Category: Europe

MIL-OSI Russia: At least 33 people were injured in an airstrike on the Ukrainian city of Kharkov

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

KYIV, July 24 (Xinhua) — At least 33 people, including three children, were injured in a Russian airstrike on Thursday in Kharkiv, Ukraine’s second-largest city in the northeast of the country, the Ukrainian Interior Ministry said on Telegram.

According to Ukrainian President Volodymyr Zelensky, the Russian army dropped two aerial bombs on Kharkiv, one of which fell near a residential building, and the second on the territory of a civilian enterprise, which led to a fire.

Rescuers, police and doctors are working at the sites of the strikes. –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 –

July 25, 2025
MIL-OSI Russia: Flash: 9 more Chinese cities accredited as international wetland cities, China maintains world lead in number of such cities

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

Xinhua | 24.07.2025

Keywords: China

Source: Xinhua

Flash: 9 more Chinese cities accredited as international wetland cities, China maintains world lead in number of such cities Flash: 9 more Chinese cities accredited as international wetland cities, China maintains world lead in number of such cities

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 –

July 25, 2025
MIL-OSI Russia: CPPCC National Committee Chairman Calls on CPPCC Members to Participate in Economic Consultations

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

BEIJING, July 24 (Xinhua) — Wang Huning, chairman of the National Committee of the Chinese People’s Political Consultative Conference (CPPCC), on Thursday called on CPPCC members to actively participate in consultations on key economic issues.

Wang Huning, also a member of the Standing Committee of the Political Bureau of the CPC Central Committee, made the remarks while chairing the 39th meeting of the chairman and vice-chairmen of the 14th CPPCC National Committee.

He called on CPPCC members to focus their consultations on key areas such as planning the goals and tasks of socio-economic development for the 15th Five-Year Plan (2026-2030), developing new productive forces in line with local conditions, and building a unified national market.

Wang Huning also pointed out the importance of understanding the goals of building modern cities that are people-centered and deepening research related to key tasks of urban governance.

The meeting reviewed and approved the work report of the CPPCC National Committee for the first half of 2025, as well as the revised draft regulations on handling proposals from CPPCC National Committee members. The documents will be submitted for consideration at the 13th session of the Bureau of the 14th CPPCC National Committee.

On Thursday morning, Wang Huning also presided over the annual theoretical meeting of the chairman and vice chairmen of the CPPCC National Committee.

The CPPCC National Committee chairman said it is necessary to focus on the major tasks of the Party and the state, combining wisdom and strength.

Wang Huning called on policy consultants from various fields to deepen their research on key issues in their fields and put forward targeted and practical policy proposals. –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 –

July 25, 2025
MIL-OSI Russia: Kazakhstan Increases Oil Refining to 8.8 Million Tons in January-June 2025

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

Almaty, July 24 (Xinhua) — Three leading oil refineries in Kazakhstan increased oil refining to 8.83 million tons in the first six months of 2025, which is 685 thousand tons more than in the same period of 2024, the press service of Kazakhstan’s oil and gas company KazMunayGas (KMG) reported on Thursday.

According to KMG, during the reporting period, about 6.84 million tons of light oil products were produced, including gasoline, diesel and aviation fuel, which is 893 thousand tons /4.44 percent/ higher than last year’s figure.

The total refining depth at the three refineries reached 89.61 percent, and the yield of light oil products was 77.53 percent. At the same time, the combustion of process fuel and the volume of irrecoverable losses were reduced by 0.78 percent, or 7,333 tons.

The modernization of the Caspi Bitum refinery was also completed in the first half of the year. The plant’s capacity now allows it to process up to 1.5 million tons of oil and produce 750 thousand tons of bitumen per year. In the two months since its launch after modernization, the plant has processed over 216 thousand tons of oil and produced more than 78 thousand tons of bitumen. –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 –

July 25, 2025
MIL-OSI Russia: Tajikistan and Mongolia Expand Cooperation

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

ALMATY, July 24 (Xinhua) — Tajik President Emomali Rahmon and Mongolian President Ukhnaagiin Khurelsukh signed a number of cooperation documents following talks in Dushanbe, the Asia-Plus news agency reported on Thursday.

