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Category: Europe

  • MIL-OSI Global: Trump’s reversal of climate policies risks undermining U.S. manufacturing — and could cost people jobs

    Source: The Conversation – Canada – By Thomas Stuart, Lecturer in Communications, Gustavson School of Business, University of Victoria

    United States President Donald Trump’s early executive actions have set American manufacturing on a collision course with his administration’s fossil-fuel-driven agenda. It’s clear that climate change policies run counter to his vision of American primacy.

    Trump wasted no time reversing the green initiatives of his predecessor, former president Joe Biden. He withdrew the U.S. from the Paris Climate Agreement for a second time, rolled back environmental regulations and froze green energy funding.



    Read more:
    The impact of Donald Trump’s anti-climate measures on our heating planet

    However, these reversals have exposed complications in Trump’s economic platform. For all his promises to revive American industry and reduce reliance on foreign production, Trump’s opposition to clean energy threatens green technology investments and other incentives that drive U.S. manufacturing development.

    Trump’s Strategic National Manufacturing Initiative promised to “stop outsourcing” and turn the U.S. into a “manufacturing superpower.” Yet his plans to cancel the electric vehicle mandate and reduce regulations promoting clean energy undermine the manufacturing sector’s shift toward green technology.

    In the long run, Trump’s own actions may undermine his vision of an American manufacturing renaissance by cutting crucial investments, putting the U.S. at odds with a global economy increasingly focused on clean technologies.

    The green manufacturing boom

    Republican congressman John James recently applauded Trump’s reversal of green policies during a congressional hearing. Yet, in the same breath, James called for the administration to continue “onshoring the future of automotive jobs and manufacturing,” a policy he linked to Biden’s Inflation Reduction Act (IRA).

    Other Republican representatives from Michigan, Georgia and North Carolina increasingly find themselves walking along the same rhetorical tight-rope.

    While Biden’s IRA has been widely criticized by the Trump administration, the act has brought Republican districts significant green investments and manufacturing jobs.

    As James acknowledged:

    “While the bulk of the IRA is damaging policy, we must not neglect the sector-wide energy tax provisions that manufacturers and job creators rely on in my district and around the country.”

    The green manufacturing boom is not an abstract concept, but a tangible economic engine, particularly in districts with established fossil fuel industries like Chatham County, N.C. Here, manufacturer Wolfspeed’s new US$5 billion dollar semiconductor plant sits in the heart of traditional coal country.

    Since 2022, the private sector has invested US$133 billion in clean energy and electric vehicle (EV) technology. Manufacturing investments alone have jumped by three times over the previous two years, totalling US$89 billion.

    The impact of the IRA on ‘red states’

    Biden-era policy has largely driven the America’s green energy economic development. The IRA provided a staggering US$312 billion in planned investments in EV and battery manufacturing.

    Eighty-five per cent of this funding flows into Republican-voting districts — areas that have historically voted against climate-focused legislation like the IRA. Yet the rewards of these green tech policies have been a boon for local economies.

    Georgia, for instance, has become a model for the American green energy transformation. In the first two years of the IRA, about US$15 billion dollars flowed into the state. Since then, Georgia has added a projected 43,000 new green jobs.

    Meanwhile, North Carolina’s Randolph County has seen the largest investment in green technology in U.S. history. Under the previous administration, it received about US$14 billion in funding, allowing Toyota to build a manufacturing megasite.

    By 2030, the site is expected to create 5,000 jobs in the area, with wages averaging 80 per cent more than the county median salary. Once fully operational, the site will manufacture enough batteries annually to power and maintain up to 500,000 EVs.

    What comes next?

    As Trump continues to roll back environmental protections and withdraw from climate agreements, whether he can still deliver the manufacturing revival he promised remains to be seen.

    In one respect, his policies may lead to a consolidation in the green technology sector. Despite his administration’s retreat from broader green energy policies, Trump says he will continue securing the U.S. supply of critical minerals for EV batteries.

    This could reflect the influence of Tesla CEO Elon Musk, who is serving under Trump as a “special government employee.” Tesla, which relies on these critical minerals for its EV production, would benefit from a stable supply.

    Musk resents regulatory interventions, particularly those that encourage competition. On a call with investors, Musk said Tesla might feel a slight impact from lost subsidies. However, he suggested the real damage would be to competitors who are scrambling to catch up in an industry where raw materials are king. Musk predicted that “long term, it probably actually helps Tesla.”

    In another respect, Trump’s policy reversal could also weaken Republican unity. Republican politicians like Georgia’s Buddy Carter, Tennessee’s Chuck Fleischmann and Georgia Gov. Brian Kemp have highlighted the short-sighted nature of Trump’s economic plan.

    Trump’s decision to turn his back on climate change policy is more than a blow to environmentalists; it’s a direct challenge to his own economic agenda. He risks not just the environment, but also the green investments essential to American industry’s competitive revival.

    Thomas Stuart 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. Trump’s reversal of climate policies risks undermining U.S. manufacturing — and could cost people jobs – https://theconversation.com/trumps-reversal-of-climate-policies-risks-undermining-u-s-manufacturing-and-could-cost-people-jobs-248399

    MIL OSI – Global Reports –

  • MIL-OSI Russia: Financial news: Scheduled maintenance on the OTC service

    Translartion. Region: Russians Fedetion –

    Source: Moscow Exchange – Moscow Exchange –

    Dear customers,

    On February 8, 2025, scheduled maintenance will be carried out on the Moscow Exchange OTC OTC reporting service. Please note that the maintenance will affect all protocols. During the maintenance, we recommend that you refrain from reporting OTC transactions on this day.

    All transactions entered on February 8 from 00:00 to 23:59 will be considered test transactions, including those sent through the personal account.

    Contact information for media 7 (495) 363-3232Pr@moex.kom

    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.

    Please Note; This Information is Raw Content Directly from the Information Source. It is account to What the Source Is Stating and Does Not Reflect the Position of Mil-Sosi or Its Clients.

    HTTPS: //VVV. MOEX.K.M.M.

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial news: Capital adequacy ratio for professional participants: new calculation rules

    Translartion. Region: Russians Fedetion –

    Source: Central Bank of Russia –

    Bank of Russia updated the calculation procedure capital adequacy ratio (CAD) for professional participants in the securities market in order to minimize risks to their financial stability.

    The new version specifies the procedure for calculating the broker’s credit risk in relation to clients for whom the risk coverage standard has been violated when making margin transactions. It is prohibited to accept securities issued by the debtor itself and assets of companies affiliated with it as collateral. It is also permitted to use the broker’s ratings to reduce the credit risk rates in relation to the debt of companies associated with the broker, but on the condition that the debtor’s assessment of its own (independent) creditworthiness indicates its financial stability.

    In addition, the document provides for the calculation of the risk on digital rights acquired and issued by a professional participant. An alternative calculation of the amount of market risk on option agreements has appeared (similar to the regulation of credit institutions). Measures are being introduced to discourage large open currency positions among professional participants. The rules for determining the values of credit risk rates in relation to counterparties and clients are also simplified.

    The regulation comes into force on October 1, 2025.

    Preview photo: Jsnow my wolrd / Shutterstock / Fotodom

    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.

    Please Note; This Information is Raw Content Directly from the Information Source. It is account to What the Source Is Stating and Does Not Reflect the Position of Mil-Sosi or Its Clients.

    HTTPS: //VVV.KBR.ru/Press/Event/? ID = 23346

    MIL OSI Russia News –

  • MIL-OSI Security: FBI Philadelphia Continues Search for Wanted Fugitive Justin Smith

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)

    The FBI’s Violent Crimes Task Force continues to assist the Philadelphia Police Department with the search for Justin Smith, a convicted felon, wanted for his alleged involvement in the murder of his pregnant 21-year-old girlfriend.  

    She disappeared on March 30, 2021, and her body was found on April 5, 2021. He is alleged to have shot her in the head multiple times, causing her death and the death of her unborn child.   

    On April 9, 2021, Smith was charged with murder and related offenses in the 1st Judicial District in Philadelphia County, Pennsylvania, and a state warrant was issued for his arrest.   

    On August 10, 2023, a federal arrest warrant was issued for Smith in the United States District Court, Eastern District of Pennsylvania, Philadelphia, Pennsylvania, after he was charged with unlawful flight to avoid prosecution. 

    Justin Smith is known to have connections to Greensboro, North Carolina, and New Castle, Delaware. After fleeing Philadelphia in 2021, he was seen in the Little Haiti neighborhood of Miami, Florida, and in Atlanta, Georgia. 

    The FBI is offering a reward of up to $25,000 for information leading to Smith’s location and arrest. 

    Anyone with information on Smith’s whereabouts is asked to contact the FBI at 215-418-4000 or tips.fbi.gov. Tipsters can remain anonymous.

    Link to poster: https://www.fbi.gov/wanted/murders/justin-smith

    MIL Security OSI –

  • MIL-OSI USA: 02.05.2025 Cruz, Fetterman, Slotkin Introduce Bipartisan Bill to Prohibit Strategic Petroleum Reserve Sales to Foreign Adversaries

    US Senate News:

    Source: United States Senator for Texas Ted Cruz

    WASHINGTON, D.C. – U.S. Sens. Ted Cruz (R-Texas), John Fetterman (D-Penn.) and Elissa Slotkin (D-Mich.) introduced theBanning SPR Oil Exports to Foreign Adversaries Act. The bipartisan bill prohibits the sale or export of oil from the U.S. Strategic Petroleum Reserve (SPR) to China, Russia, Iran, North Korea, or any entity owned or controlled by those nations.
    Upon introduction, Sen. Cruz said, “The Strategic Petroleum Reserve is meant to protect the U.S. during crises, not supply our adversaries. Under President Biden, part of this reserve was sold, benefiting China’s strategic interests. There is strong bipartisan consensus around preventing such a sale from being repeated. I’m proud to work with Senator Fetterman and Senator Slotkin on this legislation, which will prevent U.S. oil reserves from being sold to adversarial nations.”
    Sen. Fetterman said, “The Strategic Petroleum Reserve protects America’s energy, economic, and national security. We must prioritize the safety of America and our allies – we cannot allow our adversaries to purchase oil from our critical energy reserves. This is a commonsense bill with strong bipartisan support. I’m proud to introduce it with Senator Cruz, Senator Slotkin, and my colleagues in the House. I look forward to getting it signed into law this congress.”
    Sen. Slotkin said, “Our Strategic Petroleum Reserve is meant to bolster our national security, and it should never be sold to hostile nations like Russia, Iran or China. This bipartisan bill prevents hostile nations from buying oil from our Strategic Petroleum Reserve. Energy security shouldn’t ever be a partisan issue, and I look forward to working with my colleagues to pass this bill and fortify our energy security as a nation.” 
    The companion legislation was introduced in the House by U.S. Rep. Chrissy Houlahan (D-Penn.-6).
    Rep. Houlahan said, “When I heard there was a loophole enabling our foreign adversaries to purchase oil from our strategic reserves, I was shocked and outraged. When gas prices rise, releases from the strategic reserve are meant to ease the financial burden for working families—not potentially end up in the hands of those who wish our service members, country, and NATO Allies harm. Closing this loophole requires a Congressional fix, and I’m proud to partner with Reps. Don Bacon and Jay Obernolte to do just that. We’ve seen support for it in the past; it’s time to get this bill across the finish line and signed into law.”
    Read the bill text here.
    BACKGROUND
    Sen. Cruz previously led a bipartisan effort to have an amendment similar to the bill included in the FY24 National Defense Authorization Act (NDAA). The amendment was agreed to by the Senate with overwhelming bipartisan support. The House companion bill, introduced by Representatives Houlahan (D-PA) and Don Bacon (R-NE), also passed the House unanimously as a part of the FY24 NDAA.
    The SPR, which was established by Congress in 1975 in response to OPEC’s oil embargo against the United States, exists to minimize the impacts of oil supply shocks on the United States. Today, as the world’s largest supply of emergency crude oil, it continues to protect and strengthen U.S. national, economic, and energy security. The U.S. Department of Energy manages the SPR and regularly conducts public sales of excess crude oil to the highest bidders through competitive public auction. During both the Biden and Trump Administrations, foreign companies with direct ties to our adversaries have won these auctions, giving anti-democratic regimes access to critical energy reserves.

    MIL OSI USA News –

  • MIL-OSI Security: Counterfeiting cash group disrupted: 12 arrests

    Source: Eurojust

    During an action day on 2 February, actions took place simultaneously in North Macedonia and Serbia. Authorities searched multiple locations and found machines used to make moulds and stamps for counterfeit money, hot rollers, presses, a counterfeit banknote detector and holograms. Over 180 000 counterfeit euro banknotes were seized during searches in Serbia, and over 500 000 in North Macedonia.

    Authorities also seized cash in different currencies, phones and laptops. Evidence collected during the searches will be further analysed to serve the ongoing investigations. Twelve members of the forgers group were arrested in North Macedonia and Serbia.

    The JIT between North Macedonian and Serbian authorities is supported by Eurojust through the Western Balkans Criminal Justice Project. This project strengthens cooperation within the Western Balkans and between the region and the European Union, using modern tools and methods to combat organised crime and terrorism. The JIT allowed the authorities to work together efficiently and effective, exchanging information in real time. The Western Balkans Criminal Justice Project purchased equipment for the North Macedonian and Serbian authorities, which was instrumental in executing the operation.

    Europol played a key role in the operation, supporting law enforcement with expertise on counterfeit banknotes, analytical and financial assistance, and coordination of operational activities. Europol’s analysis identified the country where the counterfeit banknotes were distributed. On the action day, Europol deployed staff to North Macedonia and Serbia to provide technical support and cross-check operational data against Europol’s databases and the European Central Bank’s systems.

    The following authorities carried out the operations:

    North Macedonia: Basic Public Prosecution Office for Prosecuting Organized Crime and Corruption; Investigative Centre from the Prosecution Office and Ministry of Interior

    Serbia: Public Prosecutor’s Office for organized crime, Service for combating organized Crime, Department for combating counterfeiting of money

    MIL Security OSI –

  • MIL-OSI Global: Why there’s an ethnic pension gap in the UK – and how the government could close it

    Source: The Conversation – UK – By Athina Vlachantoni, Professor of Gerontology and Social Policy, University of Southampton

    Opting out of workplace pension schemes is more common among some minority communities than the white British population. Pranithan Chorruangsak/Shutterstock

    There’s an ethnic pension gap in the UK that leaves people from particular minority ethnic communities worse off in retirement than their white British counterparts. The gap can be measured in several ways – for example, by comparing the pension amount between ethnic communities or measuring the proportion of working-age people from different ethnic groups who are signed up to a workplace pension scheme.

    But whichever indicator you use, the evidence shows that people from minority ethnic communities, whether they were born in the UK or not, fare worse than white British people.

    Unfortunately, that’s not all. Within the minority ethnic population, it is the Bangladeshi and Pakistani communities who are faring worse than people from other minority ethnic communities. And women are struggling more than men.

    The government’s most recent analysis based on the Family Resources Survey shows that Asian pensioner families (that is, either a single pensioner or a couple that includes at least one pensioner) had the lowest gross income at £500 a week). This compared with £731 a week among pensioner families from the “white other” ethnic group.

    Unpicking the causes

    But why is there an ethnic pension gap? To understand why it persists, it’s helpful to take a few steps back and examine the accumulation of disadvantage. Our research in the Centre for Research on Ageing and the ESRC Centre for Population Change has done just that – unravelling the factors that lead to the gap.

    We found that working-age people from Bangladeshi and Pakistani communities were less likely than their white British counterparts to be in paid work. And once in paid work, they were less likely to work as employees and more likely to be self-employed.

    This is important because, over the last 15 years, the UK government has introduced auto-enrolment in workplace pensions, which means that all workers aged 22 or above and earning at least £10,000 per year are automatically enrolled in their workplace scheme.

    Even among employees, we found that workers from Bangladeshi and Pakistani communities were less likely to be members of their workplace pension scheme. That is, they were more likely to opt out. Among pensioners, we found that those from Bangladeshi and Pakistani communities were less likely to be receiving a state or workplace pension, and more likely to be receiving pension credit (a means-tested benefit for those on low incomes).

    Differences between minority ethnic communities in their employment trends then lead to ethnic gaps in pension protection. There are a number of factors at play, including cultural reasons that might affect employment choices and opportunities (particularly among women) and structural reasons affecting the types of jobs and earnings where people from Bangladeshi and Pakistani communities find work.



    Read more:
    How the gender pay gap evolves into a gender pension gap

    Religious reasons can also affect people’s choices about the kinds of investments they make. Under Islamic finance guidelines, investing in profit-making ventures – commonly part of workplace pensions – is not permitted.

    Recent research by the Institute for Fiscal Studies showed that 16% of Pakistani and 24% of eligible Bangladeshi employees opt out of a workplace pension, compared to 10% of eligible white employees.

    All these reasons are important factors in understanding the ethnic pension gap and are vital issues for the government to address.

    The ethnic pension gap leaves some communities more than £200 worse off per week on average than their white British peers.
    Rawpixel.com/Shutterstock

    So where does this leave government policies to close the gap? Encouraging younger people from Pakistani and Bangladeshi communities to enter (and crucially, to stay) in the labour market can be the first step.

    According to the most recent government data, on average 75% of people aged 16-64 are employed. But this breaks down to 76% for white people, and 57% for Pakistani and 63% for Bangladeshi people.

    Meanwhile, another useful step the government could take would be reducing the £10,000 eligibility threshold for auto-enrolment. This would allow more low earners to start saving for retirement.

    But if more people from minority ethnic communities are going to stick with their workplace pension (or rather if fewer people are going to opt out), the government needs to consider the design and promotion of more sharia-compliant investments. These make workplace pension plans acceptable to Muslim communities. This could be a crucial step in closing the pension gap for future cohorts, and a feasible way forward. These products already exist, after all.

    Closing the ethnic pension gap (and the gender gap within it) is vital because the UK’s population is both ageing and becoming more ethnically diverse. About 18% of the population of England and Wales are from a non-white background (in Scotland it’s 4% and in Northern Ireland 3.4%).

    Addressing the ethnic pension gap is vital. It could take the UK a step closer to a society where people from all ethnic communities have the opportunity to reach later life with greater financial security and dignity.

    Athina Vlachantoni receives funding from the UKRI.

    Jane Falkingham receives funding from UKRI (Economic & Social Research Council)

    Maria Evandrou receives funding from UKRI.

    – ref. Why there’s an ethnic pension gap in the UK – and how the government could close it – https://theconversation.com/why-theres-an-ethnic-pension-gap-in-the-uk-and-how-the-government-could-close-it-248822

    MIL OSI – Global Reports –

  • MIL-OSI Global: Belarus election: how ‘Europe’s last dictator’ held onto power as his opponents were jailed or exiled

    Source: The Conversation – UK – By Stephen Hall, Lecturer (Assistant Professor) in Russian and Post-Soviet Politics, University of Bath

    The acclamation of Alexander Lukashenko as Belarus president for a seventh straight term was confirmed on January 26. The electoral authorities announced that the man known as “Europe’s last dictator” – the only president the country has had since it held its first “democratic” election in 1994 – had won 87% of the vote.

    Most western leaders have dismissed the result as a “sham”. Germany’s foreign minister, Annalena Baerbock, posted on X that “the people of Belarus had no choice”, while the Polish foreign minister, Radosław Sikorski, commented that he was surprised “only” 87.6% of the electorate had voted for Lukashenko: “Will the rest fit inside the prisons?” he asked.

    But the result was never really in doubt. Sikorski’s barb about jailing opponent figures is right on the money. Many of Belarus’s main opposition figures are already behind bars and the rest are in exile. And, just to make sure of things, well before the campaign started – in January 2024 – Lukashenko changed the law so that only those people who were had lived permanently in Belarus for 20 years could stand for the presidency. This meant that the most prominent opposition leader not now in prison in Belarus, Sviatlana Tsikhanouskaya, was ineligible.

    Tsikhanouskaya fled after the election to avoid the fate of her husband, Sergei Tsikhanouski, who was arrested in 2020, two days after declaring his candidacy for the election. He has since been jailed for 18 years on charges of “preparation of mass disorder” and “incitement to hatred”. Tsikhanouskaya was herself tried in absentia and sentenced to 15 years for high treason, inciting social hatred, attempts to seize power, forming an “extremist” group and harming national security.

    So with no real opposition allowed to stand, Lukashenko’s reelection was pretty much a foregone conclusion. A survey conducted by the think tank Chatham House at the end of 2024 found that about one-third of Belarusians said they supported Lukashenko – and most of these people also commented they thought the country was going in the right direction.

    Keeping Belarus out of the war was a major factor for these voters. A further 41% professed to be neutral. When it came to electoral integrity, 36% agreed or somewhat agreed that the result was predetermined. Among pro-democracy voters that number rose to 77%.

    Government in exile

    Tsikhanouskaya leads a government in exile from Lithuania, heading what her team has called a “united transitional cabinet”, tasked with “ensuring the transition of power from dictatorship to democracy, and promoting fair and free elections”. The cabinet is supported by a national coordinating council of 70 members which is elected on a two-yearly basis and who main function is to establish the ground rules for a “ democratic and rule-of-law-based state”.

    Tsikhanouskaya’s efforts have been supported by a range of countries, including the US which, in August 2020, urged the Lukashanko regime to “actively engage Belarusian society, including through the newly established National Coordination Council, in a way that reflects what the Belarusian people are demanding, for the sake of Belarus’ future, and for a successful Belarus”.

    But being a leader in exile means it is difficult to bridge the barrier to Belarusians at home.

    Political prisoners

    Other opposition figures are mainly still in prison. Sergei Tsikhanouski was recently was charged with violating prison rules, which will increase his existing 18-year sentence.

    His fellow opposition leader, Viktar Babaryka – who was also arrested in the run-up to the 2020 election – was given 14 years on trumped-up up charges. His assistant Maria Kolesnikova, who took over from him as a protest leader, was jailed after publicly destroying her passport so she could not be forcibly exiled by the authorities.

    Although not part of the political opposition another prominent figure, Ales Bialiatski, a human rights activist who won the Nobel peace prize in 2022 was sentenced to ten years in jail in 2023 for smuggling and allegedly financing the 2020 protests.

    Overtures to the west

    Since the summer of 2024, 200 political prisoners have been released, a possible sign that Lukashenko wants to reset relations with the west. He did something similar in 2015, the year after Russia annexed Crimea.

    At the time his release of six opposition activists was seen as a possible sign the Belarus leader was concerned his country could be at risk from Russian aggression and he was looking to keep with the EU and the US.

    Kolesnikova was recently allowed a prison visit from her father for the first time in nearly two years. Meanwhile a journalist was given access to Babaryka in jail and allowed to record a video of the jailed dissident for his daughter.

    If the release of prisoners and reappearance of the two jailed dissidents are indeed an attempt to reset relations with the west, the fact he still has more than 1,000 political prisoners behind bars will give Lukashenko plenty of diplomatic leeway.

    But given Lukashenko’s close alignment with Russian president Vladimir Putin and the fact that he allowed Belarus to be used as a launch pad for Russia’s invasion of Ukraine, it is unlikely that many western countries will be won over.

    Lukashenko has shown himself to be an irritant many times over the years. In 2021, the year before Russia’s invasion of Ukraine, the Belarus leader was roundly criticised for trying to spark a migrant crisis in neighbouring Poland, Lithuania and Latvia. Belarus was reportedly flying Iraqi and Afghan migrants from the Middle East and bussing them to the border where Belarusian troops were trying to push them across.

    As far as armed resistance to Lukashenko is concerned, the Kastuś Kalinoŭski Regiment, a group of Belarusian volunteers has been fighting as part of Ukraine’s armed forces since March 2022. The regiment’s stated aim is to help Ukraine fight off Russia and become part of the EU and Nato and to strive for Belarus to do the same.

    The next election is due to be held in 2030. Alexander Lukashenko will be 75.

    Stephen Hall 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. Belarus election: how ‘Europe’s last dictator’ held onto power as his opponents were jailed or exiled – https://theconversation.com/belarus-election-how-europes-last-dictator-held-onto-power-as-his-opponents-were-jailed-or-exiled-248962

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: The UK calls on the transitional South Sudan government to ensure credible elections in 2026: UK statement at the UN Security Council

    Source: United Kingdom – Executive Government & Departments

    Statement by Ambassador James Kariuki, UK Deputy Permanent Representative to the UN, at the UN Security Council meeting on South Sudan.

    Let me start by expressing concern regarding the attacks on civilians, including South Sudanese, in Wad Madani in Sudan between 11 and 15 January and the subsequent unrest in South Sudan on 16-17 January.

