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Category: Economy

  • MIL-OSI Submissions: Ukrainian protests: Zelensky faces biggest threat to his presidency since taking power

    Source: The Conversation – UK – By Jennifer Mathers, Senior Lecturer in International Politics, Aberystwyth University

    Protests have erupted in Kyiv and other Ukrainian cities against a new law that threatens the independence of Ukraine’s anti-corruption institutions. The legislation was hastily passed on July 22 by parliament and signed by the Ukrainian president, Volodymyr Zelensky, that same day.

    It places Ukraine’s national anti-corruption bureau and its special anti-corruption prosecutor’s office under the direct control of the prosecutor general, one of Zelensky’s appointed officials. Zelensky has argued that the measure was necessary to address Russian infiltration of anti-corruption bodies.

    Critics of the measure, however, believe the real purpose of the law is to give the president the power to quash ongoing investigations into alleged corruption by members of his inner circle. These include his close ally and former deputy prime minister, Oleksiy Chernyshov.

    Politicians from opposition parties and civil society activists also regard the new law as an example of the president attempting to take advantage of wartime conditions to silence critics and consolidate power.

    The protests have involved thousands of ordinary people. This includes veterans of the war against Russia’s invasion, some with visible war injuries such as missing limbs. Anger at the attempt to curb the independence of anticorruption bodies has broken the informal agreement between the government and Ukrainian society to show a united front to the world while the war continues.

    The protests may be the most serious domestic political challenge Zelensky has faced since he was elected president in 2019.

    Ukrainians protest after Zelensky signs law clamping down on anticorruption agencies.

    Formally, Zelensky’s political position is secure. His Servant of the People party holds the majority of seats in parliament and governs without the constraints of coalition partners. Zelensky and his party will also not face voters anytime soon. There is a ban on holding elections during martial law, which is due to continue for the duration of the war.

    Zelensky is not unpopular in Ukraine. According to a survey conducted in June by the Kyiv International Institute of Sociology, Zelensky’s personal popularity was running at 65%. This is down from the heady heights of 90% in the first few months after Russia’s 2022 invasion, but up significantly from 52% in December 2024.

    However, Zelensky was quick to respond to the street protests by promising to reverse the new law. He said he would submit a new bill to parliament to restore independence to the agencies. The speed of his response reveals the sensitivity of the president – and indeed most Ukrainian politicians – to criticism on the corruption issue.

    Why corruption is a big issue

    Corruption is a topic that resonates strongly with Ukrainian society. Anger at the corruption of Viktor Yanukovych’s presidency fuelled the Maidan protests of 2013 and 2014, which began in response to his decision to break off negotiations with the EU and instead pursue closer political and economic ties with Russia.

    The “revolution of dignity” that followed robustly rejected Yanukovych’s leadership and his policies, and ultimately saw him ousted from power. The revolution was a resounding demonstration of the strength of Ukraine’s civil society and its determination to hold its elected officials to account.

    Any suggestion that Ukraine is failing to address corruption is also a matter of great concern for Ukraine’s international supporters. This is especially the case for major lenders such as the International Monetary Fund. Its willingness to disperse the large loans that help keep the Ukrainian economy functioning depends on Kyiv reaching the good governance milestones it sets.

    European leaders have expressed concern at the new law and the possibility that Zelensky may be taking a backwards step when it comes to dealing with corruption.

    President of the European Commission, Ursula von der Leyen, phoned Zelensky to express her strong concerns and ask for an explanation for diluting the independence of anti-corruption bodies. French and German leaders have also indicated that they intend to hold discussions with Zelensky about the issue.

    Meanwhile, Russia has been quick to take advantage of the protests in Ukraine. According to intelligence from Ukraine’s ministry of defence, Moscow has already distributed doctored photographs of the protesters that show them holding pro-Russian signs. It has falsely claimed that Ukrainians are coming on to the streets to demand an immediate end to the war.

    So far, there are no indications that these protests will spill over from demanding the reversal of one controversial piece of legislation into calls for a change of government. Some protesters have even been explicit in their remarks to the media that they are broadly supportive of Zelensky, but are calling on him to take action on this specific issue.

    However, Zelensky cannot afford to be complacent. He needs to act quickly to keep his domestic and international supporters on side. A great deal of effort has been expended to demonstrate Ukraine’s commitment to democratic values and its suitability to join western institutions like the EU and Nato. Any hint of backsliding on anti-corruption could undermine that message.

    Ukrainians continue to be remarkably united in their support for the war effort and their approval of the armed forces. But the mobilisation process is itself tainted with corruption. Ordinary citizens are reluctant to respond to the state’s call for more soldiers when it is widely known that the family members of powerful and wealthy Ukrainians are able to avoid military service and instead lead comfortable lives abroad.

    Zelensky cannot afford to let dissatisfaction with corruption grow. Even if it does not threaten his hold on power today, society’s anger at corrupt practices and the inequalities they create is already damaging the war effort. Ukraine’s political leaders need to demonstrate that their commitment to democracy is as strong as that of the society that they lead.

    Jennifer Mathers 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. Ukrainian protests: Zelensky faces biggest threat to his presidency since taking power – https://theconversation.com/ukrainian-protests-zelensky-faces-biggest-threat-to-his-presidency-since-taking-power-261876

    MIL OSI –

  • MIL-OSI Analysis: Ukraine joins other Russian neighbours in quitting landmines treaty: another deadly legacy in the making

    Source: The Conversation – UK – By Marcel Vondermassen, Scientific Coordinator and Deputy Executive Manager of the IZEW, University of Tübingen

    Ukraine’s president, Volodymyr Zelensky, recently signed a decree to withdraw from the Ottawa convention banning the use of anti-personnel landmines. This move follows the example of Finland, Poland, Estonia and Lithuania, who all quit the treaty in recent months.

    The logic behind these states withdrawing from the treaty is mostly because of the threat posed by Russia. At first glance landmines seem like a cost-effective way to deter or slow an invader. Proponents see them as a necessary evil to protect national sovereignty against the threat from a much larger conventional force deployed by an aggressive neighbour.

    But this short-term thinking can be dangerous, because it doesn’t consider the long-term cost of putting explosive devices into the ground. According to the Landmine Monitor for 2024, more than 110,000 people were killed by landmines and explosive remnants of war in the past 25 years, and over 5,700 died just last year. Eight out of ten of those killed were civilians, many of whom were children.

    Sign up to receive our weekly World Affairs Briefing newsletter from The Conversation UK. Every Thursday we’ll bring you expert analysis of the big stories in international relations.

    Although it is cheap to lay landmines, demining is expensive and creates a financial burden for future generations. The UN estimates that it can cost between five and 100 times more to clear a mine than to lay one, depending on the circumstances.

    In Angola, for example, demining efforts continue nearly 50 years after the civil war broke out and 23 years after it ended. Encouragingly, Angola has reduced the threat with help of Halo Trust, a UK-based nongovernmental organisation. In 30 years they destroyed over 123,000 landmines. But to get Angola landmine free will require about US$240 million (£177 million) in additional funding.

    While Angola aims to be landmine-free within a few years, the current scale of contamination in Ukraine will pose a deadly hazard to civilians for generations, as Sarah Njeri – a landmines expert at SOAS, University of London, wrote in 2023.

    Looking through the prism of peace

    What Europe needs today is better analysis and more public awareness of the current crisis and its long-term effects. This is a tricky task, especially for the media, because the violence is “asynchronous”. This means that mines can be laid years before anyone is harmed by them. It’s important to have open and honest conversations in public so that both politicians and the public have something clear and trustworthy to rely on when making these fateful decisions.

    This means accepting that the concerns of the Baltic nations, Poland and Finland are valid. Their actions are a response the threat posed by Russia and the uncertainty surrounding America’s future role on the world stage. But there’s also an opportunity. Nobody in these countries takes the decision to use landmines lightly. This means, that if their European allies can provide credible security guarantees, these countries might change their plans.

    Nevertheless, the Peace Report 2025, compiled by four leading German peace research institutes, highlights that this way of thinking remains rooted in a military mindset. The planned increase in military budgets among Nato countries should be complemented by greater investment in diplomacy, peace research and peace building.

    The Peace Report lists nine recommendations for a more peaceful world, which are not pacifist. They recognise the need to close the gaps in European defence capabilities – but this is not enough. To create a peaceful Europe the legitimate security interests of all sides need to be considered. This includes Russia. At the same time, the report emphasises the need to strengthen, not weaken, the rules-based order. Abandoning the Ottawa treaty will further weaken that order.

    Withdrawing from the landmine treaty is not just a military calculation, and it affects more than just eastern European countries. It’s an issue that presents a real challenge to Europe as a whole. Laying mines would litter future farmland and forests with an indiscriminate threat that recognises no ceasefire and cannot distinguish friend from enemy, combatant from civilian or adult from child.

    If we don’t learn from the past, future reports will still be counting thousands of child casualties, but from the landmines laid in the 2020s.

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

    Marcel Vondermassen 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. Ukraine joins other Russian neighbours in quitting landmines treaty: another deadly legacy in the making – https://theconversation.com/ukraine-joins-other-russian-neighbours-in-quitting-landmines-treaty-another-deadly-legacy-in-the-making-261684

    MIL OSI Analysis –

  • MIL-OSI Canada: More support on the way to strengthen rural communities

    Rural and remote communities, First Nations and not-for-profit organizations can submit applications to fund projects that strengthen and diversify their economies.

    This is through the Rural Economic Diversification and Infrastructure Program (REDIP). The fourth intake opened on Thursday, July 24, 2025, and runs until Oct. 31, 2025. 

    In its first three years, REDIP will have invested as much as $142 million in more than 450 projects throughout B.C. that will create an estimated 7,000 jobs in rural areas. These projects promote economic diversification, resilience, clean-economy opportunities and infrastructure development.

    Communities can receive funding through four streams:

    • capacity – helps communities build internal capacity for economic development by providing up to $50,000 per year for up to three years and access to development funding of up to $100,000 to launch priority projects;
    • development – supports business planning, feasibility assessments and other developmental steps for business and economic diversification opportunities in rural B.C., up to $100,000;
    • implementation – supports the development of new economic infrastructure and the implementation of economic services, programming or operations directly related to diversification in rural communities, up to $1 million; and
    • community transition – supports communities experiencing a major economic change resulting from the loss of a major employer or linked to major projects in the province.

    Business BCeIDs are now required as part of the REDIP application process. As BCeID account registration can take several weeks, applicants are encouraged to register early at: https://www.bceid.ca/

    Learn More:

    For more information about the Rural Economic Diversification and Infrastructure Program and to see a list of approved REDIP projects from previous intakes, visit: https://gov.bc.ca/redip

    MIL OSI Canada News –

  • MIL-OSI: CREDIT AGRICOLE SA: LCL and Crédit Agricole Assurances announce their entry into exclusive negotiations with AnaCap for the joint acquisition of Milleis Group

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    Paris, 24 July 2025

    LCL and Crédit Agricole Assurances announce their entry into exclusive negotiations with AnaCap for the joint acquisition of Milleis Group

    LCL and Crédit Agricole Assurances have entered into exclusive negotiations with AnaCap, a private equity fund investing in the European mid-market segment, for the joint acquisition of Milleis Group, a long-standing independent player in private banking and wealth management in France .

    This joint project by LCL and Crédit Agricole Assurances encompasses the acquisition by LCL of the entire Milleis Group, namely Milleis Banque and its subsidiaries Milleis Vie and Cholet Dupont Oudart. This would be immediately followed by the sale of the life insurance company Milleis Vie by LCL to Crédit Agricole Assurances.

    This acquisition would enable LCL to strengthen its position in the French wealth management market and develop synergies. It would also provide Crédit Agricole Assurances with the opportunity to reinforce the positioning of its subsidiary Spirica in the high net worth segment and to broaden its distribution channels.

    The project will be subject to consultation with the employee representative bodies of the various entities involved, with a potential completion of the transaction in the first half of 2026. It would also remain subject to the usual condition precedents, including obtaining regulatory approvals.

    This transaction would be in line with the Group’s return on investment objectives, and its impact on the CET1 ratio of Crédit Agricole S.A., the parent company of Crédit Agricole Assurances and LCL, would be limited.

    About LCL

    A subsidiary of Crédit Agricole S.A., LCL banque urbaine is one of the largest retail banks in France. Customer satisfaction is LCL’s top priority, and it aims to be the n°1 bank in terms of satisfaction. Combining human and digital approaches, LCL offers its 6 million individual clients, of which 220,000 private banking clients, 400,000 professionals and 31,000 corporates and institutions, an omnichannel relationship through its 1,400 branches located in the heart of towns, its remote customer service centers « LCL Mon Contact » with 400 advisors available by phone, and its websites and apps, including the highly rated « LCL Mes Comptes ». With a comprehensive range of banking, insurance, and non-banking solutions, LCL supports its clients on a daily basis and in their life projects. True to its urban banking strategy, LCL is also committed to supporting clients who want to take part in the fight against climate change.
    www.lcl.fr

    About Crédit Agricole Assurances

    A subsidiary of Crédit Agricole S.A., Crédit Agricole Assurances, France’s leading insurer, is Crédit Agricole group’s subsidiary, which brings together all the insurance businesses of Crédit Agricole S.A. Crédit Agricole Assurances offers a range of products and services in savings, retirement, health, personal protection and property insurance. They are distributed by Crédit Agricole’s banks in France and in 9 countries worldwide, and are aimed at individual, professional, agricultural and corporate customers.
    Spirica is Crédit Agricole Assurances’ high-end life insurance subsidiary, dedicated to online distribution as well as distribution through networks of IFAs and private banks.
    At the end of 2024, Crédit Agricole Assurances had more than 6,700 employees. Its 2024 premium income (non-GAAP) amounted to 43.6 billion euros.
    www.ca-assurances.com

    About Milleis Group

    A long-standing player in private banking and wealth management in France, the Milleis Group, heir to Barclays France, is recognised for its expertise in the market. The Milleis Group has nearly 64,000 customers and manages €12.6 billion in assets under management. In 2024, it generated €150 million in net banking income and currently employs nearly 700 people. Cholet Dupont Oudart joined the Milleis Group in 2023 to form the third largest independent private bank in France.
    https://www.milleis.fr/

    About AnaCap

    AnaCap is a leading partner for founders and entrepreneurial management teams, investing within the European financial ecosystem. Since 2016, the company has grown its assets under management to over €2 billion, successfully completing around 100 transactions across Western and Northern Europe. AnaCap supports mid-market companies that need capital and expertise to implement their organic and external growth strategies.
    www.anacap.com

    Press Contacts

    LCL & Crédit Agricole S.A.

    Crédit Agricole Assurances

    Investor Relations

    Crédit Agricole S.A.

    Crédit Agricole Assurances

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    The MIL Network –

  • MIL-OSI: Google Cloud Announced as a Key Technology Partner for Odoo Connect 2025 in San Francisco

    Source: GlobeNewswire (MIL-OSI)

    Over 100 exciting talks are free for the Bay Area tech community to attend

    SAN FRANCISCO, July 24, 2025 (GLOBE NEWSWIRE) — Odoo, the leading provider of enterprise resource planning (ERP) and customer relationship management (CRM) open-source business management software, announced Google Cloud as a key technology partner for Odoo Connect 2025, taking place September 4–5 at Pier 27 on the Embarcadero in San Francisco. Google Cloud joins other partners including Avalara and the San Francisco Chamber of Commerce.

    “Google Cloud’s sponsorship is a testament to the growing momentum behind Odoo and the value of open-source solutions in today’s business landscape,” said Wilfried Juncker, Managing Director of Americas at Odoo. “We’re excited to welcome the Bay Area tech community to join a broader conversation on how technology can better serve businesses of all sizes.”

    Attendees can expect more than 100 talks led by Odoo experts, partners, and community members, covering a wide spectrum of topics from AI and automation to operations, marketing, and finance. The event will also feature over 40 exhibitors, creating space for collaboration, discovery, and meaningful networking. For those looking to deepen their skills, SmartClasses offer immersive, hands-on training with direct guidance from Odoo experts.

    The event will also showcase real-world case studies that highlight Odoo’s impact. For instance, Bay Alarm Medical, a medical alert company, integrated all functions including accounting, reporting, eCommerce, billing and payments, into Odoo to provide a complete and transparent view of all ongoing business processes. With Odoo as a central platform, Bay Alarm transformed its internal operations, improving visibility and efficiency to better serve customers, support informed decision-making, and position the company for long-term growth.

    Premium ticket holders will have access to exclusive benefits, including a private networking lounge, an invite-only dinner, and an after-party featuring a DJ and live band.

    Register now to join Odoo this fall: https://odoo.com/upraise.

    About Odoo
    Since its creation in 2002, Odoo has emerged as among the fastest growing integrated business solutions providers with more than 15 million users worldwide. With its range of integrated, scalable and functional applications, Odoo offers a comprehensive, modular suite that meets the specific needs of every business, making it a suitable solution for organizations of all sizes and sectors, from start-ups to large corporations.

    Odoo employs more than 6,000 people worldwide, and has built a partner network of over 8,000 organizations. Headquartered in Belgium, Odoo serves a global community of 13 million users. For more information, visit www.odoo.com.

    Media Contact
    Valeria Carrillo
    Public Relations for Odoo
    Odoo@upraisepr.com
    415-397-7600

    The MIL Network –

  • MIL-OSI: ING completes acquisition of Van Lanschot Kempen stake 

    Source: GlobeNewswire (MIL-OSI)

    ING completes acquisition of Van Lanschot Kempen stake 

    ING announced today that it has completed the acquisition of a 17.6% stake in Van Lanschot Kempen N.V., bringing the total interest in the company to 20.3%. The agreement to acquire the stake from Reggeborgh Groep B.V. was announced on 3 March 2025. 

    Under the terms of the agreement, ING directly acquired a stake of 7.2% in March 2025, bringing its stake in Van Lanschot Kempen to 9.9%. After receiving regulatory approval, the remaining 10.4% was transferred, bringing ING’s stake to 20.3%. The transaction has a minimal impact on ING’s CET1 ratio.  

    Note for editors
    For further information on ING, please visit www.ing.com. Frequent news updates can be found in the Newsroom. Photos of ING operations, buildings and its executives are available for download at Flickr.

    ING PROFILE
    ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 100 countries.

    ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).

    ING aims to put sustainability at the heart of what we do. Our policies and actions are assessed by independent research and ratings providers, which give updates on them annually. ING’s ESG rating by MSCI was reconfirmed by MSCI as ‘AA’ in August 2024 for the fifth year. As of June 2025, in Sustainalytics’ view, ING’s management of ESG material risk is ‘Strong’ with an ESG risk rating of 18.0 (low risk). ING Group shares are also included in major sustainability and ESG index products of leading providers. Here are some examples: Euronext, STOXX, Morningstar and FTSE Russell. Society is transitioning to a low-carbon economy. So are our clients, and so is ING. We finance a lot of sustainable activities, but we still finance more that’s not. Follow our progress on ing.com/climate.

    IMPORTANT LEGAL INFORMATION
    Elements of this press release contain or may contain information about ING Groep N.V. and/ or ING Bank N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/2014 (‘Market Abuse Regulation’).

    ING Group’s annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS- EU’). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2024 ING Group consolidated annual accounts. All figures in this document are unaudited. Small differences are possible in the tables due to rounding.

    Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to a number of factors, including, without limitation: (1) changes in general economic conditions and customer behaviour, in particular economic conditions in ING’s core markets, including changes affecting currency exchange rates and the regional and global economic impact of the invasion of Russia into Ukraine and related international response measures (2) changes affecting interest rate levels (3) any default of a major market participant and related market disruption (4) changes in performance of financial markets, including in Europe and developing markets (5) fiscal uncertainty in Europe and the United States (6) discontinuation of or changes in ‘benchmark’ indices (7) inflation and deflation in our principal markets (8) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness (9) failures of banks falling under the scope of state compensation schemes (10) non- compliance with or changes in laws and regulations, including those concerning financial services, financial economic crimes and tax laws, and the interpretation and application thereof (11) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, including in connection with the invasion of Russia into Ukraine and the related international response measures (12) legal and regulatory risks in certain countries with less developed legal and regulatory frameworks (13) prudential supervision and regulations, including in relation to stress tests and regulatory restrictions on dividends and distributions (also among members of the group) (14) ING’s ability to meet minimum capital and other prudential regulatory requirements (15) changes in regulation of US commodities and derivatives businesses of ING and its customers (16) application of bank recovery and resolution regimes, including write down and conversion powers in relation to our securities (17) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers or stakeholders who feel misled or treated unfairly, and other conduct issues (18) changes in tax laws and regulations and risks of non-compliance or investigation in connection with tax laws, including FATCA (19) operational and IT risks, such as system disruptions or failures, breaches of security, cyber-attacks, human error, changes in operational practices or inadequate controls including in respect of third parties with which we do business and including any risks as a result of incomplete, inaccurate, or otherwise flawed outputs from the algorithms and data sets utilized in artificial intelligence (20) risks and challenges related to cybercrime including the effects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy, including such risks and challenges as a consequence of the use of emerging technologies, such as advanced forms of artificial intelligence and quantum computing (21) changes in general competitive factors, including ability to increase or maintain market share (22) inability to protect our intellectual property and infringement claims by third parties (23) inability of counterparties to meet financial obligations or ability to enforce rights against such counterparties (24) changes in credit ratings (25) business, operational, regulatory, reputation, transition and other risks and challenges in connection with climate change, diversity, equity and inclusion and other ESG-related matters, including data gathering and reporting and also including managing the conflicting laws and requirements of governments, regulators and authorities with respect to these topics (26) inability to attract and retain key personnel (27) future liabilities under defined benefit retirement plans (28) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines (29) changes in capital and credit markets, including interbank funding, as well as customer deposits, which provide the liquidity and capital required to fund our operations, and (30) the other risks and uncertainties detailed in the most recent annual report of ING Groep N.V. (including the Risk Factors contained therein) and ING’s more recent disclosures, including press releases, which are available on www.ING.com.

    This document may contain ESG-related material that has been prepared by ING on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. ING has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness, reasonableness or reliability of such information.

    Materiality, as used in the context of ESG, is distinct from, and should not be confused with, such term as defined in the Market Abuse Regulation or as defined for Securities and Exchange Commission (‘SEC’) reporting purposes. Any issues identified as material for purposes of ESG in this document are therefore not necessarily material as defined in the Market Abuse Regulation or for SEC reporting purposes. In addition, there is currently no single, globally recognized set of accepted definitions in assessing whether activities are “green” or “sustainable.” Without limiting any of the statements contained herein, we make no representation or warranty as to whether any of our securities constitutes a green or sustainable security or conforms to present or future investor expectations or objectives for green or sustainable investing. For information on characteristics of a security, use of proceeds, a description of applicable project(s) and/or any other relevant information, please reference the offering documents for such security.

    This document may contain inactive textual addresses to internet websites operated by us and third parties. Reference to such websites is made for information purposes only, and information found at such websites is not incorporated by reference into this document. ING does not make any representation or warranty with respect to the accuracy or completeness of, or take any responsibility for, any information found at any websites operated by third parties. ING specifically disclaims any liability with respect to any information found at websites operated by third parties. ING cannot guarantee that websites operated by third parties remain available following the publication of this document, or that any information found at such websites will not change following the filing of this document. Many of those factors are beyond ING’s control.

    Any forward-looking statements made by or on behalf of ING speak only as of the date they are made, and ING assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason.

    This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States or any other jurisdiction.

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    The MIL Network –

  • MIL-OSI Africa: Angola Advances National Road Plan with €85M Support from Africa Finance Corporation (AFC)

    Source: APO

    Africa Finance Corporation (AFC) (www.AfricaFC.org), the continent’s leading infrastructure solutions provider, has closed and disbursed €75 million of an €85 million sovereign facility to Government of Angola, through the Ministry of Finance, to support the construction of 186 priority bridges and critical upgrades to the national road network. The project, part of Angola’s National Development Plan (2023–2027), is aimed at reducing transportation costs, facilitating access to markets for agricultural producers, and creating approximately 900 direct jobs, while strengthening the resilience, efficiency, and inclusivity of Angola’s transport system.

    Solely arranged and financed by AFC, the transaction marks a significant milestone in the €381.5 million financing package previously announced, with AFC serving as the mandated lead arranger on the commercial tranche, and the U.S. Export-Import Bank through the U.S. Private Export Funding Corporation leading the export credit agency tranche. Other key partners include Standard Chartered Bank as the coordinating and structuring bank; Conduril, a leading Portuguese civil engineering firm which is the main EPC contractor; and Acrow, a U.S. construction industry giant as the bridge supplier. This disbursement reinforces AFC’s commitment to working alongside African governments to deliver infrastructure that supports inclusive growth, regional connectivity, and economic transformation.

    “We are proud to advance this catalytic investment that will connect underserved regions, enhance regional trade, and improve the quality of life for millions of Angolans,” said Samaila Zubairu, President & CEO of Africa Finance Corporation. “This disbursement demonstrates AFC’s unique capacity to structure and fund impactful infrastructure projects that address critical national priorities and accelerate economic transformation,” he added.  

    The project is expected to significantly strengthen the resilience of Angola’s transport network to climate-related disruptions, reduce travel times, and lower logistics costs for communities, farmers, and businesses. It also supports regional integration by enhancing trade corridors and cross-border connectivity across Southern and Central Africa. With this transaction, AFC reaffirms its role as a trusted partner to African governments in delivering bankable infrastructure solutions that address the continent’s most urgent development challenges.

    Distributed by APO Group on behalf of Africa Finance Corporation (AFC).