U. Khurelsukh arrived in Tajikistan on Wednesday on a state visit. As part of the visit, an economic forum of the two countries and a number of cultural events were organized.

Following the talks, the leaders of the two countries signed a Joint Statement on the further development and strengthening of friendly relations and multifaceted cooperation, as well as 10 other cooperation agreements in areas such as water resources, security, innovation and humanitarian development.

The Tajik side proposed to develop and adopt a cooperation program and a specialized roadmap for joint actions for the coming years, as well as to establish a Council of Entrepreneurs of Tajikistan and Mongolia. –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 –

July 25, 2025
MIL-OSI Russia: Breaking: 9 More Chinese Cities Accredited as International Wetland Cities, Maintaining World Lead in Number of Wetland Cities

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

VICTORIA FALLS, ZIMBABWE, July 24 (Xinhua) — Nine more Chinese cities were accredited as international wetland cities on Thursday during the opening of the 15th meeting of the Conference of the Parties to the Ramsar Convention on Wetlands (COP15) held in the Zimbabwean resort town of Victoria Falls, bringing the total number of such cities in China to 22, the highest in the world. -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 –

July 25, 2025
MIL-OSI: Stormrock founders announce Nemesis: A Swiss Incubator and AI SaaS for E-Commerce Brands
Source: GlobeNewswire (MIL-OSI)

Zug, Switzerland, July 24, 2025 (GLOBE NEWSWIRE) — Stormrock, a Swiss e-commerce group that generated €24 million in revenue in 2024 through its portfolio of high-recurrence consumer brands, is now expanding its impact in the tech and retail space. Its founders, Lucas Nova and Fabien Dumas, have announced the launch of Nemesis: a Swiss-based incubator for high-potential e-commerce brands, along with a proprietary AI-powered SaaS platform built to industrialize the systems and methods behind their growth. The goal: provide other founders access to the operational playbooks and AI agents that turned Stormrock into a category leader.

Fabien Dumas, Co-Founder of Nemesis

Why is this launch strategic?

Nemesis is designed to help founders scale fast and sustainably through:
- A favorable Swiss legal and tax environment
- Direct access to Stormrock’s full operating ecosystem
- Internal tools, automation frameworks, and AI capabilities
- Strategic support with minority equity participation (20–30%)
How does their model work?

Nova and Dumas built their method on complete control of the customer lifecycle. Their operational model includes:
- Hyper-personalized user journeys through large-scale A/B testing
- Automated behavioral segmentation engines
- An internal AI stack spanning Ads, CRM, Product, CRO, Finance
- Processes tested across multiple high-growth DTC brands
What does the SaaS include?

The upcoming software platform replicates the systems that powered Stormrock’s growth:
- Predictive segmentation algorithms
- AI-driven CRO optimization modules
- Autonomous AI agents for Ads, CRM, Product and Finance
- Collaborative dashboards focused on founder-led decision making
The goal: provide a repeatable, intelligent, and scalable growth system to high-potential founders.

Key Metrics and Data
- €24M in revenue reached in 2024 through Stormrock
- €60M projected by 2027
- 30+ brands scaled using the same methodology
- AI stack deployed across 6 core departments
- Thousands of ad variants tested each quarter
- Customer retention rates above industry benchmarks
Official Statements

“Nemesis was built to structure everything we’ve tested, proven, and refined over the years. It’s a realistic acceleration platform for founders aiming for operational excellence.” — Fabien Dumas, Co-Founder

“Our goal is clear: to help ambitious founders grow faster without rebuilding the wheel or repeating mistakes we’ve already solved.” — Lucas Nova, Co-Founder

About

Stormrock is a high-recurrence e-commerce brand launched by Lucas Nova and Fabien Dumas. After reaching €24M in revenue, the founders structured their methods into Nemesis, a Swiss incubator for direct-to-consumer businesses, and a SaaS platform designed to replicate their AI-driven, high-efficiency growth engine at scale.

