NewzIntel.com

Category: coronavirus

  • Lok Sabha to take up Goa ST representation bill and Merchant shipping bill

    Source: Government of India

    Source: Government of India (4)

    The Parliament has a list of important businesses for Friday, which includes The Readjustment of Representation of Scheduled Tribes in Assembly Constituencies of the State of Goa Bill, 2024, and ‘The Merchant Shipping Bill, 2024’.

    According to the list of business in the Lok Sabha, the bills will be moved for passage. The House also has private members’ business.

    Minister Prataprao Jadhav will make a statement regarding the status of implementation of the recommendations contained in the 137th and 150th reports of the Standing Committee on Health and Family Welfare on Vaccine Development, Distribution Management and Mitigation of Pandemic Covid-19 pertaining to the Ministry of Health and Family Welfare

    The Lok Sabha will take up the ‘The Readjustment of Representation of Scheduled Tribes in Assembly Constituencies of the State of Goa Bill, 2024’ for further consideration.

    The bill was introduced by the Union Law Minister, Arjun Ram Meghwal, on December 17, 2024.

    The bill aims to enable reservation of seats in accordance with Article 332 of the Constitution for effective democratic participation of members of Scheduled Tribes and to provide for the readjustment of seats in the Legislative Assembly of the State of Goa, in so far as such readjustment is necessitated by inclusion of certain communities in the list of the Scheduled Tribes in the State of Goa, according to the list of business in Lok Sabha.

    Minister of Ports, Shipping, and Waterways Sarbananda Sonowal will move ‘The Merchant Shipping Bill, 2024’ to update and unify existing law to align with international maritime treaties.

    The legislation will consolidate the law relating to ports, promote integrated port development, facilitate ease of doing business and ensure the optimum utilisation of India’s coastline; establish and empower State Maritime Boards for effective management of ports other than major ports; establish the Maritime State Development Council for fostering structured growth and development of the port sector; provide for the management of pollution, disaster, emergencies, security, safety, navigation, and data at ports; ensure compliance with India’s obligations under international instruments to which it is a party; take measures for the conservation of ports; provide for adjudicatory mechanisms for the redressal of port-related disputes. The Bill will be tabled for consideration and passage.

    In the Rajya Sabha, seven ministers will lay papers on the table concerning their ministries.

    The House will also see statements made by two Ministers.

    Union Minister of State for Communications and Rural Development Dr Pemmasani Chandra Sekha will make the following statements regarding: (a) Status of implementation of the Recommendations contained in the 2nd Report of the Department-related Parliamentary Standing Committee on Rural Development and Panchayati Raj (18th Lok Sabha) on Demands for Grants (2024-25) pertaining to the Ministry of Rural Development (Department of Land Resources).

    (b) Status of implementation of the Recommendations contained in the 6th Report of the Department-related Parliamentary Standing Committee on Rural Development and Panchayati Raj (18th Lok Sabha) on Demands for Grants (2025-26) pertaining to the Ministry of Rural Development (Department of Land Resources).

    Union Minister of State for Railways and Food Processing Industries Ravneet Singh Bittu will make a statement regarding the Status of implementation of Recommendations/Observations contained in the 3rd Report of the Department-related Parliamentary Standing Committee on Railways(18th Lok Sabha) on Demands for Grants (2025-26) about the Ministry of Railways.

    (IANS)

  • MIL-OSI Security: CEO and Medical Director Charged in $500M COVID-19 Test Billing Fraud

    Source: Office of United States Attorneys

    DETROIT – Two individuals were charged for their involvement in a $500 million, nationwide scheme that involved billing Medicare, Medicaid, TRICARE, and other health insurance programs for COVID-19 testing services that were never rendered, United States Attorney Jerome F. Gorgon Jr. announced today.

    Cemhan “Jimmy” Biricik (age 46) of Boca Raton Florida, and Dr. Martin Perlin (age 74) of Fairfield, Connecticut were charged with conspiracy to commit health care fraud and more than 50 substantive counts of health care fraud. Biricik was the sole member and Chief Executive Officer of Fast Lab Technologies, LLC (Fast Lab).  Dr. Perlin was Fast Lab’s Medical Director and provider responsible for ordering the majority of the tests. Both defendants were arrested this morning.

    According to the Indictment, during the Covid-19 pandemic, New York-based Fast Lab operated a website offering “free” covid tests.  When individuals went to the website to order tests, they were asked to provide their insurance information.  Fast Lab then used this insurance information to fraudulently bill Medicare, Medicaid, TRICARE and numerous private insurances for both antigen (“rapid”) and PCR (“laboratory) tests, across multiple dates for each beneficiary. Specifically, Fast Lab’s claims represented that (1) the antigen tests had been observed by medical professionals, (2) saliva samples were collected by medical professionals, and (3) PCR testing was performed on those samples.  In reality, the vast majority of antigen tests—if taken at all—were taken at home and not observed by medical professionals; saliva samples were never collected nor returned to Fast Lab; and PCR testing was never performed. Dr. Perlin was the ordering physician for these tests, despite not having a treating relationship with the beneficiaries.  Further, Fast Lab would regularly submit insurance claims before the test kits were even delivered to the beneficiaries.  In total, Biricik billed or caused to be billed more than $500 million in claims and was paid more than $50 million.

    Gorgon was joined in the announcement by Special Agent in Charge Mario Pinto, U.S. Department of Health and Human Services Office of Inspector General (HHS-OIG), Chicago Regional Office; Special Agent in Charge Cheyvoryea Gibson, Federal Bureau of Investigation, Detroit Division; Special Agent in Charge Derek M. Holt of the U.S. Office of Personnel Management Office of the Inspector General; Acting Assistant Secretary of Labor for the Employee Benefits Security Administration Janet Dhillon (DOL-EBSA); Detroit Division; Acting Special Agent in Charge Christopher Silvestro, Defense Criminal Investigative Service (DCIS); Special Agent in Charge Charles Miller, Detroit Field Office, Internal Revenue Service – Criminal Investigation (IRS-CI); Special Agent in Charge Megan Howell, Great Lakes Region, U.S. Department of Labor, Office of Inspector General (DOL-OIG); Acting Inspector in Charge Sean McStravick, U.S. Postal Inspection Service (USPIS); Owen Cypher, U.S. Marshal for the Eastern District of Michigan and Michigan Attorney General Dana Nessel, Medicaid Fraud Control Unit (MFCU).

    The public is reminded that an Indictment is not evidence of guilt. The defendants are presumed innocent and entitled to a fair trial at which the government has the burden of proving guilt beyond a reasonable doubt.

    This case is being investigated by Special Agents from HHS-OIG, FBI, OPM-OIG, DOL-EBSA, DCIS, MFCU, IRS-CI, DOL-OIG, USPIS, and the U.S. Marshal’s Service.  It is being prosecuted by Assistant U.S. Attorneys Regina R. McCullough and Ryan A. Particka.  Assistant United States Attorney Ryan T. Nees of the United States Attorney’s Office for the Southern District of New York also provided assistance. 

    MIL Security OSI –

  • MIL-OSI: Asure Announces Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Second Quarter 2025 Total Revenues Increased 7% to $30.1 million

    Recurring Revenues Grew 6% from Prior Year

    AUSTIN, Texas, July 31, 2025 (GLOBE NEWSWIRE) — Asure Software, Inc. (“we”, “us”, “our”, “Asure” or the “Company”) (Nasdaq: ASUR), a leading provider of cloud-based Human Capital Management (“HCM”) software solutions, today reported results for the second quarter ended June 30, 2025.

    Second Quarter 2025 Financial Highlights

    • Revenue of $30.1 million, up 7% year over year, excluding ERTC up 10% from the prior year second quarter
    • Recurring revenue of $28.6 million versus $27.1 million during the prior year second quarter
    • Net loss of $6.1 million versus a net loss of $4.4 million during the prior year second quarter
    • EBITDA(1) of $1.4 million versus $1.3 million during the prior year second quarter
    • Adjusted EBITDA(1) of $5.2 million versus $4.1 million during the prior year second quarter
    • Gross profit of $19.9 million versus $18.9 million during the prior year second quarter
    • Non-GAAP gross profit(1) of $21.9 million (Non-GAAP gross margin(1) of 73%) versus $20.4 million (and 73% in prior year second quarter)

    First Half 2025 Financial Highlights

    • Revenue of $65.0 million, up 9% from prior year first half
    • Revenue (excluding ERTC revenue) of $64.8 million, up 11% from prior year first half
    • Recurring revenue of $61.8 million, up 8% from prior year first half
    • Net loss of $8.5 million versus a net loss of $4.7 million in the prior year first half
    • EBITDA(1) of $5.6 million versus $5.7 million in the prior year first half
    • Adjusted EBITDA(1) of $12.6 million versus $10.9 million in the prior year first half
    • Gross profit of $44.5 million versus $41.5 million in the prior year first half
    • Non-GAAP gross profit(1) of $48.1 million (margin of 74%) versus $44.2 million (margin of 74%) in prior year first half

    Recent Business Highlights

    • On July 1, 2025 Asure acquired Lathem Time Corporation, a trusted name in employee time and attendance solutions with more than a century of innovation for a purchase price of $39.5 million. The company has transformed into a modern software provider delivering cloud-based time and attendance solutions through its flagship platform PayClock® Online. Lathem’s customer base and go to market strategy of selling direct and via a strong reseller network are complementary to Asure’s focus on growing businesses.

    (1)This financial measure is not calculated in accordance with GAAP and is defined on page 3 of this press release. A reconciliation of this non-GAAP measure to the most applicable GAAP measure begins on page 11 of this release.

    Management Commentary

    “We are pleased to report another solid performance for the second quarter where our revenues of $30.1 million increased 7% from the prior year second quarter and excluding the impact of ERTC, revenue growth was 10%. Our results were driven by continued strong performances coming from our Payroll Tax Management product line and improving attach rates of our HCM products,” said Asure Chairman and CEO Pat Goepel.

    “We are excited to have completed the acquisition of Lathem Time Corporation on July 1, 2025 which we believe will be a great addition to the Asure product offering. The acquisition is expected to add to the scale of our existing time and attendance business with additional high margin recurring revenue and drive the ability to accelerate further cross-selling opportunities of Asure’s suite of HCM products. Our continued positive momentum, the investments we have made in our technology plus recently acquired products we believe position us well for the continued growth of Asure.”

    Third Quarter 2025 and Full Year 2025 Revenue Guidance Ranges

    The Company provides guidance for the third quarter of 2025 and increases the full year 2025 revenue range based on the Company’s year-to-date results and recent business trends, including the acquisition of Lathem Time Corporation.

    New Guidance for 2025

    Guidance Range   Q3-2025   PRIOR FY-2025 NEW FY-2025
    Revenue $ 35.0 M – 37.0 M $ 134.0-138.0 M $138.0 M -142.0 M
    Adjusted EBITDA(1) $ 7.0M -9.0 M   23%-24% 22% -24%
               

    Management uses GAAP, non-GAAP and adjusted measures when planning, monitoring, and evaluating the Company’s performance. The primary purpose of using non-GAAP and adjusted measures is to provide supplemental information that may prove useful to investors and to enable investors to evaluate the Company’s results in the same way management does.

    Management believes that supplementing GAAP disclosures with non-GAAP and adjusted disclosures provides investors with a more complete view of the Company’s operational performance and allows for meaningful period-to-period comparisons and analysis of trends in the Company’s business. Further, to the extent that other companies use similar methods in calculating adjusted financial measures, the provision of supplemental non-GAAP and adjusted information can allow for a comparison of the Company’s relative performance against other companies that also report non-GAAP and adjusted operating results.

    Management has not provided a reconciliation of guidance of GAAP to non-GAAP or adjusted disclosures because management is unable to predict the nature and materiality of non-recurring expenses without unreasonable effort.

    Management’s projections are based on management’s current beliefs and assumptions about the Company’s business, and the industry and the markets in which it operates; there are known and unknown risks and uncertainties associated with these projections. There can be no assurance that our actual results will not differ from the guidance set forth above. The Company assumes no obligation to update publicly any forward-looking statements, including its 2025 earnings guidance, whether as a result of new information, future events or otherwise. Please refer to the “Use of Forward-Looking Statements” disclosures on page 5 of this press release as well as the risk factors in our quarterly and annual reports on file with the Securities and Exchange Commission for more information about risk that affect our business and industry.

    (1)This financial measure is not calculated in accordance with GAAP and is defined on page 3 of this press release. A reconciliation of this non-GAAP measure to the most applicable GAAP measure begins on page 11 of this release.

    Conference Call Details

    Asure management will host a conference call on Thursday, July 31, 2025, at 3:30 pm Central (4:30 pm Eastern). Asure Chairman and CEO Pat Goepel and CFO John Pence will participate in the conference call followed by a question-and-answer session. The conference call will be broadcast live and available for replay via the investor relations section of the Company’s website. Analysts may participate on the conference call by dialing 877-407-9219 or 201-689-8852.

    About Asure Software, Inc.

    Asure (Nasdaq: ASUR) provides cloud-based Human Capital Management (HCM) software solutions that assist organizations of all sizes in streamlining their HCM processes. Asure’s suite of HCM solutions includes HR, payroll, time and attendance, benefits administration, payroll tax management, and talent management. The company’s approach to HR compliance services incorporates AI technology to enhance scalability and efficiency while prioritizing client interactions. For more information, please visit www.asuresoftware.com. 

    Non-GAAP and Adjusted Financial Measures

    This press release includes information about non-GAAP gross profit, non-GAAP sales and marketing expense, non-GAAP general and administrative expense, non-GAAP research and development expense, EBITDA, EBITDA margin, adjusted EBITDA, and adjusted EBITDA margin. These non-GAAP and adjusted financial measures are measurements of financial performance that are not prepared in accordance with U.S. generally accepted accounting principles and computational methods may differ from those used by other companies. Non-GAAP and adjusted financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with the Company’s Condensed Consolidated Financial Statements prepared in accordance with GAAP. Non-GAAP and adjusted financial measures are reconciled to GAAP in the tables set forth in this release and are subject to reclassifications to conform to current period presentations.

    Non-GAAP gross profit differs from gross profit in that it excludes amortization, share-based compensation, and one-time items.

    Non-GAAP sales and marketing expense differs from sales and marketing expense in that it excludes share-based compensation and one-time items.

    Non-GAAP general and administrative expense differs from general and administrative expense in that it excludes share-based compensation and one-time items.

    Non-GAAP research and development expense differs from research and development expense in that it excludes share-based compensation and one-time items.

    EBITDA differs from net income (loss) in that it excludes items such as interest, income taxes, depreciation, and amortization. Asure is unable to predict with reasonable certainty the ultimate outcome of these exclusions without unreasonable effort.

    Adjusted EBITDA differs from EBITDA in that it excludes share-based compensation, other income (expense), net and one-time expenses. Asure is unable to predict with reasonable certainty the ultimate outcome of these exclusions without unreasonable effort.

    All adjusted and non-GAAP measures presented as “margin” are computed by dividing the applicable adjusted financial measure by total revenue.

    Specifically, as applicable to the respective financial measure, management is adjusting for the following items when calculating non-GAAP and adjusted financial measures as applicable for the periods presented. No additional adjustments have been made for potential income tax effects of the adjustments based on the Company’s current and anticipated de minimis effective federal tax rate, resulting from the Company’s continued losses for federal tax purposes and its tax net operating loss balances.

    Share-Based Compensation Expenses. The Company’s compensation strategy includes the use of share-based compensation to attract and retain employees and executives. It is principally aimed at aligning their interests with those of our stockholders and at long-term employee retention, rather than to motivate or reward operational performance for any particular period. Thus, share-based compensation expense varies for reasons that are generally unrelated to operational decisions and performance in any particular period.

    Depreciation. The Company excludes depreciation of fixed assets. Also included in the expense is the depreciation of capitalized software costs.

    Amortization of Purchased Intangibles. The Company views amortization of acquisition-related intangible assets, such as the amortization of the cost associated with an acquired company’s research and development efforts, trade names, customer lists and customer relationships, and acquired lease intangibles, as items arising from pre-acquisition activities determined at the time of an acquisition. While these intangible assets are continually evaluated for impairment, amortization of the cost of purchased intangibles is a static expense, one that is not typically affected by operations during any particular period.

    Interest Expense, Net. The Company excludes accrued interest expense, the amortization of debt discounts and deferred financing costs.

    Income Taxes. The Company excludes income taxes, both at the federal and state levels.

    One-Time Expenses. The Company’s adjusted financial measures exclude the following costs to normalize comparable reporting periods, as these are generally non-recurring expenses that do not reflect the ongoing operational results. These items are typically not budgeted and are infrequent and unusual in nature.

    Settlements, Penalties and Interest. The Company excludes legal settlements, including separation agreements, penalties and interest that are generally one-time in nature and not reflective of the operational results of the business.

    Acquisition and Transaction Related Costs. The Company excludes these expenses as they are transaction costs and expenses that are generally one-time in nature and not reflective of the underlying operational results of our business. Examples of these types of expenses include legal, accounting, regulatory, other consulting services, severance and other employee costs.

    Other non-recurring Expenses. The Company excludes these as they are generally non-recurring items that are not reflective of the underlying operational results of the business and are generally not anticipated to recur. Some examples of these types of expenses, historically, have included write-offs or impairments of assets, demolition of office space and cybersecurity consultants.

    Other (Expense) Income, Net. The Company’s adjusted financial measures exclude Other (Expense) Income, Net because it includes items that are not reflective of the underlying operational results of the business, such as loan forgiveness, adjustments to contingent liabilities and credits earned as part of the CARES Act, passed by Congress in the wake of the coronavirus pandemic.

    Use of Forward-Looking Statements

    This press release contains certain statements made by management that may constitute “forward-looking” statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements about our financial results may include expected or projected U.S GAAP and other operating and non-operating results. The words “believe,” “may,” “will,” “estimate,” “projects,” “anticipate,” “intend,” “expect,” “should,” “plan,” and similar expressions are intended to identify forward-looking statements. Examples of forward-looking statements include statements we make regarding our operating performance, future results of operations and financial position, revenue growth, earnings or other projections. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. The achievement or success of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions, over many of which we have no control. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, our results could differ materially from the results expressed or implied by the forward-looking statements we make. The risks and uncertainties referred to above include—but are not limited to—risks associated with breaches of our security measures; risks related to material weaknesses; possible fluctuations in our financial and operating results; privacy concerns and laws and other regulations may limit the effectiveness of our applications; the financial and other impact of any previous and future acquisitions; domestic and international regulatory developments, including changes to or applicability to our business of privacy and data securities laws, money transmitter laws and anti-money laundering laws; regulatory pressures on economic relief enacted as a result of the COVID-19 pandemic that change or cause different interpretations with respect to eligibility for such programs; risk of our software and solutions not functioning adequately; interruptions, delays or changes in our services or our Web hosting; potential debt incurred to meet future capital requirements; volatility and weakness in bank and capital markets; access to additional capital; significant costs as a result of operating as a public company; the expiration of Employee Retention Tax Credits (“ERTC”) and the impact of the Internal Revenue Service recent measures regarding ERTC claims and the corresponding cash collections of existing receivables; the inability to continue to release timely updates for changes in laws; the inability to develop new and improved versions of our services and technological developments; customer’s nonrenewal of their agreements and other similar changes could negatively impact revenue, operating results and financial conditions; the exposure of market, interest, credit and liquidity risk on client funds held in trust; our operations in highly competitive markets; risk that our clients could have insufficient funds that could result in limitations in the ability to transmit ACH transactions; impairment of intangible assets; litigation and any related claims, negotiations and settlements, including with respect to intellectual property matters or industry-specific regulations; various financial aspects of our Software-as-a-Service model; adverse effects to our business a result of claims, lawsuits, and other proceedings; issues in the use of artificial intelligence in our HCM products and services; adverse changes to financial accounting standards to us; inability to maintain third-party licensed software; evolving regulation of the Internet, changes in the infrastructure underlying the Internet or interruptions in Internet; factors affecting our deferred tax assets and ability to value and utilize them; the nature of our business model; inability to adopt new or correctly interpret existing money service and money transmitter business status; our ability to hire, retain and motivate employees and manage our growth; interruptions to supply chains and extended shut down of businesses; potential enactment of adverse tax laws, regulation, political, economic and social factors; potential sales of a substantial number of shares of our common stock along with its volatility; risks associate with potential equity-related transactions including dividends, rights under the stockholder plan to discourage certain actions and other impacts as a result of actions of our stockholders.

    Please review the Company’s risk factors in its annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 6, 2025 and its quarterly report on Form 10Q filed with the SEC on May 01, 2025 and July 31, 2025.

