Category: Economy

MIL-OSI United Kingdom: Consultation launches on travel improvements to A61 junctions and B6481 Pontefract Road
Source: City of Leeds

The second stage of consultation has launched today to improve two key roads linking Leeds to Wakefield and Pontefract.
Run in partnership with the West Yorkshire Combined Authority, the consultation aims to make it safer and more accessible to walk, wheel and cycle, as well as improving bus reliability.

The consultation follows on from a previous public engagement where residents were asked about initial proposals for the schemes. Results from the first round include:

When asked about the zone in which there were proposed improvements to A61 Jumbles Lane and Carlton Lane junctions, 53% of respondents felt positive towards the proposals, while 28% felt negative.

When asked about the zones in which there were proposed improvements to B6481 Pontefract Road, 52% of respondents felt positive towards the proposals, while 33% felt negative.

For the A61 in Lofthouse, the proposals focus on two key junctions which have known safety concerns, lack of safe crossing points for school students and pedestrians, and cars travelling at speed – the A61 Jumbles Lane junction and the A61 Carlton Lane junction.

Improvements to B6481 Pontefract Road, from Thwaite Gate to M1 junction 44, focus on creating a segregated cycle track along the route, linking to existing cycling provision on the A639 Thwaite Gate, allowing residents a safer and more direct route to Leeds City Centre and the ability to access businesses along the industrial estate, which often operates night-time shifts which are not suited to public transport use.

If the proposals were to go ahead, a £9.14million funding pot from the Government’s Transforming Cities Fund, ringfenced to transport schemes, would be invested to carry out the works – £2m for the A61 and £7.14m for Pontefract Road.

Proposals for the A61 include:

Wider pavements and footpaths, including doubling pavement width on Long Thorpe Lane, on the approach to Rodillian Academy, to help students and people feel safer when walking in the area

Shared-use footways to help cyclists travel easily and safely

New traffic signals at the Jumbles Lane junction to help improve traffic flow and offer safe crossings for people walking and cycling in the area.

Traffic signals to be fitted with new technology which will give buses priority and improve bus journey times and reliability

On-carriageway cycle lanes and advanced stop lines at the Jumbles Lane junction

Existing traffic island crossing, near Nisa Local, upgraded to a signalised pedestrian crossing to make it easier for people walking to cross

A road closure for motor vehicles at the Carlton Lane/A61 junction. This is a hotspot for collisions, and vehicles travel at speed along the road. Motor vehicles will access Carlton Road via Jumbles Lane.

New landscaping and greenery

Proposals for B6481 Pontefract Road include:

Wider pavements and footpaths to allow safer access to bus stops and local businesses

New and improved crossing facilities for people on foot and wheeling at various key locations

New, separate cycle crossing facilities for people cycling, at various key locations

Creation of a one-way, segregated cycle path either side of Pontefract Road, linking to existing provision on A639 Thwaite Gate. Some areas of shared use footways.

Signalising of the rail bridge tunnel – shuttle working traffic lights will be installed to control the flow of vehicles, allowing one direction of traffic to pass at a time, improving safety and bus reliability

New landscaping and greenery

Following feedback, the council is proposing to deliver these improvements first to meet the funding deadline, subject to the second round of consultation. The remaining proposals which are not currently being taken forward may be revisited in future should funding become available.

Councillor Jonathan Pryor, Leeds City Council’s deputy leader and executive member for economy, transport and sustainable development, said:

“This scheme will create a safer and more accessible experience for all types of road user on these roads. The proposals help people access Leeds City Centre, local amenities and employment by creating alternative, sustainable ways to travel to essential destinations.

By offering safe and easy alternatives to the car, we can help to meet our Leeds Transport Strategy targets and create a prosperous, less congested Leeds, with healthier residents”.

Councillor Peter Carlill, Deputy Chair of the West Yorkshire Combined Authority Transport Committee, said:

“These proposals will make it easier and safer for everyone to walk, wheel, cycle and use public transport on two busy routes. I’d encourage people to have their say so that we can continue building a greener, better-connected West Yorkshire for all.”

Have your say

You can have your say before the consultation closes on 11.59pm on 10 March 2025.

1. Feedback online by visiting the Your Voice webpage.

2. Attend one of our in-person drop-in events:

Wednesday 12 February 2025, 6:30-9pm – Main Hall, The Rodillian Academy, Longthorpe Lane, WF3 3PS.

Tuesday 18 February 2025, 11am-3pm – Hunslet Library, Waterloo Road, LS10 2NS.
MIL OSI United Kingdom –
February 4, 2025
MIL-OSI Africa: Groundbreaking Ebola vaccination trial launches today in Uganda

Source: Africa Press Organisation – English (2) – Report:

GENEVA, Switzerland, February 4, 2025/APO Group/ —

In a global first, Uganda’s Ministry of Health, the World Health Organization (WHO) and other partners today launched a first ever vaccine trial for Ebola from the Sudan species of the virus, and at an unprecedented speed for a randomized vaccine trial in an emergency.

The principal investigators from Makerere University and the Uganda Virus Research Institute (UVRI), with support from WHO and other partners, have worked tirelessly to get the trial ready in 4 days since the outbreak was confirmed on 30 January. It is the first trial to assess the clinical efficacy of a vaccine against Ebola disease due to Sudan virus. The speed was achieved through advanced research preparedness, while ensuring full compliance with national and international regulatory and ethical requirements.

The candidate vaccine was donated by IAVI, with financial support from WHO, the Coalition for Epidemic Preparedness Innovations (CEPI), Canada’s International Development Research Centre (IDRC), and the European Commission’s Health Emergency Preparedness and Response Authority (HERA) and support from the Africa Centres for Disease Control and Prevention (Africa CDC).

“This is a critical achievement towards better pandemic preparedness, and saving lives when outbreaks occur,” said Dr Tedros Adhanom Ghebreyesus, WHO’s Director-General. “This is possible because of the dedication of Uganda’s health workers, the involvement of communities, the Ministry of Health of Uganda, Makerere University and UVRI, and research efforts led by WHO involving hundreds of scientists through our research and development Filoviruses network. We thank our partners for their dedication and cooperation, from IAVI for donating the vaccine, to CEPI, EU HERA and Canada’s IDRC for funding, and Africa CDC for further support. This massive achievement would simply not be possible without them.”

In 2022, during the previous outbreak of Ebola disease (also from the Sudan species of the virus) in Uganda, a randomized protocol for candidate vaccines was developed. Principal investigators were designated under the leadership of the Minister of Health, and teams were trained to allow such a trial to take place during an active outbreak.

The randomized vaccine trial to assess the recombinant vesicular stomatitis virus (rVSV) candidate vaccine was launched at a ceremony in Kampala today by the Minister of Health of Uganda. WHO is co-sponsoring the trial. WHO was represented by Dr Mike Ryan, Executive Director of WHO’s Health Emergencies Programme and Deputy Director-General, and the WHO representative to Uganda Dr Kasonde Mwinga, along with other colleagues.

Three vaccination rings were defined today. The first ring involves about 40 contacts and contacts of contacts of the first reported and confirmed case, a health worker who has died.

Although several promising candidate medical countermeasures are progressing through clinical development, as of now, there is no licensed vaccine available to effectively combat a potential future outbreak of Ebola disease from the Sudan species of the virus. Licensed vaccines exist only for the disease caused by Ebola virus, formerly known as Zaïre ebolavirus. Likewise for treatments, approved treatments are only available for Ebola virus.

The vaccine for the trial was recommended by the independent WHO candidate vaccine prioritization working group. If the candidate vaccine is effective, it can contribute to controlling this outbreak and generate data for vaccine licensure.

In 2022, the research teams were trained in good clinical practice (GCP) and standard operating procedures for such trials. They completed refresher training in recent days. WHO colleagues experienced in trials and in ring vaccination arrived in Uganda over the weekend to support the trial implementation and GCP compliance.

The vaccine doses were pre-positioned in the country. WHO worked with the principal investigators and national authorities and the vaccine developer to review cold chain documentation and ensure the doses were stored correctly over the previous years. As part of the signed agreement with the Ministry of Health, WHO has a signed agreement with IAVI for additional doses of the candidate vaccine to be made available shortly.

MIL OSI Africa –

February 4, 2025
MIL-OSI United Kingdom: Empowering women in business: Bangladeshi female entrepreneurs embark on a landmark trade mission to the UK
Source: United Kingdom – Executive Government & Departments

Bangladeshi women entrepreneurs representing eight businesses are set to lead a trade mission to the UK.
A group of diverse and inspirational Bangladeshi women entrepreneurs representing eight businesses are set to lead a trade mission to the United Kingdom in February 2025, with support from the UK Government SheTrades Programme. During the visit, they will be showcasing their businesses, meeting investors and exploring new opportunities.

Their visit will involve high-level discussions with investors, legislators and corporate executives in the UK and promote cross-border trade between the two countries including under the UK’s Developing Countries Trading Scheme (DCTS). The DCTS is the UK’s generous preferential trading scheme which provides duty-free, quota-free trade to Bangladesh on everything but arms. The DCTS gives Bangladesh the opportunity to potentially save £317m in tariffs annually on the country’s exports to the UK, the highest among all countries eligible for DCTS.

British High Commissioner to Bangladesh Sarah Cooke hosted a send-off reception at her residence on 3 February to congratulate the entrepreneurs ahead of their departure to the UK.

The International Trade Centre is implementing this initiative to bring 50 women-led businesses from four Asian countries (Bangladesh, Nepal, Pakistan and Mongolia) and six African countries (Ghana, Nigeria, Rwanda, Kenya, Zimbabwe and Mozambique) to Manchester on 11 February to hold business-to-business (B2B) meetings with UK companies. Women-led companies in the fresh and processed food, textiles and clothing, handicrafts, beauty, information technology and business process outsourcing sectors will have one-on-one meetings with British buyers who want to diversify their supply chains and increase the competitiveness of their products.

The businesses chosen from Bangladesh are TMSS ICT and Handicrafts, SuperTel, Opus Technology, Tarango Bangladesh, Parijat Bangladesh, TANIS Bangladesh and Leatherina. Five of these companies already possess the certification needed to enter the UK market and the remaining three are currently being supported by the British Standard Institute (BSI) with necessary accreditation.

This Mission is hosted in partnership with the Greater Manchester Chamber of Commerce and financed by UK International Development as part of the SheTrades Commonwealth+ Programme. The London Chamber of Commerce & Industry, the Greater Birmingham Chambers of Commerce and the West & North Yorkshire Chamber of Commerce are also supporting the event.

British High Commissioner to Bangladesh Sarah Cooke said:

The UK government is incredibly proud to support this remarkable group of Bangladeshi women entrepreneurs to develop new markets in the UK. Their inventiveness, tenacity and spirit of entrepreneurship serve as evidence of the enormous potential of Bangladeshi women-led enterprises.

As Bangladesh and the UK continue to expand our bilateral trade through the UK’s Developing Countries Trading Scheme (DCTS), the UK will remain a steadfast partner. This trade mission will further solidify our trade and investment relationship.

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Published 4 February 2025
MIL OSI United Kingdom –
February 4, 2025
MIL-OSI: Check Point Announces New AI-Powered Innovations to Bolster Unified Security Management for the Infinity Platform
Source: GlobeNewswire (MIL-OSI)

VIENNA, Feb. 04, 2025 (GLOBE NEWSWIRE) — Check Point Software Technologies Ltd. (NASDAQ: CHKP), a pioneer and global leader of cyber security solutions, today announced new Infinity Platform capabilities to accelerate zero trust, strengthen threat prevention, reduce complexity, and simplify security operations.

“We live in a hyperconnected, digital world with new cyber threats emerging every day,” said Nataly Kremer, Chief Product Officer at Check Point. “Meanwhile, security teams are struggling to adequately prevent cyber-attacks due to complex and siloed security solutions. We are pleased to introduce several new AI-powered Innovations that cut down complexity and strengthen the Unified Security Management capabilities of the Infinity Platform. Our customers will experience enhanced threat prevention, while finding it very easy to collaborate with third-party products.”

Many organizations rely on a siloed security approach. IT teams are tasked with deploying security tools that are designed to provide a specific type of protection across the network, endpoints, email, and cloud environments. This siloed approach requires dozens of systems to manage, which leads to operational challenges, fragmented policies, and security gaps for IT teams. At the same time, cyber-attacks increased 44% year-over-year, placing extreme pressure on security teams.

The siloed nature of hybrid environments demands that security teams review and reconcile policies and processes across dozens of systems and tools. These tasks are often performed manually, slowing down operations and leading to gaps in zero trust, threat resolution, and infrastructure management, resulting in a heightened risk of cyberattacks and system failures. Check Point’s six new and improved AI-powered innovations accelerate operations and supercharge threat prevention in three ways:

Unified Identity & Policy

By leveraging AI and identity awareness, administrators can implement more effective and granular security policies, ensuring that only authorized users have access to critical resources. Unifying visibility and analysis of policies across environments enables security teams to maintain security hygiene and compliance.
- Quantum Policy Insights
  - Analyzes existing policies and recommends policy changes to improve security posture
  - Enforces zero trust by eliminating overly permissive access and conflicting policies
- Quantum Policy Auditor
  - Ensures alignment with corporate security guidelines
  - Identifies policies that violate organizational guidelines using a policy visualization UI
  - Analyzes thousands of rules in seconds, saving security and audit teams weeks of tedious labor by synthesizing complex policies/rules into powerful business-level graphical insights
- Infinity Identity
  - Cloud service that manages centralized identity across the Infinity Platform
  - Seamlessly integrates with third party identity providers
  - Adds support for new identity sources: Microsoft Defender, Microsoft Intune and Harmony Endpoint
Collaborative Threat Prevention

AI can help organizations identify and block threats across multiple enforcement points in real-time, eliminating human error and reducing time to remediation.
- Infinity Playblocks
  - Provides security automation and orchestration across Infinity Platform and 3rd parties
  - Extends the reach of siloed security solutions to stop attacks across the enterprise
  - 100+ out of the box playbooks including threat prevention, auto remediation, reporting, and more
  - Enables enterprises to easily create custom playbooks using natural language GenAI
Operational Simplicity
AI-based insights can minimize tedious, error prone work to streamline operations across the entire security stack. This results in improved zero trust, better lifecycle management, and less infrastructure downtime.
- Infinity AIOps
  - AI agent proactively monitors gateways to predict and help mitigate failures in advance
  - Provides real-time monitoring of security infrastructure health, including CPU, memory utilization, and more
- Infinity AI Copilot
  - Chat-based GenAI assistant knows an organization’s policies, access rules, objects, and logs, as well as all product documentation.
  - Provides contextualized and comprehensive answers to security admins, IT departments, and security operations teams, accelerating security administration and improving incident mitigation and response.
  - Powerful, time saving entry point for automation/collaboration across entire Infinity Platform
Learn more about AI Security Management: https://www.checkpoint.com/ai-unified-security-management/

Follow Check Point via:
LinkedIn: https://www.linkedin.com/company/check-point-software-technologies
X (formerly Twitter): https://www.twitter.com/checkpointsw
Facebook: https://www.facebook.com/checkpointsoftware
Blog: https://blog.checkpoint.com
YouTube: https://www.youtube.com/user/CPGlobal

About Check Point Software Technologies Ltd.
Check Point Software Technologies Ltd. (www.checkpoint.com) is a leading AI-powered, cloud-delivered cyber security platform provider protecting over 100,000 organizations worldwide. Check Point leverages the power of AI everywhere to enhance cyber security efficiency and accuracy through its Infinity Platform, with industry-leading catch rates enabling proactive threat anticipation and smarter, faster response times. The comprehensive platform includes cloud-delivered technologies consisting of Check Point Harmony to secure the workspace, Check Point CloudGuard to secure the cloud, Check Point Quantum to secure the network, and Check Point Infinity Platform Services for collaborative security operations and services.

Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements in this press release include, but are not limited to, statements related to our expectations regarding future growth, the expansion of Check Point’s industry leadership, the enhancement of shareholder value and the delivery of an industry-leading cyber security platform to customers worldwide. Our expectations and beliefs regarding these matters may not materialize, and actual results or events in the future are subject to risks and uncertainties that could cause actual results or events to differ materially from those projected. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 20-F filed with the Securities and Exchange Commission on April 2, 2024. The forward-looking statements in this press release are based on information available to Check Point as of the date hereof, and Check Point disclaims any obligation to update any forward-looking statements, except as required by law.

The MIL Network –
February 4, 2025

MIL-OSI: For the Third Consecutive Year, Check Point Software Demonstrates Industry’s Highest Threat Prevention Rate in Miercom’s Enterprise and Hybrid Mesh Firewall Security Report

Source: GlobeNewswire (MIL-OSI)

VIENNA, Feb. 04, 2025 (GLOBE NEWSWIRE) — Check Point Software Technologies Ltd. (NASDAQ: CHKP), a pioneer and global leader of cyber security solutions, today revealed that the Infinity Platform has achieved an outstanding 99.9% block rate on Zero+1 day malware, a 99.7% phishing prevention rate, the highest security efficacy for Security Services Edge use cases, and an impressive 98% block rate on high and critical network intrusion exploits – as reflected in Miercom’s 2025 security benchmark report.

“Yet again, in a comparison between the top five cyber security companies, Miercom recognizes the Check Point Infinity Platform for delivering the industry’s highest threat prevention rate,” said Eyal Manor, VP of Product Management at Check Point Software. “With cyber attacks growing 44% year-over-year, preventing and detecting threats is essential to protecting our digital way of life. These Miercom results validate our exceptional ability to not only accurately detect and block new malware and critical events, but also to provide the best cyber security product quality to customers, year after year.”

This year, Miercom introduced an important firewall comparison to reflect the quality of cyber security products, by assessing their vulnerability to being hacked. Leveraging CISA’s Known Exploited Vulnerabilities (KEV) database, Miercom highlighted Check Point as having the best record – with one single KEV. The other top cyber security vendors had 11, 16, and 21 KEVs.

With the advent of the hybrid mesh firewall platforms, Miercom’s 2025 security report has expanded to provide a holistic view of threat prevention across all three hybrid firewall use cases: On-premises, Cloud, and Firewall-as-a-Service (SSE/SASE). The Check Point Infinity Platform delivers a comprehensive hybrid mesh firewall solution with exceptional threat prevention.

“We proudly award Check Point with the Miercom Certified Secure certification in recognition of their superior competitive performance and exceptional value for organizations of all sizes,” said Rob Smithers, CEO at Miercom. “Based on our latest head-to-head competitive test findings and observations, the Check Point Infinity Platform sets the standard in all of the security efficacy testing categories. In our benchmarks, the Infinity Platform offers the best protection against the latest generation of cyberattacks, including Zero+1 Day new malware. Check Point also enables enterprises to effectively prevent new malware from entering and spreading across their networks, servers, and endpoints, saving them time, money, stress, and resources.”

The report includes the following highlights:

Zero+1 Day Malware Prevention vs Detection: Check Point led with the highest score preventing 99.9% of malware downloads. Other vendors ranged from 62.7% to 90.9%.
SSE/SASE Threat Prevention: Check Point led with a 99% block rate. Other vendors ranged from 74% to 96%.
Phishing Prevention: Check Point proved to have the best overall prevention against phishing URLs, making use of Quantum Firewall Software R82’s advanced AI deep learning capabilities. Other vendors ranged from 55.87% to 98.69%.

To understand vendors’ threat prevention capabilities, Miercom ran benchmarks over the course of three months. Miercom continuously downloaded sets of 500 malicious files from VirusTotal, with samples consisting of Office docx, Office xlsx, pdf, exe, PowerShell, Bash script, APK, and dll and archived files. Miercom assessed each firewall solution using Anti-virus, IPS, Anti-bot, URLF, sandboxing, and all the AIML powered security engines. Testing was run concurrently on each vendor’s solution to determine how well each blocks modern attacks.

Read the full report here: https://www.checkpoint.com/2025-miercom-firewall-report/

Follow Check Point via:
LinkedIn: https://www.linkedin.com/company/check-point-software-technologies
X( formerly Twitter): https://www.twitter.com/checkpointsw
Facebook: https://www.facebook.com/checkpointsoftware
Blog: https://blog.checkpoint.com
YouTube: https://www.youtube.com/user/CPGlobal

About Check Point Software Technologies Ltd.
Check Point Software Technologies Ltd. (www.checkpoint.com) is a leading AI-powered, cloud-delivered cyber security platform provider protecting over 100,000 organizations worldwide. Check Point leverages the power of AI everywhere to enhance cyber security efficiency and accuracy through its Infinity Platform, with industry-leading catch rates enabling proactive threat anticipation and smarter, faster response times. The comprehensive platform includes cloud-delivered technologies consisting of Check Point Harmony to secure the workspace, Check Point CloudGuard to secure the cloud, Check Point Quantum to secure the network, and Check Point Infinity Platform Services for collaborative security operations and services.

Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements in this press release include, but are not limited to, statements related to our expectations regarding future growth, the expansion of Check Point’s industry leadership, the enhancement of shareholder value and the delivery of an industry-leading cyber security platform to customers worldwide. Our expectations and beliefs regarding these matters may not materialize, and actual results or events in the future are subject to risks and uncertainties that could cause actual results or events to differ materially from those projected. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 20-F filed with the Securities and Exchange Commission on April 2, 2024. The forward-looking statements in this press release are based on information available to Check Point as of the date hereof, and Check Point disclaims any obligation to update any forward-looking statements, except as required by law.

MEDIA CONTACT:
Liz Wu
Check Point Software Technologies
press@us.checkpoint.com

INVESTOR CONTACT:
Kip E. Meintzer
Check Point Software Technologies
ir@us.checkpoint.com

The MIL Network –

February 4, 2025

MIL-OSI USA: News 02/3/2025 Blackburn Introduces “DOGE Acts” to Make Federal Government More Efficient and Slash Wasteful Spending
US Senate News:
Source: United States Senator Marsha Blackburn (R-Tenn)

WASHINGTON, D.C. – Today, U.S. Senator Marsha Blackburn (R-Tenn) introduced a package of bills known as the “DOGE Acts” to hold the federal government accountable for managing taxpayer dollars. The DOGE Acts coincide with President Trump’s Department of Government Efficiency (DOGE) to modernize federal technology and maximize government productivity.

“Under President Trump’s leadership, Republicans have the opportunity to slash wasteful spending and rein in outsized bureaucracy,” said Senator Blackburn. “The DOGE Acts would get the federal government back on track by requiring federal employees to return to the office, move federal agencies into the heartland of America, cut bloated federal spending, lower taxes on social security for seniors, and freeze federal hiring and salaries until we can rightsize the federal government.”

THE DOGE ACTS:

The DOGE Acts include the separate pieces of legislation below:
- The Federal Freeze Act would direct certain agency heads to implement a one-year freeze on hiring and salary increases and decrease the size of the agency’s workforce by 2% two years after enactment and 5% three years after enactment. The bill would exempt employees deemed necessary for national security, law enforcement, public safety, and public health purposes from the hiring freeze. Click here for bill text.
- The Commission to Relocate the Federal Bureaucracy Act would establish a commission to report to Congress on moving non-national security related agencies out of the Washington D.C. metropolitan area based on a variety of factors, including financial efficiency, the existence of pre-existing infrastructure, whether an area is designated as a Qualified Opportunity Zone or as economically distressed, and whether at least 50% of an agency’s workforce participated in telework in the last five years. The bill would also instruct the commission to develop the report with an aim of relocating at least 100,000 federal employees out of the D.C. metro area. Click here for bill text. This legislation is co-sponsored by Senators Bill Cassidy (R-La.), Thom Tillis (R-N.C.), and Pete Ricketts (R-Neb.).
- The Federal Employee Performance and Accountability Act would implement a 5-year pilot program establishing a performance-based pay structure among certain federal employees in order to bolster government efficiency, exempting agencies deemed necessary for national security or public safety. Click here for bill text. This legislation is co-sponsored by Senators Thom Tillis (R-N.C.) and Pete Ricketts (R-Neb.).
- The Stopping Home Office Work’s Unproductive Problems (SHOW UP) Act would require government agencies to reinstate their pre-COVID telework policies within 30 days and direct agency heads to submit to Congress a report on the adverse impacts of agencies’ expansion of telework policies for employees during COVID. Further, it would prevent federal agencies from permanently expanding telework without submitting to Congress details on how remote work policies will bolster agency mission performance. Click here for bill text. This legislation is co-sponsored by Senators Mike Crapo (R-Idaho), Joni Ernst (R-Iowa), Bill Cassidy (R-La.), Thom Tillis (R-N.C.), Pete Ricketts (R-Neb.), and Chuck Grassley (R-Iowa).
- 1%, 2%, and 5% Across-the-Board Spending Cuts: This legislation would implement across-the-board rescissions of non-security discretionary spending, including a rescission of 1% of non-security discretionary appropriations made available for Fiscal Year 2026, a rescission of 2% of non-security discretionary appropriations made available for Fiscal Year 2027, and a recission of 5% of non-security discretionary appropriations made available for Fiscal Year 2028 and every fiscal year thereafter. These cuts would exclude the Department of Defense, Department of Homeland Security, Department of Veterans Affairs, and National Nuclear Security Administration. Click here for bill text.
MIL OSI USA News –
February 4, 2025
MIL-OSI USA: News 01/31/2025 Blackburn Sounds the Alarm on Radio Stations Exploiting Tennessee Songwriters Ahead of the Grammys

US Senate News:

Source: United States Senator Marsha Blackburn (R-Tenn)

NASHVILLE, Tenn. – U.S. Senator Marsha Blackburn (R-Tenn.) sent a letter to Federal Communications Commission Chairman Brendan Carr to sound the alarm on the exploitative practice of radio stations and networks offering an artist more airtime in exchange for performing a free show. By doing so, these radio stations and networks often reap the financial benefits of these shows through ticket sales, sponsorships, and other income while artists and record labels absorb the expenses.

Blackburn Calls Attention to Radio Stations Sidestepping Federal Regulations

“I am writing to bring attention to an issue critically impacting Tennessee’s content creators, particularly its songwriters and music community. Federal law prohibits radio stations from accepting payment for airtime without disclosing the transaction—a practice commonly known as ‘payola.’ As you know, the FCC considers payola a violation of the Sponsorship Identification Rules. From what we have learned, it appears that to sidestep these restrictions, radio stations and networks have adopted a troubling new tactic. Instead of demanding cash or lavish perks from record labels in exchange for airplay, they now pressure artists to perform ‘free radio shows’ —also referred to as ‘listener appreciation shows’ or ‘charitable concert events.’”

Radio Stations Are Forcing Artists to Choose Between More Airtime and Financial Compensation

“We have heard the new scheme works in this manner: radio stations and networks offer more airtime for an artist’s songs if the artist performs a free show. There is often an implicit suggestion that declining to perform could result in reduced airplay. Radio stations and networks often receive the financial benefit of these shows through ticket sales, sponsorships, and other income while the artists and record labels frequently absorb the expense. This forced quid pro quo applies to essentially all artists, regardless of their level of success. Artists in the industry have told me that it is not unusual for them to perform anywhere from 10 to 50 such shows in any given year. Those just starting out in their career will often perform more, while those that have had more success will have to perform fewer, but they will still be expected to do them.”

Blackburn: These Exploitative Practices Must Not Be Tolerated

“This practice is exploitative and should not be tolerated. Federal law and FCC rules prohibit radio stations from receiving undisclosed compensation for broadcasting songs, and this principle must extend to free performances for radio stations and networks. Artists should not be extorted into providing free labor in exchange for airplay. I urge you to take swift action to end this abuse and protect our music community. Thank you for your attention to this pressing matter.”

Click here for full text of the letter.

MIL OSI USA News –

February 4, 2025
MIL-OSI Russia: Return to the roots: 145 years of the historical foundation of the State University of Management!

Translartion. Region: Russians Fedetion –

Source: State University of Management – Official website of the State –

In 2024, the State University of Management celebrated the 105th anniversary of its foundation. On April 30, 1919, according to the decree of the People’s Commissariat of Industry and Trade of the USSR, the Moscow Industrial and Economic Practical Institute (MPEPI) received the status of an institution equal to an institution of higher education. From that moment on, the official chronicle of our university has been kept. But, as often happens in times of change, some pages of history were forgotten. This happened with the biography of the First Management University of the country. We invite you to dive deep into the history of the SUM, rediscover it, and learn its origins.

