Category: Commerce

MIL-OSI: FirstCash Reports Record Second Quarter Operating Results; Strong Performance Across All Segments Drives Over 30% Year-to-Date EPS Growth; Increases Quarterly Cash Dividend 11%

Source: GlobeNewswire (MIL-OSI)

FORT WORTH, Texas, July 24, 2025 (GLOBE NEWSWIRE) — FirstCash Holdings, Inc. (“FirstCash” or the “Company”) (Nasdaq: FCFS), the leading international operator of more than 3,000 retail pawn stores and a leading provider of retail point-of-sale payment solutions, today announced operating results for the three and six month periods ended June 30, 2025. The Company also announced that the Board of Directors declared a quarterly cash dividend of $0.42 per share, an increase of 11% over the previous quarterly dividend, which will be paid in August 2025.

Mr. Rick Wessel, chief executive officer, stated, “FirstCash is pleased to report outstanding earnings results for the second quarter and year-to-date periods. Pawn demand remains extremely robust, with local currency same-store pawn receivables up 13% in both the U.S. and Latin America, driving strong earnings growth for both segments. AFF posted growth in originations for the second quarter and a segment earnings increase of 46% versus last year. Driven by strong cash flows, the Board of Directors increased the quarterly cash dividend by 11%, which further reflects the strength of our business and long-term earnings prospects.”

Additionally, the Company expects to complete its previously announced acquisition of H&T Group plc (“H&T”) by the end of the third quarter of 2025, subject to receipt of the required approvals by the Financial Conduct Authority of the United Kingdom (“FCA”) and satisfaction of the other remaining closing conditions. H&T is the largest pawnbroker in the U.K. with 285 locations and would represent FirstCash’s first operations in Europe.

This release contains adjusted financial measures, which exclude certain non-operating and/or non-cash income and expenses, that are non-GAAP financial measures. Please refer to the descriptions and reconciliations to GAAP of these and other non-GAAP financial measures at the end of this release.

	Three Months Ended June 30,
	As Reported (GAAP)				Adjusted (Non-GAAP)
In thousands, except per share amounts	2025		2024		2025		2024
Revenue	$	830,622	$	831,012	$	830,622	$	831,012
Net income	$	59,805	$	49,073	$	79,620	$	61,898
Diluted earnings per share	$	1.34	$	1.08	$	1.79	$	1.37
EBITDA (non-GAAP measure)	$	132,753	$	117,651	$	145,129	$	121,882
Weighted-average diluted shares		44,552		45,289		44,552		45,289

	Six Months Ended June 30,
	As Reported (GAAP)				Adjusted (Non-GAAP)
In thousands, except per share amounts	2025		2024		2025		2024
Revenue	$	1,667,045	$	1,667,382	$	1,667,045	$	1,667,382
Net income	$	143,396	$	110,441	$	172,399	$	132,087
Diluted earnings per share	$	3.21	$	2.44	$	3.86	$	2.91
EBITDA (non-GAAP measure)	$	295,714	$	250,238	$	308,009	$	253,474
Weighted-average diluted shares		44,670		45,338		44,670		45,338

Consolidated Operating Highlights

Diluted earnings per share for the second quarter increased 24% over the prior-year quarter on a GAAP basis while adjusted diluted earnings per share increased 31% compared to the prior-year quarter.
Year-to-date diluted earnings per share increased 32% over the prior-year period on a GAAP basis and adjusted diluted earnings per share increased 33% compared to the prior-year period.
Net income for the second quarter increased 22% over the prior-year quarter on a GAAP basis while adjusted net income increased 29% compared to the prior-year quarter.
Year-to-date net income increased 30% over the prior-year period on a GAAP basis and adjusted net income increased 31% compared to the prior-year period.
Adjusted EBITDA for the second quarter increased 19% compared to the prior-year quarter. On a year-to-date basis, adjusted EBITDA increased 22% compared to the comparative prior-year period.
For the trailing twelve month period ended June 30, 2025 the Company reported:
- Revenues of $3.4 billion
- Net income of $292 million on a GAAP basis and adjusted net income of $343 million
- Adjusted EBITDA of $613 million
- Operating cash flows of $555 million and adjusted free cash flows (a non-GAAP measure) of $267 million

Store Base and Platform Growth

U.K. Pawn Acquisition Update
- On July 2, 2025 the shareholders of H&T voted to approve the acquisition.
- Pending approvals by the FCA and the satisfaction of other closing conditions, the Company expects the transaction to close by the end of the third quarter.
- The total equity value for the H&T acquisition is approximately £291 million ($396 million USD using GBP/USD exchange rate of 1.36) which the Company intends to fund utilizing its revolving bank credit facility.
- This combination of FirstCash and H&T will create the largest publicly traded pawn platform in the United States, Latin America and the United Kingdom with more than 3,300 total locations.
Other Pawn Store Additions
- A total of 13 pawn locations were added in the second quarter and 25 stores added year-to-date.
- Three U.S. stores were acquired in Illinois, bringing the total to 39 locations in that market. Additionally, one new location in Texas was opened during the second quarter. Year-to-date through June 30, 2025, a total of six new locations were opened or acquired in the U.S.
- There were nine new store openings in Latin America, all of which are located in Mexico. Year-to-date through June 30, 2025, a total of 19 new locations were opened in Latin America.
- The Company purchased the underlying real estate of 14 U.S. stores during the quarter, bringing the total number of company owned locations to 421 at quarter end.
- As of June 30, 2025, the Company had 3,027 locations, comprised of 1,194 U.S. locations and 1,833 locations in Latin America. Additionally, two U.S. stores were acquired in July 2025 in separate transactions.

Retail POS Payment Solutions (AFF) Merchant Partnerships
- At June 30, 2025, there were approximately 15,300 active retail and e-commerce merchant partner locations, representing a 19% increase in the number of active merchant locations compared to a year ago. Excluding furniture locations that closed in the prior year due to merchant partner bankruptcies, the number of active doors increased 29%.

U.S. Pawn Segment Operating Results

Segment pre-tax operating income in the second quarter of 2025 was a record $98 million, an increase of $8 million, or 8%, compared to the prior-year quarter. The resulting segment pre-tax operating margin was 24% for the second quarter of 2025, which equaled the prior-year quarter.
Year-to-date segment pre-tax operating income increased by $24 million, or 13%, compared to the prior-year period. The pre-tax operating margin was 25% for the year-to-date period, which equaled the prior-year period.
Pawn receivables increased 12% in total at June 30, 2025 compared to the prior year, driven by an impressive 13% increase in same-store pawn receivables. On a two-year stacked basis, same-store pawn receivables were up 24%.
Pawn loan fees increased 9% for the second quarter both in total and on a same-store basis.
Retail merchandise sales increased 9% in the second quarter of 2025 compared to the prior-year quarter, while same-store retail sales increased 7% compared to the prior-year quarter.
Retail sales margins increased to 43% for the second quarter compared to 42% in the prior-year quarter. Annualized inventory turnover was 2.8 times for the trailing twelve months ended June 30, 2025, which equaled the inventory turnover during the same prior-year period. Inventories aged greater than one year at June 30, 2025 remained low at 2% of total inventories.

Latin America Pawn Segment Operating Results

Note: Certain growth rates below are calculated on a constant or local currency basis, a non-GAAP financial measure defined at the end of this release. The average Mexican peso to U.S. dollar exchange rate for the second quarter of 2025 was 19.5 pesos / dollar, an unfavorable change of 13% versus the comparable prior-year period, and for the six month period ended June 30, 2025 was 20.0 pesos / dollar, an unfavorable change of 17% versus the prior-year period.

Despite the 13% decrease in the average Mexican peso exchange rate, second quarter segment pre-tax operating income increased 10% on a U.S. dollar basis and totaled a record $41 million compared to last year. On a local currency basis, segment earnings increased 22% over last year, with resulting segment pre-tax operating margins of 20% for both measures, compared to 18% in the prior year.
Year-to-date segment pre-tax operating income totaled $72 million, a 5% increase on a U.S. dollar-basis compared to the prior-year period and an 18% increase on a local currency basis. The year-to-date pre-tax operating margin increased to 19% compared to 17% in the prior-year period.
Pawn receivables at June 30, 2025 increased 11% on a U.S. dollar basis while increasing 14% on a constant currency basis compared to the prior year. On a same-store basis, pawn receivables increased 10% on a U.S. dollar basis and increased 13% on a constant currency basis compared to the prior year.
While total and same-store pawn loan fees in the second quarter decreased 1% and 2% on a U.S. dollar-basis, respectively, they both increased 11% on a constant currency basis compared to the prior-year quarter.
Retail merchandise sales in the second quarter of 2025 increased 1% on a U.S. dollar-basis compared to the prior-year quarter while increasing 14% on a constant currency basis. On a same-store basis, second quarter retail merchandise sales were flat on a U.S. dollar basis while increasing 13% on a constant currency basis compared to the prior-year quarter.
Retail margins were 36% for the second quarter of 2025, which equaled the prior-year quarter. Annualized inventory turnover was 4.1 times for the trailing twelve months ended June 30, 2025 compared to 4.3 times in the prior-year period. Inventories aged greater than one year at June 30, 2025 remained extremely low at 1%.

American First Finance (AFF) – Retail POS Payment Solutions Segment Operating Results

Second quarter segment pre-tax operating income totaled $38 million, an increase of 46% compared to the prior-year quarter. The growth in earnings was driven primarily by gross margin improvement and operating expense reductions. Year-to-date segment pre-tax operating income totaled $90 million, a 53% increase over the prior-year period which was $59 million.
While gross revenues for the second quarter decreased 14%, primarily due to the American Freight Warehouse (“A-Freight”) and Conn’s Home Plus (“Conn’s”) bankruptcies in late 2024, net revenue increased 2%, driven by growth in revenue from other merchant partners and lower net credit provisioning expenses.
Gross transaction volume of lease and loan originations during the second quarter increased 3%, compared to the second quarter of last year. Excluding 2024 originations from A-Freight and Conn’s, second quarter 2025 origination volume increased approximately 34%. For the year-to-date period, overall gross transaction volume decreased 2% over the same prior-year period and was up 29% excluding A-Freight and Conn’s.
As a percentage of the total gross transaction volume, the combined lease and loan loss provision expense was 29% for the second quarter of 2025 compared to 31% in the second quarter of 2024. The decrease reflected lower than expected charge-offs on older portfolio vintages which resulted in net reserve releases. The combined allowance as a percentage of combined leased merchandise and finance receivables at June 30, 2025 was 43% compared to 45% a year ago.
Operating expenses decreased 31% compared to the prior-year quarter, primarily due to the elimination of certain expenses associated with supporting the A-Freight and Conn’s relationships in the prior-year period along with continued realization of operating synergies, including greater efficiencies in technology and development infrastructure, coupled with other cost reduction initiatives.

Cash Flow and Liquidity

Consolidated operating cash flows for the twelve month period ended June 30, 2025 grew 26% and totaled $555 million compared to $439 million in the same prior-year period, with significant contributions from each of the Company’s three business segments.
Adjusted free cash flows increased 21% to $267 million in the twelve month period ended June 30, 2025 compared to $220 million in the same prior-year period.
The operating cash flows helped fund significant growth in earning assets, continued investments in the pawn store platform and shareholder returns over the past twelve months with a nominal increase in net debt:
- Pawn earning assets (pawn receivables and inventories) increased $99 million compared to last year.
- A total of 15 pawn stores were acquired for a combined purchase price of $44 million.
- 42 new pawn stores were added with a combined investment of $16 million in fixed assets and working capital.
- Real estate purchases totaled $93 million as the Company purchased the underlying real estate at 60 of its existing pawn stores, bringing the number of Company-owned properties to 421 locations.
- Shareholder returns comprised of stock repurchases and cash dividends of $127 million.
Net debt at June 30, 2025 was $1.6 billion, of which $1.5 billion is fixed rate debt with favorable interest rates ranging from 4.625% to 6.875% and maturity dates that do not begin until 2028 and continue into 2032. The outstanding balance under the Company’s $700 million revolving line of credit totaled $152 million at June 30, 2025.
Based on trailing twelve month results, the Company’s net debt to adjusted EBITDA ratio improved to 2.6x at June 30, 2025.

Shareholder Returns

The Board of Directors declared a $0.42 per share third quarter cash dividend, which will be paid on August 29, 2025 to stockholders of record as of August 15, 2025. This represents an 11% increase over the previous quarterly dividend.
On an annualized basis, the dividend is now $1.68 per share, also representing an 11% increase over the previous annualized dividend of $1.52 per share. Any future dividends are subject to approval by the Company’s Board of Directors.
Over the past twelve months, the Company has repurchased 525,000 shares of common stock at a total cost of $60 million and paid out $68 million in cash dividends, representing a payout ratio of approximately 44% of net income over the same period.
The Company has $55 million available under the $200 million share repurchase program authorized in July 2023. Future share repurchases are subject to expected liquidity, acquisitions and other investment opportunities, debt covenant restrictions, market conditions and other relevant factors.
The Company generated a 14% return on equity and a 7% return on assets for the twelve months ended June 30, 2025. Using adjusted net income for the twelve months ended June 30, 2025, the adjusted return on equity was 17% while the adjusted return on assets was 8%.

2025 Outlook

Driven by the strong first half results and continuing customer demand for pawn loans, the outlook for 2025 remains highly positive, with expected year-over-year growth in income driven by the continued growth in earning asset balances coupled with store additions. While the H&T acquisition is now anticipated to close by the end of the third quarter of 2025, the estimates provided below do not yet include revenue and contributions from H&T. Anticipated conditions and trends for the remainder of 2025 include the following:

Pawn Operations:

Pawn operations are expected to remain the primary earnings driver in 2025 as the Company expects segment income from the combined U.S. and Latin America pawn segments to be over 80% of total segment level pre-tax income for the full year.
The Company expects further growth in the pawn store base in 2025 through a combination of new store openings and potential small acquisitions.

U.S. Pawn

Based on strong first half results and expected store additions, the outlook for anticipated revenue growth and margins has been increased for all metrics.
Same-store pawn loans at June 30, 2025 were up 13% compared to a year ago, with July balances to date up similarly. Given these trends, the outlook for pawn fee growth is now expected to be in a range of 10% to 12% for the full year versus the prior expectation of 9% to 11% for the full year.
Retail sales are expected to grow in a high single digit range in 2025 versus prior expectations of mid single digits. Retail sales margins are now targeted at the upper end of the 41% to 42% guidance range.

Latin America Pawn

U.S. dollar-reported first half results for Latin America in 2025 were negatively impacted by the lower exchange rate for the Mexican peso during the first half of this year compared to last year. With the recent favorable movement in the peso and the better than expected growth in the underlying business, the Company is increasing its full year revenue outlook for the Latin America pawn segment.
Same-store pawn receivables at June 30, 2025 were up 10% on a U.S. dollar basis and up 13% on a constant currency basis, with July balances to date up similarly. Full year pawn fee growth is now expected to increase in a range of 10% to 12% on a local currency basis and is now projected to be flat to up slightly on a U.S. dollar basis versus prior expectations of flat to down slightly on a U.S. dollar basis.
Retail sales in Latin America are also expected to track similarly to pawn fees in 2025 with consistent retail margins.

Retail POS Payment Solutions (AFF) Operations:

The forecast for full year origination volume for 2025 is expected to be relatively consistent with the 2024 volume. Excluding 2024 originations from Conn’s and A-Freight, origination volumes are expected to increase in a range of 20% to 25% over 2024, reflecting continued diversification outside the furniture vertical.
The outlook for full year net revenues has improved, with the revised forecast for net revenues now expected to decline only 6% to 8% compared to last year versus the previously forecasted decline of 8% to 12%.
The net lease and loan charge-off rates for the second half of 2025 are expected to remain consistent with the charge-off rates in the second half of last year. Quarterly operating expenses for the balance of 2025 are expected to remain generally consistent with the second quarter run rate.

Tax Rates and Currency:

The full year 2025 effective income tax rate under current tax codes in the U.S. and Latin America is expected to range from 24.5% to 25.5%.
Each full point change in the exchange rate of the Mexican peso is projected to have an annual earnings impact of approximately $0.10 per share.

Additional Commentary and Analysis

Mr. Wessel further commented on FirstCash’s second quarter results and the outlook for the remainder of 2025, “Operating performance across all business segments continues to be incredibly strong, driving year-to-date earnings per share growth of 32% on a GAAP basis and a 33% increase on an adjusted basis. FirstCash also achieved another significant earnings milestone this quarter with adjusted EBITDA for the trailing twelve months exceeding $600 million for the first time in Company history.

“The U.S. pawn segment has now recorded eight consecutive quarters of double-digit growth in same-store receivables with continuing demand remaining strong thus far in July. At the same time, we remain disciplined in managing loan-to-value ratios as evidenced by the improved U.S. retail margins in the second quarter. The demand for value priced merchandise remains strong as well with same-store retail sales up 7% for the most recent quarter.

“In Latin America, we have seen tremendous growth in pawn receivables over the last three quarters, including a 13% increase in same-store pawn receivables in the second quarter. This trend continued to accelerate, with same-store pawn loan originations in Mexico up over 20% over the last thirty days. Our outlook for Latin America is further enhanced by the improved exchange rate for the Mexican peso since the last quarter, which has reduced the previously anticipated currency headwinds and improved our full year outlook for the region.