    The forward-looking statements, including the financial guidance and 2025 outlook, contained in this press release represent the judgment of the Company as of the date of this press release, and the Company expressly disclaims any intent, obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in the Company’s expectations with regard to these forward looking statements or any change in events, conditions or circumstances on which any such statements are based. © 2025 Asure Software, Inc. All rights reserved

     
    ASURE SOFTWARE, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (in thousands, except per share amounts)
           
      June 30, 2025   December 31, 2024
           
    ASSETS      
    Current assets:      
    Cash , cash equivalents, and restricted cash $ 66,000     $ 21,425  
    Accounts receivable, net of allowance for credit losses of $7,279 and $6,328 at June 30, 2025 and December 31, 2024, respectively   13,623       18,154  
    Inventory   142       195  
    Prepaid expenses and other current assets   5,838       4,888  
    Total current assets before funds held for clients   85,603       44,662  
    Funds held for clients   213,972       192,615  
    Total current assets   299,575       237,277  
    Property and equipment, net   23,282       19,669  
    Goodwill   94,724       94,724  
    Intangible assets, net   69,596       69,114  
    Operating lease assets, net   4,748       4,041  
    Other assets, net   13,640       11,813  
    Total assets $ 505,565     $ 436,638  
    LIABILITIES AND STOCKHOLDERS’EQUITY      
    Current liabilities:      
    Current portion of notes payable $ 3,032     $ 7,008  
    Accounts payable   1,595       1,364  
    Accrued compensation and benefits   2,881       4,485  
    Operating lease liabilities, current   1,452       1,438  
    Other accrued liabilities   7,784       6,600  
    Deferred revenue   3,724       8,363  
    Total current liabilities before client fund obligations   20,468       29,258  
    Client fund obligations   214,839       194,378  
    Total current liabilities   235,307       223,636  
    Long-term liabilities:      
    Deferred revenue   2,635       3,430  
    Deferred tax liability   3,746       2,612  
    Notes payable, net of current portion   64,350       5,709  
    Operating lease liabilities, noncurrent   4,200       3,578  
    Other liabilities   1,075       358  
    Total long-term liabilities   76,006       15,687  
    Total liabilities   311,313       239,323  
    Stockholders’ equity:      
    Preferred stock, $0.01 par value; 1,500 shares authorized; none issued or outstanding   —       —  
    Common stock, $0.01 par value; 44,000 shares authorized; 27,365 and 26,671 shares issued, 27,365 and 26,671 shares outstanding at June 30, 2025 and December 31, 2024, respectively   274       267  
    Treasury stock at cost, zero(1)shares at June 30, 2025 and December 31, 2024   —       —  
    Additional paid-in capital   509,630       504,849  
    Accumulated deficit   (315,747 )     (307,226 )
    Accumulated other comprehensive income (loss)   95       (575 )
    Total stockholders’ equity   194,252       197,315  
    Total liabilities and stockholders’ equity $ 505,565     $ 436,638  
    (1) The aggregate Treasury stock of prior repurchases of the Company’s own common stock was retired and subsequently issued effective January 1, 2024. See the Consolidated Statement of Changes in Stockholders’ Equity for the impact of this transaction.
     
     
    ASURE SOFTWARE, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
    (in thousands, except per share amounts)
           
      Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
      2025   2024   2025   2024
                   
    Revenue:              
    Recurring $ 28,596     $ 27,051     $ 61,783     $ 57,324  
    Professional services, hardware and other   1,528       993       3,195       2,372  
    Total revenue   30,124       28,044       64,978       59,696  
    Cost of sales   10,213       9,176       20,459       18,221  
    Gross profit   19,911       18,868       44,519       41,475  
    Operating expenses:              
    Sales and marketing   8,149       6,924       16,535       14,691  
    General and administrative   10,968       10,118       22,868       20,181  
    Research and development   1,273       1,962       3,302       3,731  
    Amortization of intangible assets   4,173       4,046       8,481       7,495  
    Total operating expenses   24,563       23,050       51,186       46,098  
    Loss from operations   (4,652 )     (4,182 )     (6,667 )     (4,623 )
    Interest income   277       261       448       597  
    Interest expense   (809 )     (208 )     (1,260 )     (388 )
    Other income, net   (96 )     —       92       10  
    Loss from operations before income taxes   (5,280 )     (4,129 )     (7,387 )     (4,404 )
    Income tax expense   843       231       1,134       264  
    Net loss   (6,123 )     (4,360 )     (8,521 )     (4,668 )
    Other comprehensive income (loss):              
    Unrealized gain (loss) on marketable securities   228       9       670       (235 )
    Comprehensive loss $ (5,895 )   $ (4,351 )   $ (7,851 )   $ (4,903 )
                   
    Basic and diluted loss per share              
    Basic $ (0.22 )   $ (0.17 )   $ (0.31 )   $ (0.18 )
    Diluted $ (0.22 )   $ (0.17 )   $ (0.31 )   $ (0.18 )
                   
    Weighted average basic and diluted shares              
    Basic   27,237       25,840       27,100       25,587  
    Diluted   27,237       25,840       27,100       25,587  
                                   
     
    ASURE SOFTWARE, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (in thousands)
       
      Six Months Ended June 30,
      2025   2024
    Cash flows from operating activities:      
    Net loss $ (8,521 )   $ (4,668 )
    Adjustments to reconcile loss to net cash provided by (used in) operations:      
    Depreciation and amortization   12,155       10,359  
    Amortization of operating lease assets   740       677  
    Amortization of debt financing costs and discount   537       302  
    Non-cash interest expense   724       —  
    Net accretion of discounts on available-for-sale securities   (236 )     (170 )
    Provision for expected losses   20       107  
    Provision for deferred income taxes   1,134       255  
    Loss on extinguishment of debt   103       —  
    Net realized gains on sales of available-for-sale securities   (1,310 )     (1,294 )
    Share-based compensation   3,754       3,390  
    Gain on disposals of long-term assets   (7 )     —  
    Changes in operating assets and liabilities:      
    Accounts receivable   4,512       (2,178 )
    Inventory   53       (108 )
    Prepaid expenses and other assets   (1,462 )     (1,636 )
    Operating lease right-of-use assets   21       98  
    Accounts payable   232       (1,330 )
    Accrued expenses and other long-term obligations   (1,039 )     (1,858 )
    Operating lease liabilities   (825 )     (374 )
    Deferred revenue   (5,434 )     (3,291 )
    Net cash provided by (used in) operating activities   5,151       (1,719 )
    Cash flows from investing activities:      
    Acquisition of intangible assets   (6,346 )     (4,097 )
    Purchases of property and equipment   (393 )     (375 )
    Software capitalization costs   (6,470 )     (5,042 )
    Purchases of available-for-sale securities   (12,304 )     (6,462 )
    Proceeds from sales and maturities of available-for-sale securities   7,699       8,617  
    Net cash used in investing activities   (17,814 )     (7,359 )
    Cash flows from financing activities:      
    Proceeds from notes payable, net of issuance costs   57,982       —  
    Payments of notes payable   (5,000 )     —  
    Debt extinguishment costs   (100 )     —  
    Payments made on amounts due for the acquisition of intangibles   (1,280 )     (236 )
    Net proceeds from issuance of common stock   1,034       572  
    Capital raise fees   —       (46 )
    Net change in client fund obligations   20,461       (28,225 )
    Net cash provided by (used in) financing activities   73,097       (27,935 )
    Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents   60,434       (37,013 )
    Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period   145,712       177,622  
    Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period $ 206,146     $ 140,609  
                   
     
    ASURE SOFTWARE, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
    (in thousands)
       
      Six Months Ended June 30,
      2025
    		   2024
           
    Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents to the Condensed Consolidated Balance Sheets
    Cash, cash equivalents, and restricted cash $ 66,000     $ 20,736  
    Restricted cash and restricted cash equivalents included in funds held for clients   140,146       119,873  
    Total cash, cash equivalents, restricted cash, and restricted cash equivalents $ 206,146     $ 140,609  
           
    Supplemental information:      
    Cash paid for interest $ 498     $ —  
           
    Non-cash investing and financing activities:      
    Acquisition of intangible assets $ 1,884     $ 5,450  
    Notes payable issued for acquisitions $ 1,150     $ 1,423  
    Shares issued for acquisitions $ —     $ 4,863  
                   
     
    ASURE SOFTWARE, INC.
    RECONCILIATION OF NON-GAAP AND ADJUSTED FINANCIAL MEASURES
    (unaudited)
                     
    (in thousands) Q2-25 Q1-25 Q4-24 Q3-24 Q2-24 Q1-24 Q4-23 Q2-23
    Revenue(1) $ 30,124   $ 34,854   $ 30,792   $ 29,304   $ 28,044   $ 31,652   $ 26,264   $ 30,420  
                     
    Gross Profit to non-GAAP Gross Profit                
    Gross Profit $ 19,911   $ 24,608   $ 20,928   $ 19,704   $ 18,868   $ 22,607   $ 17,839   $ 22,018  
    Gross Margin   66.1 %   70.6 %   68.0 %   67.2 %   67.3 %   71.4 %   67.9 %   72.4 %
                     
    Share-based Compensation   46     44     44     44     43     40     32     46  
    Depreciation   1,378     1,369     1,190     1,232     1,145     1,110     921     1,309  
    Amortization – intangibles   370     50     50     50     50     50     50     50  
    One-time expenses                
    Settlements, penalties & interest   46     29     25     2     3     —     (6 )   —  
    Acquisition and transaction costs   —     167     221     367     264     39     —     —  
    Other non-recurring expenses   106     —     84     —     —     —     —     —  
    Non-GAAP Gross Profit $ 21,857   $ 26,267   $ 22,542   $ 21,399   $ 20,373   $ 23,846   $ 18,836   $ 23,423  
    Non-GAAP Gross Margin   72.6 %   75.4 %   73.2 %   73.0 %   72.6 %   75.3 %   71.7 %   77.0 %
                     
    Sales and Marketing Expense to non-GAAP Sales and Marketing Expense
    Sales and Marketing Expense $ 8,149   $ 8,386   $ 6,945   $ 6,680   $ 6,924   $ 7,767   $ 6,422   $ 8,515  
                     
    Share-based Compensation   332     322     251     269     237     243     180     149  
    Depreciation   1     1     —     1     —     1     1     —  
    One-time expenses                
    Settlements, penalties & interest   40     51     78     (5 )   5     18     6     4  
    Acquisition and transaction costs   30     30     9     68     37     11     —     —  
    Other non-recurring expenses   164     —     52     —     —     —     —     180  
    Non-GAAP Sales and Marketing Expense $ 7,582   $ 7,982   $ 6,555   $ 6,347   $ 6,645   $ 7,494   $ 6,235   $ 8,182  
                     
    General and Administrative Expense to non-GAAP General and Administrative Expense
    General and Administrative Expense $ 10,968   $ 11,900   $ 9,940   $ 10,378   $ 10,118   $ 10,063   $ 9,747   $ 10,336  
                     
    Share-based Compensation   1,419     1,407     1,081     1,187     1,122     1,535     980     1,298  
    Depreciation   261     244     269     264     256     251     225     234  
    One-time expenses                
    Settlements, penalties & interest   365     492     142     377     304     98     284     432  
    Acquisition and transaction costs   812     491     282     371     245     57     51     —  
    Other non-recurring expenses   189     136     220     253     —     86     53     453  
    Non-GAAP General and Administrative Expense $ 7,922   $ 9,130   $ 7,946   $ 7,926   $ 8,191   $ 8,036   $ 8,154   $ 7,919  
                     
    Research and Development Expense to non-GAAP Research and Development Expense
    Research and Development Expense $ 1,273   $ 2,029   $ 2,103   $ 1,973   $ 1,962   $ 1,769   $ 1,739   $ 1,325  
                     
    Share-based Compensation   94     90     87     90     86     85     69     89  
    Depreciation   (1 )   1     —   $ —   $ —   $ —   $ —   $ —  
    One-time expenses                
    Settlements, penalties & interest   33     9     21     —     27     31     —     —  
    Acquisition and transaction costs   —     91     153     195     369     147     —     —  
    Other non-recurring expenses   35     —     29     —     —     —     —     —  
    Non-GAAP Research and Development Expense $ 1,112   $ 1,838   $ 1,813   $ 1,688   $ 1,480   $ 1,506   $ 1,670   $ 1,236  
                                                     

    (1)Note that first quarters are seasonally strong as recurring year-end W2/ACA revenue is recognized in this period.

     
    ASURE SOFTWARE, INC.
    RECONCILIATION OF NON-GAAP AND ADJUSTED FINANCIAL MEASURES (cont.)
    (unaudited)
                     
    (in thousands) Q2-25 Q1-25 Q4-24 Q3-24 Q2-24 Q1-24 Q4-23 Q3-23
    Revenue(1) $ 30,124   $ 34,854   $ 30,792   $ 29,304   $ 28,044   $ 31,652   $ 26,264   $ 29,334  
                     
    GAAP Net Loss to Adjusted EBITDA
    GAAP Net Loss $ (6,123 ) $ (2,398 ) $ (3,204 ) $ (3,901 ) $ (4,360 ) $ (308 ) $ (3,582 ) $ (2,206 )
                     
    Interest expense, net   532     280     211     109     (53 )   (156 )   (24 )   782  
    Income taxes   843     291     499     170     231     33     (158 )   (123 )
    Depreciation   1,640     1,614     1,460     1,497     1,402     1,361     1,148     1,185  
    Amortization – intangibles   4,543     4,358     4,482     4,345     4,096     3,499     3,743     3,384  
    EBITDA $ 1,435   $ 4,145   $ 3,448   $ 2,220   $ 1,316   $ 4,429   $ 1,127   $ 3,022  
    EBITDA Margin   4.8 %   11.9 %   11.2 %   7.6 %   4.7 %   14.0 %   4.3 %   10.3 %
                     
    Share-based Compensation   1,891     1,863     1,463     1,591     1,488     1,902     1,260     1,251  
    One Time Expenses                
    Settlements, penalties & interest   484     581     266     375     339     147     283     140  
    Acquisition and transaction costs   842     779     665     1,001     914     254     51     —  
    Other non-recurring expenses   494     136     385     253     —     86     53     —  
    Other expense (income), net   96     (188 )   2     —     —     (10 )   1     1,800  
    Adjusted EBITDA $ 5,242   $ 7,316   $ 6,229   $ 5,440   $ 4,057   $ 6,808   $ 2,775   $ 6,213  
    Adjusted EBITDA Margin   17.4 %   21.0 %   20.2 %   18.6 %   14.5 %   21.5 %   10.6 %   21.2 %
                                                     

    (1)Note that first quarters are seasonally strong as recurring year-end W2/ACA revenue is recognized in this period.

    Investor Relations Contact
    Patrick McKillop
    Vice President, Investor Relations
    617-335-5058
    patrick.mckillop@asuresoftware.com 

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

    THE GROUP IS ACCELERATING ITS DEVELOPMENT  
               
      CRÉDIT AGRICOLE S.A. CRÉDIT AGRICOLE GROUP    
    €m Q2 2025 Change Q2/Q2 Q2 2025 Change Q2/Q2  
    Revenues 7,006 +3.1% 9,808 +3.2%  
    Expenses -3,700 +2.2% -5,872 +3.2%  
    Gross Operating Income 3,306 +4.1% 3,936 +3.1%  
    Cost of risk -441 +4.2% -840 -3.7%  
    Net income group share 2,390 +30.7% 2,638 +30.1%  
    C/I ratio 52.8% -0.5 pp 59.9% +0.0 pp  
    STRONG ACTIVITY IN ALL BUSINESS LINES

    • Confirmation of the upturn of loan production in France, international credit activity still strong and consumer finance at a higher level
    • Record net inflows in life insurance, high net inflows in asset management (driven by the medium/long-term and JVs); in insurance, revenues at a higher level driven by all activities
    • CIB: record half year and strong quarter

    CONTINUOUS FLOW OF STRATEGIC OPERATIONS

    • Gradual achievement of synergies in the ongoing integrations: progress of around 60% for RBC IS Europe and 25% for Degroof Petercam in Belgium
    • Transactions concluded this quarter: launch of partnership with Victory Capital in the United States, increased stake in Banco BPM in Italy, acquisition of Merca Leasing in Germany and Petit-fils and Comwatt in France and acquisition of Santander’s 30.5% stake in CACEIS1
    • New projects initiated: Acquisitions of Banque Thaler in Switzerland, Comwatt and Milleis in France, partnership with the Crelan Group in Belgium and development of Indosuez Wealth Management in Monaco

    HALF-YEARLY AND QUARTERLY RESULTS AT THEIR HIGHEST

    • High profitability (Return on Tangible Equity of 16.6%), driven by high and growing revenues, a low cost/income ratio (53.9% in the first half) and a stable cost of risk (34 basis points on outstandings)
    • Results especially benefiting from the capital gain related to the deconsolidation of Amundi US

    HIGH SOLVENCY RATIOS

    • Crédit Agricole S.A.’s phased-in CET1 at 11.9% and CA Group phased-in CET1 at 17.6%

    CONTINUOUS SUPPORT FOR TRANSITIONS, WITH AN AWARD FROM EUROMONEY

    • Continued withdrawal from fossil energies and reallocation to low-carbon energy sources
    • Support for the transition of households and corporates
    • Crédit Agricole named World’s Best Bank for Sustainable Finance at the Euromoney Awards for Excellence 2025

    PRESENTATION OF THE MEDIUM-TERM PLAN ON 18 NOVEMBER 2025
     

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

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

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

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

    		  

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

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

    Crédit Agricole Group

    Group activity

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

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

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

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

    Continued support for the energy transition

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

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

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

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

    Group results

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

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

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

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

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

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

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

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

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

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

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

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

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

    Credit Agricole Group, Income statement Q2 and H1 2025

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

    Regional banks

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

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

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

    Crédit Agricole S.A.

    Results

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Activity of the Asset Gathering division

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

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

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

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

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

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

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

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

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

    Results of the Asset Gathering division

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

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

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

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

    Insurance results

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

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

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

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

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

    Asset Management results

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

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

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

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

    Wealth Management results (26)

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

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

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

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

    Activity of the Large Customers division

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

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

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

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

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

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

    Results of the Large Customers division

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

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

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

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

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

    Corporate and Investment Banking results

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

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

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

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

    Asset servicing results

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

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

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

    Specialised financial services activity

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

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

    Specialised financial services’ results

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

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

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

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

    Personal Finance and Mobility results

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

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

    Leasing & Factoring results

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

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

    Crédit Agricole S.A. Retail Banking activity

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

    Retail banking activity in France

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

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

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

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

    Retail banking activity in Italy

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

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

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

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

    International Retail Banking activity excluding Italy

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

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

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

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

    French retail banking results

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

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

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

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

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

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

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

    International Retail Banking results (41)

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

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

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

    Results in Italy

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

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

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

    Results for Crédit Agricole Group in Italy (43)

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

    International Retail Banking results – excluding Italy

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

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

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

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

    Corporate Centre results

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

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

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

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

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

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

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

    Financial strength

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

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

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

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

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

    Crédit Agricole Group’s financial structure

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

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

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

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

    Liquidity and Funding

    Liquidity is measured at Crédit Agricole Group level.

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

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

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

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

    This change in liquidity reserves is notably explained by:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Economic and financial environment

    Review of the first half of 2025

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

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

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

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

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

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

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

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

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

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

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

    2025–2026 Outlook

    An anxiety-inducing context, some unprecedented resistance

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

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

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

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

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

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

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

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

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

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

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

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

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

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

      Q2-25
    €m RB LCL IRB AG SFS LC CC Total
                     
    Revenues 3,364 976 1,031 1,967 881 2,224 (635) 9,808
    Operating expenses (2,690) (597) (540) (864) (438) (1,257) 514 (5,872)
    Gross operating income 674 380 491 1,104 442 967 (121) 3,936
    Cost of risk (397) (95) (61) (7) (235) (20) (26) (840)
    Equity-accounted entities 1 – – 58 (13) 10 – 56
    Net income on other assets 1 1 0 449 1 0 0 452
    Income before tax 278 286 430 1,604 194 958 (147) 3,604
    Tax (96) (69) (130) (249) (58) (149) 136 (615)
    Net income from discontinued or held-for-sale ope. – – 0 – – – 0 0
    Net income 182 218 300 1,356 136 810 (11) 2,990
    Non-controlling interests (0) (0) (40) (247) (22) (43) 1 (352)
    Net income Group Share 182 217 260 1,108 114 767 (10) 2,638
      Q2-24
    €m RB LCL IRB AG SFS LC CC Total
                     
    Revenues 3,255 979 1,051 1,946 889 2,223 (837) 9,507
    Operating expenses (2,560) (591) (573) (813) (443) (1,204) 497 (5,687)
    Gross operating income 694 389 477 1,133 447 1,019 (340) 3,819
    Cost of risk (444) (95) (75) (2) (211) (39) (6) (872)
    Equity-accounted entities 2 – – 33 29 10 – 74
    Net income on other assets 1 2 0 (12) (1) 2 (0) (7)
    Income before tax 253 296 402 1,152 265 993 (347) 3,014
    Tax (44) (65) (117) (282) (54) (248) 48 (762)
    Net income from discontinued or held-for-sale ope. – – – – – – – –
    Net income 209 231 285 870 210 745 (299) 2,252
    Non-controlling interests (1) (0) (38) (124) (23) (36) (2) (224)
    Net income Group Share 208 231 247 746 187 710 (300) 2,028

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

      H1-25
    €m RB LCL IRB AG SFS LC CC Total
                     
    Revenues 6,716 1,939 2,079 4,016 1,749 4,632 (1,275) 19,856
    Operating expenses (5,220) (1,222) (1,075) (1,799) (912) (2,617) 982 (11,864)
    Gross operating income 1,496 717 1,003 2,217 837 2,015 (293) 7,992
    Cost of risk (717) (186) (128) (17) (484) 5 (48) (1,575)
    Equity-accounted entities 7 – – 86 23 16 – 131
    Net income on other assets 3 2 0 449 1 0 0 456
    Income before tax 790 533 875 2,734 376 2,036 (341) 7,004
    Tax (267) (181) (267) (599) (71) (453) 182 (1,656)
    Net income from discontinued or held-for-sale ope. – – 0 – – – – 0
    Net income 523 352 608 2,135 305 1,583 (159) 5,348
    Non-controlling interests (0) (0) (82) (348) (43) (78) 7 (545)
    Net income Group Share 523 352 526 1,787 263 1,504 (151) 4,803
      H1-24
    €m RB LCL IRB AG SFS LC CC Total
                     
