Category: Canada

MIL-OSI Canada: Edmonton resident charged with drug importation
Source: Government of Canada News (2)

July 31, 2025 Calgary, Alberta Canada Border Services Agency/Royal Canadian Mounted Police

On July 28, 2025, Canada Border Services Agency (CBSA) officers at the Coutts port of entry were conducting a secondary examination of commercial truck seeking entry into Canada from the United States. During the search, CBSA border services officers found a duffle bag containing nearly 67 kg of cocaine, and the driver was subsequently arrested.

The Integrated Border Enforcement Team (IBET) in Alberta, a joint force operation between the RCMP Federal Policing Northwest Region, CBSA and Calgary Police Service, was notified, and a criminal investigation was initiated into the driver and the seized drugs.

Trieu Thanh Ngoc Le (49), a resident of Edmonton, was arrested and charged with:
- Importing a controlled substance contrary to section 6(1) of the Controlled Drugs and Substances Act;
- Possession of a controlled substance for the purpose of trafficking contrary to section 5(2) of the Controlled Drugs and Substances Act; and,
- Smuggling into Canada contrary to section 159 of the Customs Act.
Le is scheduled to appear at the Alberta Court of Justice in Lethbridge on July 31, 2025.

MIL OSI Canada News –
August 5, 2025
MIL-OSI: Altai Announces Filing of Meeting Materials for Special Meeting of Shareholders

Source: GlobeNewswire (MIL-OSI)

TORONTO, July 31, 2025 (GLOBE NEWSWIRE) — Altai Resources Inc. (TSXV: ATI) (“Altai” or the “Company”) announced today that it has filed a management information circular (the “Circular”) and related meeting materials (together with the Circular, the “Meeting Materials”) in connection with a special meeting (the “Meeting”) of shareholders of the Company (the “Shareholders”) to be held on September 3, 2025 to consider and, if deemed advisable, approve, with or without variation, a special resolution authorizing and approving a reduction of the stated capital account of the common shares of the Company (the “Common Shares”) by an aggregate amount to be determined by the board of directors of the Company from time to time up to a maximum cumulative total amount of $4,000,000 pursuant to Section 34(1)(b) of the Business Corporations Act (Ontario) for the purposes of distributing such amount to holders of Common Shares by way of a return of capital in one or more special cash distribution(s), all as more particularly described in the Circular.

Shareholders are encouraged to read the Meeting Materials, which have been filed on SEDAR+ and can be viewed at www.sedarplus.ca under the Company’s profile. The Meeting Materials will be mailed in due course to the Shareholders entitled to vote at the Meeting.

ABOUT THE COMPANY
Altai Resources Inc. is a Toronto, Ontario based resource company with a producing oil property in Alberta, an exploration gold property in Quebec, and a Canadian investment portfolio comprised of cash and cash equivalents. Additional information about the Company is available on SEDAR+ at www.sedarplus.ca and on the Company’s website at www.altairesources.com.

For further information, please contact:
Kursat Kacira, Chairman & CEO/President
T: (647) 282-8324, E: kursatkacira@altairesources.ca

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

The MIL Network –

August 5, 2025
MIL-OSI USA: ICYMI: On Bloomberg TV’s Balance of Power, Shaheen Details Her Senate Floor Effort to Block Trump Tariff Taxes from Taking Effect, Highlights Trade War Harms to Families and Businesses
US Senate News:
Source: United States Senator for New Hampshire Jeanne Shaheen

(Washington, DC) – U.S. Senator Jeanne Shaheen (D-NH), Ranking Member of the U.S. Senate Foreign Relations Committee and a top member of the U.S. Senate Small Business Committee, joined Bloomberg TV’s Balance of Power last night to discuss her Senate floor effort to block President Trump’s tariffs from taking effect on August 1 and lead her colleagues in detailing the real harm the Administration’s trade war causes to American families and businesses. Shaheen relayed the concerns she heard from Granite State small businesses during recent visits about the high costs, uncertainty and supply chain challenges posed by the President’s trade war.

Click HERE to watch Senator Shaheen’s full interview.

Key quotes from Senator Shaheen:
- “I went to the floor several months ago with the same unanimous consent request for legislation that I’ve introduced, and the Republican majority objected to that – but I think it’s important to continue to raise the concern. Because every business that I visit in New Hampshire has expressed concern about the tariffs.”
- “The other thing that I’ve heard from literally every business that I’ve visited is that, as much of a problem as the high tariffs are and the increases in cost, it’s the uncertainty that it means for their business. Because they don’t know what the President’s gonna do. […] So, businesses don’t know how to invest, they don’t know how to plan – and that creates real problems for businesses and the people who work there.”
- “We just had a hearing in Foreign Relations today on critical minerals in Africa, and the fact that we’re not producing those critical minerals in the United States that we need for the auto industry, for our appliances and virtually everything we do. So we need to do that, but these tariffs aren’t going to help us with those critical minerals. We need to make some of those investments, and we need to have a strategy to do that.”
Following the interview, Shaheen took to the Senate floor to call for unanimous consent to pass her Protecting Americans from Tax Hikes on Imported Goods Act and highlight the devastating impacts the trade war has on families, small businesses, American manufacturing and key trade partnerships across the world. If Senate Republicans had not blocked the move, Shaheen’s legislation would have clarified that the President does not have the authority to invoke the International Emergency Economic Powers Act (IEEPA) to level sweeping tariffs.

Click HERE to watch Shaheen’s remarks in full.

Senator Shaheen is helping lead efforts in Congress to mitigate the harmful impacts of President Trump’s tariffs. Last week, Shaheen helped introduce bipartisan legislation, Creating Access to Necessary American-Canadian Duty Adjustments (CANADA) Act, that would exempt United States-owned small businesses from the sweeping tariffs imposed on Canadian products. Last month, Shaheen led 30 Senators in filing an amicus brief in a key case, Oregon v. Department of Homeland Security, challenging the Trump Administration’s abuse of emergency powers to impose tariffs. In January, Shaheen introduced the Protecting Americans from Tax Hikes on Imported Goods Act.

In recent months, Shaheen has traveled across the Granite State to discuss the impact of tariffs on New Hampshire’s tourism industry and to visit businesses impacted by President Trump’s trade war including Brueckner Group USA, Colby Footwear, Chatila’s Bakery, C&J, DCI Furniture, Mount Cabot Maple, American Calan Inc. and NH Ball Bearings.
MIL OSI USA News –
August 5, 2025
MIL-OSI Canada: Affordable Housing Units Open In Saskatoon

Source: Government of Canada regional news

Released on July 31, 2025

Solving Canada’s housing crisis requires immediate action to bring down costs. To provide Canadians with increased access to affordable and sustainable housing, the government today announced that individuals with low incomes will now have access to more affordable housing in Saskatoon thanks to a $1.1 million investment from the governments of Canada and Saskatchewan.

The new fourplex located at 501 Avenue H South includes two accessible one-bedroom units and two bachelor units, giving four individuals renting through the Saskatoon Housing Authority (SHA) a place to call home.

Funding for this development has been provided through the National Housing Strategy – Saskatchewan Priorities Initiative. The units are owned by the Saskatchewan Housing Corporation and the SHA will manage maintenance and rentals at the building.

As we build a strong Canadian housing sector, purposeful collaboration will be essential. That means working hand-in-hand with the non-profit sector to bring down costs and build homes at a scale and speed not seen since the Second World War.

“Our new government was elected on a promise to build Canada,” Secretary of State for Rural Development Buckley Belanger said. “The federal government is committed to working with provinces and territories to provide people in communities like Saskatoon the support they need to access adequate, affordable housing. This new housing development announced today is another step toward making sure every Canadian has a safe, comfortable place to live.”

“The opening of the four new housing units in Saskatoon expands access to affordable homes, while creating spaces that promote safety, security and brighter futures,” Social Services Minister and Minister Responsible for Saskatchewan Housing Corporation (SHC) Terry Jenson said. “The development reflects our ongoing commitment to expanding affordable housing across the province.”

Quick facts:

The National Housing Strategy (NHS) is a 10 plus year, $115 plus billion plan to give more Canadians a place to call home. Progress on programs and initiatives are updated quarterly on the Housing, Infrastructure and Communities Canada (HICC) website. The Housing and Infrastructure Project Map shows affordable housing projects that have been developed.

As of March 2025, the federal government has committed $65.84 billion to support the creation of over 166,000 units and the repair of over 322,000 units. These measures prioritize those in greatest need, including seniors, Indigenous Peoples, people experiencing or at risk of homelessness, and women and children fleeing violence.

NHS is built on strong partnerships between the federal, provincial, and territorial governments, and continuous engagement with others, including municipalities, Indigenous governments and organizations, and the social and private housing sectors. This includes consultations with Canadians from all walks of life and people with lived experience of housing need.

All NHS investments delivered by the federal, provincial, and territorial governments will respect the key principles of NHS that support partnerships, people and communities.

In 2019, the Government of Canada and the Government of Saskatchewan entered into an agreement through the NHS. The Canada-Saskatchewan Bilateral Agreement will invest $585 million over 10 years, which is cost matched between the federal and provincial governments.

Through the 2025-26 Government of Saskatchewan budget, continued provincial capital investment of $9.6 million will support repairs, maintenance, and the replacement of major building components in provincially-owned housing units. Overall, SHC is investing a total of $88.4 million to ensure rent-ready units are available across the province. This will support the repair of up to 1,600 provincially-owned housing units with capital investments and provide 350 more households with safe and affordable housing this year compared to last year.

Associated Links:

Visit Canada.ca/housing for the most requested Government of Canada housing information.

Canada Mortgage and Housing Corporation plays a critical role as a national facilitator to promote stability and sustainability in Canada’s housing finance system. Our mortgage insurance products support access to homeownership and the creation and maintenance of rental supply. We also actively support the Government of Canada in delivering on its commitment to make housing more affordable. Our research and data help inform housing policy. By facilitating cooperation between all levels of government, private and non-profit sectors, we contribute to advancing housing affordability, equity and climate compatibility. Follow us on X, YouTube, LinkedIn, Facebook and Instagram.

In November 2019, the Government of Saskatchewan released Saskatchewan’s Growth Plan: the Next Decade of Growth 2020-2030, which sets out the government’s vision for a province of 1.4 million people by 2030. The plan identifies principles, goals and actions to ensure Saskatchewan is capturing the opportunities and meeting the challenges of a growing province.

To learn more, visit: www.saskatchewan.ca.

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For information, contact:

Renee LeBlanc Proctor
Office of the Minister of Housing and Infrastructure
Email: renee.proctor@infc.gc.ca

Media Relations
Canada Mortgage and Housing Corporation
Email: media@cmhc-schl.gc.ca

Media Relations
Social Services
Phone: 306-787-3610
Email: mediamss@gov.sk.ca

MIL OSI Canada News –

August 5, 2025
MIL-OSI Canada: Legislation to Protect Communities From Street Weapons and Dangerous Drugs Comes Into Force

Source: Government of Canada regional news

Released on July 31, 2025

On August 1, 2025, The Safe Public Spaces (Street Weapons) Act comes into force.

This new legislation promotes safety in public urban spaces by regulating the possession, transportation and storage of items that may be used as street weapons, such as knives, hypodermic needles, machetes and bear spray, as well as dangerous drugs such as methamphetamine and fentanyl. These rules will apply in municipalities and First Nations that choose to opt in to the new Act.

“The government is committed to increased public safety measures to ensure all Saskatchewan citizens feel safe and protected in their communities,” Justice Minister and Attorney General Tim McLeod, K.C. said. “The coming-into-force of this Act will empower law enforcement and give them an important tool to appropriately address individuals that use street weapons to intimidate or harm people in public spaces.”

The Act prohibits persons from possessing items that could be used as street weapons in public spaces, defacing or altering those items, or possessing such an item that has been defaced or altered. Persons in breach of these rules can be charged with a provincial offence and subject to a fine of not more than $5,000, imprisonment for up to one year, or both a fine and imprisonment. The Act further provides police enhanced powers to seize these items from people in public spaces where there is a threat to public safety, regardless of whether a charge is laid.

The province is committed to protecting communities against fentanyl and methamphetamine. This Act provides additional tools to remove fentanyl and methamphetamine from our communities and protect the health and safety of all citizens.

Public spaces may include public buildings, parks, playgrounds, any land or building entered without consent of the owner, common areas of condominiums or apartments, unoccupied land or buildings, or vehicles travelling through public spaces.

The government recognizes that many items used as street weapons have legitimate, legal purposes. The legislation contains appropriate exemptions to ensure these items can continue to be used for their lawful purposes, such as food preparation and protection from wildlife threats, or using hypodermic needles for medical use.

Individual municipalities and First Nations can choose whether they want to opt into the Act. By opting into the Act, municipalities and First Nations give police officers the ability to address street weapons through uniform provincial rules and offences.

If a municipality or First Nation does not opt into the Act, the rules do not apply to that municipality or First Nation.

More information about the opt-in process can be found in the attached background document.

In 2024-25 and 2025-26, the Government of Saskatchewan invested $2 billion in public safety. This includes an increase of $28.4 million, totaling $699.4 million over two years, to support policing and community safety in the province and over $518 million over two years to enhance access to justice services.

For more information on Saskatchewan’s ongoing work to create safe communities and neighborhoods, please visit:

Government Expands Legislation to Target Street Weapons and Illicit Drugs | News and Media | Government of Saskatchewan

Saskatchewan Announces Measures to Protect Communities Against Fentanyl and Methamphetamine | News and Media | Government of Saskatchewan

Government Introduces New Public Spaces Act to Target Street Weapons | News and Media | Government of Saskatchewan

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For more information, contact:

MIL OSI Canada News –

August 5, 2025
MIL-OSI Canada: Crop Report for the Period July 22 to July 28, 2025

Source: Government of Canada regional news

Released on July 31, 2025

Sporadic showers brought much needed moisture and, in some cases, hail to certain areas of the province, while cooler weather brought relief to crops still in flower. Producers are hoping for more moisture to help with head and pod filling, but for many advanced crops, additional moisture will have little impact on yield at this stage. In some areas, a second cut of hay is unlikely due to the lack of moisture and crops are being cut for feed where shortages are anticipated.

Rain fell in a few areas of the province this past week, but many regions received only trace amounts or no rain at all. The Richmound area reported the most rain this week with 62 millimetres (mm), followed by the Meadow Lake and Alida areas with 47 and 46 mm respectively. Forty-one mm of rain fell in the Carnduff area and 38 mm was recorded in the Oxbow area.

Variable rainfall across the province was not enough to maintain topsoil moisture in many areas this week. Cropland topsoil moisture is rated as 65 per cent adequate, 28 per cent short and seven per cent very short. Hayland topsoil moisture is rated as 55 per cent adequate, 36 per cent short and nine per cent very short. Lastly, pasture topsoil moisture is rated as 55 per cent adequate, 32 per cent short and 13 per cent very short. Livestock producers would like to see rain soon to ensure their pastures can support their livestock through the end of the growing season.

Most crops are rated as being in fair to good condition with a small number being rated as excellent and a few as poor. Most crops are showing a slight improvement in condition since the last report. The lowest-rated crops are occurring in the southwest, northwest and parts of the northeast, where conditions are driest.

The first-cut haying operations are starting to wind down with 11 per cent standing, 21 per cent cut and 68 per cent baled or put up as silage. Hay quality of the first cut is rated as eight per cent excellent, 56 per cent good, 30 per cent fair and six per cent poor. A second cut of hay is not likely in many areas unless a substantial amount of rain is received soon to allow for adequate regrowth. In some areas, haying has been slowed due to sporadic showers.

The heat, dry conditions, gophers, grasshoppers, flea beetles and aphids were the most reported sources of crop damage this week. In drier areas, the flowering period of crops may be significantly shortened, and producers are concerned about how much this may impact yield. Producers will take action where needed to control pests, such as grasshoppers and aphids, up until harvest.

As producers prepare for harvest, they are reminded to take safety precautions and preventative fire measures when they can. The Farm Stress Line is available to provide support to producers toll free at 1-800-667-4442.

A complete, printable version of the Crop Report is available online.

Follow the 2025 Crop Report on Twitter at @SKAgriculture.

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For more information, contact:

MIL OSI Canada News –

August 5, 2025
MIL-OSI Canada: Saskatchewan Proclaims Food Day Canada

Source: Government of Canada regional news

Released on July 31, 2025

The Government of Saskatchewan is proud to join provinces across Canada in officially proclaiming August 2 as Food Day Canada. This day serves as a celebration of the individuals and communities who contribute to Canada’s vibrant food system.

“Food Day Canada is a great opportunity to recognize the efforts of all the people who contribute to the success of our agriculture sector,” Agriculture Minister Daryl Harrison said. “From producers and researchers to food companies and restaurants, they all have a role to play in delivering safe, sustainable and high-quality food to our tables.”

Now in its 22nd year, Food Day Canada is one of the country’s largest and longest-running celebrations of Canadian food and those who produce it.

The Government of Saskatchewan remains committed to supporting the province’s diverse and globally-respected agriculture and agri-food sector. Agriculture plays a vital role in the province’s economy and its future growth. The sector is responsible for about 10 per cent of our economy, 36,900 jobs and 41 per cent of our total annual exports.

In 2024, Saskatchewan exported $18.5 billion in agri-food products and processed $7.9 billion in value – added products. Our agri-food exports have grown by a third since 2014 as we continue to advance toward our 2030 agriculture-related targets in Saskatchewan’s Growth Plan.

The Ministry of Agriculture supports organizations such as Agriculture in the Classroom, Farm & Food Care Saskatchewan, and 4-H Saskatchewan to strengthen consumer awareness about the agriculture sector and its connection to the food they buy, prepare and eat.

People in Saskatchewan are encouraged to participate in Food Day Canada by trying a new recipe, dining at a local restaurant, or sharing their food stories and photos online using #FoodDayCanada and tagging @FoodDayCanada.

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For more information, contact:

MIL OSI Canada News –

August 5, 2025
MIL-OSI USA News: Fact Sheet: President Donald J. Trump Amends Duties to Address the Flow of Illicit Drugs Across our Northern Border
Source: US Whitehouse
ADDRESSING A NATIONAL EMERGENCY: Today, President Donald J. Trump signed an Executive Order increasing the tariff on Canada from 25% to 35%, with the higher tariff set to go into effect on August 1, 2025.
- Shortly after returning to office, President Trump declared a national emergency under the International Emergency Economic Powers Act (IEEPA) to address, among other things, the public health crisis caused by fentanyl and illicit drugs flowing across the northern border into the United States.
- Canada has failed to cooperate in curbing the ongoing flood of fentanyl and other illicit drugs, and it has retaliated against the United States for the President’s actions to address this unusual and extraordinary threat to the United States.
- In response to Canada’s continued inaction and retaliation, President Trump has found it necessary to increase the tariff on Canada from 25% to 35% to effectively address the existing emergency.
- Goods qualifying for preferential tariff treatment under the United States-Mexico-Canada Agreement (USMCA) continue to remain not subject to the IEEPA Canada tariffs.
- Goods transshipped to evade the 35% tariff will be subject, instead, to a transshipment tariff of 40%.
COMBATING CANADA’S CONTINUED ROLE IN THE OPIOID CRISIS: Given Canada’s continued failure to arrest traffickers, seize illicit drugs, or coordinate with U.S. law enforcement and Canada’s retaliation against the United States for the President’s actions to address the unusual and extraordinary threat to America, further presidential action is necessary and appropriate to protect American lives and the national security and foreign policy of the United States.
- Mexican cartels are increasingly operating fentanyl- and nitazene-synthesis labs in Canada.
- A recent study highlighted Canada’s heightened domestic production of fentanyl, and its growing footprint within international narcotics distribution.
- Canada-based drug trafficking organizations maintain robust “super labs,” mostly in rural and dense areas in western Canada, some of which can produce 44 to 66 pounds of fentanyl weekly.
- Fentanyl seizures at the northern border this fiscal year, with two months remaining, have surpassed total seizures of the past three years combined, underscoring Canada’s escalating role in this crisis.
- The amount of fentanyl seized at the northern border to date this fiscal year could have killed more than 16 million Americans due to the drug’s potency.
- Canada’s retaliatory trade measures against the United States further complicate bilateral efforts to address this escalating drug crisis.
PUTTING AMERICA FIRST: President Trump is keeping his promise to stop the flood of illegal aliens and drugs into the United States.
- Last November, President Trump promised to “sign all necessary documents to charge Mexico and Canada a 25% Tariff” on their imports “into the United States, and [their] ridiculous Open Borders.”
- In February, President Trump signed Executive Order 14193 to impose an ad valorem duty rate of 25% on imports from Canada in response to the national emergency.
  
  President Trump then provided Canada ample opportunity to curb the dangerous cartel activity and influx of lethal drugs flowing into our country.
- In March, the President determined that Canada had failed to adequately address the situation and proceeded with the imposition of the 25% tariff.
- Now, President Trump is taking further action to hold Canada accountable for its continued role in the illicit drug crisis.
MIL OSI USA News –
August 5, 2025
MIL-OSI USA: Senator Marshall: Keep the Wins Coming

US Senate News:

Source: United States Senator for Kansas Roger Marshall

Senator Marshall Joins Newsmax to Discuss Trump Trade Deals and the MAHA Movement
Washington – On Thursday, U.S. Senator Roger Marshall, M.D. (R-Kansas), joined Newsmax to discuss President Trump’s trade deal winning streak, where the Canada trade deal stands following their recent stance on Gaza, and American companies joining the MAHA movement.

Click HERE or on the image above to watch Senator Marshall’s full interview.
On Trump trade deals:
“Great to be with you. Are you tired of winning yet? Another big deal in South Korea. We had a $60 billion trade deficit with them last year, so this is going to help close that gap. With 15% tariff coming in on South Korean products. Guess what this tariff is for U.S. products going in there? Well, it’s zero. But more importantly, what they’re going to remove is their non-tariff barriers and allow us to sell more energy in there. Beyond that, as you all mentioned, is that they’re going to invest in America $350 billion. I think part of this will be used on a ship fund. Right now, very few ships are made in America. I have a feeling President Trump is rallying some finances to start building ships in America again.
On how Canada’s stance on the Israel and Gaza conflict affects a potential trade deal:
“Look, I think Americans are tired of the killing in Gaza, that Israel needs to end this war one way or another. We need to stop this famine. I would just ask, and Canada is making this really complicated. They’re hamstringing President Trump. And I would ask our friends in Canada, what type of statehood are they talking about? If you look at Palestinians’ past, they’ve been a failed government. They paid no attention to water, to sewers, to schools, to the economics of their country. I’ve been over there, and it’s a disaster right now. Instead, they focused on chaos, on terrorism, so I don’t think that’s a viable solution right now. Again, I think President Trump, if anyone can solve this, I think it’s going to be President Trump. And what Canada is doing there is not very helpful for the cause.”
On American companies joining the MAHA movement:
“Yeah, I think they’re more interested in marketing than they are on making America healthy. And my favorite thing to do is to go into a Starbucks and order an iced latte with almond juice in it. I won’t buy Starbucks, it’s too expensive. But for my wife; she deserves it. When I ask them for the almond juice, they say, well, we don’t have any, and I’ll say, ‘look behind the counter,’ there it is. Oh, the almond [milk]. No, it’s almond juice. Look, I think there’s nothing healthier out there than whole milk, as far as strong nutrients as well. I’m not sure what they’re up to here. I appreciate them hopping on the bandwagon. I’m absolutely committed to making America healthy.”