    Media Enquiries:
    Yewande Thorpe
    Communications
    Africa Finance Corporation
    Mobile: +234 1 279 9654
    Email: yewande.thorpe@africafc.org

    About AFC:
    AFC was established in 2007 to be the catalyst for pragmatic infrastructure and industrial investments across Africa. AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development, and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth.

    Eighteen years on, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. AFC has 45 member countries and has invested over US$15 billion in 36 African countries since its inception.

    www.AfricaFC.org

    Media files

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    MIL OSI Africa –

  • MIL-OSI USA: Rep. Young Kim Leads Bipartisan Bill to Strengthen U.S.–Korea Ties

    Source: United States House of Representatives – Representative Young Kim (CA-39)

    Washington, DC – Yesterday, House Foreign Affairs Subcommittee on East Asia and the Pacific Chairwoman Young Kim (CA-40) and Representative Sydney Kamlager‑Dove (CA-37) introduced the bipartisan Partner with Korea Act (H.R.4687) to encourage greater collaboration between U.S. and Korean businesses. 

    The Partner with Korea Act builds on the U.S.–Korea Free Trade Agreement (KORUS FTA) by creating an allotment of 15,000 E-4 highly skilled work visas for Korean nationals with specialized education or expertise, provided that potential employers ensure the visa holders are not hired for positions that American workers could fill. Similar visa categories have been created through free trade agreements with countries, such as Australia and Singapore. 

    “As the Chinese Communist Party and North Korea increase aggression and work to rewrite the world’s rules-based international order, our partnership with South Korea has never been more vital,” said Rep. Young Kim. “South Korea’s highly skilled workforce can help support our economic and national security amid rising threats in the Indo-Pacific. As we mark 72 years of the U.S.-ROK alliance, I’m proud to join forces with Rep. Kamlager-Dove to unlock new economic opportunities that strengthen both of our nations.” 

     “Immigrants power our economy—not just in Los Angeles but nationwide,” said Congresswoman Kamlager-Dove. “Korean immigrants are an integral part of America’s fabric, making essential contributions in various industries, from technology to healthcare and beyond. As a proud representative of the vibrant Korean American community in Los Angeles, I am honored to introduce legislation that will open doors for high-skilled workers from the Republic of Korea. When we fail to attract and retain immigrant talent, our businesses and economy suffer—that’s why the Partner with Korea Act is crucial for keeping America competitive.” 

    The KORUS FTA passed Congress in 2011 and took effect in March of 2012. The Partner with Korea Act was previously introduced in the 113th, 114th, 115th, 116th, 117th, and 118th Congresses by the late Congressman Gerry Connolly (VA-11). Rep. Kim has helped lead this bipartisan effort since she’s been in Congress. 

    Read more about the bill HERE. 

    MIL OSI USA News –

  • MIL-OSI USA: Rep. Fitzgerald and Senator Lummis Introduce Legislation to Reform the National Education Association Federal Charter

    Source: United States House of Representatives – Congressman Scott Fitzgerald (WI-05)

    WASHINGTON, DC – Congressman Scott Fitzgerald (WI-05) and Senator Cynthia Lummis (R-WY) introduced the Stopping Teachers Unions from Damaging Education Needs Today (STUDENT) Act to rein in the National Education Association (NEA) through its federal charter and rededicate the organization to the pursuit of increased student learning and quality education in schools across the United States.

    The STUDENT Act makes substantial and much needed limitations and conditions to the NEA charter, bringing it in line with other federally chartered organizations. The bill establishes the following charter changes and best practices:

    • Ensures the NEA is no longer exempt from paying D.C. property tax, a wholly unnecessary benefit for the largest union in America.
    • Keeps the NEA from engaging in discrimination or employing hiring quotas.
    • Requires all members to explicitly consent to paying dues and fees.
    • Prevents the corporation and its affiliates from calling for strikes or work stoppages.
    • Requires any NEA officer to be a U.S. citizen.
    • Makes the corporation keep track and account for all records, meeting notes, and other documents.
    • Sends all assets to the Department of the Treasury if the NEA ever dissolves.
    • Prohibits the union from encouraging or requiring members to adhere to any critical race theory concept.

    “The NEA long ago transformed from an educational association into a political machine, pushing a progressive agenda that puts activists ahead of students’ needs,” said Rep. Fitzgerald. “The STUDENT Act reins in NEA’s federal charter, restores accountability, and demands a return to its original purpose: educating, not indoctrinating, American children.”

    “The NEA has exploited its federal charter to advance a radical political agenda that puts ideology before education,” said Sen. Lummis. “Wyoming parents and teachers deserve better than a union that prioritizes woke politics over student achievement. The resolution passed at the NEA Representative Assembly to cut ties with the Anti-Defamation League because of its support for Israel is abhorrent and does nothing to stem the rising tide of antisemitic incidents we’ve witnessed nationwide. Federal charters should be reserved for organizations that serve patriotic, charitable, historical, or educational purposes – not for unions that push divisive and antisemitic ideologies.”

    “Rep. Fitzgerald and Sen. Lummis should be commended for their leadership in introducing the STUDENT Act, which would address some of the NEA’s most concerning conduct and make it more accountable to the public and even its own members,” said Freedom Foundation CEO Aaron Withe. “The Freedom Foundation is proud to stand with these courageous lawmakers in the fight to restore sanity to public education.”

    BACKGROUND: The NEA, a teachers’ union, was given a federal charter through an act of Congress in 1906. Congress has granted charters to organizations with a patriotic, charitable, historical, or educational purpose, which provides these organizations with prestige and, in some cases, indirect financial benefit. The NEA, the largest union in the United States, while supposedly “non-partisan,” has time and time again supported woke, liberal causes through their endorsements and other political contributions.

    A 2023 report by the Freedom Foundation found that because the NEA was incorporated in the District of Columbia prior to its grant of a federal charter, revoking such charter would neither strip it of its corporate existence, nor cause it to alter its operations. Reforming, rather than repealing, the NEA’s federal charter, will provide greater accountability to its members and rid the organization of its partisan slant.

    Read the bill text here.

    ###

    MIL OSI USA News –

  • MIL-OSI United Nations: Deputy Secretary-General’s remarks on the occasion of Africa Day at the High-level Political Forum on Sustainable Development 2025 [as prepared for delivery]

    Source: United Nations secretary general

    Excellencies,

    Distinguished delegates and colleagues,

    Ladies and gentlemen, 

    It is a great honour to join you here today. 

    As we celebrate Africa Day within this High-Level Political Forum, we gather not only to take stock, but to bear witness to something extraordinary: a continent that refuses to be defined by its starting point but instead chooses to measure itself by how far it has traveled.

    Make no mistake: Africa began its sustainable development journey on the back foot.

    Colonial legacies that took wealth and left behind fractured institutions.

    Climate catastrophes that wash away decades of progress in a single season.

    Conflicts that force entire populations to abandon everything they have built.

    These are daily realities that test the resolve of every African nation.

    Yet here we stand, with ten countries presenting their Voluntary National Reviews this year as testaments to resilience.

    Angola achieving its strongest economic growth in a decade while building over twelve thousand new schools.

    Ethiopia sustaining remarkable growth while powering its entire electrical grid from renewable sources.

    The Gambia driving robust development across agriculture, tourism, and services.

    These efforts are part of a broader continental push to realize the vision of Agenda 2063 and the 2030 Agenda in the VNRs we see that vision coming to life.

    More than 100 other VNRs have been prepared in the last decade since the SDGs were adopted and tell promising stories of progress across the Continent. 

    But let us be clear on the full scale of the challenges facing Africa.

    When a country like Sudan facing conflict sees the vast majority of its factories destroyed with unemployment soaring to crushing levels.

     We are reminded that progress is neither linear nor guaranteed.
    When young people across our continent still struggle to find decent work, we know that our most precious resource – our youth – still faces barriers that deny them their rightful place in building tomorrow’s Africa.

    When Africa gets the fundamentals right, like quality education for every child, the path to higher ground becomes clearer. 

    Digital transformation, climate resilience, economic justice: these are no longer distant summits, but peaks within reach, and Africa has always been a continent of climbers.

    Consider the women breaking barriers across our continent.

    In parliaments from Rwanda to Eswatini to Ghana, women are claiming seats of power once denied to them.

    Across Lesotho, widows now possess rights over family property that previous generations could never imagine.

    Each a seismic shift in how African societies recognize the power and potential of half their population.

    Our youth, too, are not passive recipients of change – they are its architects.

    From Nigeria’s digital revolution to technology driven governance in Seychelles to Morocco’s role in advancing AI research, young Africans are coding and designing the future every step of the way.

    That said, we should not romanticize the road ahead.

    At this moment, at this rate, the SDGs are beyond reach in Africa. 

    We have five years to 2030.

    Five years to transform systems that took decades to build.

    Five years to close gaps and the widest gap remains finance. 

    Finance is the engine of progress. 

    Without it, schools don’t get built, clinics stay empty, and peace remains out of reach. 

    The global financial system is not working for Africa. 

    Borrowing costs are too high, debt burdens are too heavy, and the money that could change lives is tied up in systems that are too slow, too narrow, and too risk averse. 

    The Sevilla Commitment is a step forward, a promise to get resources flowing faster, fairer, and at the scale we need.

    The next five years will test not only our ambition, but our ability to deliver on the most basic promises of dignity and justice – especially in the areas where progress remains most elusive.

    Many women still face gender-based violence that steals their safety, their dignity, and their dreams.

    We must dismantle the structural barriers that persist like shadows, following women from childhood through their adult lives.

    Our young people deserve more than we have given them. We must invest urgently in skills development, particularly in the digital and green sectors where Africa can lead the world. 

    The bigger picture also betrays an all-too-present imbalance: too often, African countries are absent from the tables where global decisions are made, yet they are first to feel the impact.

    The Pact for the Future is working to change that. 

    It calls for more inclusive, representative global governance that reflects today’s realities, not a snapshot of yesterday. 

    It recognizes that sustainable development cannot be built on a foundation of exclusion, and by adopting the Pact, countries committed to ensuring Africa is where it belongs: at the table, shaping the decisions that shape our world.

    And we are taking the necessary steps to ensure that countries have the UN support and capacity needed to do just that. 

    The Secretary-General’s UN80 Initiative also builds on the existing reforms and plots an ambitious path forward to ensure that those we serve have the optimal level and type of capacity in country. 

    Excellencies,

    Africa’s journey toward 2030, 2063 and beyond is not a sprint, it’s a relay race, where each nation, each community, each individual, carries the baton forward.

    The Africa Sustainable Development Report that we are launching today represents both the progress, and the challenges, from a continent still writing its greatest chapter.

    It is a declaration that future generations will inherit not the limitations we face, but the possibilities we create.

    Above all, they speak to a refusal to accept that history determines destiny.

    I want to thank the African Union, the Economic Commission of Africa, the African Development Bank and the UNDP for preparing this crucial piece of work. 

    Let it be our map for the road ahead. 

    Let us build on the foundation of commitment it represents.

    The relay baton is in our hands. 

    The finish line is in sight, and from what I have seen, African nations – resilient, determined, unstoppable – are ready to run.

    Thank you.

    MIL OSI United Nations News –

  • MIL-OSI USA News: Fact Sheet: President Donald J. Trump Secures Major Settlement with Columbia University

    Source: US Whitehouse

    SECURING HISTORIC SETTLEMENT WITH COLUMBIA UNIVERSITY: Today, President Donald J. Trump secured a historic settlement with Columbia University to address violations of federal civil rights laws and to restore fairness, merit, and safety in higher education.

    • The agreement ensures Columbia will not engage in unlawful racial discrimination in hiring, admissions, or university programming. Columbia will provide access to all relevant data and information to rigorously assess compliance with its commitment to merit-based hiring and admissions. 
    • Columbia will pay the United States $200 million to settle claims related to discriminatory practices, marking a significant win for accountability in academia.
    • Columbia will also pay the largest employment-discrimination public settlement in almost 20 years. Over $20 million will be paid to resolve alleged civil rights violations against Jewish Columbia employees that occurred on its campus following the October 7, 2023, Hamas terror attacks. This is also the largest ever settlement for victims of anti-Semitism and for workers of any religion.
    • The agreement secures privacy, dignity, and fairness in women’s sports, programing, facilities, and housing.
    • The agreement mandates a comprehensive review of Columbia’s portfolio of programs in regional areas, starting with those relating to the Middle East, and fosters new faculty appointments to promote intellectual diversity.
    • Columbia will strengthen oversight of international students by reviewing admission processes, including by assessing applicants’ reasons for wishing to study in the U.S., sharing relevant data with the Federal Government, and reducing financial dependence on overwhelming international student enrollment.
    • Columbia will enhance campus safety and ensure a safe learning environment by appropriately enforcing strict rules against disruptive protests, prohibiting masked protests, and maintaining trained security officers and ongoing cooperation with the New York Police Department.
    • The agreement establishes robust oversight, including with an independent Resolution Monitor and an Administrator, to ensure Columbia complies with the agreement and federal laws.
    • Consistent with Columbia’s announcement in March, student discipline and rules have been moved from an unaccountable faculty senate to the Office of the Provost, providing for stronger oversight, transparency, and accountability.
    • The agreement reinstates most terminated federal grants, restores Columbia’s eligibility for future grants and awards, and closes pending investigations into the university.

    ADDRESSING DISCRIMINATORY PRACTICES AT COLUMBIA UNIVERSITY: The Trump Administration took action to address Columbia University’s violations of federal civil rights laws, protecting students and upholding fairness in higher education.

    • The settlement culminates after concerning public incidents and subsequent civil rights investigations and actions regarding Columbia’s alleged discrimination on the basis of race and national origin.
    • Columbia’s failure to ensure a safe, non-discriminatory campus environment, including issues with protest policies and disciplinary processes, raised urgent concerns about student safety and free inquiry.
    • By securing this settlement, the Trump Administration is ensuring that Columbia upholds merit-based standards, complies with federal law, and fosters an environment of academic excellence and safety for all students.

    ADVANCING REFORMS IN HIGHER EDUCATION: President Trump is holding elite universities accountable, ensuring they prioritize fairness, merit, and American values.  

    • The Administration has challenged elite universities like Harvard and Columbia for discriminating against student and staff, failing to protect students from violent anti-Semitism, and otherwise failing to be a responsible steward of taxpayer dollars.
    • President Trump signed a Proclamation to safeguard national security by suspending the entry of foreign nationals seeking to study or participate in exchange programs at Harvard University. 
    • The Administration successfully negotiated a resolution with the University of Pennsylvania to keep men out of women’s sports and restore the trophies and records of women.

    MIL OSI USA News –

  • MIL-OSI USA: Gov. Kemp: Pilgrim’s to Build New Prepared Foods Facility, Creating 630 New Jobs in Walker County

    Source: US State of Georgia

    ATLANTA – Governor Brian P. Kemp today announced that Pilgrim’s, one of the world’s leading food companies, will invest $400 million to expand its footprint in Georgia. The company will build a new, multi-phase prepared foods facility in LaFayette, Walker County, supporting more than 630 new jobs at full capacity.

    “Georgia’s No. 1 industry of agriculture continues to drive growth with companies like Pilgrim’s creating quality jobs in communities like LaFayette,” said Governor Brian Kemp. “As our state’s economy continues to advance, we are excited to see these continued innovations and the opportunities they will bring for hardworking Georgians.”

    Pilgrim’s is a leading global provider of high-quality food products. Across the State of Georgia, the company currently supports an estimated 7,500 jobs and operates seven food production facilities, in addition to supporting facilities like feed mills and hatcheries.

    “Expanding the Pilgrim’s footprint in Georgia highlights our ongoing commitment to the region and our company’s long-term growth strategy,” said Fabio Sandri, Pilgrim’s CEO. “This significant investment will allow further growth of our prepared foods business by expanding brands like Just Bare, Pilgrim’s, and Gold Kist, and supporting increasing demand in retail and foodservice channels. We are also proud of our role in creating jobs and being a strong community partner.”

    The new facility, located at the Walker County Business Park in LaFayette, will produce a variety of fully cooked chicken products to support the growth of its fast-growing prepared foods business. The project is expected to get underway in the fall of 2025, and hiring is expected to begin in 2027, aligning with the expected completion of the first phase of construction. To learn more about Pilgrim’s, including where interested individuals can apply for jobs, visit jobs.pilgrims.com.

    “We welcome Pilgrim’s to Walker County and LaFayette,” said LaFayette Mayor and Chairman of the Walker County Development Authority Andy Arnold. “Pilgrim’s has a wonderful history of positive community involvement, and the creation of up to 630 jobs for our area is a game changer for many families. We look forward to our partnership.”

    “This is a tremendous opportunity for Walker County to provide stable jobs and long-term security for residents who want to work where they live,” said Chairwoman and CEO Angie Teems, Walker County Government. “Not only is this a well-respected company with a strong track record, but it already has a presence in our community through its partnerships with local poultry growers. Expanding their operations here is a natural next step that will strengthen our local economy and reinforce our county’s commitment to supporting hardworking families.”

    Senior Regional Project Manager Lori Dowdy represented the Georgia Department of Economic Development’s (GDEcD) Global Commerce team on this competitive project in partnership with the Walker County Development Authority and Georgia Quick Start.

    “We are excited that Pilgrim’s continues to grow its footprint and drive economic opportunities here in Georgia,” said GDEcD Commissioner Pat Wilson. “Agriculture has long been the backbone of our economy, laying the groundwork for today’s thriving food and beverage sector. Critical industries like cold storage and logistics build on that legacy, generating jobs and opportunities across the state. Congratulations to Walker County for helping bring these new investments and possibilities to LaFayette.”

    About Pilgrim’s

    Pilgrim’s employs over 61,000 people and operates protein processing plants and prepared-foods facilities in 14 states, Puerto Rico, Mexico, the U.K, the Republic of Ireland, and continental Europe. The Company’s primary distribution is through retailers and foodservice distributors. For more information, please visit www.pilgrims.com.

    MIL OSI USA News –

  • MIL-OSI: Dassault Systèmes: Availability of the 2025 Half-year Financial Report

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    VELIZY-VILLACOUBLAY, France — July 24, 2025

    Availability of Dassault Systèmes’ 2025 Half-Year Financial Report

    (IFRS Half-Year Consolidated Condensed Financial Statements)

    Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) today announced the availability to the public and the filing of its Half-Year Financial Report as of June 30, 2025 with the French Autorité des marchés financiers. The half-year condensed consolidated financial statements included in this report are established in accordance with the IFRS standards.

    This Half-Year Financial Report is available on Dassault Systèmes’ website at https://investor.3ds.com/regulated-information/periodic-information.

    Hard Copies of the Half-Year Financial Report are also available upon request at Dassault Systèmes’ headquarters, 10 rue Marcel Dassault – CS 40501, 78946 Vélizy-Villacoublay cedex, France.

    ###

    ABOUT DASSAULT SYSTÈMES

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

    Dassault Systèmes Investor Relations Team                FTI Consulting
    Béatrix Martinez :                                        Arnaud de Cheffontaines: +33 1 47 03 69 48
    +33 1 61 62 40 73                                        Jamie Ricketts : +44 20 3727 1600
    investors@3ds.com                                        

    Dassault Systèmes Press Contacts
    Corporate / France        
    Arnaud Malherbe / Déborah Cobbi
    +33 1 61 62 87 73 / +33 1 61 62 70 83
    arnaud.malherbe@3ds.com / deborah.cobbi@3ds.com

    Attachment

    The MIL Network –

  • MIL-OSI: 74Software: Sustained Momentum Reinforces Long-Term Objectives

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    Paris, July 24, 2025

    74Software: Sustained Momentum Reinforces Long-Term Objectives

    • Group H1 2025 revenue of €344.0m, up 6.5% organically and 6.2% in total
    • Strong H1 across both brands – Axway up 8.9% to €160.8m and SBS up 5.0% to €184.2m
    • Marked improvement in margin on operating activities, up 585bps to 12.0% of revenue (€41.3m)
    • ARR increased year-on-year by 11.8% at Axway and 10.9% at SBS, further strengthening recurring revenues

    74Software’s Board of Directors, chaired by Pierre Pasquier, approved today the financial statements for the first half of 2025, which were subject to a limited review by the statutory auditors1. Consequently, 74Software announces:

    Half-Year Key Income Statement Items
                       
        Half-year 2025   Half-year 2024
    Proforma
    6M AXW + 6M SBS    		   Half-year 2024
    Reported
    Axway Standalone
        €m % of Rev.   €m % of Rev.   €m % of Rev.
    TOTAL REVENUE   344.0     323.9     148.7  
    GROSS PROFIT   228.1 66.3%   206.8 63.9%   104.7 70.5%
    PROFIT ON OPERATING ACTIVITIES   41.3 12.0%   19.9 6.1%   17.1 11.5%
    OPERATING PROFIT   19.5 5.7%   2.6 0.8%   8.3 5.6%
    NET PROFIT   5.8 1.7%   -15.6 -4.8%   2.8 1.9%
    EARNINGS PER SHARE   0.20 €     -0.54 €     0.13 €  

    Patrick Donovan, Chief Executive Officer, stated:

    “Our H1 results confirm our strong start to the year and demonstrate both the strength of our strategic direction and our ability to execute in-line with our stated plans. As noted in our Q1 press release, the solid early execution front-loads part of the year’s commercial activity— especially in the Axway business. We remain fully committed to our full-year guidance and, more broadly, to our 2027 and 2028 ambitions. Axway is now firmly established as a subscription-first business, while SBS is rapidly scaling its modular banking platforms and expanding its SaaS footprint. With recurring revenue accelerating and capital deployment tightly managed, 74Software is becoming a more structured, resilient, and forward-looking group — built to deliver long-term value creation.”

    Comments on H1 2025 activity

    74Software delivered a strong first-half performance, confirming its ability to execute on its strategic roadmap and capitalize on the operational integration initiated following the transaction closing in September 2024. Revenue growth was solid in both brands, while profitability improved as planned — reflecting the strength of the Group’s model and the improved execution driven by Axway’s infrastructure software expertise and SBS’s leadership in banking software.

    Following a particularly dynamic Q1, the second quarter allowed the Group to consolidate its gains, maintain commercial selectivity, and further shift toward a recurring, scalable revenue model. Axway has now largely transitioned, while SBS continues to advance its own transformation, expanding SaaS deployments and rebalancing its revenue mix in favor of product revenue. Key highlights for the period include:

    • Axway recorded a strong first half, with consistent growth across all product lines. Nearly 60 new customers were signed during the period (+20% year-on-year), with new-name deals accounting for around one-third of Q2 bookings. Large-scale projects gained momentum, including six contracts exceeding €1 million signed in Q2 alone. Demand for cloud-based delivery continued to rise, with Axway-managed deployments representing 40% of Q2 bookings and 35% over the first half. This shift was broad-based, with steady adoption across all geographies and industry verticals.
    • SBS also reported strong results, with product revenue now accounting for 75% of total revenue, up from 67% in H1 2024 — marking significant progress in the company’s shift toward a software-led model. Growth was supported by all product lines, including solid license activity in integrated platforms, components, and financing solutions, as well as continued expansion of modular offerings. The company has now contracted more than 230 SaaS regulatory reporting services, reinforcing adoption across its client base. During the period, SBS welcomed several new clients and completed the first SaaS deployment of its digital engagement platform in Europe. Two additional implementations are scheduled for the third quarter in Africa, where demand is driven by microfinance and Islamic banking. The company’s progress was also recognized through multiple industry awards highlighting its leadership in compliance, payments, and digital banking.

    The Group enters H2 with improving visibility, disciplined execution, and a clear focus on delivering its full-year objectives. Integration of support functions between Axway and SBS is now largely complete, and joint commercial initiatives are steadily expanding across selected regions.

    Comments on H1 2025 operational performance

    Half-year Revenue Breakdown by Portfolio Brand
               
      H1 2025 H1 2024
    Proforma    		 H1 2024
    Restated    		 Total
    Growth    		 Organic
    Growth
    €m / %
    Axway Scope 160.8 148.7 147.6 8.1% 8.9%
    SBS Scope 184.2 175.2 175.4 5.1% 5.0%
               
    Consolidation -1.0 0.0 0.0 – –
               
    74Software 344.0 323.9 323.0 6.2% 6.5%

    In the first half of 2025, the Group generated revenue of €344.0 million, reflecting total growth of 6.2% and organic growth of 6.5% year-on-year. This performance was supported by both brands, with Axway contributing €160.8 million in revenue and organic growth of 8.9%, and SBS contributing €184.2 million with 5.0% organic growth (compared to proforma H1 2024).

    Half-year Revenue Breakdown by Type
               
      H1 2025 H1 2024
    Proforma    		 H1 2024
    Restated    		 Total
    Growth    		 Organic
    Growth
    €m / %
    Product revenue 280.0 248.7 248.1 12.6% 12.9%
    Recurring revenue 258.0 229.3 228.7 12.5% 12.8%
    o/w Maintenance & Support 91.5 96.2 96.0 -4.9% -4.7%
    o/w Customer-managed Subscription 98.7 76.6 76.5 28.8% 29.0%
    o/w Own-managed Subscription 67.8 56.5 56.2 20.0% 20.6%
    License revenue 22.1 19.4 19.4 13.5% 13.7%
               
    Services revenue 64.0 75.2 74.9 -14.9% -14.6%
               
    Total revenue 344.0 323.9 323.0 6.2% 6.5%

    In the first half of 2025, Product revenue reached €280.0 million, up 12.9% organically, reflecting strong execution across both Axway and SBS. The Group continued to benefit from rising demand for subscription-based offers, with both customer-managed and own-managed subscriptions posting growth above 20%. Maintenance revenue declined as anticipated, while license activity increased but remained low at 6.4% of total revenue. Product revenues accounted for 81% of total revenue (up from 77% in H1 2024) and recurring revenues were at 75% of total revenue (up from 71% in H1 2024), confirming 74Software’s successful transition toward a product- and subscription-led model.

