Category: Canada

MIL-OSI Analysis: New peace plan increases pressure on Israel and US as momentum grows for Palestinian statehood

Source: The Conversation – UK – By Scott Lucas, Professor of International Politics, Clinton Institute, University College Dublin

A new vision for Middle East peace emerged this week which proposes the withdrawal of Israel from Gaza and the West Bank, the disarming and disbanding of Hamas and the creation of a unified Palestinian state. The plan emerged from a “high-level conference” in New York on July 29, which assembled representatives of 17 states, the European Union and the Arab League.

The resulting proposal is “a comprehensive and actionable framework for the implementation of the two-state solution and the achievement of peace and security for all”.

Signatories include Turkey and the Middle Eastern states of Saudi Arabia, Qatar, Egypt and Jordan. Europe was represented by France, Ireland, Italy, Norway, Spain and the UK. Indonesia was there for Asia, Senegal for Africa, and Brazil, Canada and Mexico for the Americas. Neither the US nor Israel were present.

Significantly, it is the first time the Arab states have called for Hamas to disarm and disband. But, while condemning Hamas’s attack on Israel of October 7 2023 and recalling that the taking of hostages is a violation of international law, the document is unsparing in its connection between a state of Palestine and an end to Israel’s assault on Gaza’s civilians.

It says: “Absent decisive measures toward the two-state solution and robust international guarantees, the conflict will deepen and regional peace will remain elusive.”

A plan for the reconstruction of Gaza will be developed by the Arab states and the Organisation of Islamic Cooperation – a Jeddah-based group which aims to be the collective voice of the Muslim world – supported by an international fund. The details will be hammered out at a Gaza Reconstruction and Recovery Conference, to be held in Cairo.

It is a bold initiative. In theory, it could end the Israeli mass killing in Gaza, remove Hamas from power and begin the implementation of a process for a state of Palestine. The question is whether it has any chance of success.

First, there appears to be growing momentum to press ahead with recognition of the state of Palestine as part of a comprehensive peace plan leading to a two-state solution. France, the UK and, most recently, Canada have announced they would take that step at the UN general assembly in September. The UK stated that it would do so unless Israel agreed to a ceasefire and the commencement of a substantive peace process.

Read more:
UK and France pledges won’t stop Netanyahu bombing Gaza – but Donald Trump or Israel’s military could

These announcements follow those made in May 2024 by Spain, Ireland and Norway, three of the other European signatories. By the end of September at least 150 of the UN’s 193 members will recognise Palestinian statehood. Recognition is largely symbolic without a ceasefire and Israeli withdrawal from both Gaza and the West Bank. But it is essential symbolism.

For years, many European countries, Canada, Australia and the US have said that recognition could not be declared if there was the prospect of Israel-Palestine negotiations. Now the sequence is reversed: recognition is necessary as pressure for a ceasefire and the necessary talks to ensure the security of both Israelis and Palestinians.

Israel accelerated that reversal at the start of March, when it rejected the scheduled move to phase two of the six-week ceasefire negotiated with the help of the US, and imposed a blockade on aid coming into the Strip.

The Netanyahu government continues to hold out against the ceasefire. But its loud blame of Hamas is becoming harder to accept. The images of the starvation in Gaza and warnings by doctors, humanitarian organisations and the UN of an effective famine with the deaths of thousands can no longer be denied.

Saudi Arabia and Qatar, behind the scenes and through their embassies, have been encouraging European countries to make the jump to recognition. Their efforts at the UN conference in New York this week are another front of that campaign.

Israel and the Trump administration

But in the short term, there is little prospect of the Netanyahu government giving way with its mass killing, let alone entering talks for two states. Notably neither Israel nor the US took part in the conference.

Trump has criticised the scenes of starvation in Gaza. But his administration has joined Netanyahu in vitriolic denunciation of France and the UK over their intentions to recognise Palestine. And the US president has warned the Canadian prime minister, Mark Carney, that recognition of Palestinian statehood would threaten Canada’s trade deal with the US.

In response to Trump’s concern over the images of starving children and his exhortation “We’ve got to get the kids fed,” Israel has airdropped a few pallets of aid – less than a truck’s worth. Yet this appears more of a public relations exercise directed at Washington than a genuine attempt to ease the terrible condition on the Strip.

A small number of lorries with supplies from UN and humanitarian organisations have also crossed the border, but only after lengthy delays and with half still held up. There is no security for transport and delivery of the aid inside Gaza.

A sacrifice for a state?

So the conference declaration is not relief for Gaza. Instead, it is yet another marker of Israel’s increasing isolation.

After France’s announcement, the Netanyahu government thundered: “Such a move rewards terror and risks creating another Iranian proxy … A Palestinian state in these conditions would be a launch pad to annihilate Israel.”

But while recognising Hamas’s mass killing of October 7 2023, most governments and their populations do not perceive Israel as attacking Hamas and its fighters. They see the Netanyahu government and Israeli military slaying and starving civilians.

Even in the US, where the Trump administration is trying to crush sympathy for Palestine and Gazans in universities, non-governmental organisations and the public sphere, opinion is shifting.

In a Gallup poll taken in the US and released on July 29, only 32% of respondents supported Israel’s actions in Gaza – an all-time low – and 60% opposed them. Netanyahu was viewed unfavourably by 52% and favourably by only 29%.

Israel has lost its moment of “normalisation” with Arab states. Its economic links are strained and its oft-repeated claim to being the “Middle East’s only democracy” is bloodstained beyond recognition.

This will be of no comfort to the people of Gaza facing death. But in the longer term, there is the prospect that this sacrifice will be the catalyst to recognise Palestine that disappeared in 1948.

Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

Scott Lucas 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. New peace plan increases pressure on Israel and US as momentum grows for Palestinian statehood – https://theconversation.com/new-peace-plan-increases-pressure-on-israel-and-us-as-momentum-grows-for-palestinian-statehood-262259

MIL OSI Analysis –

August 5, 2025
MIL-OSI Analysis: New peace plan increases pressure on Israel and US as momentum grows for Palestinian statehood

Source: The Conversation – UK – By Scott Lucas, Professor of International Politics, Clinton Institute, University College Dublin

A new vision for Middle East peace emerged this week which proposes the withdrawal of Israel from Gaza and the West Bank, the disarming and disbanding of Hamas and the creation of a unified Palestinian state. The plan emerged from a “high-level conference” in New York on July 29, which assembled representatives of 17 states, the European Union and the Arab League.

The resulting proposal is “a comprehensive and actionable framework for the implementation of the two-state solution and the achievement of peace and security for all”.

Signatories include Turkey and the Middle Eastern states of Saudi Arabia, Qatar, Egypt and Jordan. Europe was represented by France, Ireland, Italy, Norway, Spain and the UK. Indonesia was there for Asia, Senegal for Africa, and Brazil, Canada and Mexico for the Americas. Neither the US nor Israel were present.

Significantly, it is the first time the Arab states have called for Hamas to disarm and disband. But, while condemning Hamas’s attack on Israel of October 7 2023 and recalling that the taking of hostages is a violation of international law, the document is unsparing in its connection between a state of Palestine and an end to Israel’s assault on Gaza’s civilians.

It says: “Absent decisive measures toward the two-state solution and robust international guarantees, the conflict will deepen and regional peace will remain elusive.”

A plan for the reconstruction of Gaza will be developed by the Arab states and the Organisation of Islamic Cooperation – a Jeddah-based group which aims to be the collective voice of the Muslim world – supported by an international fund. The details will be hammered out at a Gaza Reconstruction and Recovery Conference, to be held in Cairo.

It is a bold initiative. In theory, it could end the Israeli mass killing in Gaza, remove Hamas from power and begin the implementation of a process for a state of Palestine. The question is whether it has any chance of success.

First, there appears to be growing momentum to press ahead with recognition of the state of Palestine as part of a comprehensive peace plan leading to a two-state solution. France, the UK and, most recently, Canada have announced they would take that step at the UN general assembly in September. The UK stated that it would do so unless Israel agreed to a ceasefire and the commencement of a substantive peace process.

Read more:
UK and France pledges won’t stop Netanyahu bombing Gaza – but Donald Trump or Israel’s military could

These announcements follow those made in May 2024 by Spain, Ireland and Norway, three of the other European signatories. By the end of September at least 150 of the UN’s 193 members will recognise Palestinian statehood. Recognition is largely symbolic without a ceasefire and Israeli withdrawal from both Gaza and the West Bank. But it is essential symbolism.

For years, many European countries, Canada, Australia and the US have said that recognition could not be declared if there was the prospect of Israel-Palestine negotiations. Now the sequence is reversed: recognition is necessary as pressure for a ceasefire and the necessary talks to ensure the security of both Israelis and Palestinians.

Israel accelerated that reversal at the start of March, when it rejected the scheduled move to phase two of the six-week ceasefire negotiated with the help of the US, and imposed a blockade on aid coming into the Strip.

The Netanyahu government continues to hold out against the ceasefire. But its loud blame of Hamas is becoming harder to accept. The images of the starvation in Gaza and warnings by doctors, humanitarian organisations and the UN of an effective famine with the deaths of thousands can no longer be denied.

Saudi Arabia and Qatar, behind the scenes and through their embassies, have been encouraging European countries to make the jump to recognition. Their efforts at the UN conference in New York this week are another front of that campaign.

Israel and the Trump administration

But in the short term, there is little prospect of the Netanyahu government giving way with its mass killing, let alone entering talks for two states. Notably neither Israel nor the US took part in the conference.

Trump has criticised the scenes of starvation in Gaza. But his administration has joined Netanyahu in vitriolic denunciation of France and the UK over their intentions to recognise Palestine. And the US president has warned the Canadian prime minister, Mark Carney, that recognition of Palestinian statehood would threaten Canada’s trade deal with the US.

In response to Trump’s concern over the images of starving children and his exhortation “We’ve got to get the kids fed,” Israel has airdropped a few pallets of aid – less than a truck’s worth. Yet this appears more of a public relations exercise directed at Washington than a genuine attempt to ease the terrible condition on the Strip.

A small number of lorries with supplies from UN and humanitarian organisations have also crossed the border, but only after lengthy delays and with half still held up. There is no security for transport and delivery of the aid inside Gaza.

A sacrifice for a state?

So the conference declaration is not relief for Gaza. Instead, it is yet another marker of Israel’s increasing isolation.

After France’s announcement, the Netanyahu government thundered: “Such a move rewards terror and risks creating another Iranian proxy … A Palestinian state in these conditions would be a launch pad to annihilate Israel.”

But while recognising Hamas’s mass killing of October 7 2023, most governments and their populations do not perceive Israel as attacking Hamas and its fighters. They see the Netanyahu government and Israeli military slaying and starving civilians.

Even in the US, where the Trump administration is trying to crush sympathy for Palestine and Gazans in universities, non-governmental organisations and the public sphere, opinion is shifting.

In a Gallup poll taken in the US and released on July 29, only 32% of respondents supported Israel’s actions in Gaza – an all-time low – and 60% opposed them. Netanyahu was viewed unfavourably by 52% and favourably by only 29%.

Israel has lost its moment of “normalisation” with Arab states. Its economic links are strained and its oft-repeated claim to being the “Middle East’s only democracy” is bloodstained beyond recognition.

This will be of no comfort to the people of Gaza facing death. But in the longer term, there is the prospect that this sacrifice will be the catalyst to recognise Palestine that disappeared in 1948.

Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

Scott Lucas 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. New peace plan increases pressure on Israel and US as momentum grows for Palestinian statehood – https://theconversation.com/new-peace-plan-increases-pressure-on-israel-and-us-as-momentum-grows-for-palestinian-statehood-262259

MIL OSI Analysis –

August 5, 2025
MIL-OSI Canada: FCAC calls on banks to improve handling of consumer complaints

Source: Government of Canada News (2)

July 31, 2025
Ottawa, Ontario

Today, the Financial Consumer Agency of Canada (FCAC) published the findings of a report on the complaint-handling procedures of small and medium-sized banks in its Supervisory Highlight: Thematic Review on Complaint Handling.

While the small and medium-sized banks that were assessed in FCAC’s review took steps towards meeting the new requirements for complaint handling under the Financial Consumer Protection Framework (the Framework), FCAC found several areas for improvement.

For example, the banks reviewed did not treat all expressions of dissatisfaction from consumers as complaints. FCAC also found that the banks did not always deal with complaints within the prescribed period of 56 calendar days after the day on which the complaint was received. In addition, complaint records submitted by the banks to FCAC often lacked required information.

Each of the banks involved in the review has been informed of the findings specific to their institution and is required to take corrective actions. FCAC will monitor their response to make sure that they comply with the complaint handling requirements.

FCAC expects all federally regulated banks to review their complaint-handling procedures to assess their own compliance with the requirements and address any issues or deficiencies in a timely manner.

Consumers have the right to file a complaint if they have a problem with their bank. In 2022, the federal government strengthened the rules around complaint handling under the Framework to make the process more effective, timely and accessible for consumers. This includes introducing a 56-day timeline for banks to deal with complaints and establishing that banks must treat all expressions of dissatisfaction with a bank product or service as a complaint.

FCAC supervises banks’ compliance with their complaint handling obligations. The Agency focused its most recent review on small and medium-sized banks because they were identified as being at a higher risk of having issues with implementing the new complaint handling measures under the Framework.

MIL OSI Canada News –

August 5, 2025
MIL-OSI Canada: FCAC calls on banks to improve handling of consumer complaints

Source: Government of Canada News (2)

July 31, 2025
Ottawa, Ontario

Today, the Financial Consumer Agency of Canada (FCAC) published the findings of a report on the complaint-handling procedures of small and medium-sized banks in its Supervisory Highlight: Thematic Review on Complaint Handling.

While the small and medium-sized banks that were assessed in FCAC’s review took steps towards meeting the new requirements for complaint handling under the Financial Consumer Protection Framework (the Framework), FCAC found several areas for improvement.

For example, the banks reviewed did not treat all expressions of dissatisfaction from consumers as complaints. FCAC also found that the banks did not always deal with complaints within the prescribed period of 56 calendar days after the day on which the complaint was received. In addition, complaint records submitted by the banks to FCAC often lacked required information.

Each of the banks involved in the review has been informed of the findings specific to their institution and is required to take corrective actions. FCAC will monitor their response to make sure that they comply with the complaint handling requirements.

FCAC expects all federally regulated banks to review their complaint-handling procedures to assess their own compliance with the requirements and address any issues or deficiencies in a timely manner.

Consumers have the right to file a complaint if they have a problem with their bank. In 2022, the federal government strengthened the rules around complaint handling under the Framework to make the process more effective, timely and accessible for consumers. This includes introducing a 56-day timeline for banks to deal with complaints and establishing that banks must treat all expressions of dissatisfaction with a bank product or service as a complaint.

FCAC supervises banks’ compliance with their complaint handling obligations. The Agency focused its most recent review on small and medium-sized banks because they were identified as being at a higher risk of having issues with implementing the new complaint handling measures under the Framework.

MIL OSI Canada News –

August 5, 2025
MIL-OSI USA: PREPARED REMARKS: Sanders Forces Vote to Stop Arms Sales to Israel Amid Starvation in Gaza

US Senate News:

Source: United States Senator for Vermont – Bernie Sanders

WASHINGTON, July 30 – Sen. Bernie Sanders (I-Vt.) today rose to force a vote on two Joint Resolutions of Disapproval (JRDs) to block offensive arms sales to Israel in light of the daily civilian massacres and unfolding famine created by the Netanyahu government’s policies. The JRD is the only formal mechanism available to Congress to prevent an arms sale noticed by the administration from advancing.

Sanders’ remarks introducing the vote today, as prepared for delivery, are below and can be watched live HERE:

M. President, let me begin by stating what this debate is about, and what it is not about. It is not about whether anyone in the Senate disagrees that Hamas is a terrorist organization, which began this war with a brutal terrorist attack on October 7, 2023, that killed 1,200 innocent people and took 250 hostages. Everyone agrees with that.

The International Criminal Court was right to indict the leaders of Hamas as war criminals for those atrocities. There is also, I believe, no disagreement as to whether or not Israel had a right to defend itself, like any other country suffering an attack like that. Clearly, it did.

And, in a certain sense, this debate is not really about Israel. It is about the United States of America, and whether we will abide by U.S. and international law, or whether we will continue to contribute billions of dollars to an extremist government in Israel, which has caused an unprecedented humanitarian disaster in Gaza. This debate is over whether or not the United States of America will have any moral credibility on the international scene. Whether or not we will be able, with a straight face, to condemn other countries who commit barbaric acts if we don’t stand up tonight. That is what we are debating.

M. President, the vast majority of the American people and the world community understand that the Netanyahu government in Israel has gone well beyond defending itself from Hamas. Over the last 21 months, it has waged an all-out, illegal, immoral and horrific war of annihilation against the Palestinian people.

This war has already killed some 60,000 Palestinians and wounded more than 143,000 — most of whom are women, children and the elderly. In a population of just over two million, more than 200,000 people have been killed or wounded since this war began. That, M. President, is 10% of the population of Gaza.

M. President, to put that into scale so we as Americans can understand the enormity of what is happening there, if that kind of destruction happened in the United States — if 10% of our population were killed or wounded in war, it would mean that 34 million of us would have been killed or wounded.

The toll on Gaza’s children is unspeakable, and it is literally hard to imagine. The United Nations reports that more than 18,000 children have been killed since this war began. Just this morning, the Washington Post published a list of all these children’s names, and I ask that these names be entered into the Congressional Record.

I should mention that more than 12,000 of these children were under the age of 12, and more than 3,000 children in Gaza have had one or more limbs amputated. That is how this war has impacted the children in Gaza. But it’s not just the horrific loss of life that we are seeing.

New satellite imagery shows that Israel’s indiscriminate bombardment has destroyed 70% of all structures in Gaza. The UN estimates that 92% of the housing units have been damaged or destroyed. Most of the population is now living in tents or other makeshift structures.

And let us not forget, over the last 21 months, these people, most of whom are poor, have been displaced time and time again — told to go here, told to go there, moved around with often no possessions other than the clothing on their backs.

M. President, the health care system in Gaza has been destroyed. Most of the territory’s hospitals and primary health care facilities have been bombed. More than 1,500 health care workers have been killed, as well as 336 UN staff.

Gaza’s civilian infrastructure has been totally devastated, including almost 90% of water and sanitation facilities. Raw sewage now runs all over Gaza. Most of the roads have been destroyed. Gaza’s educational system has been obliterated. Hundreds of schools have been bombed, as has every single one of Gaza’s 12 universities. And there has been no electricity in Gaza for 21 months.

M. President, all of this is a horror unto itself. But in recent months, the Netanyahu government’s extermination of Gaza has made an unspeakable and horrible situation even worse.

From March 2 to May 19, Israel did not allow a single shipment of humanitarian aid into Gaza — no food, no water, no fuel and no medical supplies for a distressed population of two million people over a period of 11 weeks. Since then, Israel has allowed a trickle of aid to get into Gaza, but nowhere near enough to meet the enormous needs of a population besieged for so long.

M. President, when you cut off all food to a population, what happens is not surprising. People starve to death. And that is exactly what Israeli policy has deliberately done — it is causing mass starvation and famine.

Children and other vulnerable people are dying in increasing numbers. In the last two weeks, dozens of young children have died from starvation. Starving mothers cannot breastfeed their infants, and no formula is available, and certainly no clean water to make it, in any case. Hospitals have run out of nutritional treatments, and doctors and nurses who are already treating the desperate, they themselves are going hungry and are fainting from hunger.

The World Food Programme says that the food crisis has reached “new and astonishing levels of desperation, with a third of the population not eating for multiple days in a row.”

Just yesterday, the gold-standard UN-backed food monitoring group, the IPC, issued a new report saying: “The worst-case scenario of famine is currently playing out in the Gaza Strip.”

When mass death from starvation begins, it is difficult to reverse. Aid groups say it will soon be too late to stop a wave of preventable deaths in Gaza, all of which is the direct result of the Israeli government’s policies.

M. President, what I’m going to describe now is gruesome, but I think it is important for us to understand what is happening to the children in Gaza.

Mark Brauner, an American doctor who spent in two weeks in Gaza in June described the situation: “a lot of the children have already passed the point of no return where their physiology has eroded to the point where even refeeding could potentially cause death itself. The gut lining has started to auto-digest and it will no longer have adequate absorptive capacity for water or for nutrition. Death is unfortunately imminent for probably thousands of children.”

That’s an American physician who was in Gaza in June.

M. President, what the extremist Netanyahu government is doing now is not an effort to win a war. There is no military purpose in starving thousands and thousands of children. Let us be clear: This is not an effort to win a war, this is an effort to destroy a people.

Having already killed or wounded more than 200,000 Palestinians, mostly women and children, the extremist Israeli government is using mass starvation to engineer the ethnic cleansing of Gaza. They are trying to drive a desperate people out of their homeland, to God knows where.

This is not my speculation; this what Israeli ministers and officials are saying themselves.

A few months ago, the Finance Minister vowed that “Gaza will be entirely destroyed.” Just last week, another current Israeli minister said: “All Gaza will be Jewish… the government is pushing for Gaza being wiped out. Thank God, we are wiping out this evil.” Another Likud member of the Knesset and former minister called for “Erasing all of Gaza from the face of the earth.”

And in the West Bank, we see this agenda being carried out clearly and methodically, with more than 500,000 Israeli settlers now illegally occupying land integral to any future Palestinian state. Earlier this month, the Knesset even approved a non-binding motion in favor of formally annexing the West Bank.

This slow-motion annexation is backed by violence: Israeli security forces and settler extremists have killed thousands of Palestinians in recent years. Israeli settlers brutally beat a young American to death earlier this month, the seventh American killed in the West Bank since 2022. Despite a demand from President Trump’s ambassador to Israel, Mike Huckabee, no one has been held accountable for these deaths.

M. President, people around the world are outraged by what is going on in Gaza right now, and countries are increasingly demanding that Netanyahu’s government stop what they are doing.

France and Canada have said they will recognize a Palestinian state. The United Kingdom has said it will do so, as well, if Israel does not immediately end this war and surge humanitarian aid. And at the UN last month, 149 countries voted for a ceasefire resolution condemning the use of starvation as a weapon of war and demanding an end to Israel’s blockade on humanitarian aid. But it is not just the international community.

Just yesterday, Gallup, one of the best polling organizations in our country, released a new poll that shows that just 32% of Americans support Israel’s military action in Gaza, while 60% oppose it. To my Democratic colleagues here in the Senate, I would point out that only 8% of Democrats support this war, and just 25% of independents. And to my Republican colleagues, I would point out that more and more Republicans are beginning to speak out against the atrocities of this war and the fact that billions of billions of taxpayer dollars are going to a government in Israel waging an illegal war.

Further, M. President, a recent Economist/YouGov poll shows that just 15% of the American people support increasing military aid to Israel, while 35% support decreasing military aid to Israel or stopping it entirely. Just 8% of Democrats support increasing military aid to Israel.

M. President, the American people are haunted by the images coming out of Gaza.

These are desperate children with pots in their hands, crying, begging for food in order to stay alive. That’s what the American people are seeing every night on TV, on the internet and in the newspapers. These are emaciated children, their bodies, in some cases, barely more than skeletons. The American people are seeing miles and miles of rubble where cities and towns once stood. They are seeing innocent people shot down while they wait on line to get food while they are starving.

M. President, despite these war crimes, carried out daily in plain view, the United States has provided more than $22 billion for Israel’s military operations since this war began. One estimate, based on Brown University research, calculates that the United States has paid for 70% of the Gaza war. In other words, American taxpayer dollars are being used to starve children, bomb schools, kill civilians and support the cruelty of Netanyahu and his criminal ministers. And that, M. President, is why I have brought these two resolutions of disapproval to block offensive arms sales to Israel.

S.J.Res.34 would prohibit the U.S.-taxpayer financed $675.7 million sale of thousands of 1,000-pound bombs and many thousands of JDAM guidance kits.

And S.J.Res.41 would prohibit the sale of tens of thousands of fully automatic assault rifles.

These arms sales clearly violate the Foreign Assistance Act and the Arms Export Control Act, which prohibit sending arms to countries that violate international law by killing civilians and blocking humanitarian aid — and very few people doubt that that is exactly what Israel is doing. If you want to obey the law, vote for these resolutions.

The rifles in question will go to arm a police force overseen by far-right, extremist minister Itamar Ben-Gvir, who has long advocated for the forcible expulsion of Palestinians from the region, who was convicted of support for terrorism by an Israeli court, and who has distributed weapons to violent settlers in the West Bank. Ben-Gvir has formed new police units comprised of extremist settlers and has boasted about how many weapons he has distributed to vigilante settlers in the West Bank. And you want to give him more rifles? That’s what one of these resolutions is about.

These are rifles the Biden administration held back over fears they would be used by extremist Israeli settlers in the West Bank to terrorize Palestinians and push them from their homes and villages.

M. President, U.S. taxpayers have spent many, many billions of dollars in support of the racist, extremist Netanyahu government. Enough is enough.

Americans want this to end. They do not want to be complicit in an unfolding famine and daily civilian massacres. And we here in Congress tonight have the power to act. No more talks, no more great speeches. But tonight, we have the power to act — the power to force Netanyahu and his extremist government to end this slaughter.

The time is long overdue for Congress to use the leverage we have — tens of billions in arms and military aid — to demand that Israel end these atrocities.

At a time when Israeli soldiers are shooting civilians trying to get food aid on a near-daily basis, when extremist settlers are pushing Palestinians from their homes in the West Bank, and when Gaza is witnessing mass starvation as a result of Israeli government policy, the United States should not and must not be providing more weapons to enable these atrocities.

M. President, whatever happens tonight, history will condemn those who fail to act in the face of these horrors.

MIL OSI USA News –

July 31, 2025
MIL-OSI Security: A Chaplain No Matter Where

Source: United States Navy (Logistics Group Western Pacific)

For 250 years, our Navy has served the United States of America, but one community also proudly celebrates 250 years of service: our proud and sacred Chaplains.

On November 28, 1775, Benjamin Balch was appointed to serve religious services on the frigates Alliance and Boston as the first Naval Chaplain. Balch was given the nickname “The Fighting Parson” as he started the Navy Chaplain Corps’ strong and mighty history.

On a ship, a Chaplain is known for their services and open-door policies, but they are also seen as a pillar of support for the entire crew. They not only serve those in their religious community but also anyone willing to speak to them. In addition to the ship’s religious services outside their span, if the crew needs it, our Chaplain will provide.

Lieutenant Reginald Anderson-Exul is a proud Chaplain with over twenty years of experience in official ministry, dedicating six of those years to the Navy. Today, he works with the crew of the USS Pearl Harbor.

“My job on the USS Pearl Harbor is to provide spiritual needs of the crew,” said Lieutenant Reginal Anderson-Exul, the USS Pearl Harbor’s Chaplain. “There is a lot of resiliency-type of training that is tied in with that, and to make sure the overall morale of the crew is as high as can possibly be”. On board Anderson-Exul, he has worked hard to offer many different religious services, working to add services on Saturday for his Jewish community on board.

The USS Pearl Harbor is Anderson-Exul’s first deployment in his military career. USS Pearl Harbor is currently partaking in Pacific Partnership 2025, a humanitarian aid and disaster management mission. Pacific Partnership is not only an effort to help others, but also to strengthen the bond of allied nations. In its 21st iteration, Pacific Partnership has brought eight nations together: Australia, Canada, Germany, Japan, New Zealand, the Republic of Korea, the United Kingdom, and the United States. All the countries work alongside the crew of the USS Pearl Harbor and the staff of PACIFIC PARTNERSHIP 2025 to safely get to every port of the deployment. One of these volunteers is Lieutenant Commander Dave Godkin, who has served for the last twelve years as a Canadian Navy Chaplain.

“I was introduced to a series of different American Chaplains and then was asked if I was interested in participating, and I was,” spoke Godkin when asked about how he joined PACIFIC PARTNERSHIP 2025. He takes pride in his work as a Chaplain, working around the clock to help everyone and anyone he can. He has been on three ships, with Pacific Partnership being his third deployment. Godkin spoke highly of his work on the USS Pearl Harbor. “I’m there to support them, and I’m also there to support the chain of command. Helping people be in a position where they can be spiritually fit and operationally fit,” stated Godkin in an interview, “I really do; I really like helping people in general. I enjoy especially one-on-one, taking time to listen to a person,”.

Anderson-Exul and Godkin are excited to work together on the mission of Pacific Partnership, bringing communities closer and sharing the good word to those who need it. Anderson-Exul spoke on how it was to work together, “We both provide for people, care for people, and have a passion for religion, and it’s different, but it’s very much the same.” Godkin shares his sentiment, sharing that he is happy to get to know how everyone works. “You get used to a certain box of doing things, but then when you partner with nations that have their sphere of work, it’s a great way of pushing your boundaries to learn new things,”. Both Chaplains say that everything is coming together really well and are excited to continue working together on this mission. Even saying that it is a “Once-in-a-lifetime opportunity to serve other countries in humanitarian efforts and to contribute to the mission.”

In 1775, the first Chaplain was appointed to serve his mission. Now, 250 years later, no matter where a Chaplain comes from or what a Chaplain practices, they always have their sailors’ interests at heart. Doing whatever needs to be done to help their crew, whether it is conducting a religious ceremony or extending a hand, a Chaplain will always be there for you.

MIL Security OSI –

July 31, 2025

MIL-OSI: Credit Agricole Sa: Results for the second quarter and first half 2025 – The Group is accelerating its development

Source: GlobeNewswire (MIL-OSI)

THE GROUP IS ACCELERATING ITS DEVELOPMENT

	CRÉDIT AGRICOLE S.A.		CRÉDIT AGRICOLE GROUP
€m	Q2 2025	Change Q2/Q2	Q2 2025	Change Q2/Q2
Revenues	7,006	+3.1%	9,808	+3.2%
Expenses	-3,700	+2.2%	-5,872	+3.2%
Gross Operating Income	3,306	+4.1%	3,936	+3.1%
Cost of risk	-441	+4.2%	-840	-3.7%
Net income group share	2,390	+30.7%	2,638	+30.1%
C/I ratio	52.8%	-0.5 pp	59.9%	+0.0 pp
STRONG ACTIVITY IN ALL BUSINESS LINES Confirmation of the upturn of loan production in France, international credit activity still strong and consumer finance at a higher level Record net inflows in life insurance, high net inflows in asset management (driven by the medium/long-term and JVs); in insurance, revenues at a higher level driven by all activities CIB: record half year and strong quarter CONTINUOUS FLOW OF STRATEGIC OPERATIONS Gradual achievement of synergies in the ongoing integrations: progress of around 60% for RBC IS Europe and 25% for Degroof Petercam in Belgium Transactions concluded this quarter: launch of partnership with Victory Capital in the United States, increased stake in Banco BPM in Italy, acquisition of Merca Leasing in Germany and Petit-fils and Comwatt in France and acquisition of Santander’s 30.5% stake in CACEIS¹ New projects initiated: Acquisitions of Banque Thaler in Switzerland, Comwatt and Milleis in France, partnership with the Crelan Group in Belgium and development of Indosuez Wealth Management in Monaco HALF-YEARLY AND QUARTERLY RESULTS AT THEIR HIGHEST High profitability (Return on Tangible Equity of 16.6%), driven by high and growing revenues, a low cost/income ratio (53.9% in the first half) and a stable cost of risk (34 basis points on outstandings) Results especially benefiting from the capital gain related to the deconsolidation of Amundi US HIGH SOLVENCY RATIOS Crédit Agricole S.A.’s phased-in CET1 at 11.9% and CA Group phased-in CET1 at 17.6% CONTINUOUS SUPPORT FOR TRANSITIONS, WITH AN AWARD FROM EUROMONEY Continued withdrawal from fossil energies and reallocation to low-carbon energy sources Support for the transition of households and corporates Crédit Agricole named World’s Best Bank for Sustainable Finance at the Euromoney Awards for Excellence 2025 PRESENTATION OF THE MEDIUM-TERM PLAN ON 18 NOVEMBER 2025

Dominique Lefebvre,
Chairman of SAS Rue La Boétie and Chairman of the Crédit Agricole S.A. Board of Directors

“The high-level results we are publishing this quarter serve our usefulness to the economy and European sovereignty.” ‍

Olivier Gavalda,
Chief Executive Officer of Crédit Agricole S.A.

“With this high level of results, we are confident in Crédit Agricole S.A.’s ability to achieve a net profit in 2025 higher than 2024, excluding the corporate tax surcharge. These results constitute a solid foundation for Crédit Agricole S.A.’s medium-term strategic plan, which will be unveiled on November 18, 2025.”

This press release comments on the results of Crédit Agricole S.A. and those of Crédit Agricole Group, which comprises the Crédit Agricole S.A. entities and the Crédit Agricole Regional Banks, which own 63.5% of Crédit Agricole S.A.

All financial data are now presented stated for Crédit Agricole Group, Crédit Agricole S.A. and the business lines results, both for the income statement and for the profitability ratios.

Crédit Agricole Group

Group activity

The Group’s commercial activity during the quarter continued at a steady pace across all business lines, with a good level of customer capture. In the second quarter of 2025, the Group recorded +493,000 new customers in retail banking. More specifically, over the year, the Group gained 391,000 new customers for Retail Banking in France and 102,000 new International Retail Banking customers (Italy and Poland). At 30 June 2025, in retail banking, on-balance sheet deposits totalled €838 billion, up +0.6% year-on-year in France and Italy (+0.7% for Regional Banks and LCL and +0.3% in Italy). Outstanding loans totalled €885 billion, up +1.4% year-on-year in France and Italy (+1.4% for Regional Banks and LCL and +1.6% in Italy). Housing loan production continued its upturn in France compared to the low point observed at the start of 2024, with an increase of +28% for Regional Banks and +24% for LCL compared to the second quarter of 2024. For CA Italia, loan production was down -8.1% compared to the high second quarter of 2024. The property and casualty insurance equipment rate ⁽²⁾ rose to 44.2% for the Regional Banks (+0.7 percentage points compared to the second quarter of 2024), 28.4% for LCL (+0.6 percentage point) and 20.6% for CA Italia (+0.9 percentage point).

In Asset Management, quarterly inflows were very high at +€20 billion, fuelled by medium/long-term assets (+€11 billion) and JVs (+€10 billion). In insurance, savings/retirement gross inflows rose to a record €9.9 billion over the quarter (+22% year-on-year), with the unit-linked rate in production staying at a high 32%. Net inflows were at a record level at +€4.2 billion, spread evenly between euro-denominated funds and unit-linked contracts. The strong performance in property and casualty insurance was driven by price changes and portfolio growth (16.9 million contracts at end-June 2025, +3% year-on-year). Assets under management stood at €2,905 billion, up +5.2% year on year for the three business segments: in asset management at €2,267 billion (+5.2% year on year) despite a negative scope effect linked to the deconsolidation of Amundi US and the integration of Victory, in life insurance at €359 billion (+6.4% year on year) and in wealth management (Indosuez Wealth Management and LCL Private Banking) at €279 billion (+3.7% year on year).

Business in the SFS division showed strong activity. At CAPFM, consumer finance outstandings increased to €121.0 billion, up +4.5% compared with end-June 2024, with car loans representing 53% ⁽³⁾ of total outstandings, and new loan production up by +2.4% compared with the second quarter of 2024 (+12.4% compared to the first quarter of 2025), driven by traditional consumer finance, but with the automotive market remaining complex in Europe and China. Regarding Crédit Agricole Leasing & Factoring (CAL&F), lease financing outstandings are up +5.0% compared to June 2024 to €20.8 billion; however, production is down -19.4% compared to the second quarter of 2024, mainly in France. Factoring activity remains very strong, with a production of +26.6% year on year.

Momentum is strong in Large Customers, which again posted record revenues for the half-year in Corporate and Investment Banking and a high-level quarter. Capital markets and investment banking showed a high level of revenues driven by capital markets, especially from trading and primary credit activities, which partially offset the drop in revenues from structured equity activities. Financing activities are fuelled by structured financing with strong momentum in the renewable energy sector, and by CLF activities, driven by the acquisition financing sector. Lastly, Asset Servicing recorded a high level of assets under custody of €5,526 billion and assets under administration of €3,468 billion (+11% and +1.2%, respectively, compared with the end of June 2024), with good sales momentum and positive market effects over the quarter.

Continued support for the energy transition

The Group is continuing the mass roll-out of financing and investment to promote the transition. Thus, the exposure of Crédit Agricole Group ⁽⁴⁾ has increased 2.4 fold between 2020 and 2024 with €26.3 billion at 31 December 2024. Investments in low-carbon energy ⁽⁵⁾ increased 2.8 fold between end-2020 and June 2025, and represented €6.1 billion at 30 June 2025.

At the same time, as a universal bank, Crédit Agricole is supporting the transition of all its customers. Thus, outstandings related to the environmental transition ⁽⁶⁾ amounted to €111 billion at 31 March 2025, including €83 billion for energy-efficient property and €6 billion for “clean” transport and mobility.

In addition, the Group is continuing to move away from carbon energy financing; the Group’s phased withdrawal from financing fossil fuel extraction resulted in a -40% decrease in exposure in the period 2020 to 2024, equating to €5.6 billion at 31 December 2024.

In the field of sustainable finance, Crédit Agricole was named World’s Best Bank for Sustainable Finance at the Euromoney Awards for Excellence 2025.

Group results

In the second quarter of 2025, Crédit Agricole Group’s net income Group share came to €2,638 million, up +30.1% compared to the second quarter of 2024, and up +14.8% excluding capital gains related to the deconsolidation of Amundi US.

In the second quarter of 2025, revenues amounted to €9,808 million, up +3.2% compared to the second quarter of 2024. Operating expenses were up +3.2% in the second quarter of 2025, totalling -€5,872 million. Overall, Credit Agricole Group saw its cost/income ratio reach 59.9% in the second quarter of 2025, stable compared to the second quarter of 2024. As a result, the gross operating income stood at €3,936 million, up +3.1% compared to the second quarter of 2024.

The cost of credit risk stood at -€840 million, a decrease of -3.7% compared to the second quarter of 2024. It includes a reversal of +€24 million on performing loans (stage 1 and 2) linked to reversals for model updates which offset the updating of macroeconomic scenarios and the migration to default of some loans. The cost of proven risk shows an addition to provisions of -€845 million (stage 3). There was also an addition of -€18 million for other risks. The provisioning levels were determined by taking into account several weighted economic scenarios and by applying some flat-rate adjustments on sensitive portfolios. The weighted economic scenarios for the second quarter were updated, with a central scenario (French GDP at +0.8% in 2025, +1.4% in 2026) an unfavourable scenario (French GDP at +0.0% in 2025 and +0.6% in 2026) and an adverse scenario (French GDP at -1.9% in 2025 and -1.4% in 2026). The cost of risk/outstandings ⁽⁷⁾reached 27 basis points over a four rolling quarter period and 28 basis points on an annualised quarterly basis ⁽⁸⁾.