MPEPI did not appear out of nowhere. Before the proclaimed power of the Soviets, the address Staraya Basmannaya, 21/4 housed the Aleksandrovskoye and Nikolaevskoye commercial schools, as well as the Trade Schools named after the Emperor of Russia Nicholas II.

On February 19, 1880 (March 3, new style), exactly 145 years ago, in honor of the 25th anniversary of the reign of Emperor Alexander II, the Moscow stock exchange merchants decided to found a commercial school in the capital for people of the trade and industrial class. Alexander II was not only a tsar-liberator (the Manifesto on the liberation of the peasants from serfdom was also signed on February 19 (March 3), 1861), but also a champion of education. Thus began the first chapter in the life of the Aleksandrovsky Commercial School, which years later acquired its current name – the State University of Management.

The curricula approved by the Ministry of Finance in agreement with the Ministry of Public Education of the Russian Empire were adopted on July 11, 1885. The first academic season began at the same time.

The Aleksandrovsk Commercial School was located at 21 Staraya Basmannaya in the building of the palace of Prince A.B. Kurakin. For decades to come, the school received significant support from the state and business, whose representatives joined the Board of Trustees of the “useful institution.” The members of this board and the teaching staff of the school were famous people of their time: P.M. Tretyakov, D.V. Tsvetaev, S.V. Alekseev, A.K. Trapeznikov, N.A. Naidenov, A.V. Letnikov. All of them were outstanding figures of that era, whose influence went far beyond the Moscow stock exchange community.

The initiator of the creation of the school was a well-known entrepreneur, banker, chairman of the Stock Exchange Committee and chairman of the Board of Trustees of the school – Nikolai Aleksandrovich Naidenov. Its first director was a corresponding member of the St. Petersburg Academy of Sciences, an outstanding mathematician, and an organizer of science – Alexei Vasilyevich Letnikov.

During that era, such scientists as mathematician V. Ya. Tsinger, historians V. I. Picheta and D. V. Tsvetaev, astronomer P. K. Sternberg and others taught. Incidentally, the exhibits of the school, which characterized the educational base and educational process, were awarded a medal at the World Exhibition in Paris in 1900. Some of the artifacts and photographs from those years are kept at the disposal of the Museum of the State University of Management, where you can also read literature and get acquainted with the exhibition stands telling about the first steps of the university at the turn of the 19th and 20th centuries.

After the October Revolution of 1917, the existence of any institutions bearing the imperial name was no longer possible. New educational institutions with a practical focus – technical schools – were created in the country. The new historical form of the Aleksandrovsky Commercial School was the Moscow Industrial and Economic Technical School (MPET).

The Soviet MPET was located in the same complex of buildings on Staraya Basmannaya. The teaching and student staff also remained almost unchanged. A letter calling for applications for work at the newly created technical school, published in the Izvestia newspaper on July 20, 1918, was answered by 53 teachers from the Aleksandrovsky, 23 from the Nikolaevsky commercial schools, and 21 teachers from the Women’s Trade School. Students who transferred from the Aleksandrovsky school continued their education at the MPET and years later received Soviet diplomas. The first heads of the technical school were teachers from the school and the trade school, Paisiy Ivanovich Shelkov and Arkady Grigorievich Arkhangelsky.

Let us emphasize once again that most of the teachers and students of the Alexandrovsky Commercial School transferred to the MPET, even the address remained the same, only the statutory documents changed. The continuity of the intellectual heritage in the field of financial, economic, technical knowledge and the glorious traditions of the imperial school is direct and obvious.

During the Soviet years, the idea of this continuity was abandoned based on the principle of “We are ours, we will build a new world.” In 1919, the MPET was transformed into the Moscow Industrial and Economic Practical Institute (MPEPI). Later, in the 1930s, the institute began to be called the Moscow Engineering and Economic Institute. And it bore this name until 1975, when, having gained a scientific, academic and pedagogical base of the new management order, it received a completely recognizable name – MIU, Moscow Institute of Management, which later became the State University of Management.

Thus, we would like to pay tribute to historical justice. It is time to recognize and openly declare – the State University of Management turns 145 in 2025! The Aleksandrovsk Commercial School is the historical foundation of our university. It is impossible to forget and remain silent about this fact. It expresses the connection between generations and the university spirit of the first management academic institution in Russia.

Happy anniversary, dear university! Happy 145th anniversary!

Subscribe to the TG channel “Our GUU” Date of publication: 02/04/2025

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

MIL OSI Russia News –

February 4, 2025
MIL-OSI Russia: The government has defined a list of industries that will not be subject to restrictions on floating interest rates on loans

Translartion. Region: Russians Fedetion –

Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

Microenterprises operating in the construction, warehousing, hotel business, rental and leasing, as well as health resort services, will be able to take out loans without restrictions on the application of a floating rate. The order to this effect was signed by Prime Minister Mikhail Mishustin.

The decision will support housing construction, which plays a decisive role in the economy, as well as retailers and the hotel industry, which is especially important in the context of sanctions restrictions.

Often projects in these areas are implemented on the basis of separate, specially created organizations that can be classified as microenterprises. It is advantageous for such enterprises to take out a loan at floating rates, since in this case the interest rate will be lower than the market rate due to the risk of its possible increase.

For example, for developers, the fixed interest rate on loans today can reach 27-28% per annum. At the same time, the floating rate is about 20% per annum.

In June 2024, State Duma deputies adopted amendments to a number of current laws that limited the use of floating rates on loans. These same amendments gave the Government the right to determine industries that would not be subject to such restrictions.

The document will be published.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

MIL OSI Russia News –

February 4, 2025
MIL-OSI China: Sino-EU ties seen as key to global growth

Source: China State Council Information Office

Strengthening China-European Union economic cooperation has become crucial for worldwide economic growth, as the United States’ tariff hikes against its key trading partners have cast a shadow over the global economy, said senior trade experts and EU business executives.

They emphasized that amid growing global trade protectionism, the Chinese and EU economies’ structural complementarity and the two sides’ upholding of free trade provide a solid basis for deeper bilateral economic and trade collaboration. They also said the US tariff increases are likely to backfire.

Zhang Yansheng, a researcher at the Chinese Academy of Macroeconomic Research, said the EU economy has advantages in high-end manufacturing, green technology and services trade, while China excels in digital infrastructure, smart manufacturing, application scenarios and a vast market.

“China and the EU could consider establishing an industrial chain security dialogue mechanism to form a ‘cooperation list’ in key areas such as semiconductors and pharmaceuticals,” Zhang said.

By creating platforms like industrial cooperation parks and joint innovation funds, the two sides’ strategic consensus can be transformed into concrete projects, in order to shape a practical and feasible road map for them to build a new, future-oriented type of economic and trade partnership, he said.

“With the transformation and upgrading of China’s manufacturing industry, the competition between China and the EU in economic and trade development has intensified a bit,” Zhang said.

“However, as they both face external challenges like rising protectionism and geopolitical uncertainties, the two economies are expected to forge closer economic ties based on complementary competition, thereby achieving a win-win situation,” Zhang added.

Zhou Mi, a senior researcher at the Chinese Academy of International Trade and Economic Cooperation, said the potential for collaboration between China and the EU is enhanced by their market complementarity and need for resource optimization.

He said he expects more cooperation mechanisms between the two sides to boost collaboration by enterprises, drive innovation and improve the allocation of market resources.

“By doing such things, China and the EU could generate significant economic and social benefits, boost employment and enhance supply chain security for both,” said Zhou, whose academy is affiliated with China’s Ministry of Commerce.

China remains the EU’s largest import source and third-largest export destination, according to European statistics. Moreover, China’s outbound direct investment inflows to the EU grew from 6.27 billion euros ($6.43 billion) in 2020 to 8.06 billion euros in 2023, with greenfield investment reaching 5.3 billion euros in 2023 — an increase of 48 percent compared with 2022.

Zhang, from the Chinese Academy of Macroeconomic Research, said that cooperation potential between China and the EU spans three key areas: green transformation, digital cooperation and third-party market development.

The two economies could build a joint carbon-neutral laboratory focusing on clean technology collaboration, recognize each other’s cross-border e-commerce standards, and build dialogue mechanisms for cooperation in frontier areas like data flow and artificial intelligence ethics, he said.

According to Zhou, from the Chinese Academy of International Trade and Economic Cooperation, China and the EU should focus in the short term on reviewing and strengthening existing supply chain cooperation, whether market-driven or government-promoted, by reducing trade barriers and increasing investment opportunities and the mobility of personnel.

Long-term strategies should aim for more effective market integration through reduced tariffs, increased consultation mechanisms and enhanced collaboration on innovation, he added.

Zhou also said that Sino-EU cooperation could extend beyond bilateral relations to include third-party market opportunities in Latin America, Africa and elsewhere.

“This expanded cooperation could help address global challenges while strengthening both parties’ economic independence and meeting consumer demand in emerging technological sectors,” he added.

Experts also said the US tariff hikes will not be good for anyone and will fail to achieve the so-called purpose of making America great again.

Ju Jiandong, chair professor at Tsinghua University’s PBC School of Finance, said that if the US truly wants to maximize its own interests, it should not damage ties with its manufacturing suppliers.

“Don’t go against the customers and don’t go against the suppliers – these are the ABCs of economics,” Ju said.

Business leaders also said they have an optimistic outlook on China-EU economic and trade cooperation.

Thomas Roemer, global head of the coatings and adhesives business entity of Covestro AG, a German polymer manufacturer, expressed strong support for fair, open and rule-based global trade.

“We will continue to invest in China to provide our customers with innovative and sustainable solutions and products,” Roemer said.

Denis Depoux, global managing director at German management consultancy Roland Berger, said the interdependence between the Chinese and EU economies remains significant.

MIL OSI China News –

February 4, 2025

MIL-OSI: January 2025 P&C Reinsurance Renewals Results: Sustained growth in preferred lines coupled with attractive margins

Source: GlobeNewswire (MIL-OSI)

Press release
4 February 2025 – N° 02

January 2025 P&C Reinsurance Renewals Results

Sustained growth in preferred lines coupled with attractive margins

In line with its Forward 2026 strategic plan, SCOR continues to grow its P&C preferred lines while maintaining a strong underwriting discipline.

During the January 2025 P&C renewals, SCOR achieves EGPI¹ growth of 9.6%² supported by Specialty lines and Alternative Solutions:
- Increasing EGPI by 8.1%² for Engineering, Marine, IDI and International Casualty;
- Leveraging the strong momentum in Alternative Solutions and growing EGPI by 29.6%²;
- Maintaining a prudent approach to business exposed to climate change and US Casualty.

SCOR’s expected technical profitability remains unchanged at attractive level benefitting from dynamic retrocession buying.

Jean-Paul Conoscente, CEO for P&C at SCOR, comments: “We are satisfied with the successful 1.1 2025 renewals results. SCOR achieves a +9.6% EGPI growth while maintaining a stable technical profitability. We continue to deliver targeted growth in our preferred lines of business, while keeping T&Cs mostly unchanged. Despite the slight rate reduction observed in the market, SCOR successfully maintains stable pricing thanks to its proactive portfolio management. Looking ahead, we believe the market still offers opportunities for profitable growth. SCOR will continue to leverage on its Tier 1 franchise and build on the strong momentum achieved during the 1.1 renewals.”

January 2025 P&C Reinsurance Renewals

During the January 2025 renewals, demand for reinsurance coverage remains elevated. Following an increase in capital supply, the market conditions have become slightly more competitive compared to the peak level of the cycle observed last year. In this context, SCOR maintains strict underwriting discipline and successfully grows its preferred lines according to its Forward 2026 growth strategy, keeping T&Cs mostly stable and maintaining the net profitability of its P&C Reinsurance book unchanged.

P&C Reinsurance book renewed at 1 January 2025⁽¹⁾:

	Premiums renewed (in EUR million)	Evolution vs. January 2024	Main lines concerned
P&C Lines⁽²⁾	2,798	+2.9%	o/w Nat Cat (+0.3%)
Specialty Lines⁽³⁾	1,762	+14.3%	o/w Engineering, Marine, IDI (+17.2%)
Alternative Solutions	705	+29.6%
TOTAL	5,265	+9.6%

(1).   Approximately 64% of SCOR’s P&C Reinsurance premiums – representing c.50% of SCOR’s total P&C premiums – is renewed in January.
(2).   P&C Lines include Property, Property Cat, Casualty, Motor, and other related lines (Personal Insurance, Nuclear, Terrorism, Special Risks, Motor Extended Warranty, and Inwards Retrocession).
(3).   Specialty Lines include Agriculture, Aviation, Credit & Surety, Inherent Defects Insurance, Engineering, Marine and Offshore, Space, and Cyber.

P&C Lines EGPI grows by 2.9%², driven by continued disciplined Nat Cat underwriting and decreasing exposures in US Casualty. Natural Catastrophe premiums remain flat with a slight increase in net exposure. In US Casualty, SCOR maintains a prudent approach and renews its portfolio with selected clients. This leads to a 11.0%² decrease in US Casualty EGPI and continued exposure reduction to this business.

Specialty Lines EGPI grows by 14.3%². This is driven by +17.2%² EGPI growth in diversifying lines (Engineering, Marine and IDI) in line with the Forward 2026 plan.

Alternative Solutions EGPI grows by 29.6% compared to 1^st January last year, with continued positive new business momentum across all regions.

The expected net technical profitability remains unchanged for the renewed portfolio. This reflects continued discipline along with dynamic retrocession buying, which offsets the inward business margin erosion from commissions, modelling changes and the impact of the business mix.

SCOR leverages the changing market environment to optimize its retrocession structures. SCOR maintains its risk exposure within its risk appetite defined in Forward 2026.

For the upcoming renewals in 2025, SCOR expects continued discipline and adequate prices. In parallel, SCOR continues to develop risk partnerships with new and existing partners.

* *

SCOR, a leading global reinsurer

As a leading global reinsurer, SCOR offers its clients a diversified and innovative range of reinsurance and insurance solutions and services to control and manage risk. Applying “The Art & Science of Risk”, SCOR uses its industry-recognized expertise and cutting-edge financial solutions to serve its clients and contribute to the welfare and resilience of society.

The Group generated premiums of EUR 19.4 billion in 2023 and serves clients in more than 160 countries from its 35 offices worldwide.

For more information, visit: www.scor.com

Media Relations
Alexandre Garcia
media@scor.com

Investor Relations
Thomas Fossard
InvestorRelations@scor.com

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All content published by the SCOR group since January 1, 2024, is certified with Wiztrust. You can check the authenticity of this content at wiztrust.com.

General

Numbers presented throughout this press release may not add up precisely to the totals in the tables and text. Percentages and percent changes are calculated on complete figures (including decimals); therefore the press release might contain immaterial differences in sums and percentages due to rounding. Unless otherwise specified, the sources for the business ranking and market positions are internal.

Forward-looking statements

This press release includes forward-looking statements, assumptions, and information about SCOR’s financial condition, results, business, strategy, plans and objectives, including in relation to SCOR’s current or future projects.

These statements are sometimes identified by the use of the future tense or conditional mode, or terms such as “estimate”, “believe”, “anticipate”, “expect”, “have the objective”, “intend to”, “plan”, “result in”, “should”, and other similar expressions.

It should be noted that the achievement of these objectives, forward-looking statements, assumptions and information is dependent on circumstances and facts that may or may not arise in the future.

No guarantee can be given regarding the achievement of these forward-looking statements, assumptions and information. These forward-looking statements, assumptions and information are not guarantees of future performance. Forward-looking statements, assumptions and information (including on objectives) may be impacted by known or unknown risks, identified or unidentified uncertainties and other factors that may significantly alter the future results, performance and accomplishments planned or expected by SCOR.

In particular, it should be noted that the full impact of the economical and geopolitical risks on SCOR’s business and results cannot be accurately assessed.

Therefore, any assessments, any assumptions and, more generally, any figures presented in this press release will necessarily be estimates based on evolving analyses, and encompass a wide range of theoretical hypotheses, which are highly evolutive.

Information regarding risks and uncertainties that may affect SCOR’s business is set forth in the 2023 Universal Registration Document filed on March 20, 2024, under number D.24-0142 with the French Autorité des marchés financiers (AMF) posted on SCOR’s website www.scor.com.

In addition, such forward-looking statements, assumptions and information are not “profit forecasts” within the meaning of Article 1 of Commission Delegated Regulation (EU) 2019/980.

SCOR has no intention and does not undertake to complete, update, revise or change these forward-looking statements and information, whether as a result of new information, future events or otherwise.

Financial information

All figures in this press release are unaudited unless otherwise specified.

Unless otherwise specified, all figures are presented in Euros.

Any figures for a period subsequent to 30 September, 30 2024 should not be taken as a forecast of the expected financials for these periods.

All figures are at constant exchange rates as of December 31, 2024 unless otherwise specified.

All figures are based on available information as of January 25, 2025 unless otherwise specified.

¹ Estimated Gross Premium Income (EGPI).
² vs 1 January 2024 EGPI.

Attachment

SCOR Press Release

The MIL Network –

February 4, 2025

MIL-OSI: The Board of Directors of eQ Plc has decided on a new option program
Source: GlobeNewswire (MIL-OSI)

eQ Plc Stock Exchange Release
4 February 2025, at 8:30 am

Based on the authorisation by the Annual General Meeting held on 21 March 2024, the Board of Directors of eQ Plc has decided on a new option program for key employees of the eQ group.

The option program 2025 consists of 1.360.000 option rights and each option right entitles to subscribe for one new share in the company. Based on the option rights, the number of the shares of the company may therefore increase with a maximum of 1.360.000 new shares and the dilution effect of shares subscribed based on the option program 2025 is at most approximately 3.3% on the current number of shares.

The share subscription period begins on 1 March 2028 and ends on 31 May 2030. The subscription price with an option right is EUR 12.30 per share. The subscription price is further reduced in situations mentioned in the terms, which include for example dividends distributed before the subscription of the shares and the amount of the repayment of the distributable non-restricted equity. The subscription price corresponds to the weighted average quotation of the company share at Nasdaq Helsinki Ltd during a period of two months. The subscription price of the shares shall be credited in full to the reserve for invested unrestricted equity.

Based on the option program 2025, the Board of Directors of eQ Plc has on 3 February 2025 decided to offer altogether 1.180.000 option rights to key employees of the eQ Group, selected by the Board. Approximately one fourth of eQ Group’s personnel is included in the option program 2025. The company has a weighty financial reason to issue option rights since the option rights are used to encourage the option right recipients to work for increasing the shareholder value, as well as to encourage the option right recipients to act in the interest of the eQ group in the long term.

The terms of the option program 2025 are included in their entirety as an attachment and they are also available on eQ Plc’s website.

Helsinki 4 February 2025

eQ Plc
Board of Directors

Additional information: Juha Surve, Group General Counsel, tel. +358 9 6817 8733
Distribution: Nasdaq Helsinki, www.eQ.fi

eQ Group is a Finnish group of companies specialising in asset management and corporate finance business. eQ Asset Management offers a wide range of asset management services (including private equity funds and real estate asset management) for institutions and individuals. The assets managed by the Group total approximately EUR 13.4 billion. Advium Corporate Finance, which is part of the Group, offers services related to mergers and acquisitions, real estate transactions and equity capital markets.

More information about the Group is available on our website at www.eQ.fi.

Attachment
- eQ Plc – Terms of the Option Program 2025
The MIL Network –
February 4, 2025
MIL-OSI United Kingdom: Becketwell Live celebrates major milestone with practical completion ahead of Spring

Source: City of Derby

The highly anticipated £45.8 million Becketwell Live has reached practical completion with developers St James Securities delivering the venue on time and on budget.

Derbyshire-based construction firm Bowmer + Kirkland recently completed the final stages of construction on the entertainment venue ahead of its opening this Spring. The venue has now been handed over to owners Derby City Council and operators Legends and ASM Global, the world’s preeminent premium live events company.

Becketwell Live is set to become a hub of entertainment, attracting audiences from across the region and beyond. Legends and ASM Global have already unveiled a number of events, including beloved British comedian John Bishop, legendary band Wet Wet Wet and acclaimed actress and author Miriam Margolyes.

Built on the site of the former Pink Coconut nightclub on Colyear Street, the new venue will significantly enhance Derby’s cultural offering, with a larger, more flexible space than the city centre has had in the past.

Set to attract an additional 250,000 visitors to Derby each year and generate more than £10m GVA per year for the area, the flexible venue will bring diverse events to Derby, drive the night-time economy and increase levels of investment in surrounding areas of the city centre.

With a capacity of 3,500, made up of a flexible combination of floor seating, retractable bleacher seating and fixed upper tier seats, the venue can host a range of events from concerts, stand-up comedy, exhibitions, and business events.

The venue will boast state of the art acoustics, all of which have gone through thorough sound testing for all types of events. The purpose-built, state-of-the-art back of house spaces have been designed in such a way to ensure smooth transitions from one type of event to another. Plus, there is an array of beautiful General Admission and premium space for guests to enjoy.

The Becketwell regeneration scheme is being delivered by Leeds-based property developers St James Securities, who have a track record of delivering successful major regeneration schemes.

In February 2022, Peveril Securities, the development arm of the Bowmer + Kirkland Group, agreed to become funding and development partners for future phases of the Becketwell scheme.

Becketwell Live forms the second phase of the £200m scheme, which is the most significant urban rejuvenation project in the city for more than three decades.

Phase one includes The Condor, the city’s first purpose-built Build to Rent scheme, owned and operated by Grainger plc and Springwell Square, and a new public green space for the city.

Commenting on practical completion of the arena, Paul Morris, Development Director at St James Securities, said:

The completion of Becketwell Live marks a transformative moment for Derby, delivering a world-class venue that will and drive significant economic growth and serve as a catalyst for the city’s future regeneration.

This project has been more than five years in the making, and we are immensely proud to have developed a venue that will attract top-tier events and enhance the city’s cultural vibrancy, enriching the lives of its residents.

Councillor Nadine Peatfield, Leader of the Council and Cabinet Member for City Centre, Regeneration, Strategy and Culture said:

This is a huge leap forward in the Becketwell journey, bringing us much closer to realising our vision of transforming Derby into vibrant city centre that prioritises and celebrates culture.

A huge thanks to all of our partners and everyone involved for their incredible work on this project. This has been a long time in the making and I’m very proud that we’ve been able to support our partners to reach practical completion on time and on budget.

Becketwell Live will provide a significant boost to our city’s cultural sector and economy and we can’t wait to open the doors to the public this Spring.

Marcus Sheehan, General Manager of Becketwell Live said:

This is yet another exciting milestone as we move closer to opening the doors of Becketwell Live. Thanks to the brilliant teams who have done an incredible job in bringing this venue to life, ready to bring the very best in live entertainment to the heart of Derby.

Gus Kedzior, Bowmer + Kirkland’s Regional Director for North Midlands & Yorkshire said:

We are incredibly proud to have been appointed to build this amazing landmark venue in Derby. Our site team has done a great job in ensuring this project has been handed over on time, within budget, and we are thrilled with the final outcome.

It really has been a team effort throughout, and a pleasure to work collaboratively with St James Securities, Legends and ASM Global, and Derby City Council. Becketwell Live will now become the third scheme we have completed for DCC, joining Moorways Sports Village and Derby Arena.

It is also worth noting the additional social value that a building of this scale creates for the local area, bringing jobs, apprenticeship opportunities and income. We are proud to have played a vital role in helping to rejuvenate this area of the city and are looking forward to seeing its doors open to the public in the spring.

Ralph Jones, Managing Director of Peveril Securities and main Board Director of Bowmer + Kirkland, added:

Peveril Securities and St James Securities both share the same ambition for Derby city centre, and we are proud to have worked together to deliver such a transformational scheme.

We are delighted to have brought our financial strength, development and construction expertise to this exciting project, which is local to Peveril Securities.

MIL OSI United Kingdom –

February 4, 2025

MIL-OSI Australia: Queensland Government introduces more rigorous assessment process for wind farm developments

Source: Allens Insights

A significant shift for the state’s wind energy sector 7 min read

From 3 February 2025, wind farm developments in Queensland will transition from a code assessable to an impact assessable application process, introducing a more rigorous assessment process. This shift reflects the Queensland Government’s growing concerns over environmental impacts and community opposition and marks a significant change for the state’s wind energy sector.

The revised State Code 23: Wind farm development (v.3.2) (Updated Wind Farm Code) introduces updated requirements, including stronger community engagement obligations, agricultural land protections and new infrastructure and decommissioning provisions. These updates aim to provide a more structured approach to managing the potential environmental, community and infrastructure impacts throughout the lifecycle of wind farm projects.

In this Insight, we explore the additional assessment requirements, including expanded public consultation and a broader technical review, and outline the key considerations for developers, investors and government bodies amid increased scrutiny, public engagement obligations and regulatory hurdles.

Key takeaways

Wind farm developments in Queensland will now undergo impact assessment, leading to heightened technical scrutiny, public consultation and appeal rights for submitters.
The transition from State Code 23: Wind farm development (v.3.1) to the Updated Wind Farm Code marks a notable policy shift, increasing regulatory scrutiny on wind farm development.
The new requirements introduce enhanced environmental protections, agricultural safeguards and community engagement obligations.
Infrastructure obligations have been expanded, including:
- road and transport measures to mitigate impacts on local road networks during both construction and operation, ensuring safe and efficient transportation of wind farm components and materials throughout the project lifecycle.
- financial security for decommissioning, requiring developers to provide bonds or financial guarantees to ensure the timely rehabilitation of sites and removal of infrastructure at the end of the wind farm’s operational life.
- stronger community engagement requirements, including the submission of a Workforce Accommodation and Infrastructure Report to assess impacts on housing, services and local infrastructure, with a focus on consulting with local governments regarding workforce accommodation strategies and their impact on the community.
The Queensland Government has also signalled future regulatory changes that may apply similar impact assessment requirements to large-scale solar farms and other renewable energy projects, suggesting a broader policy shift.

Changes to the assessment process

The Planning (Wind Farms) Amendment Regulation 2025 (Qld) (Amendment Regulation) effective from 3 February 2025, raises the assessment threshold for wind farms from code assessable to impact assessable,.

The shift follows the Ministerial Direction issued by the Honourable Jarrod Bleijie MP, Deputy Premier, Minister for State Development, Infrastructure and Planning, and Minister for Industrial Relations on 16 January 2025, which suspended assessments for the Wongalee, Theodore and Bungaban Wind Farms. The Queensland Government says this change is intended to bring wind farm developments into line with the approval processes required for major development projects, reinforcing its commitment to robust environmental and community impact assessments.

The increase to impact assessment represents the highest level of scrutiny under Queensland’s planning framework. Wind farm projects will now:

require more comprehensive technical assessments
have expanded public consultation requirements
be subject to appeal rights for submitters, which now apply to wind farm projects subject to impact assessment (and were not available under code assessment).

Wind Farm Code: key amendments

The Amendment Regulation introduces the Updated Wind Farm Code, which imposes updated assessment criteria for wind farm development applications.