MIL OSI USA News –

August 5, 2025
MIL-OSI: Acceleware Ltd. Announces Closing of First Tranche of Non-Brokered Private Placement

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, July 31, 2025 (GLOBE NEWSWIRE) — Acceleware® Ltd. (“Acceleware” or the “Company”) (TSX-V: AXE), a leading innovator of cutting-edge radio frequency (“RF”) power-to-heat technologies targeting process heat for critical minerals, amine regeneration (for carbon capture and other applications), and enhanced oil production, announces that the Company closed the first tranche of the non-brokered private placement of units (the “Units”) that it previously announced on June 30, 2025 (the “Private Placement”) and distributed a total of 7,913,342 Units, at a price of $0.10 per Unit, for total gross proceeds of $791,334.20. It is anticipated that one or more subsequent tranches of the Private Placement will be closed in due course.

Each Unit consists of one common share of the Company (a “Common Share”) and one common share purchase warrant of the Company (a “Warrant”). Each Warrant entitles the holder of the Warrant to acquire one Common Share, at an exercise price of $0.20, which will expire which will expire 24 months from the date of issuance. If the Common Shares trade at a closing price at or greater than $0.30 per Common Share for a period of thirty (30) consecutive trading days, Acceleware may accelerate the expiry date of the Warrants by giving notice to the holders thereof, and in such case, the Warrants will expire on the 30th day after the date on which such notice is given by Acceleware.

The Common Shares issued in connection with the Private Placement, the Warrants, and any Common Shares issued upon exercise of the Warrants will be subject to a four-month hold period which will expire on December 2, 2025 in accordance with applicable securities legislation. There were no finders’ fees or commissions paid in connection with the Private Placement.

The Company expects to use the proceeds of the Private Placement to fund a portion of the Company’s RF XL 2.0 redeployment plan, to advance commercialization of new RF heating applications, including critical minerals applications and amine regeneration applications including carbon capture, and for general corporate purposes.

Insiders of the Company purchased a total of 1,300,000 Units under the Private Placement, which is considered a related party transaction within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). Acceleware relied on the exemptions from the formal valuation and minority approval requirements of MI 61-101 based on a determination that the fair market value of the Private Placement does not exceed 25% of the market capitalization of the Company. No new insiders and no control persons were created in connection with the Private Placement.

About Acceleware

Acceleware is an advanced electromagnetic heating company with cutting-edge RF power-to-heat solutions for large industrial applications. The Company’s technologies provide an opportunity to electrify and decarbonize industrial process heat applications while reducing costs.

The Company is working to use its patented and field proven Clean Tech Inverter to materially improve the efficiency of amine regeneration, and has partnered with a consortium of world-class potash partners seeking to decarbonize drying of potash ore and other critical minerals. Acceleware is actively developing other process heat applications and partnerships for RF heating.

Acceleware’s RF XL is a patented low-cost, low-carbon RF thermal enhanced oil production technology for heavy oil that is materially different from any enhanced recovery technique used today.

Acceleware is a public company listed on the TSXV under the trading symbol “AXE”.

Cautionary Statements

This news release contains forward-looking statements and/or forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable securities laws. When used in this release, such words as “will”, “anticipates”, “believes”, “intends”, “expects” and similar expressions, as they relate to Acceleware, or its management, are intended to identify such forward-looking statements. Such forward-looking statements reflect the current views of Acceleware with respect to future events, and are subject to certain risks, uncertainties and assumptions. Many factors could cause Acceleware’s actual results, performance or achievements to be materially different from any expected future results, performance or achievement that may be expressed or implied by such forward-looking statements. Certain information and statements contained in this news release constitute forward-looking statements, which reflects Acceleware’s current expectations regarding future events, including, but not limited to the use of proceeds under the Private Placement; the anticipated completion of any additional tranches of the Private Placement; the receipt of applicable approvals and exemptions (including the Company’s board of directors, shareholders, and regulatory approvals including approval of the TSXV) relating to any additional tranches of the Private Placement, the statutory hold periods applicable to the Units and; the anticipated participation by insiders in the Private Placement.

Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the availability of investment capital and other funding; receipt of necessary approvals; availability of financing for technology and project development; uncertainties and risks with respect to developing and adopting new technologies; general business, economic, competitive, political and social uncertainties; change in demand for technologies to be offered by the Company; obtaining required approvals of regulatory authorities and/or shareholders, as applicable; ability to access sufficient capital from internal and external sources. For a more fulsome list of risk factors please see the Company’s December 31, 2024, year-end Management Discussion and Analysis (“MD&A”) available on SEDAR+ at www.sedarplus.ca.

Management of the Company has included the above summary of assumptions and risks related to forward-looking statements provided in this release to provide shareholders with a more complete perspective on the Company’s current and future operations and such information may not be appropriate for other purposes. The Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements included in this news release should not be read as guarantees of future performance or results. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.

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

This press release is intended for distribution in Canada only and is not intended for distribution to United States newswire services or dissemination in the United States.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

For more information:

Geoff Clark
Tel: +1 (403) 249-9099
geoff.clark@acceleware.com

The MIL Network –

August 5, 2025
MIL-OSI USA: IAM Union District 837 Members at Boeing Defense in St. Louis to Vote on Modified Contract Offer
Source: US GOIAM Union

ST. LOUIS, July 31, 2025 – More than 3,200 IAM Union District 837 members at Boeing in the St. Louis area will vote on a modified offer from the company on Sunday, Aug. 3 beginning at 10 a.m. CT. A strike would begin at midnight on Monday, Aug. 4 if the modified offer is rejected.

Changes in Boeing’s modified offer:
- Alternative Workweek Schedule (AWS) Proposal Withdrawn: Current contractual overtime policies remain unchanged.
- Pay Enhancements: Added an annual 50 cent per hour additive for employees at max.
- Retirement: Full $10 pension multiplier increase in Year 1, instead of $5 each in Years 2 and 3 for pension-eligible members. You must retire after January 1, 2026 to receive the $10.
- The modified offer does not change proposed 20% wage increases, the $5,000 ratification bonus, vacation or sick leave, or healthcare.
This vote follows members’ overwhelming rejection of Boeing’s earlier proposal on Sunday, July 27.

The IAM Union (International Association of Machinists and Aerospace Workers) is one of North America’s largest and most diverse industrial trade unions, representing approximately 600,000 active and retired members in the aerospace, defense, airlines, shipbuilding, railroad, transit, healthcare, automotive, and other industries across the United States and Canada.

goIAM.org | @IAM_Union

The post IAM Union District 837 Members at Boeing Defense in St. Louis to Vote on Modified Contract Offer appeared first on IAM Union.

MIL OSI USA News –
August 5, 2025
MIL-OSI China: Chen wins 4th world title as Popovici completes sprint double

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

China’s Chen Yuxi captured her fourth world title in the women’s 10-meter platform, while Romania’s David Popovici delivered a historic swim in the men’s 100-meter freestyle at the World Aquatics Championships on Thursday.

Chen, who led both the preliminary and semifinal rounds, secured gold with a score of 430.50 points. Germany’s Pauline Alexandra Pfeif earned silver with 367.10 points, while 15-year-old Chinese diver Xie Peiling took bronze with 358.20 in her world championships debut.

Chen Yuxi of China kisses the medal after the awarding ceremony for the women’s 10m platform final of diving at the World Aquatics Championships in Singapore, July 31, 2025. (Xinhua/Luo Yuan)

“Every world championship holds a special place in my memory,” Chen said. “This time, under physical strain and the challenge of maintaining form, I was still able to deliver a 430-point performance. I’m very satisfied.”

Chinese swimmers added two bronze medals on the fifth day of competition. In the women’s 50-meter backstroke final, Wan Letian finished third in 27.30 seconds, behind American swimmers Katharine Berkoff and Regan Smith, who claimed gold and silver, respectively.

“I’ve overcome a mental hurdle,” Wan said. “I wasn’t very confident before, but standing on the podium at an international event has given me courage and helped me identify areas for improvement. I hope to go further in future competitions.”

In the women’s 4×200-meter freestyle relay final, the Chinese team of Liu Yaxin, Yang Peiqi, Yu Yiting and Li Bingjie finished third behind Australia and the United States. Li, who previously won silver in the 200m and 400m freestyle, anchored the final leg.

“This was my first time swimming the anchor leg,” Li said. “My teammates swam really well, so I just wanted to fight for the best possible result.”

The men’s 100-meter freestyle final was one of the most anticipated races of the day. Popovici clocked a blistering 46.51 seconds, setting a new championship record and securing gold. Jack Alexy of the United States took silver, and Australia’s Kyle Chalmers earned bronze.

Popovici’s time is the second-fastest ever in the event, just behind the world record of 46.40 seconds set by China’s Pan Zhanle at the Paris Olympics.

“I’d give myself a 10 tonight,” Popovici said. “I’m not the kind of person who usually says something is perfect, but I think today really was.”

In the men’s 200-meter individual medley final, France’s Leon Marchand, who broke the world record in the semifinals, won gold in 1:53.68. Shaine Casas of the U.S. took silver, and Hungary’s Hubert Kos earned bronze. China’s Wang Shun, the Tokyo 2020 Olympic champion, finished seventh.

Reflecting on his eighth appearance at the world championships since 2011, Wang noted the rise in competition. “Especially at this edition, you can feel the level has risen a lot – perhaps because everyone refocused after the Olympics.”

Canada’s Summer McIntosh set a new championship record in the women’s 200-meter butterfly, winning gold in 2:01.99. Regan Smith of the U.S. and Australia’s Elizabeth Dekkers rounded out the podium. China’s Yu Zidi narrowly missed a medal, finishing fourth.

In semifinal action, Qin Haiyang advanced to the men’s 200-meter breaststroke final with the eighth-fastest time. Teammate Dong Zhihao finished 15th and did not advance. In the women’s 100-meter freestyle, Cheng Yujie qualified for the final with the fifth-fastest time; Wu Qingfeng placed 15th. In the women’s 200-meter breaststroke, Lyu Qinyao finished 10th and did not move on. Yu Jingming did not advance from the men’s 200-meter backstroke heats.

MIL OSI China News –

August 5, 2025
MIL-OSI Submissions: Aviation – Lufthansa Group increases Adjusted EBIT by 27 percent in the second quarter and confirms full-year forecast
Source: Lufthansa Group

Adjusted EBIT improves to EUR 871 million, net profit more than doubles to over 1 billion euros

Low oil prices have a positive impact on results

Demand from the US remains strong despite weakness of the US dollar, further growth on the North Atlantic

Lufthansa Cargo doubles quarterly result compared with previous year

Lufthansa Technik posts record result in first half of year

Unit cost increase reflects ongoing high cost inflation and higher location costs in home markets

Full-year forecast reaffirmed despite uncertainties.

Carsten Spohr, Chairman of the Executive Board and CEO of Deutsche Lufthansa AG: “The Lufthansa Group remains on course. Although the second quarter was again marked by geopolitical crises and economic uncertainties, we are today confirming our positive outlook for the full year. However, 2025 will remain a year of transformation for us, as delays in aircraft deliveries, certifications, and engine overhauls continue. The disproportionate burden on European airlines due to unilateral EU regulations also continues to put us at a disadvantage in global competition.

In this challenging environment, we were able to increase our operating result by almost a third in the second quarter and double the Lufthansa Group result. The basis for this economic success is and remains the regained operational stability of our airlines. Thanks to the tremendous commitment of our employees on board and on the ground, we are now able to report positive operating results for the first six months of the year. Our core brand achieved its best stability and punctuality figures since 2016. This not only significantly improved customer satisfaction but also had a noticeable impact on earnings due to lower compensation payments.

Lufthansa Cargo and Lufthansa Technik once again demonstrated their global leading performance in the first half of 2025. It is also encouraging that our investment in ITA Airways is already contributing to the Group’s financial success.

We are continuing our necessary efforts to increase efficiency, productivity, and profitability, particularly in the turnaround of our core brand, in order to expand our position as the world’s largest airline group outside the US.”

Results

In the second quarter of 2025, the Lufthansa Group increased its revenue by three percent year-on-year to 10.3 billion euros (previous year: 10.0 billion euros). The Lufthansa Group generated an operating profit (Adjusted EBIT) of 871 million euros (previous year: 686 million euros). The improvement in earnings was mainly due to the four percent expansion of the flight program in the passenger business, a positive result from the investment in ITA Airways of 91 million euros, partly due to currency effects, and the doubling of the operating result of the logistics business segment compared to the previous year. As a result, the operating margin increased by 1.5 percentage points year-on-year in the second quarter. The Group net result was 1.01 billion euros, more than double the previous year’s figure (469 million euros). This disproportionate increase was due to extraordinary tax effects and currency effects.

Passenger numbers and traffic development

In the first half of the year, more than 61 million passengers flew with the airlines of the Lufthansa Group, an increase of two percent compared with 2024. In the second quarter alone, the airlines welcomed around 37 million passengers (previous year: 35.9 million) on board. Despite a four percent increase in seat capacity, the load factor remained stable compared with the previous year at 82 percent.

The passenger airlines’ revenue per available seat kilometer (RASK) declined slightly by 0.9 percent in the second quarter compared with 2024 after adjusting for currency effects. This was primarily due to lower average prices in the European business as a result of intensifying competition. In contrast, average revenues from intercontinental traffic remained stable despite a market-wide expansion of capacity. Unit costs (CASK) excluding fuel and emissions expenses rose by 4.1 percent compared with the same quarter last year due to ongoing cost inflation, driven in particular by personnel and location costs.

Overall, revenue from passenger airlines rose by three percent to 8.2 billion euros in the second quarter (previous year: 8.0 billion euros). Adjusted EBIT increased to 690 million euros (previous year: 581 million euros). All airlines generated a positive result in the second quarter.

In the first half year, revenue for the passenger airlines totaled 14.1 billion euros, representing growth of around four percent compared with the previous year. Adjusted EBIT improved to -244 million euros (first half of 2024: -337 million euros). The positive development is mainly attributable to lower fuel costs, higher income from investments, and the absence of financial strike-related expenses in the previous year. In contrast to the first half of 2024, network stability also improved significantly, resulting in a 106 million euros reduction in financial expenses due to flight irregularities.

The integration of ITA Airways, in which the Lufthansa Group holds a 41 percent stake in the first phase, is continuing to progress. The benefits for customers are already clearly noticeable. Since the beginning of July, the airlines of the Lufthansa Group and ITA Airways have harmonized the benefits for their respective status customers, such as mutual lounge access, priority boarding, and conditions for additional baggage.

Also since July, flights from Lufthansa, SWISS, Austrian Airlines, and Brussels Airlines can be combined with long-haul flights from ITA Airways in a single booking. This has been possible for short- and medium-haul flights since March.

Starting in September, ITA Airways guests will be able to store their travel profile electronically in the Lufthansa Group Travel ID and benefit from the associated digital customer services of the Lufthansa Group.

Lufthansa Airlines continues to implement Turnaround program

Lufthansa Airlines’ Turnaround program remains on track. Increasing operational stability forms the foundation for the success of this program. Significant progress has already been made in this regard: punctuality and reliability achieved their best figures in ten years in the first six months. At the same time, revenues increased. Revenue from flight-related ancillary services rose by more than 25 percent in the first half of the year. In addition, structural measures have been initiated with the announced closure of the customer service center in Peterborough (Canada) and the associated reduction in personnel, which will make Lufthansa Airlines more efficient in the long term. The Turnaround measures are expected to have a gross earnings effect of 1.5 billion euros in 2026 and 2.5 billion euros in 2028.

Lufthansa Technik at record levels in the first half of the year, Lufthansa Cargo doubles its second quarter result compared with the previous year

The sustained high demand for air travel is leading to a further increase in demand for maintenance and repair services. Lufthansa Technik’s revenue rose by eight percent to 2.0 billion euros in the second quarter (same quarter last year: 1.8 billion euros). Ongoing material shortages, the US dollar exchange rate and increased US tariffs led to a ten percent increase in expenses compared with the same quarter last year. Nevertheless, Lufthansa Technik achieved an Adjusted EBIT of 310 million euros in the first half of 2025, once again setting a new record.

Lufthansa Cargo continued the positive trend of the first three months of the year in the second quarter. With an Adjusted EBIT of 73 million euros, the operating result in the second quarter doubled compared with the previous year (second quarter of 2024: 36 million euros). High demand for Asian e-commerce shipments and capacity bottlenecks in sea freight traffic led to an increase in demand and thus a higher load factor for Lufthansa Cargo. Since June 2025, Lufthansa Cargo has been marketing the freight capacity of ITA Airways’ South American routes to Rome. Lufthansa Cargo plans to gradually expand the marketing of belly capacity to all continental and intercontinental routes of the Italian airline. This will further consolidate Lufthansa Cargo’s route network.

Balance sheet strengthened, debt reduced

The Lufthansa Group’s operating cashflow amounted to around 2.8 billion euros in the first half of the year (previous year: 2.7 billion euros). Net investments remained at the previous year’s level at 1.6 billion euros. Overall, the Lufthansa Group generated an Adjusted Free Cashflow of 1.04 billion euros (previous year: 878 million euros).

Net debt decreased slightly to 5.5 billion euros compared with the end of 2024 (December 31, 2024: 5.7 billion euros). Net pension obligations fell by 400 million euros to 2.2 billion euros due to the higher discount rate. The Lufthansa Group’s available liquidity increased by 100 million euros compared with the beginning of the year to 11.1 billion euros.

Till Streichert, Chief Financial Officer of Deutsche Lufthansa AG: “We continue to operate in a volatile environment with high uncertainty and high cost pressure. I am therefore pleased to be able to present another quarterly result that is significantly above the previous year and to report progress in our Turnaround program. In our assessment, opportunities and risks are balanced. We therefore continue to expect a full year 2025 result significantly above the previous year and Adjusted Free Cashflow at approximately the previous year’s level. We thereby confirm our guidance. At the same time, we are closely monitoring macroeconomic developments and can respond flexibly to changes in the business environment.”

Outlook

Global demand for air travel remains strong. However, geopolitical crises and macroeconomic uncertainties, particularly commodity price and exchange rate volatility, are affecting the accuracy of forecasts for the rest of the year. In addition, the tendency of many travelers to book at shorter notice is limiting visibility for the second half of the year.

Despite ongoing global uncertainties, the Lufthansa Group is reaffirming its forecast for the full year and expects operating profit (Adjusted EBIT) to be significantly higher than last year (previous year: 1.6 billion euros) with capacity growth of around four percent.

The company continues to expect Adjusted Free Cashflow to remain at the previous year’s level (previous year: 840 million euros). This includes net investments of 2.7 to 3.3 billion euros, primarily for the ongoing fleet renewal.

Among other things, this will finance the remaining payments for the first Boeing 787-9 long-haul aircraft at the group’s largest hub in Frankfurt. By the end of the year, up to ten of these ‘Dreamliner’ with the new Allegris seat generation are expected to be added to the group’s fleet. In summer 2026, Lufthansa Airlines plans to operate a total of 15 Boeing 787-9 s from Frankfurt, more than doubling the number of aircraft offering the Lufthansa Allegris premium product to customers.

Further information

Further information on the results of individual business segments will be published in the report for the second quarter of 2025. This will be published simultaneously with this press release on July 31 at 7:00 a.m. CEST at https://investor-relations.lufthansagroup.com/en/financial-reports-publications/financial-reports.html.

Traffic figures for the second quarter of 2025 will also be published at 7:00 a.m. CEST at https://investor-relations.lufthansagroup.com/en/financial-reports-publications/traffic-figures.html.
MIL OSI – Submitted News –
August 5, 2025
MIL-OSI China: Teenager Yu Zidi narrowly misses podium again

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

China’s 12-year-old Yu Zidi finished fourth in the women’s 200-meter butterfly final at the World Aquatics Championships on Thursday, narrowly missing the podium for a second time this week.

Yu Zidi of China is seen after the women’s 200m butterfly final of swimming at the World Aquatics Championships in Singapore, July 31, 2025. (Xinhua/Wu Zhizun)

The primary school student, competing in her first international meet, clocked two minutes 6.43 seconds – just 0.31 seconds behind bronze medalist Elizabeth Dekkers of Australia.

Earlier in the week, Yu also placed fourth in the 200-meter individual medley final on Monday.

Canada’s Summer McIntosh won the race in 2:01.99, setting a new world championships record. Regan Smith of the United States took silver in 2:04.99.

MIL OSI China News –

August 5, 2025
MIL-Evening Report: Why UK recognition of a Palestinian state should not be conditional on Israel’s actions

Source: The Conversation (Au and NZ) – By Karen Scott, Professor in Law, University of Canterbury

Getty Images

The announcement this week by UK Prime Minister Keir Starmer on the recognition of a Palestininian state has been welcomed by many who want to see a ceasefire in Gaza and lasting peace in the region.

In contrast to other recent statements on the status of Palestine, however, the UK has said it will recognise Palestine as a state in September

unless the Israeli government takes substantive steps to end the appalling situation in Gaza and commits to a long term sustainable peace, including through allowing the UN to restart without delay the supply of humanitarian support to the people of Gaza to end starvation, agreeing to a ceasefire, and making clear there will be no annexations in the West Bank.

Until this week, the UK’s position had been that recognition would only follow a negotiated two-state solution in Israel-Palestine. Other countries have now begun to shift from that position, too.

The latest UK statement was preceded by announcements from France on July 25 and Canada on July 31 that they too would recognise Palestine as a state in September.

But the UK position is different in one important way: it is conditional on Israel failing to comply with its international humanitarian obligations in Gaza and the West Bank.

In other words, recognition of Palestine as a state by the UK is being used as a stick to persuade Israel to agree to a ceasefire. Should Israel agree to those conditions, the UK will presumably not recognise Palestine as a state in September, but will revert to its original position on a two-state solution.

Conditional recognition subject to action by Israel – a third state – represents an unwelcome and arguably dangerous departure from international practice.

While recognition (or otherwise) of states is inherently political – as demonstrated by the unique status of Taiwan, for example – it is not and should not be made conditional on the action or inaction of third states.

How states are recognised

According to the Convention on the Rights and Duties of States, a state must have a permanent population, territory, an independent government, and the capacity to enter into relations with other states, as well as self-determination.

Palestine has arguably met all these criteria, with the possible exception of an independent government, given the level of Israeli intervention in the West Bank and the current situation in Gaza.

Although recognition by other states is arguably not a formal criterion of statehood, it is very difficult to function as a state without reasonably widespread recognition by other states.

Some 147 countries – two-thirds of UN members – now recognise the State of Palestine, including Spain, Ireland and Norway, which made announcements in 2024.

Those choosing not to formally recognise a Palestinian state are now in a small minority, including Australia and New Zealand. This is inevitably leading to calls in those countries to change position.

Australia is considering such a shift, subject to conditions similar to those set out by Canada – including the release of Israeli hostages, the demilitarisation of Hamas, and reform of the Palestinian Authority.

New Zealand is currently maintaining its longstanding position of recognising Palestine within the context of a two-state solution. On July 30, Foreign Minister Winston Peters and 13 of his counterparts issued a joint statement – the “New York Call” – demanding an immediate ceasefire in Gaza and reiterating “unwavering commitment to the vision of the two-State solution”.

The statement also asserted that “positive consideration” to recognise the state of Palestine is “an essential step towards the two-state solution”.

Better options are available

The UK’s position, however, introduces another dynamic. By using recognition of Palestine as a tool to punish Israel for its actual and alleged breaches of international law in Gaza, it is implicitly failing to respect Palestine’s right to self-determination.

If Palestine deserves statehood, it is on its own terms, not as a condition of Israel’s policies and actions.

But it is also setting a dangerous precedent. Countries could choose to recognise (or not recognise) states to pressure or punish them (or indeed other states) for breaches of international law. Such breaches may or may not be connected to the state actually seeking recognition.

This is important, because the post-colonial settlement of geographical boundaries remains deeply insecure in many regions. As well, low-lying island nations at risk of losing territory from sea-level rise may also find their status challenged, as territory has traditionally been a requirement of statehood.

The UK’s apparent conditional recognition of Palestine is only likely to increase this international instability around statehood.

While the UK’s announcement may be “clever politics” from a domestic perspective, and avoids outright US opposition internationally, it has conflated two separate issues.