    Revenues 6,568 1,933 2,131 3,739 1,736 4,489 (1,565) 19,031
    Operating expenses (5,044) (1,193) (1,098) (1,567) (897) (2,501) 1,024 (11,276)
    Gross operating income 1,524 740 1,033 2,172 839 1,988 (541) 7,755
    Cost of risk (691) (214) (159) (5) (429) (5) (20) (1,523)
    Equity-accounted entities 7 – – 61 59 14 – 142
    Net income on other assets 3 4 (0) (20) (1) 2 (2) (14)
    Income before tax 842 530 875 2,208 468 1,999 (563) 6,361
    Tax (191) (119) (260) (501) (97) (482) 133 (1,517)
    Net income from discontinued or held-for-sale ope. – – – – – – – –
    Net income 651 412 615 1,707 372 1,517 (430) 4,843
    Non-controlling interests (1) (0) (89) (236) (42) (69) 6 (432)
    Net income Group Share 650 412 525 1,471 330 1,448 (424) 4,412

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

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

      Q2-25
    €m AG LC SFS FRB (LCL) IRB CC Total
                   
    Revenues 1,970 2,224 881 976 1,007 (51) 7,006
    Operating expenses (864) (1,257) (438) (597) (520) (25) (3,700)
    Gross operating income 1,106 967 442 380 487 (76) 3,306
    Cost of risk (7) (20) (235) (95) (61) (24) (441)
    Equity-accounted entities 58 10 (13) – – (24) 30
    Net income on other assets 453 0 1 1 0 0 455
    Income before tax 1,610 958 194 286 426 (125) 3,350
    Tax (249) (149) (58) (69) (129) 113 (541)
    Net income from discontinued or held-for-sale operations – – – – 0 – 0
    Net income 1,361 810 136 218 297 (12) 2,809
    Non-controlling interests (261) (58) (22) (10) (59) (10) (420)
    Net income Group Share 1,100 752 114 208 238 (22) 2,390
      Q2-24  
    €m AG LC SFS FRB (LCL) IRB CC Total  
                   
    Revenues 1,944 2,223 889 979 1,027 (267) 6,796
    Operating expenses (813) (1,204) (443) (591) (555) (15) (3,621)
    Gross operating income 1,131 1,019 447 389 472 (283) 3,175
    Cost of risk (2) (39) (211) (95) (72) (5) (424)
    Equity-accounted entities 33 10 29 – – (25) 47
    Net income on other assets (12) 2 (1) 2 0 24 15
    Income before tax 1,150 993 265 296 400 (289) 2,814
    Tax (283) (248) (54) (65) (117) 63 (704)
    Net income from discontinued or held-for-sale operations – – – – – – –
    Net income 867 745 210 231 283 (226) 2,110
    Non-controlling interests (131) (51) (23) (10) (55) (12) (282)
    Net income Group Share 736 694 187 220 228 (238) 1,828

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

      H1-25
    €m AG LC SFS FRB (LCL) IRB CC Total
                   
    Revenues 4,028 4,632 1,749 1,939 2,033 (118) 14,263
    Operating expenses (1,799) (2,617) (912) (1,222) (1,035) (106) (7,691)
    Gross operating income 2,229 2,015 837 717 998 (224) 6,571
    Cost of risk (17) 5 (484) (186) (128) (45) (855)
    Equity-accounted entities 86 16 23 – – (47) 77
    Net income on other assets 453 0 1 2 0 0 456
    Income before tax 2,749 2,037 376 533 870 (316) 6,250
    Tax (601) (454) (71) (181) (266) 205 (1,368)
    Net income from discontinued or held-for-sale operations – – – – 0 – 0
    Net income 2,148 1,583 305 352 604 (111) 4,882
    Non-controlling interests (368) (108) (43) (16) (121) (13) (669)
    Net income Group Share 1,780 1,475 263 337 483 (124) 4,213
      H1-24  
    €m AG LC SFS FRB (LCL) IRB CC Total  
                   
    Revenues 3,733 4,489 1,736 1,933 2,085 (374) 13,602
    Operating expenses (1,567) (2,501) (897) (1,193) (1,060) (71) (7,289)
    Gross operating income 2,166 1,988 839 740 1,024 (445) 6,312
    Cost of risk (5) (5) (429) (214) (154) (16) (824)
    Equity-accounted entities 61 14 59 – – (46) 90
    Net income on other assets (20) 2 (1) 4 (0) 24 9
    Income before tax 2,203 1,999 468 530 870 (483) 5,587
    Tax (502) (482) (97) (119) (259) 144 (1,315)
    Net income from discontinued or held-for-sale operations – – – – – – –
    Net income 1,701 1,517 372 412 610 (339) 4,273
    Non-controlling interests (248) (101) (42) (18) (126) (7) (542)
    Net income Group Share 1,453 1,416 330 393 485 (345) 3,731

    Appendix 3 – Data per share

    Credit Agricole S.A. – Earnings p/share, net book value p/share and ROTE
                   
    €m   Q2-25 Q2-24   H1-25 H1-24  
    Net income Group share   2,390 1,828   4,213 3,731  
    – Interests on AT1, including issuance costs, before tax   (141) (83)   (270) (221)  
    – Foreign exchange impact on reimbursed AT1   4 –   4 (247)  
    NIGS attributable to ordinary shares [A] 2,252 1,745   3,947 3,263  
    Average number shares in issue, excluding treasury shares (m) [B] 3,025 3,025   3,025 3,008  
    Net earnings per share [A]/[B] 0.74 € 0.58 €   1.30 € 1.08 €  
                   
    €m         30/06/25 30/06/24  
    Shareholder’s equity Group share         75,528 70,396  
    – AT1 issuances         (8,612) (7,164)  
    – Unrealised gains and losses on OCI – Group share         872 1,305  
    Net book value (NBV), not revaluated, attributable to ordin. sh. [D]       67,787 64,537  
    – Goodwill & intangibles** – Group share         (18,969) (17,775)  
    Tangible NBV (TNBV), not revaluated attrib. to ordinary sh. [E]       48,818 46,763  
    Total shares in issue, excluding treasury shares (period end, m) [F]       3,025 3,025  
    NBV per share, after deduction of dividend to pay (€) [D]/[F]       22.4 € 21.3 €  
    TNBV per share, after deduction of dividend to pay (€) [G]=[E]/[F]       16.1 € 15.5 €  
    ** y compris les écarts d’acquisition dans les participations ne donnant pas le contrôle             
    €m         H1-25 H1-24  
    Net income Group share       4,213 3,731  
    Added value Amundi US         304 0  
    Additionnal corporate tax         -129 0  
    IFRIC         -173 -110  
    NIGS annualised (1) [N]       8,382 7,572  
    Interests on AT1, including issuance costs, before tax, foreign exchange impact, annualised [O]       -536 -689  
    Result adjusted [P] = [N]+[O]       7,846 6,884    
    Tangible NBV (TNBV), not revaluated attrib. to ord. shares – average*** (2) [J]       47,211 44,710    
    ROTE adjusted (%) = [P] / [J]       16.6% 15.4%  
    *** including assumption of dividend for the current exercise         0,0%    
                 

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

    Alternative Performance Indicators56

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Disclaimer

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

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

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

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

    Applicable standards and comparability

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

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

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

    Financial Agenda

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

    Contacts

    CREDIT AGRICOLE PRESS CONTACTS

    CRÉDIT AGRICOLE S.A. INVESTOR RELATIONS CONTACTS

    Institutional investors   investor.relations@credit-agricole-sa.fr
    Individual shareholders + 33 800 000 777 (freephone number – France only) relation@actionnaires.credit-agricole.com
         
    Cécile Mouton + 33 1 57 72 86 79 cecile.mouton@credit-agricole-sa.fr
     

    Equity investor relations:

    		    
    Jean-Yann Asseraf
    Fethi Azzoug    		 + 33 1 57 72 23 81
    + 33 1 57 72 03 75    		 jean-yann.asseraf@credit-agricole-sa.fr fethi.azzoug@credit-agricole-sa.fr
    Oriane Cante + 33 1 43 23 03 07 oriane.cante@credit-agricole-sa.fr
    Nicolas Ianna + 33 1 43 23 55 51 nicolas.ianna@credit-agricole-sa.fr
    Leila Mamou + 33 1 57 72 07 93 leila.mamou@credit-agricole-sa.fr
    Anna Pigoulevski + 33 1 43 23 40 59 anna.pigoulevski@credit-agricole-sa.fr
         
         
    Debt investor and rating agency relations:  
    Gwenaëlle Lereste + 33 1 57 72 57 84 gwenaelle.lereste@credit-agricole-sa.fr
    Florence Quintin de Kercadio + 33 1 43 23 25 32 florence.quintindekercadio@credit-agricole-sa.fr
    Yury Romanov + 33 1 43 23 86 84 yury.romanov@credit-agricole-sa.fr
         
         
         

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

             

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

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

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

    (48)
    (49)

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

    Attachment

    The MIL Network –

  • MIL-OSI USA: Rooted in Wisdom: Garden Party Celebrates Menopause, Sisterhood, and Health Equity

    Source: US State of Connecticut

    Nearly 80 women gathered at the Community Health Center in Middletown (CHC) on July 19 for Rooted in Wisdom: A Menopause Garden Party, a joyful, intergenerational celebration of wisdom, wellness, and womanhood. With floral bouquets in hand and shared stories in their hearts, attendees came together to reclaim the menopause journey: openly, proudly, and in community.

    Women celebrating at the July 19, 2025 community-led Rooted in Wisdom: A Menopause Garden Party (Photo by Barbara McClane).

    This community-led event was part of the UConn Health Disparities Institute’s Menopause Equity Initiative (MEI), a statewide effort to break the silence, reduce stigma, and create community-informed solutions to support women’s midlife health.

    Organized by CHC and the Epsilon Omicron Omega Chapter of Alpha Kappa Alpha Sorority, Incorporated®, the event was co-hosted by DeLita Rose-Daniels and Yvette Highsmith-Francis, CHC’s vice president of the Eastern Region. Their vision created a space where participants could learn, connect, and celebrate menopause as a shared journey rather than a silent struggle.

    “Rooted in Wisdom was a powerful example of what it means to center community voices in health equity work,” said Dr. Linda Sprague Martinez, director of HDI. “Women are experts in their own lived experience. This event was special because it was created by women of color for women of color to reclaim their stories and build collective knowledge about menopause. HDI is committed to supporting intergenerational, culturally grounded conversations like these, which are needed to address health and health care disparities.”

    Photo by Barbara McClane.

    The event opened with a screening of the (M) Factor: Shredding the Silence on Menopause, the first PBS documentary to spotlight the complex realities of the menopause transition. The film resonated deeply with the audience, evoking both quiet reflection and vocal commentary. “Women were connected to every word,” said DeLita Rose-Daniels. “It was an unspoken affirmation to me that women felt connected, seen, and heard about their menopause experience, a piece of them they probably never really shared out loud with anyone.”

    Following the film, a “talkback” session with expert health professionals helped break down myths and medical misinformation, giving voice to common but often undiscussed symptoms. Guests asked questions, shared personal stories, and received guidance from:

    • Dr. Carla Gunn Samson, obstetrician/gynecologist and founder of Hibiscus and Honey Medical and Aesthetic, LLC
    • Dr. Jessica Kluewer-D’Amico, medical director of the Silver Sage Geriatric Psychiatry and Dual Diagnosis IOP Programs at UConn Health
    Photo by Barbara McClane.

    The event continued with a tea and wellness session led by Sasha Allen Walton, a Gullah Geechee herbalist and owner of Sasha’s Whole Earth. Walton offered a sampling of teas grounded in ancestral knowledge and everyday health rituals, demonstrating the connection between cultural healing and bodily empowerment.

    To close the afternoon, guests created their floral bouquets on CHC’s garden rooftop as a personal expression of rebirth and rootedness.

    CHC Vice President Yvette Highsmith-Francis captured the spirit of the day: “I literally saw faces light up when we shared the reframing of menopause from a negative to a journey to be embraced; a second spring- a time of personal rebirth, creativity, and internal wisdom. Individuals should be able to discuss their symptoms and find treatment openly or ways they can manage them.”

    Why Menopause Equity Matters

    While menopause is a universal experience, it is not equally experienced by all. Black women, for example, are three times more likely to enter menopause early and often face symptoms that last up to a decade, substantially longer than other groups. These symptoms are frequently dismissed or ignored, compounding risks for chronic conditions like heart disease.

    One attendee shared, “This was the first time I ever had a real conversation about menopause. I didn’t even know hormone replacement therapy was something to explore.”

    Photo by Barbara McClane.

    “At HDI, we believe that those most affected by health inequities should be at the heart of the solutions,” said Trisha Pitter, director of Community Learning and Engagement at HDI. “That’s what this event was: a community-driven expression of wisdom, joy, and truth-telling. Menopause doesn’t have to be a silent or isolating experience. Nor does someone have to figure it out alone. Through gatherings like this, we’re restoring connections, sharing intergenerational stories, and changing the narrative about what midlife can look and feel like, especially for Black and Brown women.

    Looking Ahead

    HDI will host the “Power of the Pause,” a statewide celebration during Menopause Awareness Month, on October 25, from 11:00 a.m. to 4:00 p.m.. The event will take place at the Mandell JCC in West Hartford, bringing together individuals experiencing menopause and their loved ones while connecting them with health providers and tailored resources.

    For more information or to get involved, visit HDI’s Menopause Equity Initiative webpage or email us at hdimenopauseequity@uchc.edu.  

    MIL OSI USA News –

  • MIL-OSI USA: Highlighting the Impacts of Paying Off New York’s UI Debt

    Source: US State of New York

    overnor Kathy Hochul and Heather Mulligan, President and CEO of the Business Council of New York State, visited local business owner, Eli Smith, to discuss the impacts of using nearly $7 billion to pay off the federal Unemployment Insurance (UI) Trust Fund loan and replenish the Fund — a move that will bring the Fund to solvency, increase benefits for unemployed New Yorkers and cut costs to businesses. The Governor reached agreement to take this action back in May as part of the FY26 Enacted Budget.

    “With the Unemployment Insurance Trust Fund loan paid off, businesses and workers across the state will feel and see the financial relief that they deserve during a time when inflation is just so high,” Governor Hochul said. “New York State continues to work to put money back into the pockets of New Yorkers, cut costs for our businesses and uplift the state’s economy.”

    The Business Council of New York State President and CEO Heather Mulligan said, “On behalf of businesses across New York State, we are grateful that Governor Hochul found the UI debt to be a priority and agreed to fully pay off the remaining balance that had been a strain on all businesses, especially smaller employers across the state. This multi-billion-dollar burden served as an added tax on our employers for the past four years, restricting them from reinvesting in their businesses or local economies. We appreciate the willingness of the Assembly leadership to work with Governor Hochul and the business community to make the UI fund solvent.”

    Before the COVID-19 pandemic, the UI Trust Fund had a positive balance of nearly $2.5 billion. However, due to the economic downturn caused by the pandemic, the balance was paid out to unemployed New Yorkers, requiring the State to borrow from the federal government to continue paying eligible claims. Paying off the debt and making the fund solvent allows the State to increase the maximum UI benefit rate for unemployed New Yorkers so that it better aligns with other states. The maximum weekly benefit to unemployed workers, which has been frozen because of the debt, will increase from $504 to $869 in October.

    By paying off the debt, the State is also putting money back in the pockets of business owners, whose contribution rates had continued to climb while the debt was paid down. Employers are projected to save an average of $100 per employee in 2026 and $250 per employee in 2027. Additionally, the taxable wage base will increase in 2026, strengthening the trust fund over time and helping to maintain affordable tax rates for New York’s employers in the long term.

    E. Smith Contractors President Eli Smith said, “By paying off the unemployment debt I will save more than $300 per employee, and with about 50 workers in New York, that savings adds up. I can take that savings and invest in new equipment, workforce development or other ways to improve my business. I appreciate the Governor and the Legislature taking this step and also the advocacy of the Business Council of New York State.”

    New York State Department of Labor Commissioner Roberta Reardon said, “I thank Governor Hochul and the Legislature for paying off New York’s Unemployment Insurance Trust Fund debt, which is a win for both businesses and workers statewide. This action will cut costs for our businesses and increase benefits for unemployed New Yorkers when they need it most. By stabilizing this critical safety net for our workforce, we’re ensuring New York State is more affordable for all.”

    Empire State Development President, CEO and Commissioner Hope Knight said, “The need for increased Unemployment Insurance contributions was a piece of New York’s greater post-COVID economic recovery challenge. By paying off the remaining federal Unemployment Insurance debt through the State Budget, Governor Hochul and the State Legislature are improving New York’s business climate and offering a direct, tangible benefit to businesses of all sizes across the state.”

    Assembly Speaker Carl Heastie said, “Our small businesses have been clear – paying off the unemployment insurance debt has been a huge relief. Now they can shift that cost towards growing and thriving within our communities and we can provide better coverage for our unemployed families as they get back on their feet. The Assembly Majority fought hard for this inclusion in the budget as we understood the critical benefit this would have to small businesses and New York’s hardworking families as they continue to make our state a place we’re all proud to call home.”

    State Senator Jessica Ramos said, “Paying off the Unemployment Insurance debt was long overdue and it’s a win for both workers and small businesses across New York. During the pandemic, our UI system was a lifeline, but for too long the burden of repayment fell unfairly on businesses while workers were stuck with frozen benefits. With this year’s budget, we finally turned the page. We’re raising benefits to meet the realities of today’s economy and easing the load on employers who kept our communities going. I’m grateful to Governor Hochul for working with us to get this done. This is what responsible, pro-worker, pro-business policy looks like.”

    Assemblymember Harry B. Bronson said, “Paying off this debt was critical for all New Yorkers and our job creators. We secured relief for employers — especially small businesses, while ensuring unemployed New Yorkers receive substantially increased benefits that help them afford housing, groceries, and basic necessities during their job search. With today’s cost of living, these enhanced benefits make the difference between families staying afloat or falling behind. This action supports both workers facing hardship and creates an environment where businesses can grow and hire.”

    Empire State Development Board Chair Kevin Law said, “Governor Hochul’s leadership in paying off New York’s Unemployment Insurance Trust Fund debt is a major win for businesses and workers — on Long Island and across the state. This critical step delivers real financial relief to employers while strengthening benefits for those who need them most. By reducing costs and restoring stability to the fund, we’re creating the conditions for sustained growth, economic resilience, and job creation.”

    Long Island Association President and CEO Matt Cohen said, “The UI debt was one of the last lingering reminders of the economic toll of the Covid pandemic and so the LIA applauds Governor Hochul and the New York State Legislature for delivering this significant relief to our business community.”

    HIA-LI President and CEO Terri Alessi-Miceli said, “We are grateful to Governor Hochul and the State Legislature for eliminating this burden on New York’s employers. Business owners on Long Island and the state can see meaningful relief that lowers the cost of doing business and strengthens our economy.”

    Business Council of Westchester President and CEO Marsha Gordon said, “Replenishing the State’s Unemployment Insurance (UI) Fund has been one of the Business Council of Westchester’s (BCW) top legislative priorities. For years, businesses have shouldered the burden of paying over $5 billion dollars towards this debt, which was an added tax that significantly impacted their operations. The BCW applauds the governor’s leadership and commitment to extinguishing the UI debt, which will remove the serious negative impact that businesses across the state were facing.”

    Capital Region Chamber, and the Center for Economic Growth (CEG) President and CEO Mark Eagan said, “Paying off the $7 billion outstanding federal unemployment insurance trust fund loan is a huge win for businesses, large and small. By paying off this loan, the UI program’s financial stability will be restored, and employers will no longer be saddled with higher UI taxes. We are grateful to Governor Hochul and the state legislature for addressing this outstanding debt in the final budget.”

    Acting President and CEO of CenterState Syracuse Ben Sio said, “Across New York, small and mid-sized businesses will benefit from the important decision by Governor Hochul and the legislature to pay off New York’s nearly $7 billion unemployment insurance debt. For a small business, the thousands of dollars saved by the elimination of the mandatory UI surcharge to pay off this debt will translate into new investment into those businesses, new equipment or an added employee. Simply put, this is a win for New York’s economy.”

    Greater Rochester Chamber President and CEO Bob Duffy said, “Governor Hochul’s decision to use $8 billion to restore solvency to the State’s unemployment insurance trust fund will have significant impacts on every business in New York State, from mom-and-pop shops to major legacy corporations. We have heard directly from our members that this decision will save them tens of thousands of dollars each year — savings that can be used to grow, create jobs, and invest in New York State. At a time of much uncertainty for businesses, these savings help stabilize the business community and ensure New York State remains competitive. We applaud the Governor’s leadership on this issue, and are proud to have worked alongside her and our other partners to secure this well-deserved funding for our business and labor community.”

    Greater Utica Chamber of Commerce Executive Director Kari Puleo said, “Paying off the unemployment insurance debt is a game-changer for businesses across the Mohawk Valley. It eases the financial pressure our employers have been carrying since the pandemic and frees up resources to reinvest in their operations, their workforce, and their growth. It’s a meaningful step forward that strengthens our local economy and supports a brighter future for the region.”

    Greater Binghamton Chamber of Commerce President and CEO Stacey Duncan said, “Over the past four years, New York State employers have faced significant challenges due to an unpredictable business climate, coupled with significant Unemployment Insurance costs. After depleting its UI Trust Fund in 2020, the state borrowed $11 billion to cover pandemic-related claims, saddling employers with maximum UI rates and interest assessment surcharges, costing small businesses over $6 billion. We are deeply grateful to Governor Hochul and the Legislature for recognizing the urgency of this issue and taking meaningful steps to support and prioritize the needs of small businesses.”

    North Country Chamber of Commerce President Garry Douglas said, “Relief from this massive UI debt to the federal government caused by the pandemic was a top priority for business and we join in thanking Governor Hochul and legislative leaders for the full payback of almost $7 billion. This huge UI debt would otherwise have fallen on employers, including small business, through higher UI costs until paid off, even though the pandemic shutdowns and impacts were not their fault. This important and needed relief is highly welcome for all employers.”