Lucas Nova Co-Founder of Nemesis

Press inquiries

Stormrock
https://stormrock.fr/
Fabien Dumas
fabien.d@celesty.ch
+33 5 32 88 01 45
Waldhof 1, Zug, Switzerland

The MIL Network –
July 25, 2025
MIL-OSI: Stormrock founders announce Nemesis: A Swiss Incubator and AI SaaS for E-Commerce Brands
Source: GlobeNewswire (MIL-OSI)

Zug, Switzerland, July 24, 2025 (GLOBE NEWSWIRE) — Stormrock, a Swiss e-commerce group that generated €24 million in revenue in 2024 through its portfolio of high-recurrence consumer brands, is now expanding its impact in the tech and retail space. Its founders, Lucas Nova and Fabien Dumas, have announced the launch of Nemesis: a Swiss-based incubator for high-potential e-commerce brands, along with a proprietary AI-powered SaaS platform built to industrialize the systems and methods behind their growth. The goal: provide other founders access to the operational playbooks and AI agents that turned Stormrock into a category leader.

Fabien Dumas, Co-Founder of Nemesis

Why is this launch strategic?

Nemesis is designed to help founders scale fast and sustainably through:
- A favorable Swiss legal and tax environment
- Direct access to Stormrock’s full operating ecosystem
- Internal tools, automation frameworks, and AI capabilities
- Strategic support with minority equity participation (20–30%)
How does their model work?

Nova and Dumas built their method on complete control of the customer lifecycle. Their operational model includes:
- Hyper-personalized user journeys through large-scale A/B testing
- Automated behavioral segmentation engines
- An internal AI stack spanning Ads, CRM, Product, CRO, Finance
- Processes tested across multiple high-growth DTC brands
What does the SaaS include?

The upcoming software platform replicates the systems that powered Stormrock’s growth:
- Predictive segmentation algorithms
- AI-driven CRO optimization modules
- Autonomous AI agents for Ads, CRM, Product and Finance
- Collaborative dashboards focused on founder-led decision making
The goal: provide a repeatable, intelligent, and scalable growth system to high-potential founders.

Key Metrics and Data
- €24M in revenue reached in 2024 through Stormrock
- €60M projected by 2027
- 30+ brands scaled using the same methodology
- AI stack deployed across 6 core departments
- Thousands of ad variants tested each quarter
- Customer retention rates above industry benchmarks
Official Statements

“Nemesis was built to structure everything we’ve tested, proven, and refined over the years. It’s a realistic acceleration platform for founders aiming for operational excellence.” — Fabien Dumas, Co-Founder

“Our goal is clear: to help ambitious founders grow faster without rebuilding the wheel or repeating mistakes we’ve already solved.” — Lucas Nova, Co-Founder

About

Stormrock is a high-recurrence e-commerce brand launched by Lucas Nova and Fabien Dumas. After reaching €24M in revenue, the founders structured their methods into Nemesis, a Swiss incubator for direct-to-consumer businesses, and a SaaS platform designed to replicate their AI-driven, high-efficiency growth engine at scale.

Lucas Nova Co-Founder of Nemesis

Press inquiries

Stormrock
https://stormrock.fr/
Fabien Dumas
fabien.d@celesty.ch
+33 5 32 88 01 45
Waldhof 1, Zug, Switzerland

The MIL Network –
July 25, 2025
India-UK relations enter new era with landmark deals on trade, tech and security

Source: Government of India

Source: Government of India (4)

Prime Minister Narendra Modi held wide-ranging talks with UK Prime Minister Keir Starmer during his official visit to the United Kingdom from July 23-24. The meeting, held at the British Prime Minister’s country residence, Chequers in Buckinghamshire.

The two leaders held a one-on-one meeting followed by delegation-level talks, covering the full spectrum of bilateral cooperation.