Pre-tax income stood at €3,604 million, a year-on-year increase of +19.6% compared to second quarter 2024. This includes the contribution from equity-accounted entities of €56 million (down -24.0%) and net income on other assets, which came to +€452 million this quarter, due to a capital gain of €453 million on the deconsolidation of Amundi US. The tax charge was -€615 million, down +€147 million, or -19.3% over the period.

Net income before non-controlling interests was up +32.8% to reach €2,990 million. Non-controlling interests increased by +57%, a share of the capital gain on the deconsolidation of Amundi US being reversed to non-controlling interests.

Net income Group share in first half 2025 amounted to €4,803 million, compared with €4,412 million in first half 2024, an increase of +8.9%.

Revenues totalled €19,856 million, up +4.3% in first half 2025 compared with first half 2024.

Operating expenses amounted to -€11,864 million up +5.2% compared to the first half of 2024, especially due to support for business development, IT expenditure and the integration of scope effects. The cost/income ratio for the first half of 2025 was 59.8%, up +0.5 percentage points compared to the first half of 2024.

Gross operating income totalled €7,992 million, up +3.0% compared to the first half of 2024.

Cost of risk for the half-year rose moderately to -€1,575 million (of which -€23 million in cost of risk on performing loans (stage 1 and 2), -€1,522 million in cost of proven risk, and +€29 million in other risks, i.e. an increase of +3.4% compared to first half 2024.

As at 30 June 2025, risk indicators confirm the high quality of Crédit Agricole Group’s assets and risk coverage level. The prudent management of these loan loss reserves has enabled the Crédit Agricole Group to have an overall coverage ratio for doubtful loans (83.3% at the end of June 2025).

Net income on other assets stood at €456 million in first half 2025, vs. -€14 million in first half 2024. Pre-tax income before discontinued operations and non-controlling interests rose by +10.1% to €7,004 million. The tax charge stood at -€1,66 million, a +9.1% increase. This change is related to the exceptional corporate income tax for -€250 million (corresponding to an estimation of -€330 million in 2025, assuming the 2025 fiscal result being equal to 2024 fiscal result).

Underlying net income before non-controlling interests was therefore up by +10.4%. Non-controlling interests stood at -€545 million in the first half of 2024, up +26.1%, a share of the capital gain on the deconsolidation of Amundi US being reversed to non-controlling interests.

Credit Agricole Group, Income statement Q2 and H1 2025

En m€	Q2-25	Q2-24	∆ Q2/Q2	H1-25	H1-24	∆ H1/H1
Revenues	9,808	9,507	+3.2%	19,856	19,031	+4.3%
Operating expenses	(5,872)	(5,687)	+3.2%	(11,864)	(11,276)	+5.2%
Gross operating income	3,936	3,819	+3.1%	7,992	7,755	+3.0%
Cost of risk	(840)	(872)	(3.7%)	(1,575)	(1,523)	+3.4%
Equity-accounted entities	56	74	(24.0%)	131	142	(7.9%)
Net income on other assets	452	(7)	n.m.	456	(14)	n.m.
Change in value of goodwill	–	–	n.m.	–	–	n.m.
Income before tax	3,604	3,014	+19.6%	7,004	6,361	+10.1%
Tax	(615)	(762)	(19.3%)	(1,656)	(1,517)	+9.1%
Net income from discontinued or held-for-sale ope.	0	–	n.m.	0	–	n.m.
Net income	2,990	2,252	+32.8%	5,348	4,843	+10.4%
Non controlling interests	(352)	(224)	+57.0%	(545)	(432)	+26.1%
Net income Group Share	2,638	2,028	+30.1%	4,803	4,412	+8.9%
Cost/Income ratio (%)	59.9%	59.8%	+0.0 pp	59.8%	59.2%	+0.5 pp

Regional banks

Gross customer capture stands at +285,000 new customers. The percentage of customers using their current accounts as their main account is increasing and the share of customers using digital tools remains at a high level. Credit market share (total credits) stood at 22.6% (at the end of March 2025, source: Banque de France), stable compared to March 2024. Loan production is up +18.8% compared to the second quarter of 2024, linked to the confirmed upturn in housing loans, up +28.3% compared to the second quarter of 2024 and +10% compared to the first quarter of 2025, and also driven by specialised markets up +13.4% compared to the second quarter of 2024. The average lending production rate for home loans stood at 3.02% ⁽⁹⁾, -16 basis points lower than in the first quarter of 2025. By contrast, the global loan stock rate improved compared to the second quarter of 2024 (+7 basis points). Outstanding loans totalled €652 billion at the end of June 2025, up by +1.2% year-on-year across all markets and up slightly by +0.5% over the quarter. Customer assets were up +2.8% year-on-year to reach €923.3 billion at the end of June 2025. This growth was driven both by on-balance sheet deposits, which reached €606.1 billion (+0.8% year-on-year), and off-balance sheet deposits, which reached €317.2 billion (+7.1% year-on-year) benefiting from strong inflows in life insurance. Over the quarter, demand deposits drove customer assets with an increase of +2.0% compared to the first quarter of 2025, while term deposits decreased by -0.4%. The market share of on-balance sheet deposits is up compared to last year and stands at 20.2% (Source Banque de France, data at the end of March 2025, i.e. +0.1 percentage points compared to March 2024). The equipment rate for property and casualty insurance ⁽¹⁰⁾ was 44.2% at the end of June 2025 and is continuing to rise (up +0.7 percentage points compared to the end of June 2024). In terms of payment instruments, the number of cards rose by +1.5% year-on-year, as did the percentage of premium cards in the stock, which increased by 2.2 percentage points year-on-year to account for 17.8% of total cards.

In the second quarter of 2025, the Regional Banks’ consolidated revenues including the SAS Rue La Boétie dividend stood at €5,528 million, up +4.2% compared to the second quarter of 2024, including the reversal of Home Purchase Saving Plans provisions in the second quarter of 2025 for €16.3 million and in the second quarter of 2024 for +€22 million ⁽¹¹⁾. Excluding this item, revenues were up +4.3% compared to the second quarter of 2024, fuelled by the increase in fee and commission income (+1.9%), driven by insurance, account management and payment instruments, and by portfolio revenues (+9.2%) benefiting from the increase in dividends traditionally paid in the second quarter of each year. In addition, the intermediation margin was slightly down over one year (-2.5%) but remained stable compared to the first quarter of 2025. Operating expenses were up +5.1%, especially relating to IT expenditure. Gross operating income was up year-on-year (+3.4%). The cost of risk was down -13.3% compared with the second quarter of 2024 to -€397 million. The cost of risk/outstandings (over four rolling quarters) was stable compared to the first quarter of 2025, at a controlled level of 21 basis points. Thus, the net pre-tax income was up +7.3% and stood at €2,482 million. The consolidated net income of the Regional Banks stood at €2,375 million, up +5.0% compared with the second quarter of 2024. Lastly, the Regional Banks’ contribution to net income Group share was €182 million in the second quarter of 2025, down -12.7% compared to the second quarter of 2024.

In the first half 2025, revenues including the dividend from SAS Rue La Boétie were up (+3.1%) compared to the first half of 2024. Operating expenses rose by +3.4%, and gross operating income consequently grew by +2.6% over the first half. Finally, with a cost of risk up slightly by +1.4%, the Regional banks’ net income Group share, including the SAS Rue La Boétie dividend, amounted to €2,721 million, up +0.7% compared to the first half of 2024. Finally, the Regional Banks’ contribution to the results of Crédit Agricole Group in first half 2025 amounted to €523 million (-19.6%) with revenues of €6,716 million (+2.2%) and a cost of risk of -€717 million (+3.7%).

Crédit Agricole S.A.

Results

Crédit Agricole S.A.’s Board of Directors, chaired by Dominique Lefebvre, met on 30 July 2025 to examine the financial statements for the second quarter of 2025.

In the second quarter of 2025, Crédit Agricole S.A.’s net income Group share amounted to €2,390 million, an increase of +30.7% from the second quarter of 2024. The results of the second quarter of 2025 are based on high revenues, a cost/income ratio maintained at a low level and a controlled cost of risk. They were also favourably impacted by the change in corporate income tax, and the capital gain related to the deconsolidation of Amundi US.

Revenues are at a high level and increasing. Revenues totalled €7,006 million, up +3.1% compared to the second quarter of 2024. The growth in the Asset Gathering division (+1.3%) is related to strong activity in Insurance, the impact of volatility and risk aversion of customers for Amundi, the deconsolidation of Amundi US (-€89 million) and the integration of Degroof Petercam (+€96 million). Revenues for Large Customers are stable and stood at a high level both for Crédit Agricole CIB and CACEIS. Specialised Financial Services division revenues (-1.0%) were impacted by a positive price effect in the Personal Finance and Mobility business line and by a cyclical drop in margins on factoring. Revenues for Retail Banking in France (-0.3%) were impacted by an unfavourable base effect on the interest margin, offset by good momentum in fee and commission income. Finally, international retail banking revenues (-1.9%) were mainly impacted by the reduction in the intermediation margin in Italy, partially offset by good momentum in fee and commission income over all the entities of the scope. Corporate Centre revenues were up +€214 million, positively impacted by Banco BPM (+€109 million, mainly related to the increase in dividends received).

Operating expenses totalled -€3,700 million in the second quarter of 2025, an increase of +2.2% compared to the second quarter of 2024. The -€80 million increase in expenses between the second quarter of 2024 and the second quarter of 2025 was mainly due to -€25 million in scope effect and integration costs, (especially including -€51 million related to the deconsolidation of Amundi US, +€89 million related to the integration of Degroof Petercam and -€20 million related to the reduction in ISB integration costs into CACEIS) and +€58 million due to a positive base effect related to the contribution on the DGS (deposit guarantee fund in Italy).

The cost/income ratio thus stood at 52.8% in the second quarter of 2025, an improvement of -0.5 percentage point compared to second quarter 2024. Gross operating income in the second quarter of 2025 stood at €3,306 million, an increase of +4.1% compared to the second quarter of 2024.

As at 30 June 2025, risk indicators confirm the high quality of Crédit Agricole S.A.’s assets and risk coverage level. The Non Performing Loans ratio showed little change from the previous quarter and remained low at 2.3%. The coverage ratio ⁽¹²⁾ was high at 72.2%, down -2.8 percentage points over the quarter. Loan loss reserves amounted to €9.4 billion for Crédit Agricole S.A., relatively unchanged from the end of March 2025. Of these loan loss reserves, 35.3% were for provisioning for performing loans.

The cost of risk was a net charge of -€441 million, up +4.2% compared to the second quarter of 2024, and came mainly from a provision for non-performing loans (level 3) of -€524 million (compared to a provision of -€491 million in the second quarter of 2024). Net provisioning on performing loans (stages 1 and 2) is a reversal of +€91 million, compared to a reversal of +€31 million in the second quarter of 2024, and includes reversals for model effects and the migration to default of some loans, which offset the prudential additions to provisions for updating macroeconomic scenarios. Also noteworthy is an addition to provisions of -€8 million for other items (legal provisions) versus a reversal of +€37 million in the second quarter of 2024. By business line, 53% of the net addition for the quarter came from Specialised Financial Services (50% at end-June 2024), 21% from LCL (22% at end-June 2024), 14% from International Retail Banking (17% at end-June 2024), 4% from Large Customers (9% at end-June 2024) and 5% from the Corporate Centre (1% at end-June 2024). The provisioning levels were determined by taking into account several weighted economic scenarios and by applying some flat-rate adjustments on sensitive portfolios. The weighted economic scenarios for the second quarter were updated, with a central scenario (French GDP at +0.8% in 2025, +1.4% in 2026) an unfavourable scenario (French GDP at +0.0% in 2025 and +0.6% in 2026) and an adverse scenario (French GDP at -1.9% in 2025 and -1.4% in 2026). In the second quarter of 2025, the cost of risk/outstandings remained stable at 34 basis points over a rolling four quarter period ⁽¹³⁾ and 32 basis points on an annualised quarterly basis ⁽¹⁴⁾.

The contribution of equity-accounted entities stood at €30 million in second quarter 2025, down -€17 million compared to second quarter 2024, or -35.1%. This drop is related to the impairment of goodwill of a stake in CAL&F and non-recurring items especially the drop in remarketing revenues at CAPFM, offset by the impact of the first consolidation of Victory Capital (+€20 million). The net income on other assets was €455 million in the second quarter of 2025 and includes the capital gain related to the deconsolidation of Amundi US of €453 million. Pre-tax income, discontinued operations and non-controlling interests therefore increased by +19% to €3,350 million.

The tax charge was -€541 million, versus -€704 million for the second quarter 2024. This quarter’s tax includes positive elements, especially the non-taxation of the capital gain linked to the deconsolidation of Amundi US. The tax charge for the quarter remains estimated and will be reassessed by the end of the year.

Net income before non-controlling interests was up +33.1% to €2,809 million. Non-controlling interests stood at -€420 million in the second quarter of 2025, up +48.7%, a share of the capital gain on the deconsolidation of Amundi US being reversed to non-controlling interests.

Stated net income Group share in the first half of 2024 amounted to €4,213 million, compared with €3,731 million in the first half of 2024, an increase of +12.9%.

Revenues increased +4.9% compared to the first half of 2024, driven by the performance of the Asset Gathering, Large Customers, and Specialised Financial Services business lines and the Corporate Centre. Operating expenses were up +5.5% compared to the first half of 2024, especially in connection with supporting the development of business lines and the integration of scope effects. The cost/income ratio for the first half of the year was 53.9%, an improvement of 0.3 percentage points compared to first half 2024. Gross operating income totalled €6,571 million, up +4.1% compared to first half 2024. The cost of risk increased by +3.8% over the period, to -€-855 million, versus -€824 million for first half 2024.

The contribution of equity-accounted entities stood at €77 million in first half 2025, down -€13 million compared to first half 2024, or -14.1%. Net income from other assets was €456 million in the first half of 2025. Pre-tax income, discontinued operations and non-controlling interests therefore increased by +11.9% to €6,250 million. The tax charge was -€1,368 million, versus -€1,315 million for first half 2024. This includes the exceptional corporate income tax of -€152 million, corresponding to an estimation of -€200 million in 2025 (assuming 2025 fiscal result being equal to 2024 fiscal result). Net income before non-controlling interests was up +14.3% to €4,882 million. Non-controlling interests stood at -€669 million in first half 2025, up +23.5% compared to first half 2024.

Earnings per share stood at €0.74 per share in the second quarter 2025, versus €0.58 in the second quarter 2024.

RoTE ⁽¹⁵⁾, which is calculated on the basis of an annualised net income Group share ⁽¹⁶⁾ and IFRIC charges, additional corporate tax charge and the capital gain on deconsolidation of Amundi US linearised over the year, net of annualised Additional Tier 1 coupons (return on equity Group share excluding intangibles) and net of foreign exchange impact on reimbursed AT1, and restated for certain volatile items recognised in equity (including unrealised gains and/or losses), reached 16.7% in the first half of 2024, up +1.3 percentage points compared to the first half of 2024.

Crédit Agricole S.A. – Income statement, Q2 and H1-25

En m€	Q2-25	Q2-24	∆ Q2/Q2	H1-25	H1-24	∆ H1/H1
Revenues	7,006	6,796	+3.1%	14,263	13,602	+4.9%
Operating expenses	(3,700)	(3,621)	+2.2%	(7,691)	(7,289)	+5.5%
Gross operating income	3,306	3,175	+4.1%	6,571	6,312	+4.1%
Cost of risk	(441)	(424)	+4.2%	(855)	(824)	+3.8%
Equity-accounted entities	30	47	(35.2%)	77	90	(14.1%)
Net income on other assets	455	15	x 29.4	456	9	x 50.7
Change in value of goodwill	–	–	n.m.	–	–	n.m.
Income before tax	3,350	2,814	+19.0%	6,250	5,587	+11.9%
Tax	(541)	(704)	(23.2%)	(1,368)	(1,315)	+4.0%
Net income from discontinued or held-for-sale ope.	0	–	n.m.	0	–	n.m.
Net income	2,809	2,110	+33.1%	4,882	4,273	+14.3%
Non-controlling interests	(420)	(282)	+48.7%	(669)	(542)	+23.5%
Net income Group Share	2,390	1,828	+30.7%	4,213	3,731	+12.9%
Earnings per share (€)	0.74	0.58	+29.1%	1.30	1.08	+20.3%
Cost/Income ratio (%)	52.8%	53.3%	-0.5 pp	53.9%	53.6%	+0.3 pp

Analysis of the activity and the results of Crédit Agricole S.A.’s divisions and business lines

Activity of the Asset Gathering division

At end-June 2025, the assets under management of the Asset Gathering (AG) division stood at €2,905 billion, up +€27 billion over the quarter (i.e. +1%), mainly due to positive net inflows in asset management, and insurance, and a positive market and foreign exchange effect over the period. Over the year, assets under management rose by +5.2%.

Insurance activity (Crédit Agricole Assurances) was very strong, with total revenues at a high level of €12.7 billion, up +17.9% compared to second quarter 2024.

In Savings/Retirement, second quarter 2025 revenues reached €9.9 billion, up +22.3% compared to second quarter 2024, in a buoyant environment, especially in France. Unit-linked rate in gross inflows⁽¹⁷⁾ is stable year-on-year at 32.0%. The net inflows reached a record +€4.2 billion (+€2.7 billion compared to the second quarter of 2024), comprised of +€2.4 billion net inflows from euro funds and +€1.8 billion from unit-linked contracts.

Assets under management (savings, retirement and funeral insurance) continued to grow and came to €359.4 billion (up +€21.5 billion year-on-year, or +6.4%). The growth in outstandings was driven by the very high level of quarterly net inflows and favourable market effects. Unit-linked contracts accounted for 30.2% of outstandings, up +0.6 percentage points compared to the end of June 2024.

In property and casualty insurance, premium income stood at €1.4 billion in the second quarter of 2025, up +9.3% compared to the second quarter of 2024. Growth stemmed from a price effect, with the increase in the average premium benefiting from revised rates induced by climate change and inflation in repair costs as well as changes in the product mix, and a volume effect, with a portfolio of over €16.9 million ⁽¹⁸⁾ policies at the end of June 2025 (or +2.8% over the year). Lastly, the combined ratio at the end of June 2025 stood at 94.7% ⁽¹⁹⁾, stable year-on-year and an improvement of +1.4 percentage points compared to the last quarter.

In death & disability/creditor insurance/group insurance, premium income for the second quarter of 2025 stood at €1.4 billion, down slightly by -0.6% compared to the second quarter of 2024. Individual death & disability showed growth of +7.1% related to the increase in the average amount of guarantees. Creditor insurance showed a drop in activity of -4.3% over the period, especially related to international consumer finance. Group insurance was slightly up at +2.2%.

In Asset Management (Amundi), assets under management by Amundi increased by +0.9% and +5.2% respectively over the quarter and the year, reaching a new record of €2,267 billion at the end of June 2025. They take into account the first integration of Victory Capital over the quarter with a scope effect of -€9.7 billion (effect of the deconsolidation of Amundi US for -€70 billion and the integration of Victory for +€60 billion). US business assets amount to €94 billion at end-June 2025, including €36 billion of assets distributed by Amundi to non-US customers (fully integrated) and €58 billion of assets distributed by Victory to US customers (26% share). In addition to the scope effect, assets benefited from a high level of inflows over the quarter (+€20.5 billion) a positive market effect of +€57 billion, and a strong negative exchange rate impact of -€48 billion related to the drop in the US dollar and Indian rupee. Net inflows are balanced between medium/long term assets (+€11 billion) and JVs (+€10 billion). The Institutionals segment also recorded net inflows of +€8.7 billion over the quarter, driven by strong seasonal activity in employee savings (+€4 billion in MLT assets). The JV segment showed net inflows of €10.3 billion over the period, with an upturn of inflows in India and a confirmed recovery in China. Finally, the retail segment showed net inflows of €1.4 billion over the quarter.

In Wealth management, total assets under management (CA Indosuez Wealth Management and LCL Private Banking) amounted to €279 billion at the end of June 2025, and were up +3.7% compared to June 2024 and stable compared to March 2025.

For Indosuez Wealth Management assets under management at the end of June stood at €214 billion ⁽²⁰⁾, up +0.4% compared to the end of March 2025, with slightly negative net inflows of -€0.1 billion. Production is supported by structured products and mandates, partially offsetting the outflow especially linked to liquidity events of large customers. The market and foreign exchange impact of the quarter is positive at €1 billion. Compared to end-June 2024, assets are up by +€9 billion, or +4.5%. Also noteworthy is the announcement of the Banque Thaler acquisition project in Switzerland on 4 April 2025 and that of the plan to acquire the Wealth Management customers of BNP Paribas Group in Monaco on 23 June 2025.

Results of the Asset Gathering division

In the second quarter of 2025, Asset Gathering generated €1,970 million of revenues, up +1.3% compared to the second quarter of 2024. Expenses increased +6.2% to -€864 million and gross operating income came to €1,106 million, -2.2% compared to the second quarter of 2024. The cost/income ratio for the second quarter of 2025 stood at 43.8%, up +2.0 percentage points compared to the same period in 2024. Equity-accounted entities showed a contribution of €58 million, up +77.4%, especially in relation to the first integration of the contribution of Victory Capital of 26% over this quarter in the Asset Management division for €20 million. The net income on other assets is impacted by the recognition of a capital gain of €453 million also related to the partnership with Victory Capital. Consequently, pre-tax income was up by +40.1% and stood at €1,610 million in the second quarter of 2025. The net income Group share showed an increase of +49.3% to €1,100 million.

In the first semester of 2025, the Asset Gathering division generated revenues of €4,028 million, up +7.9% compared to first half 2024. Expenses increased by +14.8%. As a result, the cost/income ratio stood at 44.7%, up +2.7 percentage points compared to the first half of 2024. Gross operating income stood at €2,229 million, a increase of +2.9% compared to first half 2024. Equity-accounted entities showed a contribution of €86 million, up +39.4%, especially in relation to the first integration of the contribution of Victory Capital of 26% over the second quarter of 2025 in the Asset Management division. The net income on other assets is impacted by the recognition of a capital gain of €453 million also related to the partnership with Victory Capital in second quarter 2025. Taxes stood at €601 million, a +19.8% increase. Net income Group share of the Asset Gathering division includes the additional corporate tax charge in France and amounted to €1,780 million, up +22.5% compared to the first half of 2024. The increase affected all the business lines of the division, (+66.1% for Asset Management, +0.8% for Insurance and +92.3% for Wealth Management).

In the second quarter of 2025, the Asset Gathering division contributed by 41% to the net income Group share of the Crédit Agricole S.A. core businesses and 28% to revenues (excluding the Corporate Centre division).

As at 30 June 2025, equity allocated to the division amounted to €13.2 billion, including €10.6 billion for Insurance, €1.9 billion for Asset Management, and €0.7 billion for Wealth Management. The division’s risk weighted assets amounted to €51.4 billion, including €24.0 billion for Insurance, €19.7 billion for Asset Management and €7.7 billion for Wealth Management.

Insurance results

In the second quarter of 2025, insurance revenues amounted to €790 million, up +2.1% compared to the second quarter of 2024. They are supported by Savings/Retirement in relation to the growth in activity and a positive financial result over the period, Property & Casualty which benefits from a good level of activity and financial results, and by the performance of Death & Disability, which offsets a tightening of technical margins in creditor. Revenues for the quarter included €587 million from savings/retirement and funeral insurance ⁽²¹⁾, €89 million from personal protection ⁽²²⁾ and €114 million from property and casualty insurance ⁽²³⁾.

The Contractual Service Margin (CSM) totalled €26.8 billion at the end of June 2025, an increase of +6.3% compared to the end of December 2024. It benefited from a contribution of new business greater than the CSM allocation and a positive market effect. The annualised CSM allocation factor was 8.0% at end-June 2025.

Non-attributable expenses for the quarter stood at -€87 million, down -0.9% over the second quarter of 2024. As a result, gross operating income reached €703 million, up +2.5% compared to the same period in 2024. The net pre-tax income was up +2.2% and stood at €703 million. The tax charge totalled €143 million, down -19.9% during the period. Net income Group share stood at €557 million, up +12.6% compared to the second quarter of 2024.

Revenues from insurance in the first half of 2025 came to €1,517 million, up +1.5% compared to the first half of 2024. Gross operating income stood at €1,335 million, up +1.4% compared to the first half of 2024. Non-attributable expenses came to €182 million, i.e. an increase of +2.0%. The cost/income ratio is thus 12.0%, below the target ceiling set by the Medium-Term Plan of 15%. The net income Group share includes the additional corporate tax charge in France and reached €997 million, up +0.8% compared to first half 2024.

Insurance contributed 23% to the net income Group share of Crédit Agricole S.A.’s business lines (excluding the Corporate Centre division) at end-June 2025 and 10% to their revenues (excluding the Corporate Centre division).

Asset Management results

In the second quarter of 2025, revenues amounted to €771 million, showing a fall of -10.8% compared to the second quarter of 2024. The deconsolidation of Amundi US (previously fully consolidated) and the integration of Victory Capital (at 26% on the equity-accounted entities line) took effect this quarter. As a result, restated for this scope effect,⁽²⁴⁾, revenues were stable (-0.6%) compared with the second half of 2024. Net management fee and commission income was up +1.0% ⁽²⁵⁾ compared with second quarter 2024. Amundi Technology’s revenues recorded a significant increase and rose +50% over the second quarter of 2024, thanks to the integration of Aixigo (the European leader in Wealth Tech, the acquisition of which was finalised in November 2024) which amplified the continued strong organic growth. Performance fee income fell -29%²⁵ from the second quarter of 2024 due to market volatility and financial revenues fell in connection with the drop in rates. Operating expenses amounted to -€429 million, a decline of -8.8% from the second quarter of 2024. Excluding the scope effect related to the Victory Capital partnership²⁴, they were up +2.2% over the period. The cost/income ratio was up at 55.7% (+1.2 percentage points compared to second quarter 2024). Gross operating income stood at €341 million, down -13.2% compared to the second quarter of 2024. The contribution of the equity-accounted entities, carrying the contribution of Amundi’s Asian joint ventures as well as the new contribution of Victory Capital starting this quarter, was €58 million (+€20 million of which for Victory Capital, whose contribution is recognised with an offset of one quarter, so excluding the synergies already realised in the second quarter of 2025; the contribution of the joint ventures rose sharply to +16.6%, particularly in India), an increase of +77.4% over the second quarter of 2024. Net income on other assets was impacted by the recognition of a non-monetary capital gain of €453 million, also related to the partnership with Victory Capital, over the second quarter of 2025. Consequently, pre-tax income came to €850 million, double the second quarter of 2024. Non-controlling interests were impacted by the partnership with Victory Capital and amounted to €249 million over the quarter. Net income Group share amounted to €506 million, up sharply (x2.3) compared to the second quarter of 2024, taking account of the impact of the partnership with Victory Capital.

Over the first half of 2025, revenues remained stable at €1,663 million (-0.3%). Excluding the scope effect related to the partnership with Victory Capital in the second quarter of 2025, it would represent an increase of +5.3% over the period. Operating expenses posted a slight increase of +0.7%. Excluding the scope effect related to the partnership with Victory Capital, they would increase +5.3% over the period. The cost/income ratio was 55.7%, an increase of +0.5 percentage points compared to first half 2024. This resulted in a -1.5% decline in gross operating income from the first half of 2024. The income of the equity-accounted entities rose +39.4%, primarily reflecting the first integration of the Victory Capital contribution over second quarter 2025. Net income on other assets was impacted by the recognition of a non-monetary capital gain of €453 million also related to the partnership with Victory Capital over the second quarter of 2025. In total, net income Group share for the half includes the additional corporate tax charge in France and stood at €689 million, an increase of +66.1%.

Asset management contributed 16% to the underlying net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end June 2025 and by 12% to their underlying revenues.

At 30 June 2025, equity allocated to the Asset Management business line amounted to €1.9 billion, while risk weighted assets totalled €19.7 billion.

Wealth Management results ⁽²⁶⁾

In the second quarter of 2025, revenues from wealth management amounted to €409 million, up +33.3% compared to the second quarter of 2024, benefiting from the impact of the integration of Degroof Petercam in June 2024. Excluding this effect, ⁽²⁷⁾ revenues were sustained by the positive momentum of transactional income and the good resilience of the net interest margin, despite falling rates. Expenses for the quarter amounted to -€348 million, up +36.4% compared to the second quarter of 2024, impacted by a Degroof Petercam scope effect²⁷ and -€22.5 million in integration costs in the second quarter of 2025 ⁽²⁸⁾. Excluding these impacts, expenses rose slightly at +1.7% compared to the second quarter of 2024. The cost/income ratio for the second quarter of 2025 stood at 85%, up +1.9 percentage points compared to the same period in 2024. Excluding integration costs, it amounted to 79.5%. Gross operating income reached €61 million, an increase of (+18.3%) compared to the second quarter of 2024. Cost of risk remained moderate at -€5 million. Net income Group share amounted to €36 million, up +52.7% compared to the second quarter of 2024.

In the first half of 2025, wealth management revenues rose by +48.6% over the first half of 2024, notably benefiting from the integration of Degroof Petercam⁽²⁹⁾ in June 2024 to reach €848 million. Expenses rose by +47.5% due to the impact of the integration of Degroof Petercam²⁹ in June 2024 and integration costs. Gross operating income was therefore up +54.0% at €156 million. Net income on other assets was nil in the first half of 2025 compared with -€20 million in the first half of 2024, corresponding to Degroof Petercam acquisition costs. Net income Group share was €94 million over the first half, up +92.3% from first half 2024. The additional net income Group share target of +€150 million to +€200 million in 2028 following the integration of Degroof Petercam is confirmed and the rate of progression in synergies realised was approximately 25%.

Wealth Management contributed 2% to the net income Group share of Crédit Agricole S.A.’s business lines (excluding the Corporate Centre division) at end-June 2025 and 6% of their revenues (excluding the Corporate Centre division).

At 30 June 2025, equity allocated to Wealth Management was €0.7 billion and risk weighted assets totalled €7.7 billion.

Activity of the Large Customers division

The large customers division posted good activity in the second quarter of 2025, thanks to good performance from Corporate and Investment banking (CIB) and strong activity in asset servicing.

In the second quarter of 2025, revenues from Corporate and Investment Banking were stable at €1,705 million, which is -0.1% compared to second quarter 2024 (+5% excluding FVA/DVA volatile elements and foreign exchange impact). Capital Markets and Investment Banking activity was down -2.7% from second quarter 2024 (+3% excluding non-recurring items and foreign exchange impact), but remained at a high level at €860 million, supported in part by a new progression in revenues from Capital Market activities (+2.8% over second quarter 2024, +10% excluding FVA/DVA volatile items and foreign exchange impact) particularly on the trading and primary credit activities that partially offset the decline in structured equity revenues. Revenues from financing activities rose to €845 million, an increase of +2.8% compared to the second quarter of 2024 (+7% excluding non-recurring items and foreign exchange impact). This mainly reflects the performance of structured financing, where revenues rose +6.8% compared to the second quarter of 2024, primarily explained by the dynamism of the renewable energy sector (increase in production on wind and solar projects). Commercial Banking was up +0.7% versus second quarter 2024, driven by the activities of Corporate & Leveraged Finance, boosted by the acquisition financing sector.

Financing activities consolidated its leading position in syndicated loans (#1 in France ⁽³⁰⁾ and #2 in EMEA³⁰). Crédit Agricole CIB reaffirmed its strong position in bond issues (#2 All bonds in EUR Worldwide³⁰) and was ranked #1 in Green, Social & Sustainable bonds in EUR ⁽³¹⁾. Average regulatory VaR stood at €11.1 million in the second quarter of 2025, up from €10.5 million in the first quarter of 2025, reflecting changes in positions and financial markets. It remained at a level that reflected prudent risk management.

For Asset Servicing, business growth was supported by strong commercial activity and favourable market effects.

Assets under custody rose by +1.1% at the end of June 2025 compared to the end of March 2025 and increased by +11.3% compared to the end of June 2024, to reach €5,526 billion. Assets under administration fell by
-3.0% over the quarter because of a planned customer withdrawal, and were up +1.2% year-on-year, totalling €3,468 billion at end-June 2025.

On 4 July 2025, Crédit Agricole S.A. announced the finalisation of the buyback of the 30.5% interest held by Santander in CACEIS.

Results of the Large Customers division

In the second quarter of 2025, revenues of the Large Customers division once again reached a record level at €2,224 million (stable from second quarter 2024), buoyed by an excellent performance in the Corporate and Investment Banking and Asset Servicing business lines.

Operating expenses increased by +4.4% due to IT investments and business line development. As a result, the division’s gross operating income was down -5.1% from the second quarter of 2024, standing at €967 million. The division recorded a limited addition for provision of the cost of risk of -€20 million integrating the update of economic scenarios and benefiting from favourable model effects, to be compared with an addition of -€39 million in the second quarter of 2024. Pre-tax income amounted to €958 million, down -3.3% compared to the second quarter of 2024. The tax charge amounted to -€149 million in second quarter 2025. Finally, net income Group share totalled €752 million in the second quarter of 2025, an increase of +8.3% over the second quarter of 2024.

In first half 2025, the revenues of the Large Customers business line amounted to a historic high of €4,632 million (+3.2% compared to first half 2024). Operating expenses rose +4.6% compared to first half 2024 to €2,617 million, largely related to staff costs and IT investments. Gross operating income for first half of 2025 therefore totalled €2,015 million, up +1.4% from first half 2024. The cost of risk ended the first half of 2025 with a net provision to provisions of -€5 million, which was stable compared with the first half of 2024. The business line’s contribution to underlying net income Group share was at €1,475 million, up +4.1% compared to first half 2024.

The business line contributed 34% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end-June 2025 and 32% to revenues excluding the Corporate Centre.

At 30 June 2025, the equity allocated to the division was €12.8 billion and its risk weighted assets were €134.7 billion.

Corporate and Investment Banking results

In the second quarter of 2025, revenues from Corporate and Investment Banking posted a strong performance at €1,705 million (stable in relation to second quarter 2024, +5% excluding FVA/DVA volatile items and foreign exchange impact).

Operating expenses rose by +6.7% to -€895 million, mainly due to IT investments and the development of business line activities. Gross operating income declined -6.6% compared to second quarter 2024 and recorded a high level of +€810 million. Cost/income ratio was 52.5%, an improvement of +3.3 percentage points for the period. Cost of risk recorded a limited net provision of -€19 million integrating the update of economic scenarios and benefiting from positive model effects. Pre-tax income in second quarter 2025 stands at €793 million, down -5.7% compared to the second quarter of 2024. Lastly, stated net income Group share was up +6.7% to €659 million in the second quarter of 2025.

In first half 2025, stated revenues rose by +3.7% compared to first half 2024, to €3,591 million, the highest historical half-year level ever. Operating expenses rose +7.1%, mainly due to variable compensation and IT investments to support the development of the business lines. As a result, gross operating income was €1,704 million and stable compared to first half 2024. The cost of risk recorded a net reversal of +€4 million in the first half of 2025, compared to a reversal of +€7 million in the first half of 2024. The income tax charge stood at -€376 million, down -9.3%. Lastly, stated net income Group share for first half 2025 stood at €1,307 million, an increase of +3.0% over the period.

Risk weighted assets at end-June 2025 were down -€6.6 billion compared to end-March 2025, to €123.6 billion, mainly explained by model effects.

Asset servicing results

In the second quarter of 2025, revenues for Asset Servicing remained stable compared to second quarter 2024 at €519 million, as the solid performance of the net interest margin was offset by a drop in fee and commission income (notably on foreign exchange). Operating expenses were down by -1.1% to -€361 million, due to the decrease in ISB integration costs compared to the second quarter of 2024 ⁽³²⁾. Apart from this effect, expenses were up slightly pending the acceleration of synergies. As a result, gross operating income was up by +3.8% to €158 million in the second quarter of 2025. The cost/income ratio for the second quarter of 2025 stood at 69.6%, down -1.0 percentage points compared to the same period in 2024. Consequently, pre-tax income was up by +8.8% and stood at €165 million in the second quarter of 2025. Net income Group share rose +21.1% compared to second quarter 2024.

Stated revenues for first half 2025 were up +1.5% compared with first half 2024, buoyed by the strong commercial momentum and a favourable trend in the interest margin over the period. Expenses declined -1.3% and included -€13.7 million in integration costs related to the acquisition of ISB’s activities (versus -€44.3 million in integration costs in the first half of 2024). Gross operating income rose +8.8% increase compared to first half 2024.
The cost/income ratio stood at 70.1%, down 2.0 points compared to the second half of 2024. The additional net income target ⁽³³⁾of +€100 million in 2026 following the integration of ISB is confirmed and the rate of progression in synergies realised is approximately 60%.

Finally, the contribution of the business line to net income Group share in the first half of 2025 was €168 million, representing a +13.9% increase compared to the first half of 2024.

Specialised financial services activity

Crédit Agricole Personal Finance & Mobility’s (CAPFM) commercial production totalled €12.4 billion in second quarter 2025, an increase of +2.4% from second quarter 2024, and an increase of +12.4% compared to first quarter 2025. This increase was carried by traditional consumer finance, while the automobile activity remained stable in a still complex market in Europe and China. The share of automotive financing ⁽³⁴⁾ in quarterly new business production stood at 49.6%. The average customer rate for production was down slightly by -9 basis points from the first quarter of 2025. CAPFM assets under management stood at €121.0 billion at end-June 2025, up +4.5% from end-June 2024, over all scopes (Automotive +6.6% ⁽³⁵⁾, LCL and Regional Banks +4.2%, Other Entities +2.5%), benefiting from the expansion of the management portfolio with the Regional Banks and the promising development of car rental with Leasys and Drivalia. Lastly, consolidated outstandings totalled €68.0 billion at end-June 2025, down -0.9% from end-June 2024.

The commercial production of Crédit Agricole Leasing & Factoring (CAL&F) was down -19.4% from second quarter 2024 in leasing, primarily in France in an unfavourable market context ⁽³⁶⁾. In International, production was up, particularly in Poland. Leasing outstandings rose +5.0% year-on-year, both in France (+4.1%) and internationally (+8.6%), to reach €20.8 billion at end-June 2025 (of which €16.4 billion in France and €4.5 billion internationally). Commercial production in factoring was up +26.6% versus second quarter 2024, carried by France, which rose +83.8%, which benefited from the signing of a significant contract; international fell by -27.0%, mainly in Germany. Factoring outstandings at end-June 2025 were up +3.7% compared to end-June 2024, and factored revenues were up by +5.0% compared to the same period in 2024.

Specialised financial services’ results

In the second quarter of 2025, revenues of the Specialised Financial Services division were €881 million, down -1.0% compared to the second quarter of 2024. Expenses stood at -€438 million, down -1.0% compared to the second quarter of 2024. The cost/income ratio stood at 49.8%, stable compared to the same period in 2024. Gross operating income thus stood at €442 million, down -1.0% compared to the second quarter of 2024. Cost of risk amounted to -€235 million, up +11.7% compared to the second quarter of 2024. Income for the equity-accounted entities amounted to -€13 million, a significant decline from second quarter 2024 which was €29 million, mainly linked to the drop in remarketing revenues for CAPFM as well as a depreciation of goodwill for CAL&F. Pre-tax income for the division amounted to €194 million, down -26.7% compared to the same period in 2024. Net income Group share amounted to €114 million, down -38.9% compared to the same period in 2024.

