Category: Europe

MIL-OSI Europe: Minister Burke publishes report identifying a €1 billion gap in financing for Irish enterprises looking to scale up and go international
Source: Government of Ireland – Department of Jobs Enterprise and Innovation

31st July 2025

Minister for Enterprise, Tourism and Employment, Peter Burke, today published a Report entitled “Market Demand for and Supply of Scaling Finance in Ireland”.

The Report concludes that there is a gap in equity financing for Irish enterprises at the point where they are looking to scale up their businesses and realise their potential. It estimates that gap at about €1.1 billion over the next 2 to 5 years. It finds that demand for equity finance amongst scaling firms has increased in Ireland over the last decade and expects that trend will continue.

The Report, which was prepared by SQW Economic Research Consultants for the Department of Enterprise, Tourism and Employment, also finds that the gap is particularly acute for –
- Deals in the €5m – €10 m range;
- Capital and research and development intensive sectors, where typically the most innovative start-ups are;
- Firms requiring patient, long term, capital investment, such as those in sectors where product development can be lengthy.
The Report goes on to describe other features of the gap and identify several factors that contribute to firms failing to secure adequate finance.

Commenting on the Report, Minister Burke said:

“One of the key commitments in the Programme for Government is to help Irish businesses scale up and grow internationally, retaining a substantial workforce here as well as building abroad. Ireland ranks highly in Europe for the number of start-ups, many of them truly pioneering. So, we have an excellent starting point to delivering on that commitment.

I know from my engagement with enterprises across the country, that one of the key challenges they face is a gap in accessing capital. It can be the reason preventing them from realising their potential and growing into large, even multinational, businesses.

The Report published today confirms and quantifies the gap in available finance for firms looking to scale up. The Report also provides us with insights on the nature, as well as the size, of that gap.

These findings will inform the development of appropriate and targeted policy measures, which I intend to bring to Government later this year.”

The Report can be found at: Market Demand for and Supply of Scaling Finance in Ireland

NOTES FOR EDITORS:

The Department of Enterprise, Tourism and Employment commissioned SQW Economic Research Consultants to conduct a market analysis to quantify the scaling finance gap.

SQW, supported by Middlesex University in London and the Oxford Innovation WorkIQ in Dublin, conducted research to define and quantify the market gap for Irish firms seeking equity capital to scale up their enterprises. The focus was on equity finance – venture capital (VC) and private equity (PE) – covering deal sizes from €2m to €50m for innovative firms in their late-stage growth phase.

The study gathered evidence through an e-survey of ‘potential scale-up firms’ in Ireland (166 responses); and interviews with fund managers, stakeholders and Irish firms. Across these interviews, feedback was obtained from nearly 60 individuals. The fieldwork was supported by analysis of private market data from PitchBook relating to potential scale-up firms in Ireland, investment funds, and fund managers (these data are not comprehensive).

The market gap (defined as the sum of ‘unmet’ and ‘discouraged’ demand) for scaling firms in Ireland was modelled using ‘Monte Carlo’ simulations: a statistical technique that helps to address the uncertainty associated with firm e-survey responses and the modest sample size. Monte Carlo simulated the likely equity needs and outcomes of fundraising at the firm level for an assumed population of potential scale-ups in Ireland (1,000 companies).

The report concludes that the equity market gap, for scaling firms in Ireland, is estimated to be approximately €1.1bn over the next 3 to 5 years.

They also identified the gap is:
- particularly acute for deals in the €5m-€10m range;
- from Series A and especially Series B+;
- for capital and R&D intensive sectors;
- for firms requiring patient capital investment.
The report found that the demand for equity finance amongst scaling firms has increased in Ireland over the last decade, including for larger deal sizes, and is expected to continue. The pace of funding delivery can be challenging, whether through slow release of finance or the peak and trough nature of its release however, transaction costs were generally not perceived to be a barrier on the demand or supply side.

Additional contributing factors resulting in the lack of securing funding include:
- undercapitalisation at earlier stages;
- firms not hitting their scaling metrics to secure funding;
- firms not able to recruit the personnel who have the capabilities to secure later stage financing and scale-up;
- Irish firms tend to ask for less than they need to scale;
- risk aversion.
On the supply side, the report found that most Irish funds are too small to execute scaling strategies or lead larger deals at later stage, especially in the range before international capital comes in. These Irish funds are smaller in size compared to their European counterparts. The average fund size in Ireland is just under €70m and Irish VC funds are even smaller at €60m on average. According to stakeholder consultees, an optimal fund size to execute a scaling strategy is in the region of €200m-€300. The lack of institutional capital is another barrier to increasing fund sizes.

There are only a limited number of funds actively investing in later stages with average deal sizes in Ireland at €6.5m compared to the European average of €8.9m. For many VCs, the focus was on earlier stage investment with only some follow-on at later stage.

Next Steps

The Department is developing proposals for actions to address the gap. The Minister intends to bring those proposals to Government later this year.

ENDS

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MIL OSI Europe News –
August 5, 2025
MIL-OSI: Radware Report Reveals Shifting Attack Vectors in Credential Stuffing Campaigns
Source: GlobeNewswire (MIL-OSI)

MAHWAH, N.J., July 31, 2025 (GLOBE NEWSWIRE) — Radware^® (NASDAQ: RDWR), a global leader in application security and delivery solutions for multi-cloud environments, today released a new research report—The Invisible Breach: Business Logic Manipulation and API Exploitation in Credential Stuffing Attacks. The report reveals a paradigm shift in credential stuffing attacks. It underscores a fundamental transformation from volume-based attacks leveraging a series of repeated password attempts to sophisticated, multi-stage infiltration techniques.

“To bypass traditional defenses, modern credential stuffing attacks are shifting away from traditional password-spraying techniques in favor of business logic manipulation, cross-platform device spoofing, and strategic API exploitation,” said Arik Atar, senior cyber threat intelligence researcher at Radware. “The message for defending organizations is clear. To match this new reality, they must move beyond credential-centric controls to adopt security strategies that validate entire user journeys, correlate cross-request behavior, and detect suspicious patterns in business logic flows.”

Radware’s research examined 100 advanced credential stuffing configurations deployed through a well-known account takeover tool called SilverBullet.

Advanced attack methodologies
- Business logic attacks: 94% of configurations implement four or more business logic attack elements, with 54% demonstrating advanced orchestration, using 13+ distinct techniques.
- API exploitation: 83% of configurations contain explicit API-targeting techniques.
- Multi-device spoofing: 24% of attack scripts alternate between two device types during execution, with 71% employing cross-platform transitions, primarily between iOS and Windows.
Primary targets
- Industries: Technology/SaaS emerged as the primary target sector (27%), followed by financial services/government (16%), and the travel/airline (13%) sectors.
- Online tools: There is a significant shift toward high-value AI tools (44% of all technology targets), potentially exploited by spammers who engage in account cracking to create large-scale phishing content. In addition, corporate tools (30%), including Microsoft 365, OneDrive, and Outlook, are likely targets for ransomware groups pursuing initial access to organizational systems.
Centralized threat landscape
- Concentration: 51% of the analyzed configurations, randomly collected over six months, were written by just three advanced threat actors: SVBCONFIGSMAKER, t.me/mrcombo1services, and @Magic_Ckg.
- Specialization: Each threat actor had over two years of operational experience in distinct areas of specialization, including AI platform authentication bypass, mobile API exploitation, and Microsoft cloud services.
Radware’s complete report—The Invisible Breach: Business Logic Manipulation and API Exploitation in Credential Stuffing Attacks—can be downloaded here.

The research methodology was based on an analysis of 100 SilverBullet credential stuffing attack scripts to identify emerging trends, techniques, and tactics in modern account takeover (ATO) campaigns. The scripts were collected from Telegram channels of threat actors and published between December 2024 and May 2025.

About Radware
Radware® (NASDAQ: RDWR) is a global leader in application security and delivery solutions for multi-cloud environments. The company’s cloud application, infrastructure, and API security solutions use AI-driven algorithms for precise, hands-free, real-time protection from the most sophisticated web, application, and DDoS attacks, API abuse, and bad bots. Enterprises and carriers worldwide rely on Radware’s solutions to address evolving cybersecurity challenges and protect their brands and business operations while reducing costs. For more information, please visit the Radware website.

Radware encourages you to join our community and follow us on: Facebook, LinkedIn, Radware Blog, X, and YouTube.

©2025 Radware Ltd. All rights reserved. Any Radware products and solutions mentioned in this press release are protected by trademarks, patents, and pending patent applications of Radware in the U.S. and other countries. For more details, please see: https://www.radware.com/LegalNotice/. All other trademarks and names are property of their respective owners.

THIS PRESS RELEASE AND RADWARE’S THE INVISIBLE BREACH: BUSINESS LOGIC MANIPULATION AND API EXPLOITATION IN CREDENTIAL STUFFING ATTACKS REPORT ARE PROVIDED FOR INFORMATIONAL PURPOSES ONLY. THESE MATERIALS ARE NOT INTENDED TO BE AN INDICATOR OF RADWARE’S BUSINESS PERFORMANCE OR OPERATING RESULTS FOR ANY PRIOR, CURRENT, OR FUTURE PERIOD.

Radware believes the information in this document is accurate in all material respects as of its publication date. However, the information is provided without any express, statutory, or implied warranties and is subject to change without notice.

The contents of any website or hyperlinks mentioned in this press release are for informational purposes and the contents thereof are not part of this press release.

Safe Harbor Statement
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements made herein that are not statements of historical fact, including statements about Radware’s plans, outlook, beliefs, or opinions, are forward-looking statements. Generally, forward-looking statements may be identified by words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could.” For example, when we say in this press release that to match this new reality, organizations must move beyond credential-centric controls to adopt security strategies that validate entire user journeys, correlate cross-request behavior, and detect suspicious patterns in business logic flows, we are using forward-looking statements. Because such statements deal with future events, they are subject to various risks and uncertainties, and actual results, expressed or implied by such forward-looking statements, could differ materially from Radware’s current forecasts and estimates. Factors that could cause or contribute to such differences include, but are not limited to: the impact of global economic conditions, including as a result of the state of war declared in Israel in October 2023 and instability in the Middle East, the war in Ukraine, tensions between China and Taiwan, financial and credit market fluctuations (including elevated interest rates), impacts from tariffs or other trade restrictions, inflation, and the potential for regional or global recessions; our dependence on independent distributors to sell our products; our ability to manage our anticipated growth effectively; our business may be affected by sanctions, export controls, and similar measures, targeting Russia and other countries and territories, as well as other responses to Russia’s military conflict in Ukraine, including indefinite suspension of operations in Russia and dealings with Russian entities by many multi-national businesses across a variety of industries; the ability of vendors to provide our hardware platforms and components for the manufacture of our products; our ability to attract, train, and retain highly qualified personnel; intense competition in the market for cybersecurity and application delivery solutions and in our industry in general, and changes in the competitive landscape; our ability to develop new solutions and enhance existing solutions; the impact to our reputation and business in the event of real or perceived shortcomings, defects, or vulnerabilities in our solutions, if our end-users experience security breaches, or if our information technology systems and data, or those of our service providers and other contractors, are compromised by cyber-attackers or other malicious actors or by a critical system failure; our use of AI technologies that present regulatory, litigation, and reputational risks; risks related to the fact that our products must interoperate with operating systems, software applications and hardware that are developed by others; outages, interruptions, or delays in hosting services; the risks associated with our global operations, such as difficulties and costs of staffing and managing foreign operations, compliance costs arising from host country laws or regulations, partial or total expropriation, export duties and quotas, local tax exposure, economic or political instability, including as a result of insurrection, war, natural disasters, and major environmental, climate, or public health concerns; our net losses in the past and the possibility that we may incur losses in the future; a slowdown in the growth of the cybersecurity and application delivery solutions market or in the development of the market for our cloud-based solutions; long sales cycles for our solutions; risks and uncertainties relating to acquisitions or other investments; risks associated with doing business in countries with a history of corruption or with foreign governments; changes in foreign currency exchange rates; risks associated with undetected defects or errors in our products; our ability to protect our proprietary technology; intellectual property infringement claims made by third parties; laws, regulations, and industry standards affecting our business; compliance with open source and third-party licenses; complications with the design or implementation of our new enterprise resource planning (“ERP”) system; our reliance on information technology systems; our ESG disclosures and initiatives; and other factors and risks over which we may have little or no control. This list is intended to identify only certain of the principal factors that could cause actual results to differ. For a more detailed description of the risks and uncertainties affecting Radware, refer to Radware’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission (SEC), and the other risk factors discussed from time to time by Radware in reports filed with, or furnished to, the SEC. Forward-looking statements speak only as of the date on which they are made and, except as required by applicable law, Radware undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made. Radware’s public filings are available from the SEC’s website at www.sec.gov or may be obtained on Radware’s website at www.radware.com.

The MIL Network –
August 5, 2025

MIL-OSI: WTW Reports Second Quarter 2025 Earnings

Source: GlobeNewswire (MIL-OSI)

Revenue¹of $2.3 billion was flat compared to prior-year quarter due to the sale of TRANZACT
Organic Revenue growth of 5% for the quarter
Diluted Earnings per Share was $3.32 for the quarter, up 144% over prior year
Adjusted Diluted Earnings per Share was $2.86 for the quarter, up 20% over prior year²
Operating Margin was 16.3% for the quarter, up 690 basis points over prior year
Adjusted Operating Margin was 18.5% for the quarter, up 150 basis points from prior year

LONDON, July 31, 2025 (GLOBE NEWSWIRE) — WTW (NASDAQ: WTW) (the “Company”), a leading global advisory, broking and solutions company, today announced financial results for the second quarter ended June 30, 2025.

“Our strong second quarter results demonstrate the meaningful progress we’ve made towards advancing our strategy, helping deliver solid topline results, along with margin and earnings growth,” said Carl Hess, WTW’s Chief Executive Officer. “I’m pleased with how our businesses continued to prove their value and resilience this quarter, providing our clients with critical solutions to help manage people, risk and capital amidst economic uncertainty. Building on our strong first-half performance and continued momentum, we enter the second half of 2025 on track to deliver on our financial framework, including mid-single digit organic revenue growth, operating margin expansion, adjusted earnings per share growth, and free-cash-flow margin expansion. I’d like to thank our colleagues for their consistent execution and dedication to delivering for our clients.”

Consolidated Results

As reported, USD millions, except %

Key Metrics	Q2-25	Q2-24²	Y/Y Change
Revenue¹	$2,261	$2,265	Reported (0)% \| CC (1)% \| Organic 5%
Income from Operations	$368	$212	74%
Operating Margin %	16.3%	9.4%	690 bps
Adjusted Operating Income	$419	$385	9%
Adjusted Operating Margin %	18.5%	17.0%	150 bps
Net Income	$332	$142	134%
Adjusted Net Income	$285	$247	15%
Diluted EPS	$3.32	$1.36	144%
Adjusted Diluted EPS	$2.86	$2.39	20%

¹	The revenue amounts included in this release are presented on a U.S. GAAP basis except where stated otherwise. The segment discussion is on an organic basis.

²	Refer to “WTW Non-GAAP Measures” below and the Q2-25 Supplemental Slides for recast of historical Non-GAAP measures.

Revenue was $2.26 billion for the second quarter of 2025, which was flat compared to $2.27 billion for the same period in the prior year due to the sale of TRANZACT. Excluding the impact of foreign currency, revenue decreased 1%. On an organic basis, revenue increased 5%. See Supplemental Segment Information for additional detail on book-of-business settlements and interest income included in revenue.

Net Income for the second quarter of 2025 was $332 million compared to Net Income of $142 million in the prior-year second quarter. Adjusted EBITDA for the second quarter was $470 million, or 20.8% of revenue, an increase of 6%, compared to Adjusted EBITDA of $445 million, or 19.6% of revenue, in the prior-year second quarter. The U.S. GAAP tax rate for the second quarter was (6.8)%, and the adjusted income tax rate for the second quarter used in calculating adjusted diluted earnings per share was 18.0%.

Cash Flow and Capital Allocation

Cash flows from operating activities were $326 million for the six months ended June 30, 2025, compared to cash flows from operating activities of $431 million for the same prior-year period. Free cash flow for the six months ended June 30, 2025 and 2024 was $217 million and $305 million, respectively, a decrease of $88 million. The decline was primarily due to increased compensation and cash tax payments as well as the absence of cash inflows from TRANZACT following its sale on December 31, 2024, partly offset by lower Transformation program spending and operational improvements. During the quarter ended June 30, 2025, the Company repurchased 1,614,427 of its outstanding shares for $500 million.

Second Quarter 2025 Segment Highlights

Health, Wealth & Career (“HWC”)

As reported, USD millions, except %

Health, Wealth & Career	Q2-25	Q2-24	Y/Y Change
Total Revenue	$1,180	$1,260	Reported (6)% \| CC (8)% \| Organic 4%
Operating Income	$280	$276	1%
Operating Margin %	23.8%	21.9%	190 bps

The HWC segment had revenue of $1.18 billion in the second quarter of 2025, a decrease of 6% (8% decrease constant currency and organic growth of 4%) from $1.26 billion in the prior year due to the sale of TRANZACT. Health delivered organic revenue growth driven by double-digit increases outside North America and solid performance in North America. Wealth generated organic revenue growth from higher levels of Retirement work globally alongside growth in our Investments business from new business wins and product launches. Career had modest revenue growth as healthy demand for advisory project work outside North America was offset by North America client postponement decisions made earlier in the year. Benefits Delivery & Outsourcing revenue was materially flat, as increased project and core administration work within Europe was tempered by lower commission revenue in the Individual Marketplace business compared to the prior year.

Operating margins in the HWC segment increased 190 basis points from the prior-year second quarter to 23.8%, primarily due to the sale of TRANZACT. Excluding TRANZACT operating margins increased 20 basis points. Please refer to the Supplemental Slides for TRANZACT’s standalone historical financial results.

Risk & Broking (“R&B”)

As reported, USD millions, except %

Risk & Broking	Q2-25	Q2-24	Y/Y Change
Total Revenue	$1,047	$979	Reported 7% \| CC 6% \| Organic 6%
Operating Income	$222	$202	10%
Operating Margin %	21.2%	20.6%	60 bps

The R&B segment had revenue of $1.05 billion in the second quarter of 2025, an increase of 7% (6% increase constant currency and organic) from $979 million in the prior year. Corporate Risk & Broking (CRB) had organic revenue growth driven by higher levels of new business activity and strong client retention globally. Insurance Consulting and Technology (ICT) revenue was flat for the quarter as clients managed spend more cautiously amid ongoing economic uncertainty.

Operating margins in the R&B segment increased 60 basis points from the prior-year second quarter to 21.2%, due primarily to operating leverage driven by strong organic revenue growth and savings from the Transformation program which were partially offset by headwinds from decreased interest income and foreign currency fluctuations.

Select 2025 Financial Considerations

Changes to Non-GAAP financial measures:

All reported non-GAAP metrics will exclude non-cash net periodic pension and postretirement benefits
Free cash flow and free cash flow margin will capture cash outflows for capitalized software costs
Refer to Supplemental Slides for recast of historical Non-GAAP measures

Business mix:

TRANZACT business, which contributed $1.14 to adjusted diluted earnings per share in 2024, is no longer part of the business portfolio following the completion of the TRANZACT sale in the fourth quarter of 2024
Reinsurance joint venture with Bain Capital expected to be a headwind on adjusted diluted earnings per share of approximately $0.20, which will be partially mitigated by gains from other equity investments, resulting in a net headwind of approximately $0.10 at the interest in earnings of associates level

Free cash flow:

Expect cash outflows in 2025 from the payment of accrued costs related to the Transformation program which concluded in 2024

Capital allocation:

Expect share repurchases of ~$1.5 billion, subject to market conditions and potential capital allocation to organic and inorganic investment opportunities

Foreign exchange:

Expect a foreign currency tailwind on adjusted diluted earnings per share of approximately $0.05 in 2025 at today’s rates

Adjusted operating margin outlook:

~100 basis points of average annual margin expansion over next 3 years in R&B
Incremental annual margin expansion at HWC and enterprise levels

The 2025 Financial Considerations above include Non-GAAP financial measures. We do not reconcile forward-looking Non-GAAP measures for reasons explained under “WTW Non-GAAP Measures” below.

Conference Call

The Company will host a conference call to discuss the financial results for the second quarter 2025. It will be held on Thursday, July 31, 2025, beginning at 9:00 a.m. Eastern Time. A live, listen-only webcast of the conference call will be available on WTW’s website. Analysts and institutional investors may participate in the conference call’s question-and-answer session by registering in advance here. An online replay will be available at investors.wtwco.com shortly after the call concludes.

About WTW

At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance. Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you. Learn more at www.wtwco.com.

WTW Non-GAAP Measures

In order to assist readers of our consolidated financial statements in understanding the core operating results that WTW’s management uses to evaluate the business and for financial planning, we present the following non-GAAP measures: (1) Constant Currency Change, (2) Organic Change, (3) Adjusted Operating Income/Margin, (4) Adjusted EBITDA/Margin, (5) Adjusted Net Income, (6) Adjusted Diluted Earnings Per Share, (7) Adjusted Income Before Taxes, (8) Adjusted Income Taxes/Tax Rate, (9) Free Cash Flow and (10) Free Cash Flow Margin.

We believe that those measures are relevant and provide pertinent information widely used by analysts, investors and other interested parties in our industry to provide a baseline for evaluating and comparing our operating performance, and in the case of free cash flow, our liquidity results.