“Solid performance at AFF further bolstered second quarter and year-to-date operating results for our Retail POS Payment Solutions segment. AFF now has over 15,000 active doors, an increase of 19% over a year ago. Coupled with a 12% increase in same-door originations, AFF fully offset the impact of the loss of two significant merchant partners to bankruptcy last year and realized an overall total increase in originations in the second quarter. Growth continues to be particularly robust in verticals such as elective medical and automotive services. Driven by the solid revenue performance and significant expense savings, profitability for AFF has been especially strong in the first half of the year.

“Looking ahead, we continue to progress toward the closing of the H&T acquisition. H&T represents a highly complementary strategic fit as the U.K.’s largest pawnbroker, operating with a network of 285 stores, which will expand FirstCash’s geographic footprint into a new and attractive market further providing the Company with enhanced scale, operating efficiencies and long-term growth opportunities. We continue to believe in the financial and strategic rationale for expanding our international operations as part of our long-term growth strategy.

“Lastly, based on strong earnings results, robust operating cash flows and the strength of its balance sheet, FirstCash continues to make significant investments in new stores, acquisitions and shareholder returns. To that end, we are again pleased to announce an increased quarterly cash dividend to be paid in August which is expected to provide an annualized payout of $1.68 per share further augmenting shareholder returns” concluded Mr. Wessel.

About FirstCash

FirstCash is the leading international operator of pawn stores focused on serving cash and credit-constrained consumers. FirstCash’s more than 3,000 pawn stores in the U.S. and Latin America buy and sell a wide variety of jewelry, electronics, tools, appliances, sporting goods, musical instruments and other merchandise, and make small non-recourse pawn loans secured by pledged personal property. FirstCash’s pawn segments in the U.S. and Latin America currently account for approximately 80% of annualized segment earnings, with the remainder provided by its wholly owned subsidiary, AFF, which provides lease-to-own and retail finance payment solutions for consumer goods and services.

FirstCash is a component company in both the Standard & Poor’s MidCap 400 Index® and the Russell 2000 Index®. FirstCash’s common stock (ticker symbol “FCFS”) is traded on the Nasdaq, the creator of the world’s first electronic stock market. For additional information regarding FirstCash and the services it provides, visit FirstCash’s websites located at http://www.firstcash.com and http://www.americanfirstfinance.com.

Forward-Looking Information

This release contains forward-looking statements about the business, financial condition, outlook and prospects of FirstCash Holdings, Inc. and its wholly owned subsidiaries (together, the “Company”), including the Company’s outlook for 2025 and the Company’s previously announced H&T acquisition. Forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, can be identified by the use of forward-looking terminology such as “outlook,” “believes,” “projects,” “expects,” “may,” “estimates,” “should,” “plans,” “targets,” “intends,” “could,” “would,” “anticipates,” “potential,” “confident,” “optimistic,” or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy, objectives, estimates, guidance, expectations, outlook and future plans. Forward-looking statements can also be identified by the fact these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties.

While the Company believes the expectations reflected in forward-looking statements are reasonable, there can be no assurances such expectations will prove to be accurate. Security holders are cautioned that such forward-looking statements involve risks and uncertainties. Certain factors may cause results to differ materially from those anticipated by the forward-looking statements made in this release. Such factors and risks may include, without limitation, risks related to the extensive regulatory environment in which the Company operates, including uncertainty involving the current regulatory environment under the current presidential administration; risks associated with the legal and regulatory proceedings that the Company is a party to or may become a party to in the future; risks related to the Company’s acquisitions, including the failure of the Company’s acquisitions to deliver the estimated value and benefits expected by the Company and the ability of the Company to continue to identify and consummate acquisitions on favorable terms, if at all; risks related to the H&T acquisition, in particular, the ability to obtain the necessary regulatory approvals for the H&T acquisition from the FCA and to satisfy the other closing conditions in the expected timeframe, if at all, and the ability to achieve the anticipated benefits from the H&T acquisition; potential changes in consumer behavior and shopping patterns which could impact demand for the Company’s pawn loan, retail, lease-to-own (“LTO”) and retail finance products; labor shortages and increased labor costs; a deterioration in the economic conditions in the United States and Latin America, including as a result of inflation, elevated interest rates and trade policy, which potentially could have an impact on discretionary consumer spending and demand for the Company’s products; currency fluctuations, primarily involving the Mexican peso; competition the Company faces from other retailers and providers of retail payment solutions; the ability of the Company to successfully execute on its business strategies; contraction in sales activity at merchant partners of the Company’s retail point-of-sale (“POS”) payment solutions business; impact of store closures, financial difficulties or even bankruptcies at the merchant partners of the Company’s retail POS payment solutions business; the ability of the Company’s retail POS payment solutions business to continue to grow its base of merchant partners, including those outside of the furniture vertical; and other risks discussed and described in the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), including the risks described in Part 1, Item 1A, “Risk Factors” thereof, and other reports filed with the SEC. Many of these risks and uncertainties are beyond the ability of the Company to control, nor can the Company predict, in many cases, all of the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. The forward-looking statements contained in this release speak only as of the date of this release, and the Company expressly disclaims any obligation or undertaking to report any updates or revisions to any such statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

FIRSTCASH HOLDINGS, INC. CONSOLIDATED STATEMENTS OF INCOME (unaudited, in thousands)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
		2025			2024			2025			2024
Revenue:
Retail merchandise sales	$	385,125		$	363,463		$	756,181		$	730,284
Pawn loan fees		190,822			181,046			382,693			360,581
Leased merchandise income		139,784			194,570			296,702			400,241
Interest and fees on finance receivables		76,075			56,799			149,488			114,186
Wholesale scrap jewelry sales		38,816			35,134			81,981			62,090
Total revenue		830,622			831,012			1,667,045			1,667,382

Cost of revenue:
Cost of retail merchandise sold		230,326			218,147			454,450			441,676
Depreciation of leased merchandise		78,272			110,157			167,091			230,441
Provision for lease losses		32,543			47,653			60,105			90,663
Provision for loan losses		41,761			31,116			78,121			61,534
Cost of wholesale scrap jewelry sold		34,904			28,542			70,259			51,831
Total cost of revenue		417,806			435,615			830,026			876,145

Net revenue		412,816			395,397			837,019			791,237

Expenses and other income:
Operating expenses		222,493			228,369			437,079			449,505
Administrative expenses		59,263			46,602			107,786			90,620
Depreciation and amortization		25,864			26,547			51,366			52,574
Interest expense		26,337			25,187			53,808			50,605
Interest income		(527	)		(261	)		(1,756	)		(1,004	)
(Gain) loss on foreign exchange		(1,271	)		1,437			(1,285	)		1,251
Merger and acquisition expenses		2,777			1,364			3,239			1,961
Other income, net		(3,199	)		(26	)		(5,514	)		(2,338	)
Total expenses and other income		331,737			329,219			644,723			643,174

Income before income taxes		81,079			66,178			192,296			148,063

Provision for income taxes		21,274			17,105			48,900			37,622

Net income	$	59,805		$	49,073		$	143,396		$	110,441

Certain amounts in the consolidated statement of income for the three and six months ended June 30, 2024 have been reclassified in order to conform to the 2025 presentation.

FIRSTCASH HOLDINGS, INC. CONSOLIDATED BALANCE SHEETS (unaudited, in thousands)

	June 30,						December 31,
		2025			2024			2024
ASSETS
Cash and cash equivalents	$	101,467		$	113,693		$	175,095
Accounts receivable, net		76,062			72,158			73,325
Pawn loans		550,718			491,731			517,867
Finance receivables, net		154,518			105,401			147,501
Inventories		355,733			315,424			334,580
Leased merchandise, net		100,689			142,935			128,437
Prepaid expenses and other current assets		35,667			31,923			26,943
Total current assets		1,374,854			1,273,265			1,403,748

Property and equipment, net		750,862			661,005			717,916
Operating lease right of use asset		342,859			324,651			324,646
Goodwill		1,826,184			1,794,957			1,787,172
Intangible assets, net		204,643			253,910			228,858
Other assets		9,805			9,606			9,934
Deferred tax assets, net		5,042			5,014			4,712
Total assets	$	4,514,249		$	4,322,408		$	4,476,986

LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable and accrued liabilities	$	145,035		$	141,314		$	171,540
Customer deposits and prepayments		80,848			76,452			72,703
Lease liability, current		100,845			97,809			95,161
Total current liabilities		326,728			315,575			339,404

Revolving unsecured credit facilities		152,000			150,000			198,000
Senior unsecured notes		1,532,865			1,529,870			1,531,346
Deferred tax liabilities, net		125,290			129,060			128,574
Lease liability, non-current		237,198			219,454			225,498
Total liabilities		2,374,081			2,343,959			2,422,822

Stockholders’ equity:
Common stock		575			575			575
Additional paid-in capital		1,760,179			1,760,986			1,767,569
Retained earnings		1,520,677			1,296,721			1,411,083
Accumulated other comprehensive loss		(96,267	)		(84,366	)		(129,596	)
Common stock held in treasury, at cost		(1,044,996	)		(995,467	)		(995,467	)
Total stockholders’ equity		2,140,168			1,978,449			2,054,164
Total liabilities and stockholders’ equity	$	4,514,249		$	4,322,408		$	4,476,986

FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS
(UNAUDITED)

The Company organizes its operations into three reportable segments as follows:

U.S. pawn
Latin America pawn
Retail POS payment solutions (AFF)

Corporate expenses and income, which include administrative expenses, corporate depreciation and amortization, interest expense, interest income, gain on foreign exchange, merger and acquisition expenses, and other income, net, are presented on a consolidated basis and are not allocated to the segments. Intersegment transactions related to AFF’s LTO payment solution product offered in U.S. pawn stores are eliminated from consolidated totals.

U.S. Pawn Operating Results and Margins (dollars in thousands)

	Three Months Ended
	June 30,
	2025			2024			Increase
Revenue:
Retail merchandise sales	$	249,918		$	230,093			9	%
Pawn loan fees		130,948			120,332			9	%
Wholesale scrap jewelry sales		28,740			26,311			9	%
Total revenue		409,606			376,736			9	%

Cost of revenue:
Cost of retail merchandise sold		143,149			132,449			8	%
Cost of wholesale scrap jewelry sold		26,265			21,269			23	%
Total cost of revenue		169,414			153,718			10	%

Net revenue		240,192			223,018			8	%

Segment expenses:
Operating expenses		133,815			125,192			7	%
Depreciation and amortization		8,091			7,231			12	%
Total segment expenses		141,906			132,423			7	%

Segment pre-tax operating income	$	98,286		$	90,595			8	%

Operating metrics:
Retail merchandise sales margin	43		%	42		%
Net revenue margin	59		%	59		%
Segment pre-tax operating margin	24		%	24		%

FIRSTCASH HOLDINGS, INC. SEGMENT RESULTS (CONTINUED) (UNAUDITED)

U.S. Pawn Operating Results and Margins (dollars in thousands)

	Six Months Ended
	June 30,
	2025			2024			Increase
Revenue:
Retail merchandise sales	$	501,143		$	467,083			7	%
Pawn loan fees		268,896			243,306			11	%
Wholesale scrap jewelry sales		62,232			44,037			41	%
Total revenue		832,271			754,426			10	%

Cost of revenue:
Cost of retail merchandise sold		288,907			272,363			6	%
Cost of wholesale scrap jewelry sold		53,489			36,535			46	%
Total cost of revenue		342,396			308,898			11	%

Net revenue		489,875			445,528			10	%

Segment expenses:
Operating expenses		262,766			244,087			8	%
Depreciation and amortization		15,691			14,244			10	%
Total segment expenses		278,457			258,331			8	%

Segment pre-tax operating income	$	211,418		$	187,197			13	%

Operating metrics:
Retail merchandise sales margin	42		%	42		%
Net revenue margin	59		%	59		%
Segment pre-tax operating margin	25		%	25		%

FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

U.S. Pawn Earning Assets and Portfolio Metrics (dollars in thousands, except as otherwise noted)

	As of June 30,
	2025			2024			Increase
Earning assets:
Pawn loans	$	400,143		$	356,342			12	%
Inventories		252,885			223,428			13	%
	$	653,028		$	579,770			13	%

Average outstanding pawn loan amount (in ones)	$	286		$	260			10	%

Composition of pawn collateral:
General merchandise	28		%	30		%
Jewelry	72		%	70		%
	100		%	100		%

Composition of inventories:
General merchandise	39		%	43		%
Jewelry	61		%	57		%
	100		%	100		%

Percentage of inventory aged greater than one year	2		%	1		%

Inventory turns (trailing twelve months cost of merchandise sales divided by average inventories)	2.8 times			2.8 times

FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

Constant currency results are non-GAAP financial measures, which exclude the effects of foreign currency translation and are calculated by translating current-year results at prior-year average exchange rates. See the “Constant Currency Results” section below for additional discussion of constant currency operating results.

Latin America Pawn Operating Results and Margins (dollars in thousands)

														Constant Currency Basis
														Three Months
														Ended
		Three Months Ended												June 30,			Increase /
		June 30,							Increase /						2025		(Decrease)
			2025				2024		(Decrease)					(Non-GAAP)			(Non-GAAP)
Revenue:
Retail merchandise sales		$	135,956			$	134,445			1		%		$	153,234			14		%
Pawn loan fees			59,874				60,714			(1	)	%			67,497			11		%
Wholesale scrap jewelry sales			10,076				8,823			14		%			10,076			14		%
Total revenue			205,906				203,982			1		%			230,807			13		%

Cost of revenue:
Cost of retail merchandise sold			87,579				86,276			2		%			98,641			14		%
Cost of wholesale scrap jewelry sold			8,639				7,273			19		%			9,811			35		%
Total cost of revenue			96,218				93,549			3		%			108,452			16		%

Net revenue			109,688				110,433			(1	)	%			122,355			11		%

Segment expenses:
Operating expenses			64,414				67,902			(5	)	%			72,340			7		%
Depreciation and amortization			4,294				5,418			(21	)	%			4,804			(11	)	%
Total segment expenses			68,708				73,320			(6	)	%			77,144			5		%

Segment pre-tax operating income		$	40,980			$	37,113			10		%		$	45,211			22		%

Operating metrics:
Retail merchandise sales margin	36			%	36			%					36			%
Net revenue margin	53			%	54			%					53			%
Segment pre-tax operating margin	20			%	18			%					20			%

FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

Latin America Pawn Operating Results and Margins (dollars in thousands)

														Constant Currency Basis
														Six Months
														Ended
		Six Months Ended												June 30,			Increase /
		June 30,							Increase /						2025		(Decrease)
			2025				2024		(Decrease)					(Non-GAAP)			(Non-GAAP)
Revenue:
Retail merchandise sales		$	256,488			$	265,294			(3	)	%		$	296,887			12		%
Pawn loan fees			113,797				117,275			(3	)	%			131,755			12		%
Wholesale scrap jewelry sales			19,749				18,053			9		%			19,749			9		%
Total revenue			390,034				400,622			(3	)	%			448,391			12		%

Cost of revenue:
Cost of retail merchandise sold			166,318				170,459			(2	)	%			192,333			13		%
Cost of wholesale scrap jewelry sold			16,770				15,296			10		%			19,491			27		%
Total cost of revenue			183,088				185,755			(1	)	%			211,824			14		%

Net revenue			206,946				214,867			(4	)	%			236,567			10		%

Segment expenses:
Operating expenses			125,831				135,327			(7	)	%			144,841			7		%
Depreciation and amortization			8,730				10,523			(17	)	%			10,008			(5	)	%
Total segment expenses			134,561				145,850			(8	)	%			154,849			6		%

Segment pre-tax operating income		$	72,385			$	69,017			5		%		$	81,718			18		%

Operating metrics:
Retail merchandise sales margin	35			%	36			%					35			%
Net revenue margin	53			%	54			%					53			%
Segment pre-tax operating margin	19			%	17			%					18			%

FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

Latin America Pawn Earning Assets and Portfolio Metrics (dollars in thousands, except as otherwise noted)

										Constant Currency Basis
										As of
										June 30,
	As of June 30,									2025		Increase
	2025			2024			Increase			(Non-GAAP)		(Non-GAAP)
Earning assets:
Pawn loans	$	150,575		$	135,389			11	%	$	154,466		14	%
Inventories		102,848			91,996			12	%		105,501		15	%
	$	253,423		$	227,385			11	%	$	259,967		14	%

Average outstanding pawn loan amount (in ones)	$	96		$	89			8	%	$	98		10	%

Composition of pawn collateral:
General merchandise	57		%	63		%
Jewelry	43		%	37		%
	100		%	100		%

Composition of inventories:
General merchandise	59		%	69		%
Jewelry	41		%	31		%
	100		%	100		%

Percentage of inventory aged greater than one year	1		%	1		%

Inventory turns (trailing twelve months cost of merchandise sales divided by average inventories)	4.1 times			4.3 times

FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

Retail POS Payment Solutions Operating Results (dollars in thousands)