In the first half of 2025, revenues for the Specialised Financial Services division were €1,749 million, which was up +0.8% from first half 2024. Operating expenses were up +1.7% from first half 2024 at -€912 million. Gross operating income amounted to €837 million, stable (-0.2%) in relation to first half 2024. The cost/income ratio stood at 52.1%, up +0.5 percentage points compared to the same period in 2024. The cost of risk increased by +12.8% compared to the first quarter of 2024 to -€484 million. The contribution of the equity-accounted entities dropped -62.2% from the same period in 2024, mainly linked to the decline in remarketing revenues CAPFM and a depreciation of goodwill for CAL&F (in the second quarter of 2025). Net income Group share includes the corporate tax additional charge in France and amounted to €263 million, down -20.3% compared to the same period in 2024.

The business line contributed 6% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end-June 2025 and 12% to revenues excluding the Corporate Centre.

At 30 June 2025, the equity allocated to the division was €7.7 billion and its risk weighted assets were €80.7 billion.

Personal Finance and Mobility results

In the second quarter of 2025, CAPFM revenues totalled €697 million, up +0.3% from the second quarter of 2024, with a positive price effect benefiting from the improvement in the production margin rate, which rose +35 basis points compared to second quarter 2024 (and which was down -7 basis points from first quarter 2025), partially absorbed by the increase in subordinated debt ⁽³⁷⁾. Expenses totalled -€339 million, a drop of -1.1% and the jaws effect was positive over the quarter at +1.3 percentage points. Gross operating income thus stood at €358 million, an increase of +1.5% compared to the second quarter of 2024. The cost/income ratio stood at 48.7%, up -0.6 percentage points compared to the same period in 2024. The cost of risk stood at -€228 million, up +19.6% from the second quarter of 2024. The cost of risk/outstandings thus stood at 135 basis points⁽³⁸⁾, a slight deterioration of +5 basis points compared to the first quarter of 2025, especially in international activities. The Non Performing Loans ratio was 4.6% at end-June 2025, slightly up by +0.1 percentage points compared to end-March 2025, while the coverage ratio reached 73.2%, down -0.2 percentage points compared to end-March 2025. The contribution from the equity-accounted entities fell by -71.4% compared to the same period in 2024, related mainly to the drop in remarketing revenues. Pre-tax income amounted to €140 million, down -27.1% compared to the same period in 2024. Net income Group share amounted to €81 million, down -38.4% compared to the previous year.

In the first half of 2025, CAPFM revenues reached €1,380 million, i.e. +1.1% over the first half of 2024, benefiting from volume and positive price effects partially offset by the increase in subordinated debt³⁷. The expenses came to -€709 million, up +1.7% compared to the first half of 2024, related primarily to employee expenses and IT expenses. Gross operating income stood at €671 million, up +0.6%. The cost/income ratio stood at 51.4%, up +0.3 percentage points compared to the same period in 2024. The cost of risk rose by +16.3% over the first half of 2024 to -€453 million, notably related to a slight degradation on the international subsidiaries. The contribution from equity-accounted entities fell by -25.9% compared to the same period in 2024, primarily due to the decline in remarketing revenues. Therefore, net income Group share, which includes the additional corporate tax charge in France, amounted to €188 million, down -18.7% from the first half of 2024.

Leasing & Factoring results

In the second quarter of 2025, CAL&F revenues totalled €183 million, down -5.4% from second quarter 2024 due to the decline in factoring margins (related to the rate decrease). Revenues were up in leasing. Operating expenses stood at -€99 million, down -0.8% over the quarter, and the cost/income ratio stood at 54.0%, an improvement of +2.6 percentage points compared to the second quarter of 2024. Gross operating income stood at €84 million, down -10.4% compared to the second quarter of 2024. The cost of risk includes a provision reversal on performing loans of +€20 million and thus amounted to -€7 million over the quarter, a drop of -63.9% from the same period in 2024. Cost of risk/outstandings stood at 21 basis points³⁸, down -4 basis points compared to second quarter 2024. Income of the equity-accounted entities totalled -€22 million in second quarter 2025, a sharp decline from second quarter 2024 at -€2 million, due to a depreciation of goodwill. Pre-tax income amounted to €54 million, down -25.4% compared to the same period in 2024. Net income Group share includes the corporate tax additional charge in France and amounted to €33 million, down -40.2% compared to the previous year.

In the first half of 2025, revenues were stable (-0.6%) from first half 2024 at €369 million with an increase on leasing absorbed by a decrease in factoring margins because of the decrease in rates. Operating expenses increased by +1.9% to -€203 million. Gross operating income was down -3.5% from the first half of 2024 to total €166 million. The cost/income ratio stood at 55.0%, up +1.3 percentage points compared to first half 2024. The cost of risk declined from the first half of 2024 (-21.8%) because of a provision reversal of +€20 million on performing loans in the second quarter of 2025. The contribution of the equity-accounted entities amounted to -€24 million in the first half of 2025, down sharply from the first half of 2024 at -€4 million due to a depreciation of goodwill in first half 2025. Finally, net income Group share includes the additional corporate tax charge in France and amounted to €75 million, down -24.1% from the first half of 2024.

Crédit Agricole S.A. Retail Banking activity

In Retail Banking at Crédit Agricole S.A. this quarter, loan production in France continued its upturn compared to the second quarter of 2024. It was down in Italy in a very competitive housing market. The number of customers with insurance is progressing.

Retail banking activity in France

In the second quarter of 2025, activity was steady, with an upturn in loan activity, especially real estate loans, compared with the second quarter of 2024, and an increase in inflows. Customer acquisition remained dynamic, with 68,000 new customers this quarter.

The equipment rate for car, multi-risk home, health, legal, all mobile phones or personal accident insurance rose by +0.6 percentage points to stand at 28.4% at end-June 2025.

Loan production totalled €6.8 billion, representing a year-on-year increase of +14%. Second quarter 2025 recorded an increase in the production of real estate loans (+24% over second quarter 2024). The average production rate for home loans came to 3.07%, down -11 basis points from the first quarter of 2025 and -77 basis points year on year. The home loan stock rate improved by +3 basis points over the quarter and by +18 basis points year on year. The strong momentum continued in the corporate market (+10% year on year) and the small business market (+15% year on year) and remains up in the consumer finance segment (+2%).

Outstanding loans stood at €171.5 billion at end-June 2025, representing a quarter-on-quarter increase (+0.5%) and year-on-year (+2.0%, including +1.8% for home loans, +1.7% for loans to small businesses, and +3.4% for corporate loans). Customer assets totalled €256.0 billion at end-June 2025, up +1.7% year on year, driven by off-balance sheet funds and with a slight increase of on-balance sheet deposits. Over the quarter, customer assets remained stable at -0.2% in relation to end-March 2025, with an increase of demand deposits for +2.6% while term deposits dropped -8.5% over the quarter in an environment that remains uncertain. Off-balance sheet deposits benefited from a positive year-on-year market effect and on the quarter and positive net inflows in life insurance.

Retail banking activity in Italy

In the second quarter of 2025, CA Italia posted gross customer capture of 54,000.

Loans outstanding at CA Italia at the end of June 2025 stood at €62.0 billion ⁽³⁹⁾, up +1.6% compared with end-June 2024, in an Italian market up slightly ⁽⁴⁰⁾, driven by the retail market, which posted an increase in outstandings of +2.8%. The loan stock rate declined by -96 basis points against the second quarter of 2024 and by -24 basis points from the first quarter of 2025. Loan production for the quarter was down -8.1% compared with a high second quarter 2024, in a very competitive home market in the second quarter of 2025. Loan production for the half rose by +1.3% compared with the first half of 2024.

Customer assets at end-June 2025 totalled €120.5 billion, up +3.2% compared with end-June 2024; on-balance sheet deposits were relatively unchanged (+0.3%) from end-June 2024. Finally, off-balance sheet deposits increased by +6.9% over the same period and benefited from net flows and a positive market effect.

CA Italia’s equipment rate in car, multi-risk home, health, legal, all mobile phones or personal accident insurance was 20.6%, up +0.9 percentage points over the second quarter of 2024.

International Retail Banking activity excluding Italy

For International Retail Banking excluding Italy, loan outstandings were €7.4 billion, up +5.2% at current exchange rates at end-June 2025 compared with end-June 2024 (+6.6% at constant exchange rates). Customer assets rose by +€11.7 billion and were up +6.4% over the same period at current exchange rates (+9.7% at constant exchange rates).

In Poland in particular, loan outstandings increased by +5.2% compared to end-June 2024 (+3.6% at constant exchange rates) driven by the retail segment and on-balance sheet deposits of +8.2% (+6.6% at constant exchange rates). Loan production in Poland rose this quarter compared to the second quarter of 2024 (+7.9% at current exchange rates and +6.5% at constant exchange rates). In addition, gross customer capture in Poland reached 48,000 new customers this quarter.

In Egypt, commercial activity was strong in all markets. Loans outstanding rose +6.8% between end-June 2025 and end-June 2024 (+20.9% at constant exchange rates). Over the same period, on-balance sheet deposits increased by +9.0%% and were up +23.3% at constant exchange rates.

Liquidity is still very strong with a net surplus of deposits over loans in Poland and Egypt amounting to +€2.0 billion at 30 June 2025, and reached €3.5 billion including Ukraine.

French retail banking results

In the second quarter of 2025, LCL revenues amounted to €976 million, stable from the second quarter of 2024. The increase in fee and commission income (+3.1% over second quarter 2024) was driven by the strong momentum in insurance (life and non-life). NIM was down -3.4%, under the impact of an unfavourable base effect, but improved compared to the first quarter of 2025 (+7.8%), thanks to the progressive repricing of loans and the decrease in the cost of customer-related funds (which benefited from a positive change in the deposit mix) and of refinancing, offset by a lower contribution from macro-hedging.

Expenses were up slightly by +1.0% and stood at -€597 million linked to ongoing investments. The cost/income ratio stood at 61.1%, an increase by 0.8 percentage points compared to second quarter 2024. Gross operating income fell by -2.4% to €380 million.

The cost of risk was stable (-0.3% compared with second quarter 2024) and amounted to -€95 million (including an addition to provisions of -€104 million on proven risk and a reversal of +€10 million on healthy loans, incorporating the impact of the scenario update offset by the model update. The cost of risk/outstandings was stable at 20 basis points, with its level still high in the professional market. The coverage ratio still remains at a high level and was 60.9% at the end of June 2025. The Non Performing Loans ratio was 2.1% at the end of June 2025.

Finally, pre-tax income stood at €286 million, down -3.4% compared to the second quarter of 2024, and net income Group share was down -5.7% from the second quarter of 2024.

In the first half of 2025, LCL revenues were stable, up +0.3% compared to first half 2024 and totalled €1,939 million. The net interest margin was down (-2.6%), benefiting from gradual loan repricing and lower funding and refinancing costs, although the impact of macro-hedging remained positive, though less favourable, and there was an unfavourable base effect in the second quarter. Fee and commission income rose +3.4% compared to first half 2024, particularly on insurance. Expenses rose by +2.4% over the period and the cost/income ratio remained under control (+1.3 percentage points compared with first half 2024) at 63.0%. Gross operating income fell by -3.1% and the cost of risk improved by -12.9%. Lastly, the business line’s contribution to net income Group share includes the additional corporate tax charge in France and amounted to €337 million (-14.4% compared to the first half of 2024).

In the end, the business line contributed 8% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) in the second quarter of 2025 and 13% to revenues excluding the Corporate Centre division.

At 30 June 2025, the equity allocated to the business line stood at €5.3 billion and risk weighted assets amounted to €55.7 billion.

International Retail Banking results ⁽⁴¹⁾

In the second quarter of 2025, revenues for International Retail Banking totalled €1,007 million, down compared with the second quarter of 2024 (-1.9% at current exchange rates, -1.3% at constant exchange rates). Operating expenses amounted to -€520 million, down -6.3% (-6.0% at constant exchange rates), and benefited from the end of the contribution to the DGS in 2025, which was recorded for -€58 million in the second quarter of 2024. Gross operating income consequently totalled €487 million, up +3.2% (+4.3% at constant exchange rates) for the period. Cost of risk amounted to -€61 million, down -15.5% compared to second quarter 2024 (-19.8% at constant exchange rates). All in all, net income Group share for CA Italia, CA Egypt, CA Poland and CA Ukraine amounted to €238 million in the second quarter of 2025, up +4.3% (and +6.4% at constant exchange rates).

In first half 2025, International Retail Banking revenues fell by -2.5% to €2,033 million (-0.7% at constant exchange rates). Operating expenses totalled -€1,035 million, down -2.4% (-4% at constant exchange rates) from the first half of 2024, and benefited from the end of the contribution to the DGS in 2025, which had been recorded for -€58 million in the second quarter of 2024. Gross operating income totalled €998 million, down -2.6% (+2.9% at constant exchange rates). The cost of risk fell by -17.3% (-14.2% at constant exchange rates) to -€128 million compared to first half 2024. Ultimately, net income Group share of International Retail Banking was €483 million, stable in comparison with €485 million in the first half of 2024.

At 30 June 2025, the capital allocated to International Retail Banking was €4.3 billion and risk weighted assets totalled €44.9 billion.

Results in Italy

In the second quarter of 2025, Crédit Agricole Italia’s revenues amounted to €767 million, down -2.2% from second quarter 2024, due to the decline in the net interest margin (-4.4% compared with the second quarter of 2024 related to the decrease in rates). The net interest margin was up +2% compared to first quarter 2025. Fee and commission income on managed assets rose significantly by +11.6% compared to second quarter 2024. Operating expenses were -€398 million, down -9.5% from second quarter 2024, due to the end of the contribution to the DGS in 2025, whereas an amount of -€58 million had been recognised in this respect in the second quarter of 2024. Excluding the DGS, expenses rose by +4.3% compared to the second quarter of 2024 because of employee and IT expenses to support the growth of the business lines.

The cost of risk was -€45 million in the second quarter of 2025, a decrease of -26.4% from second quarter 2024, and continues to fall with an improvement in the quality of the assets and the coverage ratio. In effect, the cost of risk/outstandings ⁽⁴²⁾ is 36 basis points, an improvement of 3 basis points versus the first quarter of 2025; the Non Performing Loans ratio is 2.7% and is improved from the first quarter of 2025, just like the coverage ratio which is 81.0% (+3.1 percentage points over the first quarter of 2025). This translates into a net income Group share of €172 million for CA Italia, up +12.3% compared to the second quarter of 2024.

In first half 2025, revenues for Crédit Agricole Italia fell by -0.9% to €1,545 million. Operating expenses amounted to -€781 million, down -4.8% from the first half of 2024, and an increase of +2.4% excluding the DGS for -€58 million in the second quarter of 2024. This took gross operating income to €763 million, up +3.4% compared to first half 2024. The cost of risk amounted to -€102 million, down -17.2% compared to the first half of 2024. As a result, net income Group share of CA Italia totalled €350 million, an increase of +5.2% compared to first half 2024.

Results for Crédit Agricole Group in Italy ⁽⁴³⁾

In the first half of 2025, the net income Group share of entities in Italy amounted to €652 million, down -1.1% compared to the first half of 2024. The breakdown by business line is as follows: Retail Banking 54%; Specialised Financial Services 14%; Asset Gathering and Insurance 19%; and Large Customers 13%. Lastly, Italy’s contribution to net income Group share of Crédit Agricole S.A. in first half 2025 was 15%.

International Retail Banking results – excluding Italy

In the second quarter of 2025, revenues for International Retail Banking excluding Italy totalled €240 million, down -1.1% (+1.7% at constant exchange rates) compared to the second quarter of 2024. Revenues in Poland were up +9.5% in the second quarter of 2024 (+8.3% at constant exchange rates), boosted by net interest margin and fee and commission income. Revenues in Egypt were down -9.2% (-4.8% at constant exchange rates) with a residual base effect related to the exceptional foreign exchange activity of the second quarter of 2024. The increase in fee and commission income does not offset the slight decline in net interest margin. Operating expenses for International Retail Banking excluding Italy amounted to -€123 million, up +6.0% compared to the second quarter of 2024 (+7.5% at constant exchange rates) due to the effect of employee expenses and taxes in Poland as well as employee expenses and IT expenses in Egypt. At constant exchange rates, the jaws effect was positive by +2.6 percentage points in Poland. Gross operating income amounted to €117 million, down -7.5% (-3.6% at constant exchange rates) compared to the second quarter of 2024. The cost of risk is low at -€16 million, compared with -€11 million in the second quarter of 2024. Furthermore, at end-June 2025, the coverage ratio for loan outstandings remained high in Poland and Egypt, at 124% and 135%, respectively. In Ukraine, the local coverage ratio remains prudent (558%). All in all, the contribution of International Retail Banking excluding Italy to net income Group share was €66 million, down -11.9% compared with the second quarter of 2024 (-6.5% at constant exchange rates).

In the first half of 2025, revenues for International Retail Banking excluding Italy totalled €488 million, down -7.1% (-1.1% at constant exchange rates) compared to the first half of 2024. Operating expenses amounted to -€254 million, up +5.9% compared to the first half of 2024 (+8.4% at constant exchange rates). The cost/income ratio stood at 52.0% at the end of June 2025, decreasing by 6.4 percentage points compared to the first half of 2024. Gross operating income amounted to €235 million, down -17.9% (-9.7% at constant exchange rates) compared to the first half of 2024. Cost of risk amounted to -€26 million, down -17.8% (-19.7% at constant exchange rates) compared to the first half of 2024. All in all, International Retail Banking excluding Italy contributed €133 million to net income Group share.

At 30 June 2025, the entire Retail Banking business line contributed 19% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) and 28% to revenues excluding the Corporate Centre.

At 30 June 2025, the division’s equity amounted to €9.6 billion. Its risk weighted assets totalled €100.6 billion.

Corporate Centre results

The net income Group share of the Corporate Centre was -€22 million in second quarter 2025, up +€217 million compared to second quarter 2024. The contribution of the Corporate Centre division can be analysed by distinguishing between the “structural” contribution (-€60 million) and other items (+€39 million).
The contribution of the “structural” component (-€60 million) was up by +€184 million compared with the second quarter of 2024 and can be broken down into three types of activity:

The activities and functions of the Corporate Centre of the Crédit Agricole S.A. Parent Company. This contribution was -€287 million in the second quarter of 2025, up +€45 million.
The businesses that are not part of the business lines, such as CACIF (Private equity), CA Immobilier, CATE and BforBank (equity-accounted), and other investments. Their contribution, at +€217 million in the second quarter of 2025, was up +€140 million compared to the second quarter of 2024, including the positive impact of the Banco BPM dividend linked to an increased stake of 19.8% combined with a rise in the value of the securities (+€143 million).
Group support functions. Their contribution amounted to +€9 million this quarter (unchanged compared with the second quarter of 2024).

The contribution from “other items” amounted to +€39 million, up +€32 million compared to the second quarter of 2024, mainly due to ESTER/BOR volatility factors.

The underlying net income Group share of the Corporate Centre division in first half 2025 was -€124 million, up +€221 million compared to first half 2024. The structural component contributed -€114 million, while the division’s other items contributed -€10 million over the half-year.
The “structural” component contribution was up +€237 million compared to first half 2024 and can be broken down into three types of activity:

The activities and functions of the Corporate Centre of the Crédit Agricole S.A. Parent Company. This contribution amounted to -€601 million for first half 2025, up +€26 million compared to first half 2024;
Business lines not attached to the core businesses, such as Crédit Agricole CIF (private equity) and CA Immobilier, BforBank and other investments: their contribution, which stood at +€469 million in first half 2025, an increase compared to the first half of 2024 (+€207 million).
The Group’s support functions: their contribution for the first half of 2025 was +€18 million, up +€4 million compared to the first half of 2024.

The contribution of “other items” was down -€15 million compared to first half 2024.

At 30 June 2025, risk weighted assets stood at €38.3 billion.

Financial strength

Crédit Agricole Group has the best level of solvency among European Global Systemically Important Banks.

Capital ratios for Crédit Agricole Group are well above regulatory requirements. At 30 June 2025, the phased Common Equity Tier 1 ratio (CET1) for Crédit Agricole Group stood at 17.6%, or a substantial buffer of 7.7 percentage points above regulatory requirements. Over the quarter, the CET1 ratio remained stable, reflecting the increase in retained earnings of +31 basis points (bp), -29 bp of organic growth in the business lines, +5 bp of methodological impact and -13 bp of M&A transactions, OCI and other items.

Crédit Agricole S.A., in its capacity as the corporate centre of the Crédit Agricole Group, fully benefits from the internal legal solidarity mechanism as well as the flexibility of capital circulation within the Crédit Agricole Group. Its phased-in CET1 ratio as at 30 June 2025 stood at 11.9%, 3.2 percentage points above the regulatory requirement, -20 bp compared to the March 2025. The change over the quarter was due to the retained earnings of +28 bp, business lines’ organic growth of -23 bp, +4 bp from methodology impacts and -33 bp from M&A transactions, OCI and other⁴⁴. The proforma CET1 ratio Including M&A transactions completed after 30 June 2025 would be 11.6%.

The breakdown of the change in Crédit Agricole S.A.’s risk weighted assets by business line is the combined result of: +€3.4 billion for the Retail Banking divisions linked to changes in the business lines, -€0.3 billion for Asset Gathering, taking into account the increase in insurance dividends, +€1.7 billion for Specialised Financial Services, -€7.0 billion for Large Customers, linked to favourable methodology and FX impact and moderate business line growth, and +€3.2 billion for the Corporate Centre division, notably linked to the impact of the increase in the Banco BPM stake to 19.8%.

For the Crédit Agricole Group, the Regional Banks’ risk weighted assets increased by +€6.9 billion. The evolution of the other businesses follows the same trend as for Crédit Agricole S.A.

Crédit Agricole Group’s financial structure

	Crédit Agricole Group			Crédit Agricole S.A.
	*30/06/25*	31/03/25	Exigences 30/06/25	*30/06/25*	31/03/25	Exigences 30/06/25
Phased-in CET1 ratio⁴⁵	17.6%	17.6%	9.88%	11.9%	12.1%	8.71%
Tier1 ratio⁴⁵	18.9%	19.0%	11.72%	14.0%	14.3%	10.52%
Total capital ratio⁴⁵	21.4%	21.8%	14.17%	17.8%	18.4%	12.94%
Risk-weighted assets (€bn)	649	641		406	405
Leverage ratio	5.6%	5.6%	3.5%	3.9%	4.0%	3.0%
Leverage exposure (€bn)	2,191	2,173		1,445	1,434
TLAC ratio (% RWA)⁴⁵^,⁴⁶	27.6%	28.5%	22.4%
TLAC ratio (% LRE)⁴⁶	8.2%	8.4%	6.75%
Subordinated MREL ratio (% RWA)⁴⁵	27.6%	28.5%	21.6%
Subordinated MREL ratio (% LRE)	8.2%	8.4%	6.25%
Total MREL ratio (% RWA)⁴⁵	32.7%	34.0%	26.2%
Total MREL ratio (% LRE)	9.7%	10.0%	6.25%
Distance to the distribution restriction trigger (€bn)⁴⁷	46	46		13	14

For Crédit Agricole S.A., the distance to the trigger for distribution restrictions is the distance to the MDA trigger⁴⁸, i.e. 318 basis points, or €13 billion of CET1 capital at 30 June 2025. Crédit Agricole S.A. is not subject to either the L-MDA (distance to leverage ratio buffer requirement) or the M-MDA (distance to MREL requirements).

For Crédit Agricole Group, the distance to the trigger for distribution restrictions is the distance to the L-MDA trigger at 30 June 2025. Crédit Agricole Group posted a buffer of 209 basis points above the L-MDA trigger, i.e. €46 billion in Tier 1 capital.

At 30 June 2025, Crédit Agricole Group’s TLAC and MREL ratios are well above requirements⁴⁹. Crédit Agricole Group posted a buffer of 530 basis points above the M-MDA trigger, i.e. €34 billion in CET1 capital. At this date, the distance to the M-MDA trigger corresponds to the distance between the TLAC ratio and the corresponding requirement. The Crédit Agricole Group’s 2025 target is to maintain a TLAC ratio greater than or equal to 26% of RWA excluding eligible senior preferred debt.

Liquidity and Funding

Liquidity is measured at Crédit Agricole Group level.

As of 31 December 2024, changes have been made to the presentation of the Group’s liquidity position (liquidity reserves and balance sheet, breakdown of long-term debt). These changes are described in the 2024 Universal Registration Document.

Diversified and granular customer deposits remain stable compared to March 2025 (€1,147 billion at end-June 2025).

The Group’s liquidity reserves, at market value and after haircuts⁵⁰, amounted to €471 billion at 30 June 2025, down -€16 billion compared to 31 March 2025.

Liquidity reserves covered more than twice the short-term debt net of treasury assets.

This change in liquidity reserves is notably explained by:

The decrease in the securities portfolio (HQLA and non-HQLA) for -€7 billion;
The decrease in collateral already pledged to Central Banks and unencumbered for -€13 billion, linked to the decline in self-securitisations for -€7 billion and the decrease in receivables eligible for central bank for -€6 billion;
The increase in central bank deposits for +€4 billion.

Crédit Agricole Group also continued its efforts to maintain immediately available reserves (after recourse to ECB financing). Central bank eligible non-HQLA assets after haircuts amounted to €131 billion.

Standing at €1,696 billion at 30 June 2025, the Group’s liquidity balance sheet shows a surplus of stable funding resources over stable application of funds of €179 billion, down -€18 billion compared with end-March 2025. This surplus remains well above the Medium-Term Plan target of €110bn-€130bn.

Long term debt was €316 billion at 30 June 2025, slightly up compared with end-March 2025. This included:

Senior secured debt of €93 billion, up +€4 billion;
Senior preferred debt of €162 billion;
Senior non-preferred debt of €38 billion, down -€2 billion due to the MREL/TLAC eligible debt;
And Tier 2 securities of €23 billion, down -€1 billion.

Credit institutions are subject to a threshold for the LCR ratio, set at 100% on 1 January 2018.

At 30 June 2025, the average LCR ratios (calculated on a rolling 12-month basis) were 137% for Crédit Agricole Group (representing a surplus of €87 billion) and 142% for Crédit Agricole S.A. (representing a surplus of €84 billion). They were higher than the Medium-Term Plan target (around 110%).

In addition, the NSFR of Crédit Agricole Group and Crédit Agricole S.A. exceeded 100%, in accordance with the regulatory requirement applicable since 28 June 2021 and above the Medium-Term Plan target (>100%).

The Group continues to follow a prudent policy as regards medium-to-long-term refinancing, with a very diversified access to markets in terms of investor base and products.

At 30 June 2025, the Group’s main issuers raised the equivalent of €21.3 billion⁵¹in medium-to-long-term debt on the market, 84% of which was issued by Crédit Agricole S.A.

In particular, the following amounts are noted for the Group excluding Crédit Agricole S.A.:

Crédit Agricole Assurances issued €750 million in RT1 perpetual NC10.75 year;
Crédit Agricole Personal Finance & Mobility issued:
- €1 billion in EMTN issuances through Crédit Agricole Auto Bank (CAAB);
- €420 million in securitisations through Agos;
Crédit Agricole Italia issued one senior secured debt issuance for a total of €1 billion;
Crédit Agricole next bank (Switzerland) issued two tranches in senior secured format for a total of 200 million Swiss francs, of which 100 million Swiss francs in Green Bond format.

At 30 June 2025, Crédit Agricole S.A. raised the equivalent of €16.5 billion through the market 51^,⁵².

The bank raised the equivalent of €16.5 billion, of which €7.3 billion in senior non-preferred debt and €2.8 billion in Tier 2 debt, as well as €1.7 billion in senior preferred debt and €4.7 billion in senior secured debt at end-June. The financing comprised a variety of formats and currencies, including:

€2.75 billion 52^,⁵³ ;
5.4 billion US dollars (€5.1 billion equivalent);
1.6 billion pounds sterling (€1.9 billion equivalent);
179.3 billion Japanese yen (€1.1 billion equivalent);
0.4 billion Singapore dollars (€0.3 billion equivalent);
0.6 billion Australian dollars (€0.4 billion equivalent);
0.3 billion Swiss francs (€0.3 billion equivalent).

At end-June, Crédit Agricole S.A. had issued 77%⁵²^,⁵³ of its funding plan in currencies other than the euro.

In addition, on 13 February 2025, Crédit Agricole S.A. issued a PerpNC10 AT1 bond for €1.5 billion at an initial rate of 5.875% and announced on 30 April 2025 the regulatory call exercise for the AT1 £ with £103m outstanding (XS1055037920) – ineligible, grandfathered until 28/06/2025 – redeemed on 30/06/2025.

The 2025 MLT market funding programme was set at €20 billion, with a balanced distribution between senior preferred or senior secured debt and senior non-preferred or Tier 2 debt.

The programme was 82% completed at 30 June 2025, with:

€4.7 billion in senior secured debt;
€1.7 billion equivalent in senior preferred debt;
€7.3 billion equivalent in senior non-preferred debt;
€2.8 billion equivalent in Tier 2 debt.

Economic and financial environment

Review of the first half of 2025

An even more conflict-ridden and unpredictable environment, causing a slowdown

The first half of the year took place in an even more conflict-ridden and unpredictable environment, marked by open wars and powerful geopolitical and trade tensions. The war in Ukraine remained a major unresolved issue: President Trump’s initiatives aimed at ending the conflict proved fruitless, while signalling a strategic shift in US policy, notably away from protecting European territory. President Trump’s statements on NATO (demanding that military spending be increased to 5% of GDP) forced Europe to accelerate the overhaul of its defence strategy, as evidenced by the announcement of a white paper detailing defence support measures worth €800 billion. With the Israeli-Palestinian conflict continuing without any lasting political solution in sight, international tensions peaked in June with Israel’s attack on Iran, quickly joined by its US ally. After twelve days of clashes, a ceasefire was announced on 24 June.

Donald Trump’s return to the US presidency has obviously resulted in a protectionist offensive of unexpected violence. This offensive culminated in “Liberation Day” on 2 April, when “reciprocal” tariffs were imposed on all of the United States’ trading partners. While China was particularly targeted, the European Union was also severely affected; even the countries participating in the North American Free Trade Agreement (NAFTA, United States, Canada, Mexico) were not spared, as they were subject to sector-specific tariffs applicable everywhere (steel, aluminium, automobiles, semiconductors). However, these announcements were followed by a presidential U-turn on 9 April, with reciprocal tariffs being lowered to 10% and a 90-day truce agreed upon to allow for the negotiation of bilateral trade agreements. At the end of this pause (9 July), the US president decided to extend it (to 1 August), offering hope to major trading partners (the European Union, Japan and South Korea) that agreements could be reached to reduce tariffs, while leaving economic players in uncertainty about international trade conditions. Only the United Kingdom, China and Vietnam have signed an agreement.

The unpredictability of US trade policy, characterised by dramatic announcements followed by partial reversals, has created ongoing uncertainty. In the first half of the year, this was reflected in mixed economic and financial performances across countries, suggesting a more pronounced global slowdown. The IMF has therefore revised its global growth forecast for 2025 downwards to 2.8% (a decrease of -0.5 percentage points (pp) compared to its January forecast and the growth observed in 2024).

The US economy has shown early signs of slowing down, hit by weaker consumer spending and, above all, a sharp rise in imports as companies seek to build up stocks ahead of the entry into force of new tariffs. GDP contracted by 0.5% in the first quarter (annualised quarter-on-quarter change). After moderating but remaining above the Federal Reserve’s (Fed) 2% target, inflation (year-on-year) stood at 2.7% in June (after 2.4% in May). Core inflation (excluding volatile components, food and energy) reached 2.9%; the increase in tariffs (although not yet finalised) already seems to be visible in the cost of certain goods (furniture, textiles and clothing, household appliances). Despite this turbulence, the job market has stayed relatively strong (unemployment rate at 4.2% in May, still within the narrow range it has been in since May 2024), providing some stability for an otherwise fragile economy.

In China, despite a very difficult external environment and punitive US tariffs, growth (5.4% and 5.2% in the first and second quarters) stabilised above the official target of 5% for 2025. While consumption is sluggish, a weakness reflected in the absence of inflation (which has not exceeded 1% year-on-year since February 2024), exports have continued to accelerate, making a surprising contribution to growth. At 2.1 percentage points in the first quarter of 2025, the contribution from net external demand reached an historic high (excluding Covid), reflecting China’s undisputed dominance in global manufacturing, although temporary positive effects (anticipation of US tariffs at the beginning of the year) should not be overlooked.

In an unfavourable environment, the eurozone held up well, with growth initially estimated at 0.3% (quarter-on-quarter) and then revised upwards (0.6%, or 1.5% year-on-year). Growth in the eurozone was mainly driven by investment, followed by net external demand and finally household consumption (with respective contributions to growth of 0.4 pp, 0.3 pp and 0.1 pp), while inventories subtracted 0.1 pp from growth and final public expenditure was “neutral”. This overall performance continued to mask varying national fortunes: among the largest member countries, Spain continued to post very strong growth (0.6%) and Germany saw an upturn (0.4%), while Italy and France posted fairly sustained (0.3%) and weak (0.1%) growth rates, respectively. Continued disinflation (to 1.9% year-on-year in May after 2.2% in April and 2.6% in May 2024) and anchored expectations made it possible for the ECB to continue its monetary easing, reassured by the convergence of inflation towards its 2% target.

In France, in particular, after benefiting from the boost provided by the Paris Olympic and Paralympic Games in the third quarter of 2024 (+0.4% quarter-on-quarter), activity declined slightly in the last quarter of last year (-0.1%) due to after-effects. It picked up again in the first quarter of 2025, but growth remained weak (+0.1%). Domestic demand, which contributed negatively to growth, is largely responsible for this sluggishness. Household consumption declined (-0.2%), undermined by a record savings rate (18% of household disposable income, compared with 15.4% in the eurozone) for 45 years (excluding the Covid period), while public consumption slowed (+0.2% after +0.4%). Investment continued to stagnate, reflecting the fact that companies in France are more indebted than in the rest of the eurozone (making them more vulnerable to past interest rate hikes) and the budgetary efforts of public administrations to reduce the public deficit. As a result, domestic demand weighed on growth in the first quarter (-0.1 pp). However, it was mainly foreign trade that undermined growth (-0.8 pp) due to the collapse of exports, particularly in the aerospace sector. Unlike its European peers, France did not benefit from the sharp rise in global trade in the first quarter (+1.7%) in anticipation of US tariffs.

In terms of monetary policy, the first half of 2025 was marked by a notable divergence between the status quo of the Federal Reserve (Fed) and the continued easing by the European Central Bank (ECB). The ECB cut interest rates four times by 25 basis points (bp) each, bringing the cumulative reduction in the deposit rate (2% since 11 June) to 200 bp since the start of easing (June 2024). However, after cutting its policy rate by 100 bp in 2024 (to 4.50%), the Fed kept rates unchanged due to overly modest progress on inflation, even though growth did not appear to be definitively at risk. Inflationary risks linked to tariffs led it to adopt a very cautious stance, which was widely criticised by President Trump.
The financial markets, while remaining subject to bouts of nervousness prompted by geopolitical events, generally kept pace with Donald Trump’s stated ambitions, their feasibility and his U-turns. Thus, the theme of the American exception at the beginning of the year (growth exceeding potential, resilience despite interest rates set to rise, the privileged status of the dollar, unlimited capacity to borrow and shift risks to the rest of the world) has been supplanted by disenchantment with US assets following “Liberation Day”. Following the president’s backtracking and announcement of a 90-day pause, serious doubts were raised about his ability to truly deliver on his domestic and international commitments. Periods marked by exaggerated negativity have therefore alternated with periods dominated by equally exaggerated positivity.

Bond markets therefore experienced mixed movements. During the first half of the year, in the United States, the decline in yields ⁽⁵⁴⁾ on short maturities was ultimately quite sharp (nearly 60 bp for the two-year swap rate to nearly 3.50%) and exceeded that of the ten-year swap rate (down 38 bp to 3.69%), giving the curve a steeper slope. Despite Moody’s rating downgrade, the yield on 10-year sovereign bonds (US Treasuries) fell in line with the swap rate for the same maturity, which it now exceeds by more than 50 bp (at 4.23%). In the eurozone, the steepening effect was less pronounced and unfolded differently: there was a less marked decline in the two-year swap rate (from 22 bp to 1.90%) and an increase in the ten-year swap rate (from 23 bp to 2.57%). Under the influence of the Merz government’s expansionary budget programme, the German 10-year yield (Bund) rose (24 bp to 2.61%) and exceeded the swap rate for the same maturity by a few basis points. Ten-year swap spreads on benchmark European sovereign bonds narrowed in the first half of the year, with Italy posting the strongest performance (spread down 27 bp to 90 bp). This improvement reflects a more favourable perception of Italy’s public finances and a degree of political stability, in contrast to the turbulence of previous years. Italian growth also showed unexpected resilience in the face of trade tensions. Penalised since the dissolution of parliament in June 2024 by a damaging lack of a parliamentary majority and severely deteriorated public finances, the French spread nevertheless narrowed during the half-year, falling from a high level (85 bp) to 71 bp. It now exceeds the Spanish spread (at 67 bp).

On the equity markets, European indexes outperformed their US counterparts, with the Euro Stoxx 50 up 10% since the start of the year (and a spectacular rise of nearly 25% for the banking sector), while the S&P 500, which was much more volatile over the period, rose by nearly 7%, buoyed by high-tech stocks. The US dollar lost some of its lustre amid economic and international policy uncertainty, with the euro appreciating by 14% against the dollar and 6% in nominal effective terms. Finally, the price of gold rose by 26% in the first half of the year, reaching a record high of US$3,426 per ounce in April, confirming its status as a preferred safe haven during this period of intense uncertainty.

2025–2026 Outlook

An anxiety-inducing context, some unprecedented resistance

The economic and financial scenario, which has already had to contend with the volatility and unpredictability of US economic policy, is unfolding against an even more uncertain international backdrop, in which the risk of disruptive events (blockade of the Strait of Hormuz, incidents affecting infrastructure in the Gulf etc.) cannot be entirely ruled out.

Our economic scenario for the United States has always been based on a two-step sequence in line with the pace of the economic policy planned by Donald Trump: a positive impact on inflation but a negative impact on growth from tariffs (which fall within the president’s prerogatives), followed by a positive but delayed effect from aggressive budgetary policy (which requires congressional approval). Although our forecasts for 2025 have been revised slightly downwards, our US scenario remains on track, in line with the timetable for economic policy measures: while avoiding recession, growth is expected to slow sharply in 2025, coupled with a pick-up in inflation, before regaining momentum in 2026.

