NewzIntel.com

Category: Economy

  • MIL-OSI USA: Congresswoman Schrier’s Bipartisan Bill to Strengthen Domestic Manufacturing and Critical Infrastructure Passes House

    Source: United States House of Representatives – Congresswoman Kim Schrier, M.D. (WA-08)

    WASHINGTON, D.C. – Today, the U.S. House of Representatives passed Congresswoman Kim Schrier’s, M.D. (WA-08) bipartisan Critical Infrastructure Manufacturing Feasibility Act. Congresswoman Schrier was joined in introducing this bipartisan legislation by Congresswoman Mariannette Miller-Meeks, M.D. (IA-01). This bill will direct the Secretary of Commerce to conduct a study on the feasibility of manufacturing more critical infrastructure goods in the United States, with a focus on identifying rural communities best suited to support domestic production.

    “We need a clear understanding of what products can and should be manufactured in the United States. We cannot remain dependent on just a handful of other countries for critical parts and products,” said Congresswoman Schrier. “That’s why I was proud to introduce this commonsense, bipartisan bill with Congresswoman Miller Meeks that will allow us to make evidence-based, thoughtful decisions about the role domestic manufacturing will play in the years ahead, and I am thrilled to see it pass the House.”

    “With House passage of my bill HR 1721, we are now one step closer to getting this critical bill to President Trump’s desk and advancing his America First priorities,” said Rep. Miller-Meeks. “We can no longer allow adversarial nations, like China, to control the flow of goods and disrupt our economy. This bill takes a proactive step to assess how we can expand American manufacturing, particularly in rural areas, to protect our supply chains and strengthen our economy. I urge the Senate to swiftly pass this legislation that would greatly benefit the Hawkeye State.”

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: MOFA expresses sincere condolences over passing of former Indian Prime Minister Singh

    Source: Republic of China Taiwan

    MOFA expresses sincere condolences over passing of former Indian Prime Minister Singh

    Date：2024-12-28
    Data Source：Department of East Asian and Pacific Affairs

    December 28, 2024No. 469Former Indian Prime Minister Manmohan Singh passed away on December 26. The Ministry of Foreign Affairs (MOFA) extends sincere condolences over his passing and has instructed the Taipei Economic and Cultural Center (TECC) in India to convey its sympathies to the government of India on behalf of the people and government of the Republic of China (Taiwan).Former Prime Minister Singh boasted a wealth of political experience. During his tenure as prime minister from 2004 to 2014, he bolstered cooperation between India and Taiwan in such areas as the economy, trade, investment, culture, and education. He also facilitated the opening of the TECC in Chennai in 2012, significantly enhancing the development of bilateral relations. Prime Minister Singh will be remembered with great respect for advancing Taiwan-India relations and promoting regional peace and prosperity during his time in office. MOFA will build on the solid foundation he laid to further deepen friendship and cooperation with current Prime Minister Narendra Modi and the people of India. (E)

    MIL OSI Asia Pacific News –

  • MIL-OSI: Resolutions of the General Ordinary Shareholders Meeting of INVL Technology

    Source: GlobeNewswire (MIL-OSI)

    The resolutions of the General Ordinary Shareholders Meeting (hereinafter – “the Meeting“) of special closed-ended type private equity investment company INVL Technology (hereinafter – “the Company”) that was held on 30 April 2025:

    1. Presentation of the Company‘s annual management report for 2024.

    1.1. Shareholders of the Company were presented with the annual management report of the Company for 2024 (attached) (there is no voting on this issue of agenda).

    2. Presentation of the independent auditor’s report on the financial statements and annual management report of the Company.

    2.1. Shareholders of the Company were presented with the independent auditor’s report on the financial statements and annual management report of the Company (attached) (there is no voting on this issue of agenda).

    3. Presentation of the Company‘s investment committee‘s recommendation on the draft of the profit (loss) distribution (including the formation of the reserve) and the draft of the information about   remuneration report.

    3.1. Shareholders of the Company were presented with the Company‘s investment committee‘s recommendation on the draft of the profit (loss) distribution (including the formation of the reserve), and the draft of the remuneration report (attached) (there is no voting on this issue of agenda).

    4. Regarding the assent to the remuneration report of the Company, as a part of the annual management report of the Company for the year 2024.

    4.1. To assent to the information about remuneration of the Company, as a part of the annual management report of the Company for the year 2024 (attached).

    5. Approval of the stand-alone financial statements for 2024 of the Company.

    5.1. To approve the stand-alone financial statements for 2024 of the Company.

    6. Deciding on profit distribution of the Company.

    6.1. To distribute the profit of the Company as follows:

    Article (thousand EUR)
    Retained earnings (loss) at the beginning of the financial year of the reporting period 21,673
    Net profit (loss) for the financial year 8,089
    Profit (loss) not recognized in the income statement of the reporting financial year –
    Shareholders’ contributions to cover loss –
    Distributable profit (loss) at the end of the financial year of the reporting period        29,762
    Transfers from reserves –
    Distributable profit (loss) in total 29,762
    Profit distribution:  
    – Profit transfers to the legal reserves –
    -Profit transfers to the reserves for own shares acquisition* –
    – Profit transfers to other reserves –
    – Profit to be paid as dividends –
    – Profit to be paid as annual payments (bonus) and for other purposes –
    Retained earnings (loss) at the end of the financial year 29,762

    7. Presentation of the Company‘s Management Company‘s statement on the share purchase price.

    7.1. Shareholders of the Company were presented with the Company‘s Management Company‘s statement on the share purchase price (attached) (there is no voting on this issue of agenda).

    8. Regarding the purchase of own shares of the Company.

    8.1. To authorise the Management Company to use the formed reserve (or the part of it) for the purchase of its own shares and after evaluation of the economic viability to purchase shares in INVL Technology by the rules mentioned below:

    1. The goal for the purchase of own shares – to meet obligations arising from share option programs, or other allocations of shares, to employees of subsidiary companies and/or to reduce the authorized capital of the Company by cancelling the shares purchased by the Company;
    2. The maximum number of shares to be acquired could not exceed 1/10 of the authorised capital INVL Technology.
    3. The period during which INVL Technology may purchase its own shares is 18 months from the day of this resolution.
    4. The maximum and minimal shares acquisition price of INVL Technology:  the maximum one-share acquisition price – is the last announced net asset value per share, and the minimal one-share acquisition price – is EUR 0.29.
    5. the conditions of the selling of the purchased shares and minimal selling price – the purchased shares are not planned to be sold and therefore the minimum selling price and the selling procedure for the shares are not determined. Own shares purchased by INVL Technology can be granted (given the right to purchase them) to the employees of the subsidiary companies by the decision of the Management Company, in accordance with the Rules on granting the shares. The shares acquired by the Company may be cancelled by decision of the General Meeting of Shareholders.
    6. the Management Company is delegated on the basis of this resolution, the Law on Companies of the Republic of Lithuania and other legal acts, to make specific decisions regarding the purchase of the Company’s own shares, to organize procedure of purchase of own shares, determine the method and procedure for purchase of own shares (including the right to buy back shares in accordance with the provisions of Article 5, paragraph 1 of the European Parliament and Council Regulation (EU) No. 596/2014 on market abuse), timing as well as the amount of shares and shares’ price, and to complete all other actions related with purchase procedure of own shares.

    8.2. To initiate the reduction of the Company’s authorized capital by canceling the shares purchased by the Company, only if the amount of own shares purchased will exceed the amount of shares required to grant shares to the employees of the Company’s subsidiaries, by 100,000 units or more of the Company’s shares.

    8.3.To establish that after adopting this resolution the resolution of the General Meeting of Shareholders of 30 April 2024 regarding acquisition of the Company’s own shares shall expire.

    9. Presentation of the Report of the Audit Committee of the Company

    9.1. In accordance with the rules of procedure of the Audit Committee of the Company (approved on 28 April 2023 by decision of the General Meeting of Shareholders), the shareholders are hereby briefed on the activity report of the Audit Committee of the Company (attached) (there is no voting on this issue of agenda).

    10. Regarding the election of the Audit Committee members of the Company.

    10.1. Given that in 2025, the term of office of the members of the Audit Committee of the Company expires, to elect three members: Dangutė Pranckėnienė, Andrius Lenickas and Tomas Bubinas to the Audit Committee of the Company for new 4 (four) years term of office.

    11. Regarding the determination of the remuneration of the Audit Committee members of the Company.

    11.1. To set the hourly remuneration for each member of the Audit Committee of the Company at EUR 200 per hour (before taxes) for the service on the Audit Committee of the Company. The remuneration is paid for actual hours spent while performing the activities of the Audit Committee member.

    12. Regarding the approval of new version of Regulations of Audit Committee of the Company

    12.1. Considering the changes in the Law of the Republic of Lithuania on the Audit of Financial Statements and Other Assurance Services regarding the obligations of the Audit Committee as well as the election of three Audit Committee members for the new term of office, the Regulations of the Audit Committee are updated accordingly. It is proposed to the shareholders of the Company to approve the new version of the Regulations of Audit Committee.

    Additional information:

    The shareholders of INVL Technology, a company investing in IT businesses, approved the company’s operating results for 2024, procedures for the acquisition of own shares, and a new Audit Committee composition. 

    INVL Technology had an audited net profit of EUR 8.09 million in 2024, 56.6% more than in 2023. The company’s equity and net asset value were EUR 51.43 million at the end of December 2024, which is 18.2% more than a year earlier. The value per share of its equity and NAV was EUR 4.2896 and grew 19%. 

    A meeting of the company’s shareholders on 30 April authorized the acquisition of up to 10% of the company’s authorized capital. It set a time limit for such acquisitions of 18 months from the date of the shareholders’ decision.  

    The maximum purchase price per share would be INVL Technology’s last published net asset value per share, while the minimum would be EUR 0.29. Since the acquired shares will not be sold, no minimum selling price or sale procedure are stipulated.  

    The aim of acquiring shares is to fulfil obligations related to stock option programmes and other share allocations to employees of subsidiaries, and/or to reduce the company’s authorized capital, annulling acquired own shares.  

    Given that in 2025 the term of office of the members of INVL Technology’s Audit Committee expires, Dangutė Pranckėnienė, Andrius Lenickas and Tomas Bubinas were elected as members for a new four-year term of office. 

    INVL Technology owns the cybersecurity company NRD Cyber Security, the GovTech and FinTech company NRD Companies, and the Baltic IT company Novian. 

    In mid-March last year, the company announced that it had signed an agreement with the Zurich branch of M&A intermediation service provider Corum Group’s Luxembourg-based unit Corum Group International, to advise and serve as M&A intermediary on the sale of the company’s portfolio of businesses. 

    INVL Technology, which is managed by INVL Asset Management, the leading alternative asset manager in the Baltics, is a closed-end investment company which must exit its investments no later than mid-July 2026 and distribute the money to shareholders. 

    The person authorized to provide additional information:
    Kazimieras Tonkūnas
    INVL Technology Managing Partner
    E-mail k.tonkunas@invltechnology.lt

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    The MIL Network –

  • MIL-OSI Australia: UPDATE: Operation Eclipse

    Source: New South Wales – News

    Police have seized more than $1.7 million worth of vapes and illegal tobacco and more than $80k cash following a truck stop on the states Far North last week.

    About 4.30pm on Friday 25 April, police at Far North Local Service Area, Traffic Services Branch and Serious and Organised Crime Branch stopped a refrigerated truck at Port Augusta at a drug transit route operation at Port Augusta.

    Police spoke with the occupants of the truck and searched the truck where they located and seized in excess of $1.74 million in vapes, $26,000 in loose tobacco and $80,100 cash.

    The seizure resulted in the arrest of a 32-year-old man and a 62-year-old man both from New South Wales, they were charged with unlawful possession and possession of tobacco products for sale.  Both men appeared in Port Augusta Magistrates court on 28 April where they were remanded in custody to next appear in court on 1 July.

    The refrigerated truck has been seized and will be the subject of confiscations proceedings.

    Operation Eclipse have taken carriage of the investigation which is ongoing.

    Operation Eclipse Commander, Detective Chief Inspector Brett Featherby said, “The seizure demonstrates the risk to syndicates should they seek to transport illicit tobacco through South Australia to other states.

    “Organised crime syndicates transporting illicit tobacco through transit routes in regional areas will be subject to a whole of SAPOL response to disrupt their criminal activity and financial operations.

    “SAPOL will pursue criminal charges when sufficient evidence exists and that includes those who are supporting and enabling that activity and take every opportunity to enforce the full extent of the confiscations legislation to seize assets of those involved,” he said.

    Operation Eclipse has so far resulted in 35 arrests for offences including blackmail, possess tobacco products for sale, arson, money laundering and serious criminal trespass.

    There have been 184 premises searched – 47 residential, 123 businesses and 14 storage facilities – in excess of $2.2 million in cash, three firearms and $17.97 million in tobacco products.

    Significantly, there have been 394 calls to Crime Stoppers since 2 October that have resulted in information being provided to police.

    Anyone with any information on criminal activities surrounding the sale of illicit tobacco is urged to call Crime Stoppers on 1800 333 000 or visit crimstopperssa.com.au – You can remain anonymous.

    MIL OSI News –

  • MIL-OSI: Capgemini unveils industry-first perpetual ‘Know-Your-Customer’ sandbox to enable real-time continuous compliance for financial institutions

    Source: GlobeNewswire (MIL-OSI)

    Press contact:
    Fahd Pasha
    Tel.: + 1 647 860 3777
    E-mail: Fahd.Pasha@capgemini.com

    Capgemini unveils industry-first perpetual ‘Know-Your-Customer’ sandbox to enable real-time continuous compliance for financial institutions

    New modular technical architecture provides a testing environment that empowers firms to innovate safely and scale their journey to pKYC with confidence

    Paris, April 30, 2025 – Capgemini today announced the rollout of a technology sandbox that offers financial institutions a sound framework to migrate from legacy, static Know-Your-Customer (KYC) processes and labor-intensive periodic reviews towards perpetual KYC (pKYC) and event-based reviews. A first of its kind, Capgemini has collaborated with multiple technology partners to orchestrate the integration of this architecture. The sandbox offers a safe and secure test environment for firms to visualize how they can transition to a pKYC process and demonstrate its effectiveness to senior management and regulators. Capgemini’s enhanced portfolio of offerings in financial crime, risk management and regulatory compliance services, along with the news of its recent acquisition of Delta Capita BV, further strengthen the Group’s position as partner of choice for Financial Crime Compliance (FCC) solutions.

    Perpetual KYC provides an auditable, data-led and dynamic approach to alert firms automatically to material changes in a customer’s circumstances that could affect their risk profile. This enables a financial institution to re-assess its corresponding risk exposure to the customer, better achieving a state of continuous, real-time anti-money laundering (AML) compliance.

    Meeting regulatory requirements is key to success in the financial services industry and requires the consolidation of data across internal systems and external sources. The novel sandbox model, developed by Capgemini, enables firms to test, refine, and scale best-in-class software in a controlled environment, ensuring a seamless transition while mitigating risks. Engineered to be flexible and modular in design, organizations can easily implement the sandbox across their respective cloud platforms and technologies of choice.

    “Static KYC processes present opportunities for financial criminals to exploit gaps and weaknesses for money laundering and other fraudulent activities, creating a continuous risk factor for financial institutions. We firmly believe that perpetual KYC is the approach needed to protect financial institutions from undue risk, enforcement actions, and large fines,” said Manish Chopra, Global Head of Risk and Financial Crime Compliance at Capgemini. “The pKYC sandbox capability marks a significant advance for industry compliance, meeting regulators’ growing expectations of responsible innovation. It is an actionable measure for financial institutions to demonstrate how they are mitigating inherent risk exposure more effectively.”

    “Financial institutions have a duty to not only understand their customer, but their customer’s customer too,” said Ivar Lammers, Global Head of Financial Crime Prevention for Wholesale Banking at ING. “As financial crime rapidly evolves, and pressure mounts on maintaining compliance, the traditional KYC models struggle to address real-world challenges. Perpetual KYC is the shift required to rapidly respond to customer behavior changes and drive smarter compliance. Capgemini’s pKYC sandbox is an impressive blend of visualizing the effectiveness of KYC processes in action and experimenting with new tools in a secure environment, all without risking customer data and optimizing infrastructure cost. It presents a significant opportunity for the industry to demonstrate to regulators excellence in achieving the critical requirements of real-time KYC.”

    Key benefits of Capgemini’s new pKYC sandbox include:

    • A safe testing environment: a secure environment where new KYC processes, policies, or technologies can be tested without risking real customer data leakage or compliance failures.
    • Best-of-breed solutions: integration of key components from best-of-breed RegTech solutions and accelerators.
    • Real-time visualization: ability to visualize pKYC in action to gauge benefits and showcase the framework to regulators.
    • Quantifiable business impact: rapid end-to-end testing of the tech stack and processes leading to much faster feasibility of the pKYC operating model and creation of the associated business case.
    • Operational readiness: identifies operational bottlenecks and optimizes workflows to enable full-scale deployment with confidence.

    “In response to industry challenges around manual KYC processes and operational spikes, Capgemini has developed a pKYC sandbox that offers agile testing and rapid time-to-value,” says Dheeraj Maken, Practice Director, Everest Group. “The solution integrates real-time data orchestration, AI-led automation, and scalable cloud infrastructure to drive process efficiencies while aligning with regulatory expectations for proactive, real-time responses – accelerating the industry shift toward perpetual KYC. This approach – backed by strategic partnerships, targeted investments, and geographic expansion – demonstrates Capgemini’s commitment to innovation in the FCC space.”

    Partner of choice for FCC solutions
    The new sandbox is now part of Capgemini’s deep portfolio of offerings across financial crime, risk management and regulatory compliance services. It follows the recent acquisition of Delta Capita BV, a leading European provider of Financial Crime Compliance (FCC) solutions. Delta Capita comprises a strong consulting team focusing on KYC transformation. These developments further strengthen Capgemini’s position as partner of choice for FCC solutions. Delta Capita BV was Capgemini’s second major FCC acquisition, after the Group acquired and successfully integrated the FCC division of Exiger in 2023.

    To learn more about Capgemini’s unique sandbox, visit: Perpetual KYC Catalyst by Capgemini

    About Capgemini
    Capgemini is a global business and technology transformation partner, helping organizations to accelerate their dual transition to a digital and sustainable world, while creating tangible impact for enterprises and society. It is a responsible and diverse group of 340,000 team members in more than 50 countries. With its strong over 55-year heritage, Capgemini is trusted by its clients to unlock the value of technology to address the entire breadth of their business needs. It delivers end-to-end services and solutions leveraging strengths from strategy and design to engineering, all fueled by its market leading capabilities in AI, generative AI, cloud and data, combined with its deep industry expertise and partner ecosystem. The Group reported 2024 global revenues of €22.1 billion.
    Get The Future You Want | www.capgemini.com

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  • MIL-OSI: Subsea 7 S.A. Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Luxembourg – 30 April 2025 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY, ISIN: LU0075646355, the Company) announced today results of Subsea7 Group (the Group, Subsea7) for the first quarter which ended 31 March 2025.

    Highlights 

    • First quarter Adjusted EBITDA of $236 million, up 46% on the prior year, equating to a margin of 15%
    • Strong operational and financial performance from both Subsea and Conventional and Renewables, with Adjusted EBITDA margins of 18% and 10% respectively
    • Guidance for full year 2025 reaffirmed
    • A high-quality backlog of $10.8 billion gives over 80% visibility on 2025 revenue guidance and supports the outlook for Adjusted EBITDA margin expansion to 18 to 20%
    • Balance sheet remains strong with net debt including lease liabilities of $632 million, equating to 0.5 times the Adjusted EBITDA generated in the last four quarters
        Three Months Ended
    For the period (in $ millions, except Adjusted EBITDA margin and per share data)     31 Mar 2025
    Unaudited    		 31 Mar 2024
    Unaudited
    Revenue     1,529 1,395
    Adjusted EBITDA(a)     236 162
    Adjusted EBITDA margin(a)     15% 12%
    Net operating income     77 20
    Net income     17 29
             
    Earnings per share – in $ per share        
    Basic     0.06 0.09
    Diluted(b)     0.06 0.09
             
    At (in $ millions)      

    31 Mar 2025
    Unaudited

    		  

     31 Dec 2024
    Unaudited
    Backlog(a)     10,819 11,175
    Book-to-bill ratio(a)     0.6x 1.2x
    Cash and cash equivalents     459 575
    Borrowings     (691) (722)
    Net debt excluding lease liabilities(a)     (232) (147)
    Net debt including lease liabilities(a)     (632) (602)

    (a) For explanations and reconciliations of Adjusted EBITDA, Adjusted EBITDA margin, Backlog, Book-to-bill ratio and Net debt refer to the ‘Alternative Performance Measures’ section of the Condensed Consolidated Financial Statements.

    (b) For the explanation and a reconciliation of diluted earnings per share refer to Note 7 ‘Earnings per share’ to the Condensed Consolidated Financial Statements.

    John Evans, Chief Executive Officer, said:

    Subsea7 had a good start to 2025 with solid financial performance underpinned by strong project execution, which offset a heavy vessel maintenance schedule. The Group reported 10% revenue growth year-on-year and Adjusted EBITDA margin expansion of 380bps, putting us on track to meet full year expectations. With backlog of $10.8 billion including $4.8 billion for execution in the remainder of the year, we have a high level of visibility for 2025.

    Although uncertainty in the global economy has increased in recent months, the outlook for long-term energy demand growth remains positive. Subsea7’s strategy to focus on long-duration developments in cost-advantaged sectors of the deepwater adds resilience to our subsea business, and our exposure to strategic gas developments, such as the Sakarya field in Türkiye, and new oil provinces such as Namibia, gives us further confidence. In offshore wind, we are positive about the opportunities presented by this year’s CFD allocation round in the UK, where it is expected that the volume of projects sanctioned will nearly double year-on-year. We are well-positioned in this market, with a strong track record and collaborative client relationships.  

    Overall, while volatility in commodity prices and global tariffs create headwinds for investor sentiment in the sector, the fundamentals of our industry remain robust and our focused strategy leaves the Group well-positioned to deliver strong growth in profitability and cash generation in 2025.

    First quarter project review
    During the first quarter, we undertook significant planned vessel maintenance. This maintenance ensures that our vessels are optimised ahead of a busy year. Nevertheless we made good progress on our subsea, conventional and renewables projects. In Africa, Seven Arctic was active installing flexibles and umbilicals at Agogo in Angola, where it was joined by Seven Borealis, after it completed Zuluf in Saudi Arabia. Seven Pacific was busy at the Raven field in Egypt before mobilising for early flexlay work at Sakarya in Türkiye. In the Americas, Seven Oceans undertook work on a range of projects including Sunspear, Salamanca and Shenandoah in the US, while Seven Seas worked mainly on Cypre in Trinidad and Tobago and Seven Vega continued rigid pipelay at Mero 3 in Brazil.   

    In Renewables, Seaway Strashnov and Seaway Alfa Lift underwent maintenance before preparing to restart work at Dogger Bank in the UK. We also took advantage of the winter off-season to install a monopile gripper on Seaway Ventus before starting the East Anglia THREE project in the UK, where we will install 95 monopiles. In Taiwan we were active on Hai Long.

    First quarter financial review
    Revenue was $1.5 billion an increase of 10% compared to the prior year period. Adjusted EBITDA of $236 million equated to a margin of 15%, up from 12% in Q1 2024. A strong operational performance in Subsea and Conventional, and high activity in Taiwan in Renewables helped offset seasonal weakness and vessel maintenance.

    Depreciation and amortisation charges were $160 million, resulting in net operating income of $77 million compared to $20 million in the prior year period. Net finance costs of $17 million and a net foreign exchange loss of $28 million, resulted in net income for the quarter of $17 million compared to $29 million in the prior year period.

    Net cash generated from operating activities in the first quarter was $51 million, including a $163 million adverse movement in net working capital. Net cash used in investing activities was $68 million mainly related to purchases of property, plant and equipment. Net cash used in financing activities was $106 million including lease payments of $59 million. Overall, cash and cash equivalents decreased by $116 million in the quarter to $459 million at 31 March 2025 and net debt was $632 million, including lease liabilities of $400 million.

    First quarter order intake was $0.9 billion comprising new awards of $0.4 billion and escalations of $0.5 billion resulting in a book-to-bill ratio of 0.6 times. Backlog at the end of March was $10.8 billion, of which $4.8 billion is expected to be executed in 2025, $3.5 billion in 2026 and $2.5 billion in 2027 and beyond.

    Guidance

    Our financial guidance for 2025 is unchanged. We continue to anticipate that revenue in 2025 will be between $6.8 billion and $7.2 billion, while the Adjusted EBITDA margin is expected to be within a range from 18% to 20%. Based on our firm backlog of contracts and the prospects in our tendering pipeline, we expect margins to exceed 20% in 2026.

    Conference Call Information
    Date: 30 April 2025
    Time: 12:00 UK Time, 13:00 CET
    Access the webcast at subsea7.com or https://edge.media-server.com/mmc/p/3v6564ut/
    Register for the conference call https://register-conf.media-server.com/register/BI419d51592b6f40e8823c7efe91ab9dab

    For further information, please contact:
    Katherine Tonks
    Head of Investor Relations
    Tel: +44-20-8210-5568
    Email: ir@subsea7.com

    Special Note Regarding Forward-Looking Statements

    This document may contain ‘forward-looking statements’ (within the meaning of the safe harbour provisions of the U.S. Private Securities Litigation Reform Act of 1995). These statements relate to our current expectations, beliefs, intentions, assumptions or strategies regarding the future and are subject to known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements may be identified by the use of words such as ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘future’, ‘goal’, ‘intend’, ‘likely’, ‘may’, ‘plan’, ‘project’, ‘seek’, ‘should’, ‘strategy’, ‘will’, and similar expressions. The principal risks which could affect future operations of the Group are described in the ‘Risk Management’ section of the Group’s Annual Report. Factors that may cause actual and future results and trends to differ materially from our forward-looking statements include (but are not limited to): (i) our ability to deliver fixed-price projects in accordance with client expectations and within the parameters of our bids, and to avoid cost overruns; (ii) our ability to collect receivables, negotiate variation orders and collect the related revenue; (iii) our ability to recover costs on significant projects; (iv) capital expenditure by oil and gas companies, which is affected by fluctuations in the price of, and demand for, crude oil and natural gas; (v) unanticipated delays or cancellation of projects included in our backlog; (vi) competition and price fluctuations in the markets and businesses in which we operate; (vii) the loss of, or deterioration in our relationship with, any significant clients; (viii) the outcome of legal proceedings or governmental inquiries; (ix) uncertainties inherent in operating internationally, including economic, political and social instability, boycotts or embargoes, labour unrest, changes in foreign governmental regulations, corruption and currency fluctuations; (x) the effects of a pandemic or epidemic or a natural disaster; (xi) liability to third parties for the failure of our joint venture partners to fulfil their obligations; (xii) changes in, or our failure to comply with, applicable laws and regulations (including regulatory measures addressing climate change); (xiii) operating hazards, including spills, environmental damage, personal or property damage and business interruptions caused by adverse weather; (xiv) equipment or mechanical failures, which could increase costs, impair revenue and result in penalties for failure to meet project completion requirements; (xv) the timely delivery of vessels on order and the timely completion of ship conversion programmes; (xvi) our ability to keep pace with technological changes and the impact of potential information technology, cyber security or data security breaches; (xvii) global availability at scale and commercial viability of suitable alternative vessel fuels; and, (xviii) the effectiveness of our disclosure controls and procedures and internal control over financial reporting. Many of these factors are beyond our ability to control or predict. Given these uncertainties, you should not place undue reliance on the forward-looking statements. Each forward-looking statement speaks only as of the date of this document. We undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act. This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 30 April 2025 08:00 CET.

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    The MIL Network –

  • MIL-OSI: Equasens: EXCLUSIVE NEGOTIATIONS INITIATED WITH A FRENCH SOFTWARE EDITOR

    Source: GlobeNewswire (MIL-OSI)

    Villers-lès-Nancy, 30 April 2025 – 8:00 AM (CET)

    PRESS RELEASE

    EXCLUSIVE NEGOTIATIONS INITIATED WITH A FRENCH SOFTWARE EDITOR TO ACQUIRE TWO SOFTWARE PUBLISHING BUSINESSES OPERATING IN THE PUBLIC HEALTH SECTOR

    • Project for a targeted acquisition in the public health sector:
      • Acquisition of Novaprove, publisher of the ResUrgences software,
      • Acquisition of the DIS business assets,
    • Strategic reinforcement of Equasens Group’s Axigate Link division in this market segment

    ***

    Equasens Group (Euronext Paris™ – Compartment B – FR 0012882389 -$EQS), today announced that through its subsidiary Axigate, publisher of the HOSPILINK electronic medical record (EMR) solution for hospitals, the Axigate Link Division has entered into exclusive negotiations with a French software solutions editor regarding the possibility of acquiring two businesses specialising in software solutions for the public healthcare sector.

    Nature and scope of the proposed acquisition
    This proposed acquisition covers two complementary businesses:

    Firstly, ResUrgences (Novaprove), a web-based software platform specialising in the management of hospital emergency medical services featuring a new and innovative technological solution that optimises patient intake, pathway management and emergency care delivery processes.

    Secondly, the comprehensive DIS (including FACDIS) suite of digital solutions for public healthcare establishments, covering accounting, billing, human resources and financial management that work seamlessly with the electronic patient record.

    If this transaction is completed, these two activities would be integrated into the Axigate Link Division, a European expert in software and applications for health and medico-social establishments.

    A strong strategic focus
    This project is fully in line with Equasens’ development strategy by seeking to reinforce its positioning and market share in the fast-growing public health software sector.
    Through this acquisition, the Group also seeks to expand its portfolio of solutions by offering a more comprehensive, high value-added offering. The resulting technical and commercial synergies with the Axigate Link Division’s existing solutions will be a major growth driver by optimising resources and accelerating innovation. 
    Finally, this potential acquisition would contribute to consolidating the Group’s position as a driving force in the digital transformation of the healthcare system, by providing increasingly customised solutions adapted to the specific needs of healthcare establishments and their practitioners.

    Provisional timetable
    Completion of this transaction remains subject to the information and consultation procedures with the relevant employee representation bodies, signature of the final agreements and fulfilment of the other conditions normally applicable in such matters. Equasens will keep the market informed of significant progress on this project, in accordance with its regulatory disclosure obligations.
    The closing of this transaction is expected to be completed before the end of Q3 2025.

    Next publication

    • 12 May 2025: Q1 2025 revenue – After the close of trading

    About Equasens Group – Follow us also on LinkedIn

    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, Equasens Group applies a two-pronged development strategy combining organic growth with targeted acquisitions at a European level.

    CONTACTS

    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

    Attachment

    The MIL Network –

  • MIL-OSI: IDEX Biometrics ASA: Annual report 2024

    Source: GlobeNewswire (MIL-OSI)

    IDEX Biometrics ASA annual report and remuneration report for 2024 are enclosed. IDEX Biometrics has also published its annual financial statements in European Single Electronic Format (ESEF), also attached to this notice. The auditor’s report includes a matter of emphasis regarding going concern.

    The reports are also available at the company’s web site https://www.idexbiometrics.com/investors/

    The preliminary financial statements for 2024 were disclosed on 27 February 2025. Subsequently, on 11 March 2025, IDEX Biometrics disclosed a strategic shift to focus on the access market, while continuing to harvest from its long-time efforts in the payment market. This led to certain adjustments to the 2024 statements of profit and loss and financial position. The changes were disclosed in the interim balance sheet (mellombalanse) as of 1 January 2025 that was published on 21 March 2025.

    For further information, please contact:

    Kristian Flaten, CFO, Tel: +47 95092322

    E-mail: ir@idexbiometrics.com

    About IDEX Biometrics:

    IDEX Biometrics ASA (IDEX) is a global technology leader in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity. Our solutions bring convenience, security, peace of mind and seamless user experiences to the world. Built on patented and proprietary sensor technologies, integrated circuit designs, and software, our biometric solutions target card-based applications for payments and digital authentication. As an industry-enabler we partner with leading card manufacturers and technology companies to bring our solutions to market. For more information, visit www.idexbiometrics.com

    About this notice:

    This notice was published by Kristian Flaten, CFO, 30 April 2025 at 08:00 CET on behalf of IDEX Biometrics ASA.  This information is subject to the disclosure requirements pursuant to the Norwegian Securities Trading Act section 5-12.

    Attachments

    The MIL Network –

  • MIL-OSI: Q1 Trading Update

    Source: GlobeNewswire (MIL-OSI)

    LEI: 213800ZBKL9BHSL2K459

    OSB GROUP PLC: Trading update

    Published: 30.04.2025

    OSB GROUP PLC

    Q1 2025 Trading update

    OSB GROUP PLC (OSBG or the Group), the specialist lending and retail savings group, today issues its trading update for the period from 1 January 2025 to date.  

    Highlights

    • OSBG’s first quarter performance was in line with expectations and the Group is on track to meet its full year guidance
    • Originations were £1.1bn (Q1 2024: £1.0bn) in the first quarter
    • The Group’s net loan book was £25.2bn (31 December 2024: £25.1bn) as we maintained pricing discipline and focus on higher-yielding specialist sub-segments of Commercial, Asset Finance, Bridging and Development Finance
    • Retail deposits remained broadly flat at £23.8bn (31 December 2024: £23.8bn) and TFSME balance outstanding was £810m as at 31 March 2025 (31 December 2024: £1.4bn)
    • Three months plus arrears balances were 1.7% as at 31 March 2025, unchanged from the end of 2024, in line with modelled expectations
    • The Group has repurchased £15.7m worth of shares under the £100m share repurchase programme1 which is due complete no later than 10 March 2026
    1. As at market close on 29 April 2025

    Andy Golding, CEO of OSB Group, said:

    “I am pleased with the performance of our lending and savings franchises in the first quarter of 2025.

    We continued to prioritise returns over growth when pricing new and retention mortgage products which led to a broadly flat net loan book compared to the end of 2024.

    We saw growth in originations in more complex Buy-to-Let and our higher-yielding specialist sub-segments and retail deposit pricing remained in line with our assumptions with an attractive blended front book margin.

    Retail deposits were broadly flat as the Group focused on optimising liquidity and utilised funds from the December securitisation to repay c.£600m of its TFSME balance. Since the end of the quarter, we have repaid a further c.£150m of this funding.

    The transformation programme progressed well in the quarter with all new Kent Reliance fixed rate bonds now available on our new savings platform. I am proud that our focus on building and delivering excellent journeys for our customers was recognised in March by FS Tech award for Best Customer Service and Experience – Technology.

    Given the Group’s performance to date, we are on track to deliver the 2025 guidance of low single digit net loan book growth, net interest margin of c.225bps, c.£270m of administrative expenses and low-teens RoTE.

    The Board is cognisant of the geopolitical environment and continues to monitor its impact on the UK economy and the macroeconomic scenarios used in the Group’s IFRS 9 models.

    The Group is well positioned to deliver on its guidance with attractive and sustainable returns for the shareholders and I look to the future with confidence.”

    Enquiries:

    OSB GROUP PLC

    Alexander Holcroft t: 01634 838 973

    Brunswick Group

    Robin Wrench / Simone Selzer t: 020 7404 5959

    About OSB GROUP PLC
    OneSavings Bank plc (OSB) began trading as a bank on 1 February 2011 and was admitted to the main market of the London Stock Exchange in June 2014 (OSB.L). OSB joined the FTSE 250 index in June 2015. On 4 October 2019, OSB acquired Charter Court Financial Services Group plc (CCFS) and its subsidiary businesses. On 30 November 2020, OSB GROUP PLC became the listed entity and holding company for the OSB Group. The Group provides specialist lending and retail savings and is authorised by the Prudential Regulation Authority, part of the Bank of England, and regulated by the Financial Conduct Authority and Prudential Regulation Authority. The Group reports under two segments, OneSavings Bank and Charter Court Financial Services.

    OneSavings Bank (OSB)
    OSB primarily targets market sub-sectors that offer high growth potential and attractive risk-adjusted returns in which it can take a leading position and where it has established expertise, platforms and capabilities. These include private rented sector Buy-to-Let, commercial and semi-commercial mortgages, residential development finance, bespoke and specialist residential lending and asset finance.
    OSB originates mortgages organically via specialist brokers and independent financial advisers through its specialist brands including Kent Reliance for Intermediaries and InterBay Commercial. It is differentiated through its use of highly skilled, experience-based manual underwriting and efficient operating model.
    OSB is predominantly funded by retail savings originated through the long-established Kent Reliance name, which takes deposits online and through a network of branches in the South East of England. Diversification of funding is currently provided by securitisation programmes and the Bank of England’s Term Funding Scheme with additional incentives for SMEs.