Table 1: Key amendments in the Updated Wind Farm Code

Key change	Wind Farm Code	Commentary
Purpose statement	Revised purpose statement explicitly highlights the potential for adverse impacts, and emphasises the need to demonstrate that development does not result in unacceptable adverse impacts. Specifically includes: minimum assessment parameters to mitigate impacts. emphasis on community and local government engagement. focus on all stages: design, siting, construction, operation and decommissioning.	The Updated Wind Farm Code emphasises greater community consultation, local government engagement and the need to demonstrate effective mitigation of adverse impacts through specific assessment parameters. It introduces a more detailed focus on the siting of developments near sensitive areas and integrates a lifecycle approach, covering all stages of development, including decommissioning.
Agricultural land protection	PO5: requires that wind farm development must ensure there is no significant loss of high-quality agricultural land values. This includes a focus on avoiding or minimising impacts on high-quality agricultural land, aligning with State Planning Policy definitions.	The Updated Wind Farm Code introduces the requirement for an Agricultural Land Assessment Report to be submitted as part of the application. This report must demonstrate that the development does not result in a significant loss of high-quality agricultural land values, identifying the land’s suitability for agricultural production and ensuring alignment with the State Planning Policy definitions. It includes an assessment of soils, land suitability and agricultural potential.
Workforce accommodation	PO16: on-site workforce accommodation associated with the construction of the wind farm must not result in adverse impacts on surrounding communities and townships, such as overburdening services and community facilities. PO17: off-site workforce accommodation associated with the construction of the wind farm must not result in adverse impacts on surrounding communities and townships, such as overburdening services, housing supply and community facilities.	The Updated Wind Farm Code requires applicants to submit a Workforce Accommodation and Infrastructure Report that details both on-site and off-site accommodation options. It includes an assessment of potential impacts on housing supply, community services and local infrastructure. Developers must assess and address the impacts of workforce accommodation on local communities and services, including commuting distances, housing demand and pressure on community facilities. The Updated Wind Farm Code places greater emphasis on consultation with local governments regarding workforce accommodation strategies and their impacts.
Infrastructure	PO23: explicitly states that impacts of the development on infrastructure and services, including social infrastructure, communications networks and essential infrastructure, must be identified. Furthermore, measures to manage, mitigate and remediate any impacts must be undertaken: prior to commencement of any development. prior to additional demand being placed on infrastructure and services.	PO23 requires wind farm developers to assess and mitigate the impact of their development on both essential infrastructure (such as water, waste, electricity and communications networks) and social infrastructure (such as healthcare and emergency services). The Workforce Accommodation and Infrastructure Report is a critical document in this assessment, detailing: the infrastructure and services that may be affected by the development, both during construction and operation. mitigation measures to address any identified impacts, which must be implemented prior to the start of development or before additional demand is placed on local services. consultation with local governments and relevant infrastructure providers to ensure the project is compatible with the existing infrastructure capacity and community needs.
Community impact	PO26: developers must identify, assess and mitigate impacts on local communities, ensuring that any adverse impacts are avoided. The mitigation strategies are explicitly required to address community concerns. This requirement reflects a proactive approach to handling community impacts.	PO26 requires wind farm developers to identify, assess and mitigate impacts on surrounding communities and individuals. The key practical changes introduced by this Performance Outcome are: Developers must engage with local communities and stakeholders prior to lodging applications. This ensures transparency and allows concerns to be addressed early in the planning process. A comprehensive Community Engagement Report is required, detailing the community profile, stakeholder feedback and how concerns have been or will be addressed. This is a more structured approach compared to previous guidelines, ensuring that community input directly informs project design. The report should also outline measures for managing and resolving complaints, with a Complaint Investigation and Response Plan that includes a toll-free hotline, incident tracking and clear processes for resolving issues raised by the public.
Decommissioning	PO30: introduces a requirement for developers to provide financial security mechanisms (eg bonds or financial guarantees) to ensure timely compliance with decommissioning obligations.	The Updated Wind Farm Code requires the preparation of detailed decommissioning plans after the completion of construction and the commencement of operations, as well as at the end of the project’s operational life. These plans must outline how decommissioning activities will ensure no adverse impacts on individuals, communities or the natural environment. Typically, this involves measures to ‘make good’ the land and remove infrastructure. A key addition in PO30 is the requirement for applicants to provide evidence of financial security (such as bonds or financial guarantees) to ensure timely compliance with decommissioning obligations. This aims to mitigate risks and ensure the decommissioning process is completed efficiently, with minimal impacts on landowners and government.

The effects of the new assessment regime

Existing development applications: wind farm development applications lodged before 3 February 2025 will continue to be assessed under the framework that applied at the time of lodgement.
New development applications: all new wind farm applications lodged from 3 February 2025 onwards will be subject to impact assessment and must comply with the Updated Wind Farm Code. This means greater technical scrutiny, public consultation and increased regulatory obligations.
‘Other change’ applications: if a change to an existing development approval is classified as an ‘other change’ under the Planning Act 2016 (Qld) (Planning Act), it may trigger a new assessment under the Updated Wind Farm Code.
Suspended projects: the Ministerial Direction issued on 16 January 2025 has temporarily paused assessments for the Wongalee, Theodore and Bungaban Wind Farms until 16 May 2025. The assessment pathway for these projects will be confirmed once the suspension period concludes.
Potential for Ministerial call-in: the Planning Act provides discretionary call-in powers, allowing the Minister to assess or reassess development applications where a state interest is identified. If a project is called in:
- the Minister may determine which assessment benchmarks apply, including the possibility of applying the Updated Wind Farm Code.
- appeal rights available under standard development assessment processes do not apply, with judicial review being the only available legal avenue.

Next steps

Developers, investors and government bodies will need to navigate increased scrutiny, public engagement obligations and regulatory hurdles.

Key considerations moving forward:

Regulatory preparedness: developers should carefully review the Updated Wind Farm Code to ensure their projects meet the new planning and environmental benchmarks.
Engagement strategies: with heightened public consultation requirements and new appeal rights for submitters, early and proactive engagement with stakeholders is essential to mitigate risk.
Financial planning: the new financial security obligations for decommissioning and site rehabilitation will require developers to assess funding provisions at the outset.
Monitoring Ministerial intervention: the existing Ministerial Direction and call-in powers add further complexity. Developers should closely monitor regulatory developments and be prepared for increased scrutiny of wind farm projects.
Future regulatory changes and community benefit framework: The Queensland Government has signalled its intent to expand impact assessment requirements to other renewable projects, including large-scale solar farms, while introducing a community benefit framework. Renewable energy developers should prepare for additional scrutiny on future projects, which may require demonstrating local economic benefits, job creation, or infrastructure investment as part of the approval process, similar to other major development projects in regional communities.

The evolving regulatory landscape for wind energy and other renewable projects in Queensland requires strategic planning, legal awareness and other proactive stakeholder engagement. For further advice or detailed information regarding the new planning framework and its implications, please reach out to any of the listed contacts.

MIL OSI News –

February 4, 2025

MIL-OSI: Notice of the Annual General Meeting 2025

Source: GlobeNewswire (MIL-OSI)

eQ Plc Stock Exchange Release
4 February 2025, at 8:15 am

Notice of the Annual General Meeting 2025

Notice is given to the shareholders of eQ Plc to the Annual General Meeting (the “AGM”) to be held on 25 March 2025 at 5:00 p.m. at Sanoma House’s Eliel meeting room, Töölönlahdenkatu 2, 00100 Helsinki, Finland. The reception of persons who have registered for the meeting will commence at 4:30 p.m. at the meeting venue.

The AGM will be held as a hybrid meeting in accordance with chapter 5, section 16, subsection 2 of the Finnish Limited Liability Companies Act. As an alternative to participating in the Annual General Meeting at the meeting venue, shareholders can fully exercise their rights during the meeting also via remote connection. Shareholders can exercise their right to vote also by voting in advance. Further attendance instructions, instructions for voting in advance and remote participation are presented in part C of this notice to the AGM.

Shareholders can ask questions referred to in chapter 5, section 25 of the Finnish Companies Act about the matters to be discussed at the meeting, also in writing before the meeting. Instructions for submitting written questions are presented in this notice under section C.

A. Matters on the agenda of the AGM

At the Annual General Meeting, the following matters will be considered:

1. Opening of the meeting

2. Calling the meeting to order

3. Election of persons to scrutinise the minutes and persons to supervise the counting of votes

4. Recording the legality of the meeting

5. Recording the attendance at the meeting and adoption of the list of votes

6. Presentation of the annual accounts, report of the Board of Directors and auditors’ report for the year 2024

– Presentation of the review by the CEO

The annual accounts, report of the Board of Directors and the auditors’ report published by the Company will be available no later than 4 March 2025 on the Company’s website www.eq.fi.

7. Adoption of the annual accounts

8. Resolution on the use of the profit shown on the balance sheet and the payment of dividend

The distributable means of the parent company on 31 December 2024 totalled EUR 57,409,143.02. The sum consisted of retained earnings of EUR 31,984,573.28 and the means in the reserve of invested unrestricted equity of EUR 25,424,569.74.

The Board of Directors proposes to the Annual General Meeting that a dividend of EUR 0.66 per share be paid out. The proposal corresponds to a dividend totalling EUR 27,328,750.68 calculated with the number of shares at the close of the financial year. The dividend will be paid out in two separate installments.

The first installment, EUR 0.33 per share shall be paid to those shareholders who are registered as shareholders in eQ Plc’s shareholder register maintained by Euroclear Finland Ltd on the record date of the dividend payment on 27 March 2025. The Board proposes 3 April 2025 as the payment date of the first installment of the dividend.

The second installment, EUR 0.33 per share shall be paid in October 2025. The second installment shall be paid to those shareholders who are registered as shareholders in eQ Plc’s shareholder register maintained by Euroclear Finland Ltd on the record date of the divided payment. The Board shall decide the record date and the payment date of the second installment of the divided in its meeting in September 2025. It is contemplated that the record date of the second installment will be 7 October 2025 and that the payment date will be 14 October 2025.

After the end of the financial period, no essential changes have taken place in the financial position of the company. The Board of Directors feel that the proposed distribution of dividend does not endanger the liquidity of the company.

9. Resolution on the discharge of the members of the Board of Directors and the CEOs from liability for the financial year 1 January – 31 December 2024

10. Handling of the Remuneration Report for Governing Bodies

The Remuneration Report for Governing Bodies shall be available on the company’s website www.eq.fi/en/about-eq-group/hallinnointi/yhtiokokoukset no later than 4 March 2025.

11. Handling of the Remuneration Policy for Governing Bodies

The Remuneration Policy for the company’s governing bodies was previously presented to the Annual General Meeting in 2021. The Remuneration Policy must be presented to the general meeting at least every four years or whenever substantial changes have been made to it.

The Board of Directors presents the Remuneration Policy for Governing Bodies to the Annual General Meeting for adoption by an advisory decision. The Remuneration Policy for Governing Bodies shall be published together with the Annual Report by a stock exchange release and it will be available on the company’s website https://www.eq.fi/en/about-eq-group/hallinnointi/yhtiokokoukset no later than 4 March 2025.

12. Resolution on the remuneration of the members of the Board of Directors

Shareholders of eQ Plc, who control over 60 per cent of the outstanding shares and votes, propose that the Chair of the Board of Directors receives 5,000 euros per month, Vice Chair of the Board of Directors receives 4,000 euros per month and the members of the Board of Directors receive 3,000 euros per month. In addition, a compensation of 750 euros per meeting is proposed to be paid for all the Board members for each attended Board meeting and travel and accommodation expenses are reimbursed according to the guidelines of eQ Plc.

13. Resolution on the number of members of the Board of Directors

Shareholders of eQ Plc, who control over 60 per cent of the outstanding shares and votes, have made a proposal that the number of the Board members remain unchanged, i.e. that six persons be on the Board of Directors, or five persons, if a person proposed by the Shareholders is prevented from being a Board member of the company.

14. Election of the members of the Board of Directors

Shareholders, who control over 60 per cent of the outstanding shares and votes, have made a proposal that the current Board members Päivi Arminen, Nicolas Berner, Georg Ehrnrooth, Janne Larma and Tomas von Rettig are re-elected to the Board of Directors and Caroline Bertlin will be elected as a new member to the Board. If one of the persons proposed by the Shareholders is prevented from being a Board member of the company, such persons who are not prevented from being Board members. The term of office of the Board members ends at the close of the next Annual General Meeting.

Caroline Bertlin (born 1978) is an experienced business leader with vast experience in the Nordics and internationally. Bertlin is based and has spent most of her career in Sweden. Currently she is engaged in strategy and funding of energy infrastructure for Nordion Energi. Prior to that she was the CEO of Nordisk Renting and Managing Director in NatWest Structured Finance (2016-2023). Previously she worked as Head of Restructuring, Turnaround CEO and Project Lead for Strategic projects in the NatWest Group (2009-2015). Earlier experience includes portfolio management and analyst positions within banking and alternative investments. In addition, she is a member of the Board of Nordisk Renting AB (2016-). Caroline Bertlin holds a Master of Science (Economics) degree from Hanken School of Economics.

All nominees have given their consent to the proposal. In addition, the nominees have indicated that on selection, they will select Georg Ehrnrooth as Chair of the Board of Directors.

Member candidates’ resumes and independence assessments are available on the company’s website: www.eq.fi/en/about-eq-group/hallinnointi/yhtiokokoukset.

15. Resolution on the remuneration of the auditor

The Board of Directors proposes that the auditor to be elected be paid remuneration according to the auditor’s invoice approved by eQ Plc.

16. Election of auditor

The Board of Directors proposes, that for a term ending at the end of the Annual General Meeting 2026, Authorized Public Accountants KPMG Oy Ab be elected auditor of the Company. The auditor has stated that the auditor with main responsibility will be Tuomas Ilveskoski, APA, Authorized Sustainability Auditor.

17. Resolution on the remuneration of the sustainability auditor

The Board of Directors proposes that the sustainability auditor to be elected be paid remuneration according to the auditor’s invoice approved by eQ Plc.

18. Election of sustainability auditor

For the financial year 2025, the company must prepare its first sustainability report in accordance with the EU Sustainability Reporting Directive, CSRD, and relevant national legislation.

The Board of Directors proposes, that for a term ending at the end of the Annual General Meeting 2026, Authorized Public Accountants KPMG Oy Ab be elected sustainability auditor of the Company. KPMG has stated that the sustainability auditor with main responsibility will be Tuomas Ilveskoski, APA, Authorized Sustainability Auditor.

19. Establishment of a Shareholders’ Nomination Board

The Board of Directors proposes that the Annual General Meeting establishes a Shareholders’ Nomination Board whose task is to prepare proposals concerning the number of members of the Board of Directors and the Board’s composition and remuneration to the General Meeting.

According to the proposal, the Shareholders’ Nomination Board comprises of four members and four largest shareholders of the Company may each appoint a member.

The right to appoint a member belongs to the four shareholders who, as of the last day of June preceding the next Annual General Meeting, have the largest share of the total voting rights of the Company’s shares, taking into account those shareholders whose holdings should be aggregated subject to the obligation to notify major holdings.

The Board of Directors proposes that the Annual General Meeting adopts the Charter for the Shareholders’ Nomination Board. The Board’s proposal for the Company’s Charter for the Shareholders’ Nomination Board is available on the Company’s website: www.eq.fi/en/about-eq-group/hallinnointi/yhtiokokoukset.

20. Authorising the Board of Directors to decide on the issuance of shares as well as the issuance of special rights entitling to shares

The Board of Directors proposes that the AGM authorises the Board of Directors to decide on a share issue or share issues and/or the issuance of special rights entitling to shares referred to in Chapter 10 Section 1 of the Companies Act, comprising a maximum total of 3,500,000 new shares. The amount of the proposed authorisation corresponds to approximately 8.45 per cent of all shares in the Company at the time of this Notice of the AGM.

The authorisation is proposed to be used in order to finance or carry out potential acquisitions or other business transactions, to strengthen the balance sheet and the financial position of the Company, to fulfill Company’s incentive schemes or to any other purposes decided by the Board. Fifty per cent of the shares or special rights entitling to shares issued on the basis of the authorisation may be used to implement incentive schemes or otherwise for remuneration. It is proposed that based on the authorization, the Board decides on all other matters related to the issuance of shares and special rights entitling to shares referred to in Chapter 10 Section 1 of the Companies Act, including the recipients of the shares or the special rights entitling to shares and the amount of the consideration to be paid. Therefore, based on the authorisation, shares or special rights entitling to shares may also be issued directed i.e. in deviation of the shareholders pre-emptive rights as described in the Companies Act. A share issue may also be executed without payment in accordance with the preconditions set out in the Companies Act.

The authorisation will cancel all previous authorisations to decide on the issuance of shares as well as the issuance of special rights entitling to shares and is effective until the next Annual General Meeting, however no more than 18 months.

21. Closing of the meeting

B. Documents of the AGM

This notice to the Annual General Meeting, that contains all decision proposals on the agenda of the AGM, is available to shareholders on eQ Plc’s website at www.eq.fi/en/about-eq-group/hallinnointi/yhtiokokoukset. eQ Plc’s Annual Report, containing the Company’s annual accounts, the report of the Board of Directors and the auditors’ report together with the Remuneration Report for Governing Bodies and the Remuneration Policy for Governing Bodies is available on the said website no later than 4 March 2025. The proposals for resolutions and other previously mentioned documents will also be available at the AGM.

The Minutes of the Annual General Meeting will be available on the company’s website no later than 8 April 2025.

C. Instructions to the participants of the AGM

1. Shareholders registered in the shareholders’ register (Finnish book-entry account)

Each shareholder, who is registered on the record date of the Annual General Meeting 13 March 2025 in the Company’s register held by Euroclear Finland Oy, has the right to participate in the Annual General Meeting. A shareholder, whose shares are registered on their personal Finnish book-entry account is automatically registered in the shareholders’ register of the Company. Changes in share ownership after the record date of the AGM do not affect the right to participate in the meeting or the shareholder’s number of votes.

Registration for the AGM will begin on 25 February 2025 at 10 am. A shareholder, who is registered in the shareholders’ register of the Company and who wants to participate in the Annual General Meeting, must register for the AGM no later than 18 March 2025 by 4:00 pm by which time the registrations must be received. Shareholders may register to the meeting:

a) Via the website www.eq.fi/en/about-eq-group/hallinnointi/yhtiokokoukset

Online registration require that the shareholders or their statutory representatives or proxy representatives use strong electronic authentication either by Finnish, Swedish or Danish bank ID or mobile certificate.

b) By email agm@innovatics.fi or by mail

A shareholder who registers by mail or email shall send registration form available on the Company’s website at www.eq.fi/en/about-eq-group/hallinnointi/yhtiokokoukset or corresponding information to Innovatics Oy by mail to Innovatics Oy, Annual General Meeting / eQ Oyj, Ratamestarinkatu 13 A, FI-00520 Helsinki, Finland or by email at agm@innovatics.fi.
When registering, shareholders shall provide requested information, such as their name, date of birth or Business ID, address, telephone number, email address and the name of any assistant or proxy representative and the date of birth and email address and/or telephone number of any proxy representative. In addition, the shareholder shall inform whether the shareholder or its representative will participate in the AGM at the meeting venue or via a remote connection. The personal data given by the shareholder to the Company or Innovatics Oy will be used only in connection with the Annual General Meeting and with the processing of related necessary registrations.

The shareholder and their representative or proxy must be able to prove their identity and/or right of representation at the meeting place, if necessary.

Additional information on the registration is available during the registration period by telephone from Innovatics Oy at +358 10 2818 909 on business days during 9:00 am until 12:00 noon and from 1:00 pm until 4:00 pm.

2. Holders of nominee-registered shares

A holder of nominee-registered shares has the right to participate in the Annual General Meeting by virtue of such shares, based on which they on the record date of the Annual General Meeting 13 March 2025 would be entitled to be registered in the shareholders’ register of the Company held by Euroclear Finland Oy. Participation in the AGM also requires that the shareholder has been registered on the basis of such shares in the temporary shareholders’ register held by Euroclear Finland Oy at the latest by 20 March 2025 by 10:00 am. As regards nominee-registered shares this constitutes due registration for the AGM. Changes in the ownership of shares after the record date of the Annual General Meeting do not affect the right to participate in the AGM nor the number of votes of the shareholder.

A holder of nominee-registered shares is advised to request without delay the necessary instructions regarding the temporary registration in the shareholders’ register, the remote participation or participation at the meeting venue, advance voting, the issuing of proxy documents and voting instructions and registration for the Annual General Meeting from their custodian. The account manager of the custodian shall temporarily register a holder of nominee-registered shares, who wants to participate in the Annual General Meeting, in the shareholders’ register of the Company at the latest by the time stated above and, if necessary, take care of advance voting on behalf of a holder of nominee-registered shares, at the latest prior to the end of the registration period for the holders of nominee-registered shares.

A holder of nominee-registered shares who has registered for the General Meeting may also participate in the meeting in real time using telecommunication connection and technical means. In addition to the temporary registration in the company’s shareholders’ register, the real-time participation in the meeting requires the submission of the shareholder’s email address and telephone number and, if necessary, a proxy document and other documents necessary to prove the right of representation to by regular mail to Innovatics Oy, Yhtiökokous/eQ Oyj, Ratamestarinkatu 13 A, FI-00520 Helsinki, Finland or by email to agm@innovatics.fi before the end of the registration period for the holders of nominee registered shares, so that the shareholders can be sent a participation link and password to participate in the meeting. If a holder of nominee-registered shares has authorised their custodian to cast advance votes on their behalf, such advance votes will be taken into account as advance votes of the nominee-registered shareholder at the AGM, unless the holder of nominee-registered shares votes otherwise at the AGM.

3. Proxy representatives and powers of attorney

A shareholder may participate in the Annual General Meeting and exercise its rights at the meeting by way of proxy representation. A shareholder’s proxy representative may also register for the AGM and vote in advance as described in this notice. The online registration and advance voting of a statutory or a proxy representative require that the statutory representatives or the proxy representatives identify themselves to the electronic registration and voting service at the Company’s website www.eq.fi/en/about-eq-group/hallinnointi/yhtiokokoukset in person by using strong electronic authentication either by Finnish, Swedish or Danish bank ID or mobile certificate, after which they may continue with the registration and voting on behalf of the shareholder they represent.

Proxy representative of the shareholder shall in connection with the registration present a dated proxy document or otherwise in a reliable manner demonstrate their right to represent the shareholder. An example of the proxy document and voting instructions is available at the Company’s website www.eq.fi/en/about-eq-group/hallinnointi/yhtiokokoukset on 7 February 2025, 9:00 am, the latest. Should a shareholder participate in the Annual General Meeting by means of several proxy representatives representing the shareholder with shares in different book-entry accounts, the shares by which each proxy representative represents the shareholder shall be identified in connection with the registration.

The possible proxy documents should be delivered primarily as an attachment in connection with electronic registration or alternatively to agm@innovatics.fi before the closing of the registration. In addition to the delivery of proxies, the shareholder or their proxy must take care of registering for the AGM as described above in this notice.

Shareholders that are legal entities may also, as an alternative to traditional proxy authorisation documents, use the electronic Suomi.fi authorisation service for authorising their proxy representatives. The representative is mandated in the Suomi.fi service at www.suomi.fi/e-authorizations (using the authorisation topic “Representation at the General Meeting”). When registering for the AGM in the virtual general meeting service provided by Inderes Plc, authorised representatives shall identify themselves with strong electronic authentication, after which the electronic mandate is automatically verified. The strong electronic authentication takes place with personal online banking credentials or a mobile certificate. For more information, see www.suomi.fi/e-authorisations.

4. Remote participation in the meeting

A shareholder who has the right to participate in the Annual General Meeting can participate in the meeting not only by participating in the AGM at the meeting venue but also, shareholders may use their rights in full and in real-time during the meeting via remote connection.

Due to the limited space at the meeting venue, the shareholder’s or proxy’s notification of participation in the AGM via remote connection is binding, and the shareholder or proxy does not have the right to change the method of participation or participate in the meeting at the meeting place after the registration period has expired. However, the shareholder’s representative’s notification of participation via remote connection does not limit the right of shareholder’s other representatives to participate in the meeting at the meeting place.

A shareholder or proxy who has registered to participate in the AGM at the meeting venue can change their participation to remote participation. There is no need to inform the company about this separately. Remote participation takes place via the remote participation link sent to the phone number and/or email address provided when registering for the AGM.

The remote connection to the AGM is provided through Inderes Plc’s virtual general meeting service on the Videosync platform, which includes a video and audio connection to the Annual General Meeting. Participating via the remote connection does not require paid software or downloads. In addition to an internet connection, participation requires a computer, smartphone or tablet with speakers or headphones for sound reproduction and a microphone for asking oral questions or speaking turns. To participate, it is recommended to use the latest versions of the most common browser programs in use.

The participation link and password for remote participation will be sent by email and/or text message to the email address and/or mobile phone number provided during registration to all those registered for the Annual General Meeting no later than the day before the meeting. Thus, advance voters and shareholders who have registered to attend the General Meeting at the venue may also participate in the General Meeting remotely via telecommunication if they so wish. It is recommended to log into the meeting system well in advance of the meeting’s start time.

More detailed information about the general meeting service can be found on the company’s website www.eq.fi/en/about-eq-group/hallinnointi/yhtiokokoukset. The link to test the compatibility of a computer, smartphone or tablet and the network connection can be found at https://b2b.inderes.com/fi/knowledge-base/yhteensopivuuden-testaaminen. It is recommended that you familiarise yourself with the more detailed participation instructions before the start of the AGM.

5. Voting in advance

Shareholders whose shares are registered on their Finnish book-entry account may vote in advance on certain items on the agenda of the AGM during the period between 25 February 2025 10:00 a.m. – 18 March 2025 at 4:00 p.m. in the following ways:

a) Via the website www.eq.fi/en/about-eq-group/hallinnointi/yhtiokokoukset

Advance voting requires that the shareholders or their statutory representatives or proxy representatives use strong electronic authentication either by Finnish, Swedish or Danish bank ID or mobile certificate.

b) By email agm@innovatics.fi or by mail

A shareholder or its statutory representative who votes in advance by mail or email shall send the voting form available on the Company’s website at www.eq.fi/en/about-eq-group/hallinnointi/yhtiokokoukset or corresponding information to Innovatics Oy by mail to Innovatics Oy, Annual General Meeting / eQ Oyj, Ratamestarinkatu 13 A, FI-00520 Helsinki, Finland or by email at agm@innovatics.fi. Advance votes must be received by the time the advance voting period ends. Submitting advance votes by mail or email to Innovatics Oy before the due date of the registration period and advance voting constitutes due registration for the AGM provided that the information required above for registration is provided in connection with the advance voting form.

A shareholder who has voted in advance and who wants to use their right to present questions under the Companies Act, demand a vote or vote on a possible counter-proposal, must attend the general meeting in person or have their proxy representative participate in the AGM using the remote connection. The votes cast by those who have voted in advance will be taken into account in the decision-making of the General Meeting, regardless of whether they participate in the General Meeting remotely or at the meeting venue or not. If they participate remotely or at the meeting location, they have the opportunity to change their advance votes during the meeting, if they wish, when a vote takes place.

For holders of nominee-registered shares, advance voting is carried out via the account manager of the custodian. The account manager may vote in advance on behalf of the holders of nominee-registered shares that they represent in accordance with the voting instructions provided by the holders of nominee registered shares during the registration period for the holders of nominee-registered shares.

A proposal subject to advance voting is deemed to have been presented without amendments at the AGM. Conditions related to the electronic advance voting and other related instructions are available on the Company’s website at www.eq.fi/en/about-eq-group/hallinnointi/yhtiokokoukset.

6. Other instructions/information

The meeting shall be held in Finnish.

Shareholders who are present at the meeting shall have a right to present questions referred to in Chapter 5, Section 25 of the Companies Act with respect to the matters to be considered at the Annual General Meeting.

A shareholder may present questions referred to in Chapter 5, Section 25 of the Companies Act with respect to the matters to be considered at the Annual General Meeting by 11 March 2025 at 4:00 pm at the online registration service or by email to eQ.Yhtiokokous@eq.fi. The company’s management generally answers such questions submitted in writing in advance at the AGM or no later than two weeks after the general meeting on the company’s website. When presenting a question to the Annual General Meeting, the shareholder must provide sufficient information about their shareholding upon request.

On the date of this notice, 4 February 2025, the total number of eQ Plc’s shares and votes is 41,407,198. The Company does not hold its own shares.

Helsinki, 4 February 2025

eQ Plc
Board of Directors

Additional information: Juha Surve, Group General Counsel, tel. +358 9 6817 8733

Distribution: Nasdaq Helsinki, www.eQ.fi

eQ Group is a Finnish group of companies specialising in asset management and corporate finance business. eQ Asset Management offers a wide range of asset management services (including private equity funds and real estate asset management) for institutions and individuals. The assets managed by the Group total approximately EUR 13.4 billion. Advium Corporate Finance, which is part of the Group, offers services related to mergers and acquisitions, real estate transactions and equity capital markets.

More information about the Group is available on our website at www.eQ.fi.

The MIL Network –

February 4, 2025
MIL-OSI: BNP PARIBAS ANNOUNCES THE IMPLEMENTATION OF A SEMI-ANNNUAL INTERIM DIVIDEND PAYMENT STARTING IN 2025
Source: GlobeNewswire (MIL-OSI)

BNP PARIBAS ANNOUNCES THE IMPLEMENTATION OF A SEMI-ANNNUAL INTERIM DIVIDEND PAYMENT STARTING IN 2025

PRESS RELEASE

Paris, 4 February 2025

On 3 February 2025, BNP Paribas’ Board of Directors, chaired by Jean Lemierre, approved the principle of a semi-annual interim dividend starting in the 2025 financial year, which would be paid out in late September.

Each interim dividend will amount to 50% of the net earnings per share of the first
half-year, in accordance with BNP Paribas’ cash payout distribution policy.