Within the measures referred to as ‘adjusted’, we adjust for significant items which will not be settled in cash, or which we believe to be items that are not core to our current or future operations. Some of these items may not be applicable for the current quarter, however they may be part of our full-year results. Additionally, we have historically adjusted for certain items which are not described below, but for which we may adjust in a future period when applicable. Items applicable to the quarter or full year results, or the comparable periods, include the following:

Restructuring costs and transaction and transformation – Management believes it is appropriate to adjust for restructuring costs and transaction and transformation when they relate to a specific significant program with a defined set of activities and costs that are not expected to continue beyond a defined period of time, or significant acquisition-related transaction expenses. We believe the adjustment is necessary to present how the Company is performing, both now and in the future when the incurrence of these costs will have concluded.
Provisions for specified litigation matters – We will include provisions for litigation matters which we believe are not representative of our core business operations. Among other things, we determine this by reference to the amount of the loss (net of insurance and other recovery receivables) and by reference to whether the matter relates to an unusual and complex scenario that is not expected to be repeated as part of our ongoing, ordinary business. These amounts are presented net of insurance and other recovery receivables. See the footnotes to the reconciliation tables below for more specificity on the litigation matter excluded from adjusted results.
Gains and losses on disposals of operations – Adjustment to remove the gains or losses resulting from disposed operations that have not been classified as discontinued operations.
Net periodic pension and postretirement benefits – Adjustment to remove the recognition of net periodic pension and postretirement benefits (including pension settlements), other than service costs. We have included this adjustment as applicable in our prior-period disclosures in order to conform to the current-period presentation.
Tax effect of significant adjustments – Relates to the incremental tax expense or benefit resulting from significant or unusual events including significant statutory tax rate changes enacted in material jurisdictions in which we operate, internal reorganizations of ownership of certain businesses that reduced the investment held by our U.S.-controlled subsidiaries and the recovery of certain refunds or payment of taxes related to businesses in which we no longer participate.

We evaluate our revenue on an as reported (U.S. GAAP), constant currency and organic basis. We believe presenting constant currency and organic information provides valuable supplemental information regarding our comparable results, consistent with how we evaluate our performance internally.

We consider Constant Currency Change, Organic Change, Adjusted Operating Income/Margin, Adjusted EBITDA/Margin, Adjusted Net Income, Adjusted Diluted Earnings Per Share, Adjusted Income Before Taxes, Adjusted Income Taxes/Tax Rate and Free Cash Flow to be important financial measures, which are used to internally evaluate and assess our core operations and to benchmark our operating and liquidity results against our competitors. These non-GAAP measures are important in illustrating what our comparable operating and liquidity results would have been had we not incurred transaction-related and non-recurring items. Reconciliations of these measures are included in the accompanying tables with the following exception: The Company does not reconcile its forward-looking non-GAAP financial measures to the corresponding U.S. GAAP measures, due to variability and difficulty in making accurate forecasts and projections and/or certain information not being ascertainable or accessible; and because not all of the information, such as foreign currency impacts necessary for a quantitative reconciliation of these forward-looking non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure, is available to the Company without unreasonable efforts. For the same reasons, the Company is unable to address the probable significance of the unavailable information. The Company provides non-GAAP financial measures that it believes will be achieved, however it cannot accurately predict all of the components of the adjusted calculations and the U.S. GAAP measures may be materially different than the non-GAAP measures.

Our non-GAAP measures and their accompanying definitions are presented as follows:

Constant Currency Change – Represents the year-over-year change in revenue excluding the impact of foreign currency fluctuations. To calculate this impact, the prior year local currency results are first translated using the current year monthly average exchange rates. The change is calculated by comparing the prior year revenue, translated at the current year monthly average exchange rates, to the current year as reported revenue, for the same period. We believe constant currency measures provide useful information to investors because they provide transparency to performance by excluding the effects that foreign currency exchange rate fluctuations have on period-over-period comparability given volatility in foreign currency exchange markets.

Organic Change – Excludes the impact of fluctuations in foreign currency exchange rates, as described above and the period-over-period impact of acquisitions and divestitures on current-year revenue. We believe that excluding transaction-related items from our U.S. GAAP financial measures provides useful supplemental information to our investors, and it is important in illustrating what our core operating results would have been had we not included these transaction-related items, since the nature, size and number of these transaction-related items can vary from period to period.

Adjusted Operating Income/Margin – Income from operations adjusted for amortization, restructuring costs, transaction and transformation and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted operating income margin is calculated by dividing adjusted operating income by revenue. We consider adjusted operating income/margin to be important financial measures, which are used internally to evaluate and assess our core operations and to benchmark our operating results against our competitors.

Adjusted EBITDA/Margin – Net Income adjusted for provision for income taxes, interest expense, depreciation and amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, net periodic pension and postretirement benefits, and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted EBITDA Margin is calculated by dividing adjusted EBITDA by revenue. We consider adjusted EBITDA/margin to be important financial measures, which are used internally to evaluate and assess our core operations, to benchmark our operating results against our competitors and to evaluate and measure our performance-based compensation plans.

Adjusted Net Income – Net Income Attributable to WTW adjusted for amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, net periodic pension and postretirement benefits, and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results and the related tax effect of those adjustments and the tax effects of internal reorganizations. This measure is used solely for the purpose of calculating adjusted diluted earnings per share.

Adjusted Diluted Earnings Per Share – Adjusted Net Income divided by the weighted-average number of ordinary shares, diluted. Adjusted diluted earnings per share is used to internally evaluate and assess our core operations and to benchmark our operating results against our competitors.

Adjusted Income Before Taxes – Income from operations before income taxes and interest in earnings of associates adjusted for amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, net periodic pension and postretirement benefits, and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted income before taxes is used solely for the purpose of calculating the adjusted income tax rate.

Adjusted Income Taxes/Tax Rate – Provision for income taxes adjusted for taxes on certain items of amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, net periodic pension and postretirement benefits, the tax effects of significant adjustments and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results, divided by adjusted income before taxes. Adjusted income taxes is used solely for the purpose of calculating the adjusted income tax rate. Management believes that the adjusted income tax rate presents a rate that is more closely aligned to the rate that we would incur if not for the reduction of pre-tax income for the adjusted items and the tax effects of internal reorganizations, which are not core to our current and future operations.

Free Cash Flow – Cash flows from operating activities less cash used to purchase fixed assets and software. Free Cash Flow is a liquidity measure and is not meant to represent residual cash flow available for discretionary expenditures. Management believes that free cash flow presents the core operating performance and cash-generating capabilities of our business operations. As a result of our change in presentation, free cash flow for the prior period has been adjusted to conform to the current period, which includes the deduction of our capitalized software costs.

Free Cash Flow Margin – Free Cash Flow as a percentage of revenue, which represents how much of revenue would be realized on a cash basis. We consider this measure to be a meaningful metric for tracking cash conversion on a year-over-year basis due to the non-cash nature of our pension income, which is included in our GAAP and Non-GAAP earnings metrics presented herein.

These non-GAAP measures are not defined in the same manner by all companies and may not be comparable to other similarly titled measures of other companies. Non-GAAP measures should be considered in addition to, and not as a substitute for, the information contained within our condensed consolidated financial statements.

WTW Forward-Looking Statements

This document contains ‘forward-looking statements’ within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created by those laws. These forward-looking statements include information about possible or assumed future results of our operations. All statements, other than statements of historical facts, that address activities, events or developments that we expect or anticipate may occur in the future, including such things as: our outlook; the potential impact of natural or man-made disasters like health pandemics and other world health crises; future capital expenditures; ongoing working capital efforts; future share repurchases; financial results (including our revenue, costs or margins) and the impact of changes to tax laws on our financial results; existing and evolving business strategies including those related to acquisitions and dispositions; demand for our services and competitive strengths; strategic goals; the benefits of new initiatives; growth of our business and operations; the sustained health of our product, service, transaction, client, and talent assessment and management pipelines; our ability to successfully manage ongoing leadership, organizational and technology changes, including investments in improving systems and processes; our ability to implement and realize anticipated benefits of any cost-savings initiatives generated from our completed multi-year operational transformation program or other expense savings initiatives; our recognition of future impairment charges; and plans and references to future performance, including our future financial and operating results, short-term and long-term financial goals, plans, objectives, expectations and intentions, including with respect to free cash flow generation, adjusted net revenue, adjusted operating margin and adjusted earnings per share, are forward-looking statements. Also, when we use words such as ‘may’, ‘will’, ‘would’, ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘intend’, ‘plan’, ‘continues’, ‘seek’, ‘target’, ‘goal’, ‘focus’, ‘probably’, or similar expressions, we are making forward-looking statements. Such statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. All forward-looking disclosure is speculative by its nature.

There are important risks, uncertainties, events and factors that could cause our actual results or performance to differ materially from those in the forward-looking statements contained in this document, including the following: our ability to successfully establish, execute and achieve our global business strategy as it evolves; our ability to fully realize the anticipated benefits of our growth strategy, including inorganic growth through acquisitions; our ability to achieve our short-term and long-term financial goals, such as with respect to our cash flow generation, and the timing with respect to such achievement; the risks related to changes in general economic conditions, business and political conditions, changes in the financial markets, inflation, credit availability, increased interest rates, changes in trade policies, increased tariffs and retaliatory actions; the risks to our short-term and long-term financial goals from any of the risks or uncertainties set forth herein; the risks relating to the adverse impacts of macroeconomic trends, including those relating to changes in trade policies and tariffs, as well as political events, war, such as the Russia-Ukraine and Israel-Hamas wars, and other international disputes, terrorism, natural disasters, public health issues and other business interruptions on the global economy and capital markets, such as uncertainty in the global markets, inflation, changes in interest rates and recessionary trends, changes in spending by government agencies and contractors, which could have a material adverse effect on our business, financial condition, results of operations and long-term goals; our ability to successfully hedge against fluctuations in foreign currency rates; the risks relating to the adverse impacts of natural or man-made disasters such as health pandemics and other world health crises on the demand for our products and services, our cash flows and our business operations; material interruptions to or loss of our information processing capabilities, or failure to effectively maintain and upgrade our information technology resources and systems and related risks of cybersecurity breaches or incidents; our ability to comply with complex and evolving regulations related to data privacy, cybersecurity and artificial intelligence; the risks relating to the transitional arrangements in effect subsequent to our completed sale of TRANZACT; significant competition that we face and the potential for loss of market share and/or profitability; the impact of seasonality and differences in timing of renewals and non-recurring revenue increases from disposals and book-of-business sales; the insufficiency of client data protection, potential breaches of information systems or insufficient safeguards against cybersecurity breaches or incidents; the risk of increased liability or new legal claims arising from our new and existing products and services, and expectations, intentions and outcomes relating to outstanding litigation; the risk of substantial negative outcomes on existing or potential future litigation or investigation matters; changes in the regulatory environment in which we operate, including, among other risks, the impacts of pending competition law and regulatory investigations; various claims, government inquiries or investigations or the potential for regulatory action; our ability to make divestitures or acquisitions, including our ability to integrate or manage acquired businesses or carve-out businesses to be disposed, as well as our ability to identify and successfully execute on opportunities for strategic collaboration; our ability to integrate direct-to-consumer sales and marketing solutions with our existing offerings and solutions; our ability to successfully manage ongoing organizational changes, including as a result of our recently-completed multi-year operational transformation program, investments in improving systems and processes, and in connection with our acquisition and divestiture activities; disasters or business continuity problems; our ability to successfully enhance our billing, collection and other working capital efforts, and thereby increase our free cash flow; our ability to properly identify and manage conflicts of interest; reputational damage, including from association with third parties; reliance on third-party service providers and suppliers; risks relating to changes in our management structures and in senior leadership; the loss of key employees or a large number of employees and rehiring rates; our ability to maintain our corporate culture; doing business internationally, including the impact of global trade policies and retaliatory considerations as well as foreign currency exchange rates; compliance with extensive government regulation; the risk of sanctions imposed by governments, or changes to associated sanction regulations (such as sanctions imposed on Russia) and related counter-sanctions; our ability to effectively apply technology, data and analytics solutions, including through the use of artificial intelligence, for internal operations, maintaining industry standards, meeting client preferences and gaining competitive advantage, among other things; changes and developments in the insurance industry or the U.S. healthcare system, including those related to Medicare, and any other changes and developments in legal, regulatory, economic, business or operational conditions that could impact our businesses; the inability to protect our intellectual property rights, or the potential infringement upon the intellectual property rights of others; fluctuations in our pension assets and liabilities and related changes in pension income, including as a result of, related to, or derived from movements in the interest rate environment, investment returns, inflation, or changes in other assumptions that are used to estimate our benefit obligations and their effect on adjusted earnings per share; our capital structure, including indebtedness amounts, the limitations imposed by the covenants in the documents governing such indebtedness and the maintenance of the financial and disclosure controls and procedures of each; our ability to obtain financing on favorable terms or at all; adverse changes in our credit ratings; the impact of recent or potential changes to U.S. or foreign laws, and the enactment of additional, or the revision of existing, state, federal, and/or foreign laws and regulations, recent judicial decisions and development of case law, other regulations and any policy changes and legislative actions, including those that may impose additional excise taxes or impact our effective tax rate; U.S. federal income tax consequences to U.S. persons owning at least 10% of our shares; changes in accounting principles, estimates or assumptions; our recognition of future impairment charges; risks relating to or arising from environmental, social and governance (‘ESG’) practices; fluctuation in revenue against our relatively fixed or higher-than-expected expenses; the risk that investment levels increase; the laws of Ireland being different from the laws of the U.S. and potentially affording less protections to the holders of our securities; and our holding company structure potentially preventing us from being able to receive dividends or other distributions in needed amounts from our subsidiaries.

The foregoing list of factors is not exhaustive and new factors may emerge from time to time that could also affect actual performance and results. For more information, please see Part I, Item 1A in our Annual Report on Form 10-K, and our subsequent filings with the SEC. Copies are available online at http://www.sec.gov or www.wtwco.com.

Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of these assumptions, and therefore also the forward-looking statements based on these assumptions, could themselves prove to be inaccurate. Given the significant uncertainties inherent in the forward-looking statements included in this document, our inclusion of this information is not a representation or guarantee by us that our objectives and plans will be achieved.

Our forward-looking statements speak only as of the date made and we will not update these forward-looking statements unless the securities laws require us to do so. With regard to these risks, uncertainties and assumptions, the forward-looking events discussed in this document may not occur, and we caution you against unduly relying on these forward-looking statements.

Contact

INVESTORS
Claudia De La Hoz | Claudia.Delahoz@wtwco.com

WTW Supplemental Segment Information (In millions of U.S. dollars) (Unaudited)

REVENUE
						Components of Revenue Change⁽ⁱ⁾
						Less:		Less:
	Three Months Ended June 30,				As Reported	Currency	Constant Currency	Acquisitions/	Organic
	2025		2024		% Change	Impact	Change	Divestitures	Change

Health, Wealth & Career
Revenue excluding interest income	$	1,173	$	1,251	(6)%	1%	(7)%	(12)%	4%
Interest income		7		9
Total		1,180		1,260	(6)%	1%	(8)%	(12)%	4%

Risk & Broking
Revenue excluding interest income	$	1,024	$	950	8%	1%	6%	0%	6%
Interest income		23		29
Total		1,047		979	7%	1%	6%	0%	6%

Segment Revenue	$	2,227	$	2,239	(1)%	1%	(2)%	(7)%	5%
Corporate, reimbursable expenses and other		24		20
Interest income		10		6
Revenue	$	2,261	$	2,265	0%	1%	(1)%	(6)%	5%⁽ⁱⁱ⁾

						Components of Revenue Change⁽ⁱ⁾
						Less:		Less:
	Six Months Ended June 30,				As Reported	Currency	Constant Currency	Acquisitions/	Organic
	2025		2024		% Change	Impact	Change	Divestitures	Change

Health, Wealth & Career
Revenue excluding interest income	$	2,331	$	2,578	(10)%	0%	(10)%	(13)%	3%
Interest income		14		18
Total		2,345		2,596	(10)%	0%	(10)%	(13)%	3%

Risk & Broking
Revenue excluding interest income	$	2,029	$	1,900	7%	0%	7%	0%	7%
Interest income		45		57
Total		2,074		1,957	6%	0%	6%	0%	6%

Segment Revenue	$	4,419	$	4,553	(3)%	0%	(3)%	(7)%	5%
Corporate, reimbursable expenses and other		45		41
Interest income		20		12
Revenue	$	4,484	$	4,606	(3)%	0%	(3)%	(7)%	5%⁽ⁱⁱ⁾

⁽ⁱ⁾	Components of revenue change may not add due to rounding.
⁽ⁱⁱ⁾	Interest income did not contribute to organic change for the three and six months ended June 30, 2025.

BOOK-OF-BUSINESS SETTLEMENTS AND INTEREST INCOME

	Three Months Ended June 30,
	HWC				R&B				Corporate				Total
	2025		2024		2025		2024		2025		2024		2025		2024
Book-of-business settlements	$	—	$	—	$	3	$	2	$	—	$	—	$	3	$	2
Interest income		7		9		23		29		10		6		40		44
Total	$	7	$	9	$	26	$	31	$	10	$	6	$	43	$	46

	Six Months Ended June 30,
	HWC				R&B				Corporate				Total
	2025		2024		2025		2024		2025		2024		2025		2024
Book-of-business settlements	$	2	$	—	$	3	$	4	$	—	$	—	$	5	$	4
Interest income		14		18		45		57		20		12		79		87
Total	$	16	$	18	$	48	$	61	$	20	$	12	$	84	$	91

SEGMENT OPERATING INCOME ⁽ⁱ⁾

	Three Months Ended June 30,
	2025		2024

Health, Wealth & Career	$	280	$	276
Risk & Broking		222		202
Segment Operating Income	$	502	$	478

	Six Months Ended June 30,
	2025		2024

Health, Wealth & Career	$	591	$	612
Risk & Broking		448		405
Segment Operating Income	$	1,039	$	1,017

⁽ⁱ⁾

Segment operating income excludes certain costs, including amortization of intangibles, restructuring costs, transaction and transformation expenses, certain litigation provisions, and to the extent that the actual expense based upon which allocations are made differs from the forecast/budget amount, a reconciling item will be created between internally-allocated expenses and the actual expenses reported for U.S. GAAP purposes.

SEGMENT OPERATING MARGINS

	Three Months Ended June 30,
	2025	2024
Health, Wealth & Career	23.8%	21.9%
Risk & Broking	21.2%	20.6%

	Six Months Ended June 30,
	2025	2024
Health, Wealth & Career	25.2%	23.6%
Risk & Broking	21.6%	20.7%

RECONCILIATIONS OF SEGMENT OPERATING INCOME TO INCOME FROM OPERATIONS BEFORE INCOME TAXES

	Three Months Ended June 30,
	2025			2024

Segment Operating Income	$	502		$	478
Amortization		(49	)		(60	)
Restructuring costs		—			(3	)
Transaction and transformation⁽ⁱ⁾		(2	)		(97	)
Unallocated, net⁽ⁱⁱ⁾		(83	)		(106	)
Income from Operations		368			212
Interest expense		(64	)		(68	)
Other income, net		9			23
Income from operations before income taxes and interest in earnings of associates	$	313		$	167

	Six Months Ended June 30,
	2025			2024

Segment Operating Income	$	1,039		$	1,017
Amortization		(97	)		(120	)
Restructuring costs		—			(21	)
Transaction and transformation⁽ⁱ⁾		(2	)		(222	)
Unallocated, net⁽ⁱⁱ⁾		(140	)		(162	)
Income from Operations		800			492
Interest expense		(129	)		(132	)
Other (loss)/income, net		(55	)		49
Income from operations before income taxes and interest in earnings of associates	$	616		$	409

⁽ⁱ⁾	In addition to legal fees and other transaction costs, includes primarily consulting fees and compensation costs related to the Transformation program.
⁽ⁱⁱ⁾	Includes certain costs, primarily related to corporate functions which are not directly related to the segments, and certain differences between budgeted expenses determined at the beginning of the year and actual expenses that we report for U.S. GAAP purposes.

WTW Reconciliations of Non-GAAP Measures (In millions of U.S. dollars, except per share data) (Unaudited)

RECONCILIATIONS OF NET INCOME ATTRIBUTABLE TO WTW TO ADJUSTED DILUTED EARNINGS PER SHARE

	Three Months Ended June 30,
	2025			2024

Net income attributable to WTW	$	331		$	141
Adjusted for certain items:
Amortization		49			60
Restructuring costs		—			3
Transaction and transformation		2			97
Provision for specified litigation matter ⁽ⁱ⁾		—			13
Net periodic pension and postretirement benefits		(13	)		(21	)
Tax effect on certain items listed above⁽ⁱⁱ⁾		(10	)		(39	)
Tax effect of significant adjustments		(74	)		(7	)
Adjusted Net Income	$	285		$	247

Weighted-average ordinary shares, diluted		100			103

Diluted Earnings Per Share	$	3.32		$	1.36
Adjusted for certain items:⁽ⁱⁱⁱ⁾
Amortization		0.49			0.58
Restructuring costs		—			0.03
Transaction and transformation		0.02			0.94
Provision for specified litigation matter ⁽ⁱ⁾		—			0.13
Net periodic pension and postretirement benefits		(0.13	)		(0.20	)
Tax effect on certain items listed above⁽ⁱⁱ⁾		(0.10	)		(0.38	)
Tax effect of significant adjustments		(0.74	)		(0.07	)
Adjusted Diluted Earnings Per Share⁽ⁱⁱⁱ⁾	$	2.86		$	2.39

	Six Months Ended June 30,
	2025			2024

Net income attributable to WTW	$	566		$	331
Adjusted for certain items:
Amortization		97			120
Restructuring costs		—			21
Transaction and transformation		2			222
Provision for specified litigation matter⁽ⁱ⁾		—			13
Net periodic pension and postretirement benefits		62			(43	)
Gain on disposal of operations		(14	)		—
Tax effect on certain items listed above⁽ⁱⁱ⁾		(38	)		(85	)
Tax effect of significant adjustments		(74	)		(7	)
Adjusted Net Income	$	601		$	572

Weighted-average ordinary shares, diluted		100			104

Diluted Earnings Per Share	$	5.64		$	3.20
Adjusted for certain items:⁽ⁱⁱⁱ⁾
Amortization		0.97			1.16
Restructuring costs		—			0.20
Transaction and transformation		0.02			2.14
Provision for specified litigation matter⁽ⁱ⁾		—			0.13
Net periodic pension and postretirement benefits		0.62			(0.42	)
Gain on disposal of operations		(0.14	)		—
Tax effect on certain items listed above⁽ⁱⁱ⁾		(0.38	)		(0.82	)
Tax effect of significant adjustments		(0.74	)		(0.07	)
Adjusted Diluted Earnings Per Share⁽ⁱⁱⁱ⁾	$	5.99		$	5.53

⁽ⁱ⁾	Represents a provision related to potential litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. Because of this, while we do not believe the potential litigation is material, we believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations.
⁽ⁱⁱ⁾	The tax effect was calculated using an effective tax rate for each item.
⁽ⁱⁱⁱ⁾	Per share values and totals may differ due to rounding.