    Charter Court Financial Services Group (CCFS)
    CCFS focuses on providing Buy-to-Let and specialist residential mortgages and retail savings products. It operates through its brands: Precise and Charter Savings Bank.
    It is differentiated through risk management expertise and best-of-breed automated technology and systems, ensuring efficient processing, strong credit and collateral risk control and speed of product development and innovation. These factors have enabled strong balance sheet growth whilst maintaining high credit quality mortgage assets.
    CCFS is predominantly funded by retail savings originated through its Charter Savings Bank brand. Diversification of funding is currently provided by securitisation programmes and the Bank of England’s Term Funding Scheme with additional incentives for SMEs.

    Important disclaimer

    This document should be read in conjunction with any other documents or announcements distributed by OSB GROUP PLC (OSBG) through the Regulatory News Service (RNS).

    This document is not audited and contains certain forward-looking statements with respect to the business, strategy and plans of OSBG, its current goals, beliefs, intentions, strategies and expectations relating to its future financial condition, performance and results, and ESG ambitions, targets and commitments described herein. Such forward-looking statements include, without limitation, those preceded by, followed by or that include the words ‘targets’, ‘believes’, ‘estimates’, ‘expects’, ‘aims’, ‘intends’, ‘will’, ‘may’, ‘anticipates’, ‘projects’, ‘plans’, ‘forecasts’, ‘outlook’, ‘likely’, ‘guidance’, ‘trends’, ‘future’, ‘would’, ‘could’, ‘should’ or similar expressions or negatives thereof but are not the exclusive means of identifying such statements. Statements that are not historical or current facts, including statements about OSBG’s, its directors’ and/or management’s beliefs and expectations, are forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend upon circumstances that may or may not occur in the future that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. Factors that could cause actual business, strategy, plans and/or results (including but not limited to the payment of dividends) to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements made by OSBG or on its behalf include, but are not limited to: general economic and business conditions in the UK and internationally, including any changes in global trade policies; market related trends and developments; fluctuations in exchange rates, stock markets, inflation, deflation, interest rates, energy prices and currencies; policies of the Bank of England, the European Central Bank and other G7 central banks; the ability to access sufficient sources of capital, liquidity and funding when required; changes to OSBG’s credit ratings; the ability to derive cost savings; changing demographic developments, and changing customer behaviour, including consumer spending, saving and borrowing habits; changes in customer preferences; changes to borrower or counterparty credit quality; instability in the global financial markets, including Eurozone instability, the potential for countries to exit the European Union (the EU) or the Eurozone, and the impact of any sovereign credit rating downgrade or other sovereign financial issues; technological changes and risks to cyber security; natural and other disasters, adverse weather and similar contingencies outside OSBG’s control; inadequate or failed internal or external processes, people and systems; acts of war and terrorist acts or hostility and responses to those acts; geopolitical events and diplomatic tensions; the impact of outbreaks, epidemics and pandemics or other such events; changes in laws, regulations, taxation, ESG reporting standards, accounting standards or practices, including as a result of the UK’s exit from the EU; regulatory capital or liquidity requirements and similar contingencies outside OSBG’s control; the policies and actions of governmental or regulatory authorities in the UK, the EU or elsewhere including the implementation and interpretation of key legislation and regulation; the ability to attract and retain senior management and other employees; the extent of any future impairment charges or write-downs caused by, but not limited to, depressed asset valuations, market disruptions and illiquid markets; market relating trends and developments; exposure to regulatory scrutiny, legal proceedings, regulatory investigations or complaints; changes in competition and pricing environments; the inability to hedge certain risks economically; the adequacy of loss reserves; the actions of competitors, including non-bank financial services and lending companies; the success of OSBG in managing the risks of the foregoing; and other risks inherent to the industries and markets in which OSBG operates.

    Accordingly, no reliance may be placed on any forward-looking statement. Neither OSBG, nor any of its directors, officers or employees provides any representation, warranty or assurance that any of these statements or forecasts will come to pass or that any forecast results will be achieved. Any forward-looking statements made in this document speak only as of the date they are made and it should not be assumed that they have been revised or updated in the light of new information of future events. Except as required by the Prudential Regulation Authority, the Financial Conduct Authority, the London Stock Exchange PLC or applicable law, OSBG expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this document to reflect any change in OSBG’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. For additional information on possible risks to OSBG’s business, (which may cause actual results to differ materially from those expressed or implied in any forward-looking statement), please see the Risk review section in the OSBG Annual Report and Accounts 2024. Copies of this are available at www.osb.co.uk and on request from OSBG.

    Nothing in this document or any subsequent discussion of this document constitutes or forms part of a public offer under any applicable law or an offer or the solicitation of an offer to purchase or sell any securities or financial instruments. Nor does it constitute advice or a recommendation with respect to such securities or financial instruments, or any invitation or inducement to engage in investment activity under section 21 of the Financial Services and Markets Act 2000. Past performance cannot be relied on as a guide to future performance. Statements about historical performance must not be construed to indicate that future performance, share price or results in any future period will necessarily match or exceed those of any prior period. Nothing in this document is intended to be, or should be construed as, a profit forecast or estimate for any period.

    In regard to any information provided by third parties, neither OSBG nor any of its directors, officers or employees explicitly or implicitly guarantees that such information is exact, up to date, accurate, comprehensive or complete. In no event shall OSBG be liable for any use by any party of, for any decision made or action taken by any party in reliance upon, or for inaccuracies or errors in, or omission from, any third-party information contained herein. Moreover, in reproducing such information by any means, OSBG may introduce any changes it deems suitable, may omit partially or completely any aspect of the information from this document, and accepts no liability whatsoever for any resulting discrepancy.

    Liability arising from anything in this document shall be governed by English law, and neither OSBG nor any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document. Nothing in this document shall exclude any liability under applicable laws that cannot be excluded in accordance with such laws.

    Certain figures contained in this document, including financial information, may have been subject to rounding adjustments and foreign exchange conversions. Accordingly, in certain instances, the sum or percentage change of the numbers contained in this document may not conform exactly to the total figure given.

    The MIL Network –

  • MIL-OSI: Annual Report 2024 published

    Source: GlobeNewswire (MIL-OSI)

    Malmö – ZetaDisplay AB (publ) announces that the Annual Report for 2024 (in Swedish), provided by the board of directors, is now published and available in electronic format on the Group’s Investor Relations website https://ir.zetadisplay.com/financial-reports. A shorter translated English version Yearbook is also available.

    Malmö, 30 April 2025

    This information is information that ZetaDisplay AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of Anders Olin, at 08:00 CET on 30 April 2025

    For further questions, please contact:

    Anders Olin, President & CEO
    Mobile: +46 076-101 14 88
    E-Mail: anders.olin@zetadisplay.com

    Claes Pedersen, CFO
    Mobile: +45 23-68 86 58
    E-Mail: claes.pedersen@zetadisplay.com

     

    ABOUT ZETADISPLAY
    More than 20 years of leadership and innovation in digital signage.
    ZetaDisplay was founded 2003 in Sweden as one of the early pioneers of digital signage. We are one of the leading European corporations in the digital signage market and a leading force in the European digital signage industry. Our proprietary software platform, digital business development and consulting services, innovative digital signage solutions, and creative concepts regularly inspire- influence and guide millions of people every day in retail environments, in restaurants, on advertising screens, in factories, on trains, on cruise ships, in stadiums, in workplaces and in all types of public spaces indoor and outdoor. ZetaDisplay is one of the largest leading European full service digital signage companies with direct operations in eight European countries and the US with +125,000 active installations in more than 50 countries globally. We are the digital signage business partner of choice for many of the worlds most respected blue-chip brands and companies.

    ZetaDisplay is based in Malmö-Sweden, has a turnover of SEK +630 million and employs approx. 240 co-workers. ZetaDisplay is owned by the investment company Hanover Investors. More information at www.ir.zetadisplay.com and www.hanoverinvestors.com.

    Attachments

    The MIL Network –

  • MIL-OSI: CREDIT AGRICOLE S.A. ANNOUNCES FULL REDEMPTION OF the outstanding principal amount of its GBP Undated Deeply Subordinated Additional Tier 1 Fixed Rate Resettable Notes issued on April 8, 2014 (ISIN: XS1055037920)

    Source: GlobeNewswire (MIL-OSI)

                                                Montrouge, 30 April 2025

    CREDIT AGRICOLE S.A. ANNOUNCES FULL REDEMPTION OF
    the outstanding principal amount of its
    GBP Undated Deeply Subordinated Additional Tier 1
    Fixed Rate Resettable Notes issued on April 8, 2014
    (ISIN: XS1055037920)*

    Crédit Agricole S.A. (the “Issuer”) announces today the full redemption (the “Redemption”) with effect on June 30, 2025 (the “Redemption Date”) of the outstanding principal amount of its GBP Undated Deeply Subordinated Additional Tier 1 Fixed Rate Resettable Notes (the “Notes”) which amount as of today to GBP103,316,000 (ISIN: XS1055037920).

    The Notes were issued on April 8, 2014 with a principal amount of GBP500,000,000 on the basis of the terms and conditions (the “Terms and Conditions”) included in the prospectus dated April 2, 2014 which was granted the visa n° 14-123 by the Autorité des marchés financiers on April 2, 2014 (the “Prospectus”). The Notes are governed by English law, which, following the United Kingdom’s withdrawal from the European Union, has become a third country law. The Terms and Conditions do not include a contractual recognition of bail-in clause and, as a result, the Notes will cease to qualify as Additional Tier 1 capital on June 28, 2025, upon expiry of the grandfathering applicable to the Notes in accordance with Article 494b(1) of the Regulation (EU) No 575/2013 of the European Parliament and of the Council of June 26, 2013 on prudential requirements for credit institutions and investment firms (as amended) (the “CRR Regulation”).

    On May 20, 2021, the Issuer launched an exchange offer inviting the eligible holders of the Notes to exchange their Notes for an equivalent principal amount of its new Undated Deeply Subordinated Additional Tier 1 Fixed Rate Resettable GBP Notes (the “New Notes”) (the “Exchange Offer”). The Exchange Offer was intended to offer eligible holders of the Notes the opportunity to receive New Notes for which the economic terms were substantially similar to those of the Notes, with the exception of, in addition to certain technical modifications aimed at aligning the Terms and Conditions with market practice (i) the replacement of the LIBOR linked mid-swap rate by a SONIA linked mid-swap rate in the context of the discontinuation of the LIBOR rate used for securities denominated in pounds sterling, and (ii) modifications aimed at enabling the New Notes to qualify as Additional Tier 1 capital under banking regulations in force at that date, notably through the introduction of a contractual bail-in recognition clause. As a result of the Exchange Offer, the Notes were exchanged up to an aggregate principal amount of GBP 396,684,000 against New Notes.

    The Notes that were not exchanged in the context of the Exchange Offer and that are still outstanding as of today,  i.e a principal amount of GBP103,316,000, will cease to qualify as Additional Tier 1 capital on June 28, 2025, upon expiry of the grandfathering applicable to the Notes in accordance with article 494(b)(1) of the CRR Regulation. Therefore a Capital Event will occur on June 28, 2025 enabling the Issuer, pursuant to Condition 7.3 (Redemption Upon the Occurrence of a Capital Event) of the Terms and Conditions, to redeem the outstanding principal amount of such Notes (i.e. GBP103,316,000).

    In accordance with Condition 7.3 (Redemption Upon the Occurrence of a Capital Event) of the Terms and Conditions, the Notes will be redeemed at their par value, together with any accrued interest thereon (the “Redemption Amount”) and such Redemption Amount shall become due and payable on the Redemption Date. As of such date, in accordance with Condition 5.2 (Accrual of Interest) of the Terms and Conditions, each Note shall cease to bear interest unless the Redemption Amount is improperly withheld or refused.

    The holders of the Notes will receive formal notice of the Redemption in accordance with the Terms and Conditions.

    The Issuer has requested and obtained the prior permission of the European Central bank to redeem the Notes early.

    For further information on Crédit Agricole S.A., please see Crédit Agricole S.A.’s website: https://www.credit-agricole.com/en/finance.   

    DISCLAIMER

    This press release does not constitute an offer to buy or the solicitation of an offer to sell the Notes in the United States of America, Canada, Australia or Japan or in any other jurisdiction. The distribution of this press release in certain jurisdictions may be restricted by law. Persons into whose possession this announcement comes are required to inform themselves about, and to observe, any such restrictions.

    No communication or information relating to the redemption of the Notes may be distributed to the public in a country where a registration obligation or an approval is required. No action has been or will be taken in any country where such action would be required. The redemption of the Notes may be subject to specific legal and regulatory restrictions in certain jurisdictions; Crédit Agricole S.A. accepts no liability in connection with a breach by any person of such restrictions.

    This press release is an advertisement; and none of this press release, any notice or any other document or material made public and/or delivered, or which may be made public and/or delivered to the holders of the Notes in connection with the redemption of the Notes is or is intended to be a prospectus for the purposes of Regulation (EU) 2017/1129 of the European Parliament and of the Council dated 14 June 2017 (as amended, the “Prospectus Regulation”). No prospectus will be published in connection with the redemption of the Notes for the purposes of the Prospectus Regulation.

    This press release does not, and shall not, in any circumstances, constitute an offer to the public of Notes by Crédit Agricole S.A. nor an invitation to the public in connection with any offer in any jurisdiction, including France.

    * The ISIN number is included solely for the convenience of the holders of the Notes. No representation is being made as to the correctness or accuracy of the ISIN number as contained herein.

    CRÉDIT AGRICOLE S.A. PRESS CONTACT

    Alexandre Barat                             + 33 1 57 72 12 19                                      alexandre.barat@credit-agricole-sa.fr
    Olivier Tassain                               + 33 1 43 23 25 41                                      olivier.tassain@credit-agricole-sa.fr

    Find our press release on: www.credit-agricole.com – www.creditagricole.info

      Crédit_Agricole   Groupe Crédit Agricole   créditagricole_sa

    Attachment

    The MIL Network –

  • MIL-OSI: High Arctic Overseas Announces 2024 Fourth Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW

    CALGARY, Alberta, April 30, 2025 (GLOBE NEWSWIRE) — High Arctic ‎Overseas Holdings Corp. (TSXV: HOH) (“High Arctic Overseas” or the “Corporation”) has released its financial and operating results for the quarter and year ended December 31, 2024. The Corporation’s audited consolidated financial statements (the “Financial Statements”) and management’s discussion & analysis (“MD&A”) for the three months and year ended December 31, 2024, will be available on SEDAR+ at www.sedarplus.ca. All amounts are denominated in United States dollars (“USD”), unless otherwise indicated.

    The common shares of the Corporation began trading on the TSXV on August 16, 2024 under the trading symbol HOH.

    Mike Maguire, Chief Executive Officer commented on the Corporation’s fourth quarter 2024 financial and operating results:

    “We have finished the spin-out transaction and have established High Arctic Overseas Holdings Corp. with dedicated Management and have trimmed our recurring G&A on a go forward basis. We have maintained the Corporation’s cash balance thanks to solid contribution from our manpower services & equipment rentals.

    The Corporation is now well placed to participate meaningfully in anticipated future drilling activity, with a resilient core business. Our experience combined with ideal drilling equipment for the challenging PNG environment positions us well.

    We are heartened by announced LNG developments including key environmental approvals for Papua LNG and positive public statements by the PNG Prime Minister following meetings with senior executives from the major project participants in January.

    I remain excited about our prospects to play a strategic role servicing the major projects anticipated in PNG over the second half of the decade.”

    HIGHLIGHTS

    • Adjusted EBITDA for the Quarter and full year of ($482) and $4,290 as a result of low drilling activity and costs associated with the close out of the spin-out.
    • Significant adjustments to inventory carrying value as a result of confirmation of the terms of contracts which resulted in a one-time positive non-cash impact to earnings of $3.4 million;
    • Post the spin-out we have established independent management team and expect to see General and Administrative costs normalise moving forward; and
    • Exited the quarter with a strong liquidity position with a working capital balance of $20.6 million which includes a cash balance of $14.9 million and no debt.

    2024 FOURTH QUARTER RESULTS

    • Drilling rig 103 remained suspended and drilling rigs 115 and 116 remained cold-stacked. Manpower services and rental services continued with other customers. Operating margins decreased from 32.2% in Q4 2023 to 28.6% in Q4 2024. The net result was a substantial reduction to revenue and the generation of a significantly lower EBITDA in the quarter:
      • Revenue for the quarter of $2,421, a decrease of $10,112 or 81% compared to Q4 2023 at $12,533, and
      • Adjusted negative EBITDA of $482, decrease of $3,418 or 116% compared to Q4 2023 at $2,936.
    • The reduced revenue generating activities in Q4 2024 were offset by the significant adjustments to inventory and reported obligations that were the result of renegotiated terms of contracts related to spares inventory, this resulted in:
      • Net income of $1,806 in Q4 2024 compared to net income of $1,907 realized in Q4 2023.

    2024 YEAR TO DATE RESULTS

    • Drilling Rig 103 operated through into Q2 2024 when drilling was suspended at which point it was cold stacked. Manpower services and rentals with other customers continued at similar run rates through the remainder of 2024. Operating margins improved from 2023 of 33.2% to 37.7% in 2024 as a result of reduced material and supply costs and higher proportional contribution from higher margin rentals.
      • Revenue for 2024 was $24,075, a reduction of $19,305 or 45% compared to 2023,
      • Adjusted EBITDA for 2024 was $4,290, a 60% reduction compared to 2023 as a result of general and administrative costs not reducing proportionally to revenue, and
      • General and administrative costs were impacted by additional expenses related to the Arrangement.
    • The reduced operating activities combined with the Q4 2024 significant adjustments to inventory and reported obligations drove the following results for the Corporation:
      • Net income of $2,857 for 2024 compared to a net loss of $8,623 for the same period 2023 which included an impairment charge of $15,200.
    • Improved liquidity with a working capital balance of $20.6 million, which includes a cash balance of $14.9 million.

    Since the Corporation and HAES-Cyprus were both wholly-owned by HWO, the transfer of all of the outstanding ordinary shares of HAES-Cyprus to the Corporation was deemed a common control transaction. The Corporation’s Financial Statements are presented under the continuity of interests basis. Financial and operational results contained within this Press Release present the historic financial position, results of operations and cash flows of HAES-Cyprus for all prior periods up to August 12, 2024, under HWO’s control. The financial position, results of operations and cash flows from April 1, 2024 (the date of incorporation of the Corporation) to August 12, 2024, include both HAES-Cyprus and the Corporation on a combined basis and from August 12, 2024, forward include the results of the Corporation on a consolidated basis upon completion of the Arrangement.

    For reporting purposes in the Financial Statements, the MD&A and this Press Release, it is assumed that the Corporation held the PNG business prior to August 12, 2024, and as such, information provided includes the financial and operating results for the three and twelve months ended December 31, 2024, including all comparative periods.

    In the above results discussion, the three months ended December 31, 2024 may be referred to as the “quarter” or “Q4 2024” and the comparative three months ended December 31, 2023 may be referred to as “Q4 2023”. References to other quarters may be presented as “QX 20XX” with X/XX being the quarter/year to which the commentary relates. Additionally, the twelve months ended December 31, 2024 may be referred to as “YTD” or “YTD 2024”. References to other twelve-month periods ended December 31 may be presented as “YTD 20XX” with XX being the year to which the twelve-month period ended December 31 commentary relates.

    FOURTH QUARTER 2024 SELECT FINANCIAL AND OPERATIONAL RESULTS OVERVIEW

       Three months ended Dec 31,   Year ended Dec 31,  
    (thousands of USD except per share amounts) 2024   2023   2024   2023  
    Operating results        
    Revenue 2,421   12,533   24,075   43,380  
    Net income (loss) 1,806   1,907   2,857   (8,623 )
    Per share (basic and diluted) (1) $0.14 $0.16 $0.23   ($0.69 )
    Operating margin (2) 693   4,037   9,069   14,416  
    Operating margin as a % of revenue (2) 28.6%   32.2%   37.7%   33.2%  
    EBITDA (2) 2,887   2,975   7,733   11,211  
    Adjusted EBITDA (2) (482)   2,936   4,290   10,797  
    Adjusted EBITDA as a % of revenue (2) (19.9%)   23.4%   17.8%   24.9%  
    Operating income (loss) (2) (1,264)   2,240   455   4,575  
    Per share (basic and diluted) (1) ($0.10 $0.18 $0.04   $0.37  
    Cash flow from operations:        
    Cash flow from operating activities 248   6,131   10,112   8,906  
    Per share (basic & diluted) (1) $0.02 $0.49 $0.81   $0.71  
    Funds flow from operating activities (2) 2,667   2,929   6,770   10,273  
    Per share (basic & diluted) (1) $0.21 $0.24 $0.54   $0.83  
    Capital expenditures 62   93   652   1,080  
         
    (thousands of USD)       As at Dec 31, 2024   As at Dec 31, 2023  
    Financial position:        
    Working capital (2)       20,602   20,335  
    Cash and cash equivalents       14,930   10,958  
    Total assets       35,287   43,374  
    Shareholder’s equity       30,953   33,112  
    Per share (basic) (1)     $2.48   $2.66  
    Per share (fully diluted) (1)     $2.47   $2.66  
    Weighted average common shares outstanding (000’s) (1)       12,448   12,448  
    Weighted average diluted shares outstanding (000’s) (1)       12,539   12,448  

    (1) For the purposes of computing per share amounts, the number of common shares outstanding for the periods prior to the Arrangement is deemed to be the number of shares issued by the Corporation to the shareholders of HWO upon completion of the Arrangement. For the period after the Arrangement, the number of shares outstanding in the computation of per share amounts is the total issued shares of the Corporation on August 12, 2024, and any common shares issued subsequent to August 12, 2024. See the “Overview” section of this MD&A and the Corporation’s Financial Statements as at and for the years ended December 31, 2024 and 2023 for additional details.
    (2) Operating margin, EBITDA (Earnings before interest, tax, depreciation, and amortization), Adjusted EBITDA, Operating income (loss), Funds flow from operating activities and Working capital do not have a standardized meanings prescribed by IFRS. See “Non IFRS Measures” in this MD&A for calculations of these measures.

    Operating Results

      Three months ended Dec 31,   Year ended Dec 31,  
    (thousands of USD, unless otherwise noted) 2024   2023   2024   2023  
    Revenue 2,421   12,533   24,075   43,380  
    Operating expense (1,728)   (8,496)   (15,006)   (28,964)  
    Operating margin(1) 693   4,037   9,069   14,416  
    Operating margin (%) 28.6%   32.2%   37.7%   33.2%  

     (1)   See “Non-IFRS Measures”

    Revenues totaled $2,421 and $24,075 for the three months and year ended December 31, 2024, respectively, compared to $12,533 and $43,880 for the comparative periods in 2023. Revenues for the year ended 2024 and Q4 2024, as compared to the prior year comparative periods, were negatively impacted as a result of reduced overall utilization of Rig 103. Customer-owned Rig 103 was utilized for 8 months during 2023 versus the first 5.5 months in 2024. Despite reduced drilling activity in 2024 compared to 2023, the Corporation was able to maintain a consistent level of activity related to the provision of skilled personnel for key customers in PNG. Operating margin as a percentage of revenues increased from 2023 to 2024, largely as a result of reduced material and supply costs associated with the recommencement of Rig 103 during fiscal 2023 and a higher proportional contribution by higher margin rentals in 2024.

    The Corporation owns two heli-portable drilling rigs (Rigs 115 and 116) which remain preserved and maintained ready for deployment.

      Three months ended Dec 31,   Year ended Dec 31,  
    (thousands of USD except per share amounts) 2024   2023   2024   2023  
    Operating results        
    Revenue 2,421   12,533   24,075   43,380  
    Net income (loss) 1,806   1,907   2,857   (8,623)  
    Per share (basic and diluted) (1) $0.14 $0.16 $0.23 ($0.69)  
    Operating margin (2) 693   4,037   9,069   14,416  
    Operating margin as a % of revenue (2) 28.6%   32.2%   37.7%   33.2%  
    EBITDA (2) 2,887   2,975   7,733   11,211  
    Adjusted EBITDA (2) (482)   2,936   4,290   10,797  
    Adjusted EBITDA as a % of revenue (2) (19.9%)   23.4%   17.8%   24.9%  
    Operating income (loss) (2) (1,264)   2,240   455   4,575  
    Per share (basic and diluted) (1) ($0.10 $0.18 $0.04 $0.37  
    Cash flow from operations:        
    Cash flow from operating activities 248   6,131   10,112   8,906  
    Per share (basic & diluted) (1) $0.02 $0.49 $0.81 $0.71  
    Funds flow from operating activities (2) 2,667   2,929   6,770   10,273  
    Per share (basic & diluted) (1) $0.21 $0.24 $0.54 $0.83  
    Capital expenditures 62   93   652   1,080  
         
    (thousands of USD)       As at Dec 31, 2024   As at Dec 31, 2023  
    Financial position:        
    Working capital (2)       20,602   20,335  
    Cash and cash equivalents       14,930   10,958  
    Total assets       35,287   43,374  
    Shareholder’s equity       30,953   33,112  
    Per share (basic) (1)     $2.48 $2.66  
    Per share (fully diluted) (1)     $2.47 $2.66  
    Weighted average common shares outstanding (000’s) (1)       12,448   12,448  
    Weighted average diluted shares outstanding (000’s) (1)       12,539   12,448  

    (1) For the purposes of computing per share amounts, the number of common shares outstanding for the periods prior to the Arrangement is deemed to be the number of shares issued by the Corporation to the shareholders of HWO upon completion of the Arrangement. For the period after the Arrangement, the number of shares outstanding in the computation of per share amounts is the total issued shares of the Corporation on August 12, 2024, and any common shares issued subsequent to August 12, 2024. See the “Overview” section of this Press Release and the Corporation’s Financial Statements as at and for the years ended December 31, 2024 and 2023 for additional details.
    (2) Operating margin, EBITDA (Earnings before interest, tax, depreciation, and amortization), Adjusted EBITDA, Operating income (loss), Funds flow from operating activities and Working capital do not have a standardized meanings prescribed by IFRS. See “Non IFRS Measures” in this Press Release for calculations of these measures.

    Operating Results

      Three months ended Dec 31,   Year ended Dec 31,  
    (thousands of USD, unless otherwise noted) 2024   2023   2024   2023  
    Revenue 2,421   12,533   24,075   43,380  
    Operating expense (1,728)   (8,496)   (15,006)   (28,964)  
    Operating margin(1) 693   4,037   9,069   14,416  
    Operating margin (%) 28.6%   32.2%   37.7%   33.2%  

     (1)   See “Non-IFRS Measures”

    Revenues totaled $2,421 and $24,075 for the three months and year ended December 31, 2024, respectively, compared to $12,533 and $43,880 for the comparative periods in 2023. Revenues for the year ended 2024 and Q4 2024, as compared to the prior year comparative periods, were negatively impacted as a result of reduced overall utilization of Rig 103. Customer-owned Rig 103 was utilized for 8 months during 2023 versus the first 5.5 months in 2024. Despite reduced drilling activity in 2024 compared to 2023, the Corporation was able to maintain a consistent level of activity related to the provision of skilled personnel for key customers in PNG. Operating margin as a percentage of revenues increased from 2023 to 2024, largely as a result of reduced material and supply costs associated with the recommencement of Rig 103 during fiscal 2023 and a higher proportional contribution by higher margin rentals in 2024.

    The Corporation owns two heli-portable drilling rigs (Rigs 115 and 116) which remain preserved and maintained ready for deployment.

    Liquidity and Capital Resources

      Three months ended Dec 31,   Year ended Dec 31,  
    (thousands of USD) 2024   2023   2024   2023  
    Cash provided by (used in) operations:        
    Operating activities 248   6,131   10,112   8,906  
    Investing activities (62)   (93)   (652)   (1,080)  
    Financing activities (113)   (179)   (5,487)   (714)  
    Effect of exchange rate changes (1)   –   (1)   –  
    Increase (decrease) in cash 72   5,859   3,972   7,112  

    (thousands of USD, unless otherwise noted)  

    		 As at
    Dec 31, 2024    		   As at
    Dec 31, 2023    		  
    Current assets   24,706   30,090  
    Working capital(1)   20,602   20,335  
    Working capital ratio(1)   6.0:1   3.1:1  
    Cash and cash equivalents   14,930   10,958  

     (1)   See “Non-IFRS Measures”

    Liquidity and Capital Resources
    Cashflows from Operating Activities
    For the three months and year ended December 31, 2024, cash generated from operating activities was $248 (Q4 2023 $6,131) and $10,112 (YTD-2023 $8,906), respectively. The change in operating cash flow was largely driven by changes in working capital related to the timing of drilling activity in the respective years with a cash drawdown in 2023 as operations ramped up and a cash harvesting in 2024 as operations were ceased.

    Cashflows from Investing Activities
    For the three months and year ended December 31, 2024, the Corporation’s cash used in investing activities was $62 (Q4 2023 $93) and $652 (YTD-2023 $1,080), respectively. Cash outflows associated with investing activities were directed towards capital expenditures on rental assets. The reduction in capital expenditures in 2024 is due to reduced customer activity. The Corporation will continue to seek opportunities to invest in additional capital assets, in particular where it can do so under take-or-pay agreements.

    Cash flows from Financing Activities
    For the three months and year ended December 31, 2024, the Corporation’s cash used in financing activities was $113 (Q4 2023 $179) and $5,487 (YTD-2023 $714) respectively. Excluding the impact of a $5,000 dividend paid by HAES-Cyprus to HWO prior to the completion of the Arrangement transaction, cash outflows associated with finance activities were directed towards lease obligation payments.

    Outlook
    Consistent with the outlook provided by the Corporation in the third quarter of 2024, the outlook for the Corporation’s core business in PNG for 2025 remains subdued. The Corporation’s 2024 fourth quarter and annual results were impacted by the completion of customer drilling activity during the second quarter of 2024, with Rig 103 being relocated to the customer’s forward base location and cold-stacked. With no near-term drilling activity currently anticipated, the Corporation expects equipment rental and manpower to be the primary revenue generating activity for 2025. Quarterly revenues for 2025 are anticipated to be consistent with third and fourth quarters of 2024.

    The Corporation remains engaged with its principal customer on planning for future drilling activity and continues to focus on enhancing and optimizing its existing rental fleet deployment and manpower solutions offerings.

    The Corporation also continues to pursue business expansion opportunities in PNG, actively engaging with potential customers for its services in PNG and the wider region while also taking actions to protect its capability to realize the future potential of the business.

    Our rationale for a business strategy focussed on PNG is unchanged. Papua New Guinea possesses substantial deposits of natural resources including significant reserves of oil and natural gas and has emerged as a reliable low-cost energy exporter to Asian markets, particularly for liquefied natural gas (“LNG”). A significant investment in the country’s oil and gas industry was evidenced by the successful construction of the PNG-LNG project in 2014, with the primary partners in the venture being customers of the Corporation. In the period following, the Corporation’s predecessor company committed to the purchase and upgrade of drilling rigs 115 and 116 and expansion of the Corporation’s fleet of rentable equipment including camps, material handling equipment and worksite matting. These investments contributed to a substantive lift in revenues and earnings as PNG enjoyed its highest period of exploration and development activity.

    Since the onset of COVID-19 in early 2020, there has been a substantive reduction in drilling services in PNG. This follows some consolidation among the active exploration and production companies and evolving political and economic influences. In the longer term, High Arctic believes PNG is on the precipice of a new round of large-scale projects in the natural resources sector. ‎The next significant ‎LNG project currently being planned is Papua-LNG a project lead by the French oil and gas super-major TotalEnergies, with a final investment decision anticipated in late 2025. There is an expectation for increased drilling activity through the latter half of this decade, ‎not only to develop wells for the supply of gas to the Papua-LNG export facility, but also to explore for and ‎appraise other discoveries. The signing of a fiscal stability agreement between the P’nyang gas field joint venture and the government of PNG is another positive signal for that expansionary project to follow Papua-LNG.

    The Corporation is strategically positioned to support these developments, given its dominant position for drilling and associated services in PNG, existing work relationships with the operating companies, and proximity to the proposed sites of operation. The Corporation’s drilling rigs 115 and 116 are portable by helicopter and have been maintained and preserved for future use.

    There are a number of other petroleum projects and substantive nation-building projects including infrastructure, ‎electrification, telecommunications and defence projects planned for the development of PNG. ‎These ‎projects will require access to transport and material handling machinery, quality worksite and temporary ‎road mats and a substantive amount of labour including skilled equipment operators, qualified tradespeople and engineers, ‎geoscientists and other professionals. ‎High Arctic’s business continues to position itself to be a meaningful supplier of services, equipment and manpower for this market.

    NON-IFRS MEASURES
    This Press Release contains references to certain financial measures that do not have a standardized meaning prescribed by International Financial Reporting Standards (“IFRS”) and may not be comparable to the same or similar measures used by other companies. High Arctic Overseas uses these financial measures to assess performance and believes these measures provide useful supplemental information to shareholders and investors. These financial measures are computed on a consistent basis for each reporting period and include Oilfield services operating margin, EBITDA (Earnings before interest, tax, depreciation and amortization), Adjusted EBITDA, Operating loss, Funds flow from operating activities, Working capital and Net cash. These do not have standardized meanings.

    These financial measures should not be considered as an alternative to, or more meaningful than, net income (loss), cash from operating activities, current assets or current liabilities, cash and/or other measures of financial performance as determined in accordance with IFRS.

    For additional information regarding non-IFRS measures, including their use to management and investors and reconciliations to measures recognized by IFRS, please refer to the Corporation’s Q3 2024 MD&A, which is available online at www.sedarplus.ca.

    About High Arctic ‎Overseas Holdings Corp.

    High Arctic Overseas is a market leader in Papua New Guinea providing drilling ‎and specialized well completion services, manpower solutions and supplies rental equipment including rig matting, camps, material ‎handling and drilling support equipment.

    For further information, please contact:

    Mike Maguire                                                
    Chief Executive Officer                                 
    1.587.320.1301                                        
                            
    High Arctic Overseas Holdings Corp.                        
    Suite 2350, 330–5th Avenue SW                        
    Calgary, Alberta, Canada T2P 0L4                                                           
    www.higharctic.com
    Email: info@higharctic.com                         

    Forward-Looking Statements

    This Press Release contains forward-looking statements. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “seek”, “propose”, “estimate”, “expect”, and similar expressions are intended to identify forward-looking statements. Such statements reflect the Corporation’s current views with respect to future events and are subject to certain risks, uncertainties, and assumptions. Many factors could cause the Corporation’s actual results, performance, or achievements to vary from those described in this Press Release.

    Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this Press Release as intended, planned, anticipated, believed, estimated or expected. Specific forward-looking statements in this Press Release include, among others, statements pertaining to the following: future energy projects including drilling activity and LNG projects in PNG; the Corporation’s ability to participate in the energy industry in PNG; potential future contracts with existing or new customers of the Corporation; future infrastructure and defence projects in PNG and the ability of the Corporation to participate in same; the Corporation’s expectations related to financial and operational results in 2025, including the expectation that the equipment rental and manpower services portion of the Corporation’s business will be the primary revenue generating activity for fiscal 2025; the timing and ability of the Corporation to put its own administrative infrastructure in place; the ability of the Corporation to expand its geographic customer base outside of PNG; and the deploying idle heli-portable drilling rigs 115 and 116 and securing future work with other exploration companies in PNG.

    With respect to forward-looking statements contained in this Press Release, the Corporation has made assumptions regarding, among other things: general economic and business conditions; the role of the energy services industry in future phases of the energy industry; the outlook for energy services both globally and within PNG; the impact of conflict in the Middle East and Ukraine; the timing and impact on the Corporation’s business related to potential new large-scale natural resources projects and increased drilling activity in PNG; the impact, if any, related to existing or future changes to government regulations by the government of PNG; the impact, if any, on the Corporation’s future financial and operational results related to non-resource development opportunities in PNG; market fluctuations in commodity prices, and foreign currency exchange rates; restrictions on repatriation of funds held in PNG; expectations regarding the Corporation’s ability to manage its liquidity risk, raise capital and manage its debt finance agreements; projections of market prices and costs; factors upon which the Corporation will decide whether or not to undertake a specific course of operational action or expansion; the Corporation’s ongoing relationship with its major customers; customers’ drilling intentions; the Corporation’s ability to position itself to be a significant supplier of services, equipment and manpower for other resource and non-resources based projects in PNG; the Corporation’s ability to invest in additional capital assets, including the impact on the Corporation’s future financial and operational results; the impact, if any, of geo-political events, changes in government, changes to tariff’s or related trade policies and the potential impact on the Corporation’s ability to execute on its 2025 business plan and strategic objectives; the Corporation’s ability to: maintain its ongoing relationship with major customers; successfully market its services to current and new customers; devise methods for, and achieve its primary objectives; source and obtain equipment from suppliers; successfully manage, operate, and thrive in an environment which is facing much uncertainty; remain competitive in all its operations; attract and retain skilled employees; and obtain equity and debt financing on satisfactory terms and manage liquidity related risks. While the Corporation considers these assumptions to be reasonable, the assumptions are inherently subject to significant uncertainties and contingencies.