During the talks, the two sides welcomed the signing of the historic India-UK Comprehensive Economic and Trade Agreement (CETA). The agreement is expected to boost trade, investment, economic collaboration, and job creation in both countries, taking the strategic partnership to a new level.

In a key development, the two countries also agreed to negotiate a Double Contribution Convention, which will support professionals and service industries by reducing operational costs and promoting competitiveness. Prime Minister Modi also proposed deeper cooperation between India’s GIFT City-India’s first international financial services centre-and the UK’s financial ecosystem.

The two leaders adopted the India-UK Vision 2035, a roadmap for the next decade that aims to enhance cooperation in the areas of economy, technology, innovation, research, education, defence, climate action, health, and people-to-people ties.

The finalisation of a Defence Industrial Roadmap was also welcomed. It aims to promote joint design, development, and production of defence products for domestic use and global markets. Both leaders expressed satisfaction with the growing defence partnership and regular engagement between the armed forces.

Underlining the importance of emerging technologies, the Prime Ministers agreed to accelerate the implementation of the Technology and Security Initiative (TSI). The TSI, which completed one year, focuses on areas such as telecom, critical minerals, AI, biotechnology, semiconductors, health technology, advanced materials, and quantum research.

In the education sector, the leaders hailed the growing collaboration under India’s New Education Policy (NEP). Notably, Southampton University became the first foreign university to open a campus in India, in Gurugram, on June 16. Several other UK universities are expected to follow suit.

The two Prime Ministers also acknowledged the significant contribution of the Indian diaspora in the UK across various fields, calling them a “living bridge” between the two countries.

Prime Minister Modi thanked Prime Minister Starmer for his support and solidarity following the Pahalgam terror attack. Both leaders reiterated their commitment to combat terrorism and agreed to intensify bilateral cooperation to counter extremism and radicalisation. PM Modi also sought the UK’s assistance in bringing economic offenders and fugitives to justice.

The leaders also exchanged views on key regional and global developments, including in the Indo-Pacific, West Asia, and the Russia-Ukraine conflict.

Prime Minister Modi extended an invitation to Prime Minister Starmer to visit India at a mutually convenient time and thanked him for the warm hospitality.

The following documents were signed/adopted by the two sides during the visit:

● Comprehensive Economic and Trade Agreement [CETA]

● India-UK Vision 2035

● Defence Industrial Roadmap

● Statement on Technology and Security Initiative

● MoU between Central Bureau of Investigation, India and National Crime Agency of UK

July 25, 2025
MIL-OSI United Kingdom: Two women sentenced for cocaine smuggling24 July 2025 Two women have today appeared before Jersey’s Royal Court and been sentenced for attempting to import cocaine into the Island, with a street value of £21,000. Stephanie Louise Dean, aged 42 from Tipton,… Read more

Source: Channel Islands – Jersey

24 July 2025

Two women have today appeared before Jersey’s Royal Court and been sentenced for attempting to import cocaine into the Island, with a street value of £21,000.

Stephanie Louise Dean, aged 42 from Tipton, was sentenced to two years and six months’ imprisonment, and Jaye Eleanor Henry, aged 28, from Stourbridge, was given a 384-hour community service order.

They arrived in the Island on Wednesday 16 April 2025 having travelled from Portsmouth on the Stena Vinga ferry. When questioned by Jersey Customs and Immigration Officers, the women explained that they were in Jersey for one night, having booked their travel the day before and would be staying at the Savoy Hotel. Dean and Henry stated that they had been driven from Birmingham to Portsmouth to catch the ferry.

During a search of their baggage several swabs were taken which gave positive indications for cocaine with both women admitting to cocaine use the previous weekend. Officers became suspicious that the women were importing drugs internally and they were subsequently arrested. Dean then stated to officers: “I have to come clean; I have got something on me”. She later produced a condom-wrapped package containing 83.74 grams of cocaine with a purity of 84%.

During interview Dean said she was unaware what the package actually contained, thinking it was cannabis, but agreed to import the drugs into Jersey to clear her drugs debt of between £800 and £900, that she owed to a man named “Bubba”.