    MIL OSI USA News –

  • MIL-OSI: Himax Subsidiary Liqxtal Proprietary Vision-Care Pro-Eye Monitor Named Finalist for Top Ten Age-Friendly Technology Product

    Source: GlobeNewswire (MIL-OSI)

    TAINAN, Taiwan, July 29, 2025 (GLOBE NEWSWIRE) — Liqxtal Technology Inc. (“Liqxtal”), a subsidiary of Himax Technologies, Inc. (Nasdaq: HIMX), and a pioneer in liquid crystal optical innovation, today announced that its flagship vision-care product, the Liqxtal® Pro-Eye Monitor, has been selected as a finalist in the 2025 Top Ten Age-Friendly Technology Product Awards, presented by the Taiwan Healthy Ageing Tech Show Committee. This prestigious recognition honors outstanding innovations that promote health, comfort, and quality of life for Taiwan’s aging population.

    Built on Liqxtal’s patented electrically tunable liquid crystal technology, the Pro-Eye monitor projects digital images to a virtual viewing distance of approximately 16 feet, dramatically farther than the typical 20 – 24 inches of conventional monitors. This design significantly eases ciliary muscle strain and reduces eye fatigue, offering a more natural and effortless viewing experience, especially for seniors experiencing dry eyes or blurred vision due to extended screen use.

    With Taiwan’s senior population rapidly growing, technologies that support visual wellness are increasingly vital to long-term care and healthy aging. Since its debut, the Pro-Eye Monitor has garnered strong interest across healthcare, eldercare, and smart home industries for its potential to redefine visual comfort for older adults. Evaluated by a panel of experts from the Taiwan Ministry of Economic Affairs and academic institutions, its selection as a top ten finalist underscores Liqxtal’s leadership in age-friendly innovation.

    Liqxtal Pro-Eye Monitor will be showcased at the 2025 Taiwan Healthy Ageing Tech Show, held August 8 – 10 at Taipei World Trade Center Hall 1. Purposefully engineered to address age-related visual challenges, the Pro-Eye represents Liqxtal’s commitment to improving elderly eye health through advanced optical technology. During the event, Liqxtal will also exhibit other smart optical solutions, including the Liqxtal® Dim, which integrates Liqxtal’s proprietary pixelated liquid crystal light valve with Himax’s WiseEye™ ultralow power AI sensing technology, empowering an intelligent system that automatically adjusts light transmittance based on ambient conditions, enhancing both comfort and safety for seniors in varying lighting environments.

    “Liqxtal has been dedicated to advancing liquid crystal optical technologies to deliver eye-care solutions that provide both comfort and functionality,” said Dr. Hung Shan Chen, President of Liqxtal. “Being named a finalist for the top 10 Age-Friendly Technology Awards is a significant milestone that reinforces our commitment to extending this transformative technology to a broader range of aging-related applications, bringing us closer to our vision of a smarter, healthier lifestyle.”

    Liqxtal warmly invites media, healthcare professionals, and industry partners to visit Booth A805 at the Taiwan Healthy Ageing Tech Show during August 8 –10, to experience the Pro-Eye Monitor firsthand and explore how next-generation liquid crystal optics are shaping the future of visual wellness in senior care.

    About Liqxtal Technology Inc.

    Liqxtal Technology Inc. is a Taiwan based company that has been focused on exploring opportunities with liquid crystal (“LC”) beyond just displays since the company’s inception. With a distinguished track record in liquid crystal optics, Liqxtal has developed liquid crystal based optical components such as LC lens for ophthalmic application, LC diffuser for 3D sensing and LC retarder for light sensing. Additionally, Liqxtal designed and released LQ001, a high voltage & tunable frequency LC driver with a 1mm x 2mm footprint, which is particularly ideal for portable products. As a subsidiary of Himax Technologies, Liqxtal also integrates novel display solutions such as tunable backlight with local dimming capability powered by FPGA for niche applications. Lastly, Liqxtal is dedicated to novel vision eyewear technology and strives to innovate and advance useful optical solutions to the world.

    About Himax Technologies, Inc.

    Himax Technologies, Inc. (NASDAQ: HIMX) is a leading global fabless semiconductor solution provider dedicated to display imaging processing technologies. The Company’s display driver ICs and timing controllers have been adopted at scale across multiple industries worldwide including TVs, PC monitors, laptops, mobile phones, tablets, automotive, ePaper devices, industrial displays, among others. As the global market share leader in automotive display technology, the Company offers innovative and comprehensive automotive IC solutions, including traditional driver ICs, advanced in-cell Touch and Display Driver Integration (TDDI), local dimming timing controllers (Local Dimming Tcon), Large Touch and Display Driver Integration (LTDI) and OLED display technologies. Himax is also a pioneer in tinyML visual-AI and optical technology related fields. The Company’s industry-leading WiseEye™ Ultralow Power AI Sensing technology which incorporates Himax proprietary ultralow power AI processor, always-on CMOS image sensor, and CNN-based AI algorithm has been widely deployed in consumer electronics and AIoT related applications. Himax optics technologies, such as diffractive wafer level optics, LCoS microdisplays and 3D sensing solutions, are critical for facilitating emerging AR/VR/metaverse technologies. Additionally, Himax designs and provides touch controllers, OLED ICs, LED ICs, EPD ICs, power management ICs, and CMOS image sensors for diverse display application coverage. Founded in 2001 and headquartered in Tainan, Taiwan, Himax currently employs around 2,200 people from three Taiwan-based offices in Tainan, Hsinchu and Taipei and country offices in China, Korea, Japan, Germany, and the US. Himax has 2,609 patents granted and 370 patents pending approval worldwide as of June 30, 2025.

    http://www.himax.com.tw

    Forward Looking Statements

    Factors that could cause actual events or results to differ materially from those described in this conference call include, but are not limited to, the effect of the Covid-19 pandemic on the Company’s business; general business and economic conditions and the state of the semiconductor industry; market acceptance and competitiveness of the driver and non-driver products developed by the Company; demand for end-use applications products; reliance on a small group of principal customers; the uncertainty of continued success in technological innovations; our ability to develop and protect our intellectual property; pricing pressures including declines in average selling prices; changes in customer order patterns; changes in estimated full-year effective tax rate; shortage in supply of key components; changes in environmental laws and regulations; changes in export license regulated by Export Administration Regulations (EAR); exchange rate fluctuations; regulatory approvals for further investments in our subsidiaries; our ability to collect accounts receivable and manage inventory and other risks described from time to time in the Company’s SEC filings, including those risks identified in the section entitled “Risk Factors” in its Form 20-F for the year ended December 31, 2024 filed with the SEC, as may be amended.

    Liqxtal Contact:

    Henry Hung, Deputy Director of Market & Sales Division
    Liqxtal Technology Inc.
    Tel: +886-6-505-0880
    Email: info@liqxtal.com

    Himax Contacts:

    Karen Tiao, Head of IR/PR
    Himax Technologies, Inc.
    Tel: +886-2-2370-3999
    Fax: +886-2-2314-0877
    Email: hx_ir@himax.com.tw
    www.himax.com.tw

    Mark Schwalenberg, Director
    Investor Relations – US Representative
    MZ North America
    Tel: +1-312-261-6430
    Email: HIMX@mzgroup.us
    www.mzgroup.us

    A photo accompanying this announcement is available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/30cd9f50-e221-43d4-a3cb-836122c81cf7

    The MIL Network –

  • MIL-OSI USA: Hoyer Opening Remarks During Full Committee Markup of Fiscal Year 2026 National Security and Department of State Bill

    Source: United States House of Representatives – Congressman Steny H Hoyer (MD-05)

    WASHINGTON, DC – Today, Congressman Steny H. Hoyer (MD-05), Ranking Member of the House Appropriations Subcommittee on Financial Services and General Government (FSGG), delivered opening remarks at the House Appropriations Full Committee Markup of the Fiscal Year 2026 National Security, Department of State, and Related Agencies Bill. Below is a transcript of his remarks:
     

    “Thank you very much, Mr. Chairman. There are many ways to sound retreat. Silence is one of them. Failure to articulate the principles of democracy and defense. Failing to fund properly the defense of democracy here and around the world. The chairman of this subcommittee and I have voted almost exactly alike over a long period of time, ensuring that we opposed communist dictatorship in a little island not too far from our shores.

    “Some of you perhaps saw my statement the day after we bombed Iran’s nuclear capacity in support of that action. I fully subscribe to the remarks of the Subcommittee Chairman in articulating the deficiencies of this bill, in articulating, in sounding a clear trumpet again here and around the world of America’s willingness to stand against dictators, despots, and war criminals. I also will take no second spot in my defense of Israel. And I thank the gentleman for – and the gentlelady for assuring that our intent to defend Israel and oppose those who want to kill Jews.

    “A few months ago, when DOGE eliminated [the] Near Eastern Regional Democracy Fund – which supported pro-democracy Iranian activists – the Ayatollah’s regime celebrated. An Iranian newspaper affiliated with Khomeini’s government praised the decision, writing, and I quote, ‘Trump, who was expected to undermine Iran, has instead disrupted the opposition.’ I think perhaps they’ve changed their views as a result of the Administration’s action in Iran just a few days ago. China was similarly elated when the Trump Administration gutted Voice of America early this year. Reacting to that news, the former head of the Chinese Communist Party’s flagship newspaper said, ‘How truly gratifying.’ He said that China was thrilled to see the program and, I quote, ‘crumble from within, scattering like a flock of startled birds.’ The reaction was similar in Russia, where the head of one of Vladimir Putin’s state media agencies said, and again, I quote, ‘Today is a holiday for me and my colleagues.’ These are Russian colleagues. ‘This is an awesome decision by Trump.’ ‘We couldn’t shut them down,’ the spokesman continued, ‘unfortunately, but America did so itself.’ The axis of aggression will have the same reaction to this bill.

    “Russia, China, Iran, and others are already working to fill in the vacuum the bill would help create on the global stage. China, Russia, and other adversaries are pouring money into foreign initiatives to expand their influence around the world. They’re training more diplomats and analysts. They are forging closer economic ties with developing nations, as the Chair Lady [Frankel] said. Investing in diplomacy and foreign aid is not simply the right thing to do, it is also the smart thing to do. It builds goodwill toward the United States. It helps stop humanitarian crises that would otherwise put additional strain on our broken immigration system. It helps stop the spread of dangerous diseases from HIV to Ebola to Covid. Crucially, investing in these programs enhances our national security without endangering our military service members.
     
    “I echo what Marco Rubio said in 2017: ‘Foreign aid is not charity. We must make sure it is well spent, but it is less than 1% of our budget and critical to our national security.’ That was the Secretary of State who said that in 2017. How sad to see him rationalize disinvestment, contradicting his own words. In just the past few weeks, we’ve seen the Administration purge over 1,300 employees from the State Department, allegedly to improve efficiency and perhaps because our foreign challenges have become less complicated. I had two separate constituents who were dismissed. They’re concerned that the purge will undermine the State Department’s ability to process American passports.

    “I will yield, and I would hope somebody would yield to me to continue my statement.”

    (Rep. Jim Clyburn yields for Mr. Hoyer to continue his remarks.)

    “I thank the gentleman for yielding. Mr. Alford is one of my better friends on the Republican side. I respect him. I respect his remarks, and we are pleased, as the gentleman observed, that PEPFAR has been saved. It was saved from DOGE, it was saved from the Trump Administration. And yes, we support that effort, and we applaud the Chairman of the Subcommittee for doing that. However, when the gentleman talks about limited resources, there are limited resources. I care a great deal about the debt. We need to deal with $37 trillion of debt or my great grandchildren are going to be in real trouble. My grandchildren are going to be in trouble. Maybe my children won’t be in so much trouble. But we need to deal with that debt.

    “But a Republican former vice president who was governor of our state once said: ‘The cost of failure far exceeds the price of progress.’ That was Spiro Agnew. The cost of failure exceeds the price of progress. On your side, you made a determination. You were going to raise our debt by $5 trillion. Some people who had never voted to raise debt before voted to raise the debt by $5 trillion, and then you spent that additional debt, giving $3.4 trillion to some of the wealthiest people in America. Now, there were some who were not so wealthy [who] also got some small relief. So yes, this bill does some good things, but it is silent, and I think one of the biggest challenges to which John Kennedy was speaking, that, ‘we will pay any price, bear any burden to defend freedom here and around the world.’

    “And we have a dictator, despot, anti-democrat – with a small ‘d’ – attacking a democratic country, an ally of ours. We have had 12 votes on supporting Ukraine. There’s not a single Democrat [that] voted against Ukraine in those, and the overwhelming majority of Republicans voted for these 12 votes. An average of 79% of us in the Congress of the United States supported defending and helping Ukraine defend itself. Yet, as I understand it, there’s not a single word in this national security bill about Ukraine. I think the gentleman from Illinois has an amendment that may deal tangentially with Ukraine, but this bill is essentially silent. That’s what I mean about sounding retreat.

    “Now, we won’t know the full scope of the damage of this bill for a long time to come. I hope it’s a long time. It maybe sooner. We talk about China. We talk about Taiwan and supporting that $500 million. I guarantee you the message we send to China if Ukraine loses will be louder than anything this bill says. Many of those forced out of [the Department of State] were intelligence analysts specializing in Russia and China. Others focused on counterterrorism, on stopping drug trafficking. Some were tasked with ensuring America’s energy dominance. Maintaining America’s security and influence around the world is not a partisan issue. It has not been for me a single day I’ve been in this institution. I supported almost all of Ronald Reagan’s buildup, and I think it led directly to the ability of Gorbachev to look his industrial complex in the eye and say, ‘We can’t compete with America.’

    “We ought to put this legislation aside and act on the bipartisan consensus that I believe still exists on these priorities. I pray it still exists. If America retreats, our adversaries will inevitably advance. Are there some good things in this bill? There are. But they are woefully inadequate in so many other ways. I urge the defeat of this bill and yield back the balance of my time.”

    MIL OSI USA News –

  • Vaccines prevented over 2.5 million COVID deaths worldwide: Study

    Source: Government of India

    Source: Government of India (4)

    Vaccines have prevented more than 2.5 million deaths caused by SARS-CoV-2, the virus behind COVID-19, according to a new study.

    Led by researchers from the Catholic University of the Sacred Heart in Italy, the study found that one COVID-related death was avoided for every 5,400 vaccine doses administered.

    About 82% of the lives saved involved people who were vaccinated before contracting the virus. Additionally, 57% of the total lives saved were during the Omicron period, and 90% of the deaths prevented were among individuals aged 60 and above.

    Overall, the study estimated that vaccines saved 14.8 million years of life globally—equivalent to one year of life saved for every 900 doses administered. The findings were published in the JAMA Health Forum journal.

    “Previous studies attempted to estimate lives saved by vaccines using different models, timeframes, or regional data,” said Dr. Angelo Maria Pezzullo and Dr. Antonio Cristiano. “However, this study is the most comprehensive to date. It uses global data, includes the Omicron period, quantifies life years saved, and is based on fewer assumptions regarding pandemic trends.”

    For the analysis, researchers examined global population data and applied a series of statistical models to determine who became ill with COVID-19—either before or after vaccination—and during or after the Omicron period, including age and mortality outcomes.

    “We compared this data with modeled estimates assuming no COVID vaccination. This allowed us to calculate how many people were saved and the number of life years gained due to vaccination,” explained Dr. Pezzullo.

    The study also revealed that 76% of the saved life years were among people over 60. However, residents of long-term care facilities accounted for only 2% of the total benefit.

    Children and adolescents accounted for just 0.01% of lives saved and 0.1% of life years saved. Similarly, young adults aged 20–29 contributed 0.07% of lives saved and 0.3% of life years saved, the researchers noted.

    —IANS

  • MIL-OSI Africa: Long-COVID, viruses and ‘zombie’ cells: new research looks for links to chronic fatigue and brain fog

    Source: The Conversation – Africa – By Burtram C. Fielding, Dean Faculty of Sciences and Professor in the Department of Microbiology, Stellenbosch University

    Millions of people who recover from infections like COVID-19, influenza and glandular fever are affected by long-lasting symptoms. These include chronic fatigue, brain fog, exercise intolerance, dizziness, muscle or joint pain and gut problems. And many of these symptoms worsen after exercise, a phenomenon known as post-exertional malaise.

    Medically the symptoms are known as myalgic encephalomyelitis or chronic fatigue syndrome (ME/CFS). The World Health Organization classifies this as a post viral fatigue syndrome, and it is recognised by both the WHO and the United States Centers for Disease Control and Prevention as a brain disorder.

    Experiencing illness long after contracting an infection is not new, as patients have reported these symptoms for decades. But COVID-19 has amplified the problem worldwide. Nearly half of people with ongoing post-COVID symptoms – a condition known as long-COVID – now meet the criteria for ME/CFS. Since the start of the pandemic in 2020, it is estimated that more than 400 million people have developed long-COVID.

    To date, no widely accepted and testable mechanism has fully explained the biological processes underlying long-COVID and ME/CFS. Our work offers a new perspective that may help close this gap.

    Our research group studies blood and the cardiovascular system in inflammatory diseases, as well as post-viral conditions. We focus on coagulation, inflammation and endothelial cells. Endothelial cells make up the inner layer of blood vessels and serve many important functions, like regulating blood clotting, blood vessel dilation and constriction, and inflammation.

    Our latest review aims to explain how ME/CFS and long-COVID start and progress, and how symptoms show up in the body and its systems. By pinpointing and explaining the underlying disease mechanisms, we can pave the way for better clinical tools to diagnose and treat people living with ME/CFS and long-COVID.

    What is endothelial senescence?

    In our review, our international team proposes that certain viruses drive endothelial cells into a half-alive, “zombie-like” state called cellular senescence. Senescent endothelial cells stop dividing, but continue to release molecules that awaken and confuse the immune system. This prompts the blood to form clots and, at the same time, prevent clot breakdown, which could lead to the constriction of blood vessels and limited blood flow.

    By placing “zombie” blood-vessel cells at the centre of these post-viral diseases, our hypothesis weaves together microclots, oxygen debt (the extra oxygen your body needs after strenuous exercise to restore balance), brain-fog, dizziness, gut leakiness (a digestive condition where the intestinal lining allows toxins into the bloodstream) and immune dysfunction into a single, testable narrative.

    From acute viral infection to ‘zombie’ vessels

    Viruses like SARS-CoV-2, Epstein–Barr virus, HHV-6, influenza A, and enteroviruses (a group of viruses that cause a number of infectious illnesses which are usually mild) can all infect endothelial cells. They enable a direct attack on the cells that line the inside of blood vessels. Some of these viruses have been shown to trigger endothelial senescence.

    Multiple studies show that SARS-CoV-2 (the virus which causes COVID-19 disease) has the ability to induce senescence in a variety of cell types, including endothelial cells. Viral proteins from SARS-CoV-2, for example, sabotage DNA-repair pathways and push the host cell towards a senescent state, while senescent cells in turn become even more susceptible to viral entry. This reciprocity helps explain why different pathogens can result in the same chronic illness. Influenza A, too, has shown the ability to drive endothelial cells into a senescent, zombie-like state.

    What we think is happening

    We propose that when blood-vessel cells turn into “zombies”, they pump out substances that make blood thicker and prone to forming tiny clots. These clots slow down circulation, so less oxygen reaches muscles and organs. This is one reason people feel drained.

    During exercise, the problem worsens. Instead of the vessels relaxing to allow adequate bloodflow, they tighten further. This means that muscles are starved of oxygen and patients experience a crash the day after exercise. In the brain, the same faulty cells let blood flow drop and leak, bringing on brain fog and dizziness.

    In the gut, they weaken the lining, allowing bits of bacteria to slip into the bloodstream and trigger more inflammation. Because blood vessels reach every corner of the body, even scattered patches of these “zombie” cells found in the blood vessels can create the mix of symptoms seen in long-COVID and ME/CFS.

    Immune exhaustion locks in the damage

    Some parts of the immune system kill senescent cells. They are natural-killer cells, macrophages and complement proteins, which are immune molecules capable of tagging and killing pathogens. But long-COVID and ME/CFS frequently have impaired natural-killer cell function, sluggish macrophages and complement dysfunction.

    Senescent endothelial cells may also send out a chemical signal to repel immune attack. So the “zombie cells” actively evade the immune system. This creates a self-sustaining loop of vascular and immune dysfunction, where senescent endothelial cells persist.

    In a healthy person with an optimally functioning immune system, these senescent endothelial cells will normally be cleared. But there is significant immune dysfunction in ME/CFS and long-COVID, and this may enable the “zombie cells” to survive and the disease to progress.

    Where the research goes next

    There is a registered clinical trial in the US that is investigating senescence in long-COVID. Our consortium is testing new ways to spot signs of ageing in the cells that line our blood vessels. First, we expose healthy endothelial cells in the lab to blood from patients to see whether it pushes the cells into a senescent, or “zombie,” state.

    At the same time, we are trialling non‑invasive imaging and fluorescent probes that could one day reveal these ageing cells inside the body. In selected cases, tissue biopsies may later confirm what the scans show. Together, these approaches aim to pinpoint how substances circulating in the blood drive cellular ageing and how that, in turn, fuels disease.

    Our aim is simple: find these ageing endothelial cells in real patients. Pinpointing them will inform the next round of clinical trials and open the door to therapies that target senescent cells directly, offering a route to healthier blood vessels and, ultimately, lighter disease loads.

    – Long-COVID, viruses and ‘zombie’ cells: new research looks for links to chronic fatigue and brain fog
    – https://theconversation.com/long-covid-viruses-and-zombie-cells-new-research-looks-for-links-to-chronic-fatigue-and-brain-fog-261108

    MIL OSI Africa –

  • MIL-OSI Submissions: Long-COVID, viruses and ‘zombie’ cells: new research looks for links to chronic fatigue and brain fog

    Source: The Conversation – Africa (2) – By Burtram C. Fielding, Dean Faculty of Sciences and Professor in the Department of Microbiology, Stellenbosch University

    Millions of people who recover from infections like COVID-19, influenza and glandular fever are affected by long-lasting symptoms. These include chronic fatigue, brain fog, exercise intolerance, dizziness, muscle or joint pain and gut problems. And many of these symptoms worsen after exercise, a phenomenon known as post-exertional malaise.