    Axway generated €143.3 million in product revenue, up 10.5% organically. Recurring activities made nearly the entire contribution, driven by a 29.5% increase in customer-managed subscriptions and 6.8% growth in own-managed deployments, reflecting continued momentum in hybrid environments. License revenue decreased by 34.9% as the company continues to phase out new license sales. Maintenance and support dropped by 20.6% due to the continued shift of the customer base towards subscription models. Services revenue was slightly lower, down 2.2%, and represented 11% of Axway’s total.

    SBS recorded €137.7 million in product revenue, up 16.3% organically, with strong performance across all product categories. Own-managed subscriptions rose by 35.2%, customer-managed subscriptions by 25.5%, and maintenance and support increased by 4.2%, supported by a growing installed base. License revenue climbed 21.2%, reflecting continued expansion of integrated and lending solutions. Recurring revenue now represents 64% of SBS’s business (up from 58% in H1 2024), with services accounting for 25% and licenses for 11%. This illustrates SBS’s continued shift from a service-led to a product-led business model.

    Group-wide, Services generated €64.0 million in the first half, or 18.6% of total revenue, down 14.6% compared to last year. This decrease mainly reflects SBS’s repositioning, while Axway’s service contribution remained stable. The difference in service trends between the two businesses stems from their respective models. Axway relies on lighter implementation cycles, whereas SBS delivers more comprehensive banking transformation programs.

    At the end of June 2025, ARR for Axway stood at €255.9 million, reflecting an organic growth of 11.8% year-on-year. SBS also continued to expand its ARR to €233.3 million, up 10.9% organically year-on-year. These solid performances confirm the effectiveness of both companies’ strategic repositioning and reinforce the Group’s revenue predictability and resilience.

    Comments on H1 2025 product line performance

    Axway, a recognized leader in application infrastructure and middleware, delivered solid momentum in the first half of 2025. All product lines contributed to growth, supported by strong commercial execution and increasing demand for cloud-based solutions:

    • Managed File Transfer remained a key contributor despite a normalization of activity following an exceptional 2024. The gradual erosion of legacy maintenance was more than offset by strong momentum in managed deployments, confirming the sustained value of Axway’s hybrid approach.
    • B2B Integration delivered robust gains across the board, benefiting from growing demand for managed solutions and early signs of successful cross-sell with SBS. The product line also saw improvements in both subscription and service revenue.
    • API Management accelerated sharply, supported by strong commercial execution and increased adoption of its integration and engagement modules. The Fusion extension also contributed positively, confirming the platform’s potential.
    • Specialized Products, including the Financial Accounting Hub, maintained steady momentum through targeted compliance and finance use cases. Recent wins via ecosystem partnerships reinforced Axway’s positioning with key accounts.

    SBS, a trusted provider of banking and financing software, posted solid growth in all product lines, confirming the strength of its modular and targeted approach as it continues its shift toward a product-led model:

    • Financing Products maintained a steady trajectory, reflecting stable demand in wholesale auto finance and UK mortgage service. Activity remained resilient despite longer decision cycles in certain regions.
      • Modular Products continued to gain traction, primarily driven by momentum in instant payments and the regulatory reporting platform. Cross-sell into the integrated base gained pace, confirming the appeal of modular architectures.
      • Integrated Products delivered consistent performance, with solid customer retention and ongoing functional improvements. In some markets, modular alternatives are beginning to complement legacy platforms, paving the way for more composable setups. SBS’ market-leading product in Africa continues to perform strongly, adding new customers as well as increasing share of wallet in its installed base.
    • Banking Components continued to gain momentum, particularly in payments, lending, and cards. The strength of customer relationships across key accounts in France continues to drive upsells.

    Comments on H1 2025 profit on operating activities

    Profit on Operating Activities – Group
                       
        H1 2025   H1 2024
    Proforma    		   Change
        €m % of Rev.   €m % of Rev.   €m Basis Points
    Product revenue   280.0 81.4%   248.7 76.8%   + 31.3 + 461
    Services revenue   64.0 18.6%   75.2 23.2%   – 11.2 – 461
    Total revenue   344.0     323.9     + 20.1  
    Total costs of revenue   115.9     117.1     – 1.2  
    GROSS PROFIT   228.1 66.3%   206.9 63.9%   + 21.2 + 243
    o/w product gross profit   217.9 77.8%   191.7 77.0%   + 26.2 + 75
    o/w services gross profit   10.2 15.9%   15.2 20.2%   – 5.0 – 422
    Operating expenses   186.8 54.3%   186.9 57.7%   – 0.1 – 341
    o/w research & development   93.2 27.1%   95.0 29.3%   – 1.8 – 224
    o/w sales & marketing   62.8 18.3%   62.3 19.2%   + 0.5 – 96
    o/w general & administrative   30.8 8.9%   29.6 9.1%   + 1.1 – 20
    PROFIT ON OPERATING ACTIVITIES   41.3 12.0%   19.9 6.1%   + 21.4 + 585
    Net Capitalisation of R&D   8.4 2.4%   9.1 2.8%   – 0.8 – 39
    in % of gross R&D   8.2%     8.8%     -0.5%  

    In H1 2025, profit on operating activities reached €41.3 million, representing a margin of 12.0% of revenue, compared with 6.1% in H1 2024. This sharp improvement reflects strong gross profit expansion, driven by a more favorable revenue mix and tight cost control across operating expenses with all lines showing year-on-year efficiencies. Gross margins increased—particularly at Axway—thanks to strong bookings in customer-managed subscriptions, which generated significant upfront revenue at high margins.

    Comments on H1 2025 net profit

    Net Profit – Group
                       
        Half-year 2025   Half-year 2024
    Proforma
    6M AXW + 6M SBS    		   Half-year 2024
    Reported
    Axway Standalone
        €m % of Rev.   €m % of Rev.   €m % of Rev.
    PROFIT ON OPERATING ACTIVITIES   41.3 12.0%   19.9 6.1%   17.1 11.5%
    Share-based expenses   -6.7     -2.4     -2.9  
    Amortization of allocated intangibles   -6.2     -7.1     -1.7  
    PROFIT FROM RECURRING OPERATIONS   28.4 8.3%   10.5 3.2%   12.5 8.4%
    Other operating income and expenses   -8.9     -7.9     -4.1  
    OPERATING PROFIT   19.5 5.7%   2.6 0.8%   8.3 5.6%
    Cost of financial debt   -9.0     -8.9     -2.7  
    Other financial income and expenses   -2.2     -2.0     -0.9  
    Income tax expenses   -2.5     -7.2     -2.0  
    NET PROFIT   5.8 1.7%   -15.6 -4.8%   2.8 1.9%
    Earnings per share   0.20 €     -0.54 €     0.13 €  

    Profit from recurring operations reached €28.4 million, after accounting for the amortization of allocated intangibles and share-based expenses. This marks a substantial improvement from the H1 2024 proforma figure of €10.5 million.

    Share-based expenses increased, reflecting the inclusion of SBS in the new long-term incentive program, the Group’s strong share price performance, and higher employer social security rates in France. The purchase price allocation (PPA) related to the SBS acquisition has now been finalized. Amortization of allocated intangibles has been restated for 2024 on a pro forma basis and is expected to total €12–13 million for full-year 2025.

    After including other operating income and expenses, such as restructuring charges and non-recurring items totaling €8.9 million, operating profit amounted to €19.5 million, compared with €2.6 million on a proforma basis in H1 2024.

    Net profit for the half-year came to €5.8 million (1.7%), a significant turnaround from the €15.6 million loss recorded on a proforma basis in the prior year.

    Basic earnings per share stood at €0.20, compared with a loss of €0.54 per share in the first half of 2024 (proforma).

    Financial position on June 30, 2025

    74Software made strong progress in its deleveraging effort during H1 2025. Free cash flow was particularly robust, supported by seasonal inflows from maintenance and subscription renewals, as well as the first-time implementation of a factoring program on selected receivables. Unlevered free cash flow reached €76.4 million, enabling €42 million in debt repayments and boosting cash balances. As a result, net debt stood at €191.8 million (before IFRS 16), with a leverage ratio of 1.83x and a gearing ratio of 0.37x—achieving the full-year leverage target of below 2.0x well ahead of schedule. This deleveraging is expected to reduce interest expenses going forward. Due to seasonal patterns in cash collection, the leverage ratio is expected to remain below 2.0x through year-end, though without material further improvement.

    Shareholders’ equity stood at €512.8 million (72.8% of total capital) at June 30, 2025.

    Change in the workforce

    At June 30, 2025, the Group employed 4,679 full-time equivalents, compared with 4,787 at year-end 2024. This 2.6% reduction reflects continued disciplined workforce management across both Axway and SBS, aligned with the Group’s operational efficiency focus.

    Targets & Ambitions

    Following a strong first half, 74Software confirms its full-year 2025 guidance, underpinned by solid execution and front-loaded bookings. The Group continues to target revenue growth between 2% and 4%, reaching approximately €700 million, with an operating margin between 14% and 16%. Due to the first-time introduction of the factoring program, unlevered free cash flow is now expected to be at least 10% of revenue, and the leverage ratio is projected to remain below 2.0x.

    Looking ahead, 74Software reiterates its ambition to surpass €750 million in revenue by 2027 with an operating margin above 17%, and to reach around 20% by 2028 — in line with its trajectory toward a scalable, profitable, and product-led growth model.

    [ NEW TIME ] Today, Thursday, July 24, 2025, 6.00 p.m. (CEST):

    2025 HALF-YEAR RESULTS – VIRTUAL ANALYST CONFERENCE

    •  Register here or join by phone by dialing one of the numbers below:
      • France: +33 (0) 1 70 37 71 66 / USA: +1 786 697 3501 / International: +44 (0) 33 0551 0200

    Please note that the meeting will be held in English.

    Financial Calendar

    Thursday, October 30, 2025, before market opening: Publication of Q3 2025 Revenue

    Thursday, February 26, 2026, after market closing: Publication of 2025 Full-Year Results

    Glossary and Alternative Performance Measures

    Axway ARR: Annual Recurring Revenue – Expected annual billing amounts from all active maintenance and subscription agreements.

    SBS ARR: Annual Recurring Revenue – Monthly recurring revenue (MRR) for the last month of the reporting period multiplied by 12. Where contracts are affected by seasonality or contracted volume-based elements, the last 12 months of revenue are aggregated in determining ARR. Expected recurring revenue from contracts signed but not yet active are not included in ARR.

    NPS: Net Promoter Score – Customer satisfaction and recommendation indicator for a company.

    Organic growth: Growth in revenue between the period under review and the prior period, restated for consolidation scope and exchange rate impacts.

    Profit on operating activities: Profit from recurring operations adjusted for the non-cash share-based payment expense, as well as the amortization of allocated intangible assets.

    Proforma: Proforma measures assume the acquisition of SBS happened at the beginning of the respective reporting period.

    Restated revenue: Revenue for the prior year, adjusted for the consolidation scope and exchange rates of the current year.

    Unlevered free cash flow: Free cash flow before exceptional items and before net interest expense.

    About 74Software

    74Software is an enterprise software group founded through the combination of Axway and SBS – independently operated leaders with unique experience and capabilities to deliver mission-critical software for a data driven world. A pioneer in enterprise integration solutions for 25 years, Axway supports major brands and government agencies around the globe with its core line of MFT, B2B, API, and Financial Accounting Hub products. SBS empowers banks and financial institutions to reimagine tomorrow’s digital experiences with a composable cloud-based architecture that enables deposits, lending, compliance, payments, consumer, and asset finance services and operations to be deployed worldwide. 74Software serves more than 11,000 companies, including over 1,500 financial service customers. To learn more, visit 74Software.com

    Contacts – Investor Relations:

    Arthur Carli – +33 (0)1 47 17 24 65 – acarli@74software.com

    Chloé Chouard – +33 (0)1 47 17 21 78 – cchouard@74software.com

    Appendices (1/5)

    Income Statement – Group
                       
        Half-year 2025   Half-year 2024
    Proforma
    6M AXW + 6M SBS    		   Half-year 2024
    Reported
    Axway Standalone
        €m % of Rev.   €m % of Rev.   €m % of Rev.
    TOTAL REVENUE   344.0     323.9     148.7  
    Total costs of revenue   -115.9     -117.1     -44.0  
    GROSS PROFIT   228.1 66.3%   206.9 63.9%   104.7 70.5%
    Operating expenses   -186.8     -186.9     -87.6  
    PROFIT ON OPERATING ACTIVITIES   41.3 12.0%   19.9 6.1%   17.1 11.5%
    Share-based expenses   -6.7     -2.4     -2.9  
    Amortization of allocated intangibles   -6.2     -7.1     -1.7  
    PROFIT FROM RECURRING OPERATIONS   28.4 8.3%   10.5 3.2%   12.5 8.4%
    Other operating income and expenses   -8.9     -7.9     -4.1  
    OPERATING PROFIT   19.5 5.7%   2.6 0.8%   8.3 5.6%
    Cost of financial debt   -9.0     -8.9     -2.7  
    Other financial income and expenses   -2.2     -2.0     -0.9  
    Income tax expenses   -2.5     -7.2     -2.0  
    NET PROFIT   5.8 1.7%   -15.6 -4.8%   2.8 1.9%
    Earnings per share   0.20 €     -0.54 €     0.13 €  
    Simplified Balance Sheet                    
                         
    in €m   H1 2025
    IFRS
    Consolidated    		 FY 2024
    IFRS Consolidated    		 Change   in €m   H1 2025
    IFRS
    Consolidated    		 FY 2024
    IFRS Consolidated    		 Change
    Accounts receivables   246.7 293.5 – 46.8   Cash & cash equivalents   -57.8 -41.4 – 16.4
    Other current assets   123.3 101.9 + 21.4   Financial debt   249.6 291.8 – 42.2
    Accounts payables   -34.1 -28.7 – 5.4   Net debt   191.8 250.4 – 58.6
    Deferred revenue   -138.2 -88.6 – 49.6   Equity   512.8 532.4 – 19.6
    Other current liabilities   -137.2 -158.0 + 20.8   CAPITAL EMPLOYED   704.6 782.8 – 78.2
    Net working capital   60.5 120.1 – 59.7            
    Tangible fixed assets   20.9 25.0 – 4.1            
    Goodwill   523.1 497.4 + 25.7       H1 2025
    IFRS
    Consolidated    		 FY 2024
    IFRS Consolidated    		 Change
    Other intangibles   132.1 192.3 – 60.2      
    Fixed assets   676.1 714.7 – 38.6   Ratios  
    Other assets   100.2 78.1 + 22.1   DSO (days)   121 145 -24
    Other liabilities   -132.1 -130.1 – 2.0   Net debt / total capital   27.2% 32.0% – 4.8%
    Other assets – liabilities   -31.9 -52.0 + 20.1   Equity / total capital   72.8% 68.0% + 4.8%
    INVESTED ASSETS   704.5 782.8 – 78.4            
    Cash Flow Statement              
                   
      H1 2025   H1 2024   Change Axway
    H1 25 vs. H1 24
    in €m 74Software SBS Axway   Axway Standalone  
    Operating cashflow 89.6 35.8 53.9   15.0   + 38.8
    o/w change in NWC 55.0 29.4 25.6   2.6   + 23.1
    o/w other operating cashflow 34.6 6.4 28.2   12.5   + 15.7
    Investing cashflow -14.2 -9.8 -4.4   -2.7   – 1.6
    o/w PP&E & others -5.0 -0.6 -4.4   -2.7   – 1.7
    o/w capitalized R&D -9.2 -9.2 0.0   0.0   0.0
    Financing cashflow -58.1 -14.6 -43.4   -12.6   – 30.8
    o/w debt repayment -42.0 0.0 -42.0   0.0   – 42.0
    o/w other financing cashflow -16.1 -14.6 -1.4   -12.6   + 11.2
    NET CHANGE IN CASH 16.2 11.1 5.1   -0.2   + 5.3
                   
    Unlevered free cashflow 76.4 29.0 47.4   13.9   + 33.5
    as a % of revenue 22.2% 15.7% 29.5%   9.4%   + 20.1%

    Appendices (2/5)

    Profit on Operating Activities – Axway
                       
        H1 2025
    Axway    		   H1 2024
    Reported
    Axway    		   Change
        €m % of Rev.   €m % of Rev.   €m Basis Points
    Product revenue   143.3 89.1%   130.5 87.8%   + 12.8 + 134
    Services revenue   17.5 10.9%   18.2 12.2%   – 0.7 – 134
    Total revenue   160.8     148.7     + 12.1  
    Total costs of revenue   40.3     44.0     – 3.7  
    GROSS PROFIT   120.5 74.9%   104.7 70.4%   + 15.8 + 451
    o/w product gross profit   119.3 83.2%   104.6 80.2%   + 14.7 + 308
    o/w services gross profit   1.2 7.0%   0.1 0.6%   + 1.1 + 644
    Operating expenses   93.8 58.4%   87.6 58.9%   + 6.2 – 58
    o/w research & development   32.6 20.3%   31.2 21.0%   + 1.4 – 69
    o/w sales & marketing   43.0 26.8%   41.8 28.1%   + 1.2 – 137
    o/w general & administrative   18.2 11.3%   14.6 9.8%   + 3.6 + 148
    PROFIT ON OPERATING ACTIVITIES   26.7 16.6%   17.1 11.5%   + 9.6 + 508
    Profit on Operating Activities – SBS
                       
        H1 2025
    SBS    		   H1 2024
    Proforma
    SBS    		   Change
        €m % of Rev.   €m % of Rev.   €m Basis Points
    Product revenue   137.7 74.8%   118.2 67.5%   + 19.5 + 729
    Services revenue   46.5 25.2%   57.0 32.5%   – 10.5 – 729
    Total revenue   184.2     175.2     + 8.9  
    Total costs of revenue   76.6     73.1     + 3.5  
    GROSS PROFIT   107.6 58.4%   102.1 58.3%   + 5.5 + 14
    o/w product gross profit   98.6 71.6%   87.1 73.6%   + 11.5 – 202
    o/w services gross profit   9.0 19.3%   15.1 26.4%   – 6.1 – 710
    Operating expenses   93.0 50.5%   99.3 56.7%   – 6.3 – 619
    o/w research & development   60.6 32.9%   63.8 36.4%   – 3.3 – 354
    o/w sales & marketing   19.8 10.7%   20.5 11.7%   – 0.7 – 93
    o/w general & administrative   12.6 6.8%   15.0 8.6%   – 2.4 – 173
    PROFIT ON OPERATING ACTIVITIES   14.6 7.9%   2.8 1.6%   + 11.8 + 633
    Quarterly Revenue Breakdown by Portfolio Brand
                 
        Q1 2025   Q2 2025   H1 2025
    €m      
    Axway Scope   82.5   78.3   160.8
    SBS Scope   88.3   95.8   184.2
                 
    Consolidation   -0.4   -0.6   -1.0
                 
    74Software   170.4   173.5   344.0

    Appendices (3/5)

    Quarterly Revenue Breakdown by Type
                 
        Q1 2025   Q2 2025   H1 2025
    €m / %      
    Product revenue   139.1   141.0   280.0
    Recurring revenue   129.5   128.4   258.0
    o/w Maintenance & Support   47.0   44.5   91.5
    o/w Customer-managed Subscription   48.6   50.1   98.7
    o/w Own-managed Subscription   34.0   33.8   67.8
    License revenue   9.5   12.5   22.1
                 
    Services revenue   31.3   32.6   64.0
                 
    Total revenue   170.4   173.6   344.0
    Quarterly Revenue Breakdown by Type – Axway
                 
        Q1 2025   Q2 2025   H1 2025
    €m / %      
    Product revenue   73.4   69.8   143.3
    Recurring revenue   72.1   69.5   141.6
    o/w Maintenance & Support   14.4   12.8   27.2
    o/w Customer-managed Subscription   43.7   43.2   87.0
    o/w Own-managed Subscription   13.9   13.4   27.4
    License revenue   1.3   0.4   1.7
                 
    Services revenue   9.0   8.5   17.5
                 
    Total revenue – Axway   82.5   78.3   160.8
    Quarterly Revenue Breakdown by Type – SBS
                 
        Q1 2025   Q2 2025   H1 2025
    €m / %      
    Product revenue   66.0   71.7   137.7
    Recurring revenue   57.9   59.5   117.3
    o/w Maintenance & Support   32.5   31.7   64.2
    o/w Customer-managed Subscription   4.9   6.9   11.7
    o/w Own-managed Subscription   20.5   20.9   41.4
    License revenue   8.2   12.2   20.4
                 
    Services revenue   22.3   24.2   46.5
                 
    Total revenue SBS   88.3   95.8   184.2

    Appendices (4/5)

    Half-year Revenue Breakdown by Portfolio Brand & Type      
                     
        H1 2025
    Axway    		   H1 2025
    SBS    		   H1 2025
    Consolidation    		   H1 2025
    74Software
    €m / %        
    Product revenue   143.3   137.7   -1.0   280.0
    Recurring revenue   141.6   117.3   -1.0   258.0
    o/w Maintenance & Support   27.2   64.2   0.0   91.5
    o/w Customer-managed Subscription   87.0   11.7   0.0   98.7
    o/w Own-managed Subscription   27.4   41.4   -1.0   67.8
    License revenue   1.7   20.4   0.0   22.1
                     
    Services revenue   17.5   46.5   0.0   64.0
                     
    Total revenue   160.8   184.2   -1.0   344.0
    Half-year Revenue Breakdown by Portfolio Brand & Type      
                     
        H1 2024
    Axway    		   H1 2024 Proforma
    SBS    		   H1 2024 Proforma Consolidation   H1 2024 Proforma 74Software
    €m / %        
    Product revenue   130.5   118.2   0.0   248.7
    Recurring revenue   127.9   101.4   0.0   229.3
    o/w Maintenance & Support   34.6   61.6   0.0   96.2
    o/w Customer-managed Subscription   67.3   9.3   0.0   76.6
    o/w Own-managed Subscription   25.9   30.5   0.0   56.5
    License revenue   2.6   16.8   0.0   19.4
                     
    Services revenue   18.2   57.0   0.0   75.2
                     
    Total revenue   148.7   175.2   0.0   323.9
    Half-year Revenue Breakdown by Region
                 
      H1 2025 H1 2024
    Proforma    		 H1 2024
    Restated    		 Total
    Growth    		 Organic
    Growth
     
      €m % of Rev.
    Europe 208.1 60.5% 203.0 203.2 2.5% 2.4%
    o/w France 99.5 28.9% 99.7 99.7 -0.2% -0.2%
    o/w UK 46.7 13.6% 44.8 45.0 4.3% 3.7%
    Americas 73.3 21.3% 65.6 64.6 11.7% 13.5%
    Middle East & Africa 43.1 12.5% 39.3 39.3 9.7% 9.7%
    Asia & Pacific 19.4 5.7% 15.9 15.8 22.0% 22.7%
                 
    74Software 344.0   323.9 323.0 6.2% 6.5%

    Appendices (5/5)

    Headcount
           
      30/06/2025 31/12/2024 Change
    Europe 3.001 3.090 -89
    Americas 370 378 -8
    Asia – Pacific 869 882 -13
    Middle East – Africa 439 437 2
           
    TOTAL 4.679 4.787 -108
    Impact on Half-year Revenue of Changes in Scope and Exchange Rates
           
    €m / % H1 2025 H1 2024 Growth
    Revenue 344.0 148.7 + 131.4%
    Changes in exchange rates   -0.9  
    Revenue at constant exchange rates 344.0 147.7 + 132.8%
    Changes in scope   +175.2  
    Revenue at constant scope and exchange rates 344.0 323.0 + 6.5%
    Changes in Main Exchange Rates
           
    For 1€ Average Rate
    H1 2025    		 Average rate
    H1 2024    		 Change
    US Dollar 1.093 1.081 – 1.1%
    Great Britain Pound 0.842 0.855 + 1.5%

    1 The interim consolidated financial statements were subject to limited review procedures.

    Attachment

    The MIL Network –

  • MIL-OSI: 74Software: Sustained Momentum Reinforces Long-Term Objectives

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    Paris, July 24, 2025

    74Software: Sustained Momentum Reinforces Long-Term Objectives

    • Group H1 2025 revenue of €344.0m, up 6.5% organically and 6.2% in total
    • Strong H1 across both brands – Axway up 8.9% to €160.8m and SBS up 5.0% to €184.2m
    • Marked improvement in margin on operating activities, up 585bps to 12.0% of revenue (€41.3m)
    • ARR increased year-on-year by 11.8% at Axway and 10.9% at SBS, further strengthening recurring revenues

    74Software’s Board of Directors, chaired by Pierre Pasquier, approved today the financial statements for the first half of 2025, which were subject to a limited review by the statutory auditors1. Consequently, 74Software announces:

    Half-Year Key Income Statement Items
                       
        Half-year 2025   Half-year 2024
    Proforma
    6M AXW + 6M SBS    		   Half-year 2024
    Reported
    Axway Standalone
        €m % of Rev.   €m % of Rev.   €m % of Rev.
    TOTAL REVENUE   344.0     323.9     148.7  
    GROSS PROFIT   228.1 66.3%   206.8 63.9%   104.7 70.5%
    PROFIT ON OPERATING ACTIVITIES   41.3 12.0%   19.9 6.1%   17.1 11.5%
    OPERATING PROFIT   19.5 5.7%   2.6 0.8%   8.3 5.6%
    NET PROFIT   5.8 1.7%   -15.6 -4.8%   2.8 1.9%
    EARNINGS PER SHARE   0.20 €     -0.54 €     0.13 €  

    Patrick Donovan, Chief Executive Officer, stated:

    “Our H1 results confirm our strong start to the year and demonstrate both the strength of our strategic direction and our ability to execute in-line with our stated plans. As noted in our Q1 press release, the solid early execution front-loads part of the year’s commercial activity— especially in the Axway business. We remain fully committed to our full-year guidance and, more broadly, to our 2027 and 2028 ambitions. Axway is now firmly established as a subscription-first business, while SBS is rapidly scaling its modular banking platforms and expanding its SaaS footprint. With recurring revenue accelerating and capital deployment tightly managed, 74Software is becoming a more structured, resilient, and forward-looking group — built to deliver long-term value creation.”