    A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in the Corporation’s disclosure documents on the SEDAR+ website at www.sedarplus.ca. Although the Corporation has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Although the Corporation has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information.

    The forward-looking statements contained in this Press Release are expressly qualified in their entirety by this cautionary statement. These statements are given only as of the date of this Press Release. The Corporation does not assume any obligation to update these forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law.

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

    The MIL Network –

  • MIL-OSI: Resolutions of the shareholders’ meeting of Invalda INVL held on 30/04/2025

    Source: GlobeNewswire (MIL-OSI)

    The resolutions of the General Shareholders Meeting of the public joint stock company Invalda INVL held on 30 April 2025:

    1. Presentation of the public joint stock company Invalda INVL consolidated annual management report for 2024.
    Shareholders of the public joint stock company Invalda INVL were presented with the Consolidated Annual Management Report of the Company for 2024 (attached). There is no voting on this issue of agenda.

    2. Presentation of the independent auditor’s report on the financial statements and consolidated annual management report of the public joint stock company Invalda INVL.
    Shareholders of the public joint stock company Invalda INVL were presented with the independent auditor’s report on the financial statements and consolidated annual management report of the Company (attached). There is no voting on this issue of agenda.

    3. Approval of the consolidated and stand-alone financial statements for 2024 of the public joint stock company Invalda INVL.
    To approve the consolidated and stand-alone financial statements for 2024 of the public joint stock company Invalda INVL (attached).

    4. Resolution regarding profit distribution of the public joint stock company Invalda INVL.
    To approve the profit distribution of the joint-stock company Invalda INVL in accordance with the draft profit distribution proposed by the Board (attached).

    5. Decision on approval of the Remuneration Report of the public joint stock company Invalda INVL.
    To approve the Remuneration Report of the public joint stock company Invalda INVL for 2024 (included into the Consolidated Annual Report as Annex 4).

    6. Resolution regarding purchase of own shares of the public joint-stock company Invalda INVL.
    Until the day of the General Shareholders meeting the reserve for the purchase of own shares which is equal to EUR 9,100 thousand is not used.
    To use the reserve (a part of it) for the purchase of own shares and to purchase shares of Invalda INVL under these conditions:
    1) The goal for the purchase of own shares is to reduce the share capital of Invalda INVL by cancelling own shares acquired by the company and/or to fulfil the obligations related to the share option schemes (options) if it is decided to choose this method of granting shares.
    2) The maximum number of shares to be acquired – the nominal value of own shares may not exceed 1/10 of the share capital.
    3) The period during which the company may purchase its own shares – 18 months from the day of this resolution.
    4) The maximum and minimal one share acquisition price: the maximum one share acquisition price – value of consolidated equity per one share calculated according to the last publicly announced data of the consolidated equity of Invalda INVL before the decision of the Board is taken; minimum one share acquisition price is EUR 1.
    5) The conditions of the selling of the purchased shares and minimal sale price: Purchased own shares (including the shares acquired before the adoption of this decision) may be cancelled by the decision of the General Shareholders Meeting or by the decision of the Board granted the right to acquire the shares for the employees upon conditions of the Rules for Granting Equity Incentives. The acquired shares will not be sold and therefore no minimum selling price and no procedure for the sale of the shares are set.
    The Board of Invalda INVL is hereby mandated to:
    (i) To initiate a reduction of the Company’s share capital within the time limits specified by law if the nominal value of the own shares acquired and held exceeds 1/10 of the share capital.
    (ii) Subject to the conditions set out in this decision and the requirements of the Law on Companies of the Republic of Lithuania, take decisions regarding purchase of own shares of Invalda INVL, organise the purchase of own shares, determine the method, procedure and timing of the purchase of the shares, the number of shares and the price of the shares, and carry out any other actions relating to the purchase of own shares.
    As of the date of this resolution, the resolution of the Annual General Meeting of 30 April 2024 regarding the acquisition of own shares will expire.

    7. Resolution regarding the exercise of stock options granted to Invalda INVL Group employees in 2022.
    Pursuant to the decision of the General Meetings of Shareholders of 30 April 2022, on the basis of which stock option agreements on the acquisition of shares of Invalda INVL in 2025 were concluded with the employees of Invalda INVL and companies in which more than 50% of the shares are owned by Invalda INVL, to establish that the right of the employees to acquire the said shares is exercised by transferring to the employees own shares acquired by the company.
    To establish that, for the exercise of the stock options granted in 2022, the transfer price and the maximum number of own shares of the Company to be transferred shall be:
    A) If the shareholders’ meeting of 30 April 2025 does not approve the proposed distribution of profit and no dividends are allocated, up to a maximum of 40,862 units shall be transferred to the employees at a price per share of EUR 0.90, i.e. the purchase price of EUR 1 (one) set by the shareholders’ meeting of 30 April 2022 shall be reduced by the amount of the dividends paid prior to the signing of the share purchase agreement.
    B) If the shareholders’ meeting of 30 April 2025 approves the proposed distribution of profit and a dividend of EUR 1.25 per share is allocated, taking into account that the amount of dividends per share allocated from the date of conclusion of the option agreement to the date of signing the share purchase agreement exceeds the fixed acquisition price of EUR 1 (one), the shares shall be granted to the employees free of charge and the amount of the granted shares shall be converted in accordance with the following formula in order to preserve the economic rationale of the agreement for concluding the share purchase agreement: (0.35 (difference resulting from the payment of dividends since the conclusion of the option agreement) * number of shares allotted in 2022)/(EUR 18.80 (the higher of the closing price at the end of 2024 between the share market price and the NAV per share) – EUR 1.25 (dividends allocated)). The calculated number of shares is rounded according to mathematical rules. The number of shares to be transferred to the employees is recalculated in this way to 41,678 units.

    8. Resolution regarding the number of ordinary registered shares of Invalda INVL for which employees shall be offered stock options contracts during the year 2025 and regarding the price of the shares.
    It is offered for the employees of Invalda INVL and of the companies, in which Invalda INVL owns 50% or more  shares, during the year 2025 to sign stock options contracts, on the basis of which, according to the procedures and terms established in stock options contracts, in year 2028 employees will be able to exercise the right to acquire up to 100,000 ordinary registered shares of Invalda INVL of EUR 0.29 nominal value.
    To provide that the shares will be granted free of charge. If the company has declared dividends or paid out free funds per share prior to the grant of the shares, the number of shares to be granted will be recalculated in accordance with the following formula in order to preserve the economic logic of the share purchase agreement: (dividends granted per share at the General Shareholders Meetings in 2026, 2027 and 2028 and/or free funds disbursed per share in the period 2025 – 2028 prior to the grant of the shares) * number of shares allotted in 2025)/(the higher of the price at the end of 2027 between the share market price and the NAV per share – dividends declared at the General Shareholders Meeting in 2028 and/or free funds disbursed per share in the period 2028 prior to the grant of shares). If the shares are granted before the record date for the 2028 dividend, such dividends per share shall not be included in the conversion formula. The number of shares recalculated in accordance with this formula shall be deemed to be approved by the shareholders in accordance with the Rules for Granting Equity Incentives. If in 2028 newly issued shares are granted, the issue price per share will be equal to the nominal value of the share and it will be paid in full by Invalda INVL from the company’s reserve for granting shares.

    The person authorized to provide additional information is:
    Darius Sulnis, CEO of Invalda INVL
    Darius.Sulnis@invl.com

    Attachments

    The MIL Network –

  • MIL-Evening Report: People’s mental health goes downhill after repeated climate disasters – it’s an issue of social equity

    Source: The Conversation (Au and NZ) – By Ang Li, ARC DECRA and Senior Research Fellow, NHMRC Centre of Research Excellence in Healthy Housing, Melbourne School of Population and Global Health, The University of Melbourne

    Across Australia, communities are grappling with climate disasters that are striking more frequently and with greater intensity. Bushfires, floods and cyclones are no longer one-off events. And this pattern is predicted to worsen due to climate change.

    As it becomes more common to face climate disasters again and again, what does this mean for the mental health and wellbeing of people affected?

    In a new study published today in the Lancet Public Health, we found experiencing repeated disasters leads to more severe and sustained effects on mental health compared to experiencing a single disaster.

    What we did in our study

    We drew on ten years of Australian data (2009–19) from the nationally representative Household, Income and Labour Dynamics in Australia survey.

    Specifically, our study involved data from 1,511 people who experienced at least one disaster. We tracked them from the year before the first disaster, at the first disaster, and, where applicable, each subsequent disaster, and a few years after each disaster.

    We also included 3,880 people who did not experience disasters during this time but shared similar demographic, socioeconomic, health and place-based characteristics for comparison.

    We measured exposure to climate disasters based on whether respondents reported a weather-related disaster (for example, flood, bushfire or cyclone) damaged or destroyed their home in the previous year.

    The mental health outcomes were measured using two questionnaires commonly administered to assess depression and anxiety disorders (the 5-item mental health inventory) and psychological distress (the Kessler Psychological Distress Scale).

    Cumulative effects

    Our results show mental health declines became more severe with repeated disasters.

    The graph below plots the mental health trajectories for everyone in our study who experienced at least one disaster, and the control group who did not experience any disasters. We looked at a maximum of three disasters in the study due to data availability.

    It shows experiencing one disaster led to a decline in mental health during the disaster year, followed by a recovery to pre-disaster levels in the post-disaster period.

    However, with repeated disasters, mental health trajectories declined further and it took longer to recover to pre-disaster levels.

    We also found experiencing an additional disaster close to a previous disaster (for example, one or two years apart) was linked to greater mental health declines than disasters that were spaced further apart.

    Some risk factors

    We observed that certain factors consistently shaped mental health outcomes. For instance, having social support was consistently a protective factor, while having a long-term health condition consistently increased the risk of poorer mental health. This was true regardless of the number of disasters someone experienced.

    On the other hand, some risk factors became stronger with each disaster. In particular, households with lower incomes, those in rural areas, and younger people appeared to experience greater effects of cumulative disasters.

    There are some limitations to our research. For example, the data we had did not detail the type or severity of each disaster. It also was limited in what it could tell us about the mental health effects of three or more disasters.

    Nonetheless, our study provides novel insights into the mental health consequences of multiple climate disasters. This highlights the need for better support for communities facing an increasing number of emergencies.

    Our findings also align with other studies that have observed increasing risk to mental health with multiple disasters.

    At the same time, our findings add a new perspective by showing how trajectories can change over time. People’s mental health often recovers to pre-disaster levels after a single disaster, but repeat disasters can delay or halt this recovery.

    Why might repeated disasters lead to worse mental health?

    Repeated disasters, especially when they occur in close succession, can lead to cumulative stress driven by trauma and uncertainty. This can create a reinforcing cycle. People already facing social disadvantages – such as poor health and low income – are more likely to be exposed to disasters. In turn, these events disproportionately affect those facing existing disadvantages.

    The result is a compounding effect that can contribute to worsening mental health outcomes and slower recovery over multiple disasters. This means disasters are an issue of social equity and must be considered in efforts to reduce poverty and improve social outcomes, as well as health outcomes.

    Repeated disasters in particular can drain financial, social and community resources. They can exacerbate existing strain on household savings, disrupted social ties due to displacement, and reduced access to services after disasters – especially in rural areas.

    What can we do to support people through multiple disasters?

    We need to transform the way we think about disasters. It’s estimated children born today will experience up to seven times the number of extreme weather events across their lifetimes than someone born in 1960.

    We are starting to get a better picture of what people need to recover from climate disasters. Our research points to the need for clinical services (for example, GPs) to screen for past disaster exposures in mental health assessments.

    Emergency services need to plan services to reach at-risk groups during disasters. They also need to ensure recovery planning considers the effects of past disasters, for example by making sure support programs are not just tied to one disaster, but can be used across multiple.

    The current approach to emergency services that looks at “one disaster at a time” doesn’t work anymore. As the climate continues to change, we urgently need to consider the effects of multiple disasters in public health, welfare and disaster services.

    Ang Li receives funding from the Australian Research Council.

    Claire Leppold does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. People’s mental health goes downhill after repeated climate disasters – it’s an issue of social equity – https://theconversation.com/peoples-mental-health-goes-downhill-after-repeated-climate-disasters-its-an-issue-of-social-equity-254475

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: New share buyback programme

    Source: GlobeNewswire (MIL-OSI)

    Nasdaq Copenhagen
    Euronext Dublin
    London Stock Exchange        
    Other stakeholders

    Date        30 April 2025
                    

    New share buyback programme

    The bank’s board of directors has, in connection with the presentation of the first quarter financial statements for 2025, assessed the overall capitalization of the bank. Based on this assessment, the board of directors today decided to launch a new share buyback programme amounting to DKK 1,000 million.

    The new share buyback programme will launch when the current share buyback programme is completed – expectedly at the end of May 2025.

    The decision on the new share buyback programme conforms to the bank’s distribution policy and was made following approval by the Danish FSA.

    Yours faithfully

    Ringkjøbing Landbobank

    John Fisker
    CEO

    Attachment

    The MIL Network –

  • MIL-OSI: Credit Agricole Sa: Results first quarter 2025 – INCREASED REVENUES, STRONG PROFITABILITY DESPITE EXCEPTIONAL HIGH TAX IMPACT

    Source: GlobeNewswire (MIL-OSI)

                                       INCREASED REVENUES, STRONG PROFITABILITY
                                             DESPITE EXCEPTIONAL HIGH TAX IMPACT    		  
               
      CRÉDIT AGRICOLE S.A. CRÉDIT AGRICOLE GROUP    
      Q1 2025 Var. Q1/Q1 Q1 2025 Var Q1/Q1    
    Revenues 7,256 +6.6% 10,048 +5.5%    
    Expenses -3,991 +8.8% -5,992 +7.2%    
    Gross Operating Income 3,266 +4.1% 4,056 +3.0%    
    Cost of risk -413 +3.4% -735 +12.9%    
    Net pre-tax income 2,900 +4.6% 3,399 +1.6%    
    Net income group share 1,824 -4.2% 2,165 -9.2%    
    C/I ratio 55.0% +1.1 pp 59.6% +1.0 pp    
    NET PRE-TAX INCOME UP

    • Record quarterly revenues and strong growth, fuelled by the excellent performance by Asset Gathering and Large Customers
    • High profitability: contained cost/income ratio (increase in expenses of +3.2% Q1/Q1 excluding exceptional elements) and 15.9% return on tangible equity
    • Stable cost of risk
    • Results impacted by additional corporate tax charge

    EXCELLENT PERFORMANCE IN CIB AND ASSET GATHERING DIVISION

    • High CIB, asset management and insurance business, reflected in the increased level of insurance revenues with contributions from all activities, net inflows (medium-long term) and a record level of assets under management, as well as a new record reached by CIB
    • Loan production in France recovered compared with the low point in early 2024 without

    confirming the end-of-year momentum and consumer finance down, impacted by

    decreased activity in automotive financing; international credit activity at a high level.

    CAPITAL OPERATIONS AND STRATEGIC PROJECTS

    • Creation of the GAC Sofinco Leasing joint venture
      • Partnership created between Amundi and Victory Capital
    • Stake in the capital of Banco BPM increased to 19.8%
      • Planned acquisition of Banque Thaler announced by Indosuez Wealth Management

    AS EXPECTED, SOLVENCY RATIOS BENEFITING FROM THE POSITIVE IMPACT OF CRR3.

    • Crédit Agricole S.A.’s phased-in CET1 at 12.1% and Group phased-in CET1 at 17.6%

    CONTINUED SUPPORT FOR THE ENERGY TRANSITION

    • Continued withdrawal from fossil energies and reallocation to low-carbon energy sources
    • Support for the transition of households and businesses
     

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

    “Quarter after quarter, Crédit Agricole continues its action to support the major societal, environmental, agricultural and agri-food transitions, which are solid development levers for the entire Group. I would like to thank each of our employees for their daily commitment to serving our customers.“
     
     

    Philippe Brassac,
    Chief Executive Officer of Crédit Agricole S.A.

    “The Group has published high-level results this quarter, driven by strong revenue growth, despite exceptional taxation. Crédit Agricole S.A. posted record revenues this quarter and high profitability.”

    		  

    This press release comments on the results of Crédit Agricole S.A. and those of Crédit Agricole Group, which comprises the Crédit Agricole S.A. entities and the Crédit Agricole Regional Banks, which own 62.8% of Crédit Agricole S.A.

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

    Crédit Agricole Group

    Group activity

    The Group’s commercial activity during the quarter continued at a steady pace across all business lines, with a good level of customer capture. In the first quarter of 2025, the Group recorded +550,000 new customers in retail banking. More specifically, over the year, the Group gained +433,000 new customers for Retail Banking in France and 117,000 new International Retail Banking customers (Italy and Poland).

    At 31 March 2025, in retail banking, on-balance sheet deposits totalled €835 billion, up +1.3% year-on-year in France and Italy (+1.6% for Regional Banks and LCL and -2.1% in Italy). Outstanding loans totalled €881 billion, up +1.0% year-on-year in France and Italy (+1.0% for Regional Banks and LCL and +1.6% in Italy). The upturn in home loan production continued in France compared to the low point observed at the beginning of 2024, without confirming the end-of-year momentum, partly explained by the seasonal effect, recording an increase of +37% for the Regional Banks and +46% for LCL compared to the first quarter of 2024, and -4.3% and -34% respectively compared to the fourth quarter of 2024. Home loan production by CA Italia is high and up +19% compared with the first quarter of 2024. The property and casualty insurance equipment rate1 rose to 44.2% for the Regional Banks (+0.8 percentage points compared to the first quarter of 2024), 28.0% for LCL (+0.2 percentage point) and 20.3% for CA Italia (+1.0 percentage point).

    In asset management, quarterly inflows remained strong at +€31.1 billion, fuelled by strong medium/long-term assets, excluding JVs (+€37 billion). In insurance, savings/retirement gross inflows rose to a record €10.8 billion over the quarter (+27% year-on-year), with the unit-linked rate in production staying at a high 34.3%. Net inflows were positive at +€4 billion, growing for both euro-denominated and unit-linked contracts. The strong performance in property and casualty insurance was driven by price changes and portfolio growth (16.8 million contracts at end-March 2025, +5% year-on-year). Assets under management totalled €2,878 billion, up +8.7% in the year for all three segments: asset management rose +6.2% over the year to €2,247 billion; life insurance was up +5.2% to €352 billion; and wealth management (Indosuez Wealth Management and LCL Private Banking) increased +41.3% year-on-year to €278 billion, notably with the positive impact of the consolidation of Degroof Petercam (€69 billion in assets under management consolidated in the second quarter of 2024).

    Business in the SFS division decreased. At CAPFM, consumer finance outstandings increased to €120.7 billion, up +5.6% compared with the end of March 2024, with car loans representing 54%2 of total outstandings, while new loan production decreased slightly, by -6.4% compared with end-March 2024, mainly due to the economic context negatively impacting the automotive market in Europe and China. Regarding Crédit Agricole Leasing & Factoring (CAL&F), production of lease financing outstandings was up +5.7% compared to March 2024 to €20.5 billion, with a particularly strong contribution from property leasing and renewable energy financing in France.

    Large Customers again posted record revenues for the quarter in Corporate and Investment Banking. Capital Markets and Investment Banking was driven by all activities, supported by high volatility, while Financing activities reaped the benefits of growth in commercial activities. Asset Servicing recorded a high level of assets under custody of €5,467 billion and assets under administration of €3,575 billion (+9% and +4.7%, respectively, compared with the end of March 2024), with good sales momentum and positive market effects over the year.

    Continued support for the energy transition

    The Group is continuing the mass roll-out of financing and investment to promote the transition. The Crédit Agricole Group increased its exposure to low-carbon energy financing3 by +141% between the end of 2020 and the end of 2024, with €26.3 billion in financing at 31 December 2024. Investments in low-carbon energy4 totalled €6 billion at 31 December 2024.

    At the same time, as a universal bank, Crédit Agricole is supporting the transition of all its customers. Thus, outstandings related to the environmental transition5 amounted to €111.7 billion at 31 December 2024, including €86.7 billion for energy-efficient buildings and €5.3 billion for clean transport and mobility.

    In addition, the Group is continuing its exit path from carbon-based energy financing and disclosed its exposure to hydrocarbon extraction project financing6, down to $0.96 billion at the end of 2024, i.e. -30% compared to 2020. The target of a -25% reduction of exposure to oil extraction at the end of 2025 compared to 2020 was greatly exceeded at the end of 2024 and stands at -56%.

    Group results

    In the first quarter of 2025, Crédit Agricole Group’s net income Group share came to €2,165 million, down

    -9.2% compared to the first quarter of 2024.

    Credit Agricole Group, Income statement Q1-25 and Q1-2024

    €m Q1-25 Q1-24 ∆ Q1/Q1  
    Revenues 10,048 9,525 +5.5%  
    Operating expenses (5,992) (5,589) +7.2%  
    Gross operating income 4,056 3,936 +3.0%  
    Cost of risk (735) (651) +12.9%  
    Equity-accounted entities 75 68 +9.5%  
    Net income on other assets 4 (7) n.m.  
    Change in value of goodwill – – n.m.  
    Income before tax 3,399 3,347 +1.6%  
    Tax (1,041) (755) +37.9%  
    Net income from discont’d or held-for-sale ope. (0) – n.m.  
    Net income 2,358 2,592 (9.0%)  
    Non controlling interests (193) (208) (7.2%)  
    Net income Group Share 2,165 2,384 (9.2%)  
    Cost/Income ratio (%) 59.6% 58.7% +1.0 pp  

    In the first quarter of 2025, revenues amounted to €10,048 million, up +5.5% compared to the first quarter of 2024, driven by favourable results from most of the business lines. Revenues were up in French Retail Banking, while the Asset Gathering division benefited from good business momentum and the integration of Degroof Petercam, the Large Customers division enjoyed a high level of revenues across all of its business lines and the Specialised Financial Services division benefited from a positive price effect, compensating slightly down revenues in international retail banking. Operating expenses were up +7.2% in the first quarter of 2025, totalling €5,992 million. Overall, Credit Agricole Group saw its cost/income ratio reach 59.6% in the first quarter of 2025, up by +1.0 percentage point. As a result, the gross operating income stood at €4,056 million, up +3.0% compared to the first quarter of 2024.

    The cost of credit risk stood at -€735 million, a year-on-year increase of +12.9% compared to the first quarter of 2024. This figure comprises an amount of -€47 million to prudential provisions on performing loans (stages 1 and 2) and an amount of -€677 million for the cost of proven risk (stage 3). There was also an addition of -€11 million for other risks. The provisioning levels were determined by taking into account several weighted economic scenarios and by applying some flat-rate adjustments on sensitive portfolios. The weighted economic scenarios for the first quarter are the same used for the previous quarter. The cost of risk/outstandings7reached 27 basis points over a four rolling quarter period and 24 basis points on an annualised quarterly basis8.

    Pre-tax income stood at €3,399 million, a year-on-year increase of +1.6% compared to first quarter 2024. This includes the contribution from equity-accounted entities for €75 million (up +9.5%) and net income on other assets, which came to +€4 million over this quarter. The tax charge was -€1,041 million, up +37.9% over the period, with the tax rate this quarter rising by +8.3 percentage points to 31.3%. This increase is related to the exceptional corporate income tax of €-207 million at the Crédit Agricole Group level, corresponding to an estimation of €-330 million in 2025 (assuming 2025 fiscal result being equal to 2024 fiscal result). Net income before non-controlling interests was down -9.0% to €2,358 million. Non-controlling interests decreased -7.2%.

    Regional banks

    Gross customer capture stands at +319,000 new customers. The percentage of customers using demand deposits as their main account is stable and those who use digital tools continued to increase. Credit market share (total credits) stood at 22.7% (at the end of December 2024, source Banque de France), up by 0.1 percentage point compared to December 2023. Loan production was up +19.4% compared to the first quarter of 2024, reflecting the +37% rise in home loans and 8% in specialised markets. However, home loan production has slowed compared to the strong activity at the end of the year (-4.8% compared to the fourth quarter of 2024). The average lending production rate for home loans stood at 3.18%9 over January and February 2025, -17 basis points lower than in the fourth quarter of 2024. By contrast, the global loan stock rate showed a gradual improvement (+11 basis points compared to the first quarter of 2024). Outstanding loans totalled €649 billion at the end of March 2025, up by 0.8% year-on-year across all markets and up slightly by +0.2% over the quarter.   
    Customer assets were up +2.5% year-on-year to reach €915.7 billion at the end of March 2025. This growth was driven both by on-balance sheet deposits, which reached €603.2 billion (+1.3% year-on-year), and off-balance sheet deposits, which reached €312.6 billion (+5% year-on-year) benefiting from strong inflows in life insurance. Over the quarter, demand deposits slightly decreased by -1.1% compared to the fourth quarter of 2024, while term deposits are stable. The market share of on-balance sheet deposits is up compared to last year and stands at 20.1% (Source Banque de France, data at the end of December 2024, i.e. +0.2 percentage points compared to December 2023). The equipment rate for property and casualty insurance10 was 44.2% at the end of March 2025 and continues to rise (up +0.8 percentage point compared to March 2024). In terms of payment instruments, the number of cards rose by +1.8% year-on-year, as did the percentage of premium cards in the stock, which increased by 1.8 percentage point year-on-year to account for 17% of total cards.
    In the first quarter of 2025, the Regional Banks’ consolidated revenues stood at €3,339 million, up +1.3% compared to the first quarter of 2024, notably impacted by a base effect of +€41 million related to the reversal of the Home Purchase Savings Plan provision in the first quarter of 202411. Excluding this item, revenues were up +2.6% compared to the first quarter of 2024, benefiting from the increase in the intermediation margin and stable fee and commission income, mainly driven by account management and payment instruments (+3.3%). Operating expenses posted a contained increase (+1.8%). Gross operating income was stable year-on-year (+5.2% excluding the base effect11). The cost of risk increased by +28.7% compared to the first quarter of 2024 to -€318 million. The cost of risk/outstandings (over four rolling quarters) remained under control at 21 basis points (a 1 basis point increase compared to fourth quarter 2024).
    Thus, the net pre-tax income was down -11.6% and stood at €522 million. The Regional Banks’ consolidated net income was €346 million, down -21.2% compared to the first quarter of 2024, especially impacted by the corporate income tax surcharge (-15.3% excluding the base effect 11).
    The Regional Banks’ contribution to net income Group share was €341 million in the first quarter of 2025, up -23% compared to the first quarter of 2024 (-17% excluding base effect11).

    Crédit Agricole S.A.

    Results

    Crédit Agricole S.A.’s Board of Directors, chaired by Dominique Lefebvre, met on 29 April 2025 to examine the financial statements for the first quarter of 2025.

    Credit Agricole S.A. – Income statement, Q1-25 and Q1-24

    En m€ T1-25 T1-24 ∆ T1/T1
    Revenues 7,256 6,806 +6.6%
    Operating expenses (3,991) (3,669) +8.8%
    Gross operating income 3,266 3,137 +4.1%
    Cost of risk (413) (400) +3.4%
    Equity-accounted entities 47 43 +9.2%
    Net income on other assets 1 (6) n.m.
    Change in value of goodwill – – n.m.
    Income before tax 2,900 2,773 +4.6%
    Tax (827) (610) +35.5%
    Net income from discont’d or held-for-sale ope. 0 – n.m.
    Net income 2,073 2,163 (4.1%)
    Non controlling interests (249) (259) (3.9%)
    Net income Group Share 1,824 1,903 (4.2%)
    Earnings per share (€) 0.56 0.50 +11.4%
    Cost/Income ratio (%) 55.0% 53.9% +1.1 pp

    In the first quarter of 2025, Crédit Agricole S.A.’s net income Group share amounted to €1,824 million, a decrease of -4.2% from the first quarter of 2024. The results of the first quarter of 2025 are based on high revenues, a cost/income ratio maintained at a low level and a controlled cost of risk, but are impacted by the corporate income tax surcharge. Pre-tax income is high, up +4.6% compared to the first quarter of 2024.

    In the first quarter of 2025, revenues were at a record level, standing at €7,256 million. They were up sharply (+6.6%) compared to the first quarter of 2024. This growth was driven by growth in the Asset Gathering division (+15%) which in turn was driven by strong activity and the rise in outstandings across all business lines, including the integration of Degroof Petercam12. Large Customer division revenues (+6.3%) were driven by good results from all business lines with continued revenue growth in corporate and investment banking (with a record revenue level for Crédit Agricole CIB) in the first quarter, in addition to an improvement in the net interest margin and fee and commission income within CACEIS. Specialised Financial Services division revenues (+2.6%) benefited mainly from positive price effects in the Personal Finance and Mobility business line. French Retail Banking growth (+1.0%) was driven by the rise in fee and commission income, and International Retail Banking revenues (-3.0%) were impacted by a base effect related to exceptional foreign exchange activity in Egypt in the first quarter of 2024. Revenues from the Corporate Centre recorded an increase of +€40 million, favourably impacted by the revaluation of the stake in Banco BPM.

    Operating expenses totalled -€3,991 million in the first quarter of 2025, an increase of +8.8% compared to the first quarter of 2024, reflecting the support given to business line development. The increase in expenses of -€322 million between the first quarter of 2024 and the first quarter of 2025 is partly made up of a scope effect and integration costs of -€138 million13 and IFRIC impact of -€72 million. Other expenses increase by -€113 million (+3.2%).

    The cost/income ratio thus stood at 55.0% in the first quarter 2025, increasing by +1.1 percentage point compared to the first quarter of 2024.

    Gross operating income in the first quarter of 2025 stood at €3,266 million, an increase of +4.1% compared to the first quarter of 2024.

    As at 31 March 2025, risk indicators confirm the high quality of Crédit Agricole S.A.’s assets and risk coverage level. The diversified loan book is mainly geared towards home loans (26% of gross outstandings) and corporates (45% of Crédit Agricole S.A. gross outstandings). The Non Performing Loans ratio showed little change from the previous quarter and remained low at 2.3%. The coverage ratio14 was high at 74.9%, up +0.8 percentage points over the quarter. Loan loss reserves amounted to €9.4 billion for Crédit Agricole S.A., a -€0.2 billion decline from end-December 2024. Of those loan loss reserves, 36.6% were for performing loans (percentage up +0.8% from the previous quarter).

    The cost of risk was a net charge of -€413 million, up +3.4% compared to the first quarter of 2024, and came mainly from a provision for non-performing loans (level 3) of -€411 million (compared to a provision of -€384 million in the first quarter of 2024). Net provisioning on performing loans (levels 1 and 2) was almost zero this quarter, compared to a provision of -€12 million in the first quarter of 2024. Also noteworthy is a provision of -€2 million for other items (legal provisions) versus -€5 million in the first quarter of 2024. By business line, 60% of the net provision for the quarter came from Specialised Financial Services (55% at end-March 2024), 22% from LCL (30% at end-March 2024), 16% from International Retail Banking (20% at end-March 2024), 5% from the Corporate Centre (3% at end-March 2024) and recovered for Large Customers (same as end-March 2024). The provisioning levels were determined by taking into account several weighted economic scenarios and by applying some flat-rate adjustments on sensitive portfolios. The weighted economic scenarios for the first quarter are the same used for the previous quarter. In the first quarter of 2025, the cost of risk/outstandings was 34 basis points over a rolling four-quarter period15 and 30 basis points on an annualised quarterly basis16 (a decrease of one basis point, versus the first quarter of 2024).

    The contribution from equity-accounted entities amounted to €47 million in the first quarter of 2025, up +9.2% compared to the first quarter of 2024, mainly due to the growth of equity-accounted entities in the Personal finance and mobility business line.

    Pre-tax income, discontinued operations and non-controlling interests therefore increased by +4.6% to €2,900 million.

    The effective tax rate stood at 29.0%, up +6.6 percentage points compared to the first quarter of 2024. The tax charge was -€827 million, up +35.5% in connection with the impact in the first quarter of 2025 of the exceptional corporate tax surcharge of €-123 million, corresponding to an estimation of -€200 million in 2025 (assuming 2025 fiscal result being equal to 2024 fiscal result). Net income before non-controlling interests was down -4.1% to €2,073 million. Non-controlling interests amounted to -€249 million in first quarter 2025, down -3.9%.

    Earnings per share in the first quarter of 2025 reached €0.56, increasing by +11.4% compared to the first quarter of 2024.
    RoTE17, which is calculated on the basis of an annualised Net Income Group Share 18 and IFRIC charges and additional corporate tax charge linearised over the year, net of annualised Additional Tier 1 coupons (return on equity Group share excluding intangibles) and net of foreign exchange impact on reimbursed AT1, and restated for certain volatile items recognised in equity (including unrealised gains and/or losses), reached 15.9% in the first quarter of 2025, decreasing of 0.1 percentage point compared to the first quarter of 2024.

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

    Activity of the Asset Gathering division

    In the first quarter of 2025, the assets under management of the Asset gathering (AG) division stood at €2,878 billion, up +€11 billion over the quarter (i.e. +0.4%), mainly due to positive net inflows in the three insurance, asset management, and wealth management businesses, offset by an unfavourable market and foreign exchange impact effect over the period. Over the year, assets under management rose by +8.7%.

    Insurance activity (Crédit Agricole Assurances) was very strong, with total premium income of €14.8 billion, up +20.7% compared to the first quarter of 2024 and up in all three segments: savings/retirement, property and casualty, and death & disability/creditor/group insurance.

    In Savings/Retirement, first quarter 2025 premium income stood at €10.8 billion, up +27% compared to the first quarter of 2024. Activity was driven by the success of euro payment bonus campaigns in France (full effect of commercial events over the quarter), which boosted gross euro inflows. As a result, unit-linked rate in gross inflows is down -4.7 percentage points over the year at 34.3%19.The quarter’s record net inflows totalled +€4.0 billion (up +€1.5 billion compared to the fourth quarter of 2024), comprised of +€2.0 billion net inflows from unit-linked contracts and +€1.9 billion from euro funds.

    Assets under management (savings, retirement and funeral insurance) continued to grow and came to €352.4 billion (up +€17.5 billion year-on-year, or +5.2%). The growth in outstandings was driven by the very high level of quarterly net inflows and favourable market effects. Unit-linked contracts accounted for 30% of outstandings, up +0.5 percentage point compared to the end of March 2024.

    In property and casualty insurance, premium income stood at €2.6 billion in the first quarter of 2025, up +8%20 compared to the first quarter of 2024. Growth stemmed from a price effect, with the increase in the average premium benefiting from revised rates and changes in the product mix, and a volume effect, with a portfolio of over €16.8 million21 policies at the end of March 2025 (an increase of +5% over the year). Lastly, the combined ratio at the end of March 2025 stood at 93.2%22, an improvement of -0.6 percentage point year-on-year.

    In death & disability/creditor insurance/group insurance, premium income for the first quarter of 2025 stood at €1.4 billion, up +4% compared to the first quarter of 2024. The strong year-on-year activity was driven by an excellent quarter in group insurance (+24% compared to the first quarter of 2024) due to the entry into effect of the collective health contract with the Ministry of Agriculture and Food Sovereignty23. Creditor (+2%) and individual death & disability (+3%) activities were resilient.

    In Asset Management (Amundi), assets under management by Amundi increased by +0.3% and +6.2% respectively over the quarter and the year, reaching a new record of 2,247 billion at the end of March 2025, benefiting from a high level of inflows over 12 months (+€70 billion), and despite a significantly negative foreign exchange impact this quarter (-€26 billion). Over the quarter, net inflows in asset management (Amundi) stood at +€31.1 billion, driven by a record quarterly inflow of medium-long term assets24(+€37 billion). This good performance is illustrated in particular by the continued dynamic in the strategic aeras (ETF +€10 billion, Third Party Distribution +€8 billion, Asia +€8 billion). In the institutional segment, net inflows of €22.4 billion over the quarter continued their strong commercial activity, driven by medium-long term assets, mainly the acquisition of a large ESG equity index mandate with The People’s Pension in the United Kingdom (+€21 billion). In return, Corporates recorded a seasonal outflow in treasury products. Finally, JVs posted a net inflow of €2.9 billion over the period, with good inflows in Korea, stabilisation in China and an outflow in India related to the end of the financial year and the local market correction from the fourth quarter of 2024. Furthermore, the finalisation of the partnership with Victory Capital was announced on 1 April 2025.