	Three Months Ended
	June 30,				Increase /
	2025		2024		(Decrease)
Revenue:
Leased merchandise income	$	139,784	$	194,570		(28	)	%
Interest and fees on finance receivables		76,075		56,799		34		%
Total revenue		215,859		251,369		(14	)	%

Cost of revenue:
Depreciation of leased merchandise		78,529		110,567		(29	)	%
Provision for lease losses		32,667		47,824		(32	)	%
Provision for loan losses		41,761		31,116		34		%
Total cost of revenue		152,957		189,507		(19	)	%

Net revenue		62,902		61,862		2		%

Segment expenses:
Operating expenses		24,264		35,275		(31	)	%
Depreciation and amortization		699		678		3		%
Total segment expenses		24,963		35,953		(31	)	%

Segment pre-tax operating income	$	37,939	$	25,909		46		%

	Six Months Ended
	June 30,				Increase /
	2025		2024		(Decrease)
Revenue:
Leased merchandise income	$	296,702	$	400,241		(26	)	%
Interest and fees on finance receivables		149,488		114,186		31		%
Total revenue		446,190		514,427		(13	)	%

Cost of revenue:
Depreciation of leased merchandise		167,672		231,341		(28	)	%
Provision for lease losses		60,271		91,004		(34	)	%
Provision for loan losses		78,121		61,534		27		%
Total cost of revenue		306,064		383,879		(20	)	%

Net revenue		140,126		130,548		7		%

Segment expenses:
Operating expenses		48,482		70,091		(31	)	%
Depreciation and amortization		1,404		1,399		—		%
Total segment expenses		49,886		71,490		(30	)	%

Segment pre-tax operating income	$	90,240	$	59,058		53		%

FIRSTCASH HOLDINGS, INC.
SEGMENT RESULTS (CONTINUED)
(UNAUDITED)

Retail POS Payment Solutions Gross Transaction Volumes (dollars in thousands)

	Three Months Ended								Six Months Ended
	June 30,				Increase /				June 30,				Increase /
	2025		2024		(Decrease)				2025		2024		(Decrease)
Leased merchandise	$	110,516	$	146,778		(25	)	%	$	204,822	$	300,899		(32	)	%
Finance receivables		149,943		105,258		42		%		291,205		207,422		40		%
Total gross transaction volume	$	260,459	$	252,036		3		%	$	496,027	$	508,321		(2	)	%

Retail POS Payment Solutions Earning Assets (dollars in thousands)

	As of June 30,						Increase /
		2025			2024		(Decrease)
Leased merchandise, net:
Leased merchandise, before allowance for lease losses	$	170,824		$	246,457			(31	)	%
Less allowance for lease losses		(69,972	)		(103,301	)		(32	)	%
Leased merchandise, net	$	100,852		$	143,156			(30	)	%

Finance receivables, net:
Finance receivables, before allowance for loan losses	$	277,392		$	205,362			35		%
Less allowance for loan losses		(122,874	)		(99,961	)		23		%
Finance receivables, net	$	154,518		$	105,401			47		%

Portfolio Metrics

	Three Months Ended						Six Months Ended
	June 30,						June 30,
		2025			2024			2025			2024
Leased merchandise portfolio metrics:
Provision rate ⁽¹⁾	30		%	33		%	29		%	30		%
Average monthly net charge-off rate ^{(2), (3)}	6.2		%	5.4		%	6.2		%	5.4		%
Delinquency rate ⁽⁴⁾	23.2		%	23.0		%	23.2		%	23.0		%

Finance receivables portfolio metrics:
Provision rate ⁽¹⁾	28		%	30		%	27		%	30		%
Average monthly net charge-off rate ⁽²⁾	4.6		%	4.5		%	4.4		%	4.7		%
Delinquency rate ⁽⁴⁾	20.6		%	20.0		%	20.6		%	20.0		%

_{⁽¹⁾ Calculated as provision for lease or loan losses as a percentage of the respective gross transaction volume originated.
⁽²⁾ Calculated as charge-offs, net of recoveries, as a percentage of the respective average earning asset balance before allowance for lease or loan losses.}
_{⁽³⁾ The increase in leased merchandised net charge-off rate for 2025 is the expected result given reduced originations of new leases in 2025.}
_{⁽⁴⁾ Calculated as the percentage of the respective contractual earning asset balance owed that is 1 to 89 days past due (the Company charges off leases and finance receivables when they are 90 days or more contractually past due).}

FIRSTCASH HOLDINGS, INC.
PAWN STORE LOCATIONS AND MERCHANT PARTNER LOCATIONS

Pawn Operations

As of June 30, 2025, the Company operated 3,027 pawn store locations composed of 1,194 stores in 29 U.S. states and the District of Columbia, 1,731 stores in 32 states in Mexico, 72 stores in Guatemala, 18 stores in El Salvador and 12 stores in Colombia.

The following tables detail pawn store count activity for the three and six months ended June 30, 2025:

	Three Months Ended June 30, 2025
	U.S.		Latin America		Total
Total locations, beginning of period	1,197		1,826		3,023
New locations opened	1		9		10
Locations acquired	3		—		3
Consolidation of existing pawn locations ⁽¹⁾	(7	)	(2	)	(9	)
Total locations, end of period	1,194		1,833		3,027


	Six Months Ended June 30, 2025
	U.S.		Latin America		Total
Total locations, beginning of period	1,200		1,826		3,026
New locations opened	2		19		21
Locations acquired	4		—		4
Consolidation of existing pawn locations ⁽¹⁾	(12	)	(12	)	(24	)
Total locations, end of period	1,194		1,833		3,027

_{⁽¹⁾ Store consolidations were primarily acquired locations which have been combined with overlapping stores and for which the Company expects to maintain a significant portion of the acquired customer base in the consolidated location.}

Retail POS Payment Solutions

As of June 30, 2025, AFF provided LTO and retail POS payment solutions for consumer goods and services through a network of approximately 15,300 active retail merchant partner locations. This compares to the active door count of approximately 12,800 locations at June 30, 2024.

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES
(UNAUDITED)

The Company uses certain financial calculations such as adjusted net income, adjusted diluted earnings per share, EBITDA, adjusted EBITDA, free cash flow, adjusted free cash flow, adjusted return on equity, adjusted return on assets and constant currency results as factors in the measurement and evaluation of the Company’s operating performance and period-over-period growth. The Company derives these financial calculations on the basis of methodologies other than generally accepted accounting principles (“GAAP”), primarily by excluding from a comparable GAAP measure certain items the Company does not consider to be representative of its actual operating performance. These financial calculations are “non-GAAP financial measures” as defined under the SEC rules. The Company uses these non-GAAP financial measures in operating its business because management believes they are less susceptible to variances in actual operating performance that can result from the excluded items, other infrequent charges and currency fluctuations. The Company presents these financial measures to investors because management believes they are useful to investors in evaluating the primary factors that drive the Company’s core operating performance and provide greater transparency into the Company’s results of operations. However, items that are excluded and other adjustments and assumptions that are made in calculating these non-GAAP financial measures are significant components in understanding and assessing the Company’s financial performance. These non-GAAP financial measures should be evaluated in conjunction with, and are not a substitute for, the Company’s GAAP financial measures. Further, because these non-GAAP financial measures are not determined in accordance with GAAP, and are thus susceptible to varying calculations, the non-GAAP financial measures, as presented, may not be comparable to other similarly-titled measures of other companies.

The Company has adjusted the applicable financial calculations to exclude merger and acquisition expenses, amortization of acquired AFF intangible assets, the Consumer Financial Protection Bureau (“CFPB”) litigation settlement and certain other income and expenses. The Company does not consider these items to be related to the organic operations of the Company’s businesses or its continuing operations and are generally not relevant to assessing or estimating the long-term performance of the Company. In addition, excluding these items allows for more accurate comparisons of the financial results to prior periods. Merger and acquisition expenses include incremental costs directly associated with merger and acquisition activities, including professional fees, legal expenses, severance, retention and other employee-related costs, contract breakage costs and costs related to the consolidation of technology systems and corporate facilities, among others.

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES (CONTINUED)
(UNAUDITED)

Adjusted Net Income and Adjusted Diluted Earnings Per Share

Management believes the presentation of adjusted net income and adjusted diluted earnings per share provides investors with greater transparency and provides a more complete understanding of the Company’s financial performance and prospects for the future by excluding items that management believes are non-operating in nature and are not representative of the Company’s core operating performance. In addition, management believes the adjustments shown below are useful to investors in order to allow them to compare the Company’s financial results for the current periods presented with the prior periods presented.

The following tables provide a reconciliation between net income and diluted earnings per share calculated in accordance with GAAP to adjusted net income and adjusted diluted earnings per share, which are shown net of tax (in thousands, except per share amounts):

											Trailing Twelve
	Three Months Ended					Six Months Ended					Months Ended
	June 30,					June 30,					June 30,
		2025			2024		2025			2024		2025		2024
	In Thousands			In Thousands		In Thousands			In Thousands		In Thousands		In Thousands
Net income, as reported	$	59,805		$	49,073	$	143,396		$	110,441	$	291,770	$	237,174
Adjustments, net of tax:
Merger and acquisition expenses		2,134			1,047		2,488			1,504		2,690		7,380
AFF purchase accounting and other adjustments		9,258			9,572		18,516			19,145		37,660		51,497
CFPB litigation settlement		9,390			—		9,390			—		9,390		—
Other (income) expenses, net		(967	)		2,206		(1,391	)		997		1,482		(343	)
Adjusted net income	$	79,620		$	61,898	$	172,399		$	132,087	$	342,992	$	295,708

	Three Months Ended					Six Months Ended
	June 30,					June 30,
		2025		2024		2025			2024
	Per Share			Per Share		Per Share			Per Share
Diluted earnings per share, as reported	$	1.34		$	1.08	$	3.21		$	2.44
Adjustments, net of tax:
Merger and acquisition expenses		0.05			0.03		0.06			0.03
AFF purchase accounting and other adjustments		0.21			0.21		0.41			0.42
CFPB litigation settlement		0.21			—		0.21			—
Other (income) expenses, net		(0.02	)		0.05		(0.03	)		0.02
Adjusted diluted earnings per share	$	1.79		$	1.37	$	3.86		$	2.91

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES (CONTINUED)
(UNAUDITED)

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA

The Company defines EBITDA as net income before income taxes, depreciation and amortization, interest expense and interest income and adjusted EBITDA as EBITDA adjusted for certain items, as listed below, that management considers to be non-operating in nature and not representative of its actual operating performance. The Company believes EBITDA and adjusted EBITDA are commonly used by investors to assess a company’s financial performance, and adjusted EBITDA is used as a starting point in the calculation of the consolidated total debt ratio as defined in the Company’s senior unsecured notes. The following table provides a reconciliation of net income to EBITDA and adjusted EBITDA (in thousands):

													Trailing Twelve
	Three Months Ended						Six Months Ended						Months Ended
	June 30,						June 30,						June 30,
	2025			2024			2025			2024			2025			2024
Net income	$	59,805		$	49,073		$	143,396		$	110,441		$	291,770		$	237,174
Income taxes		21,274			17,105			48,900			37,622			95,239			80,001
Depreciation and amortization		25,864			26,547			51,366			52,574			103,733			107,574
Interest expense		26,337			25,187			53,808			50,605			108,429			101,880
Interest income		(527	)		(261	)		(1,756	)		(1,004	)		(2,687	)		(1,548	)
EBITDA		132,753			117,651			295,714			250,238			596,484			525,081
Adjustments:
Merger and acquisition expenses		2,777			1,364			3,239			1,961			3,506			9,600
AFF purchase accounting and other adjustments ⁽¹⁾		—			—			—			—			—			13,968
CFPB litigation settlement		11,000			—			11,000			—			11,000			—
Other (income) expenses, net		(1,401	)		2,867			(1,944	)		1,275			1,982			(486	)
Adjusted EBITDA	$	145,129		$	121,882		$	308,009		$	253,474		$	612,972		$	548,163

_{⁽¹⁾ For the twelve months ended June 30, 2024, amount represents other non-recurring costs included in administrative expenses related to a discontinued finance product.}

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES (CONTINUED)
(UNAUDITED)

Free Cash Flow and Adjusted Free Cash Flow

For purposes of its internal liquidity assessments, the Company considers free cash flow and adjusted free cash flow. The Company defines free cash flow as cash flow from operating activities less purchases of furniture, fixtures, equipment and improvements and net fundings/repayments of pawn loan and finance receivables, which are considered to be operating in nature by the Company but are included in cash flow from investing activities. Adjusted free cash flow is defined as free cash flow adjusted for merger and acquisition expenses paid that management considers to be non-operating in nature.

Free cash flow and adjusted free cash flow are commonly used by investors as additional measures of cash generated by business operations that may be used to repay scheduled debt maturities and debt service or, following payment of such debt obligations and other non-discretionary items, that may be available to invest in future growth through new business development activities or acquisitions, repurchase stock, pay cash dividends or repay debt obligations prior to their maturities. These metrics can also be used to evaluate the Company’s ability to generate cash flow from business operations and the impact that this cash flow has on the Company’s liquidity. However, free cash flow and adjusted free cash flow have limitations as analytical tools and should not be considered in isolation or as a substitute for cash flow from operating activities or other income statement data prepared in accordance with GAAP. The following table reconciles cash flow from operating activities to free cash flow and adjusted free cash flow (in thousands):

													Trailing Twelve
	Three Months Ended						Six Months Ended						Months Ended
	June 30,						June 30,						June 30,
		2025			2024			2025			2024			2025			2024
Cash flow from operating activities	$	116,854		$	106,187		$	243,494		$	228,719		$	554,733		$	439,192
Cash flow from certain investing activities:
Pawn loans, net ⁽¹⁾		(50,032	)		(46,036	)		(30,592	)		(20,887	)		(81,704	)		(56,053	)
Finance receivables, net		(35,411	)		(22,252	)		(55,977	)		(37,563	)		(157,728	)		(95,880	)
Purchases of furniture, fixtures, equipment and improvements		(12,952	)		(16,237	)		(25,866	)		(42,664	)		(51,447	)		(74,464	)
Free cash flow		18,459			21,662			131,059			127,605			263,854			212,795
Merger and acquisition expenses paid, net of tax benefit		2,134			1,047			2,488			1,504			2,690			7,380
Adjusted free cash flow	$	20,593		$	22,709		$	133,547		$	129,109		$	266,544		$	220,175

_{⁽¹⁾ Includes the funding of new loans net of cash repayments and recovery of principal through the sale of inventories acquired from forfeiture of pawn collateral.}

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES (CONTINUED)
(UNAUDITED)

Adjusted Return on Equity and Adjusted Return on Assets

Management believes the presentation of adjusted return on equity and adjusted return on assets provides investors with greater transparency and provides a more complete understanding of the Company’s financial performance by excluding items that management believes are non-operating in nature and not representative of the Company’s core operating performance.

Annualized adjusted return on equity and adjusted return on assets is calculated as follows (dollars in thousands):

	Trailing Twelve
	Months Ended
	June 30, 2025
Adjusted net income ⁽¹⁾	$	342,992

Average stockholders’ equity (average of five most recent quarter-end balances)	$	2,046,067
Adjusted return on equity (trailing twelve months adjusted net income divided by average equity)	17		%

Average total assets (average of five most recent quarter-end balances)	$	4,426,553
Adjusted return on assets (trailing twelve months adjusted net income divided by average total assets)	8		%

_{⁽¹⁾ See detail of adjustments to net income in the “Adjusted Net Income and Adjusted Diluted Earnings Per Share” section above.}

Constant Currency Results

The Company’s reporting currency is the U.S. dollar, however, certain performance metrics discussed in this release are presented on a “constant currency” basis, which is considered a non-GAAP financial measure. The Company’s management uses constant currency results to evaluate operating results of business operations in Latin America, which are transacted in local currencies in Mexico, Guatemala and Colombia. The Company also has operations in El Salvador, where the reporting and functional currency is the U.S. dollar.

The Company believes constant currency results provide valuable supplemental information regarding the underlying performance of its business operations in Latin America, consistent with how the Company’s management evaluates such performance and operating results. Constant currency results reported herein are calculated by translating certain balance sheet and income statement items denominated in local currencies using the exchange rate from the prior-year comparable period, as opposed to the current comparable period, in order to exclude the effects of foreign currency rate fluctuations for purposes of evaluating period-over-period comparisons. See the Latin America pawn segment tables elsewhere in this release for additional reconciliation of certain constant currency amounts to as reported GAAP amounts.

FIRSTCASH HOLDINGS, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO GAAP FINANCIAL MEASURES (CONTINUED)
(UNAUDITED)

Exchange Rates for the Mexican Peso, Guatemalan Quetzal and Colombian Peso

	June 30,		Favorable /
	2025	2024	(Unfavorable)
Mexican peso / U.S. dollar exchange rate:
End-of-period	18.9	18.4		(3	)	%
Three months ended	19.5	17.2		(13	)	%
Six months ended	20.0	17.1		(17	)	%

Guatemalan quetzal / U.S. dollar exchange rate:
End-of-period	7.7	7.8		1		%
Three months ended	7.7	7.8		1		%
Six months ended	7.7	7.8		1		%

Colombian peso / U.S. dollar exchange rate:
End-of-period	4,070	4,148		2		%
Three months ended	4,199	3,927		(7	)	%
Six months ended	4,195	3,921		(7	)	%

The MIL Network –

July 24, 2025

MIL-OSI Russia: New Horizons of Solutions: From Theory to Practice of Risk Management

Translation. Region: Russian Federal

Source: Peter the Great St. Petersburg Polytechnic University –

An important disclaimer is at the bottom of this article.