The first interim dividend related to the 2025 financial statements would be paid on 30 September 2025 and calculated on the basis of 50% of the net earnings per share of the first half of 2025.

As a result of the introduction of a semi-annual interim dividend payment, the return to the shareholder in 2025 will comprise:

(i)      the full dividend paid out in cash on 2024 earnings, subject to approval by the General Meeting of shareholders planned on 13 May 2025;

(ii)      the share buyback programme set out in the Group distribution policy for the 2024 financial year subject to the usual conditions, including European Central Bank authorisation; and

(iii)      the interim dividend on 2025 financial year, which would be decided by the Board of Directors in an amount calculated and paid based on the aforementioned description.

Press contact
Hacina HABCHI – hacina.habchi@bnpparibas.com – +33 (0)7 61 97 65 20
Sandrine Romano – sandrine.romano@bnpparibas.com – +33 (0)6 71 18 23 05

About BNP Paribas
BNP Paribas is the European Union’s leading bank and key player in international banking. It operates in 63 countries and has nearly 183,000 employees, including more than 145,000 in Europe. The Group has key positions in its three main fields of activity: Commercial, Personal Banking & Services for the Group’s commercial & personal banking and several specialised businesses including BNP Paribas Personal Finance and Arval; Investment & Protection Services for savings, investment and protection solutions; and Corporate & Institutional Banking, focused on corporate and institutional clients. Based on its strong diversified and integrated model, the Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realise their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, BNP Paribas has four domestic markets: Belgium, France, Italy and Luxembourg. The Group is rolling out its integrated commercial & personal banking model across several Mediterranean countries, Turkey, and Eastern Europe. As a key player in international banking, the Group has leading platforms and business lines in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific. BNP Paribas has implemented a Corporate Social Responsibility approach in all its activities, enabling it to contribute to the construction of a sustainable future, while ensuring the Group’s performance and stability.

Attachment
- Acompte sur dividende_CP_EN_FV
The MIL Network –
February 4, 2025
MIL-OSI: Dassault Systèmes Reveals “3D UNIV+RSES” and Related AI-Based Services
Source: GlobeNewswire (MIL-OSI)

Press Release
VELIZY-VILLACOUBLAY, France — February 4, 2025

Dassault Systèmes Reveals “3D UNIV+RSES” and Related AI-Based Services
- “3D UNIV+RSES” embed multiple generative AI technologies at the core of global IP Lifecycle Management, “POWER’by” the 3DEXPERIENCE platform
- Next generation Dassault Systèmes technology offers environment for combining virtual twins, training AI engines and protecting customer IP
- Customers in all sectors can take advantage of the AI era to improve the daily lives of consumers, patients and citizens
Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) today opened up its new horizon as part of the Generative Economy by introducing “3D UNIV+RSES” that embed multiple generative AI technologies at the core of global IP Lifecycle Management (IPLM) for the benefit of its clients.

This evolving architecture will permit its large client base to fully exploit their rich, high-quality patrimony of 3D design, virtual twins and PLM data in a new space of representation, the premier digital environment to train new categories of Experience as a Service (XaaS) ─ namely: Generative Experiences (GenXp), Virtual Companions, as well as intelligent Virtual Twin Experience as a Service (VTaaS). Dassault Systèmes’ “POWER’byAI” approach and its multi-AI, industry-aware platforms ─ 3DEXPERIENCE (manufacturing), MEDIDATA (life sciences and health care) and CENTRIC (consumer goods and food) ─ provide customers with world-class secured environments to reveal and generate their own knowledge and know-how with rapid deployment.

Tomorrow’s game-changers will be those with the best-developed knowledge and know-how assets, who take inspiration from the living world to generate rather than consume, giving back to the planet as much as they take from it. This is what Dassault Systèmes calls the Generative Economy. It results from the convergence of the Experience Economy and the Circular Economy; it’s an economy of virtual assets in which intellectual property (IP), the critical factor for differentiation, will serve as a currency.

It will be catalyzed and enabled by “3D UNIV+RSES” and accelerated by the learning possibilities offered by AI. “3D UNIV+RSES” represent a new class of representation of the world: virtual-plus-real representations that holistically combine modeling, simulation, real-world evidence and AI-generated content. They offer a unique and secured industry environment for combining and cross-simulating virtual twins and for training multi-AI engines while protecting customers’ IP.

“All our longtime loyal clients are expecting us to protect their ‘gold mine’ of virtual assets and reveal the invisible. In order to generate and protect the most valuable intellectual property, it is of critical importance to create Virtual Twin Experiences of everything for everyone that harmonize product, nature and life. Dassault Systèmes is committed to becoming the most trusted partner to provide ‘3D UNIV+RSES,’ as the ultimate source of knowledge and know-how, for our mutual benefit and human progress,” said Bernard Charlès, Executive Chairman, Dassault Systèmes.

“3D UNIV+RSES” are the seventh generation of representation of the world introduced by Dassault Systèmes over the past 44 years. These generations have ushered in new ways of imagining, creating and producing.

Today, in the Manufacturing Industries and Infrastructure and Cities sectors, the most advanced companies that create airplanes, vehicles, machines, robots, or high-tech and med-tech equipment use Dassault Systèmes’ sophisticated virtual twins to ensure the quality, performance and safety of their products and services, and to comply with regulations and standards. Dassault Systèmes has developed the same approach for innovators in the Life Sciences and Healthcare sector and pioneered virtual twins of the living world, from cells to organs to patients.

“The extensive work done by Bernard Charlès and our Strategy and Research and Development teams over the past three years to define and create game-changer solutions based on the deep and wide adoption of generative AI is impressive. This will enable our clients in all sectors to take advantage of the AI era at every stage of the cycle of life of the products and services they invent and create to make them more sustainable. This will ultimately improve the daily lives of consumers, patients and citizens,” said Pascal Daloz, CEO, Dassault Systèmes.

“3D UNIV+RSES” make it possible for customers to create the virtual twin of everything for everyone and virtualize their entire ecosystem. Experience will be at the core of them since “3D UNIV+RSES” are environments for experimentation integrating motion, transformation and time. Embedded AI technology serves as an accelerator to invent game-changing generative experiences, empower everyone with their virtual companion, and upskill the workforce of the future.

###

FOR MORE INFORMATION

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

ABOUT DASSAULT SYSTÈMES

Dassault Systèmes is a catalyst for human progress. Since 1981, the company has pioneered virtual worlds to improve real life for consumers, patients and citizens. With Dassault Systèmes’ 3DEXPERIENCE platform, 350,000 customers of all sizes, in all industries, can collaborate, imagine and create sustainable innovations that drive meaningful impact. For more information, visit: www.3ds.com

Dassault Systèmes Press Contacts
Corporate / France        Arnaud MALHERBE        arnaud.malherbe@3ds.com        +33 (0)1 61 62 87 73
North America        Natasha LEVANTI        natasha.levanti@3ds.com        +1 (508) 449 8097
EMEA        Virginie BLINDENBERG        virginie.blindenberg@3ds.com        +33 (0) 1 61 62 84 21
China        Grace MU        grace.mu@3ds.com        +86 10 6536 2288
Japan        Reina YAMAGUCHI        reina.yamaguchi@3ds.com        +81 90 9325 2545
Korea        Jeemin JEONG        jeemin.jeong@3ds.com        +82 2 3271 6653
India        Priyanka PANDEY        priyanka.pandey@3ds.com        +91 9886302179

Attachment
- Dassault Systèmes Reveals “3D UNIV+RSES” and Related AI-Based Services
The MIL Network –
February 4, 2025

MIL-OSI: Dassault Systèmes: Strong Q4 results driven by new business acceleration and expanded 3DEXPERIENCE footprint

Source: GlobeNewswire (MIL-OSI)

Press Release

VELIZY-VILLACOUBLAY, France — February 4, 2025

Dassault Systèmes: Strong Q4 results driven by new business acceleration and expanded 3DEXPERIENCE footprint

Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) today reports its IFRS unaudited estimated financial results for the fourth quarter 2024 and full year ended December 31, 2024. The Group’s Board of Directors approved these estimated results on February 3, 2025. This press release also includes financial information on a non-IFRS basis and reconciliations with IFRS figures in the Appendix.

Summary Highlights¹

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

4Q24: Software revenue accelerated to 9% growth;
4Q24: Top line acceleration driven by new business growth of 13% and 3DEXPERIENCE software revenue up 22%;
4Q24: Operating margin stood at 36.3%, an increase of 70 basis points, with diluted EPS of €0.40, up 11%;
FY24: Total revenue grew to €6.21 billion with software revenue up 6%, operating margin of 31.9% and diluted EPS of €1.28, up 9%;
Initiating guidance for FY25: total revenue growth expected between 6% and 8%, operating margin between 32.6% and 32.9%, up 70-100 basis points, and diluted EPS of €1.36-€1.39;
Revealing 3D UNIV+RSES and their AI-based services.

Dassault Systèmes’ Chief Executive Officer Commentary

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

“2024 has been a year of competitive success, driven by the expansion of 3DEXPERIENCE across industries, domains and geographies, and redefining our strategic partnerships with industry leaders such as Volkswagen, Lockheed Martin, Mahindra & Mahindra, Airbus, and Bristol-Myers Squibb.

Key to this success is the relevance of 3DEXPERIENCE combining deep industry knowledge and know-how to help customers enhance their value propositions and empower their teams. This will nurture our future growth and build the foundation for broad cloud adoption.

Building on this strong foundation, we are excited to announce a new era for Dassault Systèmes. We are fully committed to creating UNIV+RSES, a combination of multiple virtual twins, integrating artificial intelligence to connect virtual and real, across all industry solutions. This will unlock new opportunities for our clients and position us as the trusted Global IP Generation and Management Company.”

Dassault Systèmes’ Chief Financial Officer Commentary

(revenue, operating margin and diluted EPS (‘EPS’) growth rates in constant currencies,
data on a non-IFRS basis)

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

“We delivered a strong Q4 in the context of a challenging year, with total revenue up 7%, driven by new business growth of 13% in the quarter. From a product line perspective, this performance was led by Industrial Innovation, up 8%, as a result of the wider adoption of 3DEXPERIENCE, with a focus on manufacturing. At the same time, we saw continued excellent performance in Mainstream Innovation while in Life Sciences, MEDIDATA returned to growth.

Turning to the bottom line, profitability improved in the quarter with an operating margin of 36.3%, up 70 basis points driven by productivity gains, and EPS increased by a strong 11%.

For 2024, software revenue growth was 6% and EPS grew by 9%. Operating cash flow came in at €1.66 billion resulting in a net cash position of €1.46 billion, highlighting our capacity for future investments.

Looking ahead, we are confident in our growth outlook and competitive positioning.

As such, for 2025 we anticipate total revenue growth between 6% and 8%, operating margin expansion of 70-100 basis points and EPS up 7% to 10%.

Lastly, we are delighted to hold our Capital Markets Day this coming June, at our headquarters in Paris where it will be the opportunity to discuss our vision for the next horizon.”

Financial Summary

In millions of Euros, except per share data and percentages	IFRS				IFRS
In millions of Euros, except per share data and percentages	Q4 2024	Q4 2023	Change	Change in constant currencies	YTD 2024	YTD 2023	Change	Change in constant currencies
Total Revenue	1,754.2	1,643.4	7%	7%	6,213.6	5,951.4	4%	5%
Software Revenue	1,601.5	1,476.1	8%	9%	5,613.3	5,360.0	5%	6%
Operating Margin	27.6%	23.2%	+4.3pts		21.9%	20.9%	+1.0pt
Diluted EPS	0.30	0.25	20%		0.90	0.79	14%

In millions of Euros, except per share data and percentages	Non-IFRS				Non-IFRS
In millions of Euros, except per share data and percentages	Q4 2024	Q4 2023	Change	Change in constant currencies	YTD 2024	YTD 2023	Change	Change in constant currencies
Total Revenue	1,754.2	1,643.4	7%	7%	6,213.6	5,951.4	4%	5%
Software Revenue	1,601.5	1,476.1	8%	9%	5,613.3	5,360.0	5%	6%
Operating Margin	36.3%	35.9%	+0.4pt		31.9%	32.4%	(0.4)pt
Diluted EPS	0.40	0.36	9%	11%	1.28	1.20	7%	9%

Fourth Quarter 2024 Versus 2023 Financial Comparisons

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

Total Revenue: Total revenue in the fourth quarter grew by 7% to €1.75 billion, and software revenue increased by 9% to €1.60 billion. Subscription & support revenue rose 7%; recurring revenue represented 75% of software revenue. Licenses and other software revenue increased by 15% to €405 million. Services revenue was down 9% to €153 million, during the quarter.
Software Revenue by Geography: Revenue in the Americas increased by 5% to represent 37% of software revenue, led by Aerospace & Defense. Europe (43% of software revenue) grew by 14%, thanks to large deals closed in Aerospace & Defense and Home & Lifestyle. In Asia, revenue increased by 7%, led by Japan and India, while China remained volatile. Asia represented 20% of software revenue at the end of the fourth quarter.
Software Revenue by Product Line:
- Industrial Innovation software revenue increased by 8% to €902 million, driven by strong momentum with 3DEXPERIENCE wins and many strategic competitive displacements, led by DELMIA in manufacturing. Industrial Innovation software represented 56% of software revenue.
- Life Sciences software revenue was flat, at €298 million, accounting for 19% of software revenue. MEDIDATA returned to growth, up 1% in the quarter, highlighting progressive improvement.
- Mainstream Innovation software revenue increased by 17% to €402 million, with SOLIDWORKS achieving its best quarter since 2022 and CENTRIC PLM maintaining strong momentum. Mainstream Innovation represented 25% of software revenue, during the period.

Software Revenue by Industry: Aerospace & Defense, Home & Lifestyle and Industrial Equipment were among the best performers during the quarter.
Key Strategic Drivers: 3DEXPERIENCE software revenue increased by 22% thanks to major deals signings in Aerospace & Defense and Transport & Mobility. 3DEXPERIENCE software revenue represented 46% of 3DEXPERIENCE eligible software revenue. Cloud software revenue grew by 6% and represented 22% of software revenue during the period. Excluding MEDIDATA, Cloud software revenue increased by 19%.
Operating Income and Margin: IFRS operating income rose by 27% at €483 million, as reported. Non-IFRS operating income increased by 9% in constant currencies at €637 million (up 8% as reported). The IFRS operating margin stood at 27.6% compared to 23.2% in the fourth quarter of 2023. The non-IFRS operating margin totaled 36.3% versus 35.9% during the same period last year, up 70 basis points in constant currencies.
Earnings per Share: IFRS diluted EPS was €0.30, up 20% as reported. Non-IFRS diluted EPS grew to €0.40, up 9% as reported, or 11% in constant currencies.

Fiscal 2024 Versus 2023 Financial Comparisons

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

Total Revenue: Total revenue grew by 5% to €6.21 billion. Software revenue increased by 6% to €5.61 billion. Subscription and support revenue rose to €4.49 billion up 6%; recurring revenue represented 80% of total software revenue. Licenses and other software revenue grew by 4% to €1.13 billion. Services revenue came at €600 million, up 2%.
Software Revenue by Geography: The Americas increased by 4% and represented 39% of software revenue. Europe rose by 6% and represented 38% of software revenue. Asia grew by 9%, representing 22% of software revenue.
Software Revenue by Product Line:
- Industrial Innovation software revenue was up 5% to €3.02 billion and represented 54% of software revenue. DELMIA, ENOVIA and SIMULIA exhibited the strongest performance.

Life Sciences software revenue decreased by 1% to €1.14 billion, representing 20% of software revenue.
Mainstream Innovation software revenue increased by 13% to €1.45 billion. Mainstream Innovation represented 26% of software revenue.

Software Revenue by Industry: Home & Lifestyle, Aerospace and Defense, High-Tech and Industrial equipment displayed some of the strongest performance.
Key Strategic Drivers: 3DEXPERIENCE software revenue increased by 14%, representing 39% of 3DEXPERIENCE eligible software revenue. Cloud software revenue grew by 7% and represented 24% of software revenue. Excluding MEDIDATA, Cloud software revenue increased by more than 40% versus last year.
Operating Income and Margin: IFRS operating income increased by 9% to €1.36 billion, as reported. Non-IFRS operating income increased by 3% as reported, up 4% in constant currencies, to €1.98 billion. IFRS operating margin totaled 21.9% compared to 20.9% in 2023. The non-IFRS operating margin stood at 31.9% in 2024 compared to 32.4% last year.
Earnings per Share: IFRS diluted EPS was up 14% as reported, to €0.90. Non-IFRS diluted EPS grew by 7% to €1.28, as reported, up 9% in constant currencies.
Cash Flow from Operations (IFRS): Cash flow from operations totaled €1.66 billion, up 6% year over year at reported rate with strong cash conversion and good cash collection, offset by receivables up on higher business activity in the fourth quarter.
Balance Sheet (IFRS): Dassault Systèmes had a net cash position of €1.46 billion as of December 31, 2024, an increase of €0.88 billion, compared to €0.58 billion for the year ending December 31, 2023. Cash and cash equivalents totaled €3.95 billion at the end of December 2024. The movements of the year on cash and cash equivalents include the reimbursement for €700 million of the second tranche of the bond issued by the company in 2019.

Financial Objectives for 2025

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


		Q1 2025	FY 2025
Total Revenue (billion)		€1.535 – €1.601	€6.550 – €6.650
Growth		2 – 7%	5 – 7%
Growth ex FX		3 – 8%	6 – 8%

Software revenue growth *		3 – 8%	6 – 8%
	Of which licenses and other software revenue growth *	0 – 9%	3 – 5%
	Of which recurring revenue growth *	4 – 8%	7 – 9%
Services revenue growth *		0 – 4%	3 – 6%

Operating Margin		31.0% – 31.1%	32.6% – 32.9%

EPS Diluted		€0.30 – €0.32	€1.36 – €1.39
Growth		2 – 6%	6 – 8%
Growth ex FX		3 – 7%	7 – 10%

US dollar		$1.10 per Euro	$1.10 per Euro
Japanese yen (before hedging)		JPY 155.0 per Euro	JPY 155.0 per Euro
* Growth in Constant Currencies

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

The 2025 non-IFRS financial objectives set forth above do not take into account the following accounting elements below and are estimated based upon the 2025 principal currency exchange rates above: no significant contract liabilities write-downs; share-based compensation expenses, including related social charges, estimated at approximately €161 million (these estimates do not include any new stock option or share grants issued after December 31, 2024); amortization of acquired intangibles and of tangibles reevaluation, estimated at approximately €336 million, largely impacted by the acquisition of MEDIDATA; and lease incentives of acquired companies at approximately €2 million.

The above objectives also do not include any impact from other operating income and expenses, a net principally comprised of acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; from one-time items included in financial revenue; from one-time tax effects; and from the income tax effects of these non-IFRS adjustments. Finally, these estimates do not include any new acquisitions or restructuring completed after December 31, 2024.

Corporate Announcements

Today’s Webcast and Conference Call Information

Today, Tuesday, February 4, 2025, Dassault Systèmes will host, from Paris, a webcasted presentation at 9:00 AM London Time / 10:00 AM Paris time, and will then host a conference call at 8:30 AM New York time / 1:30 PM London time / 2:30 PM Paris time. The webcasted presentation and conference calls will be available online by accessing investor.3ds.com.

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

Investor Relations Events

First Quarter 2025 Earnings Release: April 24, 2025
Second Quarter 2025 Earnings Release: July 24, 2025
Third Quarter 2025 Earnings Release: October 23, 2025

Forward-looking Information

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

The Group’s actual results or performance may be materially negatively affected by numerous risks and uncertainties, as described in the “Risk Factors” section 1.9 of the 2023 Universal Registration Document (‘Document d’enregistrement universel’) filed with the AMF (French Financial Markets Authority) on March 18, 2024, available on the Group’s website www.3ds.com.

In particular, please refer to the risk factor “Uncertain Global Economic Environment” in section 1.9.1.1 of the 2023 Universal Registration Document set out below for ease of reference:

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

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

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

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

In preparing such forward-looking statements, the Group has in particular assumed an average US dollar to euro exchange rate of US$1.10 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY155.0 to €1.00, before hedging for the first quarter 2025. The Group has assumed an average US dollar to euro exchange rate of US$1.10 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY155.0 to €1.00, before hedging for the full year 2025. However, currency values fluctuate, and the Group’s results may be significantly affected by changes in exchange rates.

Non-IFRS Financial Information

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

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

FOR MORE INFORMATION

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

ABOUT DASSAULT SYSTÈMES

Dassault Systèmes is a catalyst for human progress. Since 1981, the company has pioneered virtual worlds to improve real life for consumers, patients and citizens. With Dassault Systèmes’ 3DEXPERIENCE platform, 350,000 customers of all sizes, in all industries, can collaborate, imagine and create sustainable innovations that drive meaningful impact. For more information, visit www.3ds.com

Dassault Systèmes Investor Relations Team FTI Consulting

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

Jamie Ricketts : +44 20 3727 1600

investors@3ds.com

Dassault Systèmes Press Contacts

Corporate / France Arnaud MALHERBE

arnaud.malherbe@3ds.com

+33 (0)1 61 62 87 73

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

APPENDIX TABLE OF CONTENTS

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

Glossary of Definitions

Non-IFRS Financial Information

Acquisitions and Foreign Exchange Impact

Condensed consolidated statements of income

Condensed consolidated balance sheet

Condensed consolidated cash flow statement

IFRS – non-IFRS reconciliation

DASSAULT SYSTÈMES – Glossary of Definitions

Information in Constant Currencies

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

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

Information on Growth excluding acquisitions (“organic growth”)

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

Information on Industrial Sectors

The Group provides broad end-to-end software solutions and services: its platform-based virtual twin experiences combine modeling, simulation, data science and collaborative innovation to support companies in the three sectors it serves, namely Manufacturing Industries, Life Sciences & Healthcare, and Infrastructure & Cities.

These three sectors comprise twelve industries:

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

Information on Product Lines

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

Industrial Innovation software revenue, which includes CATIA, ENOVIA, SIMULIA, DELMIA, GEOVIA, NETVIBES, and 3DEXCITE brands;
Life Sciences software revenue, which includes MEDIDATA and BIOVIA brands;
Mainstream Innovation software revenue which includes its CENTRIC PLM and 3DVIA brands, as well as its 3DEXPERIENCE WORKS family which includes the SOLIDWORKS brand.

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

GEOs

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

These GEOs are structured into three groups:

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

3DEXPERIENCE Software Contribution

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

Cloud revenue

Cloud revenues correspond to revenue generated through a catalog of cloud-based solutions, infrastructure as a service, cloud solution development and cloud managed services. They are delivered by Dassault Systèmes via a cloud infrastructure hosted by Dassault Systèmes, or by third party providers of cloud computing infrastructure services. These offerings are available through different deployment methods: Dedicated cloud, Sovereign cloud and International cloud. Cloud solutions are generally offered through subscriptions models or perpetual licenses with support and hosting services.

New business

New business is the combination of subscription revenue and licenses & other software revenue.

DASSAULT SYSTÈMES

NON-IFRS FINANCIAL INFORMATION

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

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

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

In millions of Euros, except per share data, percentages, headcount and exchange rates	Non-IFRS reported
	Three months ended				Twelve months ended
	December 31, 2024	December 31, 2023	Change	Change in constant currencies	December 31, 2024	December 31, 2023	Change	Change in constant currencies
Total Revenue	€ 1,754.2	€ 1,643.4	7%	7%	€ 6,213.6	€ 5,951.4	4%	5%

Revenue breakdown by activity
Software revenue	1,601.5	1,476.1	8%	9%	5,613.3	5,360.0	5%	6%
Of which licenses and other software revenue	405.4	351.9	15%	15%	1,125.2	1,087.6	3%	4%
Of which subscription and support revenue	1,196.1	1,124.3	6%	7%	4,488.1	4,272.4	5%	6%
Services revenue	152.8	167.3	(9)%	(9)%	600.3	591.4	2%	2%

Software revenue breakdown by product line
Industrial Innovation	901.8	837.3	8%	8%	3,019.6	2,908.0	4%	5%
Life Sciences	297.7	295.1	1%	0%	1,144.2	1,158.9	(1)%	(1)%
Mainstream Innovation	402.0	343.7	17%	17%	1,449.4	1,293.2	12%	13%

Software Revenue breakdown by geography
Americas	595.0	566.7	5%	5%	2,214.7	2,141.9	3%	4%
Europe	685.0	601.1	14%	14%	2,150.4	2,027.3	6%	6%
Asia	321.4	308.4	4%	7%	1,248.1	1,190.8	5%	9%

Operating income	€ 636.8	€ 589.8	8%		€ 1,983.7	€ 1,925.6	3%
Operating margin	36.3%	35.9%			31.9%	32.4%

Net income attributable to shareholders	€ 530.7	€ 487.2	9%		€ 1,705.1	€ 1,597.9	7%
Diluted earnings per share	€ 0.40	€ 0.36	9%	11%	€ 1.28	€ 1.20	7%	9%

Closing headcount	26,026	25,573	2%		26,026	25,573	2%

Average Rate USD per Euro	1.07	1.08	(1)%		1.08	1.08	0%
Average Rate JPY per Euro	162.55	159.12	2%		163.85	151.99	8%

DASSAULT SYSTÈMES

ACQUISITIONS AND FOREIGN EXCHANGE IMPACT

(unaudited; in millions of Euros)

In millions of Euros	Non-IFRS reported			o/w growth at constant rate and scope	o/w change of scope impact at current year rate	o/w FX impact on previous year figures
In millions of Euros	December 31, 2024	December 31, 2023	Change	o/w growth at constant rate and scope	o/w change of scope impact at current year rate	o/w FX impact on previous year figures
Revenue QTD	1,754.2	1,643.4	110.9	111.8	0.6	(1.6)
Revenue YTD	6,213.6	5,951.4	262.2	302.0	2.2	(42.0)

DASSAULT SYSTÈMES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

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

In millions of Euros, except per share data and percentages	IFRS reported
	Three months ended		Twelve months ended
	December 31,	December 31,	December 31,	December 31,
	2024	2023	2024	2023
Licenses and other software revenue	405.4	351.9	1,125.2	1,087.6
Subscription and Support revenue	1,196.1	1,124.3	4,488.1	4,272.4
Software revenue	1,601.5	1,476.1	5,613.3	5,360.0
Services revenue	152.8	167.3	600.3	591.4
Total Revenue	€ 1,754.2	€ 1,643.4	€ 6,213.6	€ 5,951.4
Cost of software revenue ⁽¹⁾	(134.1)	(124.9)	(498.5)	(453.9)
Cost of services revenue	(132.7)	(131.0)	(517.8)	(517.1)
Research and development expenses	(327.7)	(317.5)	(1,286.2)	(1,228.3)
Marketing and sales expenses	(456.6)	(429.3)	(1,704.3)	(1,624.5)
General and administrative expenses	(136.4)	(124.8)	(470.5)	(450.6)
Amortization of acquired intangible assets and of tangible assets revaluation	(87.5)	(94.9)	(361.6)	(378.9)
Other operating income and expense, net	4.2	(39.5)	(15.0)	(56.2)
Total Operating Expenses	(1,270.9)	(1,261.8)	(4,854.0)	(4,709.5)
Operating Income	€ 483.4	€ 381.6	€ 1,359.6	€ 1,241.9
Financial income (loss), net	22.9	27.8	118.4	59.0
Income before income taxes	€ 506.3	€ 409.4	€ 1,478.0	€ 1,300.9
Income tax expense	(95.4)	(79.1)	(279.9)	(250.7)
Net Income	€ 410.9	€ 330.3	€ 1,198.1	€ 1,050.2
Non-controlling interest	1.1	(0.3)	2.1	0.7
Net Income attributable to equity holders of the parent	€ 412.0	€ 330.0	€ 1,200.2	€ 1,050.9
Basic earnings per share	0.31	0.25	0.91	0.80
Diluted earnings per share	€ 0.30	€ 0.25	€ 0.90	€ 0.79
Basic weighted average shares outstanding (in millions)	1,312.7	1,314.1	1,313.3	1,315.1
Diluted weighted average shares outstanding (in millions)	1,330.0	1,336.6	1,333.4	1,336.8