Henry was found not to be carrying any drugs but stated that the individual who had driven them to Portsmouth had tried to pass her the package which she refused and was given to Dean. She stated that Dean was getting paid £2,000 to import the drugs and that she would receive spending money for travelling with her. Phone messaging indicated that Henry was aware of the package and was to be paid for the importation.

Paul Le Monnier, Senior Manager at Jersey Customs and Immigration Service, said: “Our officers continue to disrupt the importation of controlled drugs at our borders and whilst these two women were clearly not the organisers of the importation, Dean was the courier of the drugs and Henry a willing accomplice with both women being paid for their roles.”

Anyone with information on drug smuggling can report it anonymously via 0800 735 5555.

MIL OSI United Kingdom –

July 25, 2025
MIL-OSI United Kingdom: Learn to become a storyteller at young people’s club

Source: City of Leicester

YOUNG people can learn to become storytellers as part of a fun four-week summer holiday project at Leicester’s Central Library.

The Young Storytellers Club is free to attend and will run on Tuesdays 29 July and 5, 12 and 19 August, from 3-5pm.

Leicester City Council has teamed up with Leicestershire Guild of Storytelling to run the club, which is aimed at young people aged 11-16 and will focus on the ancient art of oral storytelling.

Matthew Vaughan, who works for Leicester Libraries and is secretary of the Guild, said: “From the dawn of time and at the heart of every culture, people have told each other stories. Long before the first word was ever written, stories were passed down by word of mouth.

“What’s more, those stories have travelled far and wide. Everyone has heard of Cinderella. Well, it’s not that surprising when you consider that some scholars estimate there are over 3,000 different versions of that story.

“This summer, we’re offering this pilot project with a view to setting up an ongoing storytelling club in the city. It’s perfect for young people from any background and any confidence level. No writing or reading is required, it’s just a chance to take part in some fun games and exercises that will fire the imagination and get the words flowing.”

Cllr Vi Dempster, assistant city mayor for libraries and community centres, said: “We’re really pleased to be able to offer lots of free reading-themed activities throughout the summer.

“More than 6,000 children took part in our summer reading challenge last year, so it’s clear that stories are a big part of the summer holidays for lots of our young people.”

Places are limited, so booking is essential. Email libraries-childrens-team@leicester.gov.uk for more information and to reserve your place.

Lots of events and activities are taking place in libraries throughout the summer holidays as a part of Story Garden, the summer reading challenge. To find out more, visit www.leicester.gov.uk/summerreadingchallenge

ENDS

MIL OSI United Kingdom –

July 25, 2025
MIL-OSI United Kingdom: ‘Plan ahead’ message as city gears up for IRONMAN Leeds triathlon
Source: City of Leeds

People in Leeds are being asked to take note of the traffic and travel arrangements that have formed a key part of the planning for a major new sporting event.
The inaugural IRONMAN Leeds triathlon is being held this Sunday, July 27, with around 2,500 athletes set to push themselves to the limit as they tackle a 2.4-mile swim in Roundhay Park’s Waterloo Lake followed by a 112-mile bike ride and a 26-mile run.

A wide-ranging programme of temporary road closures will be in place in and around north Leeds to ensure that the event – which is being organised by the IRONMAN Group with support from Leeds City Council – passes off safely and smoothly.

And, with the final countdown to the big day now under way, residents are being encouraged to take a few minutes to acquaint themselves with the closure timings and locations.

Significant traffic disruption is expected, with the epic nature of the event – and the lengthy race times that come with it – meaning restrictions will be in force for much of Sunday.

The IRONMAN team has been working hard to publicise the plans for the day, with a total of 60,000 information leaflets being distributed to local properties.

More than 100 businesses in affected areas have also received direct e-mails with details about the event that they can share with their staff and customers.

Vehicle crossing locations will be dotted along the cycling and running routes, while full emergency service road access will be maintained throughout. Pedestrians will be able to cross the routes at any point, provided it is safe to do so.