    In Wealth management, total assets under management (CA Indosuez Wealth Management and LCL Private Banking) amounted to €278 billion at the end of March 2025, and were up +41.3% compared to March 2024 and stable compared to December 2024.

    For Indosuez Wealth Management, outstandings at the end of March stood at €213 billion25, down -0.7% compared to end-December 2024. Despite activity remaining positive with positive net inflows of €0.8 billion, the market and foreign exchange impact for the quarter was unfavourable by -€2 billion. Compared to the end of March 2024, assets under management were up by +€80 billion (or +60.2%), taking into account a scope effect of €69 billion (integration of Degroof Petercam in June 2024). The announcement on 4 April 2025 of the planned acquisition of Banque Thaler in Switzerland is also noteworthy.

    Results of the Asset Gathering division

    In the first quarter of 2025, the Asset Gathering division generated €2,058 million in revenues, up +15.0% compared to the first quarter of 2024, driven by all the division’s business lines. Expenses increased +24.1% to -€936 million and gross operating income came to €1,123 million, +8.4% compared to first quarter of 2024. The cost/income ratio for the first quarter of 2025 stood at 45.5%, up +3.3 percentage points compared to the same period in 2024. As a result, pre-tax income increased by +8.2% to €1,139 million in the first quarter of 2025. Net income Group share recorded a drop of 5%, taking into account corporate tax additional charge in France.

    In the first quarter of 2025, the Asset Gathering division contributed by 35% to the net income Group share of the Crédit Agricole S.A. core businesses and 28% to revenues (excluding the Corporate Centre division).

    As at 31 March 2025, equity allocated to the division amounted to €13.4 billion, including €10.8 billion for Insurance, €1.8 billion for Asset Management, and €0.8 billion for Wealth Management. The division’s risk-weighted assets amounted to €51.7 billion, including €24.3 billion for Insurance, €19.2 billion for Asset Management and €8.2 billion for Wealth Management.

    Insurance results

    In first quarter 2025, insurance revenues stood at €727 million, a slight increase of +0.7% compared to the first quarter of 2024, supported by Savings/Retirement (related to the increase in outstandings) and property and casualty insurance, offsetting a narrowing of technical margins in Creditor insurance combined with methodological effects. Revenues for the quarter included €505 million from savings/retirement and funeral insurance26, €103 million from personal protection27 and €122 million from property and casualty insurance28.

    The Contractual Service Margin (CSM) totalled €25.8 billion at the end of March 2025, an increase of +2% compared to the end of December 2024.

    Non-attributable expenses for the quarter stood at -€96 million, up +4.7% over the first quarter of 2024. As a result, gross operating income reached €632 million, stable (+0.1%) compared to the same period in 2024. Net pre-tax income was stable, amounting to €631 million. Excluding the effect of replacing Tier 1 debt with Tier 2 debt in September 202429, it was up by +2%. For the same reason, non-controlling interests amounted to -€3 million compared to -€14 million in the first quarter of 2024, due to the inclusion of accounting items on the redemption of Tier 1 instruments29. Net income Group share stood at €439 million, down -11.0% compared to the first quarter of 2024, taking into account the corporate tax additional charge in France.

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

    Asset Management results

    In the first quarter of 2025, revenues amounted to €892 million, showing double-digit growth of +11.0% compared to the first quarter of 2024. Net management fee and commission income showed a sustained increase of +7.7% on the first quarter of 2024 in a context of market appreciation. Performance fee and commission income was also up by +30.7% compared to the first quarter of 2024. Amundi Technology’s revenues continued their sustained growth and increased by +46.2% compared to the first quarter of 2024, thanks to the integration of aixigo, a European leader in Wealth Tech, whose acquisition was finalised in November 2024, amplifying organic growth, which remained strong (+21%). Operating expenses amounted to -€496 million, up +10.6% compared to the first quarter of 2024. They include the scope effects related to Alpha Associates and aixigo, as well as the integration costs related to Victory Capital. Apart from these effects, expenses increased by +6.3% over the period. The cost/income ratio at 55.6%, is down -0.2 percentage points despite Victory Capital30 integration costs. Restated from the latter, the cost/income ratio stood at 54.8%. Gross operating income stood at €396 million, an increase of +11.6% compared to the first quarter of 2024. The contribution of equity-accounted entities, including the contribution of Amundi’s Asian joint ventures, amounted to €28 million, down slightly compared to the first quarter of 2024. Consequently, pre-tax income came to €419 million, a +9.3% increase compared to the first quarter of 2024. Net income Group share stood at €183 million, down -7.3% compared to the first quarter of 2024, taking into account the impact of the corporate tax additional charge in France. 

    Wealth Management results31

    In the first quarter of 2025, revenues from wealth management amounted to €439 million, up +66.4% compared to the first quarter of 2024, benefiting from the impact of the integration of Degroof Petercam in June 202432. Apart from this effect, revenues were supported by the strong activity of transactional fee and commission income, and the net interest margin held up well over the period. Expenses for the quarter amounted to -€344 million, up +60.7% compared to the first quarter of 2024, impacted by a Degroof Petercam scope effect32 and -€13 million in integration costs. Restated for these impacts, growth in expenses was stable compared to the first quarter of 2024. The cost/income ratio for the first quarter of 2025 stood at 78.4%, down -2.8 percentage points compared to the same period in 2024. Restated for integration costs, it amounted to 75.5%. Gross operating income reached €95 million, up sharply (+91.3%) compared to the first quarter of 2024. Cost of risk remained moderate at -€6 million. Net income Group share reached €58 million, up sharply (x 2.3) compared to the first quarter of 2024.

    Wealth Management contributed 3% to the net income Group share of Crédit Agricole S.A.’s business lines (excluding the Corporate Centre division) at end-March 2025 and 6% of their revenues (excluding the Corporate Centre division).

    At 31 March 2025, equity allocated to Wealth management was €0.8 billion and risk-weighted assets totalled €8.2 billion.  

    Activity of the Large Customers division

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

    Corporate and Investment Banking’s first quarter 2025 revenues rose sharply to €1,887 million, an increase of +7.3% compared to the first quarter of 2024, driven by growth in its two business lines. Capital Markets and Investment Banking grew its revenues to €1,017 million, an increase of +10.0% compared with the first quarter of 2024. This was fuelled by new growth in revenues across all Capital Market activities (+5.9% compared to the first quarter of 2024) in a context of high volatility, and by the good level of activity in Investment Banking (+31.6% compared to the first quarter of 2024) thanks to the good dynamics of Structured Equities activities. Financing activity revenues were also up at €870 million, an increase of +4.4% relative to the first quarter of 2024. This was mainly due to the performance of Commercial Banking (+1.7% compared to the first quarter of 2024), driven by the performance of assets financing and project financing, particularly in Green Energy and Aerospace, and by Trade and Export Finance activities. The structured finance activity also recorded an increase in revenues of +9.4% compared to the first quarter of 2024.

    Financing activities consolidated its leading position in syndicated loans (#1 in France33 and #2 in EMEA33). Crédit Agricole CIB reaffirmed its strong position in bond issues (#2 All bonds in EUR Worldwide33) and was ranked #1 in Green, Social & Sustainable bonds in EUR34. Average regulatory VaR stood at €10.5 million in the first quarter of 2025, up slightly from €9.5 million in the fourth quarter of 2024, reflecting changes in positions and financial markets. It remained at a level that reflected prudent risk management.

    For Asset servicing, business growth was supported by strong commercial activity and favourable market effects, which offset the planned exit of ISB customers.

    Assets under custody (AuC) rose by +3.3% at end-March 2025 compared to end-December 2024, up +9.0% from end-March 2024, to reach €5,467 billion. Assets under administration also increased by +5.3% this quarter and were up +4.7% year-on-year, totalling €3,575 billion at end-March 2025.

    Results of the Large Customers division

    In the first quarter of 2025, revenues of the Large Customers division once again reached a record level, with €2,408 million, up +6.3% compared with the first quarter of 2024, buoyed by an excellent performance in the Corporate and Investment Banking and Asset Servicing business lines.

    Operating expenses increased by +4.9% due to IT investments and business line development. As a result, the division’s gross operating income was up +8.2% from the first quarter of 2024 to €1,048 million. The business line recorded a net reversal in the cost of risk of +€25 million, compared to a reversal of +33 million in the first quarter of 2024. Pre-tax income amounted to €1,078 million, up +7.2% compared to the first quarter of 2024. The tax charge stood at -€305 million in the first quarter of 2025, taking into account the additional corporate income tax charge. Finally, net income Group share totalled €723 million in the first quarter of 2025, stable (+0.2%) compared to the first quarter of 2024.

    The business line contributed 38% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end-March 2025 and 33% to revenues excluding the Corporate Centre.

    At 31 March 2025, the equity allocated to the division was €13.5 billion and its risk-weighted assets were €141.7 billion.

    Corporate and Investment Banking results

    In the first quarter of 2025, Corporate and Investment Banking revenues reached a record of €1,887 million, up +7.3% compared to the first quarter of 2024. This was the best quarter recorded for Corporate and Investment Banking.

    Operating expenses rose by +7.5% to -€992 million, mainly due to IT investments and the development of business line activities. Gross operating income rose sharply by +7.1% compared to the first quarter 2024, taking it to a high level of +€895 million. The cost/income ratio was stable at 52.6% (+0.1 percentage point over the period). The cost of risk recorded a net reversal of +€24 million, notably related to new synthetic securitisation transactions. Lastly, pre-tax income in the first quarter of 2025 stood at €919 million, up +5.3% compared to the first quarter of 2024. Finally, net income Group share recorded a decrease of -0.5%, impacted by the additional corporate tax charge, to reach €648 million in the first quarter of 2025.

    Asset servicing results

    In the first quarter of 2025, the revenues of Asset Servicing were up +2.7% compared to the first quarter of 2024, standing at €522 million. This increase was driven by the favourable evolution of the net interest margin and fee and commission income on flow activities and transactions. Operating expenses were down by -1.6% to
    -€368 million, due to the decrease in ISB integration costs compared to the first quarter of 202435. Apart from this effect, expenses were up slightly pending the acceleration of synergies. As a result, gross operating income was up by +14.7 and stood at €153 million in the first quarter of 2025. The cost/income ratio for the first quarter of 2025 stood at 70.6%, down -3.1 percentage points compared to the same period in 2024. Consequently, pre-tax income was up by +19.1% and stood at €160 million in the first quarter of 2025. Net income Group share recorded an increase of +6% taking into account the additional corporate tax charge.

    Specialised financial services activity

    The commercial production of Crédit Agricole Personal Finance & Mobility (CAPFM) totalled €11.0 billion in the first quarter of 2025. It was down by -6.4% compared to the first quarter of 2024, related to the economic context negatively impacting the automotive market in Europe and China. The share of automotive financing36 in quarterly new business production stood at 48.5%. The average customer rate for production was up slightly by +3 basis points from the fourth quarter of 2024. As a result, CAPFM’s assets under management stood at €120.7 billion at end-March 2025, up +5.6% compared to end-March 2024, driven by all scopes: Automotive +8.6%37, LCL and Regional Bank +4.4%, Other Entities +3.0%. Automotive benefited from the consolidation of GAC Leasing this quarter as well as the development of car rental activities. Lastly, consolidated outstandings totalled €68.7 billion at end-March 2025, up 0.8% compared to the first quarter of 2024.

    Crédit Agricole Leasing & Factoring (CAL&F) commercial production increased by +3.0% in leasing, compared to the first quarter of 2024. This was driven by property leasing and renewable energy financing in France. Leasing outstandings rose +5.7% year-on-year, both in France (+4.5%) and internationally (+10.6%), to reach €20.5 billion at end-March 2025 (of which €16.1 billion in France and €4.4 billion internationally). Commercial production in factoring was down by -5.1% compared to the first quarter of 2024; International sales were down -31.6% due to a base effect linked to Germany, which recorded significant deals in the first quarter of 2024; France was up +16%, benefiting from significant contracts this quarter. Factoring outstandings at end-March 2025 were up +14.4% compared to end-March 2024, and factored revenues were up by +5.4% compared to the same period in 2024.

    Specialised financial services’ results

    The revenues of the Specialised Financial Services division were €868 million in the first quarter of 2025, up +2.6% compared to the first quarter of 2024. Expenses stood at -€474 million, up +4.4% compared to the first quarter of 2024. The cost/income ratio stood at 54.5%, up +0.9 percentage points compared to the same period in 2024. Gross operating income thus came to €395 million, up +0.6% compared to the first quarter of 2024. Cost of risk amounted to -€249 million, up +13.8% compared to the third quarter of 2024. The results of equity-accounted entities amounted to €36 million, up +18.5% compared to the first quarter of 2024; restated for non-recurring items from the first quarter of 2025 for €12 million, it was down -21.0%. Pre-tax income for the division amounted to €182 million, down -10.6% compared to the same period in 2024. Net income Group share includes the corporate tax additional charge in France and amounted to €148 million, up +4.1% compared to the same period in 2024.

    The business line contributed 8% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end-March 2025 and 12% to revenues excluding the Corporate Centre.

    At 31 March 2025, the equity allocated to the division was €7.5 billion and its risk-weighted assets were €79.0 billion.

    Personal Finance and Mobility results

    CAPFM revenues reached €683 million in the first quarter of 2025, up +2.0% compared to the first quarter of 2024, with a positive price effect thanks in particular to the production margin rate, which improved by +32 basis points in the first quarter of 2025 compared to the first quarter of 2024 (up +9 basis points compared to the fourth quarter of 2024). Expenses amounted to -€370 million, an increase of +4.3% due to employee expenses and IT expenses and compared to the first quarter of 2024, which was low. Gross operating income therefore stood at €313 million, stable compared to the first quarter of 2024 (-0.5%). The cost/income ratio stood at 54.2%, up +1.2 percentage points compared to the same period in 2024. The cost of risk stood at -€225 million, up +13.0% from the first quarter of 2024. The cost of risk/outstandings thus stood at 130 basis points38, a deterioration of +13 basis points compared to the first quarter of 2024, especially in international subsidiaries. The Non-Performing Loans ratio was 4.5% at the end of March 2025, down -0.2 percentage point compared to the end of December 2024, while the coverage ratio reached 73.5%, up +0.3 percentage points compared to the end of December 2024. The contribution from equity-accounted entities rose by +18.1% compared to the same period in 2024. Restated for non-recurring items from the first quarter of 2025 for €12 million, the results for equity-accounted entities dropped by -19.3% in connection with the Chinese market. Pre-tax income amounted to €126 million, down -14.3% compared to the same period in 2024. The net income Group share includes the corporate tax additional charge in France and reached €106 million, up +7.5% compared to the previous year.

    Leasing & Factoring results

    CAL&F’s revenues totalled €185 million, up +4.8% compared to the first quarter 2024. This increase was driven by equipment leasing and factoring. Expenses stood at -€104 million, up +4.6% in connection with the growth of the system, and the cost/income ratio stood at 56.0%, an improvement of -0.1 percentage point compared to the first quarter of 2024. Gross operating income stood at €82 million, up +5.0% compared to the first quarter of 2024. Cost of risk totalled -€24 million, up +21.5% compared to the same period in 2024. This rise was due to the small business and SME markets. Cost of risk/outstandings stood at 25 basis points38, up +3 basis points compared to first quarter 2024. Pre-tax income amounted to €56 million, stable (-0.7%) compared to the same period in 2024. Net income Group share includes the corporate tax additional charge in France and amounted to €42 million, down -3.7% compared to the previous year.

    Crédit Agricole S.A. Retail Banking activity

    In retail banking at Crédit Agricole S.A. this quarter, loan production in France continued its upturn compared to the first half of 2024 and the dynamic momentum continues in Italy. The number of customers with insurance is progressing.

    Retail banking activity in France

    In the first quarter of 2025, activity remained steady, albeit with a slowdown in property loans compared to the previous quarter and a stability in inflows and non-remunerated demand deposits over the quarter. Customer acquisition remained dynamic, with 67,000 new customers this quarter.

    The equipment rate for car, multi-risk home, health, legal, all mobile phones or personal accident insurance rose by +0.2 percentage points to stand at 28.0% at end-March 2025.

    Loan production totalled €6.7 billion, representing a year-on-year increase of +32%. The first quarter of 2025 recorded a slowdown in the production of property loans(+46% compared to the first quarter of 2024 and -34% compared to the fourth quarter of 2024), partially due to the seasonal effect. The average production rate for home loans came to 3.18%, down -6 basis points from the fourth quarter of 2024 and -102 basis points year on year. The home loan stock rate improved by +5 basis points over the quarter and by +19 basis points year on year. The strong momentum continued in the corporate market (+49% year on year) and the small business market (+6.4% year on year) but slowed for the consumer credit segment (-10.3%), in a challenging economic environment.

    Outstanding loans stood at €171 billion at end-March 2025, stable over the quarter and increasing by +1.6% year-on-year (of which +1.7% for home loans, +1.1% for loans to professionals, +2.0% for loans to corporates). Customer assets totalled €256.5 billion at end-March 2025, up +2.2% year on year, driven by interest-earning deposits and off-balance sheet funds. Over the quarter, customer assets were also up by +0.6%, including term deposits by +0.9%, in an environment that remains uncertain. Off-balance sheet deposits benefited from a positive year-on-year (unfavourable in the quarter) market effect across all segments and positive net inflows in life insurance.

    Retail banking activity in Italy

    In the first quarter of 2025, CA Italia posted gross customer capture of 53,000.

    Loan outstandings at CA Italia stood at €61.1 billion at end-March 202539, up +1.6% compared with end-March 2024, in a stable Italian market40, driven by the retail segment, which posted an increase in outstandings of +3.0%, and with a stable corporate segment. The loan stock rate was down -34 basis points compared to the fourth quarter of 2024, in line with the evolution in market rates. Loan production, buoyed by the solid momentum in all markets, rose +19.2% compared with the first quarter of 2024.

    Customer assets at end-March 2025 totalled €118.2 billion, up +1.7% compared with end-March 2024; on-balance sheet deposits were down -2.1% compared to end-March 2024, while the cost of on-balance sheet deposits decreased. Finally, off-balance sheet deposits increased by +6.5% over the same period and benefited from net flows and a positive market effect.

    CA Italia’s equipment rate in car, multi-risk home, health, legal, all mobile phones or personal accident insurance exceeded 20.0%, at 20.3%, up +1.0 percentage point compared with the first quarter of 2024.

    International Retail Banking activity excluding Italy

    For International Retail Banking excluding Italy, loan outstandings were €7.4 billion, up +5.8% at current exchange rates at end-March 2025 compared with end-March 2024 (+4.7% at constant exchange rates). Customer assets rose by +€12 billion and were up +11.1% over the same period at current exchange rates (+11.5% at constant exchange rates).

    In Poland in particular, loan outstandings increased by +3.6% compared to end-March 2024 (+0.7% at constant exchange rates) driven by the retail segment and on-balance sheet deposits of +17.0% (+13.8% at constant exchange rates). Loan production in Poland was stable this quarter compared to the first quarter of 2024 (+3.4% at current exchange rates and +0.3% at constant exchange rates). In addition, gross customer capture in Poland reached 64,000 new customers this quarter.

    In Egypt, commercial activity was strong in all markets. Loan outstandings rose +19.7% between end-March 2025 and end-March 2024 (+27.8% at constant exchange rates). Over the same period, on-balance sheet deposits increased by +5.4%% and were up +12.5% at constant exchange rates.

    Liquidity is still very strong with a net surplus of deposits over loans in Poland and Egypt amounting to +€2.3 billion at 31 March 2025, and reached €3.9 billion including Ukraine.

    French retail banking results

    In the first quarter of 2025, LCL revenues amounted to €963 million, up (+1.0%) compared to the first quarter of 2024. The increase in fee and commission income (+3.6% Q1/Q1) was driven by all activities (excluding securities management), but mainly by strong momentum in insurance (life and non-life). NIM is down by -1.7% Q1/Q1 and benefited from the increase in credit yields (stock repricing +19 bp Q1/Q1 and +5 bp Q1/Q4) and the reduction in the cost of resources, making it possible to mitigate the lower contribution of macro-hedging.

    Expenses are up by +3.8% and stood at -€625 million linked to the acceleration of investments (IT and employee expenses). The cost/income ratio stood at 64.9%, an increase by 1.8 percentage point compared to first quarter 2024. Gross operating income fell by -3.9% to €338 million.

    The cost of risk was down -22.9% compared to the first quarter of 2024 and stood at -€92 million (including a provision of -€95 million on proven risk and a recovery of €3 for contingent liabilities). The cost of risk/outstandings therefore stood at 20 basis points, with its level still high on the professional market. The coverage ratio stood at 63.0% at end-March 2025 (+0.4 percentage points compared to end-December 2024). The Non-Performing Loans ratio reached 2.0% at the end of March 2025, stable compared to the end of December 2024.

    In the end, pre-tax income stood at €247 million, up +5.3% compared to the first quarter of 2024, and net income Group share was down -25.6% compared to the first quarter 2024, impacted by the corporate income tax.

    In the end, the business line contributed 7% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) in the first quarter of 2025 and 13% to revenues excluding the Corporate Centre division.

    At 31 March 2025, the equity allocated to the business line stood at €5.1 billion and risk-weighted assets amounted to €53.9 billion.

    International Retail Banking results41

    In the first quarter of 2025, revenues for International Retail Banking totalled €1,025 million, down compared with the fourth quarter of 2024 (-3.0% at current exchange rates, -0.7% at constant exchange rates). Operating expenses were under control at -€515 million, an increase of +1.8% (+2.6% at constant exchange rates). Gross operating income consequently totalled €511 million, down -7.5% (-3.9% at constant exchange rates) for the period. Cost of risk amounted to -€66 million, down -18.9% compared to first quarter 2024 (-19.0% at constant exchange rates).

    All in all, net income Group share for CA Italia, CA Egypt, CA Poland and CA Ukraine amounted to €246 million in the first quarter of 2025, down -4.3% (and stable at -0.4% at constant exchange rates).

    At 31 March 2025, the capital allocated to International Retail Banking was €4.1 billion and risk-weighted assets totalled €43.4 billion.

    Results in Italy

    In the first quarter of 2025, Crédit Agricole Italia revenues stood at €777 million, stable (+0.3%) compared to the first quarter of 2024. The decrease in net interest margin (-5.8% compared to the first quarter of 2024) is offset by the increase in fee and commission income (+7.4% compared to the first quarter of 2024), which was driven by fee and commission income on assets under management (+11.6% compared to the first quarter of 2024). Operating expenses were -€384 million, contained and stable at +0.5% over the first quarter of 2024.

    Cost of risk amounted to -€56 million in first quarter 2025, down -7.9% compared to first quarter 2024, and corresponded almost entirely to provisions for proven risk. Cost of risk/outstandings42 stood at 39 basis points, up 1 basis point compared to the fourth quarter of 2024. The NPL ratio stood at 2.8%, improved compared to the fourth quarter of 2024, while the coverage ratio stood at 77.9% (+2.8 percentage points compared to the fourth quarter of 2024). Net income Group share for CA Italia was therefore €178 million, stable (-0.8%) compared to the first quarter of 2024.

    International Retail Banking results – excluding Italy

    In the first quarter of 2025, revenues for International Retail Banking excluding Italy totalled €248 million, down -12.2% (+3.9% at constant exchange rates) compared to the first quarter of 2024. Revenues in Poland were up +8.6% compared to the first quarter of 2024 (+5.3% at constant exchange rates), with a higher net interest margin. Revenues in Egypt were down -35.7% (-13.2% at constant exchange rates) with a base effect related to the exceptional foreign exchange activity of the first quarter of 2024, but benefited from an increased net interest margin. Operating expenses for International Retail Banking excluding Italy amounted to €131 million, up +5.8% compared to the first quarter of 2024 (+9.4% at constant exchange rates) due to the effect of employee expenses and taxes in Poland as well as employee expenses and inflation in Egypt. Gross operating income amounted to €117 million, down -26.3% (+15.3% at constant exchange rates) compared to the first quarter of 2024. The cost of risk remained contained at -€10 million, versus -€21 million in the first quarter of 2024. Furthermore, at end-March 2025, the coverage ratio for loan outstandings remained high in Poland and Egypt, at 122% and 144% respectively. In Ukraine, the local coverage ratio remains prudent (450%). All in all, the contribution of International Retail Banking excluding Italy to net income Group share was €67 million, down -12.4% compared with the first quarter of 2024 at current exchange rates and stable at constant exchange rates (+0.8%).  

    At 31 March 2025, the entire Retail Banking business line contributed 19% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) and 27% to revenues excluding the Corporate Centre.

    At 31 March 2025, the division’s equity amounted to €9.2 billion. Its risk-weighted assets totalled €97.2 billion.

    Corporate Centre results

    The net income Group share of the Corporate Centre was -€102 million in first quarter 2025, up +€5 million compared with first quarter 2024. The positive contribution of the Corporate Centre division can be analysed by distinguishing between the “structural” contribution (-€55 million) and other items (-€48 million).
    The contribution of the “structural” component (-€55 million) was up by +€52 million compared with the first quarter of 2024 and can be broken down into three types of activity:

    • The activities and functions of the Corporate Centre of the Crédit Agricole S.A. Parent Company. This contribution was -€315 million in the first quarter of 2025, down -€20 million, mainly explained by the accounting of the IFRIC tax in a single payment this quarter, whereas it had been spread over two quarters last year
    • The business lines that are not part of the core businesses, such as CACIF (private equity), CA Immobilier, CATE and BforBank (equity-accounted). Their contribution, at +€252 million in the first quarter of 2025, was up +€67 million compared to the first quarter of 2024, including a positive impact of the revaluation of Banco BPM shares.
    • Group support functions. Their contribution amounted to +€9 million this quarter (+€4 million compared with first quarter 2024).

    The contribution from “other items” amounted to -€48 million, down -€47 million compared to the first quarter of 2024, mainly explained by a negative variance related to ESTER/BOR volatility.

    At 31 March 2025, risk-weighted assets stood at €35.1 billion.

    Financial strength

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

    Capital ratios for Crédit Agricole Group are well above regulatory requirements. At 31 March 2025, the phased Common Equity Tier 1 ratio (CET1) for Crédit Agricole Group stood at 17.6%, or a substantial buffer of 780 basis points above regulatory requirements. The change in the CET1 ratio over the quarter is explained by the impacts of (a) +56 basis points linked to CRR3 impact (b) +25 basis points linked to retained earnings, (c) -17 bp related to the organic growth of the business lines and (d) -17 basis points for methodological effects, M&A and other effects, taking into account in the -9 basis points of the latest IFRS 9 phasing and -8 basis points related to the purchase of shares in Crédit Agricole S.A.

    Crédit Agricole S.A., in its capacity as the corporate center of the Crédit Agricole Group, fully benefits from the internal legal solidarity mechanism as well as the flexibility of capital circulation within the Crédit Agricole Group. The phased-in CET1 capital ratio stood at 12.1% at 31 March 2025, or a buffer of 350 basis points above regulatory requirements. The change in the CET1 ratio over the quarter is explained by the impacts of (a) +44 basis points linked to CRR3 impact (b) +21 basis points linked to retained earnings, (c) -9 bp related to the organic growth of the business lines and (d) -10 basis points for methodological effects, M&A and other effects, taking into account in the -5 basis points of the latest IFRS 9 phasing. Including M&A transactions completed after March 31, 2025 and the estimated impact from the crossing of the exemption threshold in Q2 2025, the proforma CET1 ratio would be 11.8%.

    The breakdown in risk weighted assets for Crédit Agricole S.A. by business line resulted from the combined effects of (a) -€12.9 billion related to the impact of CRR3 and, excluding this effect, (b) -€0.2 billion in the Retail Banking divisions, (c) +€1.4 billion in Asset Gathering, in particular in connection with the increase in the Equity Accounted Value of insurance (d) +€1.9 billion in specialized financial services, (e) -€0.8 billion in Large Customers and (f) +€0.1 billion in Corporate Center.

    For the Crédit Agricole Group, the impact of CRR3 was -€18.2 billion and the increase in risk weighted assets at the Retail Banking divisions was +€1.3 billion excluding the CRR3 effect. The evolution of the other businesses follows the same trend as for Crédit Agricole S.A.

    Crédit Agricole Group’s financial structure

        Crédit Agricole Group   Crédit Agricole S.A.
        31/03/25 31/12/24 Requirements
    31/03/25    		   31/03/25 31/12/24 Requirements
    31/03/25
    Phased-in CET1 ratio43   17.6% 17.2% 9.8%   12.1% 11.7% 8.6%
    Tier1 ratio43   19.0% 18.3% 11.7%   14.3% 13.4% 10.4%
    Total capital ratio43   21.8% 20.9% 14.1%   18,4% 17.4% 12.8%
    Risk-weighted assets (€bn)   641 653     405 415  
    Leverage ratio   5.6% 5.5% 3.5%   4.0% 3.9% 3.0%
    Leverage exposure (€bn)   2,173 2,186     1,434 1,446  
    TLAC ratio (% RWA) 43,44   28.5% 26.9% 22,32%        
    TLAC ratio (% LRE)44   8.4% 8.0% 6.75%        
    Subordinated MREL ratio (% RWA) 43   28.5% 26.9% 22.57%        
    Subordinated MREL ratio (% LRE)   8.4% 8.0% 6.25%        
    Total MREL ratio (% RWA) 43   34.0% 32.4% 26.33%        
    Total MREL ratio (% LRE)   10.0% 9.7% 6.25%        
    Distance to the distribution restriction trigger (€bn)45   46 43     14 12  

    For Crédit Agricole S.A., the distance to the trigger for distribution restrictions is the distance to the MDA trigger45, i.e. 354 basis points, or €14 billion of CET1 capital at 31 March 2025. Crédit Agricole S.A. is not subject to either the L-MDA (distance to leverage ratio buffer requirement) or the M-MDA (distance to MREL requirements).

    For Crédit Agricole Group, the distance to the trigger for distribution restrictions is the distance to the L-MDA trigger at 31 March 2025. Crédit Agricole Group posted a buffer of 210 basis points above the L-MDA trigger, i.e. €46 billion in Tier 1 capital.

    At 31 March 2025, Crédit Agricole Group’s TLAC and MREL ratios are well above requirements44. Crédit Agricole Group posted a buffer of 590 basis points above the M-MDA trigger, i.e. €38 billion in CET1 capital. At this date, the distance to the M-MDA trigger corresponded to the distance between the subordinated MREL ratio and the corresponding requirement. The Crédit Agricole Group’s 2025 target is to maintain a TLAC ratio greater than or equal to 26% of RWA excluding eligible senior preferred debt.

    Liquidity and Funding

    Liquidity is measured at Crédit Agricole Group level.

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

    Diversified and granular customer deposits remain stable compared to December 2024 (€1,148 billion at end-March 2025).

    The Group’s liquidity reserves, at market value and after haircuts46, amounted to €487 billion at 31 March 2025, up +€14 billion compared to 31 December 2024.

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

    This increase in liquidity reserves is notably explained by:

    • The increase in the securities portfolio (HQLA and non-HQLA) for +€6 billion;
    • The increase in collateral already pledged to Central Banks and unencumbered for +€5 billion, including a €2 billion increase in self-securitisations;
    • The increase in central bank deposits for €3 billion.

    Crédit Agricole Group also continued its efforts to maintain immediately available reserves (after recourse to ECB financing). Central bank eligible non-HQLA assets after haircuts amounted to €144 billion.

    Standing at €1,691 billion at 31 March 2025, the Group’s liquidity balance sheet shows a surplus of stable funding resources over stable application of funds of €197 billion, up +€20 billion compared with end-December 2024. This surplus remains well above the Medium-Term Plan target of €110bn-€130bn.

    Long term debt was €315 billion at 31 March 2025, up compared with end-December 2024. This included:

    • Senior secured debt of €89 billion, up +€5 billion;
    • Senior preferred debt of €162 billion, up +€3 billion due to the increase in entities’ issuances;
    • Senior non-preferred debt of €40 billion, up +€3 billion due to the MREL/TLAC eligible debt;
    • And Tier 2 securities of €24 billion, down -€1 billion.

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

    At 31 March 2025, the average LCR ratios (calculated on a rolling 12-month basis) were 139% for Crédit Agricole Group (representing a surplus of €92 billion) and 144% for Crédit Agricole S.A. (representing a surplus of €89 billion). They were higher than the Medium-Term Plan target (around 110%).

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

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

    At 31 March 2025, the Group’s main issuers raised the equivalent of €15.6 billion47in medium-to-long-term debt on the market, 82% of which was issued by Crédit Agricole S.A.

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

    • Crédit Agricole Assurances issued €750 million in RT1 Perpetual NC10.75 year;
    • Crédit Agricole Personal Finance & Mobility issued:
      • €500 million in EMTN issuances through Crédit Agricole Auto Bank (CAAB);
      • €420 million in securitisations through Agos;
    • Crédit Agricole Italia issued one senior secured debt issuance for a total of €1 billion;
    • Crédit Agricole next bank (Switzerland) issued two tranches in senior secured format for a total of 200 million Swiss francs, of which 100 million Swiss francs in Green Bond format.

    At 31 March 2025, Crédit Agricole S.A. raised the equivalent of €11.2 billion through the market48,49.

    The bank raised the equivalent of €11.2 billion, of which €4.7 billion in senior non-preferred debt and €1.4 billion in Tier 2 debt, as well as €1.3 billion in senior preferred debt and €3.8 billion in senior secured debt at end-March. The financing comprised a variety of formats and currencies, including:

    • €1.75 billion50,51;
    • 3.5 billion US dollars (€3.4 billion equivalent);
    • 0.8 billion pounds sterling (€1 billion equivalent);
    • 94.3 billion Japanese yen (€0.6 billion equivalent);
    • 0.4 billion Singapore dollars (€0.3 billion equivalent);
    • 0.6 billion Australian dollars (€0.4 billion equivalent).

    At end-March, Crédit Agricole S.A. had issued 76%52,53 of its funding plan in currencies other than the euro.

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

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

    The programme was 56% completed at 31 March 2025, with:

    • €3.8 billion in senior secured debt;
    • €1.3 billion equivalent in senior preferred debt;
    • €4.7 billion equivalent in senior non-preferred debt;
    • €1.4 billion equivalent in Tier 2 debt.