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

IFRS reported	Three months ended December 31, 2024		Twelve months ended December 31, 2024
IFRS reported	Change ⁽²⁾	Change in constant currencies	Change ⁽²⁾	Change in constant currencies
Total Revenue	7%	7%	4%	5%
Revenue by activity
Software revenue	8%	9%	5%	6%
Services revenue	(9)%	(9)%	2%	2%
Software Revenue by product line
Industrial Innovation	8%	8%	4%	5%
Life Sciences	1%	0%	(1)%	(1)%
Mainstream Innovation	17%	17%	12%	13%
Software Revenue by geography
Americas	5%	5%	3%	4%
Europe	14%	14%	6%	6%
Asia	4%	7%	5%	9%

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

DASSAULT SYSTÈMES

CONDENSED CONSOLIDATED BALANCE SHEET

(unaudited; in millions of Euros)

In millions of Euros	IFRS reported
	December 31,	December 31,
	2024	2023
ASSETS
Cash and cash equivalents	3,952.6	3,568.3
Trade accounts receivable, net	2,120.9	1,707.9
Contract assets	30.1	26.8
Other current assets	464.0	477.1
Total current assets	6,567.6	5,780.1
Property and equipment, net	945.8	882.8
Goodwill and Intangible assets, net	7,687.1	7,647.0
Other non-current assets	345.5	312.5
Total non-current assets	8,978.3	8,842.3
Total Assets	€ 15,545.9	€ 14,622.5
LIABILITIES
Trade accounts payable	259.9	230.5
Contract liabilities	1,663.4	1,479.3
Borrowings, current	450.8	950.1
Other current liabilities	1,147.4	901.0
Total current liabilities	3,521.5	3,561.0
Borrowings, non-current	2,042.8	2,040.6
Other non-current liabilities	900.9	1,174.8
Total non-current liabilities	2,943.7	3,215.4
Non-controlling interests	14.1	11.9
Parent shareholders’ equity	9,066.6	7,834.1
Total Liabilities	€ 15,545.9	€ 14,622.5

DASSAULT SYSTÈMES

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

(unaudited; in millions of Euros)

In millions of Euros	IFRS reported
	Three months ended			Twelve months ended
	December 31,	December 31,	Change	December 31,	December 31,	Change
	2024	2023	Change	2024	2023	Change
Net income attributable to equity holders of the parent	412.0	330.0	82.0	1,200.2	1,050.9	149.3
Non-controlling interest	(1.1)	0.3	(1.4)	(2.1)	(0.7)	(1.4)
Net income	410.9	330.3	80.6	1,198.1	1,050.2	147.9
Depreciation of property and equipment	49.7	44.0	5.7	191.9	182.4	9.4
Amortization of intangible assets	89.4	96.8	(7.4)	369.1	387.1	(18.0)
Adjustments for other non-cash items	(75.9)	(48.8)	(27.0)	37.7	74.7	(37.0)
Changes in working capital	(162.1)	(128.8)	(33.3)	(137.0)	(129.2)	(7.7)
Net Cash From Operating Activities	€ 312.0	€ 293.4	€ 18.6	€ 1,659.8	€ 1,565.2	€ 94.6

Additions to property, equipment and intangibles assets	(49.1)	(42.5)	(6.6)	(193.4)	(145.3)	(48.1)
Payment for acquisition of businesses, net of cash acquired	(4.2)	(0.5)	(3.8)	(22.5)	(16.1)	(6.4)
Other	0.3	0.1	0.1	24.1	(0.3)	24.4
Net Cash Provided by (Used in) Investing Activities	€ (53.1)	€ (42.9)	€ (10.2)	€ (191.7)	€ (161.6)	€ (30.1)

Proceeds from exercise of stock options	4.4	28.5	(24.1)	48.4	67.0	(18.6)
Cash dividends paid	–	0.0	(0.0)	(302.7)	(276.2)	(26.4)
Repurchase and sale of treasury stock	(0.5)	10.6	(11.1)	(374.0)	(375.4)	1.4
Capital increase	–	(0.0)	0.0	–	146.1	(146.1)
Acquisition of non-controlling interests	(0.0)	(0.1)	0.1	(3.3)	(0.9)	(2.4)
Proceeds from borrowings	–	0.0	(0.0)	200.2	20.3	179.9
Repayment of borrowings	(100.0)	0.1	(100.0)	(700.9)	(28.1)	(672.7)
Repayment of lease liabilities	(18.7)	(26.3)	7.7	(79.7)	(89.4)	9.7
Net Cash Provided by (Used in) Financing Activities	€ (114.8)	€ 12.7	€ (127.5)	€ (1,211.9)	€ (536.7)	€ (675.2)

Effect of exchange rate changes on cash and cash equivalents	150.8	(63.2)	213.9	128.2	(67.5)	195.7

Increase (decrease) in cash and cash equivalents	€ 294.9	€ 200.1	€ 94.8	€ 384.3	€ 799.3	€ (415.0)

Cash and cash equivalents at beginning of period	€ 3,657.7	€ 3,368.1		€ 3,568.3	€ 2,769.0
Cash and cash equivalents at end of period	€ 3,952.6	€ 3,568.3		€ 3,952.6	€ 3,568.3

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

Readers are cautioned that the supplemental non-IFRS information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for IFRS measurements. Also, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Further specific limitations for individual non-IFRS measures, and the reasons for presenting non-IFRS financial information, are set forth in the Group’s Document d’Enregistrement Universel for the year ended December 31, 2023 filed with the AMF on March 18, 2024. To compensate for these limitations, the supplemental non-IFRS financial information should be read not in isolation, but only in conjunction with the Group’s consolidated financial statements prepared in accordance with IFRS.

In millions of Euros, except per share data and percentages	Three months ended December 31,						Change
	2024	Adjustment⁽¹⁾	2024	2023	Adjustment⁽¹⁾	2023	IFRS	Non-IFRS⁽²⁾
	IFRS	Adjustment⁽¹⁾	Non-IFRS	IFRS	Adjustment⁽¹⁾	Non-IFRS	IFRS	Non-IFRS⁽²⁾
Total Revenue	€ 1,754.2	–	€ 1,754.2	€ 1,643.4	–	€ 1,643.4	7%	7%
Revenue breakdown by activity
Software revenue	1,601.5	–	1,601.5	1,476.1	–	1,476.1	8%	8%
Licenses and other software revenue	405.4	–	405.4	351.9	–	351.9	15%	15%
Subscription and Support revenue	1,196.1	–	1,196.1	1,124.3	–	1,124.3	6%	6%
Recurring portion of Software revenue	75%		75%	76%		76%
Services revenue	152.8	–	152.8	167.3	–	167.3	(9)%	(9)%
Software Revenue breakdown by product line
Industrial Innovation	901.8	–	901.8	837.3	–	837.3	8%	8%
Life Sciences	297.7	–	297.7	295.1	–	295.1	1%	1%
Mainstream Innovation	402.0	–	402.0	343.7	–	343.7	17%	17%
Software Revenue breakdown by geography
Americas	595.0	–	595.0	566.7	–	566.7	5%	5%
Europe	685.0	–	685.0	601.1	–	601.1	14%	14%
Asia	321.4	–	321.4	308.4	–	308.4	4%	4%
Total Operating Expenses	€ (1,270.9)	€ 153.4	€ (1,117.5)	€ (1,261.8)	€ 208.2	€ (1,053.6)	1%	6%
Share-based compensation expense and related social charges	(69.7)	69.7	–	(73.2)	73.2	–
Amortization of acquired intangible assets and of tangible assets revaluation	(87.5)	87.5	–	(94.9)	94.9	–
Lease incentives of acquired companies	(0.4)	0.4	–	(0.7)	0.7	–
Other operating income and expense, net	4.2	(4.2)	–	(39.5)	39.5	–
Operating Income	€ 483.4	€ 153.4	€ 636.8	€ 381.6	€ 208.2	€ 589.8	27%	8%
Operating Margin	27.6%		36.3%	23.2%		35.9%
Financial income (loss), net	22.9	1.1	24.0	27.8	1.0	28.8	(18)%	(17)%
Income tax expense	(95.4)	(33.2)	(128.6)	(79.1)	(51.3)	(130.4)	21%	(1)%
Non-controlling interest	1.1	(2.6)	(1.5)	(0.3)	(0.7)	(1.0)	N/A	53%
Net Income attributable to shareholders	€ 412.0	€ 118.7	€ 530.7	€ 330.0	€ 157.2	€ 487.2	25%	9%
Diluted Earnings Per Share ⁽³⁾	€ 0.30	€ 0.10	€ 0.40	€ 0.25	€ 0.12	€ 0.36	20%	9%

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

In millions of Euros, except percentages	Three months ended December 31,								Change
In millions of Euros, except percentages	2024 IFRS	Share-based compensation expense and related social charges	Lease incentives of acquired companies	2024 Non-IFRS	2023 IFRS	Share-based compensation expense and related social charges	Lease incentives of acquired companies	2023 Non-IFRS	IFRS	Non- IFRS
Cost of revenue	(266.9)	5.0	0.1	(261.8)	(255.9)	3.6	0.2	(252.1)	4%	4%
Research and development expenses	(327.7)	18.2	0.2	(309.3)	(317.5)	28.5	0.3	(288.7)	3%	7%
Marketing and sales expenses	(456.6)	25.1	0.1	(431.4)	(429.3)	20.9	0.1	(408.3)	6%	6%
General and administrative expenses	(136.4)	21.4	0.0	(115.0)	(124.8)	20.2	0.0	(104.5)	9%	10%
Total		€ 69.7	€ 0.4			€ 73.2	€ 0.7

⁽²⁾ The non-IFRS percentage increase (decrease) compares non-IFRS measures for the two different periods. In the event there is non-IFRS adjustment to the relevant measure for only one of the periods under comparison, the non-IFRS increase (decrease) compares the non-IFRS measure to the relevant IFRS measure.
⁽³⁾ Based on a weighted average 1,330.0 million diluted shares for Q4 2024 and 1,336.6 million diluted shares for Q4 2023, and, for IFRS only, a diluted net income attributable to the sharehorlders of € 394.7 million for Q4 2024 (€ 330.0 million for Q4 2023). The Diluted net income attributable to equity holders of the Group corresponds to the Net Income attributable to equity holders of the Group adjusted by the impact of the share-based compensation plans to be settled either in cash or in shares at the option of the Group.

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

In millions of Euros, except per share data and percentages	Twelve months ended December 31,						Change
	2024	Adjustment⁽¹⁾	2024	2023	Adjustment⁽¹⁾	2023	IFRS	Non-IFRS⁽²⁾
	IFRS	Adjustment⁽¹⁾	Non-IFRS	IFRS	Adjustment⁽¹⁾	Non-IFRS	IFRS	Non-IFRS⁽²⁾
Total Revenue	€ 6,213.6		€ 6,213.6	€ 5,951.4	–	€ 5,951.4	4%	4%
Revenue breakdown by activity
Software revenue	5,613.3		5,613.3	5,360.0	–	5,360.0	5%	5%
Licenses and other software revenue	1,125.2	–	1,125.2	1,087.6	–	1,087.6	3%	3%
Subscription and Support revenue	4,488.1		4,488.1	4,272.4	–	4,272.4	5%	5%
Recurring portion of Software revenue	80%		80%	80%		80%
Services revenue	600.3	–	600.3	591.4	–	591.4	2%	2%
Software Revenue breakdown by product line
Industrial Innovation	3,019.6	–	3,019.6	2,908.0	–	2,908.0	4%	4%
Life Sciences	1,144.2	–	1,144.2	1,158.9	–	1,158.9	(1)%	(1)%
Mainstream Innovation	1,449.4	–	1,449.4	1,293.2	–	1,293.2	12%	12%
Software Revenue breakdown by geography
Americas	2,214.7		2,214.7	2,141.9	–	2,141.9	3%	3%
Europe	2,150.4	–	2,150.4	2,027.3	–	2,027.3	6%	6%
Asia	1,248.1	–	1,248.1	1,190.8	–	1,190.8	5%	5%
Total Operating Expenses	€ (4,854.0)	€ 624.2	€ (4,229.8)	€ (4,709.5)	€ 683.7	€ (4,025.8)	3%	5%
Share-based compensation expense and related social charges	(245.6)	245.6	–	(245.8)	245.8	–
Amortization of acquired intangible assets and of tangible assets revaluation	(361.6)	361.6	–	(378.9)	378.9	–
Lease incentives of acquired companies	(1.9)	1.9	–	(2.8)	2.8	–
Other operating income and expense, net	(15.0)	15.0	–	(56.2)	56.2	–
Operating Income	€ 1,359.6	€ 624.2	€ 1,983.7	€ 1,241.9	€ 683.7	€ 1,925.6	9%	3%
Operating Margin	21.9%		31.9%	20.9%		32.4%
Financial income (loss), net	118.4	3.2	121.6	59.0	29.3	88.2	101%	38%
Income tax expense	(279.9)	(117.0)	(396.8)	(250.7)	(164.1)	(414.8)	12%	(4)%
Non-controlling interest	2.1	(5.5)	(3.4)	0.7	(1.9)	(1.2)	190%	187%
Net Income attributable to shareholders	€ 1,200.2	€ 504.9	€ 1,705.1	€ 1,050.9	€ 546.9	€ 1,597.9	14%	7%
Diluted Earnings Per Share ⁽³⁾	€ 0.90	€ 0.38	€ 1.28	€ 0.79	€ 0.41	€ 1.20	14%	7%

In millions of Euros, except percentages	Twelve months ended December 31,								Change
In millions of Euros, except percentages	2024 IFRS	Share-based compensation expense and related social charges	Lease incentives of acquired companies	2024 Non-IFRS	2023 IFRS	Share-based compensation expense and related social charges	Lease incentives of acquired companies	2023 Non-IFRS	IFRS	Non- IFRS
Cost of revenue	(1,016.3)	16.2	0.5	(999.5)	(971.0)	15.7	0.8	(954.4)	5%	5%
Research and development expenses	(1,286.2)	76.9	0.9	(1,208.4)	(1,228.3)	94.4	1.3	(1,132.6)	5%	7%
Marketing and sales expenses	(1,704.3)	80.8	0.3	(1,623.3)	(1,624.5)	73.6	0.5	(1,550.4)	5%	5%
General and administrative expenses	(470.5)	71.7	0.2	(398.7)	(450.6)	62.2	0.2	(388.3)	4%	3%
Total		€ 245.6	€ 1.9			€ 245.8	€ 2.8

1 IFRS figures for 4Q24: total revenue at €1.75 billion, operating margin of 27.6% and diluted EPS at €0.30; IFRS figures for FY24: total revenue at €6.21 billion, operating margin of 21.9% and diluted EPS at €0.90.

Attachment

Dassault Systèmes: Strong Q4 results driven by new business acceleration and expanded 3DEXPERIENCE footprint

The MIL Network –

February 4, 2025

MIL-OSI: Amundi: Fourth quarter & Full-year 2024 results

Source: GlobeNewswire (MIL-OSI)

Amundi: Fourth quarter & Full-year 2024 results

Record 2024 net income^1,2at €1.4 billion

Results at the highest historical level		2024 adjusted net income¹^,² of €1,382m, up sharply: +13% vs. 2023 Thanks to Revenue growth (+9%) and improvement of the Cost-to-income ratio to 52.5%² Earnings per share²: €6.75 Q4 2024 – adjusted net income¹^,²€377m, up +20% Q4/Q4 Dividend proposed to the Annual General Meeting of 27 May 2025 at €4.25 per share

2024 net inflows multiplied by 2 compared to 2023		Assets under management³at a new record of €2,240bn at end-2024, +10% year-on-year Net inflows³+€55bn over the year, of which +€34bn in medium to long term assets excl. JVs Q4 net inflows +€20bn, incl. +€18bn in medium to long term assets, record ETF inflows: +€11bn Amundi Technology: strong revenue growth and acquisition of aixigo

Major advances of the plan Ambitions 2025		AuM targets achieved one year ahead of schedule for Third-Party Distribution and Passive Management Net income²: +6.1% average annual growth 2021-24, above the Ambitions 2025 target 2024 Cost/income ratio² already on 2025 target 3 value-creating external growth operations, in line with strategic and financial objectives ESG Ambitions 2025 plan on track

Paris, 4 February 2025
Amundi’s Board of Directors met on 3 February 2025 under the chairmanship of Philippe Brassac, and approved the financial statements for the fourth quarter and full year 2024.

Valérie Baudson, Chief Executive Officer, said:
“2024 was a record year for Amundi, both in terms of results and activity. Our net income has reached €1.4bn and our net inflows have doubled compared to 2023.
Our assets under management are at an all-time high, at more than €2.2tn, thanks to very dynamic inflows in several strategic areas, such as third-party distributors, ETFs and Asia. We have also confirmed and expanded our leading position in fixed income strategies. The success of our technological services offer was also strengthened.
Finally, we carried out three external growth operations. They accelerate our development and create value for our clients and shareholders.
This commercial performance translated into record results, both for the year and in the fourth quarter. Our cost/income ratio, at the best level in the industry, is already in line with our 2025 target. This strong financial performance allows us to propose an increased dividend, offering an attractive return for our shareholders.
2024 marks an acceleration of the diversification that was initiated with the plan Ambitions 2025, several objectives of which have already been achieved, one year ahead of schedule.
Close to our clients and attentive to their needs, we are very well positioned on the mega-trends of the savings industry. This makes us confident about our future growth. »

* * * * *

Accelerating diversification on industry mega-trends

In 2024, the strategic priorities of the plan Ambitions 2025 contributed significantly to the growth of activity and results. They ideally position Amundi on the key growth drivers of the savings industry.

Third-Party Distribution delivered strong growth in its assets under management, +27% year-on-year to €401bn at the end of December and at the objective of the plan Ambitions 2025, one year ahead of schedule; Third-Party Distribution now represents 57% of Retail segment’s assets under management; 2024 net inflows of +€32bn were at an all-time high, highly diversified across all regions and asset classes: +€5bn in active management, +€18bn in ETFs and +€9bn in treasury products; Q4 was the strongest quarter for inflows in history, at +€13bn, with the same dominance as for the year; 12 new partnerships with digital players were signed in 2024 (BourseDirect, Scalable, Moneyfarm, etc.), bringing to 45 the number of partnerships with this type of player, in Europe and Asia;
ETFs⁴ reached €268bn in assets under management at the end of December, up +30% year-on-year, driven by record net inflows of +€27.8bn for the year, including +€10.5bn in Q4, diversified by client segments and between equity and fixed income products; these inflows were driven by the success of the US and global equity ranges, in particular the S&P500 ETF, innovative products such as the Amundi MSCI US Mega Cap and ex Mega Cap, as well as the Amundi Prime All Country World UCIT ETF, which has gathered more than +€2bn in 9 months;
Asia saw its assets under management increase by +17% year-on-year, to €469bn, thanks to +€28bn in inflows in 2024, positive in the 9 countries where Amundi operates; the Indian JV SBI MF continued to grow (€292bn in assets under management, +23% year-on-year with +€20.6bn in net inflows), as well as direct distribution excluding JVs (€103bn in assets under management, +16% year-on-year, with 2024 net inflows of +€5bn); 2024 was marked by the success of the partnership with Standard Chartered and the launch of a range of “CIO Signature Funds”, with assets under management reaching $2bn managed on behalf of the bank’s clients in 11 countries, in Asia, the Middle East and Africa; finally, the contribution to net income from Asian JVs, at €123m, increased by +20.9%, particularly the Indian JV (+31.5%, at €104m);
Fixed income expertise now manages €1,190bn in assets under management⁵ via a very wide range of solutions, which we have adapted in the face of the variations in long-term rates over the year; these solutions gathered +€57.5bn⁵ in 2024, of which +€11.7bn⁵ in Q4, thanks to a wider range of strategies: Amundi remains, as in 2023, the leader in Europe for maturity funds and fixed income ETFs, and the success of the inflows extended in 2024 to short-term fixed income solutions, securitisation, euro credit or stable duration strategies;
technology revenues recorded a strong increase by +33.8% compared to 2023, to €80m, and +47.1% Q4/Q4; Amundi Technology completed in Q4 the acquisition of the European leader in Wealth Tech, aixigo, complementing the ALTO⁶ Wealth and Distribution platform with a modular offering recognised in the industry.

Objectives of the plan Ambitions 2025 achieved one year ahead of schedule

Major objectives were achieved by 2024 and Amundi’s financial results are higher than planned in the trajectory of the Plan Ambitions 2025:

assets under management targets have been or are close to being reached at the end of 2024, a year ahead of schedule, for third-party distributors (€401bn vs. the €400bn target), passive management (€418bn vs. €420bn) and even Asia (€469bn, at 6% of the €500bn target);
2024 cost income ratio² at 52,5%, is already on target for 2025 (less than 53%);
2024 net income², at €1,382m, shows an average annual growth rate (CAGR) of +6.1% compared to the reference 2021 net income⁷ of the Plan, above the target of +5%; even restated for the slight positive market effect between 2021 and 2024, it is above the target, at +5.5%;
for 2024, the proposed dividend of €4.25 per share corresponds to a payout ratio⁸of 67%, above the minimum target of the Medium-Term Plan (65%), as in 2022 and 2023;
the average dividend payout ratio over 2022-24, at 72%, corresponds to a distribution surplus of +€0.24bn over the period, to which are added three external transactions that also consumed the capital generated over the period to the tune of +€0.5bn; the surplus capital remaining available for acquisitions at the end of 2024 is above €1bn;
Amundi has achieved three external growth operations: the acquisition of the private assets multi-management specialist Alpha Associates, closed in April 2024, the partnership with the US asset manager Victory Capital, signed in July and expected to be completed towards the end of the first quarter of 2025, and finally the acquisition of the Wealth Tech aixigo, closed in November 2024; these three operations are in line with the strategic and financial objectives of the plan Ambitions 2025; they will generate by 2027E⁹ a combined accretion of earnings per share² of about +5% and a return on investment of around 12%;
finally, the extra-financial and climate commitments of the plan ESG Ambitions 2025 have been achieved or are on their way to being achieved:
- the share of ETFs (in number) meeting the ESG criteria¹⁰ of the SFDR regulation reached 37% at the end of 2024, compared to a target of 40% at the end of 2025;
- the number of companies with which we have engaged in shareholder dialogue on their climate transition plans has increased by +1,478 since 2021, compared to a target of +1,000 over 2021-25;
- Greenhouse gas emissions per employee fell by -62% compared to 2018 on scopes 1, 2, and 3, against a target of a -30% reduction.

Activity

A favourable market environment in the quarter as well as over the year

In the fourth quarter of 2024, the average level of equity markets¹¹ increased by +2.8% compared to the previous quarter and by +19.5% compared to the same quarter of 2023. European bond markets¹²were also up, by +1.6% compared to the previous quarter and by +6.7% compared to the same quarter of 2023, reflecting the ECB’s rate cut decisions and the tightening of credit spreads. The market effect is therefore positive on the evolution of Amundi’s revenues over these two periods.

Compared to the 2021 averages reference for the Plan Ambitions 2025, the market effect is only very slightly positive.

The asset management market in Europe continued its recovery in the fourth quarter. Net inflows in open-ended funds¹³, at +€232bn, were driven by passive management (+€111bn) and by treasury products (+€74bn). For the third consecutive quarter, medium- to long-term active management recorded positive flows (+€46bn) driven by fixed income strategies (+€61bn).

Inflows at the highest level since 2021, more than double the 2023 net inflows, and new record for assets

Net inflows in the quarter amounted to +€20.5bn. For the year, net inflows reached +€55.4bn, twice the level of 2023.

Amundi’s assets under management³as of 31 December 2024 grew by +2.2% over the quarter and +10.0% over the year to reach a new record of €2,240bn. They benefited from market appreciation and from a high level of inflows, the highest since 2021. The market and currency effect amounted to +€28.1bn in the fourth quarter of 2024, and +€140.1bn in 2024. The increase in assets under management also benefited from the integration of Alpha Associates since the second quarter of 2024 (+€7.9bn in April).

Net inflows for the year amount to +€55.4bn, of which +€34bn in MLT assets¹⁴^,¹⁵. The last quarter is particularly dynamic, +€17.9bn, thus representing more than half of the MLT inflows¹⁴ of the year.

These MLT¹⁴ inflows continued this quarter to be driven by ETFs (+€10.5bn) and active management (+€5.5bn), notably through the active fixed income strategies (+€9.1bn). Also of note was a good performance in structured products, at +€0.9bn.

The rest of net inflows for the quarter came from treasury products (+€0.7bn) and JVs (+€1.9bn)

All client segments contributed to the positive net inflows:

the Retail segment, at +€11.5bn, recorded its highest level of inflows since 2021, thanks to Third-Party Distributors (+€12.7bn); Partner networks in France experienced net positive flows (+€0.8bn), compared to net outflows from International networks (-€1.4bn) and at Amundi BOC WM;
The Institutional segment, at +€7.1bn, of which +€10.8bn in MLT assets¹⁴, benefited from a strong contribution from Institutionals and Sovereigns (+€7.4bn) as well as CA & SG Insurers (+3,7€bn) in MLT assets¹⁴, and from Corporates (+€9.1bn) in treasury products;
JVs (+€1.9bn) continued to benefit from dynamic inflows from SBI MF in India (+€2.3bn).

It should be noted regarding SBI MF that the request for proposal, for the redeployment of the mandate of the Indian pension fund EPFO¹⁶ has been launched. A significant outflow is therefore likely to be expected in the second or third quarter of 2025, with a completely negligible effect on the revenues of the JV.

Fourth quarter and full-year 2024 results

Q4 2024: strong growth in net income², +20% Q4/Q4, highest quarter ever

Adjusted data²

In the fourth quarter of 2024, adjusted net income²reached €377m, up +20.5% compared to the fourth quarter of 2023.

It includes Alpha Associates, whose acquisition was finalised in early April, as well as aixigo for two months in the fourth quarter of 2024.

The growth in net income is mainly due to revenue growth and the very strong momentum of Asian JVs.

Adjusted net revenues² reached €924m, up +14.6% compared to the fourth quarter of 2023, mainly driven by management and technology revenues:

the sustained growth in net management fees, of +13.5% compared to the fourth quarter of 2023, to €820m, reflects the good level of activity and the increase in average assets under management excluding JVs (+10.5% over the same period);
performance fees (€57m) increased by +67.6% compared to the fourth quarter of 2023 (€34m), benefiting from the good performance of Amundi’s management teams, with more than 69% of assets under management ranked in the first or second quartiles according to Morningstar¹⁷ over 1, 3 or 5 years, and 247 Amundi funds rated 4 or 5 stars by Morningstar as of 31 December; fixed income strategies accounted for half of total performance fees, coming from very much diversified strategies;
Amundi Technology’s revenues, at €26m, continued to grow strongly (+47.1% compared to the fourth quarter of 2023), amplified this quarter by the first consolidation of aixigo for two months in the fourth quarter (+€5m);
finally, financial and other income² amounted to €21m, down from the fourth quarter of 2023 due to the impact of lower short-term rates in the euro area.

The increase in Operating expenses², by +13.1% compared to the fourth quarter of 2023, to €482m, remains lower than the increase in revenues (+14.6%) thus generating a positive jaws effect which reflects the Group’s operational efficiency.

This increase is explained by:

the first consolidation of Alpha Associates and aixigo;
investments in development initiatives of the plan Ambitions 2025, including technology, third-party distribution, Asia;
provisioning for individual variable remuneration, in line with the growth in results
non-recurring items, including the charge related to the discount proposed in the context of the capital increases of the Amundi and Crédit Agricole S.A. groups, which was reserved for Amundi’s employees;

Excluding these elements, the increase is in line with inflation (2.5%).

The Cost income ratio at 52,1% in adjusted data², improved from the same quarter last year.

The Adjusted gross operating income²(GOI) amounted to €443m, up +16,4% compared to the fourth quarter of 2023, reflecting revenue growth.

Income from equity-accounted companies¹⁸, at €29m, was up +1.6% compared to the fourth quarter of 2023. Growth was slowed by the impact of the decline in Indian equity markets on the financial income of our JV, SBI MF, which though continues to benefit from the strong growth of its business along the year.

Adjusted earnings per share²in the fourth quarter of 2024 reached €1.84, up +20,2%.

Accounting data in the fourth quarter of 2024

Accounting Net income Group share amounted to €349m, including non-cash expenses related to the acquisitions of Alpha Associates and aixigo, and the amortisation of intangible assets related to distribution contracts and client contracts, for a total of -€17m after tax. Integration costs related to aixigo and the partnership with Victory Capital, whose closing is expected towards the end of the first quarter 2025, were also recorded in the fourth quarter of 2024, for a total of -€10m after tax. In addition, depreciation and amortisation on adjustments to the value of intangible assets after the integration of aixigo were also recorded in operating expenses for -€1m after tax (see p. 12 for a detail of all these items).