The Polytechnic University solemnly awarded the winners and prize-winners of the All-Russian student case championship “Risk Management: New Horizons for Solutions”. The organizers are the Higher School of Industrial Management of the Institute of Industrial Management, Economics and Trade and the consulting company “Trust Technologies”.

Joint-Stock Company “Trust Technologies” provides audit and consulting services to corporate clients in various sectors of the economy. According to the RAEX rating agency, in 2025 the company entered the top five largest Russian participants in the audit and consulting services market.

The case championship was attended by 56 students from St. Petersburg, Moscow, Yekaterinburg, Voronezh and Tambov. As part of 15 teams, the students solved cases dedicated to risk management issues related to an unstable external environment, technological risks, digitalization and sustainable development. The participants presented projects combining digital technologies, risk management methods and models, as well as forecasting tools in an uncertain environment.

“The ability to manage risks in modern conditions is a critically important competency for any business. The level of the presented student projects, their depth of development and practical orientation are pleasing. Cooperation with the company “Trust Technologies”, a strong partner occupying a leading position in the audit and consulting services market, is very important for us. This creates a unique environment for cultivating young and in-demand specialists in the labor market, ready to get involved in solving real business problems of Russian companies,” said Olga Kalinina, Director of the Higher School of Industrial Management, at the opening of the final.

The teams defended their solutions before an expert jury, which included representatives of the Trust Technologies company: Svetlana Kuzmenkova, Senior Manager of the Non-Financial Risk Group, Viktor Kosmachev, Senior Consultant of the Systemic Changes and Business Development Practice, Evgeniya Filyanina, Consultant of the Non-Financial Risk Group, as well as Associate Professors of the Higher School of Industrial Management of the IPMEiT Anna Timofeeva, Evgeny Makarenko and Elena Kiseleva.

The best project solution was presented by the AllRisks team, which became the absolute winner of the championship. The team included Artem Rudenko (SPbGEU), Mikhail Borovkov (ITMO), Elizaveta Egorova and Polina Ivanova (SPbPU).

The first place winner was the PonITech SPbPU team: Diana Yakimenko, Maria Belova, Maria Platonova and Vitaly Trofimov.

The second place was taken by the Ratio team from the Peoples’ Friendship University of Russia named after Patrice Lumumba: Daria Dreval, Larisa Ordina, Elizaveta Kostyaeva and Veronika Vatrukhina.

The third place went to the “Risk Hunters” – Valentina Fedorova, Anastasia Rusakova, Arina Katrina, Egor Bogdanov and Liana Pogosyan from SPbSUT.

“We set a difficult task for the participants: to develop risk management solutions that not only take into account modern challenges, but also integrate digital tools for forecasting and management in conditions of uncertainty. As a result of the defenses, we saw non-standard approaches, a strong analytical background and a willingness to offer specific mechanisms that can be applied in practice. We are confident that for many students this championship will become a springboard to a successful career in business,” commented Evgeniya Filyanina, consultant of the non-financial risks group.

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

.

MIL OSI Russia News –

July 24, 2025
MIL-OSI: Aurora Mobile CEO Comments on Robinhood CEO’s Crypto Remarks

Source: GlobeNewswire (MIL-OSI)

SHENZHEN, China, July 24, 2025 (GLOBE NEWSWIRE) — Aurora Mobile Limited (NASDAQ: JG) (“Aurora Mobile” or the “Company”), a leading provider of customer engagement and marketing technology services in China, today issued a statement from its CEO, Mr. Luo Weidong, commenting on recent remarks made by Vlad Tenev, the CEO of Robinhood Markets Inc., regarding the cryptocurrency space.

In a recent earnings call and media interviews, Vlad Tenev expressed optimism about the future of crypto assets and its potential as a mainstream asset for diversification. He also mentioned the tokenization of companies (public or private) shares and/or options for possible future trading and transactional purposes.

Mr. Luo Weidong of Aurora Mobile commented, “At Aurora Mobile, we closely monitor the developments in the financial technology and digital asset space. Vlad Tenev’s perspectives on the growing attractiveness of crypto assets align with the broader market trends we are observing. The growing acceptance of cryptocurrencies, particularly Bitcoin and Solana, as tools for diversification, is a sign of the evolving financial landscape.”

While Aurora Mobile is not directly involved in the cryptocurrency trading space like Robinhood, the Company has been a pioneer in leveraging big data and artificial intelligence to provide valuable insights and solutions across multiple industries. “Our expertise lies in aggregating, cleansing, and analyzing vast amounts of real-time and anonymous mobile behavioral data at the device level. This data-driven approach allows us to offer actionable insights to our clients in sectors ranging from finance to retail,” Mr. Luo added.

“Just as the cryptocurrency market is evolving, our services are designed to adapt to the dynamic needs of our clients. Transparency and providing users with valuable information, principles that Robinhood is emphasizing in the crypto space, are also core to our mission at Aurora Mobile,” Mr. Luo continued.

Aurora Mobile has long been a trusted partner to many major internet companies and leading consumer brands. “We are committed to leveraging our technology and data capabilities to contribute to the digital transformation of businesses, much like the efforts in the cryptocurrency space to make digital assets more accessible and user-friendly,” concluded Mr. Luo.

As the financial technology landscape continues to evolve, Aurora Mobile remains focused on innovating and providing solutions that meet the changing needs of its clients and the market at large.

About Aurora Mobile Limited

Founded in 2011, Aurora Mobile (NASDAQ: JG) is a leading provider of customer engagement and marketing technology services in China. Since its inception, Aurora Mobile has focused on providing stable and efficient messaging services to enterprises and has grown to be a leading mobile messaging service provider with its first-mover advantage. With the increasing demand for customer reach and marketing growth, Aurora Mobile has developed forward-looking solutions such as Cloud Messaging and Cloud Marketing to help enterprises achieve omnichannel customer reach and interaction, as well as artificial intelligence and big data-driven marketing technology solutions to help enterprises’ digital transformation.

For more information, please visit https://ir.jiguang.cn/.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as Aurora Mobile’s strategic and operational plans, contain forward-looking statements. Aurora Mobile may also make written or oral forward-looking statements in its reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Aurora Mobile’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Aurora Mobile’s strategies; Aurora Mobile’s future business development, financial condition and results of operations; Aurora Mobile’s ability to attract and retain customers; its ability to develop and effectively market data solutions, and penetrate the existing market for developer services; its ability to transition to the new advertising-driven SAAS business model; its ability to maintain or enhance its brand; the competition with current or future competitors; its ability to continue to gain access to mobile data in the future; the laws and regulations relating to data privacy and protection; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and Aurora Mobile undertakes no duty to update such information, except as required under applicable law.

For more information, please contact:

Aurora Mobile Limited
E-mail: ir@jiguang.cn

Christensen

In China
Ms. Xiaoyan Su
Phone: +86-10-5900-1548
E-mail: Xiaoyan.Su@christensencomms.com

In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com

The MIL Network –

July 24, 2025
MIL-OSI: Aurora Mobile CEO Comments on Robinhood CEO’s Crypto Remarks

Source: GlobeNewswire (MIL-OSI)

SHENZHEN, China, July 24, 2025 (GLOBE NEWSWIRE) — Aurora Mobile Limited (NASDAQ: JG) (“Aurora Mobile” or the “Company”), a leading provider of customer engagement and marketing technology services in China, today issued a statement from its CEO, Mr. Luo Weidong, commenting on recent remarks made by Vlad Tenev, the CEO of Robinhood Markets Inc., regarding the cryptocurrency space.

In a recent earnings call and media interviews, Vlad Tenev expressed optimism about the future of crypto assets and its potential as a mainstream asset for diversification. He also mentioned the tokenization of companies (public or private) shares and/or options for possible future trading and transactional purposes.

Mr. Luo Weidong of Aurora Mobile commented, “At Aurora Mobile, we closely monitor the developments in the financial technology and digital asset space. Vlad Tenev’s perspectives on the growing attractiveness of crypto assets align with the broader market trends we are observing. The growing acceptance of cryptocurrencies, particularly Bitcoin and Solana, as tools for diversification, is a sign of the evolving financial landscape.”

While Aurora Mobile is not directly involved in the cryptocurrency trading space like Robinhood, the Company has been a pioneer in leveraging big data and artificial intelligence to provide valuable insights and solutions across multiple industries. “Our expertise lies in aggregating, cleansing, and analyzing vast amounts of real-time and anonymous mobile behavioral data at the device level. This data-driven approach allows us to offer actionable insights to our clients in sectors ranging from finance to retail,” Mr. Luo added.

“Just as the cryptocurrency market is evolving, our services are designed to adapt to the dynamic needs of our clients. Transparency and providing users with valuable information, principles that Robinhood is emphasizing in the crypto space, are also core to our mission at Aurora Mobile,” Mr. Luo continued.

Aurora Mobile has long been a trusted partner to many major internet companies and leading consumer brands. “We are committed to leveraging our technology and data capabilities to contribute to the digital transformation of businesses, much like the efforts in the cryptocurrency space to make digital assets more accessible and user-friendly,” concluded Mr. Luo.

As the financial technology landscape continues to evolve, Aurora Mobile remains focused on innovating and providing solutions that meet the changing needs of its clients and the market at large.

About Aurora Mobile Limited

Founded in 2011, Aurora Mobile (NASDAQ: JG) is a leading provider of customer engagement and marketing technology services in China. Since its inception, Aurora Mobile has focused on providing stable and efficient messaging services to enterprises and has grown to be a leading mobile messaging service provider with its first-mover advantage. With the increasing demand for customer reach and marketing growth, Aurora Mobile has developed forward-looking solutions such as Cloud Messaging and Cloud Marketing to help enterprises achieve omnichannel customer reach and interaction, as well as artificial intelligence and big data-driven marketing technology solutions to help enterprises’ digital transformation.

For more information, please visit https://ir.jiguang.cn/.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as Aurora Mobile’s strategic and operational plans, contain forward-looking statements. Aurora Mobile may also make written or oral forward-looking statements in its reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Aurora Mobile’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Aurora Mobile’s strategies; Aurora Mobile’s future business development, financial condition and results of operations; Aurora Mobile’s ability to attract and retain customers; its ability to develop and effectively market data solutions, and penetrate the existing market for developer services; its ability to transition to the new advertising-driven SAAS business model; its ability to maintain or enhance its brand; the competition with current or future competitors; its ability to continue to gain access to mobile data in the future; the laws and regulations relating to data privacy and protection; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and Aurora Mobile undertakes no duty to update such information, except as required under applicable law.

For more information, please contact:

Aurora Mobile Limited
E-mail: ir@jiguang.cn

Christensen

In China
Ms. Xiaoyan Su
Phone: +86-10-5900-1548
E-mail: Xiaoyan.Su@christensencomms.com

In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com

The MIL Network –

July 24, 2025
MIL-OSI Africa: South Africa publishes new regulations on meat analogue products

Source: Government of South Africa

The Department of Agriculture has published regulations governing the sale of meat analogue products in South Africa.

The regulations, published under Government Gazette Notice R. 6436 on 18 July 2025, follow a series of consultative meetings with all affected stakeholders, including the red meat industry.

The regulations set out minimum standards for meat analogues and prescribe the labelling requirements, and compliance to the standards for meat when presented for sale.

According to the department, any product labelled as a “meat replacer,” “meat substitute,” “meat alternative,” “plant-based protein,” or any similar terminology on the main display panel, must contain a minimum of 9% protein.

“The meat analogue products, also known as meat substitutes, mock meat, faux meat, or imitation meat, were initially defined in the Processed Meat Regulations as a product that approximates the aesthetic qualities (primary texture, flavour and appearance) and/or chemical characteristics of a specific type of meat.

“These products are derived from non-meat ingredients, sometimes without dairy products and are available in different forms (coarse ground meat analogues, emulsified meat analogues and loose fill, etc.),” the department said in a statement on Wednesday.

The regulations specify acceptable product descriptors, allowing terms such as hot dogs, chipolatas, bites, steaks, pops, balls rounds, pieces, tenders, burgers, patties, sausages, bangers, griller loafs, polonies, mince, roasts, schnitzels and products named according to shapes, like frikkadel wheels, discs, nuggets, rolls and sizzlers.

“The use of these names shall be permitted with the use of names that describe the meat analogues and, if necessary, their use, and which are sufficiently clear to enable consumers to determine their true nature so that they are distinguishable from other products.”

The product names must not include references to specific animal species, cuts, or morphology. The words or expressions such as “chicken-style,” “beef-style,” “chick’n,” and “b*con”, or any similar wording referring to animal species or meat products, are prohibited under the Agricultural Product Standards Act, 1990 (Act No. 119 of 1990).

Until advised otherwise, departmental inspectors will oversee the enforcement of the regulations, considering that “there is currently no designated assignee.”

The Food Safety Agency will monitor compliance with labelling standards for both meat analogues and processed meats, while the Border Management Authority will enforce rules pertaining to imports.

The department emphasised that the publication of these regulations should be welcomed and appreciated by all affected stakeholders, as it brings the necessary clarity required for the trade of meat analogues and meat products.

“Consumers will enjoy the protection from the sale of misleading products. Furthermore, the publication of the Meat Analogue Products Regulations will foster confidence in the sale of meat analogues and meat products in South Africa.” – SAnews.gov.za

MIL OSI Africa –

July 24, 2025
MIL-OSI Security: Smuggler of Firearms from Key West to Haiti Sentenced in D.C. to 30 Months in Prison

Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

WASHINGTON – Jean Wiltene Eugene, 57, of Key West, Florida, was sentenced today in U.S. District Court to 30 months in prison and a $20,000 fine for his role in a gunrunning operation that illegally exported firearms to Haiti, announced U.S. Attorney Jeanine Ferris Pirro.

Eugene pleaded guilty on April 11, 2025, to one count of smuggling. In addition to the prison term, Judge Carl J. Nichols ordered Eugene to serve 24 months of supervised release.

Joining in the announcement of the sentence were Assistant Attorney General John A. Eisenberg of the Justice Department’s National Security Division, and FBI Acting Special Agent in Charge Justin Fleck of the Miami Field Office.

According to court documents, Eugene is a U.S. citizen who was born in Haiti and resides in Key West. On Sept. 23, 2021, Eugene knowingly exported more than two firearms from the United States to Haiti contrary to U.S. laws and regulations, including the prohibitions in the Export Administration Regulations and the Export Control Reform Act of 2018, knowing the firearms were intended for exportation contrary to such laws and regulations. In particular, Eugene exported the firearms without having first obtained the required license from the Bureau of Industry and Security, located in the District of Columbia. Anyone who violates the smuggling statute may be fined up to $250,000 and imprisoned for up to 10 years.

Eugene arranged to ship vehicles to Haiti through a Florida-based export company. Eugene signed the company’s terms and conditions of shipments, which required the shipper to affirm that the vehicles did not contain any firearms or ammunition. In a subsequent interview with law enforcement, Eugene admitted that, in 2020 and 2021, he shipped two vehicles to Haiti with firearms hidden inside. Eugene stated that he placed food and other items around the bins holding the firearms so border authorities would not find the weapons.

In a later interview with federal agents, Eugene stated that nine firearms he purchased in Key West under his name were currently located at his gas station in Haiti and that none of those firearms remained in the United States. He admitted that he knew it was illegal to ship weapons to Haiti when confronted by the federal agents.

Eugene was arrested May 4, 2024, in Key West.

This case was investigated by the FBI Miami Field Office with assistance from the Bureau of Alcohol, Tobacco, Firearms and Explosives and the Department of Commerce’s Office of Export Enforcement. It was prosecuted by Assistant U.S. Attorney Kimberly Paschall and Trial Attorney Beau Barnes of the National Security Division, as well as former Assistant U.S. Attorney Pravallika Palacharla. Substantial assistance was provided by the United States Attorney’s Office for the Southern District of Florida.

25cr78

MIL Security OSI –

July 24, 2025
MIL-OSI United Kingdom: Planning Inspectorate’s Business Plan for 2025-2026 published
Source: United Kingdom – Executive Government & Departments

News story

Planning Inspectorate’s Business Plan for 2025-2026 published

The 2025/26 Business Plan sets out the priorities we believe are critical to addressing the main challenges of the day
The Planning Inspectorate has today published its Business Plan for 2025/26 setting out our priorities and ambitions for the year.

It details our focus on the delivery of excellent services to benefit the whole planning system and provides a practical framework as we progress the second year of our strategic plan.

We are committed to delivering high-quality, timely decisions across all our casework areas – from national infrastructure projects to planning appeals and local plan examinations. 

This year we’re excited to be accelerating progress through a number of initiatives including:

introducing a simplified appeals process for the majority of appeals following the Minister’s decision to amend regulations

progressing trials of more concise decision writing to further improve timeliness and consistency of decisions

concluding our significant recruitment campaign to ensure we have the colleagues we need to deliver on our ambitious plans.