    Second, as we’ve heard today, the humanitarian situation in South Sudan is desperate. 

    Over one million displaced people have now arrived from Sudan into South Sudan since the outbreak of the conflict.

    The United Kingdom recognises the significant impact of the Sudan crisis on the region and welcomes South Sudan’s commitment to welcoming and supporting those fleeing the conflict.

    We commend UNMISS’s facilitation of humanitarian efforts, noting that significant challenges lie ahead in 2025. 

    The UK will continue to support South Sudan and we have increased our humanitarian support to Sudan’s neighbours.

    Third, President, as we have heard today, the political situation in South Sudan remains precarious.

    The United Kingdom is concerned by continued restrictions to political and civic space in the country and by the lack of progress towards unification of the security forces.

    Progress on this is critical to create the conditions for sustainable peace and elections.

    The Transitional Government of South Sudan has not yet produced their promised work plan to deliver elections in 2026. 

    Without renewed efforts, progress towards peaceful, inclusive and credible elections risks falling further behind schedule.

    We welcome UNMISS’s work to build capacity and capability for South Sudan’s electoral institutions. 

    And we repeat our call on the Transitional Government to match these efforts to provide adequate funding for elections and to pay the salaries of public servants including the security forces.

    In conclusion, President, we call on the Transitional Government of South Sudan to publish a credible elections preparations work plan and then take the necessary steps towards holding peaceful, inclusive and credible elections in line with the new 2026 timeline.

    Updates to this page

    Published 5 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Mayor announces £20m investment for Wolverhampton Canalside South regeneration scheme

    Source: City of Wolverhampton

    The West Midlands Combined Authority (WMCA) has provided the loan facility to Wavensmere Homes to bring about the £150m redevelopment and provide hundreds of new homes, including 109 affordable plots.

    Canalside South is one of the biggest regeneration projects of its kind in the region with more than 530 new energy-efficient homes to be delivered across the former British Steel and Crane Foundry site and land off Qualcast Road, which has lain derelict for 15 years.

    The 17.5-acre former industrial site established by City of Wolverhampton Council and Canal & River Trust is located within the city centre – moments from the transport interchange – and benefits from frontage onto the Wyrley & Essington Canal and the Wolverhampton Branch of the Birmingham Main Line Canal.

    The Mayor said: “It’s exciting to think that this huge derelict site – the size of ten football pitches – will soon become a place where people can live, raise families and thrive.

    “And schemes like Canalside South are not just about building homes, they rebuild communities – giving people places they can feel connected to and proud of. 

    “The investment announced today is significant because this scheme has a vital role to play in the on-going regeneration of Wolverhampton, providing hundreds of badly needed new homes, more than 100 of them affordable, within a stone’s throw of the city centre.”

    Wavensmere Homes received planning approval from City of Wolverhampton Council for the landmark Canalside South project at the end of September 2024. Ground preparation works will commence on site imminently, followed by the four-year construction programme. 

    The overall vision for the Wolverhampton Canalside masterplan is the delivery of around 1,000 homes to meet both the city and wider region’s housing needs, with sustainability and place-making at its heart.

    Designed by Glancy Nicholls Architects, the low-rise development will emulate the surrounding conservation area and maximise the canalside setting.

    The scheme will include seven acres of vibrant green space and a range of commercial amenities. It will also open up a new pedestrian route to the city core – reducing the previous walk time by 20 minutes – and ignite new investment into a commercial corridor. 

    Wavensmere Homes will be constructing 378 two-and three-bedroom townhouses, designed to target an EPC-A rated specification, together with 145 one-and two-bedroom apartments.

    A building of 10 co-living units – each containing six bedrooms – will deliver affordable living typologies to young professionals. 54 houses, together with 80 apartment and co-living bedrooms will benefit from waterside views.

    The multi-award-winning urban regeneration specialist will also be reanimating the disused railway arches on the site into 1,338sqm (14,400 sq ft) of lettable commercial space.

    Access to the WMCA funding was provided by the Property Team at Frontier Development Capital Ltd (FDC) which works closely with property developers to arrange investments from the WMCA’s regeneration funds.

    James Dickens, Managing Director of Wavensmere Homes, said: “The agreement of this loan facility FDC will enable us to start on site at Canalside South only nine months after we first unveiled the plans at UKREiiF. As a Birmingham-based developer, it’s great to be working with a leading local finance house that knows us so well.

    “Our in-house team has a strong history of regenerating vacant land in the Black Country and we can’t wait to begin transforming this site into a landmark development the whole region can be immensely proud of.”

    Wavensmere Homes will future-proof the new homes by installing electric only heating systems. A range of technologies will be utilised across the development, consisting of air source heat pumps, solar panels and mechanical ventilation with heat recovery (MVHR). There will also be EV charging to each house or parking space, alongside an array of EV chargers for visitors.

    Cllr Stephen Simkins, City of Wolverhampton Council Leader, said: “This project is fundamental to our brownfield first strategy, driving investment into the Green Innovation Corridor, and it will also fulfil a key objective of our Canalside Delivery Partnership with the Canal & River Trust. We are looking forward to work starting on site. Bringing life back to the redundant sites along our canal network is critical to boosting footfall into our city centre.

    “As one of the largest new housing developments in the Midlands, Wavensmere’s £150m investment plans, supported by the council, Canal & River Trust and WMCA, will enable Wolverhampton residents to benefit from superb connectivity, amenities, and health and wellbeing opportunities at this wonderful heritage location.”

    The funding agreement marks the second time Frontier Development Capital – part of Mercia Asset Management PLC – and Wavensmere Homes have teamed up to deliver brownfield regeneration within the West Midlands.

    The Birmingham-based lender provided a £4m loan in 2019 to facilitate the redevelopment of The Forge on Bradford Street in Digbeth. 142 apartments were built by Wavensmere at the former factory site.

    Kieren Turner-Owen, Associate Director of Property Finance for Frontier Development Capital, said: “Our focus is proudly on investing in the West Midlands, so we are thrilled to be selected as the debt funding partner for one of the region’s most high-profile regeneration schemes. With well over 500 mixed-tenure homes and complementary amenities, Wolverhampton Canalside South is an integral development for the revitalisation of this West Midlands city.

    “Since agreeing our first deal with Wavensmere Homes five years ago, the company has accrued a reputation as one of the UK’s most prominent and impressive SME housebuilders. This new loan facility sits sweetly within our funding parameters and we could not be more excited to be involved with bringing about the transformation of such a key waterside development. Our focuses are aligned in regenerating complex brownfield sites, with Canalside South allowing our excellent relationship with the Wavensmere team to continue.”

    Birmingham-headquartered Wavensmere Homes has 3,500 homes on site, or currently in planning. The firm is in the final phase of the £175m Nightingale Quarter, which is the redevelopment of the former Derbyshire Royal Infirmary into 925 energy-efficient houses, apartments, and community amenities. The company is constructing five other major brownfield regeneration schemes, located in central Birmingham, Derby, Cheltenham, and Ipswich, and has further projects in the immediate pipeline.

    To view the plans, visit canalsideWV1.co.uk

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Assembly Member Bassam Mahfouz welcomes completion of West Drayton station forecourt works

    Source: Mayor of London

    Bassam Mahfouz, Assembly Member for Ealing and Hillingdon, is celebrating a win for local residents as the long-anticipated works to the forecourt at West Drayton station officially concluded on Friday.

    The works were addressing the collapsed sewer and bus access issues on Station Approach, and their completion marks a significant milestone in improving access and connectivity for local residents, businesses, and commuters.

    The project, which Assembly Member Mahfouz has closely monitored and championed since his election in May, included extensive road resurfacing, drainage repairs, and safety upgrades to enhance pedestrian access. Mahfouz has raised the importance of this project with the Mayor of London, TfL, and Network Rail, asking questions about its timeline and funding to ensure accountability.

    The completed works include:

    • Full resurfacing of Station Approach with improved drainage systems.
    • Enhanced access for pedestrians and vehicles, ensuring the station is more  welcoming and functional.

    The forecourt improvements address long-standing concerns raised by residents and local businesses.

    Assembly Member Mahfouz has consistently pushed for the project to remain on schedule and ensure minimal disruption.

    Bassam Mahfouz, London Assembly Member for Ealing and Hillingdon said:

    “After months of disruption and hard work, residents can now benefit from a safer, more accessible station forecourt. I have been pressing Network Rail to ensure these improvements were delivered, and I’m thrilled to see this project finally completed, having seen the TfL works completed months ago.”

    “These latest improvements from Network Rail will have a lasting impact on how people travel to and from West Drayton Station, and I will now continue to push TfL for the reinstatement of bus services to the station forecourt, which will significantly improve accessibility and connectivity for commuters,” Mahfouz added.

    ENDS

    MIL OSI United Kingdom –

  • MIL-OSI Canada: Prime Minister to travel to Paris and Brussels to strengthen transatlantic co-operation and advance global progress on AI

    Source: Government of Canada – Prime Minister

    The Prime Minister, Justin Trudeau, today announced that he will travel to Paris, France, and to Brussels, Belgium, from February 8 to 12, 2025, to strengthen transatlantic co-operation and advance global progress on artificial intelligence (AI).

    In Paris, the Prime Minister will participate in the AI Action Summit hosted by the President of France, Emmanuel Macron. He will engage with leaders across business and public policy about how we can power the next generation of AI to unlock good-paying jobs and opportunities. Canada is at the centre of this shift, accelerating the innovation and economic potential of AI, while being thoughtful about navigating trust and safety. Seizing this moment is important for the future of Canadian innovation, economic productivity, and our economic security. At the Summit, the Prime Minister will deliver a keynote speech underscoring Canada’s role as a global leader in AI and highlight the importance of working in partnership to develop these technologies responsibly and safely.

    As this year’s G7 President, Canada is committed to working alongside international partners in the face of geopolitical instability and threats against the rules-based international order – challenges that have been accelerated by technology, disinformation, and climate change. On the margins of the Summit, Prime Minister Trudeau will meet with other world leaders to tackle these challenges and renew progress on shared priorities, including international trade, peace and security, and global economic stability.

    Prime Minister Trudeau will then travel to Brussels for a Canada-European Union (EU) Leaders’ Meeting, where he will join his EU counterparts to help secure a strong, prosperous future for people on both sides of the Atlantic. The leaders will discuss ways to advance our collective efforts to strengthen transatlantic security, protect the rules-based international order, continue supporting Ukraine, and create opportunities for our peoples, building on the success of the Canada-EU Comprehensive Economic and Trade Agreement (CETA). While in Brussels, the Prime Minister will also meet with the Secretary General of the North Atlantic Treaty Organization (NATO), Mark Rutte, and reaffirm Canada’s commitment to working with the Alliance to uphold democracy, peace, and security.

    Throughout the trip, Prime Minister Trudeau will strengthen and deepen transatlantic co-operation, advance efforts to solve the world’s most pressing challenges, and deliver on the priorities of Canadians.

    Quote

    “Transatlantic collaboration – in defence and security, in innovation and energy, in business and trade – are essential to Canada’s success. In Paris and Brussels, we will strengthen Canada’s alliances and partnerships, and put Canadians at the forefront of every opportunity, including artificial intelligence.”

    Quick Facts

    • This will be Prime Minister Justin Trudeau’s 11th official visit to France.
    • France is a key ally for Canada on the international stage. France is a member of the North Atlantic Treaty Organization (NATO), the G7, and the G20, as well as a permanent member of the United Nations (UN) Security Council, a founding member of the European Union (EU), and a leading partner in La Francophonie.
    • In 2023, France was Canada’s third-largest merchandise export market in the EU and its 12th-largest trading partner globally, with two-way merchandise trade totalling $12.9 billion.
    • The Artificial Intelligence (AI) Action Summit in Paris is the third global summit of its kind. It follows the AI Seoul Summit, which Prime Minister Trudeau attended virtually last year, and the AI Safety Summit that was hosted by the UK in 2023.
    • Representatives from Canada’s federal research granting agencies will be participating in the AI Action Summit.
    • In Budget 2024, the Government of Canada announced a $2.4 billion package of measures to secure Canada’s AI advantage. These investments will accelerate job growth in Canada’s AI sector and beyond, boost productivity by helping researchers and businesses develop and adopt AI, and ensure this is done responsibly.
    • This will be Prime Minister Justin Trudeau’s sixth official visit to Belgium.
    • Canada and the EU share a strong partnership and a long history of close people-to-people ties, commercial relations, and institutional co-operation. We work together on trade, international peace and security, digital innovation, the fight against climate change, and migration, among other priorities.
    • With its 27 Member States, the EU as a group is Canada’s second-largest destination for goods and services exports, after the United States of America. In 2023, trade between Canada and the EU reached a total of $157.3 billion in combined goods and services.
    • The Canada-EU Comprehensive Economic and Trade Agreement (CETA) was signed in 2016 and has been provisionally applied since 2017. Since then, bilateral merchandise trade between Canada and the EU has grown by more than 60 per cent.
    • Canada is a founding member of NATO. The Alliance is a cornerstone of Canadian security and defence policy and an important platform for Canada’s contributions to international peace and security.

    Associated Links

    MIL OSI Canada News –

  • MIL-OSI Europe: United Nations/Environment – France’s ratification of the UN agreement on marine biodiversity (5 Feb. 2025)

    Source: Republic of France in English
    The Republic of France has issued the following statement:

    On 5 February, France deposited with the United Nations Secretary-General its ratification instrument for the Agreement under the United Nations Convention on the Law of the Sea on the Conservation and Sustainable Use of Marine Biological Diversity of Areas beyond National Jurisdiction, known as the BBNJ Agreement.

    This deposit completes the ratification process, following Parliament’s unanimous adoption of the bill presented by the Minister for Europe and Foreign Affairs, Jean-Noël Barrot, on 5 November 2024.

    France is fully mobilized to achieve the 60 ratifications necessary for the agreement to come into force, between now and the United Nations Ocean Conference (UNOC), which will be held in Nice in June 2025.

    MIL OSI Europe News –

  • MIL-OSI Economics: Upcoming IADC Conferences in Feb & May 2025

    Source: International Association of Drilling Contractors – IADC

    Headline: Upcoming IADC Conferences in Feb & May 2025

    Join the IADC Geothermal Drilling Conference & Exhibition to be at the forefront of the future of energy. This conference will focus on Geothermal Upstream, which includes subsurface, drilling, production, completions, regulatory environment, and associated topics. As a participant, you will gain insights into relevant business and ownership models, contracting and procurement strategies, and supply chains.

    The conference will showcase groundbreaking technologies with the potential to revolutionize the geothermal industry and the entire energy sector. IADC’s expertise in providing definitions and guidelines for the Petroleum Upstream ideally positions it to establish a vocabulary, terms, and standards within the geothermal industry.

    Geothermal energy regulatory regimes are inconsistent, and immature compared to those of the oil and gas industry, which creates obstacles and extends the lead time for geothermal projects. The conference will analyze differences in regulatory regimes and provide valuable insights for businesses and regulators.

    • DATE: 25-26 March 2025
    • LOCATION: Vienna, Austria
    • VENUE: Hilton Vienna Park

    MIL OSI Economics –

  • MIL-OSI Economics: SPE DSATS/IADC ART Symposium to Convene on 3 March

    Source: International Association of Drilling Contractors – IADC

    Headline: SPE DSATS/IADC ART Symposium to Convene on 3 March

    About the Symposium

    Each year DSATS and ART together hold a half-day symposium addressing a theme relating to the automation of drilling rigs and well construction. This symposium precedes the 2025 SPE/IADC International Drilling Conference & Exhibition with stand-alone registration. Seating is limited to 100.

    DSATS is the Drilling Systems Automation Technical Section of the Society of Petroleum Engineers (SPE). Their purpose is to accelerate the development and implementation of systems automation in the well drilling industry by supporting initiatives that communicate the technology, recommend best practices, standardize nomenclature and help define the value of drilling systems automation. ​

    ART is the Advanced Rig Technology Committee of the International Association of Drilling Contractors. Their mission is to improve safety and efficiency through sound operating procedures, design of automated systems and standardizing automation.​

    Drilling systems automation (DSA) is a unique technology that has been successfully applied in multiple well construction operations. The primary drivers for DSA are efficiency improvement, process safety, environmental protection, and further optimization opportunities.

    In the past years, new disruptive technologies such as AI and ML have entered the market (and our lives). They demonstrate significant benefits and promise transformative changes, especially for automation, yet they may also introduce new risks along with new opportunities.

    Within the context of DSA, how can we leverage these and other technologies? How, if at all, does their emergence change our perspective and approach? Can we afford to ignore them, or should we plan to embrace them to reap the benefits? How and where should we integrate them, considering the known concerns for safety and reliability?

    In Norway there has been significant adoption of automation and AI and ML in fields outside of well construction, which provide different views on the application and benefits of these technologies to industrial challenges. In “Automation, data and robotics in other industries” we invite experts from these external fields to describe their successes and challenges, and the benefits realized, in applying advanced automation technologies.

    Committee

    This event is brought to you by a special committee led by Serafima Schaefer, DSATS Program Chair Europe and Eric Cayeux, DSATS Deputy Program Chair Europe:

    • John de Wardt, DSATS Director Emeritus
    • John Macpherson, DSATS Director Emeritus
    • Michael Affleck, BP Digital and Automation
    • Karma Slusarchuk, DSATS Board Member
    • Sarah Kern, ART Co-Chair
    • Blaine Dow, ART Co-Chair

    For more information or questions regarding the 2025 SPE DSATS/IADC ART Symposium, feel free to contact committee member John de Wardt via LinkedIn.

    MIL OSI Economics –

  • MIL-OSI USA: Sen. RaShaun Kemp Introduces Legislation to Ban Use of Three-Cueing System

    Source: US State of Georgia

    ATLANTA (February 5, 2025) — This week, Sen. RaShaun Kemp (D–South Fulton) introduced legislation that would ban schools from using the three-cueing system in educational materials for teaching reading. The three-cueing method relies on meaning, structure and syntax, and visual cues to help students identify words. Senate Bill 93, which has bipartisan support, would also establish rules for curricula in state-approved educator preparation programs.

    “This method, which encourages students to guess words rather than decode them, sets our kids up for failure and contradicts the principles of the science of reading,” said Sen. Kemp. “I’ve seen firsthand how this flawed approach leaves too many children struggling to read. It’s well past time we give them all the tools they need to succeed.”

    Sen. Kemp added, “This legislation will build on two critical bills passed during the 2023 Legislative Session: House Bill 538, or the “Georgia Early Literacy Act,” and Senate Bill 211, which established the Georgia Council on Literacy. It is essential that our children continue to receive instruction based on evidence-based principles, as outlined in these bills. I look forward to collaborating with my colleagues across the aisle to ensure this vital legislation is passed.”

    If passed, Georgia would join 11 other states that have banned three-cueing, including Ohio, where the method was originally developed and widely used.

    SB 93 can be found here.

    # # # #

    Sen. RaShaun Kemp represents the 38th Senate District, which includes a portion of Fulton County. He may be reached by phone at (404) 656-0105 or by email at rashaun.kemp@senate.ga.gov.

    For all media inquiries, please reach out to SenatePressInquiries@senate.ga.gov.

    MIL OSI USA News –

  • MIL-OSI Global: What Trump’s proposal to ‘take over’ Gaza could mean for Arab-Israeli relations

    Source: The Conversation – UK – By Simon Mabon, Professor of International Relations, Lancaster University

    US president Donald Trump has made the extraordinary suggestion that the US should seize control of the Gaza Strip and permanently remove its Palestinian inhabitants. Speaking to the press at the White House alongside the Israeli prime minister, Benjamin Netanyahu, Trump said the US would “own [Gaza] and be responsible”.

    When pushed on the practicalities of such a move, Trump replied that the US would “do what is necessary” and develop the land into the “riviera of the Middle East”. “It’ll be something that the entire Middle East can be very proud of,” he said.

    The secretary of state, Marco Rubio, later wrote in a post on X: “The United States stands ready to lead and Make Gaza Beautiful Again. Our pursuit is one of lasting peace in the region for all people.”

    Trump’s declaration has been celebrated by many on the Israeli right, who have long supported the removal of Palestinian residents from Gaza. But it has also been met with anger across the Arab world and beyond.

    Francesca Albanese, the UN special rapporteur on the occupied Palestinian territories, called Trump’s proposal “incitement to commit forced displacement”. Some politicians have described his comments as an endorsement of ethnic cleansing.

    Trump first uttered his desire to “clean out” Gaza a week before this announcement. This prompted foreign ministers from Saudi Arabia, the United Arab Emirates, Qatar, Jordan and Egypt to sign a statement affirming their rejection of efforts to “compromise Palestinians’ unalienable rights, whether through settlement activities, or evictions or annex of land or through vacating the land from its owners”.

    The statement, made by a group of states not generally known for operating in a unified manner, ended by congratulating Rubio on his appointment. But the message to the Trump administration was clear: the two-state solution is the only viable solution to the Israeli-Palestinian conflict.

    Trump’s latest proclamations will deepen schisms across the region between Israel and its Arab neighbours, and prompt questions about the future role of the US in the Middle East.

    Egypt and Jordan’s response

    Any attempt by Washington to seize control of Gaza, which would almost certainly involve military force, would evoke parallels with 1948 and what is known in Arabic as the nakba, or “the catastrophe”.

    At that time, many Palestinians had to flee their land in what is now Israel, setting in motion decades of conflict between Israel and neighbouring Arab states. Acts of terrorism in the intervening years have cost thousands of lives on all sides.

    Trump’s call for Arab states to take in Palestinians from Gaza – who he says have no alternative but to abandon the coastal strip – ignores the strength of feeling across the world about the Palestinian issue.

    Egypt, for example, has long rejected the idea of housing Gaza’s population, amid growing socio-economic pressures and longstanding fears of Islamist violence. And Jordan has been steadfast in its desire not to host more Palestinians, having already provided refuge for people fleeing Palestine in 1948 and 1967. It has, more recently, also become the main destination for refugees from Lebanon, Syria and Iraq.

    On February 5, Egypt’s foreign minister, Badr Abdelatty, met with the prime minister of the Palestinian Authority, Mohammed Mustafa, in Cairo. According to an Egyptian foreign ministry statement, the pair jointly rejected Trump’s proposal for a US takeover of Gaza.

    Egypt and Jordan have both signed peace deals with Israel. But relations have not always been cordial, and the destruction of Gaza has exacerbated these tensions. Trump’s latest comments, as well as those from the Israeli right, will only worsen the situation.

    Relations with Saudi Arabia

    During Trump’s first term, his administration secured a significant diplomatic victory by brokering the Abraham accords. The accords, all of which were signed in the latter half of 2020, normalised relations between Israel and the United Arab Emirates, Bahrain and later Morocco.

    The signatories to the Abraham accords have been conspicuously quiet about Israel’s actions in Gaza. And it remains to be seen what effect Trump’s proposed Gaza takeover could have on relations between these states. The United Arab Emirates, Bahrain and Morocco have, at the time of writing, not yet announced their response.

    Saudi Arabia, on the other hand, has remained the jewel in the diplomatic crown seemingly out of reach both for the Trump administration and that of his successor, Joe Biden. The kingdom occupies a prominent place within the Arab and Muslim world by virtue of its custodianship of the two holy mosques of Mecca and Medina.

    Crown Prince Mohammed bin Salman, Saudi Arabia’s de facto ruler, has taken an increasingly hard line on normalisation with Israel in recent months, suggesting that such a deal would not be possible without the establishment of a Palestinian state.

    In a statement released on February 5, the Saudi foreign ministry said it rejected “any attempts to displace the Palestinians from their land”. And bin Salman has affirmed the kingdom’s position that it would not establish ties with Israel without a Palestinian state.

    During his press conference, Trump suggested that Saudi Arabia was not demanding a Palestinian homeland. But statements from Saudi officials since then contradict this narrative and point to increasingly divergent views on Gaza – and indeed, the future of Palestine – between Riyadh and Washington.

    Fundamentally, Trump’s remarks are the latest in a long line of bombastic diplomatic flourishes that appear designed to provoke as much as to enact policy. But in this case, even rhetorical provocations will have consequences for already strained relations between Israel and the wider Arab world.

    Simon Mabon receives funding from the Carnegie Corporation of New York. He is a Senior Research Fellow at the Foreign Policy Centre in London.