Even with the recent de-escalation, tariff rates remain significantly higher than they were before Donald Trump’s second election. The negative impact of the new trade policy is the main driver of the decline in the growth forecast for 2025 (1.5% after 2.8% in 2024), while more favourable aspects (the “One Big Beautiful Bill”, tax cuts and deregulation) should contribute to the expected upturn in 2026 (2.2%). The possibility of a recession in 2025 has been ruled out due to solid fundamentals, including lower sensitivity to interest rates, very healthy household finances and a labour market that remains relatively robust, even if there are signs of deterioration. Despite the expected slowdown in growth, our inflation forecasts have been revised upwards. Tariffs are expected to cause year-on-year inflation to rise by around 80 basis points (bp) at peak impact. Although this effect is temporary, inflation (annual average) is expected to reach 2.9% in 2025 and 2.7% in 2026. It is therefore expected to continue to exceed 2%, with underlying inflation stabilising at around 2.5% at the end of 2026.

In a conflict-ridden and unpredictable external environment, Europe is expected to find salvation in domestic demand, allowing it to better withstand the global slowdown. Two alternative scenarios, between which the balance is delicate, are likely to unfold: a scenario of resilience in the eurozone economy based on an increase in private spending but also, and perhaps above all, in public spending on defence and infrastructure; a scenario of stagnating activity under the effect of a series of negative shocks: competitiveness shocks linked to higher tariffs, appreciation of the euro and the negative impact of uncertainty on private confidence.

We favour the scenario of resilience against a backdrop of a buoyant labour market, a healthy economic and financial situation for the private sector and a favourable credit cycle. The effective implementation of additional public spending, particularly the “German bazooka”(⁵⁵), certainly needs to be confirmed. However, this spending could provide the eurozone with growth driven by stronger domestic demand at a time when global growth is slowing. It would offer a type of exceptionalism, especially compared to the past decade, which would put eurozone growth above its medium-term potential. Average annual growth in the eurozone is expected to accelerate slightly in 2025 to 0.9% and strengthen to 1.3% in 2026. Average inflation is expected to continue to moderate, reaching 2.1% and 1.8% in 2025 and 2026, respectively.

In Germany, the sluggish economy should return to robust growth. Although more exposed than its partners to protectionist policies, the economy should be boosted by the public investment plan. This plan and the removal of barriers to financing infrastructure and defence investment that had previously seemed insurmountable give hope for a significant, albeit not immediate, recovery. While the effects are likely to be minimal in 2025 due to implementation delays, a significant flow of funds is expected in 2026, with positive spillover effects for Germany’s European neighbours and the eurozone as a whole. German growth could recover significantly, rising from -0.2% in 2024 to 0.1% in 2025 and, above all, 1.2% in 2026. In France, growth is expected to remain sluggish in the second quarter of 2025, before accelerating slightly in the second half of the year. The real upturn would not come until 2026, driven by a recovery in investment and the initial favourable impact of German government measures. The risks remain mainly on the downside for activity in the short term. Our scenario assumes growth rates of 0.6% and 1.2% in 2025 and 2026, respectively (after 1.1% in 2024). In Italy, incomplete catching-up and a recent decline in purchasing power, despite strong employment, are likely to limit the potential for a recovery in household consumption. Positive surprises on the investment front are likely to continue, thanks to improved financing conditions and subsidies for the energy and digital transitions. While the recent weakness in industrial orders may weigh on productive investment, construction is holding up well. However, doubts remain about growth potential, with post-pandemic sector allocation favouring less productive sectors. Growth is expected to reach 0.6% in 2025 and 0.7% in 2026 (after 0.7% in 2024).

The central scenario for the eurozone (developed and quantified in June) assumes that the tariff dispute with the United States will remain unchanged as of 4 June, i.e. a general increase in tariffs to 10% (except for exempted products), 25% on cars and 50% on steel. The risks associated with this central scenario are bearish. The stagnation scenario could materialise if the trade dispute with the United States were to escalate, if competitive pressures were to intensify, if private confidence were to deteriorate significantly and, finally, if fiscal stimulus were to be implemented more gradually than anticipated.

Such an uncertain environment, characterised by global slowdown and shrinking export opportunities, would certainly have led in the past (and not so long ago) to underperformance by emerging economies, which are further hampered by risk aversion in the markets, higher interest rates and pressure on their currencies. However, despite tariffs (the effects of which will obviously vary greatly from one economy to another), our scenario remains broadly optimistic for the major emerging countries. These countries could show unprecedented resilience thanks to support measures that are likely to partially cushion the impact of an unfavourable environment: relatively strong labour markets, fairly solid domestic demand, monetary easing (with a few exceptions), and a limited slowdown in China (after holding up well in the first half of the year, growth is expected to approach 4.5% in 2025 due to the anticipated slowdown in the second half linked to the trade war). Finally, emerging market currencies have held up well and the risk of defensive rate hikes, which would weigh heavily on growth, is lower than might have been feared. However, these relatively positive prospects are accompanied by higher-than-usual risks due to the unpredictability of US policy.

In terms of monetary policy, the end of the easing cycles is drawing nearer. In the US, the scenario (a sharp slowdown in 2025, an upturn in 2026 and inflation continuing to significantly exceed the target) and the uncertainties surrounding it should encourage the Fed to remain patient, despite Donald Trump’s calls for a more accommodative policy. The Fed is likely to proceed with a slight easing followed by a long pause. Our scenario still assumes two cuts in 2025, but pushes them back by one quarter (to September and December, from June and September previously). After these two cuts, the Fed is likely to keep rates unchanged with a maximum upper limit of 4% throughout 2026.

As for the ECB, although it refuses to rule out any future rate cuts, it may well have reached the end of its easing cycle due to an expected recovery in growth and inflation on target. Of course, a deterioration in the economic environment would justify further easing: the ECB stands ready to cut rates if necessary. Our scenario assumes that the deposit rate will remain at 2% in 2026.

On the interest rate front, in the United States, persistent inflationary risks and a budgetary trajectory deemed unsustainable, a compromised AAA rating, the volatility of economic decisions and heightened investor concerns are exerting upward pressure. Our scenario assumes a 10-year US Treasury yield of around 4.70% at the end of 2025 and 4.95% at the end of 2026. In the eurozone, resilient growth that is expected to accelerate, inflation on target and the ECB believed to have almost completed its easing cycle point to a slight rise in interest rates and a stabilisation or even tightening of sovereign spreads. The German 10-year yield (Bund) could thus approach 2.90% at the end of 2025 and 2.95% at the end of 2026. For the same maturity, the spread offered by France relative to the Bund would fluctuate around 60/65 bp, while Italy’s would narrow to 90 bp by the end of 2026.

Finally, the US dollar continues to lose ground. The inconsistency and unpredictability of Donald Trump’s economic policies, the deteriorating US budget outlook and speculation about official plans to devalue the dollar, combined with resistance from other economies, are all factors putting pressure on the dollar, although this does not necessarily spell the end of its status as a key reserve currency in the short term. The euro/dollar exchange rate is expected to settle at 1.17 in the fourth quarter of 2025, before depreciating in 2026 (1.10).

Appendix 1 – Crédit Agricole Group: income statement by business line

Credit Agricole Group – Results par by business line, Q2-25 and Q2-24

	Q2-25
€m	RB	LCL	IRB	AG	SFS	LC	CC	Total

Revenues	3,364	976	1,031	1,967	881	2,224	(635)	9,808
Operating expenses	(2,690)	(597)	(540)	(864)	(438)	(1,257)	514	(5,872)
Gross operating income	674	380	491	1,104	442	967	(121)	3,936
Cost of risk	(397)	(95)	(61)	(7)	(235)	(20)	(26)	(840)
Equity-accounted entities	1	–	–	58	(13)	10	–	56
Net income on other assets	1	1	0	449	1	0	0	452
Income before tax	278	286	430	1,604	194	958	(147)	3,604
Tax	(96)	(69)	(130)	(249)	(58)	(149)	136	(615)
Net income from discontinued or held-for-sale ope.	–	–	0	–	–	–	0	0
Net income	182	218	300	1,356	136	810	(11)	2,990
Non-controlling interests	(0)	(0)	(40)	(247)	(22)	(43)	1	(352)
Net income Group Share	182	217	260	1,108	114	767	(10)	2,638

	Q2-24
€m	RB	LCL	IRB	AG	SFS	LC	CC	Total

Revenues	3,255	979	1,051	1,946	889	2,223	(837)	9,507
Operating expenses	(2,560)	(591)	(573)	(813)	(443)	(1,204)	497	(5,687)
Gross operating income	694	389	477	1,133	447	1,019	(340)	3,819
Cost of risk	(444)	(95)	(75)	(2)	(211)	(39)	(6)	(872)
Equity-accounted entities	2	–	–	33	29	10	–	74
Net income on other assets	1	2	0	(12)	(1)	2	(0)	(7)
Income before tax	253	296	402	1,152	265	993	(347)	3,014
Tax	(44)	(65)	(117)	(282)	(54)	(248)	48	(762)
Net income from discontinued or held-for-sale ope.	–	–	–	–	–	–	–	–
Net income	209	231	285	870	210	745	(299)	2,252
Non-controlling interests	(1)	(0)	(38)	(124)	(23)	(36)	(2)	(224)
Net income Group Share	208	231	247	746	187	710	(300)	2,028

Credit Agricole Group – Results par by business line, H1-25 and H1-24

	H1-25
€m	RB	LCL	IRB	AG	SFS	LC	CC	Total

Revenues	6,716	1,939	2,079	4,016	1,749	4,632	(1,275)	19,856
Operating expenses	(5,220)	(1,222)	(1,075)	(1,799)	(912)	(2,617)	982	(11,864)
Gross operating income	1,496	717	1,003	2,217	837	2,015	(293)	7,992
Cost of risk	(717)	(186)	(128)	(17)	(484)	5	(48)	(1,575)
Equity-accounted entities	7	–	–	86	23	16	–	131
Net income on other assets	3	2	0	449	1	0	0	456
Income before tax	790	533	875	2,734	376	2,036	(341)	7,004
Tax	(267)	(181)	(267)	(599)	(71)	(453)	182	(1,656)
Net income from discontinued or held-for-sale ope.	–	–	0	–	–	–	–	0
Net income	523	352	608	2,135	305	1,583	(159)	5,348
Non-controlling interests	(0)	(0)	(82)	(348)	(43)	(78)	7	(545)
Net income Group Share	523	352	526	1,787	263	1,504	(151)	4,803

	H1-24
€m	RB	LCL	IRB	AG	SFS	LC	CC	Total

Revenues	6,568	1,933	2,131	3,739	1,736	4,489	(1,565)	19,031
Operating expenses	(5,044)	(1,193)	(1,098)	(1,567)	(897)	(2,501)	1,024	(11,276)
Gross operating income	1,524	740	1,033	2,172	839	1,988	(541)	7,755
Cost of risk	(691)	(214)	(159)	(5)	(429)	(5)	(20)	(1,523)
Equity-accounted entities	7	–	–	61	59	14	–	142
Net income on other assets	3	4	(0)	(20)	(1)	2	(2)	(14)
Income before tax	842	530	875	2,208	468	1,999	(563)	6,361
Tax	(191)	(119)	(260)	(501)	(97)	(482)	133	(1,517)
Net income from discontinued or held-for-sale ope.	–	–	–	–	–	–	–	–
Net income	651	412	615	1,707	372	1,517	(430)	4,843
Non-controlling interests	(1)	(0)	(89)	(236)	(42)	(69)	6	(432)
Net income Group Share	650	412	525	1,471	330	1,448	(424)	4,412

Appendix 2 – Crédit Agricole S.A.: ‍ Income statement by business line

Crédit Agricole S.A. – Results par by business line, Q2-25 and Q2-24

	Q2-25
€m	AG	LC	SFS	FRB (LCL)	IRB	CC	Total

Revenues	1,970	2,224	881	976	1,007	(51)	7,006
Operating expenses	(864)	(1,257)	(438)	(597)	(520)	(25)	(3,700)
Gross operating income	1,106	967	442	380	487	(76)	3,306
Cost of risk	(7)	(20)	(235)	(95)	(61)	(24)	(441)
Equity-accounted entities	58	10	(13)	–	–	(24)	30
Net income on other assets	453	0	1	1	0	0	455
Income before tax	1,610	958	194	286	426	(125)	3,350
Tax	(249)	(149)	(58)	(69)	(129)	113	(541)
Net income from discontinued or held-for-sale operations	–	–	–	–	0	–	0
Net income	1,361	810	136	218	297	(12)	2,809
Non-controlling interests	(261)	(58)	(22)	(10)	(59)	(10)	(420)
Net income Group Share	1,100	752	114	208	238	(22)	2,390

	Q2-24
€m	AG	LC	SFS	FRB (LCL)	IRB	CC	Total

Revenues	1,944	2,223	889	979	1,027	(267)	6,796
Operating expenses	(813)	(1,204)	(443)	(591)	(555)	(15)	(3,621)
Gross operating income	1,131	1,019	447	389	472	(283)	3,175
Cost of risk	(2)	(39)	(211)	(95)	(72)	(5)	(424)
Equity-accounted entities	33	10	29	–	–	(25)	47
Net income on other assets	(12)	2	(1)	2	0	24	15
Income before tax	1,150	993	265	296	400	(289)	2,814
Tax	(283)	(248)	(54)	(65)	(117)	63	(704)
Net income from discontinued or held-for-sale operations	–	–	–	–	–	–	–
Net income	867	745	210	231	283	(226)	2,110
Non-controlling interests	(131)	(51)	(23)	(10)	(55)	(12)	(282)
Net income Group Share	736	694	187	220	228	(238)	1,828

Crédit Agricole S.A. – Results par by business line, H1-25 and H1-24

	H1-25
€m	AG	LC	SFS	FRB (LCL)	IRB	CC	Total

Revenues	4,028	4,632	1,749	1,939	2,033	(118)	14,263
Operating expenses	(1,799)	(2,617)	(912)	(1,222)	(1,035)	(106)	(7,691)
Gross operating income	2,229	2,015	837	717	998	(224)	6,571
Cost of risk	(17)	5	(484)	(186)	(128)	(45)	(855)
Equity-accounted entities	86	16	23	–	–	(47)	77
Net income on other assets	453	0	1	2	0	0	456
Income before tax	2,749	2,037	376	533	870	(316)	6,250
Tax	(601)	(454)	(71)	(181)	(266)	205	(1,368)
Net income from discontinued or held-for-sale operations	–	–	–	–	0	–	0
Net income	2,148	1,583	305	352	604	(111)	4,882
Non-controlling interests	(368)	(108)	(43)	(16)	(121)	(13)	(669)
Net income Group Share	1,780	1,475	263	337	483	(124)	4,213

	H1-24
€m	AG	LC	SFS	FRB (LCL)	IRB	CC	Total

Revenues	3,733	4,489	1,736	1,933	2,085	(374)	13,602
Operating expenses	(1,567)	(2,501)	(897)	(1,193)	(1,060)	(71)	(7,289)
Gross operating income	2,166	1,988	839	740	1,024	(445)	6,312
Cost of risk	(5)	(5)	(429)	(214)	(154)	(16)	(824)
Equity-accounted entities	61	14	59	–	–	(46)	90
Net income on other assets	(20)	2	(1)	4	(0)	24	9
Income before tax	2,203	1,999	468	530	870	(483)	5,587
Tax	(502)	(482)	(97)	(119)	(259)	144	(1,315)
Net income from discontinued or held-for-sale operations	–	–	–	–	–	–	–
Net income	1,701	1,517	372	412	610	(339)	4,273
Non-controlling interests	(248)	(101)	(42)	(18)	(126)	(7)	(542)
Net income Group Share	1,453	1,416	330	393	485	(345)	3,731

Appendix 3 – Data per share

Credit Agricole S.A. – Earnings p/share, net book value p/share and ROTE


€m					Q2-25	Q2-24			H1-25			H1-24
Net income Group share					2,390	1,828			4,213			3,731
– Interests on AT1, including issuance costs, before tax					(141)	(83)			(270)			(221)
– Foreign exchange impact on reimbursed AT1					4	–			4			(247)
NIGS attributable to ordinary shares		[A]			2,252	1,745			3,947			3,263
Average number shares in issue, excluding treasury shares (m)		[B]			3,025	3,025			3,025			3,008
Net earnings per share		[A]/[B]			0.74 €	0.58 €			1.30 €			1.08 €

€m									30/06/25			30/06/24
Shareholder’s equity Group share								75,528				70,396
– AT1 issuances								(8,612)				(7,164)
– Unrealised gains and losses on OCI – Group share								872				1,305
Net book value (NBV), not revaluated, attributable to ordin. sh.				[D]				67,787				64,537
– Goodwill & intangibles** – Group share								(18,969)				(17,775)
Tangible NBV (TNBV), not revaluated attrib. to ordinary sh.				[E]				48,818				46,763
Total shares in issue, excluding treasury shares (period end, m)				[F]				3,025				3,025
NBV per share, after deduction of dividend to pay (€)	[D]/[F]								22.4 €			21.3 €
TNBV per share, after deduction of dividend to pay (€)	[G]=[E]/[F]								16.1 €			15.5 €
** y compris les écarts d’acquisition dans les participations ne donnant pas le contrôle
€m									H1-25			H1-24
Net income Group share							4,213			3,731
Added value Amundi US									304			0
Additionnal corporate tax									-129			0
IFRIC									-173			-110
NIGS annualised ⁽¹⁾	[N]								8,382			7,572
Interests on AT1, including issuance costs, before tax, foreign exchange impact, annualised	[O]								-536			-689
Result adjusted			[P] = [N]+[O]					7,846			6,884
Tangible NBV (TNBV), not revaluated attrib. to ord. shares – average*** ⁽²⁾			[J]					47,211			44,710
ROTE adjusted (%)	= [P] / [J]								16.6%			15.4%
*** including assumption of dividend for the current exercise									*0,0%*

⁽¹⁾ROTE calculated on the basis of an annualised underlying net income Group share and linearised IFRIC costs over the year
⁽²⁾Average of the NTBV not revalued attributable to ordinary shares. calculated between 31/12/2024 and 30/06/2025 (line [E]), restated with an assumption of dividend for current exercises

Alternative Performance Indicators⁵⁶

NBV Net Book Value (not revalued)
The Net Book Value not revalued corresponds to the shareholders’ equity Group share from which the amount of the AT1 issues, the unrealised gains and/or losses on OCI Group share and the pay-out assumption on annual results have been deducted.

NBV per share Net Book Value per share – NTBV Net Tangible Book Value per share
One of the methods for calculating the value of a share. This represents the Net Book Value divided by the number of shares in issue at end of period, excluding treasury shares.

Net Tangible Book Value per share represents the Net Book Value after deduction of intangible assets and goodwill, divided by the number of shares in issue at end of period, excluding treasury shares.

EPS Earnings per Share
This is the net income Group share, from which the AT1 coupon has been deducted, divided by the average number of shares in issue excluding treasury shares. It indicates the portion of profit attributable to each share (not the portion of earnings paid out to each shareholder, which is the dividend). It may decrease, assuming the net income Group share remains unchanged, if the number of shares increases.

Cost/income ratio
The cost/income ratio is calculated by dividing operating expenses by revenues, indicating the proportion of revenues needed to cover operating expenses.

Cost of risk/outstandings
Calculated by dividing the cost of credit risk (over four quarters on a rolling basis) by outstandings (over an average of the past four quarters, beginning of the period). It can also be calculated by dividing the annualised cost of credit risk for the quarter by outstandings at the beginning of the quarter. Similarly, the cost of risk for the period can be annualised and divided by the average outstandings at the beginning of the period.

Since the first quarter of 2019, the outstandings taken into account are the customer outstandings, before allocations to provisions.

The calculation method for the indicator is specified each time the indicator is used.

Doubtful loan
A doubtful loan is a loan in default. The debtor is considered to be in default when at least one of the following two conditions has been met:

a payment generally more than 90 days past due, unless specific circumstances point to the fact that the delay is due to reasons independent of the debtor’s financial situation.
the entity believes that the debtor is unlikely to settle its credit obligations unless it avails itself of certain measures such as enforcement of collateral security right.

Impaired loan
Loan which has been provisioned due to a risk of non-repayment.

Impaired (or non-performing) loan coverage ratio
This ratio divides the outstanding provisions by the impaired gross customer loans.

Impaired (or non-performing) loan ratio
This ratio divides the impaired gross customer loans on an individual basis, before provisions, by the total gross customer loans.

Net income Group share
Net income/(loss) for the financial year (after corporate income tax). Equal to net income Group share, less the share attributable to non-controlling interests in fully consolidated subsidiaries.

Net income Group share attributable to ordinary shares
The net income Group share attributable to ordinary shares represents the net income Group share from which the AT1 coupon has been deducted, including issuance costs before tax.

RoTE Return on Tangible Equity
The RoTE (Return on Tangible Equity) measures the return on tangible capital by dividing the Net income Group share annualised by the Group’s NBV net of intangibles and goodwill. The annualised Net income Group share corresponds to the annualisation of the Net income Group share (Q1x4; H1x2; 9Mx4/3) excluding impairments of intangible assets and restating each period of the IFRIC impacts in order to linearise them over the year.

Disclaimer

The financial information on Crédit Agricole S.A. and Crédit Agricole Group for second quarter and first half 2025 comprises this presentation and the attached appendices and press release which are available on the website: https://www.credit-agricole.com/finance/publications-financieres.

This presentation may include prospective information on the Group, supplied as information on trends. This data does not represent forecasts within the meaning of EU Delegated Act 2019/980 of 14 March 2019 (Chapter 1, article 1, d).

This information was developed from scenarios based on a number of economic assumptions for a given competitive and regulatory environment. Therefore, these assumptions are by nature subject to random factors that could cause actual results to differ from projections. Likewise, the financial statements are based on estimates, particularly in calculating market value and asset impairment.

Readers must take all these risk factors and uncertainties into consideration before making their own judgement.

Applicable standards and comparability

The figures presented for the six-month period ending 30 June 2025 have been prepared in accordance with IFRS as adopted in the European Union and applicable at that date, and with the applicable regulations in force. This financial information does not constitute a set of financial statements for an interim period as defined by IAS 34 “Interim Financial Reporting” and has not been audited.

Note: The scopes of consolidation of the Crédit Agricole S.A. and Crédit Agricole groups have not changed materially since the Crédit Agricole S.A. 2024 Universal Registration Document and its A.01 update (including all regulatory information about the Crédit Agricole Group) were filed with the AMF (the French Financial Markets Authority).

The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding.

Financial Agenda

30 October 2025                Publication of the 2025 third quarter and first nine months results
18 November 2025        Presentation of the Medium-Term Plan
4 February 2026                Publication of the 2025 fourth quarter and full year results
30 April 2026                Publication of the 2026 first quarter results
20 May 2026                2026 General Meeting
31 July 2026                Publication of the 2026 second quarter and the first half-year results
30 October 2026                Publication of the 2026 third quarter and first nine months results

Contacts

CREDIT AGRICOLE PRESS CONTACTS

CRÉDIT AGRICOLE S.A. INVESTOR RELATIONS CONTACTS

Institutional investors		investor.relations@credit-agricole-sa.fr
Individual shareholders	+ 33 800 000 777 (freephone number – France only)	relation@actionnaires.credit-agricole.com

Cécile Mouton	+ 33 1 57 72 86 79	cecile.mouton@credit-agricole-sa.fr
Equity investor relations:
Jean-Yann Asseraf Fethi Azzoug	+ 33 1 57 72 23 81 + 33 1 57 72 03 75	jean-yann.asseraf@credit-agricole-sa.fr fethi.azzoug@credit-agricole-sa.fr
Oriane Cante	+ 33 1 43 23 03 07	oriane.cante@credit-agricole-sa.fr
Nicolas Ianna	+ 33 1 43 23 55 51	nicolas.ianna@credit-agricole-sa.fr
Leila Mamou	+ 33 1 57 72 07 93	leila.mamou@credit-agricole-sa.fr
Anna Pigoulevski	+ 33 1 43 23 40 59	anna.pigoulevski@credit-agricole-sa.fr


Debt investor and rating agency relations:
Gwenaëlle Lereste	+ 33 1 57 72 57 84	gwenaelle.lereste@credit-agricole-sa.fr
Florence Quintin de Kercadio	+ 33 1 43 23 25 32	florence.quintindekercadio@credit-agricole-sa.fr
Yury Romanov	+ 33 1 43 23 86 84	yury.romanov@credit-agricole-sa.fr

See all our press releases at: www.credit-agricole.com – www.creditagricole.info

1 Closing at 4^thof July
⁽2⁾Car, home, health, legal, all mobile phones or personal accident insurance.
⁽3⁾CA Auto Bank, automotive JVs and automotive activities of other entities
⁽4⁾Low-carbon energy exposures made up of renewable energy produced by the clients of all Crédit Agricole Group entities, including nuclear energy exposures for Crédit Agricole CIB.
⁽5⁾CAA outstandings (listed investments managed directly, listed investments managed under mandate and unlisted investments managed directly) and Amundi Transition Energétique.
⁽6⁾Crédit Agricole Group outstandings, directly or via the EIB, dedicated to the environmental transition according to the Group’s internal sustainable assets framework, as of 31/03/2025. Change of method on property compared with the outstandings reported at 30/09/2024: with the same method, the outstandings at 31/03/2025 would be €85.9 billion.
⁽7⁾The cost of risk/outstandings (in basis points) on a four-quarter rolling basis is calculated on the cost of risk of the past four quarters divided by the average outstandings at the start of each of the four quarters
⁽8⁾The cost of risk/outstandings (in basis points) on an annualised basis is calculated on the cost of risk of the quarter multiplied by four and divided by the outstandings at the start of the quarter
⁽9⁾Average rate of loans to monthly production for April to May 2025
⁽10⁾Equipment rate – Home-Car-Health policies, Legal, All Mobile/Portable or personal accident insurance
⁽11⁾Reversal of the provision for Home Purchase Saving Plans: +€16.3m in Q2-25 vs. +€22m in Q2-24 in revenues (+€12.1m in Q2-25 vs. +€17m in Q2-24 in net income Group share)

⁽12⁾Provisioning rate calculated with outstandings in Stage 3 as denominator, and the sum of the provisions recorded in Stages 1, 2 and 3 as numerator.
⁽13⁾The cost of risk/outstandings (in basis points) on a four-quarter rolling basis is calculated on the cost of risk of the past four quarters divided by the average outstandings at the start of each of the four quarters
⁽14⁾The cost of risk/outstandings (in basis points) on an annualised basis is calculated on the cost of risk of the quarter multiplied by four and divided by the outstandings at the start of the quarter
⁽15⁾See Appendixes for details on the calculation of the RoTE (return on tangible equity)
⁽16⁾The annualised net income Group share corresponds to the annualisation of the net income Group share (Q1x4; H1x2; 9Mx4/3) by restating each period for IFRIC impacts, the effects of the additional corporate tax charge and the capital gain related to the deconsolidation of Amundi US to linearise them over the year.
⁽17⁾In local standards
⁽18⁾Scope: property and casualty in France and abroad
⁽19⁾Combined property & casualty ratio in France (Pacifica) including discounting and excluding undiscounting, net of reinsurance: (claims + operating expenses + fee and commission income)/gross premiums earned. Undiscounted ratio: 97.4% (+0.1 pp over the year)
⁽20⁾Excluding assets under custody for institutional clients
⁽21⁾Amount of allocation of Contractual Service Margin (CSM), loss component and Risk Adjustment (RA), and operating variances net of reinsurance, in particular
⁽22⁾Amount of allocation of CSM, loss component and RA, and operating variances net of reinsurance, in particular.
⁽23⁾Net of reinsurance cost, including financial results
⁽24⁾Pro forma scope effect of deconsolidated Amundi US in Q2 2024: €89m in revenues and €51m in expenses.
⁽25⁾Excluding scope effect
⁽26⁾Indosuez Wealth Management scope
⁽27⁾Degroof Petercam scope effect April/May 2025: Revenues of €96m and expenses of -€71m
⁽28⁾Q2-25 Integration costs: -€22.5m vs -€5.4m in Q2-24
⁽29⁾Degroof Petercam scope effect over H1-25: reminder of figures for Degroof Petercam scope effect of Q1-25 revenues of €164m and expenses of -€115m
⁽30⁾Refinitiv LSEG
⁽31⁾Bloomberg in EUR
⁽32⁾ISB integration costs: -€5m in Q2-25 (vs -€24.4m in Q2-24)
⁽33⁾Net income becomes net income Group share following the purchase of minority shares in Santander by Crédit Agricole S.A.
⁽34⁾CA Auto Bank, automotive JVs and auto activities of other entities
⁽35⁾CA Auto Bank and automotive JVs
⁽36⁾Lease financing of corporate and professional equipment investments in France: -7.5% in Q1-25 (source: ASF)
⁽37⁾Increase in RWA of around +€7G primarily connected to the consolidation of the leasing activities in Q4-24
⁽38⁾Cost of risk for the last four quarters as a proportion of the average outstandings at the beginning of the period for the last four quarters.
⁽39⁾Net of POCI outstandings
⁽40⁾Source: Abi Monthly Outlook, July 2025: +0.9% June/June for all loans
⁽41⁾At 30 June 2025 this scope includes the entities CA Italia, CA Polska, CA Egypt and CA Ukraine.

(42) Over a rolling four quarter period.
⁽43⁾At 30 June 2025, this scope corresponds to the aggregation of all Group entities present in Italy: CA Italia, CAPFM (Agos, Leasys, CA Auto Bank), CAA (CA Vita, CACI, CA Assicurazioni), Amundi, Crédit Agricole CIB, CAIWM, CACEIS, CALEF.
⁽44⁾Banco BPM stake -21 bps; Stake in Victory Capital: – 8 bps or –1 bp including capital gain from the deconsolidation of Amundi US; Additional threshold excess for other financial participations: -7 bps.

⁽48⁾
⁽49⁾

⁽54⁾This refers to the change between the value at 30 June 2025 and the value at 1 (or 2) January 2025; the latter is the value of the variable concerned at 30 June 2025.
⁽55⁾In March, Parliament approved the creation of a €500 billion infrastructure investment fund over 12 years. The first phase of the reform of the debt brake was also approved, allowing regions to run a structural deficit of up to 0.35% of GDP. Finally, defence spending above 1% of GDP will be exempt from the deficit calculation. The adoption of these measures has broken down barriers to financing infrastructure and defence investment that had previously seemed insurmountable.
⁽56⁾APMs are financial indicators not presented in the financial statements or defined in accounting standards but used in the context of financial communications, such as net income Group share or RoTE. They are used to facilitate the understanding of the company’s actual performance. Each APM indicator is matched in its definition to accounting data.

Attachment

CASA_PR_2025-Q2

The MIL Network –

July 31, 2025

MIL-OSI Banking: Lufthansa Group increases Adjusted EBIT by 27 percent in the second quarter and confirms full-year forecast

Source: Lufthansa Group

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 Global Banks –

July 31, 2025
MIL-OSI Banking: Lufthansa Group increases Adjusted EBIT by 27 percent in the second quarter and confirms full-year forecast

Source: Lufthansa Group

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 Global Banks –

July 31, 2025
MIL-OSI Canada: New York Call – Joint statement of the Ministers of Foreign Affairs

Source: Government of Canada News

July 30, 2025 – Ottawa, Ontario – Global Affairs Canada

The Foreign Ministers of Andorra, Australia, Canada, Finland, France, Iceland, Ireland, Luxembourg, Malta, New Zealand, Norway, Portugal, San Marino, Slovenia and Spain, issued the following statement:

“We, Ministers of Foreign Affairs of Andorra, Australia, Canada, Finland, France, Iceland, Ireland, Luxembourg, Malta, New Zealand, Norway, Portugal, San Marino, Slovenia and Spain, condemn the heinous and antisemitic terrorist attack of October 7th, 2023;

“Demand an immediate ceasefire, the immediate and unconditional release of all hostages of Hamas, including the remains, as well as ensuring unhindered humanitarian access;

“Reiterate our unwavering commitment to the vision of the two-State solution where two democratic States, Israel and Palestine, live side by side in peace within secure and recognized borders, consistent with international law and relevant UN resolutions, and in this regard stress the importance of unifying the Gaza Strip with the West Bank under the Palestinian Authority;

“Express grave concern over the high number of civilian casualties and humanitarian situation in Gaza and emphasize the essential role of the United Nations and its agencies in facilitating humanitarian assistance;

Welcome the commitments made by the President of the Palestinian Authority on June 10th where he (i) condemns the October 7th terrorist attacks (ii) calls for the liberation of hostages and disarmament of Hamas (iii) commits to terminate the prisoner payment system (iv) commits to schooling reform, (v) commits to call for elections within a year to trigger generational renewal and (vi) accepts the principle of a demilitarized Palestinian State;

“Ahead of the meeting of the Heads of State and Government that will take place during the high-level week of the 80th session of the United Nations General Assembly (UNGA 80) in September 2025, we, Ministers of Foreign Affairs of Andorra, Australia, Canada, Finland, France, Iceland, Ireland, Luxembourg, Malta, New Zealand, Norway, Portugal, San Marino, Slovenia and Spain, have already recognized, have expressed or express the willingness or the positive consideration of our countries to recognize the State of Palestine, as an essential step towards the two-State solution, and invite all countries that have not done so to join this call;

“Urge countries who have not done so yet to establish normal relations with Israel, and to express their willingness to enter into discussions on the regional integration of the State of Israel;

“Express our determination to work on an architecture for the ‘day after’ in Gaza which guarantees the reconstruction of Gaza, the disarmament of Hamas and its exclusion from the Palestinian governance.”

MIL OSI Canada News –

July 31, 2025

MIL-OSI: Banque Fédérative du Crédit Mutuel – 2025 half-year results press release

Source: GlobeNewswire (MIL-OSI)

Results for the period ended June 30, 2025¹	Press release
	Strasbourg, July 30, 2025

First half of 2025:
very strong business activity and solid results,
penalized by the non-recurring income tax surcharge

Results for the period ended June 30, 2025	06/30/2025	06/30/2024	Change
Record net revenue	€6.549bn	€6.178bn	+6.0%
of which retail banking	€4.427bn	€4.159bn	+6.4%
of which insurance	€822m	€711m	+15.7%
of which specialized business lines ²	€1.532bn	€1.491bn	+2.8%
General operating expenses reflecting investments	-€3.405bn	-€3.208bn	+6.1%
Stabilized cost of risk	-€782m	-€799m	-2.1%
Record income before tax	€2.402bn	€2.210bn	+8.7%
Net income down due to the corporate tax surcharge effect	€1.638bn	€1.714bn	-4.4%
of which income tax surcharge	€192m	N/A	N/A

RENEWED GROWTH IN FINANCING³: +1,8%
Home loans	Equipment loans	Consumer credit
€119.8bn	€119.4bn	€49.1bn

A SOLID FINANCIAL STRUCTURE
CET1 ratio⁴	Shareholders’ equity
19.5%	€46.7bn

Press contacts:

Aziz Ridouan – +33 (0)6 01 10 31 69 – aziz.ridouan@creditmutuel.fr

Press relations – +33 (0)3 88 14 84 00 – com-alliancefederale@creditmutuel.fr

Investor contact:

Banque Fédérative du Crédit Mutuel – bfcm-web@creditmutuel.fr

1.1. Financial results

(in € millions)	06/30/2025	06/30/2024	Change
Net revenue	6,549	6,178	+6.0 %
General operating expenses	-3,405	-3,208	+6.1 %
Gross operating income/(loss)	3,144	2,970	+5.9 %
Cost of risk	-782	-799	-2.1 %
cost of proven risk	-733	-782	-6.3 %
cost of non-proven risk	-49	-17	n.s
Operating income	2,363	2,171	+8.8 %
Net gains and losses on other assets and ECC ⁽¹⁾	39	39	+0.8 %
Income before tax	2,402	2,210	+8.7 %
Income tax	-764	-496	+54.0 %
Net income	1,638	1,714	-4.4 %
Non-controlling interests	191	189	+1.0 %
GROUP NET INCOME	1,447	1,524	-5.1 %

⁽¹⁾ECC = equity consolidated companies = share of net profit/(loss) of equity consolidated companies.

Net revenue

At June 30, 2025, the net revenue of Banque Fédérative du Crédit Mutuel amounted to €6.5 billion, up +6.0% compared with the first half of 2024, driven by strong momentum in the banking and insurance networks.

Revenues from retail banking were up by +6.4%, driven by the good performance of the banking networks (+6.7%) and consumer finance (including Cofidis Group +12.4%).

The contribution of the insurance business to net revenue, at €822 million, was up +15.7%, with growth driven by all business lines (property & casualty insurance, life insurance).

Asset management and private banking posted an overall increase in net revenue of +5.1%, with both activities making a positive contribution: asset management, +6.5% thanks to positive inflows and private banking, +3.9% thanks to good growth in commissions.

Corporate banking posted a decline in net revenue of -3.7% compared with the first half of 2024, which was particularly favorable in terms of net interest margin.

Net revenue from capital markets posted good growth of +11.0%, due in particular to the sharp increase in revenues from the commercial business line.

Total income generated by the private equity business remained high at €211 million, albeit down slightly on the first half of 2024.

General operating expenses and gross operating income

General operating expenses increased by +6.1% to -€3,405 million in the first half of 2025.

To keep pace with growth, employee benefits expenses (54% of general operating expenses) increased by +7.5%, while other operating expenses were kept under control at +4.6%.

The scissors effect was slightly negative at 0.1 percentage point and the cost/income ratio remained low at 52.0%.

Gross operating income rose by +5.9% to €3,144 million.

Cost of risk and operating income

In the first half of 2025, the cost of risk was -€782 million compared with -€799 million, a slight decrease of -2.1%.

It breaks down into a -€733 million provision for the cost of proven risk (stage 3) and a -€49 million provision for the cost of non-proven risk (prudential provisioning) on performing loans (stages 1 and 2).

The cost of proven risk was down by -6.3% at June 30, 2025. It was down in the banking networks, which represent 24% of the cost of proven risk (vs. 35% in June 2024). Consumer finance still accounts for a significant proportion of the cost of proven risk (71%). The specialized business lines (2% of the cost of proven risk) had a low level of cost of proven risk at -€17 million.

In line with fiscal year 2024, the provisioning for future risks is recorded as a net expense in a context of uncertainty (particularly economic and related to international trade) in the short and medium term.

Given the sustained level of business and operational efficiency, operating income rose by 8.8% year-on-year to €2,363 million.

Other

Net gains/(losses) on other assets and ECC amounted to €39 million.

Income before tax

Thanks to higher revenues and controlled risks, income before tax was up +8.7% year-on-year to €2,402 million.

Net income

Income tax (-€764 million in the first half of 2025 compared with -€496 million in the first half of 2024) is impacted by the exceptional contribution introduced by the French 2025 Finance Act on the profits of large companies generating profits in excess of €1 billion in France. Banque Fédérative, a subsidiary of Crédit Mutuel Alliance Fédérale, remains a bank and an employer with strong roots in France. The group is therefore liable for €192 million in surcharge at June 30, 2025.