    Medically the symptoms are known as myalgic encephalomyelitis or chronic fatigue syndrome (ME/CFS). The World Health Organization classifies this as a post viral fatigue syndrome, and it is recognised by both the WHO and the United States Centers for Disease Control and Prevention as a brain disorder.

    Experiencing illness long after contracting an infection is not new, as patients have reported these symptoms for decades. But COVID-19 has amplified the problem worldwide. Nearly half of people with ongoing post-COVID symptoms – a condition known as long-COVID – now meet the criteria for ME/CFS. Since the start of the pandemic in 2020, it is estimated that more than 400 million people have developed long-COVID.

    To date, no widely accepted and testable mechanism has fully explained the biological processes underlying long-COVID and ME/CFS. Our work offers a new perspective that may help close this gap.

    Our research group studies blood and the cardiovascular system in inflammatory diseases, as well as post-viral conditions. We focus on coagulation, inflammation and endothelial cells. Endothelial cells make up the inner layer of blood vessels and serve many important functions, like regulating blood clotting, blood vessel dilation and constriction, and inflammation.

    Our latest review aims to explain how ME/CFS and long-COVID start and progress, and how symptoms show up in the body and its systems. By pinpointing and explaining the underlying disease mechanisms, we can pave the way for better clinical tools to diagnose and treat people living with ME/CFS and long-COVID.

    What is endothelial senescence?

    In our review, our international team proposes that certain viruses drive endothelial cells into a half-alive, “zombie-like” state called cellular senescence. Senescent endothelial cells stop dividing, but continue to release molecules that awaken and confuse the immune system. This prompts the blood to form clots and, at the same time, prevent clot breakdown, which could lead to the constriction of blood vessels and limited blood flow.

    By placing “zombie” blood-vessel cells at the centre of these post-viral diseases, our hypothesis weaves together microclots, oxygen debt (the extra oxygen your body needs after strenuous exercise to restore balance), brain-fog, dizziness, gut leakiness (a digestive condition where the intestinal lining allows toxins into the bloodstream) and immune dysfunction into a single, testable narrative.

    From acute viral infection to ‘zombie’ vessels

    Viruses like SARS-CoV-2, Epstein–Barr virus, HHV-6, influenza A, and enteroviruses (a group of viruses that cause a number of infectious illnesses which are usually mild) can all infect endothelial cells. They enable a direct attack on the cells that line the inside of blood vessels. Some of these viruses have been shown to trigger endothelial senescence.

    Multiple studies show that SARS-CoV-2 (the virus which causes COVID-19 disease) has the ability to induce senescence in a variety of cell types, including endothelial cells. Viral proteins from SARS-CoV-2, for example, sabotage DNA-repair pathways and push the host cell towards a senescent state, while senescent cells in turn become even more susceptible to viral entry. This reciprocity helps explain why different pathogens can result in the same chronic illness. Influenza A, too, has shown the ability to drive endothelial cells into a senescent, zombie-like state.

    What we think is happening

    We propose that when blood-vessel cells turn into “zombies”, they pump out substances that make blood thicker and prone to forming tiny clots. These clots slow down circulation, so less oxygen reaches muscles and organs. This is one reason people feel drained.

    During exercise, the problem worsens. Instead of the vessels relaxing to allow adequate bloodflow, they tighten further. This means that muscles are starved of oxygen and patients experience a crash the day after exercise. In the brain, the same faulty cells let blood flow drop and leak, bringing on brain fog and dizziness.

    In the gut, they weaken the lining, allowing bits of bacteria to slip into the bloodstream and trigger more inflammation. Because blood vessels reach every corner of the body, even scattered patches of these “zombie” cells found in the blood vessels can create the mix of symptoms seen in long-COVID and ME/CFS.

    Immune exhaustion locks in the damage

    Some parts of the immune system kill senescent cells. They are natural-killer cells, macrophages and complement proteins, which are immune molecules capable of tagging and killing pathogens. But long-COVID and ME/CFS frequently have impaired natural-killer cell function, sluggish macrophages and complement dysfunction.

    Senescent endothelial cells may also send out a chemical signal to repel immune attack. So the “zombie cells” actively evade the immune system. This creates a self-sustaining loop of vascular and immune dysfunction, where senescent endothelial cells persist.

    In a healthy person with an optimally functioning immune system, these senescent endothelial cells will normally be cleared. But there is significant immune dysfunction in ME/CFS and long-COVID, and this may enable the “zombie cells” to survive and the disease to progress.

    Where the research goes next

    There is a registered clinical trial in the US that is investigating senescence in long-COVID. Our consortium is testing new ways to spot signs of ageing in the cells that line our blood vessels. First, we expose healthy endothelial cells in the lab to blood from patients to see whether it pushes the cells into a senescent, or “zombie,” state.

    At the same time, we are trialling non‑invasive imaging and fluorescent probes that could one day reveal these ageing cells inside the body. In selected cases, tissue biopsies may later confirm what the scans show. Together, these approaches aim to pinpoint how substances circulating in the blood drive cellular ageing and how that, in turn, fuels disease.

    Our aim is simple: find these ageing endothelial cells in real patients. Pinpointing them will inform the next round of clinical trials and open the door to therapies that target senescent cells directly, offering a route to healthier blood vessels and, ultimately, lighter disease loads.

    Burtram C. Fielding works for Stellenbosch University. He has received funding from the National Research Foundation, South Africa and the Technology Innovation Agency.

    Resia Pretorius is a Distinguished Research Professor at Stellenbosch University and receives funding from Balvi Research Foundation and Kanro Research Foundation. She is also affiliated with University of Liverpool as a Honorary Professor. Resia is a founding director of the Stellenbosch University start-up company, Biocode Technologies and has various patents related to microclot formation in Long COVID.

    Massimo Nunes receives funding from Kanro Research Foundation.

    – ref. Long-COVID, viruses and ‘zombie’ cells: new research looks for links to chronic fatigue and brain fog – https://theconversation.com/long-covid-viruses-and-zombie-cells-new-research-looks-for-links-to-chronic-fatigue-and-brain-fog-261108

    MIL OSI –

  • MIL-OSI Security: More Than $2.5 Million Recovered from Vancouver Real Estate Developer Convicted for Fraudulently Obtaining COVID-Relief Funds

    Source: US FBI

    PORTLAND, Ore.—The U.S. Attorney’s Office for the District of Oregon announced today that more than $2.5 million was collected from a real estate developer and part-time resident of Vancouver, Washington, for fraudulently obtained Covid-relief program funds.  

    According to court documents, between 2020 and 2022, Michael James DeFrees, 63, submitted loan applications and obtained Economic Injury Disaster Loans (EIDLs) and Paycheck Protection Program (PPP) loans under false pretenses. In the applications, DeFrees falsely indicated that he had never been convicted of any disqualifying criminal offense or recently placed on parole or probation. In reality, at the time he submitted the applications, DeFrees was on probation following a 2017 felony conviction in the Western District of Washington for falsifying records in a bankruptcy proceeding. After receiving the loan payouts, DeFrees laundered a portion of the proceeds through a business entity not listed in his applications and spent the funds on personal expenses.

    On February 9, 2024, DeFrees was sentenced to 21 months in federal prison for fraudulently obtaining Covid-relief program funds and laundering a portion of the proceeds. DeFrees was also ordered to forfeit $1.2 million and pay $1,346,481 in restitution to the U.S. Small Business Administration (SBA).

    Soon after, the Asset Recovery Unit of the U.S. Attorney’s Office filed liens against DeFrees’s real properties and obtained writs of execution to levy and sell his personal assets, including a 2016 Duckworth boat, a 2006 Ford F350, a 2006 MTI racing boat, two Honda Yeti snow bikes, and a 2011 Land Rover. The Asset Recovery Unit recovered the full restitution and forfeiture judgment amounts, more than $2.5 million, from the sale of DeFrees’s seized assets and one real property. The funds collected for restitution will be returned to the SBA, and funds collected to satisfy the forfeiture judgment will go to the Assets Forfeiture Fund, which pays for expenses related to the seizure, management, forfeiture and disposal of forfeitable assets.

    “Defendants who attempt to shield their assets from collection do so at their own peril, as the U.S. Attorney’s Office will aggressively pursue full payment from defendants who owe restitution to their victims,” said Katie de Villiers, Chief of the Asset Recovery Unit for the District of Oregon. “The money recovered for victims—here, the taxpayers—is a direct result of the dedicated investigators, paralegals, and attorneys who work diligently, day in and day out, to ensure justice through their collection efforts.”

    This case was investigated by the SBA Office of Inspector General, IRS-Criminal Investigation, the U.S. Treasury Inspector General for Tax Administration (TIGTA), and the FBI. Enforcement of the restitution order and collection of the forfeiture judgment was handled by Alex DeLorenzo, Assistant U.S. Attorney for the District of Oregon. The United States Marshals Service levied assets subject to the writs of execution and coordinated with auction companies across the country to liquidate the seized assets.

    MIL Security OSI –

  • MIL-OSI Security: Southern District of Texas charges 204 this week alone in relation to border enforcement efforts

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

    HOUSTON – A total of 201 new cases have been filed related to immigration and border security from July 18-24, announced U.S. Attorney Nicholas J. Ganjei.

    Among those are 87 people who face charges of illegally reentering the country. The majority have prior felony convictions for narcotics, violent crime, prior immigration crimes and more. A total of 98 people are charged with illegally entering the country, while 11 cases allege various instances of human smuggling with the remainder involving other immigration crimes and assault of officers.

    Some of those facing new criminal charges are five Mexican nationals, all of whom have previous felony convictions, according to their charges. One is Cristian Jesus Rodriguez-Cuarenta who allegedly has a prior conviction for conspiracy to transport an illegal alien and had just been removed in January. Four others – Juan Manuel Perez-Tamez, Ramiro Rodriguez-Esquivel, Jose Martinez-Lemus and Hector Esael Gonzalez-Garcia – are also alleged to be convicted felons of crimes including drug trafficking, multiple driving while intoxicated instances or illegal reentry. Despite their previous removals on varying dates between 2019 – 2022, authorities allegedly discovered all five men in the Edinburg area without any authorization to be in the United States. They face up to 20 years in federal prison, if convicted.

    Also in the McAllen area this week, a suspicious vehicle led to the arrest of three, two of whom are Mexican nationals, and the discovery of nearly three dozen illegal aliens. They are now charged with human smuggling after authorities discovered 24 illegal aliens hidden in a tractor trailer at a Border Patrol (BP) checkpoint, which included defendant Elbis Lisandro Moreno Uruqia. Joe Michael Cruz and Uruqia allegedly transported the aliens from Mission to Hebbronville. According to the charges, Uruqia and Cruz smuggled 18 aliens two weeks earlier. A related search at a Mission residence led to the arrest of Jesus Felipe Hernandez Rangel and the discovery of 10 additional illegal aliens, according to the complaint. If convicted, each faces up to 10 years in federal prison.

    In addition to the new cases, Laredo resident Juan Francisco Reyna was ordered to federal prison. He led a multi-year human smuggling operation that used social media, inclement weather and the Covid-19 pandemic to transport over 100 illegal aliens, including minors, across the United States. Reyna coordinated the scheme through Facebook, paid drivers to monitor checkpoints and scheduled crossings during storms to avoid detection. Authorities linked him to stash houses in Laredo and San Antonio where they seized over $56,000 in U.S. currency and ammunition. He received a sentence of 63 months.

    “Over the past six months, the Department of Justice has made securing our national border the number one priority, and the Southern District is putting that promise into action,” said Ganjei. “Human smugglers may have had an easy time over the past few years, but those days are over. If you engage in these crimes, if you break our nation’s immigration laws, you will be caught and you will be punished. Simple as that.”

    An armed cartel carjacker was also sentenced this week. Mexican national Johnathan Mata-Espinoza received 108 months for two counts of armed carjacking. On July 27, 2023, he threatened two adults and a child, stealing their vehicle after they refused to give him a ride to the bus station, saying, “You better take me because if not, I will kill you all.” Authorities later linked him to a second armed encounter that same night, during which he threatened another victim and displayed a concealed firearm.

    In Corpus Christi, a 40-year-old Mexican national illegally living in Houston pleaded guilty to leading a human smuggling organization and unlawfully reentering the United States. Edgar-Ruiz-Briones coordinated transportation of illegal aliens crossing the southern border, recruited drivers from as far as Kansas and managing over 100 smuggling trips into the United States over an 18-month period. He handled payments from aliens and paid drivers to move them from stash houses to destinations across the country. Ruiz-Briones, who had previously been removed multiple times, now faces up to 30 years in federal prison.

    Jose Pascual Soliz received a sentence of 240 months in federal prison after admitting to recruiting Clara Miranda Aleman and others as well as coordinating the transportation of methamphetamine hidden in a vehicle’s gas tank. Aleman helped smuggle the drugs into the United States as part of a Laredo-based trafficking operation tied to Cartel De Noreste. Authorities seized more than 11.85 kilograms of methamphetamine from the pair, noting it was part of a larger shipment. The court also found Soliz had multiple felony convictions, including one for narcotics trafficking. Aleman previously received a 41-month sentence.

    A Corpus Christi jury also convicted a former Texas National Guard soldier of smuggling illegal aliens. Mario Sandoval coordinated smuggling trips in the Rio Grande Valley and sent text messages to a co-conspirator about law enforcement activity. The defense attempted to convince the jury no conspiracy existed, and his text messages were out of context. The jury did not believe those claims and found him guilty. He faces up to 10 years in federal prison.

    In Houston, a 32-year-old Mexican national was ordered to serve 42 months after again illegally reentering the country. Juan Medina-Garcia has felony convictions for possession, aggravated assault and illegal reentry. He also has two prior removals from the United States. In handing down the sentence, the court noted the sentence should serve as a significant deterrence to prevent any future illegal reentries.

    These cases were referred or supported by federal law enforcement partners, including Immigration and Customs Enforcement (ICE) – Homeland Security Investigations, ICE – Enforcement and Removal Operations, BP, Drug Enforcement Administration, FBI, U.S. Marshals Service and Bureau of Alcohol, Tobacco, Firearms and Explosives with additional assistance from state and local law enforcement partners.

    The cases are part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces and Project Safe Neighborhood.

    Under current leadership, public safety and a secure border are the top priorities for this district. Enhanced enforcement both at the border and in the interior of the district have yielded aliens engaged in unlawful activity or with serious criminal history, including human trafficking, sexual assault and violence against children.  

    The U.S. Attorney’s Office for the Southern District of Texas remains one of the busiest in the nation. It represents 43 counties and more than nine million people covering 44,000 square miles. Assistant U.S. Attorneys from all seven divisions including Houston, Galveston, Victoria, Corpus Christi, Brownsville, McAllen and Laredo work directly with our law enforcement partners on the federal, state and local levels to prosecute the suspected offenders of these and other federal crimes. 

    An indictment or criminal complaint is a formal accusation of criminal conduct, not evidence. A defendant is presumed innocent unless convicted through due process of law.

    MIL Security OSI –

  • MIL-OSI Analysis: How to reduce the hidden environmental costs of supply chains

    Source: The Conversation – UK – By Benjamin Selwyn, Professor of International Relations and International Development, Department of International Relations, University of Sussex

    Me dia/Shutterstock

    Global supply chains account for 70% of world trade. They are the arteries of global capitalism, moving goods and services across borders multiple times before reaching consumers.

    Since the early 1990s — as part of economic globalisation — these networks have enabled mass consumption by delivering cheap goods made using cheap labour and shipped globally at minimal cost. But this convenience comes at a catastrophic environmental price.

    The infrastructure that supports global supply chains — ports, highways, railways, data servers — has expanded dramatically, increasing the distance goods travel from production to consumption to disposal. These “supply chain miles” are a major contributor to ecological degradation.

    Worse still, managing these sprawling networks depends on energy-intensive digital technologies, produced and distributed through global supply chains. Electronic waste is soaring, reaching 62 million tonnes in 2022 and projected to increase to 82 million tonnes by 2030.

    Global supply chains have also driven the expansion of global markets. Argentina’s soy industry is a case in point: production surged from under 30,000 tonnes in 1970 to over 60 million tonnes in 2015, largely to feed the world’s growing livestock population.

    Consequently, much of the Argentinian pampas region – previously renowned for its rich biodiversity – has been decimated by soy monocultures.

    As an expert on global supply chains, I study what can be done to remedy this environmentally damaging situation. My research shows that this problem runs deeper than logistics.

    Global supply chains are a key part of the capitalist system that thrives on endless economic growth. Competitive capital accumulation (where profits are reinvested to generate more profits) drives this cycle.

    The global economy is forecast to more than double by 2050. This entails an accelerated use of resources and waste generation, in a world that has already transcended an increasing number of planetary boundaries or safe limits of consumption.



    Read more:
    Society needs a systems update to cope with climate crisis – my new film explains why

    While green technologies can hypothetically make supply chains more efficient, enhanced efficiency under capitalism often leads to more production, not less. Efficiency gains can reduce costs, make goods more profitable and stimulate greater investment. Energy-saving lightbulbs and digital tools, for example, have led to broader adoption and higher overall energy use, rather than a decrease in energy demand.

    Better tech alone won’t reduce environmental harm. We need a shift toward a low-energy economy that prioritises human and ecological wellbeing over profit.

    Public transport, healthcare, open-source software and urban food systems are examples of social provision that are often cheaper, more inclusive and more environmentally sustainable than their profit-orientated alternatives.

    Greening supply chains

    I’ve identified five practical steps that can reduce the environmental footprint of supply chains.

    First, accelerating the transition from fossil fuels to renewables is essential. The Danish Island of Samsø went from fossil fuel dependence to 100% renewable energy by the early 2000s in the space of a decade by constructing and deploying on- and off-shore wind-power and biomass boilers. Scaling up such transitions could power cleaner supply chain infrastructure.

    Second, the electrification of shipping means that battery-powered shipping is no longer science fiction. The Yara Birkeland, the world’s first fully electric cargo ship, recently launched with a 100-container capacity. One study suggests that 40% of container traffic could be electrified this decade using existing technology.

    Third, by designing for durability and repair, digital and electronic products can be built to last and easy to repair. The “right to repair” movement advocates for consumer rights to fix and repair products rather than having to buy new ones and is gaining traction.

    It is challenging corporate control over who can fix what. Six US states have passed laws giving consumers the right to repair their own devices. In the UK, a community initiative called the Restart Project is pushing for stronger regulations and promoting community-based repair initiatives and digital technology sharing.

    Designing products that last and can easily be repaired helps create a more circular and less wasteful economy.
    Natali Ximich/Shutterstock

    Fourth, urban transport needs a rethink. Road transport accounts for about 12% of global greenhouse gas emissions. That sector could be streamlined by shifting supply chains from manufacturing millions of cars to investing in efficient and affordable bus, train and bike networks. Car-free cities and expanded electric public transport networks could slash emissions from road transport. This is already happening in places like Ghent in Belgium, Amsterdam in the Netherlands, Lamu Island in Kenya and Fes el Bali in Morocco.

    Fifth, supply chains can be shortened by shifting diets. Reducing meat consumption could shrink the global feed-livestock chain the vast complex of animal feed production (such as soy) underpinning the burgeoning world cattle population and its associated transport emissions.

    Countries such as Germany, the Netherlands and Denmark have already seen declines in meat consumption over the past decade as plant-based diets have gained popularity. The UK is also experiencing a fall in per capita meat consumption

    These strategies are all tiny steps in the right direction. But, as the US author and environmentalist Bill McKibben says, “winning slowly is the same as losing”. We need much greater and more rapid transformations.

    So, while parts of supply chains can become more sustainable, any efforts will be counterproductive as long as governments and firms continue chasing endless economic growth. What’s needed now is the political and cultural will to prioritise people and the planet over profit.

    Don’t have time to read about climate change as much as you’d like?

    Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 45,000+ readers who’ve subscribed so far.

    Benjamin Selwyn 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. How to reduce the hidden environmental costs of supply chains – https://theconversation.com/how-to-reduce-the-hidden-environmental-costs-of-supply-chains-259595

    MIL OSI Analysis –

  • MIL-OSI United Kingdom: Student with rare disorder graduates after nine years

    Source: Anglia Ruskin University

    Theo Hanson on the day of his ARU graduation ceremony

    Theo Hanson, an Anglia Ruskin University (ARU) student who suffers from a rare genetic disorder, is celebrating his graduation after first beginning his degree in 2016.

    Theo, 28, has lived with hereditary sensory neuropathy (HSN) all his life, leaving him unable to feel pain or touch. This lack of feeling in his body puts him at risk of accidental injury or infections.

    Despite the risks associated with his condition, his parents encouraged him to try and live independently, and he joined ARU in 2016 through Clearing.

    Theo, who lives in Cambridge, initially found that living away from home threw up challenges he had not anticipated. In 2018, his tutors encouraged him to take a year out and he flourished on rejoining ARU.

    He became a course representative and even took on a “parental” role to students during the Covid pandemic, helping students who were struggling with the restrictions.

    There were further personal and health challenges to overcome. The death of someone who helped look after him when he was young impacted Theo’s studies, and he needed to have his toes amputated due to a severe bone infection.

    However, Theo has now finally crossed the stage to formally receive his BA (Hons) degree in Computer Games Design – and he did so on the very same day his younger brother graduated from his degree in History at ARU.

    “Most people with HSN don’t even get to enter higher education, let alone to complete it. The main reason for that is that, by my age, they are usually too injured or impaired. Luckily, my version of the condition has manifested itself in a way that my brain function and level of injury is not as impaired or as severe as some others that have the condition.