The better option would be for the UK to recognise Palestine as a state, joining a growing number of countries that plan to do so in advance of the UN General Assembly meeting in September. It could make this subject to conditions, including the release of hostages and exclusion of Hamas from Palestinian governance.

And it should continue to press Israel to agree to a ceasefire in addition to the other demands set out in its announcement, and hold Israel accountable for its gross breaches of international law in Gaza. It can back up those demands with appropriate diplomatic and trade sanctions.

New Zealand, too, has a range of options available, and can help increase the pressure on Israel by using them.

Karen Scott 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. Why UK recognition of a Palestinian state should not be conditional on Israel’s actions – https://theconversation.com/why-uk-recognition-of-a-palestinian-state-should-not-be-conditional-on-israels-actions-262345

MIL OSI Analysis – EveningReport.nz –

August 5, 2025
MIL-OSI Submissions: Why UK recognition of a Palestinian state should not be conditional on Israel’s actions

Source: The Conversation – Global Perspectives – By Karen Scott, Professor in Law, University of Canterbury

Getty Images

The announcement this week by UK Prime Minister Keir Starmer on the recognition of a Palestininian state has been welcomed by many who want to see a ceasefire in Gaza and lasting peace in the region.

In contrast to other recent statements on the status of Palestine, however, the UK has said it will recognise Palestine as a state in September

unless the Israeli government takes substantive steps to end the appalling situation in Gaza and commits to a long term sustainable peace, including through allowing the UN to restart without delay the supply of humanitarian support to the people of Gaza to end starvation, agreeing to a ceasefire, and making clear there will be no annexations in the West Bank.

Until this week, the UK’s position had been that recognition would only follow a negotiated two-state solution in Israel-Palestine. Other countries have now begun to shift from that position, too.

The latest UK statement was preceded by announcements from France on July 25 and Canada on July 31 that they too would recognise Palestine as a state in September.

But the UK position is different in one important way: it is conditional on Israel failing to comply with its international humanitarian obligations in Gaza and the West Bank.

In other words, recognition of Palestine as a state by the UK is being used as a stick to persuade Israel to agree to a ceasefire. Should Israel agree to those conditions, the UK will presumably not recognise Palestine as a state in September, but will revert to its original position on a two-state solution.

Conditional recognition subject to action by Israel – a third state – represents an unwelcome and arguably dangerous departure from international practice.

While recognition (or otherwise) of states is inherently political – as demonstrated by the unique status of Taiwan, for example – it is not and should not be made conditional on the action or inaction of third states.

How states are recognised

According to the Convention on the Rights and Duties of States, a state must have a permanent population, territory, an independent government, and the capacity to enter into relations with other states, as well as self-determination.

Palestine has arguably met all these criteria, with the possible exception of an independent government, given the level of Israeli intervention in the West Bank and the current situation in Gaza.

Although recognition by other states is arguably not a formal criterion of statehood, it is very difficult to function as a state without reasonably widespread recognition by other states.

Some 147 countries – two-thirds of UN members – now recognise the State of Palestine, including Spain, Ireland and Norway, which made announcements in 2024.

Those choosing not to formally recognise a Palestinian state are now in a small minority, including Australia and New Zealand. This is inevitably leading to calls in those countries to change position.

Australia is considering such a shift, subject to conditions similar to those set out by Canada – including the release of Israeli hostages, the demilitarisation of Hamas, and reform of the Palestinian Authority.

New Zealand is currently maintaining its longstanding position of recognising Palestine within the context of a two-state solution. On July 30, Foreign Minister Winston Peters and 13 of his counterparts issued a joint statement – the “New York Call” – demanding an immediate ceasefire in Gaza and reiterating “unwavering commitment to the vision of the two-State solution”.

The statement also asserted that “positive consideration” to recognise the state of Palestine is “an essential step towards the two-state solution”.

Better options are available

The UK’s position, however, introduces another dynamic. By using recognition of Palestine as a tool to punish Israel for its actual and alleged breaches of international law in Gaza, it is implicitly failing to respect Palestine’s right to self-determination.

If Palestine deserves statehood, it is on its own terms, not as a condition of Israel’s policies and actions.

But it is also setting a dangerous precedent. Countries could choose to recognise (or not recognise) states to pressure or punish them (or indeed other states) for breaches of international law. Such breaches may or may not be connected to the state actually seeking recognition.

This is important, because the post-colonial settlement of geographical boundaries remains deeply insecure in many regions. As well, low-lying island nations at risk of losing territory from sea-level rise may also find their status challenged, as territory has traditionally been a requirement of statehood.

The UK’s apparent conditional recognition of Palestine is only likely to increase this international instability around statehood.

While the UK’s announcement may be “clever politics” from a domestic perspective, and avoids outright US opposition internationally, it has conflated two separate issues.

The better option would be for the UK to recognise Palestine as a state, joining a growing number of countries that plan to do so in advance of the UN General Assembly meeting in September. It could make this subject to conditions, including the release of hostages and exclusion of Hamas from Palestinian governance.

And it should continue to press Israel to agree to a ceasefire in addition to the other demands set out in its announcement, and hold Israel accountable for its gross breaches of international law in Gaza. It can back up those demands with appropriate diplomatic and trade sanctions.

New Zealand, too, has a range of options available, and can help increase the pressure on Israel by using them.

Karen Scott 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. Why UK recognition of a Palestinian state should not be conditional on Israel’s actions – https://theconversation.com/why-uk-recognition-of-a-palestinian-state-should-not-be-conditional-on-israels-actions-262345

MIL OSI –

August 5, 2025
MIL-OSI China: Trump signs executive order increasing tariff on Canada to 35%

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

U.S. President Donald Trump on Thursday signed an executive order increasing the tariff on Canada from 25 percent to 35 percent, with the higher tariff set to go into effect on Aug. 1, the White House said in a fact sheet.

“Canada has failed to cooperate in curbing the ongoing flood of fentanyl and other illicit drugs, and it has retaliated against the United States for the president’s actions to address this unusual and extraordinary threat to the United States,” said the fact sheet.

The White House said that in response to Canada’s “continued inaction and retaliation,” Trump has found it necessary to increase the tariff on Canada to “effectively address the existing emergency.”

Goods qualifying for preferential tariff treatment under the United States-Mexico-Canada Agreement (USMCA) will continue to remain exempt from the new tariffs. Goods transshipped to evade the 35 percent tariff will be subject, instead, to a transshipment tariff of 40 percent.

The fact sheet addressed the presidential action as “necessary and appropriate to protect American lives and the national security and foreign policy of the United States.”

In February, Trump signed an executive order to impose an ad valorem duty rate of 25 percent on imports from Canada in response to the national emergency. In March, he determined that Canada had failed to adequately address the situation and proceeded with the imposition of the 25 percent tariff, according to the fact sheet.

“Now, President Trump is taking further action to hold Canada accountable for its continued role in the illicit drug crisis,” the White House said.

On Thursday, Trump also announced so-called “reciprocal tariff rates” of up to 41 percent on many countries.

In April, Canada imposed 25-percent tariffs on U.S. vehicles that didn’t meet CUSMA rules and on non-Canadian, non-Mexican content in vehicles imported under CUSMA, as countermeasures, said its government.

Canada was the top buyer of U.S. exports last year, importing 349 billion dollars worth of goods, while exporting 413 billion dollars to the United States as its third-largest source of foreign goods, according to the U.S. Department of Commerce.

MIL OSI China News –

August 5, 2025

MIL-OSI: Atos – Half-year 2025 results on track. Full Year 2025 targets confirmed

Source: GlobeNewswire (MIL-OSI)

Press Release

Half-year 2025 results on track
Full Year 2025 targets confirmed

Significant progress in the execution of the Genesis transformation plan
- Reset of cost base well engaged, already impacting profitability
- Over 50% of the overall Genesis restructuring target incurred
  at the end of June
- Growth pillar initial phase achieved to deliver long-term ambition
Operating Margin up 80 bps proforma from 2.0% to 2.8%, to €113m (+15.4% yoy) despite the material decline in revenue, as anticipated
- Atos SBU: +1.7 pts to 5.7% driven by initial benefits from the restructuring plan and tight contract management
- Eviden SBU: -1.7 pts to -7.9% – consistent with previously announced seasonality
Significant improvement in Free Cash Flow¹to -€96m (including -€154m cash restructuring) from -€593m in H1 2024
H1 revenue at €4,020m, down 17.4% organically due to expected impact of contracts exit and low business traction in 2024.
Achieved a 10 pts yoy Book-to-Bill improvement reaching 83% despite soft market environment with:
- Improved or flat order entry in all regions apart from France
- Continued strategic deal wins with 11 large multi-year contracts signed vs. 5 in H1 2024. The positive commercial momentum is expected to continue in H2 2025
- Rolling 12-month pipeline increased by €1.5bn in Q2 including €1.3bn in large deals (over €30m)
Full Year 2025 targets and long-term trajectory confirmed
Share Purchase Agreement signed with the French State for the sale of Advanced Computing activities

Paris, August 1^st, 2025 – Atos, a leading provider of AI-powered digital transformation, today announces its half year 2025 financial results.

Philippe Salle, Atos Group Chairman of the Board of Directors and Chief Executive Officer, declared:

“In a challenging environment, I am very encouraged by the determination of our teams in rolling-out the Genesis transformation plan with no delay. The voluntary optimization of the Group cost base is already starting to show initial benefits as shown through our half-year results: the operating margin is improving by over 15% year-on-year, a positive momentum which we intend to pursue. Our limited cash consumption is reflecting our disciplined approach to cash management, and we notice a sheer increase in enthusiasm among our customers towards the strategic refocusing of the Group.
We also reached a new significant milestone towards the sale of our Advanced Computing activities with the signature of a share purchase agreement with the French State.
We are looking ahead to the rest of the year and beyond with confidence and a single focus: executing on our strategy. We remain strongly committed to our 2025 targets and our long-term financial trajectory.”

H1 2025 performance highlights

In € million	H1 2025	H1 2024	Var.	H1 2024*	Organic Var.
Revenue	4,020	4,964	(944)	4,865	(845)
Operating Margin	113	115	(2)	98	+15
In % of revenue	2.8%	2.3%	+0.5 pts	2.0%	+0.8 pts
OMDA	309	373	(64)
In % of revenue	7.7%	7.5%	+0.2 pts
Net income – Group share	-696	-1,941	+ 1,245
Free Cash Flow²	-96	-593	+ 497
Net debt (excl. IFRS 9 adjustment)	-1,681	-4,218	+ 2,537

*: at constant scope and June 2025 average exchange rates

Operational performance

Group revenue reached 4,020 million euros in the first half 2025, reflecting a 17.4% organic decline compared to the first half of 2024, driven by 2024 contract losses and voluntary contract exits, especially in the Atos Strategic Business Unit (SBU) in the United States and the United Kingdom, as well as overall soft market environment. The Atos SBU generated revenue of 3,603 million euros, down 17.9% organically compared to the first half of 2024. The Eviden SBU revenue was down 11.9% compared to the first half of 2024, to 417 million euros in the first half of 2025.

Group operating margin reached 113 million euros in the first half of 2025, representing an organic 15% increase compared to the first half of 2024 and 2.8% of revenue (compared to 2.0% in the first half of 2024), despite a 845 million revenue decline year-on-year. This performance demonstrates the initial benefits of the cost reduction measures engaged since the beginning of the year, especially in the Atos SBU where the operating margin improved 18% year-on-year. The Eviden SBU profitability was lower than last year, as expected, due to a strong seasonality throughout the year.

Disclosure in this section represents the revised reporting structure of Atos Group, following the implementation of the new organization in the first half 2025 reporting period. These are those that will be presented in the consolidated financial statements for the first half of 2025, which will be included in the 2025 half year report. Atos has identified Atos France, Atos BNN Benelux & the Nordics, Atos UK&I, Atos USA & CA, Atos GACE, Atos IM, Atos Global Delivery Centers, Eviden and Global Structures as the operating segments, mirroring the internal reporting structure. This reflects the review, management and assessment of the group’s operating results by Group Management following the implementation of the new organization.

In € million	H1 2025 Revenue	H1 2024* Revenue	Organic variation	H1 2025 OM	H1 2024 OM*	H1 2025 OM	Organic variation*
In € million	H1 2025 Revenue	H1 2024* Revenue	Organic variation	H1 2025 OM	H1 2024 OM*	H1 2025 OM	Organic variation*
ATOS	3,603	4,391	-17.9%	204	173	5.7%	+18.2%
Germany, Austria & Central Europe	767	831	-7.6%	1	-11	0.1%	ns
USA & Canada	695	978	-29.0%	70	92	10.1%	-24.4%
France	591	663	-10.8%	13	9	2.1%	+45.4%
UK & Ireland	583	821	-29,0%	50	48	8.6%	+4.5%
International Markets	561	668	-16.0%	46	39	8.2%	+18.8%
BNN Benelux & the Nordics	402	425	-5.4%	23	-1	5.6%	ns
Global Delivery Centers	5	6	-18.7%	2	-3	0.1%	ns
Eviden	417	474	-11.9%	-33	-30	-7.9%	+11.5%
Global Structures	–	–	–	-57	-45	-1.4%	+28.8%
Group total	4,020	4,865	-17.4%	113	98	2.8%	+15.4%

*: at constant scope and June 2025 average exchange rates

Atos – Germany, Austria & Central Europe revenue was 767 million euros in the first half of 2025, representing a 7.6% organic decline compared to the first half of 2024 with a significant ramp down from a couple of large clients who implemented insourcing strategies. It also stemmed from managed exits from low profitability contracts. That was partially offset by successful fertilization and cross selling at existing clients.

Operating margin improved by 140 basis points year-on-year despite the non-recurring treatment of some reorganization expenses in the first half of 2024. It reached breakeven in the first half of 2025 thanks to the restructured delivery of existing contract portfolio and benefits from cost-saving initiatives.

Atos – USA & Canada revenue decreased by 284 million euros year-on-year on a proforma basis. This was driven essentially by 2024 large contract completions and ramp-downs as well as an uncertain macro and political environment. Churn on small size contracts was more than offset by growing activity at existing clients and new contracts during the period.

Operating margin improved 60 basis points compared to the first half of 2024 despite the material impact from revenue fall thru, thanks to the Genesis-led margin optimization actions already in place. It stood at 70 million euros in the first half of 2025.

Atos – France revenue reached 591 million euros in the first half of 2025, down 10.8% organically from the first half of 2024, due to high exposure to the recently muted public sector and the impact of financial restructuring on client perception in 2024.

Operating margin improved by 80 basis points year-on-year thanks to the benefit of cost-cutting initiatives on indirect costs, an improved billability rate despite revenue decline and improving low profitability contract management, quality of delivery and automation.

Atos – UK & Ireland revenue reached 583 million euros in the first half of 2025, down 29% organically year-on-year mostly as a result of planned large public sector BPO contracts completion in the fourth quarter of 2024.

Operating margin improved 280 basis points compared to the first half of 2024. In absolute terms, it was stable year-on-year despite the sharp decrease in revenue, thanks to the restructuring of low profitability contracts, successful delivery of new business and an already visible impact from cost-saving initiatives.

Atos – International Markets revenue was down 16% organically in the first half of 2025, to 561 million euros, mostly driven by softer performance in Asia Pacific, Switzerland and Major events that had benefited from the Olympics in the first half of 2024. That was partially offset by growing revenues in South America.

Operating margin improved by 240 bps compared to the first half of 2024 and reached 46 million euros in the first half of 2025 (up 7 million year-on-year). The contribution from lost revenue was more than offset by improved productivity, benefits from the Genesis transformation plan and lower one-off costs year-on-year with Olympics-related marketing costs incurred in the first half of 2024.

Atos – BNN, Benelux and the Nordics revenue stood at 402 million euros in the first half of 2025, down 5.4% organically compared to the first half of 2024 with churn partially offset by growing activity at existing clients.

Operating margin turned positive in the first half of 2025, to 23 million euros, or 5.6% of revenues. This was driven by the ramp up of higher profitability contracts and positive contribution from the Genesis action plan and continued positive service and project delivery.

Eviden revenue was 417 million euros in the first half of 2025, down 11.9% organically year-on-year, driven by the anticipated strong seasonality in Advanced Computing (down 10.9% compared to the first half of 2024).
Operating margin was –33 million euros, compared to -30 million euros in the first half of 2024 again, due to the seasonality in Advanced Computing. Significant revenue and profit recognition is expected in the fourth quarter of 2025. On a full-year basis the business unit is expected to generate positive operating margin.

Global Structures costs stood at -57 million euros in the first half of 2025, compared to -45 million euros in the first half of 2024, due to the non-recurring treatment of reorganization costs in the first half of 2024 and the UEFA marketing costs incurred centrally in the first half of 2025.

Update on the Genesis plan execution

At the Capital Markets Day that was held on May 14, 2025, the Group unveiled “Genesis”, its strategic and transformation plan for the next 4 years. It includes 22 workstreams regrouped under 7 pillars:

Growth
Human Resources
Countries review
Portfolio review
Gross Margin
Cost review
Cash

During the first half of 2025 significant progress was achieved, including the following:

Growth transformation: it has now passed the initial phase with a new growth and sales teams operating model deployed in all geographies and centrally. That included the right sizing and upskilling of the teams and sales enablement initiatives as well as prioritization to ensure frontline excellence and support future growth ambition. With that, processes were streamlined and optimized, enabling the sales force to concentrate efforts on meeting client needs. It is anticipated to yield results from the second half onwards
Countries review: to sharpen the geographical focus as announced in the Capital Markets Day, the Group exited one country and formally launched disposal processes for additional non-core countries
Contract portfolio review: in the first half of 2025, the Group reduced its exposure to low margin contracts (ie contracts with a project margin below 5%) to only three significant ones (vs seven at the end of 2024), and totaling a c.16 million euros negative impact on operating margin compared to c.52 million euros in the first half of 2024
Delivery and G&A optimization: the billability rate improved from 76% to 79% during the first half, and the General & Administrative cost base was reduced by 10% compared to the same period last year. Overall, over 50% of the 3-year restructuring envelope of 700 million euros was incurred at the end of June. The total headcount was 69,597 at the end of the period

Order entry and backlog

Commercial activity

Order entry reached €3.3 billion in H1 2025, slightly lower than the reported H1 2024 level, due to:

Muted commercial activity in France where significant organizational changes are being implemented to improve commercial efficiency, enrich our offering and secure long term business performance. All other regions delivered roughly flat or growing order entry in the first half of the year
The soft market environment observed in the last few months

Book-to-bill ratio was 83% in the first half of 2025, up from 73% in the same period of 2024. Main contract signatures in the second quarter of 2025 included two 4+ years Digital workplace deals totaling 140 million euros (of which 100 million euros in North America and 40 million euros in the UK), a 5+ years 80 million euros mainframe deal with a North American wholesaler of technology products, a 4+ years 50 million euros Cybersecurity contract in the public sector in Belgium, and two 3+ years digital applications contracts in Europe for a cumulative amount of 90 million euros with a consumer goods player on one side and a public sector body on the other.

Backlog & commercial pipeline

At the end of June 2025, the full backlog reached €12 billion representing 1.5 years of revenue.
The full qualified pipeline amounted to €4.1 billion at the end of June 2025, representing 6.1 months of revenue.

Net income

OOI
Other operating income and expenses amounted to –566 million euros in the first half of 2025, compared to –1,819 million euros in the first half of 2024. It mostly included restructuring and other non-recurring charges in relation to the Genesis transformation plan, as well as litigation provisions.

Financial income
Net financial expense was -202 million euros in the first half of 2025, compared to -175 million euros in the first half of 2024, reflecting the new debt structure of the Group and the fair value adjustment of the net debt.

Tax
Tax charge stood at -41 million euros in the first half of 2025, compared to -62 million euros in the first half of 2024.

Net result group share
As a result of the above net result Group share was a loss of –696 million euros in the first half of 2025, compared to a loss of –1,941 million euros in the first half of 2024.

Free cash flow

Free cash flow for the period stood at –96 million euros for the period excluding changes in working capital actions (WCA), reflecting the following items:

Operating margin before depreciation and amortization (OMDA) of 309 million euros
Capex of –93 million euros, or 2.3% of revenues
Leases of –122 million euros
Change in working capital requirement (excluding WCA) of 167 million euros, mostly driven by lower activity in the first half of 2025
Cash restructuring of –154 million euros, in relation to the Genesis transformation plan
Tax paid of -13 million euros
Net cash cost of debt of –80 million euros, including 18 million euros of financial income
Other items for –109 millions, that included litigation and onerous contracts

Net debt and debt covenants

At June 30, 2025, net debt was 1,681 million euros (746 million euros including IFRS 9 debt fair value adjustment), compared to 1,238 million euros as of December 31, 2024 (275 million euros including IFRS 9 debt fair value adjustment), and mainly consisted of:

Cash and cash equivalents for 1,364 million euros
Borrowings for 3,057 million euros (nominal value, excluding PIK) or 2,186 million euros including IFRS 9 fair value adjustment and PIK

The new credit documentation requires the Group to maintain:

from 31 March 2025, a minimum liquidity level of €650 million, to be verified at the end of each financial quarter
from 30 June 2027, as from each half-year end, a maximum level of financial leverage (“Total Net Leverage Ratio Covenant”), which is defined as the ratio of Financial indebtedness (mainly excluding IFRS 16 impacts and IFRS 9 debt fair value treatment) to pre-IFRS 16 OMDA; the ceilings thus applicable will be determined no later than 30 June 2026 with reference to a flexibility of 30% in relation to the Business Plan adopted by the Group at that time; these ceilings will in any event remain between 3.5x and 4.0x.

As of June 30, 2025, the Group financial leverage ratio (as defined in glossary) was 4.0x.

Outlook

The Group confirms its full year 2025 targets:

c. 8.5 billion euros revenue³
around 4% operating margin
net change in cash⁴ before debt repayment of c. -350 million euros

The long-term financial trajectory also remains unchanged.

In 2026, the Group expects to generate positive organic growth and net change in cash⁴ before debt repayment and M&A.

In 2028, with the assumption of a disposal of Advanced Computing in FY 2026 and a progressive reduction of its geographic footprint, the Group expects:

to grow revenues organically to between 8.5 and 9 billion euros, representing a 5-7% CAGR between 2025 and 2028. Strategic, targeted and disciplined M&A could further increase revenue to up to 9 to 10 billion euros
to reach an operating margin of around 10%, supported by cost reduction measures and structural visible growth, partially offset by an acceleration of R&D investments
to achieve a leverage ratio below 1.5x net debt/OMDAL⁵. On the path to an investment grade rating, the Group expects to achieve a BB profile in 2027

Sale of Advanced Computing

On July 31, 2025, Atos Group signed a share purchase agreement with the French State for the sale of its Advanced Computing business, excluding Vision AI activities, for an enterprise value (EV) of €410 million, including €110m earn-outs that are based on profitability indicators for fiscal years 2025 (€50 million potential earn-out that should be paid upon closing) and 2026 (€60 million additional potential earn-out). This EV is in line with the confirmatory offer received from the French State on June 2, 2025 which has been approved by Atos Group Board of Directors.

Atos Advanced Computing business regroups the High-Performance Computing (HPC) & Quantum as well as the Business Computing & Artificial intelligence divisions. The transaction perimeter is expected to generate revenue of circa €0.8 billion in 2025.

The French State will become the new shareholder of these activities, further supporting the business and its development over the long term.

Social processes for the signing of the SPA agreement are closed. The transaction is expected to close over H1 2026 once the carveout is completed and relevant authorizations have been received.

Interim condensed consolidated financial statements

Atos Group Board of Directors in its meeting held on July 31, 2025, has reviewed the Group interim condensed consolidated financial statements closed at June 30, 2025. The Statutory Auditors have completed their usual limited review of the half-year condensed consolidated financial statements and issued their unqualified report.