Net income fell by -4.4% to €1,638 billion. Excluding the surcharge, it would be up by +6.8%.

1.2. Financial structure

Banque Fédérative de Crédit Mutuel’s shareholders’ equity totaled €46.7 billion at the end of June 2025 compared with €45.2 billion at the end of 2024.

BFCM is a subsidiary of Crédit Mutuel Alliance Fédérale. At end-June 2025, the latter’s estimated Common Equity Tier 1 (CET1) ratio was 19.5%².

The three rating agencies that issue ratings for Crédit Mutuel Alliance Fédérale and the Crédit Mutuel group all recognize their financial stability and the validity of the business model:

	LT/ST Counterparty**	Issuer/LT preferred senior debt	Outlook	ST preferred senior debt	Stand-alone rating***	Date of last publication
Standard & Poor’s ⁽¹⁾	AA-/A-1+	A+	Stable	A-1	a	11/07/2024
Moody’s ⁽²⁾	Aa3/P-1	A1	Stable	P-1	a3	12/19/2024
Fitch Ratings * ⁽³⁾	AA-	AA-	Stable	F1+	a+	06/17/2025

* The Issuer Default Rating is stable at A+.
** The counterparty ratings correspond to the following agency ratings: Resolution Counterparty Rating for Standard & Poor’s, Counterparty Risk Rating for Moody’s and Derivative Counterparty Rating for Fitch Ratings.
*** The stand-alone rating is the Stand Alone Credit Profile (SACP) for Standard & Poor’s, the Adjusted Baseline Credit Assessment (Adj. BCA) for Moody’s and the Viability Rating for Fitch Ratings.
⁽¹⁾ Standard & Poor’s: Crédit Mutuel group rating.
⁽²⁾ Moody’s: Crédit Mutuel Alliance Fédérale/BFCM and CIC ratings.
In terms of Moody’s ratings, certain group instruments were downgraded on December 17, 2024, namely: Counterparty Risk Rating (to Aa3), Counterparty Risk Assessment (to Aa3(cr)), junior deposits (to A1) and preferred senior debt (to A1).
⁽³⁾ Fitch Ratings: Crédit Mutuel Alliance Fédérale rating (as the dominant entity of the Crédit Mutuel Group).

Despite a start to 2025 still marked by action on France’s sovereign rating (outlook downgraded to “negative” on February 28, 2025 for S&P), these agencies confirmed, in 2024 (on November 7, 2024 for S&P and December 19, 2024 for Moody’s), in 2025 (on June 17, 2025 for Fitch Ratings) the external ratings and stable outlooks assigned to Crédit Mutuel Alliance Fédérale and the Crédit Mutuel group. This reflects operating efficiency, recurring earnings based on a diversified business model and strong financial fundamentals.

As a reminder, Moody’s downgraded France’s sovereign rating on December 14, 2024, with mechanical consequences for the highest-rated French banks (loss of support from the country rating that they had benefited from according to the agency’s methodology).

The announcement of the acquisition of OLB (Oldenburgische Landesbank AG) on March 20, 2025, was welcomed by the three rating agencies. The completion of this acquisition is subject to approval by regulatory authorities, in particular the European Central Bank (ECB) and the European Commission. This transaction would further strengthen Crédit Mutuel Alliance Fédérale’s diversification, with an impact on CET1 that would not alter the agencies’ assessment of the capital scores of Crédit Mutuel Alliance Fédérale or the Crédit Mutuel group.

1.3. Results by business line

Retail banking

Net revenue from retail banking increased by €6.4% to €4.4 billion. General operating expenses, at -€2.6 billion, grew at a slower pace than net revenue, i.e. 4.9%. The cost of risk rose to -€801 million, of which -€716 million for proven risk (decrease of -1.8%) and -€85 million for non-proven risk. Retail banking posted a slight increase in net income to €643 million.

Insurance

Net insurance income increased by +15.7%, driven by the increase in income from health, protection & creditor insurance and life insurance as well as by the increase in financial income (increase in dividends received from Desjardins Group, Crédit Mutuel Alliance Fédérale’s long-standing partner in Canada).
General operating expenses totaled -€92 million, corresponding solely to expenses not attributable to contracts.
Net income was €495 million, up +0.5% compared with end-June 2024.

Asset management and private banking

Overall net revenue for both activities increased by +5.1% to €667 million. Private banking net revenue was up by 3.9% to €365 million; asset management net revenue increased by +6.5% (to €302 million) due to gains on commissions. General operating expenses rose by +9.0% to -€498 million, of which +8.2% for private banking and +9.9% for asset management.
Net income was €129 million, up by 14.3% compared with the first half of 2024.

Corporate banking

Net revenue was down by -3.7% to €323 million at the end of June 2025, in a context of falling interest rates, despite higher commissions (+9.8%). The cost of risk (+€15 million compared with -€40 million at June 2024) was up, with a significant reversal effect on non-proven OEL provisions. Net income was stable at €158 million in the first half of 2025, versus €156 million in the first half of 2024.

Capital markets

The investment and commercial business lines continued to grow, with total net revenue up +11.0% to €331 million. General operating expenses increased by +5.5% to -€150 million. Net income increased by 3.1% to €124 million.

Private equity

In financial terms, €174 million was invested in the first half of 2025 in around 20 deals in France and abroad. The pace of disposals slowed compared with the exceptionally high level in 2024. Total income remained solid at €211 million in the first half of 2025, two-thirds of which was made up of capital gains generated by the portfolio, supplemented by recurring income.

In the first half of 2025, the contribution to net income was €169 million, close to that of the first half of 2024

1.4. Key figures

Banque Fédérative du Crédit Mutuel³

(in € millions)	06/30/2025	12/31/2024
Financial structure and business activity
Balance sheet total	732,747	734,840
Shareholders’ equity (including net income for the period before dividend pay-outs)	46,698	45,203
Customer loans	343,888	342,285
Total savings	670,633	665,478
– of which customer deposits	287,627	295,099
– of which insurance savings	55,168	53,650
– of which financial savings (under management and in custody)	327,838	316,730

	06/30/2025	12/31/2024
Key figures
Number of branches	2	2
Number of customers (in millions)	22.4	22.2

Key ratios
Cost/income ratio (at 06/30/2025 vs 06/30/2024)	52.0%	51.9%
Loan-to-deposit ratio	119.6%	116.0%
Overall solvency ratio² (estimated for 06/2025)	21.8%	21.0%
CET1 ratio² (estimated for 06/2025)	19.5%	18.8%

1.5 Banque Fédérative du Crédit Mutuel financial statements

Balance sheet (assets)

(in € millions)	06/30/2025	12/31/2024
Cash and central banks	75,012	86,190
Financial assets at fair value through profit or loss	41,077	39,653
Hedging derivatives	1,588	1,701
Financial assets at fair value through equity	46,814	44,421
Securities at amortized cost	5,952	5,680
Loans and receivables due from credit institutions and similar at amortized cost	61,836	61,897
Loans and receivables due from customers at amortized cost	343,888	342,285
Revaluation adjustment on rate-hedged books	284	209
Financial investments of insurance activities	140,977	135,472
Insurance contracts issued – Assets	8	10
Reinsurance contracts held – Assets	247	284
Current tax assets	780	1,002
Deferred tax assets	858	1,005
Accruals and miscellaneous assets	7,077	8,682
Non-current assets held for sale	0	0
Investments in equity consolidated companies	929	911
Investment property	56	36
Property, plant and equipment	2,556	2,606
Intangible assets	494	483
Goodwill	2,315	2,315
TOTAL ASSETS	732,747	734,840

Balance Sheet – Liabilities and shareholders’ equity

(in € millions)	06/30/2025	12/31/2024
Central banks	15	18
Financial liabilities at fair value through profit or loss	26,847	26,643
Hedging derivatives	2,660	3,261
Debt securities at amortized cost	158,853	163,710
Due to credit and similar institutions at amortized cost	50,404	46,031
Due to customers at amortized cost	287,627	295,099
Revaluation adjustment on rate-hedged books	-16	-15
Current tax liabilities	425	450
Deferred tax liabilities	478	481
Accruals and miscellaneous liabilities	12,010	12,671
Debt related to non-current assets held for sale	0	0
Insurance contracts issued – liabilities	129,868	125,195
Provisions	3,285	2,913
Subordinated debt at amortized cost	13,593	13,180
Total shareholders’ equity	46,698	45,203
Shareholders’ equity – Attributable to the group	41,997	40,737
Capital and related reserves	6,568	6,568
Consolidated reserves	33,822	30,959
Gains and losses recognized directly in equity	161	195
Profit (loss) for the period	1,447	3,015
Shareholders’ equity – Non-controlling interests	4,701	4,466
TOTAL LIABILITIES	732,747	734,840

At December 31, 2024, CIC London reclassified £2,030 million (€2,448 million) from “Debt securities at amortized cost” to “Financial liabilities at fair value through profit or loss”.

Income statement

(in € millions)	06/30/2025	06/30/2024
Interest and similar income	14,617	17,055
Interest and similar expenses	-11,235	-13,787
Commissions (income)	2,389	2,332
Commissions (expenses)	-743	-698
Net gains on financial instruments at fair value through profit or loss	839	497
Net gains or losses on financial assets at fair value through shareholders’ equity	16	-13
Net gains or losses resulting from derecognition of financial assets at amortized cost	2	0
Income from insurance contracts issued	3,901	3,712
Expenses related to insurance contracts issued	-3,170	-3,085
Income and expenses related to reinsurance contracts held	-67	-51
Financial income or financial expenses from insurance contracts issued	-2,992	-3,073
Financial income or expenses related to reinsurance contracts held	3	4
Net income from financial investments related to insurance activities	3,115	3,189
Income from other activities	659	371
Expenses on other activities	-784	-275
Net revenue	6,549	6,178
of which Net income from insurance activities	789	695
General operating expenses	-3,231	-3,041
Movements in depreciation, amortization and provisions for property, plant and equipment and intangible assets	-174	-166
Gross operating income	3,144	2,970
Cost of counterparty risk	-782	-799
Operating income	2,363	2,171
Share of net income of equity consolidated companies	37	40
Net gains and losses on other assets	0	-2
Changes in the value of goodwill	1	0
Income before tax	2,402	2,210
Income taxes	-764	-496
Net income	1,638	1,714
Net income – Non-controlling interests	191	189
NET INCOME ATTRIBUTABLE TO THE GROUP	1,447	1,524

At June 30, 2024, an expense of €244 million was reclassified from “Net gains on financial instruments at fair value through profit or loss” to “Interest and similar expenses”.

1Unaudited financial statements – limited review currently being conducted by the statutory auditors. The Board of Directors met on July 30, 2025 to approve the financial statements. All financial communications are available at www.bfcm.creditmutuel.fr and are published by Crédit Mutuel Alliance Fédérale in accordance with the provisions of Article L. 451-1-2 of the French Monetary and Financial Code and Articles 222-1 et seq. of the General Regulation of the French Financial Markets Authority (Autorité des marchés financiers – AMF).
² Specialized business lines include corporate banking, capital markets, private equity, asset management and private banking.
³ Change in outstandings calculated over twelve months.
⁴ Ratio estimated at June 30, 2025 for Crédit Mutuel Alliance Fédérale, which includes BFCM in its scope of consolidation.

2Ratio estimated at June 30, 2025 for Crédit Mutuel Alliance Fédérale which includes BFCM in its scope of consolidation.

3Consolidated results of Banque Fédérative du Crédit Mutuel and its main subsidiaries: CIC, ACM, BECM, TARGOBANK, Cofidis Group, IT, etc.

² Estimate as of June 30, 2025 for Crédit Mutuel Alliance Fédérale, the integration of earnings into shareholders’ equity is subject to approval by the ECB.

Attachment

BFCM – 2025 half-year results press release

The MIL Network –

July 31, 2025

MIL-OSI Canada: Investor Alert: IPO Capital And SM Trading Centre Are Not Registered
Source: Government of Canada regional news

Released on July 30, 2025

The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) warns investors of the online entities known as IPO Capital and SM Trading Centre.

“The FCAA urges Saskatchewan residents to always check an entity’s registration status at aretheyregistered.ca before making an investment,” FCAA Securities Division Executive Director Dean Murrison said. “Registration status indicates if a business is legitimate. Only dealing with registered entities is an easy way to protect yourself and keep your investments safe.”

IPO Capital and SM Trading Centre claim to offer Saskatchewan residents trading opportunities, including stocks, cryptocurrencies, forex, indices and commodities. Additionally, IPO Capital claims to offer Contracts for Difference (CFDs) commodities.

This alert applies to the online entities using the websites “https://ipo capital” and “smtradingcentre com” (these URLs have been manually altered so as not to be interactive).

IPO Capital and SM Trading Centre are not registered with the FCAA to trade or sell securities or derivatives in Saskatchewan. The FCAA cautions investors and consumers not to send money to companies that are not registered in Saskatchewan, as they may not be legitimate businesses.

If you have invested with IPO Capital or SM Trading Centre or anyone claiming to be acting on their behalf, contact the FCAA’s Securities Division at 306-787-5936.

In Saskatchewan, individuals or companies need to be registered with the FCAA to trade or sell securities or derivatives. The registration provisions of The Securities Act, 1988, and accompanying regulations are intended to ensure that only honest and knowledgeable people are registered to sell securities and derivatives and that their businesses are financially stable.

Tips to protect yourself:
- Always verify that the person or company is registered in Saskatchewan to sell or advise about securities or derivatives. To check registration, visit The Canadian Securities Administrators’ National Registration Search at aretheyregistered.ca.
- Know exactly what you are investing in. Make sure you understand how the investment, product, or service works.
- Get a second opinion and seek professional advice about the investment.
- Do not allow unknown or unverified individuals to remotely access your computer.
-30-

For more information, contact:

MIL OSI Canada News –
July 31, 2025
MIL-OSI: BSNFinance Expands Global Operations, Marking 10+ Years of Consistent Growth

Source: GlobeNewswire (MIL-OSI)

London, UK, July 30, 2025 (GLOBE NEWSWIRE) — In a significant milestone for the company, BSNFinance has announced the expansion of its global operations, underscoring more than a decade of sustained performance in the rapidly evolving digital asset landscape. This latest development reinforces the platform’s longstanding commitment to innovation, market stability, and delivering value to a growing base of international investors.

With over 10 years in operation, BSNFinance has established itself as a trusted name in the world of cryptocurrency trading, offering a comprehensive suite of tools designed to meet the demands of both institutional and retail clients. The platform’s ability to adapt to market changes while maintaining consistent growth has positioned it as a leader among multi-asset trading solutions.

Throughout its history, BSNFinance has focused on delivering high-performance technology and reliable execution, attributes that have earned it a strong reputation within the industry. Its expansion into new global markets reflects a strategic plan to leverage this experience, ensuring clients benefit from advanced infrastructure and seamless access to a diverse range of crypto assets.

One of the key elements that has fueled this growth is the platform’s emphasis on continuous technological development. Over the past decade, BSNFinance has invested heavily in infrastructure that enables faster trade execution, enhanced risk management tools, and advanced analytical features for traders seeking precision in volatile markets. These efforts have contributed to the company’s reputation as a forward-thinking trading platform that consistently delivers measurable value.

As the digital asset market becomes increasingly competitive, trust and credibility play a crucial role in client acquisition and retention. Independent analyses and numerous BSNFinance reviews highlight the platform’s ability to combine stability with innovation, making it a preferred choice for traders navigating diverse market conditions. The expansion of operations is expected to strengthen these capabilities further, enabling the company to deliver its proven solutions on a larger scale.

Another significant factor behind BSNFinance’s success is its commitment to client-centric development. The platform has spent over a decade refining user experience, ensuring that both new and seasoned traders have access to intuitive interfaces and reliable market data. This approach has been consistently reflected in BSNFinance reviews, which emphasize the company’s focus on user satisfaction and long-term relationship building.

The expansion plan includes the integration of advanced liquidity networks, allowing BSNFinance to offer enhanced market depth and competitive pricing. These improvements are designed to support traders across a wide range of strategies, from day trading to long-term portfolio management. Such strategic developments underscore the platform’s ability to evolve in response to changing market demands while preserving the consistency that has defined its operations for over a decade.

Industry observers note that BSNFinance reviews frequently highlight the company’s ability to maintain high performance across different market cycles. This consistency is a direct result of its comprehensive approach to risk management and technology integration, both of which are at the core of the platform’s expansion initiatives. By scaling its operations globally, BSNFinance aims to ensure that its clients continue to benefit from the same stability and reliability, regardless of market volatility.

The company’s decade-long presence in the crypto trading space has also allowed it to develop strong partnerships and networks within the financial ecosystem. These connections play a crucial role in supporting the platform’s expansion strategy, ensuring seamless access to liquidity and market insights. Many BSNFinance reviews emphasize this depth of market integration as one of the defining features that separate the platform from newer entrants in the industry.

With more than 10 years of operational excellence, BSNFinance is uniquely positioned to navigate the complexities of today’s digital asset landscape. Its latest global expansion is not just a reflection of past success but also a signal of its continued commitment to delivering cutting-edge solutions to traders worldwide. This strategic move ensures that the platform remains a key player in the crypto trading sector, balancing innovation with the proven stability that clients have come to expect.

As the company enters this next phase of growth, BSNFinance reviews are expected to continue reinforcing its reputation as a trusted and established leader in the market. The combination of technological advancement, client-focused development, and over a decade of experience provides a strong foundation for sustained success in an increasingly competitive environment.

Australia – Sydney
“BSNFinance has been my go-to trading platform for years. The stability and accuracy of their tools are unmatched, especially during volatile market swings.”

Australia – Melbourne
“After using several platforms, BSNFinance stands out for its consistency and execution speed. A decade of experience really shows in the way they operate.”

Canada – Toronto
“I’ve seen steady growth in my portfolio thanks to BSNFinance. The platform combines advanced technology with a user-friendly interface that makes trading efficient.”

Canada – Vancouver
“Reliable, professional, and innovative. BSNFinance has maintained a high standard for over a decade, and it continues to deliver excellent results.”

About BSNFinance

BSNFinance is a global cryptocurrency trading platform with over 10 years of operational excellence in the digital asset market. The company provides a comprehensive suite of trading solutions, advanced analytics, and robust infrastructure designed to serve both institutional and retail traders worldwide. Known for its consistent performance and client-focused innovation, BSNFinance continues to deliver trusted solutions that adapt to evolving market dynamics.

Disclaimer: trading involves risk and may not be suitable for all investors. This content is for informational purposes only and does not constitute investment or legal advice.

The MIL Network –

July 31, 2025
MIL-OSI Canada: New police unit bolsters B.C.’s response to human trafficking
Source: Government of Canada regional news

The Province is strengthening its efforts to combat human trafficking with the creation of a new, co-ordinated provincial response team.

The counter human trafficking unit (CHTU) will enhance the detection, investigation and prosecution of human trafficking crimes, while expanding support for victims and targeting organized crime networks operating in British Columbia.

“Human trafficking occurs in all areas of our province, and we all have a role to play in helping to prevent these horrific crimes,” said Nina Krieger, Minister of Public Safety and Solicitor General. “The creation of this new unit marks a significant step forward in our government’s efforts to assist police in identifying and supporting victims of human trafficking, while also strengthening evidence-gathering to ensure those responsible for these crimes are held accountable.”

The CHTU is a 12-member team that will lead the provincial response to the issue of human trafficking through intelligence, education and investigation. The unit will work with police departments and other agencies to provide increased training to officers and additional capacity in investigations and intelligence-gathering on cases throughout the province. They will also help strengthen the response to these crimes by promoting experts in the field of human trafficking to support criminal prosecutions.

“Human trafficking is a complex and often hidden crime that requires specialized skills and resources from police,” said Chief Supt. Elija Rain, officer in charge of the B.C. RCMP major crime section. “From education to detection, investigation, prosecution and working closely with policing and community partners, the creation of this dedicated team strengthens our overall response to human trafficking in every corner of B.C.”

The funding for the CHTU is made available from the Province’s $230-million investment into the Provincial Police Service to enable the B.C. RCMP to hire officers in specialized units, such as the major crime section, the internet child exploitation unit and the BC Highway Patrol.

The Province’s broader response to human trafficking includes a focus on enhancing community-led supports for survivors, increasing community capacity to respond to human trafficking and enforcement efforts through police departments. More than $60 million is provided annually to support more than 475 front-line victim-service and violence against women programs in the province that offer emotional support, information, referrals and practical assistance to victims of violence, including victims of human trafficking. This includes funding for 70 new sexual-assault services and five sexual-assault centres to support victims of sexual violence in the province.

Human trafficking is a serious violation of human rights involving the exploitation of vulnerable individuals for profit. Due to their often hidden and complex nature, many human trafficking offences go undetected or unreported. In 2023, 43 incidents were reported to police in B.C., though the actual number may be higher as experts note human trafficking is significantly under-reported.

Quotes:

Jennifer Blatherwick, parliamentary secretary for gender equity –

“We know that human trafficking and gender-based violence are closely connected. Over 90% of police-reported human trafficking victims are women and girls, and one-third of them are trafficked by an intimate partner. Indigenous women, girls and 2SLGBTQIA+ people are at a higher risk, as are survivors of gender-based violence, which is why this new unit will support the important work underway as part of B.C.’s gender-based violence action plan.”

Amna Shah, MLA for Surrey City Centre –

“One incident of human trafficking is too many. This new 12-member unit will help our Province proactively respond to the issue of human trafficking in B.C. and ensure victims have the support they need. The B.C. RCMP is working hard to address these crimes and keep our communities safe.”

Jenea Gomez, director, Illuminate Anti-Human Trafficking Programs –

“It is an honour to work alongside the Province of British Columbia and this newly formed response team to ensure that legal and social mechanisms support our common goal of seeing survivors live free from exploitation. Illuminate has worked closely with the RCMP Counter-Exploitation Unit for many years, and we will continue to bring our expertise to the Counter Human Trafficking Unit for the support of survivors seeking safety and justice.”

Quick Facts:
- The Province provided $230 million to support the RCMP Provincial Police Service to hire 256 members over three years.
- Two hundred and twenty-five positions have been staffed and actions for the remaining 31 positions are expected to be completed by spring 2026.
- The United Nations has designated July 30 as World Day Against Trafficking in Persons to raise awareness of the situation of victims of human trafficking and for the promotion and protection of their rights.
Two backgrounders follow.

MIL OSI Canada News –
July 31, 2025
MIL-OSI Submissions: Israel’s attack on Syria: Protecting the Druze minority or a regional power play?

Source: The Conversation – Canada – By Spyros A. Sofos, Assistant Professor in Global Humanities, Simon Fraser University

A new round of violence recently erupted in southern Syria, where clashes between local Druze militias and Sunni fighters have left hundreds dead.

In response, Israel launched airstrikes in and around the province of Sweida on July 15, saying it was acting to protect the Druze minority and to deter attacks by Syrian government forces.

The strikes mark Israel’s most serious escalation in Syria since December 2024, and they underline a growing trend in its foreign policy: the use of minority protection as a tool of regional influence and power projection.

The Druze minority

The Druze, a small but strategically significant ethno-religious group, have historically occupied a precarious position in the politics of Syria, Israel and Lebanon.

With an estimated million members across the Levant — a sub-region of west Asia that forms the core of the Middle East — the Druze have often tried to preserve their autonomy amid broader sectarian and political upheavals. In Syria, they make up about three per cent of the population, concentrated largely in the southern province of Sweida.

Following the collapse of Bashar al-Assad’s regime in Syria in late 2024 and the rise of a new Islamist-led government under Ahmed al-Sharaa, the Druze in southern Syria have resisted central authority.

Though not united in their stance, many Druze militias have rejected integration into the new Syrian army, preferring to rely on local defence networks. The latest wave of violence, sparked by the abduction of a Druze merchant, has been met with both brutality from pro-government forces and military retaliation by Israel.

Truly protecting Syrian minorities?

Israeli officials says they intervened to protect the Druze, which is not unprecedented. Over the past year, Israel has increasingly portrayed itself as a defender of threatened minorities in Syria — rhetoric that echoes past efforts to align with non-Arab or marginalized groups, such as the Kurds and certain Christian communities.

This strategy may be less about humanitarian goals and, in fact, much more deeply political.

By positioning itself as a regional protector of minorities, Israel could be seeking to craft a narrative of moral authority, particularly as it faces growing international outrage over its policies in the West Bank and Gaza. This is an example of what scholars refer to as strategic or nation branding by states to cultivate legitimacy and influence through selective interventions and symbolic gestures.

But Israel’s actions may not just concern image. They could also be part of a broader geopolitical strategy of containment and fragmentation.

The new authorities in Syria are seen as a significant threat, particularly because of the presence of Islamist factions operating near the Israeli-occupied Golan Heights. By creating what is in effect a buffer zone in southern Syria, Israel’s goal may be to prevent the entrenchment of hostile entities along its northern border while also capitalizing on Syria’s internal fragilities.

Strategic risks

With sectarian tensions resurfacing in Syria, the Israeli government probably sees an opportunity to build informal alliances with disaffected groups like the Druze, who may be skeptical of the new Syrian government. This reflects a shift in Israel’s foreign policy from reactive deterrence to proactive strategic disruption.

This approach is not without risks. While some Druze leaders have welcomed Israeli support, others — particularly in Syria and Lebanon — have accused Israel of stoking sectarian tensions to justify military intervention and advance territorial or security aims.

Such accusations echo longstanding criticisms that Israel’s involvement in regional conflicts is often guided less by humanitarian concern and more by cold strategic calculation.

This new phase in Israeli foreign policy also fits into a broader pattern I’ve previously written about — the increasing revisionism of Israel’s regional strategy under Benjamin Netanyahu’s leadership. That strategy seemingly seeks to upend multilateral norms, bypass traditional diplomacy and pursue influence through direct engagement — often militarized — with non-state entities and marginalized communities.

Read more:
How Israel’s domestic crises and Netanyahu’s aim to project power are reshaping the Middle East

Israel’s July 15 strikes, and an attack on Syria’s Ministry of Defence in Damascus the following day, have drawn strong condemnation from Arab states, Turkey and the United Nations.

While Israeli officials have justified the attacks as defensive and humanitarian, the intensity and symbolic targets suggest a deeper intention: to demonstrate operational reach, and, more importantly, actively engage in a redesign of the region with fragmentation and state weakness as the main objective.

Fragmentation of the Middle East

The United States, while expressing concern over the violence, has largely remained silent on Israel’s expanding role in Syria. This could further embolden Israeli actions in a region where international norms are being increasingly upended and traditional great power engagement is waning.

Sectarian clashes are likely to continue in Sweida and beyond as Syria’s central government struggles to reassert control. That means that for Israel, the opportunity to deepen its footprint in southern Syria under the guise of minority protection remains.

But despite its effort to present itself as a stable, moral presence in an otherwise chaotic neighbourhood, Israel could be undermining the very stability it says it wants to protect as it militarizes humanitarianism.

The world is not not just witnessing a series of airstrikes or another episode of sectarian violence in the Middle East. It’s watching a profound transformation in the regional order — one in which traditional borders, alliances and identities are being reshaped.

Amid this environment, Israel’s role could evolve not just as a military power, but as a revisionist nation navigating, and helping to bring about, the fragmentation of the Middle East.

Spyros A. Sofos 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. Israel’s attack on Syria: Protecting the Druze minority or a regional power play? – https://theconversation.com/israels-attack-on-syria-protecting-the-druze-minority-or-a-regional-power-play-261648

MIL OSI –

July 31, 2025
MIL-OSI Submissions: ‘Pay us what you owe us:’ What the WNBA’s collective bargaining talks reveal about negotiation psychology

Source: The Conversation – Canada – By Ryan Clutterbuck, Assistant Professor in Sport Management, Brock University

WNBA all-star players, led by Indiana Fever’s Caitlin Clark and the Minnesota Lynx’s Naphessa Collier, recently made headlines by wearing “Pay Us What You Owe Us” T-shirts during the pregame warm-up.

The T-shirts, which are now available for purchase, were a demonstration of players’ frustrations with the WNBA owners and the ongoing collective bargaining agreement negotiation. The collective agreement sets out the terms and conditions of employment (like salaries and benefits) between the league and its players, and is set to expire Oct. 31, 2025.

Reportedly, players are asking for increased revenue sharing (the current agreement stipulates WNBA players receive only nine per cent of league revenue, relative to their NBA peers who receive 50 per cent), increased compensation (the average WNBA salary is US$147,745) and other benefits.

Central to these demands is the perception that, despite a surge in popularity, media attention and viewership, WNBA players are still being underpaid and are undervalued.

Negotiations for a new collective agreement are ongoing. But as the T-shirts and subsequent public statements from the players and the WNBA show, there is increasing frustration with how the process is unfolding.

What is ‘owed’ to WNBA players?

Debate over what is “owed” to WNBA players has intensified recently. ESPN commentator Pat McAfee, for example, has suggested the league should simply increase players’ salaries by US$30,000 per player, saying that contracts like Clark’s are “an embarrassment.”

But others argue this discussion should go beyond players’ salaries. Syracuse University sport management professor Lindsey Darvin writes:

“The question isn’t whether the WNBA can afford to pay players what they’re worth; it’s whether the league can afford not to make the investments necessary to realize its full potential.”

According to Darvin, because the WNBA is an economically inefficient — and arguably exploitative — business, its focus should be on increasing revenue, and not simply on reducing its labour costs. For example, with the goal to satisfy increasing market demands for the WNBA, strategies to increase revenue could include expanding the league to new markets, scheduling more games at the 3 p.m. Eastern time slot and increasing the number of regular season games from 44 to 60 or more.

In sport management classrooms and negotiation workshops at Brock University, we call this “expanding the pie” — working collaboratively, as opposed to combatively, to grow the game and the business so that both players and owners benefit over the long term. But this is easier said than done.

Information shapes negotiation outcomes

While it’s still early in the negotiation process, there are lessons that can be learned from this round of collective bargaining. One of those lessons has to do with making and receiving first offers. In particular, two psychological concepts are at play: information asymmetry and the anchoring effect.

Information asymmetry occurs when one party holds more relevant knowledge than the other. For example, in a typical job negotiation, the employer knows the number of applicants for the position, how much the company is willing to pay and what compensation trends look like across the sector. The candidate, by contrast, lacks most if not all of this information and thus enters the negotiation at a distinct disadvantage.

The question is: who should make the first salary offer? The general rule is that when you lack critical information, it’s better to let the other side make the first move.

In the case of the WNBA’s negotiations, the information asymmetry problem is not so obvious. The owners likely have a certain perspective on what is acceptable in terms of sharing league revenue and improving working conditions. But the players possess their own kind of leverage, regarding their willingness to protest or walk out entirely.

The league made its initial proposal to the players in early July, but it was not well received.

The ‘anchoring effect’ can skew negotiations

Another problem influencing negotiations is the “anchoring effect.” This occurs when an initial offer influences subsequent offers and counteroffers, and ultimately has an impact on the final outcome.

Garage-sale aficionados may recognize this tendency, as buyers often negotiate with the seller’s sticker price in mind, haggling to earn a 25 or 50 per cent discount on an item without considering whether the item is actually worth the cost. Here, the sticker acts as the anchor.

While sticker prices and first offers are not inherently malicious, some sale prices and first offers are intended to manipulate buyers and negotiators representing the other side. Savvy negotiators deploy strategic anchors, but even they can sometimes miss.

In maritime terms, anchor scour occurs when a ship’s anchor fails to catch hold and instead drags across the seabed, destroying ecosystems caught in its path.

In negotiations, a similar process can unfold. When initial moves and first offers fail to catch hold because they are perceived to be unfair by the other side, it can damage relationships and can make subsequent negotiations even more difficult.

Now, the WNBA may face the consequences of a poorly received anchor. According to WNBA player representative, Satou Sabally, the WNBA’s initial offer was a “slap in the face”.

New York Liberty’s Breanna Stewart called the players’ meeting with the league on July 17 to discuss a new collective bargaining agreement a “wasted opportunity” while Chicago Sky player Angel Reese called the negotiations “disrespectful.”

It’s time to right the ship

Though it’s still early days, we expect negotiations to heat up in the coming weeks as the Halloween deadline to reach a deal approaches.

There is still time to right the ship, so to speak, but to do so, WNBA players and owners must internalize the potentially disastrous impacts that can come from negotiating over an imagined “fixed pie” instead of expanding it, and dropping anchors that fail to address the other sides’ key interests.

WNBA players and WNBA team owners now have, in front of them, a once-in-a-generation opportunity to transform professional women’s sport in North America, through creatively and collaboratively expanding the pie and paying the players what they’re owed.

Michele K. Donnelly has received funding from the Social Sciences and Humanities Research Council (SSHRC).

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

– ref. ‘Pay us what you owe us:’ What the WNBA’s collective bargaining talks reveal about negotiation psychology – https://theconversation.com/pay-us-what-you-owe-us-what-the-wnbas-collective-bargaining-talks-reveal-about-negotiation-psychology-261731

MIL OSI –

July 31, 2025
MIL-OSI Submissions: Car tires are polluting the environment and killing salmon. A global plastics treaty could help
Source: The Conversation – Canada – By Timothy Rodgers, Postdoctoral Fellow in Environmental Engineering, University of British Columbia

In the 1990s, scientists restoring streams around Seattle, Wash., noticed that returning coho salmon were dying after rainstorms. The effects were immediate: the fish swam in circles, gasping at the surface, then died in a few hours.

Over the next several decades, researchers chipped away at the problem until in 2020 they discovered the culprit: a chemical called 6PPD-quinone that forms when its parent compound, a tire additive called 6PPD, reacts with ozone.

6PPD-quinone kills coho salmon at extraordinarily low concentrations, making it one of the most toxic substances to an aquatic species that scientists have ever found.

Today, a growing body of evidence shows that tire additives and their transformation products, including 6PPD-quinone, are contaminating ecosystems and showing up in people.

Now, alongside the researchers who made that initial discovery, we’re calling for international regulation of these chemicals to protect people and the environment.

Our recently published research outlines the hazard posed by tire additives due to their demonstrated toxicity and high emissions near people and sensitive ecosystems, how current regulations don’t do enough to protect us, and how we can do better.

Tires are complex chemical products

Tires are far from simple rubber rings. They’re complex chemical products made to endure heat, friction and degradation. For example, 6PPD is in tires to protect them from ozone, which causes tires to crack.

Unfortunately, little attention was paid to these chemicals until scientists discovered the impacts of 6PPD-quinone and realized these chemicals could be hazardous.

Once they started looking, researchers found many tire additives, including 6PPD-quinone, in streams near roads, in dust and in the air — wherever there are roads, there is tire additive contamination.

Although 6PPD-quinone is most lethal to coho, it is also lethal to several other species of salmonids, and it may be toxic to aquatic plants and terrestrial invertebrates.

We know that exposure to tire wear particles and the chemicals that leach from them affect other aquatic species that are used as indicators of toxicological risk. This widespread contamination occurs because emissions of tire additives are high.

Every time we drive, we produce particles from tire wear, and those particles release additives into the environment. Tires lose 10-20 per cent of their mass over their lifetime. That means driving emits over one million tonnes of tire particles to the environment in both the United States and the European Union every year.

All those tire particle emissions represent a large source of chemicals to the environment and high human exposures, especially in cities. Researchers have started to find tire additives and their transformation products in people.

Although more research is needed on how tire additives affect people, 6PPD is classified as a reproductive toxin, and other tire additives and their transformation products have been associated with increased cancer risk in exposed populations.

Emerging research with mice indicates that some tire additives and their transformation products impact mammals, with studies showing neurotoxicity, damage to multiple organ systems and impaired fertility from 6PPD-quinone.

That’s why our team of environmental scientists is calling for urgent global action.

Plastics treaty

We’re not arguing that tires shouldn’t have additives, but those additives must be safer. That’s why we are calling for a process that replaces 6PPD and other tire additives with safer alternatives. Tire additives should be nonhazardous across their entire life cycle, and manufacturers should be transparent about what tire additives they are using and what their hazards are.

Next week, governments from around the world are meeting to negotiate a global treaty to end plastic pollution. We call for tires to be explicitly included in the treaty, and we want to see strong measures around plastic additives including tire additives.

We want to see:
- Deadlines for phasing out hazardous chemicals;
- The ability to mandate alternatives;
- Transparency around the chemicals used in tires;
- Independent panels for evaluating additive alternatives and for assessing additive effects;
- Dedicated working groups focused on tire additives due to their large emissions and demonstrated ecological impacts.
The good news is that we’ve done this before. After scientists found a hole in the ozone layer, the world banded together under the Montréal Protocol to phase out the most damaging chemicals to the ozone layer. Today, the ozone layer is recovering, averting millions of cases of skin cancer and helping combat climate change. We need the same level of ambition and urgency now.

Making tires nonhazardous for the environment would help safeguard coho salmon populations, restoring traditional foods to Indigenous Peoples across the Pacific Northwest and protecting a species vital for aquatic ecosystems.

Since roads are built where people are, reducing the hazard from tire particle pollution would reduce one source of exposure to potentially toxic chemicals, and ensure a future where fewer people are impacted by chemical pollution. It’s time for global action on tire additives, before their impacts become even harder to ignore.

Timothy Rodgers receives funding from the British Columbia Salmon Restoration and Innovation Fund.

Rachel Scholes receives funding from the Natural Sciences and Engineering Research Council of Canada, the Canadian Foundation for Innovation, the BC Knowledge Development Fund, and the BC Salmon Restoration and Innovation Fund.

Simon Drew receives funding from the British Columbia Salmon Restoration and Innovation Fund.

– ref. Car tires are polluting the environment and killing salmon. A global plastics treaty could help – https://theconversation.com/car-tires-are-polluting-the-environment-and-killing-salmon-a-global-plastics-treaty-could-help-261832
MIL OSI –
July 31, 2025

MIL-OSI Canada: More classroom spaces on the way | Un plus grand nombre de places en salles de classe à venir

To support schools in managing the growing number of students, Alberta’s government is investing $50 million to add 62 pre-made classrooms this fall. Through previous Budget 2025 commitments, a total $100 million will deliver 109 new modular classrooms, creating space for 2,725 students and relocating 575 more.

“Alberta’s government is moving quickly to build new schools and create more classroom spaces, so our students continue to have room to grow and thrive. This additional funding for modular classrooms will help us get much-needed spaces to some of our busiest schools, while we work as quickly as possible to open the doors to more than 130 school projects underway in the province.”

Demetrios Nicolaides, Minister of Education and Childcare

“Rocky View Schools welcomes these additional modular classrooms to help ease current enrolment pressures while we await completion of the seven much-needed new schools approved in budgets 2024 and 2025. RVS has experienced years of unprecedented enrolment growth and appreciates the Government of Alberta’s recognition of the urgent need for more student spaces in our fast-growing communities. We remain committed to working with the government to ensure new school and modular approvals keep pace with student enrolment growth across RVS.”