Accounting earnings per share for the fourth quarter of 2024 reached €1.70.

2024: record net income

For the year 2024, the adjusted net income² amounts to €1,382m, up +13.0%.

This strong growth reflects the high level of activity:

Adjusted net revenues² have increased by +9,2% compared to 2023, to €3,497m, mainly driven by management revenues; net management fees increased by +8.3%, in line with the growth in average assets under management; the increase in performance fees (+17.3%) is explained by a very good performance of the management teams, particularly for active bond strategies; Amundi Technology’s revenues also grew strongly, by +33.8% to €80m with the ramp-up of revenues gained from the acquisition of 8 clients in 2024, and reinforced with the acquisition of aixigo for two months in 2024 (+€5m);
Net management fee margins were stable compared to 2023 at 17.7 basis points, as the positive effects of market appreciation and the client mix offset the unfavourable effect of the product mix;
Adjusted operating expenses² grew less than revenues, by +7.7% to €1,837m, generating a positive jaws effect; almost half of this increase was due to the consolidation of Alpha Associates and aixigo, investments in growth areas (technology, ETFs, third-party distribution, Asia, etc.) and higher provisions for variable compensation, in line with the increase in revenues;
the Adjusted cost income ratio² reached 52.5%, compared to 53.2% in 2023, at the best level and at the 2025 target.

The Adjusted gross operating income² (GOI) amounted to €1,660m, up +10,8% compared to 2023.

Income from equity-accounted companies¹⁸ accentuates this growth. At €123m, +20.9% compared to the full year of 2023, it grew faster than operating profit, mainly driven by India, whose contribution exceeded €100m (€104m) for the first time.

Adjusted earnings per share² reached €6.75 in 2024.

Accounting data for the year 2024

Accounting Net income Group share amounted to €1,305m, including non-cash expenses related to the acquisitions of Alpha Associates and aixigo and the amortisation of intangible assets related to distribution contracts and client contracts, for a total of -€67m after tax. Integration costs related to aixigo and the partnership with Victory Capital, whose closing is expected towards the end of the first quarter 2025, were also recorded in 2024, for a total of -€10m after tax. In addition, depreciation and amortisation on adjustments to the value of intangible assets after the integration of aixigo were also recorded in operating expenses for -€1m after tax (see p. 12 for a detail of all these items).

Accounting earnings per share for the year 2024 reached €6.37.

A solid financial structure and a dividend of €4.25 per share

Tangible net assets¹⁹ amounted to €4.5bn at 31 December 2024, up +€0.2bn or +4.5% compared to the end of 2023. This increase is in particular the result of the accounting net income for the year 2024 (+€1.4bn²⁰) the payment of dividends (-€0.8bn) for the 2023 financial year and the recognition of goodwill and intangible assets in respect of the two acquisitions finalised in 2024, Alpha Associates and aixigo (-€0.5bn).

On 5 September 2024, the FitchRatings rating agency confirmed Amundi’s long-term rating at A+ with a stable outlook, the best in the sector.

The Board of Directors will propose to the Annual General Meeting on 27 May 2025, a dividend of €4.25 per share, in cash, an increase compared to the dividend paid for the 2023 financial year.

This dividend corresponds to a payout ratio of 67% of net income Group share, and a yield of more than 6% based on the share price as of 31 January 2025 (closing price of €68).

The ex-dividend date will be Tuesday 10 June 2025 and will be paid as of Thursday 12 June 2025.

Since the listing in November 2015, the TSR²¹ (total shareholder return) has been +126%, i.e. +9.2% per year on average.

* * * * *

ANNEXES

Adjusted income statement²2024 and 2023

(€m)	2024	2023	% var. 2024/2023

Net revenuee – adjusted	3,497	3,204	+9.2%
Management fees	3,184	2,940	+8.3%
Performance fees	145	123	+17.3%
Technology	80	60	+33.8%
Financial income and other net income	88	80	+9.7%
Operating expenses – adjusted	(1,837)	( 1,706)	+7.7%
Cost income ratio – adjusted (%)	52.5%	53.2%	-0.7pp
Gross operating income – adjusted	1,660	1,498	+10.8%
Cost of risk & others	(10)	(8)	+28.7%
Equity-accounted companies	123	102	+20.9%
Income before tax – adjusted	1,774	1,592	+11.4%
Corporate taxes	(394)	(374)	+5.5%
Non-controlling interests	3	5	-43.5%
Net income, Group share – adjusted	1,382	1,224	+13.0%
Amortisation of intangible assets, after tax	(67)	(59)	+13.2%
Amortisation related to aixigo PPA, after tax	(1)	–	–
Integration costs, after tax	(10)	–	NS
Net income Group share	1,305	1,165	+12.0%
Earnings per share (€)	6.37	5.70	+11.7%
Earnings per share – adjusted(€)	6.75	5.99	+12.6%

Adjusted income statement²of the fourth quarter of 2024

(€m)	Q4 2024	Q4 2023	% var. Q4/Q4	Q3 2024	% var. Q4/Q3

Net revenue – adjusted	924	806	+14.6%	862	+7.3%
Management fees	820	723	+13.5%	805	+1.9%
Performance fees	57	34	+67.6%	20	NS
Technology	26	18	+47.1%	20	+32.6%
Financial income and other net income	21	32	-33.4%	17	+22.7%
Operating expenses – adjusted	(482)	(426)	+13.1%	(456)	+5.6%
Cost income ratio – adjusted (%)	52.1%	52,8%	-0.7pp	52.9%	-0.8pp
Gross operating income – adjusted	443	381	+16.4%	406	+9.1%
Cost of risk & others	(3)	(2)	+40.0%	(2)	+62.8%
Equity-accounted companies	29	29	+1.6%	33	-10.4%
Income before tax – adjusted	469	407	+15.2%	437	+7.4%
Corporate taxes	(93)	(96)	-3.9%	(101)	-7.8%
Non-controlling interests	1	2	-64.6%	1	-4.4%
Net income Group share – adjusted	377	313	+20.5%	337	+11.9%
Amortization of intangible assets after tax	(17)	(15)	+17.9%	(17)	-0.3%
Amortisation related to aixigo PPA after tax	(1)	–	–	–	–
Integration costs after tax	(10)	0	NS	0	NS
Net income, Group share	349	299	+17.0%	320	+9.3%
Earnings per share (€)	1.70	1.46	+16.7%	1.56	+9.0%
Earnings per share – adjusted (€)	1.84	1.53	+20.2%	1.65	+11.7%

Evolution of assets under management from the end of 2021 to the end of December 2024²²

(€bn)	*Assets* *under management*	*Net* *Inflows*	*Market &* *forex effect*	*Scope* *effect*			*Change in AuM* *vs. previous quarter*
As of 31/12/2021	2,064					+14%²³
Q1 2022		+3.2	-46.4		–
As of 31/03/2022	2,021					-2.1%
Q2 2022		+1.8	-97.75		–
As of 30/06/2022	1,925					-4.8%
Q3 2022		-12.9	-16.3		–
As of 30/09/2022	1,895					-1.6%
Q4 2022		+15.0	-6.2		–
As of 31/12/2022	1,904					+0.5%
Q1 2023		-11.1	+40.9		–
As of 31/03/2023	1,934					+1.6%
Q2 2023		+3.7	+23.8		–
As of 31/06/2023	1,961					+1.4%
Q3 2023		+13.7	-1.7		–
As of 30/09/2023	1,973					+0.6%
Q4 2023		+19.5	+63.8		-20
As of 31/12/2023	2,037					+3.2%
Q1 2024		+16.6	+63.0		–
As of 31/03/2024	2,116					+3.9%
Q2 2024		+15.5	+16.6		+8
30/06/2024	2,156					+1.9%
Q3 2024		+2.9	+32.5		–
30/09/2024	2,192					+1.6%
Q4 2024		+20.5	+28.1		–
31/12/2024	2,240					+2.2%

Total year-on-year from December 31, 2023 to December 31, 2024: +10.0%

Net inflows +€55.4bn
Market & foreign exchange rate effects +€140.1bn
Scope effects +€7.9bn
(First consolidation of Alpha Associates in Q2 2024, the acquisition of aixigo has no effect on assets under management)

Details of assets under management and net inflows by client segments²⁴

(€bn)	AuM 31.12.2024	AuM 31.12.2023	% change /31.12.2023	Inflows Q4 2024	Inflows Q4 2023	Inflows 2024	Inflows 2023
French networks	138	132	+4.7%	+0.8	+1.1	+1.1	+5.7
International networks	167	162	+3.0%	-2.1	-0.4	-6.5	-3.6
Of which Amundi BOC WM	2	3	-32.7%	-0.6	-0.4	-1.2	-3.7
Third-Party Distributors	401	317	+26.6%	+12.7	+0.5	+31.9	+4.6
Retail	706	611	+15.6%	+11.5	+1.1	+26.6	+6.8
Institutional & Sovereigns (*)	521	486	+7.2%	-0.7	-1.6	+0.7	+12.9
Corporates	122	111	+9.9%	+8.6	+10.1	+2.8	+2.7
Employee savings plan	90	86	+3.8%	+0.7	-0.7	+3.1	+1.9
CA & SG Insurers	429	427	+0.6%	-1.5	+4.3	-1.0	-5.4
Institutional	1,162	1,110	+4.7%	+7.1	+12.0	+5.6	+12.0
JVs	372	316	+17.7%	+1.9	+6.3	+23.3	+7.0
Total	2,240	2,037	+10.0%	+20.5	+19.5	+55.4	+25.8

Details of assets under management and net inflows by asset classes²⁴

(€bn)	AuM 31.12.2024	AuM 31.12.2023	% change /31.12.2023	Inflows Q4 2024	Inflows Q4 2023	Inflows 2024	Inflows 2023
Equity	544	467	+16.6%	+7.3	+0.1	+7.3	+2.2
Multi-assets	274	279	-1.8%	-0.9	-7.5	-23.2	-24.5
Bonds	747	656	+13.9%	+10.6	+7.4	+47.4	+17.6
Real, alternative & structured assets	114	107	+6.2%	+0.9	+1.9	+2.4	+4.3
MLT ASSETS excl. JVs	1,680	1,510	+11.3%	+17.9	+1.9	+34.0	-0.5
Treasury products excl. JVs	188	211	-10.9%	+0.7	+11.2	-1.8	+19.3
TOTAL excluding JVs	1,868	1,721	+8.6%	+18.5	+13.2	+32.2	+18.8
JVs	372	316	+17.7%	+1.9	+6.3	+23.3	+7.0
TOTAL	2,240	2,037	+10.0%	+20.5	+19.5	+55.4	+25.8
*Of which MLT assets*	*2,018*	*1,794*	*+12.5%*	*+21.1*	*+6.9*	*+56.0*	*+6.2*
*Of which treasury products*	*222*	*242*	*-8.6%*	*-0.6*	*+12.6*	*-0.5*	*+19.7*

Details of assets under management and net inflows by management types and asset classes²⁴

(€bn)	AuM 31.12.2024	AuM 31.12.2023	% change /31.12.2023	Inflows Q4 2024	Inflows Q4 2023	Inflows 2024	Inflows 2023
Active management	1,148	1,062	+8.1%	+5.5	-5.7	+7.6	-21.3
Equity	206	195	+5.6%	-2.5	-2.1	-7.9	-4.6
Multi-assets	263	270	-2.7%	-1.2	-7.8	-24.5	-26.0
Bonds	679	597	+13.8%	+9.1	+4.2	+40.1	+9.3
Structured products	44	39	+10.9%	+0.9	+2.8	+3.6	+5.6
Passive management	418	340	+22.9%	+11.5	+5.8	+23.9	+16.6
ETFs & ETC	268	207	+29.5%	+10.5	+5.0	+27.8	+13.0
Index & Smart beta	150	133	+12.7%	+1.0	+0.7	-3.9	+3.6
Real and Alternative Assets	70	68	+3.5%	-0.0	-0.9	-1.2	-1.3
Real assets	66	63	+5.4%	+0.1	-0.2	+0.0	-0.0
Alternative assets	4	5	-20.1%	-0.1	-0.7	-1.2	-1.3
TOTAL MLT assets excl. JVs	1,680	1,510	+11.3%	+17.9	+1.9	+34.0	-0.5
Treasury products excl. JVs	188	211	-10.9%	+0.7	+11.2	-1.8	+19.3
TOTAL excl. JVs	1,868	1,721	+8.6%	+18.5	+13.2	+32.2	+18.8
JVs	372	316	+17.7%	+1.9	+6.3	+23.3	+7.0
TOTAL	2,240	2,037	+10.0%	+20.5	+19.5	+55.4	+25.8

Details of assets under management and net inflows by geographic areas²⁴

(€bn)	AuM 31.12.2024	AuM 31.12.2023	% change /31.12.2023	Inflows Q4 2024	Inflows Q4 2023	Inflows 2024	Inflows 2023
France	994	950	+4.6%	+5.9	+11.6	+18.7	+10.4
Italy	202	203	-0.3%	-0.8	-2.1	-14.5	-4.3
Europe excl. France & Italy	440	372	+18.4%	+11.1	+2.9	+17.1	+8.9
Asia	469	400	+17.3%	-1.5	+7.5	+28.1	+7.2
Rest of the world	135	113	+20.0%	+5.7	-0.5	+6.1	+3.5
TOTAL	2,240	2,037	+10.0%	+20.5	+19.5	+55.4	+25.8
*TOTAL outside France*	*1,246*	*1,087*	*+14.7%*	*+14.6*	*+7.9*	*+36.8*	*+15.4*

Methodology appendix

Accounting & adjusted data

Accounting data – They include the amortisation of intangible assets, recorded as other income; since Q2 2024, other non-cash expenses spread according to the schedule of payments of the earn-out until the end of 2029; these expenses are booked as deductions from revenues, in financial costs, and since Q4, the amortisation charge of the technology asset related to the acquisition of aixigo, booked as amortisation of intangible assets in operating expenses.

Integration costs related to the transaction with Victory Capital and amortisation of the aixigo related PPA were recorded in the fourth quarter, in operating expenses, for a combined amount of -€14m pre-tax and -€11m after-tax. No costs of that nature were recorded in the first nine months of 2024 or in the 2023 financial year.

The aggregate amounts of these items are as follows for the different periods under review:

Q4 2023: -€20m before tax and -€15m after tax
2023: -€82m before tax and -€59m after tax
Q3 2024: -€24m pre-tax and -€17m after tax
Q4 2024: -€38m before tax and -€28m after tax
2024: -€106m before tax and -€77m after tax

Adjusted data – In order to present an income statement that is closer to economic reality, the following adjustments are made: restatement of the amortisation of distribution contracts with Bawag, UniCredit and Banco Sabadell, intangible assets representing client contracts of Lyxor and, since the second quarter of 2024, Alpha Associates, as well as other non-cash charges related to the acquisition of Alpha Associates; such depreciation and amortisation and non-cash expenses. are recorded as a deduction from net revenues; ; restatement of the amortisation of a technological asset related ot the acquisition of aixigo, recorded in operating expenses.

Acquisition of Alpha Associates

In accordance with IFRS 3, recognition of Amundi’s balance sheet as at 01/04/2024:

goodwill of €288m;
an intangible asset of €50m, representing client contracts, depreciable on a straight-line basis until the end of 2030;
a liability representing the conditional earn-out not yet paid, for €160m, including an actuarial discount of -€30m, which will be amortised over 6 years.

In the Group’s income statement, the following is recorded:

amortisation of intangible assets for a full-year expense of -€7.6m (-€6.1m after tax); in 2024 (9 months of integration) this corresponds to -€5.7m (-€4.6m after tax)
other non-cash expenses spread according to the schedule of payments of the earn-out until the end of 2029; these expenses are recorded as deductions from net income, as financial expenses; in 2024 (9 months) they represent -€4.3m (-€3.2m after tax).

Over twelve months 2024, these expenses and depreciation and amortisation are therefore -€10m before tax for 9 months. They only started in Q2.

In Q4 2024, the amortisation of intangible assets was -€1.9m before tax (-€1.5m after tax) and non-cash expenses were -€1.4m before tax (i.e. -€1.1m after tax).

Acquisition of aixigo

In accordance with IFRS 3, recognition on Amundi’s balance sheet at the date of acquisition:

goodwill of €121m;
a technology asset of €36m, representative of the goodwill attributed to aixigo’s software solutions, depreciable on a straight-line basis over 5 years;

The full-year amortisation charge of the technology asset was -€7.2m (-€4.8m after tax); in Q4 2024, the amortisation charge was -€1.2m (-€0.8m after tax), it is recognised in operating expenses.

Alternative Performance Measures²⁵

In order to present an income statement that is closer to economic reality, Amundi publishes adjusted data that excludes the depreciation of intangible assets and,

since the second quarter of 2024, from Alpha Associates, as well as other non-cash charges related to the acquisition of Alpha Associates.
Since the fourth quarter of 2024, the amortisation of intangible assets as operating expenses under aixigo.
In the fourth quarter of 2024, the integration costs on Victory Capital and aixigo.

Adjusted, normalised data are reconciled with accounting data as follows :

= accounting data

= adjusted data

(€M)	2024	2023	Q4 2024	Q4 2023	Q3 2024

Net management revenue	3,329	3,063	877	757	825
Technology	80	60	26	18	20
Net financial income and other net income	(3)	(1)	(2)	12	(6)
Adjusted net financial income and other income	88	80	21	32	17

Net revenue (a)	3,406	3,122	901	786	838
– Depreciation of intangible assets before tax	(87)	(82)	(22)	(20)	(22)
– Other non-cash expenses related to Alpha Associates	(4)	0	(1)	0	(1)
Net revenue – adjusted (b)	3,497	3,204	924	806	862

Operating expenses (c)	(1,852)	(1,706)	(496)	(426)	(456)
– Integration costs before tax	(13)	0	(13)	0	0
– Amortisation of the aixigo related PPA before tax	(1)	0	(1)	0	0
Operating expenses – adjusted (d)	(1,837)	(1,706)	(482)	(426)	(456)

Gross Operating Income (e)=(a)+(c)	1,554	1,416	405	360	382
Gross operating income – adjusted (f)=(b)+(d)	1,660	1,498	443	381	406
Cost income ratio (%) -(c)/(a)	54.4%	54.6%	55.1%	54.2%	54.4%
Cost income ratio – adjusted (%) -(d)/(b)	52.5%	53.2%	52.1%	52.8%	52.9%
Cost of risk & other (g)	(10)	(8)	(3)	(2)	(2)
Equity-accounted companies (h)	123	102	29	29	33
Income before tax (i)=(e)+(g)+(h)	1,668	1,511	431	387	413
Income before tax – adjusted (j)=(f)+(g)+(h)	1,774	1,592	469	407	437
Income tax (k)	(366)	(351)	(83)	(91)	(94)
Income tax – adjusted (l)	(394)	(374)	(93)	(96)	(101)
Non controlling interests (m)	3	5	1	2	1
Net income, Group share (n)=(i)+(k)+(m)	1,305	1,165	349	299	320
Net income, Group share – adjusted (o)=(j)+(l)+(m)	1,382	1,224	377	313	337

Earnings per share (€)	6.37	5.70	1.70	1.46	1.56
Adjusted earnings per share (€)	6.75	5.99	1.84	1.53	1.65

Shareholding

	31 December 2024		30 September 2024		31 December 2023
*(units)*	Number of shares	% of share capital	Number of shares	% of share capital	Number of shares	% of share capital
Crédit Agricole Group	141,057,399	68.67%	141,057,399	68.93%	141,057,399	68.93%
Employees	4,272,132	2.08%	2,751,891	1.34%	2,918,391	1.43%
Treasury shares	1,992,485	0.97%	958,031	0.47%	1,247,998	0.61%
Free Float	58,097,246	28.28%	59,880,313	29.26%	59,423,846	29.04%

Number of shares at the end of the period	205,419,262	100.0%	204,647,634	100.0%	204,647,634	100.0%
Average number of shares year-to-date	204,776,239	–	204,647,634	–	204,201,023	–
Average number of shares quarter-to-date	205,159,257	–	204,647,634	–	204,647,634	–

Average number of shares on a pro rata basis.

The average number of shares increased by +0.3% between Q3 2024 and Q4 2024, +0.3% between Q4 2023 and Q4 2024, and again +0.3% between 2023 and 2024.
A capital increase reserved for employees was recorded on 31 October 2024. 771,628 shares were created (approximately 0.4% of the share capital before the transaction).
Amundi announced on 7 October 2024 a buyback program of up to 1m shares (i.e. ~0.5% of the share capital before the transaction) to cover performance share plans, It was finalised on 27 November 2024.

Financial communication calendar

Q1 2025 earnings release: Tuesday 29 April 2025
Annual General Meeting: Tuesday 27 May 2025
Q2 and H1 2025 earnings release: Tuesday 29 July 2025
Q3 and 9-month 2025 results: Tuesday 28 October 2025

Dividend schedule

Ex-dividend day: Monday 10 June 2025
Payment: from Wednesday 12 June 2025

About Amundi

As Europe’s leading asset manager among the world’s top 10 players²⁶, Amundi offers its 100m clients – individuals, institutions and corporates – a full range of savings and investment solutions in active and passive management, in traditional and real assets. This offer is enriched with services and technological tools that cover the entire savings value chain. A subsidiary of the Crédit Agricole group, Amundi is listed on the stock exchange and currently manages more than €2.2tn in assets under management²⁷.

Its six international management platforms²⁸, its financial and extra-financial research capacity, as well as its long-standing commitment to responsible investment make it a leading player in the asset management landscape.

Amundi’s clients benefit from the expertise and advice of 5,700 professionals in 35 countries.

Amundi, a trusted partner that acts every day in the interest of its clients and society.

www.amundi.com

Press contacts:
Natacha Andermahr
Tel. +33 1 76 37 86 05
natacha.andermahr@amundi.com

Corentin Henry
Tel. +33 1 76 36 26 96
corentin.henry@amundi.com

Investor contacts:
Cyril Meilland, CFA
Tel. +33 1 76 32 62 67
cyril.meilland@amundi.com

Thomas Lapeyre
Tel. +33 1 76 33 70 54
thomas.lapeyre@amundi.com

Annabelle Wiriath

Tel. + 33 1 76 32 43 92

annabelle.wiriath@amundi.com

DISCLAIMER

This document does not constitute an offer or invitation to sell or purchase, or any solicitation of any offer to purchase or subscribe for, any securities of Amundi in the United States of America or in France. Securities may not be offered, subscribed or sold in the United States of America absent registration under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements thereof. The securities of Amundi have not been and will not be registered under the U.S. Securities Act and Amundi does not intend to make a public offer of its securities in the United States of America or in France.

This document may contain forward looking statements concerning Amundi’s financial position and results. The data provided do not constitute a profit “forecast” or “estimate” as defined in Commission Delegated Regulation (EU) 2019/980.

These forward-looking statements include projections and financial estimates based on scenarios that employ a number of economic assumptions in a given competitive and regulatory context, assumptions regarding plans, objectives and expectations in connection with future events, transactions, products and services, and assumptions in terms of future performance and synergies. By their very nature, they are therefore subject to known and unknown risks and uncertainties, which could lead to their non-fulfilment. Consequently, no assurance can be given that these forward-looking statement will come to fruition, and Amundi’s actual financial position and results may differ materially from those projected or implied in these forward looking statements. In particular, conditions to completion of the announced transaction between Amundi and Victory Capital, may not be satisfied and such transaction may not be completed on schedule, or at all; risks relating to the expected benefits or impact of the transaction on Victory Capital’s and Amundi’s respective businesses are contained in their respective public filings.

Amundi undertakes no obligation to publicly revise or update any forward-looking statements provided as at the date of this document. Risks that may affect Amundi’s financial position and results are further detailed in the “Risk Factors” section of our Universal Registration Document filed with the French Autorité des Marchés Financiers. The reader should take all these uncertainties and risks into consideration before forming their own opinion.

The figures set out in this document were approved by Amundi’s Board of Directors and have been prepared in accordance with applicable prudential regulations and IFRS guidelines, as adopted by the European Union and applicable at that date, but remain subject to ongoing review by the statutory auditors.

Unless otherwise specified, sources for rankings and market positions are internal. The information contained in this document, to the extent that it relates to parties other than Amundi or comes from external sources, has not been verified by a supervisory authority or, more generally, subject to independent verification, and no representation or warranty has been expressed as to, nor should any reliance be placed on, the fairness, accuracy, correctness or completeness of the information or opinions contained herein. Neither Amundi nor its representatives can be held liable for any decision made, negligence or loss that may result from the use of this document or its contents, or anything related to them, or any document or information to which this document may refer.

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

¹        Net income Group share
²        Adjusted data: see p. 12
³        Assets under management (AuM) and flows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of Asian JV’s assets and flows; for Wafa Gestion in Morocco, they are reported in proportion to Amundi’s holding in the capital of the JV
⁴        Excluding JVs
⁵        Including JV: €247bn in assets under management, +€12.2bn inflows in 2024 and +€0.6bn in Q4
⁶        ALTO: Amundi Leading Technologies & Operations, Amundi’s suite of 5 technology applications, including ALTO Investment, Wealth and Distribution, Sustainability, Asset Servicing and Employee Savings and Retirement
⁷        Adjusted net income Group share, normalised for the exceptionally high level of performance fees in the year: €1,158m
⁸        Calculated on accounting net income Group share
⁹        Compared to consensus estimates prior to these transactions
¹⁰        According to SFDR Articles 8 and 9
¹¹        50% MSCI World + 50% Eurostoxx 600 composite index for equity markets, average values over each period considered
¹²        Bloomberg Euro Aggregate for bond markets, average values over each reporting period
¹³        Source: Morningstar FundFile, ETFGI. European & cross-border open-ended funds (excluding mandates and dedicated funds). Data at the end of December 2024.
¹⁴        Medium-Long Term Assets excluding JV
¹⁵        However, 2024 net inflows include, for -€11.6bn, the exit in the third quarter of a multi-asset mandate with a European insurer, which brought low revenues
¹⁶        EPFO: Employees’ Provident Fund Organisation, India’s leading pension fund with total assets of €250bn at the end of December 2024. In Q4 2019, SBI MF had won a bond mandate granted by EPFO, for an amount of €60bn, which totaled €110bn in assets under management as of 31 December 2024; it is this mandate that would be shared with other managers according to the request for proposal
¹⁷        Source: Morningstar Direct, Broadridge FundFile – Open-ended funds and ETFs, global fund scope, December 2024; as a percentage of the assets under management of the funds in question; the number of Amundi open-ended funds rated by Morningstar was 1071 at the end of December 2024. © 2024 Morningstar, all rights reserved
¹⁸        Reflecting Amundi’s share of the net income of minority JVs in India (SBI MF), China (ABC-CA), South Korea (NH-Amundi) and Morocco (Wafa Gestion),
¹⁹        Shareholders’ equity less goodwill and intangible assets
²⁰        Excluding the amortisation of intangible assets
²¹        The TSR (Total Shareholder Return) includes the total return for a shareholder: increase in the share price + dividends paid from 2016 to 2024 + Preferential Subscription Rights detached in May 2017. Calculation made on the basis of the closing price of 31 January 2025, €68 per share.
²²        Assets under management and flows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of Asian JV’s assets and flows; for Wafa Gestion in Morocco, they are reported in proportion to Amundi’s holding in the capital of the JV
²³        Lyxor, integrated as of 31/12/2021
²⁴        Assets under management and flows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of Asian JV’s assets and flows; for Wafa Gestion in Morocco, they are reported in proportion to Amundi’s holding in the capital of the JV;
as of 01/01/2024, reclassification of short-term bond strategies (€30bn in AuM) as Bonds previously classified as Treasury until that date; the assets and net flows up to that date have not been reclassified in these tables
²⁵        See also the section 4.3 of the 2023 Universal Registration Document filed with the AMF on 18 April 2024
²⁶Source: IPE “Top 500 Asset Managers” published in June 2024 based on assets under management as of 31/12/2023
²⁷Amundi data as of 31/12/2024
²⁸Boston, Dublin, London, Milan, Paris and Tokyo

Attachment

Amundi_PR Results_Q4&FY2024_EN

The MIL Network –

February 4, 2025

MIL-OSI: eQ Plc’s financial statements release 2024 – eQ’s operating profit EUR 34.5 million, proposed dividend EUR 0.66

Source: GlobeNewswire (MIL-OSI)

eQ Plc financial statements release
4 February 2025 at 8:00 AM

January to December 2024 in brief

During the period under review, the Group’s net revenue totalled EUR 65.6 million (EUR 70.9 million from 1 Jan. to 31 Dec. 2023). The Group’s net fee and commission income was EUR 63.8 million (EUR 70.8 million).