As set out in our 2024/25 Annual Report we have already made significant progress in reducing our overall caseload and making quicker decisions. We will be doing even more this year to improve our performance including expanding our digital services and making the appeals process quicker and easier to navigate whilst remaining impartial, fair and open.

We fully recognise the challenges ahead. The government has placed planning at the heart of its Plan for Change. Our Business Plan gives us the practical direction to meet these challenges, reform our services and work together with our stakeholders to create a more effective and efficient planning system.

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Updates to this page

Published 24 July 2025
MIL OSI United Kingdom –
July 24, 2025
Markets open flat; IT, midcap stocks under pressure amid mixed global cues

Source: Government of India

Source: Government of India (4)

The Indian stock market opened flat on Thursday as IT companies came under selling pressure amid mixed global cues.

At 9:28 a.m., the Sensex slipped 110 points or 0.13 per cent to 82,615, and the Nifty declined 13 points or 0.05 per cent to 25,206.

Sectorally, the Nifty IT index underperformed with a loss of 1.17 per cent. All other sectors showed marginal dips or moderate gains. Bank stocks registered moderate losses of up to 0.20 per cent.

Midcap and smallcap stocks also faced selling pressure. The Nifty Midcap 100 index was down 0.39 per cent at 59,148, while the Nifty Smallcap 100 index declined 0.07 per cent to 18,879.

In the Nifty pack, Dr. Reddy’s Laboratories led the gainers with a 3.07 per cent rise, followed by Tata Motors at 1.51 per cent. Tata Consumer Products, Eicher Motors, JSW Steel, and Tata Steel were also among the top gainers. Trent, Kotak Mahindra Bank, and Bajaj Finance were among the early losers.

“Market sentiment remains cautiously optimistic amid heightened volatility and mixed global cues. Nifty 50’s rebound highlights buyer strength at lower levels. A sustained move above 25,250 could potentially open the path toward the 25,330 mark. On the downside, immediate support is placed at 25,125, followed by 25,000,” said Hardik Matalia of Choice Equity Broking Private Limited.

The Bank Nifty outperformed the broader index, rising 454 points and forming a bullish candlestick, indicating renewed buying interest, he added.

Both Asian and U.S. indices posted strong overnight gains, lending a positive backdrop for Indian markets at the open.

In the U.S., the Dow Jones Industrial Average advanced 1.14 per cent, the Nasdaq rose 0.61 per cent, and the S&P 500 added 0.78 per cent.

According to analysts, the U.S. striking trade deals with various countries is gradually easing concerns over tariff wars. Strong corporate earnings in the U.S. are also providing fundamental support to the market.

In Asian markets, the Nikkei 225 continued its strong rally for the second consecutive day, gaining 1.97 per cent, while Indonesia’s Jakarta Composite climbed 1.70 per cent. Hong Kong, Shanghai, and Seoul were also trading in the green.

On July 23, foreign institutional investors (FIIs) were net sellers for the fifth consecutive session, offloading stocks worth Rs 4,209 crore. In contrast, domestic institutional investors (DIIs) remained strong buyers for the 12th straight day, purchasing shares worth Rs 4,358 crore.

IANS

July 24, 2025
Markets open flat; IT, midcap stocks under pressure amid mixed global cues

Source: Government of India

Source: Government of India (4)

The Indian stock market opened flat on Thursday as IT companies came under selling pressure amid mixed global cues.

At 9:28 a.m., the Sensex slipped 110 points or 0.13 per cent to 82,615, and the Nifty declined 13 points or 0.05 per cent to 25,206.

Sectorally, the Nifty IT index underperformed with a loss of 1.17 per cent. All other sectors showed marginal dips or moderate gains. Bank stocks registered moderate losses of up to 0.20 per cent.

Midcap and smallcap stocks also faced selling pressure. The Nifty Midcap 100 index was down 0.39 per cent at 59,148, while the Nifty Smallcap 100 index declined 0.07 per cent to 18,879.

In the Nifty pack, Dr. Reddy’s Laboratories led the gainers with a 3.07 per cent rise, followed by Tata Motors at 1.51 per cent. Tata Consumer Products, Eicher Motors, JSW Steel, and Tata Steel were also among the top gainers. Trent, Kotak Mahindra Bank, and Bajaj Finance were among the early losers.

“Market sentiment remains cautiously optimistic amid heightened volatility and mixed global cues. Nifty 50’s rebound highlights buyer strength at lower levels. A sustained move above 25,250 could potentially open the path toward the 25,330 mark. On the downside, immediate support is placed at 25,125, followed by 25,000,” said Hardik Matalia of Choice Equity Broking Private Limited.

The Bank Nifty outperformed the broader index, rising 454 points and forming a bullish candlestick, indicating renewed buying interest, he added.

Both Asian and U.S. indices posted strong overnight gains, lending a positive backdrop for Indian markets at the open.

In the U.S., the Dow Jones Industrial Average advanced 1.14 per cent, the Nasdaq rose 0.61 per cent, and the S&P 500 added 0.78 per cent.

According to analysts, the U.S. striking trade deals with various countries is gradually easing concerns over tariff wars. Strong corporate earnings in the U.S. are also providing fundamental support to the market.

In Asian markets, the Nikkei 225 continued its strong rally for the second consecutive day, gaining 1.97 per cent, while Indonesia’s Jakarta Composite climbed 1.70 per cent. Hong Kong, Shanghai, and Seoul were also trading in the green.

On July 23, foreign institutional investors (FIIs) were net sellers for the fifth consecutive session, offloading stocks worth Rs 4,209 crore. In contrast, domestic institutional investors (DIIs) remained strong buyers for the 12th straight day, purchasing shares worth Rs 4,358 crore.

IANS

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

Source: Republic of China Taiwan

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

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

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

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

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

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

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MIL OSI Asia Pacific News –

July 24, 2025

MIL-OSI: STMicroelectronics Reports 2025 Second Quarter Financial Results

Source: GlobeNewswire (MIL-OSI)

PR No: C3349C

STMicroelectronics Reports 2025 Second Quarter Financial Results

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

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

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

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

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

Quarterly Financial Summary

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

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

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

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

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

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

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

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

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

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

Power and Discrete products (P&D) segment:

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

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

Embedded Processing (EMP) segment:

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

RF & Optical Communications (RF&OC) segment:

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

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

Cash Flow and Balance Sheet Highlights

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

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

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

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

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

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

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

Corporate developments

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

Business Outlook

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

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

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

Conference Call and Webcast Information

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

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

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

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

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

Forward-looking Information

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

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

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

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

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

About STMicroelectronics

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

For further information, please contact:

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

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

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

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

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

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

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

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

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

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

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

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


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

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


STMicroelectronics N.V.

SELECTED CASH FLOW DATA

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

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

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

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

Appendix
ST
Changes to reportable segments

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

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

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

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

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

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

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

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

Prior year comparative periods have been adjusted accordingly.

(Appendix – continued)
ST Supplemental Financial Information

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

€/$ Effective Rate	1.09	1.06	1.09	1.08	1.08

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

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

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

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

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

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

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

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

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

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

(Appendix – continued)

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

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

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

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

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

(Appendix – continued)

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

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

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

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

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

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

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

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

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

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

Attachment

C3349C – STMicroelectronics Q225 Earnings PR

The MIL Network –

July 24, 2025

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

Source: GlobeNewswire (MIL-OSI)

Nokia Corporation

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

Nokia Corporation Report for Q2 and Half Year 2025

Solid performance offset by currency impact

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

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

JUSTIN HOTARD, PRESIDENT AND CEO, ON Q2 2025 RESULTS

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

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

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

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

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

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

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

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

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

Justin Hotard
President and CEO

FINANCIAL RESULTS

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

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

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

SHAREHOLDER DISTRIBUTION

Dividend

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

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

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

OUTLOOK

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

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

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

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

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

RISK FACTORS

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

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

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

FORWARD-LOOKING STATEMENTS

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

ANALYST WEBCAST

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

FINANCIAL CALENDAR

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

About Nokia

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

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

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

Inquiries:

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

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

Attachment

2025_Q2_Nokia_ Earnings_release_English

The MIL Network –

July 24, 2025

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

Source: GlobeNewswire (MIL-OSI)

Press Release

VELIZY-VILLACOUBLAY, France — July 24, 2025

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

Advancing AI for software-defined industries

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

Summary Highlights¹

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

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

Dassault Systèmes’ Chief Executive Officer Commentary

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

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

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

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

Dassault Systèmes’ Chief Financial Officer Commentary

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

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

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

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

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

Financial Summary

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

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

Second Quarter 2025 Versus 2024 Financial Comparisons

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

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

First Half 2025 Versus 2024 Financial Comparisons

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

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

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

Financial Objectives for 2025

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


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

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

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

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

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

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

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

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

Corporate Announcements

Today’s Webcast and Conference Call Information

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

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

Investor Relations Events

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

Forward-looking Information

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

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

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

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

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

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

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

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

Non-IFRS Financial Information

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

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

FOR MORE INFORMATION

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

ABOUT DASSAULT SYSTÈMES

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

Dassault Systèmes Investor Relations Team FTI Consulting

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

Jamie Ricketts : +44 20 3727 1600

investors@3ds.com

Dassault Systèmes Press Contacts

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

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

APPENDIX TABLE OF CONTENTS

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

Glossary of Definitions

Non-IFRS Financial Information

Acquisitions and Foreign Exchange Impact

Condensed consolidated statements of income

Condensed consolidated balance sheet

Condensed consolidated cash flow statement

IFRS – non-IFRS reconciliation

DASSAULT SYSTÈMES – Glossary of Definitions

Information in Constant Currencies

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

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

Information on Growth excluding acquisitions (“organic growth”)

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

Information on Industrial Sectors

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

These three sectors comprise twelve industries:

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

Information on Product Lines

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

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

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

GEOs

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

These GEOs are structured into three groups:

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

3DEXPERIENCE Software Contribution

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

Cloud revenue

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

DASSAULT SYSTÈMES

NON-IFRS FINANCIAL INFORMATION

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

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

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

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

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

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

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

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

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

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

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

DASSAULT SYSTÈMES

ACQUISITIONS AND FOREIGN EXCHANGE IMPACT

(unaudited; in millions of Euros)

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

DASSAULT SYSTÈMES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

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

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

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

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

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

DASSAULT SYSTÈMES

CONDENSED CONSOLIDATED BALANCE SHEET

(unaudited; in millions of Euros)

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

DASSAULT SYSTÈMES

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

(unaudited; in millions of Euros)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Attachment

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

The MIL Network –

July 24, 2025

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

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

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

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

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

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

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

About Tyton Partners

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

About Ufi Ventures

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

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

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

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

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

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

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

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

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

About Tyton Partners

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

About Ufi Ventures

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

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

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

US Senate News:

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

MIL OSI USA News –

July 24, 2025
MIL-OSI Russia: The II International Forum of Russia-Africa Cooperation “Education. Business. Culture – 2025” will be held within the framework of “Technoprom-2025”

Translation. Region: Russian Federal

Source: Novosibirsk State University –

An important disclaimer is at the bottom of this article.

In August 2025, the II International Forum of Russia-Africa Cooperation “Education. Business. Culture – 2025” will be held as part of the XII International Forum “Technoprom-2025”. The event is organized by the Center for Public Diplomacy, NSU and the Consortium of Russian Universities for the Development of Cooperation with African Countries.

An impressive delegation from African countries plans to take part in the forum:

— Ambassadors Extraordinary and Plenipotentiary to the Russian Federation of the following countries: Republic of Mali, Republic of Chad, Republic of Guinea, Burkina Faso, Republic of Niger, Rwanda, Namibia, Angola and Ghana.

— Ministers of Education of the Republic of Chad, the Republic of Guinea and Burkina Faso, Ministers of Industry, Digitalization and Agriculture of Burkina Faso.

— The Presidents of the Academies of Sciences of Mali, Burkina Faso and Niger, the Rectors of the Abdou Moumouni University and the University of Agadez (both from the Republic of Niger).

— Heads of the national oil companies of Burkina Faso and Niger.

— Mayor of the city of Ouagadougou (the capital of Burkina Faso).

Let us recall that the first forum “Russia-Africa” was held last year on the initiative of NSU and the Center for Public Diplomacy. One of the results was the creation of a Consortium of Russian Universities for the development of cooperation with African countries.

This year, the Consortium members will analyze the current interaction of Russian universities with African countries, discuss the challenges and obstacles that hinder mutually beneficial cooperation, identify key areas and formulate a roadmap (work plan) for the Consortium for the next year. The roadmap will be based on a systemic approach that ensures the consolidation of efforts by Russian universities and the unification of actions at all levels – from government agencies to the universities themselves. The implementation of the proposed measures will improve the quality of education and improve the culture of mutual understanding between the regions. The implementation of these initiatives will strengthen Russia’s position on the African continent and will become the basis for the further development of bilateral relations.

The Forum also plans to discuss joint work in the areas of school and secondary specialized education. The Center for Public Diplomacy and NSU plan to hold talks with the Minister of Secondary Education, Vocational and Technical Training of Burkina Faso Boubacar Sawadogo on the possibilities of cooperation and to develop an algorithm for joint actions.

The following are promising educational projects in African countries:

— The “Russian Teacher Abroad” program, within the framework of which students from the pilot international class of the African school will study the Russian language.

— A program for training foreign students in working specialties under joint educational programs of African and Novosibirsk colleges. Those who successfully complete the training will be able to continue their studies at Novosibirsk universities. The pilot project includes colleges implementing training in agricultural, technical and natural science areas.

— The African continent is a priority region for the export of Russian education. Since 2024, NSU has been actively developing cooperation with African countries. In this context, agreements were signed with Thomas Sankara University (Burkina Faso) and Abdou Moumouni University (Niger). From December 2024 to July 2025, a preparatory department in the medical and biological profile operated jointly with the Russian House in Niger, in which 24 people studied. From March to the end of July 2025, online courses in the Russian language were opened at Thomas Sankara University, which were completed by 50 bachelors and masters. The next stage will be the organization of preparatory courses in the medical and biological profile, after which students will be able to continue their studies at NSU. The University also plans to organize scientific internships for young scientists and graduate students from Burkina Faso for 3-6 months, said Evgeny Sagaydak, Head of the Education Export Department at NSU.

Another interesting project is the preliminary agreement reached between NSU and the University of Saint Dominic (USDAO) from Burkina Faso on joint training of medical personnel for this West African state. The cooperation agreement between the universities may be signed this summer.

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

.

MIL OSI Russia News –

July 24, 2025
MIL-Evening Report: ER Report: A Roundup of Significant Articles on EveningReport.nz for July 24, 2025

ER Report: Here is a summary of significant articles published on EveningReport.nz on July 24, 2025.

World’s highest court issues groundbreaking ruling for climate action. Here’s what it means for Australia
Source: The Conversation (Au and NZ) – By Wesley Morgan, Research Associate, Institute for Climate Risk and Response, UNSW Sydney JOHN THYS/AFP via Getty Images The world’s highest court says countries are legally obliged to prevent harms caused by climate change, in a ruling that repudiates Australia’s claims it is not legally responsible for emissions

Politics with Michelle Grattan: Chris Bowen on why it’s ‘a little frustrating’ bidding for COP 31
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra Energy and climate issues are front and centre for both sides of politics. The government is struggling with pushback from some regional communities against the rollout of transmission lines and wind farms. At the same time, it will soon have

Cycling’s governing body is introducing new rules to slow down elite riders. Not everyone’s happy
Source: The Conversation (Au and NZ) – By Popi Sotiriadou, Associate Professor of Sport Management – Director Business Innovation, Griffith University MARCO BERTORELLO/AFP via Getty Images Most sports look to support their athletes to become “faster, higher, stronger” – in reference to the Olympic Games’ original motto – so it is perhaps surprising that cycling’s

Swirling nebula of two dying stars revealed in spectacular detail in new Webb telescope image
Source: The Conversation (Au and NZ) – By Benjamin Pope, Associate Professor, School of Mathematical and Physical Sciences, Macquarie University The day before my thesis examination, my friend and radio astronomer Joe Callingham showed me an image we’d been awaiting for five long years – an infrared photo of two dying stars we’d requested from

UN’s highest court finds countries can be held legally responsible for emissions
By Jamie Tahana in The Hague for RNZ Pacific The United Nations’ highest court has found that countries can be held legally responsible for their greenhouse gas emissions, in a ruling highly anticipated by Pacific countries long frustrated with the pace of global action to address climate change. In a landmark opinion delivered yesterday in

Five arms, no heart and a global family: what DNA revealed about the weird deep-sea world of brittle stars
Source: The Conversation (Au and NZ) – By Tim O’Hara, Senior Curator of Marine Invertebrates, Museums Victoria Research Institute A brittle star of the species _Gorgonocephalus eucnemis_. Lagunatic Photo / Getty Images You may have read that the deep sea is a very different environment from the land and shallow water. There is no light,

Birds use hidden black and white feathers to make themselves more colourful
Source: The Conversation (Au and NZ) – By Simon Griffith, Professor of Avian Behavioural Ecology, Macquarie University The green-headed tanager (_Tangara seledon_) has a hidden layer of plumage that is white underneath the orange feathers and black underneath the blue and green feathers. Daniel Field Birds are perhaps the most colourful group of animals, bringing

Is sleeping a lot actually bad for your health? A sleep scientist explains
Source: The Conversation (Au and NZ) – By Charlotte Gupta, Senior Postdoctoral Research Fellow, Appleton Institute, HealthWise Research Group, CQUniversity Australia Walstrom, Susanne/Getty We’re constantly being reminded by news articles and social media posts that we should be getting more sleep. You probably don’t need to hear it again – not sleeping enough is bad

From grasslands to killing fields: why trees are bad news for one of Australia’s most stunning birds
Source: The Conversation (Au and NZ) – By Gabriel Crowley, Adjunct Associate Professor in Geography, University of Adelaide JJ Harrison/Wikimedia, CC BY Picture this. A small, rainbow-coloured chick emerges from its nest for the first time. It stretches its wings and prepares to take flight. But before the fledgling’s life in the wild has begun,

As seas rise and fish decline, this Fijian village is finding new ways to adapt
Source: The Conversation (Au and NZ) – By Celia McMichael, Professor in Geography, The University of Melbourne Celia McMichael, CC BY-NC-ND In the village of Nagigi, Fiji, the ocean isn’t just a resource – it’s part of the community’s identity. But in recent years, villagers have seen the sea behave differently. Tides are pushing inland.

