
INCOME (LOSS) BEFORE INCOME TAXES AND NONCONTROLLING INTEREST	(40)	1,027
Income tax benefit (expense)	4	(159)
NET INCOME (LOSS)	(36)	868
Net income attributable to noncontrolling interest	(5)	(3)
NET INCOME (LOSS) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS	(41)	865

EARNINGS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS	(0.05)	0.96
EARNINGS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS	(0.05)	0.92

NUMBER OF WEIGHTED AVERAGE SHARES USED IN CALCULATING DILUTED EPS	894.9	941.8


STMicroelectronics N.V.
CONSOLIDATED BALANCE SHEETS
As at	June 28,	March 29,	December 31,
In millions of U.S. dollars	2025	2025	2024
	(Unaudited)	(Unaudited)	(Audited)
ASSETS
Current assets:
Cash and cash equivalents	1,616	1,781	2,282
Short-term deposits	1,650	1,650	1,450
Marketable securities	2,363	2,528	2,452
Trade accounts receivable, net	1,352	1,385	1,749
Inventories	3,273	3,014	2,794
Other current assets	1,267	1,050	1,007
Total current assets	11,521	11,408	11,734
Goodwill	313	299	290
Other intangible assets, net	342	338	346
Property, plant and equipment, net	11,437	11,178	10,877
Non-current deferred tax assets	558	490	464
Long-term investments	77	96	71
Other non-current assets	1,215	1,114	961
	13,942	13,515	13,009
Total assets	25,463	24,923	24,743

LIABILITIES AND EQUITY
Current liabilities:
Short-term debt	1,006	988	990
Trade accounts payable	1,451	1,373	1,323
Other payables and accrued liabilities	1,386	1,290	1,306
Dividends payable to stockholders	257	16	88
Accrued income tax	104	72	66
Total current liabilities	4,204	3,739	3,773
Long-term debt	1,951	1,889	1,963
Post-employment benefit obligations	428	392	377
Long-term deferred tax liabilities	48	48	47
Other long-term liabilities	848	896	904
	3,275	3,225	3,291
Total liabilities	7,479	6,964	7,064
Commitment and contingencies
Equity
Parent company stockholders’ equity
Common stock (preferred stock: 540,000,000 shares authorized, not issued; common stock: Euro 1.04 par value, 1,200,000,000 shares authorized, 911,281,920 shares issued, 894,759,029 shares outstanding as of June 28, 2025)	1,157	1,157	1,157
Additional Paid-in Capital	3,187	3,142	3,088
Retained earnings	12,911	13,514	13,459
Accumulated other comprehensive income	983	495	236
Treasury stock	(490)	(582)	(491)
Total parent company stockholders’ equity	17,748	17,726	17,449
Noncontrolling interest	236	233	230
Total equity	17,984	17,959	17,679
Total liabilities and equity	25,463	24,923	24,743


STMicroelectronics N.V.

SELECTED CASH FLOW DATA

Cash Flow Data (in US$ millions)	Q2 2025	Q1 2025	Q2 2024

Net Cash from operating activities	354	574	702
Net Cash used in investing activities	(332)	(796)	(628)
Net Cash used in financing activities	(191)	(282)	(112)
Net Cash decrease	(165)	(501)	(41)

Selected Cash Flow Data (in US$ millions)	Q2 2025	Q1 2025	Q2 2024

Depreciation & amortization	464	428	439
Net payment for Capital expenditures	(481)	(538)	(546)
Dividends paid to stockholders	(81)	(72)	(73)
Change in inventories, net	(140)	(172)	(136)

Appendix
ST
Changes to reportable segments

Following ST’s reorganization announced in January 2024 into two Product Groups and four reportable segments, we have made further progress in analyzing our global product portfolio, resulting in the following adjustments to our segments, effective starting January 1, 2025, without modifying subtotals at Product Group level:

In Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group:
- The transfer of VIPower products from Power and Discrete products (“P&D”) reportable segment to Analog products, MEMS and Sensors (“AM&S”) reportable segment.
In Microcontrollers, Digital ICs and RF products (MDRF) Product Group:
- the newly created ‘Embedded Processing’ (“EMP”) reportable segment includes the former ‘MCU’ segment (excluding the RF ASICs mentioned below) as well as Custom Processing products (Automotive ADAS products).
- the newly created ‘RF & Optical Communications’ (“RF&OC”) reportable segment includes the former ‘D&RF’ segment (excluding Automotive ADAS products) as well as some RF ASICs which were previously part of the former ‘MCU’ segment.

We believe these adjustments are critical for implementing synergies and optimizing resources, which are necessary to fully deliver the benefits expected from our new organization.

Our four reportable segments – within each Product Group – are now as follows:

In Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group:
- Analog products, MEMS and Sensors (“AM&S”) reportable segment, comprised of ST analog products (now including VIPower products), MEMS sensors and actuators, and optical sensing solutions.
- Power and Discrete products (“P&D”) reportable segment, comprised of discrete and power transistor products (now excluding VIPower products).

In this Press Release, “Analog” refers to analog products, “MEMS” to MEMS sensors and actuators and “Imaging” to optical sensing solutions.

In Microcontrollers, Digital ICs and RF products (MDRF) Product Group:
- Embedded Processing (“EMP”) reportable segment, comprised of general-purpose and automotive microcontrollers, connected security products and Custom Processing Products (Automotive ADAS)
- RF & Optical Communications (“RF&OC”) reportable segment, comprised of Space, Ranging & Connectivity products, Digital Audio & Signaling Solutions and Optical & RF COT.

In this Press release, “GPAM” refers to General purpose & automotive microcontrollers, “Connected Security” to connected security products, “Custom Processing” to automotive ADAS products.

Prior year comparative periods have been adjusted accordingly.

(Appendix – continued)
ST Supplemental Financial Information

	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024
Net Revenues By Market Channel (%)
Total OEM	72%	71%	73%	76%	73%
Distribution	28%	29%	27%	24%	27%

€/$ Effective Rate	1.09	1.06	1.09	1.08	1.08

Reportable Segment Data (US$ m)
Analog products, MEMS and Sensors (AM&S) segment
– Net Revenues	1,133	1,069	1,348	1,340	1,336
– Operating Income	85	82	220	216	193
Power and Discrete products (P&D) segment
– Net Revenues	447	397	602	652	576
– Operating Income (Loss)	(56)	(28)	45	80	61
Subtotal: Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group
– Net Revenues	1,580	1,466	1,950	1,992	1,912
– Operating Income	29	54	265	296	254
Embedded Processing (EMP) segment
– Net Revenues	847	742	1,002	898	906
– Operating Income	114	66	181	146	126
RF & Optical Communications (RF&OC) segment
– Net Revenues	336	306	366	357	410
– Operating Income	60	43	95	84	96
Subtotal: Microcontrollers, Digital ICs and RF products (MDRF) Product Group
– Net Revenues	1,183	1,048	1,368	1,255	1,316
– Operating Income	174	109	276	230	222
Others ^(a)
– Net Revenues	3	3	3	4	4
– Operating Income (Loss)	(336)	(160)	(172)	(145)	(101)
Total
– Net Revenues	2,766	2,517	3,321	3,251	3,232
– Operating Income (Loss)	(133)	3	369	381	375

(a) Net revenues of Others include revenues from sales assembly services and other revenues. Operating income (loss) of Others include items such as unused capacity charges, including incidents leading to power outage, impairment, restructuring charges and other related phase-out costs, management reorganization costs, start-up costs, and other unallocated income (expenses) such as: strategic or special research and development programs, certain corporate-level operating expenses, patent claims and litigations, and other costs that are not allocated to reportable segments, as well as operating earnings of other products. Others includes:

(US$ m)	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024
*Unused capacity charges*	*103*	*123*	*118*	*104*	84
*Impairment, restructuring charges and* *other related phase-out costs*	*190*	8	–	–	–

(Appendix – continued)
ST
Supplemental Non-U.S. GAAP Financial Information
U.S. GAAP – Non-U.S. GAAP Reconciliation

The supplemental non-U.S. GAAP information presented in this press release is unaudited and subject to inherent limitations. Such non-U.S. GAAP information is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for U.S. GAAP measurements. Also, our supplemental non-U.S. GAAP financial information may not be comparable to similarly titled non-U.S. GAAP measures used by other companies. Further, specific limitations for individual non-U.S. GAAP measures, and the reasons for presenting non-U.S. GAAP financial information, are set forth in the paragraphs below. To compensate for these limitations, the supplemental non-U.S. GAAP financial information should not be read in isolation, but only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP.

ST believes that these non-U.S. GAAP financial measures provide useful information for investors and management because they offer, when read in conjunction with ST’s U.S. GAAP financials, (i) the ability to make more meaningful period-to-period comparisons of ST’s on-going operating results, (ii) the ability to better identify trends in ST’s business and perform related trend analysis, and (iii) to facilitate a comparison of ST’s results of operations against investor and analyst financial models and valuations, which may exclude these items.

Non-U.S. GAAP Operating Income, Non-U.S. GAAP Net Earnings and Non-U.S. GAAP Earnings Per Share (non-U.S. GAAP measures)

Operating income before impairment and restructuring charges and one-time items is used by management to help enhance an understanding of ongoing operations and to communicate the impact of the excluded items, such as impairment, restructuring charges and other related phase-out costs. Adjusted net earnings and earnings per share (EPS) are used by management to help enhance an understanding of ongoing operations and to communicate the impact of the excluded items like impairment, restructuring charges and other related phase-out costs attributable to ST and other one-time items, net of the relevant tax impact.