    – ref. What Trump’s proposal to ‘take over’ Gaza could mean for Arab-Israeli relations – https://theconversation.com/what-trumps-proposal-to-take-over-gaza-could-mean-for-arab-israeli-relations-249184

    MIL OSI – Global Reports –

  • MIL-OSI Global: England plans to make academies follow the national curriculum – but it’s been getting more prescriptive for years

    Source: The Conversation – UK – By Dominic Wyse, Professor of Early Childhood and Primary Education, UCL

    Juice Flair/Shutterstock

    A national curriculum sets out what state school pupils should be taught during their time at school. But in England, the national curriculum currently applies to only around 44% of children – those in schools run by their local authority.

    The remaining children, including 81.7% of secondary school pupils, are at academies. These schools, the result of a policy to address disadvantage in education, are free to set their own curriculum. Independent, fee-paying schools have never had to follow the national curriculum.

    The government’s children’s wellbeing and schools bill proposes that academy schools would, for the first time, be required to follow the national curriculum.

    This proposal, along with others set to reduce the autonomy of academies, has raised some debate. Academies and their associated freedoms were a flagship policy of the previous Conservative government. Laura Trott, shadow education secretary, has said: “The Bill seeks to turn its back on Labour’s history and take back those academy freedoms on curriculum, on pay and on behaviour. You name it, they are reversing it — all the things that have done so much to improve our education system … And who will suffer? The poorest pupils in society.”

    As well as considering whether all pupils should be taught the national curriculum, England is currently in the middle of a review of the content of the curriculum itself. This is an excellent opportunity to consider how England’s national curriculum can best serve pupils and improve their education. Much evidence suggests the current curriculum is too prescriptive.

    One advantage of not having to follow the national curriculum is that schools can develop a programme of teaching, and how they go about teaching it, that is more closely aligned with the particular context of their school community and pupils.

    Teachers value having autonomy over what they teach.
    LightField Studios/Shutterstock

    Also, for many teachers, the power to control their curriculum is an appealing prospect that links with their professional identity (although evidence has shown that in some multi-academy trusts – groups of academy schools run together – teachers actually have less autonomy).

    Evidence from my forthcoming book with colleague Yana Manyukhina on how children experience the national curriculum shows that some schools who do not have to follow the national curriculum make use of it anyway. However, the academy school in our research project was also able and confident to innovate with their school curriculum by giving children more choices over their learning – in ways that the children we interviewed said highly motivated them.

    Government control

    A national curriculum was first established in England in 1988. Since then, there have been multiple significant revisions. Sometimes these revisions have been quite radical, overturning the ideas and details of previous national curricula.

    The current national curriculum was instituted in 2014. It was developed under the Conservative-Liberal Democrat coalition government and during Michael Gove’s time as secretary of state for education.

    One of the claims in favour of a country or region having a national curriculum is that this ensures that all pupils in a country have an entitlement to learn the same knowledge, skills and other aspects, such as values. The idea is that this will support educational standards by ensuring that all pupils have access to a baseline of knowledge.

    But national curricula often give power to governments to control what happens in lessons in schools. This limits what teachers can make professional decisions about, and provides less scope for teachers to build their teaching on the interests of the pupils that they teach.

    Before 1988, primary school teachers had full control over the curriculum and the teaching methods that they used. England’s first national curricula specified the knowledge to be taught but did not stray into the methods that teachers should use in order to teach.

    For more than two decades, my colleagues and I have tracked the intensification of control, by successive governments in England, over not only the content of the subject of English in primary schools but also the way it is taught. For instance, from 2021 guidance was added to the national curriculum prescribing that the teaching of reading must be taught through the one approach of “synthetic phonics”.

    Government actions are often to some degree based on political ideology. If they have the power to control the curriculum, their ideology can sometimes result in programmes of study that are not sufficiently based on what research shows is likely to be effective.

    For instance, my research shows that the heavy emphasis on the teaching of formal grammatical terms in the current curriculum is not based on evidence as to its value in teaching writing, suggesting that it is rather the result of ideological commitment.

    Irrespective of whether ultimately all schools are required to follow the national curriculum, the new curriculum should be much more evidence-based than the current one.

    A national curriculum can be a useful framework for schools. But it should not restrict subjects and teaching methods that may be of great benefit to children. I would argue that all schools should be given more freedom over the curriculum, and particularly over teaching methods. The government should publish a recommended curriculum that, crucially, schools are not bound in law to follow.

    Dominic Wyse receives funding for the research centre The Helen Hamlyn Centre for Pedagogy (HHCP) from The Helen Hamlyn Trust. The Children’s Agency and the National Curriculum research project was funded by The Leverhulme Trust. He is currently advising on the primary curriculum for the National Council for Curriculum and Assessment in Ireland. He is advising the Welsh Government as part of his membership of the expert group on literacy.

    – ref. England plans to make academies follow the national curriculum – but it’s been getting more prescriptive for years – https://theconversation.com/england-plans-to-make-academies-follow-the-national-curriculum-but-its-been-getting-more-prescriptive-for-years-248508

    MIL OSI – Global Reports –

  • MIL-OSI USA: Cramer Reintroduces Fair Access to Banking Act to Protect Legal Industries from Debanking

    US Senate News:

    Source: United States Senator Kevin Cramer (R-ND)

    ***Click here for audio.***

    WASHINGTON, D.C. – In recent years, prominent American banks have engaged in a discriminatory practice, referred to as debanking. Banks and financial institutions use their economic standing to categorically exclude law-abiding, legal industries by refusing to lend or provide services to them. This includes industries such as firearms, ammunition, crypto, federal prison contractors, as well as energy producers. 

    U.S. Senator Kevin Cramer (R-ND), a member of the Senate Banking, Housing, and Urban Affairs Committee, reintroduced his Fair Access to Banking Act, which protects fair access to financial services and ensures banks operate in a safe and sound manner. The legislation requires that lending and services decisions must be based on impartial, risk-based analysis, not political or reputational favoritism. U.S. Representative Andy Barr (R-KY-6) introduced similar legislation in the House of Representatives. 

    “When progressives failed at banning these entire industries, what they did instead is they turned to weaponizing banks as sort of a backdoor to carry out their activist goals,” said Cramer. “Financial institutions are backed by taxpayers, for crying out loud! They should be obligated to provide services in an unbiased, risk-based manner. The Fair Access to Banking Act ensures that banks provide fair access to services and enacts strict penalties for categorically discriminating against legal industries and individuals.”

    Specifically, this legislation penalizes banks and credit unions with over $10 billion in total consolidated assets, or their subsidiaries, if they refuse to do business with any legally compliant, credit-worthy person. It also prevents payment card networks from discriminating against any qualified person because of political or reputational considerations. The bill requires qualified banks to provide written justification for why they are denying a person financial services. Further, the Fair Access to Banking Act would penalize providers who fail to comply with the law by disqualifying institutions from using discount window lending programs, terminating status as an insured depository institution or credit union, or imposing a civil penalty of up to $10,000 per violation. 

    The bill is based on President Trump’s Fair Access Rule, which was introduced during his first administration and required financial institutions to make individual risk assessments rather than broad decisions regarding entire industries or categories of customers. Cramer helped craft the rule, and his legislation codifies these protections. The Biden administration paused the rule’s implementation in early 2021.

    Cramer’s legislation is a response to United States banks and financial institutions increasingly using their economic standing to categorically discriminate against legal industries and conservatives. For example, Citigroup instituted a policy in 2018 to withhold project-related financing for coal plants, and in 2020, five of the country’s largest banks announced they would not provide loans or credit to support oil and gas drilling in the Arctic National Wildlife Refuge, despite explicit congressional authorization. Such exclusionary practices also extend to industries protected by the Second Amendment, with Capital One, among other banks, previously including “ammunitions, firearms, or firearm parts” in the prohibited payments section of its corporate policy manual, and payment services like Apple Pay and PayPal denying their services for transactions involving firearms or ammunition. First Lady Melania Trump and technology companies alike allege banks have debanked them or refused to do business. During his address to the World Economic Forum in January, President Trump highlighted big banks and their discriminatory practices of targeting conservatives.  

    In the years since Cramer first introduced the Fair Access to Banking Act, support has grown every Congress. At the state level, Florida and Tennessee passed Fair Access laws and similar legislation was introduced in Arizona, Georgia, Idaho, Indiana, Iowa, Kentucky, Louisiana, and South Dakota. Banks have dropped membership in discriminatory groups which were aimed at starving specific industries.

    The Fair Access to Banking Act is endorsed by several organizations, including the National Shooting Sports Foundation, National Rifle Association, North Dakota Petroleum Council, National Cattlemen’s Beef Association, The Digital Chamber, Blockchain Association, Independent Petroleum Association of America, Online Lenders Alliance, Day 1 Alliance, GEO Group, Lignite Energy Council, National Association of Wholesaler-Distributors, and National Mining Association.

    The bill is cosponsored by U.S. Senators Jim Banks (R-IN), John Barrasso (R-WY), Marsha Blackburn (R-TN), John Boozman (R-AR), Katie Britt (R-AL), Ted Budd (R-NC), Shelley Moore Capito (R-WV), Bill Cassidy (R-LA), John Cornyn (R-TX), Tom Cotton (R-AR), Mike Crapo (R-ID), Ted Cruz (R-TX), John Curtis (R-UT), Steve Daines (R-MT), Joni Ernst (R-IA), Deb Fischer (R-NE), Lindsey Graham (R-SC), Bill Hagerty (R-TN), John Hoeven (R-ND), Cindy Hyde-Smith (R-MS), Ron Johnson (R-WI), Jim Justice (R-WV), John Kennedy (R-LA), James Lankford (R-OK), Cynthia Lummis (R-WY), Roger Marshall (R-KS), Dave McCormick (R-PA), Jerry Moran (R-KS), Bernie Moreno (R-OH), Markwayne Mullin (R-OK), Pete Ricketts (R-NE), Jim Risch (R-ID), Eric Schmitt (R-MO), Rick Scott (R-FL), Tim Scott (R-SC), Tim Sheehy (R-MT), Dan Sullivan (R-AK), Thom Tillis (R-NC), Tommy Tuberville (R-AL), and Roger Wicker (R-MS).

    Click here for bill text. 

    MIL OSI USA News –

  • MIL-OSI USA: RELEASE: Mullin, Cramer, Colleagues Reintroduce Fair Access to Banking Act to Protect Legal Industries from Debanking

    US Senate News:

    Source: United States Senator MarkWayne Mullin (R-Oklahoma)

    RELEASE: Mullin, Cramer, Colleagues Reintroduce Fair Access to Banking Act to Protect Legal Industries from Debanking

    Washington, D.C. – In recent years, prominent American banks have engaged in a discriminatory practice, referred to as debanking. Banks and financial institutions use their economic standing to categorically exclude law-abiding, legal industries by refusing to lend or provide services to them. This includes industries such as firearms, ammunition, crypto, federal prison contractors, as well as energy producers. 

    U.S. Senators Markwayne Mullin (R-OK), Kevin Cramer (R-ND), a member of the Senate Banking, Housing, and Urban Affairs Committee, and 39 of their Senate GOP colleagues reintroduced the Fair Access to Banking Act, which protects fair access to financial services and ensures banks operate in a safe and sound manner. The legislation requires that lending and services decisions must be based on impartial, risk-based analysis, not political or reputational favoritism. U.S. Representative Andy Barr (R-KY-6) introduced similar legislation in the House of Representatives. 

    Specifically, this legislation penalizes banks and credit unions with over $10 billion in total consolidated assets, or their subsidiaries, if they refuse to do business with any legally compliant, credit-worthy person. It also prevents payment card networks from discriminating against any qualified person because of political or reputational considerations. The bill requires qualified banks to provide written justification for why they are denying a person financial services. Further, the Fair Access to Banking Act would penalize providers who fail to comply with the law by disqualifying institutions from using discount window lending programs, terminating status as an insured depository institution or credit union, or imposing a civil penalty of up to $10,000 per violation. 

    The bill is based on President Trump’s Fair Access Rule, which was introduced during his first administration and required financial institutions to make individual risk assessments rather than broad decisions regarding entire industries or categories of customers. The Biden administration paused the rule’s implementation in early 2021.

    The senators’ legislation is a response to United States banks and financial institutions increasingly using their economic standing to categorically discriminate against legal industries and conservatives. For example, Citigroup instituted a policy in 2018 to withhold project-related financing for coal plants, and in 2020, five of the country’s largest banks announced they would not provide loans or credit to support oil and gas drilling in the Arctic National Wildlife Refuge, despite explicit congressional authorization. Such exclusionary practices also extend to industries protected by the Second Amendment, with Capital One, among other banks, previously including “ammunitions, firearms, or firearm parts” in the prohibited payments section of its corporate policy manual, and payment services like Apple Pay and PayPal denying their services for transactions involving firearms or ammunition. First Lady Melania Trump and technology companies alike allege banks have debanked them or refused to do business. During his address to the World Economic Forum in January, President Trump highlighted big banks and their discriminatory practices of targeting conservatives.  

    In the years since the first introduction of the Fair Access to Banking Act, support has grown every Congress. At the state level, Florida and Tennessee passed Fair Access laws and similar legislation was introduced in Arizona, Georgia, Idaho, Indiana, Iowa, Kentucky, Louisiana, and South Dakota. Banks have dropped membership in discriminatory groups which were aimed at starving specific industries.

    The Fair Access to Banking Act is endorsed by several organizations, including the National Shooting Sports Foundation, National Rifle Association, North Dakota Petroleum Council, National Cattlemen’s Beef Association, The Digital Chamber, Blockchain Association, Independent Petroleum Association of America, Online Lenders Alliance, Day 1 Alliance, GEO Group, the Lignite Energy Council, and National Association of Wholesaler-Distributors.

    Joining Sens. Mullin and Cramer on this legislation are Senators Jim Banks (R-IN), John Barrasso (R-WY), Marsha Blackburn (R-TN), John Boozman (R-AR), Katie Britt (R-AL), Ted Budd (R-NC), Shelley Moore Capito (R-WV), Bill Cassidy (R-LA), John Cornyn (R-TX), Tom Cotton (R-AR), Mike Crapo (R-ID), Ted Cruz (R-TX), John Curtis (R-UT), Steve Daines (R-MT), Joni Ernst (R-IA), Deb Fischer (R-NE), Lindsey Graham (R-SC), Bill Hagerty (R-TN), John Hoeven (R-ND), Cindy Hyde-Smith (R-MS), Ron Johnson (R-WI), Jim Justice (R-WV), John Kennedy (R-LA), James Lankford (R-OK), Cynthia Lummis (R-WY), Roger Marshall (R-KS), Dave McCormick (R-PA), Jerry Moran (R-KS), Bernie Moreno (R-OH), Pete Ricketts (R-NE), Jim Risch (R-ID), Eric Schmitt (R-MO), Rick Scott (R-FL), Tim Scott (R-SC), Tim Sheehy (R-MT), Dan Sullivan (R-AK), Thom Tillis (R-NC), Tommy Tuberville (R-AL), and Roger Wicker (R-MS).

    Read exclusively about the Fair Access to Banking Act in the Daily Wire.

    Click here for bill text. 

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Innovating to detect deepfakes and protect the public

    Source: United Kingdom – Executive Government & Departments

    Case study

    Innovating to detect deepfakes and protect the public

    Collaborating to find ways to mitigate the growing threat from AI-generated deepfakes is an urgent national priority. 

    The rise in deepfakes generated by artificial intelligence (AI) has been scarily rapid – a projected eight million will be shared in 2025, up from 500,000 in 2023. This sheer scale combined with greater sophistication and convincingness means finding ways to quickly detect and mitigate this ever-growing threat is an increasingly urgent priority. 

    Concerns over criminal manipulation of digital text, images and video are not new, but the proliferation in recent months of generative AI tools that enable anyone, anywhere to quickly, easily and cheaply create deepfake images has significantly changed the game.

    As deepfakes threaten to hit the mainstream across a range of harmful activity, from online child sexual exploitation and abuse (CSEA) to fraud and election interference, there is a corresponding drive to develop the tools and methods needed to tackle them at the required scale and pace. 

    In its role as an innovative enabler connecting frontline government and law enforcement with cutting-edge technology from industry, the Accelerated Capability Environment (ACE) is at the heart of this ramp-up in activity designed to find practical solutions to arguably the greatest challenge of the online age. And 2024 was a year where the marriage of cutting-edge technology, collaboration and fresh thinking enabled significant strides forward. 

    Circular collaboration 

    Clear results that accelerate crucial deepfake detection in a range of domains have been made across a series of focused commissions carried out by ACE. And just as importantly, learnings and practical experiences developed in one commission have been shared with others to pass on deeper knowledge and skills.  

    The biggest event in this space was the Deepfake Detection Challenge. Initiated by the Home Office, the Department for Science, Innovation and Technology, ACE and the renowned Alan Turing Institute, this visionary idea brought together academic, industry and government experts to develop innovative and practical solutions focused on detecting fake media.

    More than 150 people attended the initial briefing where five challenge statements pushing the boundaries of current capabilities were launched. The critical importance of collaboration and sharing of skills and knowledge was a recurring theme, and major tech companies including Microsoft and Amazon Web Services (AWS) provided practical support.  

    Eight weeks were spent developing innovative ideas and solutions on a specially created platform, which hosted approximately two million assets made up of both real and synthetic data for training and testing. Following this, 17 submissions were received, and six teams from our community – Frazer-Nash Consulting, IBM, Oxford Wave Research, Open Origins, Safe and Sound from the University of Southampton, and Naimuri – were selected to demonstrate their ideas in front of more than 200 stakeholders. 

    Solutions from Frazer-Nash, Oxford Wave, the University of Southampton and Naimuri, a combination of existing products that have been identified as potentially showing operational value as well as early-stage proof of concepts being developed against specific use cases including CSEA, disinformation and audio, are now going through benchmark testing and user trials. 

    Key insights from the initial challenge work, alongside the clear success in accelerating the state-of-the art in deepfake detection possibilities, included that curated data was critical to be able to make as much progress as possible in the time and conditions available, and that creating a dataset that was more representative of real-world operational scenarios would have been helpful.  

    Using better data to detect child abuse deepfakes 

    When another significant commission to further deepfake detection was brought to ACE by the government’s Defence Science and Technology Laboratory (DSTL) and the Office of the Chief Scientific Adviser (OCSA), data development was a top priority.  

    To mature the EVITA (Evaluating video, text and audio) AI content detection tool the focus shifted away from volume.  

    As part of developing next-step recommendations, ACE leveraged its expertise from the Deepfake Detection Challenge to create a reusable ‘gold standard’ dataset. This dataset was designed to effectively test detection models, including those targeting child sexual abuse material (CSAM).

    By combining this ‘gold standard’ dataset with ACE’s extensive domain and community expertise – drawing on insights from Naimuri and Bays Consulting – ACE delivered rapid insights into the maturation of EVITA through comprehensive and diverse testing. 

    This work not only enabled ACE to deliver the requested next-step recommendations for the EVITA programme but also led to the development of a repeatable testing and evaluation approach for deepfake detection. This approach enhances the ability to interpret and understand the results generated by detection tools. 

    Alongside this, another piece of work was taking place exploring how AI can be used to detect deepfakes in policing. The biggest challenge is in digital forensics where, the ACE team heard, officers can be faced with up to a million child abuse images on a single seized phone.  

    This commission, working with community members Blueprint, Camera Forensics and TRMG, seeks to understand where deepfake detection tooling fits into the investigation stage to add most value. Next steps in this particular project are ‘making this real’ – working towards commissioning a proof of concept or trial of an existing capability.  

    And so the learning is becoming circular once more as the next stage of the Deepfake Detection Challenge progresses. This will push further than any work in this field so far, focusing on making the initial solutions presented more user-centric and deeply relevant to practitioners in the field. 

    Deepfakes are both a growing menace and an evolving threat, but bridging the gap between models and reality will be critical to tackling them at scale and at pace. ACE, its customers and suppliers remain laser focused on this evolution from the theoretical to the practical. The potential of innovation combined with collaboration has already proved to be a potent force in this area, the challenge – in all ways – is maximising the potential of what comes next.

    Updates to this page

    Published 5 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Press release: PM call with Prime Minister Trudeau of Canada: 5 February 2025

    Source: United Kingdom – Prime Minister’s Office 10 Downing Street

    The Prime Minister spoke to the Prime Minister of Canada Justin Trudeau this afternoon.

    The Prime Minister spoke to the Prime Minister of Canada Justin Trudeau this afternoon.

    The leaders began by reflecting on the close and historic relationship between the UK and Canada. From global security to clean energy and growth, they agreed on the importance of shared values between the two nations. 

    Discussing recent global events, the Prime Minister said he welcomed an international conversation on the importance of trade and collaboration between allies and partners. The Prime Minister also paid tribute to Prime Minister Trudeau’s leadership, including his focus on stemming the deadly drug trade across Canada’s borders.

    The leaders also discussed the strong trading relationship between the UK and Canada, worth £26 billion, and how together both countries could go further to support growth and deliver for the hardworking Canadian and British people.

    As the third-year anniversary of Russia’s full-scale invasion of Ukraine approaches, both leaders underlined their commitment to ensuring Ukraine is in the strongest possible position. 

    On Syria, they agreed on the necessity of a political transition process leading to an inclusive, non-sectarian and representative government. 

    They looked forward to speaking soon.

    Updates to this page

    Published 5 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Bpce: Appointments of Mohamed Kallala and Philippe Setbon to the Executive Management Committee of BPCE

    Source: GlobeNewswire (MIL-OSI)

    Appointments of Mohamed Kallala and Philippe Setbon to the Executive Management Committee of BPCE

    Paris, February 5, 2025

    Mohamed Kallala, Chief Executive Officer of Natixis, in charge of Corporate & Investment Banking, and Philippe Setbon, Deputy Chief Executive Officer of Natixis, in charge of Asset & Wealth Management, are joining the Executive Management Committee of BPCE, following their direct reporting to Nicolas Namias, CEO of BPCE, since January 1, 2025. The Executive Management Committee of BPCE now has a total of twelve members.

    Biography of Mohamed Kallala

    Mohamed Kallala started his career in 1993 as an ALM trader for BNP Paribas before being appointed Head of Mergers & Acquisitions at Crédit Agricole Indosuez in 1995. In 2000, he founded Global Equities Corporate Finance. In 2005, he joined Natixis and became Head of Real Estate Specialist Advisory. In 2010, Mohamed was appointed Head of Real Estate Finance before becoming Global Head of Investment Banking in 2016. In early 2020, Mohamed Kallala became Global Head of Natixis Corporate & Investment Banking’s Global Markets activity, before becoming its Global Co-Head later the same year. In 2023, he was appointed Global Head of Natixis Corporate & Investment Banking businesses. In January 2025, he was appointed Chief Executive Officer of Natixis, in charge of Corporate & Investment Banking.

    Biography of Philippe Setbon

    Philippe Setbon began his career in 1990 as a financial analyst with Barclays Bank in Paris, before working for Groupe Azur-GMF for 10 years as Head of Asset Management. He then joined Generali Group in 2004 where he held a succession of senior roles including CEO of Generali Investments France, CEO of Generali Investments Europe Sgr and Chief Investment Officer for the whole Generali Group. He joined Groupama in 2013 as CEO of Groupama Asset Management. In 2019, he became CEO of Ostrum Asset Management, then CEO of Natixis Investment Managers in 2023. Philippe Setbon has been President of the French Asset Management Association (AFG) since June 2022. In January 2025, Philippe Setbon was appointed Deputy Chief Executive Officer of Natixis, in charge of Asset & Wealth Management.

    For Nicolas Namias, CEO of BPCE: “I would like to welcome Mohamed Kallala and Philippe Setbon to the Executive Management Committee, recognizing their professionalism and the excellent results they have achieved for the two global businesses of Groupe BPCE. This also demonstrates our commitment to the continued development of Natixis CIB and Natixis IM in service of their direct clients, as well as those of the Banques Populaires and Caisses d’Epargne. This move further enriches our Executive Management Committee by providing a balanced representation of each of the Group’s businesses, including retail banking and insurance as well as those with a global dimension, and our major functions. Now comprising 12 members, the Executive Management Committee illustrates the richness of career paths within the group, blending expertise and experience, and our ability to attract and nurture talent.”

    © Photo Credits :
    Mohamed Kallala : Fabrice Vallon
    Phlippe Setbon : Noura Felfel

    About Groupe BPCE

    Groupe BPCE is the second-largest banking group in France and the fourth in Europe. Through its 100,000 staff, the group serves 35 million customers – individuals, professionals, companies, investors and local government bodies – around the world. It operates in the retail banking and insurance fields in France via its two major networks, Banque Populaire and Caisse d’Epargne, along with Banque Palatine and Oney. It also pursues its activities worldwide with the asset & wealth management services provided by Natixis Investment Managers and the wholesale banking expertise of Natixis Corporate & Investment Banking. The Group’s financial strength is recognized by four credit rating agencies with the following senior preferred LT ratings: Moody’s (A1, stable outlook), Standard & Poor’s (A+, stable outlook), Fitch (A+, stable outlook) and R&I (A+, stable outlook).