RECONCILIATIONS OF NET INCOME TO ADJUSTED EBITDA

	Three Months Ended June 30,
	2025				2024

Net Income	$	332		14.7%	$	142		6.3%
(Benefit from)/provision for income taxes		(21	)			26
Interest expense		64				68
Depreciation		57				57
Amortization		49				60
Restructuring costs		—				3
Transaction and transformation		2				97
Provision for specified litigation matter⁽ⁱ⁾		—				13
Net periodic pension and postretirement benefits		(13	)			(21	)
Adjusted EBITDA and Adjusted EBITDA Margin	$	470		20.8%	$	445		19.6%

	Six Months Ended June 30,
	2025				2024

Net Income	$	571		12.7%	$	336		7.3%
Provision for income taxes		44				74
Interest expense		129				132
Depreciation		111				116
Amortization		97				120
Restructuring costs		—				21
Transaction and transformation		2				222
Provision for specified litigation matter⁽ⁱ⁾		—				13
Net periodic pension and postretirement benefits		62				(43	)
Gain on disposal of operations		(14	)			—
Adjusted EBITDA and Adjusted EBITDA Margin	$	1,002		22.3%	$	991		21.5%

⁽ⁱ⁾

Represents a provision related to potential litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. Because of this, while we do not believe the potential litigation is material, we believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations.

RECONCILIATIONS OF INCOME FROM OPERATIONS TO ADJUSTED OPERATING INCOME

	Three Months Ended June 30,
	2025			2024

Income from operations and Operating margin	$	368	16.3%	$	212	9.4%
Adjusted for certain items:
Amortization		49			60
Restructuring costs		—			3
Transaction and transformation		2			97
Provision for specified litigation matter⁽ⁱ⁾		—			13
Adjusted operating income and Adjusted operating income margin	$	419	18.5%	$	385	17.0%

	Six Months Ended June 30,
	2025			2024

Income from operations and Operating margin	$	800	17.8%	$	492	10.7%
Adjusted for certain items:
Amortization		97			120
Restructuring costs		—			21
Transaction and transformation		2			222
Provision for specified litigation matter⁽ⁱ⁾		—			13
Adjusted operating income and Adjusted operating income margin	$	899	20.0%	$	868	18.8%

⁽ⁱ⁾

RECONCILIATIONS OF GAAP INCOME TAXES/TAX RATE TO ADJUSTED INCOME TAXES/TAX RATE

	Three Months Ended June 30,
	2025			2024

Income from operations before income taxes and interest in earnings of associates	$	313		$	167

Adjusted for certain items:
Amortization		49			60
Restructuring costs		—			3
Transaction and transformation		2			97
Provision for specified litigation matter⁽ⁱ⁾		—			13
Net periodic pension and postretirement benefits		(13	)		(21	)
Adjusted income before taxes	$	351		$	319

(Benefit from)/provision for income taxes	$	(21	)	$	26
Tax effect on certain items listed above⁽ⁱⁱ⁾		10			39
Tax effect of significant adjustments		74			7
Adjusted income taxes	$	63		$	72

U.S. GAAP tax rate		(6.8	)%		15.6	%
Adjusted income tax rate		18.0	%		22.4	%

	Six Months Ended June 30,
	2025			2024

Income from operations before income taxes and interest in earnings of associates	$	616		$	409

Adjusted for certain items:
Amortization		97			120
Restructuring costs		—			21
Transaction and transformation		2			222
Provision for specified litigation matter⁽ⁱ⁾		—			13
Net periodic pension and postretirement benefits		62			(43	)
Gain on disposal of operations		(14	)		—
Adjusted income before taxes	$	763		$	742

Provision for income taxes	$	44		$	74
Tax effect on certain items listed above⁽ⁱⁱ⁾		38			85
Tax effect of significant adjustments		74			7
Adjusted income taxes	$	156		$	166

U.S. GAAP tax rate		7.1	%		18.1	%
Adjusted income tax rate		20.5	%		22.3	%

⁽ⁱ⁾

⁽ⁱⁱ⁾

The tax effect was calculated using an effective tax rate for each item.

RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES TO FREE CASH FLOW

	Six Months Ended June 30,
	2025			2024

Cash flows from operating activities	$	326		$	431
Less: Additions to fixed assets and software		(109	)		(126	)
Free Cash Flow	$	217		$	305

WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY Condensed Consolidated Statements of Income (In millions of U.S. dollars, except per share data) (Unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Revenue	$	2,261		$	2,265		$	4,484		$	4,606

Costs of providing services
Salaries and benefits		1,449			1,397			2,773			2,739
Other operating expenses		336			439			701			896
Depreciation		57			57			111			116
Amortization		49			60			97			120
Restructuring costs		—			3			—			21
Transaction and transformation		2			97			2			222
Total costs of providing services		1,893			2,053			3,684			4,114

Income from operations		368			212			800			492

Interest expense		(64	)		(68	)		(129	)		(132	)
Other income/(loss), net		9			23			(55	)		49

INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES		313			167			616			409

Benefit from/(provision for) income taxes		21			(26	)		(44	)		(74	)

INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES		334			141			572			335

Interest in earnings of associates, net of tax		(2	)		1			(1	)		1

NET INCOME		332			142			571			336

Income attributable to non-controlling interests		(1	)		(1	)		(5	)		(5	)

NET INCOME ATTRIBUTABLE TO WTW	$	331		$	141		$	566		$	331

EARNINGS PER SHARE
Basic earnings per share	$	3.34		$	1.37		$	5.68		$	3.22
Diluted earnings per share	$	3.32		$	1.36		$	5.64		$	3.20

Weighted-average ordinary shares, basic		99			103			100			103
Weighted-average ordinary shares, diluted		100			103			100			104

WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY Condensed Consolidated Balance Sheets (In millions of U.S. dollars, except share data) (Unaudited)

	June 30,			December 31,
	2025			2024
ASSETS
Cash and cash equivalents	$	1,963		$	1,890
Fiduciary assets		10,720			9,504
Accounts receivable, net		2,364			2,494
Prepaid and other current assets		558			1,217
Total current assets		15,605			15,105
Fixed assets, net		696			661
Goodwill		8,938			8,799
Other intangible assets, net		1,232			1,295
Right-of-use assets		495			485
Pension benefits assets		578			530
Other non-current assets		934			806
Total non-current assets		12,873			12,576
TOTAL ASSETS	$	28,478		$	27,681
LIABILITIES AND EQUITY
Fiduciary liabilities	$	10,720		$	9,504
Deferred revenue and accrued expenses		1,726			2,211
Current debt		549			—
Current lease liabilities		124			118
Other current liabilities		752			765
Total current liabilities		13,871			12,598
Long-term debt		4,762			5,309
Liability for pension benefits		550			615
Provision for liabilities		369			341
Long-term lease liabilities		500			502
Other non-current liabilities		246			299
Total non-current liabilities		6,427			7,066
TOTAL LIABILITIES		20,298			19,664
COMMITMENTS AND CONTINGENCIES
EQUITY⁽ⁱ⁾
Additional paid-in capital		11,012			10,989
(Accumulated deficit)/retained earnings		(206	)		109
Accumulated other comprehensive loss, net of tax		(2,706	)		(3,158	)
Total WTW shareholders’ equity		8,100			7,940
Non-controlling interests		80			77
Total Equity		8,180			8,017
TOTAL LIABILITIES AND EQUITY	$	28,478		$	27,681


⁽ⁱ⁾	Equity includes (a) Ordinary shares $0.000304635 nominal value; Authorized 1,510,003,775; Issued 97,853,208 (2025) and 99,805,780 (2024); Outstanding 97,853,208 (2025) and 99,805,780 (2024) and (b) Preference shares, $0.000115 nominal value; Authorized 1,000,000,000 and Issued none in 2025 and 2024.

WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY Condensed Consolidated Statements of Cash Flows (In millions of U.S. dollars) (Unaudited)

	Six Months Ended June 30,
	2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES
NET INCOME	$	571		$	336
Adjustments to reconcile net income to total net cash from operating activities:
Depreciation		111			116
Amortization		97			120
Non-cash restructuring charges		—			12
Non-cash lease expense		47			49
Net periodic cost/(benefit) of defined benefit pension plans		94			(11	)
Provision for doubtful receivables from clients		7			10
Benefit from deferred income taxes		(70	)		(25	)
Share-based compensation		68			54
Net gain on disposal of operations		(14	)		—
Non-cash foreign exchange loss/(gain)		30			(12	)
Other, net		18			22
Changes in operating assets and liabilities, net of effects from purchase of subsidiaries:
Accounts receivable		225			118
Other assets		(99	)		(161	)
Other liabilities		(778	)		(242	)
Provisions		19			45
Net cash from operating activities		326			431

CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES
Additions to fixed assets and software		(109	)		(126	)
Acquisitions of operations, net of cash acquired		(14	)		(18	)
Contributions to investments in associates		(8	)		—
Net proceeds from sale of operations		836			—
Net purchases of held-to-maturity securities		(50	)		—
Net purchases of available-for-sale securities		(43	)		(14	)
Net cash from/(used in) investing activities		612			(158	)

CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES
Senior notes issued		—			746
Debt issuance costs		—			(9	)
Repayments of debt		(2	)		(652	)
Repurchase of shares		(700	)		(301	)
Net proceeds from fiduciary funds held for clients		141			783
Payments of deferred and contingent consideration related to acquisitions		(15	)		—
Cash paid for employee taxes on withholding shares		(43	)		(24	)
Dividends paid		(179	)		(176	)
Acquisitions of and dividends paid to non-controlling interests		(2	)		(3	)
Net cash (used in)/from financing activities		(800	)		364

INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		138			637
Effect of exchange rate changes on cash, cash equivalents and restricted cash		207			(53	)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD ⁽ⁱ⁾		4,998			3,792
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD ⁽ⁱ⁾	$	5,343		$	4,376


⁽ⁱ⁾	The amounts of cash, cash equivalents and restricted cash, their respective classification on the condensed consolidated balance sheets, as well as their respective portions of the increase or decrease in cash, cash equivalents and restricted cash for each of the periods presented have been included in the Supplemental Disclosure of Cash Flow Information section.

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

	Six Months Ended June 30,
	2025			2024

Supplemental disclosures of cash flow information:
Cash and cash equivalents	$	1,963		$	1,247
Fiduciary funds (included in fiduciary assets)		3,380			3,129
Total cash, cash equivalents and restricted cash	$	5,343		$	4,376

Decrease in cash, cash equivalents and other restricted cash	$	(3	)	$	(154	)
Increase in fiduciary funds		141			791
Total ⁽ⁱ⁾	$	138		$	637

⁽ⁱ⁾	Does not include the effect of exchange rate changes on cash, cash equivalents and restricted cash.

The MIL Network –

August 5, 2025

MIL-OSI Africa: Canon named a Leader in IDC MarketScape: Worldwide Hardcopy Remanufacturing 2025 Vendor Assessment

Source: APO

Today, Canon (https://en.Canon-CNA.com) is pleased to announce that it has been named as a Leader in The IDC MarketScape: Worldwide Hardcopy Remanufacturing 2025 Vendor Assessment [1]. The report highlights the increased demand for circularity and sustainability in the print and document solutions market and takes an in-depth look at the global, regional, and local level activities of eight major industry vendors.

The study looks specifically at device and consumables remanufacturing, assessing the capabilities of those surveyed through a number of factors including types of remanufactured products, levels of innovation, cost of ownership, sales strategy and distribution. With demand for remanufactured printing technology increasing as sustainability becomes an integral business priority, the report provides a strong reference point for businesses who wish to improve the carbon footprint of their print infrastructure.

The IDC MarketScape report highlighted Canon’s strengths including its remanufacturing history and resources, citing that “Canon has been remanufacturing its products since the last millennium and has a wealth of experience and resources across the globe to meet current and future market trends for reuse”. It also noted the breadth of Canon’s office multifunction printer portfolio, highlighting. that “Canon’s remanufactured devices include monochrome and colour A3 devices and cover a wide variety of speed segments”.

Building on this, Hiro Imamura, Executive Vice President, Digital Printing & Solutions at Canon Europe comments; “With a strong heritage in sustainability and global remanufacturing and refurbishing expertise, we are well placed to help our customers make concrete steps to improve their carbon footprint and meet their environmental goals. Reusing, recycling and repairing our products for a second life is a core part of this approach and we are delighted to be recognised as a Leader in this important IDC MarketScape report. We will continue to accelerate our efforts towards the circular economy, reducing impacts across every single part of our business and expanding our sustainable product range, from our printers to our papers, to further support our customers for the future”.

About Canon’s sustainability actions

Canon is committed to achieving carbon net zero emissions by 2050 and has recently been awarded with the EcoVadis Platinum Rating for its sustainability efforts, placing it within the top 1% of companies assessed, with an overall score in the 99^th percentile. This accolade highlights Canon’s strong sustainability focus throughout its global business, across crucial areas covering environmental, social and governance criteria.

Circular approach

Support for the circular economy also forms a significant part of Canon’s sustainability strategy. The robust and durable nature of Canon’s products provides a strong platform for refurbishment and remanufacturing processes – supporting the organization in its efforts to recycle parts and hardware, where possible, for a second life.

Canon remanufactures its flagship imageRUNNER ADVANCE multifunction devices, which it markets as the imageRUNNER ADVANCE ES and ES+ range in the EMEA region, and as the Refreshed Series in Japan. This robust monochrome and colour A3 range is made with at least 90%+ reused parts, undergoing intensive cleaning, part replacement and rebuilding processes at Canon’s specialist factories. This result is a like new quality product which delivers optimal performance to support different business needs. Within its production print business, Canon also remanufactures its Arizona devices to support customers in the wide format segment.

Additionally, in EMEA, Canon also refurbishes its imageRUNNER ADVANCE range to create its Certified Used (CU range) – these multifunction devices deliver quality, high performance printers, which are designed for a second life.

Canon’s second life products are also supported by regular firmware and software updates – helping customers to deliver high levels of workflow productivity with security and further contributing towards their sustainability efforts.

Recycling

Canon also has a long-established inkjet cartridge recycling programme, which began in 1996 and is available in 15 countries across Europe. At Canon Bretagne in France, Canon operates a closed loop toner cartridge recycling programme and since 2011, has established a system for collecting used toner bottles, refilling them with toner, and supplying them to the European market, helping to further reduce Canon’s plastic usage.

To learn more about Canon’s approach to sustainability, please see here (http://apo-opa.co/46BqReK)

[1] Doc # EUR153222025, March 2025

Distributed by APO Group on behalf of Canon Central and North Africa (CCNA).

Media enquiries, please contact:
Canon Central and North Africa
Mai Youssef
e. Mai.youssef@canon-me.com

APO Group – PR Agency
Rania ElRafie
e. Rania.ElRafie@apo-opa.com

About IDC MarketScape:
IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of technology and service suppliers in a given market. The research utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each supplier’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of technology suppliers can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective suppliers.

About Canon Central and North Africa:
Canon Central and North Africa (CCNA) (https://en.Canon-CNA.com) is a division within Canon Middle East FZ LLC (CME), a subsidiary of Canon Europe. The formation of CCNA in 2016 was a strategic step that aimed to enhance Canon’s business within the Africa region – by strengthening Canon’s in-country presence and focus. CCNA also demonstrates Canon’s commitment to operating closer to its customers and meeting their demands in the rapidly evolving African market.

Canon has been represented in the African continent for more than 15 years through distributors and partners that have successfully built a solid customer base in the region. CCNA ensures the provision of high quality, technologically advanced products that meet the requirements of Africa’s rapidly evolving marketplace. With over 100 employees, CCNA manages sales and marketing activities across 44 countries in Africa.

Canon’s corporate philosophy is Kyosei (http://apo-opa.co/4moTJvy) – ‘living and working together for the common good’. CCNA pursues sustainable business growth, focusing on reducing its own environmental impact and supporting customers to reduce theirs using Canon’s products, solutions and services. At Canon, we are pioneers, constantly redefining the world of imaging for the greater good. Through our technology and our spirit of innovation, we push the bounds of what is possible – helping us to see our world in ways we never have before. We help bring creativity to life, one image at a time. Because when we can see our world, we can transform it for the better.

For more information: https://en.Canon-CNA.com

Media files

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MIL OSI Africa –

August 5, 2025
MIL-OSI Asia-Pac: Import of poultry meat and products from Somerset District of Somerset County in UK suspended

Source: Hong Kong Government special administrative region

â€‹The Centre for Food Safety (CFS) of the Food and Environmental Hygiene Department announced today (July 31) that in view of a notification from the World Organisation for Animal Health (WOAH) about an outbreak of highly pathogenic H5N1 avian influenza in Somerset District of Somerset County in the United Kingdom (UK), the CFS has instructed the trade to suspend the import of poultry meat and products (including poultry eggs) from the area with immediate effect to protect public health in Hong Kong.

A CFS spokesman said that according to the Census and Statistics Department, Hong Kong imported about 390 tonnes of chilled and frozen poultry meat, and about 830 000 poultry eggs from the UK in the first six months of this year.

“The CFS has contacted the British authority over the issue and will closely monitor information issued by the WOAH and the relevant authorities on the avian influenza outbreak. Appropriate action will be taken in response to the development of the situation,” the spokesman said.

MIL OSI Asia Pacific News –

August 5, 2025
MIL-OSI United Kingdom: Mine water heat lab insights could supercharge clean heat
Source: United Kingdom – Executive Government & Departments

Press release

Mine water heat lab insights could supercharge clean heat

New data from the UK’s mine water heat lab shows warm water flows better than expected, boosting the case for clean, low-cost heat from coalfields.
Dr Fiona Todd and colleague, Dr Rebecca Chambers, collecting data at the Gateshead Mine Water Heat Living Lab

Six months after launch, the UK’s first mine water heat Living Laboratory is revealing exciting insights into what lies beneath our feet, helping to accelerate the safe and sustainable use of mine water as a clean heat source.

Geophysical data released this month shows, for the first time, how much space there is to store water within the rocks underground and how easily this can flow through historical mine workings.

These 2 factors, known in science as porosity and permeability, are crucial for understanding how much warm water is available, how quickly it can be used and how reliably it can provide heat.

Dr Fiona Todd, geoscientist and lead of the Mining Remediation Authority project, said:

This is the first time we’ve been able to collect this kind of information inside real mine workings.

It’s a huge step forward in understanding mine water heat resources. These properties help us determine how much heat is available, how quickly we can extract it and how sustainable it could be over time.

As part of the new data release, researchers are also sharing remarkable CCTV footage from inside the boreholes, offering the first glimpse into old workings that haven’t been seen since they were last mined decades ago, while also showing water movement and structural features that bring scientific findings to life.

Living lab six-month anniversary

Dr Todd added:

It’s like opening a time capsule, but instead of coal what we’re now extracting is knowledge and possibly clean heat for generations.

These insights were made possible by using specialised tools which were carefully deployed through monitoring boreholes at the Living Laboratory, located between three operational heat schemes in a shared mining block in Gateshead.

Using this equipment, researchers can:

see how water flows underground

measure how much heat can be stored and extracted

understand how mine workings interact across a shared network

Many of the tools used, such as caliper, gamma, density, temperature, electrical conductivity, heat pulse flow meter and CCTV, are commonly used in water wells. However, the team also used a cutting-edge technique called Borehole Magnetic Resonance (BMR), described as “an MRI scan for rocks.” This marks the first known use of BMR in mine water heat research, providing new insight into how water is stored and flows through underground rocks, crucial for understanding the heat resource.

As well as routine temperature and chemistry monitoring results, which have also been released, this new geophysics dataset adds a new layer of understanding to the Living Laboratory’s mission to inform the future of sustainable mine water heat across Britain’s former coalfields.

It provides open-access data to help government, industry and academia work together to broaden the adoption of mine water heat as a viable, long-term renewable resource.

Senior Technical Specialist for the Environment Agency in the North East, Sally Gallagher, said:

As the environmental regulator for England our role is to ensure renewable heat technologies are sustainable and do not adversely impact the environment. It’s great to see the first findings of this innovative research study and understand more how mine water can be used for heating.

Launched by the Mining Remediation Authority in January 2025, the Gateshead mine water heat Living Laboratory is the only facility in the world designed to monitor how heat, water and geology behave between multiple operational mine water heat schemes in a shared underground system.

Further information:

Access the open geophysical dataset for the Living Lab

For media enquiries contact the community response team

Email communityresponse@miningremediation.gov.uk

Telephone 0800 288 4211

For emergency media enquiries (out of hours) call: 0800 288 4242.
Only urgent media calls will be attended to.