    Comments on H1 2025 activity

    74Software delivered a strong first-half performance, confirming its ability to execute on its strategic roadmap and capitalize on the operational integration initiated following the transaction closing in September 2024. Revenue growth was solid in both brands, while profitability improved as planned — reflecting the strength of the Group’s model and the improved execution driven by Axway’s infrastructure software expertise and SBS’s leadership in banking software.

    Following a particularly dynamic Q1, the second quarter allowed the Group to consolidate its gains, maintain commercial selectivity, and further shift toward a recurring, scalable revenue model. Axway has now largely transitioned, while SBS continues to advance its own transformation, expanding SaaS deployments and rebalancing its revenue mix in favor of product revenue. Key highlights for the period include:

    • Axway recorded a strong first half, with consistent growth across all product lines. Nearly 60 new customers were signed during the period (+20% year-on-year), with new-name deals accounting for around one-third of Q2 bookings. Large-scale projects gained momentum, including six contracts exceeding €1 million signed in Q2 alone. Demand for cloud-based delivery continued to rise, with Axway-managed deployments representing 40% of Q2 bookings and 35% over the first half. This shift was broad-based, with steady adoption across all geographies and industry verticals.
    • SBS also reported strong results, with product revenue now accounting for 75% of total revenue, up from 67% in H1 2024 — marking significant progress in the company’s shift toward a software-led model. Growth was supported by all product lines, including solid license activity in integrated platforms, components, and financing solutions, as well as continued expansion of modular offerings. The company has now contracted more than 230 SaaS regulatory reporting services, reinforcing adoption across its client base. During the period, SBS welcomed several new clients and completed the first SaaS deployment of its digital engagement platform in Europe. Two additional implementations are scheduled for the third quarter in Africa, where demand is driven by microfinance and Islamic banking. The company’s progress was also recognized through multiple industry awards highlighting its leadership in compliance, payments, and digital banking.

    The Group enters H2 with improving visibility, disciplined execution, and a clear focus on delivering its full-year objectives. Integration of support functions between Axway and SBS is now largely complete, and joint commercial initiatives are steadily expanding across selected regions.

    Comments on H1 2025 operational performance

    Half-year Revenue Breakdown by Portfolio Brand
               
      H1 2025 H1 2024
    Proforma    		 H1 2024
    Restated    		 Total
    Growth    		 Organic
    Growth
    €m / %
    Axway Scope 160.8 148.7 147.6 8.1% 8.9%
    SBS Scope 184.2 175.2 175.4 5.1% 5.0%
               
    Consolidation -1.0 0.0 0.0 – –
               
    74Software 344.0 323.9 323.0 6.2% 6.5%

    In the first half of 2025, the Group generated revenue of €344.0 million, reflecting total growth of 6.2% and organic growth of 6.5% year-on-year. This performance was supported by both brands, with Axway contributing €160.8 million in revenue and organic growth of 8.9%, and SBS contributing €184.2 million with 5.0% organic growth (compared to proforma H1 2024).

    Half-year Revenue Breakdown by Type
               
      H1 2025 H1 2024
    Proforma    		 H1 2024
    Restated    		 Total
    Growth    		 Organic
    Growth
    €m / %
    Product revenue 280.0 248.7 248.1 12.6% 12.9%
    Recurring revenue 258.0 229.3 228.7 12.5% 12.8%
    o/w Maintenance & Support 91.5 96.2 96.0 -4.9% -4.7%
    o/w Customer-managed Subscription 98.7 76.6 76.5 28.8% 29.0%
    o/w Own-managed Subscription 67.8 56.5 56.2 20.0% 20.6%
    License revenue 22.1 19.4 19.4 13.5% 13.7%
               
    Services revenue 64.0 75.2 74.9 -14.9% -14.6%
               
    Total revenue 344.0 323.9 323.0 6.2% 6.5%

    In the first half of 2025, Product revenue reached €280.0 million, up 12.9% organically, reflecting strong execution across both Axway and SBS. The Group continued to benefit from rising demand for subscription-based offers, with both customer-managed and own-managed subscriptions posting growth above 20%. Maintenance revenue declined as anticipated, while license activity increased but remained low at 6.4% of total revenue. Product revenues accounted for 81% of total revenue (up from 77% in H1 2024) and recurring revenues were at 75% of total revenue (up from 71% in H1 2024), confirming 74Software’s successful transition toward a product- and subscription-led model.

    Axway generated €143.3 million in product revenue, up 10.5% organically. Recurring activities made nearly the entire contribution, driven by a 29.5% increase in customer-managed subscriptions and 6.8% growth in own-managed deployments, reflecting continued momentum in hybrid environments. License revenue decreased by 34.9% as the company continues to phase out new license sales. Maintenance and support dropped by 20.6% due to the continued shift of the customer base towards subscription models. Services revenue was slightly lower, down 2.2%, and represented 11% of Axway’s total.

    SBS recorded €137.7 million in product revenue, up 16.3% organically, with strong performance across all product categories. Own-managed subscriptions rose by 35.2%, customer-managed subscriptions by 25.5%, and maintenance and support increased by 4.2%, supported by a growing installed base. License revenue climbed 21.2%, reflecting continued expansion of integrated and lending solutions. Recurring revenue now represents 64% of SBS’s business (up from 58% in H1 2024), with services accounting for 25% and licenses for 11%. This illustrates SBS’s continued shift from a service-led to a product-led business model.

    Group-wide, Services generated €64.0 million in the first half, or 18.6% of total revenue, down 14.6% compared to last year. This decrease mainly reflects SBS’s repositioning, while Axway’s service contribution remained stable. The difference in service trends between the two businesses stems from their respective models. Axway relies on lighter implementation cycles, whereas SBS delivers more comprehensive banking transformation programs.

    At the end of June 2025, ARR for Axway stood at €255.9 million, reflecting an organic growth of 11.8% year-on-year. SBS also continued to expand its ARR to €233.3 million, up 10.9% organically year-on-year. These solid performances confirm the effectiveness of both companies’ strategic repositioning and reinforce the Group’s revenue predictability and resilience.

    Comments on H1 2025 product line performance

    Axway, a recognized leader in application infrastructure and middleware, delivered solid momentum in the first half of 2025. All product lines contributed to growth, supported by strong commercial execution and increasing demand for cloud-based solutions:

    • Managed File Transfer remained a key contributor despite a normalization of activity following an exceptional 2024. The gradual erosion of legacy maintenance was more than offset by strong momentum in managed deployments, confirming the sustained value of Axway’s hybrid approach.
    • B2B Integration delivered robust gains across the board, benefiting from growing demand for managed solutions and early signs of successful cross-sell with SBS. The product line also saw improvements in both subscription and service revenue.
    • API Management accelerated sharply, supported by strong commercial execution and increased adoption of its integration and engagement modules. The Fusion extension also contributed positively, confirming the platform’s potential.
    • Specialized Products, including the Financial Accounting Hub, maintained steady momentum through targeted compliance and finance use cases. Recent wins via ecosystem partnerships reinforced Axway’s positioning with key accounts.

    SBS, a trusted provider of banking and financing software, posted solid growth in all product lines, confirming the strength of its modular and targeted approach as it continues its shift toward a product-led model:

    • Financing Products maintained a steady trajectory, reflecting stable demand in wholesale auto finance and UK mortgage service. Activity remained resilient despite longer decision cycles in certain regions.
      • Modular Products continued to gain traction, primarily driven by momentum in instant payments and the regulatory reporting platform. Cross-sell into the integrated base gained pace, confirming the appeal of modular architectures.
      • Integrated Products delivered consistent performance, with solid customer retention and ongoing functional improvements. In some markets, modular alternatives are beginning to complement legacy platforms, paving the way for more composable setups. SBS’ market-leading product in Africa continues to perform strongly, adding new customers as well as increasing share of wallet in its installed base.
    • Banking Components continued to gain momentum, particularly in payments, lending, and cards. The strength of customer relationships across key accounts in France continues to drive upsells.

    Comments on H1 2025 profit on operating activities

    Profit on Operating Activities – Group
                       
        H1 2025   H1 2024
    Proforma    		   Change
        €m % of Rev.   €m % of Rev.   €m Basis Points
    Product revenue   280.0 81.4%   248.7 76.8%   + 31.3 + 461
    Services revenue   64.0 18.6%   75.2 23.2%   – 11.2 – 461
    Total revenue   344.0     323.9     + 20.1  
    Total costs of revenue   115.9     117.1     – 1.2  
    GROSS PROFIT   228.1 66.3%   206.9 63.9%   + 21.2 + 243
    o/w product gross profit   217.9 77.8%   191.7 77.0%   + 26.2 + 75
    o/w services gross profit   10.2 15.9%   15.2 20.2%   – 5.0 – 422
    Operating expenses   186.8 54.3%   186.9 57.7%   – 0.1 – 341
    o/w research & development   93.2 27.1%   95.0 29.3%   – 1.8 – 224
    o/w sales & marketing   62.8 18.3%   62.3 19.2%   + 0.5 – 96
    o/w general & administrative   30.8 8.9%   29.6 9.1%   + 1.1 – 20
    PROFIT ON OPERATING ACTIVITIES   41.3 12.0%   19.9 6.1%   + 21.4 + 585
    Net Capitalisation of R&D   8.4 2.4%   9.1 2.8%   – 0.8 – 39
    in % of gross R&D   8.2%     8.8%     -0.5%  

    In H1 2025, profit on operating activities reached €41.3 million, representing a margin of 12.0% of revenue, compared with 6.1% in H1 2024. This sharp improvement reflects strong gross profit expansion, driven by a more favorable revenue mix and tight cost control across operating expenses with all lines showing year-on-year efficiencies. Gross margins increased—particularly at Axway—thanks to strong bookings in customer-managed subscriptions, which generated significant upfront revenue at high margins.

    Comments on H1 2025 net profit

    Net Profit – Group
                       
        Half-year 2025   Half-year 2024
    Proforma
    6M AXW + 6M SBS    		   Half-year 2024
    Reported
    Axway Standalone
        €m % of Rev.   €m % of Rev.   €m % of Rev.
    PROFIT ON OPERATING ACTIVITIES   41.3 12.0%   19.9 6.1%   17.1 11.5%
    Share-based expenses   -6.7     -2.4     -2.9  
    Amortization of allocated intangibles   -6.2     -7.1     -1.7  
    PROFIT FROM RECURRING OPERATIONS   28.4 8.3%   10.5 3.2%   12.5 8.4%
    Other operating income and expenses   -8.9     -7.9     -4.1  
    OPERATING PROFIT   19.5 5.7%   2.6 0.8%   8.3 5.6%
    Cost of financial debt   -9.0     -8.9     -2.7  
    Other financial income and expenses   -2.2     -2.0     -0.9  
    Income tax expenses   -2.5     -7.2     -2.0  
    NET PROFIT   5.8 1.7%   -15.6 -4.8%   2.8 1.9%
    Earnings per share   0.20 €     -0.54 €     0.13 €  

    Profit from recurring operations reached €28.4 million, after accounting for the amortization of allocated intangibles and share-based expenses. This marks a substantial improvement from the H1 2024 proforma figure of €10.5 million.

    Share-based expenses increased, reflecting the inclusion of SBS in the new long-term incentive program, the Group’s strong share price performance, and higher employer social security rates in France. The purchase price allocation (PPA) related to the SBS acquisition has now been finalized. Amortization of allocated intangibles has been restated for 2024 on a pro forma basis and is expected to total €12–13 million for full-year 2025.

    After including other operating income and expenses, such as restructuring charges and non-recurring items totaling €8.9 million, operating profit amounted to €19.5 million, compared with €2.6 million on a proforma basis in H1 2024.

    Net profit for the half-year came to €5.8 million (1.7%), a significant turnaround from the €15.6 million loss recorded on a proforma basis in the prior year.

    Basic earnings per share stood at €0.20, compared with a loss of €0.54 per share in the first half of 2024 (proforma).

    Financial position on June 30, 2025

    74Software made strong progress in its deleveraging effort during H1 2025. Free cash flow was particularly robust, supported by seasonal inflows from maintenance and subscription renewals, as well as the first-time implementation of a factoring program on selected receivables. Unlevered free cash flow reached €76.4 million, enabling €42 million in debt repayments and boosting cash balances. As a result, net debt stood at €191.8 million (before IFRS 16), with a leverage ratio of 1.83x and a gearing ratio of 0.37x—achieving the full-year leverage target of below 2.0x well ahead of schedule. This deleveraging is expected to reduce interest expenses going forward. Due to seasonal patterns in cash collection, the leverage ratio is expected to remain below 2.0x through year-end, though without material further improvement.

    Shareholders’ equity stood at €512.8 million (72.8% of total capital) at June 30, 2025.

    Change in the workforce

    At June 30, 2025, the Group employed 4,679 full-time equivalents, compared with 4,787 at year-end 2024. This 2.6% reduction reflects continued disciplined workforce management across both Axway and SBS, aligned with the Group’s operational efficiency focus.

    Targets & Ambitions

    Following a strong first half, 74Software confirms its full-year 2025 guidance, underpinned by solid execution and front-loaded bookings. The Group continues to target revenue growth between 2% and 4%, reaching approximately €700 million, with an operating margin between 14% and 16%. Due to the first-time introduction of the factoring program, unlevered free cash flow is now expected to be at least 10% of revenue, and the leverage ratio is projected to remain below 2.0x.

    Looking ahead, 74Software reiterates its ambition to surpass €750 million in revenue by 2027 with an operating margin above 17%, and to reach around 20% by 2028 — in line with its trajectory toward a scalable, profitable, and product-led growth model.

    [ NEW TIME ] Today, Thursday, July 24, 2025, 6.00 p.m. (CEST):

    2025 HALF-YEAR RESULTS – VIRTUAL ANALYST CONFERENCE

    •  Register here or join by phone by dialing one of the numbers below:
      • France: +33 (0) 1 70 37 71 66 / USA: +1 786 697 3501 / International: +44 (0) 33 0551 0200

    Please note that the meeting will be held in English.

    Financial Calendar

    Thursday, October 30, 2025, before market opening: Publication of Q3 2025 Revenue

    Thursday, February 26, 2026, after market closing: Publication of 2025 Full-Year Results

    Glossary and Alternative Performance Measures

    Axway ARR: Annual Recurring Revenue – Expected annual billing amounts from all active maintenance and subscription agreements.

    SBS ARR: Annual Recurring Revenue – Monthly recurring revenue (MRR) for the last month of the reporting period multiplied by 12. Where contracts are affected by seasonality or contracted volume-based elements, the last 12 months of revenue are aggregated in determining ARR. Expected recurring revenue from contracts signed but not yet active are not included in ARR.

    NPS: Net Promoter Score – Customer satisfaction and recommendation indicator for a company.

    Organic growth: Growth in revenue between the period under review and the prior period, restated for consolidation scope and exchange rate impacts.

    Profit on operating activities: Profit from recurring operations adjusted for the non-cash share-based payment expense, as well as the amortization of allocated intangible assets.

    Proforma: Proforma measures assume the acquisition of SBS happened at the beginning of the respective reporting period.

    Restated revenue: Revenue for the prior year, adjusted for the consolidation scope and exchange rates of the current year.

    Unlevered free cash flow: Free cash flow before exceptional items and before net interest expense.

    About 74Software

    74Software is an enterprise software group founded through the combination of Axway and SBS – independently operated leaders with unique experience and capabilities to deliver mission-critical software for a data driven world. A pioneer in enterprise integration solutions for 25 years, Axway supports major brands and government agencies around the globe with its core line of MFT, B2B, API, and Financial Accounting Hub products. SBS empowers banks and financial institutions to reimagine tomorrow’s digital experiences with a composable cloud-based architecture that enables deposits, lending, compliance, payments, consumer, and asset finance services and operations to be deployed worldwide. 74Software serves more than 11,000 companies, including over 1,500 financial service customers. To learn more, visit 74Software.com

    Contacts – Investor Relations:

    Arthur Carli – +33 (0)1 47 17 24 65 – acarli@74software.com

    Chloé Chouard – +33 (0)1 47 17 21 78 – cchouard@74software.com

    Appendices (1/5)

    Income Statement – Group
                       
        Half-year 2025   Half-year 2024
    Proforma
    6M AXW + 6M SBS    		   Half-year 2024
    Reported
    Axway Standalone
        €m % of Rev.   €m % of Rev.   €m % of Rev.
    TOTAL REVENUE   344.0     323.9     148.7  
    Total costs of revenue   -115.9     -117.1     -44.0  
    GROSS PROFIT   228.1 66.3%   206.9 63.9%   104.7 70.5%
    Operating expenses   -186.8     -186.9     -87.6  
    PROFIT ON OPERATING ACTIVITIES   41.3 12.0%   19.9 6.1%   17.1 11.5%
    Share-based expenses   -6.7     -2.4     -2.9  
    Amortization of allocated intangibles   -6.2     -7.1     -1.7  
    PROFIT FROM RECURRING OPERATIONS   28.4 8.3%   10.5 3.2%   12.5 8.4%
    Other operating income and expenses   -8.9     -7.9     -4.1  
    OPERATING PROFIT   19.5 5.7%   2.6 0.8%   8.3 5.6%
    Cost of financial debt   -9.0     -8.9     -2.7  
    Other financial income and expenses   -2.2     -2.0     -0.9  
    Income tax expenses   -2.5     -7.2     -2.0  
    NET PROFIT   5.8 1.7%   -15.6 -4.8%   2.8 1.9%
    Earnings per share   0.20 €     -0.54 €     0.13 €  
    Simplified Balance Sheet                    
                         
    in €m   H1 2025
    IFRS
    Consolidated    		 FY 2024
    IFRS Consolidated    		 Change   in €m   H1 2025
    IFRS
    Consolidated    		 FY 2024
    IFRS Consolidated    		 Change
    Accounts receivables   246.7 293.5 – 46.8   Cash & cash equivalents   -57.8 -41.4 – 16.4
    Other current assets   123.3 101.9 + 21.4   Financial debt   249.6 291.8 – 42.2
    Accounts payables   -34.1 -28.7 – 5.4   Net debt   191.8 250.4 – 58.6
    Deferred revenue   -138.2 -88.6 – 49.6   Equity   512.8 532.4 – 19.6
    Other current liabilities   -137.2 -158.0 + 20.8   CAPITAL EMPLOYED   704.6 782.8 – 78.2
    Net working capital   60.5 120.1 – 59.7            
    Tangible fixed assets   20.9 25.0 – 4.1            
    Goodwill   523.1 497.4 + 25.7       H1 2025
    IFRS
    Consolidated    		 FY 2024
    IFRS Consolidated    		 Change
    Other intangibles   132.1 192.3 – 60.2      
    Fixed assets   676.1 714.7 – 38.6   Ratios  
    Other assets   100.2 78.1 + 22.1   DSO (days)   121 145 -24
    Other liabilities   -132.1 -130.1 – 2.0   Net debt / total capital   27.2% 32.0% – 4.8%
    Other assets – liabilities   -31.9 -52.0 + 20.1   Equity / total capital   72.8% 68.0% + 4.8%
    INVESTED ASSETS   704.5 782.8 – 78.4            
    Cash Flow Statement              
                   
      H1 2025   H1 2024   Change Axway
    H1 25 vs. H1 24
    in €m 74Software SBS Axway   Axway Standalone  
    Operating cashflow 89.6 35.8 53.9   15.0   + 38.8
    o/w change in NWC 55.0 29.4 25.6   2.6   + 23.1
    o/w other operating cashflow 34.6 6.4 28.2   12.5   + 15.7
    Investing cashflow -14.2 -9.8 -4.4   -2.7   – 1.6
    o/w PP&E & others -5.0 -0.6 -4.4   -2.7   – 1.7
    o/w capitalized R&D -9.2 -9.2 0.0   0.0   0.0
    Financing cashflow -58.1 -14.6 -43.4   -12.6   – 30.8
    o/w debt repayment -42.0 0.0 -42.0   0.0   – 42.0
    o/w other financing cashflow -16.1 -14.6 -1.4   -12.6   + 11.2
    NET CHANGE IN CASH 16.2 11.1 5.1   -0.2   + 5.3
                   
    Unlevered free cashflow 76.4 29.0 47.4   13.9   + 33.5
    as a % of revenue 22.2% 15.7% 29.5%   9.4%   + 20.1%

    Appendices (2/5)

    Profit on Operating Activities – Axway
                       
        H1 2025
    Axway    		   H1 2024
    Reported
    Axway    		   Change
        €m % of Rev.   €m % of Rev.   €m Basis Points
    Product revenue   143.3 89.1%   130.5 87.8%   + 12.8 + 134
    Services revenue   17.5 10.9%   18.2 12.2%   – 0.7 – 134
    Total revenue   160.8     148.7     + 12.1  
    Total costs of revenue   40.3     44.0     – 3.7  
    GROSS PROFIT   120.5 74.9%   104.7 70.4%   + 15.8 + 451
    o/w product gross profit   119.3 83.2%   104.6 80.2%   + 14.7 + 308
    o/w services gross profit   1.2 7.0%   0.1 0.6%   + 1.1 + 644
    Operating expenses   93.8 58.4%   87.6 58.9%   + 6.2 – 58
    o/w research & development   32.6 20.3%   31.2 21.0%   + 1.4 – 69
    o/w sales & marketing   43.0 26.8%   41.8 28.1%   + 1.2 – 137
    o/w general & administrative   18.2 11.3%   14.6 9.8%   + 3.6 + 148
    PROFIT ON OPERATING ACTIVITIES   26.7 16.6%   17.1 11.5%   + 9.6 + 508
    Profit on Operating Activities – SBS
                       
        H1 2025
    SBS    		   H1 2024
    Proforma
    SBS    		   Change
        €m % of Rev.   €m % of Rev.   €m Basis Points
    Product revenue   137.7 74.8%   118.2 67.5%   + 19.5 + 729
    Services revenue   46.5 25.2%   57.0 32.5%   – 10.5 – 729
    Total revenue   184.2     175.2     + 8.9  
    Total costs of revenue   76.6     73.1     + 3.5  
    GROSS PROFIT   107.6 58.4%   102.1 58.3%   + 5.5 + 14
    o/w product gross profit   98.6 71.6%   87.1 73.6%   + 11.5 – 202
    o/w services gross profit   9.0 19.3%   15.1 26.4%   – 6.1 – 710
    Operating expenses   93.0 50.5%   99.3 56.7%   – 6.3 – 619
    o/w research & development   60.6 32.9%   63.8 36.4%   – 3.3 – 354
    o/w sales & marketing   19.8 10.7%   20.5 11.7%   – 0.7 – 93
    o/w general & administrative   12.6 6.8%   15.0 8.6%   – 2.4 – 173
    PROFIT ON OPERATING ACTIVITIES   14.6 7.9%   2.8 1.6%   + 11.8 + 633
    Quarterly Revenue Breakdown by Portfolio Brand
                 
        Q1 2025   Q2 2025   H1 2025
    €m      
    Axway Scope   82.5   78.3   160.8
    SBS Scope   88.3   95.8   184.2
                 
    Consolidation   -0.4   -0.6   -1.0
                 
    74Software   170.4   173.5   344.0

    Appendices (3/5)

    Quarterly Revenue Breakdown by Type
                 
        Q1 2025   Q2 2025   H1 2025
    €m / %      
    Product revenue   139.1   141.0   280.0
    Recurring revenue   129.5   128.4   258.0
    o/w Maintenance & Support   47.0   44.5   91.5
    o/w Customer-managed Subscription   48.6   50.1   98.7
    o/w Own-managed Subscription   34.0   33.8   67.8
    License revenue   9.5   12.5   22.1
                 
    Services revenue   31.3   32.6   64.0
                 
    Total revenue   170.4   173.6   344.0
    Quarterly Revenue Breakdown by Type – Axway
                 
        Q1 2025   Q2 2025   H1 2025
    €m / %      
    Product revenue   73.4   69.8   143.3
    Recurring revenue   72.1   69.5   141.6
    o/w Maintenance & Support   14.4   12.8   27.2
    o/w Customer-managed Subscription   43.7   43.2   87.0
    o/w Own-managed Subscription   13.9   13.4   27.4
    License revenue   1.3   0.4   1.7
                 
    Services revenue   9.0   8.5   17.5
                 
    Total revenue – Axway   82.5   78.3   160.8
    Quarterly Revenue Breakdown by Type – SBS
                 
        Q1 2025   Q2 2025   H1 2025
    €m / %      
    Product revenue   66.0   71.7   137.7
    Recurring revenue   57.9   59.5   117.3
    o/w Maintenance & Support   32.5   31.7   64.2
    o/w Customer-managed Subscription   4.9   6.9   11.7
    o/w Own-managed Subscription   20.5   20.9   41.4
    License revenue   8.2   12.2   20.4
                 