After 70 years, twisted gothic thriller The Night of the Hunter remains as disturbing and beguiling as ever
Source: The Conversation (Au and NZ) – By Ben McCann, Associate Professor of French Studies, University of Adelaide United Artists/Getty Images In 1955, director Charles Laughton crafted one of the darkest, strangest fairytales ever to come out of Hollywood. The Night of the Hunter remains visually exquisite and profoundly unsettling. Shortly before Ben Harper is

Almost a third of NZ households face energy hardship – reform has to go beyond cheaper off-peak power
Source: The Conversation (Au and NZ) – By Kimberley O’Sullivan, Senior Research Fellow, He Kainga Oranga – Housing and Health Research Programme, University of Otago Igor Suka/Getty Images The spotlight is again on New Zealand’s energy sector, with a group of industry bodies and independent retailers pushing for a market overhaul, saying the sector was

Immigration courts hiding the names of ICE lawyers goes against centuries of precedent and legal ethics requiring transparency in courts
Source: The Conversation (Au and NZ) – By Cassandra Burke Robertson, Professor of Law and Director of the Center for Professional Ethics, Case Western Reserve University Some immigration courts have allowed ICE attorneys to conceal their names during proceedings. Jacob Wackerhausen/iStock via Getty Images Something unusual is happening in U.S. immigration courts. Government lawyers are

How the UK’s immigration system splits families apart – by design
Source: The Conversation (Au and NZ) – By Nando Sigona, Professor of International Migration and Forced Displacement and Director of the Institute for Research into International Migration and Superdiversity, University of Birmingham arda savasciogullari/Shutterstock The letter that arrived for eleven-year-old Guilherme in June 2025 was addressed personally to him. The UK Home Office was informing

4.48 Psychosis revival: the play’s window into a mind on the edge is as brutal as ever
Source: The Conversation (Au and NZ) – By Leah Sidi, Associate Professor of Health Humanities, UCL Under bright lights, the audience looks at a bare stage on two planes. Below, a small stage is white and empty, occupied only by a table and two chairs. Above, a huge, slanted mirror reflects a bird’s-eye view of

Togo’s ‘Nana-Benz’: how cheap Chinese imports of African fabrics has hurt the famous women traders
Source: The Conversation (Au and NZ) – By Fidele B. Ebia, Postdoctoral fellow, Duke Africa Initiative, Duke University The manufacturing of African print textiles has shifted to China in the 21st century. While they are widely consumed in African countries – and symbolic of the continent – the rise of “made in China” has undermined

2 ways cities can beat the heat: Which is best, urban trees or cool roofs?
Source: The Conversation (Au and NZ) – By Ian Smith, Research Scientist in Earth & Environment, Boston University Trees like these in Boston can help keep neighborhoods cooler on hot days. Yassine Khalfalli/Unsplash, CC BY When summer turns up the heat, cities can start to feel like an oven, as buildings and pavement trap the

Indonesian military set to complete Trans-Papua Highway under Prabowo’s rule
By Julian Isaac The Indonesian Military (TNI) is committed to supporting the completion of the Trans-Papua Highway during President Prabowo Subianto’s term in office. While the military is not involved in construction, it plays a critical role in securing the project from threats posed by pro-independence Papuan resistance groups in “high-risk” regions. Spanning a total

View from The Hill: Nationals’ mavericks ensure the Coalition is the issue in parliament’s first week
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra For almost as long anyone can remember, the Nationals have caused the Coalition grief on climate and energy policy. Still, for Barnaby Joyce to bring on a fresh load of trouble – with a private member’s bill to scrap Australia’s

Childcare centres will have funding stripped if they’re not ‘up to scratch’. Is this enough?
Source: The Conversation (Au and NZ) – By Erin Harper, Lecturer, School of Education and Social Work, University of Sydney Maskot/Getty Images Childcare centres will lose their eligibility for fee subsidies if they don’t meet safety standards, according to a new bill introduced to parliament on Wednesday. As Education Minister Jason Clare told parliament: it

MIL OSI Analysis – EveningReport.nz –

July 24, 2025
MIL-Evening Report: ER Report: A Roundup of Significant Articles on EveningReport.nz for July 24, 2025

ER Report: Here is a summary of significant articles published on EveningReport.nz on July 24, 2025.

World’s highest court issues groundbreaking ruling for climate action. Here’s what it means for Australia
Source: The Conversation (Au and NZ) – By Wesley Morgan, Research Associate, Institute for Climate Risk and Response, UNSW Sydney JOHN THYS/AFP via Getty Images The world’s highest court says countries are legally obliged to prevent harms caused by climate change, in a ruling that repudiates Australia’s claims it is not legally responsible for emissions

Politics with Michelle Grattan: Chris Bowen on why it’s ‘a little frustrating’ bidding for COP 31
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra Energy and climate issues are front and centre for both sides of politics. The government is struggling with pushback from some regional communities against the rollout of transmission lines and wind farms. At the same time, it will soon have

Cycling’s governing body is introducing new rules to slow down elite riders. Not everyone’s happy
Source: The Conversation (Au and NZ) – By Popi Sotiriadou, Associate Professor of Sport Management – Director Business Innovation, Griffith University MARCO BERTORELLO/AFP via Getty Images Most sports look to support their athletes to become “faster, higher, stronger” – in reference to the Olympic Games’ original motto – so it is perhaps surprising that cycling’s

Swirling nebula of two dying stars revealed in spectacular detail in new Webb telescope image
Source: The Conversation (Au and NZ) – By Benjamin Pope, Associate Professor, School of Mathematical and Physical Sciences, Macquarie University The day before my thesis examination, my friend and radio astronomer Joe Callingham showed me an image we’d been awaiting for five long years – an infrared photo of two dying stars we’d requested from

UN’s highest court finds countries can be held legally responsible for emissions
By Jamie Tahana in The Hague for RNZ Pacific The United Nations’ highest court has found that countries can be held legally responsible for their greenhouse gas emissions, in a ruling highly anticipated by Pacific countries long frustrated with the pace of global action to address climate change. In a landmark opinion delivered yesterday in

Five arms, no heart and a global family: what DNA revealed about the weird deep-sea world of brittle stars
Source: The Conversation (Au and NZ) – By Tim O’Hara, Senior Curator of Marine Invertebrates, Museums Victoria Research Institute A brittle star of the species _Gorgonocephalus eucnemis_. Lagunatic Photo / Getty Images You may have read that the deep sea is a very different environment from the land and shallow water. There is no light,

Birds use hidden black and white feathers to make themselves more colourful
Source: The Conversation (Au and NZ) – By Simon Griffith, Professor of Avian Behavioural Ecology, Macquarie University The green-headed tanager (_Tangara seledon_) has a hidden layer of plumage that is white underneath the orange feathers and black underneath the blue and green feathers. Daniel Field Birds are perhaps the most colourful group of animals, bringing

Is sleeping a lot actually bad for your health? A sleep scientist explains
Source: The Conversation (Au and NZ) – By Charlotte Gupta, Senior Postdoctoral Research Fellow, Appleton Institute, HealthWise Research Group, CQUniversity Australia Walstrom, Susanne/Getty We’re constantly being reminded by news articles and social media posts that we should be getting more sleep. You probably don’t need to hear it again – not sleeping enough is bad

From grasslands to killing fields: why trees are bad news for one of Australia’s most stunning birds
Source: The Conversation (Au and NZ) – By Gabriel Crowley, Adjunct Associate Professor in Geography, University of Adelaide JJ Harrison/Wikimedia, CC BY Picture this. A small, rainbow-coloured chick emerges from its nest for the first time. It stretches its wings and prepares to take flight. But before the fledgling’s life in the wild has begun,

As seas rise and fish decline, this Fijian village is finding new ways to adapt
Source: The Conversation (Au and NZ) – By Celia McMichael, Professor in Geography, The University of Melbourne Celia McMichael, CC BY-NC-ND In the village of Nagigi, Fiji, the ocean isn’t just a resource – it’s part of the community’s identity. But in recent years, villagers have seen the sea behave differently. Tides are pushing inland.

After 70 years, twisted gothic thriller The Night of the Hunter remains as disturbing and beguiling as ever
Source: The Conversation (Au and NZ) – By Ben McCann, Associate Professor of French Studies, University of Adelaide United Artists/Getty Images In 1955, director Charles Laughton crafted one of the darkest, strangest fairytales ever to come out of Hollywood. The Night of the Hunter remains visually exquisite and profoundly unsettling. Shortly before Ben Harper is

Almost a third of NZ households face energy hardship – reform has to go beyond cheaper off-peak power
Source: The Conversation (Au and NZ) – By Kimberley O’Sullivan, Senior Research Fellow, He Kainga Oranga – Housing and Health Research Programme, University of Otago Igor Suka/Getty Images The spotlight is again on New Zealand’s energy sector, with a group of industry bodies and independent retailers pushing for a market overhaul, saying the sector was

Immigration courts hiding the names of ICE lawyers goes against centuries of precedent and legal ethics requiring transparency in courts
Source: The Conversation (Au and NZ) – By Cassandra Burke Robertson, Professor of Law and Director of the Center for Professional Ethics, Case Western Reserve University Some immigration courts have allowed ICE attorneys to conceal their names during proceedings. Jacob Wackerhausen/iStock via Getty Images Something unusual is happening in U.S. immigration courts. Government lawyers are

How the UK’s immigration system splits families apart – by design
Source: The Conversation (Au and NZ) – By Nando Sigona, Professor of International Migration and Forced Displacement and Director of the Institute for Research into International Migration and Superdiversity, University of Birmingham arda savasciogullari/Shutterstock The letter that arrived for eleven-year-old Guilherme in June 2025 was addressed personally to him. The UK Home Office was informing

4.48 Psychosis revival: the play’s window into a mind on the edge is as brutal as ever
Source: The Conversation (Au and NZ) – By Leah Sidi, Associate Professor of Health Humanities, UCL Under bright lights, the audience looks at a bare stage on two planes. Below, a small stage is white and empty, occupied only by a table and two chairs. Above, a huge, slanted mirror reflects a bird’s-eye view of

Togo’s ‘Nana-Benz’: how cheap Chinese imports of African fabrics has hurt the famous women traders
Source: The Conversation (Au and NZ) – By Fidele B. Ebia, Postdoctoral fellow, Duke Africa Initiative, Duke University The manufacturing of African print textiles has shifted to China in the 21st century. While they are widely consumed in African countries – and symbolic of the continent – the rise of “made in China” has undermined

2 ways cities can beat the heat: Which is best, urban trees or cool roofs?
Source: The Conversation (Au and NZ) – By Ian Smith, Research Scientist in Earth & Environment, Boston University Trees like these in Boston can help keep neighborhoods cooler on hot days. Yassine Khalfalli/Unsplash, CC BY When summer turns up the heat, cities can start to feel like an oven, as buildings and pavement trap the

Indonesian military set to complete Trans-Papua Highway under Prabowo’s rule
By Julian Isaac The Indonesian Military (TNI) is committed to supporting the completion of the Trans-Papua Highway during President Prabowo Subianto’s term in office. While the military is not involved in construction, it plays a critical role in securing the project from threats posed by pro-independence Papuan resistance groups in “high-risk” regions. Spanning a total

View from The Hill: Nationals’ mavericks ensure the Coalition is the issue in parliament’s first week
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra For almost as long anyone can remember, the Nationals have caused the Coalition grief on climate and energy policy. Still, for Barnaby Joyce to bring on a fresh load of trouble – with a private member’s bill to scrap Australia’s

Childcare centres will have funding stripped if they’re not ‘up to scratch’. Is this enough?
Source: The Conversation (Au and NZ) – By Erin Harper, Lecturer, School of Education and Social Work, University of Sydney Maskot/Getty Images Childcare centres will lose their eligibility for fee subsidies if they don’t meet safety standards, according to a new bill introduced to parliament on Wednesday. As Education Minister Jason Clare told parliament: it

MIL OSI Analysis – EveningReport.nz –

July 24, 2025
MIL-OSI USA: Senator Murray, British Columbia Premier Eby, WA Small Businesses Speak Out About How Trump’s Reckless Trade War with Canada is Creating Chaos, Hurting Business, and Raising Costs

US Senate News:

Source: United States Senator for Washington State Patty Murray

ICYMI: Senator Murray Hears from Mayors and Business Leaders About How Trump’s Trade War is Hurting Border Communities in Northwest Washington

AP: Trump’s 35% Canada tariff plan deepens a rift between the neighbors

***WATCH HERE; DOWNLOAD HERE***

Washington, D.C. – Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, held a virtual press conference with British Columbia Premier David Eby and Washington state business leaders to sound the alarm on how President Trump’s trade war with Canada is driving down business and creating chaos for families, small businesses, and economies on both sides of the border.

Canada is the second-largest export market for Washington state, exporting $7.9 billion in goods and $2.2 billion in services annually. Washington state imports $17.8 billion in goods from Canada each year, with energy imports accounting for 54 percent of that total. 608 Canadian-owned companies employ 25,050 workers in Washington state. Canada is also the largest source of international visitors to the U.S., accounting for 20.4 million visits and $20.5 billion in spending in 2024. The Bureau of Transportation Statistics reported a 35 percent drop in border crossings into the U.S. through the Peace Arch and Pacific Highway Crossings in Washington state this May, compared to the same month last year. Additional data on trade between Washington state and Canada is available HERE.

President Trump recently announced a plan to impose 35 percent tariffs across-the-board on imports from Canada beginning August 1^st. This comes after Trump has already applied 50 percent tariffs on steel and aluminum—of which Canada is the largest exporter to the United States—and 25 percent duties on cars, excluding U.S. made parts. Yesterday, after a meeting with Canada’s political leaders—including Premier Eby—Prime Minister Mark Carney downplayed the chances of success in talks aimed at reaching a trade deal with President Trump.

“Canada isn’t just a trading partner for us—it is our ally, and they are our neighbor. We have friends, and families that span that northern border. We have supply lines and businesses that depend on the open flow of trade, tourism, and goodwill between our countries,” Senator Murray said at the press conference today. “Canada is one of our largest trading partners—accounting for, every year, nearly $8 billion in exports including our seafood, apples, and airplane parts and more than $2 billion in cross-border tourism and business. Not to mention we actually import nearly $18 billion in goods from Canada each year. So, for us, having Trump throw a tantrum with these tariffs is really throwing a wrench into our businesses that have operated for decades, and throwing communities on both sides of the border into chaos, and really throwing our neighborly way of life into jeopardy.”

“Here’s what Trump needs to understand: this is not reality TV. It is actual reality,” Senator Murray continued. “These aren’t people playing ‘businessman’—they are trying to run actual businesses, that employ actual Americans. Unlike him, they don’t thrive on outrage. And they do not want any drama, they need certainty, they need common sense. And they need policies that bring in customers, not drive them away, and bring prices down, not drive them up. So, I want you all to know I am going to keep fighting in Congress to put an end to these pointless tariffs that are making life harder for people on both sides of our border. And I will keep pushing for legislation to reassert Congress’s power over tariff policy. It is beyond clear we cannot entrust this responsibility to a President who is toggling economic policies on and off like a kid with a joystick.”

“We have a long and happy relationship with the American people; they’re our friends, our family members and coworkers. President Trump’s actions have broken our trust with his government, but they’ll never shake our relationship with our closest neighbours. I am grateful for Senator Murray’s leadership at this time in calling out a President that ran on an affordability agenda and is now bringing in tariffs that are raising the price of everyday goods for hard working families,” said David Eby, Premier of British Columbia.

“President Trump seems to have created the 51^st state that he was talking about, which is the great state of uncertainty. And this is affecting all of us and that we predict that in 2025 alone, that tariffs will cost SEL $100 million in unanticipated federal taxes. These $100 million, divided by our 7000 owners, is a hit of $14,000 per employee around the world. And I agree so much with Senator Murray that the best thing we can do is to support the efforts by Democrats and Republicans in both the House and the Senate to restore congressional control over tariffs and block this President and future ones from abusing executive orders, especially here in the case of free trade,” saidDr. Ed Schweitzer, founder of Schweitzer Engineering Laboratories in Pullman.