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

    Credit Agricole Group – Results by business line, Q1-25 and Q1-24

      Q1-25
    €m RB LCL IRB AG SFS LC CC Total
                     
    Revenues 3,352 963 1,048 2,049 868 2,408 (640) 10,048
    Operating expenses (2,530) (625) (535) (936) (474) (1,360) 468 (5,992)
    Gross operating income 822 338 513 1,113 395 1,047 (172) 4,056
    Cost of risk (319) (92) (67) (11) (249) 25 (22) (735)
    Equity-accounted entities 6 – – 28 36 6 – 75
    Net income on other assets 3 1 (0) (0) 0 0 0 4
    Income before tax 511 247 445 1,130 182 1,078 (194) 3,399
    Tax (170) (112) (137) (351) (12) (305) 46 (1,041)
    Net income from discont’d or held-for-sale ope. – – 0 – – – (0) (0)
    Net income 341 135 308 779 170 773 (148) 2,358
    Non controlling interests 0 (0) (42) (101) (21) (36) 7 (193)
    Net income Group Share 341 135 266 679 148 738 (141) 2,165
      Q1-24
    €m RB LCL IRB AG SFS LC CC Total
                     
    Revenues 3,314 954 1,081 1,793 846 2,266 (728) 9,525
    Operating expenses (2,484) (602) (524) (754) (454) (1,297) 527 (5,589)
    Gross operating income 830 351 556 1,039 392 969 (201) 3,936
    Cost of risk (247) (119) (84) (3) (219) 33 (13) (651)
    Equity-accounted entities 5 – – 29 30 4 – 68
    Net income on other assets 2 2 (0) (8) (0) 0 (2) (7)
    Income before tax 589 234 472 1,056 203 1,006 (216) 3,347
    Tax (147) (53) (143) (220) (42) (235) 85 (755)
    Net income from discont’d or held-for-sale ope. – – – – – – – –
    Net income 442 181 330 837 161 772 (131) 2,592
    Non controlling interests (0) (0) (51) (112) (19) (34) 7 (208)
    Net income Group Share 442 181 279 725 142 738 (123) 2,384

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

    Crédit Agricole S.A. – Résults by business line, Q1-25 and Q1-24

      Q1-25
    En m€ AG LC SFS FRB (LCL) IRB CC Total
                   
    Revenues 2,058 2,408 868 963 1,025 (67) 7,256
    Operating expenses (936) (1,360) (474) (625) (515) (81) (3,991)
    Gross operating income 1,123 1,048 395 338 511 (148) 3,266
    Cost of risk (11) 25 (249) (92) (66) (21) (413)
    Equity-accounted entities 28 6 36 – – (22) 47
    Net income on other assets (0) 0 0 1 (0) 0 1
    Income before tax 1,139 1,078 182 247 444 (191) 2,900
    Tax (352) (305) (12) (112) (137) 92 (827)
    Net income from discontinued or held-for-sale operations – – – – 0 – 0
    Net income 787 774 170 135 308 (99) 2,073
    Non controlling interests (107) (50) (21) (6) (62) (3) (249)
    Net income Group Share 680 723 148 129 246 (102) 1,824
      Q1-24  
    En m€ AG LC SFS FRB (LCL) IRB CC Total  
                   
    Revenues 1,789 2,266 846 954 1,057 (107) 6,806
    Operating expenses (754) (1,297) (454) (602) (505) (56) (3,669)
    Gross operating income 1,035 969 392 351 552 (163) 3,137
    Cost of risk (3) 33 (219) (119) (82) (11) (400)
    Equity-accounted entities 29 4 30 – – (20) 43
    Net income on other assets (8) 0 (0) 2 (0) – (6)
    Income before tax 1,053 1,006 203 234 470 (194) 2,773
    Tax (220) (235) (42) (53) (142) 82 (610)
    Net income from discontinued or held-for-sale operations – – – – – – –
    Net income 834 772 161 181 328 (112) 2,163
    Non controlling interests (117) (50) (19) (8) (71) 5 (259)
    Net income Group Share 716 722 142 173 257 (107) 1,903

    Appendix 3 – Data per share

    Credit Agricole S.A. – Earnings p/share, net book value p/share and RoTE

    (€m)

    Q1-2025
    Q1-2024

    Net income Group share

    1,824
    1,903

    – Interests on AT1, including issuance costs, before tax

    (129)
    (138)

    – Foreign exchange impact on reimbursed AT1

    –
    (247)

    NIGS attributable to ordinary shares

    [A]
    1,695
    1,518

    Average number shares in issue, excluding treasury shares (m)

    [B]
    3,025
    3,018

    Net earnings per share

    [A]/[B]
    0.56 €
    0.50 €

    (€m)

    31/03/2025
    31/03/2024

    Shareholder’s equity Group share

    77,378
    72,429

    – AT1 issuances

    (8,726)
    (7,184)

    – Unrealised gains and losses on OCI – Group share

    1,222
    1,021

    – Payout assumption on annual results*

    (3,327)
    (3,181)

    Net book value (NBV), not revaluated, attributable to ordin. sh.

    [D]
    66,546
    63,086

    – Goodwill & intangibles** – Group share

    (17,764)
    (17,280)

    Tangible NBV (TNBV), not revaluated attrib. to ordinary sh.

    [E]
    48,783
    45,807

    Total shares in issue, excluding treasury shares (period end, m)

    [F]
    3,025
    3,026

    NBV per share , after deduction of dividend to pay (€)
    + Dividend to pay (€)

    TNBV per share, after deduction of dividend to pay (€)
    TNBV per sh., before deduct. of divid. to pay (€)

    [D]/[F]
    22.0 €
    20.9 €

    [H]
    1.10 €
    1.05 €

    [G]=[E]/[F]
    16.1 €
    15.1 €

    [G]+[H]
    17.2 €
    16.2 €

    * dividend proposed to the Board meeting to be paid
    ** including goodwill in the equity-accounted entities

    (€m)

    Q1-25
    Q1-24

    Net income Group share

    [K]
    1,824
    1,903

    Impairment of intangible assets

    [L]
    0
    0

    Additional corporate tax

    [LL]
    -123
    – 

    IFRIC

    [M]
    -173
    -110

    NIGS annualised (1)

    [N]
    8,111
    7,944

    Interests on AT1, including issuance costs, before tax, foreign exchange impact, annualised

    [O]
    -515
    -799

    Result adjusted

    [P] = [N]+[O]
    7,596
    7,145

    Tangible NBV (TNBV), not revaluated attrib. to ord. sh. – avg *** (2)

    [J]
    47,752
    44,671

    Stated ROTE adjusted (%)

    = [P] / [J]
    15.9%
    16.0%

    *** including assumption of dividend for the current exercice

    (1) ROTE calculated on the basis of an annualised net income Group share and linearised IFRIC costs over the year
    (2) Average of the NTBV not revalued attributable to ordinary shares, calculated between 31/12/2024 and 21/03/2025 (line [E]), restated with an assumption of dividend for current exercises

    Alternative Performance Indicators54

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Disclaimer

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

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

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

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

    Applicable standards and comparability

    The figures presented for the three-months period ending 31 March 2025 have been prepared in accordance with IFRS as adopted in the European Union and applicable at that date, and with regulations currently in force. This financial information does not constitute a set of financial statements for an interim period as defined by IAS 34 “Interim Financial Reporting” and has not been audited.

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

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

    Other information

    Crédit Agricole S.A.’s Combined General Meeting will take place on 14 May 2025 in Paris.

    As announced at the time of the publication of Crédit Agricole S.A.’s 2024 results, the Board of Directors will propose to the General Meeting a cash dividend of €1.10 per share

    26 May 2025: ex-dividend date
    27 May 2025: Record date
    28 May 2025: Dividend payment

    Financial Agenda

    14 May 2025                General Meeting
    31 July 2025                Publication of the 2025 second quarter and the first half-year results
    30 October 2025                Publication of the 2025 third quarter and first nine months results

    Contacts

    CREDIT AGRICOLE PRESS CONTACTS

    CRÉDIT AGRICOLE S.A. INVESTOR RELATIONS CONTACTS

    Institutional investors + 33 1 43 23 04 31 investor.relations@credit-agricole-sa.fr
    Individual shareholders + 33 800 000 777 (freephone number – France only) relation@actionnaires.credit-agricole.com
         
    Cécile Mouton + 33 1 57 72 86 79 cecile.mouton@credit-agricole-sa.fr
     

    Equity investor relations:

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

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

               

    1 Car, home, health, legal, all mobile phones or personal accident insurance.
    2 CA Auto Bank, automotive JVs and automotive activities of other entities
    3 Low-carbon energy outstandings made up of renewable energy produced by the clients of all Crédit Agricole Group entities, including nuclear energy outstandings for Crédit Agricole CIB.
    4CAA outstandings (listed investments managed directly, listed investments managed under mandate and unlisted investments managed directly) and Amundi Transition Energétique.
    5 Crédit Agricole Group outstandings, directly or via the EIB, dedicated to the environmental transition according to the Group’s internal sustainable assets framework, as of 31/12/2024. Change of method compared with the outstandings reported at 30/09/2024: with the same method, the outstandings at 31/12/2024 would be €115.5 billion.
    6 Direct exposure to project financing of hydrocarbon extraction (gross exposure excl. export credit cover).

    7 The cost of risk/outstandings (in basis points) on a four-quarter rolling basis is calculated on the cost of risk of the past four quarters divided by the average outstandings at the start of each of the four quarters
    8 The cost of risk/outstandings (in basis points) on an annualised basis is calculated on the cost of risk of the quarter multiplied by four and divided by the outstandings at the start of the quarter
    9 Average rate of loans to monthly production for January and February 2025.
    10 Equipment rate – Home-Car-Health policies, Legal, All Mobile/Portable or personal accident insurance
    11 Home Purchase Savings Plan base effect (reversal of the Home Purchase Savings Plan provision) in Q1-24 totalling +€41m in revenues and +€30m in net income Group share 
    12 Scope effect of Degroof Petercam revenues: +€164 million in the first quarter of 2025
    13 Includes -€115 million in scope effect on Degroof Petercam

    14 Provisioning rate calculated with outstandings in Stage 3 as denominator, and the sum of the provisions recorded in Stages 1, 2 and 3 as numerator.
    15 The cost of risk/outstandings (in basis points) on a four-quarter rolling basis is calculated on the cost of risk of the past four quarters divided by the average outstandings at the start of each of the four quarters
    16 The cost of risk/outstandings (in basis points) on an annualised basis is calculated on the cost of risk of the quarter multiplied by four and divided by the outstandings at the start of the quarter
    17 See Appendixes for details on the calculation of the RoTE (return on tangible equity)
    18 The annualised net income Group share corresponds to the annualisation of the net income Group share (Q1x4; H1x2; 9Mx4/3) by restating each period for IFRIC impacts and the corporate income tax surcharge to linearise them over the year
    19 In local standards
    20 Property and casualty insurance premium income includes a scope effect linked to the initial consolidation in Q2-24 of CATU (a property and casualty insurance entity in Poland) with retroactive effect at 1 January 2024: +7.7% Q1/Q1 increase in premium income at constant scope

    21 Scope: property and casualty in France and abroad
    22 Combined property & casualty ratio in France (Pacifica) including discounting and excluding undiscounting, net of reinsurance: (claims + operating expenses + fee and commission income)/gross premiums earned. Undiscounted ratio: 95.9% (-0.4 pp over the year)
    23 The Agrica – Crédit Agricole Assurances – Groupama consortium chosen to ensure the new health care scheme for employees as of 01/01/25
    24 Excluding JV
    25 Excluding assets under custody for institutional clients
    26 Amount of allocation of Contractual Service Margin (CSM), loss component and Risk Adjustment (RA), and operating variances net of reinsurance, in particular
    27 Amount of allocation of CSM, loss component and RA, and operating variances net of reinsurance, in particular.
    28 Net of reinsurance cost, including financial results
    29 The charge on Tier 1 debt is recorded as a non-controlling interest while that of Tier 2 debt is deducted from the revenues.
    30 Integration costs of -€7m in Q1-25 vs. -€13m in Q4-24, related to Victory and aixigo
    31 Indosuez Wealth Management scope
    32 Degroof Petercam data for the quarter included in Wealth Management results: Revenues of €164m and expenses of -€115m (excluding integration costs partly borne by Degroof Petercam)
    33 Refinitiv LSEG
    34 Bloomberg in EUR
    35 ISB integration costs: -€9m in Q1-25 (€20m in Q1-24)
    36 CA Auto Bank, automotive JVs and auto activities of other entities
    37 CA Auto Bank and automotive JVs
    38 Cost of risk for the last four quarters as a proportion of the average outstandings at the beginning of the period for the last four quarters.
    39 Net of POCI outstandings
    40 Source Abi Monthly Outlook April 2025: stable +0.0% March/March for all loans
    41 At 31 March 2025 this scope includes the entities CA Italia, CA Polska, CA Egypt and CA Ukraine.

    42 Over a rolling four quarter period.
    43 SREP requirement applicable at 31 March 2025, including the combined capital buffer requirement (a) for Crédit Agricole Group a 2.5% capital conservation buffer, a 1% G-SIB buffer (which will increase to 1.5% on 1 January 2026 following the notification received from the ACPR on 27 November 2024), the countercyclical buffer set at 0.75%, as well as the 0.06% systemic risk buffer and (b) for Crédit Agricole S.A., a 2.5% capital conservation buffer, the countercyclical buffer set at 0.58% as well as the 0.09% systemic risk buffer.  
    44 As part of its annual resolvability assessment, Crédit Agricole Group has chosen to continue waiving the possibility offered by Article 72ter(3) of the Capital Requirements Regulation (CRR) to use senior preferred debt for compliance with its TLAC requirements in 2025.
    45 In the event of non-compliance with the combined capital buffer requirement. The distributable elements of Crédit Agricole S.A. amounted to €42.9 billion, including €29.6 billion in distributable reserves and €13.3 billion in share premiums at 31 December 2024.
    46From December 2024, securities within liquidity reserves are valued after discounting idiosyncratic stress (previously systemic stress) to better reflect the economic reality of central bank value.
    47 Gross amount before buy-backs and amortisations
    48 Gross amount before buy-backs and amortisations
    49 Excl. AT1 issuances
    50 Excl. AT1 issuances
    51 Excl. senior secured issuances
    52 Excl. AT1 issuances
    53 Excl. senior secured issuances
    54 APMs are financial indicators not presented in the financial statements or defined in accounting standards but used in the context of financial communications, such as net income Group share or RoTE. They are used to facilitate the understanding of the company’s actual performance. Each APM indicator is matched in its definition to accounting data.

    Attachment

    The MIL Network –

  • MIL-OSI: Melexis Q1 2025 results – First quarter sales of 198.2 million EUR

    Source: GlobeNewswire (MIL-OSI)

    Regulated information

    Intermediate declaration by the Board of Directors

    Ieper, Belgium – April 30th, 2025, 07.00 hrs CET

    Dear,

    Please find herewith the link to our most recent press release:

    https://www.melexis.com/en/news/2025/financial/melexis-q1-2025-results

    Attachment

    The MIL Network –

  • MIL-OSI: EfTEN Real Estate Fund AS unaudited results for 1st quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    In the first quarter of 2025, EfTEN Real Estate Fund AS invested a significant part of the capital raised in the previous quarter, primarily in the elderly care home segment. In February, the Fund’s 100% subsidiary EfTEN Hiiu OÜ signed a binding agreement to acquire the property at Hiiu 42 in Tallinn, with the aim to developing a general care home in cooperation with Südamekodud AS. The acquisition price of the property was €4 million, with up to an additional €2.5 million for the reconstruction of the building. The expected return on the investment is 8% per annum. At the end of March, the real rights contract was concluded and the transaction finalized. As part of the transaction, EfTEN Hiiu OÜ signed a long-term (10+10 years) lease agreement with Hiiu Südamekodu OÜ. Part of the property continues to be used by the North Estonia Medical Centre Foundation. The building will be partially reconstructed into the “Nõmme Südamekodu” general care home, with future capacity for up to 170 clients.

    In January 2025, the Fund’s subsidiary EfTEN Ermi OÜ commenced construction of the second phase of Tartu Südamekodu, which will add 60 beds and a solar park to the existing care home. The total project cost is approximately €1.3 million, with construction expected to be completed by July 2025. The expected return on this investment is 8.1% per annum.

    Upon completion of these projects, EfTEN Real Estate Fund AS will own four elderly care homes with a combined capacity of nearly 800 beds.

    On 31 March 2025, the Fund’s subsidiary EfTEN Seljaku OÜ terminated the lease agreement with AS Hortes (in bankruptcy) concerning the Laagri Hortes properties. A new lease agreement has been signed with Rikets Aianduskeskus OÜ, which will commence operations on the premises as of 1 April 2025.

    In April 2025, the ICONFIT logistics building owned by the fund’s subsidiary EfTEN Paemurru OÜ was completed. The fund began earning rental income from the property starting from April 15.

    Financial Overview

    The consolidated sales revenue of EfTEN Real Estate Fund AS for Q1 2025 amounted to €7.858 million (Q1 2024: €7.961 million), and the consolidated net rental income (NOI) totaled €7.211 million (Q1 2024: €7.343 million). The net rental income margin remained stable at 92% (2024: 92%), indicating that costs directly related to property management (including land tax, insurance, maintenance and improvement expenses) and marketing accounted for 8% (2024: 8%) of revenue.

    The Fund’s consolidated net profit for Q1 2025 was €4.167 million (Q1 2024: €3.808 million). A key contributor to the profit growth was the decrease in interest expenses due to the decline in EURIBOR—interest costs fell by €432 thousand, or 19%, compared to Q1 2024.

    Real Estate Portfolio

    As of 31 March 2025, the Group held 37 (31 December 2024: 36) investment properties with a total fair value of €380.160 million (31 December 2024: €373.815 million) and an acquisition cost of €376.906 million (31 December 2024: €370.561 million). In addition to properties held by subsidiaries, the Group owns a 50% stake in the joint venture operating the Palace Hotel in Tallinn, with a fair value of €8.632 million as of 31 March 2025 (31 December 2024: €8.630 million).

    In Q1 2025, the Group made new and follow-on investments totalling €6.345 million.

    In March 2025, EfTEN Hiiu OÜ acquired the property at Hiiu 42, Tallinn, for €4 million. The North Estonia Medical Centre Foundation continues to use part of the property under an existing lease. A long-term (10+10 years) lease was signed with Hiiu Südamekodu OÜ, a subsidiary of Südamekodud AS, which will develop the premises into the “Nõmme Südamekodu” general care home with capacity for up to 170 clients.

    Construction of the C-building at Valkla Care Home continued in Q1 2025, with a total investment of €343 thousand. Construction of the second phase of Ermi Care Home in Tartu began, with works totalling €192 thousand during the quarter. In addition, construction at the Paemurru Logistics Centre progressed, with Q1 investment totalling €1.515 million.

    In Q1 2025, the Group earned €7.673 million in rental income, remaining on par with the previous year.

    As of 31 March 2025, the vacancy rate of the Group’s real estate portfolio was 4.4% (31 December 2024: 2.6%). The highest vacancy was in the office segment at 17.7%, where filling vacant spaces has taken longer than previously.

    Financing

    In Q1 2025, the Fund’s subsidiary EfTEN Riga Airport SIA extended its loan agreement with the bank. Over the next 12 months, six of the Group’s subsidiaries have loan agreements maturing, with a total outstanding balance of €20.38 million as of 31 March 2025. These maturing loans have LTVs between 29% and 48%. Given the stable rental cash flows of the properties, the Group’s management does not foresee obstacles in refinancing these loans.

    As of 31 March 2025, the Group’s weighted average interest rate on loans was 4.37% (31 December 2024: 4.89%) and the loan-to-value (LTV) ratio stood at 40% (31 December 2024: 40%). All loan agreements of the subsidiaries are based on floating interest rates. The Fund’s interest coverage ratio (ICR) was 3.4 as of 31 March 2025 (31 March 2024: 2.9).

    Share Information

    As of 31 March 2025, the registered share capital of EfTEN Real Estate Fund AS was €114.403 million (unchanged from 31 December 2024), consisting of 11,440,340 shares with a nominal value of €10 each.

    The net asset value (NAV) per share as of 31 March 2025 was €20.74 (31 December 2024: €20.37), representing an increase of 1.8% over the first three months of 2025.

    CONSOLIDATED STATEMEMT OF COMPREHENSIVE INCOME 

      I quarter
      2025 2024
    € thousands    
    Sales revenue 7,858 7,961
    Cost of services sold -506 -418
    Gross profit 7,352 7,543
         
    Marketing costs -141 -200
    General and administrative expenses -1,006 -939
    Other operating income and expense -37 42
    Operating profit 6,168 6,446
         
    Profit/-loss from joint ventures -58 -50
    Interest income 83 101
    Other finance income and expense -1,803 -2,235
    Profit before income tax 4,390 4,262
         
    Income tax expense -223 -454
    Net profit of the financial year 4,167 3,808
    Total comprehensive income for the period 4,167 3,808
    Earnings per share    
    – basic 0.36 0.35
    – diluted 0.36 0.35

    CONSOLIDATED STATEMENT OF FINANCIAL POSITION

      31.03.2025 31.12.2024
    € thousands    
    ASSETS    
    Cash and cash equivalents 19,038 18,415
    Short-term deposits 0 2,092
    Receivables and accrued income 1,645 2,055
    Prepaid expenses 128 138
    Total current assets 20,811 22,700
         
    Long-term receivables 140 154
    Shares in joint ventures 1,902 1,960
    Investment property 380,160 373,815
    Property, plant and equipment 121 134
    Total non-current assets 382,323 376,063
    TOTAL ASSETS 403,134 398,763
         
    LIABILITIES AND EQUITY    
    Borrowings 25,858 30,300
    Liabilities and prepayments 3,056 3,245
    Total current liabilities 28,914 33,545
         
    Borrowings 123,813 119,120
    Other long-term liabilities 1,923 1,928
    Deferred income tax liability 11,244 11,097
    Total non-current liabilities 136,980 132,145
    TOTAL LIABILITIES 165,894 165,690
         
    Share capital 114,403 114,403
    Share premium 90,306 90,306
    Statutory reserve capital 2,799 2,799
    Retained earnings 29,732 25,565
    TOTAL EQUITY 237,240 233,073
    TOTAL LIABILITIES AND EQUITY 403,134 398,763

    Marilin Hein
    CFO
    Phone +372 6559 515
    E-mail: marilin.hein@eften.ee

    Attachment

    The MIL Network –

  • MIL-OSI United Kingdom: Consultation launched for plans to transform Derby’s Market Place

    Source: City of Derby

    The partners behind the re-development of the area around Derby city centre’s Market Place have announced a consultation on a visionary new, multi-use community building on the site of the former Assembly Rooms.

    VINCI UK Developments and Ion Developments are inviting local communities to give their views on the project, which the partners have described as a “landmark community building”, provisionally named “Derby MADE”.

    Derby MADE is intended to provide a vibrant and safe place for all communities to come together. With a combined 60,000 sq ft of public spaces to gather, learn, share ideas, play and work, it is envisaged that it will become the city’s “living room” and become a natural place for the people of Derby to meet and visit. 

    The vision for the building, which would operate throughout the day and evening, includes spaces for families, meeting rooms, co-working spaces, library area, exhibition spaces, a roof-top bar, office and retail units. Derby MADE would form the first phase of the Market Place redevelopment, utilising the entire site of the Assembly Rooms.

    Graham Lambert, Managing Director VINCI UK Developments said:

    Derby MADE is at the heart of our shared initiative, designed to shape the vision for the city centre around a newly bustling Market Place, and this is the first opportunity we have had to share some of those plans. We are only too aware of our responsibility in transforming the site of the former Assembly Rooms, with something that is equally iconic, but also of equal or greater relevance to Derby’s citizens. We have assembled what we think is an amazing project and we would love to hear feedback to help us shape the vision as it moves forward.

     Steve Parry, Managing Director at Ion Developments added:

    We are delighted to be involved with this project which is designed to celebrate civic pride and the city’s identity. The building is intended to give the people of Derby a reason for visiting the heart of the City Centre and to help build the visitor economy building up the Vaillant Live and Derby Market Hall. We have taken inspiration from similarly transformational and successful projects at Storyhouse in Chester, and in Culture House in Sunderland. We are hoping to draw over three quarters of a million visitors a year to the Market Place, we expect that will be a new lease of life for the square and hopefully for the businesses that are understandably relying on its careful rejuvenation.

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

    Redeveloping the Market Place, combined with the opening of Vaillant Live and revitalised Market Hall, will reinforce our efforts to transform Derby City Centre into a vibrant and welcoming place, with culture at its heart.

    This is a huge step forwards for this site and I’m really excited to hear what the public think of the plans.  It’s vital that we create a space that matters to the people of Derby and attracts visitors from further afield. By creating a multi-use, flexible building, we believe we can strike that balance and give Derby residents somewhere they can call home, but at the same time creating a central visitor destination through a variety of attractions and activity.

    Derby has been eagerly anticipating the next steps for this site, and we’re confident that our preferred strategic development partners, VINCI UK Developments and Ion Developments have taken the time to get this right for the people of Derby and future-proof the site for generations to come.

    Derby residents, businesses owners, and stakeholders are invited to participate in the consultation as it launches with drop-in exhibitions at the City Lab space in the Derbion Shopping Centre. The drop-ins will run on 7 May 2pm – 5.30pm and 8 May 3pm – 6.30pm and members of the team will be on hand to discuss the vision.

    As well as the consultation events, members of the public can find out more about Derby MADE on the consultation website.

    This website will have all the consultation material and feedback survey on from the 7 May and residents will be able to feedback on the vision for a number of weeks.

    MIL OSI United Kingdom –

  • MIL-Evening Report: Older Australians are also hurting from the housing crisis. Where are the election policies to help them?

    Source: The Conversation (Au and NZ) – By Victoria Cornell, Research Fellow, Flinders University

    shutterstock beeboys/Shutterstock

    It would be impossible at this stage in the election campaign to be unaware that housing is a critical, potentially vote-changing, issue. But the suite of policies being proposed by the major parties largely focus on young, first home buyers.

    What is glaringly noticeable is the lack of measures to improve availability and affordability for older people.

    Modern older lives are diverse, yet older people have become too easily pigeonholed. No more so than in respect to property, where a perception has flourished that older people own more than their fair share of housing wealth.

    While the value of housing has no doubt increased, home ownership rates among people reaching retirement age has actually declined since the mid-1990s.

    Older people can also face rental stress and homelessness – with almost 20,000 homeless people in Australia aged over 55. Severe housing stress is a key contributing to those homelessness figures.

    It’s easy to blame older Australians for causing, or exacerbating, the housing crisis. But doing so ignores the fact that right now, our housing system is badly failing many older people too.

    No age limits

    Owning a home has traditionally provided financial security for retirees, especially ones relying on the age pension. This is so much so, that home ownership is sometimes described as the “fourth pillar” of Australia’s retirement system.

    But housing has become more expensive – to rent or buy – for everyone.

    Falling rates of home ownership
    combined with carriage of mortgage debt into retirement, restricted access to shrinking stocks of social housing, and lack of housing affordability in the private rental market have a particular impact on older people.

    Housing rethink

    Housing policy for older Australians has mostly focused on age-specific options, such as retirement villages and aged care. Taking such a limited view excludes other potential solutions from across the broader housing system that should be considered.

    Furthermore, not all older people want to live in a retirement village, and fewer than 5% of older people live in residential aged care.

    More than 20,000 older Australians are homeless, blamed in part on severe housing stress.
    Michael Heim/Shutterstock

    During my Churchill Fellowship study exploring alternative, affordable models of housing for older people, I discovered three cultural themes that are stopping us from having a productive conversation about housing for older people.

    • Australia’s tradition of home ownership undervalues renting and treats housing as a commodity, not a basic need. This disadvantages older renters and those on low income.

    • There’s a stigma regarding welfare in Australia, which influences who is seen as “deserving” and shapes the policy responses.

    • While widely encouraged, “ageing-in-place” means different things to different people. It can include formal facilities or the family home that needs modifications to make it habitable as someone ages.

    These themes are firmly entrenched, often driven by policy narratives such as the primacy of home ownership over renting. In the past 50 years or so, many have come to view welfare, such as social housing, as a last resort, and have aimed to age in their family home or move into a “desirable” retirement village.

    Variety is key

    A more flexible approach could deliver housing for older Australians that is more varied in design, cost and investment models.

    The promises made so far by political parties to help younger home buyers are welcome. However, the housing system is a complex beast and there is no single quick fix solution.

    First and foremost, a national housing and homelessness plan is required, which also involves the states and territories. The plan must include explicit consideration of housing options for older people.

    Funding for housing developments needs to be more flexible in terms of public-private sector investment and direct government assistance that goes beyond first home buyer incentives.

    International models

    For inspiration, we could look to Denmark, which has developed numerous co-housing communities.

    Co-housing models generally involve self-managing communities where residents have their own private, self-contained home, supported by communal facilities and spaces. They can be developed and designed by the owner or by a social housing provider. They can be age-specific or multi-generational.

    Australian policy makers could look to the success of social housing developments in Copenhagen, Denmark.
    ToniSo/Shutterstock

    Funding flexibility, planning and design are key to their success. Institutional investors include

    • so-called impact investors, who seek social returns and often accept lower financial returns

    • community housing providers

    • member-based organisations, such as mutuals and co-operatives.

    Government also plays a part by expediting the development process and providing new pathways to more affordable ownership and rental options.

    Europe is also leading the way on social housing, where cultural attitudes are different from here.

    In Vienna, Austria, more than 60% of residents live in 440,000 socially provided homes. These homes are available for a person’s entire life, with appropriate age-related modifications permitted if required.

    At over 20% of the total housing stock, social housing is also a large sector in Denmark, where the state and municipalities support the construction of non-profit housing.

    Overcoming stereotyes

    Our population is ageing rapidly, and more older people are now renting or facing housing insecurity.

    If policymakers continue to ignore their housing needs, even more older people will be at risk of living on the street, and as a result will suffer poor health and social isolation.

    Overcoming stereotypes – such as the idea that all older people are wealthy homeowners – is key to building fairer, more inclusive solutions.

    This isn’t just about older Australians. It’s about creating a housing system that works for everyone, at every stage of life.

    Victoria Cornell is employed by Flinders University, and received The AV Jennings Churchill Fellowship to investigate alternative, affordable models of housing that could help older Australians to age-in-place

    – ref. Older Australians are also hurting from the housing crisis. Where are the election policies to help them? – https://theconversation.com/older-australians-are-also-hurting-from-the-housing-crisis-where-are-the-election-policies-to-help-them-255391

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: WATCH: Senator Baldwin Calls Out Trump’s Broken Promises 100 Days In

    US Senate News:

    Source: United States Senator for Wisconsin Tammy Baldwin
    WASHINGTON, D.C. – U.S. Senator Tammy Baldwin (D-WI) today took to the Senate floor calling out Trump’s broken promises and what she’s been hearing from Wisconsin farmers, small businesses, veterans, seniors, and families throughout his first 100 days.
    Baldwin’s remarks, as prepared for delivery are below and can be watched here.
    M. President –
    I rise today to reflect on the last 100 days – and the unimaginable amount of havoc and harm President Donald Trump has caused for Wisconsinites. While on the campaign trail and even once in office, the President made a number of promises. Promises to end wars on Day One; promises to lower costs at the grocery store; promises to make health care more affordable; and the list goes on and on and on.
    Look, I was on the campaign trail and listening to Wisconsinites at the same time as Mr. Trump, and truly, I get why he was making some of these promises. Wisconsin families were facing high costs. Workers felt they were being ripped off by their big corporate employers. Democracy felt broken and voices were drowned out by special interest money. People were sick and tired of endless wars. Mr. Trump claimed he had the solution.
    Well, so far, he’s broken these promises and lied to the American people.
    But, here is the kicker: Donald Trump not only broke these promises, but many of the things he promised to fix, he has actively made worse. Grocery store bills are up. I have yet to even see a concept of a health care plan, while Medicaid coverage for 1 million Wisconsinites is on the chopping block to pay for tax breaks for billionaires. Wars are raging in Ukraine and Gaza. Corporations have a friend in the White House who has their backs.
    It is one of the greatest bait-and-switches of our time. And at the end of the day, it’s Wisconsin families paying the price.
    For the last 100 days, I’ve heard from constituents in all 72 Wisconsin counties who fear what this Administration’s actions will mean for them and their families.  
    I’ve heard from dairy farmers like Linda in Viroqua who barely survived Donald Trump’s last trade war. Family farms like hers are scared they will be put out of business entirely as punishing tariffs and a new trade war jack up the cost of fertilizer and farming equipment while cutting off their access to markets. 
    I’ve heard from seniors like Renee in Milwaukee who are scared that cuts to Medicaid will force them to choose between protecting their life’s savings and getting the lifesaving treatment they need to stay alive.
    I’ve heard from veterans like James in Southeastern Wisconsin who are out of a job because Donald Trump fired them from the only place they’ve ever felt like they belonged in civilian life: helping their fellow veterans at the VA.
    I’ve heard from businesses like Lakefront Brewery, local roofers, small retailers, and auto part sellers in Milwaukee who are considering raising their prices and laying off workers because President Trump’s trade war is tightening their margins and making it harder to plan for the future.  
    I’ve heard from families – from Ozaukee County to the St. Croix Valley – who have had their childcare or food assistance threatened because this president is choosing to prioritize tax breaks for his wealthy friends over working families.
    Dairy farmers saw millions in funding they were promised to grow their businesses frozen. Alzheimer’s researchers at Wisconsin’s universities are making do with less because of arbitrary cuts that threaten the next breakthrough for our loved ones. Seniors accessing their earned Social Security benefits now have fewer places to turn as field offices shutter and staff is let go. Public schools in Milwaukee with children who have been exposed to lead paint have fewer resources because President Trump fired the experts at CDC.
    I hear it every day from constituents calling into my office. Last year around this time, my office would get anywhere from 50 to 100 calls a day. Since January, we’ve regularly passed 1,000 calls a day from Wisconsinites. There isn’t a corner of my state that isn’t being impacted by this President’s often illegal overreach of his presidential powers. 
    These Wisconsinites are not alone. Poll after poll shows the same thing: this president is reaching historically low approval ratings. More Americans are giving him an F than any other grade.
    It’s hard to state all the ways President Trump’s second term is already impacting folks in Wisconsin. His actions have made things more expensive and the future less certain – whether you are a Wisconsin farmer, small business, veteran, senior, or just a family looking to make ends meet.
    In January, I said I’d work with anyone to deliver for Wisconsin. I also promised that I’d stand up to anyone who hurts Wisconsinites. Those things remain true. And right now, our country is not on the right course, and Americans agree.
    Wisconsinites want lower costs, our veterans and farmers to be respected, and working families to have a fair shot. Donald Trump’s chaos isn’t delivering any of that.  It’s about damn time Congress step up and act as a true check and balance on this President before it’s too late for our economy, working families, and the future of our nation.
    I yield. 

    MIL OSI USA News –

  • MIL-OSI: Societe Generale: First quarter 2025 earnings

    Source: GlobeNewswire (MIL-OSI)

    RESULTS AT 31 MARCH 2025


    Press release                                                            
    Paris, 30 April 2025

    STRONG QUARTERLY RESULTS, AHEAD OF OUR 2025 TARGETS

    Quarterly revenues of EUR 7.1 billion, +6.6% vs. Q1 24 and +10.2% excluding asset disposals
    (vs. an annual target of more than +3%). Positive contribution from all businesses, driven by a strong rebound in French Retail Banking, a solid performance of Global Banking and Investor Solutions and a sustained activity in Mobility, International Retail Banking and Financial Services

    Strict cost management with operating expenses down -4.4% vs. Q1 24, excluding asset disposals. Ahead of our 2025 target to reduce operating expenses by more than -1%, excluding asset disposals

    Cost-to-income ratio at 65.0% in Q1 25, ahead of our 2025 target (<66%)

    Low cost of risk at 23 basis points in Q1 25, below the 2025 target of 25 to 30 basis points. The amount of S1/S2 provisions remains high at EUR 3.1 billion (more than 2x 2024 cost of risk), and has been further increased

    Group net income of EUR 1,608 million, x2.4 vs. Q1 24

    Profitability (ROTE) at 11.0%, ahead of our 2025 target of more than 8%. Even if restated for net gains on asset disposals of around EUR 200 million and considering a quarterly linear distribution of taxes (IFRIC 21) for an amount of around EUR 300 million, the ROTE stands at 10.9%

    SOLID CAPITAL AND LIQUIDITY PROFILE

    CET1 ratio of 13.4%1 at end-Q1 25, around 320 basis points above the regulatory requirement

    Liquidity Coverage Ratio at 140% at end-Q1 25

    Provision for distribution of EUR 0.912 per share, at end-March 2025

    Completion of the 2024 share buy-back programme of EUR 872 million

    ORDERLY EXECUTION OF ASSET DISPOSALS

    Disposal of SGEF’s activities completed on 28 February 2025, except for those in the Czech Republic and Slovakia, representing a positive impact of around +30 basis points on the Group’s CET1 ratio in Q1 25

    Disposals of Societe Generale Private Banking Suisse and SG Kleinwort Hambros completed on 31 January 2025 and 31 March 2025, for a total impact of around +10 basis points on the Group’s CET1 ratio

    Slawomir Krupa, the Group’s Chief Executive Officer, commented:
    « We are releasing today a very good set of results. Our revenues have grown across all our businesses. Our costs and our cost-to-income ratio have decreased across all our businesses. Our first quarter results are above all our annual targets, putting us in a favourable position to achieve them, thanks to our disciplined execution and prudent and rigorous risk management. Since the presentation of our Strategic Plan, we have built a strong capital position, and we have delivered a steady and material increase in our performance. Our diversified and resilient model allows us to navigate efficiently in the current environment. This is the result of the precise execution of our strategy by fully focused and talented teams whom I warmly thank for their commitment. We measure how far we’ve come and how far we still have to go. We will therefore pursue our work with the same focus and discipline, confident in our ability to deliver our 2026 roadmap and beyond, a sustainable and profitable growth. »

    1. GROUP CONSOLIDATED RESULTS
    In EURm Q1 25 Q1 24 Change
    Net banking income 7,083 6,645 +6.6% +9.9%*
    Operating expenses (4,604) (4,980) -7.6% -4.6%*
    Gross operating income 2,479 1,665 +48.9% +53.0%*
    Net cost of risk (344) (400) -13.9% -9.5%*
    Operating income 2,135 1,265 +68.8% +72.1%*
    Net profits or losses from other assets 202 (80) n/s n/s
    Income tax (490) (274) +79.0% +84.8%*
    Net income 1,855 917 x 2.0 x 2.1*
    O.w. non-controlling interests 247 237 +4.0% +12.0%*
    Group net income 1,608 680 x 2.4 x 2.4*
    ROE 9.7% 3.6%    
    ROTE 11.0% 4.1%    
    Cost to income 65.0% 74.9%    

    Asterisks* in the document refer to data at constant perimeter and exchange rates

    Societe Generale’s Board of Directors, which met on 29 April 2025 under the chairmanship of Lorenzo Bini Smaghi, examined the Societe Generale Group’s results for the first quarter of 2025.