    Services revenue   22.3   24.2   46.5
                 
    Total revenue SBS   88.3   95.8   184.2

    Appendices (4/5)

    Half-year Revenue Breakdown by Portfolio Brand & Type      
                     
        H1 2025
    Axway    		   H1 2025
    SBS    		   H1 2025
    Consolidation    		   H1 2025
    74Software
    €m / %        
    Product revenue   143.3   137.7   -1.0   280.0
    Recurring revenue   141.6   117.3   -1.0   258.0
    o/w Maintenance & Support   27.2   64.2   0.0   91.5
    o/w Customer-managed Subscription   87.0   11.7   0.0   98.7
    o/w Own-managed Subscription   27.4   41.4   -1.0   67.8
    License revenue   1.7   20.4   0.0   22.1
                     
    Services revenue   17.5   46.5   0.0   64.0
                     
    Total revenue   160.8   184.2   -1.0   344.0
    Half-year Revenue Breakdown by Portfolio Brand & Type      
                     
        H1 2024
    Axway    		   H1 2024 Proforma
    SBS    		   H1 2024 Proforma Consolidation   H1 2024 Proforma 74Software
    €m / %        
    Product revenue   130.5   118.2   0.0   248.7
    Recurring revenue   127.9   101.4   0.0   229.3
    o/w Maintenance & Support   34.6   61.6   0.0   96.2
    o/w Customer-managed Subscription   67.3   9.3   0.0   76.6
    o/w Own-managed Subscription   25.9   30.5   0.0   56.5
    License revenue   2.6   16.8   0.0   19.4
                     
    Services revenue   18.2   57.0   0.0   75.2
                     
    Total revenue   148.7   175.2   0.0   323.9
    Half-year Revenue Breakdown by Region
                 
      H1 2025 H1 2024
    Proforma    		 H1 2024
    Restated    		 Total
    Growth    		 Organic
    Growth
     
      €m % of Rev.
    Europe 208.1 60.5% 203.0 203.2 2.5% 2.4%
    o/w France 99.5 28.9% 99.7 99.7 -0.2% -0.2%
    o/w UK 46.7 13.6% 44.8 45.0 4.3% 3.7%
    Americas 73.3 21.3% 65.6 64.6 11.7% 13.5%
    Middle East & Africa 43.1 12.5% 39.3 39.3 9.7% 9.7%
    Asia & Pacific 19.4 5.7% 15.9 15.8 22.0% 22.7%
                 
    74Software 344.0   323.9 323.0 6.2% 6.5%

    Appendices (5/5)

    Headcount
           
      30/06/2025 31/12/2024 Change
    Europe 3.001 3.090 -89
    Americas 370 378 -8
    Asia – Pacific 869 882 -13
    Middle East – Africa 439 437 2
           
    TOTAL 4.679 4.787 -108
    Impact on Half-year Revenue of Changes in Scope and Exchange Rates
           
    €m / % H1 2025 H1 2024 Growth
    Revenue 344.0 148.7 + 131.4%
    Changes in exchange rates   -0.9  
    Revenue at constant exchange rates 344.0 147.7 + 132.8%
    Changes in scope   +175.2  
    Revenue at constant scope and exchange rates 344.0 323.0 + 6.5%
    Changes in Main Exchange Rates
           
    For 1€ Average Rate
    H1 2025    		 Average rate
    H1 2024    		 Change
    US Dollar 1.093 1.081 – 1.1%
    Great Britain Pound 0.842 0.855 + 1.5%

    1 The interim consolidated financial statements were subject to limited review procedures.

    Attachment

    The MIL Network –

  • MIL-OSI: Cegedim: Like-for-like revenues grew 2.8% in the first half

    Source: GlobeNewswire (MIL-OSI)

         

    PRESS RELEASE

    First-half financial information as of June 30, 2025
    IFRS – Regulated information – Not audited

    Cegedim: Like-for-like revenues grew 2.8% in the first half

    • Revenue grew 1.1% as reported and 2.8% LFL to €322.5 million in the first half of 2025.
    • The HR, marketing, health insurance, and digitalization businesses delivered the most solid growth.

    Boulogne-Billancourt, France, July 24, 2025, after the market close

    Revenue

      First half Change H1 2025 / 2024
    in millions of euros 2025 2024 Reported Life for like(1)(2)
    Software & Services 144.4 152.1 (5.1)% (1.5)%
    Flow 53.4 49.5 +7.8% +7.7%
    Data & Marketing 63.4 59.3 +6.9% +6.8%
    BPO 43.2 39.9 +8.1% +8.1%
    Cloud & Support 18.2 18.1 +0.3% +0.3%
    Cegedim 322.5 319.0 +1.1% +2.8%

    Cegedim’s consolidated first-half 2025 revenues rose to €322.5 million, up 1.1% as reported and 2.8% like for like(1) compared with the same period in 2024.

    The HR, marketing, health insurance, and invoice & procurement digitalization businesses delivered the most solid growth over the first half. The deconsolidation of INPS in the UK on December 10, 2024, following its voluntary placement in administration, weighed on reported growth at the Software & Services division and Group level.

    Analysis of business trends by division

    • Software & Services
    Software & Services First half Change H1 2025 / 2024
    in millions of euros 2025 2024 Reported Like for like(1)
    Cegedim Santé 38.4 38.9 (1.3)% (5.7)%
    Insurance, HR, Pharmacies, and other services 87.5 86.7 +0.9% +1.0%
    International businesses 18.5 26.5 (30.3)% (3.2)%
    Software & Services 144.4 152.1        (5.1)% (1.5)%

    Revenues at Cegedim Santé fell 1.3% as reported in the first half, and 5.7% like for like. Visiodent contributed over the entire first half, vs just four months in 2024. Maiia software and the Claude Bernard database both performed well, whereas orders for more established offerings were somewhat subdued. Sales mainly slowed because a data service agreement came to an end in late 2024 and was renewed in the second quarter of 2025 at a lower rate.

    The division’s other French subsidiaries saw revenue growth of 0.9% as reported and 1.0% like for like. The division was propelled by a surge in HR business across all client segments and by Health insurance, thanks to robust project-based sales, with new signings and the start of projects won in 2024. On the other hand, business with pharmacists in France was a drag on growth.

    International businesses posted reported revenues down 30.3% owing to the deconsolidation of INPS in the UK from December 10, 2024, following its voluntary placement in administration. Like-for-like revenues fell 3.2%. The decline was again due to the UK: the Pharmacy First program in H1 2024 created a challenging comparison for pharmacy activities and a client of Activus, a UK subsidiary selling software for health and provident insurance for expats, went out of business. Even so, both businesses have clear prospects that will reverse the downward trend in the months ahead. Other international activities had a positive quarter—particularly in Spain—and remain on track.

    Flow First half Change H1 2025 / 2024
    in millions of euros 2025 2024 Reported Like for like(2)
    e-business 32.1 30.0 7.1% 7.0%
    Third-party payer 21.3 19.5 8.8% 8.8%
    Flow 53.4 49.5 7.8% 7.7%

    First-half growth in e-business, e-invoicing, and digitized data exchanges was 7.1% as reported and 7.0% like for like. Both of the division’s two main business lines contributed: “Invoicing & Procurement” (France and UK) and “Healthcare Flows” (notably in pharmaceutical supply chain security for hospitals).

    The Third-party payer business experienced 8.8% growth in H1. It was boosted by strong growth in demand for its fraud and long-term illness detection offerings, a trend that began in the second half of 2024 and continued in H1 2025 with the signing of a fourteenth client.

    • Data & Marketing
    Data & Marketing First half Change H1 2025 / 2024
    in millions of euros 2025 2024 Reported Like for like(1)
    Data 28.7 28.0 2.5% 2.3%
    Marketing 34.7 31.3 10.8% 10.8%
    Data & Marketing 63.4 59.3 6.9% 6.8%

    Data businesses were up 2.5% in the first half on the back of a strong performance in France, which offset a mixed showing abroad.

    The Marketing segment posted robust H1 growth of 10.8% owing to strong sales after new client wins and brisk business with existing clients.

    BPO First half Change H1 2025 / 2024
    in millions of euros 2025 2024 Reported Like for like(1)
    Insurance BPO 31.2 28.7 8.8% 8.8%
    Business Services BPO 12.0 11.2 6.4% 6.4%
    BPO 43.2 39.9 8.1% 8.1%

    The Insurance BPO business grew by 8.8% over the first half, chiefly owing to its overflow business, which has been flourishing because it serves a critical need for clients.

    Business Services BPO (HR and digitalization) reported growth of 6.4% in the first half, again on the back of a popular compliance offering, which is winning new clients.

    • Cloud & Support
    Cloud & Support First half Change H1 2025 / 2024
    in millions of euros 2025 2024 Reported Like for like(1)
    Cloud & Support 18.2 18.1 0.3% 0.3%

    Cloud & Support division revenues grew 0.3% in the first half. The non-renewal of a significant outsourcing contract in the second quarter was a drag on growth and obscured the fact that an expanded range of products backed by Cegedim’s sovereign cloud has been very successful.

    Highlights

    • SBTi validates Cegedim’s decarbonization targets

    The Science Based Targets initiative (SBTi) officially validated Cegedim Group’s greenhouse gas emission reduction targets on June 12, 2025. SBTi is the global standard for measuring companies’ carbon footprints and certifying their stated action plans for reducing emissions in line with the ambitious goals of the Paris Climate Agreement. Cegedim is now part of the select group of about 8,000 companies whose plans have been validated. This major step reflects the strong commitment of Cegedim’s senior management, also mobilizing all subsidiaries, to the sustainable development of the Group’s activities.

    • Switch to Euronext Growth

    At its meeting on June 13, 2025, the Board of Directors decided to move forward with the resolution approved that same day by the general shareholders’ meeting to transfer Cegedim’s shares to the Euronext Growth stock exchange. The Group is currently completing formalities so it can make the switch in early September 2025. The Group discussed the rationale for the move and its impacts in a press release dated June 13, 2025.

    • Conversion of the credit facility into a sustainability-linked loan

    On June 16, 2025, the Group negotiated an addendum with all of the parties to its loan agreement to add performance clauses related to 2030 ESG commitments, making this a sustainability-linked loan. By adhering to the annual Scopes 1 & 2 and Scope 3 decarbonization trajectory validated by SBTi, and by making progress on gender equality in senior management, the Group will be able to lower interest rate by up to 0.05 percentage points for the bank portion and by 0.10 to 0.40 percentage points for the non-bank portion. Conversely, failure to respect those commitments will increase the interest rate by a commensurate amount. The first milestone for applying this arrangement will be the 2025 ESG performance as reported in 2026.

    Significant transactions and events post June 30, 2025

    • Workforce restructuring at the pharmacy business

    The Group has decided to restructure the workforce at its pharmacy management software business in France, which will result in making around 100 positions redundant. By rethinking its organization and reconfiguring to align with market trends and client needs, the company hopes to return to a level of performance that ensures a solid foundation for its employees and allows it to innovate for its clients.
    After the semester close, the Group received approval from France’s regional labor and economics agency, DRIEETS, for the collective agreement it negotiated in the second quarter of 2025 with employee representatives. The Group is now determining what level of provision will be earmarked in the H1 2025 financial statements.

    To the best of the company’s knowledge, apart from the impact of the above items, there were no post-closing events or changes after June 30, 2025, that would materially alter the Group’s financial situation.

    Outlook

    Based on the currently available information, the Group expects 2025 like-for-like revenue(3) growth to be in the range of 2-4% relative to 2024. Recurring operating income should continue to improve, following a similar trajectory as in 2024.

    These targets are not forecasts and may need to be revised if there is a significant worsening of geopolitical, macroeconomic, or currency risks.

    ——————-

    WEBCAST ON JULY 24, 2025, AT 6:15 PM (PARIS TIME)
    The webcast is available at: www.cegedim.fr/webcast
    The H1 2025 revenues presentation is available here:
    https://www.cegedim.fr/documentation/Pages/presentation.aspx

    Financial calendar

    2025 September 25 after the close

    September 26 at 10:00 am

    October 23 after the close

    		 H1 2025 Earnings

    SFAF meeting

    Q3 2025 revenues

    Financial calendar: https://www.cegedim.fr/finance/agenda/Pages/default.aspx

    Disclaimer
    This press release is available in French and in English. In the event of any difference between the two versions, the original French version takes precedence. This press release may contain inside information. It was sent to Cegedim’s authorized distributor on July 24, 2025, no earlier than 5:45 pm Paris time.
    The figures cited in this press release include guidance on Cegedim’s future financial performance targets. This forward-looking information is based on the opinions and assumptions of the Group’s senior management at the time this press release is issued and naturally entails risks and uncertainty. For more information on the risks facing Cegedim, please refer to Chapter 7, “Risk management”, section 7.2, “Risk factors and insurance”, and Chapter 3, “Overview of the financial year”, section 3.6, “Outlook”, of the 2024 Universal Registration Document filled with the AMF on April 7, 2025, under number D.24-0233.

    About Cegedim:
    Founded in 1969, Cegedim is an innovative technology and services group in the field of digital data flow management for healthcare ecosystems and B2B, and a business software publisher for healthcare and insurance professionals. Cegedim employs nearly
    6,700 people in more than 10 countries and generated revenue of over €654 million in 2024.
    Cegedim SA is listed in Paris (EURONEXT: CGM).
    To learn more please visit: www.cegedim.fr
    And follow Cegedim on X: @CegedimGroup, LinkedIn, and Facebook.

    Aude Balleydier
    Cegedim
    Media Relations
    and Communications Manager

    Tel.: +33 (0)1 49 09 68 81
    aude.balleydier@cegedim.fr

    		 Damien Buffet
    Cegedim
    Head of Financial
    Communication

    Tel.: +33 (0)7 64 63 55 73
    damien.buffet@cegedim.com

    		 Céline Pardo
    Becoming RP Agency
    Media Relations Consultant

    Tel.:        +33 (0)6 52 08 13 66
    cegedim@becoming-group.com

    		  

    ____________________________________________________________________________________________________________________________________________________

    Annexes

    Breakdown of revenue by quarter and division

    in millions of euros   Q1 Q2 Q3 Q4 Total
    Software & Services   72.4 72.0     144.4
    Flow   27.6 25.8     53.4
    Data & Marketing   29.9 33.5     63.4
    BPO   21.1 22.1     43.2
    Cloud & Support   10.3 7.8     18.2
    Consolidated Group revenue   161.3 161.2     322.5
    in millions of euros   Q1 Q2 Q3 Q4 Total
    Software & Services   74.4 77.8 75.6 80.1 307.8
    Flow   25.4 24.2 23.7 27.0 100.3
    Data & Marketing   27.0 32.3 28.2 38.4 125.9
    BPO   20.2 19.7 21.6 21.2 82.7
    Cloud & Support   9.0 9.1 7.7 12.0 37.8
    Consolidated Group revenue   155.9 163.1 156.8 178.7 654.5

    Revenue breakdown by geographic zone, currency, and division at June 30, 2025

    as a % of consolidated revenues   Geographic zone   Currency
      France EMEA
    ex. France    		 Americas   Euro GBP Other
    Software & Services   87.2% 12.7% 0.1%   91.0% 7.0% 2.0%
    Flow   91.7% 8.3% 0.0%   94.2% 5.8% 0.0%
    Data & Marketing   97.7% 2.3% 0.0%   98.2% 0.0% 1.8%
    BPO   100.0% 0.0% 0.0%   100.0% 0.0% 0.0%
    Cloud & Support   97.2% 2.8% 0.0%   97.2% 0.0% 2.8%
    Cegedim   92.3% 7.6% 0.1%   94.5% 4.1% 1.4%

    (1)   At constant scope and exchange rates.

    (2)   The positive currency impact of 0.1% was mainly due to the pound sterling. The negative scope effect of 1.8% was attributable to the deconsolidation of INPS as of December 10, 2024, which the consolidation of Visiodent starting March 1, 2024, only partly offset.
    (2)At constant scope and exchange rates.

    (3)At constant scope and exchange rates.

    Attachment

    The MIL Network –

  • MIL-OSI Africa: Who Will Bury You? Short stories from Zimbabwe about women who refuse to be easily defined

    Source: The Conversation – Africa – By Gibson Ncube, Senior Lecturer, Stellenbosch University

    Zimbabwe-born, Canada-based Chido Muchemwa’s debut short story collection, Who Will Bury You?, was published late in 2024 and immediately attracted the right kind of attention.

    Here was an unexpected range of themes: queer identity, dislocation in the diaspora, the lingering complexities of family and cultural belonging. The 12 stories, set between Zimbabwe and Canada, trace moments of rupture and reconnection across time and geography. And they’re mostly about women. Women, selfhood, loss and love.

    Gibson Ncube, who researches queer African fiction, unpacks why it’s such a good read.

    What are some of the stories about?

    The recurring questions in Who Will Bury You? are: who will remain when we are gone – who will understand us, who will grieve for us, and who will honour the truths we live by? These questions are animated through emotionally layered stories that centre the lives of Zimbabwean women and queer characters.

    Written with subtlety and care, some of the stories draw on Zimbabwean folklore, allowing Muchemwa to bridge the mythical and the present-day. She demonstrates how ancestral narratives continue to shape how people experience love, loss and belonging.

    House of Anansi Press

    The title story introduces a Zimbabwean “church going woman” and her daughter, who is living in Canada and has embraced a lesbian identity. In Zimbabwe, same-sex relationships remain criminalised under laws inherited from colonial rule and reinforced by state-sponsored homophobia. Political leaders often frame queerness as un-African or morally deviant.

    The story is told through alternating perspectives and offers a portrait of intergenerational estrangement, cultural friction, and love strained by silence. What one of the characters calls “things that might never feel sayable”. The theme of queerness recurs in several other stories like This Will Break My Mother’s Heart and If It Wasn’t for the Nights.

    Muchemwa allows these stories to gather meaning through multiple vantage points. She seems to resist resolution in favour of complexity. The collection is a significant contribution to the small but growing body of Zimbabwean literature that openly addresses queerness.

    What’s Muchemwa saying about queer African life?

    One of Muchemwa’s most powerful acts in the book is to treat queer life not as peripheral, but as central to the cultural, emotional and political worlds her characters inhabit. Queer desire, intimacy and estrangement are not exceptional disruptions. They are ordinary realities that are woven into everyday life. In these stories, queerness is at once a site of tenderness, conflict and hope. The effects of religion and colonial morality continue to shape how love is expressed and denied.

    Read more: 7 queer African works of art: new directions in books, films and fashion

    The stories challenge the erasure of queer voices by positioning them at the heart of families and communities. Queer characters are neither idealised nor victimised. They are allowed to simply be joyful, ambivalent, flawed, and resilient.

    Aside from identity, what are some of the other themes?

    The book also grapples with questions of memory, history and myth. In Finding Mermaids, Muchemwa blends contemporary reportage with folklore. A journalist and her grieving mother investigate the disappearance of young girls in a rural Zimbabwean town who are suspected to have been captured by njuzu, water spirits.

    Other stories, like Kariba Heights and The Captive River, explore the legacies of colonialism and the spiritual power of the Zambezi River. In these stories, Muchemwa is attentive to how land, history and belief have an impact on personal experiences.

    Living away from home, in the diaspora, is also a theme. Zimbabwe’s collapsing economy and ongoing political instability have driven many to seek better lives abroad, looking for jobs or educational opportunities.

    Characters in Toronto grapple with cultural dislocation. They long for home as they tackle the challenges of forging new forms of kinship abroad. The Toronto that Muchemwa renders is richly textured. It’s far from a generic western backdrop. It is portrayed as a space of possibility and tension in which characters remake themselves in the face of displacement.

    Why is it a special book to you as a scholar?

    Muchemwa’s prose is precise, controlled, and emotionally resonant. She writes with confidence, trusting the power of implication and delicate shifts in tone. The plots of the stories are simple. They are not driven by dramatic revelations. Rather, by accumulative emotional insight. Her characters often seem to border on the edge of decision or reconciliation. In fact, their silences are as revealing as their speech.

    Throughout the collection, there’s a sense of hushed intensity. The question of who will be there – at the end, in crisis, in love – lingers and ties the stories together. Even as her characters move between countries, generations and identities, they remain tied by their desire for recognition and care.

    Read more: Books: folklore and fantasy combine in Langabi, a supernatural historical epic from Zimbabwe

    Muchemwa’s debut contributes to a growing body of contemporary African writing that focuses on intimacy, friendship and queerness as legitimate and urgent narrative concerns. Who Will Bury You? offers a fresh take that avoids the clichés and stereotypes often associated with African literature – what Nigerian writer Chimamanda Ngozi Adichie has famously called the single story.

    Rather than dwelling on recurrent tropes of suffering or political crisis, Muchemwa’s stories place a spotlight on private lives and emotional entanglements. They compel us to be attentive to the quiet yet consequential turmoil that takes place within families and intimate relationships.

    The collection does not avoid the cultural and religious violences that have an impact on everyday life. But Muchemwa faces them through the perspective of those who survive, and remake, these constraints on their own terms.

    Who Will Bury You? is a carefully crafted collection that demands close attention. It’s a book about women who refuse to be easily defined. With this collection, Muchemwa asserts herself as a compelling new voice in Zimbabwean and African literature. Her debut represents new African storytelling which continues to expand the narratives of African writers. It dares to centre the personal, the queer, and the emotionally complex.

    – Who Will Bury You? Short stories from Zimbabwe about women who refuse to be easily defined
    – https://theconversation.com/who-will-bury-you-short-stories-from-zimbabwe-about-women-who-refuse-to-be-easily-defined-261291

    MIL OSI Africa –

  • MIL-OSI USA: ICYMI: Gov. Hochul’s Op-Ed in the USA Today Network

    Source: US State of New York

    oday, the USA Today Network published an op-ed by Governor Kathy Hochul outlining her commitment to securing New York’s clean energy future, including her bold new directive to the New York Power Authority to take the next step towards building an advanced nuclear power plant in Upstate New York. From leading the nation in community solar to delivering major offshore wind projects, Governor Hochul lays out her vision for an energy strategy to power the next generation of jobs, technology, and economic growth and explains why advanced nuclear must be part of that future. Text of the op-ed can be viewed online and is available below:

    Affordability starts with energy.

    Whether it’s powering a home, a business, or a factory floor, reliable and reasonably priced electricity makes New York’s high quality of life possible. That’s why I’ve made it a cornerstone of our strategy to grow jobs, attract investment, and give families a reason to stay and build their lives here.

    It’s why I’ve worked to attract transformational economic development projects, like Micron’s $100 billion semiconductor campus outside of Syracuse and our nation-leading effort to create the country’s largest super computer dedicated to responsible AI in Buffalo. These investments bring jobs, opportunity, and long-overdue momentum to upstate communities.

    I grew up in Western New York. I remember when the region thrived — when energy from the Niagara River powered steel plants, car factories, and a middle class strong enough to support entire towns. In 1961, President John F. Kennedy stood at the opening of the Niagara hydropower plant and called it “an example to the world of North American efficiency and determination.”

    But when the economic tides shifted and innovation stalled, upstate cities were left behind. What followed was decades of disinvestment and job loss.

    Now, New York has a chance to reverse that trend — but we need to ensure we have the sufficient power to do it. I believe our state can lead the next energy revolution and, in doing so, bring a new era of prosperity to the regions that once powered America.

    NYPA must embrace advance nuclear power upstate

    That’s why I recently directed the New York Power Authority to take the next step in building an advanced nuclear power plant upstate. It’s a bold move, but one grounded in reality. If we want to power the economy of the future, we need a clean, reliable, around-the-clock source of electricity. Advanced nuclear power can deliver that.

    New York is already a national leader in renewable energy. We’ve topped the charts two years running as the number one community solar market in the country and beat our 2025 distributed solar goal a year ahead of schedule. We built South Fork Wind, the nation’s first utility-scale offshore wind farm, and put two more major projects — Sunrise Wind and Empire Wind — back on track after I raised their importance directly with the White House.

    These aren’t just policy wins. They represent real jobs, clean power, and progress.

    But solar only works when the sun shines, and wind turbines only spin when the weather is right. The industries of tomorrow need a fully dependable electric grid. They need certainty, which means renewables and clean baseload.

    The next chapter of New York’s economy depends on our ability to power it. Without enough clean and affordable energy, we won’t be able to support the jobs, homes and innovations we’re fighting to bring here.

    Imagine this: Microchips manufactured outside Syracuse are shipped to the University at Buffalo, where they power AI research. Those breakthroughs spark new startups in Rochester, create supply chain opportunities in Binghamton, and support robotics labs in Schenectady. That’s the future we want for upstate New York — one where our communities are connected, our workforce is empowered and our economy is firing on all cylinders.

    But that vision doesn’t run on hope. It runs on electricity, and a lot of it.

    That’s why I’ve committed to an all-of-the-above energy strategy. In just the last five years, we’ve built more than two gigawatts of renewable energy, making New York’s electric grid the second cleanest per capita in the country. But we can’t stop there.

    Advanced nuclear power can fuel New York’s future

    Advanced nuclear power offers baseload electricity without burning fossil fuels. One gigawatt can power one million homes. It’s reliable, carbon-free, and scalable. And it’s not untested — New York already has three nuclear plants that have operated safely and efficiently for decades. These next-generation reactors will be even more advanced and secure.

    I understand concerns about cost. Some projects, like the plant in Georgia, came in late and over budget. We are learning from those experiences, applying best practices and ensuring tight oversight. We can show the country that New York still knows how to build with ambition, discipline and results.