Conference call

Atos Group’s Management invites you to attend the first half 2025 results conference call on Friday, August 1st, 2025, at 08:00 am (CET – Paris).

You can join the webcast of the conference via the following link:

https://edge.media-server.com/mmc/p/mz677p34

If you want to join the conference by telephone, please register via this link:

https://register-conf.media-server.com/register/BIc7cb4acc36ee4ddbbe4878cdc98936fa

Upon registration, you will receive the dial-in info and a unique PIN to join the call as well as an email confirmation with the details.

After the conference, a replay of the webcast will be available on atos.net, in the Investors section.

Forthcoming events

October 20, 2025 (After Market Close)

Third quarter 2025 revenue

APPENDIX

H1 2024 revenue and operating margin at constant scope and exchange rates reconciliation

For the analysis of the Group’s performance, revenue and OM for H1 2025 is compared with H1 2024 revenue and OM at constant scope and foreign exchange rates. Reconciliation between the H1 2024 reported revenue and OM, and the H1 2024 revenue and OM at constant scope and foreign exchange rates is presented below, by segment.

H1 2024 revenue	H1 2024 published	Restatement	H1 2024 restated	Internal transfers	Scope effects	Exchange rates effects	H1 2024*
In € million	H1 2024 published	Restatement	H1 2024 restated	Internal transfers	Scope effects	Exchange rates effects	H1 2024*
ATOS	4,259	234	4,493	-3	-85	-13	4,391
Germany, Austria & Central Europe	779	62	841	0	-11	0	831
USA & Canada	949	38	987	0	0	-9	978
France	686	39	725	-4	-58	0	663
UK & Ireland	791	17	808	0	0	13	821
International Markets	675	27	702	0	-16	-17	668
BNN Benelux & the Nordics	375	49	424	1	0	0	425
Global Delivery Centers	4	2	6	0	0	0	6
Eviden	705	-234	471	3	0	0	474
Global Structures	–	–	–	–	–	–	–
Group Total	4,964	0	4,964	0	-86	-13	4,865

H1 2024 Operating Margin	H1 2024 published	Restatement	H1 2024 restated	Internal transfers	Scope effects	Exchange rates effects	H1 2024*
In € million	H1 2024 published	Restatement	H1 2024 restated	Internal transfers	Scope effects	Exchange rates effects	H1 2024*
ATOS	175	-1	174	1	-15	12	173
Germany, Austria & Central Europe	-16	2	-14	-2	-2	7	-11
USA & Canada	97	0	96	0	0	-4	92
France	14	-2	12	2	-10	5	9
UK & Ireland	47	0	47	0	0	1	48
International Markets	40	0	40	0	-3	2	39
BNN Benelux & the Nordics	-4	3	-1	-3	0	3	-1
Global Delivery Centers	-3	-3	-6	3	0	-1	-3
Eviden	-16	2	-14	-2	0	-13	-30
Global Structures	-44	-1	-45	1	0	-1	-45
Group Total	115	0	115	0	-15	-2	98

*: at constant scope and June 2025 average exchange rates

Restatement corresponds to the transfer of Cybersecurity Services from Eviden to Atos.

Scope effects amounted to €-86 million. They related to the divesture of Worldgrid in France, International Markets (Iberia) and Germany.

Currency effects negatively contributed to revenue of -13 million. They mostly came from the depreciation of the US dollar, the Brazilian real, the Argentinian peso and the Turkish lira, partially compensated by the appreciation of the British pound.

Q1 2024 revenue at constant scope and exchange rates reconciliation

For the analysis of the Group’s performance, revenue for Q1 2025 is compared with Q1 2024 revenue at constant scope and foreign exchange rates.

Q1 2024 revenue	Q1 2024 published	Restatement	Q1 2024 restated	Internal transfers	Scope effects	Exchange rates effects	Q1 2024*
In € million	Q1 2024 published	Restatement	Q1 2024 restated	Internal transfers	Scope effects	Exchange rates effects	Q1 2024*
ATOS	2,155	118	2,273	-1	-43	22	2,251
Germany, Austria & Central Europe	385	30	416	0	-6	0	410
USA & Canada	474	20	493	0	0	15	509
France	354	20	375	-2	-30	0	343
UK & Ireland	410	9	419	0	0	10	430
International Markets	339	14	352	0	-8	-4	341
BNN Benelux & the Nordics	190	25	215	0	0	0	215
Global Delivery Centers	2	1	3	0	0	0	3
Eviden	324	-118	206	1	0	1	207
Global Structures	0	0	0	0	0	0	0
Group Total	2,479	0	2,479	0	-44	23	2,458

* at constant scope and June 2025 average exchange rates

Q2 2024 revenue at constant scope and exchange rates reconciliation

For the analysis of the Group’s performance, revenue for Q2 2025 is compared with Q2 2024 revenue at constant scope and foreign exchange rates.

Q2 2024 revenue	Q2 2024 published	Restatement	Q2 2024 restated	Internal transfers	Scope effects	Exchange rates effects	Q2 2024*
In € million	Q2 2024 published	Restatement	Q2 2024 restated	Internal transfers	Scope effects	Exchange rates effects	Q2 2024*
ATOS	2,105	116	2,220	-2	-42	-35	2,140
Germany, Austria & Central Europe	394	31	425	0	-5	0	420
USA & Canada	476	18	494	0	0	-24	470
France	331	18	350	-2	-28	0	320
UK & Ireland	380	9	389	0	0	2	391
International Markets	337	13	350	0	-8	-13	327
BNN Benelux & the Nordics	184	25	209	0	0	0	210
Global Delivery Centers	2	1	3	0	0	0	3
Eviden	381	-116	265	2	0	0	266
Global Structures	–	–	–	–	–	–	–
Group Total	2,486	0	2,486	0	-42	-36	2,407

* at constant scope and June 2025 average exchange rates

Q1 2025 and Q2 2025 revenue according to the new Group reporting structure

In € million	Q1 2025 Revenue	Q1 2024* Revenue	Organic variation*	Q2 2025 Revenue	Q2 2024* Revenue	Organic variation*
In € million	Q1 2025 Revenue	Q1 2024* Revenue	Organic variation*	Q2 2025 Revenue	Q2 2024* Revenue	Organic variation*
ATOS	1,861	2,251	-17.3%	1,742	2,140	-18.6%
Germany, Austria & Central Europe	385	410	-6.1%	382	420	-9.1%
USA & Canada	370	509	-27.3%	324	470	-31.0%
France	304	343	-11.4%	287	320	-10.2%
UK & Ireland	302	430	-29.6%	280	391	-28.4%
International Markets	290	341	-14.8%	271	327	-17.1%
BNN Benelux & the Nordics	206	215	-4.4%	196	210	-6.4%
Global Delivery Centers	2	3	-10.6%	2	3	-23.9%
Eviden	208	207	0.1%	210	266	-21.3%
Global Structures	–	–	–	–	–	–
Group total	2,068	2,458	-15.9%	1,952	2,407	-18.9%

* at constant scope and June 2025 average exchange rates

H1 2025 consolidated Profit & Loss Account

(in € million)	6 months ended June 30, 2025	6 months ended June 30, 2024
Revenue	4,020	4,964
Personnel expense	-2,115	-2,615
Non-personnel operating expense	-1,792	-2,235
Operating margin	113	115
% of revenue	2.8%	2.3%
Other operating income and expense	-566	-1,819
Operating income (loss)	-452	-1,704
% of revenue	-11.3%	-34.3%
Net cost of financial debt	-162	-73
Other financial expense	-62	-135
Other financial income	22	33
Net financial income (expense)	-202	-175
Net income (loss) before tax	-654	-1,879
Tax charge	-41	-62
Net income (loss)	-695	-1,941
Of which:
▪ attributable to owners of the parent	-696	-1,941
▪ non-controlling interests	1	0

H1 2025 Consolidated Cash Flow Statement

in € million	6 months ended June 30, 2025	6 months ended June 30, 2024
Net income (loss) before tax	-654	-1,879
Depreciation of fixed assets	134	125
Depreciation of right-of-use	99	138
Net addition (release) to operating provisions	-1	-10
Net addition (release) to financial provisions	6	28
Net addition (release) to other operating provisions	199	-55
Amortization of intangible assets (PPA from acquisitions)	12	29
Impairment of goodwill and other non-current assets	24	1 570
Losses (gains) on disposals of non-current assets	3	71
Net charge for equity-based compensation	–	3
Unrealized losses (gains) on changes in fair value and other	–	-1
Net cost of financial debt	162	73
Interests on lease liability	15	19
Net cash from (used in) operating activities before change in working capital requirement and taxes	-3	111
Tax paid	-13	-45
Change in working capital requirement	43	-1 477
Net cash from (used in) operating activities	28	-1,411
Payment for tangible and intangible assets	-93	-278
Proceeds from disposals of tangible and intangible assets	–	5
Net operating investments	-93	-273
Amounts paid for acquisitions and long-term investments	–	-10
Net proceeds from disposals of financial investments	1	-1
Net long-term financial investments	1	-11
Net cash from (used in) investing activities	-92	-284
Common stock issued	1	–
Purchase and sale of treasury stock	–	-1
Dividends paid*	–	-12
Dividends paid to non-controlling interests	–	-2
Lease payments	-122	-159
New borrowings	–	470
Repayment of borrowings	–	-10
Interests paid	-80	-53
Other flows related to financing activities	-6	-77
Net cash from (used in) financing activities	-207	155
Increase (decrease) in net cash and cash equivalents	-271	-1,540
Opening net cash and cash equivalents	1,739	2,295
Increase (decrease) in net cash and cash equivalents	-271	-1,540
Impact of exchange rate fluctuations on cash and cash equivalents	-104	4
Closing net cash and cash equivalents	1,364	759

H1 2025 Balance Sheet

(in € million)	June 30, 2025	December 31, 2024
ASSETS
Goodwill	574	653
Intangible assets	306	349
Tangible assets	524	580
Right-of-use assets	466	550
Equity-accounted investments	12	12
Non-current financial assets	98	131
Deferred tax assets	213	184
Total non-current assets	2,193	2,458
Trade accounts and notes receivable	2,190	2,435
Current taxes	90	102
Other current assets	1,340	1,510
Current financial instruments	0	2
Cash and cash equivalents	1,364	1,739
Total current assets	4,984	5,788
TOTAL ASSETS	7,176	8,246

(in € million)	June 30, 2025	December 31, 2024
LIABILITIES AND SHAREHOLDERS’ EQUITY
Common stock	19	18
Additional paid-in capital	1,887	1,887
Consolidated retained earnings	-1,302	-1,354
Net income (loss) attributable to the owners of the parent	-696	248
Equity attributable to the owners of the parent	-91	799
Non-controlling interests	1	–
Total shareholders’ equity	-91	799
Provisions for pensions and similar benefits	664	782
Non-current provisions	465	345
Borrowings	2,174	2,089
Deferred tax liabilities	138	69
Non-current lease liabilities	438	498
Other non-current liabilities	4	3
Total non-current liabilities	3,884	3,787
Trade accounts and notes payable	971	1,018
Current taxes	66	75
Current provisions	386	315
Current portion of borrowings	11	17
Current lease liabilities	190	207
Other current liabilities	1,759	2,028
Total current liabilities	3,383	3,660
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	7,176	8,246

Glossary

Operational capital employed: Operational capital employed comprises net fixed assets and net working capital but excludes goodwill and net assets held for sale.

Current and non-current assets or liabilities: A current and non-current distinction is made between assets and liabilities on the consolidated statement of financial position. Atos has classified as current assets and liabilities those assets and liabilities that Atos expects to realize, use or settle during its normal cycle of operations, which can extend beyond 12 months following the period end. Current assets and liabilities, excluding the current portion of borrowings, lease liabilities and provisions, and current financial instruments represent the Group working capital requirement.

DSO: (Days of Sales Outstanding). DSO is the amount of trade accounts receivable (including contract assets) expressed in days of revenue (on a last-in, first-out basis). The number of days is calculated in accordance with the Gregorian calendar.

Organic growth: Organic growth represents the percent growth of a unit based on a constant scope and exchange rates basis.

CAGR: The Compound Annual Growth Rate reflects the mean annual growth rate over a specified period of time longer than one year. It is calculating by dividing the value at the end of the period in question by its value at the beginning of that period, raise the result to the power of one divided by the period length, and subtract one from the subsequent result. As an example:

2019-2021 revenue CAGR = (Revenue 2021 / Revenue 2018) (1/3) -1

Operating margin: Operating margin equals to External Revenues less personnel and operating expense. It is calculated before Other Operating Income and Expense as defined below.

Other operating income and expense:

Other operating income and expense include:

the amortization and impairment of intangible assets recognized as part of business combinations such as customer relationships, technologies and goodwill
when accounting for business combinations, the Group may record provisions in the opening statement of financial position for a period of 12 months beyond the business combination date. After the 12-month period, unused provisions arising from changes in circumstances are released through the income statement under “Other operating income and expense”
the cost of acquiring and integrating newly controlled entities, including earn out with or without presence conditions
the net gains or losses on disposals of consolidated companies or businesses
the fair value of shares granted to employees including social contributions
the restructuring and rationalization expense relating to business combinations or qualified as unusual, infrequent and abnormal. When a restructuring plan qualifies for Other operating income and expense, the related real estate rationalization & associated costs regarding premises are presented on the same line
the curtailment effects on restructuring costs and the effects of plan amendments on defined benefit plans resulting from triggering events that are not under control of Atos management
the net gain or loss on tangible and intangible assets that are not part of Atos core-business such as real estate
other unusual, abnormal and infrequent income or expense such as major disputes or litigation.

Gross margin and indirect costs: Gross margin is composed of revenue less the direct costs of goods sold. Direct costs relate to the generation of products and/or services delivered to customers, while indirect costs include all costs related to indirect staff (defined hereafter), which are not directly linked to the realization of the revenue. The operating margin comprises gross margin less indirect costs.

EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization): for Atos, EBITDA is based on Operating Margin less non-cash items and is referred to as OMDA (Operating Margin before Depreciation and Amortization).

OMDA (Operating Margin before Depreciation and Amortization) is calculated as follows:

Operating margin:

less – Depreciation of fixed assets (as disclosed in the “financial report”)
less – Depreciation of right of use (as disclosed in the “financial report”)
less – Net charge (release) of provisions (composed of net charge of provisions for current assets and net charge of provisions for contingencies and losses, both disclosed in the “financial report”)
less – Net charge (release) of provisions for pensions (as disclosed in the “financial report”).

OMDAL: OMDA – lease repayments.

Gearing: The proportion, expressed as a percentage of net debt to total shareholders’ equity (Group share and minority interests).

Interest cover ratio: Operating margin divided by the net cost of financial debt, expressed as a multiple.

Leverage ratio: Net debt (before changes in working capital actions and IFRS 9 fair value adjustment) / OMDAL rolling 12-months.

Operating income (loss): Operating income (loss) comprises net income (loss) before deferred and current income taxes, net financial income (expense), and share of net profit (loss) of equity-accounted investments.

Cash flow from operations: Cash flow coming from the operations and calculated as a difference between OMDA, net capital expenditures, lease payment and change in working capital requirement.

Net cash or net debt: Net cash or net debt comprises total borrowings (bonds, short term and long-term loans, securitization and other borrowings), short-term financial assets and liabilities bearing interest with maturity of less than 12 months, less cash and cash equivalents. Liabilities associated with lease contracts and derivatives are excluded from the net debt.

Free Cash Flow (FCF): The Free Cash Flow represents the change in net cash or net debt, excluding capital increase, share buyback, dividends paid to shareholders and non-controlling interests, net acquisition or disposal of companies.

Earnings (loss) per share (EPS): Basic EPS is the net income (loss) divided by the weighted-average number of common shares outstanding during the period. Diluted EPS is the net income (loss) divided by the diluted weighted-average number of common shares for the period (number of shares outstanding + dilutive instruments with dilutive effect).

Revenue: Revenue related to Atos’ sales to third parties (excluding VAT).

TCV (Total Contract Value): The Total Value of a Contract at signature (prevision or estimation) over its duration represents the firm order and contractual part of the contract excluding any clause on the decision of the client, as anticipated withdrawal clause, additional option or renewal.

Order entry/bookings: The TCV, orders or amendments signed during a defined period. When an offer is won (contract signed), the total contract value is added to the backlog and the order entry is recognized.

Book-to-bill: The Book-to-Bill is the ratio expressed in percentage of the order entry in a period divided by revenue of the same period.

Backlog/Order cover: The value of signed contracts, orders and amendments that remain to be recognized over their contract lives.

Pipeline: The value of revenues that may be earned from outstanding commercial proposals issued to clients. Qualified pipeline applies an estimated percentage likelihood of proposal success.

Direct Staff: Direct staff includes permanent staff and subcontractors, whose work is billable to a third party.

Indirect staff: Indirect staff includes permanent staff or subcontractors, who are not billable to clients. Indirect staff is not directly involved in the generation of products and/or services delivered to clients.

Disclaimer

This document contains forward-looking statements that involve risks and uncertainties, including references, concerning the Group’s expected growth and profitability in the future which may significantly impact the expected performance indicated in the forward-looking statements. These risks and uncertainties are linked to factors out of the control of the Company and not precisely estimated, such as market conditions or competitors’ behaviors. Any forward-looking statements made in this document are statements about Atos’s beliefs and expectations and should be evaluated as such. Forward-looking statements include statements that may relate to Atos’s plans, objectives, strategies, goals, future events, future revenues or synergies, or performance, and other information that is not historical information. Actual events or results may differ from those described in this document due to a number of risks and uncertainties that are described within the 2024 Universal Registration Document filed with the Autorité des Marchés Financiers (AMF) on April 10, 2025 under the registration number D.25-0238. Atos does not undertake, and specifically disclaims, any obligation or responsibility to update or amend any of the information above except as otherwise required by law.

This document does not contain or constitute an offer of Atos’s shares for sale or an invitation or inducement to invest in Atos’s shares in France, the United States of America or any other jurisdiction. This document includes information on specific transactions that shall be considered as projects only. In particular, any decision relating to the information or projects mentioned in this document and their terms and conditions will only be made after the ongoing in-depth analysis considering tax, legal, operational, finance, HR and all other relevant aspects have been completed and will be subject to general market conditions and other customary conditions, including governance bodies and shareholders’ approval as well as appropriate processes with the relevant employee representative bodies in accordance with applicable laws.

About Atos Group

Atos Group is a global leader in digital transformation with c. 70,000 employees and annual revenue of c. € 10 billion, operating in 67 countries under two brands — Atos for services and Eviden for products. European number one in cybersecurity, cloud and high-performance computing, Atos Group is committed to a secure and decarbonized future and provides tailored AI-powered, end-to-end solutions for all industries. Atos is a SE (Societas Europaea) and listed on Euronext Paris.

The purpose of Atos is to help design the future of the information space. Its expertise and services support the development of knowledge, education and research in a multicultural approach and contribute to the development of scientific and technological excellence. Across the world, the Group enables its customers and employees, and members of societies at large to live, work and develop sustainably, in a safe and secure information space.

Contact

Investor relations: investors@atos.net

Individual shareholders: +33 8 05 65 00 75

Media relations: globalprteam@atos.net

1 Excluding change in Working Capital Actions

2 Excluding change in Working Capital Actions

3 At Dec 31, 2024 currency

4 At constant currency

5 Defined as Operating Margin before Depreciations, Amortization and Leases

Attachment

Atos Group – 2025 08 01 – H1 2025 Results – PR

The MIL Network –

August 5, 2025

MIL-OSI: Heilind Electronics Announces Retirement of Asia President William Sim and Appointment of Charles Tan as Successor

Source: GlobeNewswire (MIL-OSI)

WILMINGTON, Mass., Aug. 01, 2025 (GLOBE NEWSWIRE) — Heilind Electronics, a leading distributor of interconnect, electromechanical, and sensor solutions, is pleased to announce the retirement of William Sim, President of Heilind Asia, effective July 15, 2025. Sim has been a cornerstone of Heilind’s international expansion for over a decade, playing a pivotal role in establishing the company’s footprint and reputation throughout the Asia Pacific region.

Charles Tan has been hired to succeed Sim as President of Heilind Asia, effective immediately. Tan joins Heilind from Future Electronics where he served as Managing Director for Greater China. With 12 years of executive leadership experience across Asia, Tan brings a proven track record in scaling complex distribution businesses and driving growth in high-performance markets.

Tan holds a Bachelor of Science in Telecommunications Engineering from Shanghai University of Technology, a Master’s degree in Economics from Fudan University, and an MBA from McGill University.

“William Sim’s leadership was instrumental in transforming Heilind into a truly global distributor,” said Robert Clapp, President & CEO at Heilind Electronics. “We thank him for his vision, discipline, and commitment to excellence. We are equally confident in Charles Tan’s ability to lead the Asia team with integrity and boldness as we move into our next chapter.”

This leadership transition marks a key milestone in Heilind’s global growth strategy and underscores the company’s ongoing investment in regional talent, infrastructure, and customer relationships throughout Asia.

About Heilind Electronics

Heilind Electronics, Inc. (https://www.heilind.com) is one of the world’s leading distributors of connectors, relays, sensors, switches, thermal management and circuit protection products, terminal blocks, wire and cable, wiring accessories, and insulation and identification products. Founded in 1974, Heilind has locations throughout the U.S., Canada, Mexico, Brazil, Germany, Singapore, Hong Kong, and China.

For media inquiries, please contact:

David P. Warren, Director of Global Marketing

Heilind Electronics

dwarren@heilind.com

The MIL Network –

August 5, 2025
MIL-OSI United Kingdom: Appointment of Churches Conservation Trust members: 1 August 2025
Source: United Kingdom – Government Statements

Press release

Appointment of Churches Conservation Trust members: 1 August 2025

The King has approved the nomination of Trustees of the Board of the Churches Conservation Trust.
The King has approved the nomination of Bishop Andrew Rumsey, Dr Ingrid Samuel OBE, Lord (Stephen) Parkinson of Whitley Bay, Michael Bithell JP, Vivienne King and Reverend Canon Timothy Goode.

Andrew Rumsey read history at the University of Reading before training for ordination at Ridley Hall, Cambridge and doctoral studies at King’s College, London. Ordained in 1997, he has held a variety of parish posts in London and Southwark and was appointed Suffragan Bishop of Ramsbury in 2018. Andrew is the joint National Church of England Lead for Church and Cathedral Buildings, and is a writer, musician and champion for Anglican heritage.

Dr Ingrid Helene Samuel OBE was educated at McGill University, Canada, obtaining BA in History, she then gained a M Litt and PhD in Modern History at Jesus College, Cambridge. In 2004 Ingrid was Head of Culture for the London Olympic Bid and between 2005 – 2011 has held several roles in the Department for Culture, Media and Sport including Head of Properties and Ceremonial Branch, Head of Heritage, and Head of Heritage and Architecture. Additionally, in 2011 she took up the role of Placemaking and Heritage Director with the National Trust.

Lord Parkinson of Whitley Bay was educated at Emmanuel College, Cambridge, obtaining an MA in History. From 2021-2024 Stephen was Parliamentary Under-Secretary of State, Department for Culture, Media & Sport, and previously was Political Secretary to the Prime Minister and Special Adviser to the Home Secretary.

Michael Bithell JP was educated at Magdalen College, Oxford, completing a MA in Engineering Science and post-graduate studies in Manufacture and Management at Cambridge University. Now retired, Michael was Group Finance Director of United Westminster and Grey Coat Foundation from 2015 to 2022. Previously, he worked for Deloitte LLP for 23 years, as Director, National Quality & Risk; and Director, Corporate Finance Government & Infrastructure. He has a number of voluntary and non-executive positions, including as a member of London Diocesan Synod, Finance Committee and Non-Property Investment Committee, as a Magistrate and an Honorary Steward of Westminster Abbey.