Q2 2025 (US$ m, except per share data)	Gross Profit	Operating Income (Loss)	Net Earnings	Corresponding Diluted EPS
U.S. GAAP	926	(133)	(97)	(0.11)
Impairment, restructuring charges and other related phase-out costs	–	190	190
Estimated income tax effect	–	–	(36)
Non-U.S. GAAP	926	57	57	0.06

H1 2025 (US$ m, except per share data)	Gross Profit	Operating Income (Loss)	Net Earnings	Corresponding Diluted EPS
U.S. GAAP	1,767	(130)	(41)	(0.05)
Impairment, restructuring charges and other related phase-out costs	–	198	198
Estimated income tax effect	–	–	(37)
Non-U.S. GAAP	1,767	68	120	0.13

(Appendix – continued)

Net Financial Position and Adjusted Net Financial Position (non-U.S. GAAP measures)

Net Financial Position, a non-U.S. GAAP measure, represents the difference between our total liquidity and our total financial debt. Our total liquidity includes cash and cash equivalents, restricted cash, if any, short-term deposits, and marketable securities, and our total financial debt includes short-term debt and long-term debt, as reported in our Consolidated Balance Sheets. ST also presents adjusted net financial position as a non-U.S. GAAP measure, to take into consideration the effect on total liquidity of advances received on capital grants for which capital expenditures have not been incurred yet.

ST believes its Net Financial Position and Adjusted Net Financial Position provide useful information for investors and management because they give evidence of our global position either in terms of net indebtedness or net cash by measuring our capital resources based on cash and cash equivalents, restricted cash, if any, short-term deposits and marketable securities and the total level of our financial debt. Our definitions of Net Financial Position and Adjusted Net Financial Position may differ from definitions used by other companies, and therefore, comparability may be limited.

(US$ m)	Jun 28 2025	Mar 29 2025	Dec 31 2024	Sep 28 2024	Jun 29 2024
Cash and cash equivalents	1,616	1,781	2,282	3,077	3,092
Short term deposits	1,650	1,650	1,450	977	975
Marketable securities	2,363	2,528	2,452	2,242	2,218
Total liquidity	5,629	5,959	6,184	6,296	6,285
Short-term debt	(1,006)	(988)	(990)	(1,003)	(236)
Long-term debt ^(a)	(1,951)	(1,889)	(1,963)	(2,112)	(2,850)
Total financial debt	(2,957)	(2,877)	(2,953)	(3,115)	(3,086)
Net Financial Position (non-U.S. GAAP)	2,672	3,082	3,231	3,181	3,199
Advances received on capital grants	(361)	(377)	(385)	(366)	(402)
Adjusted Net Financial Position (non-U.S. GAAP)	2,311	2,705	2,846	2,815	2,797

^(a)Long-term debt contains standard conditions but does not impose minimum financial ratios. Committed credit facilities for $639 million equivalent, are currently undrawn.

(Appendix – continued)

Net Capex and Free Cash Flow (non-U.S. GAAP measures)

ST presents Net Capex as a non-U.S. GAAP measure, which is reported as part of our Free Cash Flow (non-U.S. GAAP measure), to take into consideration the effect of advances from capital grants received on prior periods allocated to property, plant and equipment in the reporting period.

Net Capex, a non-U.S. GAAP measure, is defined as (i) Payment for purchase of tangible assets, as reported plus (ii) Proceeds from sale of tangible assets, as reported plus (iii) Proceeds from capital grants and other contributions, as reported plus (iv) Advances from capital grants allocated to property, plant and equipment in the reporting period.

ST believes Net Capex provides useful information for investors and management because annual capital expenditures budget includes the effect of capital grants. Our definition of Net Capex may differ from definitions used by other companies.

(US$ m)	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024
Payment for purchase of tangible assets, as reported	(574)	(587)	(584)	(669)	(690)
Proceeds from sale of tangible assets, as reported	4	2	–	2	1
Proceeds from capital grants and other contributions, as reported	89	47	83	66	143
Advances from capital grants allocated to property, plant and equipment	16	8	31	36	18
Net Capex (non-U.S. GAAP)	(465)	(530)	(470)	(565)	(528)

Free Cash Flow, which is a non-U.S. GAAP measure, is defined as (i) net cash from operating activities plus (ii) Net Capex plus (iii) payment for purchase (and proceeds from sale) of intangible and financial assets and (iv) net cash paid for business acquisitions, if any.

ST believes Free Cash Flow provides useful information for investors and management because it measures our capacity to generate cash from our operating and investing activities to sustain our operations.

Free Cash Flow reconciles with the total cash flow and the net cash increase (decrease) by including the payment for purchases of (and proceeds from matured) marketable securities and net investment in (and proceeds from) short-term deposits, the net cash from (used in) financing activities and the effect of changes in exchange rates, and by excluding the advances from capital grants received on prior periods allocated to property, plant and equipment in the reporting period. Our definition of Free Cash Flow may differ from definitions used by other companies.

(US$ m)	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024
Net cash from operating activities	354	574	681	723	702
Net Capex	(465)	(530)	(470)	(565)	(528)
Payment for purchase of intangible assets, net of proceeds from sale	(41)	(14)	(32)	(20)	(15)
Payment for purchase of financial assets, net of proceeds from sale	–	–	(51)	(2)	–
Free Cash Flow (non-U.S. GAAP)	(152)	30	128	136	159

¹Non-U.S. GAAP. See Appendix for reconciliation to U.S. GAAP and information explaining why the Company believes these measures are important.
²Non-U.S. GAAP. See Appendix for reconciliation to U.S. GAAP and information explaining why the Company believes these measures are important.
³See Appendix for the definition of reportable segments.
⁴Non-U.S. GAAP. See Appendix for reconciliation to U.S. GAAP and information explaining why the Company believes these measures are important.

Attachment

C3349C – STMicroelectronics Q225 Earnings PR

The MIL Network –

July 24, 2025

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

Source: GlobeNewswire (MIL-OSI)

Nokia Corporation

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

Nokia Corporation Report for Q2 and Half Year 2025

Solid performance offset by currency impact

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

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

JUSTIN HOTARD, PRESIDENT AND CEO, ON Q2 2025 RESULTS

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

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

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

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

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

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

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

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

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

Justin Hotard
President and CEO

FINANCIAL RESULTS

EUR million (except for EPS in EUR)	Q2’25	Q2’24	YoY change	Q1-Q2’25	Q1-Q2’24	YoY change
Reported results
Net sales	4 546	4 466	2%	8 936	8 910	0%
Gross margin %	43.4%	43.3%	10bps	42.5%	46.5%	(400)bps
Research and development expenses	(1 161)	(1 134)	2%	(2 306)	(2 259)	2%
Selling, general and administrative expenses	(744)	(715)	4%	(1 472)	(1 408)	5%
Operating profit	81	432	(81)%	32	836	(96)%
Operating margin %	1.8%	9.7%	(790)bps	0.4%	9.4%	(900)bps
Profit from continuing operations	83	370	(78)%	24	821	(97)%
Profit/(loss) from discontinued operations	13	(512)		13	(525)
Profit/(loss) for the period	96	(142)		36	296	(88)%
EPS for the period, diluted	0.02	(0.03)		0.01	0.05	(80)%
Net cash and interest-bearing financial investments	2 879	5 475	(47)%	2 879	5 475	(47)%
Comparable results
Net sales	4 551	4 466	2%	8 941	8 910	0%
Constant currency and portfolio YoY change⁽¹⁾			(1%)			(2%)
Gross margin %	44.7%	44.7%	0bps	43.5%	47.6%	(410)bps
Research and development expenses	(1 126)	(1 064)	6%	(2 241)	(2 140)	5%
Selling, general and administrative expenses	(612)	(610)	0%	(1 199)	(1 194)	0%
Operating profit	301	423	(29)%	457	1 023	(55)%
Operating margin %	6.6%	9.5%	(290)bps	5.1%	11.5%	(640)bps
Profit for the period	236	328	(28)%	390	840	(54)%
EPS for the period, diluted	0.04	0.06	(33)%	0.07	0.15	(53)%

Business group results	Network Infrastructure		Mobile Networks		Cloud and Network Services		Nokia Technologies		Group Common and Other
EUR million	Q2’25	Q2’24	Q2’25	Q2’24	Q2’25	Q2’24	Q2’25	Q2’24	Q2’25	Q2’24
Net sales	1 904	1 522	1 732	2 078	557	507	357	356	3	4
YoY change	25%		(17)%		10%		0%		(25)%
Constant currency and portfolio YoY change⁽¹⁾	8%		(13)%		14%		3%		(25)%
Gross margin %	38.2%	38.4%	41.1%	41.8%	42.7%	37.5%	100.0%	100.0%
Operating profit/(loss)	109	97	77	182	9	(35)	255	258	(150)	(78)
Operating margin %	5.7%	6.4%	4.4%	8.8%	1.6%	(6.9)%	71.4%	72.5%

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

SHAREHOLDER DISTRIBUTION

Dividend

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

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

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

OUTLOOK

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

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

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

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

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

RISK FACTORS

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

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

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

FORWARD-LOOKING STATEMENTS

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

ANALYST WEBCAST

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

FINANCIAL CALENDAR

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

About Nokia

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

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

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

Inquiries:

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

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

Attachment

2025_Q2_Nokia_ Earnings_release_English

The MIL Network –

July 24, 2025

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

Source: GlobeNewswire (MIL-OSI)

Press Release

VELIZY-VILLACOUBLAY, France — July 24, 2025

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

Advancing AI for software-defined industries

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

Summary Highlights¹

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

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

Dassault Systèmes’ Chief Executive Officer Commentary

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

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

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

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

Dassault Systèmes’ Chief Financial Officer Commentary

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

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

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

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

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

Financial Summary

In millions of Euros, except per share data and percentages	IFRS				IFRS
In millions of Euros, except per share data and percentages	Q2 2025	Q2 2024	Change	Change in constant currencies	YTD 2025	YTD 2024	Change	Change in constant currencies
Total Revenue	1,521.6	1,495.8	2%	5%	3,094.6	2,995.4	3%	4%
Software Revenue	1,372.7	1,346.5	2%	6%	2,805.4	2,699.4	4%	5%
Operating Margin	15.9%	18.4%	(2.6)pts		17.6%	20.0%	(2.4)pts
Diluted EPS	0.17	0.21	(19)%		0.37	0.42	(14)%