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Published 31 July 2025
MIL OSI United Kingdom –
August 5, 2025
MIL-OSI United Kingdom: Heathrow expansion is a “flightmare on Downing Street” say Greens

Source: Green Party of England and Wales

31 July 2025 by Green Party

Responding to the release of detailed proposals for Heathrow Airport expansion, Green Party MP, Ellie Chowns, reiterated the Green Party’s opposition to airport expansion, saying,

“Heathrow Airport expansion is a flightmare on Downing Street for people and planet. On one hand, this government is saying they’re taking the climate crisis seriously, and on the other, they’re backing a project that will release a reported 4.4m tonnes of CO2 a year. These expansion plans would see the number of flights at Heathrow Airport go up to 720,000 from their current capped number of 480,000 a year.

These expansion plans are, at their heart, aimed to deliver profit for shareholders to enable a small group of people to fly more and more. In the UK we have a few frequent flyers that make up less than 3% of the UK population but take 30% of all journeys. On top of this, they seem oblivious to the impact that these plans will have on the communities currently living around Heathrow. Government must be grounded in reality and look hard at the climate science. No credible net-zero plan can include rampant airport expansion, and it’s time Labour looked to the many, many alternative ways to create high-paid green jobs.”

MIL OSI United Kingdom –

August 5, 2025
MIL-OSI Russia: Myanmar announces formation of new union government

Translation. Region: Russian Federal

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

An important disclaimer is at the bottom of this article.

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

YANGON, July 31 (Xinhua) — Myanmar’s National Defence and Security Council on Thursday formed a new union government and a National Security and Peace Commission, state broadcaster MRTV reported.

The Union Government is headed by Nyo Soe as Prime Minister and the National Security and Peace Commission is led by Senior General Min Aung Hlaing, the statement said.

According to the report, the National Defense and Security Council also decided to cancel the order to transfer powers to the commander-in-chief of the armed forces.

Myanmar State Administrative Council spokesman Zaw Min Tun said on Thursday that the National Defence and Security Council had decided to lift the state of emergency to hold a general election.

In February 2021, Myanmar’s then-acting President Myint Swe declared a one-year state of emergency and handed over supreme power to the Commander-in-Chief of the Armed Forces. The Office of the Commander-in-Chief of the Armed Forces subsequently formed the State Administrative Council, chaired by Min Aung Hlaing. Myanmar’s National Defense and Security Council has repeatedly extended the state of emergency for six months, until July 31 this year. –0–

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

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MIL OSI Russia News –

August 5, 2025
MIL-OSI United Kingdom: Latest data shows measles cases remain high
Source: United Kingdom – Executive Government & Departments

News story

Latest data shows measles cases remain high

Measles activity has increased since April 2025 and the UKHSA is continuing to oversee the public health risk assessment.
The UK Health Security Agency (UKHSA) is today urging parents to prioritise vaccine catch-up appointments during the summer break, with latest data showing continued high levels of measles cases amid fears of a further surge once the new school term begins.

Measles activity has increased since April 2025 and the UKHSA is continuing to oversee the public health risk assessment and working with local partners on the response.

The latest monthly update on measles cases in England published today shows that an additional 145 measles cases have been reported since the last publication on July 3. Cases continue to predominantly be in children under the age of 10 years with London and parts of the North West driving the increase most.

The latest measles epidemiology report on the UKHSA Data Dashboard today reports:

since 1 January, there have been 674 laboratory confirmed measles cases reported in England, an increase of 145 cases since the last report on 3 July 2025

48% (322/674) of these cases have been in London, 16% (111 out of 674) in the North West, and 10% (65/674) in the East of England

There has also been a global increase in measles cases, including Europe, over the last year. UKHSA is concerned that holiday travel and international visits to see family this summer could lead to rising measles cases in England when the new school term begins.

Dr Vanessa Saliba, UKHSA Consultant Epidemiologist, said:

The summer months offer parents an important opportunity to ensure their children’s vaccinations are up to date, giving them the best possible protection when the new school term begins. It is never too late to catch up. Do not put it off and regret it later.

Measles spreads very easily and can be a nasty disease, leading to complications like ear and chest infections and inflammation of the brain with some children tragically ending up in hospital and suffering life-long consequences.

Two doses of the MMR vaccine is the best way to protect yourself and your family from measles. Babies under the age of 1 and some people who have weakened immune systems cannot have the vaccine and are at risk of more serious complications if they get measles. They rely on the rest of us getting the vaccine to protect them.

Dr Amanda Doyle, National Director for Primary Care and Community Services at NHS England, said:

Vaccination is the best protection against measles, which is highly contagious and can cause serious health problems. The MMR vaccine is provided free by the NHS and I would urge all parents to check their child’s vaccination records before the new school year or summer travel, particularly as Europe is reporting the highest number of measles cases in 25 years.

While the NHS delivered tens of thousands of additional MMR vaccinations last year, too many eligible children remain unvaccinated, and we are working with local authorities and the UK Health Security Agency to reach more youngsters, with enhanced vaccination offers in areas with higher cases, including vaccination buses and community catch-up sessions.

The first MMR vaccine is offered to infants when they turn one year old and the second dose to pre-school children when they are around 3 years and 4 months old.

Around 99% of those who have 2 doses will be protected against measles and rubella. Although mumps protection is slightly lower, cases in vaccinated people are much less severe.

Anyone, whatever age, who has not had 2 doses can contact their GP surgery to book an appointment.

Read more information on measles, mumps and rubella.

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Published 31 July 2025
MIL OSI United Kingdom –
August 5, 2025
MIL-OSI United Kingdom: Dr Simone Lowthe-Thomas reappointed to The National Lottery Community Fund
Source: United Kingdom – Executive Government & Departments

News story

Dr Simone Lowthe-Thomas reappointed to The National Lottery Community Fund

The Secretary of State has reappointed Dr Simone Lowthe-Thomas as Board Member to The National Lottery Community Fund and Chair of the Wales Committee for 4 years from 1 July 2025 to 30 June 2029.
Dr Simone Lowthe-Thomas

Starting life as an ecologist and then working on sustainable energy, community

regeneration and sustainable development, Simone has been working with communities, businesses, government and academia for over 25 years. Currently Director for Nature and Climate at Bannau Brycheiniog (Brecon Beacons) National Park, Simone is working in partnership to accelerate a response to our climate, water and nature crises, in a way that works for both people and the natural world.

Previous experience and roles include CEO at Severn Wye Energy Agency (a Fuel Poverty and Sustainable Energy Charity), Vice-President of Fedarene (European Federation of Energy Agencies), Founding Member of Community Energy Wales and as a Research Associate and Manager of Wales Biomass Centre (Cardiff University Research Centre on Bioenergy).

Simone brings a very practical community based background and expertise in developing approaches to engagement and involvement having supported and developed some of the first community owned energy schemes, ‘Cynefin’ a Welsh Government Programme which demonstrate co-production and place-based approaches, and working with the Wellbeing of Future Generations Commissioners Office to develop guidance for the ways of working (Sustainable Development Principles).She has held voluntary roles including as Chair of Governors and has been a STEM Ambassador for 25 years.

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Published 31 July 2025
MIL OSI United Kingdom –
August 5, 2025
MIL-OSI United Kingdom: Island youth shine at cricket skills festival 31 July 2025 Island youth shine at Chance to Shine Cricket Skills Festival

Source: Aisle of Wight

The final event of the Isle of Wight’s ‘Chance to Shine Cricket Skills Festival’ saw more than 100 children take part in a day of fun, teamwork and cricket at Newclose County Cricket Ground.

Young players from across the Island came together for a packed schedule of cricket-based activities and games, with children showing off everything from powerful batting to diving catches.

Andy Day, event coordinator, said: “This festival isn’t just about cricket, it’s about building confidence, encouraging teamwork, and creating a love for the game from a young age, especially for those who might not otherwise get the chance.”

The event was the last of four free festivals held this summer at cricket grounds across the Island, all part of a national programme designed to bring cricket into more state schools. Every Island primary school is invited to take part.

Councillor Ian Dore, chair of the Isle of Wight Council, who supported the event, said: “It was a truly joyous event, beautifully organised and a real celebration of everything cricket has to offer young people.

“Cricket encourages physical fitness through regular activity, building strength, coordination, and endurance. Just as importantly, it instils discipline, patience, and teamwork, nurturing social skills and mutual respect.

“I believe this may have been a first for the Chair — being asked to wear the chain with sports kit! Sadly, it didn’t improve my cricketing ability, which was certainly outshone by the impressive talent on display.”

A team of young leaders from Carisbrooke College helped run this final festival, having completed the Chance to Shine Young Leaders programme earlier this term alongside students from The Bay, Ryde Academy, and The Island Free School.

Chance to Shine has worked with over 7 million young people across the UK since 2005, introducing many to the sport for the very first time through coaching, competition, and leadership training.

Councillor Dore added: “The Island is clearly leading the way in this, and participation in cricket helps foster a strong sense of belonging and community.

“Cricket can also open doors to further education and professional opportunities. Most importantly, it’s fun! It offers children a chance to enjoy healthy, structured physical activity in a supportive environment.

“If your child is interested in trying cricket outside of school, visit the Isle of Wight Cricket Board to find out more.”

MIL OSI United Kingdom –

August 5, 2025
MIL-OSI Russia: The CSR discussed how platform employment regulation will develop

Translation. Region: Russian Federal

Source: Ministry of Economic Development (Russia) – Ministry of Economic Development (Russia) –

An important disclaimer is at the bottom of this article.

The Center for Strategic Research held a round table entitled “Platform Employment in the New Conditions: What Changes After the Law on the Platform Economy.” Together with representatives of the Ministry of Economic Development, the State Duma, the expert and academic community, as well as leading digital platforms, they discussed the adopted law on the platform economy and future regulatory detailing at the level of by-laws.

According to the participants, the adopted law was an important step in the formation of a basic regulatory framework, but it is now that the most subtle and meaningful part of the work begins – filling this framework with tools, concepts and mechanisms.

The moderator of the round table, CEO of the CSR Pavel Smelov noted: “Russia is one of the few countries where digital platforms have become a truly systemic part of the economy. We have not just implemented technologies, we have created our own model – and this is a serious competitive advantage. Now our task is not to lose our leadership, to take the next step – to turn the platform economy into a full-fledged export model. It is no longer just about technologies, but about a new logic of the economic structure that can be transmitted beyond the country’s borders.”

Also, in his opinion, the key direction of the next stage is the issue of platform employment: “We are already living in a new reality: there is a platform, there is a platform economy, and we still continue to hold on to the old model of social security, as if nothing has changed. The social security system needs to be revised taking into account how the employment market is actually structured today. People are developing other principles of financial stability: investments, a safety net, additional income. Therefore, it is important not only to protect, but also to educate – to help people navigate modern work formats and make informed decisions. Especially when it comes to those for whom the platform is not their main, but additional employment.”

The Ministry of Economic Development emphasized that the implementation of the law will require a flexible and consistent approach, especially in terms of employment. The main focus in the coming months is work on by-laws, the launch of a digital platform registry mechanism, and the preparation of clarifications.

“Russia has made great strides in developing the platform economy: we already have our own effectively functioning models that are of interest abroad. But it is important not to stop there. Platforms are developing rapidly, and regulation should not slow down, but rather accompany this process, be flexible and targeted. We see that citizens make decisions based not only on the logic of the future, but also on current circumstances — and pensions and social guarantees are not always perceived as real values. Therefore, the platform can become a channel through which we will rethink social policy — at the level of product, convenience, and trust. We have examples when digital, platform services became a necessary tool for performers to legalize and comply with legal requirements, including the calculation and payment of taxes. Platform tools have proven their convenience and demand. In turn, this approach provides additional opportunities to ensure control by the state. Our task today is not to go to extremes, but to maintain an open dialogue, flexibility, and thoughtfulness. This is precisely the strength of the platform economy,” said Vladimir Voloshin, Director of the Department of Digital Development and Data Economy at the Ministry of Economic Development.

State Duma Deputy Stanislav Naumov reported that an expert council will be created under the Committee on Economic Policy, which will undertake in-depth study of unresolved issues.

“In September, we are ready to move on. For me personally, there are three priorities today. The first is export orientation: platforms should help Russian businesses enter foreign markets, and not just regulate access of foreign players to ours. The second is the development of internal B2B interaction, where online platforms can become a full-fledged infrastructure for cooperation between suppliers. And the third is the use of platforms to improve the efficiency of state and municipal procurement,” he said.

As for platform employment, according to the deputy, this is not just a regulatory issue – it is a question of filling the social fund and, as a result, a real opportunity to increase the minimum level of pensions in those regions where it is objectively insufficient today. “This is how I understand the social task of regulation,” he concluded.

Business supported the general vector, but drew attention to the need for a differentiated approach. Industry representatives emphasized that uniform standards for platforms with fundamentally different models — from marketplaces to service aggregators — could result in risks for flexibility and employment.

“The platform economy has already changed the market, and the self-employed regime has proven that people are ready to come out of the shadows if they are offered transparent and convenient conditions. Let’s not abolish what works, but rebuild the old – so that the economy, employment and the contribution system develop synchronously,” said Anton Danilov-Danilyan, Deputy Chairman of Delovaya Rossiya, head of the working group of transport service aggregators at the Russian Union of Industrialists and Entrepreneurs. According to Yuri Bogdanov, General Director of the Association of Digital Platforms, “it is digitalization, platform development and the tax regime on professional income that give the state a chance to oust gray practices through transparency.”

“Platform employment is being formed to a greater extent in industries with high demand for flexible types of employment, allowing for the expansion of participation of various groups of the population in the economy. Therefore, it is important not just to offer them standard social benefits, but to understand what they really need and what they are ready to use,” noted Rimma Chichakyan, Director of Legal Affairs and Government Relations at Yandex Taxi.

Ozon representative Alexander Vasiliev supported this position. “We are no longer living in an industrial economy, but in a post-industrial economy, and regulation should take this into account. At the same time, it is important to maintain a choice between different employment formats and not limit new models,” he noted.

The participants of the discussion agreed that the development of the platform economy does not require strict regulation, but rather fine-tuning and careful attention to specifics. Among the priority areas, the participants highlighted the need to clarify the criteria for the integrity of platforms, the formation of mechanisms for distinguishing employment from shadow schemes, as well as work on the status of the performer and protection tools. Particular attention was paid to the creation of a sustainable format for dialogue between the state, business and experts – both on the parliamentary platform and within the framework of the implementation of the law in practice.

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

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MIL OSI Russia News –

August 5, 2025
MIL-OSI Russia: Financial News: Recommendations for financial market participants on the conceptual design of the “Reference and Master Data” process

Translation. Region: Russian Federal

Source: Central Bank of Russia –

An important disclaimer is at the bottom of this article.

The development of modern technologies, the increase in the amount of data, the emergence of new financial products and the digitalization of traditional ones require financial market participants to create and improve data management systems.

The main tasks of data management systems development:

improving the quality and reliability of data, increasing their efficiency, transparency of data preparation processes for regulatory reporting, increasing flexibility and speed of response to changes in regulation, increasing the efficiency of core business processes.

The Bank of Russia believes that data management systems of individual financial institutions are important for maintaining the quality of data in the country’s financial system as a whole. Proper data management is also necessary for the timely and complete provision of regulatory reporting, on the basis of which supervisory decisions are made, among other things.

The conditions for the development of data management systems are created by the Bank of Russia taking into account global experience, the current level of development of financial organizations, current restrictions on technologies and general challenges facing the domestic financial market.

In 2024, the regulator created a working group on the development of data management systems for financial market participants, which includes representatives of the Bank of Russia’s structural divisions and the director of data management for financial institutions. The head of the working group is Deputy Chairman of the Bank of Russia Valery Kazarin. The working group includes subgroups to develop a methodology for assessing the maturity of data management systems for financial market participants and to develop methodological recommendations for the development of data management systems for financial market participants.

The working group has developed recommendations for the development of data management systems for financial market participants and a methodology for self-assessing the maturity of data management systems for financial market participants.

Market participants are encouraged to regularly conduct self-assessments of the maturity level of data management systems, which will improve the quality of data and analytics, optimize information management processes, and more quickly adapt to regulatory changes. Based on the results of the self-assessment, a market participant can take advantage of recommendations of the working group to improve the efficiency of their processes and technological solutions.

Responsible structural unit: Department of Data, Projects and Processes

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

.

MIL OSI Russia News –

August 5, 2025
MIL-OSI Russia: Financial News: Recommendations for financial market participants on the conceptual design of the “Metadata Management” process

Translation. Region: Russian Federal

Source: Central Bank of Russia –

An important disclaimer is at the bottom of this article.

The development of modern technologies, the increase in the amount of data, the emergence of new financial products and the digitalization of traditional ones require financial market participants to create and improve data management systems.

The main tasks of data management systems development:

improving the quality and reliability of data, increasing their efficiency, transparency of data preparation processes for regulatory reporting, increasing flexibility and speed of response to changes in regulation, increasing the efficiency of core business processes.

The Bank of Russia believes that data management systems of individual financial institutions are important for maintaining the quality of data in the country’s financial system as a whole. Proper data management is also necessary for the timely and complete provision of regulatory reporting, on the basis of which supervisory decisions are made, among other things.

The conditions for the development of data management systems are created by the Bank of Russia taking into account global experience, the current level of development of financial organizations, current restrictions on technologies and general challenges facing the domestic financial market.

In 2024, the regulator created a working group on the development of data management systems for financial market participants, which includes representatives of the Bank of Russia’s structural divisions and the director of data management for financial institutions. The head of the working group is Deputy Chairman of the Bank of Russia Valery Kazarin. The working group includes subgroups to develop a methodology for assessing the maturity of data management systems for financial market participants and to develop methodological recommendations for the development of data management systems for financial market participants.

The working group has developed recommendations for the development of data management systems for financial market participants and a methodology for self-assessing the maturity of data management systems for financial market participants.

Market participants are encouraged to regularly conduct self-assessments of the maturity level of data management systems, which will improve the quality of data and analytics, optimize information management processes, and more quickly adapt to regulatory changes. Based on the results of the self-assessment, a market participant can take advantage of recommendations of the working group to improve the efficiency of their processes and technological solutions.

Responsible structural unit: Department of Data, Projects and Processes

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

.

MIL OSI Russia News –

August 5, 2025
MIL-OSI: Audacity Capital Brings Tailored Features to Prop Contests and Trading with DXtrade

Source: GlobeNewswire (MIL-OSI)

London, UK, July 31, 2025 (GLOBE NEWSWIRE) — Leading prop trading firm, Audacity Capital, has announced its licensing of DXtrade, the flagship trading platform from global software developer for the capital markets, Devexperts.

Audacity Capital, which partners with disciplined, high-performance traders to unlock global market opportunities, will now offer its traders the option to trade using DXtrade, giving them access to a range of tailored features designed to enhance the trading experience.

With over 300,000 traders funded since 2012 and offering funded accounts up to $2m, Audacity Capital focuses on developing fast scaling programs and payout structures with a view to being a long term partner in trader success. The firm places an emphasis on transparency, personalization, and bespoke support.

With DXtrade, which is available off-the-shelf in partly or fully customizable form, Audacity Capital will be able to deliver on these aims by providing its traders with a comprehensive suite of tools and features to enhance their prop trading experience, including an easy-to-navigate and intuitive interface with trading layout customization optionality; a performance dashboard to analyze performance, risk / reward ratios, win rates, and winning / losing trade holding times; an embedded trading journal, economic calendar, and multi-view watchlists; advanced charting library with responsive charting functionality; and all necessary order risk management settings.

Traders can also benefit from Stop Loss and Take Profit settings, as well as order types and execution methods for all trading styles.

Through its licensing of DXtrade, Audacity Capital will also be able to benefit from a variety of risk management capabilities to help manage traders and day-to-day activities. These include maximum drawdown and profit target, as well as real-time performance and rule adherence monitoring; support for group management; and integrated trading contest software, with fully adjustable settings along with leaderboards and shareable results.

DXtrade also offers turnkey integration with any payment provider; custom prop plan, rules and metrics functionality; and full CRM connectivity.

Karim Yousfi, CEO of Audacity Capital, says: “We’re excited to partner with DXtrade to bring our traders a powerful, flexible platform tailored to the demands of modern trading. This collaboration enhances our ability to support ambitious traders with the best tools available.”

Jon Light, Head of OTC Platform at Devexperts, says: “Audacity Capital has built a strong reputation for finding and partnering with talented traders for the long term. We similarly look to build long-term relationships with our clients and know that offering an excellent service is a vital factor in doing so. We are therefore very pleased that Audacity has opted to license DXtrade and its comprehensive range of features designed to optimize the prop trading experience for firm and trader alike. As Audacity continues to grow, we look forward to our ongoing work together to deliver an intuitive and seamless experience. ”

About Audacity Capital

Founded in 2012, Audacity Capital is one of the longest standing and most trusted proprietary trading firms in the industry. With a mission to empower skilled traders globally, we offer fully funded accounts, no risk trading models, and tailored support to help traders reach their full potential. Having funded over 300,000 traders across 100+ countries, we’ve built a reputation for transparency, performance, and long term trader success.

About Devexperts

Devexperts has been developing software for the capital markets since 2002. The company’s flagship solution is DXtrade, a multi-asset platform for banks, brokerages, and wealth managers, serving customers across stocks, options, futures, ETFs, mutual bonds, FX, CFDs, and margin and spot crypto. With headquarters in Ireland, Devexperts’ development team consists of 800+ engineers located in offices in the USA, Germany, Bulgaria, Singapore, Portugal, Turkey, and Georgia. Learn more at: https://devexperts.com.