    Net banking income 

    Net banking income stood at EUR 7.1 billion, up +6.6% vs. Q1 24 and up +10.2% vs. Q1 24, excluding asset disposals.

    Revenues of French Retail, Private Banking and Insurance were up +14.1% vs. Q1 24 (+16.5% excluding asset disposals and +2.5% excluding both asset disposals and short-term hedge impact) to stand at EUR 2.3 billion in Q1 25. Net interest income recovered sharply in Q1 25 (+28.4% vs. Q1 24) and was broadly stable when restated for asset disposals and short-term hedges accounted for in Q1 24 (around EUR -270 million). Assets under management in Private Banking and Insurance grew by +6% and +5%, respectively (excluding asset disposals in Switzerland and in the United Kingdom) in Q1 25 vs. Q1 24. Lastly, BoursoBank continued its strong commercial development with nearly 460,000 new customers during the quarter, reaching a customer base of around 7.6 million clients at end-March 2025.

    Global Banking and Investor Solutions registered a +10.0% increase in revenues relative to Q1 24. These totalled EUR 2.9 billion for the quarter, driven by strong momentum in equities and in Financing and Advisory. Global Markets grew by +10.9% in Q1 25 vs. Q1 24. Equity revenues were up +21.8%, reaching a quarterly record level3, driven by strong momentum in flow and listed products. Fixed income and currencies were down -2.4% due to lower client activity on rates investment solutions and margin compression in financing activities. Commercial activity nevertheless remained buoyant in rates and forex brokerage due to high volatility. In Global Banking and Advisory, revenues are up +10.5% with a solid commercial momentum in asset finance. Furthermore, the performance was resilient in Mergers and Acquisitions (M&A) and Debt Capital Markets (DCM). Similarly, Global Transaction and Payment Services posted an +8.7% increase in revenues vs. Q1 24, driven by higher payment volumes with institutional clients and strong commercial development for corporate clients.

    Mobility, International Retail Banking and Financial Services’ revenues were down -7.4% vs. Q1 24, mainly due to a perimeter effect of EUR -176 million in Q1 25. Excluding the impact of asset disposals, they were up +0.8%. International Retail Banking recorded a -12.1% fall in revenues vs. Q1 24 to EUR 0.9 billion, due to a perimeter effect related to the disposals completed in Africa (Morocco, Chad, Madagascar). They rose by +1.9% at constant perimeter and exchange rates. Revenues from Mobility and Financial Services were also down -3.0% vs. Q1 24 due to the disposal of SGEF’s operations (except for those in the Czech Republic and Slovakia) in Q1 25. Besides, Ayvens’ revenues were stable vs. Q1 24 owing to improved margins, offsetting the normalisation of the results of used car sales.

    The Corporate Centre recorded revenues of EUR -112 million in Q1 25.

    Operating expenses 

    Operating expenses came to EUR 4,604 million in Q1 25, down -7.6% vs. Q1 24 and -4.4% excluding asset disposals. The decrease in operating expenses is notably explained by a decrease in transformation charges of EUR 278 million, an increase of EUR 29 million related to taxes on variable compensation, an increase in expenses of EUR 22 million related to Bernstein perimeter, and EUR 5 million related to disposal transaction costs. Excluding these non-recurring items, operating expenses were slightly up, confirming the strong cost discipline.

    The cost-to-income ratio stood at 65.0% in Q1 25, down sharply from Q1 24 (74.9%) and below the target of <66% estimated for 2025.

    Cost of risk

    The cost of risk was stable over the quarter at 23 basis points (or EUR 344 million). It comprises a provision for non-performing loans of EUR 330 million (around 22 basis points) and a provision for performing loans of EUR 14 million.

    At end-March, the Group had a stock of provisions for performing loans of EUR 3,131 million, slightly up +0.4% compared with 31 December 2024, which represents more than 2x 2024 cost of risk.

    The gross non-performing loan ratio stood at 2.82%4,5 at 31 March 2025, broadly stable compared to its end – December 2024 level (2.81%). The net coverage ratio on the Group’s non-performing loans stood at 82%6 at 31 March 2025 (after netting of guarantees and collateral).

    Net profits from other assets

    The Group recorded a net gain of EUR +202 million in Q1 25, mainly related to the accounting impacts of completed asset sales of SGEF7, Societe Generale Private Banking Suisse and SG Kleinwort Hambros.

    Group net Income

    Group net income stood at EUR 1,608 million for the quarter, equating to a Return on Tangible Equity (ROTE) of 11.0%.

    1. DELIVERING ON OUR ESG AMBITIONS

    The Group is in line with its portfolio alignment targets in the most carbon-emitting sectors, including since 2019 a reduction of more than 50% in its upstream exposure to oil and gas, and a reduction of around 50% of its carbon emission intensity in power.

    Reflecting progress on portfolio alignment, the Group’s contribution to sustainable finance amounted to around 80 billion euros at the end of 2024, ahead of its target of 500 billion euros for the 2024-2030 period.

    The Group is well positioned to seize new opportunities in the environmental transition. Societe Generale has acted as exclusive financial advisor for the UK’s Net Zero Teesside Power and Northern Endurance Partnership projects, which aim to be the world’s first gas-fired power station project with carbon capture and storage.

    These actions are recognized externally, with best-in-class ratings from extra-financial rating agencies and through numerous awards.

    1. THE GROUP’S FINANCIAL STRUCTURE

    At 31 March 2025, the Group’s Common Equity Tier 1 ratio stood at 13.4%, or around 320 basis points above the regulatory requirement. Likewise, the Liquidity Coverage Ratio (LCR) was well above regulatory requirements at 140% at end-March 2025 (an average of 150% for the quarter), while the Net Stable Funding Ratio (NSFR) stood at 115% at end-March 2025.

    All liquidity and solvency ratios are well above the regulatory requirements.

      31/03/2025 31/12/2024 Requirements
    CET1(1) 13.4% 13.3% 10.22%
    Tier 1 ratio(1) 16.1% 16.1% 12.14%
    Total Capital(1) 19.1% 18.9% 14.70%
    Leverage ratio(1) 4.4% 4.3% 3.60%
    TLAC (% RWA)(1) 29.7% 29.7% 22.32%
    TLAC (% leverage)(1) 8.2% 8.0% 6.75%
    MREL (% RWA)(1) 33.3% 34.2% 27.59%
    MREL (% leverage)(1) 9.2% 9.2% 6.23%
    End of period LCR 140% 162% >100%
    Period average LCR 150% 150% >100%
    NSFR 115% 117% >100%
    In EURbn 31/03/2025 31/12/2024
    Total consolidated balance sheet 1,554 1,574
    Group shareholders’ equity 71 70
    Risk-weighted assets 393 390
    O.w. credit risk 318 327
    Total funded balance sheet 931 952
    Customer loans 459 463
    Customer deposits 596 614

    8
    As of 31 March 2025, the parent company has issued EUR 9.0 billion of medium/long-term debt under its 2025 financing programme, including EUR 4.5 billion of pre-financing raised at the end of 2024. The subsidiaries had issued EUR 1.0 billion. In all, the Group has issued a total of EUR 10.0 billion in medium/long-term debt.

    At end of April 2025, the parent company’s 2025 funding programme is 54% complete for vanilla notes.

    The Group is rated by four rating agencies: (i) FitchRatings – long-term rating “A-”, stable outlook, senior preferred debt rating “A”, short-term rating “F1”; (ii) Moody’s – long-term rating (senior preferred debt) “A1”, negative outlook, short-term rating “P-1”; (iii) R&I – long-term rating (senior preferred debt) “A”, stable outlook; and (iv) S&P Global Ratings – long-term rating (senior preferred debt) “A”, stable outlook, short-term rating “A-1”.

    1. FRENCH RETAIL, PRIVATE BANKING AND INSURANCE
    In EURm Q1 25 Q1 24 Change
    Net banking income 2,299 2,016 +14.1% +16.5%*
    Of which net interest income 1,061 827 +28.4% +31.6%*
    Of which fees 1,056 1,018 +3.7% +6.2%*
    Operating expenses (1,566) (1,728) -9.4% -6.6%*
    Gross operating income 734 288 x 2.5 x 2.5*
    Net cost of risk (171) (247) -30.8% -30.8%*
    Operating income 563 41 x 13.7 x 11.2*
    Net profits or losses from other assets 7 0 x 19.2 x 19.2*
    Group net income 421 31 x 13.4 x 10.9*
    Cost to income 68.1% 85.7%    

    Commercial activity

    SG network, Private Banking and Insurance 

    The SG network’s average deposit outstandings amounted to EUR 230 billion in Q1 25, down -1% from Q1 24, with a shift of inflows into savings life insurance.

    The SG network’s average loan outstandings contracted by -3% vs. Q1 24 to EUR 193 billion, and
    by -1.8% vs. Q1 24 excluding repayments of state-guaranteed loans. Mortgage loan production saw a sharp increase of +115% vs. Q1 24.

    The average loan-to-deposit ratio stood at 83.8% in Q1 25, down 1.1 percentage point relative to Q1 24.

    In Private Banking, assets under management9 strongly rose by +6% vs. Q1 24 at EUR 130 billion. Net asset inflows totalled EUR 2 billion in Q1 25, with asset gathering (annualised net new money divided by AuM) standing at +6% in Q1 25. Net banking income came to EUR 361 million for the quarter, a +3.4% increase at constant perimeter1 and exchange rates, down -3.9% vs. Q1 24.

    Insurance, which covers activities in and outside France, posted a very strong commercial performance. Life insurance outstandings increased sharply by +5% vs. Q1 24 to reach a record EUR 148 billion at end- March 2025. The share of unit-linked products remained high at 40%. Gross life insurance savings inflows amounted to EUR 5.4 billion in Q1 25.

    In France, personal protection and Property & Casualty premia were up by +4% vs. Q1 24.

    BoursoBank 

    BoursoBank reached almost 7.6 million clients in Q1 25. The bank recorded growth of +20.7% in the number of clients vs. Q1 24 (+1.3 million year-on-year), with onboarding still high this quarter (~458,000 new clients in Q1 25) while the churn rate remained low.

    BoursoBank has once again confirmed its leading position in France in terms of client satisfaction with an NPS (Net Promoter Score) of +5410. The online bank is also ranked as the best digital bank in France11.

    Average loan outstandings rose by +7.3% compared with Q1 24 to EUR 16 billion in Q1 25.

    Average outstanding savings, including deposits and financial savings, totalled EUR 67 billion, an increase of +15.5% vs. Q1 24. Deposits outstanding totalled EUR 41 billion in Q1 25, posting another sharp increase of +16.3% vs. Q1 24. Average life insurance outstandings, at EUR 13 billion in Q1 25, rose by +8.9% vs. Q1 24 (of which 49.2% in unit-linked products). This activity continued to register strong gross inflows over the quarter (+24.6% vs. Q1 24, 57% in unit-linked products). The brokerage activity recorded more than 3 million transactions in Q1 25, a record quarter with an increase of +48.4%
    vs. Q1 24.

    Net banking income

    In Q1 25, revenues came to EUR 2,299 million (including PEL/CEL provision), up +14.1% vs. Q1 24. Net interest income grew by +28.4% vs. Q1 24 and was broadly stable excluding asset disposals and the impact of short-term hedges in Q1 24. Fee income rose by +3.7% relative to Q1 24.

    Operating expenses

    Operating expenses came to EUR 1,566 million for the quarter, including around EUR 23 million euros of transformation charges, down -9.4% vs. Q1 24. The cost-to-income ratio stood at 68.1% in Q1 25, an improvement of 17.6 percentage points vs. Q1 24.

    Cost of risk

    In Q1 25, the cost of risk amounted to EUR 171 million, or 29 basis points, which was higher than in Q4 24 (20 basis points).

    Group net Income

    Group net income totalled EUR 421 million for the quarter. RONE stood at 9.5% in Q1 25.

    1. GLOBAL BANKING AND INVESTOR SOLUTIONS
    In EUR m Q1 25 Q1 24 Change
    Net banking income 2,896 2,631 +10.0% +8.8%*
    Operating expenses (1,755) (1,757) -0.1% -0.6%*
    Gross operating income 1,140 874 +30.4% +27.6%*
    Net cost of risk (55) 20 n/s n/s
    Operating income 1,085 894 +21.3% +18.9%*
    Group net income 856 697 +22.8% +19.6%*
    Cost to income 60.6% 66.8% 0 +0.0%*

    Net banking income

    Global Banking and Investor Solutions reported strong results in Q1 25, with revenues up +10.0% vs. Q1 24 to stand at EUR 2,896 million.

    Global Markets and Investor Services recorded solid growth of +10.0% over the quarter compared with Q1 24, at EUR 1,922 million.

    Market Activities grew in the first quarter with revenues of EUR 1,759 million, up +10.9% vs. Q1 24 in a volatile market environment.

    The Equities business delivered a record performance12 in Q1 25 with revenues of EUR 1,061 million, a sharp increase of +21.8% compared with Q1 24, driven by positive momentum particularly in flow and listed products.

    Fixed Income and Currencies were slightly down -2.4% to EUR 698 million in Q1 25, due to lower client activity on rates investment solutions and margin compression in financing activities. Commercial momentum also remained strong in flow activities, particularly for rates and forex products, driven by higher volatility.

    In Securities Services, revenues were up +1.4% compared with Q1 24 at EUR 163 million and overall stable (-0.2%) excluding participation. The level of fees is good in comparison to a high Q1 24, notably thanks to a strong commercial performance in fund distribution. Assets under Custody and Assets under Administration amounted to EUR 5,194 billion and EUR 637 billion, respectively.

    Revenues for the Financing and Advisory business totalled EUR 973 million, a sharp increase of +10.0% vs. Q1 24.

    Global Banking & Advisory posted significant revenues, up +10.5% compared with Q1 24, driven by buoyant activity in asset finance. Asset-Backed Products are steady despite less conducive market conditions compared to Q1 24. Furthermore, the performance was resilient in Mergers and Acquisitions (M&A) and Debt Capital Markets (DCM).

    Global Transaction & Payment Services once again delivered a strong performance compared with Q1 24, with a sharp increase in revenues of +8.7%, notably due to higher payment volumes with institutional clients and good commercial performance on the corporate franchise.

    Operating expenses

    Operating expenses came to EUR 1,755 million for the quarter and included around EUR 12 million in transformation charges. These are stable relative to Q1 24. The cost-to-income ratio stood at 60.6% in Q1 25.

    Cost of risk

    Over the quarter, the cost of risk was EUR 55 million, or 13 basis points vs. -5 basis points in Q1 24.

    Group net Income

    Group net income increased by +22.8% vs. Q1 24 to EUR 856 million.

    Global Banking and Investor Solutions reported a strong RONE of 18.7% for the quarter.

    1. MOBILITY, INTERNATIONAL RETAIL BANKING AND FINANCIAL SERVICES
    In EURm Q1 25 Q1 24 Change
    Net banking income 2,000 2,161 -7.4% +1.1%*
    Operating expenses (1,180) (1,350) -12.6% -4.8%*
    Gross operating income 820 810 +1.2% +10.8%*
    Net cost of risk (124) (182) -31.8% -23.1%*
    Operating income 696 629 +10.7% +20.3%*
    Net profits or losses from other assets 0 4 -98.3% -98.3%*
    Non-controlling interests 212 195 +8.3% +16.1%*
    Group net income 319 278 +14.5% +24.4%*
    Cost to income 59.0% 62.5%    

    Commercial activity

    International Retail Banking

    International Retail Banking posted robust commercial activity with loan outstandings of
    EUR 61 billion, up +4.3%* vs. Q1 24, and deposits of EUR 75 billion, slightly up +1.1%* vs. Q1 24.

    In Europe, loan outstandings rose by 6.1%* vs. Q1 24 to EUR 45 billion in Q1 25 for both client segments of KB and BRD, particularly in home loans. Deposit outstandings totalled EUR 55 billion in
    Q1 25, slightly up +0.6%* vs. Q1 24, mainly driven by Romania.

    Overall, loan outstandings in Africa, Mediterranean Basin and French Overseas Territories amounted to EUR 16 billion, broadly stable* vs. Q1 24, with mixed situations across geographies. Deposit outstandings increased by +2.5%* vs. Q1 24 to EUR 20 billion in Q1 25, mainly driven by sight deposits from corporate clients.

    Mobility and Financial Services

    Overall, Mobility and Financial Services maintained a good commercial performance.

    Ayvens’ earning assets totalled EUR 53.5 billion at end-March 2025, a +1.4% increase vs. end-March 2024.

    Consumer Finance posted loans outstanding of EUR 23 billion, still down -3.0% vs. Q1 24, but decreasing at a slower pace than previously.

    Net banking income

    In Q1 25, Mobility, International Retail Banking and Financial Services recorded revenues of EUR 2,000 million, up slightly (+1.1%* vs. Q1 24).

    International Retail Banking revenues increased slightly by +1.9%* vs. Q1 24, to EUR 913 million in
    Q1 25.

    Revenues in Europe increased by +5.4%* vs. Q1 24, to EUR 520 million in Q1 25. This robust growth, both in the Czech Republic and Romania, was driven by a solid performance of net interest income and a sharp increase in fees.

    In Africa, Mediterranean Basin and French Overseas Territories, revenues remained high at
    EUR 393 million in Q1 25, a slight down -2.3%* compared with a strong first quarter of 2024.

    Overall, revenues from Mobility and Financial Services were stable* vs. Q1 24, to EUR 1,087 million in Q1 25.

    At Ayvens, net banking income stood at EUR 796 million in Q1 25, stable vs. Q1 24, with an increase in margins13. Margins are continuing to improve, standing at 562 basis points in Q1 25, vs. 522 basis points in Q1 24. The secondary market for vehicle sales is gradually returning to normal, as expected, with an average profit margin per vehicle of EUR 1,22914 per unit this quarter, vs. EUR 1,2672 in Q4 24 and
    EUR 1,6611 in Q1 24. At its level, Ayvens has a cost-to-income ratio of 58.0%15, in line with the 2025 target (57%-59%).

    Revenues for the Consumer Finance business stabilised vs. Q1 24 at EUR 223 million in Q1 25.

    Operating expenses

    Over the quarter, operating expenses decreased significantly by -4.8%* vs. Q1 24, to EUR 1,180 million in Q1 25 (of which EUR 39 million of transformation charges). The cost-to-income ratio improved in Q1 25 to 59.0% vs. 62.5% in Q1 24.

    International Retail Banking posted costs of EUR 546 million in Q1 25, down by -3.2%* vs. Q1 24.

    Mobility and Financial Services costs reached EUR 635 million in Q1 25, a sharp decrease of -6.1%*
    vs. Q1 24, with cost synergies materialising at Ayvens driven by the continued LeasePlan integration.

    Cost of risk

    Over the quarter, the cost of risk amounted to EUR 124 million or 31 basis points, which was considerably lower than in Q1 24 (43 basis points).

    Group net Income

    Over the quarter, Group net income came to EUR 319 million, up +24.4%* vs. Q1 24. RONE stood at 11.2% in Q1 25. RONE was 14.1% in International Retail Banking and 9.4% in Mobility and Financial Services in Q1 25.

    1. CORPORATE CENTRE
    In EURm Q1 25 Q1 24
    Net banking income (112) (162)
    Operating expenses (103) (145)
    Gross operating income (215) (308)
    Net cost of risk 6 9
    Net profits or losses from other assets 192 (84)
    Income tax 61 90
    Group net income 12 (327)

    The Corporate Centre includes:

    • the property management of the Group’s head office,
    • the Group’s equity portfolio,
    • the Treasury function for the Group,
    • certain costs related to cross-functional projects, as well as several costs incurred by the Group that are not re-invoiced to the businesses.

    Net banking income

    The Corporate Centre’s net banking income totalled EUR -112 million for the quarter, vs. EUR – 162 million in Q1 24, notably thanks to management actions to more efficiently use excess liquidity.

    Operating expenses

    Over the quarter, operating expenses totalled EUR -103 million, vs. EUR -145 million in Q1 24, notably thanks to a decrease in transformation charges.

    Net profits from other assets

    The Group recorded EUR +192 million in net profits from other assets during the quarter at the Corporate Centre level, notably following asset disposals of SGEF16, Societe Generale Private Banking Suisse and SG Kleinwort Hambros.

    Group net Income

    The Corporate Centre’s net income totalled EUR +12 million for the quarter, vs. EUR -327 million
    in Q1 24.

    1. 2025 FINANCIAL CALENDAR
    2025 Financial communication calendar
    May 20th, 2025 Combined General Meeting
    May 26th, 2025 Dividend detachment
    May 28th, 2025 Dividend payment
    July 31st, 2025 Second quarter and first half 2025 results
    October 30th, 2025 Third quarter and nine months 2025 results
    The Alternative Performance Measures, notably the notions of net banking income for the pillars, operating expenses, cost of risk in basis points, ROE, ROTE, RONE, net assets and tangible net assets are presented in the methodology notes, as are the principles for the presentation of prudential ratios.

    This document contains forward-looking statements relating to the targets and strategies of the Societe Generale Group.

    These forward-looking statements are based on a series of assumptions, both general and specific, in particular the application of accounting principles and methods in accordance with IFRS (International Financial Reporting Standards) as adopted in the European Union, as well as the application of existing prudential regulations.

    These forward-looking statements have also been developed from scenarios based on a number of economic assumptions in the context of a given competitive and regulatory environment. The Group may be unable to:

    – anticipate all the risks, uncertainties or other factors likely to affect its business and to appraise their potential consequences;

    – evaluate the extent to which the occurrence of a risk or a combination of risks could cause actual results to differ materially from those provided in this document and the related presentation.

    Therefore, although Societe Generale believes that these statements are based on reasonable assumptions, these forward-looking statements are subject to numerous risks and uncertainties, including matters not yet known to it or its management or not currently considered material, and there can be no assurance that anticipated events will occur or that the objectives set out will actually be achieved. Important factors that could cause actual results to differ materially from the results anticipated in the forward-looking statements include, among others, overall trends in general economic activity and in Societe Generale’s markets in particular, regulatory and prudential changes, and the success of Societe Generale’s strategic, operating and financial initiatives.

    More detailed information on the potential risks that could affect Societe Generale’s financial results can be found in the section “Risk Factors” in our Universal Registration Document filed with the French Autorité des Marchés Financiers (which is available on https://investors.societegenerale.com/en).

    Investors are advised to take into account factors of uncertainty and risk likely to impact the operations of the Group when considering the information contained in such forward-looking statements. Other than as required by applicable law, Societe Generale does not undertake any obligation to update or revise any forward-looking information or statements. Unless otherwise specified, the sources for the business rankings and market positions are internal.
    1. APPENDIX 1: FINANCIAL DATA

    GROUP NET INCOME BY CORE BUSINESS

    In EURm Q1 25 Q1 24 Variation
    French Retail, Private Banking and Insurance 421 31 x 13.4
    Global Banking and Investor Solutions 856 697 +22.8%
    Mobility, International Retail Banking & Financial Services 319 278 +14.5%
    Core Businesses 1,596 1,007 +58.5%
    Corporate Centre 12 (327) n/s
    Group 1,608 680 x 2.4

    MAIN EXCEPTIONAL ITEMS

    In EURm Q1 25 Q1 24
    Operating expenses – Total one-off items and transformation charges (74) (352)
    Transformation charges (74) (352)
    Of which French Retail, Private Banking and Insurance (23) (81)
    Of which Global Banking & Investor Solutions (12) (154)
    Of which Mobility, International Retail Banking & Financial Services (39) (69)
    Of which Corporate Centre 0 (47)
         
    Other one-off items – Total 202 (80)
    Net profits or losses from other assets 202 (80)

    CONSOLIDATED BALANCE SHEET

    In EUR m   31/03/2025 31/12/2024
    Cash, due from central banks   169,891 201,680
    Financial assets at fair value through profit or loss   548,999 526,048
    Hedging derivatives   8,171 9,233
    Financial assets at fair value through other comprehensive income   99,248 96,024
    Securities at amortised cost   41,224 32,655
    Due from banks at amortised cost   91,527 84,051
    Customer loans at amortised cost   447,815 454,622
    Revaluation differences on portfolios hedged against interest rate risk   (480) (292)
    Insurance and reinsurance contracts assets   545 615
    Tax assets   4,170 4,687
    Other assets   73,618 70,903
    Non-current assets held for sale   2,911 26,426
    Investments accounted for using the equity method   414 398
    Tangible and intangible fixed assets   61,250 61,409
    Goodwill   5,085 5,086
    Total   1,554,388 1,573,545
    In EUR m   31/03/2025 31/12/2024
    Due to central banks   10,661 11,364
    Financial liabilities at fair value through profit or loss   405,056 396,614
    Hedging derivatives   14,028 15,750
    Debt securities issued   154,356 162,200
    Due to banks   100,825 99,744
    Customer deposits   521,141 531,675
    Revaluation differences on portfolios hedged

    against interest rate risk

    		   (6,168) (5,277)
    Tax liabilities   2,301 2,237
    Other liabilities   96,417 90,786
    Non-current liabilities held for sale   2,560 17,079
    Insurance and reinsurance contracts liabilities   152,899 150,691
    Provisions   4,098 4,085
    Subordinated debts   16,148 17,009
    Total liabilities   1,474,322 1,493,957
    Shareholder’s equity   – –
    Shareholders’ equity, Group share   – –
    Issued common stocks and capital reserves   20,812 21,281
    Other equity instruments   9,873 9,873
    Retained earnings   37,863 33,863
    Net income   1,608 4,200
    Sub-total   70,156 69,217
    Unrealised or deferred capital gains and losses   400 1,039
    Sub-total equity, Group share   70,556 70,256
    Non-controlling interests   9,510 9,332
    Total equity   80,066 79,588
    Total   1,554,388 1,573,545
    1. APPENDIX 2: METHODOLOGY

    1 –The financial information presented for the first quarter 2025 was examined by the Board of Directors on April 29th, 2025 and has been prepared in accordance with IFRS as adopted in the European Union and applicable at that date. The information has not been audited.

    2 – Net banking income

    The pillars’ net banking income is defined on page 38 of Societe Generale’s 2025 Universal Registration Document. The terms “Revenues” or “Net Banking Income” are used interchangeably. They provide a normalised measure of each pillar’s net banking income taking into account the normative capital mobilised for its activity.

    3 – Operating expenses

    Operating expenses correspond to the “Operating Expenses” as presented in note 5 to the Group’s consolidated financial statements as at December 31st, 2024. The term “costs” is also used to refer to Operating Expenses. The Cost/Income Ratio is defined on page 38 of Societe Generale’s 2025 Universal Registration Document.

    4 – Cost of risk in basis points, coverage ratio for doubtful outstandings

    The cost of risk is defined on pages 39 and 748 of Societe Generale’s 2025 Universal Registration Document. This indicator makes it possible to assess the level of risk of each of the pillars as a percentage of balance sheet loan commitments, including operating leases.

    In EURm   Q1 25 Q1 24
    French Retail, Private Banking and Insurance Net Cost Of Risk 171 247
    Gross loan Outstandings 233,536 238,394
    Cost of Risk in bps 29 41
    Global Banking and Investor Solutions Net Cost Of Risk 55 (20)
    Gross loan Outstandings 172,782 162,457
    Cost of Risk in bps 13 (5)
    Mobility, International Retail Banking & Financial Services Net Cost Of Risk 124 182
    Gross loan Outstandings 159,126 167,892
    Cost of Risk in bps 31 43
    Corporate Centre Net Cost Of Risk (6) (9)
    Gross loan Outstandings 25,592 23,365
    Cost of Risk in bps (9) (15)
    Societe Generale Group Net Cost Of Risk 344 400
    Gross loan Outstandings 591,036 592,108
    Cost of Risk in bps 23 27

    The gross coverage ratio for doubtful outstandings is calculated as the ratio of provisions recognised in respect of the credit risk to gross outstandings identified as in default within the meaning of the regulations, without taking account of any guarantees provided. This coverage ratio measures the maximum residual risk associated with outstandings in default (“doubtful”).

    5 – ROE, ROTE, RONE

    The notions of ROE (Return on Equity) and ROTE (Return on Tangible Equity), as well as their calculation methodology, are specified on pages 39 and 40 of Societe Generale’s 2025 Universal Registration Document. This measure makes it possible to assess Societe Generale’s return on equity and return on tangible equity.
    RONE (Return on Normative Equity) determines the return on average normative equity allocated to the Group’s businesses, according to the principles presented on page 40 of Societe Generale’s 2025 Universal Registration Document. Starting from Q1 25 results, normative return to businesses is based on a 13% capital allocation. The Q1 25 allocated capital includes the regulatory impacts related to Basel IV, applicable since 1 January 2025.
    Group net income used for the ratio numerator is the accounting Group net income adjusted for “Interest paid and payable to holders of deeply subordinated notes and undated subordinated notes, issue premium amortisation”. For ROTE, income is also restated for goodwill impairment.
    Details of the corrections made to the accounting equity in order to calculate ROE and ROTE for the period are given in the table below:

    ROTE calculation: calculation methodology

    End of period (in EURm) Q1 25 Q1 24
    Shareholders’ equity Group share 70,556 67,342
    Deeply subordinated and undated subordinated notes (10,153) (10,166)
    Interest payable to holders of deeply & undated subordinated notes, issue premium amortisation(1) (60) (71)
    OCI excluding conversion reserves 582 696
    Distribution provision(2) (710) (256)
    Distribution N-1 to be paid (1,718) (999)
    ROE equity end-of-period 58,496 56,545
    Average ROE equity 58,609 56,522
    Average Goodwill(3) (4,191) (4,006)
    Average Intangible Assets (2,835) (2,956)
    Average ROTE equity 51,583 49,560
         
    Group net Income 1,608 680
    Interest paid and payable to holders of deeply subordinated notes and undated subordinated notes, issue premium amortisation (188) (166)
    Adjusted Group net Income 1,420 514
    ROTE 11.0% 4.1%

    171819

    RONE calculation: Average capital allocated to Core Businesses (in EURm)

    In EURm Q1 25 Q1 24 Change
    French Retail, Private Banking and Insurance 17,687 16,518 +7.1%
    Global Banking and Investor Solutions 18,324 16,011 +14.4%
    Mobility, International Retail Banking & Financial Services 11,376 11,252 +1.1%
    Core Businesses 47,386 43,781 +8.2%
    Corporate Centre 11,223 12,741 -11.9%
    Group 58,609 56,522 +3.7%

    6 – Net assets and tangible net assets

    Net assets and tangible net assets are defined in the methodology, page 41 of the Group’s 2025 Universal Registration Document. The items used to calculate them are presented below:
    2021

    End of period (in EURm) Q1 25 2024 2023
    Shareholders’ equity Group share 70,556 70,256 65,975
    Deeply subordinated and undated subordinated notes (10,153) (10,526) (9,095)
    Interest of deeply & undated subordinated notes, issue premium amortisation(1) (60) (25) (21)
    Book value of own shares in trading portfolio (44) 8 36
    Net Asset Value 60,299 59,713 56,895
    Goodwill(2) (4,175) (4,207) (4,008)
    Intangible Assets (2,798) (2,871) (2,954)
    Net Tangible Asset Value 53,326 52,635 49,933
           
    Number of shares used to calculate NAPS(3) 783,671 796,498 796,244
    Net Asset Value per Share 76.9 75.0 71.5
    Net Tangible Asset Value per Share 68.0 66.1 62.7

    7 – Calculation of Earnings Per Share (EPS)

    The EPS published by Societe Generale is calculated according to the rules defined by the IAS 33 standard (see pages 40-41 of Societe Generale’s 2025 Universal Registration Document). The corrections made to Group net income in order to calculate EPS correspond to the restatements carried out for the calculation of ROE and ROTE.
    The calculation of Earnings Per Share is described in the following table:

    Average number of shares (thousands) Q1 25 2024 2023
    Existing shares 800,317 801,915 818,008
    Deductions      
    Shares allocated to cover stock option plans and free shares awarded to staff 2,586 4,402 6,802
    Other own shares and treasury shares 7,646 2,344 11,891
    Number of shares used to calculate EPS(4) 790,085 795,169 799,315
    Group net Income (in EUR m) 1,608 4,200 2,493
    Interest on deeply subordinated notes and undated subordinated notes (in EUR m) (188) (720) (759)
    Adjusted Group net income (in EUR m) 1,420 3,481 1,735
    EPS (in EUR) 1.80 4.38 2.17

    2223
    8 – Solvency and leverage ratios

    Shareholder’s equity, risk-weighted assets and leverage exposure are calculated in accordance with applicable CRR3/CRD6 rules, including the procedures provided by the regulation for the calculation of phased-in and fully loaded ratios. The solvency ratios and leverage ratio are presented on a pro-forma basis for the current year’s accrued results, net of dividends, unless otherwise stated.

    9 – Funded balance sheet, loan to deposit ratio

    The funded balance sheet is based on the Group financial statements. It is obtained in two steps:

    • A first step aiming at reclassifying the items of the financial statements into aggregates allowing for a more economic reading of the balance sheet. Main reclassifications:

    Insurance: grouping of the accounting items related to insurance within a single aggregate in both assets and liabilities.
    Customer loans: include outstanding loans with customers (net of provisions and write-downs, including net lease financing outstanding and transactions at fair value through profit and loss); excludes financial assets reclassified under loans and receivables in accordance with the conditions stipulated by IFRS 9 (these positions have been reclassified in their original lines).
    Wholesale funding: includes interbank liabilities and debt securities issued. Financing transactions have been allocated to medium/long-term resources and short-term resources based on the maturity of outstanding, more or less than one year.
    Reclassification under customer deposits of the share of issues placed by French Retail Banking networks (recorded in medium/long-term financing), and certain transactions carried out with counterparties equivalent to customer deposits (previously included in short term financing).
    Deduction from customer deposits and reintegration into short-term financing of certain transactions equivalent to market resources.

    • A second step aiming at excluding the contribution of insurance subsidiaries, and netting derivatives, repurchase agreements, securities borrowing/lending, accruals and “due to central banks”.

    The Group loan/deposit ratio is determined as the division of the customer loans by customer deposits as presented in the funded balance sheet.

    NB (1) The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding rules.
    (2) All the information on the results for the period (notably: press release, downloadable data, presentation slides and supplement) is available on Societe Generale’s website www.societegenerale.com in the “Investor” section.

    Societe Generale

    Societe Generale is a top tier European Bank with around 119,000 employees serving more than 26 million clients in 62 countries across the world. We have been supporting the development of our economies for 160 years, providing our corporate, institutional, and individual clients with a wide array of value-added advisory and financial solutions. Our long-lasting and trusted relationships with the clients, our cutting-edge expertise, our unique innovation, our ESG capabilities and leading franchises are part of our DNA and serve our most essential objective – to deliver sustainable value creation for all our stakeholders.

    The Group runs three complementary sets of businesses, embedding ESG offerings for all its clients:

    • French Retail, Private Banking and Insurance, with leading retail bank SG and insurance franchise, premium private banking services, and the leading digital bank BoursoBank.
    • Global Banking and Investor Solutions, a top tier wholesale bank offering tailored-made solutions with distinctive global leadership in equity derivatives, structured finance and ESG.
    • Mobility, International Retail Banking and Financial Services, comprising well-established universal banks (in Czech Republic, Romania and several African countries), Ayvens (the new ALD I LeasePlan brand), a global player in sustainable mobility, as well as specialized financing activities.

    Committed to building together with its clients a better and sustainable future, Societe Generale aims to be a leading partner in the environmental transition and sustainability overall. The Group is included in the principal socially responsible investment indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg Gender-Equality Index, Refinitiv Diversity and Inclusion Index, Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders indexes, and the MSCI Low Carbon Leaders Index (World and Europe).