Vivienne King was educated at Keele University obtaining a BSoc Sci in Law and Politics in 1983, subsequently completing a Legal Practice Course at the College of Law in 1985. In 2010 and 2012 she completed a Corporate Finance Programme with Cranfield University and in 2021 undertook Business Sustainability Management with the University of Cambridge Institute for Sustainability Leadership. After seven years as Real Estate Associate with Herbert Smith Freehills, Vivienne joined The Crown Estate in 1994 as a Senior Solicitor and was subsequently Director of Business Operations & General Counsel. She was CEO of the Soho Housing Association from 2016 to 2020, CEO of Revo and then Head of Real Estate Social Impact at The Good Economy. In March 2024 Vivienne founded Impactful Places, an independent sustainability consultancy.

Timothy Goode has been the Canon for Congregational Discipleship and Nurture at York Minster since September 2023. Previously he was Rector of St Margaret’s Lee in South East London, and a member of General Synod and Archbishops’ Council. Tim is a member of the National Disability Task Group, which advises the Archbishops of Canterbury and York on disability issues and he led the first debate on disability at the General Synod in July 2022. Tim was a secondary school teacher at the Roehampton Institute and Director of Music of Homefield School from 1995-2007. He trained for ministry at Ripon College Cuddesdon and served his title at Croydon Minster, in the Diocese of Southwark and was ordained priest in 2010. From September 2012 to May 2018, he was Team Vicar of St Luke’s Whyteleafe and St Peter and St Paul, Chaldon, part of the Caterham Team ministry. From 2013 to 2021 he was additionally the Southwark Diocesan Disability Advisor. Tim was made an Honorary Canon of Southwark Cathedral in September 2020 and has been a trustee of the Churches Conservation Trust since November 2020. He has now been re-appointed in the role for a second term until October 2028.

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Published 1 August 2025
MIL OSI United Kingdom –
August 5, 2025
MIL-OSI United Nations: More than two in five people in the English- and Dutch-Speaking Caribbean struggle for daily meals

Source: World Food Programme

BRIDGETOWN, BARBADOS – Nearly 3.2 million people in the English and Dutch-speaking Caribbean are food insecure, according to the latest Food Security and Livelihoods Survey by the United Nations World Food Programme (WFP) and the Caribbean Community (CARICOM). In 2025, 30 percent of Caribbean people reported eating less than usual; which is in line with the trend over the last 4 years arising from increased food costs that accompanied global geopolitical factors.

Across the Caribbean, nations face food-related challenges due to their geographic remoteness, lack of locally available resources and exposure to climate worsening.

“The Caribbean is particularly vulnerable to natural hazards and supply chain disruptions, which can cause rapid increases in food prices. It’s deeply concerning that many people are struggling to afford the food they need. Strengthening and diversifying supply chains and trade routes across the region is essential. These efforts will help make food more accessible and affordable, while supporting faster recovery in times of crisis,” said Brian Bogart, WFP’s Representative and Country Director in the Caribbean.

Rising food prices are a major concern for the region, with food inflation consistently outpacing overall inflation rates. Nearly all respondents, 94 percent, report higher food costs in the months leading up to the survey. One-third of households also experienced job loss or reduced income, putting further strain on already stretched budgets.

Local production efforts are being challenged by rapidly increasing operational costs. Among farmers, 85 percent report rising prices for animal feed and tools or machinery, 81 percent note higher fertilizer prices, and 73 percent cite increased seed costs. These burdens are particularly heavy in a region that relies significantly on imported agricultural inputs.

CARICOM’s Director of Sectoral Programmes, Ambassador David Prendergast noted, “As we commence our successor programme 25 by 2025+5, we must stress the importance of data to inform our strategic interventions in achieving greater food and nutrition security.”

Investing in adaptive social protection and emergency preparedness will be essential to cushion the impacts of future shocks which threaten people’s access to food. In an environment marked by hazards, robust social protection mechanisms provide a safeguard, whilst integrating strategies to assist where the need is greatest. Access to data is essential to deliver these mechanisms. The survey and the recently launched real-time food real-time food security monitoring system by CARICOM and WFP, will play a key role in identifying emerging needs early and supporting timely decision-making.

The Food Security and Livelihoods survey is made possible through the support of the Government of Canada and the European Union. It is part of the partnership between CARICOM and WFP to support CARICOM’s efforts to understand, track, and address food insecurity across the English- and Dutch-speaking Caribbean.

# # #

The United Nations World Food Programme is the world’s largest humanitarian organization saving lives in emergencies and using food assistance to build a pathway to peace, stability and prosperity for people recovering from conflict, disasters and the impact of climate change.

Follow us on X, formerly Twitter, via @wfp_media @wfp_Caribbean

MIL OSI United Nations News –

August 5, 2025
MIL-Evening Report: NZ ‘lagging behind’ world by failing to recognise Palestinian statehood, says former PM Helen Clark

By Craig McCulloch, RNZ News acting political editor

New Zealand is lagging behind the rest of the world through its failure to recognise Palestinian statehood, says Former Prime Minister Helen Clark.

Canada yesterday became the latest country to announce it would formally recognise the state of Palestine when world leaders met at the UN General Assembly in September.

It follows recent similar commitments from the France and the United Kingdom.

On Wednesday, Prime Minister Christopher Luxon suggested the discussion was a distraction and said the immediate focus should be on getting humanitarian aid into Gaza.

But, speaking to RNZ Midday Report, Clark said New Zealand needed to come on board.

“We are watching a catastrophe unfold in Gaza. We’re watching starvation. We’re watching famine conditions for many. Many are using the word genocide,” she said.

“If New Zealand can’t act in these circumstances, when can it act?”

Elders call for recognition
“The Elders, a group of world leaders of which Clark is a part, last month issued a call for countries to recognise the state of Palestine, calling it the “beginning, not the end of a political pathway towards lasting peace”.

Clark said the government seemed to be trying avoid the ire of the United States by waiting until the peace process was well underway or nearing its end.

“That is no longer tenable,” she said.

“New Zealand really is lagging behind.”

Even before the recent commitments from France, Canada and the UK, 147 of the UN’s 193 member states had recognised the Palestinian state.

Clark said the hope was that the series of recognitions from major Western states would first shift the US position and then Israel’s.

“When the US moves, Israel eventually jumps because it owes so much to the United States for the support, financial, military and otherwise,” she said.

“At some point, Israel has to smell the coffee.”

Surprised over Peters
Clark said she was “a little surprised” that Foreign Minister Winston Peters had not been more forward-leaning given he historically had strongly advocated New Zealand’s even-handed position.

On Wednesday, New Zealand signed a joint statement with 14 other countries expressing a willingness to recognise the State of Palestine as a necessary step towards a two-state solution.

However, later speaking in Parliament, Peters said that was conditional on first seeing progress from Palestine, including representative governance, commitment to non-violence, and security guarantees for Israel.

“If we are to recognise the state of Palestine, New Zealand wants to know that what we are recognising is a legitimate, representative, viable, political entity,” Peters told MPs.

Peters also agreed with a contribution from ACT’s Simon Court that recognising the state of Palestine could be viewed as “a reward [to Hamas] for acts of terrorism” if it was done before Hamas had returned hostages or laid down arms.

Luxon earlier told RNZ New Zealand had long supported the eventual recognition of Palestinian statehood, but that the immediate focus should be on getting aid into Gaza rather than “fragmenting and talking about all sorts of other things that are distractions”.

“We need to put the pressure on Israel to get humanitarian assistance unfettered, at scale, at volume, into Gaza,” he told RNZ.

“You can talk about a whole bunch of other things, but for right now, the world needs to focus.”

This article is republished under a community partnership agreement with RNZ.

MIL OSI Analysis – EveningReport.nz –

August 5, 2025
MIL-OSI: Descartes Sets Date to Announce Second Quarter Fiscal 2026 Financial Results

Source: GlobeNewswire (MIL-OSI)

WATERLOO, Ontario and ATLANTA, Aug. 01, 2025 (GLOBE NEWSWIRE) — Descartes Systems Group (TSX: DSG) (Nasdaq: DSGX), the global leader in uniting logistics-intensive businesses in commerce, is scheduled to report its second quarter fiscal 2026 financial results after market close on Wednesday, September 03, 2025.

Members of Descartes’ executive management team will host a conference call to discuss the company’s financial results at 5:30 p.m. ET on Wednesday, September 03, 2025. Designated numbers are +1 289 514 5100 for North America and +1 800 717 1738 for international, using conference ID 15589.
The company will simultaneously conduct an audio webcast on the Descartes website at www.descartes.com/descartes/investor-relations. Phone conference dial-in or webcast log-in is required approximately 10 minutes beforehand.

Replays of the conference call will be available until Wednesday, September 10, 2025, by dialing +1 289 819 1325 or Toll-Free for North America using +1 888 660 6264 with Playback Passcode: 15589#. An archived replay of the webcast will be available at www.descartes.com/descartes/investor-relations.

About Descartes Systems Group
Descartes is the global leader in providing on-demand, software-as-a-service solutions focused on improving the productivity, security, and sustainability of logistics-intensive businesses. Customers use our modular, software-as-a-service solutions to route, track and help improve the safety, performance and compliance of delivery resources; plan, allocate and execute shipments; rate, audit and pay transportation invoices; access global trade data; file customs and security documents for imports and exports; and complete numerous other logistics processes by participating in the world’s largest, collaborative multimodal logistics community. Our headquarters are in Waterloo, Ontario, Canada and we have offices and partners around the world. Learn more at www.descartes.com and connect with us on LinkedIn and X (Twitter).

Descartes Investor Contact
Laurie McCauley
(519) 746-2969
investor@descartes.com

The MIL Network –

August 5, 2025

MIL-OSI: Brookfield Business Partners Reports Second Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

BROOKFIELD, NEWS, Aug. 01, 2025 (GLOBE NEWSWIRE) — Brookfield Business Partners (NYSE: BBU, BBUC; TSX: BBU.UN, BBUC) announced today financial results for the quarter ended June 30, 2025.

“We had an active quarter, reaching an agreement on the sale of a partial interest in three businesses, investing $300 million to acquire two market-leading businesses, and repurchasing an additional 2.2 million of common equity at highly accretive levels,” said Anuj Ranjan, CEO of Brookfield Business Partners. “The strength of our financial results in an uneven macroeconomic environment underscores the resilience of our operations, while progress on our value creation plans and capital recycling initiatives enable us to continue compounding growth for investors.”

	Three Months Ended June 30,					Six Months Ended June 30,
US$ millions (except per unit amounts), unaudited		2025		2024			2025		2024
Net income (loss) attributable to Unitholders¹	$	26	$	(20	)	$	106	$	28
Net income (loss) per limited partnership unit²	$	*0.12*	$	(0.10	)	$	*0.49*	$	0.13

Adjusted EBITDA³	$	591	$	524		$	1,182	$	1,068

Net income attributable to Unitholders for the three months ended June 30, 2025 was $26 million ($0.12 per limited partnership unit), compared to net loss of $20 million (loss of $0.10 per limited partnership unit) in the prior period.

Adjusted EBITDA for the three months ended June 30, 2025 was $591 million, compared to $524 million in the prior period reflecting increased performance on a same store basis and contribution from recently completed acquisitions. Prior period results included $71 million of contribution from disposed operations including our offshore oil services’ shuttle tanker operation which was sold in January 2025.

Operational Update

The following table presents Adjusted EBITDA by segment:

	Three Months Ended June 30,						Six Months Ended June 30,
US$ millions, unaudited		2025			2024			2025			2024
Industrials	$	307		$	213		$	611		$	441
Business Services		205			182			418			387
Infrastructure Services		109			157			213			300
Corporate and Other		(30	)		(28	)		(60	)		(60	)
Adjusted EBITDA	$	591		$	524		$	1,182		$	1,068

Our Industrials segment generated Adjusted EBITDA of $307 million for the three months ended June 30, 2025, compared to $213 million during the same period in 2024, benefiting from strong operating performance at our advanced energy storage operation. Current period results included $71 million of tax recoveries as well as contribution from recent acquisitions including our electric heat tracing systems manufacturer which was acquired in January 2025. Prior period results included contribution from our Canadian aggregates production operation which was sold in June 2024.

Our Business Services segment generated Adjusted EBITDA of $205 million for the three months ended June 30, 2025, compared to $182 million during the same period in 2024 which reflected the impact of reduced contribution from our dealer software and technology services operation in the prior period. Prior period results included contribution from our road fuels operation which was sold in July 2024.

Our Infrastructure Services segment generated Adjusted EBITDA of $109 million for the three months ended June 30, 2025, compared to $157 million during the same period in 2024 primarily reflecting the sale of our offshore oil services’ shuttle tanker operation in January 2025.

The following table presents Adjusted EFO⁴ by segment:

	Three Months Ended June 30,						Six Months Ended June 30,
US$ millions, unaudited		2025			2024			2025			2024
Adjusted EFO
Industrials	$	154		$	206		$	284		$	386
Business Services		105			86			222			254
Infrastructure Services		38			76			204			148
Corporate and Other		(63	)		(79	)		(131	)		(168	)

Adjusted EFO included the benefit of lower interest expense due to a reduction in corporate borrowings compared to the prior period. Industrials Adjusted EFO reflected the impact of higher interest expense related to the funding of a distribution received from our advanced energy storage operation during the current year. Adjusted EFO in the prior period included $103 million of net gains related to the disposition of our Canadian aggregates production operation and the sale of public securities.

Strategic Initiatives

Capital Recycling
In July, we completed the previously announced sale of a partial interest in three businesses to a new evergreen private equity fund managed by Brookfield Asset Management. In exchange, BBU will receive units of the new evergreen fund with an initial redemption value of approximately $690 million, representing an aggregate 8.6% discount to net asset value (NAV) of the interests sold. In the 18-month period following the initial close of the new evergreen fund, the units are expected to be redeemed for cash.

Canadian Mortgage Lender
In July, we entered into a partnership to privatize First National Financial Corporation, a leading publicly-listed Canadian residential and multi-family mortgage lender, for $2.7 billion. The transaction is expected to be funded with approximately $1.3 billion of equity, of which BBU’s share is expected to be approximately $145 million for an 11% interest in the business. The transaction is expected to close later this year, subject to obtaining the required shareholder, court and regulatory approvals and the satisfaction of other customary closing conditions.

Specialty Consumables and Equipment Manufacturer
In May, we completed the previously announced acquisition of Antylia Scientific, a leading manufacturer and distributor of critical consumables and testing equipment serving life sciences and environmental labs for approximately $1.3 billion. BBU invested $168 million for a 26% interest.

Unit Repurchase Program
During the quarter, we invested $56 million to repurchase 2.2 million units and shares of Brookfield Business Partners at an average price of approximately $25 per unit and share. Since the start of the year, our buyback program has returned $157 million to owners through the repurchase of 6.5 million units and shares under our normal course issuer bid (NCIB), which we plan to renew once it expires later this month.

Liquidity

We ended the quarter with approximately $2.3 billion of liquidity at the corporate level, including $2.2 billion of availability on our credit facilities. Pro forma for announced and recently closed transactions, corporate liquidity is approximately $2.9 billion.

Distribution

The Board of Directors has declared a quarterly distribution in the amount of $0.0625 per unit, payable on September 29, 2025 to unitholders of record as at the close of business on August 29, 2025.

Additional Information

The Board has reviewed and approved this news release, including the summarized unaudited interim condensed consolidated financial statements contained herein.

Brookfield Business Partners’ Letter to Unitholders and the Supplemental Information are available on our website https://bbu.brookfield.com under Reports & Filings.

^{Notes:
1 Attributable to limited partnership unitholders, general partnership unitholders, redemption-exchange unitholders, special limited partnership unitholders and BBUC exchangeable shareholders.
2 Net income (loss) per limited partnership unit calculated as net income (loss) attributable to limited partners divided by the average number of limited partnership units outstanding for the three and six months ended June 30, 2025 which were 88.9 million and 84.5 million, respectively (June 30, 2024: 74.3 million and 74.3 million, respectively).
3 Adjusted EBITDA is a non-IFRS measure of operating performance presented as net income and equity accounted income at the partnership’s economic ownership interest in consolidated subsidiaries and equity accounted investments, respectively, excluding the impact of interest income (expense), net, income taxes, depreciation and amortization expense, gains (losses) on dispositions, net, transaction costs, restructuring charges, revaluation gains or losses, impairment expenses or reversals, other income or expenses, and preferred equity distributions. The partnership’s economic ownership interest in consolidated subsidiaries and equity accounted investments excludes amounts attributable to non-controlling interests consistent with how the partnership determines net income attributable to non-controlling interests in its unaudited interim condensed consolidated statements of operating results. The partnership believes that Adjusted EBITDA provides a comprehensive understanding of the ability of its businesses to generate recurring earnings which allows users to better understand and evaluate the underlying financial performance of the partnership’s operations and excludes items that the partnership believes do not directly relate to revenue earning activities and are not normal, recurring items necessary for business operations. Please refer to the reconciliation of net income (loss) to Adjusted EBITDA included in this news release.
4 Adjusted EFO is the partnership’s segment measure of profit or loss and is presented as net income and equity accounted income at the partnership’s economic ownership interest in consolidated subsidiaries and equity accounted investments, respectively, excluding the impact of depreciation and amortization expense, deferred income taxes, transaction costs, restructuring charges, unrealized revaluation gains or losses, impairment expenses or reversals and other income or expense items that are not directly related to revenue generating activities. The partnership’s economic ownership interest in consolidated subsidiaries excludes amounts attributable to non-controlling interests consistent with how the partnership determines net income attributable to non-controlling interests in its unaudited interim condensed consolidated statements of operating results. In order to provide additional insight regarding the partnership’s operating performance over the lifecycle of an investment, Adjusted EFO includes the impact of preferred equity distributions and realized disposition gains or losses recorded in net income, other comprehensive income, or directly in equity, such as ownership changes. Adjusted EFO does not include legal and other provisions that may occur from time to time in the partnership’s operations and that are one-time or non-recurring and not directly tied to the partnership’s operations, such as those for litigation or contingencies. Adjusted EFO includes expected credit losses and bad debt allowances recorded in the normal course of the partnership’s operations. Adjusted EFO allows the partnership to evaluate its segments on the basis of return on invested capital generated by its operations and allows the partnership to evaluate the performance of its segments on a levered basis.}

Brookfield Business Partners is a global business services and industrials company focused on owning and operating high-quality businesses that provide essential products and services and benefit from a strong competitive position. Investors have flexibility to invest in our company either through Brookfield Business Partners L.P. (NYSE: BBU; TSX: BBU.UN), a limited partnership or Brookfield Business Corporation (NYSE, TSX: BBUC), a corporation. For more information, please visit https://bbu.brookfield.com.

Brookfield Business Partners is the flagship listed vehicle of Brookfield Asset Management’s Private Equity Group. Brookfield Asset Management is a leading global alternative asset manager with over $1 trillion of assets under management.

Please note that Brookfield Business Partners’ previous audited annual and unaudited quarterly reports have been filed on SEDAR+ and EDGAR, and are available at https://bbu.brookfield.com under Reports & Filings. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.

For more information, please contact:

Conference Call and Quarterly Earnings Webcast Details

Investors, analysts and other interested parties can access Brookfield Business Partners’ second quarter 2025 results as well as the Letter to Unitholders and Supplemental Information on our website https://bbu.brookfield.com under Reports & Filings.

The results call can be accessed via webcast on August 1, 2025 at 10:00 a.m. Eastern Time at BBU2025Q2Webcast or participants can preregister at BBU2025Q2ConferenceCall. Upon registering, participants will be emailed a dial-in number and unique PIN. A replay of the webcast will be available at https://bbu.brookfield.com.

Brookfield Business Partners L.P.
Consolidated Statements of Financial Position

	As at
US$ millions, unaudited	June 30, 2025				December 31, 2024

Assets
Cash and cash equivalents			$	3,329			$	3,239
Financial assets				11,658				12,371
Accounts and other receivable, net				7,148				6,279
Inventory and other assets				5,808				5,728
Property, plant and equipment				10,591				13,232
Deferred income tax assets				1,959				1,744
Intangible assets				19,158				18,317
Equity accounted investments				2,397				2,325
Goodwill				13,287				12,239
Total Assets			$	75,335			$	75,474

Liabilities and Equity
Liabilities
Corporate borrowings			$	1,116			$	2,142
Accounts payable and other				13,766				16,691
Non-recourse borrowings in subsidiaries of the partnership				42,493				36,720
Deferred income tax liabilities				2,639				2,613

Equity
Limited partners	$	2,291			$	1,752
Non-controlling interests attributable to:
Redemption-exchange units		1,330				1,644
Special limited partner		—				—
BBUC exchangeable shares		1,805				1,721
Preferred securities		740				740
Interest of others in operating subsidiaries		9,155				11,451
				15,321				17,308
Total Liabilities and Equity			$	75,335			$	75,474

Brookfield Business Partners L.P.
Consolidated Statements of Operating Results

US$ millions, unaudited	Three Months Ended June 30,						Six Months Ended June 30,
US$ millions, unaudited		2025			2024			2025			2024

Revenues	$	6,695		$	11,946		$	13,444		$	23,961
Direct operating costs		(5,465	)		(10,928	)		(10,867	)		(21,806	)
General and administrative expenses		(271	)		(307	)		(582	)		(624	)
Interest income (expense), net		(801	)		(778	)		(1,571	)		(1,574	)
Equity accounted income (loss)		23			31			15			54
Impairment reversal (expense), net		(14	)		—			(14	)		10
Gain (loss) on dispositions, net		6			84			220			99
Other income (expense), net		(103	)		(100	)		(186	)		16
Income (loss) before income tax		70			(52	)		459			136
Income tax (expense) recovery
Current		(119	)		(122	)		(316	)		(212	)
Deferred		184			239			248			344
Net income (loss)	$	135		$	65		$	391		$	268
Attributable to:
Limited partners	$	11		$	(7	)	$	41		$	10
Non-controlling interests attributable to:
Redemption-exchange units		6			(6	)		29			9
Special limited partner		—			—			—			—
BBUC exchangeable shares		9			(7	)		36			9
Preferred securities		13			13			26			26
Interest of others in operating subsidiaries		96			72			259			214

Brookfield Business Partners L.P.
Reconciliation of Non-IFRS Measure

US$ millions, unaudited	Three Months Ended June 30, 2025
US$ millions, unaudited	Business Services			Infrastructure Services			Industrials			Corporate and Other			Total

Net income (loss)	$	253		$	(173	)	$	95		$	(40	)	$	135

Add or subtract the following:
Depreciation and amortization expense		208			175			384			—			767
Impairment reversal (expense), net		—			—			14			—			14
Gain (loss) on dispositions, net		(6	)		—			—			—			(6	)
Other income (expense), net¹		(200	)		76			229			(2	)		103
Income tax (expense) recovery		9			10			(76	)		(8	)		(65	)
Equity accounted income (loss)		(5	)		(4	)		(14	)		—			(23	)
Interest income (expense), net		238			142			401			20			801
Equity accounted Adjusted EBITDA²		28			40			20			—			88
Amounts attributable to non-controlling interests³		(320	)		(157	)		(746	)		—			(1,223	)
Adjusted EBITDA	$	205		$	109		$	307		$	(30	)	$	591

^{Notes:
1 Other income (expense), net corresponds to amounts that are not directly related to revenue earning activities and are not normal, recurring income or expenses necessary for business operations. The components of other income (expense), net include $236 million of net gain recognized upon the deconsolidation of our healthcare services operation, $183 million of expenses related to employee incentive payments linked to the realization of value at our advanced energy storage operation, $59 million of net revaluation losses, $57 million of business separation expenses, stand-up costs and restructuring charges, $19 million of net loss on debt modification and extinguishment, $3 million of transaction costs and $18 million of other expenses.
2 Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by its investments in associates and joint ventures accounted for using the equity method.
3 Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by the non-controlling interests in consolidated subsidiaries.}