    Attachment

    The MIL Network –

  • MIL-OSI United Kingdom: Martyn Oliver’s speech at the Sixth Form Colleges Association

    Source: United Kingdom – Government Statements

    Sir Martyn Oliver, Ofsted’s Chief Inspector, spoke at the Sixth Form Colleges Association (SFCA) 2025 Winter Conference/AGM in London.

    Thank you, it is a great honour to be here. I was actually a head of sixth form for quite a few years in my career. It is one of the best things I ever did.

    So, thank you so much for the invitation to speak to you today and my real sincere thanks to Bill for the very many numerous meetings that we’ve had over the past year – it really helped me significantly Bill.

    As you may know, on Monday we launched a consultation on our renewed education inspection framework. This is what we’ll use to inspect schools, early years providers, initial teacher education, and of course further education and skills providers including colleges like all of you.

    Now, hopefully some of you, all of you I hope, have already had a look at the proposals, or seen them reported in the media. Some of you may even have already taken part in the consultation. If so, thank you! But if you haven’t yet, please please do.

    We have designed what we believe will be a really strong new framework that will better inform parents and families, drive higher standards for children and learners, and reduce pressure on leaders and professionals like you.

    But we are sure there are things we can do to improve. So, take a look, take part, and let us know what you think. Maybe there’s a way we can better tailor things for you? Maybe there’s some language that could be clearer? Maybe there’s a way we can do more to highlight your strengths and help you improve?

    Whatever it is, please don’t miss the chance to make a real difference.

    Aims of the new framework

    If you haven’t had a chance to look yet, let me tell you a little bit about what we are proposing.

    We have designed our new approach very carefully. We have built on everything we heard in the Big Listen. We have worked closely with experts, parent groups, unions, professionals, and sector representatives. We have done all that with several aims in mind.

    First of all, we want to give parents and families better, more nuanced, and more helpful information about the places educating their children. We want reports that make sense to them, that give them the information they want and need, and that fairly represent what it is or would be like for their children at a provider.

    Secondly, we want to put a strong focus on inclusion. On the most disadvantaged and vulnerable. We are proposing a specific evaluation area for inclusion. But it will also be a thread running through everything else we look at. Because I believe that if you get it right for the most disadvantaged, you get it right for everyone. I don’t think there’s a provider out there getting it right for them, and wrong for everyone else.

    And thirdly, we want to make a better system for all of you. The people making a difference through educating young people. We will of course rightly continue to expect high standards for all, but we know we can do that in a better way for those being inspected.

    Improved reporting

    But let me start with our new report cards. As I said, we know from the Big Listen that parents wanted a more nuanced picture. They want to know what a provider is doing well, and what it could improve upon. They want an honest and fair appraisal of what it’s like for children at the provider.

    I think it’s fair to say, our old approach wasn’t doing that. Overall effectiveness judgements were too broad brush. They weren’t helpful. They weren’t doing you justice.

    So here’s what we’re proposing:

    We’ll be grading providers against a range of evaluation areas. Here you can see the areas for a 6th form college. We expect most providers to look something like this one – with most areas in the ‘secure’ column and perhaps a few in the ‘strong’ column. If we have any concerns, they would appear under ‘attention needed.’

    Then we have two grades at either end. We have ‘causing concern’ when serious improvement, and possibly intervention, is required. And we have ‘exemplary’ for the truly remarkable, sector-leading practice. The sort of things that we think others could learn from and want to highlight.

    We know that not everyone will be happy with idea of grades and this approach. But our top priority always has to be children and learners, and their families. Clarity and accountability for providers is not a nice to have for them, it’s a must have. Parents told us that’s what they wanted, and that’s what we’re delivering.

    But through grading specific areas, not providers as a whole, our reports, we hope, will be fairer.

    Through the secure grade, a high standard on its own, and then through the strong grade, our reports will really show off what providers do best.

    Through the attention needed grade we hope that will help guide leaders as to what you need to work on. And we will return sooner to check on progress.

    Through the causing concern grade, we will continue to call out unacceptably low standards.

    And through the exemplary grade, we will share the very best work in the sector, and drive standards ever higher.

    So, anyone reading the report will be able to get this sort of instant snapshot of a provider. What they’re doing well, and where they can do better. But they will also be able to click on to any of the areas and if they want to know more they can see the detail of what we found when we inspected.

    Now, congratulations because 6th form colleges have always been one of the strongest types of further education, with high grades and real added value for the young people that you educate. I’m sure that may well continue, but this way it will be possible to see in more detail what it is that you are doing well. A richer, a fuller, and a more representative picture.

    Inclusion

    As you will undoubtedly have heard, we now have inclusion as one of the evaluation areas. But if, after this, you take a look at the detail of what we’re proposing, you’ll also see that it is a theme throughout the other evaluation areas too.

    I make no apologies for that. Inclusion is important to me, but we know through the Big Listen, it’s important to children too. So we want to make sure providers are considerate of the most vulnerable and disadvantaged in everything that they do.

    I’m really interested in your views on what we’re proposing here. Many of you are already doing a great deal to help disadvantaged and young people. I know many 6th form colleges often do more than their neighbours to educate children with SEND, children from poorer backgrounds, children with lower grades, and children with other disadvantages.

    But of course, this is incredibly complicated, and only gets more so when trying to define what it is to be disadvantaged or vulnerable for young people once they turn 16. So, once again, your input will be really valuable to Lee and I.

    And of course, we need to be really clear on what we mean by inclusion. We have a working definition in the consultation as well, but we want to consider all views so it can be improved.

    So please do take part in this section of the consultation if you can. It’s something we absolutely have to get right, and with your help we will.

    Improved system for you

    But as well as improving the way that we report, and making sure we never lose sight of the most vulnerable, we also want to make sure we reduce the pressure on you. We want to let you focus on doing what’s best for the young people you educate.

    So, we will use new toolkits that are bespoke for the different types of provision. There will be a toolkit for further education and skills providers like you. And then different ones for schools, independent schools, early years, and initial teacher education.

    Obviously, there will be some overlap. Some of what you do is pretty similar to what schools with 6th forms do. And where appropriate we will use the same standards to inspect you both. But there are also differences, which we want to make sure we recognise and account for. Leadership of a school educating children from 11 to 18 is obviously different to a college. So, we want to be fair and balanced, while recognising the real differences that do exist.

    But no matter whether you’re a 6th form college or a nursery, or anything in between, we will still do what we can to reduce pressure and complexity for you.

    Here’s an example of one of the proposed toolkits that we’ll be using to inspect you.

    There’s a table like this for each of the evaluation areas that you saw on the previous slide. Within each area there are themes that say 6th form evaluation area curriculum and then you can see the theme is possibly attention needed, secure and strong. There is a description of what provision would look like at each of the grade levels too. You can see those as the standards on this slide.

    These will be published in full. We want to be fully transparent, and will be publishing our inspector training materials too. But we also want you to be able to use the toolkit when we inspect, and also in between inspections.

    And we have based these toolkits on the legal requirements and professional standards that you are already working to. We don’t want you doing anything different just ‘for Ofsted’.

    We’ll also be taking more account of your context, the circumstances in which you’re working. We of course can’t excuse unacceptably low standards, but we do want to do more to recognise the value you’re adding, the difference that you’re making.

    So our inspections will be different, but we also want them to feel different. We want to be more collaborative. We want to be more supportive. We want inspection based around professional dialogue. We’ll have a discussion, starting with the secure grade. We’ll ask you things like, “where do you think you are?”, and, “what evidence can you show us?”, “what are you really proud of”, and “what are you currently working on?”

    Every provider will also be able to select a nominee. A senior staff member who will work with us closely throughout the process and be fully involved and informed.

    And we’re taking other steps like dropping deep dives as the only main method for gathering evidence, only having a single type of inspection so you know exactly what inspection to expect, developing inspection teams with experience of working in each remit, and introducing more iterative monitoring visits to support rapid improvement.

    We hope these will combine with steps that we’ve already taken to make life a little easier for you during inspections, and when you’re expecting one.

    Please take part

    So that’s a whirlwind tour of what we’re proposing. But please please do take part in the consultation and take a look at all of it in more detail. You can get straight to the consultation through the QR code on the slide there.

    As I said, we have developed it really carefully and deliberately over many months, and with lots of external input. But it is also not set in stone. I didn’t come here today just to tell you ‘this is what is happening’. I came to ask for your help.

    I want your scrutiny, your expertise, your consideration. So please let us know if you think something could be better, or clearer, or fairer. And if you think something’s great, definitely tell us that too! I’d be delighted, Bill, to receive a response from the Sixth Form Colleges Association too.

    We’re consulting until 28 April and we’ll be testing our approach during that time too. Our inspectors will complete full training on the new finalised approach before they start inspecting colleges like yours in November. That gives us the whole of the period from the consultation closing and all of September and all of October to train you and to train our staff. This will be an unprecedented amount of training that takes place if this consultation stands.

    With your help and input, we can build the best system for parents and families, for you, and most importantly for children, young people, and all learners.

    Updates to this page

    Published 5 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: PM call with Prime Minister Trudeau of Canada: 5 February 2025

    Source: United Kingdom – Government Statements

    The Prime Minister spoke to the Prime Minister of Canada Justin Trudeau this afternoon.

    The Prime Minister spoke to the Prime Minister of Canada Justin Trudeau this afternoon.

    The leaders began by reflecting on the close and historic relationship between the UK and Canada. From global security to clean energy and growth, they agreed on the importance of shared values between the two nations. 

    Discussing recent global events, the Prime Minister said he welcomed an international conversation on the importance of trade and collaboration between allies and partners. The Prime Minister also paid tribute to Prime Minister Trudeau’s leadership, including his focus on stemming the deadly drug trade across Canada’s borders.

    The leaders also discussed the strong trading relationship between the UK and Canada, worth £26 billion, and how together both countries could go further to support growth and deliver for the hardworking Canadian and British people.

    As the third-year anniversary of Russia’s full-scale invasion of Ukraine approaches, both leaders underlined their commitment to ensuring Ukraine is in the strongest possible position. 

    On Syria, they agreed on the necessity of a political transition process leading to an inclusive, non-sectarian and representative government. 

    They looked forward to speaking soon.

    Updates to this page

    Published 5 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI Security: Former Soldier Sentenced to Over Seven Years in Prison for Sexual Abuse of a Child on Joint Base Lewis-McChord

    Source: Federal Bureau of Investigation (FBI) State Crime News

    Defendant previously investigated in the Army and prosecuted in State Court for sexual assault crimes

    Tacoma – A former U.S. Army soldier was sentenced today in U.S. District Court in Tacoma to 87 months in prison for abusive sexual contact with a child, announced U.S. Attorney Tessa M. Gorman. Cameron James Taylor, 49, of Seattle, pleaded guilty in May 2024 and has been in custody since his guilty plea.  At today’s sentencing hearing Chief U.S. District Judge David G. Estudillo noted the conduct in this case may cause the victim lifetime torment. The victim “is a strong individual” and “shows courage to move on” Chief Judge Estudillo said.

    “This horrific conduct cannot go unpunished. Our work to protect children on our military bases is a priority in the Western District of Washington,” said U.S. Attorney Gorman. “Mr. Taylor sexually assaulted a child who was just 5 years old. He then pressured the child to hide the conduct when questioned by other adults. I commend the strength of the victim in this case.”

    According to records filed in the case, Taylor left the Army in 2016 with an “Other than Honorable” discharge after he was investigated for sexual assault of an unconscious female in Germany, and for assaulting soldiers who went to arrest him. Taylor resigned in lieu of Court Martial.

    Once back in the U.S., Taylor was convicted of the 2019 sexual assault of a 5-year-old neighbor child. Taylor forced the child to massage him and reach into his pants. In 2022, Taylor was sentenced in King County Superior Court to 18 months in prison.

    During the investigation related to the neighbor child, other children who had been in Taylor’s care were interviewed. Taylor had coached a child, who was now a teen about hiding his sexual assaults. Ultimately, the child disclosed to a relative that in 2012, while stationed on JBLM, Taylor locked the then 5- or 6-year-old in a closet and sexually assaulted the child.

    On the eve of trial, Taylor pleaded guilty.

    In asking for the 8-year sentence prosecutors wrote to the court, “Taylor’s crimes reveal a man who lacks empathy and who prioritized his own pleasure over others’ pain. Taylor is also no stranger to the justice system; this is his third criminal sex offense. The government hopes that a 96-month sentence, coupled with lifetime supervised release, will prevent Taylor from reoffending again.”

    Taylor is required to register as a sex offender following his prison term. Chief Judge Estudillo ordered that he be on supervised release for ten years following prison.

    The case was investigated by U.S. Army Criminal Investigations (CID), the King County Sheriff’s Office, and the FBI.

    The case was prosecuted by Assistant United States Attorneys Hillary K. Stuart and Erika J. Evans.

    MIL Security OSI –

  • MIL-OSI Security: United States Attorney’s Office Underscores Enforcement of Executive Order on Immigration

    Source: Office of United States Attorneys

    SAN JUAN, Puerto Rico – The United States Attorney’s Office for the District of Puerto Rico, through United States Attorney W. Stephen Muldrow, issues the following statement to underscore support for the January 20, 2025, Executive Order, entitled “Protecting the American People Against Invasion.”

    Department of Justice agencies in Puerto Rico, including the U.S. Attorney’s Office, the Federal Bureau of Investigation, the U.S. Marshals Service, the Drug Enforcement Administration, the Bureau of Alcohol, Tobacco, Firearms & Explosives, and the Bureau of Prisons, underscore their support and partnership with the Department of Homeland Security (DHS) and all its components in Puerto Rico to enforce our nation’s immigration laws.

    The Justice Department and DHS will also continue to collaborate and work closely with our counterparts within the Government of Puerto Rico, to include the Puerto Rico Department of Justice, the Puerto Rico Department of Public Safety, the Puerto Rico Police Bureau, and other governmental agencies, as well as municipal police departments to protect our communities from harm.

    The U.S. Attorney’s Office’s implementation of the Executive Order will focus on the apprehension and prosecution of criminal aliens, as well as supporting the prosecution and/or expedited removal from the United States of aliens without legal status. The apprehension and prosecution or removal of aliens includes special interest aliens deemed by the DHS to be from a country that poses a national security or counterintelligence threat.

    “Those aliens who are involved in criminal activity, who are fugitives from justice, who have prior criminal convictions and/or come from nations that pose a threat to our national security, remain a priority for the Department of Justice,” said United States Attorney Muldrow. “We are also fully committed to supporting the efforts of the Department of Homeland Security, and all its components, to make Puerto Rico and the United States safer.”

    “The FBI remains committed to working alongside our law enforcement partners to uphold the rule of law and ensure public safety,” said Joseph González, Special Agent in Charge of the FBI’s San Juan Field Office. “Through this initiative, continued collaboration and intelligence-driven operations, we are supporting efforts to protect our communities, while adhering to our mission of upholding the Constitution.”

    “Homeland Security Investigations (HSI) is dedicated to identifying and prosecuting individuals who are illegally present in the United States, ensuring they are swiftly removed to their home countries,” said Rebecca González-Ramos, Special Agent in Charge of HSI San Juan. “The executive order aims to protect the United States from individuals who pose a threat to public safety by committing crimes.”

    “The Drug Enforcement Administration remains resolute in its mission to protect the communities of Puerto Rico and the U.S. Virgin Islands from the devastating impact of drug trafficking and transnational criminal organizations. These criminal networks not only threaten public safety through the distribution of dangerous narcotics but also exploit immigration vulnerabilities to further their illicit enterprises. Through intelligence-driven investigations, collaborative enforcement operations, and strategic partnerships with our federal, state, and local counterparts, the DEA will aggressively target those who pose a threat to our national security and the well-being of our citizens. Our enforcement efforts will focus on identifying, disrupting, and prosecuting individuals and organizations engaged in drug trafficking, money laundering, and violent crime. Additionally, we remain committed to supporting the efforts of the Department of Homeland Security and the Department of Justice in the apprehension and prosecution of criminal aliens involved in drug-related offenses. The DEA Caribbean Division will continue to conduct high-impact operations aimed at preventing narcotics and criminal elements from infiltrating our shores. These enforcement efforts are crucial in ensuring the safety and security of the people of Puerto Rico and the continental United States. The message is clear: those who attempt to use our territory as a gateway for illicit activities will be met with the full force of federal law enforcement,” stated Michael A. Miranda, Special Agent in Charge of DEA Caribbean Division.

    “We stand in unison with our Federal and Puerto Rico partners in this all-hands-on deck to stem the tide of illegal immigration,” said Christopher A. Robinson, Special Agent in Charge of the Bureau of Alcohol, Tobacco, Firearms and Explosives, Miami Field Division.

    The United States Marshals Service, whose mission includes apprehending federal and state fugitives, will lead an initiative – Operation Homeland – to focus resources and coordinate enforcement operations with DOJ and DHS components on the apprehension of alien fugitives charged with federal and local crimes.

    “Historically, the United States Marshals have played a crucial role in serving our nation by apprehending and removing dangerous fugitives from our communities. In this instance, we have teamed up with our federal law enforcement partners to focus on apprehending non-U.S. citizens who have active criminal warrants. We are confident that these collaborative efforts will lead to safer communities. We encourage all citizens to continue cooperating with our investigations to help locate these fugitives and bring them to justice,” said Wilmer Ocasio-Ibarra, U.S. Marshal District of Puerto Rico.

    As recently announced by Immigration and Customs Enforcement (ICE), on January 30, 2025, the below-listed individuals entered into Puerto Rican waters without inspection and were detained by the CBP. Earlier that day, Coast Guard had previously boarded the sailing vessel Mistress, but the vessel was allowed to continue its voyage to St. Martin.  Instead of going to St. Martin, the S/V Mistress entered U.S. waters without inspection and anchored off La Parguera, where they were arrested and processed for expedited removal by DHS officials, including the United States Border Patrol and Immigration and Customs Enforcement (ICE). Specifically, the following eight individuals were encountered on a private boat off the southwest coast of Puerto Rico:

    Name                                    Country of Citizenship

    Erlanbek Narkoziev              Kyrgyzstan

    Jafar Valamatov                    Russia

    Kanal Assylbekov                 Kazakhstan

    Nikita Torshin                       Kazakhstan

    Sanjarjon Sidikov                  Uzbekistan

    Shackhat Uurustamov           Kyrgyzstan

    Odiljon Azimov                     Kyrgyzstan

    Shukrat Akhemodov              Russia

    “Every day CBP Officers are responsible with determining the admissibility of aliens arriving at our ports of entry.  Foreign travelers requesting entry undergo an inspection and determination of admissibility to the United States, and if they are not admissible, they are returned to their point of embarkation,” indicated Roberto Vaquero, Director of the San Juan Office of Field Operations. “Our officers will be vigilant in determining admissibility and will also inspect authorized presence from passengers in domestic flights as they try to reach the Continental US.”

    “The Ramey Sector of the US Border Patrol remains steadfast in protecting our Caribbean borders and deter irregular migration attempts.  U.S. immigration law makes it a crime to enter or attempt to enter without requesting admission at a port of entry designated for that purpose by immigration officials,” stated Reggie Johnson, Acting Chief Patrol Agent. “Migrants should know that they will face full legal consequences of unlawful entry.”

    “Air and Marine Operations agents and assets will support the whole of government effort to enforce immigration laws and protect our borders from emerging threats,” said Christopher Hunter, Director of the Caribbean Air and Marine Branch. “AMO safeguards our Nation by anticipating and confronting security threats through our aviation and maritime law enforcement expertise, innovative capabilities, and partnerships at the border and beyond.”

    ###

    MIL Security OSI –

  • MIL-OSI: Bpce: Groupe BPCE Results Q4-24 & 2024

    Source: GlobeNewswire (MIL-OSI)

    Paris, February 5, 2025

    STRONG PERFORMANCES IN 2024

    • Excellent performance in Q4-24 •
    • Net income (Group share) of €3.5bn in 2024, strong growth of +26% •
    • VISION 2030: dynamic implementation of the strategic project •

    Q4-24: net banking income at €6bn, up +11% YoY; very good performance achieved by retail banking and the global businesses; net income of €913m, +140% YoY
    2024: net banking income of €23.3bn, 5% growth YoY driven by all the business lines; gross operating income up by a strong 18% notably thanks to good cost control; reported net income2of €3.5bn, up by 26% YoY

    Very high levels of solvency and liquidity with a CET1 ratio of 15.6%3 and a LCR of 142%4 at end-2024

    RETAIL BANKING & INSURANCE    Sharp 14% growth in revenues in Q4-24 and 4% in 2024 driven in particular by the confirmed rebound in net interest margins and commissions. The Banque Populaire and Caisse d’Epargne retail banking networks enjoyed sustained growth in their customer bases with the addition of 846,000 new clients6in 2024

    • Local & regional financing: €84bn of funding for our clients of individual, professional, corporate, and institutional clients; 1% year-on-year growth in loan outstandings, rising to a total of €724bn at end-December 2024
    • Deposits & savings7up by €5bn year-on-year, reaching a total of €681bn at end-December 2024
    • Insurance: gross inflows8 of €14.9bn in life insurance in 2024. Premiums up 15% in 2024 YoY. The equipment rate9for P&C and Personal Protection insurance stood at ~35% at end-December 2024
    • Financial Solutions & Expertise: net banking income remained stable in Q4-24 and rose by 2% in full-year 2024 vs. a high basis of comparison in 2023. Good performance reported by the Leasing and Consumer Credit activities
    • Digital & Payments: +5% growth in the number of card transactions at end-December 2024 YoY. Oney net banking income up 8% in full-year 2024

    GLOBAL FINANCIAL SERVICES Strong revenue growth, +8% in Q4-24 and full-year 2024; very dynamic business development in Corporate & Investment Banking, net banking income up 5% in Q4-24 year-on-year; very good performance achieved by Asset Management with net banking income up 11% in Q4-24 year-on-year

    • Corporate & Investment Banking: net banking income of €1.1bn in Q4-24; +19% growth in revenues in Q4-24 YoY for Global Markets, driven by the Fixed-income and Equity segments; net banking income up 2% for Global Finance, driven in particular by Trade Finance activities, and up by 6% for Investment Banking activities in Q4-24
    • Asset & Wealth Management: Natixis IM’s assets under management up 13% YtD, reaching an all-time high of €1,317bn at end-December 2024; very high net fund inflows of €40bn in full-year 2024, particularly from Fixed-Income expertise; net banking income of €968m in Q4-24, reflecting strong growth of 11% YoY.

    Expenses remained stable year-on-year in 2024 and good improvement in the cost/income by 3.5pp

    Prudent provisioning policy: cost of risk of €2.1bn in 2024, i.e. 24bps, standing below the announced guidance level; €596 million in Q4-24, down 20% year-on-year

    Financial strength: CET1 ratio of 15.6%3at end-December 2024; liquidity reserves of €302bn

    VISION 2030 strategic project: fast-paced and dynamic implementation  

    • April 2024: announcement of the project to acquire SGEF, making Groupe BPCE the European leader in equipment leasing; completion of the transaction scheduled for Q1-25.
    • June 2024: plan to create France’s No. 1 payment processor in partnership with BNP Paribas with a view to becoming one of the top 3 players in Europe.
    • June 2024: commercial partnerships with two leaders in their respective markets: Leroy Merlin and Verisure
    • January 2025: announcement of plan to create Europe’s leading asset manager in a joint venture with Generali.
    • Plans to create a shared technology platform for retail banking activities

    1 See the notes on methodology annexed to this press release 2Group share 3 Ratio estimated at end-December 2024 integrating pro forma the coming impact of SGEF and Nagelmackers acquisitions 4Average end-of month LCRs in Q4-24 5 Estimated at end-December 2024 6 196,100 new active clients over the year 7 On-balance sheet savings & deposits within the scope of the Retail Banking & Insurance business unit 8 Excluding reinsurance treaty with CNP Assurance 9 Scope of the individual clients in the BP and CE retail banking networks

    Nicolas Namias, Chairman of the Management Board of BPCE, said: “2024 marked the return of strong performance across all our business lines. Groupe BPCE saw its earnings grow by 26% over the year as a whole and by a total of 140% in the fourth quarter of 2024.