In millions of Euros, except per share data and percentages	Non-IFRS				Non-IFRS
In millions of Euros, except per share data and percentages	Q2 2025	Q2 2024	Change	Change in constant currencies	YTD 2025	YTD 2024	Change	Change in constant currencies
Total Revenue	1,523.2	1,495.8	2%	6%	3,096.2	2,995.4	3%	5%
Software Revenue	1,374.2	1,346.5	2%	6%	2,807.0	2,699.4	4%	5%
Operating Margin	29.3%	29.9%	(0.7)pts		30.1%	30.5%	(0.4)pts
Diluted EPS	0.30	0.30	(1)%	4%	0.61	0.60	2%	5%

Second Quarter 2025 Versus 2024 Financial Comparisons

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

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

First Half 2025 Versus 2024 Financial Comparisons

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

Total Revenue: Total revenue grew 4% to €3.09 billion in IFRS, and was up 5% to €3.10 billion in non-IFRS. Software revenue increased 5% to €2.81 billion. Subscription and support revenue rose 7% to €2.33 billion; recurring revenue represented 83% of total software revenue. Licenses and other software revenue decreased 2% to €474 million. Services revenue was down 2% to €289 million.
Software Revenue by Geography: The Americas, Europe and Asia all grew 5%, representing respectively 40%, 37% and 23% of software revenue.
Software Revenue by Product Line:
- Industrial Innovation software revenue rose 8% to €1.54 billion and represented 55% of software revenue. CATIA, SIMULIA and ENOVIA were among the strongest contributors to growth.
- Life Sciences software revenue was flat to €561 million, representing 20% of software revenue.
- Mainstream Innovation software revenue increased by 3% to €707 million in IFRS and to €708 million in non-IFRS. Mainstream Innovation represented 25% of software revenue.

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

Financial Objectives for 2025

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


		Q3 2025	FY 2025
Total Revenue (billion)		€1.485 – €1.535	€6.410 – €6.510
Growth		1 – 5%	3 – 5%
Growth ex FX		5 – 8%	6 – 8%

Software revenue growth *		5 – 9%	6 – 8%
	Of which licenses and other software revenue growth *	7 – 14%	4 – 7%
	Of which recurring revenue growth *	5 – 8%	7 – 8%
Services revenue growth *		1 – 5%	1 – 3%

Operating Margin		29.7% – 29.9%	32.2% – 32.4%

EPS Diluted		€0.29 – €0.30	€1.32 – €1.35
Growth		0 – 4%	3 – 6%
Growth ex FX		5 – 9%	7 – 10%

US dollar		$1.17 per Euro	$1.13 per Euro
Japanese yen (before hedging)		JPY 170.0 per Euro	JPY 166.1 per Euro
* Growth in Constant Currencies

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

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

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

Corporate Announcements

Today’s Webcast and Conference Call Information

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

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

Investor Relations Events

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

Forward-looking Information

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

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

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

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

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

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

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

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

Non-IFRS Financial Information

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

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

FOR MORE INFORMATION

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

ABOUT DASSAULT SYSTÈMES

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

Dassault Systèmes Investor Relations Team FTI Consulting

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

Jamie Ricketts : +44 20 3727 1600

investors@3ds.com

Dassault Systèmes Press Contacts

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

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

APPENDIX TABLE OF CONTENTS

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

Glossary of Definitions

Non-IFRS Financial Information

Acquisitions and Foreign Exchange Impact

Condensed consolidated statements of income

Condensed consolidated balance sheet

Condensed consolidated cash flow statement

IFRS – non-IFRS reconciliation

DASSAULT SYSTÈMES – Glossary of Definitions

Information in Constant Currencies

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

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

Information on Growth excluding acquisitions (“organic growth”)

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

Information on Industrial Sectors

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

These three sectors comprise twelve industries:

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

Information on Product Lines

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

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

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

GEOs

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

These GEOs are structured into three groups:

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

3DEXPERIENCE Software Contribution

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

Cloud revenue

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

DASSAULT SYSTÈMES

NON-IFRS FINANCIAL INFORMATION

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

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

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

In millions of Euros, except per share data, percentages, headcount and exchange rates	Non-IFRS reported
	Three months ended				Six months ended
	June 30, 2025	June 30, 2024	Change	Change in constant currencies	June 30, 2025	June 30, 2024	Change	Change in constant currencies
Total Revenue	€ 1,523.2	€ 1,495.8	2%	6%	€ 3,096.2	€ 2,995.4	3%	5%

Revenue breakdown by activity
Software revenue	1,374.2	1,346.5	2%	6%	2,807.0	2,699.4	4%	5%
Of which licenses and other software revenue	275.6	271.8	1%	5%	473.7	490.3	(3)%	(2)%
Of which subscription and support revenue	1,098.6	1,074.8	2%	6%	2,333.2	2,209.1	6%	7%
Services revenue	148.9	149.2	(0)%	3%	289.2	296.1	(2)%	(2)%

Software revenue breakdown by product line
Industrial Innovation	744.6	701.9	6%	9%	1,537.7	1,433.2	7%	8%
Life Sciences	268.3	281.7	(5)%	0%	560.9	566.4	(1)%	0%
Mainstream Innovation	361.3	363.0	(0)%	4%	708.3	699.7	1%	3%

Software Revenue breakdown by geography
Americas	505.0	525.5	(4)%	2%	1,116.2	1,079.1	3%	5%
Europe	534.8	491.9	9%	10%	1,048.0	995.1	5%	5%
Asia	334.4	329.1	2%	6%	642.8	625.2	3%	5%

Operating income	€ 446.1	€ 447.8	(0)%		€ 932.2	€ 914.3	2%
Operating margin	29.3%	29.9%			30.1%	30.5%

Net income attributable to shareholders	€ 391.0	€ 397.1	(2)%		€ 811.2	€ 794.3	2%
Diluted earnings per share	€ 0.30	€ 0.30	(1)%	4%	€ 0.61	€ 0.60	2%	5%

Closing headcount	26,253	25,811	2%		26,253	25,811	2%

Average Rate USD per Euro	1.13	1.08	5%		1.09	1.08	1%
Average Rate JPY per Euro	163.81	167.77	(2)%		162.12	164.46	(1)%

DASSAULT SYSTÈMES

ACQUISITIONS AND FOREIGN EXCHANGE IMPACT

(unaudited; in millions of Euros)

In millions of Euros	Non-IFRS reported			o/w growth at constant rate and scope	o/w change of scope impact at current year rate	o/w FX impact on previous year figures
In millions of Euros	June 30, 2025	June 30, 2024	Change	o/w growth at constant rate and scope	o/w change of scope impact at current year rate	o/w FX impact on previous year figures
Revenue QTD	1,523.2	1,495.8	27.4	72.6	7.5	(52.7)
Revenue YTD	3,096.2	2,995.4	100.7	125.9	7.7	(32.9)

DASSAULT SYSTÈMES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

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

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

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

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

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

DASSAULT SYSTÈMES

CONDENSED CONSOLIDATED BALANCE SHEET

(unaudited; in millions of Euros)

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

DASSAULT SYSTÈMES

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

(unaudited; in millions of Euros)

In millions of Euros	IFRS reported
	Three months ended			Six months ended
	June 30,	June 30,	Change	June 30,	June 30,	Change
	2025	2024	Change	2025	2024	Change
Net income attributable to equity holders of the parent	223.5	262.7	(39.3)	484.0	548.4	(64.4)
Non-controlling interest	(4.9)	(1.2)	(3.7)	(6.1)	(1.0)	(5.1)
Net income	218.6	261.5	(42.9)	477.9	547.5	(69.5)
Depreciation of property and equipment	48.5	45.1	3.4	98.9	92.7	6.2
Amortization of intangible assets	86.2	94.2	(8.0)	175.9	189.4	(13.5)
Adjustments for other non-cash items	20.5	36.6	(16.1)	36.6	74.3	(37.7)
Changes in working capital	(39.4)	21.9	(61.3)	358.0	226.3	131.7
Net Cash From Operating Activities	€ 334.3	€ 459.3	€ ( 124.9)	€ 1,147.3	€ 1,130.2	€ 17.2

Additions to property, equipment and intangibles assets	(39.3)	(50.6)	11.3	(95.3)	(107.8)	12.5
Payment for acquisition of businesses, net of cash acquired	(9.2)	(11.2)	2.0	(202.9)	(15.7)	(187.2)
Other	3.2	0.8	2.3	(34.6)	23.1	(57.7)
Net Cash Provided by (Used in) Investing Activities	€ (45.3)	€ (61.0)	€ 15.6	€ (332.8)	€ (100.4)	€ (232.4)

Proceeds from exercise of stock options	7.4	13.9	(6.5)	29.6	35.2	(5.7)
Cash dividends paid	(342.6)	(302.7)	(39.9)	(342.6)	(302.7)	(39.9)
Repurchase and sale of treasury stock	(144.7)	(176.6)	31.8	(224.8)	(307.7)	82.9
Capital increase	111.3	–	111.3	111.3	–	111.3
Acquisition of non-controlling interests	0.0	(0.0)	0.0	(0.2)	(2.6)	2.5
Proceeds from borrowings	121.3	–	121.3	81.0	–	81.0
Repayment of borrowings	–	(0.1)	0.1	(18.5)	(0.2)	(18.4)
Repayment of lease liabilities	(22.7)	(18.3)	(4.4)	(45.4)	(42.3)	(3.0)
Net Cash Provided by (Used in) Financing Activities	€ (270.0)	€ (483.7)	€ 213.7	€ (409.5)	€ (620.2)	€ 210.7

Effect of exchange rate changes on cash and cash equivalents	(178.1)	21.0	(199.1)	(273.9)	53.6	(327.5)

Increase (decrease) in cash and cash equivalents	€ (159.1)	€ (64.4)	€ (94.7)	€ 131.2	€ 463.2	€ (332.1)