“Maintaining good relations with our northern neighbors is paramount to our maritime industry. Along with being a key supplier for vital parts of the industry, our relations also impact negotiations, such as the Pacific Salmon Treaty being negotiated right now. These negotiations and trade rely on goodwill and good relations, and we cannot state enough how much we value our Canadian partners in all sectors of our maritime industry here in the United States,” said Dan Tucker, Executive Director of the Whatcom Working Waterfront Coalition.

Washington state has one of the most trade-dependent economies of any state in the country, with 40 percent of jobs in the state tied to international commerce. Washington state is the top U.S. producer of apples, blueberries, hops, pears, spearmint oil, and sweet cherries—all of which risk losing vital export markets due to retaliatory tariffs from key trading partners including Canada. Additionally, more than 12,000 small and medium-sized companies in Washington state export goods and will struggle to absorb the impact of retaliatory tariffs. Trump’s tariffs during his first term were extremely costly for Washington state—for example, India imposed a 20 percent retaliatory tariff on U.S. apples, causing Washington apple shipments to India to fall by 99 percent and growers to lose hundreds of millions of dollars in exports.

Senator Murray has been a vocal opponent of Trump’s chaotic trade war and has been constantly lifting up the voices of people in every corner of Washington state who are being harmed by this administration’s approach to trade. Senator Murray continues to call on Republicans to end Trump’s trade war—which Congress has the power to do—and take back Congress’ Constitutionally-granted power to impose tariffs. Earlier this year—among many other events—Senator Murray brought together leaders across Washington state to highlight how Trump’s ongoing trade war is already a devastating hit to Washington state’s economy, businesses, and our agriculture sector, and held a roundtable discussion in Blaine on how Trump’s chaotic trade war and senseless tariffs are specifically hurting Washington state’s border communities and local businesses. Senator Murray has also taken to the Senate floor to lay out how Trump’s chaotic trade war is seriously threatening our economy, American businesses, families’ retirement savings, and so much else.

Senator Murray’s full remarks, as delivered, are below and video is HERE:

“Thank you everyone for joining us today.

“You know for a so-called businessman, President Trump doesn’t seem to know the first thing about running a business—then again, maybe that explains his six bankruptcies. But besides that, every time Trump opens his mouth, he is demonstrating that he doesn’t understand how tariffs work and doesn’t care if his absurd tax hikes are hurting our economy and our small businesses. The reality is plain as day. Especially in places like Washington state where we are on the front line of a trade war with our neighbors that nobody asked for.

“Canada isn’t just a trading partner for us—it is our ally, and they are our neighbor. We have friends, and families that span that northern border. We have supply lines and businesses that depend on the open flow of trade, tourism, and goodwill between our countries.

“Canada is one of our largest trading partners—accounting for, every year, nearly $8 billion in exports including our seafood, apples, and airplane parts and more than $2 billion in cross-border tourism and business. Not to mention we actually import nearly $18 billion in goods from Canada each year.

“So, for us, having Trump throw a tantrum with these tariffs is really throwing a wrench into our businesses that have operated for decades, and throwing communities on both sides of the border into chaos, and really throwing our neighborly way of life into jeopardy.

“How are farmers supposed to stay afloat when Trump just jacked up the cost of the supplies they need, at the same time that he is driving some of their best customers away?

“How are businesses and factories supposed to keep the lights on when their supply chains are being disrupted, and their inputs—like energy, and steel, and aluminum—keep getting more expensive?

“How are hotels and towns that are fueled by tourism supposed to keep their doors open, when cancellations are going up, bookings are going down, and 75 percent of Canadian travelers who weregoing to visit the U.S. are deciding they’d now rather go somewhere the President doesn’t constantly attack?

“So, let’s be clear, these aren’t hypothetical questions. They are the cold, hard realities Trump is forcing onto our communities. It doesn’t take much imagination to see how hard Trump’s trade war is making life for people—especially for our border communities.

“All you have to do is listen. Talk to ferry operators, who are feeling the squeeze of reduced travel. Talk to community leaders in Bellingham and Whatcom County, where 12 percent of taxable retail sales came from Canadians. Talk to business owners in Point Roberts, which just completely depends on Canadian trade and tourism.

“I have been telling this over and over to my colleagues and anyone who will listen. If you want to understand the real cost of what is happening, come to Washington state, talk to people on the front lines of this pointless, painful trade war.

“And that’s exactly why we are having this call today. To put a spotlight on what we are seeing on both sides of the border; to make more of these voices heard; to raise the alarm; and maybe even offer a little economics lesson to Trump—since he appears to need it.

“When you raise the costs for small businesses—which is exactly what tariffs do, when you drive away loyal customers, and trading partners—which is exactly what happens when you toss up barriers and toss out insults—you make life harder, and you raise costs for everyday Americans. It is very clear that President Trump wants to treat tariffs like a reality TV show, constantly playing up the outrage and the uncertainty of the ‘Will he? Won’t he?’ drama that he seems to like living in. But the questions that I am hearing when I talk to folks home in Washington state, are more like, ‘Why on Earth would he do this?’ and ‘What the heck is he thinking?’ and ‘How am I going to be able to afford this?’

“Because here’s what Trump needs to understand: this is not reality TV. This is actual reality. These aren’t peopleplaying ‘businessman’—they are trying to run actual businesses, that employ actual Americans. Unlike him, they don’t thrive on outrage. And they do not want any drama, they need certainty, they need common sense. And they need policies that bring in customers, not drive them away, and bring prices down, not drive them up.

“So, I want you all to know I am going to keep fighting in Congress to put an end to these pointless tariffs that are making life harder for people on both sides of our border. And I will keep pushing for legislation to reassert Congress’s power over tariff policy.

“It is beyond clear we cannot entrust this responsibility to a President who is toggling economic policies on and off like a kid with a joystick.

“We have got to keep talking about this, which is why we are having this call today, until more of my Republican colleagues get the message. And I thank everybody who’s participating in this today to talk about what you are seeing.

“So, I’m joined on this call by British Columbia Premier David Eby, he will be speaking next. As I’ve told him in the past, I appreciate our relationship and thank you for working with us on this. It’s a joy to have you on this call.”

MIL OSI USA News –

July 24, 2025
MIL-OSI Submissions: Cycling’s governing body is introducing new rules to slow down elite riders. Not everyone’s happy

Source: The Conversation – Global Perspectives – By Popi Sotiriadou, Associate Professor of Sport Management – Director Business Innovation, Griffith University

MARCO BERTORELLO/AFP via Getty Images

Most sports look to support their athletes to become “faster, higher, stronger” – in reference to the Olympic Games’ original motto – so it is perhaps surprising that cycling’s world governing body is trying to slow down elite riders.

However, there’s good reason the Union Cycliste Internationale (UCI) recently announced new rules to slow riders down.

These rules – which apply to elite road and cyclo-cross mass-start events for men and women such as the Tour de France – come into place shortly and are aimed at improving rider safety.

Read more:
I rode the Tour de France to study its impact on the human body – here’s what I learned

What are the new rules?

From August 1, a new bicycle gearing regulation will kick in.

Professional cyclists will only be allowed to use a 54-tooth front chainring with an 11-tooth rear cog.

This replaces the current common setup of 54-10.

To put this into context, a 54-tooth chainring is the big front gear on a bike and the 11-tooth cog is a small rear gear. Moving to a slightly bigger cog (54-11) makes it harder to hit top speeds: the change from a 54-10 to a 54-11 gear setup could reduce the top speed by about 2.4 kilometres per hour.

Pro riders can reach incredible speeds during descents, sometimes surpassing 130 kilometres per hour.

Then, from January 1 2026, handlebars must become wider, increasing from a minimum 350–360 millimetres width (depending on the event) to at least 400mm wide.

The handlebar width affects how a rider controls their bike: narrower bars reduce frontal surface area, making a rider more aerodynamic which again means a faster ride.

This is especially useful in time trials or sprints.

Wider bars offer better stability and control, helping navigate tight turns, peloton traffic, or crosswinds.

The UCI has also announced plans to introduce a formal helmet approval protocol in 2027, which will include separate standards for helmets used in mass-start events and time trials.

This shift suggests helmets may soon be subject to the same pre-race approval process as frames and wheels, potentially leading to safer, more regulated head protection.

New rules, different opinions

Professional cycling is getting faster due to stronger athletes, better training and advanced, lighter equipment.

As a result, high-speed crashes, especially downhill or in crowded sprint finishes, have become more common and more dangerous.

The UCI maintain the new regulations are part of a broader strategy to mitigate speed-related risks, enhance safety and uphold the integrity of the sport.

However, these measures have sparked debate within the cycling community.

Some elite cyclists, particularly those who have suffered severe crashes and injuries, suggest it is time safety caught up with technology.

Wout van Aert, who suffered a severe knee injury in September 2024 during a wet descent, said:

Limiting the number of gears would make the sport much safer.

Chris Froome, four-time Tour de France winner, also said he supported strategies “to keep the speeds down on the descents”.

The Professional Cycling Council supports testing gear ratio limits.

It is also likely these changes could limit cutting-edge innovations that only wealthy teams can afford. This would in turn narrow technological disparities across teams.

Former pro Michael Barry though believes gear restrictions are not the answer, and the UCI should instead focus on improved course design and inspection, better barriers and crash protective clothing.

Technology experts agree, arguing speed is determined more by a rider’s power output and aerodynamic drag than by gear ratios. To enhance safety, they propose alternative solutions such as real-time rider tracking, crash-protective clothing, improved course design and inspection and faster medical response.

The wider handlebar rule has also stirred controversy, especially among smaller-framed riders, many of whom are women, who typically ride with 360–380mm handlebars for better comfort and control.

Under the new regulation, those forced to use bars that exceed their optimal fit range could end up suffering from poor wrist alignment, increased fatigue and a higher risk of repetitive strain injuries.

Despite the growth of women’s cycling, the UCI has not made exemptions for smaller riders, raising concerns a one-size-fits-all solution may compromise inclusively and safety.

Even though regular riders can continue to use the equipment they prefer, what happens in the pro world often shapes non-elite rider preferences and trends, and the bikes sold in stores. If narrower bars are banned at the top level, manufacturers may stop offering them.

Historically, advancements in aerodynamics, gear ratios and component weights seen in the pro peloton have become standard features on consumer bikes.

A delicate balance

The UCI’s new regulations mark a likely shift towards standardised equipment and heightened safety. This deliberate emphasis on safety naturally elevates awareness among all cyclists about the crucial link between equipment choices and rider wellbeing.

While these restrictions may foster a more level playing field, they also risk curbing the sport’s long-standing tradition of engineering innovation.

The very appeal of professional cycling has often been intrinsically tied to the relentless pursuit of technological advancements that yield even fractional competitive advantages.

Striking a balance between ensuring safety and preserving this spirit of ingenuity remains a crucial challenge for the sport’s future.

Popi Sotiriadou 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. Cycling’s governing body is introducing new rules to slow down elite riders. Not everyone’s happy – https://theconversation.com/cyclings-governing-body-is-introducing-new-rules-to-slow-down-elite-riders-not-everyones-happy-260917

MIL OSI –

July 24, 2025
MIL-OSI New Zealand: Pharmac working in partnership with consumers on organisational reset

Source: PHARMAC

“The recent external reviews have highlighted the need for Pharmac to continue evolving into a more outward-focused and transparent organisation,” says Pharmac’s Director Strategy, Policy & Performance Michael Johnson.

A five-year change programme commenced on 1 July. It will occur in two phases, starting with an initial 12-month reset.

“While some changes can be made quickly, other changes will take longer to make. In the first 12 months, we want to focus on making improvements that benefit consumers, and lay strong foundations for the future change work”, he says.

A working group, made up of patient advocates and consumer representatives, is being established to support the development and delivery of the reset programme. This supports recommendations from the Consumer Engagement Workshop Report released in March 2025.

“This group will provide insight, lived experience, and practical advice to ensure that the reset programme is designed in a way that reflects the needs, values, and perspectives of consumers,” says Johnson.

Patient advocate Dr Malcolm Mulholland has been elected by the consumer and patient community as the Chair of this group.

Dr Mulholland said, “We’ve waited a long time for this opportunity. The work that Pharmac does is vitally important for the health of patients and their families, and this is why getting Pharmac to work as well as it can, will be the focus of the working group.”

Consumer and Patient Working Group

MIL OSI New Zealand News –

July 24, 2025
MIL-Evening Report: Cycling’s governing body is introducing new rules to slow down elite riders. Not everyone’s happy

Source: The Conversation (Au and NZ) – By Popi Sotiriadou, Associate Professor of Sport Management – Director Business Innovation, Griffith University

MARCO BERTORELLO/AFP via Getty Images

Most sports look to support their athletes to become “faster, higher, stronger” – in reference to the Olympic Games’ original motto – so it is perhaps surprising that cycling’s world governing body is trying to slow down elite riders.

However, there’s good reason the Union Cycliste Internationale (UCI) recently announced new rules to slow riders down.

These rules – which apply to elite road and cyclo-cross mass-start events for men and women such as the Tour de France – come into place shortly and are aimed at improving rider safety.

Read more:
I rode the Tour de France to study its impact on the human body – here’s what I learned

What are the new rules?

From August 1, a new bicycle gearing regulation will kick in.

Professional cyclists will only be allowed to use a 54-tooth front chainring with an 11-tooth rear cog.

This replaces the current common setup of 54-10.

To put this into context, a 54-tooth chainring is the big front gear on a bike and the 11-tooth cog is a small rear gear. Moving to a slightly bigger cog (54-11) makes it harder to hit top speeds: the change from a 54-10 to a 54-11 gear setup could reduce the top speed by about 2.4 kilometres per hour.

Pro riders can reach incredible speeds during descents, sometimes surpassing 130 kilometres per hour.

Then, from January 1, 2026, handlebars must become wider, increasing from a minimum 350–360 millimetres width (depending on the event) to at least 400mm wide.

The handlebar width affects how a rider controls their bike: narrower bars reduce frontal surface area, making a rider more aerodynamic which again means a faster ride.

This is especially useful in time trials or sprints.

Wider bars offer better stability and control, helping navigate tight turns, peloton traffic, or crosswinds.

The UCI has also announced plans to introduce a formal helmet approval protocol in 2027, which will include separate standards for helmets used in mass-start events and time trials.

This shift suggests helmets may soon be subject to the same pre-race approval process as frames and wheels, potentially leading to safer, more regulated head protection.

New rules, different opinions

Professional cycling is getting faster due to stronger athletes, better training and advanced, lighter equipment.

As a result, high-speed crashes, especially downhill or in crowded sprint finishes, have become more common and more dangerous.

The UCI maintain the new regulations are part of a broader strategy to mitigate speed-related risks, enhance safety and uphold the integrity of the sport.

However, these measures have sparked debate within the cycling community.

Some elite cyclists, particularly those who have suffered severe crashes and injuries, suggest it is time safety caught up with technology.

Wout van Aert, who suffered a severe knee injury in September 2024 during a wet descent, said:

Limiting the number of gears would make the sport much safer.

Chris Froome, four-time Tour de France winner, also said he supported strategies “to keep the speeds down on the descents”.

The Professional Cycling Council supports testing gear ratio limits.

It is also likely these changes could limit cutting-edge innovations that only wealthy teams can afford. This would in turn narrow technological disparities across teams.

Former pro Michael Barry though believes gear restrictions are not the answer, and the UCI should instead focus on improved course design and inspection, better barriers and crash protective clothing.

Technology experts agree, arguing speed is determined more by a rider’s power output and aerodynamic drag than by gear ratios. To enhance safety, they propose alternative solutions such as real-time rider tracking, crash-protective clothing, improved course design and inspection and faster medical response.

The wider handlebar rule has also stirred controversy, especially among smaller-framed riders, many of whom are women, who typically ride with 360–380mm handlebars for better comfort and control.

Under the new regulation, those forced to use bars that exceed their optimal fit range could end up suffering from poor wrist alignment, increased fatigue and a higher risk of repetitive strain injuries.

Despite the growth of women’s cycling, the UCI has not made exemptions for smaller riders, raising concerns a one-size-fits-all solution may compromise inclusively and safety.

Even though regular riders can continue to use the equipment they prefer, what happens in the pro world often shapes non-elite rider preferences and trends, and the bikes sold in stores. If narrower bars are banned at the top level, manufacturers may stop offering them.

Historically, advancements in aerodynamics, gear ratios and component weights seen in the pro peloton have become standard features on consumer bikes.

A delicate balance

The UCI’s new regulations mark a likely shift towards standardised equipment and heightened safety. This deliberate emphasis on safety naturally elevates awareness among all cyclists about the crucial link between equipment choices and rider wellbeing.

While these restrictions may foster a more level playing field, they also risk curbing the sport’s long-standing tradition of engineering innovation.

The very appeal of professional cycling has often been intrinsically tied to the relentless pursuit of technological advancements that yield even fractional competitive advantages.