People with enquiries regarding road access – including carers who need to carry out home visits – are asked to contact the IRONMAN team via leeds@ironmanroadaccess.com or 03330 116600.

Enquiries about other IRONMAN-related matters should be e-mailed to leeds@ironman.com.

Leeds is one of only two places in the UK hosting a full IRONMAN challenge in 2025, with previous events in locations such as Bolton and Pembrokeshire generating millions of pounds for their local economies.

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

“IRONMAN Leeds promises to be a fantastic occasion, and one that will further strengthen our city’s reputation as a respected host of high-profile sporting events.

“The exploits of local triathletes such as the Brownlee brothers have given Leeds a real interest in this sport, so hopefully people will be turning out in numbers on Sunday to support the competitors in Roundhay Park and along the rest of the course.

“The road closures that are needed for the safe operation of the event will inevitably cause some disruption and we thank the public in advance for their patience and understanding.

“Please do take the time, if you haven’t already, to familiarise yourself with all the relevant traffic and travel arrangements and how they might affect your plans.”

IRONMAN Leeds will have a staggered start, with the first swimmers venturing into Waterloo Lake from 6am on Sunday.

The event’s second discipline, the bike race, begins and ends in Roundhay Park and will cover three loops of a circular route that runs through or near communities such as Shadwell, Thorner, Bardsey, Wike, Harewood, Eccup, Arthington, Adel and Alwoodley.

Roads that will be affected by the closure programme needed for this part of the day include:

Carr Lane between Shadwell and Thorner (closed 6am to 3.30pm)

Bramham Road and part of Thorner Road, both to the east of Thorner (closed 6am to 3.30pm)

The A61 Harrogate Road between the A659 at Harewood and Wike Lane (closed 7am to 4.30pm)

The A61 Harrogate Road between Wike Lane and Wigton Approach, near the Grammar School at Leeds (closed 7am to 5.30pm)

Alwoodley Lane between its junctions with King Lane and the A61 Harrogate Road (closed eastbound 7.30am to 5.30pm)

IRONMAN Leeds’s third and final discipline, the run, will follow a looped course that takes in the western side of Roundhay Park and a host of residential streets in the wider Roundhay area.

Athletes are expected to start crossing the finishing line – which will be located near the park’s cricket pavilion – from around 2pm.

Spectators heading to this area to cheer the runners home can look forward to a party atmosphere as well as food stalls, music and other attractions.

Roads in Roundhay that will be closed for much of Sunday to facilitate both the run and general event access include North Park Grove, Gledhow Avenue, Jackson Avenue, Old Park Road and the stretch of Street Lane between Devonshire Avenue and Princes Avenue. Park Avenue will be closed near the Lakeside Cafe from 6am on Saturday until 5pm on Monday (July 28).

Tropical World will be open as normal throughout the event.

Lewis Peacock, race director for IRONMAN Leeds, said:

“We can’t wait to welcome thousands of athletes to the home of triathlon as the very first IRONMAN Leeds heads to town.

“It’s set to be an incredible day of racing and a great moment to have a full distance IRONMAN race return to England for the first time since 2023.

“The spectator support in Roundhay Park is expected to be massive, so make sure you head down to soak up the atmosphere!”

Further information about road closures along the cycling and running routes – together with suggested diversions for people wanting to drive to Harewood House on Sunday – can be found here.

ENDS
MIL OSI United Kingdom –
July 25, 2025
MIL-OSI USA: Sen. Greg Dolezal Appointed to Senate Special Committee on Eliminating Georgia’s Income Tax

Source: US State of Georgia

ATLANTA (July 24, 2025) — Recently, Lt. Governor Burt Jones appointed Sen. Greg Dolezal (R–Cumming) to serve as a member of the Senate Special Committee on Eliminating Georgia’s Income Tax.