    We’re not just imagining the future. We’re constructing it. When we pair New York’s world-class workforce with forward-looking energy investments, we unlock a new era of innovation and inclusive economic growth.

    Energy helped write the story of the Rust Belt’s rise and fall. Now, it can power the comeback. Let’s seize that opportunity — and build the future that every New Yorker deserves.

    Kathy Hochul is Governor of New York.

    MIL OSI USA News –

  • PM Modi, UK PM meet industry leaders following India-UK trade pact

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi and UK Prime Minister Keir Starmer met top business leaders from India and the United Kingdom on Thursday, following the signing of the historic India-UK Comprehensive Economic and Trade Agreement (CETA).

    Captains of industry from diverse sectors such as healthcare, pharmaceuticals, gems and jewellery, automobiles, energy, manufacturing, telecom, technology, IT, logistics, textiles, and financial services participated in the meeting. These sectors play a vital role in job creation and inclusive economic development across both countries.

    During the interaction, the two leaders acknowledged the growing momentum in bilateral trade and investment relations in recent years. They urged businesses to fully utilise the opportunities arising from the new trade pact, which is expected to significantly boost economic cooperation, investment flows, and innovation exchange.

    Both leaders reaffirmed their shared commitment to advancing economic growth through stronger bilateral collaboration. They observed that the CETA would not only strengthen business confidence in both economies but also contribute to the broader global economic landscape.

    As part of the engagement, Prime Minister Modi and Prime Minister Starmer visited a special showcase displaying flagship products and technological innovations from both countries. The exhibition featured high-quality consumer goods, gems and jewellery, engineering products, and advanced tech solutions, reflecting the dynamic capabilities of Indian and UK industries.

    Business leaders from both sides welcomed the agreement and voiced optimism about its impact. They said the CETA would usher in a new era in the India-UK Comprehensive Strategic Partnership, with enhanced cooperation not only in trade and economic sectors but also in emerging fields such as education, innovation, research, and healthcare.

  • MIL-OSI: Standard Premium Delivers Strong Q2 Performance Highlighting Enhanced Efficiency and Company Growth

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, July 24, 2025 (GLOBE NEWSWIRE) — Standard Premium Finance Holdings, Inc. (“Standard Premium”) (OTCQX: SPFX), a leading specialty finance company, announces strong preliminary financial and operational results for the second quarter and first half of 2025, highlighting growth in the Company’s loan portfolio, stable originations, improved funding costs and continued return-on-equity growth.

    As of June 30, 2025, the Company’s loan portfolio exceeded $70 million, representing a 9.7% increase since December 2024. For Q2, Standard Premium reported $3.1 million in revenue, income before taxes of $345,000 and return-on-equity of 15%. Basic and diluted earnings per share were $0.08 and $0.06, respectively.

    “Our performance reflects a strong focus on long-term value creation and capital-efficient growth,” says William Koppelmann, CEO, Standard Premium. “As we continue to expand our national footprint and build on our operating strengths, we look ahead to the second half of the year as an opportunity to deepen our market presence, strengthen our customer relations and drive sustained performance for our shareholders.”

    Year-to-date (YTD), the Company has generated $6 million in revenue and $783,500 in income before taxes. Basic earnings per share for the first half of 2025 reached $0.18, with diluted EPS of $0.14. YTD return on equity climbed to 18%, supported by stable originations, disciplined cost control and improved funding efficiency.

    “We remain focused on sustainable, margin-conscious growth,” adds Brian Krogol, CFO, Standard Premium. “Improved cost of funds and careful expense management have positioned us to continue delivering value across market cycles.”

    About Standard Premium Finance Holdings, Inc. 

    Standard Premium Finance Holdings, Inc. (OTCQX: SPFX), is a specialty finance company which has financed premiums on over $2 Billion of property and casualty insurance policies since 1991. We currently operate in 38 states and are seeking M&A opportunities of synergistic businesses to leverage economies of scale. https://www.standardpremium.com/ 

    Cautionary Statement Regarding Forward-Looking Statements
    This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 and within the meaning of Section 27a of the Securities Act of 1933, as amended, and Section 21e of the Securities Exchange Act of 1934, as amended with regard to our anticipated earnings, future growth and outlook. Our actual results may differ from expectations presented or implied herein and, consequently, you should not rely on these forward-looking statements as predictions of future events. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations or any change in events, conditions or results.

    Additional information concerning risk factors relating to our business is contained in Item 1A Risk Factors of our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 10, 2025, which is available on the SEC’s website at www.sec.gov or on the Investor Relations section of our website, standardpremium.com.
      
    Media:
    Nicholas Turchiano
    CPR Marketing
    nturchiano@cpronline.com  
    201-641-1911×35

    The MIL Network –

  • MIL-OSI: U.S. Recession Not in Sight, Fed Rate Cuts Likely in 2025 Second Half

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, July 24, 2025 (GLOBE NEWSWIRE) — Despite a turbulent first half of the year, Payden & Rygel’s economics team remains cautiously optimistic on the U.S. economy. In their newly released Mid-Year Macro Outlook, the firm projects continued growth, moderating inflation, and a Federal Reserve likely to resume interest rate cuts before year-end.

    Markets reeled earlier this year following an unexpected round of tariffs in April and rising fears of a recession. But with inflation cooling and job growth holding up, Payden sees room for a softer landing than many headlines suggest.

    “Markets overreacted to the April tariff shock, but we believe the data still supports rate cuts and steady growth,” said Jeffrey Cleveland, Chief Economist at Payden & Rygel. “If inflation continues to cool—or unemployment rises modestly—we expect the Fed to act.”

    Key Insights for the Second Half of 2025:

    • Inflation Can Still Moderate: Core Personal Consumption Expenditures (PCE) inflation has slowed meaningfully. Even with tariff risks, disinflation remains on track.
    • No Recession, No Re-acceleration: Payden expects sub-trend GDP growth but sees both recession and re-acceleration risks as overstated.
    • Labor Market Easing, Not Collapsing: Downside risks to job growth will outweigh the upside pressure from the shrinking labor force, leading to a gradual rise in the unemployment rate.
    • Cuts Are Still on The Table: Payden forecasts up to 75 basis points in cuts by year-end—more than current market pricing.
    • Rates Lower Across the Curve: Fiscal concerns are already priced in. With inflation moderating and the Fed cutting, 10-year yields can still decline.
    • Dollar Weakness Likely, But the Trade Is Crowded: The greenback may remain soft with the Fed leading rate cuts, though Payden warns the short-dollar trade is crowded.

    The report also grades Payden’s original 2025 forecast, issued in December 2024, and offers a measured update considering the year’s volatility.

    “Moderating inflation with continued growth is a scenario underpriced in markets and underappreciated among policymakers,” the report concludes.

    You can read the report in its entirety here.

    ABOUT PAYDEN & RYGEL

    With $160 billion under management, Payden & Rygel is one of the largest privately-owned global investment advisers focused on the active management of fixed income and equity portfolios. Payden & Rygel provides a full range of investment strategies and solutions to investors around the globe, including Central Banks, Pension Funds, London, and Milan. Visit www.payden.com for more information about Payden’s investment offerings, including US mutual funds and Irish-domiciled funds (subject to investor eligibility).

    This material reflects the firm’s current opinion and is subject to change without notice. Sources for the material contained herein are deemed reliable but cannot be guaranteed. This material is for illustrative purposes only and does not constitute investment advice or an offer to sell or buy any security. Past performance is no guarantee of future results.

    For press requests, please contact:
    Kate Ennis
    ennis@daipartnerspr.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/149e5670-d3fe-48a1-a541-060ad6192439

    This press release was published by a CLEAR® Verified individual.

    The MIL Network –

  • MIL-OSI: NorthEast Community Bancorp, Inc. Reports Results for the Three and Six Months Ended June 30, 2025

    Source: GlobeNewswire (MIL-OSI)

    WHITE PLAINS, N.Y., July 24, 2025 (GLOBE NEWSWIRE) — NorthEast Community Bancorp, Inc. (Nasdaq: NECB) (the “Company”), the parent holding company of NorthEast Community Bank (the “Bank”), reported net income of $11.2 million, or $0.85 per basic share and $0.82 per diluted share, for the three months ended June 30, 2025 compared to net income of $12.8 million, or $0.98 per basic share and $0.97 per diluted share, for the three months ended June 30, 2024. In addition, the Company reported net income of $21.7 million, or $1.65 per basic share and $1.60 per diluted share, for the six months ended June 30, 2025 compared to net income of $24.2 million, or $1.84 per basic share and $1.83 per diluted share, for the six months ended June 30, 2024.

    Kenneth A. Martinek, Chairman of the Board and Chief Executive Officer, stated “We are once again pleased to be able to report continued strong performance throughout our entire loan portfolio, with continuing focus on construction lending in high demand, high absorption sub-markets, as well as our growing cooperative building lending program throughout Manhattan, Brooklyn, the Bronx, and Queens. Despite the uncertainty throughout the national economy during the first half of the year, loan demand continues to increase with outstanding unfunded commitments exceeding $636 million at June 30, 2025.”

    Highlights for the three months and six months ended June 30, 2025 are as follows:

    • Performance metrics continue to be strong with a return on average total assets ratio of 2.27%, a return on average shareholders’ equity ratio of 13.37%, and an efficiency ratio of 40.52% for the three months ended June 30, 2025. For the six months ended June 30, 2025, the Company reported a return on average total assets ratio of 2.20%, a return on average shareholders’ equity ratio of 13.18%, and an efficiency ratio of 41.08%.
    • Asset quality metrics continue to remain strong with no non-performing loans at either June 30, 2025 or December 31, 2024, and non-performing assets to total assets of 0.04% and 0.25% at June 30, 2025 and at December 31, 2024, respectively. Our allowance for credit losses related to loans totaled $4.7 million, or 0.26% of total loans at June 30, 2025 compared to $4.8 million, or 0.27% of total loans at December 31, 2024.
    • Total stockholders’ equity increased by $18.3 million, or 5.8%, to $336.7 million, or 17.06% of total assets as of June 30, 2025 from $318.3 million, or 15.84% of total assets as of December 31, 2024.

    Balance Sheet Summary

    Total assets decreased $35.7 million, or 1.8%, to $2.0 billion at June 30, 2025, from $2.0 billion at December 31, 2024. The decrease in assets was primarily due to decreases in cash and cash equivalents of $18.9 million, net loans of $14.9 million, and real estate owned of $4.4 million, partially offset by an increase of $3.4 million in equity securities.

    Cash and cash equivalents decreased $18.9 million, or 24.1%, to $59.4 million at June 30, 2025 from $78.3 million at December 31, 2024. The decrease in cash and cash equivalents was a result of a decrease in deposits of $191.2 million, partially offset by increases of $135.0 million in borrowings, decreases of $14.9 million in net loans, and increases of $3.4 million in equity securities.

    Equity securities increased $3.4 million, or 15.2%, to $25.3 million at June 30, 2025 from $22.0 million at December 31, 2024. The increase in equity securities was attributable to the purchase of $3.0 million in equity securities during the six months ended June 30, 2025 and market appreciation of $351,000 due to market interest rate volatility during the six months ended June 30, 2025.

    Securities held-to-maturity decreased $218,000, or 1.5%, to $14.4 million at June 30, 2025 from $14.6 million at December 31, 2024 due to $128,000 in maturities and pay-downs of various investment securities.

    Loans, net of the allowance for credit losses, decreased $14.9 million, or 0.8%, to $1.8 billion at June 30, 2025 from $1.8 billion at December 31, 2024.   The decrease in loans consisted of decreases of $102.7 million in construction loans, $1.6 million in consumer loans, $482,000 in mixed-use loans, $475,000 in non-residential loans, and $74,000 in one-to-four family loans. The decrease in our construction loan portfolio was due to normal pay-downs and principal reductions as construction projects were completed and either condominium units were sold to end buyers or multi-family rental buildings were refinanced by other financial institutions. The decrease in construction loans was offset by increases of $85.9 million in multi-family loans of which $43.2 million is attributed to residential cooperative building loans and $4.3 million in commercial and industrial loans.

    During the six months ended June 30, 2025, we originated loans totaling $462.7 million consisting primarily of $338.8 million in construction loans, $95.4 million in multi-family loans of which $32.9 million is attributed to residential cooperative building loans, $27.8 million in commercial and industrial loans, and $730,000 in mixed-use loans. The $338.8 million in construction loans had 41.6% disbursed at loan closing, with the remaining funds to be disbursed over the terms of the construction loans.

    The allowance for credit losses related to loans decreased to $4.7 million as of June 30, 2025, from $4.8 million as of December 31, 2024. The decrease in the allowance for credit losses related to loans was due to charge-offs totaling $602,000, offset by recoveries totaling $434,000 and provision for credit losses totaling $62,000.  

    Premises and equipment increased $536,000, or 2.2%, to $25.3 million at June 30, 2025 from $24.8 million at December 31, 2024 primarily due to the purchases of additional fixed assets.

    Federal Home Loan Bank stock increased $688,000, or 173.3%, to $1.1 million at June 30, 2025 from $397,000 at December 31, 2024 primarily due to an increase in borrowings from the Federal Home Loan Bank.

    Bank owned life insurance (“BOLI”) increased $336,000, or 1.3%, to $26.1 million at June 30, 2025 from $25.7 million at December 31, 2024 due to increases in the BOLI cash value.

    Accrued interest receivable decreased $1.4 million, or 10.1%, to $12.1 million at June 30, 2025 from $13.5 million at December 31, 2024 due to a decrease of $14.9 million in the loan portfolio.

    Real estate owned decreased $4.4 million, or 85.0%, to $767,000 at June 30, 2025 from $5.1 million at December 31, 2024 due to the sale of a foreclosed property to an independent third party.

    Property held for investment was $1.4 million at both June 30, 2025 and December 31, 2024.

    Right of use assets — operating increased $382,000, or 9.6%, to $4.4 million at June 30, 2025 from $4.0 million at December 31, 2024, primarily due to the physical expansion of a branch office and the resulting revision to the operating lease, partially offset by the amortization of the right of use assets.

    Other assets decreased $1.2 million, or 10.5%, to $10.4 million at June 30, 2025 from $11.6 million at December 31, 2024 due to decreases of $1.2 million in tax assets and $118,000 in prepaid expenses, partially offset by an increase of $116,000 in suspense accounts.

    Total deposits decreased $191.2 million, or 11.5%, to $1.5 billion at June 30, 2025 from $1.7 billion at December 31, 2024. The decrease in deposits was primarily due to a decrease in certificates of deposit of $251.5 million, or 25.1%, partially offset by increases in NOW/money market accounts of $56.4 million, or 23.2%, savings account balances of $3.3 million, or 2.4%, and non-interest bearing deposits of $2.2 million, or 0.8%.   The decrease of $251.5 million in certificates of deposit consisted of a decrease in retail certificates of deposit of $134.2 million, or 26.2%, and a decrease in brokered certificates of deposit of $129.1 million, or 29.7%, partially offset by an increase in non-brokered listing services certificates of deposit of $11.7 million, or 35.0%.

    The decrease in retail certificates of deposit was due to a shift in deposits to our retail high yield money market accounts. The decrease in brokered certificates of deposit was due to management’s strategy to reduce the cost of funds by “calling” higher rate brokered deposits on their call dates.

    Advance payments by borrowers for taxes and insurance increased $804,000, or 49.7%, to $2.4 million at June 30, 2025 from $1.6 million at December 31, 2024 due primarily to accumulation of real estate tax payments from borrowers.

    Borrowings increased to $135.0 million at June 30, 2025 from none at December 31, 2024 due primarily to management’s strategy to diversify funding sources.

    Lease liability – operating increased $389,000, or 9.5%, to $4.5 million at June 30, 2025 from $4.1 million at December 31, 2024, primarily due to the physical expansion of a branch office and the resulting revision to the operating lease, partially offset by the amortization of the lease liability.

    Accounts payable and accrued expenses increased $970,000, or 6.7%, to $15.5 million at June 30, 2025 from $14.5 million at December 31, 2024 due primarily to increases in accrued borrowing interest expense of $905,000, accounts payable of $666,000, deferred compensation of $312,000, suspense accounts for loan closings of $269,000, and the allowance for credit losses for off-balance sheet commitments of $175,000, partially offset by a decrease in accrued expense of $1.4 million.

    The allowance for credit losses for off-balance sheet commitments increased $175,000, or 24.9%, to $879,000 at June 30, 2025 from $704,000 at December 31, 2024 due primarily to an increase of $74.5 million, or 13.3%, in off-balance sheet commitments since December 31, 2024.

    Stockholders’ equity increased $18.3 million, or 5.8% to $336.7 million at June 30, 2025, from $318.3 million at December 31, 2024. The increase in stockholders’ equity was due to net income of $21.7 million for the six months ended June 30, 2025, an increase of $638,000 in earned employee stock ownership plan shares coupled with a reduction of $435,000 in unearned employee stock ownership plan shares, and the amortization expense of $894,000 relating to restricted stock and stock options granted under the Company’s 2022 Equity Incentive Plan, partially offset by dividends declared of $5.4 million and $4,000 in other comprehensive loss.

    Results of Operations for the Three Months Ended June 30, 2025 and 2024

    Net Interest Income

    Net interest income was $25.1 million for the three months ended June 30, 2025, as compared to $26.2 million for the three months ended June 30, 2024. The decrease in net interest income of $1.1 million, or 4.4%, was primarily due to a decrease in interest income that exceeded a decrease in interest expense and a decrease in the yield on interest earning assets, partially offset by a smaller decrease in the cost of funds for interest bearing liabilities.

    Total interest and dividend income decreased $2.2 million, or 5.5%, to $38.0 million for the three months ended June 30, 2025 from $40.2 million for the three months ended June 30, 2024. The decrease in interest and dividend income was due to a decrease in the yield on interest earning assets by 78 basis points from 8.89% for the three months ended June 30, 2024 to 8.11% for the three months ended June 30, 2025, partially offset by an increase in the average balance of interest earning assets of $64.9 million, or 3.6%, to $1.9 billion for the three months ended June 30, 2025 from $1.8 billion for the three months ended June 30, 2024.

    Interest expense decreased $1.1 million, or 7.5%, to $13.0 million for the three months ended June 30, 2025 from $14.0 million for the three months ended June 30, 2024. The decrease in interest expense was due to a decrease in the cost of interest bearing liabilities by 45 basis points from 4.33% for the three months ended June 30, 2024 to 3.88% for the three months ended June 30, 2025, partially offset by an increase in average interest bearing liabilities of  $41.9 million, or 3.2%, to $1.3 billion for the three months ended June 30, 2025 from $1.3 billion for the three months ended June 30, 2024.

    Our net interest margin decreased 44 basis points, or 7.6%, to 5.35% for the three months ended June 30, 2025 compared to 5.79% for the three months ended June 30, 2024. The decrease in the net interest margin was due to a 100 basis points decrease in the Federal Funds rate from September 2024 to December 2024 that resulted in a decrease in the yield on interest-earning assets, partially offset by a smaller decrease in the cost of funds on interest-bearing liabilities.

    Credit Loss Expense

    The Company recorded no credit loss expense for the three months ended June 30, 2025 compared to a credit loss expense reduction of $226,000 for the three months ended June 30, 2024.

    The credit loss expense reduction of $226,000 for the three months ended June 30, 2024 was comprised of a credit loss expense reduction for off-balance sheet commitments of $218,000 and a credit loss expense reduction for held-to-maturity investment securities of $8,000. The credit loss expense reduction for off-balance sheet commitments of $218,000 for the three months ended June 30, 2024 was primarily attributable to a reduction of $30.4 million in the level of off-balance sheet commitments and favorable trends in the economy.

    With respect to the allowance for credit losses for loans, we charged-off $485,000 during the three months ended June 30, 2025 as compared to charge-offs of $12,000 during the three months ended June 30, 2024. The charge-offs during both periods were against various unpaid overdrafts in our demand deposit accounts.

    We recorded recoveries of $82,000 during the three months ended June 30, 2025 compared to no recoveries during the three months ended June 30, 2024. The recoveries of $82,000 during the three months ended June 30, 2025 comprised of recoveries from a previously charged-off unpaid overdraft on a demand deposit account.

    Non-Interest Income

    Non-interest income for the three months ended June 30, 2025 was $858,000 compared to non-interest income of $731,000 for the three months ended June 30, 2024. The increase of $127,000, or 17.4%, in total non-interest income was primarily due to increases of $71,000 in unrealized gain on equity securities, $48,000 in other loan fees and service charges, and $8,000 in BOLI income.

    The increase in unrealized gain on equity securities was due to an unrealized gain of $51,000 on equity securities during the three months ended June 30, 2025 compared to an unrealized loss of $20,000 on equity securities during the three months ended June 30, 2024. Both the unrealized gain of $51,000 on equity securities during the three months ended June 30, 2025 and the unrealized loss of $20,000 on equity securities during the three months ended June 30, 2024 were due to market interest rate volatility during both periods.

    The increase of $48,000 in other loan fees and service charges was due to an increase of $60,000 in ATM/debit card/ACH fees and an increase of $2,000 in deposit account fees, partially offset by a decrease of $14,000 in other loan fees and loan servicing fees. The increase in BOLI income of $8,000 was due to an increase in the yield on BOLI assets.

    Non-Interest Expense

    Non-interest expense increased $1.0 million, or 10.6%, to $10.5 million for the three months ended June 30, 2025 from $9.5 million for the three months ended June 30, 2024. The increase resulted primarily from increases of $398,000 in salaries and employee benefits, $220,000 in real estate owned expense, $151,000 in outside data processing expense, $111,000 in other operating expense, $69,000 in occupancy expense, $32,000 in equipment expense, and $29,000 in advertising expense.

    Income Taxes

    We recorded income tax expense of $4.3 million and $4.9 million for the three months ended June 30, 2025 and 2024, respectively. For the three months ended June 30, 2025, we had approximately $210,000 in tax exempt income, compared to approximately $199,000 in tax exempt income for the three months ended June 30, 2024. Our effective income tax rates were 27.6% for the three months ended June 30, 2025 and June 30, 2024.  

    Results of Operations for the Six Months Ended June 30, 2025 and 2024

    Net Interest Income

    Net interest income was $49.3 million for the six months ended June 30, 2025 as compared to $51.2 million for the six months ended June 30, 2024. The decrease in net interest income of $1.9 million, or 3.7%, was primarily due to a decrease in interest income that exceeded a decrease in interest expense and a decrease in the yield on interest earning assets, partially offset by a smaller decrease in the cost of funds for interest bearing liabilities.

    Total interest and dividend income decreased $2.1 million, or 2.7%, to $76.2 million for the six months ended June 30, 2025 from $78.4 million for the six months ended June 30, 2024. The decrease in interest and dividend income was due to a decrease in the yield on interest earning assets by 75 basis points from 8.83% for the six months ended June 30, 2024 to 8.08% for the six months ended June 30, 2025, partially offset by an increase in the average balance of interest earning assets of $112.3 million, or 6.3%, to $1.9 billion for the six months ended June 30, 2025 from $1.8 billion for the six months ended June 30, 2024.

    Interest expense decreased $242,000, or 0.9%, to $26.9 million for the six months ended June 30, 2025 from $27.2 million for the six months ended June 30, 2024. The decrease in interest expense was due to a decrease in the cost of interest bearing liabilities by 34 basis points from 4.31% for the six months ended June 30, 2024 to 3.97% for the six months ended June 30, 2025, partially offset by an increase in average interest bearing liabilities of $95.7 million, or 7.6%, to $1.4 billion for the six months ended June 30, 2025 from $1.3 billion for the six months ended June 30, 2024.

    Net interest margin decreased 54 basis points, or 9.4%, to 5.23% for the six months ended June 30, 2025 compared to 5.77% for the six months ended June 30, 2024. The decrease in the net interest margin was due to a 100 basis points decrease in the Federal Funds rate from September 2024 to December 2024 that resulted in a decrease in the yield on interest-earning assets, partially offset by a smaller decrease in the cost of funds on interest-bearing liabilities.

    Credit Loss Expense

    The Company recorded a credit loss expense of $237,000 for the six months ended June 30, 2025 compared to a credit loss expense reduction of $391,000 for the six months ended June 30, 2024. The credit loss expense of $237,000 for the six months ended June 30, 2025 was comprised of credit loss expense for loans of $62,000 and credit loss expense for off-balance sheet commitments of $175,000.

    The credit loss expense for loans of $62,000 for the six months ended June 30, 2025 was primarily due to an increase in the multi-family loan portfolio. The credit loss expense for off-balance sheet commitments of $175,000 for the six months ended June 30, 2025 was primarily due to an increase in unfunded off-balance sheet commitments.

    The credit loss expense reduction of $391,000 for the six months ended June 30, 2024 was comprised of a credit loss expense reduction for off-balance sheet commitments of $235,000, a credit loss expense reduction for loans of $145,000, and a credit loss expense reduction for held-to-maturity investment securities of $11,000. The credit loss expense reduction for off-balance sheet commitments of $235,000 for the six months ended June 30, 2024 was primarily attributed to a reduction of $27.2 million in the level of off-balance sheet commitments and favorable trends in the economy. The credit loss expense reduction for loans of $145,000 for the six months ended June 30, 2024 was primarily attributed to favorable trends in the economy.

    With respect to the allowance for credit losses for loans, we charged-off $602,000 during the six months ended June 30, 2025 as compared to charge-offs of $33,000 during the six months ended June 30, 2024. The charge-offs during both periods were against various unpaid overdrafts in our demand deposit accounts.