The MIL Network –

August 5, 2025

MIL-OSI: Commerce Announces Second Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

AUSTIN, Texas, July 31, 2025 (GLOBE NEWSWIRE) — Commerce.com, Inc. (Nasdaq: BIGC) (formerly BigCommerce Holdings, Inc.), a provider of an open, intelligent ecosystem of technology solutions that empower businesses to unlock data potential and deliver seamless, personalized experiences at scale, today announced financial results for its second quarter ended June 30, 2025. Earlier this morning, BigCommerce announced the launch of its new parent brand, Commerce, and that it has officially changed its corporate name to Commerce.com, Inc. (“Commerce” or the “Company”), unifying BigCommerce, Feedonomics and Makeswift to power the next era of agentic commerce. In connection with the name change and rebranding, the Company will change its ticker to the symbol “CMRC” on the Nasdaq Global Market effective on or about August 1, 2025.

“The second quarter was a defining period for our company, and today we mark an important milestone as we reintroduce ourselves as Commerce,” said Travis Hess, CEO of Commerce. “The strategy, product and go-to-market engine we have built over the past year came together behind a singular focus: powering an AI-driven commerce ecosystem at scale. Our transformation phase is over. We have moved fully into execution and growth.”

Second Quarter Financial Highlights:

Total revenue was $84.4 million, up 3% compared to the second quarter of 2024.

Total annual revenue run-rate (“ARR”) as of June 30, 2025 was $354.6 million, up 3% compared to June 30, 2024.

Subscription solutions revenue was $63.7 million, up 3% compared to the second quarter of 2024.

ARR from accounts with at least one enterprise plan (“Enterprise Accounts”) was $269.3 million as of June 30, 2025, up 6% from June 30, 2024.

ARR from Enterprise Accounts as a percent of total ARR was 76% as of June 30, 2025, compared to 73% as of June 30, 2024.

GAAP gross margin was 79%, compared to 76% in the second quarter of 2024. Non-GAAP gross margin was 80%, compared to 77% in the second quarter of 2024.

Other Key Business Metrics

Number of enterprise accounts was 5,803, down 3% compared to the second quarter of 2024.

Average revenue per account (“ARPA”) of enterprise accounts was $46,403, up 9% compared to the second quarter of 2024.

Revenue in the United States grew by 3% compared to the second quarter of 2024.

Revenue in EMEA grew by 7% and revenue in APAC declined by 4% compared to the second quarter of 2024.

Loss from Operations and Non-GAAP Operating Income (Loss)

GAAP loss from operations was ($6.8) million, compared to ($13.5) million in the second quarter of 2024.

Included in GAAP loss from operations was a restructuring charge of $1.6 million.

Non-GAAP operating income was $4.8 million, compared to $1.9 million in the second quarter of 2024.

Net Income (Loss) and Earnings Per Share

GAAP net loss was ($8.4) million, compared to ($11.3) million in the second quarter of 2024.

Non-GAAP net income was $3.2 million or 4% of revenue, compared to $4.1 million or 5% of revenue in the second quarter of 2024.

GAAP basic net loss per share was ($0.10) based on 80.1 million shares of common stock, compared to ($0.15) based on 77.5 million shares of common stock in the second quarter of 2024.

Non-GAAP basic net income per share was $0.04 based on 80.1 million shares of common stock, compared to $0.05 based on 77.5 million shares of common stock in the second quarter of 2024.

Adjusted EBITDA

Adjusted EBITDA was $5.7 million, compared to $3.0 million in the second quarter of 2024.

Cash

Cash, cash equivalents, restricted cash, and marketable securities totaled $135.6 million as of June 30, 2025.

For the three months ended June 30, 2025, net cash provided by operating activities was $13.6 million, compared to $11.7 million provided by operating activities for the same period in 2024. We reported free cash flow of $11.9 million in the three months ended June 30, 2025.

Business Highlights:

Corporate Highlights

Former Adobe Fellow and Vice President of Technology Anil Kamath joined the Company’s Board of Directors.
In July, BigCommerce scored 24 out of 24 total medals in the 2025 Paradigm B2B Combines for Digital Commerce Solutions (Enterprise and Midmarket Editions) for the third consecutive year. The Company advanced its rankings in five categories in both Editions and achieved more Gold medals in Midmarket than other platforms.
In July, BigCommerce also announced the launch of the B2B Quick Start Accelerator, a partner-led implementation program built to help mid-market B2B sellers launch faster, reduce risk and realize ROI sooner.
TrustRadius recognized Commerce with a 2025 Top Rated Award for ecommerce, based on the Company’s strong customer reviews.

Customer Highlights

Minerva Beauty, a large salon and spa equipment showroom in the United States, launched a new storefront in partnership with Commerce agency partner Forix, featuring a custom shipping app that improves service and transparency for clients.
Great Star Tools, a leading manufacturer of innovative hand and power tools, used Commerce’s Multi-Storefront functionality to build B2B and B2C sites for its companies Primeline Parts and Arrow Tool Group.
Belami e-Commerce, a fast-growing online retailer and ecommerce services provider launched three storefronts on Catalyst and Makeswift using Commerce’s Multi-Storefront functionality and leveraging Commerce’s integration with PayPal Fastlane.
NanoTemper Technologies, a manufacturer of high-quality biophysical instruments and solutions that deliver reliable, precise results to customers, primarily laboratories, across Europe and the United States, launched a new storefront using Commerce’s B2B Edition.
Bright SG, a software company that provides cloud-based solutions for accounting, payroll, and HR to businesses across the UK and Ireland, worked with Commerce partner Brave Bison to implement a custom recurring payment solution using Stripe and Bright’s ERP system, Maxio, along with a custom WordPress integration.

Partner Highlights

In June, Commerce announced their customers now have access to cutting-edge AI-powered search engine Perplexity to optimize visibility and relevance for brands in AI search results. Commerce now provides Perplexity with pre-optimized, structured product data, ensuring that the LLM understands and recognizes merchants’ products, leading to superior search results that favor the brand.
In July, Commerce announced a deepened partnership with Google Cloud to accelerate merchant performance using Google Cloud’s next-generation AI tools.
In July, Commerce announced the launch of a powerful ecommerce accelerator purpose-built for the UK building materials industry. Developed in collaboration with leading digital agency Brave Bison, Product Information Management technology provider Pimberly, and construction industry consultant The Journey, the “Branch of the Future” accelerator provides building merchants with a comprehensive toolkit to digitize operations, meet the expectations of next-generation buyers and future-proof their businesses.

Q3 and 2025 Financial Outlook:

For the third quarter of 2025, we currently expect:

Total revenue between $85 million to $87 million.

Non-GAAP operating income is expected to be between $2.3 million to $3.3 million.

For the full year 2025, we currently expect:

Total revenue between $339.6 million and $346.6 million.

Non-GAAP operating income between $19 million and $25 million.

Our third quarter and 2025 financial outlook is based on a number of assumptions that are subject to change and many of which are outside our control. If actual results vary from these assumptions, our expectations may change. There can be no assurance that we will achieve these results.

We do not provide guidance for loss from operations , the most directly comparable GAAP measure to Non-GAAP operating income, and similarly cannot provide a reconciliation between its forecasted Non-GAAP operating income and Non-GAAP income per share and these comparable GAAP measures without unreasonable effort due to the unavailability of reliable estimates for certain items. These items are not within our control and may vary greatly between periods and could significantly impact future financial results.

Conference Call Information

The financial results and business highlights will be discussed on a conference call and webcast scheduled at 7:00 a.m. CT (8:00 a.m. ET) on Thursday, July 31, 2025. The conference call can be accessed by dialing (833) 634-1254 from the United States and Canada or (412) 317-6012 internationally and requesting to join the “Commerce conference call.” The live webcast of the conference call can be accessed from Commerce’s investor relations website at http://investors.bigcommerce.com.

Following the completion of the call through 11:59 p.m. ET on Thursday, August 7, 2025, a telephone replay will be available by dialing (877) 344-7529 from the United States, (855) 669-9658 from Canada or (412) 317-0088 internationally with conference ID 7863771. A webcast replay will also be available at http://investors.bigcommerce.com for 12 months.

About Commerce

Commerce empowers businesses to innovate, grow, and thrive by providing an open, AI-driven commerce ecosystem. As the parent company of BigCommerce, Feedonomics, and Makeswift, Commerce connects the tools and systems that power growth, enabling businesses to unlock the full potential of their data, deliver seamless and personalized experiences across every channel, and adapt swiftly to an ever-changing market. Trusted by leading businesses like Coldwater Creek, Cole Haan, Harvey Nichols, King Arthur Baking Co., Melissa & Doug, Mizuno, Patagonia, Perry Ellis, Puma, SportsShoes, and Uplift Desk, Commerce delivers the storefront control, optimized data, and AI-ready tools businesses need to grow, serve diverse buyers, and operate with confidence in an increasingly intelligent, multi-surface world. For more information, visit commerce.com or follow us on X and LinkedIn.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “outlook,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,” “could,” “can,” “predict,” “potential,” “strategy,” “target,” “explore,” “continue,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. However, not all forward-looking statements contain these identifying words. These statements may relate to our ability to successfully execute our rebranding initiative, our increased focus on AI enablement, market size and growth strategy, our estimated and projected costs, margins, revenue, expenditures and customer and financial growth rates, our Q3 and fiscal 2025 financial outlook, our plans and objectives for future operations, growth, initiatives or strategies. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the forward-looking statements. These assumptions, uncertainties and risks include that, among others, our business would be harmed by any decline in new customers, renewals or upgrades, our limited operating history makes it difficult to evaluate our prospects and future results of operations, we operate in competitive markets, we may not be able to sustain our revenue growth rate in the future, our business would be harmed by any significant interruptions, delays or outages in services from our platform or certain social media platforms, and a cybersecurity-related attack, significant data breach or disruption of the information technology systems or networks could negatively affect our business. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in our filings with the Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2024 and the future quarterly and current reports that we file with the SEC. Forward-looking statements speak only as of the date the statements are made and are based on information available to Commerce at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. Commerce assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

Use of Non-GAAP Financial Measures

We have provided in this press release certain financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). Our management uses these Non-GAAP financial measures internally in analyzing our financial results and believes that use of these Non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing our financial results with other companies in our industry, many of which present similar Non-GAAP financial measures. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable financial measures prepared in accordance with GAAP and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. A reconciliation of our historical Non-GAAP financial measures to the most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review these reconciliations.

Annual Revenue Run-Rate

We calculate annual revenue run-rate at the end of each month as the sum of: (1) contractual monthly recurring revenue at the end of the period, which includes platform subscription fees, invoiced growth adjustments, feed management subscription fees, recurring professional services revenue, and other recurring revenue, multiplied by twelve to prospectively annualize recurring revenue, and (2) the sum of the trailing twelve-month non-recurring and variable revenue, which includes one-time partner integrations, one-time fees, payments revenue share, and any other revenue that is non-recurring and variable.

Enterprise Account Metrics

To measure the effectiveness of our ability to execute against our growth strategy, we calculate ARR attributable to Enterprise Accounts. We define Enterprise Accounts as accounts with at least one unique Enterprise plan subscription or an enterprise level feed management subscription (collectively “Enterprise Accounts”). These accounts may have more than one Enterprise plan or a combination of Enterprise plans and non-enterprise plans.

Average Revenue Per Account

We calculate average revenue per account (“ARPA”) for accounts in the Enterprise cohort at the end of a period by including customer-billed revenue and an allocation of partner and services revenue, where applicable. We allocate partner revenue, where applicable, primarily based on each customer’s share of gross merchandise volume (“GMV”) processed through that partner’s solution. For partner revenue that is not directly linked to customer usage of a partner’s solution, we allocate such revenue based on each customer’s share of total platform GMV. Each account’s partner revenue allocation is calculated by taking the account’s trailing twelve-month partner revenue, then dividing by twelve to create a monthly average to apply to the applicable period in order to normalize ARPA for seasonality.

Adjusted EBITDA

We define Adjusted EBITDA as our net loss, excluding the impact of stock-based compensation expense and related payroll tax costs, amortization of intangible assets, acquisition related costs, restructuring charges, depreciation, gain on convertible notes extinguishment, interest income, interest expense, other expense, and our provision or benefit for income taxes.

Acquisition related costs include contingent compensation arrangements entered into in connection with acquisitions and achieved earnout related to an acquisition.

Restructuring charges include severance benefits, right-of-use asset impairments, lease termination gain, software impairments, accelerated depreciation and amortization, and professional services costs.

Depreciation includes depreciation expenses related to the Company’s fixed assets.

The most directly comparable GAAP measure is net loss.

Non-GAAP Operating Income (Loss)

We define Non-GAAP Operating Income (Loss) as our GAAP Loss from operations, excluding the impact of stock-based compensation expense and related payroll tax costs, amortization of intangible assets, acquisition related costs, and restructuring charges. The most directly comparable GAAP measure is our loss from operations.

Non-GAAP Net Income (Loss)

We define Non-GAAP Net Income (Loss) as our GAAP net loss, excluding the impact of stock-based compensation expense and related payroll tax costs, amortization of intangible assets, acquisition related costs, restructuring charges, and gain on convertible notes extinguishment. The most directly comparable GAAP measure is our net loss.

Non-GAAP Basic and Dilutive Net Income (Loss) per Share

We define Non-GAAP Basic and Dilutive Net Income (Loss) per Share as our Non-GAAP net income (loss), defined above, divided by our basic and diluted GAAP weighted average shares outstanding. The most directly comparable GAAP measure is our basic net loss per share.

Free Cash Flow

We define Free Cash flow as our GAAP cash flow provided by (used in) operating activities less our cash paid for website domain name and GAAP purchases of property, equipment, leasehold improvements and capitalized internal-use software (Capital Expenditures). The most directly comparable GAAP measure is our cash flow provided by (used in) operating activities.

BigCommerce,® the Commerce logo, and other brands are the trademarks or registered trademarks of BigCommerce Pty. Ltd. Third-party trademarks and service marks are the property of their respective owner.

Media Relations Contact	Investor Relations Contact
Brad Hem	Tyler Duncan
PR@Commerce.com	InvestorRelations@Commerce.com


Commerce.com, Inc. Condensed Consolidated Balance Sheets (in thousands)

	June 30,			December 31,
	2025			2024
	(unaudited)
Assets
Current assets
Cash and cash equivalents	$	46,265		$	88,877
Restricted cash		1,164			1,479
Marketable securities		88,190			89,283
Accounts receivable, net		51,767			48,117
Prepaid expenses and other assets, net		14,722			14,641
Deferred commissions		7,556			8,822
Total current assets		209,664			251,219
Property and equipment, net		8,983			9,128
Operating lease, right-of-use-assets		7,114			1,993
Prepaid expenses and other assets, net of current portion		5,797			3,146
Deferred commissions, net of current portion		4,143			5,559
Intangible assets, net		14,906			17,317
Goodwill		51,927			51,927
Total assets	$	302,534		$	340,289
Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$	8,775		$	7,018
Accrued liabilities		3,464			3,194
Deferred revenue		55,738			46,590
Operating lease liabilities		1,766			2,438
Other liabilities		28,538			28,766
Total current liabilities		98,281			88,006
Convertible notes		157,545			216,466
Operating lease liabilities, net of current portion		6,709			1,680
Other liabilities, net of current portion		1,233			768
Total liabilities		263,768			306,920
Stockholders’ equity
Common stock		7			7
Additional paid-in capital		669,068			654,905
Accumulated other comprehensive income		114			145
Accumulated deficit		(630,423	)		(621,688	)
Total stockholders’ equity		38,766			33,369
Total liabilities and stockholders’ equity	$	302,534		$	340,289


Commerce.com, Inc. Condensed Consolidated Statements of Operations (in thousands, except per share amounts) (unaudited)

	For the three months ended June 30,						For the six months ended June 30,
	2025			2024			2025			2024
Revenue	$	84,433		$	81,829		$	166,803		$	162,189
Cost of revenue ⁽¹⁾		17,739			19,811			34,723			38,250
Gross profit		66,694			62,018			132,080			123,939
Operating expenses:
Sales and marketing⁽¹⁾		35,071			34,425			65,437			66,857
Research and development⁽¹⁾		18,310			20,287			37,516			40,275
General and administrative⁽¹⁾		15,855			15,436			29,499			30,365
Amortization of intangible assets		2,520			2,452			4,855			4,919
Acquisition related costs		111			334			444			667
Restructuring charges		1,614			2,572			3,526			2,572
Total operating expenses		73,481			75,506			141,277			145,655
Loss from operations		(6,787	)		(13,488	)		(9,197	)		(21,716	)
Gain on convertible note extinguishment		0			0			3,931			0
Interest income		1,171			3,196			2,471			6,374
Interest expense		(2,522	)		(720	)		(5,065	)		(1,440	)
Other expense		(23	)		(111	)		(130	)		(443	)
Loss before provision for income taxes		(8,161	)		(11,123	)		(7,990	)		(17,225	)
Provision for income taxes		(221	)		(132	)		(745	)		(422	)
Net loss	$	(8,382	)	$	(11,255	)	$	(8,735	)	$	(17,647	)
Basic net loss per share	$	(0.10	)	$	(0.15	)	$	(0.11	)	$	(0.23	)
Shares used to compute basic net loss per share		80,122			77,456			79,482			77,041

⁽¹⁾ Amounts include stock-based compensation expense and associated payroll tax costs, as follows:

	For the three months ended June 30,				For the six months ended June 30,
	2025		2024		2025		2024
Cost of revenue	$	720	$	1,028	$	1,466	$	1,684
Sales and marketing		1,820		3,138		3,595		5,005
Research and development		2,740		3,273		5,782		6,749
General and administrative		2,045		2,582		1,901		5,174


Commerce.com, Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited)

	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024

Cash flows from operating activities
Net loss	$	(8,382	)	$	(11,255	)	$	(8,735	)	$	(17,647	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization expense		3,845			3,512			8,126			6,998
Amortization of discount on convertible notes		165			497			352			994
Amortization of premium on convertible notes		(408	)		0			(810	)		0
Stock-based compensation expense		7,236			10,009			12,445			18,397
Provision for expected credit losses		1,598			850			2,528			1,713
Gain on convertible notes extinguishment		0			0			(3,931	)		0
Other		0			(37	)		0			(37	)
Changes in operating assets and liabilities:
Accounts receivable		(9,005	)		(6,790	)		(5,985	)		(9,378	)
Prepaid expenses and other assets		2,159			3,935			(2,925	)		(1,025	)
Deferred commissions		747			(402	)		2,682			(191	)
Accounts payable		444			(356	)		1,122			(1,245	)
Accrued and other liabilities		8,078			4,168			(59	)		(433	)
Deferred revenue		7,080			7,607			9,148			10,175
Net cash provided by operating activities		13,557			11,738			13,958			8,321
Cash flows from investing activities:
Cash paid for website domain name		0			0			(2,444	)		0
Cash paid for acquisition		0			(100	)		0			(100	)
Purchase of property, equipment, leasehold improvements and capitalized internal-use software		(1,651	)		(1,064	)		(2,476	)		(1,870	)
Maturity of marketable securities		13,000			62,525			41,579			91,965
Purchase of marketable securities		(32,572	)		(1,037	)		(40,517	)		(36,602	)
Net cash provided by (used in) investing activities		(21,223	)		60,324			(3,858	)		53,393
Cash flows from financing activities:
Proceeds from exercise of stock options		1,973			271			3,069			1,245
Taxes paid related to net share settlement of stock options		(126	)		0			(1,351	)		(1,325	)
Payment of convertible note issuance costs		0		0				(217	)	0
Repayment of convertible notes and financing obligation		0			(137	)		(54,528	)		(271	)
Net cash provided by (used in) financing activities		1,847			134			(53,027	)		(351	)
Net change in cash and cash equivalents and restricted cash		(5,819	)		72,196			(42,927	)		61,363
Cash and cash equivalents and restricted cash, beginning of period		53,248			62,012			90,356			72,845
Cash and cash equivalents and restricted cash, end of period	$	47,429		$	134,208		$	47,429		$	134,208
Supplemental cash flow information:
Cash paid for interest	$	0		$	6		$	5,685		$	445
Cash paid for taxes	$	259		$	42		$	479		$	182
Right-of-use asset obtained in exchange for new operating lease liability	$	0		$	0		$	5,516		$	0
Noncash investing and financing activities:
Capital additions, accrued but not paid	$	735		$	117		$	735		$	117
Fair value of shares issued as consideration for acquisition	$	0		$	248		$	0		$	248


Commerce.com, Inc. Disaggregation of Revenue

Disaggregated Revenue:

	Three months ended June 30,				Six months ended June 30,
*(in thousands)*	2025		2024		2025		2024
Subscription solutions	$	63,656	$	61,796	$	125,769	$	122,755
Partner and services		20,777		20,033		41,034		39,434
Revenue	$	84,433	$	81,829	$	166,803	$	162,189

Revenue by Geography:

	Three months ended June 30,				Six months ended June 30,
*(in thousands)*	2025		2024		2025		2024
Revenue:
United States	$	64,405	$	62,428	$	127,026	$	123,567
EMEA		9,889		9,281		19,854		18,473
APAC		6,118		6,343		12,043		12,597
Rest of World		4,021		3,777		7,880		7,552
Revenue	$	84,433	$	81,829	$	166,803	$	162,189


Commerce.com, Inc Reconciliation of GAAP to Non-GAAP Results (in thousands, except per share amounts) (unaudited)

Reconciliation of loss from operations to Non-GAAP operating income:

	Three months ended June 30,								Six months ended June 30,
	2025				2024				2025				2024
*(in thousands)*
Revenue	$	84,433			$	81,829			$	166,803			$	162,189

Loss from operations	$	(6,787	)		$	(13,488	)		$	(9,197	)		$	(21,716	)
Plus:
Stock-based compensation expense and associated payroll tax costs		7,325				10,021				12,744				18,612
Amortization of intangible assets		2,520				2,452				4,855				4,919
Acquisition related costs		111				334				444				667
Restructuring charges		1,614				2,572				3,526				2,572
Non-GAAP operating income	$	4,783			$	1,891			$	12,372			$	5,054
Non-GAAP operating income as a percentage of revenue		5.7		%		2.3		%		7.4		%		3.1		%