Brookfield Business Partners L.P.
Reconciliation of Non-IFRS Measure

US$ millions, unaudited	Six Months Ended June 30, 2025
US$ millions, unaudited	Business Services			Infrastructure Services			Industrials			Corporate and Other			Total

Net income (loss)	$	253		$	(17	)	$	240		$	(85	)	$	391

Add or subtract the following:
Depreciation and amortization expense		430			340			727			—			1,497
Impairment reversal (expense), net		—			—			14			—			14
Gain (loss) on dispositions, net		(6	)		(214	)		—			—			(220	)
Other income (expense), net¹		(132	)		(3	)		322			(1	)		186
Income tax (expense) recovery		27			35			25			(19	)		68
Equity accounted income (loss)		(8	)		22			(29	)		—			(15	)
Interest income (expense), net		468			291			767			45			1,571
Equity accounted Adjusted EBITDA²		52			73			35			—			160
Amounts attributable to non-controlling interests³		(666	)		(314	)		(1,490	)		—			(2,470	)
Adjusted EBITDA	$	418		$	213		$	611		$	(60	)	$	1,182

^{Notes:
1 Other income (expense), net corresponds to amounts that are not directly related to revenue earning activities and are not normal, recurring income or expenses necessary for business operations. The components of other income (expense), net include $236 million of net gain recognized upon the deconsolidation of our healthcare services operation, $183 million of expenses related to employee incentive payments linked to the realization of value at our advanced energy storage operation, $135 million of business separation expenses, stand-up costs and restructuring charges, $125 million of unrealized gains recorded on reclassification of property, plant and equipment to finance leases at our offshore oil services operation, $110 million of net revaluation losses, $38 million of transaction costs, $22 million of net loss on debt modification and extinguishment and $59 million of other expenses.
2 Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by our investments in associates and joint ventures accounted for using the equity method.
3 Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by the non-controlling interests in consolidated subsidiaries.}

Brookfield Business Partners L.P.
Reconciliation of Non-IFRS Measure

US$ millions, unaudited	Three Months Ended June 30, 2024
US$ millions, unaudited	Business Services			Infrastructure Services			Industrials			Corporate and Other			Total

Net income (loss)	$	(5	)	$	(92	)	$	216		$	(54	)	$	65

Add back or deduct the following:
Depreciation and amortization expense		248			222			339			—			809
Gain (loss) on dispositions, net		—			—			(84	)		—			(84	)
Other income (expense), net¹		51			22			26			1			100
Income tax expense (recovery)		(17	)		4			(91	)		(13	)		(117	)
Equity accounted income (loss)		(5	)		(11	)		(15	)		—			(31	)
Interest income (expense), net		253			178			309			38			778
Equity accounted Adjusted EBITDA²		18			44			15			—			77
Amounts attributable to non-controlling interests³		(361	)		(210	)		(502	)		—			(1,073	)
Adjusted EBITDA	$	182		$	157		$	213		$	(28	)	$	524

^{Notes:
1 Other income (expense), net corresponds to amounts that are not directly related to revenue earning activities and are not normal, recurring income or expenses necessary for business operations. The components of other income (expense), net include $82 million related to provisions recorded at our construction operation, $49 million of net gains on debt modification and extinguishment, $41 million of business separation expenses, stand-up costs, and restructuring charges, $21 million of net revaluation gains, $8 million of transaction costs and $39 million of other expenses.
2 Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by our investments in associates and joint ventures accounted for using the equity method.
3 Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by the non-controlling interests in consolidated subsidiaries.}

Brookfield Business Partners L.P.
Reconciliation of Non-IFRS Measure

US$ millions, unaudited	Six Months Ended June 30, 2024
US$ millions, unaudited	Business Services			Infrastructure Services			Industrials			Corporate and Other			Total

Net income (loss)	$	235		$	(157	)	$	314		$	(124	)	$	268

Add back or deduct the following:
Depreciation and amortization expense		502			434			681			—			1,617
Impairment reversal (expense), net		(4	)		(12	)		6			—			(10	)
Gain (loss) on dispositions, net		(15	)		—			(84	)		—			(99	)
Other income (expense), net¹		(89	)		4			58			11			(16	)
Income tax expense (recovery)		7			1			(118	)		(22	)		(132	)
Equity accounted income (loss), net		(6	)		(15	)		(33	)		—			(54	)
Interest income (expense), net		505			358			636			75			1,574
Equity accounted Adjusted EBITDA²		35			83			31			—			149
Amounts attributable to non-controlling interests³		(783	)		(396	)		(1,050	)		—			(2,229	)
Adjusted EBITDA	$	387		$	300		$	441		$	(60	)	$	1,068

^{Notes:
1 Other income (expense), net corresponds to amounts that are not directly related to revenue earning activities and are not normal, recurring income or expenses necessary for business operations. The components of other income (expense), net include $179 million of net revaluation gains, $82 million related to provisions recorded at our construction operation, $61 million of business separation expenses, stand-up costs and restructuring charges, $50 million of other income related to a distribution at our entertainment operation, $38 million of net gains on debt modification and extinguishment, $29 million of transaction costs and $79 million of other expenses.
2 Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by our investments in associates and joint ventures accounted for using the equity method.
3 Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by the non-controlling interests in consolidated subsidiaries.}

Brookfield Business Corporation Reports Second Quarter 2025 Results

Brookfield, News, August 1, 2025 – Brookfield Business Corporation (NYSE, TSX: BBUC) announced today its net income (loss) for the quarter ended June 30, 2025.

	Three Months Ended June 30,					Six Months Ended June 30,
US$ millions, unaudited		2025			2024		2025			2024

Net income (loss) attributable to Brookfield Business Partners	$	(120	)	$	124	$	(178	)	$	(26	)

Net loss attributable to Brookfield Business Partners for the three months ended June 30, 2025 was $120 million, compared to net income of $124 million during the same period in 2024. Current period results included $176 million of remeasurement loss on our exchangeable and class B shares that are classified as liabilities under IFRS and a net gain recognized upon the deconsolidation of our healthcare services operation due to loss of control. Prior period results reflect the impact of reduced contribution from our construction operation. As at June 30, 2025, the exchangeable and class B shares were remeasured to reflect the closing price of $25.93 per unit.

Dividend

The Board of Directors has declared a quarterly dividend in the amount of $0.0625 per share, payable on September 29, 2025 to shareholders of record as at the close of business on August 29, 2025.

Additional Information

Each exchangeable share of Brookfield Business Corporation has been structured with the intention of providing an economic return equivalent to one unit of Brookfield Business Partners L.P. Each exchangeable share will be exchangeable at the option of the holder for one unit. Brookfield Business Corporation will target that dividends on its exchangeable shares be declared and paid at the same time as distributions are declared and paid on the Brookfield Business Partners’ units and that dividends on each exchangeable share will be declared and paid in the same amount as distributions are declared and paid on each unit to provide holders of exchangeable shares with an economic return equivalent to holders of units.

In addition to carefully considering the disclosures made in this news release in its entirety, shareholders are strongly encouraged to carefully review the Letter to Unitholders, Supplemental Information and other continuous disclosure filings which are available at https://bbu.brookfield.com.

Please note that Brookfield Business Corporation’s previous audited annual and unaudited quarterly reports have been filed on SEDAR+ and EDGAR and are available at https://bbu.brookfield.com/bbuc under Reports & Filings. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.

Brookfield Business Corporation
Consolidated Statements of Financial Position

	As at
US$ millions, unaudited	June 30, 2025					December 31, 2024

Assets
Cash and cash equivalents				$	613				$	1,008
Financial assets					290					353
Accounts and other receivable, net					3,234					3,229
Inventory, net					26					52
Other assets					517					627
Property, plant and equipment					181					2,480
Deferred income tax assets					236					197
Intangible assets					5,980					5,966
Equity accounted investments					187					198
Goodwill					5,018					4,988
Total Assets				$	16,282				$	19,098

Liabilities and Equity
Liabilities
Accounts payable and other				$	2,981				$	5,276
Non-recourse borrowings in subsidiaries of the company					7,940					8,490
Exchangeable and class B shares					1,815					1,709
Deferred income tax liabilities					967					988

Equity
Brookfield Business Partners	$	(159	)			$	(59	)
Non-controlling interests		2,738					2,694
					2,579					2,635
Total Liabilities and Equity				$	16,282				$	19,098

Brookfield Business Corporation
Consolidated Statements of Operating Results

US$ millions, unaudited	Three Months Ended June 30,						Six Months Ended June 30,
US$ millions, unaudited		2025			2024			2025			2024

Revenues	$	1,860		$	1,929		$	3,826		$	3,794
Direct operating costs		(1,695	)		(1,860	)		(3,484	)		(3,512	)
General and administrative expenses		(69	)		(77	)		(144	)		(141	)
Interest income (expense), net		(212	)		(203	)		(431	)		(413	)
Equity accounted income (loss)		2			2			5			3
Impairment reversal (expense), net		—			—			—			(2	)
Remeasurement of exchangeable and class B shares		(176	)		237			(183	)		126
Other income (expense), net		236			(59	)		202			(70	)
Income (loss) before income tax		(54	)		(31	)		(209	)		(215	)
Income tax (expense) recovery
Current		14			16			(9	)		(28	)
Deferred		17			55			60			109
Net income (loss)	$	(23	)	$	40		$	(158	)	$	(134	)
Attributable to:
Brookfield Business Partners		(120	)		124			(178	)		(26	)
Non-controlling interests	$	97		$	(84	)	$	20		$	(108	)

Cautionary Statement Regarding Forward-looking Statements and Information

Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian and U.S. securities laws. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of Brookfield Business Partners, as well as regarding recently completed and proposed acquisitions, dispositions, and other transactions, and the outlook for North American and international economies for the current fiscal year and subsequent periods, and include words such as “expects”, “anticipates”, “plans”, “believes”, “estimates”, “seeks”, “intends”, “targets”, “projects”, “forecasts”, “views”, “potential”, “likely” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”.

Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, investors and other readers should not place undue reliance on forward-looking statements and information because they involve assumptions, known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of Brookfield Business Partners to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements and information. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us or are within our control. If a change occurs, our business, financial condition, liquidity and results of operations and our plans and strategies may vary materially from those expressed in the forward-looking statements and forward-looking information herein.

Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to, the following: the cyclical nature of our operating businesses and general economic conditions and risks relating to the economy, including unfavorable changes in interest rates, foreign exchange rates, inflation, commodity prices and volatility in the financial markets; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; business competition, including competition for acquisition opportunities; strategic actions including our ability to complete dispositions and achieve the anticipated benefits therefrom; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; changes to U.S. laws or policies, including changes in U.S. domestic and economic policies as well as foreign trade policies and tariffs; technological change; litigation; cybersecurity incidents; the possible impact of international conflicts, wars and related developments including terrorist acts and cyber terrorism; operational, or business risks that are specific to any of our business services operations, infrastructure services operations or industrials operations; changes in government policy and legislation; catastrophic events, such as earthquakes, hurricanes and pandemics/epidemics; changes in tax law and practice; and other risks and factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States including those set forth in the “Risk Factors” section in our annual report for the year ended December 31, 2024 filed on Form 20-F.

Statements relating to “reserves” are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described herein can be profitably produced in the future. We qualify any and all of our forward-looking statements by these cautionary factors.

We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

Cautionary Statement Regarding the Use of a Non-IFRS Measure

This news release contains references to a Non-IFRS measure. Adjusted EBITDA is not a generally accepted accounting measure under IFRS and therefore may differ from definitions used by other entities. We believe this is a useful supplemental measure that may assist investors in assessing the financial performance of Brookfield Business Partners and its subsidiaries. However, Adjusted EBITDA should not be considered in isolation from, or as a substitute for, analysis of our financial statements prepared in accordance with IFRS.

References to Brookfield Business Partners are to Brookfield Business Partners L.P. together with its subsidiaries, controlled affiliates and operating entities. Unitholders’ results include limited partnership units, redemption-exchange units, general partnership units, BBUC exchangeable shares and special limited partnership units. More detailed information on certain references made in this news release will be available in our Management’s Discussion and Analysis of Financial Condition and Results of Operations in our interim report for the second quarter ended June 30, 2025 furnished on Form 6-K.

The MIL Network –

August 5, 2025

MIL-OSI: OTC Markets Group Welcomes Apex Critical Metals Corp. to OTCQX

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Aug. 01, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Apex Critical Metals Corp. (CSE: APXC; OTCQX: APXCF), a Canadian exploration company, has qualified to trade on the OTCQX® Best Market. Apex Critical Metals Corp. upgraded to OTCQX from the OTCQB® Venture Market.

Apex Critical Metals Corp. begins trading today on OTCQX under the symbol “APXCF.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

The OTCQX Market is designed for established, investor-focused U.S. and international companies. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws. Graduating to the OTCQX Market from the OTCQB Market marks an important milestone for companies, enabling them to demonstrate their qualifications and build visibility among U.S. investors.

“Graduating to the OTCQX Market marks another important step forward in our mission to build a leading North American explorer focused on critical metals,” stated Sean Charland, CEO of Apex Critical Metals. “This upgrade reflects the financial strength of our company, our commitment to transparent disclosure, and our intention to engage a broader base of U.S. investors as we continue to advance our rare earth and niobium-focused projects.”

About Apex Critical Metals Corp.
Apex Critical Metals Corp. is a Canadian exploration company specializing in the acquisition and development of properties prospective for carbonatites and alkaline rocks with potential to host economic concentrations of rare earth elements (REE’s), niobium, gold and copper mineralization. Apex’s Cap property located 85 kilometres northeast of Prince George, B.C., spans 25 square kilometres and hosts a recently identified promising 1.8-kilometre niobium trend. The Company’s Bianco carbonatite project encompasses 3,735 hectares covering a large carbonatite complex within an area known for significant niobium mineralization in northwestern Ontario. The company’s Lac Le Moyne project covers 4,025 hectares located in Northeastern Quebec, and hosts underexplored carbonatite outcrops originally mapped by government geologists in the 1970’s. By acquiring a multitude of carbonatite projects, Apex Critical Metals intends to investigate potential high-value opportunities to meet the growing global demand of specialty metals across various industries. Apex Critical is publicly listed in Canada on the Canadian Securities Exchange (CSE) under the symbol APXC, in the United States on the OTCQX market under the symbol APXCF, and in Germany on the Borse Frankfurt under the symbol KL9 and/or WKN: A40CCQ. Find out more at www.apexcriticalmetals.com where you can subscribe for News Alerts, watch our Video, or follow us on Facebook, X.com or LinkedIn.

About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our public markets: OTCQX® Best Market, OTCQB® Venture Market, OTCID™ Basic Market and Pink Limited™ Market. Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

OTC Link ATS, OTC Link ECN, OTC Link NQB, and MOON ATS™ are each SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC. To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

Media Contact:
OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

The MIL Network –

August 5, 2025

MIL-OSI: TransAlta Reports Strong Second Quarter 2025 Results, Advancement of Strategic Priorities and Reaffirms Guidance

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, Aug. 01, 2025 (GLOBE NEWSWIRE) — TransAlta Corporation (TransAlta or the Company) (TSX: TA) (NYSE: TAC) today reported its financial results for the second quarter ended June 30, 2025.

“Our strong second quarter results illustrate the value of our diversified fleet and exceptional operational performance. Our Alberta portfolio’s hedging strategy and active asset optimization continued to generate realized prices well above spot prices while environmental credits generated by our hydro and wind assets significantly offset our gas fleet’s carbon price compliance obligation. While we continue to navigate a challenging Alberta price environment, our assets continue to perform well, and we remain confident in achieving our 2025 Outlook,” said John Kousinioris, President and Chief Executive Officer.

“Our team remains focused on advancing our strategic priorities. We are pleased with the progress on our Alberta data centre strategy and the associated negotiations, which now reflect the Alberta Electric System Operator’s (AESO) approach to large load integration. The AESO currently expects Demand Transmission Service contracts to be executed in mid-September, which will secure each proponent’s access to system capacity. We continue to work closely with our counterparties and are progressing towards the execution of a data centre memorandum of understanding in relation to our system capacity allocation,” added Mr. Kousinioris.

“Finally, we continue to progress negotiations on conversion opportunities at Centralia and are working towards executing a definitive agreement later this year with our customer for the full capacity of Centralia Unit 2.”

Second Quarter 2025 Highlights

Achieved strong operational availability of 91.6 per cent in 2025, compared to 90.8 per cent in 2024
Adjusted EBITDA⁽¹⁾ of $349 million, compared to $316 million for the same period in 2024
Free Cash Flow (FCF)⁽¹⁾ of $177 million, or $0.60 per share, remained consistent with the same period in 2024
Adjusted earnings before income taxes⁽¹⁾ of $122 million, or $0.41 per share, compared to $112 million, or $0.37 per share, for the same period in 2024
Cash flow from operating activities of $157 million, or $0.53 per share, compared to $108 million, or $0.36 per share, from the same period in 2024
Net loss attributable to common shareholders⁽¹⁾ of $112 million, or $0.38 per share, compared to net earnings attributable to common shareholders of $56 million, or $0.18 per share, for the same period in 2024

Second Quarter 2025 Operational and Financial Highlights

$ millions, unless otherwise stated	Three Months Ended			Six Months Ended
$ millions, unless otherwise stated	June 30, 2025		June 30, 2024	June 30, 2025		June 30, 2024
Operational information
Availability (%)	91.6		90.8	93.3		91.5
Production (GWh)	4,813		4,781	11,645		10,959
Select financial information
Revenues	433		582	1,191		1,529
Adjusted EBITDA⁽¹⁾	349		316	619		658
Adjusted earnings before income taxes⁽¹⁾	122		112	150		256
(Loss) earnings before income taxes	(95	)	94	(46	)	361
Adjusted net earnings after taxes attributable to common shareholders⁽¹⁾	54		70	84		197
Net (loss) earnings attributable to common shareholders	(112	)	56	(66	)	278
Cash flows
Cash flow from operating activities	157		108	164		352
Funds from operations⁽¹⁾	252		236	431		490
Free cash flow⁽¹⁾	177		177	316		398
Per share
Adjusted net earnings attributable to common shareholders per share⁽¹⁾	0.18		0.23	0.28		0.64
Net (loss) earnings per share attributable to common shareholders, basic and diluted	(0.38	)	0.18	(0.22	)	0.91
Cash flow from operating activities per share	0.53		0.36	0.55		1.15
Funds from operations per share⁽¹⁾	0.85		0.78	1.45		1.60
FCF per share⁽¹⁾	0.60		0.58	1.06		1.30
Dividends declared per common share	—		0.06	0.07		0.06
Weighted average number of common shares outstanding	297		303	297		306

Segmented Financial Performance

$ millions	Three Months Ended				Six Months Ended
$ millions	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Hydro	126		83		173		170
Wind and Solar	89		88		191		177
Gas	128		142		232		267
Energy Transition	19		2		56		29
Energy Marketing	26		39		47		78
Corporate	(39	)	(38	)	(80	)	(63	)
Total adjusted EBITDA⁽¹⁾⁽²⁾	349		316		619		658
Adjusted earnings before income taxes⁽¹⁾	122		112		150		256
(Loss) earnings before income taxes	(95	)	94		(46	)	361
Adjusted net earnings attributable to common shareholders⁽¹⁾	54		70		84		197
Net (loss) earnings attributable to common shareholders	(112	)	56		(66	)	278

Key Business Developments

Credit Facility Extension

On July 16, 2025, the Company executed agreements to extend committed credit facilities totalling $2.1 billion with a syndicate of lenders. The revised agreements extend the maturity dates of the syndicated credit facility from June 30, 2028 to June 30, 2029 and the bilateral credit facilities from June 30, 2026 to June 30, 2027.

Divestiture of Poplar Hill

During the second quarter of 2025, the Company signed an agreement for the divestiture of the 48 MW Poplar Hill asset, as required by the consent agreement with the federal Competition Bureau and pursuant to the terms of the acquisition of Heartland Generation. Energy Capital Partners will be entitled to receive the proceeds from the sale of Poplar Hill, net of certain adjustments, following completion of the divestiture.

Recontracting of Ontario Wind Facilities

During the second quarter of 2025, the Company successfully recontracted its Melancthon 1, Melancthon 2 and Wolfe Island wind facilities through the Ontario Independent Electricity System Operator Five-Year Medium-Term 2 Energy Contract (MT2e). MT2e will replace current energy contracts for the three wind facilities when they expire, extending the contract dates until April 30, 2031, for Melancthon 1 and April 30, 2034, for Melancthon 2 and Wolfe Island.

Normal Course Issuer Bid (NCIB)

On May 27, 2025, the Company announced that it had received approval from the Toronto Stock Exchange to repurchase up to a maximum of 14 million common shares during the 12-month period that commenced May 31, 2025 and will terminate on May 30, 2026.

On Feb. 19, 2025, the Company announced it was allocating up to $100 million to be returned to shareholders in the form of share repurchases.

During the six months ended June 30, 2025, the Company purchased and cancelled a total of 1,932,800 common shares at an average price of $12.42 per common share, for a total cost of $24 million, including taxes.

Conference call and webcast

TransAlta will host a conference call and webcast at 9:00 a.m. MST (11:00 a.m. EST) today, August 1, 2025, to discuss our second quarter 2025 results. The call will begin with comments from John Kousinioris, President and Chief Executive Officer, and Joel Hunter, EVP Finance and Chief Financial Officer, followed by a question-and-answer period.

Second Quarter 2025 Conference Call

Webcast link: https://edge.media-server.com/mmc/p/zpy9addj

To access the conference call via telephone, please register ahead of time using the call link here: https://register-conf.media-server.com/register/BI215de673b3704e0da46b2a02e0f35bb0. Once registered, participants will have the option of 1) dialing into the call from their phone (via a personalized PIN); or 2) clicking the “Call Me” option to receive an automated call directly to their phone.

If you are unable to participate in the call, the replay will be accessible at https://edge.media-server.com/mmc/p/zpy9addj. A transcript of the broadcast will be posted on TransAlta’s website once it becomes available.

Related Materials

Related materials, including the consolidated financial statements and Management’s Discussion and Analysis (MD&A) will be available on the Investor Centre section of TransAlta’s website at https://transalta.com/investors/presentations-and-events/ and https://transalta.com/investors/results-reporting/ and have been filed under TransAlta Corporation’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov.

Notes

1. These items (Adjusted EBITDA, adjusted earnings (loss) before income taxes, adjusted net earnings (loss) after income taxes attributable to common shareholders, funds from operations, free cash flow, adjusted net earnings attributable to common shareholders per share, funds from operations (FFO) per share and free cash flow (FCF) per share) are non-IFRS measures, which are not defined, have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. Presenting these items from period to period provides management and investors with the ability to evaluate earnings (loss) trends more readily in comparison with prior periods’ results. Please refer to the Non-IFRS financial measures section of this earnings release for further discussion of these items, including, where applicable, reconciliations to measures calculated in accordance with IFRS.
2. During the first quarter of 2025, our Adjusted EBITDA composition was amended to exclude the impact of realized gain (loss) on closed exchange positions and Australian interest income. Therefore, the Company has applied this composition to all previously reported periods. Refer to the Additional Non-IFRS and Supplementary Financial Measures section of this earnings release.

Non-IFRS financial measures

We use a number of financial measures to evaluate our performance and the performance of our business segments, including measures and ratios that are presented on a non-IFRS basis, as described below. Unless otherwise indicated, all amounts are in Canadian dollars and have been derived from our consolidated financial statements prepared in accordance with IFRS. We believe that these non-IFRS amounts, measures and ratios, read together with our IFRS amounts, provide readers with a better understanding of how management assesses results.

