NewzIntel.com

Category: Economy

  • MIL-OSI: Standard Premium Expands Stock Repurchase Program Following Strong Q2 Results

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, July 31, 2025 (GLOBE NEWSWIRE) — Standard Premium Finance Holdings, Inc. (OTCQX: SPFX), a leading specialty finance company, today announced that its board of directors has authorized an expansion of the Company’s previously announced $250,000 stock repurchase program which follows the Company’s strong second quarter performance, including $3.1 million in revenue, income before taxes of $345,000 and a return-on-equity of 15%. The board approved the ability for repurchases to be effectuated in the open market in accordance with applicable SEC regulations and safe harbor provisions, in addition to privately negotiated transactions directly with stockholders.

    “The expanded repurchase program reinforces our continued confidence in the Company’s strategic direction and long-term vision, and our ability to execute on a compelling growth trajectory,” says William Koppelmann, CEO, Standard Premium. “It provides us with another flexible mechanism to return value to shareholders while maintaining a disciplined, balanced and methodical capital allocation approach.”

    The Company noted that repurchases under the program remain subject to a number of factors, including market conditions, stock price, regulatory requirements and limitations and corporate liquidity needs and priorities. The program does not obligate the Company to repurchase any specific number of shares and repurchases may be suspended or discontinued at any time. The program remains in effect through November 2, 2025.

    “As we continue to scale our business and deliver consistent, solid financial performance, we remain focused on sustainably enhancing shareholder value through prudent capital deployment and strategic execution,” adds Koppelmann.

    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 future growth and outlook, including the Company’s current plans concerning the stock repurchase plan. 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: imPAC Labs and BigID Join Forces to Bring Data-Centric Cloud Security to Enterprises

    Source: GlobeNewswire (MIL-OSI)

    Atlanta, GA , July 31, 2025 (GLOBE NEWSWIRE) — imPAC Labs, the cloud-control plane for security and compliance, today announced a strategic integration with BigID, the leading platform for data security, privacy, compliance, and AI governance, giving security and DevOps teams unified, real-time insight and control from sensitive data all the way to the cloud infrastructure that stores and processes it.

    Data-Centric Cloud Security by imPAC x BigID

    Reimagining Proactive, Data-Centric Cloud Security

    Traditional cloud security tools flag surface-level misconfigurations but lack the context to highlight what really matters: the data at risk. By combining BigID’s deep data discovery and classification with imPAC’s policy automation engine, joint customers can now:

    • Unify Data Intelligence & Cloud Controls – BigID continuously discovers and classifies regulated and high-value data; imPAC ingests that context to enrich cloud configurations and surface previously hidden exposures.
    • Prioritize & Remediate by Actual Risk – BigID’s data signals (PII, PHI, financial data, IP) feed imPAC’s High-Fidelity Risk Scoring, so teams focus on the misconfigurations that endanger the most critical data.
    • Automate Data-Aware Guardrails – Using imPAC Compose and Playbooks, security teams can trigger actions like encryption, revoking access, or quarantining based on BigID’s sensitivity tags the moment risky conditions appear.
    • Continuous Compliance & Audit-Ready Evidence – BigID maps data to GDPR, HIPAA, PCI DSS and more, while imPAC’s Time Machine captures every configuration change, producing end-to-end proof without manual effort.
    • Cut Noise, Respond Faster – Data context slashes alert fatigue; imPAC automatically raises or lowers severity so responders spend time on the incidents that matter most.

    Availability

    The integrated imPAC + BigID solution is available today.

    About imPAC Labs

    imPAC Labs is the only cloud control plane allowing Security, DevOps, and Compliance teams to move fast while reducing security risk by gaining continuous control over all cloud assets, configurations, and hidden relationships. Teams can now track all configuration changes over time with evidence, build automated no-code guardrails, and ingest contextual DSPM signals for proactive cloud control.

    Enterprises trust imPAC to protect their multi-cloud environments, streamline their audit and compliance burden, safeguard their deployments and unify internal teams with a common goal of strengthening security.

    One unified, self-service hub for proactive cloud control. Learn more at www.impac.io.

    About BigID

    BigID helps organizations connect the dots in data & AI: for security, privacy, compliance, and AI data management.  BigID enables customers to find, understand, manage, protect, and take action on high-risk & high-value data, wherever it lives.

    Customers use BigID to reduce their AI & data risk, automate security and privacy controls, achieve compliance, and understand their data throughout their entire data landscape: from the cloud, on-prem, and everywhere in between.

    BigID has been recognized for innovation as a World Economic Forum Technology Pioneer; named to the Forbes Cloud 100; the Inc 5000 for 4 consecutive years; the Deloitte 500 for 4 consecutive years; Market Leader in Data Security Posture Management (DSPM); Leader in Privacy Management in the Forrester Wave; and an RSA Innovation Sandbox winner.

    Media Contacts

    imPAC Labs – pr@impac.io
    BigID – comms@bigid.com

    The MIL Network –

  • MIL-OSI: FirstBank’s Strategy Delivers in Q2 2025 with Financial and Customer Wins

    Source: GlobeNewswire (MIL-OSI)

    LAKEWOOD, Colo., July 31, 2025 (GLOBE NEWSWIRE) — FirstBank, one of the nation’s largest privately held banks with a focus on “banking for good,” announced its 2025 second-quarter summary of the company’s holdings and activities. The bank reported the following quarter-end results:

    • Net income was $151.7 million
    • Total deposits were $23.4 billion
    • Net loans were $15.8 billion
    • Total assets were $26.8 billion

    During the second quarter, FirstBank earned the No. 1 ranking in customer satisfaction in the Southwest region for the fifth consecutive year, according to a national retail banking study. The study evaluated customer satisfaction across several key categories, account offerings, digital channels, and overall experience.

    “We’re honored to once again be recognized as a leader in customer satisfaction, which is a direct reflection of the trust our customers place in us,” said Kevin Classen, CEO of FirstBank.  “We also experienced a sizable year-over-year increase in net income from $96.5 million in Q2 2024 to $151.7 million in Q2 2025, demonstrating our commitment to long-term sustainable growth. As we look ahead, we’re focused on deepening our community impact, expanding support for local businesses, and driving innovation that helps customers and local economies thrive.”

    To promote its small business customers and give back to communities, FirstBank launched its “Our Cube Means Business” campaign. From July 11 to September 5, the bank’s signature orange cube will pop up at select businesses and storefronts throughout Colorado every Friday, providing exclusive giveaways. 

    In addition, FirstBank announced its continued partnership with the Colorado Chamber of Commerce on the Coolest Thing Made in Colorado contest, which works to celebrate and strengthen local manufacturers. 

    About FirstBank

    FirstBank began providing banking services in 1963. Today, it’s known as an industry leader in digital banking. It has grown to be one of the top-performing and largest privately held banks in the United States. FirstBank offers a variety of consumer deposit accounts, home equity loans, mortgages, rental property loans, and a full range of commercial banking services, including business financing, commercial real estate loans, treasury management, and more. Since 2000, FirstBank has been recognized as a top corporate philanthropist, contributing more than $90 million and thousands of volunteer hours to charitable organizations. The company is also unique in that a large portion of its stock is owned by management and employees, giving employees a financial stake in the bank’s success through its Employee Stock Ownership Program. For more information, visit www.efirstbank.com. Member FDIC.

    Media Contact
    Cody Wheeler
    (303) 228-6986 
    1stbank@wearecsg.com

    The MIL Network –

  • MIL-OSI United Kingdom: This current state of war remains a choice that President Putin is making: UK statement at the UN Security Council

    Source: United Kingdom – Executive Government & Departments

    Speech

    This current state of war remains a choice that President Putin is making: UK statement at the UN Security Council

    Statement by Fergus Eckersley, Minister Counsellor, at the Security Council meeting on Ukraine.

    How is it that Russia can sit here and claim any sort of commitment to diplomacy, while at the same time ramping up missile and drone strikes on Kyiv?

    A six-year-old boy was amongst those killed last night by Russian missiles in Kyiv.

    The problem is that for all its words, the Russian state has geared itself for war.

    A war of aggression, a war of Russia’s own making.

    The government bolsters its legitimacy and suppresses opposition by stoking fears about external enemies.

    Russia’s economy is now highly dependent on military industrial production, with almost 40% of government spending on defence, more than 8% of GDP.

    And the President has defined himself politically as the man who can conquer so-called neo-Nazism in Ukraine, and the threat that he claims NATO poses to Russia.

    In reality, these are challenges of his own creation. 

    Ukraine is not ruled by neo-Nazis, and NATO does not pose a threat to Russia.

    NATO merely stands with Ukraine in the face of Russia’s unprovoked and illegal invasion.

    The consequences of a militarised Russian state are not limited to the appalling tragedies felt every day by Ukraine’s brave people.

    Russia itself has suffered over a million casualties as a result of its own war.

    The wider region is also directly dealing with the effects of Russia’s aggression. 

    And ultimately, we all are. Russia’s actions are an affront to the UN Charter principles and international law. 

    The very foundations of all of our peace and security. 

    The consequences for the wider international system are also clear. 

    While members of this Council discuss how to bring peace to Sudan, Russia tries to leverage access to a naval base. 

    While we discuss peace in Mali, Russia has pushed out the UN to secure advantage for its private military contractors. 

    While we discuss sanctions to prevent nuclear proliferation on the Korean peninsula, Russia tries to undermine those sanctions to access military supplies for its war machine.

    There is another pathway. 

    President Putin could accept the truth that there is no threat to Russia, not from Neo-Nazis and not from NATO. 

    He could choose to engage in good faith in a ceasefire and in peace talks based on the UN Charter.

    Until then, this state of war remains a choice that President Putin is making.

    We need to continue to show that there is no good outcome for Russia from its aggression, that we will remain staunch in our support for the defence of Ukraine, including through the provision of weapons systems in the face of relentless Russian attacks on critical national infrastructure and civilians.

    We must be vigilant in clamping down on any military industrial support for Russia, including by preventing the export of dual-use items.

    And we need to continue to demonstrate to Russia the economic costs of the choice it is making, and not give its militarised state a lifeline that it can feed on. 

    Ultimately, we must not let up in affirming the principles of the UN Charter.

    Every Member State at the UN has a responsibility in this, to support a peace process that only Russia, only Russia is currently rejecting.

    As President Trump has made clear, there is no reason for delay.

    Russia must make progress towards a meaningful peace immediately.

    But the world has seen Russia’s response. 

    That is why, as President Zelenskyy said, peace without strength is impossible.

    So it is now that we need to meet our responsibility to stand together and to demand that Russia immediately ceases its aggression and adheres to the call for a just and a lasting peace.

    Updates to this page

    Published 31 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Business leaders back the UK Government’s Small Business Plan

    Source: United Kingdom – Executive Government & Departments

    Press release

    Business leaders back the UK Government’s Small Business Plan

    Business leaders from across business representative organisations, small and large businesses have endorsed the launch of the UK Government’s new Small Business Plan.

    Business leaders from across business representative organisations, small and large businesses have endorsed the launch of the UK Government’s new Small Business Plan.

    Small businesses across the UK will benefit from the most comprehensive support package in a generation. From faster payments and easier access to finance, to cutting red tape and launching a new Business Growth Service, we’re backing businesses to thrive.

    Business Groups 

    Policy Chair of the Federation of Small Businesses (FSB), Tina McKenzie, said: 

    Making sure businesses are paid on time, that our high streets thrive, and creating conditions in which everyone can start and succeed in business are crucial priorities for small businesses, communities and the economy. It’s very welcome that the Prime Minister has today made them his Government’s priorities. 

    I’m pleased that FSB and the Government have been able to work in lockstep on the bold and ambitious measures needed to tackle the scourge of late payment through legislation, and other pro-growth, pro-small business measures.  

    Today’s plan is an encouraging commitment from the Government to take the side of small businesses in the great growth challenge ahead. 

    Michelle Ovens CBE, Founder, Small Business Britain, said:  

    I am thrilled to see the Small Business Plan launched today, putting the nation’s smallest businesses at the heart of Government strategy where it should be. These job creators and economy builders will benefit from a huge boost to funding through the British Business Bank, a boost to skills, support for high streets and a long hoped for legislative backing for getting paid on time. We will not see economic growth without small business growth, so I am eager to get on and help the Government deliver on this agenda – and help small businesses regardless of their background start, grow and thrive. 

    Daniel Woolf, Enterprise Nation’s Head of Policy & Government Relations, said: 

    We welcome the Government’s new Small Business Plan as a serious attempt to reset the relationship between small firms and Government. Many of the commitments like digital adoption and access to affordable finance reflect the everyday challenges our members experience, and several directly align with recommendations Enterprise Nation has set out in recent policy work.   

    We’re particularly pleased to see a comprehensive approach to late payment reform, including shorter payment terms and stronger enforcement through the Small Business Commissioner. 90-day payment terms stop small businesses from investing and growing. 

    This is a strong foundation. Enterprise Nation looks forward to working with government to help ensure these policy ambitions turn into measurable outcomes for small businesses across the UK.  

    Philip Salter, Founder of The Entrepreneurs Network, said: 

    Small businesses are where opportunity begins – new jobs, new skills and new ideas. Practical help, such as being paid on time, easy access to advice and finance, and less administrative burden, makes a real difference. 

    In a world where online banking, accounting software and e-invoicing exist, it’s completely unacceptable that so many burgeoning startups see their growth stall due to late payments. At its worst, they can send perfectly good businesses to the wall – leaving Britain’s economy less dynamic and competitive. Founders in our network will hope the measures outlined today mean it is the beginning of the end for late payments.  

    Fiona Graham, Chief Operating Officer for Family Business UK said:  

    Family Business UK welcomes today’s publication of the Small Business Plan as a positive step towards creating a fairer and more resilient environment for small family-run firms.  We are pleased to see many of the areas highlighted by our members addressed in this plan. 

    Family businesses make up over 85% of all private sector firms in the UK and are deeply rooted in their communities. But like many small businesses, they are held back by red tape and limited access to finance and support – challenges that this plan rightly seeks to address. 

    The announcement of a Business Growth Service will give small family-run businesses the tools they need to grow, scale up and expand into international markets, as well as streamlining essential advice and support into one national platform. This will give small businesses peace of mind that support is readily available and easily accessible when they are looking to invest and grow. 

    We look forward to continuing to support small businesses as the initiatives in this plan are developed and rolled out.  We are also committed to working with DBT in the development of a future strategy to ensure that mid-sized businesses are also getting the bespoke support they need. 

    Liz Barclay, IoD Special Advisor for Small Business and Entrepreneurship, and former Small Business Commissioner, said: 

    We welcome this commitment to ensuring that small businesses are paid on time and that larger suppliers are prevented from imposing unfair contractual payment terms beyond 60 days. This will give small and micro firms the certainty they need to invest, increase productivity, and grow.   

    We look forward to working with the government as the legislation takes shape, ensuring that there are no unintended consequences for businesses.  

    Stephen Phipson, Chief Executive Officer, Make UK, said: 

    Manufacturers across the country will welcome the Government’s decisive action to tackle late payments. For too long, delayed invoices have drained cashflow, delayed innovation, and damaged businesses, particularly the thousands of small and medium-sized firms for whom late payments are one of the most consistent challenges to their survival and success. 

    Today’s announcement rightly recognises that supporting manufacturing SMEs is essential to unlocking wider economic growth. The introduction of the toughest late payment laws in the G7 sends a clear signal that poor payment practices will no longer be tolerated. 

    These reforms, combined with new powers for the Small Business Commissioner, will help create a culture of fairness and accountability across supply chains. Coupled with real enforcement, this Small Business Plan will give manufacturers the confidence and certainty they need to innovate, grow, and create even more high-skill, high-paying jobs in the UK. 

    Alan Vallance, ICAEW Chief Executive, said:  

    The UK’s economy is made up of small businesses, with 99 per cent of the total business population, two-fifths of all private sector employment and over half of the nation’s business turnover. Small businesses are key to growth, and it’s important that they can operate in the best environment to propel them into the business stars of the future, creating more growth, employment and prosperity for all parts of the UK. 

    Chartered accountants are central to this story. As trusted business advisers, they provide expertise and acumen to allow small businesses to thrive and scale up, and often set up small businesses of their own. About 80 per cent of chartered accountancy firms are small businesses themselves, employing four employees or fewer. 

    The publication of the Small Business Strategy is an important development to help small businesses realise their potential. With its ambition on entrepreneurship, business advice, late payments and export potential, as well as its close links to the UK Modern Industrial Strategy and Professional and Business Services Sector Plan, it is clear that chartered accountants will make a strong contribution to its success. 

    Kate Nicholls, Chair of UKHospitality, said:  

    We welcome the Government’s Small Business Plan and the steps that it has put forward to support SMEs across the UK. The wider measures announced today on late payments and access to additional finance sit alongside a raft of new licensing measures that will slash red tape and support the hospitality sector, making it easier to open and operate hospitality venues, create jobs and grow the economy. 

    I’m personally very happy to have worked with Government to move us toward a new and improved licensing system that includes modernised planning and licensing rules, hospitality zones, and protections for existing venues. These can provide a real boost to the nation’s pubs, bars, restaurants and hotels. 

    We’ve worked on some of these issues for more than two decades so we now need swift implementation, while we keep up the momentum on outstanding issues, to deliver a bold, long term plan for the high streets and hospitality. 

    Vicks Rodwell, Managing Director at IPSE, The Self-Employed Association, said: 

    Late payments can force freelancers out of business, but obscenely long payment terms for work can put just as much of a strain on the self-employed. It’s hugely encouraging that the Prime Minister is determined to tackle both these issues with the measures in today’s plan” 

    It’s not right that freelancers can fall behind on their own bills, and even into debt, whilst the money they’ve earned sits in a bank account for months on end. 

    By clamping down on late invoices and long payment terms, government can tear down one of the biggest barriers to growth for freelancers and sole traders. 

    Millie Kendall MBE, CEO of British Beauty Council, said:  

    The beauty industry – encompassing hair, beauty, nails, barbering, spa and wellness – is made up of 95% small businesses and 78% micro-businesses, contributing more than £30bn to the UK GDP. The British Beauty Council welcomes the Government’s Small Business Plan which sees policy-makers put our businesses first. For years, the beauty sector has faced unique challenges when it comes to growth, this plan is a much needed step towards ensuring our industry – which bolsters social mobility and opportunities for underrepresented communities – can sustain growth. 

    Small Businesses  

    Elizabeth Vega OBE DUniv, Group CEO, Informed Solutions: 

    This Small Business Plan is the strongest and clearest we’ve seen in over a decade. It is a compelling way forward for the UK’s economy. 

    The Strategy reflects a truly collegiate and collaborative effort between government, policy experts, and the over 1,000 SMEs that contributed. 

    Having advocated for SME policy that supports economic growth and resilience for over 15 years, it’s been a pleasure to work alongside Minister Gareth Thomas, DBT policy teams, and the Small Business Growth Forum to shape a strategy with clear aims, ambitious objectives, and a holistic integrated approach to policy development. 

    I’m excited to now turn the shared ambitions in this Strategy into action, helping realise the UK’s full economic potential through SME growth and international trade. 

    Simon Groom, CEO of MagnifyB, said:  

    MagnifyB welcomes the UK Government’s action to tackle late payments, which will give small businesses the cash flow stability they need to thrive. Alongside this, there is a clear need to provide micro and small businesses with far more than just a repository of information, including a practical digital toolset to strengthen their operations and improve their chances of long-term success. We hope that the new Small Business Commissioner can be instrumental in bringing together ideas and championing the initiatives needed to make this support a reality. 

    Julianne Ponan MBE, Founder of Creative Nature, a small business that exports top 14 Allergen Free Baking Mixes and Snacks to 16 countries, said:  

    I’m delighted to see the government’s new SME Strategy recognising the critical role small businesses play both at home and globally. 

    From tackling late payments to simplifying access to growth advice and support, these measures are a lifeline for SMEs like mine who often face disproportionate challenges with limited resources. 

    I’m especially encouraged by the commitment to reduce administrative burdens by 25% and improve access to finance both are major barriers to growth for underrepresented founders, including women and ethnic minority entrepreneurs. The focus on revitalising the high street, digital skills, and exporting support shows that the government is listening to the needs of small businesses. 

    Charlie Shaw, owner of Flock and Herd butchers, said: 

    We’re proud to pay every supplier on time and once we receive an invoice, so it’s fantastic to see the government put the Small Business Plan into place tackling the big issue of late payments. We believe this is a fair and honest way to conduct business. It gives us a clear and current understanding of how our business is performing. Our relationships with our suppliers have been amazing and truly beneficial to all parties. 

    Richard Marshall, Founder and CEO of Pall Mall Barbers, said: 

    Small businesses are the backbone of the UK economy — and they need access to affordable finance and a fairer tax system to plan and grow. That’s why I look forward to working with the Government to drive down costs on the high street, extend business rates relief, and improve access to finance so SMEs can invest, hire, and build with confidence.  

    Today’s announcement is about backing entrepreneurs with the tools they need to thrive — not just for today, but for the long term. 

    Large Businesses  

    Nick Mackenzie, CEO of Greene King and co-chair of the Licensing Taskforce commented on the licensing response published today. He said:  

    As an industry we welcome the licensing proposals and see this as a positive and necessary step towards updating a planning and licensing system that, for too long, has limited hospitality’s ability to drive economic growth across the UK. I thank the industry and the Taskforce for the serious and meaningful recommendations that we have put forward to bring these proposals to fruition.

    It’s encouraging to see how the Government has worked at pace to take forward the proposals, particularly in areas that matter the most, including the introduction of a new National Licensing Policy Framework.

    Whilst licencing reform won’t offset the significant layered cost of doing business that the industry bears, they form part of wider changes to back the sector, which will support in unlocking opportunities for pubs to further invest in growth across the country.

    Steve Hare, Chief Executive Officer at Sage, said:  

    Small businesses are the backbone of the UK economy – they drive growth, create jobs, and fuel innovation. But running a small business isn’t easy. From rising costs and late payments to time-consuming admin, the challenges are real and persistent. Today’s Strategy is a welcome step in the right direction. Giving small businesses better access to finance, helping them break into new markets, and supporting them to adopt the latest technology will go a long way in helping them grow and succeed. 

    Leigh Thomas, Vice President EMEA, Intuit, said:  

    Today’s Small Business Plan is a welcome and much needed initiative for entrepreneurs. Our data shows that with an average of £21,000 owed in unpaid invoices, more than half of our country’s small businesses are now facing cash flow pressures. These pressures can quickly escalate, forcing many small business owners to make difficult financial decisions to keep operations running. Improving payment practices will play a key role in strengthening small business stability, creating the conditions for growth. We look forward to collaborating on this to power prosperity for all. 

    James Holian, Head of Business Banking, NatWest, said:  

    We welcome the Government’s renewed focus on tackling late payments for small businesses. This is a long-standing challenge that we know can hold back growth and innovation, and NatWest is proud to have been recognised for several consecutive years by Good Business Pays for being a leading business in making fast payments to our suppliers.  

    As a leading lender to UK SMEs, we’re committed to playing our part—whether that’s through prompt payment practices, tailored financial support, or initiatives like our accelerator hubs – where this year we’re aiming to support 10,000 businesses for the first time. Small businesses are the backbone of the UK economy, and we’re proud to support them in building resilience and unlocking their full potential. 

    Tom Wood, Head of Business Banking, HSBC UK, said:  

    We welcome the additional support the Small Business Plan provides, SMEs are key to a strong and resilient economy and we must equip them with the tools to succeed at every stage of their growth journey. It is vital we all work together to deliver long-term, practical solutions, including more transparent and accessible financing to ensure long-term growth and economic stability. Recognising the challenges SMEs face, HSBC UK recently launched the Small Business Growth Programme, providing business owners with resources to help early-stage businesses grow with confidence. 

    Wider Civil Society Organisations 

    Terry Corby, Founder and CEO, Good Business Pays, said:  

    This is what we have been waiting for. The legislative changes the government are planning to tackle our late payment culture are a game-changer. It is no longer seen as good business practice to be making your suppliers wait for a long time to get paid. At Good Business Pays we have been asking for legislative action for five years and it’s great to see these changes to unfair practices being set out in laws. 

    Anthony Impey MBE, CEO of Be the Business, said:  

    A strategic approach is essential to unlock the huge potential of small and medium-sized businesses, and it’s key to driving the country’s productivity and growth. The Small Business Plan is an important step in achieving this.  

    Business Support Services 

    Nicki Clark, Chief Executive of UMi, said:  

    At UMi, we see first-hand the incredible impact small businesses have, but also the challenges they face on a day-to-day basis.  This Small Business Plan, including the launch of the Business Growth Service, is a positive step towards making it easier for small businesses to find and access the support and finance they need to survive and thrive.

    Updates to this page

    Published 31 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI: TAB Bank Q2 Loans Fund Growth for 218 Companies Totaling $66 Million

    Source: GlobeNewswire (MIL-OSI)

    OGDEN, Utah, July 31, 2025 (GLOBE NEWSWIRE) — TAB Bank funded growth for 218 companies in Q2 2025 with loans totaling $66 million. Companies signed with TAB Bank for working capital, cash flow management through factoring, equipment purchases and small business lines of credit. Businesses in the manufacturing, transportation, healthcare, food, fintech and toy/game industries selected TAB Bank as their financial partner.

    Highlights of some of the largest Q2 2025 deals include:

    • $8 million—A leader in global sourcing, supply chain management, manufacturing and nearshoring solutions in Ohio.
    • $5 million—Package Steel Systems, of Massachusetts, the premier builder of metal buildings in the Northeast.
    • $5 million—An exotic and collector car financing dealer in Utah.
    • $5 million—A toy, puzzle and gaming company based in California.
    • $2.5 million— Ryan Transportation, Inc., a Michigan-based truckload transportation provider.

    Additionally, in Q2, TAB Bank provided equipment financing to 140 companies, with a combined value of $15.2 million. Nine companies in the transportation sector—the core industry of the bank’s beginnings—received term loans and accounts receivable lines of credit ranging from $40,000 to $300,000. TAB also funded 55 small- to medium-sized businesses.

    “TAB Bank is a key financial partner, whether a company is looking for creative ways to manage cash flow or to leverage cash or assets to maximize growth,” said Justin Hatch, Chief Lending Officer at TAB Bank. “Our expertise in financing, along with our experience in many industries, allows us to take a comprehensive, creative and strategic view of the business goals and then structure the deal that best meets those needs. We are with our companies every step of the journey, even in some of their most difficult times.”

    The bank’s services include working capital, equipment financing, term loans, lines of credit and commercial real estate loans. TAB Bank’s specialists ensure each client is matched with the right financial product for their industry and growth stage. The bank supports businesses with stellar credit and those without, requiring alternative assessments. To determine creditworthiness, the bank considers various factors, such as income and operational history.

    For more information on TAB Bank’s capital financing and credit solutions, visit TABBank.com.

    About TAB Bank
    At TAB Bank, our mission is to unlock dreams with bold financial solutions that empower individuals and businesses nationwide. We are committed to building value in all we do through our innovative banking products.   Our dedication drives us to continuously improve, ensuring that we meet the evolving needs of our clients with excellence and agility. For over 25 years, we have remained steadfast in offering tailored, technology-enabled solutions designed to simplify and enhance the banking experience. 

    For more information about how we can help you achieve your financial dreams, visit www.TABBank.com.

    Contact Information:
    Trevor Morris
    Director of Marketing
    801-710-6318
    trevor.morris@tabbank.com

    The MIL Network –

  • MIL-OSI Africa: President Museveni’s Leadership Praised in the House

    Source: APO


    .

    Members of Parliament have backed a motion thanking President Yoweri Museveni for the State of the Nation Address, delivered to the House and country on June 5, 2025.