    We recorded recoveries of $434,000 during the six months ended June 30, 2025 compared to no recoveries during the six months ended June 30, 2024. The recoveries of $434,000 during the six months ended June 30, 2025 comprised of recoveries of $350,000 with respect to a previously charged-off non-residential mortgage loan and $84,000 from previously charged-off unpaid overdrafts on demand deposit accounts.

    Non-Interest Income

    Non-interest income for the six months ended June 30, 2025 was $2.1 million compared to non-interest income of $1.3 million for the six months ended June 30, 2024. The increase of $808,000, or 62.9%, in total non-interest income was primarily due to increases of $453,000 in unrealized gain on equity securities, $326,000 in other loan fees and service charges, $17,000 in BOLI income, and $12,000 in miscellaneous other non-interest income.

    The increase in unrealized gain on equity securities was due to an unrealized gain of $351,000 on equity securities during the six months ended June 30, 2025 compared to an unrealized loss of $102,000 on equity securities during the six months ended June 30, 2024. Both the unrealized gain of $351,000 on equity securities during the 2025 period and the unrealized loss of $102,000 on equity securities during the 2024 period were due to market interest rate volatility during both periods.

    The increase of $326,000 in other loan fees and service charges was due to increases of $232,000 in other loan fees and loan servicing fees, $91,000 in ATM/debit card/ACH fees, and $3,000 in deposit account fees. The increase in BOLI income of $17,000 was due to an increase in the yield on BOLI assets.

    Non-Interest Expense

    Non-interest expense increased $1.9 million, or 10.2%, to $21.1 million for the six months ended June 30, 2025 from $19.2 million for the six months ended June 30, 2024. The increase resulted primarily from increases of $980,000 in salaries and employee benefits, $332,000 in other operating expense, $251,000 in outside data processing expense, $238,000 in real estate owned expense, $108,000 in occupancy expense, and $43,000 in advertising expense, partially offset by a decrease of $4,000 in equipment expense.

    Income Taxes

    We recorded income tax expense of $8.3 million and $9.5 million for the six months ended June 30, 2025 and 2024, respectively. For the six months ended June 30, 2025, we had approximately $415,000 in tax exempt income, compared to approximately $394,000 in tax exempt income for the six months ended June 30, 2024. Our effective income tax rates were 27.7% and 28.3% for the six months ended June 30, 2025 and 2024, respectively.

    Asset Quality

    Non-performing assets were $767,000 at June 30, 2025 compared to $5.1 million at December 31, 2024.   The non-performing assets consisted of one foreclosed property located in Pittsburgh, Pennsylvania. We sold one foreclosed property totaling $4.3 million located in the Bronx, New York on June 30, 2025 to a third-party buyer at no loss to the Company and in connection therewith we provided the financing to complete the multi-family project.

    Our ratio of non-performing assets to total assets remained low at 0.04% at June 30, 2025 as compared to 0.25% at December 31, 2024.

    The Company’s allowance for credit losses related to loans was $4.7 million, or 0.26% of total loans as of June 30, 2025, compared to $4.8 million, or 0.27% of total loans as of December 31, 2024. Based on a review of the loans that were in the loan portfolio at June 30, 2025, management believes that the allowance for credit losses related to loans is maintained at a level that represents its best estimate of inherent losses in the loan portfolio that were both probable and reasonably estimable.

    In addition, at June 30, 2025, the Company’s allowance for credit losses related to off-balance sheet commitments totaled $879,000 and the allowance for credit losses related to held-to-maturity debt securities totaled $126,000.

    Capital

    The Company’s total stockholders’ equity to assets ratio was 17.06% as of June 30, 2025.   At June 30, 2025, the Company had the ability to borrow $740.2 million from the Federal Reserve Bank of New York, $23.1 million from the Federal Home Loan Bank of New York, and $8.0 million from Atlantic Community Bankers Bank.

    The Bank’s capital position remains strong relative to current regulatory requirements and the Bank is considered a well-capitalized institution under the Prompt Corrective Action framework. As of June 30, 2025, the Bank had a tier 1 leverage capital ratio of 15.87% and a total risk-based capital ratio of 14.99%.

    The Company completed its first stock repurchase program on April 14, 2023 whereby the Company repurchased 1,637,794 shares, or 10%, of the Company’s issued and outstanding common stock. The cost of the stock repurchase program totaled $23.0 million, including commission costs and Federal excise taxes.   Of the total shares repurchased under this program, 957,275 of such shares were repurchased during 2023 at a total cost of $13.7 million, including commission costs and Federal excise taxes.

    The Company commenced its second stock repurchase program on May 30, 2023 whereby the Company will repurchase 1,509,218, or 10%, of the Company’s issued and outstanding common stock. As of June 30, 2025, the Company had repurchased 1,091,174 shares of common stock under its second repurchase program, at a cost of $17.2 million, including commission costs and Federal excise taxes.

    About NorthEast Community Bancorp

    NorthEast Community Bancorp, headquartered at 325 Hamilton Avenue, White Plains, New York 10601, is the holding company for NorthEast Community Bank, which conducts business through its eleven branch offices located in Bronx, New York, Orange, Rockland, and Sullivan Counties in New York and Essex, Middlesex, and Norfolk Counties in Massachusetts and three loan production offices located in New City, New York, White Plains, New York, and Danvers, Massachusetts. For more information about NorthEast Community Bancorp and NorthEast Community Bank, please visit www.necb.com.

    Forward Looking Statement

    This press release contains certain forward-looking statements. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause actual results to differ materially from expected results include, but are not limited to, changes in market interest rates, regional and national economic conditions (including higher inflation or recessionary conditions and their impact on regional and national economic conditions), legislative and regulatory changes, monetary and fiscal policies of the United States government, including policies of the United States Treasury and the Federal Reserve Board, the impacts of tariffs, sanctions and other trade policies of the United States and its global trading counterparts, the quality and composition of the loan or investment portfolios, demand for loan products, decreases in deposit levels necessitating increased borrowing to fund loans and securities, competition, demand for financial services in NorthEast Community Bank’s market area, changes in the real estate market values in NorthEast Community Bank’s market area, the impact of failures or disruptions in or breaches of the Company’s operational or security systems, data or infrastructure, or those of third parties, including as a result of cyberattacks or campaigns, and changes in relevant accounting principles and guidelines. Additionally, other risks and uncertainties may be described in our annual and quarterly reports filed with the U.S. Securities and Exchange Commission (the “SEC”), which are available through the SEC’s website located at www.sec.gov. These risks and uncertainties should be considered in evaluating any forward-looking statements and undue reliance should not be placed on such statements. Except as required by applicable law or regulation, the Company does not undertake, and specifically disclaims any obligation, to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.

    CONTACT:  Kenneth A. Martinek
      Chairman and Chief Executive Officer
       
    PHONE:  (914) 684-2500
     
    NORTHEAST COMMUNITY BANCORP, INC.
    CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
    (Unaudited)
     
        June 30,   December 31,
        2025     2024  
        (In thousands, except share
        and per share amounts)
    ASSETS            
    Cash and amounts due from depository institutions   $ 19,042     $ 13,700  
    Interest-bearing deposits     40,331       64,559  
    Total cash and cash equivalents     59,373       78,259  
    Certificates of deposit     100       100  
    Equity securities     25,345       21,994  
    Securities held-to-maturity (net of allowance for credit losses of $126 and $126, respectively)     14,398       14,616  
    Loans receivable     1,797,618       1,812,647  
    Deferred loan fees, net     (62 )     (49 )
    Allowance for credit losses     (4,724 )     (4,830 )
    Net loans     1,792,832       1,807,768  
    Premises and equipment, net     25,341       24,805  
    Investments in restricted stock, at cost     1,085       397  
    Bank owned life insurance     26,074       25,738  
    Accrued interest receivable     12,119       13,481  
    Real estate owned     767       5,120  
    Property held for investment     1,352       1,370  
    Right of Use Assets – Operating     4,383       4,001  
    Right of Use Assets – Financing     345       347  
    Other assets     10,370       11,585  
    Total assets   $ 1,973,884     $ 2,009,581  
    LIABILITIES AND STOCKHOLDERS’ EQUITY            
    Liabilities:            
    Deposits:            
    Non-interest bearing   $ 287,741     $ 287,135  
    Interest bearing     1,191,420       1,383,240  
    Total deposits     1,479,161       1,670,375  
    Advance payments by borrowers for taxes and insurance     2,422       1,618  
    Borrowings     135,000       –  
    Lease Liability – Operating     4,497       4,108  
    Lease Liability – Financing     628       609  
    Accounts payable and accrued expenses     15,500       14,530  
    Total liabilities     1,637,208       1,691,240  
                 
    Stockholders’ equity:            
    Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued or outstanding   $ —     $ —  
    Common stock, $0.01 par value; 75,000,000 shares authorized; 14,023,376 shares and 14,016,254 shares outstanding, respectively     140       140  
    Additional paid-in capital     111,624       110,091  
    Unearned Employee Stock Ownership Plan (“ESOP”) shares     (5,653 )     (6,088 )
    Retained earnings     230,345       213,974  
    Accumulated other comprehensive gain     220       224  
    Total stockholders’ equity     336,676       318,341  
    Total liabilities and stockholders’ equity   $ 1,973,884     $ 2,009,581  
                 
    NORTHEAST COMMUNITY BANCORP, INC.
    CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
     
        Three Months Ended June 30,   Six Months Ended June 30,
        2025   2024     2025   2024  
        (In thousands, except per share amounts)   (In thousands, except per share amounts)
    INTEREST INCOME:                            
    Loans   $ 36,740     $ 38,634     $ 73,622     $ 75,337  
    Interest-earning deposits     1,027       1,385       2,108       2,585  
    Securities     272       218       516       436  
    Total Interest Income     38,039       40,237       76,246       78,358  
    INTEREST EXPENSE:                            
    Deposits     12,053       13,435       25,986       25,829  
    Borrowings     902       570       902       1,302  
    Financing lease     10       10       20       19  
    Total Interest Expense     12,965       14,015       26,908       27,150  
    Net Interest Income     25,074       26,222       49,338       51,208  
    Provision for (reversal of) credit loss     —       (226 )     237       (391 )
    Net Interest Income after Provision for (Reversal of) Credit Loss     25,074       26,448       49,101       51,599  
    NON-INTEREST INCOME:                            
    Other loan fees and service charges     611       563       1,351       1,025  
    Earnings on bank owned life insurance     170       162       336       319  
    Unrealized gain (loss) on equity securities     51       (20 )     351       (102 )
    Other     26       26       55       43  
    Total Non-Interest Income     858       731       2,093       1,285  
    NON-INTEREST EXPENSES:                            
    Salaries and employee benefits     5,650       5,252       11,583       10,603  
    Occupancy expense     743       674       1,489       1,381  
    Equipment     253       221       470       474  
    Outside data processing     758       607       1,494       1,243  
    Advertising     123       94       225       182  
    Real estate owned expense     247       27       277       39  
    Other     2,734       2,623       5,589       5,257  
    Total Non-Interest Expenses     10,508       9,498       21,127       19,179  
    INCOME BEFORE PROVISION FOR INCOME TAXES     15,424       17,681       30,067       33,705  
    PROVISION FOR INCOME TAXES     4,254       4,883       8,330       9,533  
    NET INCOME   $ 11,170     $ 12,798     $ 21,737     $ 24,172  
                                 
    NORTHEAST COMMUNITY BANCORP, INC.
    SELECTED CONSOLIDATED FINANCIAL DATA
    (Unaudited)
     
        Three Months Ended June 30,   Six Months Ended June 30,
        2025     2024     2025     2024  
        (In thousands, except per share amounts)   (In thousands, except per share amounts)
    Per share data:                        
    Earnings per share – basic   $ 0.85     $ 0.98     $ 1.65     $ 1.84  
    Earnings per share – diluted     0.82       0.97       1.60       1.83  
    Weighted average shares outstanding – basic     13,216       13,084       13,204       13,119  
    Weighted average shares outstanding – diluted     13,568       13,181       13,563       13,205  
    Performance ratios/data:                        
    Return on average total assets     2.27 %     2.70 %     2.20 %     2.60 %
    Return on average shareholders’ equity     13.37 %     17.28 %     13.18 %     16.59 %
    Net interest income   $ 25,074     $ 26,222     $ 49,338     $ 51,208  
    Net interest margin     5.35 %     5.79 %     5.23 %     5.77 %
    Efficiency ratio     40.52 %     35.24 %     41.08 %     36.54 %
    Net charge-off ratio     0.09 %     0.00 %     0.01 %     0.00 %
                             
    Loan portfolio composition:                 June 30, 2025     December 31, 2024
    One-to-four family               $ 3,398     $ 3,472  
    Multi-family                 292,552       206,606  
    Mixed-use                 26,089       26,571  
    Total residential real estate                 322,039       236,649  
    Non-residential real estate                 28,971       29,446  
    Construction                 1,323,477       1,426,167  
    Commercial and industrial                 123,084       118,736  
    Consumer                 47       1,649  
    Gross loans                 1,797,618       1,812,647  
    Deferred loan fees, net                 (62 )     (49 )
    Total loans               $ 1,797,556     $ 1,812,598  
    Asset quality data:                        
    Loans past due over 90 days and still accruing               $ –     $ –  
    Non-accrual loans                 –       –  
    OREO property                 767       5,120  
    Total non-performing assets               $ 767     $ 5,120  
                             
    Allowance for credit losses to total loans                 0.26 %     0.27 %
    Allowance for credit losses to non-performing loans                 0.00 %     0.00 %
    Non-performing loans to total loans                 0.00 %     0.00 %
    Non-performing assets to total assets                 0.04 %     0.25 %
                             
    Bank’s Regulatory Capital ratios:                        
    Total capital to risk-weighted assets                 14.99 %     13.92 %
    Common equity tier 1 capital to risk-weighted assets                 14.71 %     13.65 %
    Tier 1 capital to risk-weighted assets                 14.71 %     13.65 %
    Tier 1 leverage ratio                 15.87 %     14.44 %
     
    NORTHEAST COMMUNITY BANCORP, INC.
    NET INTEREST MARGIN ANALYSIS
    (Unaudited)
     
        Three Months Ended June 30, 2025   Three Months Ended June 30, 2024
        Average   Interest   Average   Average   Interest   Average
        Balance   and dividend   Yield   Balance   and dividend   Yield
        (In thousands, except yield/cost information)   (In thousands, except yield/cost information)
    Loan receivable gross   $ 1,754,363     $ 36,740     8.38 %   $ 1,687,029     $ 38,634     9.16 %
    Securities     37,839       265     2.80 %     33,438       199     2.38 %
    Federal Home Loan Bank stock     438       7     6.39 %     704       19     10.80 %
    Other interest-earning assets     83,135       1,027     4.94 %     89,736       1,385     6.17 %
    Total interest-earning assets     1,875,775       38,039     8.11 %     1,810,907       40,237     8.89 %
    Allowance for credit losses     (5,122 )                 (4,927 )            
    Non-interest-earning assets     95,651                   91,085              
    Total assets   $ 1,966,304                 $ 1,897,065              
                                         
    Interest-bearing demand deposit   $ 298,689     $ 2,401     3.22 %   $ 205,536     $ 1,930     3.76 %
    Savings and club accounts     141,238       761     2.16 %     158,292       982     2.48 %
    Certificates of deposit     815,000       8,891     4.36 %     884,626       10,523     4.76 %
    Total interest-bearing deposits     1,254,927       12,053     3.84 %     1,248,454       13,435     4.30 %
    Borrowed money     82,712       912     4.41 %     47,276       580     4.91 %
    Total interest-bearing liabilities     1,337,639       12,965     3.88 %     1,295,730       14,015     4.33 %
    Non-interest-bearing demand deposit     274,466                   285,368              
    Other non-interest-bearing liabilities     20,114                   19,641              
    Total liabilities     1,632,219                   1,600,739              
    Equity     334,085                   296,326              
    Total liabilities and equity   $ 1,966,304                 $ 1,897,065              
                                         
    Net interest income / interest spread         $ 25,074     4.23 %         $ 26,222     4.56 %
    Net interest rate margin                 5.35 %                 5.79 %
    Net interest earning assets   $ 538,136                 $ 515,177              
    Average interest-earning assets to interest-bearing liabilities     140.23 %                 139.76 %            
     
    NORTHEAST COMMUNITY BANCORP, INC.
    NET INTEREST MARGIN ANALYSIS
    (Unaudited)
     
        Six Months Ended June 30, 2025   Six Months Ended June 30, 2024
        Average   Interest   Average   Average   Interest   Average
        Balance   and dividend   Yield   Balance   and dividend   Yield
        (In thousands, except yield/cost information)   (In thousands, except yield/cost information)
    Loan receivable gross   $ 1,761,069     $ 73,622     8.36 %   $ 1,649,686     $ 75,337     9.13 %
    Securities     37,298       500     2.68 %     33,643       396     2.35 %
    Federal Home Loan Bank stock     418       16     7.66 %     773       40     10.35 %
    Other interest-earning assets     88,277       2,108     4.78 %     90,644       2,585     5.70 %
    Total interest-earning assets     1,887,062       76,246     8.08 %     1,774,746       78,358     8.83 %
    Allowance for credit losses     (4,978 )                 (5,009 )            
    Non-interest-earning assets     96,071                   89,972              
    Total assets   $ 1,978,155                 $ 1,859,709              
                                         
    Interest-bearing demand deposit   $ 286,726     $ 4,846     3.38 %   $ 188,510     $ 3,483     3.70 %
    Savings and club accounts     140,077       1,491     2.13 %     170,531       2,184     2.56 %
    Certificates of deposit     888,136       19,649     4.42 %     847,606       20,162     4.76 %
    Total interest-bearing deposits     1,314,939       25,986     3.95 %     1,206,647       25,829     4.28 %
    Borrowed money     41,584       922     4.43 %     54,184       1,321     4.88 %
    Total interest-bearing liabilities     1,356,523       26,908     3.97 %     1,260,831       27,150     4.31 %
    Non-interest-bearing demand deposit     272,680                   288,639              
    Other non-interest-bearing liabilities     19,107                   18,865              
    Total liabilities     1,648,310                   1,568,335              
    Equity     329,845                   291,374              
    Total liabilities and equity   $ 1,978,155                 $ 1,859,709              
                                         
    Net interest income / interest spread         $ 49,338     4.11 %         $ 51,208     4.52 %
    Net interest rate margin                 5.23 %                 5.77 %
    Net interest earning assets   $ 530,539                 $ 513,915              
    Average interest-earning assets to interest-bearing liabilities     139.11 %                 140.76 %            

    The MIL Network –

  • MIL-OSI: Cre8 Enterprise Limited Announces Closing of Initial Public Offering

    Source: GlobeNewswire (MIL-OSI)

    Hong Kong, July 24, 2025 (GLOBE NEWSWIRE) — Cre8 Enterprise Limited (Nasdaq: CRE) (the “Company”), a Hong Kong-based integrated financial printing service provider, today announced the closing of its initial public offering (the “Offering”) of 1,450,000 Class A ordinary shares (the “Class A Ordinary Shares”) at a price of $4.00 per share (the “Offering Price”).

    The Class A Ordinary Shares commenced trading on the Nasdaq Capital Market on July 23, 2025 under the ticker symbol “CRE.”

    The Company received gross proceeds of approximately $5.8 million from the Offering, before deducting underwriting discounts and other related expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 217,500 Class A Ordinary Shares of the Company, at the Offering Price, representing 15% of the Class A Ordinary Shares sold in the Offering (the “Over-allotment”). 

    The Company intends to use the net proceeds for upgrading the Company’s office in the Central District in Hong Kong and expanding its business, expanding its workforce and staff training, upgrading and/or acquiring equipment and information technology systems, and for working capital and other general corporate purposes.

    The Offering was conducted on a firm commitment basis. American Trust Investment Services, Inc. acts as the representative of the underwriters, with Prime Number Capital, LLC acts as the co-underwriter (collectively, the “Underwriters”) for the Offering. Ortoli Rosenstadt LLP acts as U.S. securities counsel to the Company. Winston & Strawn LLP acts as the legal counsel to the Underwriters in connection with the Offering.

    A registration statement on Form F-1 relating to the Offering has been filed with the U.S. Securities and Exchange Commission (“SEC”) (File Number: 333-281629) and was declared effective by the SEC on July 22, 2025. The Offering was made only by means of a prospectus. A final prospectus relating to the Offering was filed with the SEC on July 23, 2025 and may be obtained from American Trust Investment Services, Inc. by standard mail to 1244 119th Street, Whiting, IN 46394, by telephone at +1 (219) 473-5542 or via email at IB@amtruinvest.com; or from Prime Number Capital, LLC by standard mail to Prime Number Capital, LLC, 12 E 49 St, Floor 27, New York, NY 10017, by email at info@pncps.com, or by telephone at +1 (516) 717-5671. In addition, a copy of the final prospectus relating to the Offering may be obtained via the SEC’s website at www.sec.gov.

    Before you invest, you should read the prospectus and other documents the Company has filed or will file with the SEC for more information about the Company and the Offering. This press release has been prepared for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, and no sale of these securities may be made in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

    About Cre8 Enterprise Limited

    Cre8 Enterprise Limited provides 24/7 integrated financial printing services for listed companies, IPO applicants and private companies in the finance and capital market in Hong Kong under its brand, “Cre8”. The services cover concept creation and artwork design, typesetting, proofreading, translation, printing, binding, logistics arrangement, uploading or making e-submissions of customers’ financial reports and compliance documents and media placements. In addition to these core services, it has expanded its offerings to include complementary design services such as website design, branding, and content creation for marketing materials. Moreover, it is now providing technological support to its customers by disseminating and publishing announcements, circulars, financial reports, and industry news feeds through a website of its “Cre8IR” brand.

    Forward-Looking Statements

    This press release contains forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. These forward-looking statements include, without limitation, the Company’s statements regarding its intended use of proceeds from the sale of the Company’s Class A Ordinary Shares in the Offering. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.  

    For more information, please contacts:

    Cre8 Enterprise Limited

    Email: ir@cre8corp.com
    Phone: +852 3693 2688

    The MIL Network –

  • MIL-OSI: Love Not War AI Unveils Mathematical Framework That Aligns Capitalism with Collective Good

    Source: GlobeNewswire (MIL-OSI)

    LONDON, UNITED KINGDOM, July 24, 2025 (GLOBE NEWSWIRE) — Love Not War AI today announced the launch of Progressive Utility Mechanics, a newly discovered mathematical framework created by innovator Valraj Singh Mann. This groundbreaking system offers a universal method for designing economic models in which individual financial success automatically enhances social welfare. The announcement marks the first implementation of the framework in a real-world application via the LVAI cryptocurrency, positioning it as a potential tool for addressing systemic issues like poverty, climate change, and inequality at scale.

    Unlike traditional economic systems that create tension between profit and purpose, Progressive Utility Mechanics create mathematically structured guarantees that individual success automatically generates increasing social benefit. The framework is going to be demonstrated through LVAI (Love Not War AI), the first cryptocurrency where charitable impact grows over time, but applications extend across all human economic organization – from corporate structures to government policy to international development.

    “We’ve developed the mathematical framework that may reshape how economic systems are designed across sectors,” said Mann. “For the first time in history, we can create mathematically structured mechanisms that align individual greed with collective good automatically. This isn’t just about cryptocurrency – it’s about demonstrating that capitalism can be inherently charitable, that economic growth can systematically reduce poverty, and that success can help everyone through what we’re calling ‘Mann Mechanics.’”

    Independent analysis confirms this represents the first mathematically structured mechanism demonstrating that economic systems can be designed to automatically strengthen social outcomes as they grow, potentially addressing root causes of global inequality, environmental degradation, and systemic poverty.


    HUMANITY’S GREATEST ECONOMIC CHALLENGE

    Throughout history, human societies have struggled with the fundamental tension between individual success and collective welfare. Traditional capitalism creates wealth but concentrates it, leading to inequality. Socialist systems promote equality but reduce prosperity. Regulatory approaches create compliance costs and economic drag. Charitable solutions depend on voluntary giving that decreases as wealth concentrates.

    “Every economic system in human history has forced a choice between individual freedom and collective good,” noted Mann. “We’ve developed a mathematically structured mechanism demonstrating that choice may be false – they can be systematically unified through progressive design.”

    The framework addresses systemic challenges affecting billions globally:

    • Global Poverty: 700+ million people in extreme poverty despite unprecedented global wealth
    • Climate Change: Economic incentives that reward environmental destruction over restoration
    • Inequality Crisis: Wealth concentration accelerating in every developed economy
    • Corporate Externalities: Profit maximization creating social and environmental costs
    • Aid Dependency: International development creating dependency rather than self-sufficiency
    • Government Inefficiency: Tax systems that reduce productivity while funding bureaucracy


    PROGRESSIVE UTILITY MECHANICS: THE UNIVERSAL SOLUTION

    Progressive Utility Mechanics (also known as “Mann Mechanics”) create economic systems where individual market participation automatically generates increasing social benefit through mathematically structured allocation mechanisms that strengthen over time.

    This framework transforms traditional zero-sum economic thinking into positive-sum systems where everyone’s success helps everyone else automatically, without coercion, regulation, or voluntary charity.