Non-IFRS amounts, measures and ratios do not have standardized meanings under IFRS. They are unlikely to be comparable to similar measures presented by other companies and should not be viewed in isolation from, as an alternative to, or more meaningful than, our IFRS results.

We calculate adjusted measures by adjusting certain IFRS measures for certain items we believe are not reflective of our ongoing operations in the period. Except as otherwise described, these adjusted measures are calculated on a consistent basis from period to period and are adjusted for specific items in each period, unless stated otherwise.

Adjusted EBITDA

Each business segment assumes responsibility for its operating results measured by adjusted EBITDA. Adjusted EBITDA is an important metric for management that represents our core operational results.

During the first quarter of 2025, our adjusted EBITDA composition was amended to remove the impact of realized gain (loss) on closed exchange positions, which was included in adjusted EBITDA composition until the fourth quarter of 2024. The adjustment was intended to explain a timing difference between our internally and externally reported results and was useful at a time when markets were more volatile. The impact of realized gain (loss) on closed exchange positions was removed to simplify our reporting. Accordingly, the Company has applied this composition to all previously reported periods.

During the first quarter of 2025, our adjusted EBITDA composition was amended to remove the impact of Australian interest income, which was included in adjusted EBITDA composition until the fourth quarter of 2024. Initially, on the commissioning of the South Hedland facility in July 2017, we prepaid approximately $74 million of electricity transmission and distribution costs. Interest income, which was recorded on the prepaid funds, was reclassified as a reduction in the transmission and distribution costs expensed each period to reflect the net cost to the business. The impact of Australian interest income was removed to simplify our reporting since the amounts were not material. Accordingly, the Company has applied this composition to all previously reported periods.

Interest, taxes, depreciation and amortization are not included, as differences in accounting treatment may distort our core business results. In addition, certain reclassifications and adjustments are made to better assess results, excluding those items that may not be reflective of ongoing business performance. This presentation may facilitate the readers’ analysis of trends. The most directly comparable IFRS measure is earnings before income taxes.

Adjusted Revenue

Adjusted Revenues is Revenues (the most directly comparable IFRS measure) adjusted to exclude:

The impact of unrealized mark-to-market gains or losses and unrealized foreign exchange gains or losses on commodity transactions.

Certain assets that we own in Canada and Western Australia are fully contracted and recorded as finance leases under IFRS. We believe that it is more appropriate to reflect the payments we receive under the contracts as a capacity payment in our revenues instead of as finance lease income and a decrease in finance lease receivables.

Revenues from the Planned Divestitures as they do not reflect ongoing business performance.

Adjusted Fuel and Purchased Power

Adjusted Fuel and Purchased Power is Fuel and Purchased Power (the most directly comparable IFRS measure) adjusted to exclude fuel and purchased power from the Planned Divestitures as it does not reflect ongoing business performance.

Adjusted Gross Margin

Adjusted gross margin is calculated as adjusted revenues less adjusted fuel and purchased power and carbon compliance costs, where adjustments to revenue or fuel and purchased power were applied as stated above. The Skookumchuck wind facility has been included on a proportionate basis in the Wind and Solar segment. The most directly comparable IFRS measure is gross margin in the consolidated statement of earnings.

Adjusted OM&A

Adjusted OM&A is OM&A (the most directly comparable IFRS measure) adjusted to exclude:

Acquisition-related transaction and restructuring costs, mainly comprised of severance, legal and consultant fees as these do not reflect ongoing business performance.

ERP integration costs representing planning, design and integration costs of upgrades to the existing ERP system as they represent project costs that do not occur on a regular basis, and therefore do not reflect ongoing performance.

OM&A from the Planned Divestitures as it does not reflect ongoing business performance.

Adjusted Net Other Operating Income

Adjusted Net Other Operating Income is Net Other Operating Income (the most directly comparable IFRS measure) adjusted to exclude insurance recoveries related to the Kent Hills replacement costs of the tower collapse as these relate to investing activities and are not reflective of ongoing business performance.

Adjustments to Earnings (Loss) in Addition to Interest, Taxes, Depreciation and Amortization

Fair value change in contingent consideration payable is not included as it is not reflective of ongoing business performance.
Asset impairment charges and reversals are not included as these are accounting adjustments that impact depreciation and amortization and do not reflect ongoing business performance.
Any gains or losses on asset sales or foreign exchange gains or losses are not included as these are not part of operating income.

Adjustments for Equity-Accounted Investments

During the fourth quarter of 2020, we acquired a 49 per cent interest in the Skookumchuck wind facility, which is treated as an equity investment under IFRS and our proportionate share of the net earnings is reflected as equity income on the statement of earnings under IFRS. As this investment is part of our regular power-generating operations, we have included our proportionate share of adjusted EBITDA for the Skookumchuck wind facility in our total adjusted EBITDA. In addition, in the Wind and Solar adjusted results, we have included our proportionate share of revenues and expenses to reflect the full operational results of this investment. We have not included adjusted EBITDA of other equity-accounted investments in our total adjusted EBITDA as it does not represent our regular power-generating operations.

Adjusted Earnings (Loss) before income taxes

Adjusted earnings (loss) before income taxes represents segmented earnings (loss) adjusted for certain items that we believe do not reflect ongoing business performance and is an important metric for evaluating performance trends in each segment.

For details of the adjustments made to earnings (loss) before income taxes (the most directly comparable IFRS measure) to calculate adjusted earnings (loss) before income taxes, refer to the Reconciliation of Non-IFRS Measures on a Consolidated Basis by Segment section of the MD&A.

Adjusted Net Earnings (Loss) attributable to common shareholders

Adjusted net earnings (loss) attributable to common shareholders represents net earnings (loss) attributable to common shareholders adjusted for specific reclassifications and adjustments and their tax impact, and is an important metric for evaluating performance. For details of the reclassifications and adjustments made to net earnings (loss) attributable to common shareholders (the most directly comparable IFRS measure), please refer to the reconciliation of net earnings (loss) to adjusted net earnings (loss) attributable to common shareholders in the Reconciliation of Non-IFRS Measures on a Consolidated Basis by Segment section of the MD&A.

Adjusted Net Earnings (Loss) per common share attributable to common shareholders

Adjusted net earning (loss) per common share attributable to common shareholders is calculated as adjusted net earnings (loss) attributable to common shareholders divided by a weighted average number of common shares outstanding during the period. The measure is useful in showing the earnings per common share for our core operational results as it excludes the impact of items that do not reflect an ongoing business performance. Adjusted net earnings (loss) attributable per common share is a non-IFRS ratio and the most directly comparable IFRS measure is net income (loss) per common share attributable to common shareholders. Refer to the reconciliation of earnings (loss) before income taxes to adjusted net earnings (loss) attributable to common shareholders in the Reconciliation of Non-IFRS Measures on a Consolidated Basis by Segment section of the MD&A.

Funds From Operations (FFO)

Represents a proxy for cash generated from operating activities before changes in working capital and provides the ability to evaluate cash flow trends in comparison with results from prior periods. FFO is calculated as cash flow from operating activities before changes in working capital and is adjusted for transactions and amounts that the Company believes are not representative of ongoing cash flows from operations.

Free Cash Flow (FCF)

Represents the amount of cash that is available to invest in growth initiatives, make scheduled principal debt repayments, repay maturing debt, pay common share dividends or repurchase common shares and provides the ability to evaluate cash flow trends in comparison with the results from prior periods. Changes in working capital are excluded so that FFO and FCF are not distorted by changes that we consider temporary in nature, reflecting, among other things, the impact of seasonal factors and timing of receipts and payments.

Non-IFRS Ratios

FFO per share, FCF per share and adjusted net debt to adjusted EBITDA are non-IFRS ratios that are presented in the MD&A. Refer to the Reconciliation of Cash Flow from Operations to FFO and FCF and Key Non-IFRS Financial Ratios sections of the MD&A for additional information.

Net Interest Expense

Net interest expense is calculated as total interest expense less total interest income and non-cash items. For detailed calculation refer to the table in the Reconciliation of Adjusted EBITDA to FFO and FCF section of this MD&A. Net Interest expense is a proxy for the actual cash interest paid that approximates the cash outflow in the FFO and FCF calculation. The most directly comparable IFRS measure is total interest expense.

FFO per share and FCF per share

FFO per share and FCF per share are calculated using the weighted average number of common shares outstanding during the period. FFO per share and FCF per share are non-IFRS ratios.

Supplementary financial measures include available liquidity, carbon compliance per MWh, fuel cost per MWh, hedged power price average per MWh, realized foreign exchange loss, sustaining capital expenditures, the Alberta electricity portfolio metrics and unrealized foreign exchange loss (gain).

Reconciliation of these non-IFRS financial measures to the most comparable IFRS measure are provided below.

Reconciliation of Non-IFRS Measures on a Consolidated Basis by Segment

The following table reflects adjusted EBITDA and adjusted earnings (loss) before income taxes by segment and provides reconciliation to earnings (loss) before income taxes for the three months ended June 30, 2025:

	Hydro		Wind & Solar⁽¹⁾		Gas		Energy Transition		Energy Marketing		Corporate		Total		Equity- accounted investments⁽¹⁾		Reclass adjustments		IFRS financials
Revenues	129		59		204		73		38		(67	)	436		(3	)	—		433
Reclassifications and adjustments:
Unrealized mark-to-market (gain) loss	18		68		71		15		(2	)	—		170		—		(170	)	—
Decrease in finance lease receivable	—		—		7		—		—		—		7		—		(7	)	—
Finance lease income	—		2		3		—		—		—		5		—		(5	)	—
Revenues from Planned Divestitures	—		—		(3	)	—		—		—		(3	)	—		3		—
Unrealized foreign exchange gain on commodity	—		—		—		—		(2	)	—		(2	)	—		2		—
Adjusted revenue	147		129		282		88		34		(67	)	613		(3	)	(177	)	433
Fuel and purchased power	7		9		106		51		—		—		173		—		—		173
Reclassifications and adjustments:
Fuel and purchased power related to Planned Divestitures	—		—		(1	)	—		—		—		(1	)	—		1		—
Adjusted fuel and purchased power	7		9		105		51		—		—		172		—		1		173
Carbon compliance costs (recovery)	—		1		(8	)	—		—		(67	)	(74	)	—		—		(74	)
Adjusted gross margin	140		119		185		37		34		—		515		(3	)	(178	)	334
OM&A	13		25		65		18		8		45		174		(1	)	—		173
Reclassifications and adjustments:
OM&A related to Planned Divestitures	—		—		(1	)	—		—		—		(1	)	—		1		—
ERP integration costs	—		—		—		—		—		(6	)	(6	)	—		6		—
Acquisition-related transaction and restructuring costs	—		—		—		—		—		(1	)	(1	)	—		1		—
Adjusted OM&A	13		25		64		18		8		38		166		(1	)	8		173
Taxes, other than income taxes	1		5		5		—		—		1		12		—		—		12
Net other operating income	—		—		(12	)	—		—		—		(12	)	—		—		(12	)
Adjusted EBITDA⁽²⁾	126		89		128		19		26		(39	)	349
Depreciation and amortization	(8	)	(52	)	(74	)	(13	)	—		(4	)	(151	)	1		—		(150	)
Equity income	—		—		—		—		—		—		—		—		1		1
Interest income	—		—		—		—		—		7		7		(1	)	—		6
Interest expense	—		—		—		—		—		(89	)	(89	)	1		—		(88	)
Realized foreign exchange gain	—		—		—		—		—		6		6		—		—		6
Adjusted earnings (loss) before income taxes⁽²⁾	118		37		54		6		26		(119	)	122
Reclassifications and adjustments above	(18	)	(70	)	(80	)	(15	)	4		(7	)	(186	)
Finance lease income	—		2		3		—		—		—		5		—		—		5
Skookumchuk earnings reclass to Equity income⁽¹⁾	—		(1	)	—		—		—		1		—		—		—		—
Asset impairment charges	—		—		—		(11	)	—		(2	)	(13	)	—		—		(13	)
Unrealized foreign exchange loss	—		—		—		—		—		(23	)	(23	)	—		—		(23	)
Earnings (loss) before income taxes	100		(32	)	(23	)	(20	)	30		(150	)	(95	)	—		—		(95	)

The Skookumchuck wind facility has been included on a proportionate basis in the Wind and Solar segment.
Adjusted EBITDA, adjusted earnings (loss) before income taxes are non-IFRS measures, are not defined, have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. Refer to the Additional Non-IFRS and Supplementary Financial Measures section of this earnings release.

	Hydro		Wind & Solar⁽¹⁾		Gas		Energy Transition		Energy Marketing		Corporate		Total		Equity- accounted investments⁽¹⁾		Reclass adjustments		IFRS financials
Revenues	99		112		284		79		47		(34	)	587		(5	)	—		582
Reclassifications and adjustments:
Unrealized mark-to-market (gain) loss	1		8		10		(14	)	1		—		6		—		(6	)	—
Decrease in finance lease receivable	—		—		5		—		—		—		5		—		(5	)	—
Finance lease income	—		2		2		—		—		—		4		—		(4	)	—
Unrealized foreign exchange gain on commodity	—		—		(1	)	—		—		—		(1	)	—		1		—
Adjusted revenue	100		122		300		65		48		(34	)	601		(5	)	(14	)	582
Fuel and purchased power	3		8		97		46		—		—		154		—		—		154
Carbon compliance costs (recovery)	—		—		26		—		—		(34	)	(8	)	—		—		(8	)
Adjusted gross margin	97		114		177		19		48		—		455		(5	)	(14	)	436
OM&A	13		24		42		15		9		42		145		(1	)	—		144
Reclassifications and adjustments:
Acquisition-related transaction and restructuring costs	—		—		—		—		—		(4	)	(4	)	—		4		—
Adjusted OM&A	13		24		42		15		9		38		141		(1	)	4		144
Taxes, other than income taxes	1		4		3		2		—		—		10		(1	)	—		9
Net other operating income	—		(2	)	(10	)	—		—		—		(12	)	—		—		(12	)
Adjusted EBITDA⁽²⁾⁽³⁾	83		88		142		2		39		(38	)	316		—		—		—
Depreciation and amortization	(8	)	(47	)	(56	)	(15	)	(1	)	(5	)	(132	)	1		—		(131	)
Equity income	—		—		—		—		—		1		1		—		2		3
Interest income	—		—		—		—		—		8		8		—		—		8
Interest expense	—		—		—		—		—		(80	)	(80	)	—		—		(80	)
Realized foreign exchange loss⁽³⁾	—		—		—		—		—		(1	)	(1	)	—		—		(1	)
Adjusted earnings (loss) before income taxes⁽²⁾	75		41		86		(13	)	38		(115	)	112		—		—		—
Reclassifications and adjustments above	(1	)	(10	)	(16	)	14		(1	)	(4	)	(18	)	—		—		—
Finance lease income	—		2		2		—		—		—		4		—		—		4
Skookumchuk earnings reclass to Equity income⁽¹⁾	—		(2	)	—		—		—		2		—		—		—		—
Asset impairment (charges) reversals	—		(1	)	—		1		—		(5	)	(5	)	—		—		(5	)
Gain on sale of assets and other⁽³⁾	—		—		—		1		—		—		1		—		—		1
Unrealized foreign exchange loss⁽³⁾	—		—		—		—		—		(1	)	(1	)	—		—		(1	)
Earnings (loss) before income taxes	74		30		72		3		37		(122	)	94		—		—		94

The Skookumchuck wind facility has been included on a proportionate basis in the Wind and Solar segment.
Adjusted EBITDA, adjusted earnings (loss) before income taxes are non-IFRS measures, are not defined, have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. Refer to the Additional Non-IFRS and Supplementary Financial Measures section of this earnings release.
During the first quarter of 2025, our Adjusted EBITDA composition was amended to exclude the impact of realized gain (loss) on closed exchange positions and Australian interest income. Therefore, the Company has applied this composition to all previously reported periods.

	Hydro		Wind & Solar⁽¹⁾		Gas		Energy Transition		Energy Marketing		Corporate		Total		Equity- accounted investments⁽¹⁾		Reclass adjustments		IFRS financials
Revenues	215		166		594		227		65		(66	)	1,201		(10	)	—		1,191
Reclassifications and adjustments:
Unrealized mark-to-market (gain) loss	(3	)	104		39		14		(1	)	—		153		—		(153	)	—
Decrease in finance lease receivable	—		1		14		—		—		—		15		—		(15	)	—
Finance lease income	—		3		8		—		—		—		11		—		(11	)	—
Revenues from Planned Divestitures	—		—		(7	)	—		—		—		(7	)	—		7		—
Unrealized foreign exchange gain on commodity	—		—		—		—		(2	)	—		(2	)	—		2		—
Adjusted revenue	212		274		648		241		62		(66	)	1,371		(10	)	(170	)	1,191
Fuel and purchased power	11		19		269		149		—		2		450		—		—		450
Reclassifications and adjustments:
Fuel and purchased power related to Planned Divestitures	—		—		(3	)	—		—		—		(3	)	—		3		—
Adjusted fuel and purchased power	11		19		266		149		—		2		447		—		3		450
Carbon compliance costs (recovery)	—		2		41		—		—		(68	)	(25	)	—		—		(25	)
Adjusted gross margin	201		253		341		92		62		—		949		(10	)	(173	)	766
OM&A	26		54		124		35		15		94		348		(2	)	—		346
Reclassifications and adjustments:
OM&A related to Planned Divestitures	—		—		(3	)	—		—		—		(3	)	—		3		—
ERP integration costs	—		—		—		—		—		(10	)	(10	)	—		10		—
Acquisition-related transaction and restructuring costs	—		—		—		—		—		(5	)	(5	)	—		5		—
Adjusted OM&A	26		54		121		35		15		79		330		(2	)	18		346
Taxes, other than income taxes	2		10		10		1		—		1		24		—		—		24
Net other operating income	—		(4	)	(22	)	—		—		—		(26	)	—		—		(26	)
Reclassifications and adjustments:
Insurance recovery	—		2		—		—		—		—		2		—		(2	)	—
Adjusted net other operating income	—		(2	)	(22	)	—		—		—		(24	)	—		(2	)	(26	)
Adjusted EBITDA⁽²⁾	173		191		232		56		47		(80	)	619
Depreciation and amortization	(17	)	(105	)	(138	)	(28	)	(2	)	(9	)	(299	)	3		—		(296	)
Equity income	—		—		—		—		—		(1	)	(1	)	—		4		3
Interest income	—		—		—		—		—		12		12		(1	)	—		11
Interest expense	—		—		—		—		—		(183	)	(183	)	2		—		(181	)
Realized foreign exchange gain	—		—		—		—		—		2		2		—		—		2
Adjusted earnings (loss) before income taxes⁽²⁾	156		86		94		28		45		(259	)	150
Reclassifications and adjustments above	3		(106	)	(60	)	(14	)	3		(15	)	(189	)
Finance lease income	—		3		8		—		—		—		11		—		—		11
Skookumchuk earnings reclass to Equity income⁽¹⁾	—		(4	)	—		—		—		4		—		—		—		—
Fair value change in contingent consideration payable	—		—		34		—		—		—		34		—		—		34
Asset impairment (charges) reversals	—		—		(34	)	13		—		(7	)	(28	)	—		—		(28	)
Loss on sale of assets and other	—		—		—		—		—		(1	)	(1	)	—		—		(1	)
Unrealized foreign exchange loss	—		—		—		—		—		(23	)	(23	)	—		—		(23	)
Earnings (loss) before income taxes	159		(21	)	42		27		48		(301	)	(46	)	—		—		(46	)

The Skookumchuck wind facility has been included on a proportionate basis in the Wind and Solar segment.
Adjusted EBITDA, adjusted earnings (loss) before income taxes are non-IFRS measures, are not defined, have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. Refer to the Additional Non-IFRS and Supplementary Financial Measures section of this earnings release.

	Hydro		Wind & Solar⁽¹⁾		Gas		Energy Transition		Energy Marketing		Corporate		Total		Equity- accounted investments⁽¹⁾		Reclass adjustments		IFRS financials
Revenues	211		251		717		296		99		(34	)	1,540		(11	)	—		1,529
Reclassifications and adjustments:
Unrealized mark-to-market (gain) loss	(4	)	(13	)	(81	)	(20	)	(2	)	—		(120	)	—		120		—
Decrease in finance lease receivable	—		1		9		—		—		—		10		—		(10	)	—
Finance lease income	—		3		3		—		—		—		6		—		(6	)	—
Unrealized foreign exchange gain on commodity	—		—		(2	)	—		—		—		(2	)	—		2		—
Adjusted revenue	207		242		646		276		97		(34	)	1,434		(11	)	106		1,529
Fuel and purchased power	9		17		239		212		—		—		477		—		—		477
Carbon compliance costs (recovery)	—		—		66		—		—		(34	)	32		—		—		32
Adjusted gross margin	198		225		341		64		97		—		925		(11	)	106		1,020
OM&A	26		44		88		33		19		70		280		(2	)	—		278
Reclassifications and adjustments:
Acquisition-related transaction and restructuring costs	—		—		—		—		—		(7	)	(7	)	—		7		—
Adjusted OM&A	26		44		88		33		19		63		273		(2	)	7		278
Taxes, other than income taxes	2		8		6		2		—		—		18		(1	)	—		17
Net other operating income	—		(4	)	(20	)	—		—		—		(24	)	—		—		(24	)
Adjusted EBITDA⁽²⁾⁽³⁾	170		177		267		29		78		(63	)	658
Depreciation and amortization	(15	)	(90	)	(111	)	(31	)	(2	)	(9	)	(258	)	3		—		(255	)
Equity income	—		—		—		—		—		(1	)	(1	)	—		5		4
Interest income	—		—		—		—		—		15		15		—		—		15
Interest expense	—		—		—		—		—		(149	)	(149	)	—		—		(149	)
Realized foreign exchange loss⁽⁴⁾	—		—		—		—		—		(9	)	(9	)	—		—		(9	)
Adjusted earnings (loss) before income taxes⁽²⁾	155		87		156		(2	)	76		(216	)	256
Reclassifications and adjustments above	4		9		71		20		2		(7	)	99
Finance lease income	—		3		3		—		—		—		6		—		—		6
Skookumchuk earnings reclass to Equity income⁽¹⁾	—		(5	)	—		—		—		5		—		—		—		—
Asset impairment (charges) reversals	—		(5	)	—		4		—		(5	)	(6	)	—		—		(6	)
Gain on sale of assets and other⁽⁴⁾	—		—		—		1		—		2		3		—		—		3
Unrealized foreign exchange gain⁽⁴⁾	—		—		—		—		—		3		3		—		—		3
Earnings (loss) before income taxes	159		89		230		23		78		(218	)	361		—		—		361

The Skookumchuck wind facility has been included on a proportionate basis in the Wind and Solar segment.
Adjusted EBITDA, adjusted earnings (loss) before income taxes are non-IFRS measures, are not defined, have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. Refer to the Additional Non-IFRS and Supplementary Financial Measures section of this earnings release.
During the first quarter of 2025, our Adjusted EBITDA composition was amended to exclude the impact of realized gain (loss) on closed exchange positions and Australian interest income. Therefore, the Company has applied this composition to all previously reported periods.