    Hon. Faith Nakut (NRM, Napak district) who moved the motion during the House sitting on Thursday, 31 July 2025, highlighted the President’s achievements, including support for small businesses and increased national revenue. Legislators including Hon. Dicksons Kateshumbwa (NRM, Sheema Municipality) and Hon. Jane Avur (NRM, Pakwach district), seconded the motion, citing economic growth, job creation, and macroeconomic stability.

    Annually, Parliament debates and passes a motion appreciating the President for the clear and precise exposition of government policy as contained in the address.

    The members praised the government’s initiatives, such as the Parish Development Model and Emyooga, for transforming lives and boosting the economy. The MPs also commended the President’s efforts in promoting women’s leadership and stabilizing fuel prices.

    “These interventions increased Ugandan participation in production and trade. More Ugandans are into business now,” Nakut said.

    She added that national revenue has grown from Shs5 billion in 1986 to Shs31.9 trillion, while electricity generation has increased from 156 to 2,052 megawatts. She also praised the stabilisation of fuel prices and investment in mineral processing, which she said had created jobs and boosted the economy.

    Hon. Dicksons Kateshumbwa (NRM, Sheema Municipality), highlighted the country’s economic growth.

    “In 1986, our economy was US$3.92 million. It is now projected to hit US$ 60.4 billion,” he said, noting that Uganda is expected to grow at 7 percent in the coming financial year.

    He credited the government’s wealth creation programmes such as the Parish Development Model, Emyooga, and the Youth Livelihood Project for transforming lives.

    “Some people have touched a million shillings for the first time in their lives,” he said. On tourism, he cited growth in receipts from US$ 562 million in 2020 to US$ 1.4 billion in 2024, attributing the improvement to peace, infrastructure, and Uganda Airlines’ new international routes.

    Hon. Jane Avur (NRM, Pakwach District Woman Representative) also seconded the motion, commending the President for maintaining macroeconomic stability.

    “The Ugandan shilling has appreciated by 6.1 percent over the past year, and inflation is under control. Uganda has Africa’s second-lowest inflation rate over the past decade,” she said.

    Avur emphasised the importance of price stability, calling it a “crucial enabler of investment and economic predictability.”

    She also applauded export growth, noting a 26 percent increase to US$ 9.3 billion, and highlighted the impact on sectors like cosmetics, which employ over two million Ugandans, mostly women and youth.

    Speaker Anita Among welcomed the contributions, saying, “We have a stable economy. We have peace. And when you look at the development that is coming up, it is out of the exports and services that are creating jobs.”

    Hon. Hope Grania Nakazibwe (NRM, Mubende District) thanked the President for his role in promoting women’s leadership, noting that many women now hold key positions in government. “That came as a result of affirmative action,” she said, prompting applause from female MPs.

    Speaker Anita Among welcomed the contributions, emphasizing the importance of a stable economy and peace in driving development.

    The debate on the motion was deferred pending a statement in response to the President’s address from the Leader of Opposition, Hon. Joel Ssenyonyi.

    Distributed by APO Group on behalf of Parliament of the Republic of Uganda.

    MIL OSI Africa –

  • MIL-OSI Africa: Fifth Annual Regional Economic Communities (RECs) Dialogue Advances Fisheries Governance in Africa

    Source: APO


    .

    Recognizing the critical role of Regional Economic Communities (RECs) in driving the implementation of continental fisheries policies and addressing region-specific priorities, AU-IBAR is hosting the Fifth Annual Dialogue with Regional Economic Communities (RECs) from 30th July to 1st August 2025 in Naivasha, Kenya. This critical gathering has brought together fisheries experts, policymakers and development partners to review progress on the Fisheries Governance Project Phase 2 (FishGov2) and chart the way forward for sustainable fisheries management across the continent.

    In her opening address, the Director of AU-IBAR, Dr Huyam Salih (represented by Mrs Hellen Guebama, AU-IBAR Fisheries Officer), emphasized the pivotal role of RECs in implementing continental fisheries policies while addressing regional priorities. She acknowledged the European Union’s continued support through FishGov2, which is currently in its final extension phase running until October 2026. The Director highlighted the project’s achievements in policy harmonization, capacity building, and the development of regional Blue Economy strategies, while stressing the need to modernize outdated legal frameworks that still govern fisheries in some member states.

    Participants at the dialogue are focusing on key recommendations to strengthen fisheries governance, including deeper involvement of RECs in decision-making processes, adaptation of continental policies to local contexts, and sustained financial and technical support for regional initiatives. The discussions are laying the groundwork for a potential third phase of the FishGov project, with RECs advocating for continued investment in Africa’s fisheries sector.

    The meeting is reinforcing the African Union’s commitment to collaborative governance, recognizing RECs as essential platforms for coordinating fisheries management across the continent. As the Director notes, this annual dialogue serves not only as a procedural requirement but also as a vital space for joint reflection and planning to ensure Africa’s fisheries are governed sustainably and equitably.

    Looking ahead, stakeholders focus on finalizing the FishGov2 extension phase, developing proposals for a potential third phase and scaling up regional Blue Economy initiatives to enhance food security and coastal livelihoods. The dialogue will conclude with a renewed commitment to transforming Africa’s fisheries sector through strengthened regional cooperation and governance. This gathering marks another important step in Africa’s journey toward sustainable fisheries management and blue-economic development.

    The dialogue is part of annual meetings held with RECs to strengthen project implementation on Fisheries Governance issues. Read about similar meetings on AU-IBAR’s work with Regional Economic Communities on fisheries governance:

    https://www.au-ibar.org/resources/dialogue-regional-economic-communities-recs-implementation-fisheries-governance-project
    https://www.au-ibar.org/news/latest-news/dialogue-recs-held-strengthen-implementation-fisheries-governance-2-project

    Distributed by APO Group on behalf of The African Union – Interafrican Bureau for Animal Resources (AU-IBAR).

    MIL OSI Africa –

  • MIL-OSI: Latest Release of Quark Publishing Platform® Delivers Accelerated AI- Powered Content Automation at Scale for Highly Regulated Industries

    Source: GlobeNewswire (MIL-OSI)

    GRAND RAPIDS, Mich., July 31, 2025 (GLOBE NEWSWIRE) — Quark Software, the global provider of content automation, intelligence and design software, today announced the July 2025 release of Quark Publishing Platform® (QPP), its enterprise content lifecycle management platform designed to revolutionize how highly regulated industries manage, author, and deliver complex content.

    Built to address the documentation challenges of sectors such as financial services, life sciences, manufacturing, and public sector organizations, the SaaS platform offers unparalleled levels of automation, compliance, and personalization — specifically for use cases like client investment reports, drug safety reports, SOPs, technical data sheets, policy documents, and legislative reports.

    Next-Level Automation with Strict Regulatory Guardrails and Governance

    The July 2025 release introduces powerful new capabilities that enable enterprise content teams to:

    • Achieve 80–100% batch automation of recurring content through data-driven personalization powered by Content Variables
    • Convert unstructured content into structured, reusable, tagged components for compliant output, reducing onboarding costs by 50–80%
    • Leverage AI-powered Repeatable Accelerator Packs (RAPs) for sector-specific use cases, cutting onboarding cycles by 25–30%
    • Seamlessly reuse brand-compliant, design-rich content in Microsoft PowerPoint, drastically improving presentation workflows
    • Gain access to workflow enhancements including agile content strategy, smarter authoring workflows, enhanced usability, and enhanced Microsoft 365 Office desktop app integration

    The result is a smarter, faster, and more scalable way to manage regulated content across global teams — without compromising on compliance, accuracy, or brand consistency.

    Executive Insight
    “This release is a game-changer for content teams facing complex, regulatory data integration and workflow demands,” said Amit Sood, SVP Enterprise Products at Quark. “By combining powerful AI with structured content models, we’ve created a platform that accelerates use case deployment and transforms unstructured content into reusable, audit-ready components to drive enterprise-grade AI. It’s about faster outcomes, better compliance, and enabling teams to do more with less.”

    Built for the Industries That Can’t Afford to Get Content Wrong
    From automating client-facing investment communications to streamlining drug safety reporting, policy documentation, and manufacturing SOPs, QPP is built to support high-stakes content processes where speed and accuracy are critical.

    Use cases include:

    • Financial Services: Fund factsheets, ESG disclosures, regulatory filings
    • Life Sciences: PSURs, CSRs, PADERs, and labeling updates
    • Manufacturing: Technical guides, data sheets, SOPs
    • Public Sector: Legislative documents, policy updates, legal frameworks

    Enterprise-Grade Integration and Security
    The new platform is powered by Microsoft Azure Cloud Services and integrates directly with Microsoft 365 desktop applications — ensuring security, scalability, and accessibility across regulated ecosystems. Advanced permissions, traceable workflows, and Automated Content Validations features ensure trust and accountability across every step of the content lifecycle.

    About Quark
    Quark is a leading provider of AI-powered content automation solutions for highly regulated industries. QPP enables organizations to transform how they create, manage, and distribute content by combining intelligent automation, data integration, and compliance frameworks. With customers worldwide, Quark empowers teams to accelerate enterprise content lifecycle management while ensuring accuracy and regulatory readiness. Visit quark.com for more information.

    Media Contacts:
     Emerson Welch
    Quark
    ewelch@quark.com

    https://www.linkedin.com/in/emerson-welch/

    The MIL Network –

  • MIL-OSI: The Payden Securitized Income Fund Offers Timely Strategy for Today’s Income Investors

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, July 31, 2025 (GLOBE NEWSWIRE) — With investors increasingly seeking income and diversification amid shifting monetary policy and market volatility, the Payden Securitized Income Fund (PYSFX) offers a compelling approach. The Fund provides access to a wide range of securitized assets—including agency and non-agency residential mortgage-backed securities (RMBS), asset-backed securities (ABS), commercial mortgage-backed securities (CMBS), and collateralized loan obligations (CLOs).

    Designed to offer attractive yield potential while seeking limited interest rate sensitivity, the Payden Securitized Income Fund navigates changing market conditions through active management. The Fund seeks to capitalize on market inefficiencies and spread opportunities while maintaining a high degree of liquidity and risk awareness.

    “The Payden Securitized Income Fund is designed with an aim to help investors earn more income, enhance diversification beyond traditional bonds, and maintain flexibility in a changing interest rate environment,” said Gary Greenberg, CFA, Director and Co-Manager.

    Recent market dynamics have favored securitized credit, with CMBS and residential credit offering strong relative value. A resilient U.S. economy and a Federal Reserve nearing the end of its tightening cycle create favorable conditions for active managers seeking differentiated sources of income.

    The Fund’s diversified structure and risk-conscious portfolio management strategy make it a timely solution for investors looking to complement traditional fixed income holdings.

    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).

    Past performance does not guarantee future results. Investment returns and principal value will fluctuate, so investors’ shares, when sold, may be worth more or less than their original cost. For the most recent month-end performance, which may be higher or lower than that quoted, visit our website at payden.com or call 800 572-9336.

    For more information and to obtain a prospectus or summary prospectus, visit payden.com or call 800 572-9336. Before investing, investors should carefully read and consider investment objectives, risks, charges, expenses and other important information about the Fund, which is contained in these documents. Interest Rate Risk: As with most funds that invest in debt securities, the income on and value of your shares in the Fund will fluctuate along with interest rates. When interest rates rise, the market prices of the debt securities the Fund owns usually decline. When interest rates fall, the prices of these securities usually increase. Extension Risk: Rising interest rates can cause the average maturity of the Fund’s holdings of mortgage-backed securities to lengthen unexpectedly due to a drop in prepayments. This would increase the sensitivity of the Fund to rising rates, and could cause certain of the Fund’s investments to decline in value more than they would have declined due to the rise in interest rates alone. The Payden Funds are distributed through Payden & Rygel Distributors, member FINRA.

    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.

    CONTACT

    Kate Ennis
    ennis@daipartnerspr.com
    (301) 580-6726

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

    The MIL Network –

  • MIL-OSI United Kingdom: The need for specialist foster carers

    Source: City of Derby

    Understanding the need for specialist foster care

    In England, as of 31 March 2024, there were over 83,000 children in care, a number that has steadily increased over the past decade (Department for Education, 2024). While many children thrive in general foster placements, a significant proportion require specialist care due to complex emotional, behavioural, or psychological needs. These young people may have experienced trauma, abuse, neglect, or multiple placement breakdowns.

    Specialist foster care provides a structured, therapeutic environment for these children and young people, helping them begin to recover and build a positive future. It is a tailored approach that demands more intensive training and support for carers, but also offers greater impact.

    Case study: Jordan’s Story

    Jordan is 15 years old. He loves science fiction and is fascinated by technology and space exploration. But behind his bright curiosity is a young person who has faced trauma and disrupted attachments. Jordan has difficulty trusting adults and managing his emotions, which has led to several failed placements.

    Yet, in the right environment, one that is safe, consistent, and understanding Jordan begins to open up. He becomes more confident at school, engages in hobbies, and starts building meaningful relationships.

    Jordan’s story illustrates what many children in care need not just a home, but a specialist foster placement that supports healing and personal growth.

    (The above is a representation of a young person in foster care)

    What is specialist fostering?

    Specialist fostering is designed for children and young people with more complex needs who may not be suited to standard foster care. These placements require carers with advanced training and the emotional resilience to manage challenging behaviours, trauma responses, or mental health issues.

    Key features of specialist fostering include:

    • Therapeutic care models and trauma-informed approaches
    • Enhanced financial allowances reflecting the intensity of care required
    • Access to professional supervision and ongoing training
    • Close collaboration with social workers, therapists, and education professionals

    Specialist carers often come from backgrounds in health, education, social care, or emergency services, but individuals from all walks of life who are emotionally mature, patient, and motivated can be successful.

    The impact of specialist foster care

    Specialist foster care can have a profound and measurable impact on the lives of children and young people with complex needs. 

    Young people in specialist foster care often experience:

    • Fewer school exclusions, indicating improved behaviour and engagement in education
    • Better emotional regulation, supported by consistent routines and therapeutic approaches
    • Greater placement stability, with fewer breakdowns compared to standard foster placements
    • Improved long-term mental health, including reduced anxiety and trauma-related symptoms over time

    In addition to the positive outcomes for young people, specialist carers frequently report a stronger sense of purpose and job satisfaction. Many describe the role as demanding but deeply rewarding, especially as they witness meaningful changes in a child’s wellbeing, confidence, and ability to form healthy relationships.

    Specialist fostering isn’t easy, but it is critically important. It offers a second chance for young people like Jordan to thrive, academically, emotionally, and socially. With the right support, foster carers can provide life-changing stability and make a lasting difference.

    If you believe you have the capacity to offer consistent care and emotional support to a vulnerable young person, specialist fostering could be a meaningful path for you.

    How to learn more or get involved

    Foster for East Midlands Councils is actively recruiting specialist foster carers, and our recruitment team are here to talk through the process and support anyone interested in finding our more. Call 03033 132 950, email hello@fosterforeastmidlands.org.uk or visit Foster for East Midlands Councils specialist carers web page. 

    Throughout August, September, and October, the team are hosting a number of foster information events. These sessions are open to anyone interested in fostering and provide opportunities to speak with fostering professionals and ask questions. The sessions are available online using Zoom or come along and meet us in person. 

    To register or find out more, visit the Foster for East Midlands Councils web page. 

    Online Events (via Zoom):

    • Thursday 7 August, 6:30pm–7:30pm
    • Wednesday 20 August, 12:00pm–1:00pm
    • Tuesday 9 September, 6:30pm–7:30pm
    • Thursday 25 September, 12:00pm–1:00pm
    • Wednesday 8 October, 6:30pm–7:30pm
    • Tuesday 21 October, 12:00pm–1:00pm

    In-Person Events:

    • Wednesday 17 September, 6pm–8pm, The Pride Shop, Nottingham, LGBTQ+ event
    • Sunday 28 September, 12pm–4pm, Chesterfield FC Community Trust – this is a drop in session, so just call in at any point during this time.
    • Tuesday 30 September, 6pm–8pm, Curzon Street, Derby, LGBTQ+ event
    • Wednesday 29 October, 6:30pm–7:30pm, Tesco Bulwell, Nottingham

    Visit the website for future events, more dates added each month. 

     

     

     

     

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Penalty issued for breach of Russia Sanctions

    Source: United Kingdom – Government Statements

    Press release

    Penalty issued for breach of Russia Sanctions

    The Office of Financial Sanctions Implementation (OFSI) has imposed a £300,000 monetary penalty against Markom Management Limited (MML)

    The Office of Financial Sanctions Implementation (OFSI) has imposed a £300,000 monetary penalty against Markom Management Limited (MML) for a breach of UK financial sanctions imposed against Russia following the 2014 annexation of Crimea.

    The breach relates to MML’s involvement in the making of a payment of £416,590.92 to a designated person, who remains subject to an asset freeze under current Russia sanctions. This payment was in breach of the UK sanctions in force at the time in response to Russia’s annexation of Crimea.

    MML gave instructions to make the payment from another company’s bank account with the knowledge that the recipient was a designated person, showing a disregard for proper sanctions and failure to have in place adequate compliance and controls procedures.

    As a result of this breach, OFSI imposed a penalty of £300,000 on MML.

    The imposition of this penalty highlights some key lessons for industry. All firms, regardless of their size, should take appropriate steps to understand and address their exposure to sanctions risks; have adequate sanctions processes to ensure compliance including to promptly identify as well as report suspected breaches of financial sanctions to OFSI; and be alert to the risks of making payments in haste. 

    The UK considers financial sanctions to be a vital foreign policy tool. They remain central to the UK’s efforts to hold Russia to account, place Ukraine on the strongest footing possible, and deter malign activity around the world.

    To date western sanctions have resulted in Russia’s oil and gas revenues falling every year since 2022 – losing over a third of its value in three years. Sanctions and the cost of Putin’s barbaric war are causing the Russian economy to stall – with the wealth fund hollowed out, inflation rising and government spend on defence and security spiralling.  

    This case is the latest in a series of monetary penalties announced over the past year. The UK will continue to prioritise sanctions enforcement, through public actions, such as monetary penalties, as well as actions which are not made public, such as warning letters and referrals to partner agencies and regulators.

    On the 22 July, OFSI launched a consultation on proposed changes aiming to improve the effectiveness of its enforcement processes. These proposals, if implemented, will double the value of penalties for the worst sanctions breaches, and potentially speed up the resolution of certain penalty cases.

    Updates to this page

    Published 31 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: President of Kyrgyzstan meets with Uzbek Foreign Minister

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

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

    BISHKEK, July 31 (Xinhua) — Kyrgyz President Sadyr Japarov met with Uzbek Foreign Minister Bakhtiyor Saidov in Cholpon-Ata, Issyk-Kul region, on Thursday, the press service of the Kyrgyz president reported.

    During the meeting, issues of bilateral cooperation in all key areas, including economics, investment and culture, were discussed. Particular attention was paid to interaction within the framework of joint projects for the construction of the Kambarata HPP-1 and the China-Kyrgyzstan-Uzbekistan railway.

    S. Japarov emphasized that the official visit of the head of the Foreign Ministry of Uzbekistan is yet another clear proof of the high level of strategic partnership and fraternal relations between the two countries.

    B. Saidov, in turn, conveyed greetings and best wishes to S. Japarov from the President of Uzbekistan Shavkat Mirziyoyev, and also confirmed his readiness to make every effort to implement the tasks set by the presidents of the two countries. –0–

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

    .

    MIL OSI Russia News –

  • MIL-OSI USA: 3 CoE Students Pursue In-Depth Research Projects as University Scholars

    Source: US State of Connecticut

    As 2025 University Scholars, three College of Engineering students are spending their last three semesters pursuing personalized research projects.

    Open to all undergraduate students, the University Scholar Program allows students to design an in-depth research or creative project and to craft a learning plan that supports their academic goals during their final three semesters. Each student is mentored by an advisory committee of three faculty.

    Admission to the University Scholars program is based on an application submitted during the first semester of a student’s junior year. Applications are reviewed by an interdisciplinary committee of faculty members who may select up to 30 University Scholars in any given year.

    The University Scholars and their projects are below:

    Laxmi Chinmaya Vobbineni ’26
    Project Title: The Synergic Role of Electrical and Chemical Stimulation in Wound Healing of Diabetic Patients

    University Scholar Laxmi Vobbineni ’26 is exploring techniques that can help diabetes patients heal faster from wounds.

    People with diabetes often have trouble healing from wounds. Since high blood sugar can damage blood vessels and weaken the immune system, white blood cells struggle to reach the wound. This can slow tissue repair and lead to ongoing inflammation.

    Wounds may heal very slowly, become chronic, or leave scars—and this can be painful and expensive for patients.

    University Scholar Laxmi Vobbineni ’26, a biomedical engineering and molecular and cell biology double major, is working to help diabetic patients heal from wounds faster by using chemical and electrical stimulation.

    “Chemical stimulation, such as ion channel blockers, in conjunction with electrical stimulation may improve the wound healing process for diabetic patients,” she says.

    By combining these treatments with an ionically-conductive biomaterial called scaffolding, ions can help restore electrical signals in the body that guide white blood cells to repair tissue.

    “Our hope is to develop a system that has high potential for clinical use,” Vobbineni says.

    Vobbineni’s advisors are Syam Nukavarapu, professor and department head in Biomedical Engineering; David Daggett, associate professor-in-residence of molecular and cell biology; and Sangamesh Kumbar, associate professor of orthopedic surgery at the UConn Health Center. She also interns at the UConn Health Center under Kumbar, working on projects related to the fields of tissue engineering and drug delivery.

    Vobbineni, a member of the Society of Women Engineers and STEM Scholar Executive Board, volunteers as a nursing aide at the Hospital for Special Care in New Britain, Connecticut. She also holds an executive board position for the UConn FIRST (For Inspiration and Recognition of Science and Technology) Lego League Explore Program, which uses Legos and technology to excite youth about robotics and STEM.

    Her involvement in FIRST began in middle school and high school and sparked her interest in innovation. “This is one of the reasons I decided to pursue biomedical engineering,” she says.

    After graduation, Vobbineni plans to pursue medical school and work in the field of emergency medicine.

    Wyeth Haddock ’26
    Project Title: Developing a Copper-Based Medium Entropy Alloy with Enhanced Mechanical Properties for Space Applications

    University Scholar Wyeth Haddock ’26, at left, is working at the National Center for Electron Microscopy in Berkeley, California this summer.

    As a University Scholar, Wyeth Haddock ’26, a materials science and engineering major, is developing a structural material for use in extreme environments with potential applications in space exploration and nuclear energy.

    His project focuses on synthesizing and analyzing an alloy made from copper, dysprosium, and yttrium (Cu-Dy-Y) that exhibits enhanced mechanical properties. By studying the alloy’s microstructure, phase stability, and mechanical behavior across temperature regimes, Haddock hopes to demonstrate improved material performance in extreme conditions and understand unique deformation behavior.

    “If successful, the alloy could support the development of more durable materials for space exploration,” he says.

    Haddock’s advisors include Seok-Woo Lee, associate professor of materials science and engineering and Director of Undergraduate Studies; and Yuanyuan Zhu, associate professor of materials science and engineering and director of the MSE Honors Program.

    Haddock, an honors student from Fairfax, Vermont, is president of the UConn Running Club, and is a member of the UConn Materials Advantage Society, Tau Beta Pi Engineering Honor Society, Alpha Sigma Mu MSE Honor Society, and the ASM Board of Trustees. His jobs on campus include work as a campus tour guide and undergraduate teaching assistant. He recently served as a facilitator for the Honors First Year Experience program and as a Floor Mentor for the Honors 2 Opportunities Learning Community.

    This summer, Haddock is a STROBE Summer Undergraduate Research Scholar at the University of California at Berkeley where he works in the National Center for Electron Microscopy at the Lawrence Berkeley National Laboratory.

    “Throughout my UConn experience, I’ve immersed myself in collaborative communities, working in a lab, facilitating a first-year course, and traveling nationally to compete in running races,” he says. “These sorts of experiences have allowed me to further my learning, as I seek to positively impact the world around me.”

    Haddock intends to pursue a Ph.D. in materials science and engineering, with an emphasis on understanding how atomic structure influences the properties of materials. He hopes to continue research in structural materials, developing the materials necessary for the complex demands of an evolving world.

    Passionate about education and outreach, Wyeth also hopes to continually inspire younger audiences to get involved in materials science and engineering.

    Zhengyang Wei ’26
    Project Title: Stability Analysis on 9D Shear Flow Model by Small-Signal Finite-Gain Lp Stable Theorem

    University Scholar Zhengyang Wei ’26 is exploring ways to improve the stability and performance of aerodynamic designs.

    Turbulence—when fluid flow becomes chaotic—is difficult to control, but preventing it is important in many engineering systems. As a University Scholar, mechanical engineering major Zhengyang Wei ’26 is using mathematical tools to prevent turbulence by studying shear flows. In shear flows, layers of liquid or gas move parallel to each other but at different speeds.

    By finding the conditions that keep the flow stable, Wei’s research can help improve the stability and performance of aerodynamic designs, industrial systems, and other applications. This work contributes to developing effective strategies for controlling shear flows and advancing fluid dynamics research.

    “For example, we can mitigate the transition to turbulence in the wind over an airplane wing, which will make the flight more stable and efficient,” he explains.

    His advisors are Chang Liu, assistant professor in the School of Mechanical, Aerospace, and Manufacturing Engineering; Reza Sheikhi, professor-in-residence in the School of Mechanical, Aerospace, and Manufacturing Engineering; and Jason Lee, professor-in-residence in the School of Mechanical, Aerospace, and Manufacturing Engineering.

    As a member of the FLUids, rEduction, Nonlinearity, and Turbulence (FLUENT) Lab, Wei and Liu published a paper on shear flows in the June 2025 issue of arXiv.

    Wei, a math minor, also is a 2025 Summer Undergraduate Research Fund (SURF) awardee. He plans to pursue a Ph.D. in fluid stability or optimization.

    As University Scholars, Vobbineni, Haddock, and Wei receive a range of benefits designed to support and enrich their academic journey. These include a financial award that covers the General University Fee and Student Health Services Fee for up to three regular semesters, or until graduation from the program. Scholars are also eligible for course credit fee waivers for up to nine credits of summer or intersession courses, and the opportunity to enroll in graduate-level courses with instructor permission.

    Students accepted into a UConn graduate program while in the University Scholar Program may begin working toward their graduate degree as undergraduates, with the ability to apply eligible graduate-level coursework toward that degree.

    MIL OSI USA News –

  • MIL-OSI: Coface SA: Coface confirms its good start to the year and continues its strategic investments. Annualised return on tangible equity at 12.6%

    Source: GlobeNewswire (MIL-OSI)

    Coface confirms its good start to the year and continues its strategic investments. Annualised return on tangible equity at 12.6%

    Paris, 31 July 2025 – 5.35 p.m.

    • Turnover: €937m, up +2.3% at constant FX and perimeter
      • Trade Credit Insurance revenue up +1.7%; client activity up +1.8%
      • Client retention back up at near-record (94.0% vs. 92.8% in H1-24); pricing remained negative
        (-1.6%), in line with historical trends
      • Business Information growing again double-digit (+14.7% at constant FX); Debt Collection up +35.0%; Factoring down slightly by -1.5% due to lower interest rates
    • Net loss ratio at 40.1%, up 5.1 ppts; net combined ratio at 71.3%, up 7.9 ppts
      • Gross loss ratio at 37.8%, up 5.3 ppts year-on-year but improving slightly in Q2-25 relative to the previous quarter, showing good risk control
      • Net cost ratio up 2.8 ppts at 31.2%, reflecting past inflation as well as continued investments
    • Coface continues to strengthen its credit insurance business and is rolling out its data strategy:
      • Strengthening governance with the appointment of Joerg Diewald as Director of Information Services and Partnerships and Thibault Surer as head of a new technology division focused on data, connectivity and product innovation
      • Creation of a new Lloyd’s syndicate allowing Coface to offer AA solutions to its clients
      • Acquisition of Cedar Rose and Novertur International
    • Net income (Group share) at €124.2m, down 12.7% compared with the record set in H1-24. Annualised RoATE1at 12.6%
    • Estimated solvency ratio of 195%2, above the target range (155% – 175%)

    Unless otherwise indicated, changes are expressed by comparison with the results as at 30 June 2024.