The Group’s operating profit fell by 13% to EUR 34.5 million (EUR 39.7 million).
The Group’s profit was EUR 27.4 million (EUR 31.5 million).
The consolidated earnings per share were EUR 0.66 (EUR 0.78).
The net revenue of the Asset Management segment decreased by 13% to EUR 58.5 million (EUR 66.9 million) and the operating profit by 19% to EUR 33.7 million (EUR 41.4 million). The management fees of the Asset Management segment fell by 10% to EUR 55.6 million (EUR 62.0 million) and the performance fees fell by 35% to EUR 3.6 million (EUR 5.4 million). During the review period, the assets managed by eQ Asset Management grew by 4% to EUR 13.4 billion (EUR 12.9 billion on 31 Dec. 2023).
The net revenue of the Corporate Finance segment was EUR 5.3 million (EUR 3.9 million) and the operating profit was EUR 1.5 million (EUR 0.7 million).
The operating profit of the Investments segment was EUR 1.1 million (EUR -0.6 million).
The net cash flow from the Group’s own private equity and real estate fund investment operations was EUR 0.8 million (EUR -0.1 million).
The proposed dividend is EUR 0.66 (EUR 0.80) per share.

October to December 2024 in brief

In the last quarter, the Group’s net revenue totalled EUR 14.8 million (EUR 18.5 million from 1 Oct. to 31 Dec. 2023). The Group’s net fee and commission income was EUR 14.0 million (EUR 19.3 million).
The Group’s operating profit fell by 29% to EUR 6.9 million (EUR 9.8 million).
The Group’s profit was EUR 5.5 million (EUR 7.8 million).
The consolidated earnings per share were EUR 0.13 (EUR 0.19).
In the final quarter the net revenue of the Asset Management segment decreased by 22% to EUR 13.0 million (EUR 16.6 million) and the operating profit by 29% to EUR 6.9 million (EUR 9.7 million). The decrease in operating profit in the final quarter of the year was affected by the write-down of one Private Equity fund’s accrued performance fee (EUR 1.8 million).

Key ratios	1-12/24	1-12/23	Change	10-12/24	10-12/23	Change
Net revenue, Group, MEUR	65,6	70,9	-7 %	14,8	18,5	-20 %
Net revenue, Asset Management, MEUR	58,5	66,9	-13 %	13,0	16,6	-22 %
Net revenue, Corporate Finance, MEUR	5,3	3,9	34 %	1,0	2,7	-63%
Net revenue, Investments, MEUR	1,1	-0,6	287 %	0,6	-1,0	164 %
Net revenue, Group administration and eliminations
Net revenue, MEUR	0,8	0,6		0,1	0,2

Operating profit, Group, MEUR	34,5	39,7	-13 %	6,9	9,8	-29%
Operating profit, Asset Management, MEUR	33,7	41,4	-19 %	6,9	9,7	-29%
Operating profit, Corporate Finance, MEUR	1,5	0,7	125 %	0,0	1,6	-97 %
Operating profit, Investments, MEUR	1,1	-0,6	287 %	0,6	-1,0	164 %
Operating profit, Group administration, MEUR	-1,8	-1,7		-0,6	-0,5

Profit for the period, MEUR	27,4	31,5	-13 %	5,5	7,8	-29%
Key ratios	1-12/24	1-12/23	Change	10-12/24	10-12/23	Change
Earnings per share, EUR	0,66	0,78	-14 %	0,13	0,19	-30%
Proposed dividend per share, EUR	0,66	0,80	-18%
Equity per share, EUR	1,77	1,85	-4 %	1,77	1,85	-4 %
Cost/income ratio, Group, %	47,4	43,8	8 %	53,3	47,1	13 %

Liquid assets, MEUR	17,0	33,4	-49 %	17,0	33,4	-49 %
Private equity and real estate fund investments, MEUR	17,0	16,6	3 %	17,0	16,6	3 %
Interest-bearing loans, MEUR	0,0	0,0	0 %	0,0	0,0	0 %

Assets under management excluding reporting services, EUR billion	10,4	10,0	4 %	10,4	10,0	4 %
Assets under management, EUR billion	13,4	12,9	4 %	13,4	12,9	4 %

Acting CEO Janne Larma

The global economy has been rather sluggish during 2024, and economic growth in the euro area in particular has been modest. During the year, the European Central Bank cut its key interest and deposit rates four times, with the deposit rate standing at 3.0% at the end of the year. Europe’s core inflation and inflation outlook have fallen, and the European economy is expected to recover rather slowly, leading markets to expect deposit rates to fall to around 2% in 2025. On the other hand, in the US, the economy is growing and performing well, and inflation is not expected to fall significantly. For these reasons, interest rates in the US are significantly higher than in Europe.

Policy easements made by central banks and economic growth in the US in particular set the stage for a strong stock market in 2024. The strong rise in the US (33%) boosted the indices tracking global developed markets (27%). The positive performance of emerging markets (15%) was boosted by the China’s rise in the second half of the year. In Europe, stock price indices rose less (9%), and Nordic share prices fell slightly.

In the interest rate markets, returns were positive, both for short-term interest rates and long-term interest rates. High Yield Corporate Bonds were the best performers last year, returning over eight per cent.

eQ’s result for the financial period fell

The net revenue of the Group during the period under review was EUR 65.6 million and the operating profit was EUR 34.5 million. Net revenue fell by 7% and operating profit by 13% from the previous year.

eQ Asset Management’s profit fell, assets under management increased

During the period under review, the net revenue of the Asset Management segment fell by 13 per cent to EUR 58.5 million. The decrease in net revenue, EUR 8.4 million, is explained by real estate asset management’s lower management fees compared to the previous year. In contrast, management fee income from both traditional and Private Equity asset management increased from last year, by 6% for traditional and 8% for Private Equity. During the review period, eQ Asset Management’s operating profit fell by 19 per cent to EUR 33.7 million. In addition to the above-mentioned factors, the decrease in operating profit was affected by a write-down of EUR 1.8 million on the accrued performance fee of one Private Equity fund.

As for sales, the year 2024 was good in private equity asset management. In 2024, Private Equity funds were raised to the eQ PE XVI North fund investing in Northern Europe and the eQ PE SF V and eQ VC II funds. We raised over EUR 360 million in these three funds, which is an excellent result. For traditional asset management, assets under management increased by almost EUR 300 million, or 8%, compared to the end of 2023. In real estate asset management, the challenging market situation contributed to a decrease of over EUR 200 million in assets under management.

eQ focuses more and more on sustainability every year and it is a key part of our investment activities. We received excellent marks, including in the PRI assessment, where we outperformed our peer group and received full five stars in five sections. In addition, in the GRESB survey of the real estate sector, both our real estate funds performed better than both the overall respondents and the eQ peer group averages. eQ Community Properties even came out on top of its peer group.

eQ Asset Management usage rose in the 2024 SFR survey and 68% of the 100 or so largest institutional investors in Finland use eQ’s services. In alternative investments – real estate and private equity in eQ’s case – eQ was by far the most used asset manager. eQ’s quality rating declined in 2024, which the study attributes primarily to weaker investment returns in the real estate segment. Our goal is to rise back to the forefront of quality.

The Financial Supervisory Authority (FIN-FSA) conducted an inspection of eQ Fund Management Company, and we received the inspection report last year. The FIN-FSA’s job description includes conducting inspections at intervals and the inspection was part of FIN-FSA’s normal operations. It had been more than ten years since eQ’s previous inspection. The report raised observations that we have reviewed in good cooperation with FIN-FSA and all necessary actions have been implemented over the last year. I dare to say that inspections of this type are useful for both operations and for cooperation with authorities.

Advium’s profit grew

Advium managed to increase its net revenue, despite a decrease in the number of mergers and acquisitions in Finland compared to the previous year and very low activity in the real estate market. During the period under review, Advium’s net revenue totalled EUR 5.3 million (EUR 3.9 million). Operating profit was EUR 1.5 million (EUR 0.7 million).

During 2024, Advium acted as advisor in four published M&A transactions and one published real estate transaction. Two of these were public offers, when offers were made for Purmo Group and Innofactor. Advium also advised Aspo Plc on its minority investment in OP Infra Suomi and Forcit on its agreement to acquire part of Orica’s Finnish and Swedish businesses.

Investment profit and cash flow increased

The operating profit of the Investments segment rose from last year and was EUR 1.1 million (EUR -0.6 million). Net cash flow was EUR 0.8 million (EUR -0.1 million). The balance sheet value of the private equity and real estate fund investments at year end was EUR 17.0 million (EUR 16.6 million on 31 Dec. 2023). During the year, eQ Plc made a USD 1 million investment commitment in the eQ PE XVI fund.

Changes in eQ’s management

Mikko Koskimies, CEO of eQ Plc and Managing Director of eQ Asset Management Ltd, left these positions at the end of October 2024 due to a serious illness. Koskimies passed away in November. Mikko was a valued colleague and a dear friend. We will all miss Mikko.

Tero Estovirta, deputy Managing Director of eQ Asset Management Ltd, was appointed Managing Director of eQ Asset Management Ltd and member of the eQ Group’s management team at the end of October.

During the review period, Jacob af Forselles was appointed as the Managing Director of Advium Corporate Finance Ltd and as a member to eQ Group’s Management Team. He started in his position at the beginning of August.

Outlook

The difficult market situation in the Finnish real estate market continued in 2024. Our assessment is that the real estate market levelled off towards the end of the year and that yield requirements generally stopped rising in the final quarter of the year. However, market liquidity remained at a very low level. The real estate market in general remains challenging. In several Finnish open-ended real estate funds, redemptions have not been completed on time and investors have had to wait for their money. Funds for redemption payments are mainly raised by selling properties and, as the transaction market remains quiet, redemption payments have had to be postponed. Lower interest rates and economic growth are having a positive impact on the real estate market. The market expects interest rates in Europe to continue to fall and the economy to gradually start to recover. If these estimates materialise, we expect 2025 to be a better year for the real estate market than 2024.

Due to the current situation, eQ’s real estate fund management fees are expected to decrease in 2025 compared to the previous year.

Sales of eQ’s Private Equity products has continued to be strong, and we believe that Finnish asset management clients will increase the Private Equity allocations in their portfolios in the coming years. We estimate that eQ’s Private Equity fees will increase in 2025 compared to last year. The exit market for private equity funds was quieter than expected in 2024. As a result, the timing of Private Equity performance fees accruing to eQ has moved forward. Performance fees are expected to increase from 2026 onwards, with a number of private equity products expected to move into the performance fee phase.

In traditional asset management, we believe we have a good market position. The development of fees is largely dependent on market development.

***

eQ’s financial statements release 1 Jan. to 31 Dec. 2024 is enclosed to this release and it is also available on the company website at www.eQ.fi.

eQ Plc

Additional information:
Janne Larma, acting CEO, tel. +358 9 6817 8920
Antti Lyytikäinen, CFO, tel. +358 9 6817 8741

Distribution: Nasdaq Helsinki, www.eQ.fi, media

eQ Group is a group of companies that concentrates on asset management and corporate finance business. eQ Asset Management offers a wide range of asset management services (including private equity funds and real estate asset management) for institutions and private individuals. The assets managed by the Group total approximately EUR 13.4 billion. Advium Corporate Finance, which is part of the Group, offers services related to mergers and acquisitions, real estate transactions and equity capital markets. More information about the Group is available on our website www.eQ.fi.

Attachment

eQ Plc Financial Statements Release 2024

The MIL Network –

February 4, 2025

MIL-OSI Economics: Asian Development Blog: From Roads to Riches: Economic Corridors Can Supercharge South Asia

Source: Asia Development Bank

Economic corridor development in South Asia enhances trade, industrialization, and connectivity while addressing infrastructure gaps and business constraints. By creating jobs, promoting regional integration, and improving manufacturing competitiveness, corridors contribute to sustainable economic growth and poverty reduction.

Economic corridors are drivers of economic growth and structural transformation and are integral to the pursuit of regional development and economic integration. They not only enhance connectivity and trade but also foster industrialization, job creation, and balanced regional growth.

In South Asia, particularly in Bangladesh, Bhutan, Nepal, India, and Sri Lanka the development of economic corridors presents a promising pathway to unlock economic potential, strengthen regional ties, and promote sustainable development.

Economic corridor development efforts aim to improve a country’s manufacturing potential by addressing key constraints such as cumbersome business processes, infrastructure bottlenecks, and low competitiveness of domestic manufacturing leading to low manufacturing jobs and less integration with global value chains.

An economic corridor is a network of infrastructure projects designed to stimulate economic development across and between regions. These corridors typically include transportation routes, such as highways, railways, and ports, as well as industrial hubs and trade facilitation zones. The aim is to enhance connectivity, reduce trade barriers, and promote investment, ultimately spurring economic activities and job creation.

India, with its vast and diverse economy, plays a crucial role in the development of economic corridors in Bangladesh, Bhutan, Nepal and Sri Lanka. The country’s strategic initiatives, such as the NICDP and the Prime Minister Gati Shakti (PM-GS) National Master Plan, aim to enhance connectivity and promote economic integration.

In Bangladesh, the development of economic corridors is focused on enhancing infrastructure and trade logistics. Notable examples include the South West Economic Corridor, spanning from Khulna and Jessore to Dhaka, and the North East Economic Corridor, connecting Dhaka to Sylhet. These corridors are designed to improve the country’s trade infrastructure, diversify production networks, and integrate with regional and global value chains, all the while stimulating economic activities in less developed areas.

Bhutan has planned to develop Gelephu Mindfulness City which will be the biggest economic hub of Bhutan attracting foreign investment and integrating with the rest of South Asia and Southeast Asia. Multimodal connectivity of Gelephu with India and Bangladesh will be a critical factor of its success in future.

Economic corridors drive regional integration, boost industrialization, and create jobs by enhancing infrastructure, reducing trade barriers, and fostering economic growth across South Asia.

India’s efforts in industrial corridor development aim to boost the manufacturing sector by addressing key constraints like cumbersome business processes and infrastructure bottlenecks.

The National Industrial Corridor Development Program, in collaboration with the Asian Development Bank, focuses on creating a conducive environment for manufacturing, thereby enhancing sectoral growth. The Prime Minister Gati Shakti (PM-GS) National Master Plan further aims to enhance connectivity and promote economic integration across the country.

Nepal, a landlocked country with challenging terrain, faces unique obstacles in its quest for economic development. The development of economic corridors, such as the East-West Highway and the North-South Corridors, is crucial for improving connectivity, reducing trade barriers, and fostering regional integration. These corridors aim to link Nepal more effectively with its neighbors, promoting economic activities and development in the region.

Sri Lanka’s Colombo-Trincomalee Economic Corridor (CTEC) connects the Western Region including Colombo Port with the East Coast to Trincomalee Port, aims to facilitate economic growth through a network of export zones and free trade zones. This infrastructure is expected to boost trade, attract investments, and promote balanced regional growth.

Economic corridor development involves a building block approach of construction and enhancement of transport networks, energy grids, and trade facilitation measures that connect key economic hubs within and across borders.

The transport and trade corridors are designed to streamline the movement of goods, services, and people, thereby reducing costs, increasing efficiency, and boosting competitiveness. The initiative also emphasizes the importance of aligning national policies and regulations to ensure seamless operations and to maximize the benefits of regional integration.

Gradually these corridors will be transformed into economic corridors by addressing both hardware and software aspects of development. Effective corridor development also entails creating a conducive environment for businesses to thrive and for economies to grow.

One of the key objectives of economic corridor development is job creation. This is a critical development objective for the countries in South Asia. The creation of formal jobs through the expansion of the manufacturing sector directly contributes to poverty alleviation.

By facilitating the formalization of labor and incentivizing firms to adopt modern technology, corridor development helps to increase productivity and wages, thereby improving the standard of living for workers. Government actions to provide gender-inclusive housing, upgrade the skills of female workers, and appoint female board members in industrial node boards, further enhance economic corridors’ impact on poverty reduction and gender equality.

Economic corridors are pivotal in shaping South Asia’s economic future by enhancing trade, industrialization, and regional cooperation. Continued investment, policy alignment, and inclusive development strategies will be essential in maximizing their benefits and ensuring sustainable, equitable growth.

MIL OSI Economics –

February 4, 2025
MIL-Evening Report: Coalition’s tax-free lunch plan could cost $250 million or $10 billion – depending on who’s doing the sums

Source: The Conversation (Au and NZ) – By Dale Boccabella, Associate Professor of Taxation Law, UNSW Sydney

Rawpixel.com/Shutterstock

The 1980s are remembered for many things including power suits, the Ford Falcon and the long lunch.

The last was thanks to a generous interpretation of tax law as it applied to food and entertainment at “business meetings”. Bosses could deduct the cost of lunch with colleagues and contacts for tax purposes.

The Hawke government ended that when it made sweeping changes to tax law the mid 80s including the introduction of a fringe benefits tax.

But the long lunch might return under a Coalition government.

Its estimated cost to the budget, however, swings wildly. The Parliamentary Budget Office puts the figure at A$250 million, while a government-commissioned study by Treasury says it could be between $1.6 billion and $10 billion .

The different estimates result from varied modelling of how many businesses would seek the deduction and the average amount each would claim. Shadow treasurer Angus Taylor on Tuesday said it would cost less than $250 million. He said the Treasury estimates were “straight nonsense”.

Angus Taylor said Treasury’s estimates were “straight nonsense”
Mick Tsikas/AAP

The actual cost may also depend on whether the deduction would be limited to employees or could include spending on their family members and on clients. These things are not yet clear.

One thing that is clear, however, is higher spending at hospitality venues should bring in more tax from businesses to offset the lost deduction revenue.

Whatever rules emerge, enforcing them could be expensive. Some small businesses might be tempted to inflate their expenditure, or simply “reclassify” usual food and drink costs to make them eligible for a deduction.

Opposition leader Peter Dutton announced the plan late last month. He said small businesses could claim deductions for meals and entertainment. This would be available to businesses with a turnover under $10 million and excluded alcohol.

The deduction would be capped at $20,000 a year. The policy would run initially for two years and would presumably be reviewed with a view to extending it or making it permanent.

Dutton gave two reasons for reintroducing the exemption to the FBT. First, it was an incentive that would help retain and reward employees. Employees can get a “little bit of a return”, Dutton said at the time. Second, it would boost hospitality spending.

Overwhelmingly, this policy is an incentive for small businesses. However, tax policy experts argue the tax system should not use targeted tax breaks to promote a particular economic activity.

One major concern is this plan runs counter to the reasonably clear boundary our income tax system has established between private consumption expenditure (not deductible) and income producing expenditure (deductible).

The 1985 deduction denial for entertainment expenditure is a central part of this framework; it squarely recognised the private consumption character of the expenditure and it has stood for 40 years in tax law. Serious analysis should be done before changes are made.

Also, it might lead to claims of “what about me?” Think, for example, of a small business taxpayer with a turnover of $12 million who misses out. What about an independent contractor who falls short of being a business?

It looks like the technical way the tax deduction is to be achieved will depend on who benefits from the food and entertainment. If the beneficiary is a customer of the small business, the small business will be given a deduction. If the employee benefits, the small business will get an exemption for the benefit and obtain a deduction for the expenditure.

Peter Dutton said in his announcement last month the Coalition was doing this in a way to ensure small businesses “are not dragged into a complicated tax jungle”.

Fringe benefits tax is complicated and compliance costs are high.
Shakirov Albert/Shutterstock

The complexity of fringe benefits tax is well known. Compliance costs are high and mistakes are made by taxpayers and tax agents. The complexity is greatest for entertainment spending where income tax interacts with fringe benefits tax and the GST.

Without knowing the proposed rules, there is a chance a small business incurring entertainment expenditure can avoid being brought into a “tax jungle” if they keep employees and customers at separate entertainment events.

If they do combine the two, some complications arise, but they are not insurmountable. In any event, tax agents and their clients tend to get used to their specific situation over time. Excluding alcohol does add a slight complication, though, because of the different treatment it will attract.

Overall, the concerns about this policy are real and substantial. It is worth recalling that there are many examples of poor tax policy getting into legislation, and despite the significant evidence about them, they are not removed.

The capital gains tax discount is a good example. This discount has overwhelmingly delivered a tax break to high income earners. And the amount of the lost revenue is continually increasing. Let us think before running this risk with the proposed “long lunch” tax break.

Dale Boccabella 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. Coalition’s tax-free lunch plan could cost $250 million or $10 billion – depending on who’s doing the sums – https://theconversation.com/coalitions-tax-free-lunch-plan-could-cost-250-million-or-10-billion-depending-on-whos-doing-the-sums-247999

MIL OSI Analysis – EveningReport.nz –

February 4, 2025
MIL-OSI USA: February 3rd, 2025 Heinrich Speaks Out Against President Trump’s Tax on New Mexico Families
US Senate News:
Source: United States Senator for New Mexico Martin Heinrich

Trump’s tariffs will increase prices, cost families as much as $1,200 per year

WASHINGTON — U.S. Senator Martin Heinrich (D-N.M.) released the following statement on President Trump’s announced 25% tariffs on Mexico and Canada and 10% tariffs on China:

“Donald Trump’s tariffs are a tax on New Mexico’s working families. Trump’s tariffs will raise costs, kill jobs, and weaken our economy, costing New Mexicans up to $1,200 per household. With Mexico as New Mexico’s largest trading partner, Trump’s trade war and tariffs tax will directly hurt New Mexico’s farmers, businesses, and consumers.

“We need to be putting the interests of working people first, not last. And that starts by lowering costs, not raising them.”

While the effective dates of the tariffs are shifting, their catastrophic impacts are indisputable.

Background on How New Mexico’s Economy Relies on Trade with Mexico

New Mexico’s solid economic growth after pandemic-era disruptions was spurred in large part by cross-border commerce. An unnecessary trade war with Mexico drummed up by President Trump threatens to drive up prices for groceries, gas, cars, and other consumer goods, erasing wage increases and straining New Mexicans’ wallets.

Benefits to New Mexico from Trade with Mexico
- In 2023, $28 billion worth of goods came through the Santa Teresa Port of Entry (STPOE), which Heinrich has pushed to expand by introducing legislation, securing federal appropriations, and urging leaders in Congress and the Executive Branch to prioritize this project.
- The STPOE supported over 7,000 jobs and contributed $2 billion to New Mexico’s economy in 2023.
- Since 2020, an additional 2,000 jobs in New Mexico have been added by the increased economic activity around STPOE.
- New Mexico exported $3.4 billion to Mexico in 2023.
- In 2021, exports supported 15,000 jobs in New Mexico.
- Mexico is New Mexico’s largest trade partner, amounting to 70% of the state’s total goods exported in 2023.
MIL OSI USA News –
February 4, 2025
MIL-OSI Australia: (WIP) Growing ESG complexity in the year ahead: what companies can expect
Source: Allens Insights

ESG continues to evolve 10 min read

As stakeholder expectations on Environment, Social and Governance (ESG) issues continue to evolve, we are seeing a movement build from voluntary standards to domestic regulation. Concurrently, the opposition to ESG-related action is adding to uncertainty and complexity when it comes to legal compliance and alignment with global high watermarks.

In this Insight, we take stock of the ESG journey and reflect on the trends to look out for in 2025 and beyond.

Key takeaways
- Growing uncertainty around upcoming ESG legislation is expected to raise complexity and costs for companies in achieving regulatory compliance. The shift from a more global consensus on climate and environmental commitments, ESG due diligence and reporting requirements may result in deeper fragmentation of laws across jurisdictions, presenting new challenges for companies navigating competing pro- and anti-ESG regulatory trends.
- Companies that are revisiting their sustainability and ESG-related claims and commitments amid heightened reputational and legal exposures over ‘greenwashing’ risk will need to continue to balance accuracy and appropriateness of public commitments with the risk of being perceived as laggards by their stakeholders, including scrutiny of perceived ‘greenhushing’ or ‘greywashing’.
- Litigation risk remains a key challenge for businesses navigating ESG obligations and evolving stakeholder expectations. Potential claims are expanding to include directors’ duties and emerging intersectional ESG issues, including nature and biodiversity, human rights and plastics. Non-judicial forums such as complaints to OECD National Contact Points are likely to remain attractive for stakeholders seeking behavioural change.
- Regardless of whether companies and their directors elect to recalibrate their ESG policies, companies should ensure they are satisfied that their chosen course of action is in the best interests of the company, and retain evidence to support that view and regarding the reasonable grounds for key decisions.
Who in your organisation needs to know about this?

Boards; general counsel and legal; sustainability; regulatory and compliance; cultural heritage and communities teams; external affairs.

A recap of 2024

New ESG legislation, an uptick in regulatory enforcement and the rising expectations of investors and other stakeholders are elevating ESG issues to the top of boardroom agendas.

In 2024, we saw the multi-jurisdictional trend of new ESG due diligence and reporting laws continue in places like the EU and California, adding to recent regulatory developments in Australia, the US, the UK, Canada and elsewhere. Australian companies have been responding, even if not directly in scope, as these new legal requirements flow through from customers and clients.

Combating alleged ‘greenwashing’ and ‘bluewashing’—being claims that environmental and social disclosures are false, misleading or have no reasonable basis—has become an enforcement priority for Australia’s corporate regulators. In November 2024, the Australian Securities and Investments Commission (ASIC) confirmed greenwashing and misleading conduct involving ESG claims would remain an enforcement priority in 2025.

Activists and strategic litigants have deployed strategies in and out of the courtroom seeking to influence corporate behaviour. While the majority of cases have commenced in the US, Australia consistently comes a close second, with cases increasingly focusing on the intersection between the environment and human rights, including the rights of First Nations peoples.

Alongside these developments, the backlash against ESG action increased in 2024 and was a key issue during elections in the US and across the EU. In the US, laws have been passed restricting ESG-related investment decisions, which have impacted investment flows, while legal challenges have delayed the implementation of the US Securities and Exchange Commission’s climate-related financial disclosure rules. Some financial institutions and asset managers are moving away from membership of voluntary ESG commitments, such as the Net Zero Asset Managers and Net Zero Banking Alliance initiatives.¹

Looking ahead to 2025
Deregulation may increase uncertainty and complexity for companies

The conversation around deregulation is already becoming more pronounced in 2025, in light of recent political developments and as ESG regulatory changes take effect.

Upon commencing his second term in office on 20 January 2025, President Trump’s executive orders have so far included:
- withdrawing the US from the Paris Agreement (for a second time); and
- revoking the country’s financial commitments under the United Nations Framework Convention on Climate Change and the US International Climate Finance Plan.
His nominations to environmental protection and corporate regulatory agencies may foreshadow a further rollback of measures on:
- anti-pollution;
- emissions reduction; and
- climate-related financial disclosures.
The wave of new executive orders has already sought to wind back the Biden Administration’s ESG policies (including those encouraging the uptake of electric vehicles).

In the EU, the outcome of a new omnibus proposal aiming to streamline various Green Deal sustainability regulations is due to be released by 26 February 2025. It is possible the proposal will include delays in implementation, while a recently leaked European Commission strategy paper for streamlining the Commission’s regulatory processes suggests there may be a greater focus on reducing the regulatory burden for small and medium-sized companies.

This uncertainty around upcoming ESG legislation is likely to mean increased complexity and costs for companies associated with achieving regulatory compliance. A move away from a more global consensus on ESG due diligence and reporting requirements may result in deeper fragmentation of laws across jurisdictions. Companies will continue to face challenges in navigating these pro- and anti-ESG regulations across different jurisdictions.

At the same time, disasters such as the Los Angeles fires will keep ESG issues in the public consciousness, and deregulation is unlikely to be aligned with the evolving high watermark to which stakeholders are holding companies to account. We anticipate an increase in ESG litigation as activists continue to pursue behavioural change by governments and companies in the courts.

ESG as a ‘dirty word’: greenhushing and greywashing

While many companies continue to take voluntary action on ESG issues, some are revisiting their ESG commitments in light of the increasingly contested and politicised environment, as well as the heightened reputational and legal exposures associated with sustainability and ESG-related public claims and commitments.