Cash and cash equivalents at beginning of period	€ 4,242.9	€ 4,095.9		€ 3,952.6	€ 3,568.3
Cash and cash equivalents at end of period	€ 4,083.7	€ 4,031.5		€ 4,083.7	€ 4,031.5

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

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

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

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

In millions of Euros, except percentages	Three months ended June 30,								Change
In millions of Euros, except percentages	2025 IFRS	Share-based compensation expense and related social charges	Lease incentives of acquired companies	2025 Non-IFRS	2024 IFRS	Share-based compensation expense and related social charges	Lease incentives of acquired companies	2024 Non-IFRS	IFRS	Non- IFRS
Cost of revenue	(264.7)	13.9	0.1	(250.7)	(252.8)	5.0	0.1	(247.6)	5%	1%
Research and development expenses	(348.7)	28.9	0.1	(319.7)	(326.1)	20.4	0.2	(305.5)	7%	5%
Marketing and sales expenses	(448.0)	39.7	0.1	(408.2)	(423.8)	23.2	0.1	(400.5)	6%	2%
General and administrative expenses	(123.7)	25.2	0.0	(98.5)	(111.6)	17.2	0.0	(94.3)	11%	4%
Total		€ 107.7	€ 0.4			€ 65.8	€ 0.5

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

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

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

In millions of Euros, except percentages	Six months ended June 30,								Change
In millions of Euros, except percentages	2025 IFRS	Share-based compensation expense and related social charges	Lease incentives of acquired companies	2025 Non-IFRS	2024 IFRS	Share-based compensation expense and related social charges	Lease incentives of acquired companies	2024 Non-IFRS	IFRS	Non- IFRS
Cost of revenue	(525.0)	18.8	0.2	(505.9)	(496.5)	8.0	0.3	(488.2)	6%	4%
Research and development expenses	(697.3)	61.4	0.3	(635.7)	(637.5)	38.3	0.6	(598.7)	9%	6%
Marketing and sales expenses	(894.5)	64.2	0.2	(830.1)	(844.1)	36.8	0.2	(807.1)	6%	3%
General and administrative expenses	(244.2)	51.8	0.1	(192.3)	(216.7)	29.5	0.1	(187.1)	13%	3%
Total		€ 196.2	€ 0.8			€ 112.6	€ 1.2

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

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

Attachment

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

The MIL Network –

July 24, 2025

MIL-OSI: Tyton Partners and Ufi Ventures Release Q2 2025 VocTech Market Report: AI Shockwaves, UK Industrial Strategy, and Transatlantic Divergence Take Centre Stage
Source: GlobeNewswire (MIL-OSI)

LONDON, July 24, 2025 (GLOBE NEWSWIRE) — Tyton Partners, the leading strategy consulting and investment banking firm focused on the education sector, and Ufi Ventures, the UK’s specialist investor in vocational technology (VocTech), today released their Q2 2025 VocTech Market Report. This quarterly publication explores the trends shaping vocational learning and workforce development across the UK, Europe, and North America.

The second quarter of 2025 has been marked by increasing anxiety around artificial intelligence’s disruptive impact on labour markets, a wave of significant UK policy announcements, and early signs of capital rotation from the US to Europe amid political volatility. Vocational education and training remain firmly in the spotlight as policymakers and investors confront mounting challenges tied to youth disengagement, employment shifts, and rapid technological change.

Key Takeaways
- Labour markets are causing concern, even in the US.
- The UK government made a series of major policy announcements, many of which see increased investment in key sectors and skills. The detail is important and not yet here.
- Big Tech companies – including “hyperscalers” such as OpenAI – are muscling in to the education space, likely in search of long-term users and increased engagement.
- The future of junior white-collar workers, and how they should be trained, is a key focus of debate. Being conscious of what may have previously been taken for granted (informal “learning by doing” in particular) looks important.
- Companies who facilitate AI-driven HR workflows are raising sizeable funding, with some European businesses closing unusually large €20m+ Series A rounds.
Alongside UK reforms, policy developments in the US and Europe are creating new dynamics. Germany’s coalition is advancing ambitious investment programmes. In the US, escalating attacks on higher education and the erratic policy environment under the Trump administration may be triggering a shift of capital and student interest to the UK and Europe.

Helen Gironi, Director at Ufi Ventures, commented:
“AI is shaking up workforce development from every angle. Employers, policymakers and learners are all being forced to adapt. At Ufi Ventures, we see opportunity in this disruption, but only for those who are ready to innovate and act with clarity.”

Nick Kind, Managing Director at Tyton Partners, added:
“We are seeing a critical turning point. AI is accelerating change, but it is also highlighting systemic gaps in skills and training. With new policy commitments in the UK and a capital environment in flux, the landscape is as complex as it is promising. This report offers grounded insight into how to respond.”

To access the full Q2 2025 VocTech Market Report, visit: https://tytonpartners.com/key-learnings-from-voctech-market-activity-q2-2025/

About Tyton Partners

Tyton Partners is the leading provider of strategy consulting and investment banking services to the global knowledge and information services sector. With offices in Boston and New York City, the firm has an experienced team of bankers and consultants who deliver a unique spectrum of services from mergers and acquisitions and capital markets access to strategy development that helps companies, organizations, and investors navigate the complexities of the education, media, and information markets. Tyton Partners leverages a deep foundation of transactional and advisory experience and an unparalleled level of global relationships to make its clients’ aspirations a reality and to catalyze innovation in the sector. Learn more at tytonpartners.com.

About Ufi Ventures

Ufi Ventures is the investment arm of Ufi VocTech Trust. Ufi supports the adoption and deployment of technology to improve skills for work and deliver better outcomes for all. By leveraging its depth of experience Ufi Ventures supports its growing portfolio through access to capital, and its wide expert pool and network. Learn more at www.ufi.co.uk/ventures.

Media Contact
Zoe Wright-Neil
Director of Marketing and Business Development
zwrightneil@tytonpartners.com
Tyton Partners

The MIL Network –
July 24, 2025
MIL-OSI: Tyton Partners and Ufi Ventures Release Q2 2025 VocTech Market Report: AI Shockwaves, UK Industrial Strategy, and Transatlantic Divergence Take Centre Stage
Source: GlobeNewswire (MIL-OSI)

LONDON, July 24, 2025 (GLOBE NEWSWIRE) — Tyton Partners, the leading strategy consulting and investment banking firm focused on the education sector, and Ufi Ventures, the UK’s specialist investor in vocational technology (VocTech), today released their Q2 2025 VocTech Market Report. This quarterly publication explores the trends shaping vocational learning and workforce development across the UK, Europe, and North America.

The second quarter of 2025 has been marked by increasing anxiety around artificial intelligence’s disruptive impact on labour markets, a wave of significant UK policy announcements, and early signs of capital rotation from the US to Europe amid political volatility. Vocational education and training remain firmly in the spotlight as policymakers and investors confront mounting challenges tied to youth disengagement, employment shifts, and rapid technological change.

Key Takeaways
- Labour markets are causing concern, even in the US.
- The UK government made a series of major policy announcements, many of which see increased investment in key sectors and skills. The detail is important and not yet here.
- Big Tech companies – including “hyperscalers” such as OpenAI – are muscling in to the education space, likely in search of long-term users and increased engagement.
- The future of junior white-collar workers, and how they should be trained, is a key focus of debate. Being conscious of what may have previously been taken for granted (informal “learning by doing” in particular) looks important.
- Companies who facilitate AI-driven HR workflows are raising sizeable funding, with some European businesses closing unusually large €20m+ Series A rounds.
Alongside UK reforms, policy developments in the US and Europe are creating new dynamics. Germany’s coalition is advancing ambitious investment programmes. In the US, escalating attacks on higher education and the erratic policy environment under the Trump administration may be triggering a shift of capital and student interest to the UK and Europe.

Helen Gironi, Director at Ufi Ventures, commented:
“AI is shaking up workforce development from every angle. Employers, policymakers and learners are all being forced to adapt. At Ufi Ventures, we see opportunity in this disruption, but only for those who are ready to innovate and act with clarity.”

Nick Kind, Managing Director at Tyton Partners, added:
“We are seeing a critical turning point. AI is accelerating change, but it is also highlighting systemic gaps in skills and training. With new policy commitments in the UK and a capital environment in flux, the landscape is as complex as it is promising. This report offers grounded insight into how to respond.”

To access the full Q2 2025 VocTech Market Report, visit: https://tytonpartners.com/key-learnings-from-voctech-market-activity-q2-2025/

About Tyton Partners

Tyton Partners is the leading provider of strategy consulting and investment banking services to the global knowledge and information services sector. With offices in Boston and New York City, the firm has an experienced team of bankers and consultants who deliver a unique spectrum of services from mergers and acquisitions and capital markets access to strategy development that helps companies, organizations, and investors navigate the complexities of the education, media, and information markets. Tyton Partners leverages a deep foundation of transactional and advisory experience and an unparalleled level of global relationships to make its clients’ aspirations a reality and to catalyze innovation in the sector. Learn more at tytonpartners.com.

About Ufi Ventures

Ufi Ventures is the investment arm of Ufi VocTech Trust. Ufi supports the adoption and deployment of technology to improve skills for work and deliver better outcomes for all. By leveraging its depth of experience Ufi Ventures supports its growing portfolio through access to capital, and its wide expert pool and network. Learn more at www.ufi.co.uk/ventures.

Media Contact
Zoe Wright-Neil
Director of Marketing and Business Development
zwrightneil@tytonpartners.com
Tyton Partners

The MIL Network –
July 24, 2025

MIL-OSI: Q2 2025 Trading Update and Invitation to Earnings Call

Source: GlobeNewswire (MIL-OSI)

Oslo, 24 July 2025 – DNO ASA, the Norwegian oil and gas operator, will publish its Q2 2025 operating and interim financial results on 21 August at 07:00 (CET). A videoconference call with executive management will follow at 10:00 (CET). Today the Company provides an update on production, sales volumes and other selected information for the quarter.