    Commenting, Xavier Durand, CEO of Coface, said:
    “Coface generated net income of €62m in Q2-25, down from a record Q2-24. The number of bankruptcies worldwide has continued to rise steadily and is now well above pre-COVID levels. Through constant vigilance and flawless execution, we have contained the increase in the loss experience, with the uncertainties created by the increase in tariffs in the United States having probably yet to fully materialise.
    However, our revenues are growing, both in credit insurance and services. This growth is being driven by our investments, which have brought new business to a record level in insurance and services.
    These deliberate investments strengthen our distribution capabilities, the range of products and services available to our clients, and our risk analysis tools. Since the beginning of the year, we have made two acquisitions in information services, Cedar Rose and Novertur. We have also announced the launch of a Lloyd’s syndicate to offer AA solutions to some of our clients.
    Lastly, our solvency ratio remains high, at 195%.”  

    Key figures at 30 June 2025

    The Board of Directors of COFACE SA examined the consolidated financial statements at 30 June 2025 at its meeting of 31 July 2025. These statements were also previously reviewed by the Audit Committee at its meeting of 30 July 2025. These interim consolidated financial statements have been subject to limited review by the Statutory Auditors. The limited review report is being issued.

    Income statement items in €m H1-24 H1-25 Variation % ex FX*
    Insurance revenue 754.3 760.0 +0.8% +1.7%
    Other revenues 168.5 176.6 +4.9% +4.8%
    REVENUE 922.7 936.6 +1.5% +2.3%
    UNDERWRITING INCOME (LOSS) NET OF REINSURANCE 195.0 153.6 (21.2)% (20.3)%
    Investment income, net of management expenses,excluding finance costs 40.8 26.3 (35.4)% (36.0)%
    Insurance finance expenses (18.1) 6.7 (137.1)% (130.8)%
    CURRENT OPERATING INCOME 217.7 186.6 (14.3)% (14.1)%
    Other operating income and expenses (0.5) (0.6) +21.8% +12.2%
    OPERATING INCOME 217.2 186.0 (14.4)% (14.2)%
    NET INCOME (GROUP SHARE) 142.3 124.2 (12.7)% (12.7)%
             
    Key ratios H1-24 H1-25 Variation
    Loss ratio after reinsurance 35.0% 40.1% 5.1 ppts
    Cost ratio after reinsurance 28.4% 31.2% 2.8 ppts
    COMBINED RATIO AFTER REINSURANCE 63.4% 71.3% 7.9 ppts
             
    Balance sheet items in €m 2024 H1-25 Variation
    Total equity (Group share) 2,193.6 2,098,0 (4.4)%
      H1-24 H1-25    
    Solvency ratio 195%1 195%1 0 ppt

    * Excluding scope effect.
    1This estimated solvency ratio is a preliminary calculation made according to Coface’s interpretation of Solvency II regulations and using the Partial Internal Model. The final calculation may differ from this preliminary calculation. The estimated solvency ratio is not audited.

    1.   Revenue

    Coface posted consolidated turnover of €937m in the first half of 2025, up +2.3% at constant FX and perimeter compared with H1-24. On a reported basis (at current FX and perimeter), turnover was up +1.5%.

    Revenues from insurance activities (including Bonding and Single Risk) increased +1.7% at constant FX and perimeter, benefiting from a slight increase in client activity and the return to a record retention level at 94.0%. New business reached €76m, the highest since H1-20, driven by an increase in demand and benefiting from growth investments made by Coface.

    Growth in client activity had a positive impact of +1.8% in H1-25 against a backdrop of extreme political uncertainty, particularly in terms of tariffs, and modest economic growth. The price effect remained negative at -1.6% in H1-25, in line with long-term trends. This decrease is largely explained by a very low past loss experience, offset by today’s return to normal.

    Turnover from non-insurance activities was up +8.2% compared with H1-24. Factoring turnover fell -1.5% in H1-25 and -2.2% in Q2 25 on lower interest rates and weak client activity in Germany and Poland. Information services turnover continued to post double-digit growth, at +14.7%. Debt Collection commissions increased, from a still modest base, by +35% due to the increase in claims to be collected. Fee and commission were up +2.3%.

    Total revenue in €m
    (by invoicing region)    		 H1-24 H1-25 Variation % ex FX3
    Northern Europe 185.0 185.2 +0.1% +0.1%
    Western Europe 187.6 191.6 +2.1% +1.0%
    Central and Eastern Europe 87.0 83.9 (3.5)% (3.8)%
    Mediterranean & Africa 276.0 280.2 +1.5% +3.0%
    North America 88.7 87.7 (1.2)% +2.0%
    Latin America 38.2 41.5 +8.6% +17.5%
    Asia-Pacific 60.2 66.5 +10.5% +9.5%
    Total Group 922.7 936.6 +1.5% +2.3%

    In the Northern Europe region, turnover was up +0.1% at constant and current FX. The credit insurance business benefited from robust new business and a high retention rate. Factoring turnover was down -1.6%.

    In Western Europe, turnover rose +1.0% at constant FX (2.1% at current FX) on solid sales performances in services (+27%) and credit insurance, offsetting the loss of a contract with a financial institution.

    In Central and Eastern Europe, turnover was down -3.8% at constant FX (-3.5% at current FX) but improved significantly compared with the previous quarter (-6.9%). Credit insurance was negatively impacted by a non-recurring effect recorded in 2024, as well as the transfer of a major contract to the Asia-Pacific region.

    In the Mediterranean & Africa region, which is driven by Italy and Spain, turnover increased +3.0% at constant FX and +1.5% at current FX, the result of a high retention rate and a more dynamic economy overall.

    In North America, turnover rose +2.0% at constant FX (-1.2% on a reported basis). The region is benefiting from an improvement in new business. Reported figures have been adversely affected by the sharp fall in the US dollar since the beginning of the year.

    In Latin America, turnover was up +17.5% at constant FX and +8.6% at current FX. The region is benefiting from the persistently high level of local inflation, which is benefiting client activity.

    Turnover in the Asia-Pacific region was up +9.5% at constant FX and +10.5% at current FX, driven by a high retention rate, a rebound in client activity, and the transfer of a client from another region.

    2.   Result

    • Combined ratio

    The combined ratio after reinsurance stood at 71.3% in H1-25 (up 7.9 ppts year on year) and 74.0% in Q2-25, reaching a level close to the cycle average.

    (i)  Loss ratio

    The gross loss ratio stood at 37.8%, up 5.3 ppts year-on-year. This increase reflects the return to normal of the loss experience, offset by the reserve releases, which remain at a high level. The number of mid-sized claims increased but remains below long-term trends.

    The Group’s reserving policy remained unchanged. The amount of provisions related to the underwriting year, although discounted, remained in line with the historical average. The rigorous management of past claims enabled the Group to record 41.0 ppts of recoveries.

    The net loss ratio increased to 40.1%, up 5.1 ppts compared with H1-24, but close to the level reached in H1-23 (40.3%), in today’s more difficult economic environment.

    (ii)  Cost ratio

    Coface is pursuing its strict cost management policy while maintaining its investments, in accordance with the Power the Core strategic plan. Costs were up +7.0% in H1-25 at constant FX and perimeter and +6.3% at current FX.

    The cost ratio before reinsurance stood at 34.6% in H1-25, up 2.0 ppts year on year. This increase mainly resulted from cost inflation (0.6 ppt) as well as continued investments (2.3 ppts). Conversely, the improved product mix (information services, debt collection and fee and commission income) had a positive effect of -0.9 ppt. The trend in reinsurance commissions explains the remainder of the variation.

    • Financial income

    Income from financial investments was +€26.3m in the first half of the year. The total includes an FX effect of -€17.0m on financial assets, owing to the sharp fall in the dollar against the euro, as well as a negative impact of the application of IAS 29 (hyperinflation) in Turkey of -€6.7m.

    The portfolio’s current income (i.e. excluding capital gains, depreciation and FX) was €52.1m. The accounting yield4, excluding capital gains and fair value effect, was 1.6% in H1-25. The yield on new investments was 3.7%.

    Insurance finance expenses (IFE) were positive at €6.7m in H1-25. They include a significant FX gain (+€23.1m) on technical liabilities, which reflects the expense recorded on assets and partially on net loss.

    • Operating income and net income

    Operating income totalled €186.0m in H1-25, down 14.4%, approaching the level reached in H1-23.

    The effective tax rate in H1-25 was 25% (vs. 27% in H1-24).

    Overall, net income (Group share) was €124.2m, down 12.7% compared with H1-24, slightly below the result in H1-23 (€128.8m) in a more difficult economic environment.

    3.   Shareholders’ equity

    At 30 June 2025, Group shareholders’ equity was €2,098.0m, down €95.6m or -4.4% (€2,193.6m at 31 December 2024).

    The change is mainly due to positive net income of €124.2m, the dividend payment of -€209m, and the increase in unrealised capital gains (€21.9m).

    The annualised return on average tangible equity (RoATE) was 12.6% at 30 June 2025, down compared with the previous year, in line with the decline in net income.

    The solvency ratio stood at 195%5, stable compared with H1-24. It remains well above the Group’s target range (155%-175%).

    4.   Outlook

    The second quarter of 2025 was marked by the continued increase in tariffs announced by the United States. The US administration’s announcements of sharp increases alternated with deferments of varying duration and the signing of a few bilateral agreements. As things stand today, tariffs on imports from Europe should reach 15%.

    Some tariffs (automotive, metals) have already come into force and have had direct negative consequences on the trade flows of the goods concerned. Conversely, announcements of deferred tariffs triggered advance purchases, bolstering economic activity. Lastly, extreme uncertainty as to the final outcome of the tariff issue have led to a postponement of investments as well as the redirection of Chinese exports, particularly towards markets deemed more stable.

    This highly uncertain environment is impacting global trade and the health of companies in markedly different ways. During the second quarter, Coface downgraded the ratings of 23 sectors and 4 countries. Persistent inflationary pressures are preventing central banks from cutting rates for now. Demand is being supported solely by the maintenance of high public deficits and the continuation of an extremely strong investment cycle to foster the development of AI technology.

    Business failures have increased in 80% of advanced economies and are now at a decade high, 20% to 25% higher than in 2019.

    Coface’s expertise in risk management and services (information services, debt collection) is more relevant than ever in this context of rapid change. The company is resolutely pursuing its investments while they weigh on the cost ratio in the short term. Since the beginning of the year, Coface has announced two acquisitions (Cedar Rose and Novertur) as well as the creation of a Lloyd’s syndicate and a technology division.

    Conference call for financial analysts

    Coface’s H1-2025 results will be discussed with financial analysts during the conference call that will take place on Thursday 31 July at 6.00 p.m. (Paris time). It will be accessible:

    The presentation will be available (in English only) at the following address:
    http://www.coface.com/fr/Investisseurs/Résultats-et-rapports-financiers

    Appendices

    Quarterly results

    Income statement items in €m
    Quarterly figures    		 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25   % % ex. FX*
    Insurance revenue 378.6 375.6 375.9 382.7 382.9 377.1   +0.4% +2.3%
    Other revenues 85.0 83.4 78.0 85.5 90.3 86.3   +3.5% +4.2%
    REVENUE 463.7 459.1 453.8 468.3 473.2 463.4   +0.9% +2.6%
    UNDERWRITING INCOME (LOSS)
    AFTER REINSURANCE    		 100.3 94.7 88.8 84.9 85.4 68.2   (27.9)% (25.5)%
    Investment income, net of management expenses, excluding finance costs 17.9 22.8 19.0 31.9 10.4 15.9   (30.3)% (29.5)%
    Insurance finance expenses (11.4) (6.7) (7.3) (17.1) (4.1) 10.8   (262.8)% (249.1)%
    CURRENT OPERATING INCOME 106.8 110.9 100.5 99.7 91.6 95.0   (14.3)% (12.9)%
    Other operating income and expenses (0.1) (0.5) (2.6) (5.5) (0.4) (0.3)   (43.9)% (48.0)%
    OPERATING INCOME 106.8 110.4 97.9 94.2 91.2 94.7   (14.2)% (12.7)%
    NET INCOME (GROUP SHARE) 68.4 73.8 65.4 53.4 62.1 62.1   (15.9)% (14.7)%
    Income tax rate 27.2% 26.8% 25.5% 36.2% 23.0% 26.3%   (0,5) ppt

    Cumulated results

    Income statement items in €m
    Cumulated figures    		 Q1-24 H1-24 9M-24 FY-24 Q1-25 H1-25   % % ex. FX*  
    Insurance revenue 378.6 754.3 1,130.2 1,512.9 382.9 760.0   +0.8% +1.7%  
    Other revenues 85.0 168.5 246.4 331.9 90.3 176.6   +4.9% +4.8%  
    TURNOVER 463.7 922.7 1,376.6 1,844.8 473.2 936.6   +1.5% +2.3%  
    UNDERWRITING INCOME (LOSS)
    AFTER REINSURANCE    		 100.3 195.0 283.8 368.7 85.4 153.6   (21.2)% (20.3)%  
    Investment income, net of management expenses, excluding finance costs 17.9 40.8 59.8 91.7 10.4 26.3   (35.4)% (36.0)%  
    Insurance finance expenses (11.4) (18.1) (25.4) (42.5) (4.1) 6.7   (137.1)% (130.8)%  
    CURRENT OPERATING INCOME 106.8 217.7 318.2 417.9 91.6 186.6   (14.3)% (14.1)%  
    Other operating income and expenses (0.1) (0.5) (3.1) (8.6) (0.4) (0.6)   +21.8% +12.2%  
    OPERATING INCOME 106.8 217.2 315.1 409.2 91.2 186.0   (14.4)% (14.2)%  
    NET INCOME (GROUP SHARE) 68.4 142.3 207.7 261.1 62.1 124.2   (12.7)% (12.7)%  
    Income tax rate 27.2% 27.0% 26.5% 28.7% 23.0% 24.7%   (2,3) ppt

    * Excluding scope effect.

    CONTACTS

    INVESTOR/ANALYST RELATIONS
    Thomas Jacquet: +33 1 49 02 12 58 – thomas.jacquet@coface.com
    Rina Andriamiadantsoa: +33 1 49 02 15 85 – rina.andriamiadantsoa@coface.com

    MEDIA RELATIONS
    Saphia Gaouaoui: +33 1 49 02 14 91 – saphia.gaouaoui@coface.com
    Adrien Billet: +33 1 49 02 23 63 – adrien.billet@coface.com

    FINANCIAL CALENDAR 2025
    (subject to change)
    9M-2025 results: 3 November 2025, after market close

    FINANCIAL INFORMATION
    This press release, as well as all of COFACE SA’s regulated information, can be found on the Group’s website: https://www.coface.com/investors

    For regulated information on Alternative Performance Indicators (APMs), please refer to our Interim Financial Report for H1-2025 and our 2024 Universal Registration Document (see 3.7 “Key financial performance indicators”).

      Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust.
    You can check the authenticity on the website www.wiztrust.com.
     

    COFACE: FOR TRADE
    As a global leading player in trade credit risk management for almost 80 years, Coface helps companies grow and navigate in an uncertain and volatile environment.
    Whatever their size, location or sector, Coface provides 100,000 clients across some 200 markets. with a full range of solutions: Trade Credit Insurance, Business Information, Debt Collection, Single Risk insurance, Surety Bonds, Factoring.
    Every day, Coface leverages its unique expertise and cutting-edge technology to make trade happen, in both domestic and export markets.
    In 2024, Coface employed +5,200 people and recorded a turnover of ~€1.845 billion.

    www.coface.com

    COFACE SA is listed on Compartment A of Euronext Paris
    ISIN: FR0010667147 / Ticker: COFA

    DISCLAIMER – Certain statements in this press release may contain forecasts that notably relate to future events, trends, projects or targets. By nature, these forecasts include identified or unidentified risks and uncertainties, and they may be affected by many factors likely to give rise to a significant discrepancy between the real results and those stated in these statements. Please refer to chapter 5 “Main risk factors and their management within the Group” of the Coface Group’s 2024 Universal Registration Document filed with AMF on 3 April 2025 under the number D.25-0227 to obtain a description of certain major factors, risks and uncertainties likely to influence the Coface Group’s businesses. The Coface Group disclaims any intention or obligation to publish an update of these forecasts or to provide new information on future events or any other circumstance.

    1 RoATE = Return on average tangible equity.
    2 This estimated solvency ratio is a preliminary calculation made according to Coface’s interpretation of Solvency II regulations and using the Partial Internal Model. The final calculation may differ from this preliminary calculation. The estimated solvency ratio is not audited.
    3 Excluding scope effect.
    4 Book yield calculated on the average of the investment portfolio excluding non-consolidated investments.
    5 This estimated solvency ratio is a preliminary calculation made according to Coface’s interpretation of Solvency II regulations and using the Partial Internal Model. The final calculation may differ from this preliminary calculation. The estimated solvency ratio is not audited.

    Attachment

    The MIL Network –

  • MIL-OSI: Coface SA: 2025 half-year financial report available

    Source: GlobeNewswire (MIL-OSI)

    2025 half-year financial report available

    Paris, 31 July 2025 – 17.35

    Coface announces today that its half-year financial report for 2025 is now available and was filed with the French financial market authority (Autorité des marchés financiers – AMF).

    This report is also on Coface website in “Investor Relations” section (Investor Resources – Coface Group Financial Reports | Coface).

    Copies are available, free of charge and on request by writing to the Company at 1 place Costes et Bellonte, 92270 Bois-Colombes, France.

    The present press release and the full regulated information concerning COFACE SA are available on the Group’s website Financial press releases & Publication announcements | Coface.

    CONTACTS

    ANALYSTS / INVESTORS
    Thomas JACQUET: +33 1 49 02 12 58 – thomas.jacquet@coface.com
    Rina ANDRIAMIADANTSOA: +33 1 49 02 15 85 – rina.andriamiadantsoa@coface.com

    MEDIA RELATIONS
    Saphia GAOUAOUI: +33 1 49 02 14 91 – saphia.gaouaoui@coface.com
    Adrien BILLET: +33 1 49 02 23 63 – adrien.billet@coface.com

    FINANCIAL CALENDAR 2025
    (subject to change)
    9M-2025 results: 3 November 2025 (after market close)

    FINANCIAL INFORMATION
    This press release, as well as COFACE SA’s integral regulatory information, can be found on the Group’s website: http://www.coface.com/Investors

    For regulated information on Alternative Performance Measures (APM), please refer to our Interim Financial Report for H1-2025 and our 2024 Universal Registration Document (see part 3.7 “Key financial performance indicators”).

      Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust.
    You can check the authenticity on the website www.wiztrust.com.
     

    COFACE: FOR TRADE
    As a global leading player in trade credit risk management for almost 80 years, Coface helps companies grow and navigate in an uncertain and volatile environment.
    Whatever their size, location or sector, Coface provides 100,000 clients across some 200 markets. with a full range of solutions: Trade Credit Insurance, Business Information, Debt Collection, Single Risk insurance, Surety Bonds, Factoring.
    Every day, Coface leverages its unique expertise and cutting-edge technology to make trade happen, in both domestic and export markets.
    In 2024, Coface employed +5,200 people and recorded a turnover of ~€1.845 billion.

    www.coface.com

    COFACE SA is listed in Compartment A of Euronext Paris
    ISIN: FR0010667147 / Ticker: COFA

    DISCLAIMER – Certain declarations featured in this press release may contain forecasts that notably relate to future events, trends, projects or targets. By nature, these forecasts include identified or unidentified risks and uncertainties, and may be affected by many factors likely to give rise to a significant discrepancy between the real results and those stated in these declarations. Please refer to chapter 5 “Main risk factors and their management within the Group” of the Coface Group’s 2024 Universal Registration Document filed with AMF on 5 April 2025 under the number D.25-0227 in order to obtain a description of certain major factors, risks and uncertainties likely to influence the Coface Group’s businesses. The Coface Group disclaims any intention or obligation to publish an update of these forecasts, or provide new information on future events or any other circumstance.

    Attachment

    The MIL Network –

  • MIL-OSI: 2025 second-quarter results Solid performance amid a volatile environment Annual Net Cash Flow objective reaffirmed

    Source: GlobeNewswire (MIL-OSI)

    Paris (France), July 31, 2025

    2025 second-quarter results
    Solid performance amid a volatile environment
    Annual Net Cash Flow objective reaffirmed

    • Segment revenue of $274m in Q2 2025, up +6% year-on-year, fueled by Geoscience (GEO) and Sensing & Monitoring (SMO)
    • Segment adjusted EBITDAs of $107m in Q2 2025 (+14% year-on-year) or 39% margin (c.+270 bps). Profitability increase mostly driven by: 1/ the end of vessel penalties at EDA in January 2025 and 2/ good progress on the restructuring plan at SMO
    • Net Cash Flow generation of $30m in Q2 2025
    • Bond maturity extended to October 2030 after end-March 2025 successful refinancing, $125m available RCF1
    • 2025 financial objectives reaffirmed

    Sophie Zurquiyah, Chair and CEO of Viridien: “Viridien delivered a solid performance in the second quarter of 2025. Despite a volatile environment, the Group demonstrated resilience, driven by its primary focus on offshore markets and on leading oil companies. Combined with ongoing internal performance improvements, this resulted in robust year-on-year growth in both segment revenue and margins. From a cash perspective, Viridien generated a solid $30 m in Net Cash Flow during the quarter, reinforcing our confidence in reaching our full-year target of $100 m. The combination of a healthy Geoscience backlog and expected licensing activity toward year-end supports our confidence in maintaining momentum on our deleveraging path.”

    (in millions of $)2 Q2 2025 Q2 2024 Change (%) H1 2025 H1 2024 Change (%)
    Segment figures            
    Revenue 274 258 +6% 575 532 +8%
    Adjusted EBITDAs 107 94 +14% 250 200 +25%
    IFRS figures            
    Revenue 234 317 -26% 492 566 -13%
    EBITDAs 68 150 -55% 167 230 -27%
    Operating Income 15 52 -72% 71 72 -1%
    Net Income 6 35 -83% -22 32 n.a.
    Net Cash Flow 30 -6 n.a. 10 24 -61%
    Net Debt 997 941 +6% 997 941 +6%

    KEY HIGHLIGHTS PER BUSINESS LINE3

    Data, Digital and Energy Transition (DDE)

    Segment revenue at $181 m in Q2 2025, up +3% year-on-year driven by Geoscience. New business opportunities are emerging in HPC, while low-carbon initiatives are slowing down due to delays in CCUS projects.

    Geoscience (GEO)

    • Revenue at $115 m (+10%)
    • Solid performance mostly driven by work performed in Latin America and Middle East
    • For the past few years, Viridien has seen growing demand for advanced, high-quality, high-end subsurface imaging, especially in the US Gulf, Middle East, North Africa, and South America

    Earth Data (EDA)

    • Revenue at $66 m (-8%), following a strong performance in the first quarter of 2025
    • New OBN projects started in Norway and the US Gulf

    Segment adjusted EBITDAs reached $101 m, up +6% year-on-year, with a margin increase of c.+160 basis points. This performance reflects improving margins in Earth Data, which now fully benefits from the end of the vessel capacity agreement. EDA Cash EBITDA breakeven over the period.

    Sensing and Monitoring (SMO)

    Segment revenue at $93 m in Q2 2025, a solid +14% increase year-on-year. Activity is mostly driven by the Land segment, with strong deliveries of nodal system in South America and cabled systems in the MENA region, in particular. The Marine segment remains subdued. In New Businesses, Infrastructure monitoring is showing double-digit growth, while our Marlin Offshore Logistics solution achieved encouraging initial commercial success, with a contract signed with ONGC.

    Segment adjusted EBITDAs stood at $13 m, more than double last year’s figure, reflecting both revenue growth and the gradual positive impact of ongoing restructuring actions. In margin terms, second-quarter EBITDA reached nearly 13.7%, representing a c.+620 bp improvement year-on-year.

    Segment adjusted Operating income at $7 m vs -$2m in Q2 2024.

    CONSOLIDATED IFRS FIGURES4

    Profit & Loss

    Consolidated IFRS revenue for the second quarter of 2025 came in at $234m, down -26% year-on-year. EBITDAs stood at $68m, down -55%.

    IFRS Net Income reaches $6m, vs $35m in the second quarter of 2024, after accounting for -$53 m of leases and D&A, -$27m net cost of financial debt, +$12m other financial income linked to the partial capitalization of refinancing operation costs and partly offset by forex impacts, and +$6m of deferred tax assets.

    (in millions of $) Q2 2025 Q2 2024 Change (%) H1 2025 H1 2024 Change (%)
    €/$ exchange rate  1.12 1.08     1.08 1.08   
    Revenue 234 317 -26% 492 566 -13%
    EBITDAs 68 150 -55% 167 230 -27%
    Operating income 15 52 -72% 71 72 -1%
    Equity from investment -1 0 n.a. -1 0 n.a.
    Net cost of financial debt -27 -25 +6% -52 -49 +6%
    Other financial income (loss) 12 -1 n.a. -34 -1 n.s.
    Income taxes 6 -8 n.a. -7 -6 +32%
    Net Income (loss) from continuing operations 5 19 -74% -24 16 n.a.
    Net Income (loss) from discontinued operations 1 16 -92% 2 16 -88%
    Consolidated Net Income (loss) 6 35 -83% -22 32 n.a.

    Cash Flow and Net debt

    Net Cash Flow of $10 m generated in the first half of 2025, including $30 m in the second quarter alone. A solid performance in light of the significant pressure on the Group’s working capital, caused by overdue receivables from Mexican National Oil Company PEMEX (c.$50 m as of June 30, 2025) and largely contributing to the negative -$46m change in working capital over the period.

    Also worth noting that Net Cash Flow in the first half of 2024 included a one-off positive inflow of $38 m, related to the settlement of a litigation with ONGC.

    (in millions of $) Q2 2025 Q2 2024 Change (%) H1 2025 H1 2024 Change (%)
    Segment EBITDAs 108 91 +19% 250 196 +28%
    Income Tax Paid -4 -9 -52% -8 -12 -31%
    Change in Working Capital & Provisions 1 -3 n.a. -46 -3 n.s.
    Other Cash Items -1 0 n.a. -1 0 n.a.
    Cash from Operating Activity 103 78 +32% 195 180 +8%
    Total Capex -58 -57 +1% -119 -115 +3%
    Acquisitions and Proceeds of Assets 1 0 n.a. 1 0 n.s.
    Cash from Investing Activity -56 -56 0% -118 -114 +3%
    Paid Cost of Debt -1 -45 -97% -40 -43 -8%
    Lease Repayment -16 -16 +5% -26 -27 -5%
    Cash from Financing Activity -18 -61 -71% -67 -71 -6%
    Discontinued Operations Acquisitions 0 33 -100% 0 30 -100%
    Net Cash Flow 30 -6 n.a. 10 24 -60%

    Bond maturity significantly extended to October 2030 following the successful refinancing at end-March 2025.
    Ample liquidity in place, including a $125m RCF5.

    (in millions of $) June 30, 2025 Dec. 31, 2024 Change (%) June 30, 2024 Change (%)
    Liquidity 262 392 -33% 430 -39%
    Cash 162 302 -46% 340 -52%
    Undrawn RCF 100 90 +11% 90 +11%
    Gross Debt 1,158 1,223 -5% 1,281 -10%
    Bonds 9876 1,049 -6% 1,126 -12%
    Other borrowings 31 31 -1% 32 -3%
    Accrued interests 25 18 +33% 20 +24%
    Lease liabilities 116 125 -7% 103 +12%
    Net Debt 997 921 +8% 941 +6%

    OUTLOOK

    The oil price environment has remained volatile in recent months but consistently above the $60/bbl threshold, generally considered an industry equilibrium level. In this context, Oil & Gas companies have maintained most of their exploration and development commitments, particularly in Viridien’s core segments.