    In case of doubt regarding the authenticity of this press release, please go to the end of the Group News page on societegenerale.com website where official Press Releases sent by Societe Generale can be certified using blockchain technology. A link will allow you to check the document’s legitimacy directly on the web page.

    For more information, you can follow us on Twitter/X @societegenerale or visit our website societegenerale.com.

    1 Including Basel IV phasing
    2 Based on a pay-out ratio of 50% of the Group net income restated from non-cash items and after deduction of interest on deeply subordinated notes and undated subordinated notes, pro forma including Q1 25 results
    3 At comparable business model post GFC (Global Financial Crisis) regulatory regime
    4 Ratio calculated according to EBA methodology published on 16 July 2019
    5 Ratio excluding loans outstanding of companies currently being disposed of in compliance with IFRS 5
    6 Ratio of S3 provisions, guarantees and collaterals over gross outstanding non-performing loans
    7 Except for operations in the Czech Republic and Slovakia
    8 Including Basel IV phasing and pro forma Q1 25 results
    NB: SG network, Private Banking and Insurance – end Q1 25 loans and deposits exclude disposals
    9 Excluding asset disposals in Switzerland and the United Kingdom
    10 Jointly with another bank in 2025, Bain and Company, April 2025
    11 Deloitte, January 2025
    12 At comparable business model post GFC (Global Financial Crisis) regulatory regime
    13 Excluding non-recurring items
    14 Excluding impacts of depreciation adjustments
    15 As communicated by Ayvens in its Q1 25 results (excluding used car sales result and non-recurring items)
    16 Except for operations in the Czech Republic and Slovakia
    17 Interest net of tax
    18 The distribution provision is calculated based on a pay-out ratio of 50%, restated from non-cash items and after deduction of interest on deeply subordinated notes and on undated subordinated notes
    19 Excluding goodwill arising from non-controlling interests
    20 Interest net of tax
    21 Excluding goodwill arising from non-controlling interests
    22 The number of shares considered is the number of ordinary shares outstanding at end of period, excluding treasury shares and buybacks, but including the trading shares held by the Group (expressed in thousands of shares)
    23 The number of shares considered is the average number of ordinary shares outstanding during the period, excluding treasury shares and buybacks, but including the trading shares held by the Group (expressed in thousands of shares)

    Attachment

    The MIL Network –

  • MIL-OSI: Equinor first quarter 2025 results

    Source: GlobeNewswire (MIL-OSI)

    Equinor (OSE:EQNR, NYSE:EQNR) delivered adjusted operating income* of USD 8.65 billion and USD 2.25 billion after tax in the first quarter of 2025. Equinor reported net operating income of USD 8.87 billion and net income at USD 2.63 billion. Adjusted net income* was USD 1.79 billion, leading to adjusted earnings per share* of USD 0.66.

    Strong financial and operational performance

    • Strong financial results and cash flow
    • Solid oil and gas production

    Strategic progress

    • Successful start-up of the Johan Castberg and Halten East fields
    • Final investment decision on Northern Lights phase 2

    Capital distribution

    • First quarter cash dividend of USD 0.37 per share
    • Proposed second tranche of share buy-back of up to USD 1.265 billion
    • Expected total capital distribution for 2025 of up to USD 9 billion

    Anders Opedal, President and CEO of Equinor ASA:

    “Equinor delivers strong financial results in the first quarter. I am pleased to see the good operational performance and solid production capturing higher gas prices. With the current market uncertainties, Equinor’s core objective is safe, stable and cost efficient operations and resilience through a strong balance sheet.”

    “We maintain a competitive capital distribution and expect to deliver a total of USD 9 billion in 2025.”

    “The production start-up of the Johan Castberg field strengthens Norway’s role as a reliable energy exporter to Europe. The field opens a new region in the Barents Sea and is expected to contribute to energy supply, value creation and ripple effects for at least 30 years to come.”

    “We have invested in Empire Wind after obtaining all necessary approvals, and the order to halt work now is unprecedented and in our view unlawful. This is a question of the rights and obligations granted under legally issued permits, and security of investments based on valid approvals. We seek to engage directly with the US Administration to clarify the matter and are considering our legal options.”

    Solid production

    Equinor delivered a total equity production of 2,123 mboe per day in the first quarter, down from 2,164 mboe in the same quarter last year.

    The operational performance for most of the fields on Norwegian continental shelf is strong, including the Johan Sverdrup and Troll fields. This almost offsets the negative production impact from the shut-in at Sleipner B after the fire in fourth quarter 2024 and planned and unplanned maintenance at Hammerfest LNG.

    In the US, production increased from the same period last year. This was due to increased production from the fields and transactions increasing Equinor’s ownership interest in onshore gas assets in 2024.

    The production from the international upstream segment, excluding US, is down compared to the same quarter last year, due to exits from Nigeria and Azerbaijan in 2024.

    The total power generation from the renewable portfolio was 0.76 TWh, on par with the same period last year.

    In the quarter, Equinor completed five offshore exploration wells on the NCS with two commercial discoveries.

    Strong financial results

    Equinor delivered adjusted operating income* of USD 8.65 billion. and USD 2.25 billion after tax* in the first quarter of 2025. The results are driven by solid gas production and higher gas prices.

    Equinor realised a European gas price of USD 14.8 per mmbtu and realised liquids prices were USD 70.6 per bbl in the first quarter.

    Adjusted operating and administrative expenses* increased from the same quarter last year driven by overlift, higher maintenance activity and some one-off costs. This was partially offset by active measures to reduce costs for business development and early phase projects in renewables and low carbon solutions.

    A strong operational performance generated a cash flow from operating activities, before taxes paid and working capital items, of USD 10.6 billion for the first quarter. Equinor paid one NCS tax instalment of USD 3.09 billion in the quarter.

    Cash flow from operations after taxes paid* ended at USD 7.39 billion.

    Organic capital expenditure* was USD 3.02 billion for the quarter, and total capital expenditures were USD 4.50 billion.

    Equinor continues to demonstrate capital discipline and strengthen financial robustness with a net debt to capital employed adjusted ratio* of 6.9% at the end of the first quarter, compared to 11.9% at the end of the fourth quarter of 2024.

    Empire Wind 1

    After quarter close, Equinor received a halt work order from the US government on the offshore construction on the outer continental shelf for the Empire Wind project. The lease was obtained in 2017 and the project was fully permitted in 2024. It has a potential for delivering power to half a million New York homes, and is approximately 30% to completion.

    Equinor is complying with the order and is seeking dialogue with the proper authorities and assessing legal options. The Empire Wind project has per 31 March 2025 a gross book value of around USD 2.5 billion, including South Brooklyn Marine Terminal.

    Strategic progress

    A major milestone was reached when production was started from the Johan Castberg field in the Barents Sea on 31 March. Production also started at the Halten East development in the Norwegian Sea, with   estimated recoverable reserves of 100 million boe and one year pay-back time.

    Equinor continues to optimise and strengthen long-term value creation on the NCS, and was awarded 27 new production licenses in the Awards in Predefined Areas round (APA) in January. The ambition is to drill around 250 exploration wells on the NCS by 2035.

    In the quarter, the Bacalhau floating production, storage and offloading vessel (FPSO) arrived at its destination in the Santos Basin in Brazil’s pre-salt region. First oil is expected in 2025.

    Within low carbon solutions, Equinor together with partners Shell and TotalEnergies made a final investment decision to progress phase two of the groundbreaking Northern Lights carbon transport and storage development in Øygarden. The NOK 7.5 billion investment is expected to increase the total injection capacity from 1.5 million tonnes of CO2 per year (Mtpa) to at least 5 Mtpa and further develop the commercial market for transport and storage of CO2.

    The appraisal wells for carbon storage at Smeaheia were completed in the quarter on time and on cost.

    Competitive capital distribution

    The board of directors has decided a cash dividend of USD 0.37 per share for the first quarter 2025, in line with communication at the Capital Markets Update in February.

    Expected total capital distribution for 2025 is USD 9 billion, including a share buy-back programme of up to USD 5 billion. The board has decided to initiate a second tranche of the share buy-back programme of up to USD 1.265 billion. The second tranche is subject to an authorisation from the company’s annual general meeting 14 May 2025 and will commence after this. The tranche will end no later than 21 July 2025.

    The first tranche of the share buy-back programme for 2025 was completed on 24 March 2025 with a total value of USD 1.2 billion.

    All share buy-back amounts include shares to be redeemed by the Norwegian State.

    – – –

    *For items marked with an asterisk throughout this report, see Use and reconciliation of non-GAAP financial measures in the Supplementary disclosures.

    – – –

    Further information from:

    Investor relations
    Bård Glad Pedersen, Senior vice president Investor relations
    +47 918 01 791 (mobile)

    Press
    Sissel Rinde, Vice president Media relations
    +47 412 60 584 (mobile)

    This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act

    Attachments

    The MIL Network –

  • MIL-OSI New Zealand: One year from extinction day: Minister urged to act

    Source: ACT Party

    “We are now less than one year away from a potential mass extinction event for small incorporated societies across New Zealand,” warns ACT MP Laura McClure, who has a bill in Parliament’s ballot to address the issue.

    With the Incorporated Societies Act 2022 set to require all existing societies to re-register under a new regime by April next year, McClure is raising the alarm again that it will impose unsustainable costs on many grassroots small societies.

    RNZ has reported that around 18,000 incorporated societies are yet to re-register under the new legislation.

    “Small societies are telling me that they lack the expertise to deal with the upcoming regime’s unworkable rules. Stamp collecting groups and running clubs can’t necessarily afford the thousands of dollars in financial and legal advice to stay above board,” says McClure.

    “These are not large societies. These are local clubs and community associations that have operated successfully, providing valuable services to the community, and now they face the real risk of folding entirely.

    “I have lodged a member’s bill that would define small societies, and effectively carve them out from the most onerous new liabilities and financial reporting requirements. This week I have written to the new Commerce and Consumer Affairs Minister to urge that he either implement my suggested changes to legislation, or defer the looming compliance deadline.

    “It is not too late to act, but the clock is ticking.”

    Laura McClure’s Incorporated Societies (Small Societies) Amendment Bill can be found here.

    Her letter to the Minister can be found here.

    MIL OSI New Zealand News –

  • MIL-OSI USA: Bailey Student-Athlete Success Center Will Transform College Experience for Huskies

    Source: US State of Connecticut

    One of the most storied athletic locations at UConn is about to begin a brand-new era.

    Starting this spring, Guyer Gymnasium on Hillside Avenue will be fully overhauled, along with along with renovation of smaller spaces in the connecting Hugh S. Greer Field House and Wolff-Zackin Natatorium. Together, they will be known as the Bailey Student-Athlete Success Center, named in honor of Trisha Bailey ’99 (CLAS), whose lead gift is among the largest from any UConn graduate.

    The project was kicked off with a groundbreaking ceremony on April 23 featuring Bailey, student athletes, coaches, Board of Trustees Chairman Dan Toscano, UConn President Radenka Maric, Director of Athletics David Benedict, and others.

    “Congratulations, coaches. Congratulations, students. Congratulations, alumni,” said Maric. “Congratulations to our staff and everybody who supports our athletics and our university. This is the day that you waited for, for a long time.”

    The project will bring athletics, research, academic support, sports medicine, and other programs together in one facility to build upon each other in support of the student success journey, one of the mainstays of UConn’s Strategic Plan. If all goes as scheduled, the new center will open in Spring 2027.

    Nancy Stevens, former head coach of UConn’s field hockey team, shakes hands with UConn Athletic Director David Benedict during the groundbreaking ceremony for the Bailey Student-Athlete Success Center and Nayden Academic Excellence Center in the Hugh S. Greer Field House on Wednesday, April 23, 2025. (Sydney Herdle/UConn Photo)

    “The Bailey Student-Athlete Success Center will transform the college experience for young men and women who wear the Husky uniform,” said David Benedict, director of athletics.

    Bailey, a former track athlete at UConn, founded Bailey’s Medical Equipment and Supplies after her time in Storrs. She quoted her grandmother at the ceremony: “’Dream so big that not even you can believe that these dreams can come true,’” said Bailey. “What does that mean? It means that when you dream, you need to go beyond what the dream looks like.”

    Also on April 23, UConn announced a transformative $15 million commitment from longtime supporters Denis and Britta Nayden that will establish The Nayden Center for Academic Excellence within the Bailey Student-Athlete Success Center. At the core of this transformative project, the 12,000 square foot academic center will become the home for holistic development, academic accomplishment, and well-being for every student-athlete at UConn. This comprehensive space will facilitate learning, testing, meeting, tutoring, and all academic activities.

    The gymnasium will be renovated to house UConn’s Student-Athlete Success Program (SASP), which supports student-athletes with tutoring, study spaces, post-graduation career or academic planning, and other academic services.

    It will also house offices, support spaces, locker rooms, team meeting areas, and other spaces for women’s field hockey, women’s rowing, women’s tennis, women’s swimming & diving, women’s cross country, and men’s and women’s track & field.

    “Thanks to Trisha Bailey’s anchor donation, the vision of a student-athlete success center took hold, and became real,” said Nayden ’76 (BUS) ’77 MBA. “I’ve seen the drawings, and I have no doubt that the new facility will be state of the art, beautiful and impressive. But what attracted us, and what was really impressive, is everything that would occur inside.”

    Trisha Bailey ’99 (CLAS) mingles with attendees as seen through the wall used during the groundbreaking ceremony for the Bailey Student-Athlete Success Center and Nayden Academic Excellence Center in the Hugh S. Greer Field House on Wednesday, April 23, 2025. (Sydney Herdle/UConn Photo)

    Other speakers included former field hockey coach Nancy Stevens, men’s tennis coach Glenn Marshall, and student athletes Chioma Okafor ’26 (BUS, ENG) and Travis Roux ’25 (BUS).

    The construction will turn the field house into a LEED-certified building and add an estimated 50 to 60 years of active use to the complex. The improvements help UConn take another step in its Sustainability Action Plan and will help UConn reach carbon neutrality by 2030.

    New space will be created for the UConn Department of Kinesiology, strength and conditioning rooms, rehabilitation and recovery areas and hydrotherapy and biomedical analysis.

    The field house, named for longtime men’s basketball coach and athletic director Hugh Greer, opened in 1954 and was the home of the men’s and women’s basketball teams until Gampel Pavilion opened in 1990.

    “We want everyone to achieve excellence. This will be a learning center, a financial literacy center, a personal development center, a mental health center, a tutoring center, a nutrition center,” said Nayden. “It will be a social center. It will be a hub of life.”

    MIL OSI USA News –

  • MIL-Evening Report: Inflation is easing, boosting the case for another interest rate cut in May

    Source: The Conversation (Au and NZ) – By John Hawkins, Senior Lecturer, Canberra School of Politics, Economics and Society, University of Canberra

    Daria Nipot/Shutterstock

    Australia’s headline inflation rate held steady at a four-year low of 2.4% in the March quarter, according to official data, adding to the case for a cut in interest rates at the next Reserve Bank board meeting in May.

    A key measure of underlying inflation closely watched by the RBA fell to 2.9%, returning to within the 2-3% inflation target band for the first time since 2021.

    Food and beverages, tobacco, education and housing were the main contributors to the rise in the headline Consumer Price Index.

    Financial markets are pricing in a quarter-percentage point cut in the cash rate to 3.85% in May.

    The inflation report was the last piece of major economic data before Saturday’s federal election.

    Prices are still rising, just at a slower rate

    A fall in inflation does not mean prices are falling. Overall, prices are continuing to rise, but at a slower pace.

    Moreover, prices continue to rise at a higher rate for some things people notice most, such as meat, fruit and vegetables. Concerns about the high cost of living will not go away. But it is good news for households that prices are now rising less than wages, which are growing by 3.2%.

    Some of the CPI components rising fastest are services such as health, which rose 4.1% in the year to March, and education, up 5.7%.

    Rents increased by 5.5% over the year, still rapid but less than in 2023 and 2024. The movements differed across the country. Rents were up almost 9% in Perth but fell in Hobart.

    New home prices only rose by 1.4% over the year as project-home builders made promotional offers to attract buyers in a more subdued market.

    Some of the recent fall in inflation represents the effect of government measures such as temporary electricity rebates and lower public transport fares. These represent some relief for households from cost-of-living pressures. But they may obscure trends in underlying inflationary pressures.

    The Reserve Bank’s preferred measure of underlying inflation, the trimmed mean measure, removes such impacts by excluding items with the largest price movements up or down. This measure of inflation has fallen to 2.9%, back within the central bank’s target, from 3.3%.

    Green light for an interest rate cut

    Headline inflation is around the middle of the Reserve Bank’s 2-3% medium-term target band. The large 1% quarterly increase in the June quarter of 2024 will drop out of the next annual calculation. So inflation may soon be below the bottom of the band. This has been forecast by Westpac’s economics team (headed by former RBA assistant governor Luci Ellis), for example.

    In its most recent published forecast the Reserve Bank expected inflation to be 2.4% in June. So it may be pleased to see it already there for two quarters. It would also be relieved to see the underlying rate back within the target band.

    In February, Reserve Bank Governor Michele Bullock conceded the bank had arguably been “late raising interest rates on the way up”. It did not want to be late on the way down.

    At its April 1 meeting, the Reserve Bank board called the May 19-20 meeting “an opportune time to revisit the monetary policy setting with the benefit of additional data about inflation” and other factors.



    Read more:
    Reserve Bank holds rates steady, cautious about the economic outlook

    Global economic outlook darkens

    The outlook for global economic activity has weakened as the US’s trade war with China has escalated. The International Monetary Fund cut its forecast for global economic growth in 2025 from 3.3% to 2.8%.

    The negative outlook for the global economy and rising business uncertainty certainly adds weight to the case for an official interest rate cut. It would help Australian businesses weather a possible downturn.

    Tariff rises will push up inflation in the US. But there is a bipartisan commitment in Australia not to engage in retaliatory tariff increases. This means there will not be any such inflationary impetus here.

    Indeed, as Bullock pointed out in her April press conference, if China diverts exports that are effectively blocked from entering the US to Australia, then the US tariffs may lower inflationary pressures here.

    Concerns about the inflationary impact of a weaker Australian dollar have eased in recent days. The currency has rebounded to 64 US cents from its early April low of 59.5 US cents.

    The Reserve Bank will, as always, consider a wide range of information in deciding whether to cut interest rates in May. But the single most important piece of information is now giving it the green light.

    Market economists expect another couple of rate cuts in 2025 after May, depending on the impact of the erratic US economic policies on the global economy.

    What does it mean for the election?

    After the CPI release, Treasurer Jim Chalmers noted core inflation was at a three-year low. “This is a powerful demonstration of the progress that Australians have made together in the economy,” he said.

    Chalmers will be hoping the Reserve Bank and the electorate share his view. Labor is more likely to be re-elected if voters regard the cost-of-living pressures as abating.

    John Hawkins was previously a senior economist in the Reserve Bank.

    Stephen Bartos does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Inflation is easing, boosting the case for another interest rate cut in May – https://theconversation.com/inflation-is-easing-boosting-the-case-for-another-interest-rate-cut-in-may-255116

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA News: ICYMI: Celebrating President Trump’s Incredible First 100 Days

    Source: The White House

    President Donald J. Trump has accomplished more in 100 days than most presidents do over an entire term — and he’s still just getting started. President Trump’s unprecedented work in the first 100 days has earned praise from across Capitol Hill and beyond.

    Here’s what they’re saying:

    Speaker Mike Johnson: “@POTUS has been able to do far more for the American people in the first 100 days than the Biden Administration did in four years. Thanks to the Trump White House, AMERICA IS BACK – and we’re just getting started.”

    Senate Majority Leader John Thune: “It’s been 100 days of the new Trump administration, and @POTUS is delivering. Securing our southern border, restoring American strength, extending tax relief for Americans, unleashing American energy, saving taxpayer dollars, and restoring common sense.”

    Senate Majority Whip John Barrasso: “In the first 100 days under @POTUS Trump, Republicans are fighting for the American people. Secure the border. Rebuild the economy. Restore peace through strength. Unleash American energy.”

    Senate Republican Conference Chair Tom Cotton: “Joe Biden unleashed mass illegal migration across our nation during his time in office. In his first 100 days, President Trump ended the Biden Border Crisis by cracking down on criminals and following the law.”

    Sen. Jim Banks: “100 days of securing the border… Thanks to President Trump’s strong leadership, the invasion along our borders is over!”

    Sen. Marsha Blackburn: “Congratulations to President Trump on 100 days of Making America Great Again.”

    Sen. Katie Britt: “President Trump has kept his promises in the first 100 days.”

    Sen. Ted Budd: “From day one: clear goals, hard work, concrete results. At Day 100, @POTUS has built real momentum to deliver long-term prosperity for the American people — and he’s just getting started.”

    Sen. Shelley Moore Capito: “Real leadership leads to real results. @SenateGOP and @POTUS are delivering on our promises in these 100 days to protect and secure our country.”

    Sen. Bill Cassidy: “After 100 days, the results are clear: America is safer and the border is secure.”

    Sen. John Cornyn: “I’ve worked hand-in-glove with President Trump to accomplish his agenda during his first 100 days.”

    Sen. Mike Crapo: “President Trump has had phenomenal successes in his first 100 days. He has closed the border, revitalized our energy production, brought trillions of dollars of capital investment into the United States.”

    Sen. Steve Daines: “In just 100 days, @POTUS has delivered win after win. Border crossings are at an all-time low, American energy is thriving & we’re kicking Biden and the left’s woke agenda to the curb. If this is what 100 days of progress looks like, can’t wait for what the future brings!”

    Sen. Joni Ernst: “From a wide-open southern border to complete border security in just 100 days. That is the Trump effect.”

    Sen. Chuck Grassley: “2day marks 100 days of Pres Trumps return 2 White House Ive seen the President working hard 2 KEEP HIS PROMISES + RESTORE COMMON SENSE Praise the Lord we hv a Commander in Chief who is standing on the platform he ran on& getting things done for the American ppl.”

    Sen. Lindsay Graham: “In just 100 days, President Trump has delivered historic results for the American people… I look forward to continue working with the President and his team in the Senate to make sure we DELIVER his historic agenda to the American people.”

    Sen. Bill Hagerty: “This has been the most effective, most impactful in a positive sense 100 days in my lifetime.”

    Sen. Josh Hawley: “For the first time in decades, working Americans have a President who stands with them. Trump’s giving Americans their country back”

    Sen. John Hoeven: “#100Days in, @POTUS has secured the border and now he’s empowering our energy producers to make the country energy dominant—removing barriers, driving growth, and restoring America’s place as the world’s energy leader.”

    Sen. Jon Husted: “Daily border apprehensions have dropped 95% since @POTUS took office. Pres. Trump is following through on his promise to secure the border and safeguard Americans.”

    Sen. Cindy Hyde-Smith: “Just 100 days in, @POTUS and the Senate Republicans are delivering for the American people – securing our border, rolling back harmful Biden policies, confirming Trump nominees, passing common-sense laws, and locking in a strong budget.”

    Sen. Jim Justice: “100 days under @POTUS:
    ✔️American Energy Unleashed
    ✔️Border is secure
    ✔️Manufacturing is coming back to the states
    ✔️ West Virginia Coal making a comeback
    President Trump is just getting started and I will keep working alongside him to get results for Americans!”

    Sen. John Kennedy: “In just 100 days, President Trump has secured the border, fought racial quotas, and totally changed the national conversation about the budget.”

    Sen. James Lankford: “An unprecedented 100 days under President Trump!” Let’s continue this moment for the American people—great job @POTUS.”

    Sen. Mike Lee: “A HISTORIC FIRST 100 DAYS.”

    Sen. Cynthia Lummis: “100 days of a stronger and safer America.”

    Sen. Roger Marshall: “The President’s first 100 days is a return to American greatness.”

    Sen. Dave McCormick: “We’re 100 days into the Trump Administration and we’re already seeing enormous change on behalf of the American people, just like the president promised.”

    Sen. Ashley Moody: “Today marks President Trump’s first 100 days, and the country is already stronger and safer than it has ever been before.”

    Sen. Jerry Moran: “In his first 100 days in office, President Trump has made our southern border safer by ending catch & release, signing the Laken Riley Act into law & reinstating Remain in Mexico. Illegal encounters at the southern border are down 95% thanks to these commonsense policies.”

    Sen. Markwayne Mullin: “100 DAYS: PROMISES MADE, PROMISES KEPT.”

    Sen. Rand Paul: “100 days of cutting government waste, securing the border, pursuing peace abroad, and simply restoring sanity to the American people.”

    Sen. Pete Ricketts: “In his first 100 days in office, President Trump has delivered for the American people.”

    Sen. Jim Risch: “100 days of America First”

    Sen. Rick Scott: “President Trump is delivering on his promises to make our country safer, our economy stronger, and America Great Again!”

    Sen. Tim Scott: “How do you describe 100 days of President Trump? Promises made, promises kept.”

    Sen. Eric Schmitt: “100 days of putting America first. Us”

    Sen. Tim Sheehy: “Whether it’s ending Biden’s border crisis, unleashing American energy, bolstering our military and restoring American strength, or securing better deals for hardworking families, @POTUS has delivered win after win in his first 100 days.”

    Sen. Dan Sullivan: “Congratulations @POTUS on 100 days in office and thank you in particular for working to unleash Alaska’s extraordinary resource potential!”

    Sen. Tommy Tuberville: “He’s done an outstanding job A+, we continue to even get better because he’s solving more problems everyday Thank you, President Trump for what you’ve done!”

    Sen. Roger Wicker: “Mr. President you’re bringing the kind of peace through strength our children will talk about fifty years from now- we thank you.”

    House Majority Leader Steve Scalise: “Today marks 100 DAYS of President Trump and Republican majorities in Congress. … America First and common sense are BACK. And we’re just getting started. Promises made. Promises kept.”

    House Majority Whip Tom Emmer: “100 days in, President Trump is delivering for the people of Minnesota.”

    House Republican Conference Chair Lisa McClain: “Today, @HouseGOP celebrates POTUS’ historic first 100 days in office. He has delivered on his promises to secure the borders, restore energy independence, show peace through strength, and make America COMPETITIVE.”

    House Republican Leadership Chair Elise Stefanik: “President @realDonaldTrump is securing our borders, reining in inflation, unleashing American energy dominance, combatting antisemitism, supporting the rule of law, and restoring American greatness and peace through strength on the world stage.”

    Rep. Mark Alford: “100 days ago, America was on the brink. Today, because of President Trump: Hope is back. Strength is back. America is BACK.”

    Rep. Rick Allen: “Promises made, promises kept. In just 100 days, @POTUS has delivered:
    ✅ A secure border
    ✅ Safer communities
    ✅ Energy independence
    ✅ Job growth
    ✅ Lowers costs for essentials like gas and eggs
    The list goes on and we’re just getting started!”

    Rep. Jodey Arrington: “In the first 100 days of President Trump’s second term our nation has experienced unprecedented achievements in a new era of American politics defined by competent leadership, common sense policies, and a commitment to America first.”

    Rep. Brian Babin: “100 days in and America is roaring back to life. The economy is up. The border is secure. Our pride is restored. The American comeback is here. FIGHT, FIGHT, FIGHT!”

    Rep. Don Bacon: “I commend the Trump Administration for tackling these campaign promises in the first 100 days:
    ✅ Restoring energy independence & bringing prices under control
    ✅ Securing our border with 95% drop in illegal crossings
    ✅ Taking decisive action against the Houthis
    The border and energy independence were top priorities this past Nov.”

    Rep. Jim Baird: “In 100 days, POTUS and his administration have been reversing the disastrous Biden-era policies and are working hard to usher in the Golden Age of America. Promises made. Promises kept.”

    Rep. Troy Balderson: “In President Trump’s first 100 days, he has…
    us Secured the border
    Unleashed American energy
    Rooted out government waste
    Added 345,000 jobs
    …and we’re just getting started”

    Rep. Andy Barr: “President @realDonaldTrump’s first 100 days have been nothing short of historic. I’m honored to stand with him as we secure the border, unleash American energy, rebuild our economy, and put America First again. Together, we’re delivering the results the American people demanded.”

    Rep. Tom Barrett: “In President Trump’s first 100 days, we’ve teamed up to secure the border, bring manufacturing jobs back, and unleash American energy.
    🚨 Illegal border crossings are at historic lows.
    The Laken Riley Act is signed into law.
    📉 Inflation and energy prices are falling..
    🚔 We are making our communities safe again.
    America First is back and we’re just getting started. #100Days”

    Rep. Michael Baumgartner: “On National Fentanyl Awareness Day, we celebrate the progress made with record low border crossings. President Trump’s first 100 days in office set the stage for this success. Let’s continue the fight to eradicate fentanyl and protect our communities.”

    Rep. Aaron Bean: “We’re celebrating #100Days of President Trump in office, and one thing is abundantly clear: America’s future is looking up! Since day one, POTUS  has understood the assignment: undo the damage done by the previous administration and usher in the Golden Age of America.  Working together at historic speed, we are securing our border, slashing wasteful spending, reviving our economy, and defending our American values.”

    Rep. Stephanie Bice: “100 days of bringing back America first policies.”

    Rep. Gus Bilirakis: “One of President Trump’s biggest success stories in his first 100 days is enhanced border security.  U. S. Customs and Border Protection now has total control of the border, with daily border encounters down by 93%.  March of 2025 saw the lowest monthly number of border encounters in recorded history.  Also, in March of 2025, fentanyl traffic at the southern border fell by 54% compared to March of 2024.  To date, the Trump Administration has also arrested more than 151,000 illegal aliens and has deported over 135,000. This includes 600 members of Tren De Aragua and thousands of MS-13 and 18thStreet Gang members.   We will continue to get dangerous predators off our streets!”

    Rep. Andy Biggs: “President Trump has done more for our country in his first 100 days than Democrats could dream of accomplishing in four years. Countless nations have already reached out to amend unfair trade practices.”

    Rep. Sheri Biggs: “100 Days of Results: President Trump promised to secure our border—and he’s delivered. Illegal crossings are down 94%, catch & release is over, and the border is finally under control.”

    Rep. Mike Bost: “What a difference 100 days make! Border apprehensions dropped by 94%, gas prices are down 6.3%, and egg prices have fallen by 56%. Over 100,000 illegal aliens have been deported, and U.S. manufacturing is roaring back.”

    Rep. Josh Brecheen: “We have seen tremendous progress at our borders due to President
    @realDonaldTrump taking decisive action in his first 100 days:
    • Daily border encounters are DOWN by 93%.
    • Over 135,000 illegal aliens have been DEPORTED.
    • Illegal alien crossings are DOWN by 99.99%.
    Promises made, promises kept!”

    Rep. Vern Buchanan: “In his first 100 days, POTUS has delivered on his promises.”

    Rep. Eric Burlison: “✅ Illegal crossings down 94%
    ✅ $Trillions in private investments
    ✅ Ended the Green New Scam
    ✅ Peace Through Strength
    ✅ Protecting women in sports
    Still not tired of winning.”

    Rep. Ken Calvert: “In the four years of Joe Biden’s presidency the border was in chaos as illegal immigrants and deadly drugs flowed unchecked into America. In the first 100 days of Donald Trump’s presidency order and security has been restored at the border.”

    Rep. Kat Cammack: “In 100 days, President Trump has protected women and girls’ sports, reduced illegal border crossings by 95%, removed dangerous criminals from the U.S., protected our children, enhanced transparency, and more!”

    Rep. Buddy Carter: “It’s been a historic and productive first 100 days of the second Trump Administration. From securing the southern border to reestablishing fair trade deals and unleashing American energy dominance, this presidency can be defined by one word: efficiency.”

    Rep. Juan Ciscomani: “.@POTUS Trump delivered on his promise to secure the border in his first 100 days – and it’s making a real difference for families in #AZ06.Just ask Jim and Sue Chilton. Under President Biden, their ranch saw 5,640 illegal crossings in April 2024. Under President Trump, things have changed for the better. In April 2025, they recorded ZERO crossings in a span of three weeks — a direct result of President Trump’s strong border policies. ✅Promises made, promises kept!”

    Rep. Ben Cline: “Trump’s first 100 days are a new era of American renewal”

    Rep. Michael Cloud: “The difference is undeniable. In just 100 days, President Trump has reversed the failures of the Biden administration and put America back on the path to greatness.”

    Rep. Andrew Clyde: “Today marks 100 days of President Trump putting America FIRST!”

    Rep. Mike Collins: “This has been the most consequential first 100 days in any American presidency.
    ✅The border crisis is solved.
    ✅Domestic manufacturing is back.
    ✅America is respected again.
    ✅DEI is dead.
    100 down and 1362 to go.”

    Rep. James Comer: “100 Days. President Trump has delivered on dozens of promises made to the American people… America’s future is bright under President Trump’s leadership.”

    Rep. Eli Crane: “Thank you, President Trump, for ending the premeditated border invasion. We didn’t need new legislation. We just needed a new President.”

    Rep. Dan Crenshaw: “Today marks President Trump’s 100th day back in office. He promised action, and he’s delivering it. If you listened during the campaign, you knew this was coming — promises made, promises kept”

    Rep. Warren Davidson: “President Trump in his first 100 days:
    – Secured the border
    – Removed woke ideology from the military
    – Eliminated billions in fraud and abuse
    – Deported over 100K illegal aliens
    Best sequel EVER”

    Rep. Monica De La Cruz: “During his first 100 days, President Trump stood up for South Texas farmers and ranchers — demanding Mexico honor its water delivery commitments, and he has delivered. Thank you, @POTUS! #PromisesMadePromisesKept”

    Rep. Mario Diaz-Balart: “100 days of SUCCESS with President Trump back in the White House—leading with strength, and laying the foundation for prosperity and peace for America to be the global powerhouse for generations to come.”

    Rep. Byron Donalds: “THE BEST IS YET TO COME”

    Rep. Troy Downing: “President Trump in his first term talked about promises made, promises kept. This time, it’s on steroids.”

    Rep. Neal Dunn: “100 days in, and the Trump administration has already achieved countless victories! From plummeting illegal border crossings to swift downsizing of the bloated federal bureaucracy, President Trump is delivering for the American people!”

    Rep. Ron Estes: “Today marks 100 days of President Trump’s second term. @POTUS and House Republicans have been hard at work to turn the page on four years of open borders, a sluggish economy and runaway federal spending. In just 100 days, border encounters are down 95%, hostages have returned home, violent criminals are being deported, more than $5 trillion in new investments have been secured, and the Department of Government Efficiency has saved taxpayers $160 billion (that’s an average saving of $1.6 billion every day). But we’re just getting started – we’re working to extend the 2017 Tax Cuts and Jobs Act, preserve and protect Social Security, reduce wasteful spending and restore our energy independence.”

    Rep. Mike Ezell: “During @POTUS’s first 100 days, the Coast Guard has worked around the clock to defend our maritime borders and stop the flow of illegal drugs and migrants. I’m proud that President Trump is recognizing their hard work—service that too often goes unnoticed but is vital to our national security.”

    Rep. Pat Fallon: “President Trump’s border security measures have yielded incredible results in 100 days. With 113,000 arrests, over 100,000 deportations, and a 94% reduction in illegal crossings, his policies are in the best interest of all Americans and public safety.”

    Rep. Julie Fedorchak: “Today is the 100 day marker for @POTUS Trump. He is tackling big issues that have long been ignored.
    ✅ Illegal border crossings are down 95%. Turns out we didn’t need new laws. We needed a new President that would actually enforce them.
    ✅ American energy is on the move. We are aggressively and responsibly developing our nation’s abundant, diverse natural resources.
    ✅ President Biden’s stifling regulations are being rolled back—lifting burdens off our farmers, businesses, and energy producers.
    ✅ Government waste, fraud and abuse is being identified and eliminated.
    Promises made. Promises kept.”

    Rep. Randy Feenstra: “In just 100 days, President Trump has achieved incredible victories for our country. He locked down our border, deported violent criminals, repealed ridiculous Biden-era regulations, and rooted our waste, fraud, and abuse in our government.”

    Rep. Brad Finstad: “In his first 100 days in office, President Trump has delivered on his promises, with over 300,000 new jobs created, strengthened border security, and an improved economic outlook for our nation. Together, we will continue working to restore the American Dream by making our communities safer and addressing the kitchen-table issues that matter most to the American people.”

    Rep. Michelle Fischbach: “In his first 100 days, @POTUS has signed the Laken Riley Act into law, has dangerous gangs and cartels shaking in their boots, and has shut our borders to illegal immigrants.”

    Rep. Scott Fitzgerald: “Only 100 days in, and @POTUS has delivered real results… I’m proud to stand with President Trump and the America First agenda!”