    “There are two ways of dealing with someone like me, you either coddle them completely or, as my parents did, treat me like the rest of my brothers and I was encouraged to live independently. University seemed a natural step.

    “Finally finishing my degree feels incredible – I didn’t think I would ever get here. I have seen friends go on to become lecturers and I have had other friends come back to do a Masters.

    “Socially I have learned a lot. I lived in student accommodation and so I met new people every year, and the course was amazing. The lecturers were really helpful and always on hand to provide advice, and all the support staff too who helped me with submissions were lovely.”

    ARU Computer Games Design graduate Theo Hanson

    Theo has already had some of his work highlighted in PC Gamer magazine and following graduation, he’s keen to pursue work to improve accessibility in gaming.

    MIL OSI United Kingdom –

  • MIL-OSI USA: Warner, Thune Reintroduce Legislation to Expand Seniors’ Options for Care

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner
    WASHINGTON — U.S. Sens. Mark R. Warner (D-VA) and John Thune (R-SD) today reintroduced the Equitable Community Access to Pharmacist Services (ECAPS) Act, bipartisan legislation that would ensure seniors can continue to access important clinical services from their pharmacist. The bill would allow Medicare to reimburse for certain pharmacist-administered tests, treatments, and vaccinations for illnesses like influenza, respiratory syncytial virus (RSV), and strep throat, in accordance with state scope-of-practice laws. 
    “Seniors across South Dakota rely on the care and support they receive from their community pharmacists,” said Thune. “I am proud to lead this commonsense legislation that would allow these services and other important treatments to remain a reliable option for seniors, particularly in our rural communities.” 
    “During the pandemic, we saw firsthand how pharmacists stepped up to meet urgent health care needs, especially in underserved and rural communities,” said Warner. “This bill builds on that progress by making sure seniors can continue to count on their local pharmacists for routine tests, vaccines, and treatments for common illnesses like flu and COVID. This is a practical step to improve access to care, reduce the burden on hospitals and clinics, and make our health system work better for seniors.”
    “In rural states like South Dakota, pharmacists are often the most accessible – and sometimes the only – health care provider available to patients,” said Amanda Bacon, executive director of the South Dakota Pharmacists Association. “The ECAPS Act recognizes the vital role pharmacists play on the front lines of care, especially in areas where access is limited by geography, provider shortages, or both. The South Dakota Pharmacists Association strongly supports this legislation and the critical role it plays in strengthening our rural health care system. The ECAPS Act helps keep care close to home – and in South Dakota, that makes all the difference.” 
    “We applaud Senator Warner and Senator Thune for championing the reintroduction of the ECAPS Act,” said Jamie Fisher, executive director of the Virginia Pharmacy Association. “This bipartisan legislation recognizes what patients across Virginia already know – pharmacists are vital, trusted, and accessible members of the health care team. By ensuring Medicare beneficiaries can receive essential services like flu, COVID-19, RSV, and strep testing and treatment from their local pharmacist, the ECAPS Act will improve health outcomes, particularly in rural and underserved communities where access to care is often limited. We strongly support this effort to expand access and equity in health care.” 
    “The Future of Pharmacy Care Coalition commends Senate Majority Leader John Thune and Senator Mark Warner for championing the ECAPS Act to ensure seniors, including those living in rural areas and vulnerable communities, can turn to their local pharmacists for testing and treatment services that can protect them from certain common respiratory conditions,” said the Future of Pharmacy Care Coalition. “Congress must move with urgency to provide seniors with Medicare coverage in states where pharmacists can offer testing and treatment services for conditions that, although common, can quickly become life-threatening if not properly managed.”

    MIL OSI USA News –

  • MIL-OSI USA: WATCH: Hawley Secures Pledge from Trump Nominee to Ditch the Biden-era Government Censorship Business 

    US Senate News:

    Source: United States Senator Josh Hawley (R-Mo)

    Thursday, July 24, 2025

    This morning, U.S. Senator Josh Hawley (R-Mo.) questioned Sean Plankey—President Donald Trump’s nominee to be Director of Cybersecurity and Infrastructure Security Agency (CISA) under the Department of Homeland Security (DHS)—and secured his pledge to refocus the agency on protecting America’s critical infrastructure instead of propping up Biden-era government censorship. 
    “Let me just read some of the euphemisms that your predecessor used to talk about CISA’s mission in the censorship effort: ‘narrative control,’ ‘perception management’—’information integrity’ is my favorite,” Senator Hawley said. “You’re telling me that you’re going to get CISA out of the business of policing ‘narrative control?’” the Senator asked, to which Plankey affirmed.
    [embedded content]
    Watch the full exchange here.
    Senator Hawley reminded Plankey and his Senate colleagues of the gross First Amendment abuses Americans faced online under the direction of the Biden Administration’s CISA. The agency’s wide-ranging censorship shut down posts about “COVID-19, vaccines, elections, school-board meetings.”
    Breaking with his Biden-era predecessors, Plankey assured the Senator that “it is not CISA’s job, and nor is it in its authorities, to censor or determine the truths, whether it be on social media or at any level of media.” If confirmed for the role, Plankey said he would, “like to focus CISA on what it’s mandated to do and that’s protect the federal civilian executive branch, as well as protect the critical infrastructure of the United States.”

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Revived Sunderland Charity Returns to Support Next Generation of Athletes

    Source: City of Sunderland

    A long-standing Sunderland charity dedicated to supporting Sunderland’s athletes has been revived thanks to new funding from the Martin Laing Foundation and Sunderland City Council.

    The Sunderland Sports Fund, a charitable trust established over 20 years ago, provides financial support to talented young athletes and sportspeople with disabilities of all ages across the Sunderland area. After a period of inactivity during the Covid-19 pandemic, the charity is back in action, helping to nurture the city’s sporting talent.

    The funding will be used to award grants to individuals who live in, study in, or represent a sports club or organisation based in Sunderland. The goal is to break down financial barriers and ensure that no promising athlete is held back due to lack of resources.

    Grants awarded by the Sunderland Sports Fund can help pay for coaching fees, equipment and used towards travel expenses and accommodation for national and international competitions. These grants can help bridge the financial gap for athletes between amateur and elite status.

    Thanks to additional funding from Sunderland City Council the charity can now broaden its scope to help encourage more residents to get into sport. This includes directly funding coaches who will in turn help inspire and train more young people.

    Councillor Beth Jones, Cabinet Member for Communities, Culture and Tourism at Sunderland City Council, said: “The Sunderland Sports Fund is a fantastic charity that champions our young athletes and athletes with disabilities. It’s inspiring to see it brought back to life with this much-needed funding, ensuring we continue to support the next generation of sporting talent in our city, while also promoting the many health and wellbeing benefits that come from participating in sport.

    “It’s especially timely as Sunderland is set to host the opening match of the Women’s Rugby World Cup, shining an even brighter spotlight on women’s sport – and I’m delighted that one of the athletes receiving funding this year is a women’s rugby coach, helping inspire more local women and girls to get involved in the game.”

    To mark the revival, the charity held a relaunch event at Sunderland Fire Station, where it awarded bursaries to two young athletes and a rising young coach. Among the recipients was a female rugby coach from Houghton Rugby Club, who is using her qualifications to help drive participation in women’s and girls’ rugby.

    Jorja Spoors, Houghton Rugby Club Coach said: “The Sunderland Sports fund is a great opportunity offered to me thanks to Sunderland City Council. I’ll be using the fund to gain further qualifications, experience, and knowledge within the game and my coaching. The fund will help me to take my coaching to the highest levels available within rugby, with hopes to possibly pursue coaching as a career in the future.

    “It is amazing to see that Sunderland City Council have chosen to re-launch the fund to support upcoming athletes and coaches, like myself and the other recipients of the fund. It is also great to see the recognition that could be gained for women and girls within rugby and sport as a whole.”

    The relaunch event was hosted by former BBC Look North host Jeff Brown, who now serves as a trustee at Sunderland Sports Fund. Also in attendance was Gary Bennet, former SAFC player and Terry Deary, Sunderland born author of Horrible Histories, as well as the Deputy Mayor Councillor Melanie Thornton.

    In its 25 years, the Sunderland Sports Fund has awarded 670 grants to athletes and coaches across a great number of sports including boxing, basketball, swimming, skiing and more.

    Leslie Scott MBE, Chairman of Sunderland Sports Fund said: “This was a landmark occasion for our charity, not only celebrating its 25th year but also relaunching our mission to help Sunderland’s aspiring young athletes and coaches. Over the years, the achievements of our high achievers, some who have become world champions, has reflected positively on the reputation of the city. It is our hope that we will inspire the current and future cohorts of Sunderland’s young people, who are serious about taking part in competitive sports.”

    For more information or to apply for a grant, contact active@sunderland.gov.uk. 

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Charles Donald to step down as UK Government Investments CEO next year

    Source: United Kingdom – Executive Government & Departments

    Press release

    Charles Donald to step down as UK Government Investments CEO next year

    Charles Donald stepping down after successfully leading UKGI as its CEO since early 2020.

    • UKGI’s corporate governance and corporate finance advice and support has been significantly expanded since his appointment, particularly through the setting up of the new Financial Instruments and Transactions Advisory Group.
    • The recruitment process for his successor will be launched shortly.

    Charles Donald has announced today (24 July) that he will step down from his role as CEO of UK Government Investments (UKGI) in early 2026 after over five years of leading the company.

    UKGI is the government’s centre for expertise in corporate governance and corporate finance, providing expert advice and solutions to the government, including financial interventions into corporate structures and corporate finance negotiations.

    As CEO, Charles oversaw a significant expansion of UKGI’s activities during the pandemic including the establishment of the Covid Interventions Resolution Group which supported the Bank of England’s £85 billion Covid Corporate Financing Facility.

    The addition of AWE, BBC Commercial, Eutelsat, Octric, the National Wealth Fund, NESO, Network Rail, Reclaim Fund Limited, Sheffield Forgemasters and Sizewell C to UKGI’s governance portfolio also happened during Charles’ time as CEO.

    He was a key player in securing the Treasury’s full exit as a shareholder in NatWest Group in May 2025.

    Economic Secretary to the Treasury, Emma Reynolds, said:

    Charles has been an excellent CEO of UKGI, having led an impressive expansion of its important work to provide advice and support to the Government on complex corporate governance and corporate finance matters.

    I wish him well and look forward to UKGI’s continued work to support our number one mission – delivering economic growth.

    Charles Donald, outgoing CEO of UKGI, said

    It has been an extraordinary privilege to be the CEO of UKGI since early 2020.

    My objective was to continue building the expertise in corporate finance and corporate governance that UKGI brings to government as well as to ensure that UKGI continued to be an effective bridge between Whitehall and the City.

    I am proud to have had the opportunity to grow and further professionalise an organisation of such skilled and dedicated experts who support departments as government’s in-house corporate finance and corporate governance advisory function.

    Vindi Banga, Chair of UKGI, said:

    I am profoundly grateful to Charles for his leadership and commitment to UKGI over the past seven years. 

    It has been a privilege to work with Charles as he has led UKGI in support of some of government’s toughest challenges, with his characteristically calm leadership style, wisdom, and immense professional expertise.

    The recruitment process for Charles Donald’s successor will be launched shortly.

    The Board, led by Vindi Banga, is leading the process and as part of a well-ordered succession, Charles will support the transition to the new CEO following their appointment.

    Further information

    • UKGI is the government’s centre of expertise in corporate governance and corporate finance. It provides expert advice and leading solutions that inform and translate government’s decisions into effective outcomes in the national interest. 
    • UKGI acts as shareholder representative for, and leads the establishment of, UK government most complex and commercial arm’s length bodies on behalf of sponsor departments. It advises on major UK government corporate finance matters, including financial interventions into corporate structures and corporate finance negotiations; it analyses and advises on the UK government’s contingent liabilities and advises on major UK government corporate finance matters, including financial interventions into corporate structures and corporate finance negotiations. 
    • UKGI is owned by HM Treasury and independently managed with a Board comprised predominantly of independent non-executive directors. UKGI works closely with both the private and public sectors, advising and interacting with ministers, Parliament, and Whitehall departments.

    Updates to this page

    Published 24 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: expert reaction to two papers assessing off-the-shelf health tests sold in UK shops

    Source: United Kingdom – Executive Government & Departments

    A study published in The BMJ assesses direct-to-consumer self-tests sold in the UK.

    Prof Amitava Banerjee, Professor of Clinical Data Science and Honorary Consultant Cardiologist, Institute of Health Informatics, UCL, said:

    “Direct-to-consumer, self-tests are increasingly used by people with and without disease for screening and are widely available from high street vendors.  In these rigorous, real-world studies led by the University of Birmingham, we see two main findings.  First, across 30 self-tests in 19 conditions from infertility and menopause to raised cholesterol and anaemia, there is a not enough information for consumers to judge when and why to do the test, and how to interpret or how to act on the results.  Second, the evidence and the support from clinical guidelines to use these tests is often lacking, suggesting that regulatory oversight needs to be improved.

    “Sometimes people use self-tests because they “feel it is better to know” and they are trying to inform their health and healthcare decisions.  This research shows that these self-tests are often not providing relevant knowledge or information and they are not informing decisions in the right way.  Therefore, all stakeholders need to consider the quality of self-tests and information available to members of the public or health professionals before recommending their use, whether in the health and wellness space or in diagnosis, treatment and prevention of disease.”

    Rachel Richardson, Acting Head of Methods Support, Evidence Production and Methods Directorate, The Cochrane Collaboration, said:

    “This well-conducted research shines a welcome light on an area of healthcare which appears to be inadequately regulated.”

    Prof Kevin McConway, Emeritus Professor of Applied Statistics, The Open University, said:

    “I think the findings of these new studies on self-tests for health conditions, available (at a cost) in supermarkets, high street chemists and online, are scary and concerning.  I don’t doubt the findings of the researchers, that many of the available tests don’t make it clear who could make good use of them, how accurate the results might be, or what someone should do in the light of their results.

    “These are good studies in my view.  The researchers do list some limitations in the discussion sections of the papers, in particular that their samples of tests were obtained two years ago and were not specifically intended to be a sample of what was available across the country, but given what they do say about where they got the tests, I’d be surprised if they aren’t pretty much the same anywhere nowadays.  Also, the researchers didn’t check with representatives of the public whether the instructions were as unhelpful to understanding as they believe they were, but I don’t think this affects their conclusions.

    “I’m certainly not saying that tests like this should be banned, or even radically discouraged.  The authors of these research papers aren’t saying that either.  Experience during the heights of the Covid pandemic showed how useful home testing could be, particularly when access to other information about one’s health might not be easily available (as can still be the case at some GP practices, for instance).  And, generally as a default position, I don’t like telling people they can’t do something that they want to do – though only in the light of clear, transparent and easily available information on the pros and cons, and in the presence of adequate regulation.  These studies make it clear that users of many self-tests aren’t given easy access to relevant information, and that the regulation isn’t appropriate at present.

    “I’ll just mention one particular aspect, because it’s one that I have studied and written about myself.  This is about why the findings are important, not about the quality of the research.  No diagnostic or screening test for a health condition can be 100% accurate.  There will inevitably be false positives – people with a positive test result for the condition who actually don’t have the condition – and false negatives – people with a negative test result for a condition who actually do have the condition.  These are aspects of accuracy, though discussions of that word don’t always make it clear enough that there are two different ways in which a test result can be wrong.

    “You probably recall some of the interest and media discussion about these things in relation to Covid testing.  Not all of the discussion was logical or well argued, but it clearly and correctly drew attention to the fact that test results can be wrong sometimes.

    “Fewer than half of the self-tests examined by the researchers gave any information at all on the box about accuracy of the results.  Even when they did give information about accuracy on the box or in the instructions inside, the information was sometimes itself not accurate, or was based on the results of laboratory studies under careful conditions, not on findings on use of the tests by people who are not health professionals.

    “But even if all the tests had given information about accuracy, and all that information was reliable, there can still be problems. I’ll describe how.

    “Because there are two kinds of wrong results from tests – false positives and false negatives – we need to look at two aspects of the chance of making an error.  One common way of doing this, that was used in some of the self-test instructions, is as follows.  Findings from the development and use of the test can estimate the probability that someone, who is known to have the health condition in question, will have a true positive test result rather than a false negative result.  (In the jargon, that probability is called the test sensitivity – but trust me, knowing the jargon doesn’t help understanding.)  Another finding from test development and use is an estimate of the chance that a person, who is known not to have the condition on question, will have a true negative test result rather than a false positive result.  (That’s called the test specificity.)

    “The trouble is that these two probabilities are the probability of the person having a positive or a negative test result, in the position where we know whether they really have the health condition.  But you don’t do these tests if you know already whether you have the health condition.  So these probabilities are the wrong way round.  What people (and health professionals) want to know is, for example, if we know someone has a positive test result, what’s the chance that they really have the health condition that is being tested for.  Or, if we know someone has a negative test result, what’s the chance that they really don’t have the health condition?  (There are jargon names for those too – the positive predictive value and the negative predictive value, but again I don’t think those names help much, as there’s too much risk of confusion.)  And I’m sure that’s the kind of thing someone would want to know if they buy a self-test and see what result it gives for them.

    “However, the first lot of probabilities, the sensitivity and specificity, are different from the second lot, the predictive values.  If I tell you that the chance that a person, known already to have the health condition, will have positive test result is 98%, that doesn’t tell you what the chance is that a person, who has a positive test result, actually has the health condition.  That second probability is almost certainly not 98%, and in many circumstances it would be very much less than 98%.  To get from one set of probabilities to the other, you would need more information, such as how likely it is that the person has the condition if we don’t yet know the test result.

    “Just to rub in that these two probabilities aren’t the same, consider the following silly story.  You find a man in the street in London.  You happen to know he is the Pope.  What’s the chance that he is a Roman Catholic?  Obviously, 100%.  But now suppose the thing you know ,and the thing you want to know the chance of, are the other way round.  You know, somehow, that a different man in the London street is a Roman Catholic.  What’s the chance that he is the Pope?  Well, very much less than 100%.  It matters, a lot, which thing you already know and which thing you want the probability for.

    “So, in testing you get different probabilities if you know whether the person being tested has the health conditions, and want the probability that the test will be positive, from if you know what the person’s test result is, and want the probability that they have the health condition.  And only one of these probabilities – the second one – tells you what a test result is really saying about the chance of having the health condition.

    “There has been a lot of research in the past on how people, including health professionals and also non-professionals that might buy one of these self-tests, understand the findings, when they are given some information about the probabilities.  Several studies, for instance, found that many doctors and health professionals weren’t using the information on probabilities when the person’s health status is already known (the sensitivity and specificity) properly in trying to answer the question of how likely it is that someone, with a positive test result, actually has the health condition.  And if doctors might not be getting it right, how could a non-expert be expected to interpret their own test results properly?

    “The position on that maybe isn’t as grim as it sounds, though.  Other research has indicated that there are ways of getting the information across so that it’s useable by non-experts.  That has been done by several groups, including the Winton Centre for Risk and Evidence Communication in Cambridge (which has now closed, though its findings are still available), groups led by the psychologist Gerd Gigerenzer in Berlin, and many others.  Somehow, those communication findings need to be incorporated, as well as they can be, in the instructions for these tests.  But that will require more and better regulation.

    “Also, some doctors in primary health, including Jessica Watson and Margaret McCartney, who wrote the editorial accompanying these two new research papers in the BMJ, have worked on ways of helping people to understand test results – though you’d need to ask them how much of their findings could transfer easily to something that could be written clearly in test instructions rather than used in direct communication between health professionals and patients.”

    Paper 1: ‘Direct-to-consumer self-tests sold in the UK in 2023: cross sectional review of information on intended use, instructions for use, and post-test decision making’ by Clare Davenport et al. was published in the BMJ at 23:30 UK time on Wednesday 23 July 2025. 

    DOI: 10.1136/bmj-2025-085546

    Paper 2: ‘Direct-to-consumer self-tests sold in the UK in 2023: cross sectional review of regulation and evidence of performance’ by Bethany Hillier et al. was published in the BMJ at 23:30 UK time on Wednesday 23 July 2025. 

    DOI: 10.1136/bmj-2025-085547

    Declared interests

    Prof Amitava Banerjee: “AB declares no relevant conflicts of interest.”

    Prof Kevin McConway: “I have no conflicts of interest to declare.”

    Rachel Richardson: “I have no interests to declare.”

    This Roundup was accompanied by an SMC Briefing. 

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: World sprint champion sentenced after using Covid loans to help buy £1.3 million home

    Source: United Kingdom – Government Statements

    Press release

    World sprint champion sentenced after using Covid loans to help buy £1.3 million home

    Athlete sentenced for Bounce Back Loan fraud

    • British Masters athlete Rick Beardsell obtained two maximum-value Bounce Back Loans for his sportswear manufacturing business and used most of the funds to help buy a £1.3 million home in a Cheshire village
    • Money spent on purchasing the five-bedroom house should have been used to benefit his Sports Creative Limited business
    • Beardsell also broke the rules of the scheme by substantially inflating his company’s turnover and securing two loans when businesses should only have received one
    • The 46-year-old has now repaid the £100,000 he fraudulently applied for in full

    A world sprint champion has been sentenced after he spent Covid loan funds to help buy a £1.3 million house.

    Rick Beardsell secured two £50,000 Bounce Back Loans for his Sports Creative Limited company in 2020 and 2021 when businesses were only allowed a single loan.

    The 46-year-old then moved the Bounce Back Loan funds into his personal bank account, using part of the money to help buy a five-bedroom property on Macclesfield Road in Prestbury, while also transferring cash to family members and making mortgage payments.

    Beardsell, who has won multiple sprint titles and holds world records representing Great Britain as a masters athlete, was sentenced to 18 months in prison, suspended for two years, when he appeared at Chester Crown Court on Tuesday 22 July.