    Assuming no major disruption to the current environment, Viridien reaffirms its confidence in generating around $100m in Net Cash Flow for 2025, supported by:

    • Geoscience growth, driven by industry-leading technology and a strong backlog;
    • Earth Data late sales, expected to benefit from upcoming lease rounds, combined with disciplined new multi-client engagements;
    • Sensing & Monitoring, fueled by broad land activity.

    ***

    Q2 2025 conference call details

    The press release and presentation will be made available on www.viridiengroup.com at 5:45 p.m. (CET).

    An English-language conference call is scheduled today at 6:00 p.m. (CET).

    Participants must register for the conference call by clicking here to receive a dial-in number and PIN code. Participants may also join the live webcast by clicking here.

    A replay of the conference call will be available starting the following day, for a period of 12 months, in audio format on the Company’s website www.viridiengroup.com.

    Status of the statutory auditors’ procedures

    The Board of Directors met on July 31, 2025, and closed the consolidated financial statements as of June 30, 2025. Limited review procedures were completed, and an unqualified opinion has been issued by the statutory auditors.

    Next financial information

    2025 third-quarter results: October 30, 2025 (after market close)

    About Viridien

    Viridien (www.viridiengroup.com) is an advanced technology, digital and Earth data company that pushes the boundaries of science for a more prosperous and sustainable future. With our ingenuity, drive and deep curiosity we discover new insights, innovations, and solutions that efficiently and responsibly resolve complex natural resources, digital, energy transition and infrastructure challenges. Viridien employs around 3,200 people worldwide and is listed as VIRI on the Euronext Paris SA (ISIN: FR001400PVN6).

    Disclaimer

    Certain information included in this press release is not historical data but forward-looking statements. These forward-looking statements are based on current beliefs and assumptions, including, but not limited to, assumptions about current and future business strategies and the environment in which Viridien operates, and involve known and unknown risks, uncertainties and other factors, which may cause actual results or performance, or the results or other events, to be materially different from those expressed or implied in such forward-looking statements. These risks and uncertainties include those discussed or identified in Chapter 2 “Risk Management and Internal Control” of the Universal Registration Document dated March 6, 2025, filed with the French Financial Markets Authority (AMF) under number D. 25-0075 and available on the Group’s website (www.viridiengroup.com) and on the AMF website (www.amffrance.org). These forward-looking statements and information are not guarantees of future performance. Forward-looking statements speak only as of the date of this press release. This press release does not contain or constitute an offer of securities or an invitation or inducement to invest in securities in France, the United States, or any other area.

    Investors contact

    VP Investor Relations and Corporate Finance
    Alexandre Leroy
    alexandre.leroy@viridiengroup.com
    +33 6 85 18 44 31

    APPENDICES

    Quarterly statements are unaudited and not subject to any review. Only IFRS condensed interim consolidated financial statements were subject to a review report by statutory auditors.

    Key Segment P&L figures

    (in millions of $) Q2 2025 Q2 2024 Change (%) H1 2025 H1 2024 Change (%)
    €/$ exchange rate  1.12 1.08     1.08 1.08   
    Segment Revenue 274 258 +6% 575 532 +8%
    DDE 181 177 +3% 396 362 +9%
    Geoscience 115 105 +10% 226 193 +17%
    Earth Data 66 72 -8% 170 169 +1%
    SMO 93 82 +14% 180 170 +6%
    Land 57 29 +99% 108 74 +47%
    Marine 21 42 -50% 46 75 -39%
    Other 15 11 +36% 26 21 +20%
    Segment EBITDAs 108 91 +19% 250 196 +28%
    Adjusted Segment EBITDAs 107 94 +14% 250 200 +25%
    DDE 101 96 +6% 238 199 +19%
    SMO 13 6 +108% 27 16 +63%
    Corporate and other -7 -8 -15% -15 -16 -8%
    Segment Operating Income 22 26 -16% 87 53 +63%
    Adjusted Segment Operating Income 21 29 -28% 86 57 +50%
    DDE 21 39 -47% 87 74 +17%
    SMO 7 -2 n.a. 15 0 n.s.
    Corporate and other -7 -8 -16% -16 -17 -6%
    EDA Cash EBITDA 0 10 -100% 39 44 -11%

    Other KPIs

    (in millions of $) H1 2025 H1 2024 Change (%)
    Geoscience Backlog 317 246 +29%
    Total Capex 119 115 +3%
    Earth Data Library Net Book Value7 508  440 +15%

    Definition of Alternative Performance Indicators (API)

    In its communications, Viridien includes Alternative Performance Indicators, the main ones being Segment Revenue, Segment EBITDAs, Adjusted Segment EBITDAs, and EDA Cash EBITDA. Their definitions are set out in the 2024 Universal Registration Document filed with the French Financial Markets Authority (AMF) and are reiterated below:

    • Segment revenue: Segment revenue is prepared in accordance with internal management reporting with Earth Data prefunding revenues recorded based upon percentage of completion.
    • Segment EBITDAs: Segment EBITDAs is defined as earnings before interest, tax, income from equity affiliates, depreciation, amortization net of amortization costs capitalized to Earth Data surveys, and cost of share-based compensation for employees and senior executives. The cost of share-based compensation includes the cost of stock options and allotments of performance shares. Segment EBITDAs is calculated based on internal management reporting, in which prefunding revenue from Earth Data surveys is recognized using the percentage of completion method.
    • Adjusted segment EBITDAs: Adjusted segment EBITDAs is Segment EBITDAs adjusted for non-recurring charges and gains.
    • EDA Cash EBITDA: EDA Cash EBITDA is defined as EDA (Earth Data) adjusted segment EBITDAs less investment in EDA surveys for the period, excluding inactivity compensation fees related to the vessel capacity agreement signed between Viridien and Shearwater. This indicator is used exclusively for the EDA activity.

    Reconciliation of API with the condensed interim consolidated financial statements

    The table below outlines the accounting adjustments made in accordance with IFRS 158 requirements. Over the period, these adjustments primarily relate to major survey projects conducted by Earth Data in the US Gulf and Norway.

      Q2 2025 H1 2025
    (in millions of $) Segment IFRS 15 adjustments IFRS Segment IFRS 15 adjustments IFRS
    Revenue 274 -40 234 575 -83 492
    EBITDAs 108 -40 68 250 -83 167
    Adjustments -1     0    
    Adjusted EBITDAs 107 -40 67 250 -83 167

    Interim Consolidated Statement of Operations

    (In millions of US$, except per share data) H1 2025 H1 2024
    Operating revenues 491.8 565.8
    Other income from ordinary activities 0.1 0.1
    Total income from ordinary activities 492.0 565.9
    Cost of operations (361.0) (424.1)
    Gross profit 131.0 141.8
    Research and development expenses – net (6.8) (9.6)
    Marketing and selling expenses (16.4) (19.0)
    General and administrative expenses (37.7) (38.0)
    Other revenues (expenses) – net 1.0 (3.6)
    Operating Income (loss) 71.2 71.6
    Cost of financial debt – gross (55.2) (55.1)
    Income from cash and cash equivalents 2.9 5.8
    Cost of financial debt – net (52.3) (49.3)
    Other financial income (loss) (34.4) (0.8)
    Income (loss) before income taxes and share of income (loss) from companies accounted for under the equity method (15.4) 21.5
    Income taxes (7.4) (5.6)
    Income (loss) before share of income (loss) from companies accounted for under the equity method (22.8) 15.9
    Net income (loss) from companies accounted for under the equity method (1.0) 0.0
    Net income (loss) from continuing operations (23.8) 15.9
    Net income (loss) from discontinued operations 1.9 16.1
    Consolidated net income (loss) (21.9) 32.0
    Attributable to:    
    Owners of Viridien SA (22.3) 31.6
    Non-controlling interests 0.4 0.4
    Net income (loss) per share9    
    Basic (3.12) 4.43
    Diluted (3.12) 4.41
    Net income (loss) from continuing operations per share8    
    Basic (3.38) 2.17
    Diluted (3.38) 2.16
    Net income (loss) from discontinued operations per share8    
    Basic 0.26 2.25
    Diluted 0.26 2.25

    Interim Consolidated Statement of Financial Position

    (In millions of US$) June 30, 2025 Dec. 31, 2024
    ASSETS    
    Cash and cash equivalents 161.6 301.7
    Trade accounts and notes receivable, net 330.7 339.9
    Inventories and work-in-progress, net 162.1 163.3
    Income tax assets 10.2 22.9
    Other current assets, net 78.8 74.0
    Assets held for sale, net 28.3 24.5
    Total current assets 771.7 926.2
    Deferred tax assets 47.2 43.6
    Other non-current assets, net 9.1 8.9
    Investments and other financial assets, net 24.7 25.7
    Investments in companies under the equity method 5.1 1.1
    Property, plant and equipment, net 205.3 220.6
    Intangible assets, net 589.3 535.4
    Goodwill, net 1,092.8 1,082.8
    Total non-current assets 1,973.5 1,918.1
    TOTAL ASSETS 2,745.2 2,844.3
    LIABILITIES AND EQUITY    
    Financial debt – current portion 63.1 56.9
    Trade accounts and notes payables 113.6 120.9
    Accrued payroll costs 82.5 84.5
    Income taxes payable 12.1 20.4
    Advance billings to customers 20.8 19.2
    Provisions — current portion 17.1 19.7
    Other current financial liabilities 0.0 0.5
    Other current liabilities 218.5 182.5
    Liabilities associated with non-current assets held for sale 2.3 2.4
    Total current liabilities 530.0 507.0
    Deferred tax liabilities 13.2 18.4
    Provisions – non-current portion 33.1 28.8
    Financial debt – non-current portion 1,095.3 1,165.6
    Other non-current financial liabilities 0.0 0.0
    Other non-current liabilities 1.9 1.7
    Total non-current liabilities 1,143.5 1,214.5
    Common stock: 11,201,879 shares authorized and 7,180,449 shares with a nominal value of €1.00 outstanding at June 30, 2025. 8.7 8.7
    Additional paid-in capital 118.7 118.7
    Retained earnings 1,014.7 1,036.5
    Other Reserves (0.9) 55.2
    Treasury shares (20.1) (20.1)
    Cumulative income and expense recognized directly in equity (1.7) (1.1)
    Cumulative translation adjustment (85.0) (113.3)
    Equity attributable to owners of Viridien S.A. 1,034.5 1,084.7
    Non-controlling interests 37.2 38.1
    Total equity 1,071.8 1,122.8
    TOTAL LIABILITIES AND EQUITY 2,745.2 2,844.3

    Interim Consolidated Statement of Cash Flows

    (In millions of US$)   H1 2025 H1 2024
    OPERATING ACTIVITIES      
    Consolidated net income (loss)   (21.9) 32.0
    Less: Net income (loss) from discontinued operations   (1.9) (16.1)
    Net income (loss) from continuing operations   (23.8) 15.9
    Depreciation, amortization and impairment   42.6 47.8
    Earth Data surveys impairment and amortization   59.0 116.3
    Depreciation and amortization capitalized in Earth Data surveys   (7.5) (7.0)
    Variance on provisions   (3.6) (0.3)
    Share-based compensation expenses   1.7 1.8
    Net (gain) loss on disposal of fixed and financial assets   (0.8) 0.1
    Share of (income) loss in companies recognized under equity method   1.0 –
    Other non-cash items   30.0 0.8
    Net cash-flow including net cost of financial debt and income tax   98.5 175.4
    Less: Cost of financial debt   52.3 49.3
    Less: Income tax expense (gain)   7.4 5.6
    Net cash-flow excluding net cost of financial debt and income tax   158.1 230.4
    Income tax paid   (8.3) (12.0)
    Net cash-flow before changes in working capital   149.8 218.4
    Changes in working capital   45.0 (38.2)
    – change in trade accounts and notes receivable   51.0 (17.2)
    – change in inventories and work-in-progress   16.8 11.0
    – change in other current assets   (6.7) 0.9
    – change in trade accounts and notes payable   (3.8) (12.5)
    – change in other current liabilities   (12.3) (20.3)
    Net cash-flow from operating activities   194.8 180.2
           
    INVESTING ACTIVITIES      
    Total capital expenditures (including variation of fixed assets suppliers, excluding Earth Data surveys)   (17.2) (17.8)
    Investment in Earth Data surveys, net cash   (101.6) (97.0)
    Proceeds from disposals of tangible and intangible assets   1.0 0.5
    Dividends received from investments in companies under the equity method   – 0.5
    Variation in other non-current financial assets   2.0 (3.3)
    Net cash-flow from investing activities   (115.7) (117.0)
    FINANCING ACTIVITIES      
    Repayment of long-term debt   (1,074.5) (0.4)
    Total issuance of long-term debt   945.7 –
    Call premium   (21.9) –
    Refinancing transaction costs paid   (3.7)  –
    Lease repayments   (26.1) (27.1)
    Interests paid   (40.4) (43.2)
    Dividends paid and share capital reimbursements:      
    – to owners of Viridien   0 –
    – to non-controlling interests of integrated companies   (1.4) (3.8)
    Net cash-flow from financing activities   (222.4) (74.5)
           
    Effects of exchange rates on cash   3.7 (5.3)
    Net cash flows incurred by discontinued operations   (0.4) 29.6
    Net increase (decrease) in cash and cash equivalents   (140.1) 12.9
    Cash and cash equivalents at beginning of year   301.7 327.0
    Cash and cash equivalents at end of period   161.6 339.9

    1 $125m RCF of which $25m ancillary guarantee facility (used for $12 m) and $100m fully undrawn
    2 Quarterly statements are unaudited and not subject to any review. Only IFRS condensed interim consolidated financial statements were subject to a review report by statutory auditors
    3 Please refer to the “Definitions of Alternative Performance Indicators” in the appendices for explanations of the terms used in this section
    4 The reconciliation of alternative performance indicators to the condensed interim consolidated financial statements is provided in the appendices, along with their definitions
    5 $125m RCF of which $25m ancillary guarantee facility (used for $12 m) and $100m fully undrawn
    6 Including a $66m negative foreign exchange impact compared to December 31, 2024
    7 Post IFRS15 and 16

    8 IFRS 15 requires that Earth Data prefunding revenues be recognized only upon delivery of the final processed data, that is, when the performance obligation is fulfilled. As a result, revenue and margin recognition for ongoing surveys is deferred. Viridien’s segment reporting, however, continues to apply the percentage-of-completion method previously used before the adoption of IFRS 15, for recognizing Earth Data prefunding revenues and associated margins
    9 As a result of the July 31, 2024 reverse share split, the calculation of basic and diluted earnings per shares for June 2024 has been adjusted retrospectively. Number of ordinary shares outstanding has been adjusted to reflect the proportionate change in the number of shares

    Attachment

    The MIL Network –

  • MIL-OSI: Euronext publishes Q2 2025 results

    Source: GlobeNewswire (MIL-OSI)

    Euronext publishes Q2 2025 results

    Euronext’s diversified business drives all-time record results, supported by organic growth, favourable market conditions and disciplined capital allocation.

    Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 31 July 2025 – Euronext, the leading European capital market infrastructure, today publishes its results for the second quarter of 2025.

    • Q2 2025 revenue and income was up +12.8% to €465.8 million:

    Non-volume-related revenue and income represented 58% of total revenue and income and covered 161% of underlying operating expenses, excluding D&A1:

    • Securities Services revenues grew to €86.2 million (+6.5%), driven by increasing assets under custody, higher settlement activity and double-digit growth in value-added services;
    • Capital Markets and Data Solutions revenue grew to €165.4 million (+12.0%), driven by the continued commercial expansion of Advanced Data Solutions and the strong performance of Euronext Corporate and Investor Solutions and Technology Services, supported by the acquisition of Admincontrol. Like-for-like at constant currencies, revenue grew by +6.5%;
    • Net treasury income grew to €20.0 million (+45.1%), demonstrating the benefits of the Euronext Clearing expansion, high volatility and the internalisation of net treasury income from LCH SA following the derivatives clearing migration in Q3 2024.

    Volume-related revenue was driven by high market volatility in the second quarter:

    • FICC2Markets revenue grew to €87.7 million (+20.1%), driven by another record performance in fixed income trading and clearing and in FX trading;
    • Equity Markets revenue grew to €106.2 million (+9.5%), reflecting a strong quarter in cash equity trading and clearing further boosted by high volatility in the first part of the quarter.
    • Underlying operating expenses excluding D&A were at €168.4 million (+7.9%), in line with Euronext’s 2025 underlying costs guidance. This reflects a step-up in growth investments and the impact of acquisitions, partially offset by a strong cost discipline. Euronext’s underlying operating expense guidance excluding D&A of €670 million excludes Admincontrol, acquired on 13 May 2025.
    • Adjusted EBITDA was €297.3 million (+15.8%) and adjusted EBITDA margin was 63.8% (+1.6pt).
    • Adjusted net income was €204.4 million (+23.8%) and adjusted EPS was €2.02 (+27.0%), supported by received dividends .
    • Reported net income was €183.8 million (+29.7%) and reported EPS was €1.81 (+32.1%).
    • Net debt to adjusted EBITDA3was at 1.8x at the end of June 2025, in line with Euronext’s target range. This ratio reflects the impact of the acquisition of Admincontrol on 13 May 2025 and the dividend payment in May 2025.

    Key figures for the second quarter of 2025:

    in €m, unless stated otherwise Q2 2025 Q2 2024 % var % var l-f-l
    Revenue and income 465.8 412.9 +12.8% +10.5%
    Underlying operational expenses exc. D&A                         (168.4) (156.1) +7.9% +3.9%
    Adjusted EBITDA 297.3 256.8 +15.8% +14.4%
    Underlying EBITDA margin 63.8% 62.2% +1.6pts +2.2pts
    Net income4                          183.8 141.7 +29.7%  
    Adjusted net income4                         204.4 165.2 +23.8%  
    Adjusted EPS (basic, in €) 2.02 1.59 +27.0%  
    Reported EPS (basic, in €) 1.81 1.37 +32.1%  
    • Progress with the delivery of ‘Innovate for Growth 2027’:
      • Euronext has strengthened its development in the Nordics and in the UK with the acquisition of Admincontrol on 13 May 2025. This transaction improves the share of subscription-based revenue and is in line with its ambition to scale up the SaaS offering.
      • Euronext is expanding its footprint in the Nordics and in the power business with the acquisition of Nasdaq Nordic’s power futures business. The final regulatory approval for the acquisition has been granted. Euronext and Nasdaq are now focusing on the upcoming migration of open interest from Nasdaq Clearing to Euronext Clearing in Q1 2026.
      • Euronext partnerships with Euroclear5 and Clearstream6 on tri-party collateral management support the broader expansion of its repo clearing services across Europe. In July 2025, Euronext launched the first phase of a multi-year strategy7 to deliver a fully integrated, pan-European clearing model.
      • On 31 July 2025, Euronext announced the submission of a voluntary share exchange offer to acquire all shares of HELLENIC EXCHANGES-ATHEX STOCK EXCHANGE S.A. (“ATHEX”), in exchange for newly issued Euronext shares, at a fixed conversion rate of 20.000 ATHEX ordinary shares for each new Euronext share8,9. Based on Euronext’s closing price of €142.7 as of 30 July 2025, the proposed Offer values ATHEX at €7.14 per share and the entire issued and to be issued ordinary share capital of ATHEX at approximately €412.8 million on a fully diluted basis. The Board of Directors of ATHEX is unanimously supportive of the Offer to ATHEX shareholders and entered into a cooperation agreement with Euronext.

    Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext, said:
    “In the second quarter of 2025, Euronext achieved all-time record revenue and income of €465.8 million, driven by organic growth and acquisitions. This is the fifth consecutive quarter of double-digit topline growth. The strong performance reflects the strength of Euronext’s diversified business model, capable of capturing favourable market conditions and of generating non-volume-related revenue growth.

    We have continued to invest in growth, while we maintained a strong cost discipline. Euronext reached an adjusted EBITDA close to €300 million in Q2 2025, marking a significant +15.8% increase compared to Q2 2024. In Q2 2025, we reached record adjusted EPS of €2.02 per share. Our reported EPS grew by +32.1% compared to Q2 2024, to €1.81 per share.

    We continue to foster the integration and competitiveness of European capital markets via strategic initiatives. With a strong footprint in Italian repo, a growing list of government bond coverage, and the majority of key clearing members already connected, Euronext is well positioned to become the clearing house of choice for European repo.

    Europe shows an unprecedented commitment to establish a Savings and Investments Union, and Euronext is a key player in Europe to accelerate the delivery of this ambition. Since the beginning of the year, Euronext has continued to deploy capital to expand across Europe. We have expanded our presence in the Nordics with the acquisition of Admincontrol and will further strengthen our position with the migration of Nasdaq Nordic’s power futures to Euronext Clearing in Q1 2026.

    The contemplated acquisition of ATHEX would expand our integrated model across Europe to deliver the Savings and Investments Union. We are strongly committed to boosting the development and attractivity of Greek markets internationally and generating efficiencies and competitiveness across the Group.”

    Q2 2025 business highlights

    In €m Q2 2025 Q2 2024 % var % var l-f-l
    Revenue and income 465.8 412.9 +12.8% +10.5%
    Securities Services 86.2 80.9 +6.5% +3.9%
    Capital Markets and Data Solutions                           165.4 147.7 +12.0% +6.5%
    FICC Markets 87.7 73.0 +20.1% +20.9%
    Equity Markets 106.2 97.0 +9.5% +9.5%
    Net treasury income 20.0 13.8 +45.1% +45.1%
    Other income 0.3 0.4 -30.4% -31.1%
    • Non-volume-related revenue
      • Securities Services
    In €m Q2 2025 Q2 2024 % var % var l-f-l
    Revenue 86.2 80.9 +6.5% +3.9%
    Custody & Settlement 77.5 70.0 +10.8% +7.8%
    Other Post Trade 8.6 10.9 -21.1% -21.1%

    Revenue from Custody and Settlement in Q2 2025 was at €77.5 million, +10.8% compared to Q2 2024. This strong performance was driven by growing Assets under Custody, dynamic settlement instructions and continued double-digit growth in services, supported by the acquisition of Acupay. At the end of the quarter, Assets under Custody amounted to €7.34 trillion, up +4.5% compared to end of Q2 2024. Over 36.9 million instructions were settled via Euronext Securities during the second quarter of 2025, up +15.0% compared to the second quarter of 2024.

    Other Post Trade revenue, which includes membership fees and other non-volume-related clearing fees, was €8.6 million in Q2 2025. The -21.1% decrease compared to Q2 2024 stems from the internalisation of the net treasury income related to Euronext derivatives flows in September 2024, which are now integrated in the net treasury income line.

    • Capital Markets and Data Solutions
    In €m Q2 2025 Q2 2024 % var % var l-f-l
    Revenue 165.4 147.7 +12.0% +6.5%
    Primary Markets 46.5 45.5 +2.3% +2.5%
    Advanced Data Solutions 65.2 60.6 +7.5% +4.6%
    Corporate and Investor Solutions and Technology Services                             53.7 41.5 +29.2% +13.5%

    Primary Markets revenue was €46.5 million in Q2 2025, an increase of +2.3% compared to Q2 2024. The second quarter recorded slower equity listing activity explained by a volatile environment. Euronext sustained its leading position for equity listing with 6 new listings.

    Advanced Data Solutions revenue was €65.2 million in Q2 2025, up +7.5% compared to Q2 2024. This dynamic performance reflects the contribution of GRSS, strong appetite from retail and growing monetisation of diversified datasets.

    Corporate and Investor Solutions and Technology Services revenue grew by +29.2% in Q2 2025 to €53.7 million. This strong performance reflects the contribution of Admincontrol for half a quarter and double-digit growth of investor solutions and colocation services.

    • Net treasury income

    Net treasury income was at €20.0 million, +45.1% compared to Q2 2024. This reflect the benefit from the Euronext Clearing expansion and the internalisation of treasury income from LCH SA following the completion of the derivatives clearing migration, as well as higher cash collateral posted to the CCP due to the elevated market volatility.

    • Volume-related revenue
      • FICC Markets
    In €m Q2 2025 Q2 2024 % var % var l-f-l
    Revenue 87.7 73.0 +20.1% +20.9%
    Fixed income trading & clearing 51.7 39.2 +31.9% +31.9%
    Commodities trading & clearing 26.7 26.0 +2.7% +3.1%
    FX trading 9.3 7.8 +18.9% +25.2%

    Fixed income trading and clearing revenue reached €51.7 million in Q2 2025, up +31.9% compared to Q2 2024, driven by record fixed income trading activity supported by favourable market conditions.

    Commodities10 trading and clearing revenue reached €26.7 million in Q2 2025, up +2.7% compared to Q2 2024, reflecting record intraday power trading volumes and softer agricultural commodity trading and clearing.

    FX trading revenue was up +18.9%, at €9.3 million in Q2 2025, reflecting record trading volumes in April 2025, which outbalanced the negative currency impact of the USD.

    • Equity Markets
    In €m Q2 2025 Q2 2024 % var % var l-f-l
    Revenue 106.2 97.0 +9.5% +9.5%
    Cash equity trading & clearing 93.4 80.4 +16.2% +16.2%
    Financial derivatives trading & clearing 12.8 16.6 -22.9% -22.9%

    Cash equity trading and clearing revenue11 was €93.4 million in Q2 2025, up +16.2% compared to Q2 2024 driven by exceptional market volatility. Euronext recorded average daily cash trading volumes of €13.4 billion, up +21.2% compared to Q2 2024. Euronext reached solid average revenue capture on cash trading at 0.52 bps for the second quarter of 2025, despite higher volumes and larger average order size compared to Q2 2024. Euronext market share on cash equity trading averaged 63.5% in Q2 2025.

    Financial derivatives trading and clearing revenue was €12.8 million in Q2 2025, -22.9% compared to Q2 2024. This mostly reflects lower volatility and the decrease of the average clearing fees. Following the clearing migration, certain clearing fees are now reported in the line Other Post Trade revenues, and as such not fully comparable with Q2 2024.

    Q2 2025 financial performance

    In €m, unless stated otherwise Q2 2025 Q2 2024 % var % var l-f-l
    Revenues and income 465.8 412.9 +12.8% +10.5%
    Underlying operating expenses excl. D&A                        (168.4) (156.1) +7.9% +3.9%
    Adjusted EBITDA 297.3 256.8 +15.8% +14.4%
    Adjusted EBITDA margin 63.8% 62.2% +1.6pts +2.2pts
    Operating expenses excl. D&A (171.8) (162.9) +5.5% +1.6%
    EBITDA 293.9 249.9 +17.6% +16.2%
    Depreciation & amortisation (48.2) (47.9) +0.5% +1.0%
    Total expenses (220.0) (210.9) +4.3% +1.2%
    Adjusted operating profit 274.7 234.8 +17.0% +15.7%
    Operating profit 245.8 202.0 +21.7%  
    Net financing income / (expense) (5.7) 3.5 N/A  
    Results from equity investments 24.5 1.2 N/A  
    Profit before income tax 264.5 206.7 +28.0%  
    Income tax expense (68.1) (55.7) +22.3%  
    Minority interests (12.6) (9.2) +36.3%  
    Net income 183.8 141.7 +29.7%  
    Adjusted net income 204.4 165.2 +23.8%  
    Adjusted EPS (basic, in €) 2.02 1.59 +27.0%  
    Reported EPS (basic, in €) 1.81 1.37 +32.1%  
    Adjusted EPS (diluted, in€) 2.01 1.59 +26.4%  
    Reported EPS (diluted, in€) 1.81 1.36 +33.1%  
    • Q2 2025 adjusted EBITDA

    Underlying operating expenses excluding D&A1 were at €168.4 million (+7.9%). The increase compared to Q2 2024 reflects investments in growth and the impact of acquisitions performed in 2025, partially offset by cost discipline.
    As a result of a double digit growth in revenue, adjusted EBITDA for the quarter reached €297.3 million, up +15.8% compared to Q2 2024. This represents an adjusted EBITDA margin of 63.8%, up +1.6pts vs. Q2 2024. On a like-for-like basis at constant currencies, adjusted EBITDA grew by +14.4% compared to Q2 2024.
    Q2 2025 non-underlying operating expenses excluding D&A amounted to €3.4 million, mostly related to the integration of recent acquisitions. As a consequence, reported EBITDA was at €293.9 million, up +17.6% compared to Q2 2024.