Volumes (boepd)

Gross operated production	Q2 2025	Q1 2025	Q2 2024
Kurdistan	74,760	82,081	79,783
North Sea	5,526	8,864	–

Net entitlement production	Q2 2025	Q1 2025	Q2 2024
Kurdistan	18,675	18,464	17,167
North Sea	33,348	19,296	16,321

Sales	Q2 2025	Q1 2025	Q2 2024
Kurdistan	18,675	18,464	17,167
North Sea	32,393	17,216	12,871

Equity accounted production (net)	Q2 2025	Q1 2025	Q2 2024
Côte d’Ivoire	3,175	3,375	3,256

Selected cash flow items

DNO’s share of oil from the Tawke license during the quarter was sold to local buyers as the Iraq-Türkiye Pipeline remained closed. All payments were made in advance of loadings and transferred directly into DNO’s international bank accounts.

In the second quarter, DNO paid a dividend of NOK 0.3125 per share (totaling USD 30.2 million), which represents NOK 1.25 per share on an annualized basis.

On 12 June, the transformative acquisition of Sval Energi Group AS was completed. Upon completion, DNO paid USD 440 million to the seller; this represents agreed consideration including interest between effective date and closing, less USD 22.5 million deposit paid in March. Sval Energi’s production is included in the table above as from June 1, and will be reported together with its financial results in the Company’s Q2 operating and interim financial results effective that date. A tax instalment of USD 114 million was made in June.

On the financing side during the quarter, DNO redeemed the remaining USD 350 million of outstanding DNO04 bonds on 10 April. In June, DNO completed a private placement of USD 400 million of new subordinated hybrid bonds and borrowed USD 300 million under a one-year bank bridge loan facility. At the end of the second quarter, there were USD 348 million outstanding under Sval Energi’s prepayment facilities and DNO Group’s cash deposits stood at USD 788 million. All outstanding debt under DNO’s North Sea subsidiaries’ reserve-based lending facilities was repaid and not renewed during the quarter.

North Sea exploration

DNO participated in one exploration well on the Norwegian Continental Shelf in the quarter. The Vidsyn well in PL586 (25 percent interest with 17.5 percent added following the acquisition of Sval Energi) was spudded on 14 June and was announced as a discovery in July.

Earnings call login details

Please visit www.dno.no for login details ahead of the call.

Disclaimer

The information contained in this release is based on a preliminary assessment of the Company’s Q2 2025 operating and interim financial results and may be subject to change.

–

For further information, please contact:
Media: media@dno.no
Investors: investor.relations@dno.no

–

DNO ASA is a Norwegian oil and gas operator active in the Middle East, the North Sea and West Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Norway, the United Kingdom, Côte d’Ivoire, Netherlands and Yemen. More information is available at www.dno.no

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

The MIL Network –

July 24, 2025

MIL-OSI New Zealand: New Zealand joins fight against cybercrime
Source: New Zealand Government

New Zealanders will be better protected from cybercrime following legislation passing third reading in Parliament today, Justice Minister Paul Goldsmith says.

“11 per cent of New Zealanders were victims of fraud and cybercrime in 2024, and the National Cyber Security Centre estimates $1.6 billion was lost to online threats.

“The emotional and financial harm caused by cybercrime is significant, and such a quickly evolving threat warrants a coordinated response.

“The Budapest Convention, also known as the Council of Europe Convention on Cybercrime, is the only binding international treaty on cybercrime.

“It aligns member countries’ laws and makes it easier for them to cooperate on criminal investigations.

“By joining the convention, we are signalling to the other like-minded countries that we take cybercrime seriously and we are prepared to do our part to eliminate it.

“It will help our law enforcement agencies to protect New Zealanders, by providing the tools they need to detect, investigate, and prosecute criminal offending, even when it happens online.”

The Bill contains provisions to ensure our domestic laws meet the requirements of the Convention. These include;
- New ‘preservation directions’ in the Search and Surveillance Act, to enable law enforcement agencies to require companies to preserve records that could be evidence of offending.
- Amendments to the Mutual Assistance in Criminal Matters Act to enhance our ability to seek assistance from foreign countries for criminal investigations, and to provide assistance in return.
Minor amendments to the Crimes Act to ensure offences related to cybercrime and the use of computers are comprehensive and fully align with the Convention.

MIL OSI New Zealand News –
July 24, 2025
MIL-Evening Report: Australia says US beef will soon be welcome here again. It’s unlikely we’ll buy much of it

Source: The Conversation (Au and NZ) – By Felicity Deane, Professor of Trade Law and Taxation, Queensland University of Technology

DarcyMaulsby/Getty

The Albanese government has today confirmed it will lift biosecurity restrictions on beef imports from the United States. The timing of this decision has raised some eyebrows.

Back in April, US President Donald Trump had singled out what he characterised as an Australian “ban” on US beef as he announced 10% baseline tariffs on imports from Australia.

Responding to today’s announcement, Nationals leader David Littleproud said it appeared the restrictions have been “traded away to appease Donald Trump”.

But Trade Minister Don Farrell said there was “nothing suspicious about this”. And some Australian industry groups have since expressed their confidence in the decision.

So, has Australia’s beef industry been sold out for the benefit of a trade deal? Or is it just a poorly timed announcement at the end of a review into Australia’s restrictions?

Biosecurity concerns

Australia’s biosecurity rules, particularly around beef products, have long been a source of friction with the United States. These rules date back to the late 1990s and were strengthened following a US mad cow disease scare in 2003.

In 2019, a ban was lifted on beef products from cattle that had been born, raised and slaughtered in the US. However, a ban remained on any products from cattle originating in Mexico or Canada that had been slaughtered in the US.

This was a cause for some tension, because the traceability requirements in the US were not as stringent as in Australia. That meant it wasn’t always possible to determine the origins of US products. So the 2019 change effectively only applied to shelf-stable products – not fresh meat.

Last month, the Albanese government made assurances Australia’s biosecurity rules wouldn’t be compromised in trade negotiations. But it also confirmed a review of the rules was underway.

The National Farmers’ Federation acknowledged the government’s decision in a statement today:

The report released today is the result of a long-standing, science-based review by the Australian Government into the biosecurity risks posed by cattle raised in Canada and Mexico, but processed in and exported from the US.

Speaking on ABC Radio, Cattle Australia chief executive Will Evans acknowledged “a lot of people” may feel “blindsided” by the government’s decision, but expressed his confidence in the government’s process.

Boom times for Australian beef

Australians are some of the highest per-capita consumers of beef products in the world. But Australia is also the world’s second-largest beef exporter, trailing only Brazil.

In contrast, the US is the world’s second-largest importer of beef, behind only China.

That poses the question: how much do we actually need beef from the US? Is it even worth lifting this ban, if it will impact so few people?

The beef industry might be fair to question whether this is for the benefit of their industry, when it seems the existing 10% baseline tariffs have had no impact on the volumes of beef being exported from Australia. Quite the opposite.

In June, Australia’s beef exports broke an all-time monthly record, and the US continued to be our largest export market.

In addition, it is important to recognise the US tariffs on beef would theoretically be absorbed by the consumer, rather than the exporter.

The trade war rages on

Theory suggests that international trade is a good thing (though not everyone is a “winner”). Where there is trade between nations, competitive pricing is encouraged and consumers may enjoy more product variety.

Most restrictions on trade are viewed unfavourably by economists, but there are some notable exceptions. The health and safety of food products and assurance of biosecurity standards are such concerns.

Overnight, comments from the Trump administration suggest the 10% tariffs on imports from Australia could be raised, with a new baseline tariff rate of 15%.

To apply these to Australian beef is in direct conflict with the Australia and United States Free Trade Agreement (AUSFTA). This agreement progressively removed tariffs on Australian beef, with all tariffs eliminated by 2023.

Consequently, any new US tariff would violate these terms, threatening a trade relationship that has seen beef exports to the US flourish.

Is our reputation on the line?

It is important to note that the biosecurity rules in Australia and the traceability requirements for our producers are a point of national pride.

Central to Australia’s biosecurity framework is the Biosecurity Act 2015 and the National Livestock Identification System, which ensures traceability, food safety, disease control and animal welfare.

This imposes strict requirements on Australian beef producers – and as a result, imposes costs. It also means Australian beef is considered a premium product in much of the world.

Australians should hope the evidence from the government’s review fully supports this action.

Given the unpredictability of the Trump administration, it remains to be seen whether lifting these restrictions will win Australia any concessions on trade anyway.

Felicity Deane 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. Australia says US beef will soon be welcome here again. It’s unlikely we’ll buy much of it – https://theconversation.com/australia-says-us-beef-will-soon-be-welcome-here-again-its-unlikely-well-buy-much-of-it-261836

MIL OSI Analysis – EveningReport.nz –

July 24, 2025
MIL-Evening Report: Jet ski accidents are tragic but preventable. Here’s how to reduce the risk
Source: The Conversation (Au and NZ) – By Milad Haghani, Associate Professor & Principal Fellow in Urban Risk & Resilience, The University of Melbourne

Richard Hamilton Smith/Getty

Two teenage boys were thrown from a jet ski during a ride on the Georges River in Sydney’s south this week. One died at the scene. The other lost an arm, and was rushed to hospital in a serious condition.

The exact cause of the crash is being investigated and a report will be prepared for the coroner.

Sadly, this tragic incident is not isolated. While fatal jet ski crashes are relatively rare, serious injuries are not.

Here’s what we know about jet ski accidents, who’s at risk, and how to prevent them.

Jet skis are now more common

Jet skis have become a familiar sight on Australian waterways, with sales peaking during the early years of the COVID pandemic. There are now almost 100,000 registered jet skis nationwide.

So what was once a niche summer thrill has become a more mainstream recreational activity, particularly for young Australians.

As the number of jet skis on our waterways grows, so too will the risks.

How often do accidents happen?

Most jet ski crashes occur in daylight hours, are twice as likely on weekends, and tend to spike during warmer months. Injuries typically happen close to shore (often within 50 metres) where crowded conditions increase the risk of colliding with other vessels, swimmers or fixed obstacles.