    He was also ordered to complete 250 hours of unpaid work and pay costs of £11,152.

    Beardsell repaid the £100,000 in full earlier this year after his guilty plea but before sentencing.

    David Snasdell, Chief Investigator at the Insolvency Service, said:

    Rick Beardsell exploited a Covid support scheme designed for struggling businesses, fraudulently obtaining loans he was not entitled to.

    While legitimate business owners fought to stay afloat during the pandemic, Beardsell bought a £1.3 million home with the help of money that should have been supporting his company through difficult times.

    This case sends a clear message that we will not tolerate those who viewed government support schemes as an opportunity for personal enrichment during a national emergency.

    Sports Creative Limited was set up in January 2009 with Beardsell as its sole director. The company described itself on social media as “a bespoke sportswear manufacturer”.

    Beardsell applied to the bank for his first £50,000 Bounce Back Loan just before Christmas 2020.

    In the application, he claimed that Sports Creative Limited had a turnover of £485,000.

    Just two weeks later, in early January 2021, Beardsell applied to a second bank for another £50,000 Bounce Back Loan, this time stating that his company had an estimated turnover of £320,000.

    Insolvency Service analysis of Sports Creative Limited’s bank account revealed that its turnover was just over £90,000, meaning he exaggerated his company’s revenue on both occasions.

    Beardsell claimed that he had received a purchase order of $600,000 (approximately £440,000) for personal protective equipment during the pandemic which ultimately failed to materialise.

    Even if this were the case, businesses were required to provide their turnover for 2019, prior to the start of Covid.

    Investigations also found Beardsell transferred £83,900 of the £100,000 loan money to his personal bank account in three separate transactions at the start of March 2021.

    A total of £431,160 from that account was paid to solicitors for the purchase of a house on Macclesfield Road in September 2021.

    Beardsell also made fraudulent transfers of £5,000 to his wife, £10,000 to another family member, and two mortgage payments for his previous house in Manchester which put the funds beyond the reach of creditors.

    In a prepared statement, Beardsell claimed that he had sought “professional advice” that Bounce Back Loan funds could be used for “any purpose” that resulted in a direct benefit to the company. He added that he was advised that this could include investments in company assets or property.

    Beardsell also said that HMRC told him that he was eligible to receive the funds from the second loan, advice which would not have been given had he been honest about his successful application for an earlier Bounce Back Loan.

    Sports Creative Limited entered liquidation in December 2021.

    Further information

    Updates to this page

    Published 23 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: World sprint champion sentenced after using £100,000 Covid loan to help buy £1.3 million home

    Source: United Kingdom – Executive Government & Departments

    Press release

    World sprint champion sentenced after using £100,000 Covid loan to help buy £1.3 million home

    Athlete sentenced for Bounce Back Loan fraud

    • British Masters athlete Rick Beardsell obtained two maximum-value Bounce Back Loans for his sportswear manufacturing business and used most of the funds to help buy a £1.3 million home in a Cheshire village
    • Money spent on purchasing the five-bedroom house should have been used to benefit his Sports Creative Limited business
    • Beardsell also broke the rules of the scheme by substantially inflating his company’s turnover and securing two loans when businesses should only have received one
    • The 46-year-old has now repaid the £100,000 he fraudulently applied for in full

    A world sprint champion has been sentenced after he spent Covid loan funds to help buy a £1.3 million house.

    Rick Beardsell secured two £50,000 Bounce Back Loans for his Sports Creative Limited company in 2020 and 2021 when businesses were only allowed a single loan.

    The 46-year-old then moved the Bounce Back Loan funds into his personal bank account, using part of the money to help buy a five-bedroom property on Macclesfield Road in Prestbury, while also transferring cash to family members and making mortgage payments.

    Beardsell, who has won multiple sprint titles and holds world records representing Great Britain as a masters athlete, was sentenced to 18 months in prison, suspended for two years, when he appeared at Chester Crown Court on Tuesday 22 July.

    He was also ordered to complete 250 hours of unpaid work and pay costs of £11,152.

    Beardsell repaid the £100,000 in full earlier this year after his guilty plea but before sentencing.

    David Snasdell, Chief Investigator at the Insolvency Service, said:

    Rick Beardsell exploited a Covid support scheme designed for struggling businesses, fraudulently obtaining loans he was not entitled to.

    While legitimate business owners fought to stay afloat during the pandemic, Beardsell bought a £1.3 million home with the help of money that should have been supporting his company through difficult times.

    This case sends a clear message that we will not tolerate those who viewed government support schemes as an opportunity for personal enrichment during a national emergency.

    Sports Creative Limited was set up in January 2009 with Beardsell as its sole director. The company described itself on social media as “a bespoke sportswear manufacturer”.

    Beardsell applied to the bank for his first £50,000 Bounce Back Loan just before Christmas 2020.

    In the application, he claimed that Sports Creative Limited had a turnover of £485,000.

    Just two weeks later, in early January 2021, Beardsell applied to a second bank for another £50,000 Bounce Back Loan, this time stating that his company had an estimated turnover of £320,000.

    Insolvency Service analysis of Sports Creative Limited’s bank account revealed that its turnover was just over £90,000, meaning he exaggerated his company’s revenue on both occasions.

    Beardsell claimed that he had received a purchase order of $600,000 (approximately £440,000) for personal protective equipment during the pandemic which ultimately failed to materialise.

    Even if this were the case, businesses were required to provide their turnover for 2019, prior to the start of Covid.

    Investigations also found Beardsell transferred £83,900 of the £100,000 loan money to his personal bank account in three separate transactions at the start of March 2021.

    A total of £431,160 from that account was paid to solicitors for the purchase of a house on Macclesfield Road in September 2021.

    Beardsell also made fraudulent transfers of £5,000 to his wife, £10,000 to another family member, and two mortgage payments for his previous house in Manchester which put the funds beyond the reach of creditors.

    In a prepared statement, Beardsell claimed that he had sought “professional advice” that Bounce Back Loan funds could be used for “any purpose” that resulted in a direct benefit to the company. He added that he was advised that this could include investments in company assets or property.

    Beardsell also said that HMRC told him that he was eligible to receive the funds from the second loan, advice which would not have been given had he been honest about his successful application for an earlier Bounce Back Loan.

    Sports Creative Limited entered liquidation in December 2021.

    Further information

    Updates to this page

    Published 23 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: S. 237, Honoring Our Fallen Heroes Act of 2025

    Source: US Congressional Budget Office

    Bill Summary

    S. 237 would expand eligibility for death, disability, and education benefits provided by the Public Safety Officer’s Benefit (PSOB) program to public safety officers and their beneficiaries if an officer dies or becomes permanently and totally disabled as a direct result of a cancer covered under the bill. S. 237 would apply retroactively to officers who die or become disabled on or after January 1, 2020. The bill would require the Department of Justice (DOJ) to review the list of cancers covered by the bill at least once every three years.

    S. 237 also would extend the deadline to file a claim for benefits under the PSOB program for officers and their beneficiaries for officers who die or become permanently and totally disabled from COVID-19. Under current law, the deadline to file such a claim was May 11, 2023, when the public health emergency declared during the coronavirus pandemic ended.

    Estimated Federal Cost

    The estimated budgetary effect of S. 237 is shown in Table 1. The costs of the legislation fall within budget function 750 (administration of justice).

    Table 1.

    Estimated Budgetary Effects of S. 237
     

    By Fiscal Year, Millions of Dollars

    		    
     

    2025

    2026

    2027

    2028

    2029

    2030

    2031

    2032

    2033

    2034

    2035

    2025-2030

    2025-2035
     

    Increases in Direct Spending

    		    

    Estimated Budget Authority

    0

    22

    50

    43

    30

    26

    23

    18

    17

    18

    18

    171

    265

    Estimated Outlays

    0

    15

    40

    45

    34

    27

    23

    19

    17

    17

    18

    161

    255
     

    Increases in Spending Subject to Appropriation

    		    

    Estimated Authorization

    *

    6

    15

    16

    13

    11

    n.e.

    n.e.

    n.e.

    n.e.

    n.e.

    61

    n.e.

    Estimated Outlays

    *

    5

    14

    16

    13

    11

    n.e.

    n.e.

    n.e.

    n.e.

    n.e.

    59

    n.e.

    Basis of Estimate

    CBO assumes that the bill will be enacted near the end of fiscal year 2025. The estimate is based on CBO’s analysis of cancer incidence and mortality among the general population of the United States and a review of the medical literature related to cancer incidence and mortality among public safety officers, including firefighters. The estimate is also based on CBO’s projections of the number of deaths among public safety officers that are likely to be related to cancer and the number of officers or their beneficiaries who apply for and receive benefits under the PSOB program.

    Background

    The PSOB program is administered by DOJ to provide cash benefits to federal, state, and local public safety officers and their beneficiaries in the event of death or permanent and total disability resulting from physical injuries and certain mental health conditions, such as post-traumatic stress disorder. Education benefits are also available to eligible spouses and children of officers who die or become disabled in the line of duty. Public safety officers include those working in law enforcement, firefighters, emergency management, and emergency medical services.

    The program already provides benefits to World Trade Center responders and their beneficiaries who die or become disabled from cancer from exposure to a carcinogen after the terrorist attacks on September 11, 2001. CBO is unaware of the program approving any death or disability claim related to cancer that does not stem from attacks on September 11, 2001.

    Eligibility Under the Bill

    Under S. 237, an exposure to a carcinogen would qualify as an injury in the line of duty if an officer later dies or becomes permanently and totally disabled as a direct result of cancer. The bill would direct DOJ to presume that a qualifying injury caused the death or disability if the officer:

    • Was exposed to a carcinogen while in the line of duty;
    • Served for at least five years before being diagnosed with cancer; and
    • Received a diagnosis of cancer within 15 years of leaving service.

    The presumption would not apply if DOJ determines, based on competent medical evidence, that the exposure to a carcinogen was not a substantial factor in an officer’s death or disability.

    Direct Spending

    The PSOB program pays a one-time death benefit to spouses and children or other designated beneficiaries of officers who die in the line of duty. The cost of those benefits is classified in the budget as direct spending. In 2025, the one-time benefit is $448,575; under current law, that amount increases each year to account for inflation.

    Cancer Claims. CBO expects that most relatives of potentially eligible officers would apply for benefits. Based on information from DOJ and other similar programs, such as the September 11th Victim Compensation Fund, CBO estimates that about 75 percent of claims for cancer-related deaths among public safety officers would ultimately result in benefits being paid to family members or designated beneficiaries. CBO expects that firefighters would account for most claims under the bill.

    Using data from the Centers for Disease Control and Prevention (CDC) on cancer mortality among the general population and a review of medical literature regarding cancer incidence and mortality among firefighters, CBO estimates that, on average, about 40 claims would be filed annually over the 2025-2035 period.

    S. 237 also would require benefits to be awarded for cancer deaths occurring between January 1, 2020, and the date of enactment. CBO estimates that about 200 claims would be submitted for officers who died from cancer during that period and that those claims would be filed within three years of enactment.

    COVID-19 Claims. Additionally, the bill would extend by three years the deadline to file a claim for death benefits for spouses, children, or other beneficiaries of officers who die from COVID-19. Under current law, an officer is presumed to be eligible by DOJ if the officer was diagnosed with COVID-19 within 45 days of the last day of duty and medical evidence indicates that the officer had the virus or complications from the virus at the time of death. Under current law, the deadline to file such a claim was May 11, 2023, when the public health emergency related to the coronavirus pandemic was lifted. Using information from DOJ about the number of those claims it received between 2020 and 2023 and data from the CDC on COVID-19 mortality, CBO estimates that about 150 claims would be submitted for officers who die from COVID-19.

    In total, CBO estimates that under the bill, about 765 claims would be filed over the 2025-2035 period. Based on the amount of time CBO estimates that it would take DOJ to process each eligible claim, CBO estimates that about 530 claims would be approved for benefits over the next decade under S. 237. (About 30 claims filed during that period would be approved after 2035.) Accounting for expected increases in inflation, CBO estimates that enacting S. 237 would increase direct spending by $255 million over the 2025-2035 period.

    Spending Subject to Appropriation

    By expanding the scope of qualifying deaths and injuries, S. 237 also would increase the number of claimants eligible for disability and education benefits under the PSOB program. Spending for those benefits is subject to the availability of appropriated funds. DOJ also would incur administrative costs to implement the bill. In total, CBO estimates that implanting S. 237 would cost $59 million over the 2025-2030 period (see Table 2). That spending would be subject to the availability of appropriated funds.

    Disability Benefits. Under current law, the PSOB program pays benefits for permanent and total disability resulting from injuries suffered in the line of duty. Under current law, claimants receive a one-time benefit that is the same amount as the death benefit ($448,575 in 2025), which increases each year to account for inflation. In total, CBO estimates that the cost of disability benefits under S. 237 would be $24 million over the 2025-2030 period.

    Table 2.

    Estimated Increases in Spending Subject to Appropriation Under S. 237
     

    By Fiscal Year, Millions of Dollars

    		  
     

    2025

    2026

    2027

    2028

    2029

    2030

    2025-2030

    Disability Benefits

    		              

    Estimated Authorization

    0

    1

    5

    7

    6

    5

    24

    Estimated Outlays

    0

    1

    5

    7

    6

    5

    24

    Education Benefits

    		              

    Estimated Authorization

    0

    4

    9

    8

    6

    5

    32

    Estimated Outlays

    0

    3

    8

    8

    6

    5

    30

    Administrative Costs

    		              

    Estimated Authorization

    *

    1

    1

    1

    1

    1

    5

    Estimated Outlays

    *

    1

    1

    1

    1

    1

    5

    Total Changes

    		              

    Estimated Authorization

    *

    6

    15

    16

    13

    11

    61

    Estimated Outlays

    *

    5

    14

    16

    13

    11

    59

    Cancer Claims. S. 237 would designate an exposure to a carcinogen as an injury in the line of duty if an officer later becomes permanently disabled as a direct result of cancer. Using information from DOJ about the historical number of claims, CBO expects that fewer claims for disability benefits would be filed under the bill than claims for death benefits. On that basis, CBO estimates that one claim for disability benefits would be filed for every three claims for death benefits. Additionally, based on conversations with DOJ and subject matter experts, CBO expects that most officers affected by cancer would not meet the permanently and totally disabled threshold. Based on historical approval rates for disability-related claims, CBO estimates that about 50 percent of claims for disability claims would ultimately be approved.

    Under the bill, CBO estimates that about 120 claims for disability benefits related to cancer would be filed over the 2025-2030 period. Using information from DOJ about the time it takes to process each claim, CBO estimates that about 50 claims would be approved over the same period. (About 10 additional claims filed during the period would be approved after 2030.)

    COVID-19 Claims. S. 237 also would extend by three years the deadline to file a claim for benefits under the PSOB program for officers who become permanently and totally disabled from COVID-19. Using data from DOJ about the number of those claims filed and approved over the 2020-2023 period, CBO estimates that under S. 237 fewer than five claims would be approved for officers who become disabled from COVID-19.

    Education Benefits. Under current law, the spouse or children of a public safety officer who dies or becomes permanently disabled from physical injuries and certain mental health conditions may also be eligible for education benefits to cover tuition, fees, books, supplies and room and board. The monthly benefit for a full-time student in 2025 is $1,536; that amount is adjusted each year for inflation. Under current law, the maximum duration of benefits is 45 months of full-time education or a proportionate duration of part-time education.

    Historical data from the PSOB program indicate that about three claims for education benefits have been approved for every two claims that have been approved for death and disability benefits. On that basis, CBO estimates that about 360 claims stemming from death benefits and about 50 claims stemming from disability benefits will be approved over the 2025-2030 period under S. 237. Using information about the time it takes to process claims for education benefits, CBO estimates that about 650 people will receive benefits over the 2025-2030 period under the bill. In total, CBO estimates that those benefits would cost $30 million over the 2025-2030 period. Those outlays reflect the historical spending patterns for such claims.

    Administrative Costs. As discussed above, implementing S. 237 would require DOJ to review more than 150 additional claims annually under the bill. Using information from the agency about the number of staff required to process claims under current law, CBO estimates that implementing the bill would require an additional five people each year to process claims and review the list of eligible cancers at a cost of $1 million annually. In total, CBO estimates that DOJ would incur $5 million in administrative costs over the 2025-2030 period.

    Uncertainty

    CBO’s cost estimate for S. 237 is subject to significant uncertainty in several areas:

    • Identifying public safety officers’ rate of incidence and deaths from cancer and COVID-19;
    • Estimating the number of people who would be eligible to file claims for benefits under the bill;
    • Calculating the proportion of claims that DOJ would determine to be eligible, which is affected by the latency periods for different cancers and other circumstances specific to each officer’s medical history and lifestyle; and
    • Anticipating the timing of submissions and the amount of time required to review applications and process claims.

    CBO strives for estimates that are in the middle of possible outcomes and each factor in the estimate could be higher or lower than CBO estimates. As a result, enacting the bill could result in higher or lower costs than CBO estimates.

    Pay-As-You-Go Considerations

    The Statutory Pay-As-You-Go Act of 2010 establishes budget-reporting and enforcement procedures for legislation affecting direct spending or revenues. The net changes in outlays that are subject to those pay-as-you-go procedures are shown in Table 3.

    Table 3.

    CBO’s Estimate of the Statutory Pay-As-You-Go Effects of S. 237, the Honoring Our Fallen Heroes Act of 2025, as Reported by the Senate Committee on the Judiciary on May 20, 2025
     

    By Fiscal Year, Millions of Dollars

    		    
     

    2025

    2026

    2027

    2028

    2029

    2030

    2031

    2032

    2033

    2034

    2035

    2025-2030

    2025-2035
     

    Net Increase in the Deficit 

    		    

    Pay-As-You-Go Effect

    0

    15

    40

    45

    34

    27

    23

    19

    17

    17

    18

    161

    255

    Increase in Long-Term Net Direct Spending and Deficits

    CBO estimates that enacting S. 237 would not increase net direct spending by more than $2.5 billion in any of the four consecutive 10-year periods beginning in 2036.

    CBO estimates that enacting S. 237 would not increase on‑budget deficits by more than $5 billion in any of the four consecutive 10-year periods beginning in 2036.

    Mandates

    The bill contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act.

    Federal Costs: Jeremy Crimm

    Mandates: Erich Dvorak

    Estimate Reviewed By

    Justin Humphrey
    Chief, Finance, Housing, and Education Cost Estimates Unit

    Kathleen FitzGerald 
    Chief, Public and Private Mandates Unit

    H. Samuel Papenfuss 
    Deputy Director of Budget Analysis

    Phillip L. Swagel

    Director, Congressional Budget Office

    MIL OSI USA News –

  • MIL-OSI United Kingdom: expert reaction to study looking at estimates of brain ageing and the Covid pandemic

    Source: United Kingdom – Executive Government & Departments

    A study published in Nature Communications looks at brain ageing during the Covid-19 pandemic. 

    Dr Eugene Duff, Advanced Research Fellow in Informatics, Department of Brain Sciences, Imperial College London, said:

    “Mohammadi-Nejad and colleagues present a unique analysis of MRI data from the UK Biobank study to identify evidence for the impact of the COVID-19 pandemic period – independent of the infection itself – on brain health and aging.  They were able to show that, even in the absence of COVID-19 infection, living through the pandemic was associated with accelerated aging of the brain, and could point to a variety of factors potentially contributing to this acceleration, such as sex and socio-demographic background.  With this approach, the authors were able to quantify more extensive brain health associations of the pandemic period than studies focusing purely on effects of the virus itself.  However, as an observational study it is not possible to fully exclude that factors unrelated to the pandemic could contribute to the observed acceleration. While the events of the pandemic were exceptional, this work demonstrates the stark effects that the conditions of an individual’s life may have on brain and cognitive health, and the value of careful dissection of the myriad of local and global factors contributing to these conditions.”

    Prof Masud Husain, Professor of Neurology & Cognitive Neuroscience, University of Oxford, said:

    “While this is a very carefully conducted analysis, we have to be cautious with interpretation.

    “The brain age difference between the two groups (as indexed by brain scanning) was on average only 5 months, and difference in cognitive performance between groups was only on the total time taken to complete one of the tests.  Is this really going to make a significant difference in everyday life?

    “Furthermore, the time between scans was much shorter in the people scanned before and after the pandemic, compared to those who had both scans before the pandemic. We therefore don’t know if brain aging would have recovered if more time elapsed.”

    Dr Maxime Taquet, Associate Professor in the Department of Psychiatry, University of Oxford, said:

    “This landmark brain imaging study suggests that the COVID-19 pandemic may have accelerated brain ageing in some people.  By comparing scans taken more than two years apart, researchers found that the average person’s brain appeared to age an extra 5.5 months for every year lived during the pandemic.  It is important to note that the majority of people showed brain ageing at the expected rate.  However, a higher-than-usual proportion showed striking increases in brain age of an extra 15 to 20 months per year.

    “Among those infected with COVID-19, the increased brain age correlated with lower scores in a test of thinking skills like attention and problem-solving.  This might help explain why some people who had COVID-19 have impaired cognition.

    “The findings raise important questions about the long-term neurological impact of the pandemic, whether due to infection itself or the broader psychological and social stress it caused.  The authors suggest that the observed brain ageing may reflect a biopsychosocial effect combining the impact of COVID-19 infection with the psychological and social stresses of the pandemic.  However, it is also possible that the observed association is primarily biological, driven largely by undetected infections.  An analysis by the Institute for Health Metrics and Evaluation estimated that over 90% of the UK population may have been infected by the end of 2022, meaning that many participants classified as ‘uninfected’ might have had asymptomatic or undocumented cases.  This raises the possibility that viral exposure played a more central role in the study findings than assumed.

    “Another possibility is that the findings do not reflect a causal relationship and are due to a form of selection bias.  For instance, if individuals whose brains were ageing more slowly happened to be scanned sooner, and therefore before the pandemic, this could have contributed to the observed association despite the study’s efforts to rule out such confounding.