    • Q2 2025 net income, share of the parent company shareholders

    Depreciation and amortisation accounted for €48.2 million in Q2 2025, +0.5% more than Q2 2024. PPA related to acquired businesses accounted for €19.1 million. Adjusted operating profit was €274.7 million, up +17.0% compared to Q2 2024. Euronext reported a net financing expense of €5.7 million in Q2 2025, compared to €3.5 million net financing income in Q2 2024. The variation reflects decreasing interest rates, lower cash position after the redemption of the €500 million bond and the recognition of non-cash interest expense related to the convertible bonds.

    Income tax for Q2 2025 was €68.1 million. This translated into an effective tax rate of 25.7% for the quarter, compared to 27.0% in Q2 2024. The tax rate was positively impacted by the tax-exempt €24.5 million dividend received by Euroclear. Share of non-controlling interests amounted to €12.6 million, correlated with the strong performance of MTS and Nord Pool.

    As a result, the reported net income, share of the parent company shareholders, increased by +29.7%for Q2 2025 compared to Q2 2024, to €183.8 million. This represents a reported EPS of €1.81 basic and €1.81 diluted. Adjusted net income, share of the parent company shareholders, was up +23.8% to €204.4 million. Adjusted EPS (basic) was €2.02 and adjusted EPS (diluted) was €2.01. The increase in EPS reflects higher profit and a lower number of outstanding shares over the second quarter of 2025 compared to Q2 2024. The weighted number of shares used over the second quarter of 2025 was 101,374,346 for the basic calculation and 102,130,793 for the diluted calculation, compared to 103,653,544 and 103,986,292 respectively over the second quarter of 2024. The difference in share count is due to the share repurchase programme executed by Euronext and the consideration of the convertible bonds under IAS 33.

    In Q2 2025, Euronext reported a net cash flow from operating activities of €135.0 million, compared to €111.5 million in Q2 2024, reflecting higher profit before tax and higher income tax paid in Q2 2025. Excluding the impact of working capital from Euronext Clearing and Nord Pool CCP activities, net cash flow from operating activities accounted for 52.3% of EBITDA in Q2 2025.

    Q2 2025 corporate highlights since publication of the first quarter 2025 results on 14 May 2025

    • Euronext received regulatory approval for the acquisition of Nasdaq Nordic power futures

    On 4 June 2025, Euronext received regulatory approval for the extension of Euronext Clearing to power derivatives under Article 15 of EMIR. With this final approval, all regulatory approvals for the acquisition of Nasdaq Nordic’s power futures business have been granted. Euronext and Nasdaq continue to focus on the upcoming migration of open interest from Nasdaq Clearing to Euronext Clearing in Q1 202612.

    • Partnership with Clearstream on collateral management

    On 16 June 2025, Euronext and Clearstream announced the start of a new partnership13 to advance the continued development of Euronext Clearing’s collateral management services across repo and other asset classes.
    As part of this initiative, Clearstream will serve as a triparty agent (TPA) for Euronext Clearing, facilitating advanced collateral management capabilities. Clients will benefit from automated, flexible and operationally streamlined solutions that enhance margin and balance sheet optimisation. Clearstream will act as an independent third party, handling the collateral selection, valuation and substitution to ensure compliance with eligibility criteria while minimising operational complexities. In addition, Clearstream will manage settlement and custody services, provide robust regulatory reporting, and support liquidity and risk management objectives. The go-live of this enhanced service offering is scheduled for November 2025.

    • Euronext successfully launched its inaugural convertible bonds issuance

    On 22 May 2025, Euronext announced the success of its offering of senior unsecured bonds due 2032 convertible into new shares and/or exchangeable for existing shares of the Company (“OCEANEs”) (the “Bonds”), by way of a placement to qualified investors only, for a nominal amount of €425 million (the “Offering”)14. The Bonds were issued with a denomination of €100,000 each (the “Principal Amount”), and will be convertible and/or exchangeable into new and/or existing shares of Euronext (the “Shares”) and will pay a fixed coupon at a rate of 1.50% per annum, payable semi-annually in arrear on 30 May and 30 November of each year (or on the following business day if this date is not a business day), and for the first time on 30 November 2025. The initial conversion price of the Bonds is set at €191.1654. Unless previously converted, exchanged, redeemed or purchased and cancelled, the Bonds will be redeemed at par on 30 May 2032 (or on the following business day if such date is not a business day) (the “Maturity Date”).

    • Euronext successfully migrated Italian markets to a harmonised clearing framework

    On 30 June 2025, Euronext completed the migration of the Italian derivatives and cash equity markets to its Core Clearing System. Euronext is now clearing all its financial derivatives, commodities and cash equities markets through a single, streamlined, harmonised clearing gateway. This important milestones delivers to Euronext Clearing clients further material operational and risk management efficiencies, which optimise their total cost of trading on Euronext markets.

    Corporate highlights since 1 July 2025

    • Euronext launched the first phase of its strategic multi-year Repo expansion initiative15

    On 8 July 2025, Euronext announced the launch of its initiative to expand access, improve collateral usage and position Euronext as a leading Central Counterparty (CCP) for European repo markets. As a cornerstone of Euronext’s strategic plan announced in November 2024, the Repo initiative sets in motion Euronext’s vision to build a fully integrated, pan-European post-trade infrastructure. Euronext now offers repo clearing for Spanish, Portuguese and Irish government bonds, alongside its established Italian offering. For the first time, international firms can join the platform with seamless onboarding and scalable settlement operations.

    • Euronext to launch voluntary share exchange offer for all ATHEX shares

    On 31 July 2025, Euronext announced the submission of a voluntary share exchange offer to acquire all shares of HELLENIC EXCHANGES-ATHEX STOCK EXCHANGE S.A. (“ATHEX”), in exchange for newly issued Euronext shares, at a fixed conversion rate of 20.000 ATHEX ordinary shares for each new Euronext share16,17. Based on Euronext’s closing price of €142.7 as of 30 July 2025, the proposed Offer values ATHEX at €7.14 per share and the entire issued and to be issued ordinary share capital of ATHEX at approximately €412.8 million on a fully diluted basis. The Board of Directors of ATHEX is unanimously supportive of the Offer to ATHEX shareholders and entered into a cooperation agreement with Euronext.

    The combination between Euronext and ATHEX is in line with Euronext’s ambition to integrate European capital markets. The combined Group will foster harmonisation of European capital markets on a unified technology. Greek markets would benefit from increased visibility towards global investors as part of the leading single liquidity pool in Europe.

    Euronext expects the combination to deliver €12 million annual run-rate cash synergies by the end of 2028, with implementation costs related to these synergies expected at €25 million. The Offer is in line with Euronext’s investment criteria of ROCE > WACC in year 3 to 5 after the acquisition and is expected to be accretive for Euronext shareholders after delivery of synergies in year 1.

    The Offer is expected to be open for acceptance, subject to regulatory approvals, from Q4 2025. The transaction is expected to be completed by the end of 2025.

    Results Webcast

    A webcast will be held on Friday, 1 August 2025, at 09:00 CEST (Paris time) / 08:O0 BST (London time):

    For the live webcast go to: Webcast

    The webcast will be available for replay after the call at the webcast link and on the Euronext Investor Relations webpage.

    Contacts

    ANALYSTS & INVESTORS – ir@euronext.com

    Investor Relations        Aurélie Cohen                 

            Judith Stein        +33 6 15 23 91 97

    MEDIA – mediateam@euronext.com 

    Europe        Aurélie Cohen         +33 1 70 48 24 45 

            Andrea Monzani         +39 02 72 42 62 13 

    Belgium        Marianne Aalders         +32 26 20 15 01                 

    France, Corporate        Flavio Bornancin-Tomasella        +33 1 70 48 24 45                 

    Ireland        Catalina Augspach        +39 02 72 42 62 13                 

    Italy         Ester Russom         +39 02 72 42 67 56                 

    The Netherlands        Marianne Aalders         +31 20 721 41 33                 

    Norway         Cathrine Lorvik Segerlund        +47 41 69 59 10                 

    Portugal         Sandra Machado        +351 91 777 68 97                

    About Euronext 
    Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain, from listing, trading, clearing, settlement and custody, to solutions for issuers and investors. Euronext runs MTS, one of Europe’s leading electronic fixed income trading markets, and Nord Pool, the European power market. Euronext also provides clearing and settlement services through Euronext Clearing and its Euronext Securities CSDs in Denmark, Italy, Norway and Portugal.
    As of June 2025, Euronext’s regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal host nearly 1,800 listed issuers with €6.3 trillion in market capitalisation, a strong blue-chip franchise and the largest global centre for debt and fund listings. With a diverse domestic and international client base, Euronext handles 25% of European lit equity trading. Its products include equities, FX, ETFs, bonds, derivatives, commodities and indices.
    For the latest news, go to euronext.com or follow us on X and LinkedIn.

    Disclaimer

    This press release is for information purposes only: it is not a recommendation to engage in investment activities and is provided “as is”, without representation or warranty of any kind. The figures in this document have not been audited or reviewed by our external auditor. While all reasonable care has been taken to ensure the accuracy of the content, Euronext does not guarantee its accuracy or completeness. Euronext will not be held liable for any loss or damages of any nature ensuing from using, trusting or acting on information provided. No information set out or referred to in this publication may be regarded as creating any right or obligation. The creation of rights and obligations in respect of financial products that are traded on the exchanges operated by Euronext’s subsidiaries shall depend solely on the applicable rules of the market operator. All proprietary rights and interest in or connected with this publication shall vest in Euronext. This press release speaks only as of this date. Euronext refers to Euronext N.V. and its affiliates. Information regarding trademarks and intellectual property rights of Euronext is available at www.euronext.com/terms-use.

    © 2025, Euronext N.V. – All rights reserved. 

    The Euronext Group processes your personal data in order to provide you with information about Euronext (the “Purpose”). With regard to the processing of this personal data, Euronext will comply with its obligations under Regulation (EU) 2016/679 of the European Parliament and Council of 27 April 2016 (General Data Protection Regulation, “GDPR”), and any applicable national laws, rules and regulations implementing the GDPR, as provided in its privacy statement available at: www.euronext.com/privacy-policy. In accordance with the applicable legislation you have rights with regard to the processing of your personal data: for more information on your rights, please refer to: www.euronext.com/data_subjects_rights_request_information. To make a request regarding the processing of your data or to unsubscribe from this press release service, please use our data subject request form at connect2.euronext.com/form/data-subjects-rights-request or email our Data Protection Officer at dpo@euronext.com.

    Appendix

    The figures in this Appendix have not been audited or reviewed by our external auditor.

    Non-IFRS financial measures

    For comparative purposes, the company provides unaudited non-IFRS measures including:

    • Operational expenses excluding depreciation and amortisation, underlying operational expenses excluding depreciation and amortisation;
    • EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin.

    Non-IFRS measures are defined as follows:

    • Operational expenses excluding depreciation and amortisation as the total of salary and employee benefits, and other operational expenses;
    • Underlying operational expenses excluding depreciation and amortisation as the total of salary and employee benefits, and other operational expenses, excluding non-recurring costs;
    • Underlying revenue and income as the total of revenue and income, excluding non-recurring revenue and income;
    • Non-underlying items as items of revenue, income and expense that are material by their size and/or that are infrequent and unusual by their nature or incidence are not considered to be recurring in the normal course of business and are classified as non-underlying items on the face of the income statement within their relevant category in order to provide further understanding of the ongoing sustainable performance of the Group. These items can include:
      • integration or double run costs of significant projects, restructuring costs and costs related to acquisitions that change the perimeter of the Group;
      • one-off finance costs, gains or losses on sale of subsidiaries and impairments of investments:
      • amortisation and impairment of intangible assets which are recognised as a result of acquisitions and mostly comprising customer relationships, brand names and software that were identified during purchase price allocation (PPA);
      • tax related to non-underlying items.
    • Adjusted operating profit as the operating profit adjusted for any non-underlying revenue and income and non-underlying costs, including PPA of acquired businesses;
    • EBITDA as the operating profit before depreciation and amortisation;
    • Adjusted EBITDA as the adjusted operating profit before depreciation and amortisation adjusted for any non-underlying operational expenses excluding depreciation and amortisation;
    • EBITDA margin as EBITDA divided by total revenue and income;
    • Adjusted EBITDA margin as adjusted EBITDA, divided by total revenue and income;
    • Adjusted net income, as the net income, share of the parent company shareholders, adjusted for any non-underlying items and related tax impact.

    Non-IFRS financial measures are not meant to be considered in isolation or as a substitute for comparable IFRS measures and should be read only in conjunction with the consolidated financial statements.

    Consolidated income statement

      Q2 2025 Q2 2024
    In € million, unless stated otherwise Underlying Non-
    underlying    		 Reported Underlying Non-
    underlying    		 Reported
    Revenues 465.8 – 465.8 412.9 – 412.9
    Securities Services 86.2 – 86.2 80.9 – 80.9
    Custody and Settlement 77.5 – 77.5 70.0 – 70.0
    Other Post Trade 8.6 – 8.6 10.9 – 10.9
    Capital Markets and Data Solutions 165.4 – 165.4 147.7 – 147.7
    Primary Markets 46.5 – 46.5 45.5 – 45.5
    Advanced Data Solutions 65.2 – 65.2 60.6 – 60.6
    Corporate and Investor Solutions
    and Technology Services    		 53.7 – 53.7 41.5 – 41.5
    FICC markets 87.7 – 87.7 73.0 – 73.0
    Fixed income trading and clearing 51.7 – 51.7 39.2 – 39.2
    Commodities trading and clearing 26.7 – 26.7 26.0 – 26.0
    FX trading 9.3 – 9.3 7.8 – 7.8
    Equity markets 106.2 – 106.2 97.0 – 97.0
    Cash equity trading and clearing 93.4 – 93.4 80.4 – 80.4
    Financial derivatives trading and clearing 12.8 – 12.8 16.6 – 16.6
    Net treasury income 20.0 – 20.0 13.8 – 13.8
    Other income 0.3 – 0.3 0.4 – 0.4
    Operating expenses excl. D&A (168.4) (3.4) (171.8) (156.1) (6.8) (162.9)
    Salaries and employee benefits (92.2) (1.1) (93.3) (79.9) (0.4) (80.2)
    Other operational expenses, of which (76.3) (2.2) (78.5) (76.2) (6.5) (82.7)
    System & Communication (26.5) (0.2) (26.7) (24.7) (1.1) (25.9)
    Professional services (17.7) (2.2) (19.9) (13.6) (4.4) (17.9)
    Clearing expense (0.2) – (0.2) (9.9) – (9.9)
    Accommodation (4.5) 0.1 (4.4) (4.1) (0.3) (4.4)
    Other operational expenses (27.3) – (27.4) (23.9) (0.7) (24.6)
    EBITDA 297.3 (3.4) 293.9 256.8 (6.8) 249.9
    EBITDA margin 63.8%   63.1% 62.2%   60.5%
    Depreciation & amortisation (22.6) (25.6) (48.2) (21.9) (26.0) (47.9)
    Total expenses (191.0) (29.0) (220.0) (178.0) (32.8) (210.9)
    Operating profit 274.7 (29.0) 245.8 234.8 (32.8) 202.0
    Net financing income/(expense) (5.7) – (5.7) 3.5 – 3.5
    Results from equity investment 24.5 – 24.5 0.1 1.2 1.2
    Profit before income tax 293.5 (29.0) 264.5 238.4 (31.7) 206.7
    Income tax expense (75.6) 7.5 (68.1) (64.0) 8.3 (55.7)
    Non-controlling interests (13.4) 0.8 (12.6) (9.2) (0.1) (9.2)
    Net income
    share of the parent company shareholders    		 204.4 (20.6) 183.8 165.2 (23.4) 141.7
    EPS (basic, in €) 2.02   1.81 1.59   1.37
    EPS (diluted, in €) 2.01   1.81 1.59   1.36

    Adjusted EPS definition

     In € million, unless stated otherwise Q2 2025 Q2 2024
    Net income reported                183.8                 141.7
    EPS reported (in €) 1.81 1.37
    Adjustments for non-underlying items included in:    
    Operating expenses exc. D&A (3.4) (6.8)
    Depreciation and amortisation (25.6) (26.0)
    Results from equity investments                   –                  1.2
    Non-controlling interest 0.8 (0.1)
    Tax related to adjustments                       7.5                       8.3
    Adjusted net income                 204.4                  165.2
    Adjusted EPS (in €)                     2.02                     1.59

    Consolidated comprehensive income statement

    In € million Q2 2025 Q2 2024
    Profit for the period 196.4 151.0
         
    Other comprehensive income    
    Items that may be reclassified to profit or loss:    
    – Exchange differences on translation of foreign operations    (53.6) 15.2
    – Income tax impact on exchange differences on translation of foreign operations    7.4 (1.9)
    – Gains and losses on cash flow hedges    (2.2) –
    – Change in value of debt investments at fair value through other comprehensive income –    0.3
    – Income tax impact on change in value of debt investments at fair value through
    other comprehensive income    		    –    (0.1)
         
    Items that will not be reclassified to profit or loss:    
    – Change in value of equity investments at fair value through other comprehensive income    46.1 6.5
    – Income tax impact on change in value of equity investments at fair value through
    other comprehensive income    		 (0.4) (1.0)
    – Remeasurements of post-employment benefit obligations    1.9 1.9
    – Income tax impact on remeasurements of post-employment benefit obligations – (0.2)
    Other comprehensive income for the period, net of tax (0.8) 20.8
    Total comprehensive income for the period 195.6 171.8
         
    Comprehensive income attributable to:    
    – Owners of the parent 184.0 162.5
    – Non-controlling interests 11.6 9.3

    Consolidated statement of financial position

    In € million 30 June 2025 31 March 2025
    Non-current assets    
    Property, plant and equipment 103.0 107.4
    Right-of-use assets 85.1 88.2
    Goodwill and other intangible assets18 6,586.7 6,096.5
    Deferred income tax assets 24.0 29.1
    Investments in associates and joint ventures 0.8 0.8
    Financial assets at fair value through OCI 403.1 357.0
    Other non-current assets 3.4 3.4
    Total non-current assets 7,206.2 6,682.4
         
    Current assets    
    Trade and other receivables 463.8 574.2
    Income tax receivable 32.2 17.5
    Derivative financial instruments 0.1 2.2
    CCP clearing business assets 348,903.3 341,647.6
    Other current financial assets 59.3 59.5
    Cash & cash equivalents 919.3 1,642.3
    Total current assets 350,378.1 343,943.3
    Total assets 357,584.2 350,625.7
         
    Equity    
    Shareholders’ equity 4,153.5 4,224.6
    Non-controlling interests 144.3 161.7
    Total equity 4,297.9 4,386.3
         
    Non-current liabilities    
    Borrowings 2,311.7 2,537.5
    Lease liabilities 69.8 71.7
    Other non-current financial liabilities 3.5 3.5
    Deferred income tax liabilities 488.4 495.1
    Post-employment benefits 21.2 23.0
    Contract liabilities 53.3 54.2
    Other provisions 7.1 7.0
    Total non-current liabilities 2,955.0 3,192.1
    Current liabilities    
    Borrowings 602.7 524.0
    Lease liabilities 22.2 21.9
    Other current financial liabilities1 103.5 –
    CCP clearing business liabilities 348,949.3 341,695.3
    Income tax payable 68.8 99.3
    Trade and other payables 422.5 526.5
    Contract liabilities 158.5 176.2
    Other provisions 3.7 4.1
    Total current liabilities      350,331.3 343,047.3
    Total equity and liabilities     357,584.2 350,625.7

    Consolidated statement of cash flows

    In € million Q2 2025 Q2 2024
    Profit before tax 264.5 206.7
    Adjustments for:    
    – Depreciation and amortisation 48.2 47.9
               – Share-based payments 5.6 2.9
    -Results from equity investments (24.5) –
    -Gain on sale of associate – (1.2)
    -Share of profit from associates and joint ventures – (0.1)
               – Changes in working capital (43.8) (67.9)
    Cash flow from operating activities 250.0 188.4
    Income tax paid (115.1) (76.9)
    Net cash flows from operating activities 135.0 111.5
         
    Cash flow from investing activities    
    Business combinations, net of cash acquired                                     (400.4) (38.5)
    Proceeds from sale of associate –                              0.9
    Purchase of current financial assets (0.4) (0.6)
    Redemption of current financial assets (0.2) 17.7
    Purchase of property, plant and equipment                                    (3.2)                               (5.0)
    Purchase of intangible assets (28.1) (15.8)
    Interest received                                     7.3 11.3
    Asset acquisitions (27.7) –
    Proceeds from sale of property, plant, equipment and intangible assets – (0.1)
    Dividends received from equity investments 24.5 –
    Dividends received from associates and joint ventures                                         – 0.1
    Net cash flow from investing activities (428.2) (30.0)
         
    Cash flow from financing activities    
    Proceeds from borrowings, net of transaction fees 846.2 –
    Repayment of borrowings, net of transaction fees (925.0) –
    Interest paid (29.2) (28.2)
    Payment of lease liabilities (3.4) (4.2)
    Transactions in own shares 0.0 (10.0)
    Withholding tax paid at vesting of shares (1.9) (1.2)
    Dividends paid to the company’s shareholders (293.4) (257.3)
    Dividends paid to non-controlling interests (18.2) (18.9)
    Net cash flow from financing activities (424.9) (319.6)
         
    Total cash flow over the period (718.1) (238.1)
    Cash and cash equivalents – Beginning of period 1,642.3 1,609.6
    Non-cash exchange gains/(losses) on cash and cash equivalents (4.9) 4.6
    Cash and cash equivalents – End of period 919.3 1,376.0

    Business indicators for the second quarter of 2025

    • Securities Services
    Custody and Settlement Q2 2025 Q2 2024 % var
    Number of settlement instructions over the period 36,946,162 32,114,794 +15.0%
    Assets under Custody (in €bn), end of period 7,344 7,030 +4.5%
    • Capital Markets
    Primary Markets Q2 2025 Q2 2024 % var
    Number of issuers on Equities – Euronext 1,766 1,862 -5.0%
    Number of issuers on Equities – SMEs 1,371 1,469 -7.0%
    Number of listed Funds 2,179 2,347 -7.0%
    Number of listed ETFs 4,322 3,885 +11.0%
    Number of listed Bonds 57,367 58,147 -1.0%
    Capital raised on primary and secondary market (in €m)      
    Number of new equity listings 13 17  
    Money raised – New equity listings (including over-allotment) 155 3,403 -95.0%
    Money raised – Follow-ons on equities 4,457 2,362 +89.0%
    Money raised – Bonds 316,817 304,686 +4.0%
    • FICC Markets
    Fixed income trading and clearing Q2 2025 Q2 2024 % var
    Number of trading days 62 63 –
    Transaction value (in €m, single counted)      
    MTS      
    ADV MTS Cash 59,182 36,287 +63.0%
    TAADV MTS Repo 612,821 448,618 +37.0%
    Other fixed income      
    ADV fixed income 1,588 1,689 -6.0%
    Number of transactions and lots cleared (double counted)      
    Bonds – Wholesale (nominal value in €bn) 8,571 6,918 +23.9%
    Bonds – Retail (number of contracts) 3,313,182 3,658,240 -9.4%
    Commodities trading and clearing Q2 2025 Q2 2024 % var
    Number of trading days 91 91 –
    Power volume (in TWh) – ADV Day-ahead Power Market 2.53 2.53 0.0%
    Power volume (in TWh) – ADV Intraday Power Market          0.56 0.36 +58.0%
    Derivatives volume (in lots)      
    Number of trading days 62 63 –
    Commodity 6,746,377 7,898,126 -14.6%
    Futures 6,473,697 7,197,681 -10.1%
    Options 272,680 700,445 -61.1%
    FX trading Q2 2025 Q2 2024 % var
    Number of trading days 65 65 –
    FX volume (in $m, single counted)      
    Total Euronext FX 2,025,494 1,783,772 +13.6%
    ADV Euronext FX 31,161 27,443 +13.6%
    • Equity Markets
    Cash equity trading and clearing Q2 2025 Q2 2024 % var
    Number of trading days 62 63 –
    Number of transactions (buy and sell) (reported trades included)      
    Total Cash Market 186,375,884 152,354,170 +21.5%
    ADV Cash Market 3,006,063 2,434,193 +23.5%
    Transaction value (€ million, single counted)      
    Total Cash Market 831,391 696,882 +19.3%
    ADV Cash Market 13,410 11,062 +21.2%
    Shares (number of transactions and lots cleared – single counted) 75,751,603 55,211,959 +37.2%
    Financial derivatives trading and clearing Q2 2025 Q2 2024 % var
    Number of trading days 62 63 –
    Derivatives Volume (in lots) – Equity 30,293,449 35,317,815 -14.2%
    Index 10,684,578 13,753,365 -22.3%
    Futures 6,465,795 7,760,863 -16.7%
    Options 4,218,783 5,992,502 -29.6%
    Individual Equity 19,608,871 21,564,450 -9.1%
    Futures 526,418 2,782,606 -81.1%
    Options 19,082,453 18,781,844 +1.6%

    1 Definition in Appendix – adjusted for non-underlying operating expenses excluding D&A and non-underlying revenue and income.
    2   Fixed income, commodities and currencies
    3 Last twelve months adjusted EBITDA. Net debt to last twelve months reported EBITDA ratio was at 1.9x.
    4 Share of the parent company shareholders
    5https://www.euronext.com/en/about/media/euronext-press-releases/euronext-announces-collaboration-euroclear-enhance-euronext
    6https://www.euronext.com/en/about/media/euronext-press-releases/euronext-and-clearstream-launch-partnership-further-strengthen
    7https://www.euronext.com/en/about/media/euronext-press-releases/euronext-launches-first-phase-its-strategic-multi-year-repo
    8https://www.euronext.com/en/about/media/euronext-press-releases/euronext-launch-voluntary-share-exchange-offer-for-all-athex-0
    9 Offer is subject to customary and regulatory approvals.
    10 Including revenue from power trading and clearing
    11 Including equities, ETFs, warrants and certificates
    12www.euronext.com/en/news/euronext-nasdaq-clearing-agreement-power-derivatives-transfer-set-for-march-2026.
    13 www.euronext.com/en/about/media/euronext-press-releases/euronext-and-clearstream-launch-partnership-further-strengthen
    14www.euronext.com/en/investor-relations/financial-information/news/euronext-announces-success-its-offering-bonds-due
    15 www.euronext.com/en/about/media/euronext-press-releases/euronext-launches-first-phase-its-strategic-multi-year-repo
    16 https://www.euronext.com/en/about/media/euronext-press-releases/euronext-launch-voluntary-share-exchange-offer-for-all-athex-0
    17 Offer is subject to customary and regulatory approvals.

    18 The Nasdaq Nordic transaction qualifies as an ‘asset acquisition’. The full purchase price, consisting of a fixed amount of US$35.0 million and a contingent consideration amount estimated at US$115.0 million, is allocated to customer relationships as an intangible asset. The Group has chosen to apply the liability approach that follows IFRIC 1 principles for recognition of the contingent consideration liability, whereby subsequent changes in the liability are adjusted against the carrying amount of the related asset.