    Banques Populaires and Caisses d’Epargne benefited from the confirmed rebound in their net interest margin along with an extremely buoyant level of commercial activity, illustrated by the arrival of 846,000 new clients in 2024. All the business lines serving the retail banking networks – Insurance, Payments, Financial Solutions & Expertise – generated growth both in full-year 2024 and in the 4thquarter of the year. It also proved to be a remarkable quarter and full-year period for the global business lines managed by Natixis CIB and Natixis IM with, in particular, 19% revenue growth in our capital markets activities in the fourth quarter, and a record-breaking 40 billion euros in net inflows for our asset management activities in the course of the year.

    These results testify to the dynamic implementation of our VISION 2030 strategic project. In the space of a year, we announced the planned acquisition of SGEF, making the Group the front-ranking European equipment leasing specialist, an initiative due to be completed early this year; the creation, with BNP Paribas, of the French leader in payment processing, with a view to becoming one of the top 3 players in Europe; plans to create a champion in asset management with Generali that would be No.1 in Europe in terms of revenues and one of the top 10 asset management specialists worldwide. Today, we announce our ambition to create a common technological platform for the Banques Populaires and Caisses d’Epargne by setting up a joint information system. Designed to further enhance the Group’s performance, this project sets out to optimize the service offered to our 35 million clients and to improve the day-to-day lives of our employees and, in the process, support the development of retail banking in France. These projects give concrete expression to our determination to pursue well-balanced development across our three priority growth areas: France, Europe, and the rest of the world.

    These extremely exciting prospects for the months ahead will be driven by our staff of employees, who this year demonstrated their tremendous mobilization and enthusiasm during the Olympic & Paralympic Games Paris 2024. We gave expression to our promise to share the Games with as many people as possible in every territorial region of France. This event enabled us to strengthen our ties with our clients both in regional France and around the world, and we will continue to foster these relationships by contributing to the sustainable development of the economies in which we do business, in line with our cooperative values.”

    The quarterly financial statements of Groupe BPCE for the period ended December 31, 2024, approved by the Management Board on February 3, 2025, were verified and reviewed by the Supervisory Board, at a meeting chaired by Eric Fougère on February 5, 2025.

    In this document, 2023 figures have been restated on a pro-forma basis (see annex for the reconciliation of reported data to pro-forma data).

    Groupe BPCE

    €m1 Q4-24 Q4-23 % Change 2024 2023 % Change
    Net banking income 6,046 5,462 11% 23,317 22,198 5%
    Operating expenses (4,184) (4,129) 1% (16,384) (16,328) 0%
    Gross operating income 1,862 1,332 40% 6,933 5,870 18%
    Cost of risk (596) (744) (20)% (2,061) (1,731) 19%
    Income before tax 1,262 537 135% 4,956 4,182 19%
    Income tax (326) (159) 106% (1,357) (1,340) 1%
    Net income – Group share 913 381 140% 3,520 2,804 26%
    Exceptional items (64) (100) (35)% (155) (122) 28%
    Underlying2net income – Group share  977 481 103% 3,675 2,925 26%
    Underlying cost to income ratio3 67.8% 74.6% (6.8)pp 69.4% 72.9% (3.5)pp

    1 Reported figures as far as “Net income (Group share)” 2 “Underlying” means exclusive of exceptional items 3 The underlying cost/income ratio of Groupe BPCE is calculated on the basis of net banking income and operating expenses excluding exceptional items. The calculations are detailed in the annex on pages 18 and 24.  

    1.     Groupe BPCE

    Unless specified to the contrary, the financial data and related comments refer to the reported results of the Group and
    business lines; changes express differences between Q4-24 and Q4-23 and between full-year 2024 and full-year 2023.

    Groupe BPCE’s net banking income rose by 11% to reach 6,046 million euros in Q4-24 thanks to strong commercial activity in all business lines. At the end of December 2024, it stood at 23,317 million euros, up 5%.

    Revenues from the Retail Banking & Insurance business unit (RB&I) rose 14% in Q4-24 to 4,064 million euros and stood at 15,397 million euros in full-year 2024, representing growth of 4%. Banques Populaires and Caisses d’Epargne put up a strong commercial performance, attracting more than 846,000 new clients1 across all markets since the beginning of the year.

    Revenues in the Financial Solutions & Expertise business unit, stable in Q4-24 and up 2% in full-year 2024, were driven in particular by the leasing and consumer credit businesses. The Insurance business unit benefited from strong business momentum in life insurance with gross new inflows2 of 14.9 billion euros. Business was buoyant for the Digital & Payments business unit with renewed momentum for Oney.

    Revenues from the Global Financial Services (GFS) business unit were up 8% in Q4-24 and full-year 2024, reaching a total of 2,055 million euros and 7,947 million euros respectively. Corporate & Investment Banking revenues, buoyed up by strong commercial performance across all its business lines, came to 1,087 million euros in Q4-24, up 5%, and to 4,440 million euros in full-year 2024, up 7%. The net banking income generated by Asset & Wealth Management stood at 968 million euros in Q4-24, up 11%, and reached a total of 3,507 million euros in full-year 2024, up 10%. Assets under management, which rose to their highest level ever thanks to record-breaking fund inflows and positive market and currency effects, rose by 13% in the course of the year to reach 1,317 billion euros.

    The net interest margin stood at 7.6 billion euros, up 4% year-on-year, while commission income, which reached 11 billion euros in full-year 2024, was up 7% year-on-year.

    In full-year 2024, operating expenses remained stable at 16,384 million euros, rising 1% to 4,184 million euros in Q4-24, benefitting from positive jaws effects over the 2 periods.

    The underlying cost/income ratio3 improved by 6.8pp in Q4-24 to 67.8%, and by 3.5pp in full-year 2024 to 69.4%

    Gross operating income rose by 40% to 1,862 million euros in Q4-24, and by 18% to 6,933 million euros in full-year 2024.

    Groupe BPCE’s cost of risk, which came to -2,061 million euros in 2024, increased by a total of 19% vs. a low basis of comparison in 2023. In Q4-24, it stood at -596 million euros, down 20%.

    Performing loans are deemed to be rated ‘Stage 1’ or ‘Stage 2,’ while loans with proven risk are rated ‘Stage 3.’

    1    196,100 new active clients in full-year 2024 ² Excluding the reinsurance treaty with CNP Assurances3 The underlying cost/income ratio of Groupe BPCE is calculated on the basis of net banking income and operating expenses excluding exceptional items. The calculations are detailed in the annex on page 24

    For Groupe BPCE, the amount of provisions for performing loans rated ‘Stage 1’ or ‘Stage 2’ corresponds:

    • For the quarter, to a reversal of 31 million euros in Q4-24 vs. an allocation of 34 million euros in Q3-24 and vs. an allocation of 145 million euros in Q4-23,
    • For the 12-month period, a reversal of 177 million euros in 2024 vs. a reversal of 112 million euros in 2023.

    Provisions for loan outstandings with proven risk, rated ‘Stage 3,’ correspond:

    • For the quarter, to an allocation of 627 million euros in Q4-24 vs. an allocation of 488 million euros in Q3-24 and vs. an allocation of 598 million euros in Q4-23,
    • For the 12-month period, an allocation of 2,238 million euros in 2024 vs. an allocation of 1,843 million euros in 2023.

    In Q4-24, the cost of risk for Groupe BPCE stood at 28bps in terms of gross customer outstandings, down 7bps. This figure includes a reversal of 1bp on performing loans (vs. an allocation of 7bps in Q4-23) and an allocation on loan outstandings with proven risk of 29bps vs. an allocation of 28bps in Q4-23.
    In Q4-24, the cost of risk remained stable for the Retail Banking & Insurance business unit at 30bps, including a 1bp provision for performing loans (vs. a 5bps allocation to provisions in Q4-23) and a 30bps allocation on loan outstandings with proven risk, as in Q4-23.
    The cost of risk for the Corporate & Investment Banking business unit came to 55bps (vs. 37bps in Q4-23), including a 13bps reversal on performing loans (vs. a 16bps provision in Q4-23) and a 67bps provision on loans with proven risk (vs. a 21bps provision in Q4-23).

    In 2024, Groupe BPCE’s cost of risk stood at 24bps of gross customer loan outstandings. This figure includes a 2bps reversal of provisions on performing loans (vs. a 1bp reversal in 2023) and a 26bps provision on loans with proven risk (vs. a 22bps provision in 2023).
    The cost of risk was 24bps for the Retail Banking & Insurance business unit (21bps in 2023), including a 2bps reversal on performing loans (as in 2023) and a 26bps provision on loans with proven risk (vs. a 23bps provision in 2023).
    The cost of risk for the Corporate & Investment Banking business unit came to 40bps (24bps in 2023), including a 6bps reversal on performing loans (vs. a 4bps reversal in 2023) and a 46bps provision on loans with proven risk (vs. a 28bps provision in 2023).

    The ratio of non-performing loans to gross loan outstandings stood at 2.5% at December 31, 2024, up 0.1pp compared with end-December 2023.

    Reported net income (Group share) came to 913 million euros in Q4-24, up 140%. In full-year 2024, it stood at 3,520 million euros, up 26%.

    The impact of exceptional items on net income (Group share) was -64 million euros in Q4-24 vs. -100 million euros in Q4-23 and -155 million euros in full-year 2024 vs. -122 million euros in full-year 2023.

    Underlying net income (Group share)1 rose by 103% to stand at 977 million euros in Q4-24, and grew by 26% to 3,675 million euros in full-year 2024.

    1 “Underlying” means exclusive of exceptional items

    2.   A Group mobilized to decarbonize the economy and committed to making impact accessible to all

    Strong commitments in 2024

    • Climate commitments:

    The Group has published new decarbonization ambitions for the 111 most highly emissive industrial sectors: Aluminum, Aviation, Commercial real estate, Residential real estate, Agriculture, Automotive, Steel and Cement, and has strengthened its ambitions in the Power Generation and Oil & Gas sectors.

    • Environmental commitments:

    Groupe BPCE has strengthened its commitment by joining act4nature international.

    • Social commitments by providing financing for players in the social & solidarity-based economy, in social housing and the Public Sector.

    Innovative and concrete actions for our clients

    • The Banques Populaires and Caisses d’Epargne retail banking networks have launched innovations to facilitate home ownership and offer all individual customers energy-efficient renovation solutions to preserve the value of their real-estate assets: for example, by the end of November 2024, over 640 million euros in financing had been granted for energy-efficient home renovation, and the Advice and Sustainable Solutions digital module had received over 5 million unique visitors.
    • The Group serves the SME and ISE clients of the Banques Populaires and Caisses d’Epargne, as well as local communities by providing locally-based advice and by financing the transition of their business models. It has also strengthened its partnership with the European Investment Bank (EIB) for the innovation and energy transition with over one billion euros in transition and decarbonization financing.
    • Green revenues in the CIB rose by +14% in 2024 YoY, driven by sustainable finance and renewable energy & new energy activities including tailored-made solutions and dedicated expertise provided by the Green Hub.

    Groupe BPCE, a pioneer in sustainable finance, launched 5 green and social bond issues in the course of 2024 for an aggregate value of more than 3.6 billion euros, including the 1st Social Bond with a profit-sharing coupon for the benefit of the Institut Robert-Debré du Cerveau de l’Enfant (Children’s Brain Development Institute), supported by APHP (Paris Public Hospitals).

    1 Given the insignificant amount of Natixis CIB’s financing dedicated to freight and passenger ships, Groupe BPCE has not published its action plan for this industrial sector

    3.   Capital, loss-absorbing capacity, liquidity, and funding

    3.1        CET11ratio

    Groupe BPCE’s CET1 ratio at end-December 2024 stood at an estimated 16.2%, unchanged from the previous quarter. It includes the following impacts:

    • Retained earnings: +21bps,
    • Net issuance of cooperative shares: +3bps,
    • Change in risk-weighted assets: – 33bps,
    • Other changes, including variations in the prudential backstop provision, items included under Other Comprehensive Income, and other adjustments: +4bps.

    The Group’s CET1 ratio – presented on a pro-forma basis to reflect the inclusion of the future impacts of the SGEF and Nagelmackers acquisitions (-54bps) – stands at 15.6%,

    At end-December 2024, Groupe BPCE held an equity buffer estimated at 18.6 billion euros above the threshold for triggering the maximum distributable amount (MDA) for equity capital, taking account of the prudential requirements laid down by the ECB applicable on January 2, 2025.

    3.2         TLAC ratio1

    The Total Loss-Absorbing Capacity (TLAC) stood at an estimated 122.1 billion euros at the end of December 2024. The TLAC ratio, expressed as a percentage of risk-weighted assets, stood at an estimated 26.7%2 at the end of December 2024 (without taking account of preferred senior debt for the calculation of this ratio), well above the standard requirements of the Financial Stability Board that were equal to 22.4% at January 2, 2025.

    3.3        MREL ratio1

    Expressed as a percentage of risk-weighted assets at December 31, 2024, Groupe BPCE’s subordinated MREL ratio (without taking account of preferred senior debt for the calculation of this ratio) and the total MREL ratio stood at 26.7%2 and 34.6%, well above the minimum requirements laid down by the SRB at January 2, 2025 of 22.4%3 and 27.3%3 respectively.

    3.4        Leverage ratio1

    At December 31, 2024, the estimated leverage ratio stood at 5.1%, well above the requirement.

    3.5        Liquidity reserves at a high level

    The LCR (Liquidity Coverage Ratio) for Groupe BPCE is well above the regulatory requirement of 100%, at an average of 142% of month-end LCRs for the 4th quarter 2024.
    Liquidity reserves stood at 302 billion euros at December 2024, representing a coverage ratio of 177% of short-term financial debt (including short-term maturities of medium- to long-term financial debt).

    3.6        MLT funding plan: 32% of the 2025 objectives completed as at January 31, 2025

    The size of the MLT funding plan, excluding structured private placements and Asset Backed Securities (ABS), has been set at 23 billion euros for 2025. The breakdown per type of debt is as follows:

    • 10 billion euros in TLAC funding: 2.0 billion euros in Tier 2 funding and 8 billion euros in senior non-preferred debt,
    • 3 billion euros senior preferred debt,
    • 10 billion euros in covered bonds.

    The target for ABS is 8 billion euros.

    At January 31, 2025, Groupe BPCE had raised 7.3 billion euros, excluding structured private placements and ABS (32% of the 23 billion euro funding plan):

    • 5.6 billion euros in TLAC funding: 1.7 billion euros in Tier 2 funding (87% of requirements) and 3.9 billion euros in senior non-preferred debt (49% of requirements),
    • 1.7 billion euros in covered bonds (17% of requirements).

    At January 31, 2025, the amount of ABS raised came to a total of 0.7 billion euros, i.e. 8% of the target.

    Capital adequacy, Total loss-absorbing capacity – see the note on methodology
    1 Estimated at December 31, 2024 2 Groupe BPCE has chosen to waive the possibility provided by Article 72 Ter (3) of the Capital Requirements Regulation (CRR) to use senior preferred debt to ensure compliance with its TLAC/subordinated MREL requirements. 3 Following reception of MREL’s annual letter for 2024

    4.   Results of the business lines

    Unless specified to the contrary, the financial data and related comments refer to the reported results of the Group and
    business lines; changes express differences between Q4-24 and Q4-23 and between full-year 2024 and full-year 2023.

    4.1        Retail Banking & Insurance

    €m1 Q4-24 % Change 2024 % Change
    Net banking income 4,064 14% 15,397 4%
    Operating expenses (2,497) (0)% (9,902) 1%
    Gross operating income 1,567 45% 5,495 10%
    Cost of risk (556) (13)% (1,751) 16%
    Income before tax 998 142% 3,807 8%
    Exceptional items (45) (60)% (115) 3%
    Underlying2income before tax 1,044 98% 3,922 8%
    Underlying cost/income ratio3 60.4% (8.5)pp 63.6% (2.2)pp

    At end-December 2024, loan outstandings rose by 1% to 724 billion euros. Outstanding home loans remained stables at 400 billion euros, while equipment loans rose by 3% during the year to 199 billion euros.

    At end-December 2024, on-balance sheet customer deposits & savings totaled 681 billion euros, representing an increase of 5 billion euros year-on-year, with a 5% rise in term accounts and a 3% year-on-year increase in both regulated and unregulated passbook savings accounts.

    Net banking income for the Retail Banking & Insurance business unit rose by 14% in Q4-24 to 4,064 million euros, and by 4% in full-year 2024 to 15,397 million euros. In Q4-24, these changes reflect the good level of business activities: in the networks, revenues rose by 17% for the Banque Populaire retail banking network and by 14% for the Caisse d’Épargne network. Net banking income for both networks also recorded growth in full-year 2024, by 4% for the Banque Populaire network and by 3% for the Caisse d’Épargne network.

    The Financial Solutions & Expertise business lines continued to benefit from strong sales momentum, particularly in the leasing segment. Revenues remained stable in Q4-24 but saw 2% growth in full-year 2024. In Insurance, premiums4 rose by 15% in 2024, driven by both Non-Life Insurance and Life & Personal Protection Insurance. The Digital & Payments business unit reported a 14% increase in revenues in Q4-24 and 7% growth in full-year 2024, driven by card transactions and instant payment operations.

    Operating expenses remained tightly managed, stable in Q4-24 at 2,497 million euros, and up by just 1% in full-year 2024 to 9,902 million euros.

    The underlying cost/income ratio3 improved by 8.5pp in Q4-24 to 60.4%, and by 2.2pp in full-year 2024 to 63.6%.

    The business unit’s gross operating income benefited from a strong positive jaws effect, rising by 45% in Q4-24 to
    1,567 million euros and by 10% in full-year 2024 to 5,495 million euros.

    The cost of risk amounted to -556 million euros in Q4-24, down 13%, and stood at -1,751 million euros in 2024, up 16%.

    For the business unit as a whole, income before tax amounted to 998 million euros in Q4-24, up 142%, and stood at 3,807 million in full-year 2024, up 8%.

    Underlying income before tax2 amounted to 1,044 million euros in Q4-24, up 98%, and came to 3,922 million euros in full-year 2024, up 8%.

    1 Reported figures until “Income before tax” 2 “Underlying” means exclusive of exceptional items 3 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses 4Excluding reinsurance treaty with CNP Assurance

    4.1.1         Banque Populaire network
    The Banque Populaire retail banking network is comprised of 14 cooperative banks (12 regional Banques Populaires along
    with CASDEN Banque Populaire and Crédit Coopératif) and their subsidiaries, Crédit Maritime Mutuel, and the Mutual
    Guarantee Companies.

    €m1 Q4-24 % Change 2024 % Change
    Net banking income 1,614 17% 6,098 4%
    Operating expenses (980) 1% (4,047) 2%
    Gross operating income 634 56% 2,051 8%
    Cost of risk (266) (6)% (814) 25%
    Income before tax 352 137% 1,285 (2)%
    Exceptional items (17) 77% (51) ns
    Underlying2income before tax 369 133% 1,336 2%
    Underlying cost/income ratio3 59.7% (10.2)pp 65.5% (1.9)pp

    Loan outstandings remained stable year-on-year, standing at 301 billion euros at the end of December 2024.
    On-balance sheet customer deposits & savings decreased by 2 billion euros year-on-year at the end of December 2024, with term accounts remaining stable during the 12-month period, while both regulated and unregulated passbook savings accounts saw 2% year-on-year growth.

    Net banking income came to 6,098 million euros in full-year 2024, up 4% year-on-year. This included 3.2 billion euros in net interest margin4,5 up 5% year-on-year, and 2.9 billion euros in commissions5 (up 3% year-on-year).
    In Q4-24, net banking income came to a total of 1,614 million euros, up 17% year-on-year.

    Operating expenses rose by a limited 1% in Q4-24 to 980 million euros, and increased by 2% in full-year 2024, to 4,047 million euros.
    The underlying cost/income ratio3 consequently saw a 10.2pp improvement in Q4-24, to 59.7%, and a 1.9pp improvement in full-year 2024, to 65.5%.

    Gross operating income benefited from positive jaws effects, rising by 56% to 634 million euros in Q4-24 and by 8% to 2,051 million euros in full-year 2024.

    The cost of risk stood at -266 million euros in Q4-24, down 6%, and -814 million euros in 2024, up 25%.

    Income before tax came to 352 million euros in Q4-24 (+137%) and 1,285 million euros in 2024 (-2%).

    Underlying income before tax2 amounted to 369 million euros in Q4-24 (+133%) and 1,336 million euros in full-year 2024
    (+2%).

    1 Reported figures until “Income before tax” 2 “Underlying” means exclusive of exceptional items 3 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses 4 Excluding provisions for home-purchase savings schemes 5 Income on regulated savings has been restated to account for the net interest margin and included under commissions

    4.1.2        Caisse d’Epargne network
    The Caisse d’Epargne retail banking network comprises 15 individual Caisses d’Epargne along with their subsidiaries

    €m1 Q4-24 % Change 2024 % Change
    Net banking income 1,616 14% 6,054 3%
    Operating expenses (1,084) 0% (4,216) 1%
    Gross operating income 531 55% 1,838 10%
    Cost of risk (205) (6)% (640) 16%
    Income before tax 328 161% 1,200 7%
    Exceptional items (27) 171% (60) ns
    Underlying2income before tax 355 162% 1,260 13%
    Underlying cost/income ratio3 65.4% (9.8)pp 68.7% (2.7)pp

    Loan outstandings rose by 1% year-on-year to 376 billion euros at the end of December 2024.
    On-balance sheet customer deposits & savings increased by 5 billion euros year-on-year, with growth in term accounts (+12%) and an increase in regulated and unregulated passbook savings accounts (+3%).

    Net banking income rose by 3% to reach 6,054 million euros in full-year 2024, including:

    • 2.6 billion euros in net interest margin4,5, down 3% year-on-year,
    • 3.4 billion euros in commissions5 up 7% year-on-year.

    Net banking income came to a total of 1,616 million euros, up 14% year-on-year, in Q4-24 and stood at 6,054 million euros, up 3% year-on-year in full-year 2024.

    Operating expenses remained stable at 1,084 million euros in Q4-24, and rose by 1% in full-year 2024 to 4,216 million euros.

    The underlying cost/income ratio3 improved by 9.8pp to 65.4% in Q4-24 and by 2.7pp to 68.7% in full-year 2024.

    Gross operating income benefited from positive jaws effects in Q4-24 (+55%), rising to 531 million euros, and enjoyed 10% growth in full-year 2024, rising to 1,838 million euros.

    The cost of risk came to -205 million euros in Q4-24, down 6%, and to -640 million euros in 2024, up 16%.

    Income before tax rose by 161% to 328 million euros in Q4-24, and came to 1,200 million euros in 2024.
    (+7%).

    Underlying income before tax2 amounted to 355 million euros in Q4-24 (+162%) and 1,260 million euros in full-year 2024
    (+13%).

    1 Reported figures until “Income before tax” 2 “Underlying” means exclusive of exceptional items 3 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses 4 Excluding provisions for home-purchase savings schemes 5 Income on regulated savings has been restated to account for the net interest margin and included under commissions

    4.1.3        Financial Solutions & Expertise

    €m1 Q4-24 %

    Change

    		 2024 %

    Change
    Net banking income 334 (0)% 1,303 2%
    Operating expenses (169) 1% (636) 1%
    Gross operating income 165 (2)% 667 3%
    Cost of risk (38) (30)% (108) 11%
    Income before tax 125 11% 555 2%
    Exceptional items 0 ns 0 ns
    Underlying2income before tax 125 11% 555 1%
    Underlying cost/income ratio3 50.7% 1.0pp 48.8% (0.3)pp

    Sales momentum remained strong in services designed for individual customers, particularly in consumer credit, with average loan outstandings (personal loans and revolving credit) up 7% year-on-year, consolidating the Group’s position as France’s leading bank for consumer credit.

    The Leasing activity continued to provide robust support to companies with growth in average outstandings (+10% year-on-year) chiefly driven by equipment leasing (+17%). Energéco, a player committed to the renewable energies sector, had an exceptional year with production exceeding, for the first time, one billion transactions arranged.

    Despite the unfavorable business environment, the business lines working in the housing and real estate sector demonstrated their resilience with confirmation in Q4-2024 of the positive upturn of activity in personal loan guarantees, leading to an increase in gross written premiums (+2% in Q4-24 year-on-year vs. -40% in the first 9 months of 2024).

    Net banking income for the Financial Solutions & Expertise business unit remained stable at 334 million euros in Q4-24, but rose 2% to 1,303 million euros in full-year 2024.

    Operating expenses, which stood at 169 million euros in Q4-24 and 636 million euros in full-year 2024, remained tightly managed.

    The underlying cost/income ratio3 increased by 1.0pp in Q4-24 to 50.7% and improved by 0.3pp in full-year 2024 to 48.8%.