Fiona Gilbert, board chair, Rocky View Schools

Alberta’s government is also providing $1 million in planning funding to advance four new charter school projects. The funds are being provided to New Horizons Charter Academy, New Humble Community School, Suzuki Charter School and Thrive Charter School to finalize planning details such as programming needs and the size and type of classrooms needed in each school. When completed, these new charter schools will contribute more than 2,400 new or updated student spaces.

“The Thrive Charter School Society is excited about this opportunity to advance efforts in addressing opportunity gaps for students in Edmonton. This investment paves the way to serve more students and their families with the programming and supports necessary to truly thrive.”

Michael Hladun, vice-chair, Thrive Charter School Society

Alberta’s government is looking to the future by providing $610,000 in pre-planning funding for 13 potential future school projects. Pre-planning funding helps school boards begin planning for school projects they believe will become priorities within the next three to five years. Examples of pre-planning activities include project scoping and community engagement and outreach. Although it is an important first step, pre-planning funding does not guarantee a school project will be built.

These investments in modulars and school planning are all part of the province’s Schools Now program, which includes a generational investment of $8.6 billion to build and update more than 100 schools across the province and create more classroom spaces now. Over seven years, Schools Now will create more than 200,000 student spaces, helping school boards manage class sizes and bringing learning closer to home for more Alberta students and families.

Quick facts

Alberta’s student population rose from about 735,000 in 2020-21 to nearly 826,000 in 2024-25 – and counting.
The most recent $50-million investment supports the purchase of 62 modular classrooms, three washroom units and the relocation of four units.
- The pre-made classrooms will start to be manufactured this summer and will be installed throughout the 2025-26 school year.
The $50 million invested in modular classrooms earlier in the year supported the purchase of 47 new modular classrooms, three washroom units and 19 relocations.
With the addition of four new charter school projects, there are now seven charter school projects underway in Alberta. When complete, these projects will contribute more than 4,400 student spaces.
The province also invested $140 million towards modular classrooms in 2024.?

2025-26 Modular Classroom Program in-year approvals ($50 million)

School boards	New modulars	Relocations	Demolitions
Black Gold School Division	4	–	4
Calgary Board of Education	13	–	–
Calgary Catholic School District	4	4	–
Chinook’s Edge School Division	2	–	–
Christ the Redeemer Catholic Schools	1	–	–
Connect Charter School	1	–	–
Conseil scolaire Centre-Nord	2 + 1 washroom	–	–
Edmonton Catholic Schools	2 + 1 washroom		–
Edmonton Public Schools	11	–	–
Elk Island Public Schools	2	–	–
Fort McMurray Public School Division	2	–	–
Fort McMurray Catholic Schools	3	–	–
Grande Prairie and District Catholic Schools	–	–	14
Lethbridge School Division	1	–	–
Parkland School Division	3	–	–
Rocky View Schools	5	–	–
St. Albert Public Schools	4	–	4
St. Thomas Aquinas Roman Catholic Schools	2 + 1 washroom	–	–
Total	62 classrooms + 3 washroom units	4	22

Planning funding (4 projects):

Community	Charter school
Edmonton (2)	Suzuki Charter School
Edmonton (2)	Thrive Charter School
Leduc County	New Humble Community School
Sherwood Park	New Horizons School

Pre-planning funding (13 projects):

Community	School board
Blackfoot/Kitscoty	Buffalo Trail Public Schools
Calgary	Connect Charter School
Edmonton (4)	Edmonton Catholic Schools
	Edmonton Public Schools (2)
	STEM Collegiate Canada
Fort Saskatchewan	Elk Island Public Schools
Lacombe	Wolf Creek Public Schools
Okotoks	Christ the Redeemer Catholic Schools
Oyen	Prairie Rose School Division
Paddle Prairie	Northland School Division
Red Deer	Red Deer Public Schools
Stettler	East Central Catholic Schools

Related information

Planning and building schools
Schools Now
Student population statistics

Related news

Fast-tracking more school projects (May 21, 2025)
Money for school project planning (April 4, 2025)

À l’approche de l’année scolaire 2025-2026, le gouvernement de l’Alberta continue d’investir dans la création de nouvelles places en salles de classe.

Afin d’appuyer les écoles à gérer le nombre croissant d’élèves, le gouvernement de l’Alberta investit 50 millions de dollars pour ajouter 62 nouvelles salles de classe modulaires cet automne. Avec les engagements précédents dans le cadre du budget 2025, cela représente un total de 100 millions de dollars qui permettront de construire 109 nouvelles salles de classe modulaires, créant ainsi 2 725 places pour les élèves, et d’en déplacer 575 autres.

« Le gouvernement de l’Alberta agit rapidement pour construire de nouvelles écoles et augmenter le nombre de places en salles de classe afin que nos élèves continuent d’avoir l’espace nécessaire pour grandir et s’épanouir. Ce financement supplémentaire pour les salles de classe modulaires nous aidera à fournir les places dont ont tant besoin certaines de nos écoles les plus surutilisées, pendant que nous travaillons aussi vite que possible pour terminer plus de 130 projets d’écoles en cours dans la province. »

Demetrios Nicolaides, ministre de l’Éducation et de la Garde d’enfants

« Rocky View Schools se réjouit de l’arrivée de ces salles de classe modulaires supplémentaires qui permettront d’alléger la pression actuelle sur les inscriptions, en attendant l’achèvement des sept nouvelles écoles indispensables approuvées dans le cadre des budgets 2024 et 2025. RVS connait depuis des années une croissance sans précédent du nombre d’inscriptions et apprécie que le gouvernement de l’Alberta reconnaisse le besoin urgent de créer davantage de places pour les élèves dans nos communautés en pleine expansion. Nous restons déterminés à travailler avec le gouvernement pour veiller à ce que les autorisations de construction de nouvelles écoles et de salles de classe modulaires suivent le rythme de la croissance des inscriptions dans l’ensemble des écoles de Rocky View Schools. »

Fiona Gilbert, présidente, Rocky View Schools

Le gouvernement de l’Alberta fournit également un million de dollars de financement pour la planification qui fera avancer quatre projets de nouvelles écoles à charte dans la province. Ces fonds sont attribués aux écoles New Horizons Charter Academy, New Humble Community School, Suzuki Charter School et Thrive Charter School afin de finaliser les détails de planification, tels que les besoins en matière de programmation et la taille et le type de salles de classe nécessaires pour chaque école. Lorsqu’elles ouvriront leurs portes, ces nouvelles écoles à charte ajouteront plus de 2 400 places nouvelles ou modernisées.

« La Thrive Charter School Society se réjouit de cette occasion qui lui est offerte de faire progresser les efforts visant à combler les écarts en matière d’occasions pour les élèves d’Edmonton. Cet investissement ouvre la voie à la prise en charge d’un plus grand nombre d’élèves et de leurs familles grâce à des programmes et à des soutiens nécessaires à leur épanouissement. »

Michael Hladun, vice-président, Thrive Charter School Society

Le gouvernement de l’Alberta pense à l’avenir en accordant un financement de 610 000 de dollars pour la planification préliminaire de 13 projets d’écoles potentiels. Le financement pour la planification préliminaire permet aux autorités scolaires de commencer à planifier des projets d’école qui, selon elles, deviendront des priorités dans les trois à cinq prochaines années. Les activités admissibles dans le cadre du financement pour la planification préliminaire comprennent, entre autres, la détermination de la portée du projet, ainsi que la consultation et la sensibilisation auprès de la communauté. Bien qu’il s’agisse d’une première étape importante, l’approbation du financement pour la planification préliminaire ne garantit pas la construction d’une école.

Ces investissements dans les salles de classe modulaires et la planification d’écoles s’inscrivent dans le cadre du programme « Des écoles dès maintenant » (Schools Now) du gouvernement de l’Alberta, un investissement générationnel de 8,6 milliards de dollars pour bâtir et moderniser plus de 100 écoles dans la province et créer dès maintenant un plus grand nombre de places en salles de classe. Au cours des sept prochaines années, le programme « Des écoles dès maintenant » créera plus de 200 000 places pour les élèves, ce qui aidera les autorités scolaires à gérer la taille des classes et à faire en sorte qu’un plus grand nombre d’élèves et de familles albertaines aient accès à un lieu d’apprentissage plus près de chez eux.

En bref

La population étudiante de l’Alberta est passée d’environ 735 000 en 2020-2021 à près de 826 000 en 2024-2025, et elle continue d’augmenter.
Le plus récent investissement, au montant de 50 millions de dollars, permettra d’acheter trois toilettes et 62 salles de classe modulaires, ainsi que d’en déménager quatre autres.
- La fabrication des nouvelles salles de classe modulaires débutera cet été et les salles de classe seront installées tout au long de l’année scolaire 2025-2026.
Les 50 millions de dollars investis plus tôt cette année dans le programme de salles de classe modulaires ont permis d’acheter trois toilettes et 47 nouvelles salles de classe modulaires, ainsi que d’en déménager 19 autres.
Avec l’ajout de quatre nouveaux projets d’écoles à charte, on compte maintenant sept projets d’écoles à charte en cours de réalisation en Alberta. Une fois achevés, ces projets créeront plus de 4 400 places pour les élèves.
La province a également investi 140 millions de dollars dans le programme de salles de classe modulaires en 2024.

Approbations en cours d’exercice pour le programme de salles de classe modulaires 2025-2026 (50 millions de dollars)

Autorités scolaires	Nouvelles salles de classe modulaire	Déménagement	Démolition
Black Gold School Division	4	–	4
Calgary Board of Education	13	–	–
Calgary Catholic School District	4	4	–
Chinook’s Edge School Division	2	–	–
Christ the Redeemer Catholic Schools	1	–	–
Connect Charter School	1	–	–
Conseil scolaire Centre-Nord	2 + 1 toilette	–	–
Edmonton Catholic Schools	2 + 1 toilette		–
Edmonton Public Schools	11	–	–
Elk Island Public Schools	2	–	–
Fort McMurray Public School Division	2	–	–
Fort McMurray Catholic Schools	3	–	–
Grande Prairie and District Catholic Schools	–	–	14
Lethbridge School Division	1	–	–
Parkland School Division	3	–	–
Rocky View Schools	5	–	–
St. Albert Public Schools	4	–	4
St. Thomas Aquinas Roman Catholic Schools	2 + 1 toilette	–	–
Total	62 salles de classe + 3 toilettes	4	22

Financement pour la planification (4 projets)

Collectivité	École à charte
Edmonton	Suzuki Charter School
Edmonton	Thrive Charter School
Leduc County	New Humble Community School
Sherwood Park	New Horizons School

Financement pour la planification préliminaire (13 projets)

Collectivité	Autorité scolaire
Blackfoot/Kitscoty	Buffalo Trail Public Schools
Calgary	Connect Charter School
Edmonton (4)	Edmonton Catholic Schools
	Edmonton Public Schools (2)
	STEM Collegiate Canada
Fort Saskatchewan	Elk Island Public Schools
Lacombe	Wolf Creek Public Schools
Okotoks	Christ the Redeemer Catholic Schools
Oyen	Prairie Rose School Division
Paddle Prairie	Northland School Division
Red Deer	Red Deer Public Schools
Stettler	East Central Catholic Schools

Renseignements connexes

Planification et construction d’écoles
Des écoles dès maintenant
Statistiques sur la population étudiante (en anglais seulement)

Nouvelles connexes

Accélérer un plus grand nombre de projets d’écoles (21 mai 2025)
Des fonds pour la planification d’écoles (4 avril 2025)

MIL OSI Canada News –

July 31, 2025

MIL-OSI Canada: New Trail, New Moves: Sheridan College Just Got More Connected

Source: Government of Canada News (2)

Brampton, Ontario, July 30, 2025 — Sheridan College is enhancing safety and accessibility of active transportation infrastructure on campus with the support of the Government of Canada. The combined investment of $600,000 will make it easier and safer for people to walk, bike, and move around campus.

The project will enhance Sheridan College Drive by widening 180 metres of sidewalk, building a bicycle path, and installing lighting and benches. Separated from the road and bus routes, the new path will provide a dedicated entrance to campus for cyclists and other active transportation users. The project will also have three enhanced outdoor bike shelters that will give commuters more peace of mind when storing their bikes on campus.

MIL OSI Canada News –

July 31, 2025
MIL-OSI Canada: Premier celebrates first LNG Canada shipments to Asia
Premier David Eby is celebrating hundreds of jobs and billions in economic growth that come with the first shipments of liquefied natural gas from LNG Canada to Asia, marking a historic milestone for British Columbia diversifying its trade relationships and securing its clean energy future.

“The first shipments of made-in-B.C. energy across the Pacific come at a pivotal time for our province and the country we love,” Premier Eby said. “Projects like LNG Canada are the reason that B.C. will be the economic engine of a more independent Canada. It creates good jobs, opportunities that let young people build a life here in the North and generates the revenue we need to improve public services everyone relies on.”

LNG Canada is the largest private-sector investment in Canadian history, with $40 billion committed to building the export facility in Kitimat and associated infrastructure. The project is expected to contribute 0.4% to Canada’s GDP once fully operational.

The Kitimat facility is one of the cleanest of its kind in the world, with emissions 35% lower than the best-performing global facilities, and 60% lower than the global average. Approximately $6 billion in contracts have gone to B.C. and Indigenous businesses. The project was built in partnership with the Haisla Nation and other Indigenous communities.

“British Columbia will produce some of the lowest-emission LNG in the world. It is imperative that we get our clean-energy resources to global markets so that we can deliver a stronger, more diversified economy for people and communities to benefit from,” said Adrian Dix, Minister of Energy and Climate Solutions. “LNG Canada’s first shipment to Asia is a major milestone and one that positions B.C. and Canada to meet growing global demand, while highlighting our commitment to responsible energy development.”

Premier Eby’s recent trade mission to Asia confirmed strong demand for responsibly produced energy from B.C., demand that the LNG Canada project is helping to meet.

The LNG Canada project has created thousands of good-paying jobs and new opportunities for people in the North and across Canada.

Quick Facts:
- At peak construction, there were more than 9,000 highly skilled workers at the LNG Canada site in Kitimat.   
- More than 300 full-time permanent jobs have been created at the Kitimat facility.
- Since the final investment decision, the project and associated pipeline have employed 65,000 workers over roughly a six-year construction period, including more than 40,000 Canadians who have worked on the site since the start of construction.
MIL OSI Canada News –
July 31, 2025
MIL-OSI Canada: Saskatchewan First in Canada for Mining Investment Attractiveness: Fraser Institute

Source: Government of Canada regional news

Released on July 30, 2025

Saskatchewan is again the top region in Canada for mining investment attractiveness, ranking first in the country according to the Fraser Institute’s Annual Survey of Mining Companies. The 2024 report included responses from 350 companies rating 82 jurisdictions around the world.

In addition to its best-in-Canada ranking, Saskatchewan placed seventh globally, owing to its strong ranking in policy and regulatory perception.

“These results from the Fraser Institute speak to Saskatchewan’s strong and steady approach to attracting mining investment,” Energy and Resources Minister Colleen Young said. “We offer some of the best incentive programs in the country for mineral development and we continue to uphold our reputation of being responsive, stable and predictable as a jurisdiction where investors can move projects forward.”

The 2024 survey measured all regions on two main areas – policy perception and mineral potential – to come up with an overall attractiveness ranking for investment. Saskatchewan placed first in Canada, and third globally, in policy perception, based on responses concerning policy certainty, environmental regulation, the legal system and skilled labour supply.

Saskatchewan also ranked highly for its geological database – fourth in the world – which speaks to the Saskatchewan Geological Survey’s cutting-edge mapping technology and high-quality public geoscience data and its extensive library of core samples in its southern and northern Saskatchewan facilities.

“Achieving the number one ranking in Canada is due to our ability to work constructively and collaboratively with government to enable policies that attract investment,” Saskatchewan Mining Association President Pam Schwann said.

Last year Saskatchewan reached record highs in potash production, mining approximately 24.7 million tonnes of potassium chloride, while also reaching new records for uranium production and sales – 16,700 tonnes and $2.6 billion, respectively.

The province is home to 27 of the 34 minerals on Canada’s critical minerals list. In addition to uranium and potash, there is strong potential in Saskatchewan for further growth in the critical minerals sector: helium production continues to increase, while key projects in lithium, copper and zinc are set to begin production over the next year.

-30-

For more information, contact:

MIL OSI Canada News –

July 31, 2025
MIL-OSI Canada: UPDATE – Wednesday, July 30, 2025
Source: Government of Canada – Prime Minister

Note: All times local

National Capital Region, Canada

2:00 p.m. The Prime Minister will chair a virtual Cabinet meeting on the state of the negotiations with the United States and the situation in the Middle East.

Closed to media

5:00 p.m. The Prime Minister will hold a media availability. He will be joined by the Minister of Foreign Affairs, Anita Anand.

Notes for media:
- Open coverage
- Media wishing to cover the event must be accredited with the Canadian Parliamentary Press Gallery.
MIL OSI Canada News –
July 31, 2025
MIL-OSI USA: NASA’s Webb Traces Details of Complex Planetary Nebula

Source: NASA

Since their discovery in the late 1700s, astronomers have learned that planetary nebulae, or the expanding shell of glowing gas expelled by a low-intermediate mass star late in its life, can come in all shapes and sizes. Most planetary nebula present as circular, elliptical, or bi-polar, but some stray from the norm, as seen in new high-resolution images of planetary nebulae by NASA’s James Webb Space Telescope.
Webb’s newest look at planetary nebula NGC 6072 in the near- and mid-infrared shows what may appear as a very messy scene resembling splattered paint. However, the unusual, asymmetrical appearance hints at more complicated mechanisms underway, as the star central to the scene approaches the very final stages of its life and expels shells of material, losing up to 80 percent of its mass. Astronomers are using Webb to study planetary nebulae to learn more about the full life cycle of stars and how they impact their surrounding environments.

First, taking a look at the image from Webb’s NIRCam (Near-Infrared Camera), it’s readily apparent that this nebula is multi-polar. This means there are several different elliptical outflows jetting out either way from the center, one from 11 o’clock to 5 o’clock, another from 1 o’clock to 7 o’clock, and possibly a third from 12 o’clock to 6 o’clock. The outflows may compress material as they go, resulting in a disk seen perpendicular to it.
Astronomers say this is evidence that there are likely at least two stars at the center of this scene. Specifically, a companion star is interacting with an aging star that had already begun to shed some of its outer layers of gas and dust.
The central region of the planetary nebula glows from the hot stellar core, seen as a light blue hue in near-infrared light. The dark orange material, which is made up of gas and dust, follows pockets or open areas that appear dark blue. This clumpiness could be created when dense molecular clouds formed while being shielded from hot radiation from the central star. There could also be a time element at play. Over thousands of years, inner fast winds could be ploughing through the halo cast off from the main star when it first started to lose mass.

The longer wavelengths captured by Webb’s MIRI (Mid-Infrared Instrument) are highlighting dust, revealing the star researchers suspect could be central to this scene. It appears as a small pinkish-whitish dot in this image.
Webb’s look in the mid-infrared wavelengths also reveals concentric rings expanding from the central region, the most obvious circling just past the edges of the lobes.
This may be additional evidence of a secondary star at the center of the scene hidden from our view. The secondary star, as it circles repeatedly around the original star, could have carved out rings of material in a bullseye pattern as the main star was expelling mass during an earlier stage of its life.
The rings may also hint at some kind of pulsation that resulted in gas or dust being expelled uniformly in all directions separated by say, thousands of years.
The red areas in NIRCam and blue areas in MIRI both trace cool molecular gas (likely molecular hydrogen) while central regions trace hot ionized gas.
As the star at the center of a planetary nebula cools and fades, the nebula will gradually dissipate into the interstellar medium — contributing enriched material that helps form new stars and planetary systems, now containing those heavier elements.
Webb’s imaging of NGC 6072 opens the door to studying how the planetary nebulae with more complex shapes contribute to this process.
The James Webb Space Telescope is the world’s premier space science observatory. Webb is solving mysteries in our solar system, looking beyond to distant worlds around other stars, and probing the mysterious structures and origins of our universe and our place in it. Webb is an international program led by NASA with its partners, ESA (European Space Agency) and CSA (Canadian Space Agency).
To learn more about Webb, visit:
https://science.nasa.gov/webb
Downloads
View/Download all image products at all resolutions for this article from the Space Telescope Science Institute.

Laura Betz – laura.e.betz@nasa.govNASA’s Goddard Space Flight Center, Greenbelt, Md.
Hannah Braun – hbraun@stsci.eduSpace Telescope Science Institute, Baltimore, Md.

View more Webb planetary nebula images
Learn more about planetary nebula
Interactive: Explore the Helix Nebula planetary nebula
Watch ViewSpace videos about planetary nebulas
More Webb News
More Webb Images
Webb Science Themes
Webb Mission Page

What is the Webb Telescope?
SpacePlace for Kids
En Español
Ciencia de la NASA
NASA en español
Space Place para niños

MIL OSI USA News –

July 31, 2025
MIL-OSI Canada: Minister Solomon to participate in an event hosted by the Foundation for Black Communities in Toronto

Source: Government of Canada News

The Honourable Evan Solomon, Minister of Artificial Intelligence and Digital Innovation and Minister responsible for the Federal Economic Development Agency for Southern Ontario, will deliver remarks at the Black Ideas Grant (B.I.G) 2.0 event in Toronto.

Minister Solomon is attending on behalf of the Honourable Patty Hajdu, Minister of Jobs and Families and Minister responsible for the Federal Economic Development Agency for Northern Ontario.

Please note that all details are subject to change.

Date: Thursday, July 31, 2025

Time: 12:45 p.m. EDT

Place: Rwanda Canadian Healing Centre
339 Queen Street East
Toronto, Ontario

Notes for media:

To register, contact communications@forblackcommunities.org with your name and media outlet.

– 30 –

MIL OSI Canada News –

July 31, 2025
MIL-OSI: Ninepoint Partners Announces Final July 2025 Cash Distribution for Ninepoint Cash Management Fund – ETF Series

Source: GlobeNewswire (MIL-OSI)

TORONTO, July 30, 2025 (GLOBE NEWSWIRE) — Ninepoint Partners LP (“Ninepoint Partners”) today announced the final July 2025 cash distribution for the Ninepoint Cash Management Fund – ETF Series. The record date for the distribution is July 31, 2025. This distribution is payable on August 8, 2025.

The per-unit final July 2025 distribution is detailed below:

Ninepoint ETF Series Ticker Cash Distribution per unit Notional Distribution per unit CUSIP

Ninepoint Cash Management Fund NSAV $0.11888 $0.00000 65443X105

About Ninepoint Partners

Based in Toronto, Ninepoint Partners LP is one of Canada’s leading alternative investment management firms overseeing approximately $7 billion in assets under management and institutional contracts. Committed to helping investors explore innovative investment solutions that have the potential to enhance returns and manage portfolio risk, Ninepoint offers a diverse set of alternative strategies spanning Equities, Fixed Income, Alternative Income, Real Assets, F/X and Digital Assets

For more information on Ninepoint Partners LP, please visit www.ninepoint.com or for inquiries regarding the offering, please contact us at (416) 943-6707 or (866) 299-9906 or invest@ninepoint.com.

Ninepoint Partners LP is the investment manager to the Ninepoint Funds (collectively, the “Funds”). Commissions, trailing commissions, management fees, performance fees (if any), and other expenses all may be associated with investing in the Funds. Please read the prospectus carefully before investing. The information contained herein does not constitute an offer or solicitation by anyone in the United States or in any other jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation. Prospective investors who are not resident in Canada should contact their financial advisor to determine whether securities of the Fund may be lawfully sold in their jurisdiction.

Please note that distribution factors (breakdown between income, capital gains and return of capital) can only be calculated when a fund has reached its year-end. Distribution information should not be relied upon for income tax reporting purposes as this is only a component of total distributions for the year. For accurate distribution amounts for the purpose of filing an income tax return, please refer to the appropriate T3/T5 slips for that particular taxation year. Please refer to the prospectus or offering memorandum of each Fund for details of the Fund’s distribution policy.

The payment of distributions and distribution breakdown, if applicable, is not guaranteed and may fluctuate. The payment of distributions should not be confused with a Fund’s performance, rate of return, or yield. If distributions paid by the Fund are greater than the performance of the Fund, then an investor’s original investment will shrink. Distributions paid as a result of capital gains realized by a Fund and income and dividends earned by a Fund are taxable in the year they are paid. An investor’s adjusted cost base will be reduced by the amount of any returns of capital. If an investor’s adjusted cost base goes below zero, then capital gains tax will have to be paid on the amount below zero.

Sales Inquiries:

Ninepoint Partners LP
Neil Ross
416-945-6227
nross@ninepoint.com

The MIL Network –

July 31, 2025
MIL-OSI Canada: Province, Powell River work together to address homelessness
Source: Government of Canada regional news

More support is on the way for people experiencing homelessness as the Province and the City of Powell River partner on a new temporary shelter.

“We’re focused on bringing people indoors, keeping people safe and building strong communities where no one is left behind,” said Christine Boyle, Minister of Housing and Municipal Affairs. “Addressing homelessness is a complex challenge, but the work we’re doing is starting to make real progress. We’re helping people move indoors so they can access the supports that help stabilize their lives.”

The Province, through BC Housing, the City of Powell River and Lift Community Services, are working together to support people sheltering outdoors and in encampments, prioritizing their health and safety.

A proposed new 40-bed temporary shelter at 7104 Barnet St. will replace the 20-bed emergency shelter at 4746 Joyce Ave. that closed in March, doubling available shelter capacity in the community. The shelter will be operated by Lift and will offer 24/7 staffing, meals, laundry, showers and storage, as well as connections to housing and support services. It will also have security measures in place, including fenced grounds, controlled access, security cameras and lighting. If approved by city council, it is expected to open this winter as the Province works to deliver more housing options in the community.

In addition, in response to the toxic-drug crisis, the qathet overdose prevention service, previously at 4752 Joyce Ave., will also be located at the temporary shelter site. Funded by Vancouver Coastal Health and operated by Lift, the site will provide life-saving services, including a stand-alone trailer, outdoor inhalation support and a peer-recovery navigator to connect people with recovery services.

“This response reflects the collaboration we need to address complex challenges like homelessness,” said Ron Woznow, mayor of Powell River. “The Province, through BC Housing, is leading the delivery and funding of the shelter, Vancouver Coastal Health is providing funding for vital health services, Lift Community Services will operate the site and the city will provide the land. Together, we will provide opportunities for Powell River residents to have the accommodation and medical support they require.”

This initiative reflects a shared commitment between the Province and the city to intensify efforts and bring more resources, helping people who are sheltering outdoors transition into safe, indoor spaces. The commitment supports a more co-ordinated response to homelessness and encampments, focusing on outreach and the rapid delivery of temporary housing so people can access support as quickly as possible.

Building on progress made in Abbotsford, Campbell River, Chilliwack, Duncan, Kamloops, Kelowna, Nanaimo, Prince George, Vancouver, and Victoria, Powell River will be the first of a second group of local governments partnering with the Province to put in place homeless and encampment responses and temporary housing solutions.

This work is part of the Province’s Belonging in B.C. plan to help prevent homelessness and bring more people indoors quickly. Since 2017, the Province has more than 93,250 homes delivered or underway, including more than 230 homes in Powell River.

Quotes:

Randene Neill, MLA for Powell River-Sunshine Coast –

“These new shelter spaces will offer safety, dignity and a path toward stability for people experiencing homelessness. I’m proud to see Powell River taking action to ensure everyone has access to the supports they need in the community they call home.”

Jeremy Valeriote, MLA for West Vancouver-Sea to Sky, and interim BC Green leader –

“Smaller communities in B.C. are often underserved when it comes to appropriate housing options, which only compounds economic and social challenges. We’re pleased to see the Province supporting Powell River through the HEART and HEARTH fund to advance housing models that meet local needs. We’re hopeful that more communities will gain access to these funds to support those most at risk of homelessness.”

Kim Markel, executive director, Lift Community Services –

“We’re very grateful for the collaborative action being taken to provide vital, life-saving services in qathet. Everyone, no matter their life circumstances, has a right to shelter and health care, and we’re proud to be part of the team providing these services to community members.”

Quick Facts:
- The Province, through BC Housing, is providing $4.6 million toward construction of the shelter through the Homeless Encampment Action Response Temporary Housing (HEARTH) program and $1.6 million in annual operating funding.
- The City of Powell River will lease the land for the project to BC Housing.
- Vancouver Coastal Health is funding the relocation and operation of the overdose prevention service.
- The Province, through BC Housing, Lift Community Services and the city, are also partnering to implement Powell River Homeless Encampment Action Response Teams (HEART), a multidisciplinary outreach partnership that includes local governments, Indigenous partners, health-care agencies and non-profit organizations.
- The program is designed to rapidly respond to encampments of people sheltering outdoors, assess their needs and better support people to move indoors.
Learn More:

To read the Belonging in B.C. plan, visit: https://news.gov.bc.ca/files/BelongingStrategy.pdf

For information about the HEART and HEARTH programs, visit: https://www.bchousing.org/housing-assistance/homelessness-services/HEART-HEARTH

To learn about the steps the Province is taking to tackle the housing crisis and deliver affordable homes for British Columbians, visit: https://strongerbc.gov.bc.ca/housing/

To see a map showing the location of all announced provincially funded housing projects in B.C., visit: https://www.bchousing.org/homes-for-BC

MIL OSI Canada News –
July 31, 2025

MIL-OSI: Freehold Royalties Announces Second Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, July 30, 2025 (GLOBE NEWSWIRE) — Freehold Royalties Ltd. (Freehold or the Company) (TSX:FRU) announces second quarter results for the period ended June 30, 2025.

Second Quarter Highlights

$78 million in revenue;
$57 million in funds from operations ($0.35/share) ⁽¹⁾⁽²⁾;
$44 million in dividends paid ($0.27/share)⁽³⁾;
11,047 bbls/d of total crude oil and natural gas liquids (NGLs) production, a 4% increase from the previous quarter and a 13% increase year-over-year;
67% weighting to liquids, an increase from 64% in the second quarter of 2024;
16,584 boe/d of total production, a 2% increase from the previous quarter and a 9% increase year-over-year;
Gross drilling of 271 wells, comprised of 45 wells in Canada and 226 in the U.S.;
Continued active leasing program with 40 new leases signed during the second quarter of 2025 (34 in Canada; 6 in the U.S.) contributing revenue of $1.9 million and $5.8 million in the first half of 2025; and
$50.36/boe average realized price ($57.83/boe in the U.S. and $44.23/boe in Canada);
- 31% pricing premium on Freehold’s U.S. production reflecting higher liquids weighting, higher quality crude oil and reduced transportation costs.

President’s Message

Freehold’s second quarter production of 16,584 boe/d increased 2% compared to last quarter and 9% from the second quarter of 2024. Our U.S. assets delivered meaningful production growth of 7% over the first quarter of 2025. Supporting this growth has been improvements in well productivity where recent new well results in both the Permian and Eagle Ford basins have demonstrated production rates more than double those of the offsetting area type curves as operators continue to enhance drilling and completion approaches. Specific to our second quarter results, this productivity increase was paired with a series of higher royalty interest developments which magnified the production impact on the quarter. In Canada, we continue to see operators focusing capital on our oil weighted plays in Mannville heavy oil, the Clearwater and southeast Saskatchewan. These three oil plays represent approximately 30% of our Canadian production and volumes have grown 10% since the second quarter of 2024 through active drilling by multiple operators on our lands in these areas.

Our oil focused portfolio, underpinned by investment grade operators in premier basins across North America, delivered $57 million in funds from operations in the quarter, or $0.35/share⁽¹⁾⁽²⁾. Oil prices in the second quarter were at the lowest benchmark WTI oil price since the first quarter of 2021. For reference, our funds from operations in the first quarter of 2021 was $0.25/share – this quarter we are 40% higher, confirming the impact that Freehold’s strategic focus on growing its high quality, liquids weighted assets has had over the past four years.

Bonus and leasing revenue remained strong generating $1.9 million during the quarter and $5.8 million in the first half of 2025. This $5.8 million represents a 50% increase from the Company’s previous record levels of lease bonus which occurred over the full year in 2018. This record level of leasing revenue has been driven by active leasing of the mineral title lands we have been acquiring in the U.S. as well as continued leasing of our legacy mineral title lands in Canada.

In total, we paid $44 million in dividends to our shareholders this quarter while maintaining the strength of our balance sheet with net debt of $271 million, representing 1.1x trailing net debt to funds from operations⁽²⁾⁽⁵⁾. We invested approximately $12 million in land acquisitions this quarter, purchasing undeveloped mineral title lands in the core of the Midland and Delaware basins.

David M. Spyker, President and Chief Executive Officer

Operating and Financial Highlights

	Three Months Ended
FINANCIAL ($ millions, except as noted)	Q2-2025	Q1-2025	Q2-2024
West Texas Intermediate (US$/bbl)	63.74	71.42	80.57
AECO 5A Monthly Index (Cdn$/Mcf)	1.69	2.17	1.18
Royalty and other revenue	78.3	91.1	84.5
Funds from operations	56.6	68.1	59.6
Funds from operations per share, basic ($) ⁽¹⁾⁽²⁾	0.35	0.42	0.40
Dividends paid per share ($) ⁽³⁾	0.27	0.27	0.27
Dividend payout ratio (%) ⁽²⁾	78%	65%	68%
Long-term debt	292.6	294.3	228.0
Net debt ⁽⁵⁾	270.6	272.2	199.1
Net debt to trailing funds from operations (times) ⁽⁵⁾	1.1x	1.1x	0.8x
OPERATING
Total production (boe/d) ⁽⁴⁾	16,584	16,248	15,221
Canadian production (boe/d)⁽⁴⁾	9,104	9,278	9,622
U.S. production (boe/d)⁽⁴⁾	7,480	6,970	5,599
Oil and NGL (%)	67%	65%	64%
Petroleum and natural gas realized price ($/boe) ⁽⁴⁾	50.36	59.29	59.74
Cash costs ($/boe) ⁽²⁾⁽⁴⁾	7.38	7.00	9.80
Netback ($/boe) ⁽²^{) (4)}	42.68	53.01	49.44
ROYALTY INTEREST DRILLING (gross / net)
Canada	45 / 1.1	92 / 3.9	65 / 2.1
U.S.	226 / 0.6	230 / 0.8	209 / 1.0

^{(1) Calculated based on the basic weighted average number of shares outstanding during the period}
^{(2) See Non-GAAP and Other Financial Measures}
^{(3) Based on the number of shares issued and outstanding at each record date}
^{(4) See Conversion of Natural Gas to Barrels of Oil Equivalent (boe)}
^{(5) Net debt and net debt to trailing funds from operations are capital management measures. See Non-GAAP and Other Financial Measures.}

Dividend Announcement

The board of directors of Freehold has declared a monthly dividend of $0.09 per share to be paid on September 15, 2025, to shareholders of record on August 29, 2025. The dividend is designated as an eligible dividend for Canadian income tax purposes.

Drilling and Leasing Activity

In total, 271 gross wells (1.7 net wells) were drilled on Freehold’s royalty lands during the second quarter of 2025, a decrease of 16% compared to the previous quarter primarily due to the impact of spring break-up in Canada.

Drilling was oil focused with approximately 17% of gross wells drilled in Canada and 83% in the U.S.

	Three Months Ended
	Q2-2025		Q1-2025		Q2-2024
	Gross	Net ⁽¹⁾	Gross	Net ⁽¹⁾	Gross	Net ⁽¹⁾
Canada	45	1.1	92	3.9	65	2.1
United States	226	0.6	230	0.8	209	1.0
Total	271	1.7	322	4.7	274	3.1

^{(1) Equivalent net wells are aggregate of the numbers obtained by multiplying each gross well by our royalty interest percentage; U.S. wells on Freehold’s lands generally come on production at approximately 10 times the volume that of an average Canadian well in our portfolio.}

Canada

Canadian drilling was down compared to the previous quarter primarily due to the impact of spring break-up and weaker AECO prices curtailing natural gas activity. Drilling during the second quarter was focused on our crude oil plays including the Clearwater (8 gross wells), southeast Saskatchewan (8 gross wells), and Mannville heavy oil (6 gross wells). Licencing activity remained consistent with 2024 on a year-to-date basis. In conjunction with improving sentiment on Canadian natural gas pricing with LNG Canada starting up, 22 wells have been licensed on our Deep Basin/Montney lands in the first half of 2025 (a significant increase from nine licenses in the first half of 2024).

During the second quarter of 2025, Freehold entered into 34 new leases with 10 counterparties totalling approximately $0.7 million in bonus and lease rental revenue. The majority of the new leasing was in southeast Saskatchewan.

U.S.

During the second quarter of 2025, 226 gross (0.6 net) wells were drilled on our U.S. lands. Approximately 86% of second quarter drilling was in the Permian basin and 13% in the Eagle Ford basin. At the end of the second quarter of 2025, Freehold had 2.2 net drilled but uncompleted wells and 2.4 net wells permitted but not yet drilled.

Initial production for U.S. wells is approximately ten times that of an average Canadian well in the Company’s portfolio, making equivalent net well additions much more meaningful in the U.S. compared to Canada. However, a U.S. well can take upwards of six to twelve months on average from initial permit to first production, compared to three to four months in Canada.

During the second quarter of 2025, Freehold entered into six new U.S. leases with four counterparties, totalling $1.2 million of bonus and lease rental revenue. Leasing activity was primarily in the Permian basin.

Conference Call Details

A webcast to discuss financial and operational results for the period ended June 30, 2025, will be held for the investment community on Thursday July 31, 2025, beginning at 7:00 AM MT (9:00 AM ET).

A live audio webcast will be accessible through the link below and on Freehold’s website under “Events & Presentations” on Freehold’s website at www.freeholdroyalties.com. To participate in the conference call, you can register using the following link: Live Audio Webcast URL: https://edge.media-server.com/mmc/p/6t37memx.

A dial-in option is also available and can be accessed by dialing 1-800-806-5484 (toll-free in North America) participant passcode is 8979321#.