    Attachment

    The MIL Network –

  • MIL-OSI: Coface SA: Description of the 2025-2026 Share Buyback Program

    Source: GlobeNewswire (MIL-OSI)

    Description of the 2025-2026 Share Buyback Program

    1. INTRODUCTION

    It is reminded that the Shareholders’ Combined General Meeting of COFACE SA (the Company) held on of May 16, 2024, had previously authorised the Board of Directors, in its fourth (4th) resolution, to carry out transactions on COFACE SA’s shares under the framework of the 2024-2025 Share Buyback Program. The main features and description of the said program are published on the Company’s website and on the 2024 Universal Registration Document.

    The Company, listed on Euronext Paris – Compartment A -, wishes to continue to have a Share Buyback Program (the Program), pursuant to applicable regulation (See “Legal Framework” below).

    To this end, the Shareholders’ Combined General Meeting of May 14, 2025 issued a new authorisation to the Board of Directors, with the power to sub delegate in accordance with legislative and regulatory provisions, thirteen (13th) resolution, to implement a new Share Buyback Program on the Company’s shares (Code ISIN FR0010667147). This Program shall replace the existing one established by the Shareholders’ Combined General Meeting of May 16, 2024.

    1. MAIN CHARACTERISTICS OF THE 2025-2026 SHARE BUYBACK PROGRAM

    2.1 Date of Shareholders’ General Meeting authorising the Program

    The 2025-2026 Program was authorised by the Shareholders’ Combined General Meeting of May 14, 2025, in its thirteen (13th) resolution.

    The Board of Directors of July 31, 2025, authorised COFACE SA, with the power to sub delegate to the CEO, pursuant to the delegation given by the Shareholder’s Combined General Meeting of May 14, 2025 in its thirteen (13th) resolution, to trade on the Company’s share through the “2025-2026 Share Buyback Program”, whose main features are described below.

    2.2 Allotment by objective of shares held as of June 30, 2025

    COFACE SA held, as of June 30, 2025, 0.57% of its share capital or 852,060 common shares. At that date, the breakdown by objective of the number of shares held was as follows:

    Objectives Number of own shares held
    a) ensure liquidity and boost the market for the Company’s stock through an investment service provider acting independently within the context of a liquidity contract in compliance with the Charter of Ethics recognised by the French Financial Markets Authority 92,102
    b) allot shares to employees of the Company and in particular within the context:
    (1) of profit sharing;
    (2) any stock option plan of the Company, pursuant to the provisions of Articles L.225-177 et seq. of the French Commercial Code;
    (3) any savings plan in compliance with Articles L.3331-1 et seq. of the French Labour Code;
    (4) any allocation of bonus shares pursuant to the provisions of Articles L.225-197-1 et seq. of the French Commercial Code;
    as well as performing all hedging operations relating thereto, under the conditions provided for by the market authorities and at the times to be determined by the Board of Directors or the person acting upon its delegation    		  

    0
    0

    0

    755,958
    e) cancel all or part of the stock thus purchased 0
    TOTAL 852,060

    2.3 Objectives of the 2025-2026 Share Buyback Program

    Purchases and sales of the Company’s shares may be made, by decision of the Board, to:

    Authorised objectives
    a) ensure liquidity and boost the market for the Company’s stock through an investment service provider acting independently within the context of a liquidity agreement, in compliance with the market practice accepted by the Autorité des marchés financiers on 2 July 2018;
    b) allocate shares to the corporate officers and employees of the Company and of other Group entities, in particular within the context of:
    (i) employee profit sharing;
    (ii) any stock option plan of the Company, pursuant to Article L.225-177 et seq. of the French Commercial Code;
    (iii) any savings plan in compliance with Article L.3331-1 et seq. of the French Labour Code;
    (iv) any allocation of bonus shares pursuant to the provisions of Article L.225‑197-1 et seq. of the French Commercial Code;
    as well as performing all hedging operations relating to these operations, under the conditions provided for by the market authorities, and at the times to be determined by the Board of Directors or the person acting by delegation thereof
    c) transfer the Company’s shares upon exercise of the rights attached to securities entitling their bearers, directly or indirectly, through reimbursement, conversion, exchange, presentation of a warrant or in any other manner, to the allocation of the Company’s shares pursuant to current regulations; additionally, perform all hedge operations relating to these transactions, under the conditions provided for by the market authorities and at the times to be determined by the Board of Directors or the person acting by delegation of the Board of Directors
    d) keep the Company’s shares and subsequently remit them as payment or trade within the context of any external growth operations
    e) cancel all or part of the stock purchased
    f) implement any market practice that may be authorised by the French Financial Markets Authority and, more generally, perform all operations in compliance with applicable regulations in particular with Regulation (EU) No 596/2014 of the European Parliament and of the Council of April 16, 2014 on market abuse (market abuse regulation)

    2.4 Maximum percentage of the share capital, maximum number of shares, maximum purchase price and characteristics of the shares that COFACE SA intends to buyback

    2.4.1 Characteristics of the shares that COFACE SA intends to buyback

    Common shares of the Company traded on Euronext Paris:

    STOCK MARKET PROFILE
    Trading Euronext Paris (compartment A), eligible for
    deferred settlement service (SRD)
    ISIN code FR0010667147
    Reuters code COFA.PA
    Bloomberg code COFA FP
    Stock market indexes SBF 120, CAC All Shares, CAC All-Tradable,
    CAC Financials, CAC Mid & Small, CAC Mid 60, Next 150

    2.4.2 Maximum percentage of the share capital

    The Board of Directors can authorise, with the power to sub-delegate under the legal and regulatory conditions, in compliance with the provisions of Articles L.22-10-62 et seq and  L.225-210 et seq. of the French Commercial Code, the purchase of –in one or more instances and at the times to be determined by it – a number of shares of the Company not to exceed:
    (i)    10% the total number of shares composing the share capital, at any time whatsoever; or,
    (ii)    5% of the total number of shares subsequently composing the share capital if it concerns shares acquired by the Company in view of keeping them and transferring them as payment or exchange under a merger, spin-off or contribution operation.

    These percentages apply to a number of shares adjusted, where appropriate, according to the operations that could affect the share capital subsequent to the Shareholders’ Meeting of 16 May 2024.

    2.4.3 Maximum number of shares

    COFACE SA is committed, by law, not to exceed the holding limit of 10% of its capital, such 10% limit being, for information purposes, 15,017,979 shares as at June 30, 2025.

    2.4.4 Maximum purchase price

    According to the thirteen (13th) resolution proposed and accepted by the Shareholder’s Combined General Meeting of May 14, 2025, the maximum purchase price per unit may not exceed €30, excluding costs.

    The Board of Directors may nevertheless, for operations involving the Company’s capital, in particular a modification of the par value of the share, a capital increase by incorporation of reserves following the creation and allocation of bonus shares, a stock split or reverse stock split, adjust the aforementioned maximum purchase price in order to take into account the impact of these operations on the value of the Company’s stock.

    2.4.5 Other information

    The acquisition, disposal or transfer of these shares may be completed and paid for by all methods authorised by the current regulations, on a regulated market, multilateral trading system, a systematic internaliser, or over the counter, in particular through the acquisition or disposal of blocks of shares, using options or other derivative financial instruments, or warrants or, more generally, securities entitling their bearers to shares of the Company, at the times that the Board of Directors will determine.

    The Board of Directors shall have all powers, with the power to sub delegate in compliance with legislative and regulatory conditions, in order to, in accordance with applicable legislative and regulatory provisions, proceed with the permitted reallocation of repurchased shares in view of one of the objectives of the programme, to one or more of its other objectives, or even their disposal, on or off the market.

    2.5 Term of the 2025-2026 Share Buyback Program

    According to thirteen (13th) resolution proposed and accepted by the Shareholders’ Combined General Meeting of May 14, 2025, this Program will have a maximum period of eighteen (18) months from the date of said Combined General Meeting and will therefore continue no later than November 13, 2026 (including) or until the date of its renewal by a Shareholders’ General Meeting, the one occurring first.

    This authorisation concludes the one granted by the fourth (4th) resolution that was adopted by the Shareholders’ Combined Meeting of May 16, 2024.

    1. LEGAL FRAMEWORK

    Legal Framework

    The legal framework used for this document shall be that in force on June 30, 2025.
    It shall be noted that regulation may evolve during time and its updates shall be taken into consideration.

    1. Regulation (EU) No 596/2014 of the European Parliament and of the Council of April 16, 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC;
    2. Commission Delegated Regulation (EU) 2016/1052 of March 8, 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the conditions applicable to buy-back programs and stabilisation measures;
    3. Article L.225-206 and following of the French Commercial Code (and updates);
    4. General Regulation of the French Market Authority: Article L.221-1 and seq. and Article L.241-1 and seq.;
    5. AMF Policy Documents.

    Historical figures

    The main features of the Share Buyback Programs have been published on the website of the Company (http://www.coface.com/Investors) and are also described in the Universal Registration Documents.

    Share Buyback Program General Assembly authorising the Program Decision to implement the Program by the Board of Directors Transactions framework
    Liquidity Agreement LTIP Cancellation of shares
    2020 – 2021 May 14, 2020 (Res. 5) July 29, 2020 Yes No Yes1
    2021 – 2022 May 12, 2021 (Res. 17) July 28, 2021 Yes No No
    2022 – 2023 May 17, 2022 (Res. 8) July 28, 2022 Yes Yes2 No
    2023 – 2024 May 16, 2023 (Res. 4) August 10, 2023 Yes Yes3 No
    2024 – 2025 May 16, 2024 (Res. 4) August 5, 2024 Yes No No
    2025 -2026 May 14, 2025 (Res. 13) July 31, 2025 Yes Yes No

    (1)   Own shares transactions Agreement, signed with Kepler Cheuvreux, from October 27, 2020 to January 29, 2021, to buy Coface’s shares for their cancellation. For more information, the reader should refer to the Universal Registration Document published in 2021 on the 2020 financial statements.
    (2)   Own shares transactions Agreement, signed with BNP Paribas Exane, from September 13, 2022 to November 15, 2022, to buy Coface’s shares for their allocation under the LTIP. For more information, the reader should refer to the Universal Registration Document published in 2023 on the 2022 financial statements.
    (3)   Own shares transactions Agreement, signed with Kepler Cheuvreux, from September 11, 2023 to September 29, 2023, to buy Coface’s shares for their allocation under the LTIP. For more information, the reader should refer to the Universal Registration Document published in 2024 on the 2023 financial statements.

    Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust. You can check the authenticity on the website www.wiztrust.com.

    Attachment

    The MIL Network –

  • MIL-OSI: Families Are Hitting the Road for Summer Travel: How to Maximize Every Travel Dollar

    Source: GlobeNewswire (MIL-OSI)

    WILMINGTON, Del. and DETROIT, July 31, 2025 (GLOBE NEWSWIRE) — With summer in full swing, families are hitting the road for vacations, choosing cars over planes for everything from camping weekends to family reunions. Car travel remains the top choice, but rising prices have prompted more travelers to stretch every dollar, especially when traveling with kids, grandparents or even a pet or two.

    “Planning ahead is key,” said Joe Saul-Sehy, personal finance expert and host of “The Stacking Benjamins Podcast.” “Set a budget that includes everything, not just gas and hotels, but food, entertainment and the unexpected. That’s where families often get caught off guard.”

    A Media Snippet accompanying this announcement is available by clicking on this link.

    One way travelers are maximizing their money is by using rewards programs that allow them to earn on everyday spending. A new option is the GM Rewards program and GM Rewards Mastercard from Barclays which enables cardmembers to earn and redeem points across GM brands. Points can be applied toward new vehicles, exclusive experiences, accessories, services, and digital features like most OnStar plans and Super Cruise.

    “You’re already spending on things like groceries, gas and travel,” Saul-Sehy said. “A card like this helps turn that spending into something that can actually reduce future costs and can make a real difference.”

    Cardmembers can earn up to 10x points on GM purchases – that’s 7x points for every $1 spent on eligible purchases plus up to 3x points for being a GM Rewards Member.

    GM enhances loyalty program and unveils new GM Rewards™ Mastercard® from Barclays.

    There is no cap on earnings, and new cardmembers can earn 30,000 bonus points after meeting initial spending requirements. For more information, visit experience.gm.com.

    The MIL Network –

  • MIL-OSI USA: On Senate Floor, Shaheen Leads Colleagues in Attempts to Lessen Harmful Impacts of Trump Tariff Taxes on American Families and Businesses; Republicans Block Shaheen Bill to Shield Granite Staters from Higher Costs

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen

    **Shaheen’s bill would have clarified that the President does not have the authority to level sweeping tariffs through the International Emergency Economic Powers Act (IEEPA), but it was blocked from passage by Senate Republicans**

    (Washington, DC) – Ahead of many of President Trump’s sweeping tariffs taking effect on Friday, U.S. Senator Jeanne Shaheen (D-NH), Ranking Member of the U.S. Senate Foreign Relations Committee and a top member of the U.S. Senate Committee on Small Business and Entrepreneurship, took to the Senate floor this evening to call for unanimous consent to pass her Protecting Americans from Tax Hikes on Imported Goods Act and lead her colleagues in highlighting the devastating impacts the President’s trade war has on families, small businesses, American manufacturing and key trade partnerships across the world. If Senate Republicans had not blocked the move, Shaheen’s legislation would have clarified that the President does not have the authority to invoke the International Emergency Economic Powers Act (IEEPA) to level sweeping tariffs. Click HERE to watch Shaheen’s remarks in full.

    U.S. Senators Peter Welch (D-VT), Maria Cantwell (D-WA), Ed Markey (D-MA), Ron Wyden (D-OR), Amy Klobuchar (D-MN) and Richard Blumenthal (D-CT) joined Shaheen to underscore the damaging effects of the Trump tariff taxes.

    Key quotes from Senator Shaheen:

    • “Those tariffs are expected to add about $2,400 in costs for the average household per year. That’s why I introduced the Protecting Americans from Tax Hike on Imported Goods Act. This bill states clearly that the International Emergency Economic Powers Act cannot be used to place taxes on imports. If the President needs to block a dangerous product, he still can under my legislation. But if there is a real threat, I think we’d want to stop it, not just tax it. That’s what my bill does. It makes clear what a Federal Court has already found: that IEEPA, the International Emergency Economic Powers Act, does not authorize tariffs. Passing my bill would give businesses and families more certainty to plan for the future, and to keep more of their hard-earned dollars in their pockets.”
    • “Now we just saw a deal announced with the EU by the President and Ursula von der Leyen, the head of the European Commission, forcing 15% taxes on imports. Now compare that to what we were paying in 2024 for at the same time. That was about 1.5%. So under this “great deal” that the President negotiated with the EU, Americans are going to be paying ten times what we paid last year. And with Japan, President Trump agreed to a 15% tax. That’s also ten times what we were paying last year. So, let’s not pretend that these are some big wins. The President can announce that, but they’re only a slight improvement on a crisis that the President created himself.”
    • “At a time when people are rightly worried about the rising cost of living, Trump’s tariffs amount to a tax to make everything from clothes to housing to food even more expensive. For example, last month, home prices hit a record high. And these tariffs could add more than $10,000 to the cost of a home. Coffee prices hit a record high earlier this year, and now President Trump wants to put a 50% tariff on Brazil, our largest source of coffee. As families do their back to school shopping, they’re going to see higher prices for clothing and shoes. Those prices could go up by 35% by the end of the year. And for new parents, just for example, the price of one stroller at Walmart went up 50% in two months.”

    Full Remarks as Delivered

    On Friday, we may be facing the next escalation in the President’s trade war. The tariffs that the President announced in April on virtually every country in the world are set to go into full effect tomorrow night at 12:01 AM.

    Those tariffs are expected to add about $2,400 in costs for the average household per year.

    That’s why I introduced the Protecting Americans from Tax Hike on Imported Goods Act. This bill states clearly that the International Emergency Economic Powers Act cannot be used to place taxes on imports. If the President needs to block a dangerous product, he still can under my legislation.

    But if there is a real threat, I think we’d want to stop it, not just tax it. That’s what my bill does. It makes clear what a Federal Court has already found: That IEEPA, the International Emergency Economic Powers Act, does not authorize tariffs.

    Passing my bill would give businesses and families more certainty to plan for the future, and to keep more of their hard-earned dollars in their pockets.

    Virtually every business in New Hampshire that I’ve visited since the President announced his proposed tariffs has said that, in addition to the tariffs, the uncertainty is as difficult for them as the tariffs.

    So, I’m disappointed that Senator Crapo decided to block this commonsense legislation. Sadly, I’m not surprised.

    But this bill would do so much to help families and businesses in all of our states. It would shield them from higher costs.

    And we’ve been hearing about some of these deals that Senator Crapo referred to that have been reached with the EU and Japan. But let’s be clear about what those deals mean, because even after those deals, those “agreements”, trade agreements, Americans are going to be left paying dramatically higher tariffs.

    A new analysis this week found that we will be paying the highest tariffs since the Great Depression. And we saw what those tariffs before the Great Depression contributed to.

    Now we just saw a deal announced with the EU by the President and Ursula von der Leyen, the head of the European Commission, forcing 15% taxes on imports.

    Now compare that to what we were paying in 2024 for at the same time. That was about 1.5%. So under this “great deal” that the President negotiated with the EU, Americans are going to be paying ten times what we paid last year.

    And with Japan, President Trump agreed to a 15% tax. That’s also ten times what we were paying last year.

    So, let’s not pretend that these are some big wins. The President can announce that, but they’re only a slight improvement on a crisis that the President created himself.

    At a time when people are rightly worried about the rising cost of living, Trump’s tariffs amount to a tax to make everything from clothes to housing to food even more expensive.

    For example, last month, home prices hit a record high. And these tariffs could add more than $10,000 to the cost of a home.

    Coffee prices hit a record high earlier this year, and now President Trump wants to put a 50% tariff on Brazil, our largest source of coffee.

    As families do their back to school shopping, they’re going to see higher prices for clothing and shoes.

    Those prices could go up by 35% by the end of the year.

    And for new parents, just for example, the price of one stroller at Walmart went up 50% in two months.

    And there are countless more products that are facing higher prices.

    So let’s be clear: These tariffs do nothing to bring down costs. And in fact, I could add, as I said earlier in this statement, about $2,400 to the average household’s yearly expenses.

    That’s money that most families don’t have just lying around. We have all of those costs from these tariffs. And yet at this moment, 30 hours from when the tariffs are going to go into effect, we still have seen no official notice implementing any of these deals.

    And that includes, by the way, no clarity on whether prescription drugs coming from Europe will face a 15% tariff starting in two days.

    I had a chance to meet with a pharmaceutical company this week, and they were lamenting what the impact was going to be on prescription drug prices because of the tariffs from the EU.

    Last Friday, I visited the Brueckner Group in New Hampshire. They supply equipment to domestic manufacturers and import some of their specialized machines, which they make in Europe.

    The machines they bring in are sold to manufacturers here in the U.S. to make everything from IV bags to toothpaste containers. They have 80 employees in the U.S., and far more work on their machines at other companies across the country.

    They saw orders put on hold in April, and further investments in the U.S. are delayed because they can’t be certain what the tariffs are going to be that they might face.

    So they told me that even worse than the tariffs in some way, is the uncertainty that’s been created, the chaos that’s been created by President Trump’s announcements because people don’t know how to plan. Businesses don’t know what to invest in.

    I believe in supporting domestic manufacturing. It’s New Hampshire’s third largest industry, but half of all imports are raw materials and intermediate goods. The very things that domestic manufacturers rely on.

    Instead of supporting domestic manufacturing, these trade policies are making future American manufacturing more expensive. And furthermore, they’re threatening jobs.

    You know, my husband and I started out our married life owning and operating a small business. I know the hardest part of small businesses is growing and sustaining those businesses when you’re uncertain about what’s going to happen. And that’s what these tariffs create. As I heard, Brueckner Group USA, as I’ve heard of every business I’ve visited.

    When I visited Brueckner four days ago, we had a 10% tax on everything imported from the EU, and at the time, that was set to jump to 30% this Friday. Then Sunday we saw an agreement to set the tax at 15%, but with unclear exceptions to that tax. Like as I heard from the pharmaceutical company, with prescription drugs.

    I also heard from Flight Coffee Roasters in Bedford, New Hampshire. They’re worried about the President’s threat to place new tariffs on Brazil because they’ve already been paying a 10% markup on coffee because of these tariffs. Now they’re facing a 50% tax on Brazilian coffee starting on Friday, and they have no choice but to charge consumers more.

    Their most popular product comes from Brazil. So this is a big hit to their business. And they can’t be sure how this is going to impact their sales.

    And we should be clear, the U.S. has a trade surplus with Brazil.

    This threat is just because the President wants Brazil’s independent judiciary to stop the prosecution of Brazil’s former President.

    How is any business supposed to plan for that kind of rationale and for those kinds of swings?

    They need to secure financing. They need to place orders. They need to invest in order to grow in the months and years ahead.

    But building a new plant and moving production takes time. In some cases, it takes years.

    So how can companies plan when they don’t even know whether the Trump tax, his tariff, is going to be 10% or 30% or something in between or something higher?

    New Hampshire’s in a housing crisis. How can builders plan their costs when no one can tell them if there’s going to be a new 30 or even 50% tax on their materials come Friday?

    And how can a family already struggling with high costs continue to pay the rent and put food on the table if their household expenses are going up $2,400 this year?

    And now, on Friday, the administration is planning to make the good businesses and families need 10 or 30 or 40 or 50% more expensive overnight.

    This President promised to lower the price of everything: Groceries, rent, energy. What these tariffs do is just the opposite.

    And we’re hearing a lot of positive spin from the administration about the deals that they’re striking. But let me end by making two points.

    First, we heard a lot of talk about 90 deals in 90 days. Well, we’re way past that deadline. And we’ve seen six, count them, six announcements. And it’s not even clear that Vietnam has actually agreed to what the President announced.

    Second, I want to remind all of us that these deals all force Americans and American businesses to pay a tax rate that is far higher than what we saw before the President engaged in this trade war.

    I talked earlier about how for both Europe and Japan, Americans will face a tax that’s ten times higher than we paid last year. That same trend holds across every deal he’s announced.

    With Indonesia, he agreed to a 19% tax, four times what we paid last year. With the Philippines, a 20% tax, up from 1.3%. So 15 times what we paid last year. And for the UK, where we have a trade surplus, again, a trade surplus, he agreed to a 10% tariff, again ten times what we paid in 2024.

    So we should be very clear: All of these rates are an increase from what Americans have been paying since April.

    This President has raised average tariffs from 2.5% to more than 17%, the highest level since the Great Depression.

    Again and again, he is adding cost to American families and businesses. And what are these costs for? They’re to finance tax cuts for the wealthiest Americans, for the biggest corporations.

    The end result of the President’s art of the deal on trade is higher costs for families, uncertainty for businesses and alienated allies who no longer view America as a reliable partner to do business with.

    Thank you, Mr. President. I yield the floor.

    Senator Shaheen is helping lead efforts in Congress to mitigate the harmful impacts of President Trump’s tariffs. Last week, Shaheen helped introduce bipartisan legislation, Creating Access to Necessary American-Canadian Duty Adjustments (CANADA) Act, that would exempt United States-owned small businesses from the sweeping tariffs imposed on Canadian products. Last month, Shaheen led 30 Senators in filing an amicus brief in a key case, Oregon v. Department of Homeland Security, challenging the Trump Administration’s abuse of emergency powers to impose tariffs. In January, Shaheen introduced the Protecting Americans from Tax Hikes on Imported Goods Act.

    In recent months, Shaheen has traveled across the Granite State to discuss the impact of tariffs on New Hampshire’s tourism industry and to visit businesses impacted by President Trump’s trade war including Brueckner Group USA, Colby Footwear, Chatila’s Bakery, C&J, DCI Furniture, Mount Cabot Maple, American Calan Inc. and NH Ball Bearings.

    MIL OSI USA News –

  • MIL-OSI Africa: Government welcomes reduction in repo rate 

    Source: Government of South Africa

    Government welcomes reduction in repo rate 

    Government has welcomed the South African Reserve Bank’s (SARB) decision to cut the repo rate by 25 basis points  to 7%.

    “Government welcomes the decision by the South African Reserve Bank to reduce the repo rate by 25 basis points to 7%. The move provides much-needed relief for South African households, many of whom continue to face financial pressure due to the rising cost of living,” Acting Government Spokesperson, Nomonde Mnukwa, said on Thursday.

    Addressing a media briefing on the MPC’s decision on the repo rate, SARB Governor Lesetja Kganyago said the decision to reduce the policy rate was unanimous.

    READ | Reserve Bank cuts repo rate by 25 basis points

    Mnukwa said the rate cut is expected to ease the burden on consumers by lowering the cost of borrowing, while also creating conditions more conducive to stimulating investment, supporting businesses, and driving economic activity.

    “The decision reaffirms the soundness of South Africa’s monetary policy framework and the importance of coordinated efforts to support inclusive growth. Government continues to implement structural reforms and improving the ease of doing business to unlock the full potential of the economy and create jobs,” Mnukwa explained. – SAnews.gov.za

    Neo

    MIL OSI Africa –

  • MIL-OSI Canada: Breaking the cycle of gender-based violence | Briser le cycle de la violence fondée sur le sexe

    Alberta’s government is investing in prevention-focused initiatives to stop violence before it starts. One-time grants totalling $720,000 will support three community-led programs that promote healthy relationships, emotional well-being and positive role modelling among men and boys. These programs help create the necessary conditions for healing and long-term safety.

    Gender-based violence affects people of all ages, genders and backgrounds across Alberta. With two in three women and one in three men experiencing sexual violence in their lifetime, there is a clear need to support prevention efforts that include and engage men and boys.

    “Men and boys are key partners in our work to end gender-based violence and this funding strengthens programs that build safer communities for everyone. I am grateful to the front-line workers leading that change and helping to break the cycle of violence today.”

    Tanya Fir, Minister of Arts, Culture and Status of Women

    This investment delivers on Priority 2: Prevent gender-based violence before it begins, as outlined in Building on Our Strengths: Alberta’s 10-Year Strategy to End Gender-Based Violence. The strategy commits to supporting targeted prevention programs that engage and mobilize more men and boys as partners in stopping violence at its roots.

    “Ending gender-based violence means engaging everyone – especially men and boys. Through our federal government’s National Action Plan to End Gender-Based Violence, we’re proud to support Alberta’s efforts to create safe, supportive spaces where healing is nurtured and violence is stopped before it starts.”

    Rechie Valdez, federal Minister of Women and Gender Equality and Secretary of State (Small Business and Tourism)

    These programs go beyond prevention, offering safe, supportive spaces where men and boys can heal, grow and reconnect with their communities after experiencing violence. Trusted community organizations will deliver these services to those at risk of experiencing or committing harm.

    “Preventing gender-based violence requires a collaborative approach including men. We are pleased to see the government support Men& now and in the future as part of its 10-Year Strategy. We look forward to using this investment to advance data-driven strategies to create a future free from domestic violence and abuse.”

    Kim Ruse, CEO, Fear is Not Love Society

    “Culturally rooted support for Indigenous men and boys is crucial to preventing gender-based violence. The Government of Alberta’s financial support of the I Am A Kind Man program helps Friendship Centres build capacity to be an essential catalyst for the development of respectful relationships founded on traditional values.”

    Joanne Mason, CEO, Alberta Native Friendship Centres Association

    “If we are going to be successful in preventing gender-based violence, we need to go upstream and stop the violence before it starts. This funding is supporting three rural Alberta communities to look closely at the social conditions that allow violence to take root – and identify how local leaders can help change those conditions to create safer, healthier communities.”

    Reave MacLeod, co-acting CEO, YWCA Banff

    In addition to this targeted grant, Alberta’s government continues investing more than $188 million in provincewide supports. This includes emergency shelters, safe transportation, legal assistance and other critical supports.