Reconciliation of net loss & basic net loss per share to Non-GAAP net income & Non-GAAP basic and diluted net income per share:

	Three months ended June 30,								Six months ended June 30,
	2025				2024				2025				2024
*(in thousands)*
Revenue	$	84,433			$	81,829			$	166,803			$	162,189

Net loss	$	(8,382	)		$	(11,255	)		$	(8,735	)		$	(17,647	)
Plus:
Stock-based compensation expense and associated payroll tax costs		7,325				10,021				12,744				18,612
Amortization of intangible assets		2,520				2,452				4,855				4,919
Acquisition related costs		111				334				444				667
Restructuring charges		1,614				2,572				3,526				2,572
Gain on convertible notes extinguishment		0				0				(3,931	)			0
Non-GAAP net income	$	3,188			$	4,124			$	8,903			$	9,123
Basic net loss per share	$	(0.10	)		$	(0.15	)		$	(0.11	)		$	(0.23	)
Non-GAAP basic net income per share	$	0.04			$	0.05			$	0.11			$	0.12
Non-GAAP diluted net income per share	$	0.04			$	0.05			$	0.11			$	0.12
Shares used to compute basic net loss per share and basic Non-GAAP net income per share		80,122				77,456				79,482				77,041
Shares used to compute diluted Non-GAAP net income per share		80,988				79,291				80,660				79,085
Non-GAAP net income as a percentage of revenue		3.8		%		5.0		%		5.3		%		5.6		%


Reconciliation of net loss to adjusted EBITDA:

	Three months ended June 30,								Six months ended June 30,
	2025				2024				2025				2024
*(in thousands)*
Revenue	$	84,433			$	81,829			$	166,803			$	162,189

Net loss	$	(8,382	)		$	(11,255	)		$	(8,735	)		$	(17,647	)
Plus:
Stock-based compensation expense and associated payroll tax costs		7,325				10,021				12,744				18,612
Amortization of intangible assets		2,520				2,452				4,855				4,919
Acquisition related costs		111				334				444				667
Restructuring charges		1,614				2,572				3,526				2,572
Depreciation		946				1,060				2,190				2,079
Gain on convertible notes extinguishment		0				0				(3,931	)			0
Interest income		(1,171	)			(3,196	)			(2,471	)			(6,374	)
Interest expense		2,522				720				5,065				1,440
Other expenses		23				111				130				443
Provision for income taxes		221				132				745				422
Adjusted EBITDA	$	5,729			$	2,951			$	14,562			$	7,133
Adjusted EBITDA as a percentage of revenue		6.8		%		3.6		%		8.7		%		4.4		%


Reconciliation of Cost of revenue to Non-GAAP cost of revenue:

	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
*(in thousands)*
Revenue	$	84,433		$	81,829		$	166,803		$	162,189

Cost of revenue	$	17,739		$	19,811		$	34,723		$	38,250
Less:
Stock-based compensation expense and associated payroll tax costs		720			1,028			1,466			1,684
Non-GAAP cost of revenue	$	17,019		$	18,783		$	33,257		$	36,566
As a percentage of revenue		20.2	%		23.0	%		19.9	%		22.5	%


Reconciliation of Sales and marketing expense to Non-GAAP sales and marketing expense:

	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
*(in thousands)*
Revenue	$	84,433		$	81,829		$	166,803		$	162,189

Sales and marketing	$	35,071		$	34,425		$	65,437		$	66,857
Less:
Stock-based compensation expense and associated payroll tax costs		1,820			3,138			3,595			5,005
Non-GAAP sales and marketing	$	33,251		$	31,287		$	61,842		$	61,852
As a percentage of revenue		39.4	%		38.2	%		37.1	%		38.1	%


Reconciliation of Research and development expense to Non-GAAP research and development expense:

	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
*(in thousands)*
Revenue	$	84,433		$	81,829		$	166,803		$	162,189

Research and development	$	18,310		$	20,287		$	37,516		$	40,275
Less:
Stock-based compensation expense and associated payroll tax costs		2,740			3,273			5,782			6,749
Non-GAAP research and development	$	15,570		$	17,014		$	31,734		$	33,526
As a percentage of revenue		18.4	%		20.8	%		19.0	%		20.7	%


Reconciliation of General and administrative expense to Non-GAAP general and administrative expense:

	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
*(in thousands)*
Revenue	$	84,433		$	81,829		$	166,803		$	162,189

General & administrative	$	15,855		$	15,436		$	29,499		$	30,365
Less:
Stock-based compensation expense and associated payroll tax costs		2,045			2,582			1,901			5,174
Non-GAAP general & administrative	$	13,810		$	12,854		$	27,598		$	25,191
As a percentage of revenue		16.4	%		15.7	%		16.5	%		15.5	%


Reconciliation of net cash provided by operating activities to free cash flow:

	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
*(in thousands)*
Net cash provided by operating activities	$	13,557		$	11,738		$	13,958		$	8,321
Cash paid for website domain name		0			0			(2,444	)		0
Purchase of property, equipment, leasehold improvements and capitalized internal-use software		(1,651	)		(1,064	)		(2,476	)		(1,870	)
Free cash flow	$	11,906		$	10,674		$	9,038		$	6,451

The MIL Network –

August 5, 2025

MIL-OSI: Codere Online Reports Financial Results for the Second Quarter 2025

Source: GlobeNewswire (MIL-OSI)

Total revenue was €51.4 mm in Q2 2025, while net gaming revenue¹ was €54.8 mm in the period, 1% above Q2 2024 (12% in constant currency terms).
Mexico revenue was €26.3 mm in Q2 2025, while net gaming revenue was €29.0 mm in the period, 3% above Q2 2024 (23% in constant currency terms).
Net loss was €3.1 mm in H1 2025 versus a net loss of €0.2 mm in H1 2024 primarily due to the impact from exchange rates (€3.0 mm loss in H1 2025 versus €4.8 mm gain in H1 2024).
Total cash position of €45.2 mm as of June 30, 2025.
Reiterating 2025 net gaming revenue outlook of €220-230 million and Adj. EBITDA² outlook of €10-15 million.
Repurchased $0.7 million of the Company’s shares under the Company’s $5.0 million share buyback plan through July 30, 2025.

Madrid, Spain and Tel Aviv, Israel, July 31, 2025 – (GLOBE NEWSWIRE) Codere Online (Nasdaq: CDRO / CDROW, the “Company”), a leading online gaming operator in Spain and Latin America, has released its preliminary unaudited³ financial results for the quarter ended June 30, 2025.

Below are the main financial and operating metrics of the period.

	Quarter ended June 30			Six months ended June 30
	2024	2025	Chg. %	2024	2025	Chg. %

Net Gaming Revenue (EUR mm)¹
Spain	21.8	22.1	1%	44.1	44.0	(0%)
Mexico	28.2	29.0	3%	54.8	59.5	9%
Other	4.4	3.7	(16%)	8.5	8.2	(4%)
Total	54.4	54.8	1%	107.4	111.8	4%

Avg. Monthly Active Players (000s)⁴
Spain	51.5	49.7	(3%)	50.8	50.9	0%
Mexico	62.3	84.6	36%	62.4	83.3	33%
Other	31.8	20.8	(35%)	31.2	24.0	(23%)
Total	145.6	155.1	7%	144.4	158.2	10%

Aviv Sher, CEO of Codere Online, stated, “Our net gaming revenue reached €54.8 million in the second quarter of 2025, slightly above the prior year period despite the headwinds we faced across most of our markets. In Mexico, we were successful in growing net gaming revenue despite the 19% devaluation of the Mexican peso and grew our portfolio of active customers in the country by an impressive 36% versus Q2 2024.”

Oscar Iglesias, CFO of Codere Online, commented, “We continue to see strong underlying trends in Mexico, where our net gaming revenue grew by 23% in local currency. With the first half of the year now behind us, and notwithstanding that a number of challenges still remain, we continue to expect to meet our net gaming revenue outlook of €220-230 million and Adj. EBITDA outlook of €10-15 million that we shared earlier this year.”

Recent Events

Compliance with Nasdaq Listing Requirements

On June 2^nd the Company filed its 2024 annual report and on June 6^th, Nasdaq informed the Company that it had regained compliance with applicable listing requirements.
As a result, the Company’s securities will continue to be listed and traded on the Nasdaq Capital Market and are no longer subject to a delisting process.

Repurchases under the Share Buyback Plan

The Company has repurchased $0.7 million of the Company’s shares at an average price of $6.89 per share under its $5.0 million authorized share buyback plan through July 30, 2025.
The plan (as approved by shareholders) authorizes the Company to repurchase up to 1 million of its ordinary shares and expires on March 3, 2026.

Conference Call Information

Codere Online’s management will host a conference call to discuss the results and provide a business update at 8:30 am US Eastern Time today, July 31, 2025. Dial-in details as well as the audio webcast and presentation will be accessible on Codere Online’s website at www.codereonline.com. A recording of the webcast will also be available following the conference call.

Reconciliation of Revenue (IFRS) to Net Gaming Revenue (non-IFRS)

	Quarter ended June 30			Six months ended June 30
Figures in EUR mm	2024	2025	Chg. %	2024	2025	Chg. %

Total

Revenue	51.7	51.4	(1%)	102.1	105.7	4%
(+) Accounting Adjustments⁵	2.7	3.5	30%	5.3	6.1	15%
Net Gaming Revenue	54.4	54.8	1%	107.4	111.8	4%

Spain

Revenue	21.8	22.1	1%	44.1	44.0	(0%)
(+) Accounting Adjustments⁵	–	–	n.m.	–	–	n.m.
Net Gaming Revenue	21.8	22.1	1%	44.1	44.0	(0%)

Mexico

Revenue	25.3	26.3	4%	49.2	53.9	10%
(+) Accounting Adjustments⁵	2.9	2.7	(7%)	5.6	5.6	–
Net Gaming Revenue	28.2	29.0	3%	54.8	59.5	9%

Other

Revenue	4.5	3.0	(33%)	8.8	7.8	(11%)
(+) Accounting Adjustments⁵	(0.1)	0.7	n.m.	(0.3)	0.4	n.m.
Net Gaming Revenue	4.4	3.7	(16%)	8.5	8.2	(4%)

Reconciliation of Net Income (IFRS) to Adj. EBITDA (non-IFRS)⁵

	Quarter ended June 30			Six months ended June 30
Figures in EUR mm	2024	2025	Chg.	2024	2025	Chg.

Net Income (Loss)	(3.7)	(2.4)	1.2	(0.2)	(3.1)	(2.8)
(+/-) Provision for Corporate Income Tax	0.4	1.1	0.6	0.9	1.3	0.3
(+/-) Interest Expense / (Income)	(0.0)	1.9	2.0	(4.8)	3.0	7.8
(+/-) Var. in Fair Value of Public Warrants	3.9	1.3	(2.5)	5.8	1.9	(3.9)
(+) D&A	0.1	0.2	0.1	0.1	0.3	0.2
EBITDA	0.7	2.1	1.4	1.7	3.4	1.7
(+) Employee LTIP Expense	0.6	(0.9)	(1.4)	1.1	(0.4)	(1.5)
(+/-) Other Accounting Adjustments	0.0	0.0	(0.0)	0.2	0.1	(0.1)
Adj. EBITDA (Pre Non-Recurring Items)	1.3	1.3	(0.0)	3.0	3.1	0.0
(+) Non-Recurring Items	0.0	1.1	1.1	0.0	1.1	1.1
Adj. EBITDA	1.3	2.3	1.1	3.0	4.1	1.1

About Codere Online

Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online, launched in 2014 as part of the renowned casino operator Codere Group, offers online sports betting and online casino through its state-of-the art website and mobile applications. Codere Online currently operates in its core markets of Spain, Mexico, Colombia, Panama and Argentina; this online business is complemented by Codere Group’s physical presence in Spain and throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence.

About Codere Group
Codere Group is a multinational group devoted to entertainment and leisure. It is a leading player in the private gaming industry, with four decades of experience and with presence in seven countries in Europe (Spain and Italy) and Latin America (Argentina, Colombia, Mexico, Panama, and Uruguay).

Note on Rounding. Due to decimal rounding, numbers presented throughout this report may not add up precisely to the totals and subtotals provided, and percentages may not precisely reflect the absolute figures.

Forward-Looking Statements
Certain statements in this document may constitute “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding Codere Online Luxembourg, S.A. and its subsidiaries (collectively, “Codere Online”) or Codere Online’s or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this document may include, for example, statements about Codere Online’s financial performance and, in particular, the potential evolution and distribution of its net gaming revenue; any prospective and illustrative financial information; and changes in Codere Online’s strategy, future operations and target addressable market, financial position, estimated revenues and losses, projected costs, prospects and plans.

These forward-looking statements are based on information available as of the date of this document and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing Codere Online’s or its management team’s views as of any subsequent date, and Codere Online does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

As a result of a number of known and unknown risks and uncertainties, Codere Online’s actual results or performance may be materially different from those expressed or implied by these forward-looking statements. There may be additional risks that Codere Online does not presently know or that Codere Online currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Some factors that could cause actual results to differ include (i) changes in applicable laws or regulations, including online gaming, privacy, data use and data protection rules and regulations as well as consumers’ heightened expectations regarding proper safeguarding of their personal information, (ii) the impacts and ongoing uncertainties created by regulatory restrictions, changes in perceptions of the gaming industry, changes in policies and increased competition, and geopolitical events such as war, (iii) the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities, (iv) the risk of downturns and the possibility of rapid change in the highly competitive industry in which Codere Online operates, (v) the risk that Codere Online and its current and future collaborators are unable to successfully develop and commercialize Codere Online’s services, or experience significant delays in doing so, (vi) the risk that Codere Online may never achieve or sustain profitability, (vii) the risk that Codere Online will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all, (viii) the risk that Codere Online experiences difficulties in managing its growth and expanding operations, (ix) the risk that third-party providers, including the Codere Group, are not able to fully and timely meet their obligations, (x) the risk that the online gaming operations will not provide the expected benefits due to, among other things, the inability to obtain or maintain online gaming licenses in the anticipated time frame or at all, (xi) the risk that Codere Online is unable to secure or protect its intellectual property, (xii) the risk that Codere Online’s securities may be delisted from Nasdaq and (xiii) the possibility that Codere Online may be adversely affected by other political, economic, business, and/or competitive factors. Additional information concerning certain of these and other risk factors is contained in Codere Online’s filings with the U.S. Securities and Exchange Commission (the “SEC”). All subsequent written and oral forward-looking statements concerning Codere Online or other matters and attributable to Codere Online or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.

Financial Information and Non-GAAP Financial Measures
Codere Online’s financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”), which can differ in certain significant respects from generally accepted accounting principles in the United States of America (“U.S. GAAP”).

This document includes certain financial measures not presented in accordance with U.S. GAAP or IFRS (“non-GAAP”), such as, without limitation, net gaming revenue, Adjusted EBITDA and constant currency information. These non-GAAP financial measures are not measures of financial performance in accordance with U.S. GAAP or IFRS and may exclude items that are significant in understanding and assessing Codere Online’s financial results. Therefore, these measures should not be considered in isolation or as an alternative to revenue, net income, cash flows from operations or other measures of profitability, liquidity or performance under U.S. GAAP or IFRS. You should be aware that Codere Online’s presentation of these measures may not be comparable to similarly-titled measures used by other companies. In addition, the audit of Codere Online’s financial statements in accordance with PCAOB standards, may impact how Codere Online currently calculates its non-GAAP financial measures, and we cannot assure you that there would not be differences, and such differences could be material.

Codere Online believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends in comparing Codere Online’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. Reconciliations of non-GAAP financial measures to their most directly comparable measure under IFRS are included herein.

This document may include certain projections of non-GAAP financial measures. Codere Online is unable to quantify certain amounts that would be required to be included in the most directly comparable U.S. GAAP or IFRS financial measures without unreasonable effort, due to the inherent difficulty and variability of accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such comparable measures or such reconciliation that have not yet occurred, are out of our control, or cannot be reasonably predicted, ascertained or assessed, which could have a material impact on its future IFRS financial results. Consequently, no disclosure of estimated comparable U.S. GAAP or IFRS measures is included and no reconciliation of the forward-looking non-GAAP financial measures is included.

Use of Projections
This document contains financial forecasts with respect to Codere Online’s business and projected financial results, including net gaming revenue and adjusted EBITDA. Codere Online’s independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this document, and accordingly, they did not express an opinion or provide any other form of assurance with respect thereto for the purpose of this document. These projections should not be relied upon as being necessarily indicative of future results. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. See “Forward-Looking Statements” above. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of Codere Online or that actual results will not differ materially from those presented in the prospective financial information. Inclusion of the prospective financial information in this document should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved.

For further information on the limitations and assumptions underlying these projections, please refer to Codere Online’s filings with the SEC.

Preliminary Information
This document contains figures, financial metrics, statistics and other information that is preliminary and subject to change (the “Preliminary Information”). The Preliminary Information has not been audited, reviewed, or compiled by any independent registered public accounting firm. This Preliminary Information is subject to ongoing review including, where applicable, by Codere Online’s independent auditors. Accordingly, no independent registered public accounting firm has expressed an opinion or any other form of assurance with respect to the Preliminary Information. During the course of finalizing such Preliminary Information, adjustments to such Preliminary Information presented herein may be identified, which may be material. Codere Online undertakes no obligation to update or revise the Preliminary Information set forth in this document as a result of new information, future events or otherwise, except as otherwise required by law. The Preliminary Information may differ from actual results. Therefore, you should not place undue reliance upon this Preliminary Information. The Preliminary Information is not a comprehensive statement of financial results, and should not be viewed as a substitute for full financial statements prepared in accordance with IFRS. In addition, the Preliminary Information is not necessarily indicative of the results to be achieved in any future period.

No Offer or Solicitation
This document does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities will be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.

Trademarks
This document may contain trademarks, service marks, trade names and copyrights of Codere Online or other companies, which are the property of their respective owners. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this document may be listed without the TM, SM, © or ® symbols, but Codere Online will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights.

Industry and Market Data
In this document, Codere Online relies on and refers to certain information and statistics obtained from publicly available information and third-party sources, which it believes to be reliable. Codere Online has not independently verified the accuracy or completeness of any such publicly-available and third-party information, does not make any representation as to the accuracy or completeness of such data and does not undertake any obligation to update such data after the date of this document. You are cautioned not to give undue weight to such industry and market data.

Contacts:

Investors and Media
Guillermo Lancha
Director, Investor Relations and Communications
Guillermo.Lancha@codereonline.com
(+34) 628.928.152

1 Net Gaming Revenue is a non-IFRS measure; please see reconciliation of Net Gaming Revenue to Revenue at the end of the report.

2 Adjusted EBITDA is a non-IFRS measure; please see reconciliation of Adjusted EBITDA to Net Income at the end of the report. Net gaming revenue and Adjusted EBITDA outlooks are forward-looking non-IFRS measures; please see important disclaimers at the end of the report.
3 See “Preliminary Information” below.

4 Average Monthly Active Players include real money (i.e. exclude free bets) sports betting and casino actives.

5 Figures primarily reflect differences in recognition of revenue related to certain partner and affiliate agreements in place in Colombia, VAT impact from entry fees in Mexico and the impact from the application of inflation accounting (IAS 29) in Argentina.
5 Please refer to page 26 of our Q2 2025 Earnings Presentation for further details regarding this reconciliation.

The MIL Network –

August 5, 2025

MIL-OSI United Kingdom: Membership of Fundamental Review of Building Regulations Guidance
Source: United Kingdom – Executive Government & Departments

News story

Membership of Fundamental Review of Building Regulations Guidance

The government has appointed six members to the Fundamental Review of Building Regulations Guidance panel today.
Today (31 July), the government has announced the appointment of six members to the Fundamental Review of Building Regulations Guidance panel.

The panel is being appointed to support work to deliver on the recommendation from the Grenfell Tower Public Inquiry Phase 2 report, accepted by the government, to review the statutory guidance which accompany the Building Regulations known as Approved Documents.

In December 2024, we announced that the Building Safety Regulator would be leading a fundamental review of the building regulations guidance, to centre on how they are produced, structured and presented. The Fundamental Review of Building Regulations Guidance panel members will support and inform the review and the members each come with extensive experience across a range of sectors.

The panel will provide an interim update in early 2026 and a final report in Summer 2026.

Minister for Building Safety, Alex Norris said:

“The appointment of this panel is an important step in our response to the Grenfell Tower Inquiry. Guidance which supports compliance with Building Regulations must be clear, accurate, and practical, and subject to regular updates to ensure it remains effective.

“The work of the panel will support our delivery of 1.5 million new homes, by making compliance easier, improving safety and quality in construction, and ensuring greater confidence in the building safety system. I look forward to receiving the panel’s recommendations.”

Background on the Approved Documents and Building Regulations system

The Building Regulations set the minimum required standards for building work, referred to as the ‘functional requirements’.

The Approved Documents contain general guidance on the performance expected of materials and building work, including practical examples of how to achieve compliance in common building situations.

The Grenfell Tower Inquiry raised concerns about the way that the statutory guidance is expressed. In April 2023, the responsibility for updating and keeping Approved Documents under review was transferred to the Building Safety Regulator (BSR), in line with their duty under the Building Safety Act 2022 to keep under review the safety and standards of buildings.

In December 2024, the BSR was commissioned by the government to conduct a fundamental review of the statutory guidance, and the new panel has been appointed to inform this work.

Further information

The establishment of the panel was announced on 31 July 2025.