Fatal jet ski accidents in Australia have claimed the lives of riders, passengers, swimmers and kayakers.

Across New South Wales, Queensland and Victoria, there are up to three deaths per 100,000 licence holders. There are an estimated 19–26 serious injuries per 100,000 licence holders, depending on the state.

But these figures likely understate the true picture as many non-fatal injuries go unreported unless hospitalised.

For example, data from research sponsored by the United States Coast Guard suggest that for every moderate injury captured in accident reports, more than 30 actually occur. For every severe injury, it’s likely 1.65 actually occur.

Who is at risk?

Global jet ski statistics indicate about 85% of jet ski injuries involve male riders.

Risk-taking behaviour and being an inexperienced rider are also risk factors, with young adults dominating injury statistics.

One review found about 60% of jet ski crashes involved the rider drinking alcohol.

What types of injuries?

Recreational riders often typically travel at 60–80 kilometres per hour. But these machines can reach speeds above 100km/h. This can generate immense force in the event of a collision.

In a crash, riders are ejected from the jet ski or collide directly with water, the craft, another vessel or fixed objects. So the leading causes of death and serious injury on jet skis are from these traumatic impacts.

A study from a US trauma centre looked at 127 people injured in jet ski incidents and found most injuries involved broken bones. The legs were most commonly affected, followed by arms, spine and hips.

Hitting the handlebars was a major cause of open fractures (when a broken bone pierces the skin), some of which later became infected.

Women and children face particular risks

However, there is a distinct and concerning injury pattern for female passengers.

Women riding on the back of a jet ski (as a passenger) are especially at risk of serious injuries to the genital and anal area. This can happen if they fall off backwards and land directly on the powerful stream of water coming from the jet nozzle.

Case reports describe incidents of vaginal lacerations, rectal injuries and pelvic floor damage. Such injuries are rare but can be devastating and life-threatening. Sometimes there are permanent complications, such as the risk of infertility or incontinence.

Children also face unique and often severe risks. A US study looked at 66 children hospitalised in jet ski accidents. It found most were boys with the average age of around 12 years old, and nearly three-quarters operated the jet ski themselves. About 70% of injuries involved collisions with another vessel or object. Four children died, all from head trauma after crashing into stationary objects. More than 40% were left with some degree of disability.

What now?

The risks from jet skis are real and too often underestimated. But many injuries can be prevented:
- we need public education campaigns to remind riders of the risks and to promote better behaviour. This would remind riders to slow down in congested areas, avoid reckless turns, and be especially careful with passengers. As alcohol is a common factor in crashes, drinking in moderation before riding should also be stressed
- women are recommended to wear neoprene protective shorts, or wetsuits, instead of ordinary swimwear. A growing number of medical professionals are now backing this as essential safety gear, not optional, to reduce the risk of perineal injuries from water jets
- manufacturers can redesign handlebars to reduce the severity of impact injuries. They can also build in safeguards that reduce jet pressure when no one is seated at the rear (to safeguard the health of a passenger who falls off backwards)
- states also need consistent rules on minimum rider age, training and licensing. The laws vary widely. These inconsistent regulations create confusion and loopholes, especially when riders cross borders.
The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. Jet ski accidents are tragic but preventable. Here’s how to reduce the risk – https://theconversation.com/jet-ski-accidents-are-tragic-but-preventable-heres-how-to-reduce-the-risk-261746
MIL OSI Analysis – EveningReport.nz –
July 24, 2025
MIL-OSI Submissions: Why Texas Hill Country, where a devastating flood killed more than 135 people, is one of the deadliest places in the US for flash flooding

Source: The Conversation – USA (2) – By Hatim Sharif, Professor of Civil and Environmental Engineering, The University of Texas at San Antonio

A Kerrville, Texas, resident watches the flooded Guadalupe River on July 4, 2025. Eric Vryn/Getty Images

Texas Hill Country is known for its landscapes, where shallow rivers wind among hills and through rugged valleys. That geography also makes it one of the deadliest places in the U.S. for flash flooding.

In the early hours of July 4, 2025, a flash flood swept through an area of Hill Country dotted with summer camps and small towns about 70 miles northwest of San Antonio. More than 135 people died in the flooding. The majority of them were in Kerr County, including more than two dozen girls and counselors at one summer camp, Camp Mystic. Dozens more people were still unaccounted for a week later.

The flooding began with a heavy downpour, with more than 10 inches of rain in some areas, that sent water sheeting off the hillsides and into creeks. The creeks poured into the Guadalupe River.

A river gauge at Hunt, Texas, near Camp Mystic, showed how quickly the river flooded: Around 3 a.m. on July 4, the Guadalupe River was rising about 1 foot every 5 minutes at the gauge, National Weather Service data shows. By 4:30 a.m., it had risen more than 20 feet. As the water moved downstream, it reached Kerrville, where the river rose even faster.

Flood expert Hatim Sharif, a hydrologist and civil engineer at the University of Texas at San Antonio, explains what makes this part of the country, known as Flash Flood Alley, so dangerous.

What makes Hill Country so prone to flooding?

Texas as a whole leads the nation in flood deaths, and by a wide margin. A colleague and I analyzed data from 1959 to 2019 and found 1,069 people had died in flooding in Texas over those six decades. The next highest total was in Louisiana, with 693.

Many of those flood deaths have been in Hill County. It’s part of an area known as Flash Flood Alley, a crescent of land that curves from near Dallas down to San Antonio and then westward.

The hills are steep, and the water moves quickly when it floods. This is a semi-arid area with soils that don’t soak up much water, so the water sheets off quickly and the shallow creeks can rise fast.

When those creeks converge on a river, they can create a surge of water that wipes out homes and washes away cars and, unfortunately, anyone in its path.

Hill Country has seen some devastating flash floods. In 1987, heavy rain in western Kerr County quickly flooded the Guadalupe River, triggering a flash flood similar to the one in 2025. Ten teenagers being evacuated from a camp died in the rushing water.

San Antonio, at the eastern edge of Hill Country, was hit with a flash flood on June 12, 2025, that killed 13 people whose cars were swept away by high water from a fast-flooding creek near an interstate ramp in the early morning.

Why does the region get such strong downpours?

One reason Hill Country gets powerful downpours is the Balcones Escarpment.

The escarpment is a line of cliffs and steep hills created by a geologic fault. When warm air from the Gulf rushes up the escarpment, it condenses and can dump a lot of moisture. That water flows down the hills quickly, from many different directions, filling streams and rivers below.

As temperature rise, the warmer atmosphere can hold more moisture, increasing the downpour and flood risk.

A tour of the Guadalupe River and its flood risk.

The same effect can contribute to flash flooding in San Antonio, where the large amount of paved land and lack of updated drainage to control runoff adds to the risk.

What can be done to improve flash flood safety?

First, it’s important for people to understand why flash flooding happens and just how fast the water can rise and flow. In many arid areas, dry or shallow creeks can quickly fill up with fast-moving water and become deadly. So people should be aware of the risks and pay attention to the weather.

Improving flood forecasting, with more detailed models of the physics and water velocity at different locations, can also help.

Probabilistic forecasting, for example, can provide a range of rainfall scenarios, enabling authorities to prepare for worst-case scenarios. A scientific framework linking rainfall forecasts to the local impacts, such as streamflow, flood depth and water velocity, could also help decision-makers implement timely evacuations or road closures.

Education is particularly essential for drivers. One to two feet of moving water can wash away a car. People may think their trucks and SUVs can go through anything, but fast-moving water can flip a truck and carry it away.

Officials can also do more to barricade roads when the flood risk is high to prevent people from driving into harm’s way. We found that 58% of the flood deaths in Texas over the past six decades involved vehicles. The storm on June 12 in San Antonio was an example. It was early morning, and drivers had poor visibility. The cars were hit by fast-rising floodwater from an adjacent creek.

This article, originally published July 5, 2025, has been updated with the death toll rising.

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

– ref. Why Texas Hill Country, where a devastating flood killed more than 135 people, is one of the deadliest places in the US for flash flooding – https://theconversation.com/why-texas-hill-country-where-a-devastating-flood-killed-more-than-135-people-is-one-of-the-deadliest-places-in-the-us-for-flash-flooding-260555

MIL OSI –

July 24, 2025
India’s global outreach continues: PM Modi begins UK visit, Maldives next

Source: Government of India

Source: Government of India (2)

rime Minister Narendra Modi will embark on a two-nation tour on Wednesday, visiting the United Kingdom and the Maldives from July 23 to 26, aiming to strengthen India’s global diplomatic engagements.

At the invitation of UK Prime Minister Keir Starmer, Prime Minister Modi will undertake an official visit to the United Kingdom from July 23 to 24. This will be his fourth visit to the UK, reflecting the growing warmth and depth of the bilateral relationship.

India and the United Kingdom share historical ties that have evolved into a robust and mutually beneficial partnership. A major milestone in the relationship was achieved during the India-UK virtual summit on 4 May 2021, when Prime Minister Modi and then UK Prime Minister Boris Johnson established a Comprehensive Strategic Partnership and adopted an ambitious India-UK Roadmap 2030. This roadmap continues to steer cooperation across various sectors including trade, security, education, technology, and climate change.

The visit also comes in the wake of the recent general elections in the UK held on 4 July 2024, where the Labour Party returned to power after 14 years, winning 412 out of 650 seats. Keir Starmer assumed office as Prime Minister, and PM Modi extended his congratulations during a telephonic conversation on 6 July, also inviting him for an early visit to India.

In its election manifesto, the Labour Party pledged to pursue a new strategic partnership with India, focusing on the conclusion of a Free Trade Agreement (FTA) and deepening cooperation in critical sectors. The two leaders had earlier met on the sidelines of the G20 Leaders’ Summit in Brazil in November 2024 and briefly interacted again during the G7 Summit in Canada in June 2025.