    Quick facts

    • Men and boys are  by gender-based violence both as victims and perpetrators, with one-third of Canadian men experiencing some form of intimate partner violence in their lifetime.
    • The $720,000 investment expands three ongoing community-led initiatives that engage men and boys in violence prevention. The grant recipients are:
      • Fear is Not Love Society – $280,000 ($210,000 in 2024–25, $70,000 in 2025–26)
      • Alberta Native Friendship Centres Association (ANFCA) – $200,000
      • Young Women’s Christian Association (YWCA) Banff – $240,000
    • The grant includes $650,000 in federal funding for 2024–25 as part of the bilateral agreement under the National Action Plan to End Gender-Based Violence.

    Related information

    • Alberta’s 10-Year Strategy to End Gender-Based Violence

    Related news

    • Alberta takes action: Ending gender-based violence (May 13, 2025)

    L’Alberta fait progresser sa stratégie décennale, Bâtir sur nos forces, en investissant dans des programmes qui aident les hommes et les garçons à prévenir la violence fondée sur le sexe.

    Le gouvernement de l’Alberta investit dans des initiatives axées sur la prévention afin de stopper la violence avant qu’elle ne survienne. Des subventions ponctuelles totalisant 720 000 $ soutiendront trois programmes communautaires qui favorisent les relations saines, le bien-être émotionnel et les modèles positifs chez les hommes et les garçons. Ces programmes contribuent à créer les conditions nécessaires à la guérison et à la sécurité à long terme.

    La violence fondée sur le sexe touche des gens partout en Alberta, quels que soient leur âge, leur sexe et leurs origines. Puisque deux femmes sur trois et un homme sur trois subissent des violences sexuelles au cours de leur vie, il est essentiel de soutenir les efforts de prévention qui incluent et mobilisent les hommes et les garçons.

    « Les hommes et les garçons sont des partenaires clés dans le travail que nous menons pour mettre fin à la violence fondée sur le sexe, et ce financement renforce les programmes qui contribuent à bâtir des communautés plus sûres pour toutes et pour tous. Je suis reconnaissante envers le personnel de première ligne qui mène ce changement et qui contribue déjà à briser le cycle de la violence. »

    Tanya Fir, ministre des Arts, de la Culture et de la Condition féminine

    Cet investissement répond à la priorité numéro 2, « Prévenir la violence fondée sur le sexe avant qu’elle ne survienne », telle que définie dans le document Bâtir sur nos forces : Stratégie décennale de l’Alberta pour mettre fin à la violence fondée sur le sexe. La stratégie s’engage à soutenir des programmes de prévention ciblés qui mobilisent davantage les hommes et les garçons et qui en font des partenaires pour enrayer la violence à sa source.

    « Mettre fin à la violence fondée sur le sexe signifie mobiliser tout le monde – en particulier les hommes et les garçons. Nous sommes fiers de notre Plan d’action national pour mettre fin à la violence fondée sur le sexe, qui soutient les efforts de l’Alberta pour créer des environnements sûrs et bienveillants, où la guérison est appuyée et où la violence est stoppée avant même qu’elle n’éclate. »

    Rechie Valdez, ministre fédérale des Femmes et de l’Égalité des genres et secrétaire d’État (Petites entreprises et Tourisme)

    Ces programmes vont au-delà de la prévention : ils offrent des environnements sûrs et bienveillants où les hommes et les garçons peuvent guérir, évoluer et se reconnecter à leur communauté après avoir vécu de la violence. Des organismes communautaires de confiance offriront ces services aux personnes à risque de subir ou de commettre des actes de violence.

    « Prévenir la violence fondée sur le sexe nécessite une approche collaborative dont les hommes font partie. Nous sommes heureux de voir le gouvernement soutenir Men& dès maintenant et dans l’avenir dans le cadre de sa stratégie décennale. Nous avons hâte d’utiliser ce financement pour faire progresser des stratégies éclairées par des données afin de créer un avenir sans violence ni abus. »

    Kim Ruse, directrice générale, Fear is Not Love Society

    « Pour prévenir la violence fondée sur le sexe, les hommes et les garçons autochtones ont absolument besoin d’un soutien enraciné dans leur culture. Le soutien financier du gouvernement de l’Alberta au programme I Am A Kind Man aide les centres d’amitié à renforcer leur capacité pour devenir ainsi un catalyseur essentiel au développement de relations respectueuses fondées sur les valeurs traditionnelles des Autochtones. »

    Joanne Mason, directrice générale, Alberta Native Friendship Centres Association

    « Si nous voulons réussir à prévenir la violence fondée sur le sexe, nous devons intervenir en amont et stopper la violence avant qu’elle ne survienne. Ce financement soutient trois communautés rurales de l’Alberta dans l’analyse des conditions sociales qui permettent à la violence de s’enraciner et dans l’identification des moyens par lesquels les chefs de file locaux peuvent changer ces conditions et créer ainsi des communautés plus sûres et plus saines. »

    Reave MacLeod, codirectrice générale intérimaire, YWCA Banff

    En plus de cette subvention ciblée, le gouvernement de l’Alberta continue d’investir plus de 188 millions de dollars dans des mesures de soutien mises de l’avant à l’échelle provinciale, notamment des refuges d’urgence, des services de transport sécurisés, de l’aide juridique et d’autres mesures essentielles.

    En bref

    • Les hommes et les garçons sont touchés par la violence fondée sur le sexe à la fois comme victimes et comme auteurs : un homme canadien sur trois subira en effet une forme de violence conjugale au cours de sa vie.
    • L’investissement de 720 000 $ permet d’élargir trois initiatives communautaires en cours qui mobilisent les hommes et les garçons dans la prévention de la violence. Les bénéficiaires sont les suivants :
      • Fear is Not Love Society – 280 000 $ (210 000 $ en 2024-2025, 70 000 $ en 2025-2026)
      • Alberta Native Friendship Centres Association (ANFCA) – 200 000 $
      • Young Women’s Christian Association (YWCA) Banff – 240 000 $
    • La subvention comprend 650 000 $ de financement fédéral en 2024-2025 dans le cadre de l’accord bilatéral du Plan d’action national pour mettre fin à la violence fondée sur le sexe.

    Renseignements connexes

    • Stratégie décennale de l’Alberta pour mettre fin à la violence fondée sur le sexe

    Actualités connexes

    • L’Alberta prend des mesures pour mettre fin à la violence fondée sur le sexe (13 mai 2025)

    MIL OSI Canada News –

  • MIL-OSI: Equasens: H1 revenue at 30 June 2025: €116.0m

    Source: GlobeNewswire (MIL-OSI)

    Villers-lès-Nancy (France), 31 July 2025 – 6:00 PM (CET)

    PRESS RELEASE

    H1 revenue at 30 June 2025: €116.0m
    +7.4% on a reported basis and +6.4% like-for-like

    H1 2025 Group revenue (€m) 2024
    Reported basis    		 2025
    Reported basis    		 Change /
    Reported basis    		 Of which external growth Like-for-like change
    (organic growth)
    Q1 53.3 57.0 3.7 6.9% 0.5 3.2 5.9%
    Q2 54.7 58.9 4.3 7.8% 0.5 3.8 6.9%
    Total 108.0 116.0 8.0 7.4% 1.1 6.9 6.4%
    H1 2025 revenue / Division (€m) 2024
    Reported basis    		 2025
    Reported basis    		 Change /
    Reported basis    		 Of which external growth Like-for-like change
    (organic growth
    Pharmagest 82,1 85,9 3,9 4,7%   3,9 4,7%
    Axigate Link 15,4 16,5 1,0 6,7%   1,0 6,7%
    e-Connect 5,5 7,5 2,0 36,6%   2,0 36,6%
    Médical Solutions 3,9 5,1 1,1 29,1% 1,1 0,1 2,2%
    Fintech 1,1 1,0 -0,1 -7,6%   -0,1 -7,6%
    Total 108,0 116,0 8,0 7,4% 1,1 6,9 6,4%

    As of 30 June 2025, Equasens Group (Euronext Paris™ – Compartment B – FR 0012882389 -EQS), a leading provider of digital solutions for healthcare professionals, reported revenue of €116.0m, up 7.4% from H1 2024 on a reported basis and 6.4% like-for-like.

    Revenue from CALIMED SAS, acquired by the Medical Solutions Division in December 2024, was restated to reflect changes in the scope of consolidation (€1.1m).

    H1 2025 highlights by type of business

    In order to facilitate the analysis of performance, a new breakdown of the Group’s activities is proposed: “maintenance and subscriptions” includes all recurring revenues, and “software and services” mainly includes license sales and revenues from training, consulting, and intermediation.

    • Configuration and hardware sales (+9.9%) remain a major growth driver for the Group, particularly for the Pharmagest (+6.1%) and e-Connect (+125.9%) Divisions
    • Maintenance and subscriptions (+5.5%) grow steadily, benefiting from customer loyalty and the success of SaaS offerings, particularly in the Axigate Link Division (+5.6%). Calimed (Medical Solutions Division) contributed growth of 2.0% to this segment.
    • Software solutions and services (+6.4%) continue to perform very well, driven by license sales, particularly those linked to the Pharmagest Division’s latest product launches (+4.6%) and by new deployments by the Axigate Link Division (+8.9%).
    H1 2025 revenue / Activity (€m) 2024**
    Reported basis    		 2025
    Reported basis    		 Change / Reported basis
    Configurations and hardware 42.9 47.1 4.2 9.9%
    Maintenance and subscriptions 48.7 51.4 2.7 5.5%
    Software and services 16.4 17.4 1.1 6.4%
    Total 108.0 116.0 8.0 7.4%

    * Maintenance and subscriptions: recurring revenues including SaaS
    ** 2024 reported basis: reconstituted data

    H1 2025 highlights by Division
            
    The PHARMAGEST Division recorded H1 revenue of €85.9m (+4.7%).  This performance confirms the positive momentum that began in Q1 2025, driven by innovation and improved customer satisfaction.

    • In France, all business activities grew (+3.4% to €74.0m), driven by:
      • Equipment renewal needs and new equipment offerings, the “electronic labels” business was particularly buoyant in the second quarter.
      • The launch, in early 2025, of differentiating software solutions focused on pharmacy automation, productivity and safety. The market response to these new solutions has been very positive, with over 800 id.genius and 160 id.secure box sold.
      • Electronic invoice management solutions for pharmacies (Digipharmacie), which confirmed its market leadership by adding more than 900 new customers.
      • Only the professional training sector (Atoopharm) is experiencing a slowdown in response to changes in the regulatory environment, and in particular a one-year extension of the training cycle.
    • In Italy, sales grew evenly across both wholesale and pharmacy activities (+16.5% to €7.7m). This positive sales momentum remained strong, with the opening of more than 150 new pharmacies in the first half.
    • In Germany, sales were up (+11.2% to €3.0m) in both the medication adherence and pharmacy management segments, thanks in particular to the success of id.express payment terminals.
    • In Belgium, the return to growth has been confirmed (+6.4% to €1.2m).

    This Division accounts for 74.1% of total revenue.

    The AXIGATE LINK division reported H1 2025 revenue of €16.5m (+6.7%).

    • The Nursing Home sector (+4.5% to €8.4m) has benefited from the ESMS NUMERIQUE public funding in France, resulting in a strong business performance. Titanlink has been deployed at 164 sites since January 2025 in France (789 in total) and 16 in Belgium (58 sites in total).
    • The Homecare sector (+13.9% to €3.9m) has continued to perform well, driven by the signing of new contracts and the success of offers designed for Regional Resource Centres (CRT) and Family Caregiver Support Services (PFR). Expansion into the Home Care Services market has met with a very positive response.
    • The Hospital sector (+16.6% to €2.1m) has been particularly successful, with the signature of contracts for four hospital networks, confirming the growing reputation of the Axigate Hospilink solution in this market.

    This Division accounts for 14.2% of total revenue.

    The E-CONNECT division reported H1 2025 revenue of €7.5m (+36.6%).

    • Building on the momentum of Q1, the Division continued to roll out its Mobility solutions at a rapid pace, notably eS-KAP+, a new solution launched in Q1 2025 that has been very well received by more than 20 key software publishers in this market.
    • Since March 2025, the project to equip smartphones with a digital solution of the French health insurance card (Apps Vitale) has been gradually rolled out in accordance with the regional timetable established by the French national health insurance system.

    This Division accounts for 6.5% of total revenue.

    The MEDICAL SOLUTIONS Division had €5.1m in revenue, up 29.1% on a reported basis and 2.2% like-for-like.

    • The integration of Calimed (acquired at the end of 2024) has been the main driver of this growth as its SaaS offering for surgeons and doctors continues to attract new customers thanks to its high added value for these professions.
    • The Division’s long-standing solutions are benefiting from the very positive response to new offerings like the LOQUii voice-based AI companion and add-on services like online backup, attesting to the loyalty of the customer base and the strength of the recurring model in an intensely competitive environment.

    The Division accounts for 4.4% of total revenue.

    The FINTECH Division had H1 revenue of €1.0m (-7.6%).

    • Efforts are continuing to clean up the customer portfolio to limit risk exposure and improve its quality.
    • Sales remained buoyant in a difficult economic environment.

    The Division accounts for 0.9% of total revenue.

    Material subsequent events after 30 June 2025 Acquisition of the DIS and ResUrgences businesses – Strategic reinforcement of the AXIGATE LINK Division

    On July 1st, 2025, the Group finalized the acquisition of two businesses specialising in solutions for the public healthcare sector: Novaprove (publisher of ResUrgences software) and the business assets of DIS. This strategic acquisition, which adds more than 300 customers from the public healthcare sector and generates annual revenue of around €5m, significantly strengthens the position of the Axigate Link Division in the hospital and medical-social software market.
    ResUrgences, a cloud platform specialising in the management of hospital emergency services, used by eight university hospitals and 75 other establishments, and the DIS range representing a comprehensive suite of digital solutions used by 215 sites (125 healthcare establishments and 90 nursing homes), further enhance the Division’s existing offering. The integration of these new functional modules (Electronic Patient Records, invoicing, accounting, inventory management, and HR) into the Hospilink, Titanlink and Domilink ranges will create a comprehensive ecosystem to support the digital transformation of public and private institutions, in line with the Group’s ambition to become the leading technology partner for the French healthcare system.

    H2 2025 outlook:

    Encouraged by the positive commercial momentum experienced across all of its divisions in H1 2025, Equasens Group looks ahead to the second half with confidence for which it is expecting continuing growth.
    At the same time, Equasens Group remains attentive to the decisions of public authorities regarding the level of financial compensation granted by health insurance for the purchase of generic and biosimilar medicines. These decisions could have an impact on pharmacy economics and the pharmacy network.
    The investment and structural efforts made since 2024 are starting to show results, with the successful rollout of new software solutions for all healthcare professionals. These measures will be maintained for the remainder of FY 2025.
    The integration of DIS and ResUrgences businesses, effective as of 1 July 2025, will start contributing to the performance of the Axigate Link Division in Q3 and will create promising technical and commercial synergies.
    With a solid financial structure, the Group remains attentive to opportunities for external growth, both in France and in Europe that will strengthen its position as a leader in digital healthcare solutions.

    Financial calendar:

    • H1 2025 results: 26 September 2025
    • Presentation of H1 2025 results to analysts (SFAF): 29 September 2025 – Paris
    • Q3 2025 revenue: 5 November 2025
    • FY 2025 revenue: 5 February 2026

    About Equasens Group

    Founded over 35 years ago, Equasens Group, a leader in digital healthcare solutions, today employs over 1.300 people across Europe.
    Equasens Group’s specialised business applications facilitate the day-to-day work of healthcare professionals and their teams, working in private practice, collaborative medical structures or healthcare establishments. The Group also provides comprehensive support to healthcare professionals in the transformation of their profession by developing electronic equipment, digital solutions and healthcare robotics, as well as data hosting, financing and training adapted to their specific needs.
    And reflecting the spirit of its tagline “Technology for a More Human Experience”, the Group is a leading provider of interoperability solutions that improve coordination between healthcare professionals, their communications and data exchange resulting in better patient care and a more efficient and secure healthcare system.

    Listed on Euronext Paris™ – Compartment B

    Indexes: MSCI GLOBAL SMALL CAP – GAÏA Index 2020 – CAC®SMALL and CAC®All-Tradable
    Included in the Euronext Tech Leaders segment and the European Rising Tech label

    Eligible for the Deferred Settlement Service (“Service à Réglement Différé” – SRD) and equity savings accounts invested in small and mid caps (PEA-PME).
    ISIN: FR 0012882389 – Ticker Code: EQS

    Get all the news about Equasens Group www.equasens.com and on LinkedIn

    CONTACTS

    EQUASENS Group
    Analyst and Investor Relations:
    Chief Administrative and Financial Officer: Frédérique Schmidt
    Tel: +33 (0)3 83 15 90 67 – frederique.schmidt@equasens.com

    Financial communications agency:
    FIN’EXTENSO – Isabelle Aprile

    Tel.: +33 (0)6 17 38 61 78 – i.aprile@finextenso.fr

    Forward-looking statements
    This press release contains forward-looking statements that are not guarantees of future performance and are based on current opinions, forecasts and assumptions, including, but not limited to, assumptions about Equasens’ current and future strategy and the environment in which Equasens operates. These involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements, or industry results or other events, to materially differ from those expressed in or implied by such forward-looking statements. These risks and uncertainties include those detailed in Chapter 3 “Risk factors” of the Universal Registration Document filed with the French financial market authority (Autorité des Marchés Financiers or AMF) on April 29, 2025 under number D.25-0334. These forward-looking statements are valid only as of the date of this press release.

    Attachment

    The MIL Network –

  • MIL-OSI: SCOR announces the availability of its 2025 Interim Financial Report

    Source: GlobeNewswire (MIL-OSI)

    Press release
    July 31, 2025 – N° 12

    SCOR announces the availability of its 2025 Interim Financial Report

    SCOR (“SCOR” or the “Company”) announces the availability and the filing with the French Autorité des marchés financiers of its Interim Financial Report for the period ended June 30, 2025.

    The 2025 Interim Financial Report is available in the “Regulated Information” section of the Company’s website at www.scor.com.

    Hard copies of the 2025 Interim Financial Report are also available at SCOR’s headquarters, located at the following address:

    SCOR SE
    5, avenue Kléber
    75795 Paris Cedex 16
    France

    *

    *         *

    SCOR, a leading global reinsurer

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

    The Group generated premiums of EUR 20.1 billion in 2024 and serves clients in more than 150 countries from its 37 offices worldwide.

    For more information, visit: www.scor.com

    		 Media Relations
    Alexandre Garcia
    media@scor.com

    Investor Relations
    Thomas Fossard
    InvestorRelations@scor.com

    Follow us on LinkedIn
     

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

    General

    Figures presented throughout the 2025 Interim Financial Report may not add up precisely to the totals in the tables and text. Percentages and percent changes are calculated on complete figures (including decimals); therefore, the 2025 Interim Financial Report might contain immaterial differences in sums and percentages due to rounding. Unless otherwise specified, the sources for the business ranking and market positions are internal.

    The 2025 Interim Financial Report does not constitute an offer to sell or exchange, or a solicitation of an offer to buy SCOR securities in any jurisdiction.

    Forward-looking statements

    The 2025 Interim Financial Report includes forward-looking statements, assumptions, and information about SCOR’s financial condition, results, business, strategy, plans and objectives, including in relation to SCOR’s current or future projects.

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

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

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

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

    Accordingly, all assessments, assumptions, and figures presented in the 2025 Interim Financial Report should be considered as estimates based on evolving analyses, and encompass a wide range of theoretical hypotheses, which are highly evolutive.

    Information regarding risks and uncertainties that may affect SCOR’s business is set forth in the 2024 Universal Registration Document filed on March 20, 2025, under number n°D.25-0124 with the French Autorité des marchés financiers (AMF) available on SCOR’s website www.scor.com and on the AMF’s website www.amf-france.org.

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

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

    Financial information

    The Group’s financial information contained in the 2025 Interim Financial Report is prepared on the basis of IFRS and interpretations issued and approved by the European Union.

    Unless otherwise specified, prior-year balance sheet, income statement items and ratios have not been reclassified.

    The calculation of financial ratios (such as return on invested assets, regular income yield, return on equity and combined ratio) is detailed in the Appendices of the presentation related to the financial results for the second quarter and first half of 2025 which is available on SCOR’s website www.scor.com.

    The financial results for the first half of 2025 included in the 2025 Interim Financial Report have been subject to a limited review by SCOR’s statutory auditors. Unless otherwise specified, all figures are presented in Euros.

    Any financial data or figures for a period subsequent to June 30, 2025 are not to be construed as a forecast of the expected financials for these periods.

    Attachment

    The MIL Network –

  • MIL-OSI USA: Senator Marshall: Let’s Get Government Employees Closer to the People They Serve

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall

    Senator Marshall Joins RFD-TV to Discuss USDA Relocation & Trump Trade Deal
    Washington – On Thursday, U.S. Senator Roger Marshall, M.D. (R-Kansas), joined Suzanne Alexander on RFD-TV’s Market Day Report to discuss the USDA coming to Kansas City as part of their relocation efforts, President Trump’s trade deals and their significance to American agriculture, and his legislation to bring farmers more clarity, the Clear Waters Act.

    Click HERE or on the image above to listen to Senator Marshall’s full interview.
    On USDA reorganization:
    “You know, the farmers and ranchers were the original conservationists, and we need to keep bragging on the USDA reorganization. Look, I’m excited to get government employees closer to the people that they serve. So, 4000 USDA employees here in DC, by the way, only 6% of them were working in the offices until January of this year, February of this year. So, we’re going to move about half of those out to the country, and one of those places is Kansas City. And what I’m excited about moving more workers to the Kansas City offices, number one, we get more Kansas City Chiefs fans. But beyond that, they’re going to be closer to my alma mater, Kansas State University, Iowa State University, Nebraska, really some of the strongest ag schools in America, and that’s going to help populate that USDA program there in Kansas City. It’s agriculture economics they focus on, as well as handing out the grants for agriculture research. So, I just think getting USDA workers closer to their customers has to be a good thing. So, I’m excited.”
    On USDA relocation pushback in Congress:
    “Look, I have a great deal of respect for Senator Klobuchar. She’s a good friend, but I we respectfully disagree. This has been well thought out. The first time I met Secretary Rollins in person, back in, goodness, it may have been November, December of last year, she talked about this reorganization. So, I think every member on that committee has had a chance to have her come in and talk about this. This isn’t half-baked. The Assistant Secretary, Steven Vaden, former Judge Vaden, international trade court judge is in charge of this plan. I think it’s well thought out. And again, I just don’t know what American is going to come up to me and say, “It’s not a good idea to move people out of Washington, DC.” I would take two-thirds of the Federal officers that are working here in DC and move them out to those flyover states. It’s just such a different culture here in Washington, DC – it is the swamp. I just think when you have USDA workers going to church, going to soccer games, going to a Kansas State football game together, that they’re going to just have a better product when it’s all said and done.”
    On the Clear Waters Act:
    “Yeah, think about Waters of the US. This has been going on since 1972. You get a Democrat president in office, and they expand what water the US has. And we get President Trump in office, and he tries to cut it back. But what our bill does is clarify this and give our farmers certainty. Look, your listeners understand that a pothole, that a pond, that is not a navigable stream. So, we clearly define what navigable streams are, that it needs to be a body of water that can continuously flow and touches one of those main navigable streams. Kansas only has three navigable streams, for instance, throughout the years. So, it just gives us some clarity. But I want to emphasize to anyone on the other side of this that farmers and ranchers are the best environmentalists. Those that are that are practicing modern precision agriculture are decreasing the drift from their fields by 90% using modern-day agriculture techniques. We’re decreasing 90% of the drip from those fields. But I just want to get the farmers, the ranchers, some certainty, our dairy farmers, people that have feed lots, we need certainty in this area. And look, we’re going to do our best to take care of the environment as well.”
    On the Dairy Pride Act:
    “Well, I think there’s a lot of fake products out there, right? And with all due respect to almond juice and some of the other juices out there, they’re not milk products. As far as I’m concerned. I don’t know why they’re in the milk portion of the grocery store, just like I don’t want plant-based protein sitting beside a hamburger born and raised and processed in Kansas. So, I think again, we just want customers to know what they’re drinking or eating. And almond juice is not milk. And by the way, we’re getting closer and closer to getting whole milk, there it is, whole milk back into schools as well.”
    On how Trump trade deals are benefiting American agriculture:
    “I’m just so ecstatic to see these chickens come home to roost, right? President Trump has used these tariffs to negotiate better trade deals, trade deals that I hope are going to let our grandchildren continue to work on our farms. Look, we’ve not sold a cheeseburger to Europe, a gallon of ethanol to England in my lifetime. So, beyond just the tariffs, what the President is doing is removing non-tariff barriers. And again, your listeners are educated. They understand what China [and] the EU does to keep American agriculture products out of those countries. So, by removing those, we’re going to sell more and more products. And I just, you know, there are lots of things we could talk about, but look at President Trump’s strategy here, how he’s boxing in China. Last night, he announced a deal with South Korea, but beyond that, the EU, Indonesia, the Philippines, Vietnam, Japan, Australia, basically, he’s boxed China in here. China was doing a lot of trans shipments. So, they would make, say, t-shirts or tennis shoes. They would send it to Vietnam and bring it into this country on Vietnam tariff levels. Well, President Trump wasn’t born yesterday, so he’s tightening up that portion, and we’ll get that China trade deal soon, hopefully before the fall. Fall crops need to be harvested.”

    MIL OSI USA News –

  • MIL-OSI Security: Prince Abdulaziz Bin Saud, Saudi Minister of Interior, visits INTERPOL headquarters

    Source: Interpol (news and events)

    31 July 2025

    Welcomed by the INTERPOL President and Secretary General, the visit focused on bolstering international police cooperation to combat emerging crime threats.

    LYON, France: The Saudi Arabian Minister of Interior, Prince Abdulaziz Bin Saud Bin Naif Bin Abdulaziz, met with INTERPOL President Ahmed Naser Al-Raisi and INTERPOL Secretary General Valdecy Urquiza at the organization’s Lyon headquarters.

    The visit underscored INTERPOL’s strong cooperation with Saudi Arabia, which is set to host the organization’s Regional Bureau for the Middle East and North Africa.

    President Al-Raisi said:

    “INTERPOL greatly values the strong partnership with Saudi Arabia in tackling global security threats. The visit of the Minister of Interior to INTERPOL’s headquarters underlines the Kingdom’s commitment to international police cooperation and our shared determination to confront transnational crime through collaboration, innovation, and trust.”

    Prince Abdulaziz Bin Saud said:

    “Today’s visit reflects Saudi Arabia’s continued commitment to supporting INTERPOL and strengthening international cooperation in combating cross-border crime.  The Kingdom values INTERPOL’s vital role in enhancing collaboration between security agencies worldwide, a partnership which is crucial to global security and stability.”

    Prince Abdulaziz Bin Saud and his delegation were briefed by INTERPOL officials on police capabilities targeting cybercrime, financial fraud and other emerging crime threats.

    The Minister was also updated on the progress of INTERPOL’s I-CORE programme to modernize international police cooperation, which has benefited from the financial support of Saudi Arabia.

    Secretary General Urquiza said:

    “Saudi Arabia has shown important leadership in driving the digital transformation of international police cooperation. The Kingdom’s generous support for INTERPOL’s I-CORE programme is accelerating our efforts to build a more connected and effective global policing architecture.”

    Prince Abdulaziz Bin Saud was accompanied by Hesham Al-Faleh, Assistant Minister of Interior and Fahd bin Mayouf Al-Ruwaili, Ambassador of The Kingdom of Saudi Arabia to France, alongside other senior national security leaders.

    MIL Security OSI –

  • MIL-OSI USA: American Leadership in the Digital Finance Revolution

    Source: Securities and Exchange Commission

    Good afternoon. Thank you, Norm, for your kind introduction and the invitation to be here. It gives me great pleasure to be with you all, particularly at what I believe is a defining moment for American leadership in the crypto asset markets. Before I share a few reflections, I want to thank the America First Policy Institute for convening such a timely conversation. And, I must note, in order to keep my compliance folks happy, that the views I express here today are my own and do not necessarily reflect those of the SEC as an institution or of the other Commissioners.