    “The study was well-designed and based on unique UK Biobank data with repeated brain scans.  The researchers also acknowledge limitations.  The sample excludes people with chronic illnesses such as diabetes and depression and the UK Biobank underrepresents the most socioeconomically deprived groups, the very populations in which the association between the pandemic and brain ageing was largest. This means the association in the general population could be even more pronounced.”

    ‘Accelerated brain ageing during the COVID19 pandemic’ by Ali-Reza Mohammadi-Nejad et al. was published in Nature Communications at 16:00 UK time on Tuesday 22 July 2025. 

    DOI: 10.1038/s41467-025-61033-4

    Declared interests

    Dr Eugene Duff: “I have no conflicts of interest.”

    Prof Masud Husain: “I don’t have any conflict of interest.”

    Dr Maxime Taquet: “I do not have a conflict of interest.”

    MIL OSI United Kingdom –

  • MIL-OSI Submissions: Dog thefts: what really happened during the COVID pandemic

    Source: The Conversation – UK – By Daniel Allen, Animal Geographer, Keele University

    smrm1977/Shutterstock

    Dog theft can be a devastating crime. During the COVID pandemic, newspapers suggested there was an epidemic of “dognapping” in the UK. If you have a dog, the reports may have alarmed you at a time when there were already many reasons to feel afraid.

    There are mixed views on whether or not lockdown triggered an increase in dog ownership. Animal welfare charity Battersea attributed a 53% increase in dog adoption to lockdown, and online pet adoption service Pets4Homes said in their 2022 report that demand for puppies rose 104% at the peak of lockdown in May 2020.

    But animal charity PDSA said its survey data pointed to a gradual increase in dog ownership since 2011 rather than a dramatic surge during lockdown. However, we do know lockdown saw inflated prices for dogs, with some fashionable breeds going for £9,000.

    In terms of criminal activity, social distancing restrictions seemed to lead to a decline in some forms of crime, including shoplifting and burglary. But many media outlets reported the number of dog thefts had increased up to 250% during the pandemic.

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

    We wanted to explore if the data supported claims of a dognapping epidemic and whether patterns in dog theft could suggest ways to help reduce it. Our recent study found new insights into dog theft patterns and showed the situation was more complicated than it seemed at first glance.

    Under the Theft Act 1968, dog theft is not a specific offence. It comes under other theft offences, such as burglary or theft from a person.

    This means police records on dog theft were not included in crime statistics. The only way to access such information is through Freedom of Information (FOI) requests to individual police forces. There are 45 territorial and three special police forces in the UK, and each has its own reporting and recording practices.

    Although police FOI data for dog theft must be approached with caution, it is useful. Previous studies exploring police FOI data found an upward trend in recorded dog thefts in England and Wales: rising nearly 20% from 2015 (1,545) to 2018 (1,849) for 41 police forces combined; and up 3.5% year on year from 2019 (1,452) to 2020 (1,504) for 33 police forces.

    DogLost, a UK online community for reuniting lost and stolen dogs with their owners, reported a 170% increase in stolen dogs (with Crime Reference Numbers) registered on their website in 2020 (465), compared to 2019 (172). This figure was widely quoted as a national increase “since lockdown started” by the media.

    The 250% increase figure first quoted in December 2020 was actually a comparison of two seven-month periods (January-July 2019 and 2020) for only one police force.

    Patterns and trends

    Our study found the data for the period covering the COVID pandemic is also incomplete. Data was provided by 32 forces (71%) for 2020, by 27 forces (60%) for 2021, and 23 forces (51%) for 2022.

    Patterns and trends do, however, emerge. Between 2020 and 2022, the available data shows a 3.7% rise in dog thefts in the UK, from 1,573 to 1,631. When making adjustments for the number of police forces providing data (which decreased over the period), the estimated national figures suggest there may have been more significant rise of up to 44.2%.

    While we cannot assume that the forces who supplied data are representative of all 45 regional forces, if this were the case, it would equate to 2,212 recorded dog thefts in 2020, 2,645 in 2021, and 3,191 in 2022.

    There was a lot of variation between different areas. For example, Cambridgeshire, Gwent and Northumbria police forces experienced increases of 36%, 49% and 80% respectively in the number of recorded dog thefts between 2020 and 2021.

    Monthly analysis of data from regional police forces and DogLost, show that the number of reports of stolen dogs started to go up when the UK entered its first national lockdown and again during part of the third lockdown. But the average number of police-recorded dog thefts was actually slightly higher outside of lockdown periods than during them between 2020 and 2022.

    However, in contrast with police trends, DogLost data shows a 65.2% drop in dogs reported stolen on DogLost’s website in 2022 compared to 2020. Lower DogLost numbers may reflect limited visibility or presence of their networks, the use of alternative lost and stolen dog services, or reluctance to share personal details online due to scams targeting dog theft victims.

    Dogs are often stolen from inside their own homes.
    GoodFocused/Shutterstock

    Our study found that, overall, there probably was an increase in dog theft from
    2020 to 2022, following already identified increases in the preceding years. This rise was probably driven by a combination of opportunity (more dogs, higher value) and situational factors (accessibility, dogs unattended in gardens while owners were inside).

    Our evidence does not support the notion of a widespread epidemic as portrayed by the media. However, increased media interest probably amplified awareness of the issue, and influenced the creation of the Pet Theft Taskforce, a UK government initiative set up in May 2021 to investigate and tackle dog thefts.

    New research appears to confirm the idea that dog abduction has significant welfare effects on both dogs and their owners. We also know that few dog thefts are successfully resolved, with under a quarter of stolen dogs likely to be returned and around 1%-5% of reported dog thefts result in someone being charged.

    However, there is potential good news. Our ongoing research suggests the number of police-recorded dog thefts decreased slightly in 2023, and again in 2024. This is supported by research from pet insurer Direct Line, which has estimated a 21% decrease in the number of stolen dogs from 2,290 in 2023 to 1,808 in 2024 in the UK.

    Daniel Allen is founder of Pet Theft Reform and patron of the Stolen and Missing Pets Alliance (Sampa).

    Melanie Flynn is a member of the Research Advisory Committee of the Vegan Society (UK).

    John Walliss 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. Dog thefts: what really happened during the COVID pandemic – https://theconversation.com/dog-thefts-what-really-happened-during-the-covid-pandemic-252061

    MIL OSI –

  • India expected to clock 6.6 pc growth in FY26 despite uncertain global outlook

    Source: Government of India

    Source: Government of India (4)

    India is expected to expand close to its trend growth in FY26, supported by better consumption demand on recent monetary easing, income tax reductions, good monsoon rains, and the prospect of continued lower oil prices, according to a report on Tuesday.

    The Standard Chartered global outlook report expects India to clock steady GDP growth of 6.6 per cent in FY26 compared to 6.5 per cent in FY25. While strong macro fundamentals provide the cushion, the bank also flags that India is not immune to tariff risk and the outcome of trade talks with the US and the EU will be key to growth prospects.

    The confidence on India’s growth outlook comes even as the bank has lowered its 2025 global growth forecast slightly to 3.1 per cent from the 3.2 per cent earlier amid still-elevated trade policy uncertainty.

    Anubhuti Sahay, Head of India Economic research, expects improvement in real purchasing power in FY26. However, she also said, “While urban demand is expected to stay supported on countercyclical measures, urban households may partially use the benefits from lower rates and tax cuts to deleverage and boost savings.”

    “A combined fiscal deficit sustainably below 7 per cent of GDP is an important criterion for a rating upgrade, as highlighted by S&P when it upgraded India’s sovereign rating outlook to positive in 2024. FY26 will be the first year when combined fiscal deficit will be below 7 per cent of GDP. We also see a high probability of it staying below 7 per cent on a medium-term basis,” Sahay added.

    Overall, globally, the report sees growing downside risks to the US economy in H2 (second half) 2025, after greater resilience than expected in H1 (first half). The inflationary impact of US tariffs is likely to constrain Fed monetary easing, with scope for one more 25bps rate cut in 2025, although there is a risk of a bigger 50 bps move at the September meeting.

    China’s trend growth is likely to slow. While the worst of the US-China trade war appears to be over, with China’s dominance of rare-earths production proving to be an effective bargaining tool, China’s economy remains vulnerable to higher effective tariffs. Export growth, a key source of growth since COVID-19, could slow meaningfully by the end of 2025, the report added.

    (IANS)

  • MIL-Evening Report: COVID, flu, RSV: how these common viruses are tracking this winter – and how to protect yourself

    Source: The Conversation (Au and NZ) – By Adrian Esterman, Professor of Biostatistics and Epidemiology, University of South Australia

    nimis69/Getty Images

    Winter is here, and with it come higher rates of respiratory illnesses. If you’ve been struck down recently with a sore throat, runny nose and a cough, or perhaps even a fever, you’re not alone.

    Last week, non-urgent surgeries were paused in several Queensland hospitals due to a surge of influenza and COVID cases filling up hospital beds.

    Meanwhile, more than 200 aged care facilities around Australia are reportedly facing COVID outbreaks.

    So, just how bad are respiratory infections this year, and which viruses are causing the biggest problems?

    COVID

    Until May, COVID case numbers were about half last year’s level, but June’s 32,348 notifications are closing the gap (compared with 45,634 in June 2024). That said, we know far fewer people test now than they did earlier in the pandemic, so these numbers are likely to be an underestimate.

    According to the latest Australian Respiratory Surveillance Report, Australia now appears to be emerging from a winter wave of COVID cases driven largely by the NB.1.8.1 subvariant, known as “Nimbus”.

    Besides classic cold-like symptoms, this Omicron offshoot can reportedly cause particularly painful sore throats as well as gastrointestinal symptoms such as nausea and diarrhoea.

    While some people who catch COVID have no symptoms or just mild ones, for many people the virus can be serious. Older adults and those with chronic health issues remain at greatest risk of experiencing severe illness and dying from COVID.

    Some 138 aged care residents have died from COVID since the beginning of June.

    The COVID booster currently available is based on the JN.1 subvariant. Nimbus is a direct descendant of JN.1 – as is another subvariant in circulation, XFG or “Stratus” – which means the vaccine should remain effective against current variants.

    Free boosters are available to most people annually, while those aged 75 and older are advised to get one every six months.

    Vaccination, as well as early treatment with antivirals, lowers the risk of severe illness and long COVID. People aged 70 and older, as well as younger people with certain risk factors, are eligible for antivirals if they test positive.

    Influenza

    The 2025 flu season has been unusually severe. From January to May, total case numbers were 30% higher than last year, increasing pressure on health systems.

    More recent case numbers seem to be trending lower than 2024, however we don’t appear to have reached the peak yet.

    Flu symptoms are generally more severe than the common cold and may include high fever, chills, muscle aches, fatigue, sore throat and a runny or blocked nose.

    Most people recover in under a week, but the flu can be more severe (and even fatal) in groups including older people, young children and pregnant women.

    An annual vaccination is available for free to children aged 6 months to 4 years, pregnant women, those aged 65+, and other higher-risk groups.

    Queensland and Western Australia provide a free flu vaccine for all people aged 6 months and older, but in other states and territories, people not eligible for a free vaccine can pay (usually A$30 or less) to receive one.

    RSV

    The third significant respiratory virus, respiratory syncytial virus (RSV), only became a notifiable disease in 2021 (before this doctors didn’t need to record infections, meaning data is sparse).

    Last year saw Australia’s highest case numbers since RSV reporting began. By May, cases in 2025 were lower than 2024, but by June, they had caught up: 27,243 cases this June versus 26,596 in June 2024. However it looks as though we may have just passed the peak.

    RSV’s symptoms are usually mild and cold-like, but it can cause serious illness such as bronchiolitis and pneumonia. Infants, older people, and people with chronic health conditions are among those at highest risk. In young children, RSV is a leading cause of hospitalisation.

    A free vaccine is now available for pregnant women, protecting infants for up to six months. A monoclonal antibody (different to a vaccine but also given as an injection) is also available for at-risk children up to age two, especially if their mothers didn’t receive the RSV vaccine during pregnancy.

    For older adults, two RSV vaccines (Arexvy and Abrysvo) are available, with a single dose recommended for everyone aged 75+, those over 60 at higher risk due to medical conditions, and all Aboriginal and Torres Strait Islander people aged 60+.

    Unfortunately, these are not currently subsidised and cost about $300. Protection lasts at least three years.

    The common cold

    While viruses including COVID, RSV and influenza dominate headlines, we often overlook one of the most widespread – the common cold.

    The common cold can be caused by more than 200 different viruses – mainly rhinoviruses but also some coronaviruses, adenoviruses and enteroviruses.

    Typical symptoms include a runny or blocked nose, sore throat, coughing, sneezing, headache, tiredness and sometimes a mild fever.

    Children get about 6–8 colds per year while adults average 2–4, and symptoms usually resolve in a week. Most recover with rest, fluids, and possibly over-the-counter medications.

    Because so many different viruses cause the common cold, and because these constantly mutate, developing a vaccine has been extremely challenging. Researchers continue to explore solutions, but a universal cold vaccine remains elusive.

    How do I protect myself and others?

    The precautions we learned during the COVID pandemic remain valid. These are all airborne viruses which can be spread by coughing, sneezing and touching contaminated surfaces.

    Practise good hygiene, teach children proper cough etiquette, wear a high-quality mask if you’re at high risk, and stay home to rest if unwell.

    You can now buy rapid antigen tests (called panel tests) that test for influenza (A or B), COVID and RSV. So, if you’re unwell with a respiratory infection, consider testing yourself at home.

    While many winter lurgies can be trivial, this is not always the case. We can all do our bit to reduce the impact.

    Adrian Esterman receives funding from the Medical Research Future Fund.

    – ref. COVID, flu, RSV: how these common viruses are tracking this winter – and how to protect yourself – https://theconversation.com/covid-flu-rsv-how-these-common-viruses-are-tracking-this-winter-and-how-to-protect-yourself-261383

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI New Zealand: Learning webinars to assist tertiary teaching online in New Zealand

    Source: Tertiary Education Commission

    Last updated 28 August 2020
    Last updated 28 August 2020

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    In these recorded webinars, New Zealand and Australian experts share their knowledge to enhance the quality of your online teaching practice.
    In these recorded webinars, New Zealand and Australian experts share their knowledge to enhance the quality of your online teaching practice.

    The following webinars provide insights from tertiary education organisations (TEOs), online learning experts, and online learners, which TEOs may find helpful with their online delivery.
    Webinar series 1: Online delivery in response to Covid-19 (2020)

    Webinar series 2: Enhancing learner success through curriculum redesign of online learning (2024)

    Online delivery in response to COVID-19
    Tertiary teaching online: pedagogy and practice
    Mark Nichols of the Open Polytechnic and Ali Hughes from TANZ eCampus both answer the question “What do I need to know to be an effective and engaging teacher in the online space?”
    [embedded content]
    We apologise the webinar recording is not complete due to technical issues. To access all the information Mark and Ali shared through the webinar please use the resources below.

    How to support and engage tertiary learners in an online environment (with a focus on pastoral care)
    Dr Cathy Stone of Australia’s University of Newcastle and Dr Teri McClelland from Southern Institute of Technology’s SIT2LRN discuss how to support and engage learners studying vocational and academic based qualifications in an online environment.
    Cathy Stone talks about her experience with the creation of the Australian National Guidelines for improving student outcomes in online learning. Teri McClelland discusses some of the specific practices SIT2LRN has developed to ensure their distance learners are engaged, supported and part of the Southern Institute of Technology’s community.

    [embedded content]
    Download:

    Supporting disabled tertiary learners in an online environment
    Karen Hannay and Stephanie Houpt from the Open Polytechnic’s Learning Support Team discuss best practices and supports for disabled learners in an online environment.
    [embedded content]

    Enhancing learner success through curriculum redesign of online learning
    A narrative approach to courseware design to support ākonga success
    The Open Polytechnic talk about their design and development function and how they use a narrative to guide learners through a course, informed by analytics. The presentation focuses on the role of courseware design in ākonga success and highlights their asynchronous model, where tutors and learners have the flexibility to engage with course content at different times.
    [embedded content]
    Distance learning – a student perspective
    Two distance learners share their experiences of online learning at an undergraduate and Masters levels. In this informative session the learners talk about things that make a difference in supporting their tertiary education experiences as online learners. They discuss barriers and challenges they face in online learning and share what they would like TEOs to know about catering to online learners.
    [embedded content]
    Experiences of online students: then, now and into the future
    Cathy Stone is an independent consultant and researcher, based in Australia. In this presentation, Cathy discusses her research into the online learner experience – exploring the needs and wants of the full range of online learners, from exclusively online to hybrid environments. Cathy provides insights on how learner experiences can improve delivery and talks about the future of online learning.
    [embedded content]
    Learning frameworks for engaging online delivery
    Massey University talks about their engagement framework to support rich, connected learning experiences for online learners. The presentation shares the role their Whakapiri framework plays in delivering online learning and teaching. Massey also talks about the challenges and realities of the design process and provide practical tips for TEOs to consider. 
    [embedded content]

    MIL OSI New Zealand News –

  • MIL-OSI USA: ICMYI: Estes Joins Washington Watch with Tony Perkins

    Source: United States House of Representatives – Congressman Ron Estes (R-Kansas)

    U.S. Congressman Ron Estes (R-Kansas) joined Washington Watch with Tony Perkins with guest host Jody Hice to discuss the rescissions package, federal spending and provisions within the One Big, Beautiful Bill that will help Kansans and Americans, and more. Watch the interview on YouTube.

    On the rescissions package:

    “Obviously there’s a lot of work we need to do. One out of five dollars that the government spends is borrowed, so we’ve got a lot of things we need to look at. As you said, the rescissions package here was the first time in decades that a president has requested that discretionary spending be pulled back. That, ‘Hey, we don’t need to spend everything that was appropriated a year or longer ago, and focus on specific areas.’

    “If you look through what’s in that rescissions package, the things that we were particularly pulling out, things like funding for NPR. They wanted to fund drag queen programs for children and programs talking about animals need to have their own pronouns … PBS had programs talking about white privilege. 

    “We all heard earlier this year all of the horror stories coming out of USAID in terms of the money that was being wasted around the world. Things like $3 million for electric vehicles in Vietnam and $70,000 for a Diversity, Equity, and Inclusion musical in Ireland. I don’t know why Ireland would want to have a DEI musical, but, if they do, the Irish taxpayers ought to pay for it and not American taxpayers. 

    “It’s great to do this rescissions package. [I was] glad to hear Speaker Johnson reiterate today that we need to be doing more of this as we look at all of the discretionary spending that comes out of the federal government, and what do we do going forward. We’ve got a lot of work to do, not just on a discretionary side with rescissions, but obviously some of those automatic spending programs as well.”

    On other areas of the federal government that may be right for rescissions:

    “When we look across the discretionary course, the spending has grown so great since before Covid. If you look at going back to I believe 2019, our tax revenue has gone up. It’s gone up 46% or so, so we’ve got a lot more tax revenue coming in after we passed the Tax Cuts and Jobs Act in 2017. 

    “What we’ve seen is spending’s gone up 70%. Some of that was temporary spending, or should have been temporary spending in Covid, but now it’s gotten baked in and it’s continued on grant programs and other areas across multiple programs. We’ve got so many programs at the federal level that are redundant. You may have four or five different programs in two or three different agencies that are designed to target the same issue. So we’ve got lots of areas to look at that. 

    “DOGE did a great effort earlier this year in identifying some of those areas, but we need to have a constant look at that in terms of where do we spend money, where should we be spending money, and does it make sense to spend dollars at this point, particularly when we’re borrowing one out of five dollars that’s being spent.”

    On the tone of Democrats’ messaging to their voter base:

    “[Democrats] really are [tone deaf.] They don’t have a positive message. They don’t have something that they want America to be for. Basically the Democrat party has become a party of socialists. They’re looking at, ‘How can they make the government spend and dictate what other people do?’ 

    “For example, we look at the One Big, Beautiful Bill, I could talk about so many great provisions there. But their message out of the One Big, Beautiful Bill, that they oppose, is because they wanted to make sure that illegal immigrants got Medicaid. They wanted to make sure that people didn’t have to work at all for the Medicaid dollars that would be given to them to provide for their healthcare, [for] even as little as 20 hours a week, working in a job or getting an education or even in a volunteer role. And so, as they get more strident trying to talk against commonsense things, the American public is turning against them. 

    “When you look at the polling data that’s out there right now, of all Americans, [there is] 72% opposition to Democrats and the positions they’re taking in Congress. Even among Democrats, there’s a majority, 52% of Democrats are not happy that Democrats in Congress are not doing what should be done for America.”

    On Congressman Estes’ op-ed on the One Big, Beautiful Bill:

    “We talk a lot about the One Big, Beautiful Bill. There’s just so much positive things in there. A lot of it was centered around the tax provisions that we needed to extend after 2017, that were going to expire this year, and the results of provisions around border security and defense. But if you really peel some of the layers back and look at some of the details, there’s a whole lot of pro-family and pro-life provisions in there. 

    “What we really wanted to do is make sure that, for example, Medicaid funding was used not by Planned Parenthood to provide abortions. I mean we should have Medicaid to actually help people preserve and protect life and not end it. We wanted to make sure that families could raise their children … So we focused on increasing the Child Tax Credit for families and indexing it for inflation. We increased a tax credit for adoption for people to adopt families. That’s so important now when we see the birth rate dropping down to 11.7% per thousand. We need to have a continual growth in population to make sure that America continues to grow. 

    “You look at provisions like employer-funded childcare provisions. We wanted to make sure those were available. Permanent family and medical leave to help people who maybe have a temporary illness or an issue with their family. We wanted to make sure after these disastrous years of Bidenflation that people were able to raise their families and have the income to provide for their family.”

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