The Grenfell Tower Phase 2 Inquiry recommended that the statutory guidance be urgently reviewed. On 2 December 2024 the Deputy Prime Minister announced a fundamental review of the statutory guidance to the Building Regulations. This panel will inform that review. The panel’s role is advisory.  The aim is to produce an interim report in early 2026 and a final report by Summer 2026.  

Further updates, including the panel’s Terms of Reference, will be published shortly.

Panel members

Dinah Bornat, Architect

Dinah is a renowned advocate for people-centred development. She is the Director & Co-founder of ZCD, a research-led practice based in London who work on residential, community and commercial projects. She has served as a design advocate for the Mayor of London and an adviser to local authorities and developers.

Dan Rossiter, Digital Expert

Dan is the Built Environment Sector Lead at the British Standards Institute, and Vice-President Technical at the Chartered Institute of Architectural Technologists. He has previously provided his expertise to several national committees relating to information management and technical documentation in the built environment.

Danielle Michalska-Morris, Housebuilder

Danielle is the Director of Research and Technical Innovation at Taylor Wimpey. She brings to the panel her expert knowledge and experience in low carbon building design and building services.

Rachel Ferguson, Planner

Rachel is Senior Development Manager at Pocket Living. She has extensive expertise in affordable housing, and brings her broad experience in planning including strategic masterplans, estate regeneration projects and new build residentials to this panel.

Professor Luke Bisby, Technical Expert

Luke is the Chair of Fire and Structures and Director of Discipline at the University of Edinburgh. He served as an expert witness to the Grenfell Tower Inquiry, and will bring particular expertise on fire safety to this panel.

Dr Hywel Davies, Technical Expert   

Hywel is the former technical Director for the Chartered Institution of Building Services Engineers (CIBSE). He served as the previous chair of DLUHC’s statutory committee, and the Building Regulations Advisory Committee. He brings to this panel his broad expertise on a range of technical areas.

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Published 31 July 2025
MIL OSI United Kingdom –
August 5, 2025
MIL-OSI United Kingdom: Counter-drone efforts rise as prison sightings revealed
Source: United Kingdom – Executive Government & Departments

Press release

Counter-drone efforts rise as prison sightings revealed

Organised crime gangs are being targeted by the police and prison service as part of a nationwide crackdown on drone drops into prisons.
Prison Service working with police to tackle threat of drones as part of Plan for Change

Drone incidents up by 43 per cent in the last financial year, new data reveals

Two recent counter-drone operations result in nine arrests

The move is backed by a new investment of £900,000 and designed to disrupt the in-flow of drugs and weapons that are destabilising prisons and putting staff and offenders at risk.

It builds on the £40 million already invested this year into prison security measures, including exterior netting and reinforced windows. Stopping the flow of drugs and weapons getting into prisons is a crucial step in gripping the prisons crisis the Government inherited to make streets safer, as part of the Plan for Change.

The news comes as data published today (31 July) reveals there were 1,712 drone incidents between April 2024 and March 2025 at prisons across England and Wales. This is an increase of 43 per cent compared to the previous 12 months.

The clampdown has already seen counter-drone operations at HMPs Manchester and Wandsworth leading to the swift arrest of nine individuals. Similar operations are planned in the coming months.

Minister for Prisons, Probation and Reducing Reoffending, Lord Timpson, said:

The ease with which drones were operating over prisons was yet another sign of the chaotic prison system we inherited last July.

As part of the Plan for Change, we are tackling the organised crime gangs behind the drug supply routes so that our prisons can start cutting crime and stop creating better criminals.

One of the sophisticated drones recovered in the HMP Wandsworth operation had a value of £6,000, an extended flight time of 40 minutes and the ability to hold four loads at one time.

Four further arrests were made by West Mercia Police earlier this month for flying drones over high-security prison HMP Long Lartin.

Detective Superintendent of the North West Regional Organised Crime Unit, Claire McGuire said:

Tackling the use of drones to smuggle drugs, weapons, and other illicit items into prisons is one of our top priorities. These activities fuel organised crime and pose serious risks to both staff and inmates.

We continue to work closely with national partners including His Majesty’s Prisons and Probation Service, the National Crime Agency, local police forces, and intelligence teams to disrupt this criminal behaviour and prevent contraband from entering prison estates. By sharing intelligence and coordinating operations, we are strengthening our collective response to this growing threat.

The latest Safety in Custody statistics, also published today, highlight the alarming levels of violence across the prison estate, with 20,570 prisoner-on-prisoner assaults and 10,568 assaults on staff in the 12 months to March 2025. Reducing the availability of contraband in prisons plays a key role in reducing violence across the estate.

Earlier this week, a trial into the use of tasers began across adult male prisons in England and Wales – the first time their use is being trialled in the prison estate. The Lord Chancellor, Shabana Mahmood, has also announced the rollout of protective body armour for those staff working in prison settings holding the most dangerous offenders.

Further information:

Drone incidents data is available in the HMPPS Annual Digest

Latest Safety in Custody statistics are available here

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Published 31 July 2025
MIL OSI United Kingdom –
August 5, 2025
MIL-OSI Russia: International scientific and educational summer school of restoration at SPbGASU: unique experience of working at a cultural heritage site

Translation. Region: Russian Federal

Source: Saint Petersburg State University of Architecture and Civil Engineering –

An important disclaimer is at the bottom of this article.

Participants of the summer school

The projects of the international scientific and educational summer school of restoration “Preservation and regeneration of the cultural heritage of the historical zones of St. Petersburg and the Leningrad region” were defended.

The summer school was attended by 12 students from Greece, Kazakhstan, Kazan and St. Petersburg. Gathered in teams, they worked on a historical heritage site and a concept for preserving and developing the historical territory of the unique wooden Church of the Nativity of the Blessed Virgin Mary. The current church is located in the village of Listvenka, Boksitogorsk District, Leningrad Region, and is a cultural heritage site of federal significance. This is one of the oldest church buildings in the Leningrad Region – it was built in 1599 and rebuilt in 1720.

“For students, the summer school was an excellent opportunity to test their restoration skills, gain unique experience and work in a team. All the projects presented were completed at a fairly high level. As part of the summer school, students conducted comprehensive studies of the cultural heritage site, including analysis of archival documents and photo recording, developed and discussed the concept of its preservation,” said Nadezhda Akulova, associate professor of the Department of Architectural and Urban Heritage at SPbGASU.

Anatoly Shlykov, a student at the Kazan State University of Architecture and Civil Engineering, admits that participation in the summer school was unplanned, but in the end it gave him a wonderful opportunity to work with an ancient object, meet wonderful people, and most importantly, work in a team that loves what they do.

A student from Greece, Emilia Chaidemenaki, agrees with him, believing that the summer school united and made friends with future restorers from different parts of the world.

“I got a truly unique experience of working in Russia in general and with one of the oldest church buildings in the Leningrad region in particular. In addition, I became a member of an international team. It’s great that the summer school at SPbGASU opens up such a wonderful opportunity for us, students from different countries,” shared Emilia Khaidemenaki.

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

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MIL OSI Russia News –

August 5, 2025
MIL-OSI Russia: Ten-Year-Old Django: Polytechnic Students Celebrate Anniversary Work Season

Translation. Region: Russian Federal

Source: Peter the Great St. Petersburg Polytechnic University –

An important disclaimer is at the bottom of this article.

The Polytechnic student teams are back in touch. Today we will go to Crimea together with the agricultural team “Django”. By the way, this is already the tenth working season for our “farmers”.

The guys celebrated their anniversary at the vineyards of the Massandra company in the village of Malorechenskoye, in the southern part of the peninsula. Many nostalgic memories are associated with this place, because the team is coming here for the third time, everything here has become native and close.

At work, polytechnicians master the profession of a winegrower: they tie up vines, water and collect ripe bunches of grapes, and look after young vineyards. And in their free time, they explore the surrounding area, visit nearby cities, conquer the Crimean mountains, swim in the sea and organize unforgettable events.

“What are my feelings about the season? The most diverse! Each new day brings an unusually large number of emotions and impressions, something is constantly happening around – it overwhelms, even confuses from being unaccustomed to it,” shared her impressions of her first trip, “Django” candidate Dasha Shcherbinina. “It seems that I live some new, completely unreal life. And in this life – sun, sea, mountains and endless vineyards!”

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

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MIL OSI Russia News –

August 5, 2025
MIL-OSI United Nations: Secretary-General’s video message to the High-level Conference commemorating the Fiftieth Anniversary of the Helsinki Final Act

Source: United Nations secretary general

Download the video:
https://s3.us-east-1.amazonaws.com/downloads2.unmultimedia.org/public/video/evergreen/MSG+SG+/SG+26+Jun+25/3418332_MSG+SG+HELSINKI+FINAL+ACT+50TH+26+JUN+25.mp4

Excellencies, Dear Friends,

I am pleased to send my warm greetings as you gather to mark the 50th anniversary of the Helsinki Final Act.

I commend OSCE Chair, Finland, for its leadership in convening this anniversary event.

Half a century ago, the Helsinki Final Act charted a bold and visionary course for peace – rooted in dialogue, grounded in international law, and anchored in the fundamental rights and freedoms of all people.

This year also marks the 80th anniversary of the UN Charter. The principles of our Charter and the OSCE are a shared foundation for peace and cooperation.

But today those principles are under grave strain.

War continues to rage in the European continent.

Trust between states is fraying.

Human rights are under assault.

Democratic space is shrinking.

And disinformation is fueling division and fear.

We are witnessing a dangerous drift away from commitments that have safeguarded peace for generations.

Yet, in this moment of peril, the values enshrined in the UN Charter and echoed in the Helsinki Final Act – sovereignty, territorial integrity and peaceful coexistence – remain our moral and strategic compass.

The role of the OSCE as a platform for dialogue and a guardian of these principles is more vital than ever.

The United Nations stands firmly with the OSCE in defending shared values: dialogue over division, cooperation over confrontation, and dignity for all.

Let us recommit to the spirit of Helsinki.

By strengthening regional partnerships to renew multilateralism.

By principled leadership to uphold international law.

And by forging unity of purpose to build a future of mutual respect, resilience, and shared prosperity.

Let us honour this milestone by renewing our commitment to a world anchored in peace, justice, and human rights.

Thank you — and my very best wishes for a successful meeting.

MIL OSI United Nations News –

August 5, 2025
MIL-OSI Europe: Julie Klein Appointed Dean of the Law School

Source: Universities – Science Po in English

Luis Vassy, President of Sciences Po, has appointed Julie Klein as Dean of the Law School. She succeeds Sébastien Pimont.

Julie Klein has been a professor at Sciences Po since 2020, and she currently leads the “Enterprises, Markets, Regulations” (EMR) specialism within the Master’s in Economic Law. A widely respected legal scholar, she is an expert in the law of obligations, the law of evidence, and economic law. She is a member of the Scientific Council of Sciences Po, chairs the student disciplinary committee, and serves as scientific director of La Semaine juridique – édition entreprise (JCP E).

Her research explores the interplay between civil and commercial law. She contributes actively to collective reflections on the evolution of law, participating in several working groups led by the Ministry of Justice and the High Legal Committee for the Financial Markets of Paris (HCJP), mainly on the reform of the law of obligations, corporate law, and international chambers.

Julie Klein is an outstanding jurist and scholar who has been deeply involved in the Law School and more broadly within the institution for several years. At a time when global upheavals are reshaping the boundaries of law, she will lead the School’s project with vision and ambition. I have full confidence in her commitment, her intellectual rigour and her ability to uphold and further elevate the Law School’s standing at the highest level.

I would like to express my gratitude to Sébastien Pimont for his leadership over the past five years. His tenure has been marked by significant achievements – in France, with the remarkable success of our students across all legal professions, and internationally, as demonstrated by the School’s growing global appeal.

Luis Vassy, President of Sciences Po

MIL OSI Europe News –

August 5, 2025
MIL-OSI Europe: Sweden hosts trade dialogue between United States and People’s Republic of China

Source: Government of Sweden

On 28–29 July, Sweden hosted a high-level dialogue on trade and other related matters between the United States and China in Stockholm. The meeting was arranged at the joint request of the parties and is an important step in the ongoing trade negotiations between the US and China.

MIL OSI Europe News –

August 5, 2025
MIL-OSI Security: Appeal to trace woman and newborn baby missing from Walthamstow

Source: United Kingdom London Metropolitan Police

Police are appealing for information after a woman is reported to have given birth to a baby before going missing.

Shortly before 16:45hrs on Wednesday, 30 July a report was made to the police that a woman had given birth that same day at about 08:00hrs at the Billet Road underpass, Walthamstow.

A witnesses was alerted when she heard sounds of distress in the underpass. She aided with the birth and stayed with the woman until about 16:00hrs when the mother and the newborn were picked-up by two people in a blue transit van.

The woman is believed to be rough sleeping, white, in her mid-30s, with long blonde hair. She was wearing a black dress and heavy jumper and is believed to go by the name Anne Marie.

Officers are extremely concerned for the welfare of her and her baby.

PC Dan Cooper, from the North East area’s Local Missing Hub, said: “Our top priority is to establish that the woman and her baby are safe and well and have access to any medical treatment they may need. I would like to stress that the woman is not in any trouble, our only concern is the wellbeing of her and her newborn child.

“We are carrying out fast-paced enquiries, including trawling CCTV, speaking to people in the area and visiting nearby hospitals.

“I’d also like to appeal to anyone who was in the area at the time and may have seen or heard something to come forward. Were you walking or cycling through the underpass or at the nearby Kwik Fit garage? If so, please get in touch with us.

“If the woman does not feel comfortable speaking to us, she can go directly to a medical centre or a charity.”

Anyone with information is asked to call the North East area’s Local Missing Hub on 07881 330 956 or 101 quoting CAD 5617/30JUL.

Alternatively, you can contact the independent charity Crimestoppers anonymously on 0800 555 111 or visit crimestoppers-uk.org.

MIL Security OSI –

August 5, 2025
MIL-OSI United Kingdom: More wraparound childcare available in Derby to support working families

Source: City of Derby

Derby City Council is expanding before and after-school childcare places across the city, supported by government investment to help working families access more flexible childcare options.

This expansion means more families will be able to access affordable, reliable childcare from 8am to 6pm during term time.

Through the Department for Education’s Wraparound Childcare Programme, Derby has secured a share of the £289 million national funding to support this goal. The government aims to ensure that by September 2026, all parents who need wraparound care can find it locally.

Since the funding was introduced, Derby City Council has already supported several primary schools to expand their wraparound care. This has created hundreds of new childcare places, helping more parents and carers access dependable support before and after the school day.

Councillor Paul Hezelgrave, Derby City Council Cabinet Member for Children, Young People and Skills, said:

This funding is making a real difference to families across Derby, giving parents more choice and flexibility when it comes to childcare.

We know how important wraparound care is in helping parents juggle work and family life, and we’re committed to ensuring that every child has access to high-quality, inclusive provision close to home.

I’m proud of the progress we’ve made so far, and I encourage more schools and providers to come forward and take advantage of the support available.

Laura Mitchell, Wraparound Programme Manager at Derby City Council, said:

We know that childcare is a key barrier for many parents when it comes to work and training. Our goal is to make sure that every family in Derby who needs wraparound care has access to a place that suits their needs.

A crucial part of achieving this has been the long-standing dedication of our Private, Voluntary, and Independent (PVI) providers. Their commitment, flexibility, and deep-rooted presence in the community have played a vital role in supporting families and laying the groundwork for the success of the Wraparound Childcare Programme.

We’ve already seen a fantastic response from schools and providers. We’re working closely with them to support new or expanded wraparound provision, and there’s still funding available for others who are interested.

Derby City Council continues to work with schools, PVI providers and childminders to develop long-term, sustainable childcare tailored to each community’s needs. The programme also prioritises inclusive provision, supporting children with additional needs and ensuring all eligible families can benefit.

Funding is available until March 2026. Schools and childcare providers interested in creating or expanding wraparound care are encouraged to get in touch at wap@derby.gov.uk.

More information on wraparound childcare can be found on the Derby City Council website.

MIL OSI United Kingdom –

August 5, 2025
MIL-OSI Russia: Rosneft has created the first robotic complex in Russia for repairing oil pipes

Translation. Region: Russian Federal

Source: Rosneft – An important disclaimer is at the bottom of this article.

Specialists from the Ufa scientific institute of Rosneft have made a real breakthrough – they have developed and patented the first Russian robotic complex for repairing pump and compressor pipes (NKT). This is a fully automated system that uses the most modern technologies for monitoring and managing processes.

The robotic complex is a modular design that allows changing the equipment configuration depending on the complicating factors common in the production region. Two technological lines allow not only to repair pipes, but also to apply a protective coating to their inner surface. The productivity of the complex reaches 21 thousand pipes per month.

The main advantage of the development is minimal human involvement. The entire complex process, including sorting, cleaning pipes from various types of contaminants and even such operations as turning and turning connecting couplings, is now performed automatically. The system’s operation is controlled by personnel remotely.

The introduction of robotic lines provides several advantages at once: production becomes more compact, safer and more efficient. As a result, the share of manual operations will decrease by 53%, while productivity will increase by 25%.

The project is a successful example of effective interaction between corporate science and production. The Ufa tandem plans to implement this direction not only at Rosneft facilities, but also to replicate its results to third-party oil companies interested in the development of domestic robotics and the effective use of innovations in the repair of tubing.

The introduction of advanced approaches and technologies is one of the key areas of the Rosneft-2030 strategy. The company pays special attention to innovative development, defining technological leadership as a key factor in competitiveness in the oil market.

Department of Information and AdvertisingPJSC NK RosneftJuly 31, 2025

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

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MIL OSI Russia News –

August 5, 2025
MIL-OSI: Orrön Energy announces the sale of a 76 MW solar project in Germany
Source: GlobeNewswire (MIL-OSI)

Orrön Energy AB (“Orrön Energy” or “the Company”) is pleased to announce that it has entered into an agreement with Saxovent Renewables to sell a 76 MW solar project in Germany, for a total consideration of MEUR 4.0. The consideration paid at closing is MEUR 2.0, with the remaining consideration contingent upon municipal and legislative approvals.

The project is located in the northeastern part of Germany, and is being developed as an agrivoltaic (Agri-PV) project, enabling agricultural activities to take place alongside solar power generation. Half of the total consideration of MEUR 4.0 is paid at closing, which is expected imminently. The contingent consideration of MEUR 2.0 is subject to the fulfilment of two conditions: (i) municipal approval of the zoning plan (Satzungsbeschluss) and (ii) EU Commission approval of the German Solar Package 1 legislation.

The transaction forms part of the Company’s strategy to monetise early-stage projects from its greenfield portfolio to diversify and enhance revenue streams.

Daniel Fitzgerald, CEO for Orrön Energy commented;
“I am very pleased to announce the first sale from our greenfield portfolio in Germany, which demonstrates our ability to unlock value early in the development cycle and marks an important step in delivering on our strategy. Germany remains one of our key markets for greenfield projects, with a strong demand for renewable energy and a supportive regulatory framework. I expect this to be the first in a series of project sales, as we continue to develop and mature our greenfield pipeline and deliver long-term value from this platform.”

The Company’s CEO, Daniel Fitzgerald, and CFO, Espen Hennie, will host a webcast to comment on the six-month financial report on 6 August 2025 at 14:00 CEST. During the webcast, they will present this transaction along with the latest developments at Orrön Energy, followed by a question-and-answer session.

Registration for the webcast presentation is available on the website and the below link:
https://orron-energy.events.inderes.com/q2-report-2025

For further information, please contact:

Robert Eriksson
Corporate Affairs and Investor Relations
Tel: +46 701 11 26 15
robert.eriksson@orron.com

Jenny Sandström
Communications Lead
Tel: +41 79 431 63 68
jenny.sandstrom@orron.com

This is information that Orrön Energy AB is required to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the contact person set out above, at 13.25 (CEST) on 31 July 2025.

Orrön Energy is an independent, publicly listed (Nasdaq Stockholm: “ORRON”) renewable energy company within the Lundin Group of Companies. Orrön Energy’s core portfolio consists of high quality, cash flow generating assets in the Nordics, coupled with greenfield growth opportunities in the Nordics, the UK, Germany, and France. With significant financial capacity to fund further growth and acquisitions, and backed by a major shareholder, management and Board with a proven track record of investing into, leading and growing highly successful businesses, Orrön Energy is in a unique position to create shareholder value through the energy transition.

Saxovent Renewables GmbH & Co. KG is an independent project developer, operator, and investor in renewable energy based in Berlin and a wholly owned subsidiary of the investment company Saxovent Smart Eco Investments GmbH. As an experienced full-line provider, Saxovent Renewables covers the entire value chain in the field of renewable energies, from development and implementation to the long-term operation of the plants.

Forward-looking statements
Statements in this press release relating to any future status or circumstances, including statements regarding future performance, growth and other trend projections, are forward-looking statements. These statements may generally, but not always, be identified by the use of words such as “anticipate”, “believe”, “expect”, “intend”, “plan”, “seek”, “will”, “would” or similar expressions. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that could occur in the future. There can be no assurance that actual results will not differ materially from those expressed or implied by these forward-looking statements due to several factors, many of which are outside the company’s control. Any forward-looking statements in this press release speak only as of the date on which the statements are made and the company has no obligation (and undertakes no obligation) to update or revise any of them, whether as a result of new information, future events or otherwise.

Attachment
- Orrön Energy – Press Release – Project sale – V1 – 20250731en
The MIL Network –
August 5, 2025

MIL-OSI: DT Midstream Reports Strong Second Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

DETROIT, July 31, 2025 (GLOBE NEWSWIRE) — DT Midstream, Inc. (NYSE: DTM) today announced second quarter 2025 reported net income of $107 million, or $1.04 per diluted share. For the second quarter of 2025, Operating Earnings were also $107 million, or $1.04 per diluted share. Adjusted EBITDA for the quarter was $277 million.