The paring back of existing commitments will continue to be scrutinised by regulators and civil society, and we anticipate that allegations of ‘greenhushing’ or ‘greywashing’ may develop.

‘Greenhushing’ refers to deliberately withholding information about sustainability goals and achievements.

‘Greywashing’ refers to setting strategies and policies that are too watered down, unambitious, qualified or ambiguous to result in meaningful change.

ASIC Chair Joe Longo has described greenhushing as ‘just another form of greenwashing’, which ‘risks misleading by omission’, referring to the annual Net Zero Report issued by South Pole which highlighted a substantial decrease in climate communications across a number of sectors.

Companies will need to continue to balance accuracy and appropriateness of commitments while maintaining flexibility in the changing political environment, with the risk of being perceived as laggards by their stakeholders.

The ESG litigation field expands

Despite the mixed successes of recent ESG claims, we expect activists will continue to pursue strategic litigation to extract concessions from governments and companies and effect behavioural change.
ESG claims have expanded beyond the traditional higher-emitting sectors. Stakeholders are looking more widely at targets and potential claims with the objective of disrupting capital flows, including scrutinising companies’ exposure through their financing activities and broader value chains. We expect that financial institutions will remain a target of stakeholder scrutiny, and that claims and complaints will continue to explore the intersection between climate change and issues such as nature and biodiversity, human rights and plastics. The use of new technologies such as AI and carbon capture and storage (or CCS) is also attracting activist scrutiny.

In 2025, decisions from the International Court of Justice and Australian courts may clarify legal obligations related to climate change, particularly in tort law, potentially impacting future corporate liability for alleged climate change impacts.

Non-curial avenues such as the OECD National Contact Points and UN Special Procedures are already a well-tested forum on ESG issues. Complainants are likely to be interested in exploring the recent updates to the OECD Guidelines on matters such as climate change and biodiversity. The Australian National Contact point may also be utilised by stakeholders in response to the three-year modified liability regime under the new mandatory climate-related financial reporting regime introduced from 1 January 2025, which prevents private litigation in respect of certain ‘protected statements’ for a period of time.

International discussions will continue to influence private actors

Despite failures by state parties to reach agreement at 2024’s UN biodiversity and plastic forums, discourse surrounding the negotiations appears to be sharpening corporate and civil society focus, including through an uptick in plastics-related litigation and campaigns. The next UN biodiversity COP taking place in Rome in February this year, and international negotiations will continue on a treaty to address the full lifecycle of plastic—from production to design and disposal.

Another emerging focus area for companies is Indigenous Cultural and Intellectual Property (ICIP), particularly in the life sciences and mining sectors. A new treaty on genetic resources and traditional knowledge was concluded at the international level in 2024 under the auspices of the World Intellectual Property Organization (WIPO), which will require inventors to disclose the source of genetic resources and associated traditional knowledge in patent applications. After many years of diplomatic efforts by countries including Australia, this is the first multilateral treaty specifically relating to traditional knowledge, and efforts continue to protect traditional cultural expressions at the international level. It remains to be seen how this significant step at the international level will affect the discourse concerning the need for sui generis ICIP legislation in Australia.

Subject matter trends
Implications of US exit from international climate change commitments and shift in domestic energy policy

The United States’ withdrawal from the Paris Agreement introduces a new element of uncertainty for global efforts to address climate change. It remains to be seen whether the Trump Administration’s decision will leave the US as an outlier in international climate and energy policy, or if it may have a broader chilling effect on global cooperation on climate change and other emerging environmental issues.

President of the European Commission, Ursula Von der Leyen, has already reaffirmed that ‘Europe will stay the course’ and reaffirmed the EU’s commitments to the Paris Agreement. A net zero-focused bipartisan alliance of 24 State Governors has also vowed to sustain and advance climate action in the US.

The new US administration has also embarked on a significant gear change in US domestic energy policy.

Executive orders have been effected to declare a ‘national energy emergency’.

This expedites the permitting of oil and gas projects (specifically in Alaska) and temporarily suspends new federal offshore wind leasing pending an environmental and economic review.

The US Federal Reserve has also withdrawn from the Network for Greening the Financial System—an international group of central banks, including the Reserve Bank of Australia, that analyses the economic fallout from climate change.

The Office of Management and Budget also ordered a temporary pause on grant funding by federal agencies for activities implicated by the new executive orders, including renewable energy and climate and atmospheric research programs. The order was subsequently rescinded after an urgent legal challenge by non-profits successfully sought an injunction.

These changes are likely to lead to legal challenges, further adding to the uncertainties faced by businesses navigating the new energy policy environment. As the Trump Administration seeks to encourage investment in the oil and gas sectors, we also expect stakeholders to intensify their scrutiny of companies’ exposure to higher-emitting projects.

Methane emissions

International initiatives to reduce methane emissions have been gaining industry and national support:

the World Bank’s Global Flaring and Methane Reduction (GFMR) Partnership is now active in over a dozen countries and has been endorsed by 57 companies.

the Global Methane Pledge launched at COP26 in 2021 by the EU and US has received 159 country endorsements as of 2024, including Australia’s.

Several countries have moved to impose stricter regulations on methane emissions. In May 2024, the EU introduced its Methane Regulation requiring increased monitoring, detection and reduction of methane emissions. Additional import restrictions will extend to gas imported into the Eurozone from 2027. In November 2024, the United States Environmental Protection Agency announced new regulations on the emission of methane from crude-oil and natural gas facilities.

New and expanded gas projects (and related infrastructure and supply chains) remain a focus of campaigning and shareholder activism on fugitive methane emissions by organisations such as Market Forces.

Biodiversity and nature

Countries are moving to implement their national commitments under the Kunming-Montreal Global Biodiversity Framework.

Australia’s Nature Repair Market is set to open for business in 2025, operating in a similar fashion to the existing carbon market, to incentivise projects to protect and restore the environment through biodiversity credits.

The EU’s Regulation on Nature Restoration entered into force in August 2024, and the Canadian Government has moved to legislate a Nature Accountability Bill as part of its 2030 Nature Strategy released in June 2024.

However, the future of the Canadian bill is now uncertain due to the suspension of all parliamentary business after Parliament was prorogued on 6 January 2025 following the resignation of Prime Minister Justin Trudeau. While Canada’s next general election is scheduled for 20 October 2025, opposition parties have foreshadowed a no-confidence motion when the next parliamentary session resumes on 24 March which, if successful, may trigger an early vote.

Several jurisdictions are also moving to address deforestation in supply chains, with measures including import restrictions and due diligence requirements.

The EU’s Regulation on Deforestation-free Products will enter into effect from 30 December 2025 and require certain commodities and derived products to be ‘deforestation-free’ if placed, made available on or exported through the EU common market.

The UK is also developing its own Forest Risk Commodity Regulation,² which would also impose commodity-based restrictions and due diligence requirements.

Plastics pollution and the circular economy

A growing number of jurisdictions are introducing restrictions on plastic products, including single-use and microplastics.

The EU’s Single Use Plastic Directive came into force in 2024, and the European Commission has proposed additional measures to prevent the unintentional release of plastic pellets.

In the US, the State of California has commenced proceedings against Exxon Mobil and PepsiCo Inc in relation to allegedly misleading the public regarding plastics pollution.

In Australia, the ACCC commenced enforcement proceedings against Clorox Australia Pty Ltd in April 2024 for alleged greenwashing over claims relating to its ‘GLAD’ plastic bag products.

The right to water

From the Murray-Darling Basin to the Great Barrier Reef and beyond, we expect to see preservation of, and access to, water resources increase in priority for stakeholders as an issue that crosses geographical and jurisdictional boundaries.

Access to water and sanitation is recognised as a fundamental human right by the UN General Assembly, and stakeholders are raising issues around water security, water quality, contamination by microplastics and Per- and Polyfluoroalkyl Substances (PFAS) chemicals, access to water resources for agriculture, and ensuring First Nations peoples’ interests and connection to water are taken into account.

Modern slavery reporting reforms

In December 2024, the federal Attorney-General’s Department (AGD) published the Government’s response to the 2023 statutory review of the Modern Slavery Act 2018 (Cth) (MSA). The response follows the appointment of Australia’s first national Anti-Slavery Commissioner, who is expected to lead in the implementation of modern slavery reporting reforms.

The Government has agreed (in full, in part, or in principle) to 25 of the 30 recommendations from the review, including the need to strengthen the compliance and enforcement framework under the MSA. The Government agreed in principle to the introduction of a penalty regime—details are not yet available, but the Government is expected to consult with stakeholders in 2025.

One issue that remains unresolved is the status of proposals for mandatory human rights due diligence (HRDD) by reporting entities under the MSA. The Government has ‘noted’ the recommendation to introduce HRDD; however, it has indicated that the AGD will engage with stakeholders on HRDD as part of the next stage of implementation.

The introduction of mandatory HRDD would align Australia with a number of jurisdictions that have introduced supply chain due diligence requirements, most notably the EU’s Corporate Sustainability Due Diligence Directive adopted by the European Parliament in 2024. The Canadian Government has proposed new supply chain due diligence legislation, while a parliamentary review of the UK’s modern slavery legislation has recommended the introduction of due diligence obligations.

The timeline for legislative amendments to the MSA may be complicated by the federal election, which is due to occur before 17 May 2025.

Navigating AI in the employment context

As AI technologies advance, companies will need to navigate the social issues raised due to the use of AI in the workplace.

Already, we are seeing increasing use of AI in hiring practices such as the screening of job applications. Based on how the algorithm was trained, AI can perpetuate biases, potentially leading to harmful or discriminatory outputs for individuals, groups or communities and arguably resulting in adverse human rights impacts.

In the US, we are seeing court cases alleging unlawful discrimination where AI tools have been used for hiring, insurance claims and rental applications.³ We anticipate Australian businesses may face similar claims if AI is used without accounting for the risk of inherent bias.

The rate of change brought by advancements in AI technology is not only front of mind for employers, but also for employees concerned about its implications. In October 2024, it was reported that Cbus and its employees had agreed to a first-of-its-kind enterprise agreement dealing with protections for employees if or when the super fund introduces AI technologies. The agreement contains an agreed definition of AI, and provides that Cbus must consult with staff on any changes that impact them in relation to AI.

Rights of First Nations peoples

In 2025, the Joint Standing Committee on Aboriginal and Torres Strait Islander Affairs is set to continue its inquiry into the Truth and Justice Commission Bill 2024. The Bill seeks to establish a Commission to make recommendations to Parliament on historic and ongoing injustices against First Nations Australians. The Australian Law Reform Commission is also taking submissions as part of its review of the ‘future acts’ regime in the Native Title Act 1993 (Cth), with a final report to be delivered by December 2025. For more, see our Insight.

There are increasing demands on industry to consult First Nations stakeholders in their decision-making and operations, and to engage in benefit-sharing with Traditional Owners, with an emerging focus on the clean energy sector. The First Nations Clean Energy Network has published Best Practices Principles to help First Nations communities in Australia to share in the benefits of renewable energy projects, including calling for Free, Prior, and Informed Consent (FPIC) standards to apply throughout the lifecycle of projects.

We expect that international, ‘soft law’ standards will continue to evolve. For example, the International Council of Mining and Metals (ICMM) recently updated its Indigenous Peoples and Mining Position Statement to emphasise the responsibility of mining companies to achieve FPIC through meaningful engagement and good faith negotiation with Traditional Owners. Although the new standard goes beyond the current position in the Native Title Act and many cultural heritage laws in Australia, it is possible it will become a benchmark for mining companies in Australia—see our Insight.

Addressing misconduct impacting First Nations peoples also remains an enforcement priority for ASIC.

Diversity and inclusion

Diversity, equity and inclusion policies and initiatives have also become the subject of backlash in the United States through three executive orders signed by President Trump, with one executive order foreshadowing regulatory action to ‘encourage’ private sector employers to dismantle diversity programs that have been based on federal anti-discrimination law.

This backlash has already placed diversity on the political agenda in Australia, and the discussion around diversity policies and initiatives is likely to increase in the lead-up to the federal election this year.
Company culture and governance issues in the spotlight

Corporate culture is an ongoing boardroom issue and recent examples underscore the importance of accountability, transparency and strong and ethical corporate governance.

Cultural concerns: in the wake of federal Respect@Work reforms, a number of prominent Australian brands have been in the spotlight regarding whistleblower complaints on cultural issues. Widespread media reporting has led some companies to launch internal investigations to respond to shareholder concern and address reputational damage in the community.

Regulatory scrutiny: in addition to reputational damage, there is also now a real prospect of scrutiny from regulators in relation to corporate cultural issues. In its updated enforcement priorities announced on 14 November 2024, ASIC reaffirmed its commitment to addressing governance and directors’ duties failures as an enduring enforcement priority for 2025. As an example, ASIC commenced proceedings against Regional Express Holdings Limited and several of its directors for engaging in misleading and deceptive conduct and for contraventions of continuous disclosure obligations in relation to ASX announcements about the company’s financial position prior to entering into voluntary administration in July 2024.

Navigating complexities in AI and ESG reporting

As ESG reporting obligations expand in Australia and overseas, AI will become an increasingly attractive tool for companies seeking to reduce the time needed for data gathering and drafting.

However, the use of AI may also present legal, regulatory and reputational risk:

Environmental impacts associated with the training and use of AI models. This includes increased demand for electricity consumption; the water footprint associated with training and maintaining AI models; and electronic waste generation.

Susceptibility to bias, which may result in errors that could lead to misleading statements or discriminatory outputs.

Privacy concerns from the use of sensitive or personal information without consent. Privacy law reforms introduced in late 2024 require companies to disclose when they will be using AI automated decision-making (see our Insight).

Human rights implications such as discrimination or potential harm to vulnerable groups such as children or workers in the AI supply chain.

Regulatory scrutiny on the use of AI, as indicated by the increased regulatory guidance available to companies, including Australia’s new Voluntary AI Safety Standard, the European Parliament’s AI regulations, and ASIC’s report on ‘Governance arrangements in the face of AI innovation’.
Actions you can take now
- Regardless of whether ESG policies are recalibrated in light of growing uncertainty around legislative frameworks and the anti-ESG backlash, companies and directors should ensure they are satisfied that their chosen course of action is in the best interests of the company, and gather evidence to support that view.
- The influence of new legislation is being felt on companies even where not directly in scope. Consider adopting a higher water mark approach appropriate to the company’s risk profile and appetite to future proof against evolving stakeholder expectations and regulatory requirements.
- Understand the scope of the company’s voluntary commitments and what these entail, including in international law.
- When refreshing policies and procedures, look at these through the lens of emerging areas of focus. Consider if your policies fit for purpose and reflect emerging risk areas.
- Consider the role of legal—privilege can be a useful tool where appropriate, given the regulatory and risk environment.
MIL OSI News –
February 4, 2025
MIL-OSI: CALGO Launches Unified DeFi Platform, Simplifying Decentralized Finance for Investors

Source: GlobeNewswire (MIL-OSI)

PANAMA CITY, Feb. 03, 2025 (GLOBE NEWSWIRE) — CALGO, a DeFi aggregator and investment platform, has officially launched, offering users a simplified way to access and manage decentralized finance (DeFi) investments. By integrating multiple DeFi protocols into one streamlined platform, CALGO seeks to address the complexity often associated with DeFi, providing a more accessible entry point for both novice and experienced investors.

The platform leverages artificial intelligence (AI) to optimize investment performance. Its AI-driven system analyzes market trends in real time, automatically adjusting users’ investment allocations across various DeFi protocols to maximize returns. Unlike traditional DeFi platforms requiring manual intervention, CALGO offers an automated, hands-off approach, making it easier for users to generate passive income.

CALGO Logo

“CALGO is built to eliminate the barriers that often prevent investors from fully benefiting from DeFi opportunities,” said CALGO’s representative. “By combining ease of use, investment optimization, and a strong focus on security, we’re making decentralized finance more approachable without compromising safety.”

Enhanced Security and Investor Protection

Recognizing the importance of security in the DeFi space, CALGO has obtained ISO 27001 certification, demonstrating its commitment to stringent cybersecurity standards. This certification ensures user funds and sensitive information are protected from potential threats.

In addition, CALGO has joined the Cyprus Investor Compensation Fund (ICF), which provides added financial protection for investors. This participation underscores the platform’s commitment to safeguarding users from market risks and potential losses.

Introducing the Validator System in 2025

CALGO is also preparing to launch a Validator system by Q2 2025. This feature will evaluate DeFi products based on performance, security, and profitability, providing users with key insights before making investment decisions. The Validator system aims to enhance transparency and help investors navigate the DeFi space with greater confidence.

With its comprehensive approach to DeFi investments, CALGO offers users a platform that balances ease of use, optimized returns, and robust security measures. As the DeFi market continues to grow, CALGO is poised to play a key role in bridging the gap between traditional investors and blockchain-based finance.

For more information, visit calgo.io.

Media Contact:

Calgo Partners Corporation
support@calgo.io
(507)501-6000
https://calgo.io/

The MIL Network –

February 4, 2025
MIL-OSI USA: 01.30.2025 Sen. Cruz Introduces Education Freedom Scholarships and Opportunity Act

US Senate News:

Source: United States Senator for Texas Ted Cruz

WASHINGTON, D.C. – U.S. Sen. Ted Cruz (R-Texas) introduced the Education Freedom Scholarships and Opportunity Act. The legislation expands education options and would provide a federal tax credit for individuals and businesses to donate to nonprofit scholarship funds for individual students’ education.
Upon introduction, Sen. Cruz said, “Every child deserves the chance to succeed. The Education Freedom Scholarships and Opportunity Act ensures students have access to quality education regardless of their income or background. This legislation will empower families and foster private investment through a dollar-for-dollar tax credit, expanding opportunities for all American students.”
This bill is also cosponsored by Sen. James Lankford (R-Okla.).
Read the bill text here.
BACKGROUND
Sen. Cruz has led this effort to provide expand education options available to all students since 2019. Sen. Cruz has also previously introduced this legislation in 2021 and 2023.
The Education Freedom Scholarships and Opportunity Act:

Encourages States to Opt In: Opting in to the freedom scholarship approach to education will reduce federal control over education and return the power to government more accountable to parents.

Is State Directed: States maintain the authority to create a program that works for them. States can decide which students are eligible for the scholarship credit, what constitutes eligible educational expenses and eligible educational providers, and more.

Encourages Workplace Training Education: There is more than one pathway to success, and our rapidly-changing 21st century economy means that workers need new skills to compete. In addition to elementary and secondary education scholarships, this bill allows for scholarships related to career and technical education, apprenticeships, certifications, and other forms of workforce training for postsecondary students.

Prohibits Federal Control of Education: Clarifies that nothing in this act shall be construed to permit, allow, encourage, or authorize any increased regulation or control over any aspect of a participating educational provider, scholarship granting organization, or workforce training organization. This allows all education providers to be able to participate, without fear of federal control.

Helps Our Most Vulnerable Students: Many low and middle-income students cannot afford tuition and educational expenses themselves, or do not have the means to pay for the workforce training needed to secure a stable, high-paying job. This tax credit will provide scholarships for these students, so that they can have the opportunity to receive an effective and successful education that prepares them for the future.

MIL OSI USA News –

February 4, 2025
MIL-OSI USA: 02.03.2025 Sen. Cruz Announced as Chairman of the Senate Foreign Relations Subcommittee on Africa and Global Health Policy

US Senate News:

Source: United States Senator for Texas Ted Cruz

WASHINGTON, D.C. – U.S. Sen. Ted Cruz (R-Texas), a member of the Senate Foreign Relations Committee, issued the following statement after the announcement of subcommittee assignments for the 119th Congress on the Committee. Sen. Cruz will be the Chairman of the Subcommittee on Africa and Global Health Policy, as well as a member of the Subcommittee on Near East, South Asia, Central Asia, and Counterterrorism and the Subcommittee on Western Hemisphere, Transnational Crime, Civilian Security, Democracy, Human Rights, and Global Women’s Issues.
Sen. Cruz said, “As the Chairman of the Subcommittee on Africa and Global Health Policy, I intend to pursue a robust oversight agenda and hearings schedule, with a focus on countering the Chinese Communist Party’s predatory practices toward our African partners. I will also focus on addressing threats posed by terrorist groups, freedom of navigation in the Red Sea, illicit finance across the continent, and diplomacy targeting us and our allies by malign actors. I look forward to also continuing work on other subcommittees strengthening strategic partnerships across the Middle East and the Western Hemisphere.”
BACKGROUND
The Senate Foreign Relations Subcommittees Sen. Cruz sits on holds jurisdiction over the following areas:
Subcommittee on Africa and Global Health Policy:
The subcommittee deals with all matters concerning U.S. relations with countries in Africa (except those, like the countries of North Africa, specifically covered by other subcommittees), as well as regional intergovernmental organizations like the African Union and the Economic Community of West African States. This subcommittee’s regional responsibilities include all matters within the geographic region, including matters relating to: (1) terrorism and non-proliferation; (2) crime and illicit narcotics; (3) U.S. foreign assistance programs; and (4) the promotion of U.S. trade and exports.
In addition, this subcommittee has global responsibility for health-related policy, including disease outbreak and response.
Subcommittee on Near East, South Asia, Central Asia, and Counterterrorism:
This subcommittee deals with all matters concerning U.S. relations with the countries of the Middle East, North Africa, South Asia, and Central Asia, as well as regional intergovernmental organizations. This subcommittee’s regional responsibilities include all matters within the geographic region, including matters relating to: (1) terrorism and non-proliferation; (2) crime and illicit narcotics; (3) U.S. foreign assistance programs; and (4) the promotion of U.S. trade and exports.
In addition, this subcommittee has global responsibility for counterterrorism matters.
Subcommittee on Western Hemisphere, Transnational Crime, Civilian Security, Democracy, Human Rights, and Global Women’s Issues:
This subcommittee deals with all matters concerning U.S. relations with the countries of the Western Hemisphere, including Canada, Mexico, Central and South America, Cuba, and the other countries in the Caribbean, as well as the Organization of American States. This subcommittee’s regional responsibilities include all matters within the geographic region, including matters relating to: (1) terrorism and non-proliferation; (2) crime and illicit narcotics; (3) U.S. foreign assistance programs; and (4) the promotion of U.S. trade and exports. In addition, this subcommittee has global responsibility for transnational crime, trafficking in persons (also known as modern slavery or human trafficking), global narcotics flows, civilian security, democracy, human rights, and global women’s issues.

MIL OSI USA News –

February 4, 2025

MIL-OSI Economics: Money Market Operations as on February 03, 2025

Source: Reserve Bank of India


(Amount in ₹ crore, Rate in Per cent)

	Volume (One Leg)	Weighted Average Rate	Range
A. Overnight Segment (I+II+III+IV)	5,78,019.82	6.43	1.00-6.80
I. Call Money	11,834.94	6.56	5.10-6.65
II. Triparty Repo	4,05,311.75	6.38	5.50-6.55
III. Market Repo	1,58,696.83	6.54	1.00-6.80
IV. Repo in Corporate Bond	2,176.30	6.76	6.75-6.80
B. Term Segment
I. Notice Money**	178.70	6.44	5.90-6.65
II. Term Money^@@	636.50	–	6.35-7.50
III. Triparty Repo	230.00	6.60	6.60-6.60
IV. Market Repo	4,117.48	6.62	6.60-6.83
V. Repo in Corporate Bond	0.00	–	–

	Auction Date	Tenor (Days)	Maturity Date	Amount	Current Rate / Cut off Rate
C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
I. Today’s Operations
1. Fixed Rate
2. Variable Rate^&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo	Mon, 03/02/2025	1	Tue, 04/02/2025	48,785.00	6.51
(b) Reverse Repo
3. MSF^#	Mon, 03/02/2025	1	Tue, 04/02/2025	1,170.00	6.75
4. SDF^Δ#	Mon, 03/02/2025	1	Tue, 04/02/2025	1,13,121.00	6.25
5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*				-63,166.00
II. Outstanding Operations
1. Fixed Rate
2. Variable Rate^&
(I) Main Operation
(a) Repo	Fri, 24/01/2025	14	Fri, 07/02/2025	1,62,096.00	6.51
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo
3. MSF^#
4. SDF^Δ#
D. Standing Liquidity Facility (SLF) Availed from RBI^$				9,556.71
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*				1,71,652.71
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*				1,08,486.71
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on		February 03, 2025		9,00,623.53
(ii) Average daily cash reserve requirement for the fortnight ending		February 07, 2025		9,12,544.00
H. Government of India Surplus Cash Balance Reckoned for Auction as on^¥		February 03, 2025		48,785.00
I. Net durable liquidity [surplus (+)/deficit (-)] as on		January 10, 2025		-40,102.00
^@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
– Not Applicable / No Transaction.
** Relates to uncollateralized transactions of 2 to 14 days tenor.
^@@ Relates to uncollateralized transactions of 15 days to one year tenor.
^$ Includes refinance facilities extended by RBI.
^& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
^Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
^¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
# As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
Ajit Prasad Deputy General Manager (Communications)
Press Release: 2024-2025/2071

MIL OSI Economics –

February 4, 2025

MIL-OSI China: Hong Kong’s economy grows 2.5% in 2024

Source: China State Council Information Office

Hong Kong’s economy expanded 2.5 percent in 2024 as exports of goods and services maintained growth, according to advance estimates released by the Hong Kong Special Administrative Region (HKSAR) government on Monday.

In the fourth quarter (Q4) of 2024, the region’s Gross Domestic Product (GDP) grew 2.4 percent year-on-year in real terms, faster than the 1.9-percent uptick in Q3, data from the Census and Statistics Department showed.

In 2024, total exports of goods resumed growth amid improved external demand, while exports of services posted an increase on the back of rising visitor arrivals and improvement in other cross-border economic activities, commented a spokesperson for the HKSAR government.

Overall investment expenditure expanded along with the economy at large, but private consumption expenditure recorded a slight decline owing to changes in residents’ consumption patterns, the spokesperson noted.

Looking ahead, the Hong Kong economy is expected to register further growth in 2025 despite heightened uncertainties in the external environment, the spokesperson said.

The central government’s various measures benefitting Hong Kong, coupled with the HKSAR government’s wide range of initiatives to promote economic growth, will support various economic activities, said the spokesperson.

MIL OSI China News –

February 4, 2025
MIL-OSI China: Trump says US agrees to pause tariffs on Mexico for one month

Source: China State Council Information Office 3

U.S. President Donald Trump said on Monday that he had “very friendly conversation” with Mexican President Claudia Sheinbaum, and the two sides agreed to “immediately pause” the anticipated tariffs for one month and continue negotiations.

“I just spoke with President Claudia Sheinbaum of Mexico. It was a very friendly conversation wherein she agreed to immediately supply 10,000 Mexican Soldiers on the Border separating Mexico and the United States. These soldiers will be specifically designated to stop the flow of fentanyl, and illegal migrants into our Country,” Trump said in a post on social media platform Truth Social.

“We further agreed to immediately pause the anticipated tariffs for a one month period during which we will have negotiations headed by Secretary of State Marco Rubio, Secretary of Treasury Scott Bessent, and Secretary of Commerce Howard Lutnick, and high-level Representatives of Mexico,” Trump continued.

“I look forward to participating in those negotiations, with President Sheinbaum, as we attempt to achieve a ‘deal’ between our two Countries,” said the U.S. president.

Trump signed executive orders on Saturday to impose a 25-percent additional tariff on imports from Canada and Mexico and a 10-percent tariff hike on imports from China, which has drawn widespread opposition and immediate retaliations.

“The tariffs could increase how much U.S. consumers and businesses pay for goods coming from Canada, Mexico and China — including electronics, toys, shoes, fresh produce, lumber and cars. Tariffs are paid by companies importing goods into the U.S., similar to a tax,” according to a report by NBC News.

The new tariffs mean that U.S. companies would have to either reduce profits or implement cuts to protect their margins, the report said, adding that the implications could be “wide-reaching” across the U.S. economy.

Shortly after Trump’s announcement, Sheinbaum on Saturday instructed the Secretariat of Economy to implement tariff and non-tariff measures to defend Mexico’s interests in response to the levies imposed by the Trump administration.

“We categorically reject the White House’s slander against the Mexican government of having alliances with criminal organizations, as well as any intention of intervention in our territory,” the Mexican president said on the social platform X.

MIL OSI China News –

February 4, 2025

Category: Economy

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