    Gross operating income, which came to 165 million euros in Q4-24, was down 2%; it stood at 667 million euros in full-year 2024, up 3%.

    The cost of risk stood at -38 million euros in Q4-24, down 30%, and at -108 million euros in full-year 2024 (+11%).

    Income before tax rose by 11% to 125 million euros in Q4-24 and increased by 2% to 555 million euros in full-year 2024.

    Underlying income before tax2 rose by 11% in Q4-24 and by 1% in full-year 2024, to 125 million euros and 555 million euros respectively.

    1 Reported figures until “Income before tax” 2 “Underlying” means exclusive of exceptional items 3 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses

    4.1.4        Insurance1
    The results presented below concern the Insurance business unit held directly by BPCE since March 1, 2022.

    €m2 Q4-24 % Change 2024 % Change
    Net banking income 171 17% 694 10%
    Operating expenses3 (36) (10)%4 (143) (12)%4
    Gross operating income 135 28% 550 17%
    Income before tax 141 32% 566 19%
    Exceptional items 0 ns 0 ns
    Underlying5income before tax 141 30% 566 17%
    Underlying cost/income ratio6 21.3% (5.3)pp 20.7% (4.1)pp

    In Q4-24, premiums7 reached 4.8 billion euros, up 12% thanks to the considerable dynamism demonstrated by Life Insurance and Life & Personal Protection insurance. In full-year 2024, premiums7 rose by 15% to 18.6 billion euros, with a 16% increase for Life & Personal Protection insurance and a 9% increase for Property & Casualty insurance.

    Life insurance assets under management7 reached 103 billion euros at the end of December 2024 thanks to record-breaking net inflows in both euro funds and unit-linked products. Since the end of December 2023, life insurance assets have risen by 12%, driven by significant positive inflows in both euro funds and unit-linked products. Gross inflows7 in life insurance stood at 14.9 billion euros in 2024. Unit-linked products accounted for 53% of inflows7 at the end of December 2024.

    In the Property & Casualty segment, the client equipment rate for both networks was approximately 35%8 at the end of December 2024, up 0.5pp since the end of December 2023.

    Net banking income rose by 17% in Q4-24 to 171 million euros, and rose by 10% to 694 million euros in full-year 2024.

    Operating expenses3 fell by 10%4 year-on-year in Q4-24 to 36 million euros, and by 12%4 in full-year 2024 to 143 million euros.

    The underlying cost/income ratio6 improved by 5.3pp to stand at 21.3% in Q4-24, and improved by 4.1pp to reach 20.7% in full-year 2024.

    Thanks to positive jaws effects in Q4-24 and full-year 2024, EBITDA rose by 28% and 17% respectively.

    Income before tax also improved, rising by 32% to 141 million euros in Q4-24 and by 19% to 566 million euros in full-year 2024.

    Underlying5income before tax came to 141 million euros in Q4-24 (+30%) and to 566 million euros in full-year 2024 (+17%).

    1 BPCE Assurances 2 Reported figures until “Income before tax” 3 “Operating expenses” corresponds to “non-attributable expenses” under IFRS 17, i.e. all costs that are not directly attributable to insurance contracts 4 At constant method: +7% in Q4-24 YoY and +4% in 2024 YoY 5 “Underlying” means exclusive of exceptional items 6 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses 7 Excluding reinsurance treaty with CNP Assurance
    8 Scope: combined individual clients of the BP and CE networks

    4.1.5         Digital & Payments

    €m1 Q4-24 % Change 2024 % Change
    Net banking income 227 14% 873 7%
    o/w Payments 128 10% 491 6%
    o/w Oney 99 19% 382 8%
    Operating expenses (173) 1% (646) (1)%
    o/w Payments (108) 9% (394) 3%
    o/w Oney (65) (10)% (252) (7)%
    Gross operating income 54 96% 227 39%
    Cost of risk (33) (52)% (126) (26)%
    Income before tax 20 ns 97 ns
    Exceptional items (1) (99)% (5) (96)%
    Underlying2income before tax 21 ns 102 125%
    Underlying cost/income ratio3 76.2% (3.5)pp 73.9% (2.1)pp

    Digital & AI

    At the end of December 2024, 11.8 million customers were active on Banques Populaires and Caisses d’Epargne mobile applications (up 3% vs. end-December 2023).

    The “AI for all” in-house generative AI solution was being used by over 26,000 employees at the end of December 2024 (i.e. 25% of all Group employees.)

    Thanks to transformative AI, 10 million documents had been verified automatically (+71%) by end-December 2024.

    Payments

    Net banking income enjoyed 10% growth in Q4-24 and 6% growth in full-year 2024, while operating expenses rose 9% in Q4-24 and 3% in full-year 2024.

    The widespread use of Wero (European Payments Initiative) enables all customers to send and receive money via instant account-to-account payments in less than 10 seconds. Wero handles 2 million transactions per month and serves over 2 million active customers.

    In the Payment Solutions business, the number of card transactions rose by 5% year-on-year, with continued growth in mobile and instant payments (+54% and +49% year-on-year respectively) and the ongoing rollout of Android POS terminals (multiplied by a factor of 2). The launch of Google Pay has strengthened our range of mobile products.

    Oney Bank

    Net banking income rose by 8% in 2024 thanks to improved margin rates and the asset repricing effect. Oney maintained its leadership position in the BNPL4 segment in France while business was robust in Europe outside France (+19% in volumes year-on-year).

    Management expenses remained well under control, falling by 7% in full-year 2024.

    The sharp drop in the cost of risk in 2024 (-26% YoY) confirms the positive impact of our action plans.
    Net banking income for the Digital & Payments business unit rose by 14% in Q4-24 and by 7% in full-year 2024, to reach 227 million euros and 873 million euros respectively.

    The business unit’s operating expenses were up 1% in Q4-24 and down 1% in full-year 2024, to reach 173 million euros and 646 million euros respectively.

    This led to a 3.5pp improvement in the underlying cost/income ratio3 to 76.2% in Q4-24 and a 2.1pp improvement to 73.9% in full-year 2024.

    Gross operating income, which benefitted from positive jaws effects, rose by 96% in Q4-24 to 54 million euros, and by 39% to 227 million euros in full-year 2024.

    The cost of risk fell by 52% in Q4-24 to -33 million euros, and by 26% in full-year 2024 to -126 million euros.

    Income before tax amounted to 20 million euros in Q4-24 and 97 million euros full-year 2024.

    Underlying2income before tax came to 21 million euros in Q4-24 and 102 million euros in full-year 2024, equal to a sharp rise of 125%.

    1 Reported figures until “Income before tax” 2 “Underlying” means exclusive of exceptional items 3 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses 4 Buy Now Pay Later

    4.2 Global Financial Services
    The GFS business unit includes the Asset & Wealth Management activities and the Corporate & Investment Banking activities of
    Natixis.

    €m1   Q4-24 % Change Constant Fx % change 2024 % Change Constant Fx % change
    Net banking income   2,055 8% 7% 7,947 8% 8%
    o/w CIB   1,087 5% 5% 4,440 7% 7%
    o/w AWM   968 11% 10% 3,507 10% 10%
    Operating expenses   (1,501) 8% 7% (5,651) 7% 7%
    o/w CIB   (738) 5% 5% (2,889) 8% 8%
    o/w AWM   (763) 11% 10% (2,763) 6% 6%
    Gross operating income   553 8% 7% 2,296 10% 10%
    Cost of risk   (86) 18%   (268) 73%  
    Income before tax   479 14%   2,051 4%  
    Exceptional items   0 ns   0 ns  
    Underlying2income before tax   479 10%   2,051 3%  
    Underlying cost/income ratio3   73.1% 0.7pp   71.1% (0.1)pp  

    GFS revenues rose by 8% in both Q4-24 and full-year 2024 to respectively 2,055 million euros (+7% at constant exchange rates) and 7,947 million euros (+8% at constant exchange rates). These trends are the result of the robust performance of our global business lines.

    In Q4-24, revenues generated by the Corporate & Investment Banking business rose by 5% to 1,087 million euros thanks, in particular, to the strong performance achieved by the Global Markets (+19%) and Global Finance (+2%) activities in full-year 2024. Net banking income for the CIB business in full-year 2024 rose by 7% to 4,440 million euros.

    In Q4-24, Asset & Wealth Management revenues rose 10% at constant exchange rates to 968 million euros, chiefly thanks to higher management fees year-on-year. Assets under management rose by 13% since the begging of the year to reach a historic high of 1,317 billion euros, with record inflows and a strong positive market and change effects.

    GFS operating expenses increased by 8% in Q4-24 and by 7% in 2024, to respectively 1,501 million euros (+7% at constant exchange rates) and 5,651 million euros (+7% at constant exchange rates). This rise in expenses is in line with revenue growth, leading to positive jaws effects in full-year 2024.

    In Q4-24, Corporate & Investment Banking operating expenses rose by 5% in line with revenue growth. Asset & Wealth Management expenses rose by 10% at constant exchange rates in Q4-24.

    The underlying cost/income ratio3 was 73.1% in Q4-24 and 71.1% in full-year 2024, up 0.7pp and down 0.1pp respectively.

    Gross operating income rose 8% in Q4-24 to 553 million euros (+7% at constant exchange rates); it rose 10% in full-year 2024 to 2,296 million euros (+10% at constant exchange rates).

    The cost of risk increased by 18% in Q4-24 and by 73% in full-year 2024, to -86 million euros and -268 million euros respectively.

    Income before tax rose by 14% in Q4-24 to 479 million euros, and by 4% in full-year 2024 to 2,051 million euros.

    Underlying2income before tax for Q4-24 was 479 million euros, up 10%, and stood at 2,051 million euros in full-year 2024, up 3%.

    1 Reported figures until “Income before tax” 2 “Underlying” means exclusive of exceptional items 3 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses

    4.2.1        Corporate & Investment Banking
    The Corporate & Investment Banking (CIB) business unit includes the Global markets, Global finance, Investment banking and
    M&A activities of Natixis.

    €m1 Q4-24 % Change 2024 % Change
    Net banking income 1,087 5% 4,440 7%
    Operating expenses (738) 5% (2,889) 8%
    Gross operating income 349 5% 1,551 3%
    Cost of risk (98) 60% (282) 78%
    Income before tax 262 3% 1,293 (3)%
    Exceptional items 0 ns 0 ns
    Underlying2income before tax 262 1% 1,293 (4)%
    Underlying cost/income ratio3 67.9% 0.2pp 65.1% 1.2pp

    Global Markets revenues rose by 19% to 452 million euros in full-year 2024. Revenues generated by the Equity business rose 53% to 96 million euros in Q4-24, driven by a strong performance in the Global Securities Financing activity. FIC-T revenues rose by 14% to 354 million euros in Q4-24, driven by a strong performance in the Credit and Foreign Exchange segments.

    Global Finance revenues were up 2%, rising to 466 million euros in Q4-24 thanks to the sustained momentum of Trade Finance activities.

    Investment Banking revenues were up 6% to 50 million euros in Q4-24, driven by the Acquisition & Strategic Finance and SECM business lines.
    The M&A business lines recorded revenues of 361 million euros in full-year 2024, up 11% year-on-year.
    Natixis Partners has acquired a stake in Financière de Courcelles in order to strengthen its position in the French M&A market within the small, mid, and upper mid-cap segments.

    Net banking income generated by the Corporate & Investment Banking business unit rose by 5% in Q4-24 and by 7% in full-year 2024, to 1,087 million euros and 4,440 million euros respectively.

    Operating expenses, which stood at 738 million euros in Q4-24, reflect 5% growth; expenses rose 8% in full-year 2024 to 2,889 million euros, in line with revenue growth.

    The underlying cost/income ratio3 increased by 0.2pp to 67.9% in Q4-24, and by 1.2pp to 65.1% in full-year 2024.

    Gross operating income rose by 5% in Q4-24 to 349 million euros, and by 3% in full-year 2024 to 1,551 million euros.

    The cost of risk stood at -98 million euros, up 60%, in Q4-24, and at -282 million euros, up 78%, in full-year 2024.

    Income before tax was up 3% to 262 million euros in Q4-24, and down 3% to 1,293 million euros in full-year 2024.

    Underlying2income before tax was up 1% to 262 million euros in Q4-24, and down 4% to 1,293 million euros in full-year 2024.

    1 Reported figures until “Income before tax” 2 “Underlying” means exclusive of exceptional items 3 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses

    4.2.2        Asset & Wealth Management
    The business unit includes the Asset & Wealth Management activities of Natixis.

    €m1 Q4-24 % Change 2024 % Change
    Net banking income 968 11% 3,507 10%
    Operating expenses (763) 11% (2,763) 6%
    Gross operating income 205 12% 744 27%
    Income before tax 217 32% 759 21%
    Exceptional items 0 ns 0 ns
    Underlying2income before tax 217 24% 759 16%
    Underlying cost/income ratio3 78.8% 1.0pp 78.8% (2.0)pp

    In Asset Management, assets under management4 reached an all-time high of 1,317 billion euros at the end of December 2024, up 13% since the beginning of the year, with record net inflows and strong positive market and currency effects.

    Net inflows into Asset Management4 reached 40 billion euros in full-year 2024, chiefly thanks to fixed-income products from Loomis Sayles and DNCA, and to life insurance products. Private asset inflows remained positive on an annual basis.

    ESG assets accounted for 40.3% of assets under management at the end of December 2024.

    Asset management revenues grew at constant exchange rates by 10% in full-year 2024 but also in Q4-2024, driven by a higher level of average assets under management (+10% in Q4-2024).

    In Asset Management4 in full-year 2024, the total fee rate (excluding performance fees) stood at 25.2bps (stable) and at 36.8bps excluding insurance asset management (-1.1bp).

    Net banking income for the Asset & Wealth Management business unit rose by 11% in Q4-24 to 968 million euros, and by 10% in full-year 2024 to 3,507 million euros.

    Operating expenses came to 763 million euros, up 11% in Q4-24, and to 2,763 million euros, up 6% in full-year 2024.

    The underlying cost/income ratio3increased by 1.0pp in Q4-24 to 78.8%, and improved by 2.0pp in full-year 2024 to 78.8%.

    Gross operating income rose by 12% to 205 million euros in Q4-24, and by 27% to 744 million euros in full-year 2024.

    Income before tax came to 217 million euros in Q4-24 (+32%), and to 759 million euros in full-year 2024 (+21%).

    Underlying2income before tax rose by 24% to 217 million euros in Q4-24, and by 16% to 759 million euros in full-year 2024.
            

    1 Reported figures until “Income before tax” 2 “Underlying” means exclusive of exceptional items 3 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses 4 Asset management: Europe includes Dynamic Solutions and Vega IM; North America includes WCM IM; excluding Wealth Management

    ANNEXES

    Notes on methodology

    Presentation on the pro-forma quarterly results

    The 2023 quarterly series are presented pro forma with changes in standards and organization:
    The sectoral reallocation of the results of the private equity activities of the entities BP Développement & CE Développement from Corporate center to RB&I and GFS divisions.
    The new management standards adopted by Natixis (including the normative allocation of capital to the business lines) within the GFS division.
    The main evolutions impact RB&I, GFS and the Corporate center.
    The data for 2023 has been recalculated to obtain a like-for-like basis of comparison.
    The quarterly series of Groupe BPCE remain unchanged.
    The tables showing the transition from reported 2023 to pro-forma 2023 are presented on annexes.

    Exceptional items

    Exceptional items and the reconciliation of the reported income statement to the underlying income statement of Groupe BPCE are detailed in the annexes.

    Net banking income

    Customer net interest income, excluding regulated home savings schemes, is computed on the basis of interest earned from transactions with customers, excluding net interest on centralized savings products (Livret A, Livret Développement Durable, Livret Épargne Logement passbook savings accounts) in addition to changes in provisions for regulated home purchase savings schemes. Net interest on centralized savings is assimilated to commissions.

    Operating expenses

    Operating expenses correspond to the aggregate total of the “Operating Expenses” (as presented in the second amendment of Group’s universal registration document, note 4.7 appended to the consolidated financial statements of Groupe BPCE) and “Depreciation, amortization and impairment for property, plant and equipment and intangible assets.”

    Cost/income ratio

    Groupe BPCE’s cost/income ratio is calculated on the basis of net banking income and operating expenses excluding exceptional items. The calculations are detailed in the annexes.
    Business line cost/income ratios are calculated on the basis of underlying net banking income and operating expenses.

    Cost of risk

    The cost of risk is expressed in basis points and measures the level of risk per business line as a percentage of the volume of loan outstandings; it is calculated by comparing net provisions booked with respect to credit risks of the period to gross customer loan outstandings at the beginning of the period.

    Loan oustandings and deposits & savings

    Restatements regarding transitions from book outstandings to outstandings under management are as follows:
    Loan outstandings: the scope of outstandings under management does not include securities classified as customer loans and receivables and other securities classified as financial operations,
    Deposits & savings: the scope of outstandings under management does not include debt securities (certificates of deposit and savings bonds).

    Capital Adequacy

    Common Equity Tier 1 is determined in accordance with the applicable CRR II/CRD IV rules, after deductions.
    Additional Tier-1 capital takes account of subordinated debt issues that have become non-eligible and subject to ceilings at the phase-out rate in force.
    The leverage ratio is calculated in accordance with the applicable CRR II/CRD V rules. Centralized outstandings of regulated savings are excluded from the leverage exposures as are Central Bank exposures for a limited period of time (pursuant to ECB decision 2021/27 of June 18, 2021).

    Total loss-absorbing capacity

    The amount of liabilities eligible for inclusion in the numerator used to calculate the Total Loss-Absorbing Capacity (TLAC) ratio is determined by article 92a of CRR. Please note that a quantum of Senior Preferred securities has not been included in our calculation of TLAC.
    This amount is consequently comprised of the 4 following items:

    • Common Equity Tier 1 in accordance with the applicable CRR II/CRD IV rules,
    • Additional Tier-1 capital in accordance with the applicable CRR II/CRD IV rules,
    • Tier-2 capital in accordance with the applicable CRR II/CRD IV rules,
    • Subordinated liabilities not recognized in the capital mentioned above and whose residual maturity is greater than 1 year, namely:
      • The share of additional Tier-1 capital instruments not recognized in common equity (i.e. included in the phase-out),
      • The share of the prudential discount on Tier-2 capital instruments whose residual maturity is greater than 1 year,
      • The nominal amount of Senior Non-Preferred securities maturing in more than 1 year.

    Liquidity

    Total liquidity reserves comprise the following:

    • Central bank-eligible assets include: ECB-eligible securities not eligible for the LCR, taken for their ECB valuation (after ECB haircut), securities retained (securitization and covered bonds) that are available and ECB-eligible taken for their ECB valuation (after ECB haircut) and private receivables available and eligible for central bank funding (ECB and the Federal Reserve), net of central bank funding,
    • LCR eligible assets comprising the Group’s LCR reserve taken for their LCR valuation,
    • Liquid assets placed with central banks (ECB and the Federal Reserve), net of US Money Market Funds deposits and to which fiduciary money is added.

    Short-term funding corresponds to funding with an initial maturity of less than, or equal to, 1 year and the short-term maturities of medium-/long-term debt correspond to debt with an initial maturity date of more than 1 year maturing within the next 12 months.
    Customer deposits are subject to the following adjustments:

    • Addition of security issues placed by the Banque Populaire and Caisse d’Epargne retail banking networks with their customers, and certain operations carried out with counterparties comparable to customer deposits
    • Withdrawal of short-term deposits held by certain financial customers collected by Natixis in pursuit of its intermediation activities.

    Business line indicators – BP & CE networks

    Average rate (%) for residential mortgages: the average client rate for residential mortgages corresponds to the weighted average of actuarial rates for committed residential mortgages, excluding ancillary items (application fees, guarantees, creditor insurance). The rates are weighted by the amounts committed (offers made, net of cancellations) over the period under review. The calculation is based on aggregate residential mortgages, excluding zero interest rate loans.

    Average rate (%) for consumer loans: the average client rate for consumer loans corresponds to the weighted average of the actuarial rates for committed consumer loans, excluding ancillary items (application fees, guarantees, creditor insurance). The rates are weighted by the amounts committed (offers made net of cancellations) over the period under review. The calculation is based on the scope of amortizable consumer loans, excluding overdraft and revolving loans.

    Average rate (%) for equipment loans: the average customer rate for equipment loans is the average of the actuarial rates for equipment loans in each volume-weighted market.

    Digital indicators

    The number of active customers using mobile apps corresponds to the number of customers who have made at least one visit via one mobile apps over one month.
    The number of documents checked automatically corresponds to the number of documents transmitted by customers through their digital spaces or in a physical branch and checked automatically: eligibility for the LEP popular passbook savings account and customer intelligence documents (KYC) for consumer loans, mortgages (digital) and new business relationships (digital and physical branches).

    Impact indicators

    Financing for energy-efficient home renovation for individual clients: this indicator calculates the aggregate annual production of loans granted to individual customers (natural persons) to finance energy renovation work, expressed in €m:

    – Rénovation Energétique (Energy Renovation): consumer credit for environmentally-friendly properties,
    – ECO PTZ MPR: consumer credit designed for renovation work eligible for the MaPrimeRenov program (government scheme to support energy-efficient home renovation work) for up to a total of €30,000,
    – ECO PTZ: interest-free regulated home improvement loan for up to a total of €50,000

    Number of unique visitors to the ‘Advice and Sustainable Solutions’ digital module: this indicator calculates the aggregate annual number of unique visitors who consult the ‘Advice and sustainable solutions’ page on BP and CE mobile applications.

    Financing BtoB clients in their transition and decarbonization efforts: this indicator calculates the aggregate annual amount of loans granted to businesses to help finance their transition and decarbonization efforts, expressed in €m. This aggregate total is derived from the sum of BtoB loan amounts (Green loans + Impact loans + Vehicle Leasing + Green Lease with Purchase Option/Long-Term Rental agreements (LOA/LDD Green).

    Within the scope of CIB activities, Green revenues are comprised of:

    • Sustainable Finance (GSH scope)
    • Renewable & new energies franchises
    • Activities with clients/assets rated Dark & Medium Green (Green Weighting Factor).

    (restated for scope reconciliations).