For further information contact

Select Quarterly Information

	2025		2024				2023
Financial ($millions, except as noted)	Q2	Q1	Q4	Q3	Q2	Q1	Q4	Q3
Royalty and other revenue	78.3	91.1	76.9	73.9	84.5	74.3	80.1	84.2
Net Income (loss)	6.2	37.3	51.1	25.0	39.3	34.0	34.3	42.3
Per share, basic ($) ⁽¹⁾	0.04	0.23	0.33	0.17	0.26	0.23	0.23	0.28
Cash flows from operations	57.4	62.9	59.1	64.1	47.6	52.5	70.7	53.7
Funds from operations	56.6	68.1	61.3	55.7	59.6	54.4	62.8	65.3
Per share, basic ($) ⁽¹⁾⁽³⁾	0.35	0.42	0.40	0.37	0.40	0.36	0.42	0.43
Acquisitions & related expenditures	15.2	13.9	277.0	1.8	11.5	121.5	2.1	1.2
Dividends paid	44.3	44.3	40.7	40.7	40.7	40.7	40.7	40.7
Per share ($) ⁽²⁾	0.27	0.27	0.27	0.27	0.27	0.27	0.27	0.27
Dividends declared	44.3	44.3	41.9	40.7	40.7	40.7	40.7	40.7
Per share ($) ⁽²⁾	0.27	0.27	0.27	0.27	0.27	0.27	0.27	0.27
Dividend payout ratio (%) ⁽³⁾	78%	65%	66%	73%	68%	75%	65%	62%
Long-term debt	292.6	294.3	300.9	205.8	228.0	223.6	123.0	141.2
Net debt ⁽⁵⁾⁽⁶⁾	270.6	272.2	282.3	187.1	199.1	210.5	100.9	113.4
Shares outstanding, period end (000s)	164.0	164.0	164.0	150.7	150.7	150.7	150.7	150.7
Average shares outstanding, basic (000s) ⁽⁷⁾	164.0	164.0	153.4	150.7	150.7	150.7	150.7	150.7
Operating
Light and medium oil (bbl/d)	6,940	6,880	6,296	6,080	6,551	6,094	6,308	6,325
Heavy oil (bbl/d)	1,557	1,552	1,516	1,315	1,348	1,300	1,182	1,127
NGL (bbl/d)	2,550	2,203	2,066	1,972	1,902	1,884	1,878	1,678
Total liquids (bbl/d)	11,047	10,635	9,878	9,367	9,801	9,278	9,368	9,130
Natural gas (Mcf/d)	33,220	33,678	32,564	31,447	32,524	32,617	32,968	32,851
Total production (boe/d) ⁽⁴⁾	16,584	16,248	15,306	14,608	15,221	14,714	14,863	14,605
Oil and NGL (%)	67%	65%	65%	64%	64%	63%	63%	63%
Petroleum & natural gas realized price ($/boe) ⁽⁴⁾	50.36	59.29	53.80	54.36	59.74	54.81	57.94	61.55
Cash costs ($/boe) ⁽³⁾⁽⁴⁾	7.38	7.00	5.93	5.42	9.80	7.19	4.73	5.10
Netback ($/boe) ⁽³⁾⁽⁴⁾	42.68	53.01	47.25	47.78	49.44	46.62	52.59	55.63
Benchmark Prices
West Texas Intermediate crude oil (US$/bbl)	63.74	71.42	70.27	75.09	80.57	76.96	78.32	82.26
Exchange rate (Cdn$/US$)	1.38	1.43	1.40	1.37	1.37	1.35	1.36	1.34
Edmonton Light Sweet crude oil (Cdn$/bbl)	84.25	95.32	94.90	97.85	105.29	92.14	99.69	107.89
Western Canadian Select crude oil (Cdn$/bbl)	73.96	84.30	80.75	83.95	91.63	77.77	76.96	93.05
Nymex natural gas (US$/Mcf)	3.57	3.79	2.86	2.24	1.96	2.33	2.98	2.64
AECO 5A Monthly Index (Cdn$/Mcf)	1.69	2.17	1.48	0.69	1.18	1.80	2.60	1.88

^{(1) Calculated based on the basic weighted average number of shares outstanding during the period}
^{(2) Based on the number of shares issued and outstanding at each record date}
^{(3) See Non-GAAP and Other Financial Measures}
^{(4) See Conversion of Natural Gas to Barrels of Oil Equivalent (boe)}
^{(5) The 2023 reported balances have been restated due to the retrospective adoption of IAS 1 (see note 3d of December 31, 2024 audited consolidated financial statements)}
^{(6) Net debt is a capital management measures; see Non-GAAP and Other Financial Measures}
^{(7) Weighted average number of shares outstanding during the period, basic}

Forward-Looking Statements

This news release offers our assessment of Freehold’s future plans and operations as of July 30, 2025, and contains forward-looking statements that we believe allow readers to better understand our business and prospects. These forward-looking statements include our expectations for the following:

our expectations with the improving sentiment on Canadian natural gas pricing with LNG Canada starting up;
our expectations regarding improvements in well productivity where recent new well results in both the Permian and Eagle Ford basins have demonstrated production rates more than double those of the offsetting area type curves as operators continue to enhance drilling and completion approaches;
our expectation that in Canada operators will continue to focus capital on our oil weighted plays of the Mannville Stack, the Clearwater and southeast Saskatchewan;
our expectation that U.S. wells typically come on production at approximately ten times that of an average Canadian well in the Company’s portfolio, making net well additions much more valuable in the U.S. compared to Canada;
our expectations that a U.S. well can take upwards of six to twelve months on average from initial license to first production, compared to three to four months in Canada; and
other similar statements.

By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond our control, including general economic conditions, volatility in market prices for crude oil, NGL and natural gas, risks and impacts of tariffs (or other retaliatory trade measures) imposed by Canada or the U.S. (or other countries) on exports and/or imports into and out of such countries, inflation and supply chain issues, the impacts of the ongoing Middle-East conflicts, Russia-Ukraine war (and any associated sanctions) and actions taken by OPEC+ on the global economy and commodity prices, geopolitical instability, political instability, industry conditions, volatility of commodity prices, future production levels, future capital expenditure levels, currency fluctuations, imprecision of reserve estimates, royalties, environmental risks, taxation, regulation, changes in tax or other legislation, competition from other industry participants, inaccurate assumptions on supply and demand factors affecting the consumption of crude oil, NGLs and natural gas, inaccurate expectations for industry drilling levels on our royalty lands, the failure to complete acquisitions on the timing and terms expected, the failure to satisfy conditions of closing for any acquisitions, the lack of availability of qualified personnel or management, stock market volatility, our inability to come to agreement with third parties on prospective opportunities and the results of any such agreement and our ability to access sufficient capital from internal and external sources. Risks are described in more detail in our Annual Information Form for the year-ended December 31, 2024, available at www.sedarplus.ca.

With respect to forward-looking statements contained in this news release, we have made assumptions regarding, among other things, future commodity prices, future capital expenditure levels, future production levels, future exchange rates, future tax rates, future legislation, the cost of developing and producing our assets, the quality of our counterparties and the plans thereof, our ability and the ability of our lessees to obtain equipment in a timely manner to carry out development activities, our ability to market our oil and gas successfully to current and new customers, the performance of current wells and future wells drilled by our royalty payors, our expectation for the consumption of crude oil and natural gas, our expectation for industry drilling levels, our expectation for completion of wells drilled, our ability to obtain financing on acceptable terms, shut-in production, production additions from our audit function, our ability to execute on prospective opportunities and our ability to add production and reserves through development and acquisition activities. Additional operating assumptions with respect to the forward-looking statements referred to above are detailed in the body of this news release.

You are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Our actual results, performance, or achievement could differ materially from those expressed in, or implied by, these forward-looking statements. We can give no assurance that any of the events anticipated will transpire or occur, or if any of them do, what benefits we will derive from them. The forward-looking information contained in this document is expressly qualified by this cautionary statement. To the extent any guidance or forward-looking statements herein constitute a financial outlook, they are included herein to provide readers with an understanding of management’s plans and assumptions for budgeting purposes and readers are cautioned that the information may not be appropriate for other purposes. Our policy for updating forward-looking statements is to update our key operating assumptions quarterly and, except as required by law, we do not undertake to update any other forward-looking statements.

You are further cautioned that the preparation of financial statements in accordance with International Financial Reporting Standards (IFRS), which are the Canadian generally accepted accounting principles (GAAP) for publicly accountable enterprises, requires management to make certain judgments and estimates that affect the reported amounts of assets, liabilities, revenues, and expenses. These estimates may change, having either a positive or negative effect on net income, as further information becomes available and as the economic environment changes.

To the extent any guidance or forward-looking statements herein constitutes a financial outlook, they are included herein to provide readers with an understanding of management’s plans and assumptions for budgeting purposes and readers are cautioned that the information may not be appropriate for other purposes. You are further cautioned that the preparation of financial statements in accordance with IFRS requires management to make certain judgments and estimates that affect the reported amounts of assets, liabilities, revenues, and expenses. These estimates may change, having either a positive or negative effect on net income, as further information becomes available and as the economic environment changes.

Conversion of Natural Gas to Barrels of Oil Equivalent (BOE)

To provide a single unit of production for analytical purposes, natural gas production and reserves volumes are converted mathematically to equivalent barrels of oil (boe). We use the industry-accepted standard conversion of six thousand cubic feet of natural gas to one barrel of oil (6 Mcf = 1 bbl). The 6:1 boe ratio is based on an energy equivalency conversion method primarily applicable at the burner tip. It does not represent a value equivalency at the wellhead and is not based on either energy content or current prices. While the boe ratio is useful for comparative measures and observing trends, it does not accurately reflect individual product values and might be misleading, particularly if used in isolation. As well, given that the value ratio, based on the current price of crude oil to natural gas, is significantly different from the 6:1 energy equivalency ratio, using a 6:1 conversion ratio may be misleading as an indication of value.

Non-GAAP and Other Financial Measures

Within this news release, references are made to terms commonly used as key performance indicators in the oil and gas industry, which do not have any standardized means prescribed by Canadian generally accepted accounting principles (GAAP). We believe that net revenue, netback, dividend payout ratio, funds from operations per share and cash costs are useful non-GAAP financial measures and ratios for management and investors to analyze operating performance, financial leverage, and liquidity, and we use these terms to facilitate the understanding and comparability of our results of operations. However, these as terms do not have any standardized meanings prescribed by GAAP, such terms may not be comparable with the calculations of similar measures for other entities. This news release also contains the capital management measures net debt and net debt to trailing funds from operations, as defined in note 14 to the unaudited consolidated financial statements as at and for the three months ended June 30, 2025.

Net revenue, which is calculated as revenues less ad valorem and production taxes (as incurred in the U.S. at the state level, largely Texas, which do not charge corporate income taxes but do assess flat tax rates on commodity revenues in addition to property tax assessments) details the net amount Freehold receives from its royalty payors, largely after state withholdings.

The netback, which is also calculated on a boe basis, as average realized price less production and ad valorem taxes, operating expenses, general and administrative expense, cash-based management fees, cash-based interest charges and share-based payouts, represents the per boe netback amount which allows us to benchmark how changes in commodity pricing, net of production and ad valorem taxes, and our cash-based cost structure compare against prior periods.

Cash costs, which is calculated on a boe basis, is comprised by the recurring cash-based costs, excluding taxes, reported on the statements of operations. For Freehold, cash costs are identified as operating expense, general and administrative expense, cash-based interest charges, cash-based management fees and share-based compensation payouts. Cash costs allow Freehold to benchmark how changes in its manageable cash-based cost structure compare against prior periods.

The following table presents the computation of Net Revenue, Cash costs and the Netback:

$/boe	Q2-2025	Q1-2025	Q2-2024
Royalty and other revenue	51.87	62.29	60.99
Production and ad valorem taxes	(1.81)	(2.28)	(1.75)
Net revenue	$50.06	$60.01	$59.24
Less:
General and administrative expense	(2.79)	(3.41)	(2.86)
Operating expense	(0.13)	(0.13)	(0.24)
Interest and financing cash expense	(2.95)	(3.31)	(2.87)
Management fee-cash settled	(0.01)	(0.05)	(0.05)
Cash payout on share-based compensation	(1.50)	(0.10)	(3.78)
Cash costs	(7.38)	(7.00)	($9.80)
Netback	$42.68	$53.01	$49.44

Dividend payout ratios are often used for dividend paying companies in the oil and gas industry to identify dividend levels in relation to funds from operations that are also used to finance debt repayments and/or acquisition opportunities. Dividend payout ratio is a supplementary measure and is calculated as dividends paid as a percentage of funds from operations.


($000s, except as noted)	Q2-2025	Q1-2025	Q2-2024
Dividends paid	$44,270	$44,269	$40,686
Funds from operations	$56,600	$68,050	$59,569
Dividend payout ratio (%)	78%	65%	68%

Funds from operations per share, which is calculated as funds from operations divided by the weighted average shares outstanding during the period, provides direction if changes in commodity prices, cash costs, and/or acquisitions were accretive on a per share basis. Funds from operations per share is a supplementary measure.

The MIL Network –

July 31, 2025

MIL-OSI: Climb Global Solutions Reports Second Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

EATONTOWN, N.J., July 30, 2025 (GLOBE NEWSWIRE) — Climb Global Solutions, Inc. (NASDAQ:CLMB) (“Climb” or the “Company”), a value-added global IT channel company providing unique sales and distribution solutions for innovative technology vendors, is reporting results for the second quarter ended June 30, 2025.

Second Quarter 2025 Summary vs. Same Year-Ago Quarter

Net sales increased 73% to $159.3 million.
Net income increased 74% to $6.0 million or $1.30 per diluted share.
Adjusted net income (a non-GAAP financial measure defined below) increased 68% to $6.4 million or $1.39 per diluted share.
Adjusted EBITDA (a non-GAAP financial measure defined below) increased 64% to $11.4 million.
Gross billings (a key operational metric defined below) increased 39% to $500.6 million. Distribution segment gross billings increased 40% to $477.0 million, and Solutions segment gross billings increased 19% to $23.5 million.

Management Commentary

“We continued to execute on our core initiatives in Q2, resulting in another period of exceptional performance with material increases across all key financial metrics,” said CEO Dale Foster. “During the quarter, we generated double-digit organic growth by strengthening relationships with key customers, bolstering our line card with new, innovative vendors, and growing our market share in both the U.S. and Europe. We also benefited from the incremental contribution and seasonal strength of Douglas Stewart Software & Services, LLC (“DSS”), which typically sees higher demand from education customers as they ramp ahead of the next school year.

“Looking ahead, we will continue to build on the momentum established in the first half of the year, with a clear focus on driving sustainable growth and operational execution. With our ERP system now fully implemented, we expect to capture operational efficiencies that will enhance scalability and drive operating leverage across our global platform. We also remain focused on identifying strategic acquisition opportunities that can enhance our capabilities and complement our existing footprint. These initiatives, coupled with our robust balance sheet and demonstrated track record of success, will enable us to deliver on both our organic and inorganic growth objectives in 2025 and beyond.”

Dividend

Subsequent to quarter end, on July 29, 2025, Climb’s Board of Directors declared a quarterly dividend of $0.17 per share of its common stock payable on August 15, 2025, to shareholders of record on August 11, 2025.

Second Quarter 2025 Financial Results

Net sales in the second quarter of 2025 increased 73% to $159.3 million compared to $92.1 million for the same period in 2024. This reflects double digit organic growth from new and existing vendors, as well as contribution from the Company’s acquisition of DSS on July 31, 2024. In addition, gross billings in the second quarter of 2025 increased 39% to $500.6 million compared to $359.8 million in the year-ago period.

Gross profit in the second quarter of 2025 increased 42% to $26.3 million compared to $18.6 million for the same period in 2024. The increase was driven by organic growth from new and existing vendors in both North America and Europe, as well as contribution from DSS.

Selling, general, and administrative (“SG&A”) expenses in the second quarter of 2025 were $16.4 million compared to $13.0 million in the year-ago period. DSS represented $0.9 million of the increase. SG&A as a percentage of gross billings decreased to 3.3% for the second quarter of 2025 compared to 3.6% in the year-ago period.

Net income in the second quarter of 2025 increased 74% to $6.0 million or $1.30 per diluted share, compared to $3.4 million or $0.75 per diluted share for the same period in 2024. Adjusted net income increased 68% to $6.4 million or $1.39 per diluted share, compared to $3.8 million or $0.83 per diluted share for the year-ago period.

Adjusted EBITDA in the second quarter of 2025 increased 64% to $11.4 million compared to $6.9 million for the same period in 2024. The increase was primarily driven by organic growth from both new and existing vendors, as well as contribution from the Company’s acquisition of DSS. Effective margin, which is defined as adjusted EBITDA as a percentage of gross profit, increased 600 basis points to 43.3% compared to 37.3% for the same period in 2024.

On June 30, 2025, cash and cash equivalents were $28.6 million compared to $29.8 million on December 31, 2024, while working capital increased by $12.2 million during this period. The decrease in cash was primarily attributed to the timing of receivable collections and payables. Climb had $0.5 million of outstanding debt on June 30, 2025, with no borrowings outstanding under its $50 million revolving credit facility.

For more information on the non-GAAP financial measures discussed in this press release, please see the section titled, “Non-GAAP Financial Measures,” and the reconciliations of non-GAAP financial measures to their nearest comparable GAAP financial measures at the end of this press release.

Conference Call

The Company will conduct a conference call tomorrow, July 31, 2025, at 8:30 a.m. Eastern time to discuss its results for the second quarter ended June 30, 2025.

Climb management will host the conference call, followed by a question-and-answer period.

Date: Thursday, July 31, 2025
Time: 8:30 a.m. Eastern time
Toll-free dial-in number: (800) 225-9448
International dial-in number: (203) 518-9708
Conference ID: CLIMB
Webcast: Climb’s Q2 2025 Conference Call

If you have any difficulty registering or connecting with the conference call, please contact Elevate IR at (720) 330-2829.

The conference call will also be available for replay on the investor relations section of the Company’s website at www.climbglobalsolutions.com.

About Climb Global Solutions

Climb Global Solutions, Inc. (NASDAQ:CLMB) is a value-added global IT distribution and solutions company specializing in emerging and innovative technologies. Climb operates across the U.S., Canada and Europe through multiple business units, including Climb Channel Solutions, Grey Matter and Climb Global Services. The Company provides IT distribution and solutions for companies in the Security, Data Management, Connectivity, Storage & HCI, Virtualization & Cloud, and Software & ALM industries.

Additional information can be found by visiting www.climbglobalsolutions.com.

Non-GAAP Financial Measures

Climb Global Solutions uses non-GAAP financial measures, including adjusted net income and adjusted EBITDA, as supplemental measures of the performance of the Company’s business. Use of these financial measures has limitations, and you should not consider them in isolation or use them as substitutes for analysis of Climb’s financial results under generally accepted accounting principles in the United States of America (“U.S. GAAP”). The attached tables provide definitions of these measures and a reconciliation of each non-GAAP financial measure to the most nearly comparable measure under U.S. GAAP.

Key Operational Metric

Gross Billings

Gross billings are the total dollar value of customer purchases of goods and services during the period, net of customer returns and credit memos, sales, or other taxes. Gross billings include the transaction values for certain sales transactions that are recognized on a net basis, and, therefore, includes amounts that will not be recognized as revenue. We use gross billings as an operational metric to assess the volume of transactions or market share for our business as well as to understand changes in our accounts receivable and accounts payable. We believe gross billings will aid investors in the same manner.

Forward-Looking Statements

The statements in this release, other than statements of historical fact, are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and are intended to come within the safe harbor protection provided by those sections. These forward-looking statements are subject to certain risks and uncertainties. Many of the forward-looking statements may be identified by words such as ”look forward,” “believes,” “expects,” “intends,” “anticipates,” “plans,” “estimates,” “projects,” “forecasts,” “should,” “could,” “would,” “will,” “confident,” “may,” “can,” “potential,” “possible,” “proposed,” “in process,” “under construction,” “in development,” “opportunity,” “target,” “outlook,” “maintain,” “continue,” “goal,” “aim,” “commit,” or similar expressions, or when we discuss our priorities, strategy, goals, vision, mission, opportunities, projections, intentions or expectations. In this press release, the forward-looking statements relate to, among other things, declaring and reaffirming our strategic goals, future operating results, and the effects and potential benefits of the strategic acquisition on our business. Factors, among others, that could cause actual results and events to differ materially from those described in any forward-looking statements include, without limitation, our ability to recognize the anticipated benefits of the acquisition of Douglas Stewart Software & Services, LLC, the continued acceptance of the Company’s distribution channel by vendors and customers, the timely availability and acceptance of new products, product mix, market conditions, competitive pricing pressures, the successful integration of acquisitions, contribution of key vendor relationships and support programs, inflation, import and export tariffs, interest rate risk and impact thereof, as well as factors that affect the software industry in general. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described in the section entitled “Risk Factors” contained in Item 1A. of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and from time to time in the Company’s filings with the Securities and Exchange Commission.

Company Contact

Matthew Sullivan
Chief Financial Officer
(732) 847-2451
MatthewS@ClimbCS.com

Investor Relations Contact

Sean Mansouri, CFA or Aaron D’Souza
Elevate IR
(720) 330-2829
CLMB@elevate-ir.com


CLIMB GLOBAL SOLUTIONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
	(Unaudited)
(Amounts in thousands, except share and per share amounts)

		June 30, 2025			December 31, 2024

ASSETS

Current assets
	Cash and cash equivalents	$	28,587		$	29,778
	Accounts receivable, net of allowance for doubtful accounts of $693 and $588, respectively		289,083			341,597
	Inventory, net		3,349			2,447
	Prepaid expenses and other current assets		9,164			6,874
Total current assets			330,183			380,696

Equipment and leasehold improvements, net			13,626			12,853
Goodwill			37,270			34,924
Other intangibles, net			35,718			36,550
Right-of-use assets, net			1,509			1,965
Accounts receivable long-term, net			1,209			1,174
Other assets			649			824
Deferred income tax assets			527			193

Total assets		$	420,691		$	469,179

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities
	Accounts payable and accrued expenses	$	307,715		$	370,397
	Lease liability, current portion		727			654
	Term loan, current portion		474			560
Total current liabilities			308,916			371,611

	Lease liability, net of current portion		1,116			1,685
	Deferred income tax liabilities		5,101			4,723
	Term loan, net of current portion		—			191
	Non-current liabilities		381			381

Total liabilities			315,514			378,591


Stockholders’ equity
	Common stock, $.01 par value; 10,000,000 shares authorized, 5,284,500 shares
	issued, and 4,617,206 and 4,601,302 shares outstanding, respectively		53			53
	Additional paid-in capital		40,043			37,977
	Treasury stock, at cost, 667,294 and 683,198 shares, respectively		(14,266	)		(13,337	)
	Retained earnings		76,904			68,787
	Accumulated other comprehensive gain (loss)		2,443			(2,892	)
Total stockholders’ equity			105,177			90,588
Total liabilities and stockholders’ equity		$	420,691		$	469,179

CLIMB GLOBAL SOLUTIONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
(Amounts in thousands, except per share data)

		Six months ended						Three months ended
		June 30,						June 30,
		2025			2024			2025			2024

Net Sales		$	297,328		$	184,498		$	159,284		$	92,076

Cost of sales			247,624			148,921			132,976			73,518

Gross profit			49,704			35,577			26,308			18,558


Selling, general and administrative expenses			33,112			25,496			16,357			12,974
Depreciation & amortization expense			3,720			1,736			1,982			865
Acquisition related costs			139			592			13			469
Total selling, general and administrative expenses			36,971			27,824			18,352			14,308

Income from operations			12,733			7,753			7,956			4,250

Interest, net			337			557			151			354
Foreign currency transaction loss			(567	)		(246	)		14			(162	)
Change in fair value of acquisition contingent consideration			(515	)		–			(379	)		–
Income before provision for income taxes			11,988			8,064			7,742			4,442
Provision for income taxes			2,338			1,903			1,774			1,012

Net income		$	9,650		$	6,161		$	5,968		$	3,430

Income per common share – Basic		$	2.11		$	1.35		$	1.30		$	0.75
Income per common share – Diluted		$	2.11		$	1.35		$	1.30		$	0.75

Weighted average common shares outstanding – Basic			4,509			4,449			4,521			4,461
Weighted average common shares outstanding – Diluted			4,509			4,449			4,521			4,461

Dividends paid per common share		$	0.34		$	0.34		$	0.17		$	0.17


Reconciliation of GAAP and Non-GAAP Financial Measures (unaudited)
(Amounts in thousands, except per share data)

	The table below presents net income reconciled to adjusted EBITDA (Non-GAAP) (1):

		Six months ended						Three months ended
		June 30,			June 30,			June 30,			June 30,
		2025			2024			2025			2024

Net income		$	9,650		$	6,161		$	5,968		$	3,430
	Provision for income taxes		2,338			1,903			1,774			1,012
	Depreciation and amortization		3,720			1,736			1,982			865
	Interest expense		159			161			90			60
EBITDA			15,867			9,961			9,814			5,367
	Share-based compensation		2,496			1,906			1,173			1,084
	Acquisition related costs		139			592			13			469
	Change in fair value of acquisition contingent consideration		515			–			379			–
Adjusted EBITDA		$	19,017		$	12,459		$	11,379		$	6,920


		Six months ended						Three months ended
		June 30,			June 30,			June 30,			June 30,
Components of interest, net		2025			2024			2025			2024

	Amortization of discount on accounts receivable with extended payment terms	$	(23	)	$	(17	)	$	(11	)	$	(11	)
	Interest income		(473	)		(701	)		(230	)		(403	)
	Interest expense		159			161			90			60
Interest, net		$	(337	)	$	(557	)	$	(151	)	$	(354	)

(1) We define adjusted EBITDA, as net income, plus provision for income taxes, depreciation, amortization, share-based compensation, interest, acquisition related costs and change in fair value of acquisition contingent consideration. We define effective margin as adjusted EBITDA as a percentage of gross profit. We provided a reconciliation of adjusted EBITDA to net income, which is the most directly comparable US GAAP measure. We use adjusted EBITDA as a supplemental measure of our performance to gain insight into our businesses profitability, operating performance and performance trends, and to provide management and investors a useful measure for period-to-period comparisons by excluding items that management believes are not reflective of our underlying operating performance. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results. Adjusted EBITDA is also a component to our financial covenants in our credit facility. Our use of adjusted EBITDA has limitations, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under US GAAP. In addition, other companies, including companies in our industry, might calculate adjusted EBITDA, or similarly titled measures differently, which may reduce their usefulness as comparative measures.

	The table below presents net income reconciled to adjusted net income (Non-GAAP) (2):

		Six months ended						Three months ended
		June 30,			June 30,			June 30,			June 30,
		2025			2024			2025			2024

	Net income	$	9,650		$	6,161		$	5,968		$	3,430
	Acquisition related costs, net of income taxes		104			444			10			352
	Change in fair value of acquisition contingent consideration		515			–			379			–
	Adjusted net income	$	10,269		$	6,605		$	6,357		$	3,782

	Adjusted net income per common share – diluted	$	2.25		$	1.45		$	1.39		$	0.83

(2) We define adjusted net income as net income excluding acquisition related costs, net of income taxes and the change in fair value of acquisition contingent consideration. We provided a reconciliation of adjusted net income to net income, which is the most directly comparable U.S. GAAP measure. We use adjusted net income and adjusted net income per common share as supplemental measures of our performance to gain insight into our businesses profitability, operating performance and performance trends, and to provide management and investors a useful measure for period-to-period comparisons by excluding items that management believes are not reflective of our underlying operating performance. Accordingly, we believe that adjusted net income and adjust net income per common share provide useful information to investors and others in understanding and evaluating our operating results. Our use of adjusted net income has limitations, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under U.S. GAAP. In addition, other companies, including companies in our industry, might calculate adjusted net income, or similarly titled measures differently, which may reduce their usefulness as comparative measures.

	The table below presents the operational metric of gross billings by segment (3):

		Six months ended						Three months ended
		June 30,			June 30,			June 30,			June 30,
		2025			2024			2025			2024

	Distribution gross billings	$	930,619		$	674,704		$	477,043		$	340,067
	Solutions gross billings		44,531			40,406			23,510			19,774
	Total gross billings	$	975,150		$	715,110		$	500,553		$	359,841

(3) Gross billings are the total dollar value of customer purchases of goods and services during the period, net of customer returns and credit memos, sales, or other taxes. Gross billings include the transaction values for certain sales transactions that are recognized on a net basis, and, therefore, include amounts that will not be recognized as revenue. We use gross billings as an operational metric to assess the volume of transactions or market share for our business as well as to understand changes in our accounts receivable and accounts payable. We believe gross billings will aid investors in the same manner.

The MIL Network –

July 31, 2025

MIL-OSI: Robinhood Reports Second Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

Revenues up 45% year-over-year to $989 million
Net Deposits were $13.8 billion, and Robinhood Gold Subscribers reached a record 3.5 million
Diluted EPS up 100% year-over-year to $0.42

MENLO PARK, Calif., July 30, 2025 (GLOBE NEWSWIRE) — Robinhood Markets, Inc. (“Robinhood”) (NASDAQ: HOOD) today announced financial results for the second quarter of 2025, which ended June 30, 2025.

“We delivered strong business results in Q2 driven by relentless product velocity, and we launched tokenization—which I believe is the biggest innovation our industry has seen in the past decade,” said Vlad Tenev, Chairman and CEO of Robinhood.

“Q2 was another great quarter as we drove market share gains, closed the acquisition of Bitstamp and remained disciplined on expenses,” said Jason Warnick, Chief Financial Officer of Robinhood. “And Q3 is off to a great start in July, as customers accelerated their net deposits to around $6 billion and leaned in with strong trading across categories.”

Second Quarter Results

Total net revenues increased 45% year-over-year to $989 million.
- Transaction-based revenues increased 65% year-over-year to $539 million, primarily driven by options revenue of $265 million, up 46%, cryptocurrencies revenue of $160 million, up 98%, and equities revenue of $66 million, up 65%.
- Net interest revenues increased 25% year-over-year to $357 million, primarily driven by growth in interest-earning assets and securities lending activity, partially offset by lower short-term interest rates.
- Other revenues increased 33% year-over-year to $93 million, primarily due to increased Robinhood Gold subscribers.
Net income increased 105% year-over-year to $386 million.
Diluted earnings per share (EPS) increased 100% year-over-year to $0.42.
Total operating expenses increased 12% year-over-year to $550 million.
- Adjusted Operating Expenses and Share-Based Compensation (SBC) (non-GAAP) increased 6% year-over-year to $522 million, which includes costs related to Bitstamp.
Adjusted EBITDA (non-GAAP) increased 82% year-over-year to $549 million.
Funded Customers increased by 2.3 million, or 10%, year-over-year to 26.5 million.
- Investment Accounts increased by 2.6 million, or 10%, year-over-year to 27.4 million.
Total Platform Assets increased 99% year-over-year to $279 billion, driven by continued Net Deposits, acquired assets, and higher equity and cryptocurrency valuations.
Net Deposits were $13.8 billion, an annualized growth rate of 25% relative to Total Platform Assets at the end of Q1 2025. Over the past twelve months, Net Deposits were $57.9 billion, a growth rate of 41% relative to Total Platform Assets at the end of Q2 2024.
Average Revenue Per User (ARPU) increased 34% year-over-year to $151.
Robinhood Gold Subscribers increased by 1.5 million, or 76%, year-over-year to 3.5 million.
Cash and cash equivalents totaled $4.2 billion compared with $4.5 billion at the end of Q2 2024.
Share repurchases were $124 million, representing 3 million shares of our Class A common stock at an average price per share of $41.52. Over the past twelve months, share repurchases were $703 million, representing 21 million shares of our Class A common stock at an average price per share of $34.24.

Highlights

Industry-leading product velocity and global expansion drive strong business results as Robinhood delivers on core focus areas

A Powerful Platform For Active Traders – Robinhood continues to deliver cutting-edge trading tools, including expanding Robinhood Legend availability to all customers in the UK, and capabilities with strong adoption among active traders. In June 2025, the company hosted its first ever product spotlight livestream, announcing Robinhood Legend charts on mobile and options simulated returns pre-trade. Looking ahead, we will host active traders at HOOD Summit 2025 this September—Robinhood’s second annual active trader event—to explore the latest in trading technology.

Serving a New Generation of Investors’ Financial Needs – Robinhood continues to grow its share of wallet as it extends into new categories. Since rolling out in March 2025, Robinhood Strategies, our digital advisory offering, is now managing over $0.5 billion in assets and serving over 100 thousand customers; Robinhood Retirement AUC is now over $20 billion, up 50 percent year-to-date; Robinhood Gold has continued to grow after reaching a record 3.5 million subscribers in Q2, an adoption rate of over 13 percent; and the Gold Card, Robinhood’s credit card, is now in the hands of more than 300,000 customers. Together Robinhood is demonstrating continued momentum in serving far more customer assets and needs.

Robinhood Accelerates Global Crypto Expansion – At our recent event Robinhood Presents: To Catch a Token in June 2025, the company unveiled a suite of new crypto products, expanded into 30 European countries, launched Stock Tokens in Europe on over 200 US stocks and ETFs, and offered Crypto staking to eligible US customers. Also in June 2025, Robinhood closed its acquisition of Bitstamp Ltd., a cryptocurrency exchange with over 50 active licenses and registrations globally, and significantly expanded Robinhood’s institutional business. Robinhood has also entered into an agreement to acquire WonderFi, a Canadian leader in digital asset products and services. The transaction is expected to close in the second half of 2025, subject to customary closing conditions, including regulatory approvals.

Additional Q2 2025 Operating Data

Robinhood Retirement AUC increased 118% year-over-year to a record $19.0 billion.
Cash Sweep increased 56% year-over-year to a record $32.7 billion.
Margin Book increased 90% year-over-year to a record $9.5 billion.
Equity Notional Trading Volumes increased 112% year-over-year to a record $517 billion.
Options Contracts Traded increased 32% year-over-year to a record 515 million.
Robinhood App Crypto Notional Trading Volumes increased 32% year-over-year to $28 billion.
Bitstamp Exchange Crypto Notional Trading Volumes were $7 billion following the closing of the acquisition of Bitstamp in June 2025.

Conference Call and Livestream Information

Robinhood will host a video call to discuss its results at 2 p.m. PT / 5 p.m. ET today, July 30, 2025. The video call can be accessed at investors.robinhood.com, along with the earnings press release and accompanying slide presentation. The event will also be live streamed to YouTube and X.com via Robinhood’s official channels, @RobinhoodApp, on Vlad Tenev’s X.com account, @vladtenev, as well as in the Robinhood App.

Following the call, a replay and transcript will also be available at investors.robinhood.com.

Financial Outlook

The paragraph below provides information on our 2025 expense plan and outlook. We are not providing a 2025 outlook for total operating expenses and have not reconciled our 2025 outlook for Adjusted Operating Expenses and SBC to the most directly comparable GAAP financial measure, total operating expenses, because we are unable to predict with reasonable certainty the impact of certain items without unreasonable effort. These items include, but are not limited to, provision for credit losses and significant regulatory expenses which may be material and could have a significant impact on total operating expenses for 2025.

Our 2025 expense plan includes growth investments in new products, features, and international expansion while also getting more efficient in our existing businesses. Our prior outlook for combined Adjusted Operating Expenses and SBC for full-year 2025 provided at Q1 2025 Earnings (April 30, 2025) was $2.085 billion to $2.185 billion, which did not include expenses related to our acquisition of Bitstamp. As a result of the acquisition closing in the second quarter, we are updating our outlook to $2.15 billion to $2.25 billion to include $65 million of anticipated costs related to Bitstamp as previously announced. This expense outlook does not include provision for credit losses, costs related to our pending acquisition of WonderFi, potential significant regulatory matters, or other significant expenses (such as impairments, restructuring charges, and other business acquisition- or disposition-related expenses) that may arise or accruals we may determine in the future are required, as we are unable to accurately predict the size or timing of such matters, expenses or accruals at this time.

Actual results might differ materially from our outlook due to several factors, including the rate of growth in Funded Customers and our effectiveness to cross-sell products which affects variable marketing costs, the degree to which we are successful in managing credit losses and preventing fraud, and our ability to manage web-hosting expenses efficiently, among other factors. See “Non-GAAP Financial Measures” for more information on Adjusted Operating Expenses and SBC, including significant items that we believe are not indicative of our ongoing expenses that would be adjusted out of total operating expenses (GAAP) to get to Adjusted Operating Expenses and SBC (non-GAAP) should they occur.

About Robinhood

Robinhood Markets, Inc. (NASDAQ: HOOD) transformed financial services by introducing commission-free stock trading and democratizing access to the markets for millions of investors. Today, Robinhood, through its subsidiaries, lets you trade stocks, options, futures (which includes event contracts), and crypto, invest for retirement, earn with Robinhood Gold, and access an expert-managed portfolio with Robinhood Strategies. Headquartered in Menlo Park, California, Robinhood puts customers in the driver’s seat, delivering unprecedented value and products intentionally designed for a new generation of investors. Additional information about Robinhood can be found at www.robinhood.com.

Robinhood uses the “Overview” tab of its Investor Relations website (accessible at investors.robinhood.com/overview) and its Newsroom (accessible at newsroom.aboutrobinhood.com), as means of disclosing information to the public in a broad, non-exclusionary manner for purposes of the U.S. Securities and Exchange Commission’s (“SEC”) Regulation Fair Disclosure (Reg. FD). Investors should routinely monitor those web pages, in addition to Robinhood’s press releases, SEC filings, and public conference calls and webcasts, as information posted on them could be deemed to be material information.

“Robinhood” and the Robinhood feather logo are registered trademarks of Robinhood Markets, Inc. All other names are trademarks and/or registered trademarks of their respective owners.