    Real-world applications include:

    • Progressive Impact Corporations: Business structures where shareholder profits automatically fund stakeholder benefits, making successful companies automatically beneficial to their communities

    • Self-Funding Development Programs: Economic zones where business success automatically generates poverty reduction funding, creating sustainable development without foreign aid dependency

    • Progressive Environmental Bonds: Investment vehicles where profit automatically funds environmental restoration, aligning financial returns with ecological recovery

    • Municipal Progressive Systems: City economies where business success automatically improves public infrastructure and services, creating self-improving urban environments

    • Progressive Education Funding: Systems where private success automatically enhances public education, leveling educational playing fields through market mechanisms

    “This framework could eliminate the need to choose between economic growth and social good,” observed one policy researcher. “Every successful business, every profitable investment, every economic gain automatically helps solve humanity’s greatest challenges.”


    GLOBAL IMPACT POTENTIAL

    Progressive Utility Mechanics address the mathematical core of humanity’s most pressing challenges:

    Poverty Elimination: Systems where economic success automatically generates anti-poverty funding may provide sustainable income support without government intervention or international aid dependency.

    Climate Solutions: Investment structures where environmental restoration becomes systematically profitable through progressive mechanics may help reverse ecological damage while generating returns.

    Inequality Reduction: Economic designs where success automatically levels playing fields may reduce wealth concentration without reducing prosperity or economic freedom.
    Corporate Transformation: Business models where profit maximization automatically optimizes social and environmental outcomes could revolutionize capitalism without regulatory coercion.

    International Development: Self-funding development programs could replace aid dependency with sustainable economic systems that strengthen as they succeed.

    “We’re not just talking about improving existing systems,” emphasized Mann. “We’re demonstrating that fundamentally different systems are possible – ones that may systematically address problems rather than creating them.”


    MATHEMATICAL PROOF OF CONCEPT: LVAI IMPLEMENTATION

    LVAI cryptocurrency will serve as the first mathematical proof that Progressive Utility Mechanics work in practice, demonstrating charitable impact that increases rather than decreases over time through three-phase evolution:

    • Phase 1: Economic growth automatically funds ecosystem expansion

    • Phase 2: Balanced allocation prevents stagnation while building social impact capacity

    • Phase 3: Unused economic capacity automatically becomes permanent charity endowment.

    The implementation includes institutional-grade security (94/100 audit rating) and has been mathematically verified to create stronger charitable impact as the system matures, demonstrating that economic success can be systematically aligned with social benefit through mechanism design.


    APPLICATIONS ACROSS HUMAN CIVILIZATION

    The discovery provides mathematical foundations for redesigning economic organization across all sectors:

    Corporate Governance: Progressive Impact Corporations where shareholders profit more as stakeholder outcomes improve, automatically aligning business success with social good.

    Municipal Economics: Progressive Economic Zones where local business success automatically funds public goods, creating self-improving communities without tax burden increases.

    International Relations: Progressive development frameworks where economic growth in developing nations automatically generates sustainable funding for infrastructure, education, and healthcare.

    Environmental Policy: Progressive conservation systems where land preservation and restoration become more profitable over time, creating economic incentives for ecological recovery.

    Educational Systems: Progressive funding mechanisms where private educational success automatically enhances public education quality, reducing inequality through market forces rather than redistribution.

    Healthcare Systems: Progressive health economics where medical innovation profitability automatically funds public health improvements, aligning pharmaceutical profits with population wellness.


    RESHAPING ECONOMIC THEORY

    Progressive Utility Mechanics (Mann Mechanics) represent the first mathematical framework proving that Adam Smith’s “invisible hand” – the foundational concept from the 18th-century economist known as the “Father of Modern Economics” – can be engineered rather than hoped for, creating guaranteed alignment between individual rational behavior and optimal collective outcomes.

    The innovation addresses fundamental questions that have challenged economists, philosophers, and policymakers:

    • Can capitalism be inherently fair? YES – through progressive design
    • Can individual greed serve collective good automatically? YES – through mathematical alignment
    • Can economic growth reduce rather than increase inequality? YES – through systematic progressive allocation
    • Can free markets solve social problems without government intervention? YES – through proper incentive design

    “This could be the most important breakthrough in economics since Adam Smith’s Wealth of Nations,” noted one academic researcher. “Mann Mechanics provide the missing mathematical framework for creating automatically beneficial economic systems, potentially establishing a new field of study alongside Nash Equilibrium – developed by John Nash, the Nobel Prize-winning mathematician portrayed in ‘A Beautiful Mind’ – and Keynesian Economics, created by John Maynard Keynes, the influential British economist whose theories shaped modern government economic policy.”


    POTENTIAL CIVILIZATIONAL SIGNIFICANCE

    If validated and widely implemented, Progressive Utility Mechanics may represent a significant advance in human economic organization since the development of market capitalism, potentially enabling:

    • Systematic poverty reduction through automatically self-funding anti-poverty systems
    • Climate change mitigation through profitable environmental restoration mechanisms
    • Inequality reduction without prosperity reduction through systematic leveling mechanisms
    • Corporate transformation from profit-maximizing to systematically beneficent entities
    • Government efficiency through market-based rather than bureaucratic social solutions

    “We’re exploring the potential to address humanity’s greatest challenges not through sacrifice or coercion, but by redesigning economic systems to systematically optimize for everyone’s benefit,” concluded Mann.


    PRIORITY ESTABLISHMENT

    This announcement establishes Valraj Singh Mann as the inventor of Progressive Utility Mechanics (Mann Mechanics) and creator of the mathematical framework for systematically aligning individual success with collective benefit. The innovation represents the first mathematically structured mechanism demonstrating that economic systems can be designed for systematic social optimization without reducing individual incentives or economic freedom.

    Comprehensive project documentation, including detailed whitepaper and technical specifications, is available at https://lovenotwar.ai


    ABOUT VAL MANN

    Valraj Singh Mann is the inventor of Progressive Utility Mechanics and creator of the mathematical framework for systematically aligning individual economic success with collective social benefit. Through breakthrough mathematical innovation, Mann has developed potential solutions to humanity’s greatest economic challenges while demonstrating that capitalism may be redesigned to be inherently beneficial to all participants.


    ABOUT PROGRESSIVE UTILITY MECHANICS

    Progressive Utility Mechanics (Mann Mechanics) represent a universally applicable mathematical framework for creating economic systems where individual success systematically generates increasing collective benefit. The principle provides potential applications across corporate governance, municipal economics, international development, environmental policy, and all forms of human economic organization.

    MEDIA CONTACT

    Ana Thapar
    Relations Manager
    Email: info@lovenotwar.ai
    Website: https://lovenotwar.ai
    New Community Channel: https://t.me/LoveNotWar_Base

    For global implementation discussions, academic collaboration, policy consultation, or interview requests, contact info@lovenotwar.ai with “Progressive Utility Framework” in the subject line.


    FORWARD-LOOKING STATEMENTS

    This press release contains forward-looking statements about potential applications of Progressive Utility Mechanics to global economic challenges. Implementation of any framework requires extensive testing, stakeholder collaboration, and adaptation to specific economic, legal, and cultural contexts. All projections represent potential applications based on mathematical modeling and require real-world validation.

    The MIL Network –

  • MIL-OSI: BexBack Launches 100x Leverage, Double Deposit Bonus, and No KYC – Empowering Everyday Traders to Achieve Financial Freedom

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, July 24, 2025 (GLOBE NEWSWIRE) — As the cryptocurrency market continues its upward trajectory, BexBack Exchange is setting a new standard in accessible trading with an unprecedented offer designed to empower both new and experienced traders. In the wake of Bitcoin’s remarkable surge, BexBack introduces an enticing promotional package featuring 100x leverage, a 100% deposit bonus, and the best part – NO KYC required.

    Breaking Down Barriers for Ordinary People

    BexBack has always been committed to providing opportunities that allow anyone, regardless of experience, to access the world of cryptocurrency trading. Now, with the introduction of 100x leverage, traders can control significantly larger positions while using minimal capital, enhancing their potential profits without needing substantial upfront investment. This high leverage option makes it possible for traders to capitalize on even the smallest price fluctuations, offering greater returns in a volatile market.

    Moreover, BexBack’s 100% deposit bonus gives users the opportunity to double their initial deposits, allowing them to increase their trading capital without having to deposit additional funds. Whether you are a newcomer or a seasoned investor, this bonus is designed to maximize trading potential and enhance the ability to leverage market volatility.

    NO KYC – Fast, Secure, and Anonymous Trading

    In a significant move to improve user experience, BexBack is also eliminating the KYC (Know Your Customer) requirements, ensuring fast, secure, and anonymous trading. This means that new users can register and begin trading within minutes, without the need to undergo lengthy verification processes. This commitment to privacy ensures that BexBack users can focus entirely on maximizing their trading potential without additional administrative hurdles.

    The Power of Leverage and Bonus to Achieve Financial Freedom

    For many people, achieving financial freedom may seem like an impossible dream, but with BexBack’s tools, it’s now within reach. With the added advantage of up to 100x leverage and double deposit bonuses, ordinary traders can amplify their earnings and increase their potential returns with little initial capital. This makes high-stakes crypto futures trading more accessible than ever before, allowing anyone to turn market volatility into wealth-building opportunities.

    Why Choose BexBack?

    1. 100x Leverage – Maximize your returns with up to 100x leverage on crypto futures.
    2. 100% Deposit Bonus – Double your trading capital immediately with every deposit.
    3. NO KYC – Trade anonymously without the need for extensive verification.
    4. Diverse Asset Support – Trade over 50 digital assets with ease.
    5. Instant Activation – Get started quickly without delays and start leveraging market movements.
    6. $50 Welcome Bonus: available to new users who meet the requirements.
    7. Comprehensive Customer Support – Our 24/7 multilingual support is always available to guide you.

    About BexBack?

    BexBack is a leading cryptocurrency derivatives platform offering up to 100x leverage on futures contracts for BTC, ETH, ADA, SOL, XRP, and over 50 other digital assets. Headquartered in Singapore, the platform also operates offices in Hong Kong, Japan, the United States, the United Kingdom, and Argentina. Like many top-tier exchanges, BexBack holds a U.S. MSB (Money Services Business) license and is trusted by more than 500,000 traders worldwide. The platform accepts users from the United States, Canada, and Europe, with zero deposit fees and 24/7 multilingual customer support, delivering a secure, efficient, and user-friendly trading experience.

    Take Control of Your Financial Future

    Whether you are looking to diversify your portfolio or dive deeper into crypto futures trading, BexBack is giving you the tools to take control of your financial future. The combination of 100x leverage, double deposit bonuses, and NO KYC opens up opportunities for everyone, regardless of their trading background.

    Sign Up Now and Start Trading on BexBack — No KYC. No Hassles. Just high-leverage trading opportunities to maximize your profits.

    Website: www.bexback.com

    Contact: business@bexback.com

    Contact:
    Amanda
    business@bexback.com

    Disclaimer: This content is provided by BexBack. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/f963b2d1-0380-42be-ac17-2b76312bd6e7

    https://www.globenewswire.com/NewsRoom/AttachmentNg/d4cf04a6-6926-489c-a3b1-dc71e66805b5

    https://www.globenewswire.com/NewsRoom/AttachmentNg/d6a167e5-8849-415e-a701-7c9096e04c43

    https://www.globenewswire.com/NewsRoom/AttachmentNg/a978b0c8-8c1c-4dd9-a0bf-c5aea8479410

    The MIL Network –

  • MIL-OSI: Blockmate Launches Bitcoin Treasury Division in Line with “Mine-and-Hold” Strategy

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, July 24, 2025 (GLOBE NEWSWIRE) — Blockmate Ventures Inc. (TSX.V: MATE) (OTCQB: MATEF) (FSE: 8MH) (“Blockmate” or the “Company”) is pleased to announce the launch of a dedicated Bitcoin treasury division, further aligning its corporate strategy with a long-term belief in the value of Bitcoin.

    The division has already been established, with secure wallet infrastructure in place and an initial purchase of one Bitcoin completed. This initiative reflects Blockmate’s conviction that Bitcoin will play an increasingly important role as a strategic treasury asset for companies focused on preserving value and managing risk.

    This development complements Blockmate’s existing operations through its wholly owned subsidiary, Blockmate Mining, which is pursuing a “mine-and-hold” strategy aimed at accumulating Bitcoin on its balance sheet as operations scale.

    As announced on May 27, 2025, Blockmate Mining has secured a site with electricity costs of just USD 3.3 cents per kilowatt-hour — among the most competitive rates in North America. Once fully developed, the facility is expected to support up to 200 megawatts (MW) of mining infrastructure. While Blockmate does not currently own mining hardware to fully utilize this capacity, this figure represents the long-term potential of the site.

    For illustrative purposes only, based on current Bitcoin prices and network difficulty, a fully utilized 200MW site could generate approximately 200 Bitcoin per month. Similarly, under current market conditions, the site could support Bitcoin mining at an estimated 40% discount to the prevailing spot price. These estimates are subject to change based on network conditions, hardware availability, electricity pricing, and the market price of Bitcoin. There is no assurance that these conditions will remain favorable or that Blockmate will be able to achieve these projections.

    Justin Rosenberg, CEO of Blockmate Ventures, commented:

    “Holding Bitcoin on Blockmate’s balance sheet provides capital growth opportunities for shareholders, as well as liquidity options should Blockmate Mining or future investees seek to take advantage of elevated Bitcoin market prices. These scenarios represent a win-win, enabling the Company to realize value through both operational success and treasury appreciation.”

    As the Bitcoin market continues to evolve and Blockmate Mining progresses, the Company will regularly assess further treasury purchases to enhance balance sheet agility in parallel with its mine-and-hold strategy. The price of Bitcoin is highly volatile and may decrease significantly over time. As a result, any holdings or treasury strategies involving Bitcoin are subject to market risk and could lead to financial loss.

    Planned Bitcoin acquisitions are currently under review and will be disclosed through the TSX Venture Exchange in due course.

    On July 10th, Blockmate provided an online investor update covering the strategic rationale and rollout of Blockmate Mining, which can be viewed here: https://youtu.be/Br6iqvB8hkQ

    About Blockmate Ventures Inc.

    Blockmate Ventures (TSX.V: MATE) is a Blockchain & Web3 venture builder investing in and operating scalable blockchain, mining, and digital infrastructure companies. From decentralized computing with Hivello to Blockmate Mining, the Company’s portfolio provides investors with diversified exposure to emerging sectors within Web3 and beyond.

    To learn more, visit www.blockmate.com.

    Blockmate welcomes investors to join the Company’s mailing list for the latest updates, webinars and industry research by subscribing at https://www.blockmate.com/subscribe.

    ON BEHALF OF THE BOARD OF DIRECTORS

    Justin Rosenberg, CEO
    Blockmate Ventures Inc
    justin@blockmate.com
    (+1-580-262-6130)

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

    Forward-Looking Information
    This news release contains “forward-looking statements” or “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on the assumptions, expectations, estimates and projections as of the date of this news release. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by forward-looking statements contained herein. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Raindrop disclaims any obligation to update any forward-looking statements, whether because of new information, future events or otherwise, except as may be required by applicable securities laws. Readers should not place undue reliance on forward-looking statements.

    The MIL Network –

  • MIL-OSI Submissions: Who Will Bury You? Short stories from Zimbabwe about women who refuse to be easily defined

    Source: The Conversation – Africa – By Gibson Ncube, Senior Lecturer, Stellenbosch University

    Zimbabwe-born, Canada-based Chido Muchemwa’s debut short story collection, Who Will Bury You?, was published late in 2024 and immediately attracted the right kind of attention.

    Here was an unexpected range of themes: queer identity, dislocation in the diaspora, the lingering complexities of family and cultural belonging. The 12 stories, set between Zimbabwe and Canada, trace moments of rupture and reconnection across time and geography. And they’re mostly about women. Women, selfhood, loss and love.

    Gibson Ncube, who researches queer African fiction, unpacks why it’s such a good read.

    What are some of the stories about?

    The recurring questions in Who Will Bury You? are: who will remain when we are gone – who will understand us, who will grieve for us, and who will honour the truths we live by? These questions are animated through emotionally layered stories that centre the lives of Zimbabwean women and queer characters.

    Written with subtlety and care, some of the stories draw on Zimbabwean folklore, allowing Muchemwa to bridge the mythical and the present-day. She demonstrates how ancestral narratives continue to shape how people experience love, loss and belonging.

    The title story introduces a Zimbabwean “church going woman” and her daughter, who is living in Canada and has embraced a lesbian identity. In Zimbabwe, same-sex relationships remain criminalised under laws inherited from colonial rule and reinforced by state-sponsored homophobia. Political leaders often frame queerness as un-African or morally deviant.

    The story is told through alternating perspectives and offers a portrait of intergenerational estrangement, cultural friction, and love strained by silence. What one of the characters calls “things that might never feel sayable”. The theme of queerness recurs in several other stories like This Will Break My Mother’s Heart and If It Wasn’t for the Nights.

    Muchemwa allows these stories to gather meaning through multiple vantage points. She seems to resist resolution in favour of complexity. The collection is a significant contribution to the small but growing body of Zimbabwean literature that openly addresses queerness.

    What’s Muchemwa saying about queer African life?

    One of Muchemwa’s most powerful acts in the book is to treat queer life not as peripheral, but as central to the cultural, emotional and political worlds her characters inhabit. Queer desire, intimacy and estrangement are not exceptional disruptions. They are ordinary realities that are woven into everyday life. In these stories, queerness is at once a site of tenderness, conflict and hope. The effects of religion and colonial morality continue to shape how love is expressed and denied.



    Read more:
    7 queer African works of art: new directions in books, films and fashion

    The stories challenge the erasure of queer voices by positioning them at the heart of families and communities. Queer characters are neither idealised nor victimised. They are allowed to simply be joyful, ambivalent, flawed, and resilient.

    Aside from identity, what are some of the other themes?

    The book also grapples with questions of memory, history and myth. In Finding Mermaids, Muchemwa blends contemporary reportage with folklore. A journalist and her grieving mother investigate the disappearance of young girls in a rural Zimbabwean town who are suspected to have been captured by njuzu, water spirits.

    Other stories, like Kariba Heights and The Captive River, explore the legacies of colonialism and the spiritual power of the Zambezi River. In these stories, Muchemwa is attentive to how land, history and belief have an impact on personal experiences.

    Living away from home, in the diaspora, is also a theme. Zimbabwe’s collapsing economy and ongoing political instability have driven many to seek better lives abroad, looking for jobs or educational opportunities.

    Characters in Toronto grapple with cultural dislocation. They long for home as they tackle the challenges of forging new forms of kinship abroad. The Toronto that Muchemwa renders is richly textured. It’s far from a generic western backdrop. It is portrayed as a space of possibility and tension in which characters remake themselves in the face of displacement.

    Why is it a special book to you as a scholar?

    Muchemwa’s prose is precise, controlled, and emotionally resonant. She writes with confidence, trusting the power of implication and delicate shifts in tone. The plots of the stories are simple. They are not driven by dramatic revelations. Rather, by accumulative emotional insight. Her characters often seem to border on the edge of decision or reconciliation. In fact, their silences are as revealing as their speech.

    Throughout the collection, there’s a sense of hushed intensity. The question of who will be there – at the end, in crisis, in love – lingers and ties the stories together. Even as her characters move between countries, generations and identities, they remain tied by their desire for recognition and care.



    Read more:
    Books: folklore and fantasy combine in Langabi, a supernatural historical epic from Zimbabwe

    Muchemwa’s debut contributes to a growing body of contemporary African writing that focuses on intimacy, friendship and queerness as legitimate and urgent narrative concerns. Who Will Bury You? offers a fresh take that avoids the clichés and stereotypes often associated with African literature – what Nigerian writer Chimamanda Ngozi Adichie has famously called the single story.

    Rather than dwelling on recurrent tropes of suffering or political crisis, Muchemwa’s stories place a spotlight on private lives and emotional entanglements. They compel us to be attentive to the quiet yet consequential turmoil that takes place within families and intimate relationships.

    The collection does not avoid the cultural and religious violences that have an impact on everyday life. But Muchemwa faces them through the perspective of those who survive, and remake, these constraints on their own terms.

    Who Will Bury You? is a carefully crafted collection that demands close attention. It’s a book about women who refuse to be easily defined. With this collection, Muchemwa asserts herself as a compelling new voice in Zimbabwean and African literature. Her debut represents new African storytelling which continues to expand the narratives of African writers. It dares to centre the personal, the queer, and the emotionally complex.

    Gibson Ncube receives funding from the National Research Foundation.

    – ref. Who Will Bury You? Short stories from Zimbabwe about women who refuse to be easily defined – https://theconversation.com/who-will-bury-you-short-stories-from-zimbabwe-about-women-who-refuse-to-be-easily-defined-261291

    MIL OSI –

  • MIL-OSI United Kingdom: Millennium Square the place to be to back Lionesses to retain their Euro crown

    Source: City of Leeds

    England in Euro 2025 final against Spain on Sunday

    Millennium Square will be the place to be on Sunday to support England’s Lionesses as they bid to make more history by retaining their title in the final of Euro 2025.

    Following another amazing comeback victory in their semi-final on Tuesday night, Sarina Wiegman’s side now face rivals Spain in the final, with the action being screened live on the big screen in Leeds city centre.

    Gates will open at 3:30pm ahead of the 5pm kick-off, with the match seeing England looking to retain the historic title they won in dramatic fashion at Wembley in 2022. To do so they will need to defeat Spain, the team they lost to in the last World Cup final in 2023.

    Fans of all ages will be able to watch the final on Millennium Square, with free access to a fanzone ahead of the match starting and some limited seating available on a first-come first-served basis. A licensed bar and toilet facilities will be provided, with strictly no alcohol or glass permitted.

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

    “After another remarkable comeback win in their semi-final, the Lionesses have shown they never give up and now they are within touching distance of making more history by retaining their European title. The final against Spain is sure to provide more drama as it is a repeat of the World Cup final, so hopefully England can come out on top this time and Millennium Square will be the place to be to watch all of the action unfold in a brilliant Leeds atmosphere.”

    The screening forms part of the Summer Series of events currently taking place on Millennium Square. For more information on the Summer Series events visit https://www.millsqleeds.com/whats-on/.

     

    ENDS

     

    For media enquiries please contact:

    Leeds City Council communications and marketing,

    Email: communicationsteam@leeds.gov.uk

    Tel: 0113 378 6007

     

    MIL OSI United Kingdom –

  • MIL-OSI Australia: Interdependent relationship checklist

    Source: New places to play in Gungahlin

    Things to consider when applying

    This checklist will assist you to collect the required documents to support your compassionate release of super application, which may reduce delays, or your application not being approved.

    Accessing super early can have significant financial impacts and should be a last resort. You need to read the information on our website before using this checklist as it contains more detailed information about:

    Important to note

    If you borrowed money to pay for your or your dependant’s expenses, you may still be eligible. You will need to provide additional documents regarding the borrowed amount as part of your application.

    Evidence required to support your application

    The following items can be supplied as evidence:

    1. utility bill in both your and the other person’s names (or other documents, for example, bank statements) to confirm you live together at the same address
    2. bank statements (or other documents for example, receipts) from either you or the other person, showing the financial support provided
    3. statutory declaration from yourself that includes information supporting you have a close personal relationship with the other person and that includes examples of the domestic support and personal care one or each of you provide the other.

    Note: All documents need to show who they were issued to. Where you are providing bank statements, you need to ensure that the account holder’s name and statement period are visible.

    See Statutory declarations for information on how to access and complete the declaration.

    Information to consider

    Evidence of financial support can include payments between you and the other person or the payment of expenses on their behalf, such as utility bills, rent, groceries.

    Information that can support you have a close personal relationship includes:

    • nature of the relationship
    • duration of the relationship
    • details of assets that are jointly owned
    • any information that suggests the relationship is permanent
    • public aspects of the relationship.

    Information that demonstrates that you support the other person, and provided domestic support and personal care includes:

    • domestic support and personal care provided
    • care and support of children
    • details of the emotional support you provide each other.

    If you would like to print this checklist, select ‘Print or Download’ and ‘Print page’ from the dropdown list.

    MIL OSI News –

  • MIL-OSI Australia: Interdependent relationship checklist

    Source: New places to play in Gungahlin

    Things to consider when applying

    This checklist will assist you to collect the required documents to support your compassionate release of super application, which may reduce delays, or your application not being approved.

    Accessing super early can have significant financial impacts and should be a last resort. You need to read the information on our website before using this checklist as it contains more detailed information about:

    Important to note

    If you borrowed money to pay for your or your dependant’s expenses, you may still be eligible. You will need to provide additional documents regarding the borrowed amount as part of your application.

    Evidence required to support your application

    The following items can be supplied as evidence:

    1. utility bill in both your and the other person’s names (or other documents, for example, bank statements) to confirm you live together at the same address
    2. bank statements (or other documents for example, receipts) from either you or the other person, showing the financial support provided
    3. statutory declaration from yourself that includes information supporting you have a close personal relationship with the other person and that includes examples of the domestic support and personal care one or each of you provide the other.

    Note: All documents need to show who they were issued to. Where you are providing bank statements, you need to ensure that the account holder’s name and statement period are visible.

    See Statutory declarations for information on how to access and complete the declaration.

    Information to consider

    Evidence of financial support can include payments between you and the other person or the payment of expenses on their behalf, such as utility bills, rent, groceries.

    Information that can support you have a close personal relationship includes:

    • nature of the relationship
    • duration of the relationship
    • details of assets that are jointly owned
    • any information that suggests the relationship is permanent
    • public aspects of the relationship.

    Information that demonstrates that you support the other person, and provided domestic support and personal care includes:

    • domestic support and personal care provided
    • care and support of children
    • details of the emotional support you provide each other.

    If you would like to print this checklist, select ‘Print or Download’ and ‘Print page’ from the dropdown list.

    MIL OSI News –