    ***

    Today, I would like to discuss what Commissioner Hester Peirce and I are calling “Project Crypto,” which will be the SEC’s north star in aiding President Trump in his historic efforts to make America the “crypto capital of the world.”[1] But before I discuss our plan for crypto market primacy, let me take a few moments to revisit some inflection points in the history of our financial markets that bear similarities to the one we are at now, so that the future we shape is worthy of the legacy that we inherit.

    Evolution of Capital Markets: From Buttonwood to Blockchain

    The winds of innovation have always swept through our capital markets, often at gale force. In 1792, they rustled the leaves of a buttonwood tree, beneath which two dozen stockbrokers assembled to establish the forerunner to the New York Stock Exchange. That modest agreement—fewer than a hundred words handwritten on a slip of parchment—set in motion an elegant design that would govern the flow of capital for generations.[2]

    In the centuries since, our markets have never stood still. They have expanded, evolved, and reinvented themselves in step with the ideas and technologies of their time. Markets are dynamic because of the people who participate in them. Markets channel human ingenuity toward society’s most intractable problems by rewarding those who develop the most innovative solutions that others value enough to buy. They are the mechanism by which Adam Smith’s invisible hand elevates those who act in the common good—even when pursuing their own.

    The SEC’s role is to safeguard markets that allow the spark of human creativity and skill to benefit society. Over the arc of its history, the agency has both enabled innovation and, regrettably at times, stifled it. Fortunately, progress has a way of prevailing. And when our regulatory posture is calibrated to meet innovation with thoughtfulness rather than fear, America’s leadership position has only grown stronger.

    ***

    In the 1960s—before my time, I am happy to say—Wall Street was riding a bull market. But behind the scenes, our market machinery was straining to keep up. Most clearing and settlement transactions involved a costly and cumbersome process. Rising stacks of paper stock certificates had to be physically delivered by clerks wheeling carts up and down Wall Street and in other financial districts all across America.[3] It was a scene from another century struggling to meet the demands of the modern securities markets.

    Indeed, the paper-based clearance and settlement systems, built for a gentler era, began to buckle under the weight of soaring volumes. Delays at one firm held up the work of another. Securities were lost or stolen. Fails ballooned. And many thinly capitalized broker-dealers were caught by the whiplash of scuttled transactions. In desperation, trading hours were reduced and exchanges eventually closed on Wednesdays to allow firms to process the mountains of certificates.

    The breakdown over an antiquated system was described by the SEC chairman at the time as “the most prolonged and severe crisis in the securities industry in 40 years… Firms failed. Investor confidence plummeted.” And very much to its credit, the SEC was proactive in remedying the so-called “Paperwork Crisis.” The agency helped market participants to develop the Depository Trust and Clearing Corporation, which would transform how securities were held and traded.[4] Instead of shuffling paper certificates from customer to broker, broker to broker, and broker to customer, title to shares could now be transferred through computerized ledger entries.[5] The certificates themselves were immobilized, stored securely in vaults, as ownership moved electronically, laying the foundation for the modern clearing and settlement system that has continued to this day.

    The ticker tape machine—like the one here—was also a breakthrough of its time, revolutionizing how Americans accessed market information, line by line, trade by trade.[6] But breakthroughs don’t belong in the past.

    By the late 1990s, electronic trading systems surged in popularity, unsettling old assumptions about how markets should function. Chairman Arthur Levitt likewise believed it behooved the SEC to provide regulatory flexibility for the electronic markets to innovate.[7] So, Regulation Alternative Trading Systems, or “Reg ATS,” adopted in 1999, allowed for ATSs to be regulated like broker-dealers, rather than like exchanges.[8]

    So, this brings me to today. To a moment that demands American ambition. To a project that can unleash it.

    Our regulatory framework need not be anchored to an analog past—unkind to new frontiers. After all, the future is arriving at full speed—and the world is not waiting. America must do more than just keep pace with the digital asset revolution. We must drive it.

    Forging the Future: America’s Leadership in the Golden Age of Finance

    So today, I would like the world to go on notice that under my leadership, the SEC will not stand idly by and watch innovations develop overseas while our capital markets remain stagnant. To achieve President Trump’s vision of making America the crypto capital of the world, the SEC must holistically consider the potential benefits and risks of moving our markets from an off-chain environment to an on-chain one.

    We are at the threshold of a new era in the history of our markets. As I mentioned earlier, today I am announcing the launch of “Project Crypto”—a Commission-wide initiative to modernize the securities rules and regulations to enable America’s financial markets to move on-chain.

    Just a few weeks ago, President Trump signed the GENIUS Act into law, ensuring that America will continue to lead in global payments with a gold standard stablecoin regulatory framework. Upon signing the GENIUS Act into law, I was pleased that President Trump endorsed Congressional efforts to pass crypto market structure legislation by the end of the year. I commend the House of Representatives for garnering such strong bipartisan support, and I look forward to working with the Senate as they build off the House’s work and craft market structure legislation that future proofs our markets against regulatory mischief, cementing the United States as the crypto capital of the world.

    Yesterday, the President’s Working Group on Digital Asset Markets released the PWG Report with clear recommendations for the SEC and other federal agencies to build a framework to maintain U.S. dominance in crypto asset markets. This report is the blueprint to make America first in blockchain and crypto technology. The President said last week that he wants “the entire world running on the backbone of American technology.”[9] I stand ready to help get that job done.

    That is why I am launching Project Crypto and directing the SEC’s policy divisions to work with the Crypto Task Force, led by Commissioner Peirce, to swiftly develop proposals to implement the PWG’s recommendations. Project Crypto will help ensure that the United States remains the best place in the world to start a business, develop cutting-edge technologies, and participate in capital markets. We will reshore the crypto businesses that fled our country, particularly those that were crippled by the previous administration’s regulation-by-enforcement crusade and “Operation Chokepoint 2.0”[10] Whether an incumbent or a new entrant, the SEC welcomes all market participants who are hungry to innovate.

    In accord with the PWG Report’s recommendations, I have directed the Commission staff to draft clear and simple rules of the road for crypto asset distributions, custody, and trading for public notice and comment. While the Commission staff works to finalize these regulations, the Commission and its staff will in the coming months consider using interpretative, exemptive, and other authorities to make sure that archaic rules and regulations do not smother innovation and entrepreneurship in America. Many of the Commission’s legacy rules and regulations do not make sense in the twenty-first century—let alone for on-chain markets. The Commission must revamp its rulebook so that regulatory moats do not hinder progress and competition—from both new entrants and incumbents—to the detriment of Main Street.[11]

    Onshoring Crypto: A New Day at the SEC

    Now, Project Crypto will involve a broad range of initiatives across the Commission. 

    First, we will work to bring crypto asset distributions back to America. The days of convoluted offshore corporate structures, decentralization theater, and confusion over security status, are over. President Trump has said that America is in its Golden Age—and under our new agenda, our crypto asset economy will be, too.

    In line with the PWG Report, a key priority of mine will be to establish—as swiftly as we can—a regulatory framework for distributions of crypto assets in America. Capital formation is at the heart of the SEC’s mission, yet for too long the SEC ignored market demands for choice and disincentivized crypto-based capital raising.[12] As a result, crypto markets pivoted away from offering crypto assets and deprived investors of the opportunity to use this technology to contribute to productive economic enterprises. The SEC’s head-in-the-sand posture—as well as its shoot first, ask questions later approach—are days of the past.

    Despite what the SEC has said in the past, most crypto assets are not securities. But confusion over the application of the “Howey test” has led some innovators to prophylactically treat all crypto assets as such. American entrepreneurs are harnessing blockchain technology to modernize a broad range of legacy systems and instruments. One such entrepreneur is Senator Bernie Moreno of Ohio, a successful businessman and freshman senator, who before his election to the Senate founded a company that put car titles on the blockchain.[13] He saw a need for efficiency in transferring titles and devised a practical solution with the new technology.  These entrepreneurs need—and deserve—bright-line rules for determining whether the securities laws apply to their businesses.

    I have directed the Commission staff to work to develop clear guidelines that market participants can use to determine whether a crypto asset is a security or subject to an investment contract. Our goal is to help market participants to slot crypto assets into categories, such as digital collectibles, digital commodities, or stablecoins, and assess the economic realities of a transaction. This approach can allow market participants to determine, based upon clear guidelines, whether any outstanding promises or commitments of the issuer cause the crypto asset to be subject to an investment contract.

    In addition, it should not be a scarlet letter to be deemed a security. We need a regulatory framework for crypto asset securities that allows these products to flourish within American markets. Many issuers will prefer the flexibility in product design that the securities laws afford, and investors will benefit from the opportunity to earn distributions, voting rights, and other features typical of securities. Projects should not be forced to establish decentralized autonomous organizations and offshore foundations or decentralize too early if this is not their desired plan of action. I am excited to see new use cases for crypto asset securities in commerce, such as the ability to participate in blockchain network consensus with tokenized equities.

    Thus, for those crypto asset transactions that are subject to the securities laws, I have asked staff to propose purpose-fit disclosures, exemptions, and safe harbors, including for so-called “initial coin offerings,” “airdrops,” and network rewards. Regarding these sorts of transactions, our goal should be that issuers no longer exclude Americans from their distributions to avoid legal complexity and lawsuits,[14] but instead choose to include Americans to enjoy legal certainty and an accommodating regulatory environment. It is my view that a Cambrian explosion in innovation could occur if we stay true to this course.

    Additionally, many firms seek to “tokenize” their common stock, bonds, partnership interests, and other securities, or tokenize the securities of third parties.[15] Much of this innovation is offshore today due to regulatory challenges in the United States. I also hear from our regulatory policy staff that firms—from household names on Wall Street to unicorn tech companies in Silicon Valley—are lined up at our doors with requests to tokenize. I have asked the Commission staff to work with firms seeking to distribute tokenized securities within the United States and to provide relief where appropriate to assure that Americans are not left behind. 

    Enhancing Freedom: Choice Among Custodians and Trading Venues

    Second, to achieve the President’s goals, it is incumbent on the SEC to ensure that market participants have maximum choice when deciding where to custody and trade crypto assets.  As I have said before, the right to have self-custody of one’s private property is a core American value.[16] I believe deeply in the right to use a self-custodial digital wallet to maintain personal crypto assets and participate in on-chain activities like staking. However, some investors will continue to rely on SEC registrants, such as broker-dealers and investment advisers, to hold assets on their behalf, and these firms are subject to additional regulatory requirements when they do so. It will be a priority of my chairmanship to carry out the PWG Report’s recommendation to modernize the SEC’s custody requirements for registered intermediaries.

    The prior Administration’s “special-purpose broker-dealer” framework, SAB 121, and “Operation Chokepoint 2.0,” resulted in a dearth of custodial service provider options in the market today.[17]  The existing custody rules were created without crypto assets in mind. I have directed the staff to consider how best to adapt the existing regime to facilitate the custody of crypto assets, including possible exemptive or other relief, in addition to changes to the rules themselves.

    As the PWG Report recommends, market participants “should be permitted to engage in multiple business lines under the most efficient licensing structure possible.” We should not force market participants to be stretched to fit a Procrustean bed of regulation for regulation’s sake. I am in favor of affording them the freedom to choose the most efficient regulatory framework for their business, provided that the framework adequately protects investors.

    Facilitating Super-Apps: Horizontal Integration of Product Offerings

    Third, a key priority of my chairmanship is to allow market participants to innovate with “super-apps.”[18] I am often asked, “What do you mean by a super-app?” Plain and simple: securities intermediaries should be able to offer a broad range of products and services under one roof with a single license. A broker-dealer with an alternative trading system should be able to offer trading in non-security crypto assets alongside crypto asset securities, traditional securities, and other services, like crypto asset staking and lending, without requiring fifty-plus state licenses or multiple federal licenses. Nothing in the federal securities laws prohibits SEC-registered trading venues from listing non-securities on their platforms today, and I have directed the Commission staff to develop further guidance and proposals ultimately to make this “super-app” vision a reality. Maybe they’ll call it “Reg Super-App.”

    Consistent with the PWG Report, the SEC in concert with other regulators should strive to have the most efficient licensing structure for SEC registrants. They should not be unnecessarily subject to multiple regulators or regulatory regimes. This model has worked well for banks, which are broadly exempted from many duplicative regulatory frameworks, such as broker-dealer and clearing agency registration. Regulators should provide the minimum effective dose of regulation necessary to protect investors while allowing entrepreneurs and businesses to flourish. We should not overburden them with paternalistic regulation that could drive them offshore or make American companies less competitive internationally. Our regulators should unleash the forces of venue and product competition for the benefit of all Americans. We should not artificially constrain business models and impose duplicative regulatory costs on American businesses that favor the largest firms that are better able to bear the regulatory burdens.

    Per the PWG’s recommendations, I have directed the Commission staff to develop a framework that will allow non-security crypto assets and crypto asset securities to be traded side-by-side on SEC-regulated platforms. Additionally, I have asked the staff to evaluate the use of Commission authority to permit non-security crypto assets that are subject to an investment contract to trade on trading venues that are not registered with the Commission. I am keen to pursue such a solution, as it will not only enable state-licensed crypto asset platforms that are not registered with the SEC to list certain crypto assets, but it also clears the way for CFTC-regulated platforms to offer these products with margin capabilities—even without Congress providing the CFTC with any additional authority, unlocking even greater liquidity for these assets.

    Unleashing U.S. Markets: Big Beautiful On-Chain Software Systems

    Fourth, I have directed the Commission staff to update antiquated agency rules and regulations to unleash the potential of on-chain software systems in our securities markets. On-chain software comes in many shapes and sizes—some of these systems are truly decentralized and not operated by any intermediary. Other on-chain software systems have an operator. Both types of on-chain software should have a place within our financial markets. It is essential that any crypto asset regulatory market structure create a path for software developers to unleash on-chain software systems that do not require operation by any central intermediary. Decentralized finance software systems—like automated market makers—facilitate automated, non-intermediated financial market activity. Federal securities laws have always assumed the involvement of intermediaries that require regulation, but this does not mean that we should interpose intermediaries for the sake of forcing intermediation where the markets can function without them.

    We will create space in our markets for both models, by protecting pure publishers of software code, drawing reasonable lines to distinguish intermediated and disintermediated activity, and creating rational and workable rules of the road for intermediaries that seek to operate on-chain software systems. Decentralized finance and other forms of on-chain software systems will be part of our securities markets and not drowned out by duplicative or unnecessary regulation.

    To make this vision a reality, we will need to consider some changes to our rules. For example, accommodating trading of tokenized securities on-chain may require us to explore amendments to Reg NMS, in addition to what we otherwise would do in the normal course to correct market distortions that it engenders. Many of you will remember that I co-authored with Commissioner Cynthia Glassman a lengthy dissent to the adoption of Reg NMS twenty years ago last month.[19] This dissent is even more compelling now that we have had two decades of prescriptive requirements that distort market activity and impede the evolution of our securities markets. Congress clearly intended that “competitive forces, rather than unnecessary regulation, guide the development of the national market system.”[20] I will look for ways to bring us back in line with that intent and thereby promote innovation and competition in our markets.

    Fostering Innovation:  Commercial Viability is Our True North

    Finally, innovation and entrepreneurialism are the engines of the American economy. President Trump has described America as a “nation of builders.”[21] Under my leadership, the Commission will encourage our nation’s builders rather than constrain them with red tape and one-size-fits-all rules. While the Commission is actively considering industry requests that could jumpstart innovative activity, we are also contemplating an innovation exemption that would allow registrants and non-registrants to quickly go to market with new business models and services that do not neatly fit within our existing rules and regulations. The Commission will continue to ensure that market participants adhere to certain conditions and requirements designed to achieve the policy aims of the federal securities laws.

    Under my vision for an innovation exemption, innovators and visionaries will be able to immediately enter the market with new technologies and business models but will not be required to comply with incompatible or burdensome prescriptive regulatory requirements that hinder productive economic activity. Instead, they will be able to comply with certain principles-based conditions designed to achieve the core policy aims of the federal securities laws. These conditions may include, for example, a commitment to make periodic reports to the Commission, incorporate whitelisting or “verified pool” functionality, and restrict tokenized securities that do not adhere to a token standard that incorporates compliance features, such as ERC3643.[22] I encourage market participants and SEC staff alike to have an eye towards commercial viability when contemplating what various models could look like.

    ***

    As we advance these priorities, I look forward to working with my counterparts across the Administration to make the United States the crypto capital of the world. This represents more than a regulatory shift—it is a generational opportunity.

    From the leaves of a buttonwood tree to ledgers on a blockchain, the winds of innovation still blow—and it is our task that they carry American leadership forward. After all, ladies and gentlemen, we have never been content to follow. We will not watch from the sidelines. We will lead. We will build. And, we will ensure that the next chapter of financial innovation is written right here in America.

    Thank you very much for your time today. I encourage you to be attentive to our coming announcements and proposals and, as always, I welcome your thoughtful comments and suggestions.

    [2] See The History of NYSE, New York Stock Exchange, https://www.nyse.com/history-of-nyse.

    [3] See Wall Street: The Paperwork Predicament, Time Magazine (June 21, 1968), https://time.com/archive/6636314/wall-street-the-paperwork-predicament/.

    [4] See A Short History of the Depository Trust Company, Securities and Exchange Commission Historical Society (1999), https://www.sechistorical.org/collection/papers/1990/1999_0101_DTCHistory.pdf.

    [6] Danny Lewis, The Physical Stock Ticker Is a Relic, But Its Influence Reverberates Loudly Today, Smithsonian Magazine (Nov. 15, 2016), https://www.smithsonianmag.com/smart-news/the-physical-stock-ticker-is-a-relic-but-its-influence-reverberates-loudly-today-180961092/.

    [7] Transformation & Regulation: Equities Market Structure, 1934 to 2018: Reg ATS, Securities and Exchange Commission Historical Society, https://www.sechistorical.org/museum/galleries/msr/msr04c_reg_ats.php.

    [10] See, e.g., David H. Thompson et al., Operation Choke Point 2.0: The Federal Bank Regulators Come For Crypto, Cooper & Kirk (Mar. 24, 2023),  https://www.cooperkirk.com/wp-content/uploads/2023/03/Operation-Choke-Point-2.0.pdf; Testimony of Paul Grewal, Chief Legal Officer, Coinbase, Before the U.S. House Committee on Financial Services Subcommittee on Oversight and Investigations (Feb. 6, 2025), https://www.congress.gov/119/meeting/house/117858/witnesses/HHRG-119-BA09-Wstate-GrewalP-20250206.pdf.

    [11] See The White House, Unleashing Prosperity Through Deregulation (Jan. 31, 2025), https://www.whitehouse.gov/presidential-actions/2025/01/unleashing-prosperity-through-deregulation/.

    [12] See e.g., Commissioner Hester Peirce, Hobs and Hobbes: Wharton FinTech Lecture, Securities and Exchange Commission (Nov. 1, 2024), https://www.sec.gov/newsroom/speeches-statements/peirce-remarks-wharton-fintech-110124.

    [13] See e.g., Akash Sriram, California DMV puts 42 million car titles on blockchain to fight fraud, Reuters (July 30, 2024), https://www.reuters.com/technology/california-dmv-puts-42-million-car-titles-blockchain-fight-fraud-2024-07-30/.

    [14] See Danny Nelson, Crypto Airdrops Ban U.S. Users, but Americans Are Claiming Tokens Anyway, CoinDesk (Aug. 21, 2024), https://www.coindesk.com/policy/2024/08/21/crypto-airdrops-ban-us-users-but-americans-are-claiming-tokens-anyway.

    [15] See e.g., CNBC Television, BlackRock CEO Larry Fink: ‘I want the SEC to rapidly approve tokenization of bonds and stocks’, YouTube (Jan. 23, 2025), https://www.youtube.com/watch?v=Mi3q_upPjBM.

    [16] Chairman Paul Atkins, Remarks at Crypto Task Force Roundtable on Decentralized Finance, Securities and Exchange Commission (June 9, 2025), https://www.sec.gov/newsroom/speeches-statements/atkins-remarks-defi-roundtable-060925.

    [17] See Commissioner Hester Peirce, Lava and Lamps: Opening Remarks for Crypto Custody Roundtable, Securities and Exchange Commission (Apr. 25, 2025), https://www.sec.gov/newsroom/speeches-statements/peirce-lava-lamps-opening-remarks-crypto-custody-roundtable-042525.

    [18] Chairman Paul Atkins, Prepared Remarks Before SEC Speaks, Securities and Exchange Commission (May 19, 2025), https://www.sec.gov/newsroom/speeches-statements/atkins-prepared-remarks-sec-speaks-051925.

    [19] Commissioners Cynthia Glassman and Paul Atkins, Dissent of Commissioners Cynthia A. Glassman and Paul S. Atkins to the Adoption of Regulation NMS, Securities and Exchange Commission (June 9, 2005), https://www.sec.gov/files/rules/final/34-51808-dissent.pdf.

    [21] Hendrix, supra note 11.

    [22] For additional  information on the ERC3643 protocol, see Overview of the Protocol: ERC-3643 Permissioned Tokens, ERC3643 Association, https://docs.erc3643.org/erc-3643.

    MIL OSI USA News –

  • MIL-OSI USA: Ezell, Kiggans, Malliotakis Introduce Port Crane Tax Credit of 2025 to Boost National Security and Domestic Manufacturing

    Source: United States House of Representatives – Congressman Mike Ezell (Mississippi 4th District)

    U.S. Representatives Mike Ezell (MS-04), Jen Kiggans (VA-02), and Nicole Malliotakis (NY-11) introduced the Port Crane Tax Credit of 2025, legislation to amend the Internal Revenue Code of 1986 to establish tax credits that incentivize the domestic production of port cranes, a critical step toward strengthening U.S. supply chain security and revitalizing American manufacturing.

    The bill comes in response to growing bipartisan concerns over foreign-made port infrastructure—particularly cranes manufactured in adversarial nations—being installed at key U.S. shipping terminals. The proposed tax credit would reduce the financial burden for companies investing in American-made cranes and components, encouraging domestic production and reducing U.S. reliance on foreign suppliers for critical port equipment.

    “Our ports are essential to our economy—and our national security,” Ezell said. “They serve as the gateways for trade, driving billions of dollars in commerce and supporting millions of jobs across the country. But more than that, they are critical infrastructure, and their vulnerability can pose real risks to our national safety. From cybersecurity threats to supply chain disruptions, foreign control over critical components—like ship-to-shore cranes—creates unacceptable exposure to espionage, sabotage, and logistical choke points. The Port Crane Tax Credit of 2025 is about putting American workers and American safety first. It will incentivize the production and deployment of domestically manufactured cranes, reduce our dependence on adversarial nations, and stimulate investment in American manufacturing and innovation. This isn’t just an economic policy—it’s a national security imperative. I’m proud to introduce this legislation to strengthen our ports, empower our workforce, and reinforce the foundation of American resilience.”

    “Port security is vital, not just to our economy, but to our national defense. And yet many of these ports don’t get the security they so desperately need. The threat of cyber intrusions and espionage from the Chinese Communist Party is real. We must do everything in our power to protect our critical infrastructure, and that includes securing the cranes that operate at our ports,” Kiggans said. “I’m deeply concerned that so many of our ports are forced to use cranes manufactured by Shanghai Zhenhua Heavy Industries (ZPMC), a Chinese state-owned company. It makes no sense to let our top adversary build and maintain the very equipment that powers our supply chains. I’m proud to support the Port Crane Tax Credit Act introduced by my colleague Rep. Ezell, which will empower our port operators to use American-made cranes. Port security is national security. The work our ports do is imperative—we cannot afford to leave that in the hands of the Chinese Communist Party.”

    “Our bipartisan legislation delivers strong incentives to produce port cranes and expand domestic manufacturing right here in the United States, advancing our America First agenda to rebuild domestic industry and protect our national security,” Malliotakis said. “For maritime communities like ours, that means more good-paying jobs, a stronger local economy, and greater independence from foreign supply chains.”

    “Without safe, reliable and affordable cranes, America’s ports would not be able to move the goods that sustain our economy and support the daily lives of American consumers,” Cary S. Davis, AAPA President and CEO said. “Instead of levying unfair taxes on port development, the Port Cranes Tax Credit Act is a tangible first step on the supply side towards incentivizing the reshoring of key CHE in the coming years since there are currently no domestic STS crane manufacturers. We thank lead sponsors Representatives Ezell and Malliotakis, alongside original cosponsors, Representatives Weber and Kiggans, for recognizing the need for supply side incentives – not punishments on the demand side through taxes – and encourage others concerned about the future of the port industry and our nation’s supply chains to support this bill and quickly get it to President Trump’s desk.”

    “Congressman Mike Ezell’s leadership on the Port Crane Tax Credit Act of 2025 is exactly the kind of forward-thinking support Gulf Coast ports like ours need to stay competitive and meet the demands of a modern, American-made supply chain,” Bo Ethridge, Port Director, Port Pascagoula. “Port Pascagoula plays a critical role in the regional economy, and as manufacturing continues to return to U.S. shores, our port is experiencing increased demand and new growth opportunities. Yet we remain the only major Gulf Coast port without cargo cranes, which is an infrastructure gap that limits our ability to diversify commodities. This legislation is a vital step toward closing that gap. With federal support, including incentives like this tax credit, we can move forward with the acquisition of two mobile harbor cranes that will significantly enhance our operational capabilities and position us to serve a broader range of industries and cargo types. We’re proud to work alongside Congressman Ezell to strengthen America’s ports and power the future of domestic manufacturing.”

    “Congressman Ezell’s Port Crane Tax Credit Act will help ensure America supports critical infrastructure by growing domestic crane manufacturing capacity,” Jon Nass, CEO and Executive Director, Port of Gulfport. “It creates a path to bring new skilled jobs to Mississippi and reinforces our ability to compete globally while supporting our maritime and port industries. We appreciate Congressman Ezell’s leadership on this important legislation.”

    “Strengthening and securing our nation’s supply chain resiliency depends on U.S.-built and manufactured port cranes.  This bill addresses urgent national security concerns, and our nation’s ports greatly benefit from this proposed legislation to create tax incentives to support domestic production of port infrastructure equipment,” explained Paul Anderson, Port Tampa Bay President and CEO.

    “Modern cargo handling equipment is a major capital expense for Port operations. As the largest inland public port and logistic hub in Upstate New York, the Port of Albany couldn’t function without key equipment – from our mobile harbor cranes to our front loaders and forklifts. We have to keep the supply chain moving. If we have to wait six months, a year, even two years for a piece of equipment to be delivered, that should be unacceptable, but it’s become the norm due to market conditions,” Richard J. Hendrick Sr., Port of Albany CEO and AAPA Board of Directors Vice Chair said. “The Port’s been operating for almost one hundred years, and the numbers don’t lie – our overall economic impact on New York State is annually more than $813 million with approximately 4,500 related jobs. Vessel calls have increased 41% during the past year due to Heavy Lift work and breakbulk cargo. I’m proud of those numbers, and the people who make those numbers possible, year after year, but they need to have the right equipment. We need to support onshoring manufacturing and good manufacturing jobs, and to make sure that our U.S. ports are equipped to continue to get the job done. I applaud Representatives Malliotakis and Ezell, and original cosponsors Representatives Weber and Kiggans, for taking decisive action to move the 2025 Port Cranes Tax Credit Act forward.”

    The legislation aligns with broader efforts in Congress to protect critical infrastructure and bolster domestic supply chains in the face of growing economic and geopolitical threats.

    The Port Crane Tax Credit of 2025 is expected to draw bipartisan support and will be referred to the House Committee on Ways and Means for further consideration.

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    MIL OSI USA News –

  • MIL-OSI Canada: Triple threat, FIBA 3×3 is a slam dunk for Alberta

    Source: Government of Canada regional news (2)

    MIL OSI Canada News –