Reconciliations of Operating Earnings and Adjusted EBITDA (non-GAAP measures) to reported net income are included at the end of this news release.

The company also announced that the DT Midstream Board of Directors declared a $0.82 per share dividend on its common stock payable October 15, 2025 to stockholders of record at the close of business September 15, 2025.

“We had another strong quarter, and the business is performing on track with our full-year plan,” said David Slater, President and CEO. “We continue to make great progress advancing organic projects from our backlog, with $0.6 billion of projects reaching final investment decisions during the second quarter.”

Slater noted the following significant business updates:

Reached a final investment decision on Guardian Pipeline “G3” expansion of approximately 210 MMcf/d
Finalized our investment plan for the initial phase of modernization across our new interstate pipelines
Achieved an investment-grade credit rating with all three rating agencies
Established a record high quarterly gathering volume for our Haynesville system

“Our second quarter results put us in a strong position to meet our financial goals for 2025 and we are reaffirming our 2025 Adjusted EBITDA guidance of $1.095 to $1.155 billion and our 2026 Adjusted EBITDA early outlook range of $1.155 to $1.225 billion,” said Jeff Jewell, Executive Vice President and CFO.

The company has scheduled a conference call to discuss results for 9:00 a.m. ET (8:00 a.m. CT) today. Investors, the news media and the public may listen to a live internet broadcast of the call at this link. The participant toll-free telephone dial-in number in the U.S. and Canada is 888.596.4144, and the toll number is 646.968.2525; the passcode is 9881735. International access numbers are available here. The webcast will be archived on the DT Midstream website at investor.dtmidstream.com.

About DT Midstream

DT Midstream (NYSE: DTM) is an owner, operator and developer of natural gas interstate and intrastate pipelines, storage and gathering systems, compression, treatment and surface facilities. The company transports clean natural gas for utilities, power plants, marketers, large industrial customers and energy producers across the Southern, Northeastern and Midwestern United States and Canada. The Detroit-based company offers a comprehensive, wellhead-to-market array of services, including natural gas transportation, storage and gathering. DT Midstream is transitioning towards net zero greenhouse gas emissions by 2050, including a plan of achieving 30% of its carbon emissions reduction by 2030. For more information, please visit the DT Midstream website at www.dtmidstream.com.

Why DT Midstream Uses Operating Earnings, Adjusted EBITDA and Distributable Cash Flow

Use of Operating Earnings Information – Operating Earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. DT Midstream management believes that Operating Earnings provide a more meaningful representation of the company’s earnings from ongoing operations and uses Operating Earnings as the primary performance measurement for external communications with analysts and investors. Internally, DT Midstream uses Operating Earnings to measure performance against budget and to report to the Board of Directors.

Adjusted EBITDA is defined as GAAP net income attributable to DT Midstream before expenses for interest, taxes, depreciation and amortization, and loss from financing activities, further adjusted to include the proportional share of net income from equity method investees (excluding interest, taxes, depreciation and amortization), and to exclude certain items the company considers non-routine. DT Midstream believes Adjusted EBITDA is useful to the company and external users of DT Midstream’s financial statements in understanding operating results and the ongoing performance of the underlying business because it allows management and investors to have a better understanding of actual operating performance unaffected by the impact of interest, taxes, depreciation, amortization and non-routine charges noted in the table below. We believe the presentation of Adjusted EBITDA is meaningful to investors because it is frequently used by analysts, investors and other interested parties in the midstream industry to evaluate a company’s operating performance without regard to items excluded from the calculation of such measure, which can vary substantially from company to company depending on accounting methods, book value of assets, capital structure and the method by which assets were acquired, among other factors. DT Midstream uses Adjusted EBITDA to assess the company’s performance by reportable segment and as a basis for strategic planning and forecasting.

Distributable Cash Flow (DCF) is calculated by deducting earnings from equity method investees, depreciation and amortization attributable to noncontrolling interests, cash interest expense, maintenance capital investment (as defined below), and cash taxes from, and adding interest expense, income tax expense, depreciation and amortization, certain items we consider non-routine and dividends and distributions from equity method investees to, Net Income Attributable to DT Midstream. Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual obligations that do not generate incremental earnings. We believe DCF is a meaningful performance measurement because it is useful to us and external users of our financial statements in estimating the ability of our assets to generate cash earnings after servicing our debt, paying cash taxes and making maintenance capital investments, which could be used for discretionary purposes such as common stock dividends, retirement of debt or expansion capital expenditures.

In this release, DT Midstream provides 2025 and 2026 Adjusted EBITDA guidance. The reconciliation of net income to Adjusted EBITDA as projected for full-year 2025 and 2026 is not provided. DT Midstream does not forecast net income as it cannot, without unreasonable efforts, estimate or predict with certainty the components of net income. These components, net of tax, may include, but are not limited to, impairments of assets and other charges, divestiture costs, acquisition costs, or changes in accounting principles. All of these components could significantly impact such financial measures. At this time, DT Midstream is not able to estimate the aggregate impact, if any, of these items on future period reported earnings. Accordingly, DT Midstream is not able to provide a corresponding GAAP equivalent for Adjusted EBITDA.

Forward-looking Statements

This release contains statements which, to the extent they are not statements of historical or present fact, constitute “forward-looking statements” under the securities laws. These forward-looking statements are intended to provide management’s current expectations or plans for our future operating and financial performance, business prospects, outcomes of regulatory proceedings, market conditions, and other matters, based on what we believe to be reasonable assumptions and on information currently available to us.

Forward-looking statements can be identified by the use of words such as “believe,” “expect,” “expectations,” “plans,” “strategy,” “prospects,” “estimate,” “project,” “target,” “anticipate,” “will,” “should,” “see,” “guidance,” “outlook,” “confident” and other words of similar meaning. The absence of such words, expressions or statements, however, does not mean that the statements are not forward-looking. In particular, express or implied statements relating to future earnings, cash flow, results of operations, uses of cash, tax rates and other measures of financial performance, future actions, conditions or events, potential future plans, strategies or transactions of DT Midstream, and other statements that are not historical facts, are forward-looking statements.

Forward-looking statements are not guarantees of future results and conditions, but rather are subject to numerous assumptions, risks, and uncertainties that may cause actual future results to be materially different from those contemplated, projected, estimated, or budgeted. Many factors may impact forward-looking statements of DT Midstream including, but not limited to, the following: changes in general economic conditions, including increases in interest rates and associated Federal Reserve policies, a potential economic recession, and the impact of inflation on our business; industry changes, including the impact of consolidations, alternative energy sources, technological advances, infrastructure constraints and changes in competition; changes in global trade policies and tariffs; global supply chain disruptions; actions taken by third-party operators, producers, processors, transporters and gatherers; changes in expected production from Expand Energy and other third parties in our areas of operation; demand for natural gas gathering, transmission, storage, transportation and water services; the availability and price of natural gas to the consumer compared to the price of alternative and competing fuels; our ability to successfully and timely implement our business plan; our ability to complete organic growth projects on time and on budget; our ability to finance, complete, or successfully integrate acquisitions; our ability to realize the anticipated benefits of the Midwest Pipeline Acquisition and our ability to manage the risks of the Midwest Pipeline Acquisition; the price and availability of debt and equity financing; restrictions in our existing and any future credit facilities and indentures; the effectiveness of our information technology and operational technology systems and practices to detect and defend against evolving cyber attacks on United States critical infrastructure; changing laws regarding cybersecurity and data privacy, and any cybersecurity threat or event; operating hazards, environmental risks, and other risks incidental to gathering, storing and transporting natural gas; geologic and reservoir risks and considerations; natural disasters, adverse weather conditions, casualty losses and other matters beyond our control; the impact of outbreaks of illnesses, epidemics and pandemics, and any related economic effects; the impacts of geopolitical events, including the conflicts in Ukraine and the Middle East; labor relations and markets, including the ability to attract, hire and retain key employee and contract personnel; large customer defaults; changes in tax status, as well as changes in tax rates and regulations; the effects and associated cost of compliance with existing and future laws and governmental regulations, such as the Inflation Reduction Act and the One Big Beautiful Bill Act; changes in environmental laws, regulations or enforcement policies, including laws and regulations relating to pipeline safety, climate change and greenhouse gas emissions; changes in laws and regulations or enforcement policies, including those relating to construction and operation of new interstate gas pipelines, ratemaking to which our pipelines may be subject, or other non-environmental laws and regulations; our ability to qualify for federal income tax credits by Clean Fuels Gathering; our ability to develop low carbon business opportunities and deploy greenhouse gas reducing technologies; changes in insurance markets impacting costs and the level and types of coverage available; the timing and extent of changes in commodity prices; the success of our risk management strategies; the suspension, reduction or termination of our customers’ obligations under our commercial agreements; disruptions due to equipment interruption or failure at our facilities, or third-party facilities on which our business is dependent; the effects of future litigation; and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2024 and our reports and registration statements filed from time to time with the SEC.

The above list of factors is not exhaustive. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause actual results to vary materially from those stated in forward-looking statements, see the discussion under the section entitled “Risk Factors” in our Annual Report for the year ended December 31, 2024, filed with the SEC on Form 10-K and any other reports filed with the SEC. Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, you should not put undue reliance on any forward-looking statements.

Any forward-looking statements speak only as of the date on which such statements are made. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether as a result of new information, subsequent events or otherwise.

DT Midstream, Inc. Reconciliation of Reported to Operating Earnings (non-GAAP, unaudited)

	Three Months Ended
	June 30,								March 31,
		2025								2025
	Reported Earnings		Pre-tax Adjustments		Income Taxes⁽¹⁾		Operating Earnings		Reported Earnings		Pre-tax Adjustments		Income Taxes⁽¹⁾		Operating Earnings
	*(millions)*
Adjustments			$	—	$	—					$	—	$	—
Net Income Attributable to DT Midstream	$	107	$	—	$	—	$	107	$	108	$	—	$	—	$	108

	Six Months Ended
	June 30,								June 30,
		2025								2024
	Reported Earnings		Pre-tax Adjustments		Income Taxes⁽¹⁾		Operating Earnings		Reported Earnings		Pre-tax Adjustments		Income Taxes⁽¹⁾		Operating Earnings
	*(millions)*
Adjustments			$	—	$	—					$	—	$	—
Net Income Attributable to DT Midstream	$	215	$	—	$	—	$	215	$	193	$	—	$	—	$	193

(1) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments

DT Midstream, Inc. Reconciliation of Reported to Operating Earnings per diluted share⁽¹⁾(non-GAAP, unaudited)

	Three Months Ended
	June 30,								March 31,
		2025								2025
	Reported Earnings		Pre-tax Adjustments		Income Taxes⁽²⁾		Operating Earnings		Reported Earnings		Pre-tax Adjustments		Income Taxes⁽²⁾		Operating Earnings
	*(per share)*
Adjustments			$	—	$	—					$	—	$	—
Net Income Attributable to DT Midstream	$	1.04	$	—	$	—	$	1.04	$	1.06	$	—	$	—	$	1.06

	Six Months Ended
	June 30,								June 30,
		2025								2024
	Reported Earnings		Pre-tax Adjustments		Income Taxes⁽²⁾		Operating Earnings		Reported Earnings		Pre-tax Adjustments		Income Taxes⁽²⁾		Operating Earnings
	*(per share)*
Adjustments			$	—	$	—					$	—	$	—
Net Income Attributable to DT Midstream	$	2.10	$	—	$	—	$	2.10	$	1.97	$	—	$	—	$	1.97

(1) Per share amounts are divided by Weighted Average Common Shares Outstanding — Diluted, as noted on the Consolidated Statements of Operations
(2) Excluding tax related adjustments, the amount of income taxes was calculated based on a combined federal and state income tax rate, considering the applicable jurisdictions of the respective segments and deductibility of specific operating adjustments

DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA (non-GAAP, unaudited)

	Three Months Ended						Six Months Ended
	June 30,			March 31,			June 30,			June 30,
		2025			2025			2025			2024
Consolidated	*(millions)*
Net Income Attributable to DT Midstream	$	107		$	108		$	215		$	193
Plus: Interest expense		40			40			80			79
Plus: Income tax expense		34			35			69			64
Plus: Depreciation and amortization		63			63			126			103
Plus: EBITDA from equity method investees⁽¹⁾		64			73			137			142
Less: Interest income		—			(1	)		(1	)		(1	)
Less: Earnings from equity method investees		(30	)		(37	)		(67	)		(85	)
Less: Depreciation and amortization attributable to noncontrolling interests		(1	)		(1	)		(2	)		(2	)
Adjusted EBITDA	$	277		$	280		$	557		$	493

(1) Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows:

	Three Months Ended						Six Months Ended
	June 30,			March 31,			June 30,			June 30,
		2025			2025			2025			2024
	*(millions)*
Earnings from equity method investees	$	30		$	37		$	67		$	85
Plus: Depreciation and amortization attributable to equity method investees		19			22			41			41
Plus: Interest expense attributable to equity method investees		15			14			29			16
EBITDA from equity method investees	$	64		$	73		$	137		$	142

DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Pipeline Segment (non-GAAP, unaudited)

	Three Months Ended						Six Months Ended
	June 30,			March 31,			June 30,			June 30,
		2025			2025			2025			2024
Pipeline	*(millions)*
Net Income Attributable to DT Midstream	$	93		$	92		$	185			145
Plus: Interest expense		11			13			24			25
Plus: Income tax expense		29			30			59			48
Plus: Depreciation and amortization		28			28			56			37
Plus: EBITDA from equity method investees⁽¹⁾		64			73			137			142
Less: Interest income		—			(1	)		(1	)		(1	)
Less: Earnings from equity method investees		(30	)		(37	)		(67	)		(85	)
Less: Depreciation and amortization attributable to noncontrolling interests		(1	)		(1	)		(2	)		(2	)
Adjusted EBITDA	$	194		$	197		$	391		$	309

(1) Includes share of our equity method investees’ earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA.” A reconciliation of earnings from equity method investees to EBITDA from equity method investees follows:

	Three Months Ended						Six Months Ended
	June 30,			March 31,			June 30,			June 30,
		2025			2025			2025			2024
	*(millions)*
Earnings from equity method investees	$	30		$	37		$	67		$	85
Plus: Depreciation and amortization attributable to equity method investees		19			22			41			41
Plus: Interest expense attributable to equity method investees		15			14			29			16
EBITDA from equity method investees	$	64		$	73		$	137		$	142

DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Adjusted EBITDA Gathering Segment (non-GAAP, unaudited)

	Three Months Ended				Six Months Ended
	June 30,		March 31,		June 30,		June 30,
		2025		2025		2025		2024
Gathering	*(millions)*
Net Income Attributable to DT Midstream	$	14	$	16	$	30	$	48
Plus: Interest expense		29		27		56		54
Plus: Income tax expense		5		5		10		16
Plus: Depreciation and amortization		35		35		70		66
Less: Interest income		—		—		—		—
Adjusted EBITDA	$	83	$	83	$	166	$	184

DT Midstream, Inc. Reconciliation of Net Income Attributable to DT Midstream to Distributable Cash Flow (non-GAAP, unaudited)

	Three Months Ended						Six Months Ended
	June 30,			March 31,			June 30,			June 30,
		2025			2025			2025			2024
Consolidated	*(millions)*
Net Income Attributable to DT Midstream	$	107		$	108		$	215		$	193
Plus: Interest expense		40			40			80			79
Plus: Income tax expense		34			35			69			64
Plus: Depreciation and amortization		63			63			126			103
Less: Earnings from equity method investees		(30	)		(37	)		(67	)		(85	)
Less: Depreciation and amortization attributable to noncontrolling interests		(1	)		(1	)		(2	)		(2	)
Plus: Dividends and distributions from equity method investees		30			48			78			125
Less: Cash interest expense		(76	)		—			(76	)		(74	)
Less: Cash taxes		(4	)		2			(2	)		(3	)
Less: Maintenance capital investment⁽¹⁾		(6	)		(8	)		(14	)		(13	)
Distributable Cash Flow	$	157		$	250		$	407		$	387

(1) Maintenance capital investment is defined as the total capital expenditures used to maintain or preserve assets or fulfill contractual obligations that do not generate incremental earnings.

The MIL Network –

August 5, 2025

MIL-OSI: Japan Blockchain Week 2025 (Aug 22 – Sep 19) — The Perfect Window to Experience Japan’s Most Vibrant Web3 Scene

Source: GlobeNewswire (MIL-OSI)

TOKYO, July 31, 2025 (GLOBE NEWSWIRE) — If you have ever thought about visiting Japan’s fast-growing crypto ecosystem, this is the year and this is the moment. From August 22 to September 15, 2025, Tokyo will host Japan Blockchain Week 2025 (JBW 2025)—a four-week festival that bundles the country’s flagship Web3 gatherings into one seamless schedule.

Launched in 2022 to connect Japan’s builders and community with the global community, JBW has become the annual rendez-vous for investors, founders, developers, and policymakers who want to see where crypto meets the real world. This summer, one JBW AI summit and 6 headline partner events will create an unparalleled density of talent, capital, and cutting-edge ideas:

Event Schedule

Date	Headline Event	What to Expect
Aug 23	JBW summit AI edition	A deep dive into AI × Web3 and the coming ASI era—governance, privacy, and value creation on a planetary scale.This is a futuristic conference where experts from the AI and web3 industries gather to discuss the updates of society around the world in preparation for the ASI era.
Aug 24	Solana SuperTokyo	SuperTokyo2025 is the largest Solana conference in Japan, organized by the Solana Foundation-certified community “SuperTeam Japan” to promote the growth of the Solana ecosystem in Japan. Once a year, Solana entrepreneurs, users, and fans from Japan and abroad will gather in Tokyo to create useful opportunities, and sessions by famous experts and startup camp programs will be held.
Aug 25-26	WebX	WebX2025 is produced by CoinPost, Japan’s largest Web3 media. The event will take place on August 25th and 26th, 2025 at The Prince Park Tower in Tokyo. WebX2025 is Asia’s largest global conference gathering professionals related to crypto assets, blockchain, and other Web3 technologies, offering visitors a direct interaction with companies, experts, entrepreneurs, investors, government officials, and media from Japan and abroad.
Aug 27	Blockchain Leaders Summit	Unified community: Bridge between Japan and the globe Participants will have an extraordinary opportunity to gain valuable insights directly from esteemed industry leaders and emerging powerhouses actively shaping the future landscape.
Sep 11	Web3privacy now	Web3Privacy Now is a think-and-Do-tank of hundreds of people, projects, and organizations committed to protecting and advancing civil liberties, decentralization, and open-source software. We facilitate cross-stack and cross-community collaboration to drive meaningful impact. We challenge standardization and maximalism, avoid abstractions and stereotypes. We work on the forefront of technology with a poly-disciplinary approach, togetherness, and care, assiting each other in clarifying paths toward effective progress.
Sep 12-15	ETH Tokyo	ETHTokyo is an engaging conference and hackathon for the global Ethereum community where people with all sorts of backgrounds, ideas, and skills come together to share their love for Ethereum and its world..
Sep 16-19	EDCON	Once a year, the most impactful speakers, mentors and projects from around the world are invited to attend and share their message. Prior years include: Paris 2017, Toronto 2018, Sydney 2019, Online 2020-21, San Francisco 2022, Montenegro 2023, Tokyo 2024. EDCON is committed to serving the Ethereum ecosystem by boosting communication and engagement between Ethereum communities worldwide.

Why Plan Your Trip Around JBW 2025?

One flight, five world-class conferences. Every week offers a new flagship event—optimise your travel budget while maximising exposure.
Cross-pollination at its best. Discuss the future of AI x web3 on Saturday,Meet Solana Tokyo community on Sunday, debate business in Japan on Monday, then hack Solidity in September—without leaving Tokyo.
Asia’s most underestimated market. Japan is opening up to token incentives,IP deployment to web3, stablecoin issuance, and DAO frameworks faster than headlines suggest. Tap early.
Seamless logistics. All venues are within 30 minutes of central Tokyo; an English-friendly metro, and top-tier hospitality make navigation easy.
Culture & crypto in one trip. In between conferences and networking nights, enjoy summer festivals, Michelin-level cuisine, and Tokyo’s unique and diverse culture.

Quick Facts

Total 2024 attendance: over 50,000 attends in-person
Official language: English & Japanese (simultaneous interpretation provided)
Hashtag: #JBW2025

About Japan Blockchain Week

Japan Blockchain Week is a not-for-profit movement launched in 2022 to bridge the Japanese and global blockchain industries. By clustering independent conferences and hackathons under a single seasonal banner, JBW lowers friction for overseas participation and accelerates cross-border collaboration.CoinDesk Japan has joined as an special media partner.

Comment from Mai Fujimoto

Co-organizer of Japan Blockchain Week / Co-founder of INTMAX

“Japan Blockchain Week is more than just a series of events — it has evolved into a platform that bridges Japan and the global Web3 community.This year, JBW brings together seven distinct blockchain events across just one month in Japan. Each event has its own theme and character, offering a completely different perspective on the future every week — an unprecedented format.

There are few other occasions where such a diverse group of people from across borders and industries gathers in a single city.Join us this summer in Tokyo and Osaka, and let’s shape the future together!”

Book your flights. Pack your dev laptop. We’ll see you in Tokyo for the most condensed month of Web3 I innovation anywhere in 2025.

Website | X

Contact:
Mio Nanase
staff@japanblockchainweek.jp

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

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

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/44bc5642-92b2-4885-bc2d-52f6a1ab0ad1

The MIL Network –

August 5, 2025

Category: Europe

Mine water heat lab insights could supercharge clean heat

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Dr Simone Lowthe-Thomas reappointed to The National Lottery Community Fund

Dr Simone Lowthe-Thomas

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Membership of Fundamental Review of Building Regulations Guidance

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Counter-drone efforts rise as prison sightings revealed

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