Following the terrorist attack in Pahalgam in April 2025, Prime Minister Starmer had spoken to PM Modi to convey his condolences and support. On 6 May 2025, both leaders held a telephonic conversation and announced the successful conclusion of the India-UK FTA and the Double Taxation Avoidance Convention, marking a historic development in bilateral ties.

High-level exchanges have been a consistent feature of India-UK relations. President Droupadi Murmu visited London in September 2022 to attend the State Funeral of Her Majesty Queen Elizabeth II and met King Charles III during her visit. Vice President Jagdeep Dhankhar represented India at the Coronation of King Charles III in May 2023 and engaged with global leaders during his visit. He also addressed members of the Indian community and interacted with Indian-origin UK MPs and students.

Prime Minister Modi had earlier met former UK Prime Minister Rishi Sunak on multiple occasions, including during the G20 Summit in India in September 2023 and at the G7 Summit in Italy in June 2024. Their discussions covered progress on the India-UK FTA and other key areas under the Roadmap 2030. Sunak’s official visit to India in 2023 and bilateral engagements in Japan and Bali further contributed to the growing momentum in the relationship. Notably, the Young Professionals Scheme was launched following their meeting in Bali in 2022, enhancing mobility for youth between the two countries.

In April 2022, then UK Prime Minister Boris Johnson visited India and held wide-ranging discussions with PM Modi. The visit saw the announcement of an ‘Open General Export Licence’ for Indian companies and the signing of MoUs in nuclear energy and global innovation, along with a joint statement on cyber cooperation.

Earlier, in November 2021, Prime Minister Modi had visited the UK to attend the COP26 World Leaders’ Summit in Glasgow, where he and Prime Minister Boris Johnson jointly launched the One Sun, One World, One Grid (OSOWOG) initiative under the International Solar Alliance and the Infrastructure for Resilient Island States (IRIS) initiative under the Coalition for Disaster Resilient Infrastructure.

Lok Sabha Speaker Om Birla visited the UK in January 2025 and held bilateral talks with the Speaker of the House of Commons, Lindsay Hoyle, underscoring the strong parliamentary ties between the two democracies.

July 24, 2025
MIL-OSI Banking: Secretary-General of ASEAN delivers Pre-Recorded Keynote Remarks at the ASEAN–India Forum 2025

Source: ASEAN

Secretary-General of ASEAN, Dr. Kao Kim Hourn, today delivered pre-recorded keynote remarks at the ASEAN–India Forum 2025, held in Bangkok, Thailand. In his message, Dr. Kao reaffirmed ASEAN’s strong commitment to advancing the ASEAN–India Comprehensive Strategic Partnership through tourism. He also emphasized the importance of sustainable tourism, stronger transport connectivity, and collaborative destination marketing, highlighting the regional tagline “A Destination for Every Dream.”

The post Secretary-General of ASEAN delivers Pre-Recorded Keynote Remarks at the ASEAN–India Forum 2025 appeared first on ASEAN Main Portal.

MIL OSI Global Banks –

July 24, 2025
MIL-OSI USA: Peters, Slotkin Respond to Federal Disaster Declaration Following Catastrophic Northern Michigan Ice Storm

US Senate News:

Source: United States Senator for Michigan Gary Peters
WASHINGTON, DC – U.S. Senators Gary Peters (D-MI) and Elissa Slotkin (D-MI) responded to the approval of Michigan’s request for a major disaster declaration following the catastrophic ice storm that impacted communities throughout Northern Michigan and the Eastern Upper Peninsula in late March. In May, Peters and Slotkin sent a letter to President Trump urging his swift approval of this declaration to support areas affected by the storm. With this declaration, critical assistance through the Federal Emergency Management Agency’s (FEMA) Public Assistance Program will be available to communities in Alcona, Alpena, Antrim, Charlevoix, Cheboygan, Crawford, Emmet, Montmorency, Oscoda, Otsego, Presque Isle, Kalkaska and Mackinac Counties, as well as the Little Traverse Bay Band of Odawa Indians.
“I’m pleased that funding is coming to Northern Michigan to bolster the ongoing recovery efforts following the ice storm this March,” said Senator Peters. “The State of Michigan and local emergency managers continue to work hard because this job is not finished, and I’ll keep fighting to help our communities get the resources they need to bounce back stronger.”
“This is welcome news and a big step for the many Michiganders who are still recovering from the once-in-a-generation ice storm in Northern Michigan and the UP in March,” said Senator Slotkin. “There is still more work ahead, but my office is here to help Michiganders navigate the federal disaster process to rebuild and recover.”
The National Weather Service has ranked this as one of the most significant ice storms ever recorded in Northern Michigan. State and federal officials estimate the storms caused more than $137 million in immediate response costs, and inflicted severe damage to homes, businesses, and critical infrastructure, including leaving residents without power for weeks. The long-term impacts to local government, industries, and residents remain to be seen.
FEMA’s Public Assistance Program provides assistance to eligible applicants, including local governments, to respond and recover from major disasters. In Michigan, the authorized funding can be used for debris removal and emergency protective measures such as eligible overtime work and permanent restoration of infrastructure. For additional information regarding the federal assistance, please contact the MSP Emergency Management and Homeland Security Division at 517-243-0149.
Peters and Slotkin have fought to aid Northern Michigan’s impacted communities from the start. In the days following this devastating storm, the lawmakers wrote to Governor Whitmer expressing their willingness to support any federal support needed as part of the State of Michigan’s response. In June, Peters and Slotkin called on the Small Business Administration to approve the State of Michigan’s Rapid Administrative Disaster Declaration request for eligible counties, which was later approved by SBA Administrator Loeffler.

MIL OSI USA News –

July 24, 2025
MIL-OSI: MARA Holdings, Inc. Announces Pricing of Upsized $950 Million Offering of 0.00% Convertible Senior Notes due 2032

Source: GlobeNewswire (MIL-OSI)

Miami, FL, July 23, 2025 (GLOBE NEWSWIRE) — MARA Holdings, Inc. (NASDAQ: MARA) (“MARA” or the “Company”), a leading digital energy and infrastructure company, today announced the pricing of its upsized offering of $950 million aggregate principal amount of 0.00% convertible senior notes due 2032 (the “notes”). The notes will be sold in a private offering to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). MARA also granted to the initial purchasers of the notes an option to purchase, within a 13-day period beginning on, and including, the date on which the notes are first issued, up to an additional $200 million aggregate principal amount of the notes. The offering is expected to close on July 25, 2025, subject to satisfaction of customary closing conditions.

The notes will be unsecured, senior obligations of MARA. The notes will not bear regular interest, and the principal amount of the notes will not accrete. MARA may pay special interest, if any, at its election as the sole remedy for failure to comply with its reporting obligations and under certain other circumstances, each pursuant to the indenture. Special interest, if any, on the notes will be payable semi-annually in arrears on February 1 and August 1 of each year, beginning on February 1, 2026 (if and to the extent that special interest is then payable on the notes). The notes will mature on August 1, 2032, unless earlier repurchased, redeemed or converted in accordance with their terms. Subject to certain conditions, on or after January 15, 2030, MARA may redeem for cash all or any portion of the notes at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid special interest, if any, to, but excluding, the redemption date, if the last reported sale price of MARA common stock has been at least 130% of the conversion price then in effect for a specified period of time ending on, and including, the trading day immediately before the date MARA provides the notice of redemption. If MARA redeems fewer than all the outstanding notes, at least $75 million aggregate principal amount of notes must be outstanding and not subject to redemption as of the relevant redemption notice date.

Holders of notes may require MARA to repurchase for cash all or any portion of their notes on January 4, 2030, if the last reported sale price of MARA’s common stock on the second trading day immediately preceding the repurchase date is less than the conversion price, or upon the occurrence of certain events that constitute a fundamental change under the indenture governing the notes at a repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid special interest, if any, to, but excluding, the date of repurchase. In connection with certain corporate events or if MARA calls any note for redemption, it will, under certain circumstances, be required to increase the conversion rate for holders who elect to convert their notes in connection with such corporate event or notice of redemption.

The notes will be convertible into cash, shares of MARA’s common stock, or a combination of cash and shares of MARA’s common stock, at MARA’s election. Prior to May 1, 2032, the notes will be convertible only upon the occurrence of certain events and during certain periods, and thereafter, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date.

The conversion rate for the notes will initially be 49.3619 shares of MARA common stock per $1,000 principal amount of notes. The conversion rate will be subject to adjustment upon the occurrence of certain events.

MARA estimates that the net proceeds from the sale of the notes will be approximately $940.5 million (or approximately $1,138.5 million if the initial purchasers exercise in full their option to purchase additional notes), after deducting the initial purchasers’ discounts and commissions but before estimated offering expenses payable by MARA.

MARA expects to use approximately $18.3 million of the net proceeds from the sale of the notes to repurchase approximately $19.4 million in aggregate principal amount of its existing 1.00% convertible senior notes due 2026 (the “1.00% 2026 convertible notes”) in privately negotiated transactions with the remainder of the net proceeds to be used to pay the approximately $36.9 million cost of the capped call transactions (as described below), to acquire additional bitcoin and for general corporate purposes, which may include working capital, strategic acquisitions, expansion of existing assets, and repayment of additional debt and other outstanding obligations.

In connection with any repurchase of the 1.00% 2026 convertible notes, MARA expects that holders of the 1.00% 2026 convertible notes who agree to have their notes repurchased and who have hedged their equity price risk with respect to such notes (the “hedged holders”) will unwind all or part of their hedge positions by buying MARA’s common stock and/or entering into or unwinding various derivative transactions with respect to MARA’s common stock. The amount of MARA’s common stock to be purchased by the hedged holders or in connection with such derivative transactions may be substantial in relation to the historic average daily trading volume of MARA’s common stock. This activity by the hedged holders could increase (or reduce the size of any decrease in) the market price of MARA’s common stock, including concurrently with the pricing of the notes, resulting in a higher effective conversion price of the notes. MARA cannot predict the magnitude of such market activity or the overall effect it will have on the price of the notes or MARA’s common stock.