Striking a balance between ensuring safety and preserving this spirit of ingenuity remains a crucial challenge for the sport’s future.

Popi Sotiriadou 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. Cycling’s governing body is introducing new rules to slow down elite riders. Not everyone’s happy – https://theconversation.com/cyclings-governing-body-is-introducing-new-rules-to-slow-down-elite-riders-not-everyones-happy-260917

MIL OSI Analysis – EveningReport.nz –

July 24, 2025
MIL-OSI New Zealand: Economics – Tariffs and uncertainty likely to dampen medium-term inflation pressures – Reserve Bank of NZ

Source: Reserve Bank of New Zealand

24 July 2025 – Global tariffs and economic uncertainty are likely to mean less inflation pressures in New Zealand and a pullback in business investment and household spending, RBNZ Chief Economist Paul Conway says.

However, the economy is currently supported by high export prices and lower interest rates, he says.

In a speech delivered to Business New Zealand in Wellington today, Mr Conway says that as a small, open economy, we are heavily influenced by global developments.

“Being tied in with the global economy helps us prosper. It also means that when something big happens offshore, such as the imposition of tariffs, its ripple effects impact the New Zealand economy,” he says.

The US has made a decisive shift towards a more trade protectionist stance, which is a major change in the global trading environment with significant implications for the global economy, Mr Conway says.

Tariffs may make global supply chains less efficient and could nudge up the cost of imports. This is why tariffs are expected to add to inflation pressures in the US.

But for New Zealand, the main impact is likely to be weaker global growth, which could reduce demand for our exports and lower import prices. Import prices could fall further as other countries redirect their exports away from the US. This is expected to reduce inflation pressures here.

At the same time, uncertainty is elevated, making it harder for households and businesses to plan.

“When businesses aren’t sure what’s coming, they hold off hiring and delay big investments. Households tend to respond to increased uncertainty by putting off big sp

MIL OSI New Zealand News –

July 24, 2025
MIL-OSI USA: North Dakota Angel Match Program Invests $345,000 in Tech and Innovation Startups in Q2
Source: US State of North Dakota

The North Dakota Department of Commerce today announced that two companies have been approved for a total of $345,000 in investments through the North Dakota Development Fund Inc.’s Angel Match Program (AMP) during the second quarter of 2025.

AMP is designed to support early-stage, high-growth North Dakota businesses by matching private angel investments with direct equity or convertible note funding. The program is managed by the Development Fund but operates separately from its traditional investment offerings.

“North Dakota is no stranger to innovative entrepreneurs, and we’re continuing to see companies develop technologies that make everyday systems work smarter – whether it’s food supply chains or improving healthcare communication,” said Shayden Akason, Deputy Director of Economic Development and Finance and Head of Investments and Innovation at Commerce. “Our role is to back these innovators and help turn their ideas into real-world impacts right here in North Dakota.”

Investment highlights include:
- Verdethos, Inc. – Approved for a $95,000 investment for working capital. Verdethos provides software solutions for supply chain logistics and commodity traceability.
- Highpass, Inc. – Approved for a $250,000 investment to expand marketing efforts. Highpass is a SaaS platform that streamlines communication in the healthcare industry through intelligent document processing and workflow automation.
Since launching in 2021, AMP has supported 16 North Dakota startups, helping them access the capital they need to grow and scale.

The North Dakota Development Fund, established in 1991, provides flexible financing tools to support new and expanding businesses across the state. In addition to AMP, the fund also oversees the Child Care Loan Program, which helps address critical workforce needs by supporting childcare providers.

For more information about the Angel Match Program or the Development Fund, visit: belegendary.link/North-Dakota-Development-Fund.

MIL OSI USA News –
July 24, 2025
MIL-OSI USA: Klobuchar Statement on Supreme Court CPSC Ruling

US Senate News:

Source: United States Senator Amy Klobuchar (D-Minn)

WASHINGTON – U.S. Senator Amy Klobuchar (D-MN) released the following statement after the Supreme Court cleared the way for the Trump administration to remove three Democratic Consumer Product Safety Commissioners while challenges to their firings continue.

“For over 50 years, the Consumer Product Safety Commission has been free from politics so it can remain focused on its core mission of keeping Americans safe—from banning lead paint, to ensuring electronics aren’t fire hazards, to making swimming pools safe for kids. Last year alone, the Commission recalled 153 million unsafe items.”

“By firing the three Democratic commissioners, the President has undermined the independent structure of the Commission and its critical work—and the Supreme Court is letting it happen.”

MIL OSI USA News –

July 24, 2025
MIL-OSI New Zealand: Property Market – Rental market softens tipping in favour of tenants – Cotality

Source: Cotality.

New Zealand’s rental market has started to swing in favour of tenants, as easing migration and rising supply take the heat out of rents, according to Cotality’s July Housing Chart Pack. (ref. http://www.cotality.com/nz/resources/industry-insights/monthly-housing-chart-pack )

Data from the Ministry of Business, Innovation, and Employment (MBIE) shows that the national median rent in the three months to May edged down by -0.3% from last year, not a big fall but still the first since late 2009.

After significant increases over 2021-23, rental growth has generally petered out in recent months, or turned negative in some key centres.

There has been a rare shift in markets such as Auckland where the median weekly rent has dropped -2.0% over the past year to $650. Wellington City has also seen a decline of -0.8%, down to $602. Tauranga and Christchurch are other main centres with soft rents at present.

Median weekly rents in three months to May, % change from a year ago

Sources: MBIE, Cotality (formerly CoreLogic)

Cotality Chief Property Economist Kelvin Davidson said this shift is being driven by a range of interrelated factors.

“There was a sharp rise in rents post-COVID as borders reopened and net migration spiked. Many new migrants tend to rent, especially given the foreign buyer ban, and that demand placed pressure on key centres such as Auckland.”

“At the same time, rental supply was tighter. Investor activity had dipped due to rising mortgage rates and tax rule changes, which arguably meant fewer rental properties were added to the available pool than otherwise might have been the case.”

Mr Davidson noted that these dynamics pushed rents up to high levels, both in dollar terms and relative to household incomes, placing strain on tenant affordability.

“This affordability ceiling is now acting as a natural brake on further rent increases.”

“And while it’s still expensive to be a tenant, the balance of power has shifted slightly. It’s not suddenly easy to rent, but it is nevertheless a friendlier market for tenants than it has been in recent years,” he said.

Recent falls in net migration have reduced marginal rental demand growth, while the supply of available listings rises.

“Supply has risen as investors are starting to return to the market, and at the same time we’re seeing the completion of many new-build properties.

“Overall, this has contributed to a softening in the rental market, with conditions gradually shifting in favour of tenants,” Mr Davidson concluded.
Highlights from the July 2025 Housing Chart Pack include:

New Zealand’s residential real estate market is worth a combined $1.65 trillion.
The Cotality Home Value Index shows property values across New Zealand ticked up by +0.2% in June. Over the three months to June, however, there was a -0.1% dip in median property values across NZ.

The total sales count over the 12 months to June is 85,951.

Total listings on the market were 27,006 in June. The total number of properties listed on the market remains elevated, although the seasonal fall for new listings flows means that agreed sales have just started to eat into stock levels.

The pace of rental growth remains subdued, with net migration having fallen a long way from its peak, and the stock of available rental listings on the market still elevated.

Buyer Classification data shows first home buyers made up 26% of purchases from April to June, while smaller investors (‘Mums and Dads’) are having a comeback, targeting cheaper, existing dwellings.

Gross rental yields now stand at 3.8%, which is the highest level since mid-16.
Inflation is back in the 1–3% target range. The Reserve Bank looks set to cut the official cash rate again to 3.0%, potentially as soon as August.

The Chart of the Month for July highlights MBIE data showing the annual % change in median weekly rents over the three months to May. After years of sharp increases, rents are now softening in some main centres, with Auckland down -2.0% to $650, alongside modest declines in Wellington City (-0.8%) and Tauranga (-0.2%).

MIL OSI New Zealand News –

July 24, 2025
MIL-OSI Europe: Minister Dillon Launches Workplace Relations Commission Strategy Statement 2025-2027
Source: Government of Ireland – Department of Jobs Enterprise and Innovation

23rd July 2025

The Minister of State for Small Business, Retail and Employment, Alan Dillon, today launched the fourth Strategy Statement of the Workplace Relations Commission (WRC) ‘A Decade of Impact, A Future of Fair Work and Equality’.

Over the previous Strategy Statement period (2022-2024), while its fundamental purpose and the services it provided remain unchanged, the WRC has dealt with broad operational and structural challenges and has been required to respond agilely to what has proved a sometimes challenging economic, social and statutory environment.

Through the newly launched Strategy Statement 2025-2027 ‘A Decade of Impact, A Future of Fair Work and Equality’ the strategic direction of the WRC must include proactive engagement with emerging labour dynamics, support for inclusive employment practices, and adaptive frameworks to maintain industrial harmony in a fast-evolving growing economy.

The strategic framework is built around four interlocking pillars ensuring the WRC continues to protect workers rights, resolve disputes, empower people with knowledge, and strengthen the WRC’s capabilities through continuous improvement. These pillars support a vision of a just, inclusive, and equitable world for all in Irish society.

Minister of State for Small Business, Retail and Employment, Mr Alan Dillon said:

“I welcome the WRC’s Strategy Statement through which the WRC will seek to achieve its broader strategic vision over the next three years whilst continuing to effectively deliver its important statutory remit serving workers, employers, their representatives, its own staff, and wider society. The next decade will bring changes and challenges for the WRC and as we enter the second decade of the Commission, this framework strategy illustrates a vision and provides the next steps for the organisation which will embed and enhance its performance and services to the public into the short and medium term.”

Among the targets and objectives set by the strategy, covering the years 2025-2027, are:
- Increase accessibility to services for all
- Strengthen compliance in high-risk sectors
- Improve efficiencies across all services
- Build a modern, data-informed, adaptive and agile organisation
- Strengthen resilience and build on positive culture
- Launch and embed the Knowledge, Information & Advisory Division
- Empower service user led resolution over imposed solutions.
Speaking on the Strategy, Dr David Begg, Chairperson of the Board of the WRC said:

“This document, “A Decade of Impact, A Future of Fair Work and Equality,” marks the WRC’s fourth strategic statement since its establishment on 1 October 2015. It reflects both our evolution over the past decade and our ambitions for the future—ensuring that the WRC remains a responsive, trusted, and forward-looking institution at the heart of Ireland’s labour market.

This strategy, which was informed through a deeply consultative process, is rooted in the lived realities of the work of the WRC and the evolving needs of its service users. It positions the WRC to lead confidently into the next decade – promoting fair and inclusive workplaces, enforcing employment rights, and fostering constructive industrial relations across Ireland.”

Ms Audrey Cahill, WRC Director General outlines in her Forword that:

“As the Workplace Relations Commission enters its 10th year, we reaffirm our commitment to championing fairness, dignity, and equality in Irish workplaces. The next phase of our strategy builds on a decade of progress and is shaped by the evolving world of work, societal expectations, and importantly the needs of those we serve.

It is important that the strategic direction of the WRC must include proactive engagement with emerging labour dynamics, support for inclusive employment practices, and adaptive frameworks to maintain industrial harmony in a fast-evolving growing economy.”

Note for Editors

The Strategy Statement is available at the following link: – https://www.workplacerelations.ie/wrc/en/publications_forms/wrc-strategy-statement-2025-2027.pdf

Workplace Relations Commission:

The Workplace Relations Commission (WRC) was established in October 2015 under the Workplace Relations Act 2015. It is the body to which all industrial relations disputes and all disputes and complaints about employment laws are referred.

The functions of the Workplace Relations Commission (WRC) are to:
- adjudicate on employment and equality complaints and disputes
- provide conciliation, pre-adjudication mediation and other voluntary dispute resolution services to assist in the resolution of individual and collective disputes and maintain industrial peace
- monitor employment conditions to ensure compliance with and (where necessary) enforcement of employment rights legislation
- provide information on employment legislation, and process employment agency and protection of young persons (employment) licences
- provide advisory services to employers, employees and their representatives
Additional functions set out in section 11 (1) of the Workplace Relations Act 2015 include:
1. promoting the improvement of workplace relations, and maintenance of good workplace relations,
2. promoting and encouraging compliance with relevant enactments,
3. providing guidance in relation to compliance with codes of practice approved under Section 20 of the Workplace Relations Act 2015,
4. conducting reviews of, and monitor developments as respects, workplace relations,
5. conducting or commissioning research into matters pertaining to workplace relations,
6. providing advice, information and the findings of research conducted by the Commission to joint labour committees and joint industrial councils,
7. advising and apprising the Minister in relation to the application of, and compliance with, relevant enactments, and
8. providing information to members of the public in relation to employment
It has specific functions in resolving industrial disputes and implementing employment laws. More information is available on the Workplace Relations Commission website Home – Workplace Relations Commission.

ENDS

For further information please contact Press Office, D/Enterprise, Tourism and Employment, press.office@enterprise.gov.ie or (01) 631-2200

Back to Department News

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MIL OSI Europe News –
July 24, 2025
MIL-OSI China: Investing in China for win-win future becomes prevailing consensus among global investors: spokesperson

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

Investing in China for win-win future becomes prevailing consensus among global investors: spokesperson

BEIJING, July 23 — Chinese foreign ministry spokesperson Guo Jiakun on Wednesday said investing in China for a win-win future has become a prevailing consensus among global investors.

He added that China welcomes companies from across the world, including those from the United States, to participate in the Chinese modernization drive and strive for greater progress while integrating themselves into high-quality development.

A recent report released by the U.S.-China Business Council shows that 82 percent of U.S. companies in China reported profit in the year of 2024, and many say uncertainties in China-U.S. relations and tariffs are their top concerns but the Chinese market remains vital.

In response, Guo said as of March 2025, 1.24 million foreign-funded companies had been established in China, with a total investment volume of nearly 3 trillion U.S. dollars.

“While contributing to China’s reform and opening up, these companies have gained opportunities to grow stronger and received considerable returns,” said Guo, adding that the first half of 2025 witnessed a two-digit growth rate in the number of newly established foreign-invested enterprises in China.

Guo noted that the third China International Supply Chain Expo wrapped up with the number of participating countries and regions reaching 75, growing from 55 in the first expo.

The number of U.S. exhibitors is up by 15 percent compared with that of last year, continuing to lead in the number of foreign exhibitors. Over 65 percent of exhibitors were Fortune Global 500 firms or industry leaders, he added.

“Foreign-funded companies have cast a vote of confidence in China’s economic prospects with their concrete actions,” he said.

Guo added that the Chinese government recently rolled out new steps to encourage foreign investment, showing its sincerity and determination in advancing high-standard opening up.

MIL OSI China News –

July 24, 2025
MIL-OSI USA News: Fact Sheet: President Donald J. Trump Promotes the Export of American AI Technologies
Source: US Whitehouse
PROMOTING THE EXPORT OF AMERICAN AI: Today, President Donald J. Trump signed an Executive Order to support the American AI industry by promoting the export of full-stack American AI technology packages to allies and partners worldwide.
- The Order directs the Secretary of Commerce to establish and implement the American AI Exports Program to support the development and deployment of U.S. full-stack AI export packages.
  
  These full-stack, end-to-end packages include hardware, data systems, AI models, cybersecurity measures, applications for sectors like healthcare, education, agriculture, and transportation, and more.
  
  The packages must comply with export controls and other relevant requirements.
- The Order directs the Secretary of Commerce to review and select proposals that will receive export support from the Economic Diplomacy Action Group, such as loans, guarantees, and technical assistance.
SUPPORTING THE U.S. AI INDUSTRY: President Trump is advancing American leadership in AI to secure economic growth, national security, and global competitiveness.
- AI is a foundational technology that will shape the future of innovation, defense, and prosperity for decades to come.
- The United States must lead in developing and deploying AI technologies, standards, and governance models to reduce global reliance on systems from adversarial nations.
- By exporting American AI, the U.S. will strengthen ties with allies, promote U.S. standards and governance models, and maintain technological dominance.
- This initiative supports U.S. businesses, including small businesses, by facilitating investment in AI development and infrastructure, ensuring America remains the global leader in AI innovation.
MAKING AMERICA THE GLOBAL LEADER IN AI: President Trump has made American leadership in AI a national priority.
- President Trump signed the first-ever Executive Order on AI in 2019 recognizing the paramount importance of American AI leadership to the economic and national security of the United States.
  
  In historic actions, the Trump Administration established the first-ever national AI research institutes, strengthened American leadership in AI technical standards, and issued the world’s first AI regulatory guidance to govern AI development in the private sector.
- President Trump also took executive action in 2020 to establish the first-ever guidance for Federal agency adoption of AI to more effectively deliver services to the American people and foster public trust in this critical technology.
- In January 2025, President Trump signed an Executive Order to reverse harmful Biden Administration AI policies and enhance America’s global AI dominance.
- In April 2025, President Trump signed an Executive Order to advance AI education for America’s youth.
MIL OSI USA News –
July 24, 2025

Category: Commerce

Planning Inspectorate’s Business Plan for 2025-2026 published

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What are the new rules?

New rules, different opinions

A delicate balance

What are the new rules?

New rules, different opinions

A delicate balance