Contacts

Investors:
ir@robinhood.com

Press:
press@robinhood.com


ROBINHOOD MARKETS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

	December 31,			June 30,
(in millions, except share and per share data)		2024			2025
Assets
Current assets:
Cash and cash equivalents	$	4,332		$	4,162
Cash, cash equivalents, and securities segregated under federal and other regulations		4,724			8,939
Receivables from brokers, dealers, and clearing organizations		471			374
Receivables from users, net		8,239			9,685
Securities borrowed		3,236			6,159
Deposits with clearing organizations		489			720
User-held fractional shares		2,530			3,083
Held-to-maturity investments		398			134
Prepaid expenses		75			108
Deferred customer match incentives		100			124
Other current assets		509			345
Total current assets		25,103			33,833
Property, software, and equipment, net		139			149
Goodwill		179			383
Intangible assets, net		38			191
Non-current deferred customer match incentives		195			267
Other non-current assets, including non-current prepaid expenses of $17 as of December 31, 2024 and $15 as of June 30, 2025		533			501
Total assets	$	26,187		$	35,324
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable and accrued expenses	$	397		$	369
Payables to users		7,448			10,511
Securities loaned		7,463			12,640
Fractional shares repurchase obligation		2,530			3,083
Other current liabilities		266			519
Total current liabilities		18,104			27,122
Other non-current liabilities		111			130
Total liabilities		18,215			27,252
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.0001 par value. 210,000,000 shares authorized, no shares issued and outstanding as of December 31, 2024 and June 30, 2025.		—			—
Class A common stock, $0.0001 par value. 21,000,000,000 shares authorized, 764,903,997 shares issued and outstanding as of December 31, 2024; 21,000,000,000 shares authorized, 771,931,128 shares issued and outstanding as of June 30, 2025.		—			—
Class B common stock, $0.0001 par value. 700,000,000 shares authorized, 119,588,986 shares issued and outstanding as of December 31, 2024; 700,000,000 shares authorized, 116,286,427 shares issued and outstanding as of June 30, 2025.		—			—
Class C common stock, $0.0001 par value. 7,000,000,000 shares authorized, no shares issued and outstanding as of December 31, 2024 and June 30, 2025.		—			—
Additional paid-in capital		12,008			11,378
Accumulated other comprehensive income (loss)		(1	)		7
Accumulated deficit		(4,035	)		(3,313	)
Total stockholders’ equity		7,972			8,072
Total liabilities and stockholders’ equity	$	26,187		$	35,324


ROBINHOOD MARKETS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

	Three Months Ended June 30,				YOY% Change	Three Months Ended March 31,		QOQ% Change
(in millions, except share, per share, and percentage data)	2024		2025		YOY% Change	2025		QOQ% Change
Revenues:
Transaction-based revenues	$	327	$	539	65%	$	583	(8)%
Net interest revenues		285		357	25%		290	23%
Other revenues		70		93	33%		54	72%
Total net revenues		682		989	45%		927	7%

Operating expenses⁽¹⁾⁽²⁾:
Brokerage and transaction		40		48	20%		50	(4)%
Technology and development		209		214	2%		214	—%
Operations		28		29	4%		31	(6)%
Provision for credit losses		18		28	56%		24	17%
Marketing		64		99	55%		105	(6)%
General and administrative		134		132	(1)%		133	(1)%
Total operating expenses		493		550	12%		557	(1)%

Other income, net		2		3	50%		1	200%
Income before income taxes		191		442	131%		371	19%
Provision for income taxes		3		56	NM		35	60%
Net income	$	188	$	386	105%	$	336	15%
Net income attributable to common stockholders:
Basic	$	188	$	386		$	336
Diluted	$	188	$	386		$	336
Net income per share attributable to common stockholders:
Basic	$	0.21	$	0.44		$	0.38
Diluted	$	0.21	$	0.42		$	0.37
Weighted-average shares used to compute net income per share attributable to common stockholders:
Basic		881,076,624		882,149,402			884,577,603
Diluted		904,490,572		909,127,658			909,241,619


ROBINHOOD MARKETS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

	Six Months Ended June 30,				YOY% Change
(in millions, except share, per share, and percentage data)	2024		2025		YOY% Change
Revenues:
Transaction-based revenues	$	656	$	1,122	71%
Net interest revenues		539		647	20%
Other revenues		105		147	40%
Total net revenues		1,300		1,916	47%

Operating expenses⁽¹⁾⁽²⁾:
Brokerage and transaction		75		98	31%
Technology and development		405		428	6%
Operations		56		60	7%
Provision for credit losses		34		52	53%
Marketing		131		204	56%
General and administrative		252		265	5%
Total operating expenses		953		1,107	16%

Other income, net		6		4	(33)%
Income before income taxes		353		813	130%
Provision for income taxes		8		91	NM
Net income	$	345	$	722	109%
Net income attributable to common stockholders:
Basic	$	345	$	722
Diluted	$	345	$	722
Net income per share attributable to common stockholders:
Basic	$	0.39	$	0.82
Diluted	$	0.38	$	0.79
Weighted-average shares used to compute net income per share attributable to common stockholders:
Basic		878,198,015		883,356,794
Diluted		900,026,613		911,013,005

ROBINHOOD MARKETS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

____________
⁽¹⁾ The following table presents operating expenses as a percent of total net revenues:


	Three Months Ended June 30,				Three Months Ended March 31,		Six Months Ended June 30,
	2024		2025		2025		2024		2025
Brokerage and transaction	5	%	5	%	6	%	6	%	5	%
Technology and development	31	%	22	%	23	%	31	%	22	%
Operations	4	%	3	%	3	%	4	%	3	%
Provision for credit losses	3	%	3	%	3	%	3	%	3	%
Marketing	9	%	10	%	11	%	10	%	11	%
General and administrative	20	%	13	%	14	%	19	%	14	%
Total operating expenses	72	%	56	%	60	%	73	%	58	%

⁽²⁾ The following table presents the SBC on our unaudited condensed consolidated statements of operations for the periods indicated:

	Three Months Ended June 30,				Three Months Ended March 31,		Six Months Ended June 30,
(in millions)	2024		2025		2025		2024		2025
Brokerage and transaction	$	3	$	3	$	2	$	5		5
Technology and development		52		39		44		96		83
Operations		2		2		1		4		3
Marketing		1		2		2		3		4
General and administrative		28		32		24		40		56
Total SBC	$	86	$	78	$	73	$	148	$	151


ROBINHOOD MARKETS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions)	2024			2025			2024			2025
Operating activities:
Net income	$	188		$	386		$	345		$	722
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization		18			21			35			41
Provision for credit losses		18			28			34			52
Share-based compensation		86			78			148			151
Other		(1	)		4			(1	)		8
Changes in operating assets and liabilities:
Securities segregated under federal and other regulations		145			(198	)		(547	)		199
Receivables from brokers, dealers, and clearing organizations		58			(94	)		(60	)		112
Receivables from users, net		(742	)		(389	)		(1,538	)		(1,300	)
Securities borrowed		(110	)		(2,045	)		(615	)		(2,923	)
Deposits with clearing organizations		34			(79	)		(213	)		(231	)
Current and non-current prepaid expenses		(20	)		(11	)		(20	)		(24	)
Current and non-current deferred customer match incentives		(122	)		(40	)		(196	)		(96	)
Other current and non-current assets		(45	)		—			(128	)		351
Accounts payable and accrued expenses		20			12			(26	)		(112	)
Payables to users		(285	)		2,280			692			1,948
Securities loaned		876			3,542			1,544			5,177
Other current and non-current liabilities		(64	)		14			(23	)		76
Net cash provided by (used in) operating activities		54			3,509			(569	)		4,151
Investing activities:
Purchases of property, software, and equipment		—			(8	)		(2	)		(10	)
Capitalization of internally developed software		(7	)		(10	)		(14	)		(19	)
Consideration transferred for business acquisitions		(6	)		(224	)		(6	)		(399	)
Cash, cash equivalents, and segregated cash acquired in business acquisitions		—			1,168			—			1,193
Purchases of held-to-maturity investments		(131	)		—			(302	)		—
Proceeds from maturities of held-to-maturity investments		135			58			289			266
Purchases of credit card receivables by Credit Card Funding Trust		(41	)		(979	)		(70	)		(1,528	)
Collections of purchased credit card receivables		37			835			48			1,346
Asset acquisition, net of cash acquired		—			—			(3	)		—
Other		1			(8	)		1			(8	)
Net cash provided by (used in) investing activities		(12	)		832			(59	)		841
Financing activities:
Proceeds from exercise of stock options		4			4			8			11
Proceeds from issuance of common stock under the Employee Share Purchase Plan		10			15			10			15
Taxes paid related to net share settlement of equity awards		(59	)		(252	)		(99	)		(372	)
Repurchase of Class A common stock		—			(124	)		—			(446	)
Draws on credit facilities		11			1			11			1
Repayments on credit facilities		(11	)		(1	)		(11	)		(1	)
Borrowings by the Credit Card Funding Trust		—			80			17			104
Change in principal collected from customers due to Coastal Bank		4			(9	)		7			1
Repayments on borrowings by the Credit Card Funding Trust		(1	)		—			(1	)		—
Payments of debt issuance costs		—			—			(14	)		(16	)
Net cash used in financing activities		(42	)		(286	)		(72	)		(703	)
Effect of foreign exchange rate changes on cash and cash equivalents		—			7			—			8
Net increase (decrease) in cash, cash equivalents, segregated cash, and restricted cash		—			4,062			(700	)		4,297
Cash, cash equivalents, segregated cash, and restricted cash, beginning of the period		8,646			8,930			9,346			8,695
Cash, cash equivalents, segregated cash, and restricted cash, end of the period	$	8,646		$	12,992		$	8,646		$	12,992

Reconciliation of cash, cash equivalents, segregated cash and restricted cash, end of the period:
Cash and cash equivalents, end of the period	$	4,524		$	4,162		$	4,524		$	4,162
Segregated cash and cash equivalents, end of the period		4,037			8,740			4,037			8,740
Restricted cash in other current assets, end of the period		69			72			69			72
Restricted cash in other non-current assets, end of the period		16			18			16			18
Cash, cash equivalents, segregated cash and restricted cash, end of the period	$	8,646		$	12,992		$	8,646		$	12,992
Supplemental disclosures:
Cash paid for interest	$	1		$	3		$	8		$	12
Cash paid for income taxes, net of refund received	$	4		$	53		$	6		$	82


Reconciliation of GAAP to Non-GAAP Results (Unaudited)

	Three Months Ended June 30,						Three Months Ended March 31,			Six Months Ended June 30,
(in millions, except for percentage data)	2024			2025			2025			2024			2025
Net income	$	188		$	386		$	336		$	345		$	722
Net margin		28	%		39	%		36	%		27	%		38	%
Add:
Interest expenses related to credit facilities		6			8			6			12			14
Provision for income taxes		3			56			35			8			91
Depreciation and amortization		18			21			20			35			41
EBITDA (non-GAAP)		215			471			397			400			868
Add:
SBC		86			78			73			148			151
Adjusted EBITDA (non-GAAP)	$	301		$	549		$	470		$	548		$	1,019
Adjusted EBITDA Margin (non-GAAP)		44	%		56	%		51	%		42	%		53	%

	Three Months Ended June 30,				Three Months Ended March 31,		Six Months Ended June 30,
(in millions)	2024		2025		2025		2024		2025
Total operating expenses (GAAP)	$	493	$	550	$	557	$	953	$	1,107
Less:
SBC		86		78		73		148		151
Provision for credit losses⁽¹⁾		—		28		24		—		52
Adjusted Operating Expenses (non-GAAP)	$	407	$	444	$	460	$	805	$	904

	Three Months Ended June 30,				Three Months Ended March 31,		Six Months Ended June 30,
(in millions)	2024		2025		2025		2024		2025
Total operating expenses (GAAP)	$	493	$	550	$	557	$	953	$	1,107
Less:
SBC		86		78		73		148		151
Provision for credit losses⁽¹⁾		—		28		24		—		52
Adjusted Operating Expenses (non-GAAP)		407		444		460		805		904
Add:
SBC		86		78		73		148		151
Adjusted Operating Expenses and SBC (non-GAAP)	$	493	$	522	$	533	$	953	$	1,055

____________

⁽¹⁾ Starting in Q1 2025, Adjusted Operating Expenses and Adjusted Operating Expenses and SBC no longer include provision for credit losses.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements regarding the expected financial performance of Robinhood Markets, Inc. and its consolidated subsidiaries (“we,” “Robinhood,” or the “Company”) and our strategic and operational plans, including (among others) statements regarding that we believe tokenization is the biggest innovation our industry has seen in the past decade; that Robinhood continues to deliver cutting-edge trading tools and capabilities with strong adoption among active traders; that looking ahead, traders will convene at HOOD Summit 2025 this September to explore the latest in trading technology; that Robinhood continues to grow its share of wallet as it extends into new categories; that Robinhood is demonstrating continued momentum in serving far more customer assets and needs; that the acquisition of WonderFi is expected to close in the second half of 2025, subject to customary closing conditions, including regulatory approvals; and all statements and information under the heading “Financial Outlook”. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “believe,” “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “estimate,” “predict,” “potential,” or “continue,” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Our forward-looking statements are subject to a number of known and unknown risks, uncertainties, assumptions, and other factors that may cause our actual future results, performance, or achievements to differ materially from any future results expressed or implied in this press release. Reported results should not be considered an indication of future performance. Factors that contribute to the uncertain nature of our forward-looking statements include, among others: our rapid and continuing expansion, including continuing to introduce new products and services on our platforms as well as geographic expansion; the difficulty of managing our business effectively, including the size of our workforce, and the risk of declining or negative growth; the fluctuations in our financial results and key metrics from quarter to quarter; our reliance on transaction-based revenue, including payment for order flow (“PFOF”), the risk of new regulation or bans on PFOF and similar practices, and the addition of our new fee-based model for cryptocurrency; our exposure to fluctuations in interest rates and rapidly changing interest rate environments; the difficulty of raising additional capital (to provide liquidity needs and support business growth and objectives) on reasonable terms, if at all; the need to maintain capital levels required by regulators and self-regulatory organizations; the risk that we might mishandle the cash, securities, and cryptocurrencies we hold on behalf of customers, and our exposure to liability for processing, operational, or technical errors in clearing functions; the impact of negative publicity on our brand and reputation; the risk that changes in business, economic, or political conditions that impact the global financial markets, or a systemic market event, might harm our business; our dependence on key employees and a skilled workforce; operational and regulatory risks and expenditures prior to and following closing of our acquisitions and investments; the difficulty of complying with an extensive, complex, and changing regulatory environment, the risk of monetary and other penalties for noncompliance, and the need to adjust our business model in response to new or modified laws and regulations; the possibility of adverse developments in pending litigation and regulatory investigations; the effects of competition; our need to innovate and acquire or invest in new products, services, technologies and geographies in order to attract and retain customers and deepen their engagement with us in order to maintain growth; our reliance on third parties to perform some key functions and the risk that processing, operational or technological failures could impair the availability or stability of our platforms; the risk of cybersecurity incidents, theft, data breaches, and other online attacks; the difficulty of processing customer data in compliance with privacy laws; our need as a regulated financial services company to develop and maintain effective compliance and risk management infrastructures; the risks associated with incorporating artificial intelligence technologies into some of our products and processes; the regulatory, litigation, contractual, operational, and reputational risks associated with our introduction of new products such as Robinhood Stock Tokens in the European Economic Area and our staking services offered in the U.S.; and the risk that substantial future sales of Class A common stock in the public market, or the perception that they may occur, could cause the price of our stock to fall. Because some of these risks and uncertainties cannot be predicted or quantified and some are beyond our control, you should not rely on our forward-looking statements as predictions of future events. More information about potential risks and uncertainties that could affect our business and financial results can be found in Part II, Item 1A of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 and in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, which we expect to be available on July 31, 2025, as well as in our other filings with the SEC, all of which are available on the SEC’s web site at www.sec.gov. Moreover, we operate in a very competitive and rapidly changing environment; new risks and uncertainties may emerge from time to time, and it is not possible for us to predict all risks nor identify all uncertainties. The events and circumstances reflected in our forward-looking statements might not be achieved and actual results could differ materially from those projected in the forward-looking statements. Except as otherwise noted, all forward-looking statements in this press release are made as of the date of this press release, July 30, 2025, and are based on information and estimates available to us at this time. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we cannot guarantee future results, performance, or achievements. Except as required by law, Robinhood assumes no obligation to update any of the statements in this press release whether as a result of any new information, future events, changed circumstances, or otherwise. You should read this press release with the understanding that our actual future results, performance, events, and circumstances might be materially different from what we expect.

Non-GAAP Financial Measures

We collect and analyze operating and financial data to evaluate the health of our business, allocate our resources and assess our performance. In addition to total net revenues, net income, and other results under GAAP, we utilize non-GAAP calculations of adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”), Adjusted EBITDA Margin, Adjusted Operating Expenses, and Adjusted Operating Expenses and SBC. This non-GAAP financial information is presented for supplemental informational purposes only, should not be considered in isolation or as a substitute for, or superior to, financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. Reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are provided in the financial tables included in this press release.

Adjusted EBITDA

Adjusted EBITDA is defined as net income, excluding (i) interest expenses related to credit facilities, (ii) provision for (benefit from) income taxes, (iii) depreciation and amortization, (iv) SBC, (v) significant legal and tax settlements and reserves, and (vi) other significant gains, losses, and expenses (such as impairments, restructuring charges, and business acquisition- or disposition-related expenses) that we believe are not indicative of our ongoing results.

The above items are excluded from our Adjusted EBITDA measure because these items are non-cash in nature, or because the amount and timing of these items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods and competitors less meaningful. We believe Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our business performance. Moreover, Adjusted EBITDA is a key measurement used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting.

Adjusted EBITDA Margin

Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by total net revenues. The most directly comparable GAAP measure is net margin (calculated as net income divided by total net revenues). We believe Adjusted EBITDA Margin provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our business performance. Adjusted EBITDA Margin is used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting.

Adjusted Operating Expenses

Adjusted Operating Expenses is defined as GAAP total operating expenses minus (i) SBC, (ii) provision for credit losses, (iii) significant legal and tax settlements and reserves, and (iv) other significant expenses (such as impairments, restructuring charges, and business acquisition- or disposition-related expenses) that we believe are not indicative of our ongoing expenses. The amount and timing of the excluded items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods less meaningful. We believe Adjusted Operating Expenses provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our cost structure. Adjusted Operating Expenses is used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting. Starting in Q1 2025, Adjusted Operating Expenses no longer includes provision for credit losses.

Adjusted Operating Expenses and SBC

Adjusted Operating Expenses and SBC is defined as GAAP total operating expenses minus (i) provision for credit losses, (ii) significant legal and tax settlements and reserves, and (iii) other significant expenses (such as impairments, restructuring charges, and business acquisition- or disposition-related expenses), that we believe are not indicative of our ongoing expenses. The amount and timing of the excluded items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods less meaningful. Unlike Adjusted Operating Expenses, Adjusted Operating Expenses and SBC does not adjust for SBC. We believe Adjusted Operating Expense and SBC provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our cost structure. Adjusted Operating Expenses and SBC is used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting. Starting in Q1 2025, Adjusted Operating Expenses and SBC no longer includes provision for credit losses.

Key Performance Metrics

In addition to the measures presented in our unaudited condensed consolidated financial statements, we use the following key performance metrics to help us evaluate our business, identify trends affecting our business, formulate business plans, and make strategic decisions.

Assets Under Custody

We define Assets Under Custody as the fair value of all equities, options, cryptocurrency, futures (including options on futures, swaps, and event contracts), and cash held by users in their accounts, net of receivables from users, as of a stated date or period end on a trade date basis. As previously disclosed in Q1 2025, we introduced a new Key Performance Metric called Total Platform Assets, which includes Assets Under Custody and is defined below. Starting in June 2025, the fair value of all cryptocurrency includes cryptocurrency on Bitstamp.

Funded Customers

We define a Funded Customer as a unique person who has at least one account with a Robinhood entity and, within the past 45 calendar days (a) had an account balance that was greater than zero (excluding amounts that are deposited into a Funded Customer account by the Company with no action taken by the unique person) or (b) completed a transaction using any such account. Individuals who share a funded joint investing account (which launched in July 2024) are each considered to be a Funded Customer. Starting in Q1 2025, individuals who are customers of Registered Investment Advisors (“RIAs”) that use the TradePMR platform, and, starting in June 2025, customers of Bitstamp, are also considered Funded Customers.

Total Platform Assets

We define Total Platform Assets as the sum of the fair value of all equities, options, cryptocurrency, futures (including options on futures, swaps, and event contracts), cash held by users in their accounts, net of receivables from users (previously reported as Assets Under Custody), and any such assets managed by RIAs using TradePMR’s platform that are not custodied by Robinhood, as of a stated date or period end on a trade date basis. Net Deposits and net market gains (losses) drive the change in Total Platform Assets in any given period. Starting in June 2025, the fair value of all cryptocurrency includes cryptocurrency on Bitstamp.

Net Deposits

We define Net Deposits as all cash deposits and asset transfers from customers, as well as dividends, interest, and cash or assets earned in connection with Company promotions (such as account transfer and retirement match incentives, free stock bonuses, and lending and staking rewards by Bitstamp) received by customers, net of reversals, customer cash withdrawals, margin interest, Robinhood Gold subscription fees, and assets transferred off of our platforms for a stated period. Starting in June 2025, Net Deposits include results from Bitstamp. Due to data limitations, we have not included TradePMR client figures in our Net Deposits key performance metric.

Average Revenue Per User (“ARPU”)

We define ARPU as total revenue for a given period divided by the average number of Funded Customers on the last day of that period and the last day of the immediately preceding period. Figures in this press release represent ARPU annualized for each three-month period presented.

Robinhood Gold Subscribers

We define a Robinhood Gold Subscriber as a unique person who has at least one account with a Robinhood entity and who, as of the end of the relevant period (a) is subscribed to Robinhood Gold and (b) has made at least one Robinhood Gold subscription fee payment.

Additional Operating Metrics

Robinhood Retirement AUC

We define Robinhood Retirement AUC as the total Assets Under Custody in traditional individual retirement accounts (“IRAs”) and Roth IRAs. This does not include accounts with an RIA using TradePMR’s platform.

Cash Sweep

We define Cash Sweep as the period-end total amount of participating users’ uninvested brokerage cash that has been automatically “swept” or moved from their brokerage accounts into deposits for their benefit at a network of program banks. This is an off-balance-sheet amount. Robinhood earns a net interest spread on Cash Sweep balances based on the interest rate offered by the banks less the interest rate given to users as stated in our program terms. This includes balances from customers of RIAs using TradePMR’s platform.

Margin Book

We define Margin Book as our period-end aggregate outstanding margin loan balances receivable (i.e., the period-end total amount we are owed by customers on loans made for the purchase of securities, supported by a pledge of assets in their margin-enabled brokerage accounts). This includes margin loan balances from customers of RIAs using TradePMR’s platform.

Notional Trading Volume

We define Notional Trading Volume for any specified asset class as the aggregate dollar value (purchase price or sale price as applicable) of trades executed in that asset class on our platforms over a specified period of time. Robinhood App Crypto Notional Trading Volume represents the dollar value of executed trades on the Robinhood platform over a specified period of time. Starting in June 2025, Bitstamp Exchange Crypto Notional Trading Volume represents the dollar value of executed trades on the Bitstamp platform over a specified period of time. For example, each $1 of transaction value executed between a buyer and seller is counted as $1 of transaction value in the relevant period, rather than $2 if counted for each of the buyer and seller.

Options Contracts Traded

We define Options Contracts Traded as the total number of options contracts bought or sold over a specified period of time. Each contract generally entitles the holder to trade 100 shares of the underlying stock.

Glossary Terms

Investment Accounts

We define an Investment Account as a funded individual brokerage account, a funded joint investing account, a funded IRA, or an account with an RIA using TradePMR’s platform. As of June 30, 2025, a Funded Customer can have up to five Investment Accounts – individual brokerage account, joint investing account (which launched in July 2024), traditional IRA, Roth IRA, and RIA custody account using TradePMR’s platform. Does not include Bitstamp as such accounts are not brokerage or other Investment Accounts.

Robinhood Gold Adoption Rate

We define the Robinhood Gold adoption rate as end of period Robinhood Gold Subscribers divided by end of period Funded Customers.

Growth Rate and Annualized Growth Rate with respect to Net Deposits

Growth rate is calculated as aggregate Net Deposits over a specified 12-month period, divided by Total Platform Assets for the fiscal quarter that immediately precedes such 12-month period. Annualized growth rate is calculated as Net Deposits for a specified quarter multiplied by 4 and divided by Total Platform Assets for the immediately preceding quarter.

The MIL Network –

July 31, 2025

MIL-OSI: AMSC Reports First Quarter Fiscal Year 2025 Financial Results and Business Outlook

Source: GlobeNewswire (MIL-OSI)

First Quarter Financial Highlights:

Increased Revenue by 80% Year Over Year to Above $70 Million
Reported Net Income of Over $6 Million and Non-GAAP Net Income Exceeding $11 million
Achieved Gross Margin Greater than 30%

Company to host conference call tomorrow, July 31, at 10:00 am ET

AYER, Mass., July 30, 2025 (GLOBE NEWSWIRE) — AMSC (Nasdaq: AMSC), a leading system provider of megawatt-scale power resiliency solutions that orchestrate the rhythm and harmony of power on the grid™ and protect and expand the capability and resiliency of our Navy’s fleet, today reported financial results for its first quarter of fiscal year 2025 ended June 30, 2025.

Revenues for the first quarter of fiscal 2025 were $72.4 million compared with $40.3 million for the same period of fiscal 2024. The year-over-year increase was driven by organic growth and the acquisition of NWL, Inc.

AMSC’s net income for the first quarter of fiscal 2025 was $6.7 million, or $0.17 per share, compared to a net loss of $2.5 million, or $0.07 per share, for the same period of fiscal 2024. The Company’s non-GAAP net income for the first quarter of fiscal 2025 was $11.6 million, or $0.30 per share, compared with a non-GAAP net income of $3.0 million, or $0.09 per share, in the same period of fiscal 2024. Please refer to the financial table below for a reconciliation of GAAP to non-GAAP results.

Cash, cash equivalents, and restricted cash on June 30, 2025, totaled $213.4 million, compared with $85.4 million at March 31, 2025.

“We’ve kicked off fiscal 2025 with accelerated growth, delivering a standout first quarter marked by significant progress and exceptional execution that surpassed our expectations,” said Daniel P. McGahn, Chairman, President and CEO, AMSC. “AMSC grew fiscal first quarter revenue by 80% year-over-year, generated net income of over $6 million marking our fourth consecutive quarter of profitability, and achieved expanded gross margins surpassing 30%. Strength in the semiconductor market—driven by growing demand for applications such as artificial intelligence and data centers—contributed to our momentum, while bookings and backlog remained steady. These results highlight our continued progress in scaling the business, diversifying revenue streams, and driving outstanding financial performance. We approach the remainder of fiscal 2025 with confidence in our team and business.”

Business Outlook
For the second quarter ending September 30, 2025, AMSC expects that its revenues will be in the range of $65.0 million to $70.0 million. The Company’s net income for the second quarter of fiscal 2025 is expected to exceed $2.0 million, or $0.05 per share. The Company’s non-GAAP net income (as defined below) is expected to exceed $6.0 million, or $0.14 per share.

Conference Call Reminder
In conjunction with this announcement, AMSC management will participate in a conference call with investors beginning at 10:00 a.m. Eastern Time on Thursday, July 31, 2025, to discuss the Company’s financial results and business outlook. Those who wish to listen to the live or archived conference call webcast should visit the “Investors” section of the Company’s website at https://ir.amsc.com. The live call can be accessed by dialing 1-844-481-2802 or 1-412-317-0675 and asking to join the AMSC call. A replay of the call may be accessed 2 hours following the call by dialing 1-877-344-7529 and using conference passcode 4291224.

About AMSC (Nasdaq: AMSC)
AMSC generates the ideas, technologies and solutions that meet the world’s demand for smarter, cleaner … better energy™. Through its Gridtec™ Solutions, AMSC provides the engineering planning services and advanced grid systems that optimize network reliability, efficiency and performance. Through its Marinetec™ Solutions, AMSC provides ship protection systems and is developing propulsion and power management solutions designed to help fleets increase system efficiencies, enhance power quality and boost operational safety. Through its Windtecc™ Solutions, AMSC provides wind turbine electronic controls and systems, designs and engineering services that reduce the cost of wind energy. The Company’s solutions are enhancing the performance and reliability of power networks, increasing the operational safety of navy fleets, and powering gigawatts of renewable energy globally. Founded in 1987, AMSC is headquartered near Boston, Massachusetts with operations in Asia, Australia, Europe and North America. For more information, please visit www.amsc.com.

AMSC, American Superconductor, D-VAR, D-VAR VVO, Gridtec, Marinetec, Windtec, Neeltran, NEPSI, NWL, Smarter, Cleaner … Better Energy, and Orchestrate the Rhythm and Harmony of Power on the Grid are trademarks or registered trademarks of American Superconductor Corporation. All other brand names, product names, trademarks or service marks belong to their respective holders.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Any statements in this release regarding execution of our goals and strategies, including scaling our business and diversifying revenue streams; growing demand for applications such as artificial intelligence and data centers; backlog; expectations regarding the second quarter of fiscal 2025; our expected GAAP and non-GAAP financial results for the quarter ending September 30, 2025; and other statements containing the words “believes,” “anticipates,” “plans,” “expects,” “will” and similar expressions, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements represent management’s current expectations and are inherently uncertain. There are a number of important factors that could materially impact the value of our common stock or cause actual results to differ materially from those indicated by such forward-looking statements. These important factors include, but are not limited to: We have not been historically profitable, which may recur in the future. Our operating results may fluctuate significantly from quarter to quarter and may fall below expectations in any particular fiscal quarter; While we generated positive operating cash flow in fiscal 2024 and the prior year, we have a history of negative operating cash flows, and we may require additional financing in the future, which may not be available to us; Our technology and products could infringe intellectual property rights of others, which may require costly litigation and, if we are not successful, could cause us to pay substantial damages and disrupt our business; Changes in exchange rates could adversely affect our results of operations; If we fail to maintain proper and effective internal control over financial reporting, our ability to produce accurate and timely financial statements could be impaired and may lead investors and other users to lose confidence in our financial data; We may be required to issue performance bonds, which restricts our ability to access any cash used as collateral for the bonds; We may not realize all of the sales expected from our backlog of orders and contracts; If we fail to implement our business strategy successfully, our financial performance could be harmed; We rely upon third-party suppliers for the components and subassemblies of many of our Grid and Wind products, making us vulnerable to supply shortages and price fluctuations, which could harm our business; Our contracts with the U.S. and Canadian governments are subject to audit, modification or termination by such governments and include certain other provisions in favor of the governments. The continued funding of such contracts may remain subject to annual legislative appropriation, which, if not approved, could reduce our revenue and lower or eliminate our profit; Changes in U.S. government defense spending could negatively impact our financial position, results of operations, liquidity and overall business; Our business and operations may be materially adversely impacted in the event of a failure or security breach of our or any critical third parties’ IT Systems or Confidential Information; Failure to comply with evolving data privacy and data protection laws and regulations or to otherwise protect personal data, may adversely impact our business and financial results; Our success is dependent upon attracting and retaining qualified personnel and our inability to do so could significantly damage our business and prospects; We may acquire additional complementary businesses or technologies, which may require us to incur substantial costs for which we may never realize the anticipated benefits; A significant portion of our Wind segment revenues are derived from a single customer. If this customer’s business is negatively affected, it could adversely impact our business; Our success in addressing the wind energy market is dependent on the manufacturers that license our designs; Many of our revenue opportunities are dependent upon subcontractors and other business collaborators; Problems with product quality or product performance may cause us to incur warranty expenses and may damage our market reputation and prevent us from achieving increased sales and market share; Many of our customers outside of the United States may be either directly or indirectly related to governmental entities, and we could be adversely affected by violations of the United States Foreign Corrupt Practices Act and similar worldwide anti-bribery laws outside the United States; We have had limited success marketing and selling our superconductor products and system-level solutions, and our failure to more broadly market and sell our products and solutions could lower our revenue and cash flow; We or third parties on whom we depend may be adversely affected by natural disasters, including events resulting from climate change, and our business continuity and disaster recovery plans may not adequately protect us or our value chain from such events; Uncertainty surrounding our prospects and financial condition may have an adverse effect on our customer and supplier relationships; Pandemics, epidemics, or other public health crises may adversely impact our business, financial condition and results of operations; Adverse changes in domestic and global economic conditions could adversely affect our operating results; Our international operations are subject to risks that we do not face in the United States, which could have an adverse effect on our operating results; Our products face competition, which could limit our ability to acquire or retain customers; We have operations in, and depend on sales in, emerging markets, including India, and global conditions could negatively affect our operating results or limit our ability to expand our operations outside of these markets. Changes in India’s political, social, regulatory and economic environment may affect our financial performance; Industry consolidation could result in more powerful competitors and fewer customers; Our success could depend upon the commercial adoption of the REG system, which is currently limited, and a widespread commercial market for our REG products may not develop; Increasing focus and scrutiny on environmental sustainability and social initiatives could adversely impact our business and financial results; Growth of the wind energy market depends largely on the availability and size of government subsidies, economic incentives and legislative programs designed to support the growth of wind energy; Lower prices for other energy sources may reduce the demand for wind energy development, which could have a material adverse effect on our ability to grow our Wind business; We may be unable to adequately prevent disclosure of trade secrets and other proprietary information; Our patents may not provide meaningful or long-term protection for our technology, which could result in us losing some or all of our market position; Third parties have or may acquire patents that cover the materials, processes and technologies we use or may use in the future to manufacture our Amperium products, and our success depends on our ability to license such patents or other proprietary rights; There are a number of technological challenges that must be successfully addressed before our superconductor products can gain widespread commercial acceptance, and our inability to address such technological challenges could adversely affect our ability to acquire customers for our products; Our common stock has experienced, and may continue to experience, market price and volume fluctuations, which may prevent our stockholders from selling our common stock at a profit and could lead to costly litigation against us that could divert our management’s attention; Unfavorable results of legal proceedings could have a material adverse effect on our business, operating results and financial condition and the other important factors discussed under the caption “Risk Factors” in Part 1. Item 1A of our Form 10-K for the fiscal year ended March 31, 2025, and our other reports filed with the SEC. These important factors, among others, could cause actual results to differ materially from those indicated by forward-looking statements made herein and presented elsewhere by management from time to time. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.


UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data)

	Three Months Ended June 30,
	2025		2024
Revenues
Grid	$	60,087	$	32,336
Wind		12,271		7,954
Total revenues		72,358		40,290

Cost of revenues		47,869		28,065

Gross margin		24,489		12,225

Operating expenses:
Research and development		4,304		2,286
Selling, general and administrative		14,204		8,898
Amortization of acquisition-related intangibles		337		412
Change in fair value of contingent consideration		—		3,920
Total operating expenses		18,845		15,516

Operating income (loss)		5,644		(3,291	)

Interest income, net		932		1,120
Other income (expense), net		347		(160	)
Income (loss) before income tax expense		6,923		(2,331	)

Income tax expense		199		193

Net income (loss)	$	6,724	$	(2,524	)

Net income (loss) per common share
Basic	$	0.17	$	(0.07	)
Diluted	$	0.17	$	(0.07	)

Weighted average number of common shares outstanding
Basic		38,875		35,676
Diluted		39,742		35,676

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per share data)

	June 30, 2025			March 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	207,890		$	79,494
Accounts receivable, net		54,684			46,186
Inventory, net		71,602			71,169
Prepaid expenses and other current assets		13,332			8,055
Restricted cash		1,349			1,613
Total current assets		348,857			206,517

Property, plant and equipment, net		38,521			38,572
Intangibles, net		5,579			5,916
Right-of-use assets		4,041			3,829
Goodwill		48,164			48,164
Restricted cash		4,180			4,274
Deferred tax assets		1,262			1,178
Equity-method investments		1,406			1,113
Other assets		836			958
Total assets	$	452,846		$	310,521

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:
Accounts payable and accrued expenses	$	38,401		$	32,282
Lease liability, current portion		854			685
Deferred revenue, current portion		66,055			66,797
Total current liabilities		105,310			99,764

Deferred revenue, long term portion		9,836			9,336
Lease liability, long term portion		2,906			2,684
Deferred tax liabilities		1,647			1,595
Other liabilities		31			28
Total liabilities		119,730			113,407

Stockholders’ equity:
Common stock, $0.01 par value, 75,000,000 shares authorized; 45,564,273 and 39,887,536 shares issued and 45,160,922 and 39,484,185 shares outstanding at June 30, 2025 and March 31, 2025, respectively		456			399
Additional paid-in capital		1,388,948			1,259,540
Treasury stock, at cost, 403,351 at June 30, 2025 and March 31, 2025		(3,765	)		(3,765	)
Accumulated other comprehensive income		1,378			1,565
Accumulated deficit		(1,053,901	)		(1,060,625	)
Total stockholders’ equity		333,116			197,114
Total liabilities and stockholders’ equity	$	452,846		$	310,521

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)

	Three Months Ended June 30,
	2025			2024
Cash flows from operating activities:

Net income (loss)	$	6,724		$	(2,524	)
Adjustments to reconcile net income (loss) to net cash provided by operations:
Depreciation and amortization		1,229			1,008
Stock-based compensation expense		4,526			1,229
Provision for excess and obsolete inventory		711			503
Amortization of operating lease right-of-use assets		243			192
Deferred income taxes		7			(2	)
Earnings from equity method investments		(293	)		—
Change in fair value of contingent consideration		—			3,920
Other non-cash items		140			(3	)
Changes in operating asset and liability accounts:
Accounts receivable		(8,512	)		2,786
Inventory		(1,046	)		(3,799	)
Prepaid expenses and other assets		(5,084	)		(3,099	)
Operating leases		(64	)		(195	)
Accounts payable and accrued expenses		6,321			(1,734	)
Deferred revenue		(777	)		5,127
Net cash provided by operating activities		4,125			3,409

Cash flows from investing activities:
Purchases of property, plant and equipment		(814	)		(265	)
Change in other assets		79			245
Net cash used in investing activities		(735	)		(20	)

Cash flows from financing activities:
Repayment of debt		—			(16	)
Employee taxes paid related to net settlement of equity awards		—			(126	)
Proceeds from public equity offering, net of offering expenses		124,577			—
Net cash provided by (used in) financing activities		124,577			(142	)

Effect of exchange rate changes on cash		71			(4	)

Net increase in cash, cash equivalents and restricted cash		128,038			3,243
Cash, cash equivalents and restricted cash at beginning of period		85,381			92,280
Cash, cash equivalents and restricted cash at end of period	$	213,419		$	95,523

RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME (In thousands, except per share data)

	Three Months Ended June 30,
	2025		2024
Net income (loss)	$	6,724	$	(2,524	)
Stock-based compensation		4,526		1,229
Amortization of acquisition-related intangibles		337		412
Change in fair value of contingent consideration		—		3,920
Non-GAAP net income	$	11,587	$	3,037

Non-GAAP net income per share – basic	$	0.30	$	0.09
Non-GAAP net income per share – diluted	$	0.29	$	0.08
Weighted average shares outstanding – basic		38,875		35,676
Weighted average shares outstanding – diluted		39,742		37,032

Reconciliation of Forecast GAAP Net Income to Non-GAAP Net Income (In millions, except per share data)

	Three Months Ending
	September 30, 2025
Net income		$	2.0
Stock-based compensation			3.7
Amortization of acquisition-related intangibles			0.3
Non-GAAP net income		$	6.0
Non-GAAP net income per share		$	0.14
Shares outstanding			43.5

Note: Non-GAAP net income is defined by the Company as net income before stock-based compensation; amortization of acquisition-related intangibles; change in fair value of contingent consideration, other non-cash or unusual charges, and the tax effect of adjustments calculated at the relevant rate for our non-GAAP metric. The Company believes non-GAAP net income and non-GAAP net income per share assist management and investors in comparing the Company’s performance across reporting periods on a consistent basis by excluding these non-cash, non-recurring or other charges that it does not believe are indicative of its core operating performance. Actual GAAP and non-GAAP net income for the fiscal quarter ending September 30, 2025, including the above adjustments, may differ materially from those forecasted in the table above. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position or cash flow that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. The non-GAAP measure included in this release, however, should be considered in addition to, and not as a substitute for or superior to, net income or other measures of financial performance prepared in accordance with GAAP. A reconciliation of GAAP to non-GAAP net income is set forth in the table above.

Contacts:

AMSC Director, Communications:
Nicol Golez
978-399-8344
Nicol.Golez@amsc.com

Investor Relations:
Carolyn Capaccio
Phone: (212) 838-3777
amscIR@allianceadvisors.com

Public Relations:
Joe Luongo
(914) 906-5903
jluongo@rooneypartners.com

The MIL Network –

July 31, 2025

Ninepoint ETF Series	Ticker	Cash Distribution per unit		Notional Distribution per unit		CUSIP
Ninepoint Cash Management Fund	NSAV	$0.11888		$0.00000		65443X105

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