    Rep. Chuck Fleischmann: “In his first 100 Days, @POTUS is taking strong action to get America back on track! President Trump has:
    Secured our borders.
    Ended the war on American-made energy.
    Begun rebuilding our economy.
    Signed the Laken Riley Act into law.
    Restored commonsense in government.”

    Rep. Vince Fong: “In his first 100 days, President Trump has relentlessly pursued policies that are delivering on his promises to Central Valley families and the American people as we speak.”

    Rep. Scott Franklin: “100 days back in the White House and the results speak for themselves… America is back on the path to strength, security and prosperity!”

    Rep. Russell Fry: “President Trump’s first 100 days in office have been the MOST SUCCESSFUL IN THE HISTORY OF THE COUNTRY.”

    Rep. Brandon Gill: “President Trump’s historic presidency delivered major wins for the American people in his first 100 days.”

    Rep. Craig Goldman:” For years, we had a President who allowed millions of illegal aliens to flood across our borders. In 100 days, @POTUS has secured the border. The difference is clear:
    ✅ Daily apprehensions are down 94%
    ✅ Known gotaways are down 90%
    ✅ 100,000+ illegal aliens have been deported”

    Rep. Tony Gonzales: “Illegal Border Crossings⬇️95%
    Unleashing American Energy
    Water Deliveries from Mexico to South Texas
    Empowering LEOs to Tackle Crime & Protect our Communities
    And we’re just getting started! #100Days”

    Rep. Lance Gooden: “Just 100 days into President Donald Trump’s second term, the answer is resounding: Yes, we are better off.”

    Rep. Sam Graves: “In his first 100 days, President Trump has moved quickly to secure the border, unleash American energy production, and get rid of burdensome regulations… It’s exactly what the American people voted for.”

    Rep. Mark Green: “In less than three months, President Trump has restored law and order to our nation’s borders, removed criminal illegal aliens from our communities, and helped ensure the safety of the American people by empowering DHS law enforcement to do their jobs.”

    Rep. Marjorie Taylor Greene: “The American people & I are SO happy with the work President Trump has done the last 100 days! Our nation is safer, common sense has been restored, and America is being put first!”

    Rep. Glenn Grothman: “In his first 100 days, President Trump delivered more for the American people than Joe Biden had in four years. He’s keeping his promises, prioritizing American interests, securing our border, and leading with transparency. In the House, we’re building on that momentum to deliver real results that honor the American people’s electoral mandate.”

    Rep. Brett Guthrie: “Today marks the first 100 days of President Trump’s Administration. @POTUS has delivered on his promises of securing our border, unleashing American energy and repealing burdensome red tape. Promises made, promises kept.”

    Rep. Harriet Hageman: “In his first 100 days, President Trump has fixed a lot of what Biden and Kamala Harris broke and he’s on track to do a lot more.”

    Rep. Abe Hamadeh: “Promises made. Promises kept. Congratulations to @POTUS on an incredibly successful First 100 Days!”

    Rep. Mike Haridopolos: “President Trump is keeping the promises that he made to the American people. Just 100 days in, we’re already seeing the RESULTS.”

    Rep. Pat Harrigan: “100 days in, the Trump Doctrine holds firm: American interests first, American sovereignty always.”

    Rep. Mark Harris: “It’s been 100 days of:
    ✅Restoring common sense
    ✅Protecting Americans from criminal illegals
    ✅Rooting out government waste, fraud, and abuse
    Looking forward to the next 1361 days!!”

    Rep. Diana Harshbarger: “100 days of investing in America… Promises Made, Promises Kept.”

    Rep. Kevin Hern: “The last 100 days have gone by quickly but so much has happened. POTUS is moving at record pace to RESTORE American strength, SAVE taxpayers’ money, and PROTECT our national security and sovereignty.”

    Rep. Clay Higgins: “100 days of MAGA. President Trump’s administration is restoring common sense, securing our border, unleashing America’s energy potential, and attacking waste, fraud, abuse, and theft in the bureaucracy.”

    Rep. Ashley Hinson: “Closing in on 100 days of President Trump back in the Oval, and the results speak for themselves: strong and CLOSED borders, American energy back on top, peace through strength restored on the world stage, and a more competitive America. Promises made, promises kept.”

    Rep. French Hill: “100 days into his second term, and President Trump continues to move with unprecedented speed to deliver on the promises made to the American people. America is back on the path to restoring our strength, security, and prosperity. I’m looking forward to building on these early wins to lower costs, expand opportunity, and make the Trump tax cuts permanent for working families, small businesses, and the middle class.”

    Rep. Erin Houchin: “President Trump is off to a strong start! In just 100 days, he’s delivering on his promises to secure our border, rebuild our economy, and restore law and order. Proud to stand with him as we fight to put America First again!”

    Rep. Bill Huizenga: “President Trump is delivering on promise after promise for the American people. In just 100 days, he has secured our border, unleashed American energy, and restored common-sense regulatory policies to Washington. And we are just getting started!”

    Rep. Wesley Hunt: “100 Days in and Trump is keeping his promises.
    – 345,000 New Jobs
    – 4th highest Payroll Growth in 2 years
    – 9,000 New Manufacturing Jobs
    – Unemployment Rate Decreased
    – Consumer Price Decline
    – Hourly Wage Growth”

    Rep. Jeff Hurd: “I commend @POTUS and @HouseGOP for delivering on key promises in the first 100 days:
    ✅ Establishing energy dominance for rural America
    ✅ Securing our borders with a significant drop in illegal crossings
    ✅ Reviving the coal industry and identifying coal resources on federal lands”

    Rep. Darrell Issa: “In only 100 days, @realDonaldTrump ended the Biden border crisis, extended economic opportunity, slashed billions in government waste, and restored our standing in the world. This is setting the pace for the next four years as we Make America Great Again.”

    Rep. Jim Jordan: “President Trump said he’d stop federal censorship, defend religious liberty, and promote school choice. He’s done all of it. Promises made. Promises kept.”

    Rep. Mike Kelly: “In just his first 100 days, President Trump has:
    – Cracked down on illegal immigration – Compared to March 2024, Southwest border apprehensions have decreased by 94% and Northern border land encounters have decreased by 73%.
    – Expanded American energy production
    – Secured trillions of dollars in new U.S.-based economic investment
    – Brought jobs back to the U.S. and restructured trade negotiations
    – Restored accountability and transparency in government
    – Secured the release of Butler County native Marc Fogel and freed hostages

    @POTUS and @HouseGOP are putting America first!”

    Rep. Trent Kelly: “Today marks the 100th day in office for President Donald Trump. During this time, the Trump administration has made significant progress and worked quickly to fulfill his promises by securing the border, restoring energy independence, strengthening national defense, and boosting American competitiveness.”

    Rep. Brad Knott: “Never have the first 100 days of a presidency been so consequential. Following four years of disastrous and destructive policy from Biden-Harris, Americans were eager to see big, sweeping change and @POTUS delivered.”

    Rep. David Kustoff: “President Trump Has Kept His Promises in the First 100 Days!
    1. Strengthened border security, slashing illegal crossings to record lows 🚓
    2. Fueled growth in U.S. manufacturing and industrial production 🏭
    3. Curbed inflation, easing the cost-of-living crisis for Americans 💸
    4. Enacted the Laken Riley Act to ensure justice for crime victims ⚖️
    5. Combatted Tren de Aragua and MS-13 gangs in American communities 🚨
    6. Cracked down on sanctuary cities, upholding federal immigration laws 🔒
    7. Championed energy independence through robust oil and gas expansion ⛽️
    8. Lifted the natural gas export ban, cementing U.S. energy dominance 🛢️
    9. Dismantled DEI policies in government and DoD, recognized only male/female genders 🚻
    10. Declassified JFK and RFK records for transparency 📂
    11. Reduced the amount of federal bureaucracy 🏛️”

    Rep. Darin LaHood: “President Trump’s first 100 days have secured our border, made our communities safer, and put U.S. foreign adversaries on notice.”

    Rep. Doug LaMalfa: “In just 100 days, President Trump has delivered the most secure border this country has seen in modern history. Illegal crossings are down 95%, gotaways have dropped by 99%, and catch-and-release is over. Over 139,000 illegal immigrants have been deported, construction on the border wall is back underway, and Kamala Harris’ migrant app has been shut down for good. Violent gangs like Tren de Aragua and MS-13 are being dismantled, sanctuary cities are finally being held accountable, and the Trump administration is making clear that migrant crime will not be ignored — signing the Laken Riley Act into law to deliver justice for American families. Promises made, promises kept.”

    Rep. Bob Latta: “Today marks @POTUS’s first 100 days in office. From day one, he has prioritized the American people, working to eliminate waste, fraud, and abuse. Proud to work with
    @HouseGOP and President Trump to make life better for people in Ohio and across the country. Promises made, promises kept.”

    Rep. Nick Langworthy: “100 days of President Trump putting America First… and we are just getting started.”

    Rep. Laurel Lee: “In his first 100 days in office, President Trump is driving the American dream forward at a historic rate by securing American manufacturing, unleashing American energy, and supporting American-owned businesses.”

    Rep. Julia Letlow: “In 100 days President Trump has: reduced illegal border encounters by 95%, reduced total migrant crossings by nearly 100%, ended the Biden Border Crisis.”

    Rep. Barry Loudermilk: “Marking 100 days into his presidency, @POTUS continues to deliver on his promises to Make America Great Again.
    • 26 hostages freed from adversarial nations
    • Women’s sports protected
    • Unleashing the American worker and industry
    • $5 trillion in new investments/trade commitments secured
    All we needed was a different President.”

    Rep. Anna Paulina Luna: “In 100 days, President Trump has: Secured our border, declassified the JFK+RFK files, deported thousands of illegal alien thugs, protected American manufacturing & workers, started eliminating rampant waste, fraud, and abuse, crushed DEI in academia & business.”

    Rep. Morgan Luttrell: “President Trump is ushering in a Golden Age of America.

    ✅ 100k+ illegal aliens deported
    ✅ Gas prices down
    ✅ Border crossings down 94%
    ✅ Eggs down 56%
    ✅ 228,000 jobs in March”

    Rep. Nancy Mace: “100 days of holding the line. Thank you President Donald J. Trump.”

    Rep. Tracey Mann: “On Inauguration Day, President Trump promised he would usher in the Golden Age of America. 100 days into his historic second term, he is delivering just that for the American people. Promises made, promises kept.”

    Rep. Brian Mast: “Today marks 100 days of President Trump’s historic second term. We’re closing the border, bringing investments and manufacturing back to America, and reducing inflation. But we’re just getting started.”

    Rep. Nicolle Malliotakis: “From securing our border and deporting criminals to attracting trillions in private investment to negotiating the release of dozens of hostages, it’s been a fast & furious first 100 days!”

    Rep. Michael McCaul: “The American people gave a mandate to secure the border, and
    @POTUS delivered. Today, on his 100th day in office, @HomelandGOP is working to fully fund his border security agenda & protect the homeland for years to come.”

    Rep. Addison McDowell: “During President Trump’s first hundred days, the Coast Guard has defended our maritime border and stood on the front lines against illegal drugs and migrants. President Trump has made it clear—their hard work matters, and it won’t go unnoticed.”

    Rep. John McGuire: “President Trump promised a secure border. In his first 100 days, border encounters are down 95%.”

    Rep. Mark Messmer: “In just 100 days, @POTUS is restoring American Greatness with…
    ✅ Secure borders
    ✅ Energy independence
    ✅ Lower grocery prices
    ✅ Peace through strength”

    Rep. Dan Meuser: “In just 100 days President @realDonaldTrump has worked to strengthen our national security, create an America-First economy, deliver savings for taxpayers, restore global leadership, and bring commonsense back to Washington. The border is secure, American energy is recovering, jobs are coming back, inflation is falling, and our military recruitment is surging — among much more. President Trump has a plan that will lead to long-term success for the United States.”

    Rep. Mary Miller: “As we reach the first 100 days of President Donald Trump’s second term in the White House, it is abundantly clear: Christians across America once again have a powerful, unapologetic advocate in the Oval Office.”

    Rep. Mariannette Miller-Meeks: “Today marks 100 days since @POTUS returned to the White House, and @HouseGOP is hard at work delivering on his America First agenda!”

    Rep. Riley Moore: “It’s been an incredible first 100 days for @POTUS
    ✅ Sealed the border
    ✅ Deporting violent criminals
    ✅ Lowering prices & reversing inflation
    ✅ Only 2 genders
    ✅ Over $5 trillion in private investment
    ✅ Negotiating free and fair trade relationships
    Commonsense is back!”

    Rep. Tim Moore: “Since Day 1, President Trump has made it clear that rebuilding Western North Carolina and helping Hurricane Helene victims was one of his top priorities. 100 days in, there’s still a lot of work to do, but President Trump has completely turned around the federal response.”

    Rep. Nathaniel Moran: “Great visiting with local and national media to highlight @POTUS successes during his first 100 days in office. We’ve delivered real results as a party—but there’s still more work to do for the American people. I look forward to advancing President Trump’s agenda in the days ahead and keeping our commitment to putting America First.”

    Rep. Troy Nehls: “Today marks President Trump’s first 100 days back in the White House.
    Border is secured.
    Gas prices are dropping.
    DEI is dead.
    Historic investments secured.
    American energy is back.
    Common sense is restored.
    Protected women’s sports.
    We just keep winning!”

    Rep. Ralph Norman: “Within a mere 100 days – Gas prices have dropped 7%, energy prices are down 2%, egg prices dropped over 50%. @POTUS has delivered for the American people!! Welcome to the GOLDEN AGE!”

    Rep. Zach Nunn: “After 100 days of Biden: 451,063 CBP Apprehensions
    After 100 days of Trump: 21,528 CBP Apprehensions
    ⬇️ Apprehensions down 95%
    ⬇️ Migrant crossings down 99.99%
    ✅ Iowa communities safer & more secure”

    Rep. Andy Ogles: “It’s working — thanks to President Trump, ‘Made in Middle Tennessee’ is back and stronger than ever.”

    Rep. Burgess Owens: “President @realDonaldTrump brought back something Washington had lost: America First leadership. 100 Days of historic and unprecedented wings for our nation. Promises made. Promises kept. us”

    Rep. Gary Palmer: “In his first 100 days, President Trump has brought common sense back to the White House.”

    Rep. Jimmy Patronis: “Since @POTUS took office and reversed Biden’s burdensome regulations, Americans have enjoyed 100 days of lower prices.
    📉A/Cs
    📉Gas Stoves
    📉Water Heaters
    📉Lightbulbs
    📈WINNING
    Having a strong quarterback in the White House matters; and it’s just the first quarter”

    Rep. August Pfluger: “The first 100 days have set the foundation, the next 100 days will build the framework, and the next 100 years will showcase the lasting legacy of conservative governance done right.”

    Rep. Guy Reschenthaler: “100 days of American greatness — and many more to come”

    Rep. Hal Rogers: “Celebrating @POTUS ‘s first 100 days in office and the positive impact he is having in our country, including: 
    -Securing our borders
    -Putting drug cartels on the run
    -Ending unfair trade policies
    -Restoring commonsense, conservative policies that protect the American people
    -Strengthening our domestic energy supply, and much more.”

    Rep. Mike Rogers: “President Trump has accomplished more in 100 days than Biden did in his entire presidency. I am proud to see an America that is stronger and safer than it was 100 days ago.”

    Rep. John Rose: “In just 100 days, President Trump and his administration have accomplished more than Joe Biden did in four years.”

    Rep. David Rouzer: “President Trump is ushering in a new Golden Age of America!
    ✅ Restarted construction of the southern border wall
    ✅ Created 345,000 jobs
    ✅ Unlocked America’s Energy potential—bringing gas prices down 6.3%
    ✅ Reversed Biden-era rules – saving the average family of four $11,000
    ✅ Ended DEI in the military and government”

    Rep. Mike Rulli: “100 Days of Action. 100 Days of Results.
    President Trump is keeping his promises to the American people:
    🛑 Secured the border & ended catch-and-release
    🧱 Restarted the wall & deported criminal illegals
    ⚡ Declared a National Energy Emergency
    💸 Slashed waste, fraud & DEI bloat
    🏗️ Bringing jobs back through smarter trade”

    Rep. Maria Elvira Salazar: “Biden left us an open border. Now, border crossings are down 99 percent, criminals are being held accountable, and American manufacturing is coming back. It’s only the beginning.”

    Rep. Derek Schmidt: “✅ Secured the border
    ✅ Lowered inflation
    ✅ Unleashed American energy
    ✅ Eliminated waste, fraud, & abuse
    ✅ Reestablished peace through strength
    @POTUS’ first 100 days have been success after success- and he’s just getting started. us”

    Rep. Keith Self: “President Trump’s first 100 days embody the spirit of leadership, strength, and America First values. By upholding Reagan’s legacy of peace through strength, he fights to secure our nation and defend our freedoms. Thank you, @realDonaldTrump!”

    Rep. Jefferson Shreve: “Today, we mark 100 days of promises made and promises kept. .@HouseGOP
     and the @WhiteHouse  have been delivering — for the American people.

    ✅Securing our southern border
    ✅Unleashing American energy dominance
    ✅Deporting terrorists and illegal criminals
    ✅Investing in American manufacturing
    ✅Saving billions of dollars for the American taxpayers”

    Rep. Mike Simpson: “100 Days: @POTUS has delivered promise after promise to make America safer, more prosperous, and stronger. From securing our southern border to reducing regulations and restoring government transparency, President Trump has followed through for the American people.”

    Rep. Jason Smith: “President Trump’s first 100 days in office have been 100 days of promises made, promises kept.”

    Rep. Lloyd Smucker: “Promises made, promises kept. I’m proud to work alongside the Trump administration to extend tax relief for hardworking families and small businesses, cut government waste, secure our border, unleash American energy dominance, and achieve peace through strength.”

    Rep. Pete Stauber: “In his first 100 days, President Trump has delivered major wins for the American people:
    ✅Secured the border.
    ✅Deported violent illegal gang members.
    ✅Unleashed American energy and lowered gas prices.
    ✅Reduced government waste.
    ✅Protected women’s sports.
    ✅Boosted military recruitment.
    ✅Brought hostages home.
    Promises made, promises kept!”

    Rep. Greg Steube: “They laughed. They doubted. They lied. But President Trump DELIVERED. The border is secure. DEI is DEAD. Women’s sports are protected. This is what fighting for America looks like. And we’re just getting started.”

    Rep. Dale Strong: “In his first 100 days, @POTUS has delivered real results for the people of North Alabama. From strengthening national security to fueling job growth and reinvigorating American industry, Trump is taking action to push back against the failed policies of the radical left that weakened America’s economy, values, and institutions.”

    Rep. Dave Taylor: “President Trump is on a roll. In his first 100 days in office he has:
    – Lowered border encounters by 95%
    – Created 345,000 jobs
    – Signed the Laken Riley Act into law
    – Invested in American energy & manufacturing
    – Repealed restrictive Biden-era regulations
    Republicans are ready to work with President Trump to deliver on his mandate. And we’re just getting started!”

    Rep. Claudia Tenney: “President Trump has had a more productive first 100 days than any other president in history!”

    Rep. Tom Tiffany: “President Trump delivered in just 100 days.
    Secured the border.
    Lowered gas prices.
    Ended DEI programs.
    Boosted investments.
    Cut government waste.
    Brought hostages home.
    Deported gang members.
    Protected women’s sports.
    Revived military recruitment.
    Promises made. Promises kept.”

    Rep. Glenn Thompson: “Over the past 100 days, President Trump has worked tirelessly to secure our border, unleash American energy, and root out waste, fraud, and abuse in our government. Promises made, promises kept.”

    Rep. William Timmons: “President Trump did more in 100 days than Joe Biden did in four years.”

    Rep. Jeff Van Drew: “In just 100 days, President Trump did what Biden wouldn’t in four years:
    ✅ Laken Riley Act: signed
    ✅ Remain in Mexico: reinstated
    ✅ CBP One App: shut down
    ✅ Catch and Release: ended
    ✅ Criminal illegals: deported
    Biden opened the floodgates and Trump slammed them shut.”

    Rep. Beth Van Duyne: “100 days in and we are not tired of winning!
    ✅ Secured the border.
    ✅ $5+ trillion in new private U.S. investment
    ✅ Unleashed American Energy
    ✅ Lowered prices
    ✅ Negotiating for free and fair trade”

    Rep. Derrick Van Orden: “Over 77 million Americans and 1.7 million Wisconsinites put their trust in President Trump to get our nation back on track after four years of disastrous policy from the Biden administration. In just 100 days, President Trump has delivered on his promises to the American people.”

    Rep. Tim Walberg: “100 days in, Trump creating new Golden Age.”

    Rep. Randy Weber: “President Trump has been in office 100 GREAT days. Thank you for finally putting Americans FIRST. A new era of greatness has begun for our great country.”

    Rep. Daniel Webster: “President Trump is getting our country back on track. In just the first 100 days, @POTUS:
    ✅ Secured the border – 94% drop in illegal crossings.
    ✅ Unleashed American energy – gas prices have fallen 6.3%.
    ✅ Secured trillions in new U.S. based investments, and brought back American jobs.
    ✅ Restored peace through Strength.
    ✅ Cut waste, fraud, and abuse in the federal government.
    The Golden Age of America has only just begun.”

    Rep. Tony Wied: “100 days of a secure border, 100 days of eliminating waste in our government, 100 days of unleashing American energy, 100 days of putting America First.”

    Rep. Roger Williams: “In just 100 days under @POTUS, Illegal border encounters are DOWN by 95% and gotaways are DOWN by 99%.”

    Rep. Joe Wilson: “Today marks 100 days since President Donald Trump took back the White House, and along with the Republican-led House and Senate, immediately began Promises Made, Promises Kept, delivering for American families. In just 100 days, the Trump administration has secured the borders, restored energy independence, began Peace Through Strength, and brought massive investments and jobs, making America competitive again. President Trump is keeping his promises to families, making the country strong, safe, and secure.”

    Rep. Steve Womack: “In the first 100 days, @POTUS Trump has delivered huge wins for our nation, securing our borders and halting the surge of illegal crossings witnessed under Biden. National security begins with strong border policies, and I’m pleased to see this administration making it a top priority.”

    Rep. Rudy Yakym: “100 days of promises made, promises kept
    ✅Illegal border crossings down 95%
    ✅Deporting violent criminals
    ✅Bringing dozens of hostages home
    ✅Restoring peace through strength
    ✅Unleashing American energy”

    Rep. Ryan Zinke: “First 100 days of @POTUS by the numbers:
    📉Border encounters down 88% since last year
    📉Gas Prices down 6.3%
    📉Eggs prices down 56%
    📈10,000 new manufacturing jobs
    📈 8,900 new auto jobs
    ➡️ over 100,000 illegal aliens deported”

    Vice President JD Vance: “President Trump has made historic progress in the first 100 days of his presidency, but he’s also revealed the ways in which the entrenched bureaucracy in Washington is working to undermine the will of the American people. Thank God, we have a president who is fighting back.”

    Secretary of the Treasury Scott Bessent: “Bringing down persistent Bidenflation has been a priority for the first 100 days of the Trump administration, and @POTUS has done a great job of leading that effort.”

    Attorney General Pam Bondi: “This is all at Donald Trump’s directive, and this is what all of us have been doing, as a team, since Day One when he took office – Make America Safe Again.”

    Secretary of Energy Doug Burgum: “100 Days of promises made, promises kept! This administration is bolstering our national security, reducing inflation, ending our reliance on foreign adversaries, & cementing this country as a global energy powerhouse.”

    Secretary of Veterans Affairs Doug Collins: “The first 100 days of the second Trump Administration have been full of great news for America’s Veterans. Under @POTUS’ leadership, we are putting Veterans first!”

    Secretary of Labor Lori Chavez-DeRemer: “In just the first 100 days, we’re witnessing a resurgence of the grit, determination, and ingenuity that built our country into a shining city on a hill.”

    Secretary of Transportation Sean Duffy: “From zero to 100 days: How Donald Trump is revolutionizing transportation.”

    Director of National Intelligence Tulsi Gabbard: “President Trump’s first 100 days have delivered historic change for the American people, to make our country more safe, secure, and free.”

    Secretary of Health and Human Services Robert F. Kennedy, Jr.: “The first 100 days of the Trump administration have been historic—a critical course correction for a nation suffering from chronic disease and the stranglehold of corporate power.”

    Small Business Administration Administrator Kelly Loeffler: “No better place to celebrate the wins of President Trump’s first 100 Days than with America’s small businesses and workers. In record time, he’s delivering the strongest pro-growth agenda in modern history– to help Main Street hire, build, and boom again.”

    Secretary of Education Linda McMahon: “The American people gave us a historic mandate to restore our education system. We’re 100 days in, and we’re just getting started.”

    Secretary of Homeland Security Kristi Noem: “Under the leadership of President Donald J. Trump, we have the most secure border in American history. In less than 100 days, daily border encounters are down 93%… The world is hearing our message: do not come to this country illegally. If you do, we will arrest you, deport you and you will not be allowed to return.”

    Secretary of Agriculture Brooke Rollins: “As President Donald J. Trump ushers in a new golden age of prosperity for our economy, we are fighting to give farmers and ranchers a seat at the table. For far too long, the hardworking Americans who feed, fuel, and clothe the world were left on the sidelines. At USDA, I am reversing the policies of the Biden Administration that actively made life harder for America’s farmers and ranchers and instead pushing to expand market access and unleash prosperity for generations to come.”

    Secretary of Housing and Urban Development Scott Turner: “After 100 Days of President Trump’s leadership, we are well on our way to restoring the American Dream.”

    National Security Advisor Mike Waltz: “One hundred days into President Trump’s historic second term, America is far safer than it was during Joe Biden’s disastrous presidency.”

    Secretary of Energy Chris Wright: “100 days in—President Trump’s leadership is turning policy into power.”

    MIL OSI USA News –

  • MIL-OSI Economics: Money Market Operations as on April 29, 2025

    Source: Reserve Bank of India
    (Amount in ₹ crore, Rate in Per cent)
      Volume
    (One Leg)    		 Weighted
    Average Rate    		 Range
    A. Overnight Segment (I+II+III+IV) 6,14,702.89 5.85 0.01-6.30
         I. Call Money 16,789.55 5.90 4.95-6.10
         II. Triparty Repo 4,07,447.80 5.85 5.73-6.20
         III. Market Repo 1,88,703.54 5.84 0.01-6.30
         IV. Repo in Corporate Bond 1,762.00 5.96 5.95-6.00
    B. Term Segment      
         I. Notice Money** 1,323.74 5.81 5.35-5.95
         II. Term Money@@ 110.00 – 6.10-6.10
         III. Triparty Repo 9,594.00 6.04 5.90-6.25
         IV. Market Repo 125.00 3.50 3.50-3.50
         V. Repo in Corporate Bond 9.00 6.25 6.25-6.25
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Tue, 29/04/2025 1 Wed, 30/04/2025 5,901.00 6.01
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Tue, 29/04/2025 1 Wed, 30/04/2025 716.00 6.25
    4. SDFΔ# Tue, 29/04/2025 1 Wed, 30/04/2025 1,21,701.00 5.75
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -1,15,084.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo Thu, 17/04/2025 43 Fri, 30/05/2025 25,731.00 6.01
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       8,709.21  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     34,440.21  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -80,643.79  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on April 29, 2025 9,53,154.22  
         (ii) Average daily cash reserve requirement for the fortnight ending May 02, 2025 9,51,938.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ April 29, 2025 5,901.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on April 04, 2025 2,36,088.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    ^ As per the Press Release No. 2025-2026/91 dated April 11, 2025.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2025-2026/212

    MIL OSI Economics –

  • MIL-OSI Russia: The NSU History Museum exhibition “The Great Patriotic War in Faces. Novosibirsk State University” opened at NSU

    Translation. Region: Russian Federal

    Source: Novosibirsk State University – Novosibirsk State University –

    The exhibition presents the stories of people who directly participated in military actions or were engaged in scientific activities and made a tangible contribution to the victory of the people of the Soviet Union over fascist Germany. In total, the exhibition contains 126 portraits. Until May 23, the exhibition can be seen in the second-floor passage between the first and third blocks of the NSU Academic Building (1 Pirogova St.).

    — Of course, there are academicians here. For example, Mikhail Alekseevich Lavrentyev, Hero of Socialist Labor, laureate of the Lenin and State (Stalin) Prizes. He received some of these awards for his scientific contribution to the people’s victory. He was awarded the Order of the Patriotic War, Second Class, and five Orders of Lenin. His research and the cumulative shells he developed played a major role and influenced the outcome of the Battle of Kursk in 1943. Among the veterans, those people who made a significant contribution, there are many researchers. For example, Aleksey Andreyevich Lyapunov, Corresponding Member of the USSR Academy of Sciences. He was a very young lieutenant when, during offensive battles in the area of the Kursk Magnetic Anomaly, he made an adjustment for magnetic deviation in the artillery calculation, which ensured the success of the artillery preparation, — said Lidiya Vorobtsova, Director of the NSU History Museum.

    Another participant in the war was Samson Semenovich Kutateladze, an academician, founder of one of the leading scientific schools in thermal physics and hydrodynamics. He was at the front from August 1941 to May 1945. The legendary rector of NSU Spartak Timofeevich Belyaev, an academician, professor, has many awards, he went through the entire war and was demobilized with the rank of junior lieutenant.

    The exhibition presents stories not only of outstanding scientists and academicians, but also of those people who worked and taught at NSU. For example, Angelina Ivanovna Kuzmina is a linguist and participant in the Great Patriotic War.

    — I personally remember her very well. When I was studying at the Humanities Department, in the late 1970s — early 1980s, Angelina Ivanovna taught us German. She went through almost the entire war from the spring of 1942 until its end. She was a telegraph operator, a radio operator, and a communications platoon commander, and also worked as a translator during this period. She was a unique person, a candidate of philological sciences, an associate professor at our university. A very charming and positive-minded woman, — recalls Lidiya Vorobtsova.

    Luiza Stefanovna Bocharova is a candidate of economic sciences, a senior lecturer, and later an associate professor of the political economy department of our university. She worked in counterintelligence at the headquarters of the 2nd Air Army of the Southwestern Front, and later the 1st Ukrainian Front.

    The exhibition also features a portrait and history of Lev Yakovlevich Savelyev, a professor at the NSU Department of Higher Mathematics and a participant in the Great Patriotic War. Lev Yakovlevich was born in 1929 in Odessa. At the age of 14, he volunteered for the Red Army, and in a short period of time, he received the qualification of “3rd class radio operator-telegraphist” and the military rank of “corporal” at radio operator courses. After demobilization in August 1945, Lev Yakovlevich continued his studies at school, and two years later he became a student at the Mathematics Department of Moscow State University. After graduating from Moscow State University, he came to Novosibirsk, where NSU had just opened. He taught courses in mathematical and functional analysis, probability theory and mathematical statistics, random processes, and many others.

    We can literally talk for a very long time about each “hero” of the exhibition, because each one made their own contribution to the Victory.

    — I think that students, teachers, and staff will be very pleased to see and read about the people who are presented at the exhibition. In addition, we have two special pages on the website of the NSU History Museum. One is also dedicated to the participants of the Great Patriotic War, and the second page is called “War Participants Remember,” that is, these are memories of the war years. You can always go to the website of our museum and get to know them. The heroes of these stories describe their time and how they, still very young guys, many just after finishing school, went to war. Some left universities, some just graduated from university and went to the front at that time. Recently, we had an exhibition dedicated to the 100th anniversary of the birth of one of the oldest professors of the Humanities Institute, then the Humanities Faculty, Varlen Lvovich Soskin. In the exposition, we presented more extensive information about the period when he was at war. Overall, we have war photographs of about half of the war participants, so there is something to look at and appreciate, to be proud of those people who taught and worked at our university, and those thanks to whom we are now celebrating this wonderful holiday, Victory Day, – summed up Lidiya Vorobtsova.

    The exhibition materials were collected from several sources. These include materials from the NSU History Museum, personal files from the NSU archive, written memoirs of combatants, and photographs of the “Victory Relay” that took place in 2010. At one time, for the 30th anniversary of the Victory in 1975, a large stand was displayed on the wall near the Maltsevskaya Auditorium, which is located in the main, historical building of NSU, where about 70 war veterans were presented. The NSU History Museum supplemented this information over time. In addition to the materials from the 1970-80s exhibitions, the Museum staff analyzed reference publications for the 75th anniversary of the Great Victory, which also mention the stories of Siberian front-line soldiers. The NSU Social Management Department, which works directly with WWII veterans, helped to fill in some personal stories and also display them along with the portraits at the exhibition.

    Today’s exhibition presents the most complete information on the majority of those people who are associated with Novosibirsk State University and the Siberian Branch of Sciences of the Russian Academy of Sciences and who are direct participants in the Great Patriotic War or contributed to the Victory through their scientific work.

    In addition to portraits and stories of NSU employees, teachers and scientists, the exhibition features a digital panel with documents from the Novosibirsk Regional Archives, which are dedicated to the heroism of Siberians during the Great Patriotic War. The demonstration was organized by Andrey Vladimirovich Dmitriev, head of the Department of Russian History at the NSU Humanities Institute. The exhibition includes three expositions:

    “Breakthrough Division”

    The exhibition is dedicated to the combat path of the 133rd Rifle Division, later the 18th Guards Division, formed before 1941 in Novosibirsk and taking part in many battles of the Great Patriotic War. This division fought on the Kalinin Front in the autumn of 1941 and in the winter of 1941-1942 during the Battle of Moscow, participated in battles near Rzhev, in Belarus and the Baltics, and ended its journey on the territory of East Prussia.

    “Novosibirsk residents to the front”

    The exhibition presents materials related to the history of the 150th Rifle, then 22nd Guards Siberian Volunteer Division, created in Novosibirsk in the summer of 1942. Those people whose names are given to the streets of our city fought and died in its ranks: Mikhail Perevozchikov, Boris Bogatkov, Olga Zhilina.

    “Novosibirsk – a city of labor valor”

    The exhibition contains systematized data on the contribution of our fellow countrymen who remained in the rear to achieving Victory. Among them, one can highlight the collection of funds and voluntary donations, the production of weapons, the procurement of food and much more. All this data was collected and prepared by Novosibirsk historians and archivists to justify assigning Novosibirsk the title of “City of Labor Valor” in 2020.

    The exhibit files contain electronic copies of original archival documents, a number of unique photographs, text explanations and illustrative materials. The Novosibirsk Regional Archives exhibition will continue to work until May 12.

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

    MIL OSI Russia News –

  • MIL-OSI New Zealand: Chris Swasbrook appointed as Chair of Te Papa

    Source: New Zealand Government

    Chris Swasbrook has been appointed as Chair of the Te Papa Board says Chris Bishop, Acting Minister for Arts, Culture and Heritage.

    “Chris Swasbrook is a prominent New Zealand investor with more than 25 years’ experience working in finance. He has an extensive resume in executive and governance roles in many large-scale New Zealand businesses and organisations,” Mr Bishop says.

    “Born in Auckland, he has been a long-time supporter of local business and arts communities. Chris is Chair of the Auckland Future Fund and an Inaugural Member and current Chair of the Auckland Art Gallery Toi o Tamaki Advisory Committee – roles which have shown his commitment to thriving arts infrastructure in New Zealand.

    “Chris will bring valuable commercial, financial and investment governance experience to Te Papa. His strategic insights and international perspective will undoubtedly prove valuable to our national museum.

    “I would like to thank Jackie Lloyd who has stepped up as acting Chair following the departure of Hon Dame Fran Wilde. Both Jackie and Dame Fran have made immense contributions to the leadership of Te Papa which have enhanced the museum’s standing on the world stage.”

    Media contact: Mikaela Bossley Clark: +64 21 275 0454

    Biography:

    Chris Swasbrook has more than 25 years’ experience in stockbroking and funds management. He is currently Managing Director of Elevation Capital and Co-Founder and Director of NZX-listed New Zealand Rural Land Company. He is also Chair of the Auckland Future Fund, Executive Chair of McCashin’s Brewery, a board member of the Financial Markets Authority (FMA) and member of the NZX Listing Sub-Committee.

    Mr Swasbrook is also an Inaugural Member and current Chair of the Auckland Art Gallery Toi o Tamaki Advisory Committee.

    He was previously a partner at Goldman Sachs, JBWere, and was Chair of Allied Farmers, Chair of Bethunes Investments, Director of NZX-listed Mowbray Collectables, Director of Ruapehu Alpine Lifts and Director of NZX-listed Satara Co-Operative Group.

    MIL OSI New Zealand News –