    Reconciliation of 2023 data to pro forma data

    Retail banking and Insurance Q1-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 3,891 (2,496) 1,107 (269) 840
    Sectoral reallocation 12 (1) 11 0 11
    Pro forma figures 3,903 (2,497) 1,118 (269) 851
    Global Financial Services Q1-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 1,822 (1,303) 590 (146) 432
    Sectoral reallocation 0 0 0 0 0
    New rules 32 (2) 30 (4) 26
    Pro forma figures 1,854 (1,305) 621 (151) 458
    Corporate center Q1-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 102 (788) (729) (10) (739)
    Sectoral reallocation (12) 1 (11) 0 (11)
    New rules (32) 2 (30) 4 (26)
    Pro forma figures 57 (785) (771) (5) (776)
    Retail banking and Insurance Q2-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 3,655 (2,459) 952 (224) 729
    Sectoral reallocation (15) (1) (15) (0) (15)
    Pro forma figures 3,640 (2,460) 936 (224) 713
    Global Financial Services Q2-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 1,798 (1,282) 429 (115) 300
    Sectoral reallocation (0) (0) (0) (0) (0)
    New rules 31 (5) 26 (3) 22
    Pro forma figures 1,829 (1,287) 455 (118) 322
    Corporate center Q2-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 13 (58) (44) (14) (56)
    Sectoral reallocation 15 1 16 0 16
    New rules (31) 5 (26) 3 (22)
    Pro forma figures (3) (52) (54) (10) (63)
    Retail banking and Insurance Q3-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 3,721 (2,358) 1,072 (268) 799
    Sectoral reallocation (13) (1) (14) 0 (14)
    Pro forma figures 3,709 (2,359) 1,058 (268) 785
    Global Financial Services Q3-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 1,736 (1,279) 444 (114) 319
    Sectoral reallocation (0) (0) (0) 0 (0)
    New rules 31 (4) 27 (4) 23
    Pro forma figures 1,767 (1,283) 470 (118) 341
    Corporate center Q3-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures (3) (175) (176) (23) (200)
    Sectoral reallocation 13 1 14 0 14
    New rules (31) 4 (27) 4 (23)
    Pro forma figures (21) (170) (189) (19) (210)
    Retail banking and Insurance Q4-23      
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income    		      
    Reported figures 3,557 (2,497) 395 (122) 294      
    Sectoral reallocation 19 (1) 18 (0) 18      
    Pro forma figures 3,576 (2,499) 413 (122) 312      
                 
    Global Financial Services Q4-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 1,874 (1,389) 391 (118) 255
    Sectoral reallocation 0 (1) (0) (0) (0)
    New rules 33 (4) 29 (3) 26
    Pro forma figures 1,908 (1,394) 420 (121) 280
    Corporate center Q4-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 31 (243) (249) 81 (168)
    Sectoral reallocation (20) 2 (18) 0 (18)
    New rules (33) 4 (29) 3 (26)
    Pro forma figures (22) (237) (296) 84 (211)

    Q4-24 & Q4-23 results : reconcialiation of reported data to alternative performance measures

    €m   Net banking income Operating expenses Cost of
    risk    		 Gains or
    losses on
    other assets    		 Income
    before tax    		 Net income
    – Group share
    Reported Q4-24 results   6,046 (4,184) (596) (35) 1,262 913
    Transformation and reorganization costs Business lines/Corporate center 0 (86)   (1) (87) (64)
    Disposals Corporate center       (1) (1) (1)
    Q4-24 results excluding exceptional items   6,045 (4,098) (596) (34) 1,349 977
    €m   Net banking income Operating expenses Cost of
    risk    		 Gains or
    losses on
    other assets    		 Income
    before tax    		 Net income
    – Group share
    Pro forma reported Q4-23 results   5,462 (4,129) (744) (43) 537 381
    Transformation and reorganization costs Business lines/Corporate center (5) (54) (34)   (93) (57)
    Disposals Corporate center       (43) (43) (43)
    Pro forma Q4-23 results excluding exceptional items   5,467 (4,076) (710) (0) 672 481

    2024 & 2023 results : reconcialiation of reported data to alternative performance measures

    €m   Net banking income Operating expenses Cost of
    risk    		 Gains or
    losses on
    other assets    		 Income
    before tax    		 Net income
    – Group share
    Reported 2024 results   23,317 (16,384) (2,061) 28 4,956 3,520
    Transformation and reorganization costs Business lines/Corporate center 3 (208)   (1) (206) (153)
    Disposals Corporate center 0     (3) (3) (3)
    2024 results excluding exceptional items   23,314 (16,176) (2,061) 32 5,165 3,675
    €m   Net banking income Operating expenses Cost of
    risk    		 Gains or
    losses on
    other assets    		 Income
    before tax    		 Net income
    – Group share
    Pro forma reported 2023 results   22,198 (16,328) (1,731) 8 4,182 2,804
    Transformation and reorganization costs Business lines/Corporate center 2 (213) (32)   (242) (164)
    Disposals  Corporate center       (45) (45) (44)
    Litigations Business lines/Corporate center 87       87 87
    Pro forma 2023 results excluding exceptional items   22,108 (16,115) (1,699) 53 4,381 2,925

    Groupe BPCE : underying cost to income ratio

    €m Net banking income Operating expenses Underlying
    cost income ratio
    Q4-24 reported figures 6,046 (4,184)  
    Impact of exceptional items 0 (86)  
    Q4-24 underlying figures 6,045 (4,098) 67.8%
    €m Net banking income Operating expenses Underlying
    cost income ratio
    Q4-23 Pro forma reported figures 5,462 (4,129)  
    Impact of exceptional items (5) (54)  
    Q4-23 Pro forma underlying figures 5,467 (4,076) 74.6%

    Groupe BPCE : underying cost to income ratio

    €m Net banking income Operating expenses Underlying
    cost income ratio
    2024 reported figures 23,317 (16,384)  
    Impact of exceptional items 3 (208)  
    2024 underlying figures 23,314 (16,176) 69.4%
    €m Net banking income Operating expenses Underlying
    cost income ratio
    2023 Pro forma reported figures 22,198 (16,328)  
    Impact of exceptional items 89 (213)  
    2023 Pro forma underlying figures 22,108 (16,115) 72.9%

    Groupe BPCE : quarterly income statement per business line

      RETAIL BANKING
    & INSURANCE    		 GLOBAL FINANCIAL SERVICES CORPORATE CENTER GROUPE
    BPCE
    €m Q4-24 Q4-23 Q4-24 Q4-23 Q4-24 Q4-23 Q4-24 Q4-23 %
    Net banking income 4,064 3,576 2,055 1,908 (73) (22) 6,046 5,462 11%
    Operating expenses (2,497) (2,499) (1,501) (1,394) (186) (237) (4,184) (4,129) 1%
    Gross operating income 1,567 1,077 553 514 (259) (259) 1,862 1,332 40%
    Cost of risk (556) (643) (86) (73) 46 (28) (596) (744) (20)%
    Income before tax 998 413 479 420 (215) (296) 1,262 537 x 2
    Income tax (222) (122) (124) (121) 19 84 (326) (159) x 2
    Non-controlling interests (5) 21 (18) (19) 0 1 (23) 3 ns
    Net income – Group share 772 312 337 280 (196) (211) 913 381 x 2

    Groupe BPCE : 2024 income statement per business line

      RETAIL BANKING
    & INSURANCE    		 GLOBAL FINANCIAL SERVICES CORPORATE CENTER GROUPE
    BPCE
    €m 2024 2023 2024 2023 2024 2023 2024 2023 %
    Net banking income 15,397 14,828 7,947 7,358 (27) 12 23,317 22,198 5%
    Operating expenses (9,902) (9,815) (5,651) (5,269) (831) (1,244) (16,384) (16,328) 0%
    Gross operating income 5,495 5,013 2,296 2,088 (858) (1,232) 6,933 5,870 18%
    Cost of risk (1,751) (1,505) (268) (154) (43) (72) (2,061) (1,731) 19%
    Income before tax 3,807 3,526 2,051 1,966 (902) (1,310) 4,956 4,182 19%
    Income tax (891) (882) (534) (507) 67 49 (1,357) (1,340) 1%
    Non-controlling interests (14) 18 (66) (56) 1 1 (79) (38) x 2
    Net income – Group share 2,902 2,661 1,452 1,402 (834) (1,260) 3,520 2,804 26%

    Groupe BPCE : quarterly series

    GROUPE BPCE
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24
    Net banking income 5,815 5,467 5,455 5,462 5,753 5,626 5,892 6,046
    Operating expenses (4,587) (3,799) (3,812) (4,129) (4,151) (4,008) (4,041) (4,184)
    Gross operating income 1,228 1,667 1,642 1,332 1,602 1,618 1,851 1,862
    Cost of risk (326) (342) (319) (744) (382) (560) (523) (596)
    Income before tax 968 1,337 1,339 537 1,233 1,124 1,336 1,262
    Net income – Group share 533 973 917 381 875 806 925 913

    Groupe BPCE : Consolidated balance sheet

    ASSETS
    €m    		 Dec. 31, 2024 Dec. 31, 2023
    Cash and amounts due from central banks 133,186 152,669
    Financial assets at fair value through profit or loss 230,521 214,582
    Hedging derivatives 7,624 8,855
    Financial assets at fair value through other comprehensive income 57,166 48,073
    Securities at amortized cost 27,021 26,373
    Loans and advances to banks and similar at amortized cost 115,862 108,631
    Loans and receivables due from customers at amortized cost 851,843 839,457
    Revaluation difference on interest rate risk-hedged portfolios (856) (2,626)
    Financial investments of insurance activities 115,631 103,615
    Insurance contracts issued – Assets 1,134 1,124
    Reinsurance contracts held – Assets 9,320 9,564
    Current tax assets 640 829
    Deferred tax assets 4,160 4,575
    Accrued income and other assets 16,444 14,611
    Non-current assets held for sale 438 –
    Investments in accounted for using equity method 2,146 1,616
    Investment property 733 717
    Property, plant and equipment 6,085 6,023
    Intangible assets 1,147 1,110
    Goodwill 4,312 4,224
    TOTAL ASSETS 1,584,558 1,544,022
    LIABILITIES
    €m    		 Dec. 31, 2024 Dec. 31, 2023
    Amounts due to central banks 1 2
    Financial liabilities at fair value through profit or loss 218,963 204,023
    Hedging derivatives 14,260 14,973
    Debt securities 304,957 292,598
    Amounts due to banks and similar 69,953 79,634
    Amounts due to customers 723,090 711,658
    Revaluation difference on interest rate risk-hedged portfolios, liabilities 14 159
    Insurance contracts issued – Liabilities 117,551 106,137
    Reinsurance contracts held – Liabilities 119 149
    Current tax liabilities 2,206 2,026
    Deferred tax liabilities 1,323 1,640
    Accrued expenses and other liabilities 20,892 22,492
    Liabilities associated with non-current assets held for sale 312 –
    Provisions 4,748 4,825
    Subordinated debt 18,401 18,801
    Shareholders’ equity 87,768 84,905
    Equity attributable to equity holders of the parent 87,137 84,351
    Non-controlling interests 630 553
    TOTAL LIABILITIES 1,584,558 1,544,022

    Groupe BPCE : Goodwill

    €m Dec. 31, 2023 Acquisitions IRFS5 reclassifications Translation adjustments Dec. 31, 2024
    Retail Banking & Insurance 822 58     879
    Asset & Wealth Management 3,257 1 (72) 95 3,280
    Corporate & Investment Banking 144     7 151
    Total 4,224 58 (72) 102 4,312

    Groupe BPCE: Statement of changes in shareholders’ equity

    €m Equity attributable to shareholders’ equity
    December 31, 2023 84,407
    Restatements1 (56)
    December 31, 2023 restated 84,351
    Distributions (833)
    Change in capital (cooperative shares) 90
    Impact of acquisitions and disposals on non-controlling interests (minority interests) (48)
    Income 3,520
    Changes in gains & losses directly recognized in equity 144
    Capital gains and losses reclassified as reserves (31)
    Others (56)
    December 31, 2024 87,137

    1 Opening shareholders’ equity has been adjusted for Funding Valuation Adjustments whose non-material impact on income has not given rise to a change in the latter in the 2024 consolidated financial statements

    Retail Banking & Insurance: quarterly income statement

      BANQUE POPULAIRE NETWORK CAISSE D’EPARGNE NETWORK FINANCIAL SOLUTIONS & EXPERTISE INSURANCE DIGITAL & PAYMENTS OTHER NETWORK RETAIL BANKING & INSURANCE
    €m Q4-24 Q4-23 % Q4-24 Q4-23 % Q4-24 Q4-23 % Q4-24 Q4-23 % Q4-24 Q4-23 % Q4-24 Q4-23 % Q4-24 Q4-23 %  
    Net banking income 1,614 1,382 17% 1,616 1,423 14% 334 335 (0)% 171 146 17% 227 199 14% 101 91 12% 4,064 3,576 14%  
    Operating expenses (980) (975) 1% (1,084) (1,081) 0% (169) (167) 1% (36) (41) (10)% (173) (171) 1% (53) (63) (16)% (2,497) (2,499) (0)%  
    Gross operating income 634 407 56% 531 343 55% 165 168 (2)% 135 105 28% 54 27 96% 48 28 75% 1,567 1,077 45%  
    Cost of risk (266) (282) (6)% (205) (218) (6)% (38) (54) (31)%       (33) (69) (52)% (15) (19) (23)% (556) (643) (13)%  
    Income before tax 352 149 x2 328 126 x3 125 112 12% 141 107 32% 20 (89) ns 33 9 x4 998 413 x2  
    Income tax (73) (45) 62% (78) (20) x4 (33) (27) 22% (29) (25) 16% 0 (2) ns (8) (2) x4 (222) (122) 82%  
    Non-controlling interests (0) (6) (94)% (1) (3) (66)% 0 (0) ns 0 (1) ns (3) 30 ns       (5) 21 ns  
    Net income – Group share 278 98 x3 248 103 x2 92 85 8% 112 81 39% 16 (61) ns 25 7 x4 772 312 x2  
      BANQUE POPULAIRE NETWORK CAISSE D’EPARGNE NETWORK FINANCIAL SOLUTIONS & EXPERTISE INSURANCE DIGITAL & PAYMENTS OTHER NETWORK RETAIL BANKING & INSURANCE
    €m 2024 2023 % 2024 2023 % 2024 2023 % 2024 2023 % 2024 2023 % 2024 2023 % 2024 2023 %  
    Net banking income 6,098 5,862 4% 6,054 5,858 3% 1,303 1,274 2% 694 633 10% 873 816 7% 375 384 (2)% 15,397 14,828 4,%  
    Operating expenses (4,047) (3,970) 2% (4,216) (4,181) 1% (636) (630) 1% (143) (163) (12)% (646) (652) (1)% (213) (218) (2)% (9,902) (9,815) 1%  
    Gross operating income 2,051 1,892 8% 1,838 1,677 10% 667 644 3% 550 470 17% 227 164 39% 162 166 (2)% 5,495 5,013 10%  
    Cost of risk (814) (651) 25% (640) (553) 16% (108) (98) 11%       (126) (171) (26)% (62) (33) 89% (1,751) (1,505) 16%  
    Income before tax 1,285 1,308 (2)% 1,200 1,125 7% 555 545 2% 566 475 19% 97 (68) ns 103 140 (26)% 3,807 3,526 8%  
    Income tax (307) (329) (7)% (264) (254) 4% (146) (140) 4% (123) (99) 24% (27) (25) 9% (24) (35) (30)% (891) (882) 1%  
    Non-controlling interests (9) (24) (64)% (5) (7) (24)% 0 (0) ns 0 (0) ns (0) 49 ns       (14) 18 ns  
    Net income – Group share 970 954 2% 931 864 8% 409 405 1% 443 376 18% 70 (43) ns 79 106 (25)% 2,902 2,661 9%  

    Retail Banking & Insurance: 2024 income statement

    Retail banking & insurance: quarterly series

    RETAIL BANKING & INSURANCE
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24
    Net banking income 3,903 3,640 3,709 3,576 3,763 3,701 3,869 4,064
    Operating expenses (2,497) (2,460) (2,359) (2,499) (2,547) (2,456) (2,403) (2,497)
    Gross operating income 1,406 1,180 1,350 1,077 1,217 1,245 1,467 1,567
    Cost of risk (308) (252) (302) (643) (296) (475) (423) (556)
    Income before tax 1,118 936 1,058 413 934 831 1,044 998
    Net income – Group share 851 713 785 312 709 637 785 772

    Retail Banking & Insurance: Banque Populaire and Caisse d’Epargne networks quarterly series

    BANQUE POPULAIRE NETWORK
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24
    Net banking income 1,569 1,442 1,469 1,382 1,489 1,489 1,506 1,614
    Operating expenses (1,018) (1,015) (961) (975) (1,043) (1,025) (999) (980)
    Gross operating income 551 427 508 407 445 464 508 634
    Cost of risk (132) (110) (127) (282) (125) (228) (195) (266)
    Income before tax 434 328 398 149 329 290 315 352
    Net income – Group share 332 240 284 98 252 210 230 278
                     
    CAISSE D’EPARGNE NETWORK
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24
    Net banking income 1,537 1,465 1,432 1,423 1,454 1,467 1,517 1,616
    Operating expenses (1,066) (1,041) (993) (1,081) (1,085) (1,038) (1,008) (1,084)
    Gross operating income 470 424 440 343 368 429 509 531
    Cost of risk (136) (84) (115) (218) (100) (176) (159) (205)
    Income before tax 334 340 325 126 270 252 350 328
    Net income – Group share 253 256 253 103 208 194 281 248

    Retail Banking & Insurance: FSE quarterly series

    FINANCIAL SOLUTIONS & EXPERTISE
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24
    Net banking income 315 306 318 335 327 320 322 334
    Operating expenses (157) (151) (154) (167) (162) (154) (151) (169)
    Gross operating income 158 155 164 168 166 166 171 165
    Cost of risk (6) (19) (18) (54) (24) (22) (24) (38)
    Income before tax 151 136 146 112 141 143 146 125
    Net income – Group share 112 102 107 85 104 106 108 92

    Retail Banking & Insurance: Insurance quarterly series

    INSURANCE
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24
    Net banking income 180 126 181 146 188 118 217 171
    Operating expenses (43) (37) (42) (41) (42) (25) (40) (36)
    Gross operating income 137 89 139 105 146 93 177 135
    Income before tax 139 93 137 107 149 99 177 141
    Net income – Group share 109 83 103 81 113 92 126 112

    Retail Banking & Insurance: Digital & Payments quarterly series

    DIGITAL & PAYMENTS
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24
    Net banking income 205 203 209 199 215 214 218 227
    Operating expenses (161) (163) (157) (171) (160) (159) (154) (173)
    Gross operating income 44 40 52 27 55 55 64 54
    Cost of risk (32) (41) (29) (69) (31) (32) (30) (33)
    Income before tax 8 (6) 19 (89) 24 22 32 20
    Net income – Group share 7 (3) 13 (61) 17 16 21 16

    Retail Banking & Insurance: Other network quarterly series

    OTHER NETWORK
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24
    Net banking income 97 97 99 91 91 93 90 101
    Operating expenses (51) (52) (52) (63) (55) (55) (51) (53)
    Gross operating income 46 45 47 28 37 38 39 48
    Cost of risk (2) 2 (14) (19) (16) (17) (14) (15)
    Income before tax 52 47 33 9 20 25 25 33
    Net income – Group share 39 36 25 7 16 19 20 25

    Global Financial Services: quarterly income statement per business line

      ASSET AND WEALTH MANAGEMENT CORPORATE & INVESTMENT
    BANKING    		 GLOBAL FINANCIAL
    SERVICES
    €m Q4-24 Q4-23 Q4-24 Q4-23 Q4-24 Q4-23 %
    Net banking income 968 874 1,087 1,034 2,055 1,908 8%
    Operating expenses (763) (691) (738) (703) (1,501) (1,394) 8%
    Gross operating income 205 183 349 331 553 514 8%
    Cost of risk 12 (12) (98) (62) (86) (73) 18%
    Share in net income of associates 0 0 12 4 12 4 x3
    Gains or losses on other assets 0 (7) 0 (17) 0 (24) ns
    Income before tax 217 165 262 255 479 420 14%
    Net income – Group share 143 105 194 176 337 280 20%

    Global Financial Services: 2024 income statement per business line

      ASSET AND WEALTH MANAGEMENT CORPORATE & INVESTMENT
    BANKING    		 GLOBAL FINANCIAL
    SERVICES
    €m 2024 2023 2024 2023 2024 2023 %
    Net banking income 3,507 3,192 4,440 4,166 7,947 7,358 8%
    Operating expenses (2,763) (2,604) (2,889) (2,666) (5,651) (5,269) 7%
    Gross operating income 744 588 1,551 1,500 2,296 2,088 10%
    Cost of risk 14 4 (282) (158) (268) (154) 73%
    Share in net income of associates 0 0 23 13 23 14 67%
    Gains or losses on other assets 0 35 0 (17) 0 18 ns
    Income before tax 759 627 1,293 1,338 2,051 1,966 4%
    Net income – Group share 500 425 952 977 1,452 1,402 4%

    Global Financial Services: quarterly series

    GLOBAL FINANCIAL SERVICES
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24  
    Net banking income 1,854 1,829 1,767 1,908 1,933 1,983 1,976 2,055  
    Operating expenses (1,305) (1,287) (1,283) (1,394) (1,368) (1,366) (1,415) (1,501)  
    Gross operating income 549 542 483 514 564 617 561 553  
    Cost of risk 27 (91) (17) (73) (58) (82) (41) (86)  
    Income before tax 621 455 470 420 510 539 525 479  
    Net income – Group share 458 322 341 280 364 384 366 337  

    Corporate & Investment Banking: quarterly series

    CORPORATE & INVESTMENT BANKING
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24  
    Net banking income 1,074 1,056 1,002 1,034 1,102 1,133 1,118 1,087  
    Operating expenses (661) (651) (650) (703) (706) (694) (751) (738)  
    Gross operating income 412 405 352 331 396 439 367 349  
    Cost of risk 21 (90) (28) (62) (54) (91) (39) (98)  
    Income before tax 437 318 328 255 346 352 333 262  
    Net income – Group share 321 233 247 176 255 261 242 194  

    Asset & Wealth Management: quarterly series

    ASSET & WEALTH MANAGEMENT
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24  
    Net banking income 781 773 764 874 830 850 858 968  
    Operating expenses (644) (636) (633) (691) (662) (673) (664) (763)  
    Gross operating income 137 137 131 183 168 178 194 205  
    Cost of risk 6 (1) 11 (12) (5) 9 (2) 12  
    Income before tax 184 136 143 165 163 187 192 217  
    Net income – Group share 137 89 94 105 109 123 124 143  

    Corporate center: quarterly series

    CORPORATE CENTER
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24
    Net banking income 57 (3) (21) (22) 57 (58) 46 (73)
    Operating expenses (785) (52) (170) (237) (236) (186) (223) (186)
    Gross operating income (728) (55) (191) (259) (179) (244) (176) (259)
    Cost of risk (46) 1 0 (28) (28) (2) (59) 46
    Share in income of associates 2 0 1 (9) 3 0 1 5
    Gains or losses on other assets (0) 0 (0) (0) (6) 1 3 (8)
    Income before tax (771) (54) (189) (296) (210) (245) (232) (215)
    Net income – Group share (776) (63) (210) (211) (198) (215) (226) (196)

    DISCLAIMER

    This document may contain forward-looking statements and comments relating to the objectives and strategy of Groupe BPCE. By their very nature, these forward-looking statements inherently depend on assumptions, project considerations, objectives and expectations linked to future events, transactions, products and services as well as on suppositions regarding future performance and synergies.

    No guarantee can be given that such objectives will be realized; they are subject to inherent risks and uncertainties and are based on assumptions relating to the Group, its subsidiaries and associates and the business development thereof; trends in the sector; future acquisitions and investments; macroeconomic conditions and conditions in the Group’s principal local markets; competition and regulation. Occurrence of such events is not certain, and outcomes may prove different from current expectations, significantly affecting expected results. Actual results may differ significantly from those anticipated or implied by the forward-looking statements. Groupe BPCE shall in no event have any obligation to publish modifications or updates of such objectives.

    Information in this presentation relating to parties other than Groupe BPCE or taken from external sources has not been subject to independent verification; the Group makes no statement or commitment with respect to this third-party information and makes no warranty as to the accuracy, fairness, precision or completeness of the information or opinions contained in this press release. Neither Groupe BPCE nor its representatives shall be held liable for any errors or omissions or for any harm that may result from the use of this presentation or of its contents or any related material, or of any document or information referred to in this presentation.

    The financial information presented in this document relating to the fiscal period ended December 31, 2024 has been drawn up in compliance with IFRS standards, as adopted in the European Union.
    This financial information is not the equivalent of summary financial statements for an interim period as defined by IAS 34 “Interim Financial Reporting”.

    Preparation of the financial information requires Management to make estimates and assumptions in certain areas regarding uncertain future events.

    These estimates are based on the judgment of the individuals preparing this financial information and the information available at the date of the balance sheet. Actual future results may differ from these estimates. For further information, see chapter 5, part 5.1, note 2.3 “Use of estimates and judgments” of the Universal Registration Document 2023 filed with the Autorité des Marchés Financiers, the French financial markets authority.
    With respect to the financial information of Groupe BPCE for the quarter ended December 31, 2024, and in view of the context mentioned above, attention should be drawn to the fact that the estimated increase in credit risk and the calculation of expected credit losses (IFRS 9 provisions) are largely based on assumptions that depend on the macroeconomic context.

    Significant factors liable to cause actual results to differ from those anticipated in the projections are related to the banking and financial environment in which Groupe BPCE operates, which exposes it to a multitude of risks. These potential risks liable to affect Groupe BPCE’s financial results are detailed in the “Risk factors & risk management” chapter of the latest amendment to the 2023 Universal Registration Document filed with the Autorité des Marchés Financiers.

    Investors are advised to consider the uncertainties and risk factors liable to affect the Group’s operations when examining the information contained in the projection elements.

    The financial results contained in this presentation have not been reviewed by the statutory auditors. The quarterly financial information of Groupe BPCE for the period ended December 31, 2024, approved by the Management Board at a meeting convened on February 3, 2025, were verified and reviewed by the Supervisory Board at a meeting convened on February 5, 2025.

    The sum of the values shown in the tables and analyses may differ slightly from the total reported owing to rounding effects.