In connection with the pricing of the notes, MARA entered into privately negotiated capped call transactions with certain of the initial purchasers or their respective affiliates and certain other financial institutions (the “option counterparties”). If the initial purchasers exercise their option to purchase additional notes, MARA expects to use a portion of the net proceeds from the sale of such additional notes to enter into additional capped call transactions with the option counterparties. The capped call transactions will cover, subject to anti-dilution adjustments, the number of shares of common stock underlying the notes sold in the offering. The capped call transactions are generally expected to reduce potential dilution to the common stock upon any conversion of notes and/or offset any cash payments MARA is required to make in excess of the principal amount of converted notes, as the case may be, with such reduction and/or offset subject to a cap.

The cap price of the capped call transactions is initially approximately $24.14 per share, which represents a premium of approximately 40.0% over the U.S. composite volume weighted average price of MARA’s common stock from 2:00 p.m. through 4:00 p.m. Eastern Daylight Time on Wednesday, July 23, 2025, which was $17.2413, and is subject to certain adjustments under the terms of the capped call transactions.

MARA has been advised that, in connection with establishing their initial hedges of the capped call transactions, the option counterparties or their respective affiliates expect to purchase shares of common stock and/or enter into various derivative transactions with respect to the common stock concurrently with or shortly after the pricing of the notes. This activity could increase (or reduce the size of any decrease in) the market price of the common stock or the notes at that time. In addition, the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to the common stock and/or purchasing or selling the common stock or other securities of MARA in secondary market transactions from time to time prior to the maturity of the notes (and are likely to do so during any observation period related to a conversion of the notes, in connection with any redemption of the notes, any fundamental change repurchase of the notes or any exercise of a holder’s optional repurchase right, and, to the extent MARA unwinds a corresponding portion of the capped call transactions, following any other repurchase of the notes). This activity could also cause or avoid an increase or a decrease in the market price of the common stock or the notes, which could affect the ability of noteholders to convert the notes and, to the extent the activity occurs during any observation period related to a conversion of notes, it could affect the number of shares of common stock, if any, and value of the consideration that noteholders will receive upon conversion of the notes.

The notes are being offered and sold to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act. The offer and sale of the notes and the shares of MARA’s common stock issuable upon conversion of the notes, if any, have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction, and the notes and any such shares may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements. The offering of the notes is being made only by means of a private offering memorandum.

This press release shall not constitute an offer to sell, or a solicitation of an offer to buy, the notes, nor shall there be any sale of the notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful under the securities laws of any such state or jurisdiction. Nothing in this press release shall be deemed an offer to purchase MARA’s 1.00% 2026 convertible notes.

About MARA

MARA (NASDAQ:MARA) deploys digital energy technologies to advance the world’s energy systems. Harnessing the power of compute, MARA transforms excess energy into digital capital, balancing the grid and accelerating the deployment of critical infrastructure. Building on its expertise to redefine the future of energy, MARA develops technologies that reduce the energy demands of high-performance computing applications, from AI to the edge.

Forward-Looking Statements

Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the estimated net proceeds of the offering, the anticipated use of such net proceeds, including any repurchases of the Company’s existing convertible notes, the expected impact of the capped call transactions, and the anticipated closing of the offering. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including uncertainties related to market conditions and the completion of the offering, uncertainties related to the satisfaction of closing conditions for the sale of the notes, the other factors discussed in the “Risk Factors” section of MARA’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 3, 2025 and the risks described in other filings that MARA may make from time to time with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof, and MARA specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise, except to the extent required by applicable law.

MARA Company Contact:
Telephone: 800-804-1690
Email: ir@mara.com

MARA Media Contact:
Email: mara@wachsman.com

The MIL Network –

July 24, 2025
MIL-OSI: Voice2Me.ai Launches Industry’s Fastest, Most Secure AI Voice Agents Across Salesforce, PEGA, and ServiceNow Platforms
Source: GlobeNewswire (MIL-OSI)

FAIRFAX, Va., July 23, 2025 (GLOBE NEWSWIRE) — Voice2Me.ai, the boutique firm driving innovation in enterprise AI voice intelligence, today announced major platform expansions that sets a new standard for AI voice automation with secure, production-grade agents now available across Salesforce, PEGA, and ServiceNow. Building on its success in the ServiceNow certified store, the company’s ultra-secured AI voice agents are now available across Salesforce and PEGA platforms, demonstrating how enterprises can deploy top AI voice agents that are ready to take your call across multiple enterprise ecosystems.

Voice2Me.ai Customer Support

Strategic Platform Expansion Beyond ServiceNow

Voice2Me.ai’s expansion from its flagship ServiceNow integration to Salesforce and PEGA represents a significant milestone in making the best AI voice agents accessible across all major enterprise platforms. The company’s certified and approved ServiceNow apps in the ServiceNow store, has driven deeper trust and recognition in the industry, establishing Voice2Me.ai as the go-to provider for building AI voice agents for production-grade enterprise environments.

“Our expansion beyond ServiceNow proves that organizations across all platforms are hungry for top AI voice agents that deliver both security and simplicity,” said Eva Karnaukh, CEO of Voice2Me.ai. “We’re not just building AI voice agents – we’re creating intelligent conversation platforms that transform how enterprises communicate across their entire technology stack.”

Enterprise-Grade Security and Model-Agnostic Architecture

Voice2Me.ai’s platform distinguishes itself through enterprise-grade security architecture combined with a large-model agnostic approach that delivers fast, secure, and scalable AI voice intelligence. This foundation ensures that AI voice agents are ready to take your call while maintaining the highest standards of data protection across all integrated platforms.

“The question isn’t whether AI voice agents are ready to take your call – it’s whether your enterprise platform can deliver the conversational experiences your customers expect with military-grade security,” added Karnaukh. “Our model-agnostic approach ensures that regardless of your enterprise architecture, you can deploy the best AI voice agents that integrate seamlessly with your existing workflows.”

Advanced Technical Innovation for Production Environments

Voice2Me.ai goes beyond voice enabling multimodal resolution that lets midmarket – enterprise teams speak, see, and solve in real time. From voice to visual context, our agents understand inputs the way humans do. Built to scale across critical industries like healthcare, insurance, and government, the platform pairs advanced telephony with secure AI orchestration for end-to-end support.

Key technical innovations include:
- Enterprise-Grade Security Framework: Military-grade security with zero data persistence and comprehensive compliance readiness across all platforms
- Large-Model Agnostic Architecture: Seamless integration with leading AI models for optimal performance and flexibility
- Multi-Platform Native Integration: Direct deployment capabilities across ServiceNow, Salesforce, PEGA, with Appian and Workday integrations planned
- Production-Ready Scalability: Fast, secure, and scalable infrastructure designed for enterprise-grade deployments
- Advanced Telephony Integration: SIP integrations with major call center providers for enterprise-grade voice capabilities
With zero data persistence, FedRAMP/HIPAA readiness, and human-in-the-loop controls, the platform is trusted by government, healthcare, and financial services alike.

Future Roadmap and Platform Strategy

Following successful deployments across ServiceNow, Salesforce, and PEGA, Voice2Me.ai is strategically planning its next integration with either Appian or Workday, depending on market priorities. This expansion strategy demonstrates the company’s commitment to making top AI voice agents available across all major enterprise platforms while maintaining the security and performance standards required for building AI voice agents for production.

Global Operations and Professional Services Excellence

With operations spanning the United States, Europe, and Asia, Voice2Me.ai has positioned itself as a global disruptor of enterprise platform capabilities. The company’s boutique professional services team ensures smooth and fast deployment, helping customers elevate their enterprise platform experience with modern development and AI-powered architecture.

Voice2Me.ai’s approach focuses on three core principles:
- Security-First Design: Enterprise-grade security architecture that enables building AI voice agents for production environments
- Platform Enhancement: Enabling existing midmarket – enterprise platform capabilities with the best AI voice agents
- Model Flexibility: Large-model agnostic architecture that adapts to evolving AI landscape
Industry Impact and Market Leadership

As enterprises increasingly seek solutions for building AI voice agents for production environments, Voice2Me.ai’s comprehensive approach addresses the full spectrum of conversational AI needs. From showing organizations how to deploy top AI voice agents that integrate natively with existing platforms to providing the infrastructure for AI voice agents that are ready to take your call with enterprise-grade security, the company has established itself as the definitive source for production-grade voice intelligence.

The company’s commitment to ethical, secure, and responsible AI development ensures that all implementations maintain the highest standards of data protection and regulatory compliance while delivering the performance enterprises demand.

Platform Availability and Enterprise Adoption

Voice2Me.ai’s expanded platform integrations are available immediately, with enterprises able to deploy the best AI voice agents across ServiceNow (available in the certified store), Salesforce, and PEGA environments. The company’s model-agnostic architecture ensures that organizations can leverage the most advanced AI capabilities while maintaining the security and scalability required for production deployments.

Organizations interested in learning more about building AI voice agents for production environments can access comprehensive resources and technical documentation through Voice2Me.ai’s platform. The company’s fast, secure, and scalable architecture enables rapid deployment of top AI voice agents that are ready to take your call across any enterprise platform.

About Voice2Me.ai

Voice2Me.ai is the leading boutique firm specializing in enterprise AI voice intelligence solutions. Founded in Fairfax, Virginia, the company delivers the best AI voice agents for production environments across major enterprise platforms including ServiceNow (certified store), Salesforce, PEGA, with planned expansions to Appian and Workday. With operations in the US, Europe, and Asia, Voice2Me.ai empowers organizations to build AI voice agents with enterprise-grade security and model-agnostic architecture, providing fast, secure, and scalable conversational AI solutions for enterprises worldwide.

Media Contact: Eva Karnaukh, CEO Voice2Me.ai Email: press@voice2me.ai Website: voice2me.ai

Learn More:

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8214011f-b8b3-4d8d-9dbe-9ad08e50e7be

The MIL Network –
July 24, 2025

Category: Business

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