Reconciliation of Earnings Before Income Taxes to Adjusted Net Earnings attributable to common shareholders

The following table reflects reconciliation of (loss) earnings before income taxes to adjusted net earnings attributable to common shareholders for the three and six months ended June 30, 2025 and June 30, 2024:

	Three months ended June 30				Six months ended June 30
	2025		2024		2025		2024
(Loss) earnings before income taxes	(95	)	94		(46	)	361
Income tax expense	11		28		18		57
Net (loss) earnings	(106	)	66		(64	)	304
Net (loss) earnings attributable to non-controlling interests	(7	)	(3	)	(11	)	13
Preferred share dividends	13		13		13		13
Net (loss) earnings attributable to common shareholders	(112	)	56		(66	)	278
Adjustments and reclassifications (pre-tax):
Adjustments and reclassifications to Revenues	177		14		170		(106	)
Adjustments and reclassifications to Fuel and purchased power	1		—		3		—
Adjustments and reclassifications to OM&A	8		4		18		7
Adjustments and reclassifications to Net other operating income	—		—		(2	)	—
Fair value change in contingent consideration payable (gain)	—		—		(34	)	—
Finance lease income	(5	)	(4	)	(11	)	(6	)
Asset impairment charges	13		5		28		6
Loss (gain) on sale of assets and other	—		(1	)	1		(3	)
Unrealized foreign exchange loss (gain)⁽¹⁾	23		—		23		(3	)
Calculated tax (expense) recovery on adjustments and reclassifications⁽²⁾	(51	)	(4	)	(46	)	24
Adjusted net earnings attributable to common shareholders⁽³⁾	54		70		84		197
Weighted average number of common shares outstanding in the period	297		303		297		306
Net (loss) income per common share attributable to common shareholders	(0.38	)	0.18		(0.22	)	0.91
Adjustments and reclassifications (net of tax)	0.56		0.05		0.50		(0.26	)
Adjusted net earnings per common share attributable to common shareholders⁽³⁾	0.18		0.23		0.28		0.64

Unrealized foreign exchange (loss) gain is a supplementary financial measure. Refer to the Additional Non-IFRS and Supplementary Financial Measures section of this MD&A for more details.
Represents a theoretical tax calculated by applying the Company’s consolidated effective tax rate of 23.3 per cent for the three and six months ended June 30, 2025 (three and six months ended June 30, 2024 — 23.3 per cent). The amount does not take into account the impact of different tax jurisdictions the Company’s operations are domiciled and does not include the impact of deferred taxes.
Adjusted net earnings attributable to common shareholders and Adjusted net earnings per common share attributable to common shareholders are non-IFRS measures, are not defined, have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. The most directly comparable IFRS measures are net earnings attributable to common shareholders and net earnings per share attributable to common shareholders, basic and diluted. Refer to the Non-IFRS financial measures section in this earnings release for more details.

Reconciliation of cash flow from operations to FFO and FCF

The table below reconciles our cash flow from operating activities to our FFO and FCF:

	Three months ended June 30				Six months ended June 30
	2025		2024		2025		2024
Cash flow from operating activities⁽¹⁾	157		108		164		352
Change in non-cash operating working capital balances	81		114		198		107
Cash flow from operations before changes in working capital	238		222		362		459
Adjustments
Share of adjusted FFO from joint venture⁽¹⁾	1		2		3		4
Decrease in finance lease receivable	7		5		15		10
Clean energy transition provisions and adjustments	—		2		—		2
Brazeau penalties payment	—		—		33		—
Acquisition-related transaction and restructuring costs	2		4		8		7
Other⁽²⁾	4		1		10		8
FFO⁽³⁾	252		236		431		490
Deduct:
Sustaining capital expenditures⁽¹⁾	(57	)	(40	)	(80	)	(40	)
Dividends paid on preferred shares	(13	)	(13	)	(26	)	(26	)
Distributions paid to subsidiaries’ non-controlling interests	(2	)	(5	)	(2	)	(24	)
Principal payments on lease liabilities	—		(1	)	(1	)	(2	)
Other	(3	)	—		(6	)	—
FCF⁽³⁾	177		177		316		398
Weighted average number of common shares outstanding in the period	297		303		297		306
Cash flow from operating activities per share	0.53		0.36		0.55		1.15
FFO per share⁽³⁾	0.85		0.78		1.45		1.60
FCF per share⁽³⁾	0.60		0.58		1.06		1.30

Includes our share of amounts for the Skookumchuck wind facility, an equity-accounted joint venture.
Other consists of production tax credits, which is a reduction to tax equity debt, less distributions from an equity-accounted joint venture.
These items are not defined and have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. During the first quarter of 2025, our Adjusted EBITDA composition was amended to exclude the impact of realized gain (loss) on closed exchange positions and Australian interest income. Therefore, the Company has applied this composition to all previously reported periods. Refer to the Non-IFRS financial measures and other specified financial measures section in this earnings release.

The table below provides a reconciliation of our adjusted EBITDA to our FFO and FCF:

	Three months ended June 30				Six months ended June 30
$ millions, unless otherwise stated	2025		2024		2025		2024
Adjusted EBITDA⁽¹⁾⁽⁵⁾	349		316		619		658
Provisions	(2	)	6		6		6
Net interest expense⁽²⁾	(66	)	(57	)	(138	)	(105	)
Current income tax expense	(46	)	(33	)	(59	)	(60	)
Realized foreign exchange gain (loss)⁽³⁾	4		(1	)	2		(9	)
Decommissioning and restoration costs settled	(11	)	(12	)	(20	)	(19	)
Other non-cash items	24		17		21		19
FFO⁽⁴⁾⁽⁵⁾	252		236		431		490
Deduct:
Sustaining capital expenditures⁽³⁾⁽⁵⁾	(57	)	(40	)	(80	)	(40	)
Dividends paid on preferred shares	(13	)	(13	)	(26	)	(26	)
Distributions paid to subsidiaries’ non-controlling interests	(2	)	(5	)	(2	)	(24	)
Principal payments on lease liabilities	—		(1	)	(1	)	(2	)
Other	(3	)	—		(6	)	—
FCF⁽⁴⁾⁽⁵⁾	177		177		316		398

Adjusted EBITDA is defined in the Additional IFRS Measures and Non-IFRS Measures of this earnings release and reconciled to earnings (loss) before income taxes above. During the first quarter of 2025, our Adjusted EBITDA composition was amended to exclude the impact of realized gain (loss) on closed exchange positions and Australian interest income. Therefore, the Company has applied this composition to all previously reported periods.
Net interest expense is a non-IFRS measure, is not defined and has no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. Refer to the table below for detailed calculation.
Supplementary financial measure. Refer to the Additional Non-IFRS and Supplementary Financial Measures section of this earnings release.
These items are not defined and have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. FFO and FCF are defined in the Non-IFRS financial measures and other specified financial measures section in this earnings release and reconciled to cash flow from operating activities above.
Includes our share of amounts for Skookumchuck wind facility, an equity-accounted joint venture.

Net interest expense in the reconciliation of our adjusted EBITDA to our FFO and FCF is calculated as follows:

	Three months ended June 30				Six months ended June 30
	2025		2024		2025		2024
Interest expense	88		80		181		149
Less: Interest Income	(6	)	(8	)	(11	)	(15	)
Less: non-cash items⁽¹⁾	(16	)	(15	)	(32	)	(29	)
Net Interest Expense	66		57		138		105

Non-cash items include accretion of provisions, financing cost amortization and other non-cash items.

TransAlta is in the process of filing its unaudited interim Consolidated Financial Statements and accompanying notes, as well as the associated Management’s Discussion & Analysis (MD&A). These documents will be available today on the Investors section of TransAlta’s website at www.transalta.com or through SEDAR at www.sedarplus.ca.

About TransAlta Corporation:

TransAlta owns, operates and develops a diverse fleet of electrical power generation assets in Canada, the United States and Australia with a focus on long-term shareholder value. TransAlta provides municipalities, medium and large industries, businesses and utility customers with affordable, energy efficient and reliable power. Today, TransAlta is one of Canada’s largest producers of wind power and Alberta’s largest producer of thermal generation and hydro-electric power. For over 114 years, TransAlta has been a responsible operator and a proud member of the communities where we operate and where our employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and the Future-Fit Business Benchmark, which also defines sustainable goals for businesses. Our reporting on climate change management has been guided by the International Financial Reporting Standards (IFRS) S2 Climate-related Disclosures Standard and the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. TransAlta has achieved a 70 per cent reduction in GHG emissions or 22.7 million tonnes CO2e since 2015 and received an upgraded MSCI ESG rating of AA.

For more information about TransAlta, visit our web site at transalta.com.

Cautionary Statement Regarding Forward-Looking Information

This news release includes “forward-looking information,” within the meaning of applicable Canadian securities laws, and “forward-looking statements,” within the meaning of applicable United States securities laws, including the Private Securities Litigation Reform Act of 1995 (collectively referred to herein as “forward-looking statements”). Forward-looking statements are not facts, but only predictions and generally can be identified by the use of statements that include phrases such as “may”, “will”, “can”, “could”, “would”, “shall”, “believe”, “expect”, “estimate”, “anticipate”, “intend”, “plan”, “forecast”, “foresee”, “potential”, “enable”, “continue” or other comparable terminology. These statements are not guarantees of our future performance, events or results and are subject to risks, uncertainties and other important factors that could cause our actual performance, events or results to be materially different from those set out in or implied by the forward-looking statements. In particular, this news release contains forward-looking statements about the following, among other things: the strategic objectives of the Company and that the execution of the Company’s strategy will realize value for shareholders; our capital allocation and financing strategy; our sustainability goals and targets, including those in our 2024 Sustainability Report; our 2025 Outlook; our financial and operational performance, including our hedge position; optimizing and diversifying our existing assets; the increasingly contracted nature of our fleet; expectations about strategies for growth and expansion; data centre opportunities, including the AESO’s expectation around the timing of execution of Demand Transmission Service contracts and entering into a data centre memorandum of understanding; opportunities for Centralia redevelopment, including the execution of a definitive agreement with our customer for the full capacity of Centralia Unit 2; expectations regarding ongoing and future transactions, including the sale of Poplar Hill; expected costs and schedules for planned projects; expected regulatory processes and outcomes, including in relation to the Alberta restructured energy market; the completion and closing of acquisition and divestiture transactions which are subject to customary closing terms and conditions, the power generation industry and the supply and demand of electricity; the cyclicality of our business; expected outcomes with respect to legal proceedings; the expected impact of future tax and accounting changes; and expected industry, market and economic conditions.

The forward-looking statements contained in this news release are based on many assumptions including, but not limited to, the following: no significant changes to applicable laws and regulations; no unexpected delays in obtaining required regulatory approvals; no material adverse impacts to investment and credit markets; no significant changes to power price and hedging assumptions; no significant changes to gas commodity price assumptions and transport costs; no significant changes to interest rates; no significant changes to the demand and growth of renewables generation; no significant changes to the integrity and reliability of our facilities; no significant changes to the Company’s debt and credit ratings; no unforeseen changes to economic and market conditions; no significant event occurring outside the ordinary course of business; and realization of expected impacts from ongoing and future transactions.

These assumptions are based on information currently available to TransAlta, including information obtained from third-party sources. Actual results may differ materially from those predicted. Factors that may adversely impact what is expressed or implied by forward-looking statements contained in this news release include, but are not limited to: fluctuations in power prices; changes in supply and demand for electricity; our ability to contract our electricity generation for prices that will provide expected returns; our ability to replace contracts as they expire; risks associated with development projects and acquisitions; failure to complete divestitures on the terms and conditions specified or at all; any difficulty raising needed capital in the future on reasonable terms or at all; our ability to achieve our targets relating to ESG; long-term commitments on gas transportation capacity that may not be fully utilized over time; changes to the legislative, regulatory and political environments; environmental requirements and changes in, or liabilities under, these requirements; operational risks involving our facilities, including unplanned outages and equipment failure; disruptions in the transmission and distribution of electricity; reductions in production; impairments and/or writedowns of assets; adverse impacts on our information technology systems and our internal control systems, including increased cybersecurity threats; commodity risk management and energy trading risks; reduced labour availability and ability to continue to staff our operations and facilities; disruptions to our supply chains; climate-change related risks; reductions to our generating units’ relative efficiency or capacity factors; general economic risks, including deterioration of equity and debt markets, increasing interest rates or rising inflation; general domestic and international economic and political developments, including potential trade tariffs; industry risk and competition; counterparty credit risk; inadequacy or unavailability of insurance coverage; increases in the Company’s income taxes and any risk of reassessments; legal, regulatory and contractual disputes and proceedings involving the Company; reliance on key personnel; and labour relations matters.

The foregoing risk factors, among others, are described in further detail under the heading “Governance and Risk Management” in the MD&A, which section is incorporated by reference herein.

Readers are urged to consider these factors carefully when evaluating the forward-looking statements and are cautioned not to place undue reliance on them. The forward-looking statements included in this news release are made only as of the date hereof and we do not undertake to publicly update these forward-looking statements to reflect new information, future events or otherwise, except as required by applicable laws. The purpose of the financial outlooks contained herein is to give the reader information about management’s current expectations and plans and readers are cautioned that such information may not be appropriate for other purposes.

Note: All financial figures are in Canadian dollars unless otherwise indicated.

For more information:

*Investor Inquiries:*	*Media Inquiries:*
Phone: 1-800-387-3598 in Canada and U.S.	Phone: 1-855-255-9184
Email: investor_relations@transalta.com	Email: ta_media_relations@transalta.com

The MIL Network –

August 5, 2025

MIL-OSI Submissions: Trade – Trump’s tariffs cement new multipolar global economy: deVere CEO

Source: deVere Group

August 1 2025 – Donald Trump’s sweeping new tariffs are not just reshaping global trade – they are accelerating the rise of a multipolar global economy.

The shift away from a US-dominated system is no longer theoretical, it is active and accelerating.

“Multipolarity now defines the direction of global trade,” says Nigel Green, CEO of deVere Group, one of the world’s largest independent financial advisory and asset management organizations.

“These tariffs are forcing countries to rewire their trade, capital, and strategic priorities. The world is moving toward multiple centres of economic power and influence.”

Effective August 7, the US will impose tariffs on nearly every major trading partner.

Countries running a trade deficit with the US face a 15% floor. Canada has been hit with 35%. Brazil, 50%.

India now faces a 25% rate, alongside a financial penalty for continuing energy and defence ties with Russia—despite being positioned by Trump as a close ally.

“India’s inclusion shows how quickly partners can become pressure points. This pressure is already nudging New Delhi toward deeper cooperation with trade rival Beijing. The consequences will be long-term.”

While trade deals with China and Mexico remain under negotiation, the broader international response is already unfolding.

“Beijing, Moscow, and increasingly Delhi are coordinating more closely on trade, infrastructure and investment. Long-time allies like Switzerland and Taiwan are reassessing risk. Many governments are seeking to reduce exposure to Washington’s economic leverage altogether.

“This isn’t a rerun of past trade disputes. It is a global shift away from reliance on the US as the central node. New trade networks are forming by necessity, not necessarily by preference.”

Diplomatic talks with China have intensified in recent months, with meetings in Geneva, London and Stockholm.

Beijing is focused on securing a continued freeze on US semiconductor export controls. Washington is demanding action on fentanyl, greater access for American firms, and increased Chinese purchases of US goods. But the real story lies beyond the negotiating table.

“Tariffs are being baked in as permanent features of the new economic order. Countries are responding by building systems that can operate without US permission.”

The US tariff list now stretches across continents. Switzerland faces 39%. South Africa, Libya, Algeria, Serbia, and several others between 30% and 41%. Taiwan, Israel, Pakistan, and Norway are all in the 15–20% range. The sweep is deliberate—and global.

“Markets are adjusting. Capital is shifting. Supply chains are realigning around regional strength, not global scale.”

Nigel Green continues: “The dollar remains dominant, but its influence is no longer unchallenged.

“Central banks are pursuing alternatives. Reserve diversification is accelerating. Regional trading blocs are pushing forward with new payments infrastructure, less reliant on Washington’s rules.

“This fragmentation is the new baseline. The post-war consensus on trade and financial cooperation is fading. What replaces it is a world of multiple economic power and influence centres, each with their own rules and reach.”

For investors, the implications are direct. Correlations are weakening. Policy risk is climbing. Exposure to geopolitical realignment is no longer abstract, it’s active.

“Anyone still expecting a return to the old system is behind the curve. This is the direction of travel now. Global trade will be multipolar. Capital allocation must reflect that.”

The deVere CEO concludes: “It locks in a new world order where influence is distributed, and alignment is increasingly transactional. For global investors, it marks the start of a generation-defining realignment.

“From here, economic and trade power is going to become more fragmented—and competition for it more intense.”

deVere Group is one of the world’s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients. It has a network of offices around the world, more than 80,000 clients, and $14bn under advisement.

MIL OSI – Submitted News –

August 5, 2025
MIL-OSI Canada: Emancipation Day 2025 Commemorated
Source: Government of Canada regional news

Nova Scotia will mark Emancipation Day today, August 1, recognizing Britain’s abolition of slavery across its empire in 1834.

Emancipation Day acknowledges the history and ongoing impacts of the transatlantic slave trade on people of African descent and African Nova Scotians.

“Emancipation Day is a time to remember, reflect and recommit,” said Premier Tim Houston. “It reminds us of the resilience of people of African descent and African Nova Scotians and challenges us to strengthen inclusion, justice and equity across our province.”

This year’s theme is Harbouring Freedom: Honouring the Past, Shaping the Future.

A series of events will recognize Emancipation Day. A flag raising at Province House at 9 a.m. and a reception on the Halifax waterfront at 11 a.m. will be livestreamed at: https://www.youtube.com/@bcc_ns. There will also be community gatherings throughout the province. Details and a full schedule are available at: https://emancipationdayns.ca/.

Quotes:

“On the Halifax waterfront, the Atlantic once carried enslaved African people to our shores and later carried 1,200 Black Loyalists seeking freedom in Sierra Leone. Those waters held pain and injustice, but also resilience and hope. Emancipation Day reminds us that we must confront racism and continue the work of building a more just future.”
— Twila Grosse, Minister of African Nova Scotian Affairs

Quick Facts:
- Nova Scotia designated August 1 as Emancipation Day on April 13, 2021
- the Slavery Abolition Act 1833 took effect in 1834 and freed about 800,000 enslaved people of African descent throughout the British colonies
- during the time of enslavement, more than 15 million African women, men and children were victims of the transatlantic slave trade
- the International Day for the Remembrance of the Slave Trade and its Abolition is observed on August 23, recognizing the 1791 uprisings in Haiti and the Dominican Republic that led to liberation from European colonizers
- in 2022, the Jamaican Maroons in Nova Scotia were designated as being of national historic significance under Parks Canada’s National Program of Historical Commemoration, with a plaque unveiled at the Halifax Citadel
Additional Resources:

News release – Legislation Recognizes Emancipation Day in Nova Scotia: https://novascotia.ca/news/release/?id=20210413007

Black Cultural Centre for Nova Scotia: https://bccns.com

African Nova Scotian Affairs – Commemorating Emancipation Day: https://ansa.novascotia.ca/content/commemorating-emancipation-day

MIL OSI Canada News –
August 5, 2025
MIL-OSI Canada: Statement by Prime Minister Carney on Canada-U.S. trade

Source: Government of Canada – Prime Minister

“President Trump has announced that the United States will increase its tariffs to 35% on those Canadian exports that are not covered under the Canada-United States-Mexico Agreement, or CUSMA. While the Canadian government is disappointed by this action, we remain committed to CUSMA, which is the world’s second-largest free trade agreement by trading volume.

The U.S. application of CUSMA means that the U.S. average tariff rate on Canadian goods remains one of its lowest for all of its trading partners. Other sectors of our economy – including lumber, steel, aluminum, and automobiles – are, however, heavily impacted by U.S. duties and tariffs. For such sectors, the Canadian government will act to protect Canadian jobs, invest in our industrial competitiveness, buy Canadian, and diversify our export markets.

The United States has justified its most recent trade action on the basis of the cross-border flow of fentanyl, despite the fact that Canada accounts for only 1% of U.S. fentanyl imports and has been working intensively to further reduce these volumes. Canada’s government is making historic investments in border security to arrest drug traffickers, take down transnational gangs, and end migrant smuggling. These include thousands of new law enforcement and border security officers, aerial surveillance, intelligence and security operations, and the strongest border legislation in our history. We will continue working with the United States to stop the scourge of fentanyl and save lives in both our countries.

While we will continue to negotiate with the United States on our trading relationship, the Canadian government is laser focused on what we can control: building Canada strong. The federal government, provinces, and territories are working together to cut down trade barriers to build one Canadian economy. We are developing a series of major nation-building projects with provincial, territorial, and Indigenous partners. Together, these initiatives have the potential to catalyse over half a trillion dollars of new investments in Canada.

Canadians will be our own best customer, creating more well-paying careers at home, as we strengthen and diversify our trading partnerships throughout the world. We can give ourselves more than any foreign government can ever take away by building with Canadian workers and by using Canadian resources to benefit all Canadians.”

MIL OSI Canada News –

August 5, 2025
MIL-OSI USA: Welch Calls for Vote on Bipartisan CANADA Act Ahead of Trump’s August 1 Tariff Deadline

US Senate News:

Source: United States Senator Peter Welch (D-Vermont)

CANADA Act would exempt U.S.-owned small businesses from tariffs imposed on Canada
WASHINGTON, D.C. – U.S. Senator Peter Welch (D-Vt.), a member of the Senate Finance Committee, this week pushed for a vote on his bipartisan Creating Access to Necessary American-Canadian Duty Adjustments (CANADA) Act, legislation to exempt United States-owned small businesses from tariffs imposed on Canada. Senate Republicans blocked the unanimous consent request and refused to support small businesses in their states.
Senator Welch took to the Senate Floor to slam the Trump Administration’s plan to increase tariffs and enact new sweeping global tariffs on August 1. Senator Welch also spoke in support of his bipartisan bill, the CANADA Act:
“This trade war is yet another example of the Trump Administration’s chaos, cruelty, and corruption: Chaos for Vermont’s small businesses, farmers, and manufacturers who don’t know what to expect day-to-day; Cruelty for America’s working families, who will pay more because of this reckless trade policy; and Corruption by President Trump himself, who has created an access economy focused on self-dealing,” said Senator Welch in his remarks. “I urge my colleagues on both sides of the aisle to support the CANADA Act, and in-turn support small businesses in their state.”
Watch Senator Welch’s floor remarks here:

The CANADA Act is led by Senator Welch and cosponsored by Senate Democratic Leader Chuck Schumer (D-N.Y.) and Senators Jeanne Shaheen (D-N.H.), Lisa Murkowski (R-Alaska), Tim Kaine (D-Va.), Susan Collins (R-Maine), Ed Markey (D-Mass.), and Ron Wyden (D-Ore.). The CANADA Act is supported by Main Street Alliance and Small Business Majority.
In 2024 alone, trade with Canada accounted for 35% of Vermont’s exports, 67% of its imports, and 56% of its total trade. One in four businesses in Vermont relies on trade with Canada. Vermont buys more goods from Canada than the next nine largest foreign markets combined. In 2023, Vermont exported $150 million just in food and agricultural products to Canada.
Vermont boasts nearly 82,000 small businesses, which represent 99% of all businesses in the state, and employ over 62% of Vermont’s overall workforce—higher than the national average. Small businesses in Vermont also employ a diverse workforce, with 43.8% of small businesses in the state owned by women and 6% owned by veterans.
Senator Welch has blasted Trump’s tariffs and trade war and shared stories from constituents about how President Trump’s economic policies have impacted their businesses, farms, and communities. Senator Welch is a cosponsor of a bipartisan resolution to repeal the tariffs on Canada, a bipartisan bill to restore congressional tariff authority, a bill to restrict the Executive Branch’s authority to impose tariffs through the International Economic Emergency Powers Act, and a bill to exempt small businesses from the April 2nd global tariff Executive Order. Senator Welch also led a bipartisan resolution to end President Trump’s ruinous global tariffs.
In May, Senator Welch joined a bipartisan delegation and traveled to Ottawa to meet with Canadian dignitaries, including Prime Minister Mark Carney, to discuss bipartisan support for a U.S.-Canada partnership and their commitment to a strong trading relationship between the United States and Canada. The Senator has hosted roundtables in Stowe, Newport, St. Albans, Manchester, and virtually to hear concerns and first-hand stories from Vermont and Canadian leaders impacted by the trade war.

MIL OSI USA News –

August 5, 2025

Category: Canada

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