    About Groupe BPCE
    Groupe BPCE is the second-largest banking group in France. Through its 100,000 staff, the group serves 35 million customers – individuals, professionals, companies, investors and local government bodies – around the world. It operates in the retail banking and insurance fields in France via its two major networks, Banque Populaire and Caisse d’Epargne, along with Banque Palatine and Oney. It also pursues its activities worldwide with the wholesale banking expertise of Natixis Corporate & Investment Banking and with the asset & wealth management services provided by Natixis Investment Managers.
    The Group’s financial strength is recognized by four financial rating agencies: Moody’s (A1, stable outlook), Standard & Poor’s (A+, stable outlook), Fitch (A+, stable outlook) and R&I (A+, stable outlook).

             groupebpce.com

    Attachment

    The MIL Network –

  • MIL-OSI Global: Turkey’s earthquake reconstruction efforts must balance speed with fairness

    Source: The Conversation – Canada – By Fatma Ozdogan, PhD Candidate & Researcher, Université de Montréal

    Earthquake survivors in Hatay Province, Turkey, on Sept. 6, 2024. (Fatma Özdoğan)

    Two years after the devastating 2023 earthquakes in Turkey that killed about 60,000 people and caused the collapse of 57,000 buildings, the country’s recovery remains slow, fragmented, and heavily politicized.

    Despite large-scale reconstruction efforts, branded the “Reconstruction of the Century,” there is no clear strategy or timeline, and affected communities are still excluded from decision-making.

    Given the scale of destruction, reconstruction efforts will likely take years. Large-scale government housing projects on city outskirts are being prioritized due to their speed and the ease of land acquisition. However, these developments often come at the cost of uprooting established communities, pushing people into peripheral areas with limited access to services like transport and education and fewer economic opportunities.

    Temporary accommodations like container cities continue to deteriorate. Overcrowding, inadequate sanitation and unreliable access to clean water, electricity, health care and education are widespread. Women face heightened safety risks, and schools are overwhelmed, forcing many families to relocate unwillingly or leaving children with no option but to hitchhike to school.

    ‘Disaster of the century’ narrative

    From the outset, Turkey’s political leadership framed the 2023 earthquakes as the “disaster of the century,” using their scale to deflect scrutiny from governance failures. Weak enforcement of earthquake regulations and systemic negligence played a key role in the destruction, yet officials have avoided accountability.

    This narrative was reinforced by contractors facing trial, who claimed the devastation was caused by an extraordinary natural event rather than poor construction practices or regulatory failures. By portraying the disaster as unavoidable, they have sought to shift responsibility away from those who contributed to the destruction.

    The rapid removal of debris further weakened efforts to establish accountability. Clearing ruins so quickly erased critical evidence that could have explained why some buildings collapsed while others remained standing. Many structures were never properly assessed, and legal cases against those responsible have struggled to move forward due to missing documentation.

    Survivors seeking justice remain trapped in lengthy legal battles with little hope for accountability. Among them are initiatives like Families in Pursuit of Justice and the Association for the Survival of the Champion Angels, led by relatives of victims, continue to demand accountability from contractors and officials.

    It is important to note that earthquake-induced ground motions in a few localities did exceed the parameters defined in the building codes, but this should only have resulted in damage, not total building collapses.

    Land expropriation and legal battles

    Turkey’s construction industry, closely tied to political power, has benefited from disaster recovery, reinforcing existing economic and political hierarchies. Large-scale reconstruction projects serve as an economic engine, giving firms with close government ties an advantage while sidelining local communities.

    The awarding of large-scale projects without competitive bidding has fuelled concerns that reconstruction is prioritizing political and economic interests over the needs of local communities.

    One of the key mechanisms enabling top-down reconstruction is the designation of reserve areas, a legal tool allowing the state to expropriate land for redevelopment under the justification of disaster recovery and urban renewal. This process has often led to forced displacement, particularly in areas with high land value or where redevelopment aligns with broader political and economic interests.

    This is evident in Akevler, a neighbourhood in central Antakya, where residents received sudden expropriation orders, even for structurally sound or repaired homes. Many launched legal challenges, marking their buildings with signs reading “Do not demolish; in court” to resist state-led destruction.

    In November 2024, there was a significant legal victory for residents when a court issued a stay within the reserve area in Akevler. The court cited “irreparable harm” and ruled that demolitions and evictions could not proceed without due legal process. This decision also extended to vacant parcels, reinforcing concerns about arbitrary land seizures.

    Beyond urban areas, rapid recovery decisions have also disregarded environmental concerns. In Defne, Hatay, earthquake survivor Çiğdem Mutlu Arslan has been fighting to protect her family’s ancestral olive grove. In July 2024, a contractor — citing post-disaster road construction — cut down 32 of 40 trees, some more than 150 years old, without an expropriation decision.

    Determined to resist further encroachment, Arslan set up camp on her land, documenting the destruction and raising awareness of how recovery policies are exacerbating environmental degradation. Her struggle reflects broader post-disaster consequences, where recovery efforts threaten communities, heritage and the environment.

    ‘Building Back Better’

    While these struggles highlight the shortcomings of post-disaster recovery, there are potentially better and fairer ways to approach reconstruction. Building Back Better (BBB) has become a central principle globally accepted, shaping expectations for reconstruction.

    Introduced by the United Nations after the 2004 Indian Ocean tsunami, BBB promotes rebuilding stronger, more resilient and more equitable communities rather than simply restoring pre-disaster conditions. BBB prioritizes disaster-resistant infrastructure, social equity and sustainability to reduce future risks.

    Yet, BBB faces significant challenges. The tension between rapid reconstruction and long-term resilience often leads to trade-offs, where speed takes priority over equity and sustainability. Vulnerable communities, particularly low-income groups with insecure land tenure rights, frequently receive inadequate attention, exacerbating pre-existing inequalities.

    For BBB to be effective, recovery strategies must be inclusive and adapted to local contexts. However, many disaster-prone regions lack the social safety nets and institutional capacity to implement BBB successfully. Additionally, the framework’s broad and ambiguous goals often result in inconsistent applications, where vulnerabilities are reinforced rather than addressed.

    A more effective path forward

    Drawing from these examples and considering the global discourse around post-disaster recovery, a more effective approach must prioritize social justice, transparency and long-term resilience. Several key measures should be considered:

    A people-centred recovery: Reconstruction must prioritize affected communities rather than external economic or political interests. Ensuring access to stable housing, education and health care while addressing existing inequalities is crucial. Organized civil society groups can assist with articulating needs and developing community-driven plans. Decentralized access to financing for communities coupled with technical support can help with realizing these plans.

    Transparency and accountability: Decision-making must be open to public scrutiny, and legal rulings must be enforced.

    Challenging dominant narratives: Moving beyond narratives that frame disasters as inevitable is critical. Acknowledging governance failures and addressing systemic issues will be key to preventing future tragedies.

    Balancing speed with resilience: While urgent needs must be met, reconstruction should incorporate more sustainable planning to prevent future displacement and social impacts.

    Reforming the construction industry: Ensuring the effective enforcement of regulations and addressing systemic gaps in oversight are essential to reducing vulnerability to future disasters.

    Without these measures, Turkey risks repeating past mistakes, deepening inequalities and failing to provide stability for disaster-affected communities.

    Cassidy Johnson receives funding from UK Engineering and Physical Sciences Research Council, “Learning from Earthquakes: Building Resilient Communities Through Earthquake Reconnaissance, Response and Recovery,” grant EP/P025951/1.

    Fatma Ozdogan 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. Turkey’s earthquake reconstruction efforts must balance speed with fairness – https://theconversation.com/turkeys-earthquake-reconstruction-efforts-must-balance-speed-with-fairness-248730

    MIL OSI – Global Reports –

  • MIL-OSI: SOITEC REPORTS FY’25 THIRD QUARTER REVENUE

    Source: GlobeNewswire (MIL-OSI)

    SOITEC REPORTS FY’25 THIRD QUARTER REVENUE

    • Reaching €226m, Q3’25 revenue was almost stable vs. Q2’25 and down 10% at constant exchange rates and perimeter compared with Q3’24
    • 9M’25 revenue reached €564m, down 12% on a reported basis and decreased by 13% at constant exchange rates and perimeter vs. 9M’24
    • FY’25 guidance revised: revenue expected to decrease by high single digit year-on-year at constant exchange rates and perimeter (compared to flat previously), and EBITDA1margin2expected between 32% and 34% (compared to around 35% previously)
    • Given the current lack of visibility on end markets, Soitec expects at this stage quite limited growth for FY’26

    Bernin (Grenoble), France, February 5th, 2025 – Soitec (Euronext Paris), a world leader in designing and manufacturing innovative semiconductor materials, today announced consolidated revenue of 226 million Euros for the third quarter of FY’25 (ended December 29th, 2024), down 6% on a reported basis compared to the third quarter of FY’24. This reflects a 10% decline at constant exchange rates and perimeter, a positive currency impact of 5% and a negative scope effect3 of 1%.

    Pierre Barnabé, Soitec’s CEO, commented: “After a very strong sequential rebound in the second quarter, we maintained the third-quarter revenue at a fairly similar level. The good performance of the Mobile Communications division was driven by sustained momentum in POI, and a seasonal tailwind in RF-SOI sales. Despite seasonal restocking in the second half of the fiscal year, the customers continue to optimize RF-SOI inventory levels based on seasonality and market conditions, which will keep driving fluctuations over the next few quarters. At the same time, we are strengthening our position as a leader, notably with the introduction of new innovative 300mm products. The Automotive and Industrial division continues to be impacted by a weak automotive market. In Edge & Cloud AI, the momentum remains strong, supported by significant investments in cloud infrastructure across the industry to accelerate AI computing power, as well as increasing demand at the edge for lower energy consumption and processing costs.

    Due to worsening conditions in the Automotive and Consumer markets, a couple of customers have requested to put some delivery requests on hold. As a consequence, we are adjusting our guidance for fiscal year 2025, with annual revenue expected to decrease by high single digit year-on-year. We are managing our EBITDA margin to be between 32% and 34%.

    With the lack of visibility on our end markets for now, it is also too early to provide specific guidance for fiscal year 2026. Given current market conditions, we expect at this stage quite limited growth for fiscal year 2026.

    Our fundamentals remain solid and will allow us to accelerate as end markets recover. We continue to enhance our technology leadership, to strengthen our SOI positioning with both existing and new customers, and to deploy our expansion into compound semiconductors with the acceleration of POI volumes and a fifth customer in qualification on SmartSiCTM.”

    Third quarter FY’25 consolidated revenue (unaudited)

      Q3’25 Q3’24 Q3’25/Q3’24
             
             
    (Euros millions)     change reported chg. at const. exch. rates & perimeter
             
    Mobile Communications 154 130 +18% +11%
    Automotive & Industrial 25 44 -43% -47%
    Edge & Cloud AI 47 65 -28% -30%
             
    Revenue 226 240 -6% -10%

    Q3’25 revenue reached 226 million Euros. After the sharp sequential increase achieved in Q2’25, it was up 4% versus Q2’25 on a reported basis (down 2% at constant exchange rates and perimeter). Compared to Q3’24, it was down 10% at constant exchange rates and perimeter.

    Q3’25 revenue reflected an improved performance in Mobile Communications and a weaker performance in Automotive & Industrial as well as in Edge & Cloud AI which was due to a different phasing in Imager-SOI wafer sales.

    Mobile Communications

    Mobile Communications revenue reached 154 million Euros in Q3’25, up 11% at constant exchange rates and perimeter compared to Q3’24. In the context of a healthier smartphone market and inventory situation, Mobile Communications revenue continued to recover in Q3’25 after the sharp rebound already experienced in Q2’25.

    As expected, growth in RF-SOI wafer sales has resumed. Q3’25 sales were significantly higher than in Q2’25, and also higher than in Q3’24. While reflecting different situations, inventories in the overall supply chain now seem to progressively normalize. Soitec is confident that growth in RF-SOI wafer sales will continue in Q4’25. Soitec continues to reinforce its strong customer intimacy, leveraging state-of-the-art Innovation capabilities to develop leading-edge products, as evidenced by the announcement of its commitment to provide GlobalFoundries with its latest generation of RF-SOI 300mm wafers to support GF’s most advanced 9SW platform.

    Sales of POI (Piezoelectric-on-Insulator) wafers dedicated to RF filters continue to grow quarter after quarter, as the adoption of Surface Acoustic Wave (SAW) filters on POI is accelerating with ten active customers in production, and more than ten in qualification. Q3’25 POI wafer sales were significantly higher than in Q2’25 and Q3’24. Soitec is engaged with all leading US fabless companies.

    Sales of FD-SOI wafers, the only solution for fully integrated 5G mmWave system-on-chip, have made further progress in Q3’25, showing an increase from Q2’25 as well as growth compared to Q3’24.

    Automotive & Industrial

    Automotive & Industrial revenue reached 25 million Euros in Q3’25, lower than in Q2’25 and down 47% at constant exchange rates and perimeter compared Q3’24, reflecting the ongoing difficulties of the automotive market.

    Power-SOI wafer sales reached a particularly low level in Q3’25, as the ongoing weakness of the automotive market is leading to some inventory adjustments at customer level. Power-SOI remains a key component for gate drivers, in vehicle networking and in Battery Management ICs.

    Conversely, FD-SOI wafers recorded a better level of sales in Q3’25 than in Q3’24. Automotive FD-SOI continue to be mostly driven by adoption for microcontrollers, radar and wireless connectivity, delivering on superior performance and power efficiency.

    Further SmartSiCTM samples and prototypes were delivered during Q3’25, paving the way for new qualifications. Soitec has engaged with a fifth customer in a qualification process. The current weakness of the automotive market and the longer than initially anticipated customers’ qualification cycles confirm a delay in the expected wafer production ramp-up, as stated earlier this year.

    Edge & Cloud AI

    Edge & Cloud AI revenue reached 47 million Euros in Q3’25, down 30% at constant exchange rates and perimeter compared to Q3’24. Performance was however contrasted from one product to another.

    Demand in Photonics-SOI wafers continue to benefit from a very positive momentum driven by high investments in Cloud infrastructure. Sales of Photonics-SOI were much stronger in Q3’25 than in Q2’25, and significantly higher than in Q3’24. This reflects the need for more powerful and more energy-efficient data centers to support the exponential growth of AI-related computing power capabilities. Photonics-SOI has become a standard technology platform for high-speed and high bandwidth optical interconnections in data centers, adopted in pluggable optical transceivers, and used for the development of Co-Packaged Optics.

    Sales of FD-SOI wafers remained as strong as in Q2’25 but were lower than in Q3’24. FD-SOI technology is a key enabler for AI-driven consumer and industrial IoT applications due to its unique power efficiency, performance, thermal management and reliability advantages.

    Sales of Imager-SOI wafers for 3D imaging applications are down year-on-year, reflecting the phase out of this product.

    First nine months FY’25 consolidated revenue (unaudited)

      9M’25 9M’24 9M’25/9M’24
             
    (Euros millions)     change reported chg. at const. exch. rates & perimeter
             
    Mobile Communications 326 388 -16% -18%
    Automotive & Industrial 84 119 -29% -31%
    Edge & Cloud AI 154 133 +15% +16%
             
    Revenue 564 641 -12% -13%

    Consolidated revenue reached 564 million Euros in 9M’25, down 13% at constant exchange rates and perimeter compared to 641 million Euros in 9M’24.

    Overall, the decrease in Soitec’s 9M’25 revenue essentially reflects lower volumes in both RF-SOI and Power-SOI wafers, partly offset by strong performances in POI, Photonics-SOI and Imager-SOI wafers.

    Mobile Communications revenue reached 326 million Euros in 9M’25 (58% of total revenue), down 18% at constant exchange rates and perimeter compared to 9M’24, with significant improvement quarter after quarter over FY’25.

    Automotive & Industrial revenue amounted to 84 million Euros in 9M’25 (15% of total revenue), down 31% at constant exchange rates and perimeter compared to 9M’24, reflecting the current weakness of the automotive market.

    Edge & Cloud AI revenue reached 154 million Euros in 9M’25 (27% of total revenue), up 16% at constant exchange rates and perimeter compared to 9M’24, supported by strong growth of photonics SOI products.

    FY’25 outlook

    Soitec expects FY’25 revenue to be down high single digit year on year, at constant exchange rates and perimeter (compared to flat revenue previously) as a couple of customers requested to put some deliveries on hold on the back of worsening conditions in the Automotive and Consumer markets. This implies strong sequential growth in Q4’25, primarily driven by the continued recovery in RF-SOI wafer sales supported by some seasonal restocking. Additionally, Soitec will continue to benefit from strong demand for Photonics-SOI products and the growing adoption of POI.

    Soitec is managing FY’25 EBITDA1margin2 to be between 32% and 34%.

    FY’26 outlook

    With the lack of visibility on our end markets for now, it is too early to provide specific guidance for fiscal year 2026. Given current market conditions, Soitec expects at this stage quite limited growth for fiscal year 2026.

    Q3’25 key events

    Divestment of Dolphin Design’s main businesses

    Dolphin Design’s mixed-signal IP activities have been acquired on November 5th, 2024, by Jolt Capital, a private equity firm specializing in European deeptech investments. Dolphin Design’s ASIC activities were sold to NanoXplore, a major player in SoC and FPGA semiconductor design, on December 30th, 2024.

    Dolphin Design, acquired by Soitec in 2018, has long been at the forefront of delivering cutting-edge semiconductor design solutions in mixed-signal IP and ASICs.The sale of Dolphin Design’s two main business activities will support Soitec’s focus on strategic development and growth opportunities in its core advanced semiconductor materials business.

    Following these operations, Dolphin Design revenue will no longer be reported from Q4’25 onwards, and will have no impact on Soitec financial statements from FY’26.

    Appointment of Frédéric Lissalde as Chairman of the Board

    During the meeting of the Board of Directors held on November 20th, 2024, upon recommendation of the Compensation and Nominations Committee, Frédéric Lissalde, who has been Director since the Annual General Meeting held on July 23rd, 2024, was appointed as Chairman of the Board of Directors as of March 1st, 2025, for the remainder of his term of office as Director.

    Soitec to collaborate with GlobalFoundries in the production of high-performance RF-SOI semiconductors

    On December 4th, 2024, Soitec announced its commitment to deliver 300mm RF-SOI substrates to GlobalFoundries (GF) for the production of GF’s leading RF-SOI technology platforms, including the company’s most advanced RF solution, 9SW. Building on the longstanding relationship between the two companies, this commitment will ensure the supply of advanced RF-SOI engineered substrates required for 5G, 5G-Advanced, Wi-Fi, and other smart mobile device Radio Frequency Front-End (RFFE) modules. To support advanced connectivity, GF’s 9SW RF-SOI platform with its superior switching, low-noise amplifiers (LNA) and logic processing capabilities offers significant advantages and value for premium smartphones by delivering enhanced RF performance, improved power efficiency and scalability. These features are critical for ensuring a superior user experience in high-end devices.

    Soitec continues its collaboration with MIT’s Microsystems Technology Laboratories, thereby strengthening its presence in the United States

    On December 12th, 2024, Soitec announced the continuation of its research collaboration with the Microsystems Technology Laboratories (MTL) of the Massachusetts Institute of Technology (MIT). This agreement covers research in innovative semiconductor materials for diverse applications, including mobile communications, power devices, sensors and quantum computing. Soitec is thereby further solidifying its presence in the North American semiconductor sector, intensifying its efforts amidst favorable industrial and regulatory dynamics supporting semiconductor development.

    # # #

    Analysts conference call to be held in English on Thursday 6thFebruary at 8:00 am CET.

    To listen this conference call, the audiocast is available live and in replay at the following address: https://channel.royalcast.com/soitec/#!/soitec/20250206_1

    # # #

    Agenda

    FY’25 results are due to be published on May 27th, 2025, after market close.

    # # #

    Disclaimer

    This document is provided by Soitec (the “Company”) for information purposes only.

    The Company’s business operations and financial position are described in the Company’s 2023-2024 Universal Registration Document (which notably includes the Annual Financial Report) which was filed on June 5th, 2024, with the French stock market authority (Autorité des Marchés Financiers, or AMF) under number D.24-0462, as well as in the Company’s 2024-2025 half-year financial report released on November 20th, 2024. The French versions of the 2023-2024 Universal Registration Document and the 2024-2025 half-year financial report, together with English courtesy translations for information purposes of both documents, are available for consultation on the Company’s website (www.soitec.com), in the section Company – Investors – Financial Reports.

    Your attention is drawn to the risk factors described in Chapter 2.1 (Risk factors and controls mechanism) of the Company’s 2023-2024 Universal Registration Document.

    This document contains summary information and should be read in conjunction with the 2023-2024 Universal Registration Document and the 2024-2025 half-year financial report.

    This document contains certain forward-looking statements. These forward-looking statements relate to the Company’s future prospects, developments and strategy and are based on analyses of earnings forecasts and estimates of amounts not yet determinable. By their nature, forward-looking statements are subject to a variety of risks and uncertainties as they relate to future events and are dependent on circumstances that may or may not materialize in the future. Forward-looking statements are not a guarantee of the Company’s future performance. The occurrence of any of the risks described in Chapter 2.1 (Risk factors and controls mechanism) of the 2023-2024 Universal Registration Document may have an impact on these forward-looking statements.

    The Company’s actual financial position, results and cash flows, as well as the trends in the sector in which the Company operates may differ materially from those contained in this document. Furthermore, even if the Company’s financial position, results, cash-flows and the developments in the sector in which the Company operates were to conform to the forward-looking statements contained in this document, such elements cannot be construed as a reliable indication of the Company’s future results or developments.

    The Company does not undertake any obligation to update or make any correction to any forward-looking statement in order to reflect an event or circumstance that may occur after the date of this document.

    This document does not constitute or form part of an offer or a solicitation to purchase, subscribe for, or sell the Company’s securities in any country whatsoever. This document, or any part thereof, shall not form the basis of, or be relied upon in connection with, any contract, commitment or investment decision.

    Notably, this document does not constitute an offer or solicitation to purchase, subscribe for or to sell securities in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from the registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”). The Company’s shares have not been and will not be registered under the Securities Act. Neither the Company nor any other person intends to conduct a public offering of the Company’s securities in the United States.

    # # #

    About Soitec

    Soitec (Euronext – Tech Leaders), a world leader in innovative semiconductor materials, has been developing cutting-edge products delivering both technological performance and energy efficiency for over 30 years. From its global headquarters in France, Soitec is expanding internationally with its unique solutions, and generated sales of 1 billion Euros in fiscal year 2023-2024. Soitec occupies a key position in the semiconductor value chain, serving three main strategic markets: Mobile Communications, Automotive and Industrial, and Edge & Cloud AI (previously Smart Devices). The company relies on the talent and diversity of its 2,300 employees, representing 50 different nationalities, working at its sites in Europe, the United States and Asia. Soitec has registered over 4,000 patents.

    Soitec, SmartSiC™ and Smart Cut™ are registered trademarks of Soitec.

    For more information: https://www.soitec.com/en/ and follow us on X: @Soitec_Official

    # # #

    # # #

    Appendix

    Consolidated revenue per quarter (Q3’25 unaudited)

    Quarterly revenue Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25   9M’24 9M’25
     

    (Euros millions)

    		                    
                         
    Mobile Communications 89    169    130    222 48    124    154      388 326   
    Automotive & Industrial 37 38 44 44 26 33 25   119 84
    Edge & Cloud AI 31 37 65 70 46 61 47   133 154
                         
    Revenue 157    245    240    337 121    217    226      641    564   
    Change in quarterly revenue Q1’25/Q1’24 Q2’25/Q2’24 Q3’25/Q3’24   9M’25/9M’24
      Reported
    change    		 Organic change1 Reported
    change    		 Organic change1 Reported
    change    		 Organic change1   Reported
    change    		 Organic change1
    (vs. previous year)                  
                       
    Mobile Communications -45% -46% -27% -25% +18% +11%   -16% -18%
    Automotive & Industrial -29% -31% -13% -11% -43% -47%   -29% -31%
    Edge & Cloud AI +49% +47% +62% +66% -28% -30%   +15% +16%
                       
    Revenue -23% -24% -11% -9% -6% -10%   -12% -13%
    1. At constant exchange rates and comparable scope of consolidation (there was no scope effect in Q1’25 and Q2’25 vs. Q1’24 and Q2’24 – in Q3’25 Soitec sold Dolphin Design’s mixed signal IP activities on November 5th, 2024)

    # # #

    1 The EBITDA represents operating income (EBIT) before depreciation, amortization, impairment of non-current assets, non-cash items relating to share-based payments, provisions for impairment of current assets and for contingencies and expenses, and disposals gains and losses. This alternative indicator of performance is a non-IFRS quantitative measure used to measure the company’s ability to generate cash from its operating activities. EBITDA is not defined by an IFRS standard and must not be considered an alternative to any other financial indicator

    2 EBITDA margin = EBITDA from continuing operations / Revenue

    3 The scope effect is related to the divestment of Dolphin Design’s mixed signal IP activities which was completed on November 5th, 2024

    Attachment

    The MIL Network –