“I am grateful to Lt. Governor Burt Jones for appointing me to this crucial committee,” said Sen. Dolezal, Vice Chair of the Senate Committee on Appropriations. “Thanks to the fiscally conservative budgeting of the Georgia General Assembly, we’ve lowered the income tax rate from 5.39% to 5.19%, with a plan to reduce it by another tenth of a percent annually starting in 2026. However, that’s not good enough. Georgia can only stay ahead if we keep pushing for a tax structure that lets families keep more of their paychecks and gives job creators every reason to grow here. I’ve championed eliminating the income tax since my first term, and this special committee is our chance to build a fiscally sound plan that finishes the job.”

Sen. Blake Tillery (R–Vidalia) will serve as Chairman of the Special Committee on Eliminating Georgia’s Income Tax. Additional Senators appointed to the special committee include Senators Jason Anavitarte (R–Dallas), Ed Harbison (D–Columbus), Chuck Hufstetler (R–Rome), Steve Gooch (R–Dahlonega), John F. Kennedy (R–Macon), Nan Orrock (D–Atlanta), Michael “Doc” Rhett (D–Marietta), Larry Walker III (R– Perry) and Sam Watson (R–Moultrie).

# # # #

Sen. Greg Dolezal serves as Chairman of the Senate Committee on Transportation. He represents the 27th Senate District, which includes a portion of Forsyth County. He may be reached by phone at (404) 656-7127 or via email at Greg.Dolezal@senate.ga.gov.

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

MIL OSI USA News –

July 25, 2025
MIL-OSI Europe: Erasmus Days

Source: European Union 2

The #ErasmusDays are an international six-day celebration of the Erasmus+ programme. During these days, people throughout the world are invited to come together and either organise or participate at events that celebrate the projects and opportunities proposed by Erasmus+. For students, teachers, trainers, professionals and more generally, all citizens, the #ErasmusDays represent a unique moment to promote the multitude of benefits that result from the programme. In 2025, the 9th edition of the #ErasmusDays will take place from the 13th until the 18th October.

Discover more

MIL OSI Europe News –

July 25, 2025

MIL-OSI: LECTRA: Second Quarter and First Half 2025 financial report available

Source: GlobeNewswire (MIL-OSI)

Second Quarter and First Half 2025 financial report available

Paris, July 24, 2025 – Lectra informs its shareholders, in compliance with Article 221-4-IV of the General Regulation of the Autorité des marchés financiers, that the Management Discussion and Analysis of Financial Condition and Results of Operations for the Second Quarter and First Half of 2025 is available on the company’s website: www.lectra.com

It is also available, upon request, at the company’s headquarters 16-18 rue Chalgrin, 75016 Paris (email: investor.relations@lectra.com ).

Copy of this document was filed with the AMF.

About Lectra :

At the forefront of innovation since its founding in 1973, Lectra provides industrial intelligence technology solutions—combining software in SaaS mode, cutting equipment, data, and associated services—to players in the fashion, automotive and furniture industries. With boldness and passion, Lectra accelerates the transformation and success of its customers in a world in perpetual motion thanks to the key technologies of Industry 4.0: AI, big data, cloud and the Internet of Things. 

The Group is present in more than one hundred countries. It operates three production sites for its cutting equipment, located in France, China and the United States. Lectra’s 3,000 employees are driven by three core values: being open-minded thinkers, trusted partners and passionate innovators. They all share the same concern for social responsibility, which is one of the pillars of Lectra’s strategy to ensure its sustainable growth and that of its customers.

Lectra reported revenues of €527 million in 2024, including €77 million coming from its SaaS offerings. The company is listed on Euronext, and is included in the CAC All Shares, CAC Technology, EN Tech Leaders and ENT PEA-PME 150 indices.

For more information, please visit lectra.com. 

Lectra – World Headquarters et siège social : 16–18, rue Chalgrin • 75016 Paris • France
Tél. +33 (0)1 53 64 42 00 – lectra.com
Société anonyme au capital de 37 966 274 €. RCS Paris B 300 702 305

Attachment

LECTRA_PR_reportavailable_FH2025

The MIL Network –

July 25, 2025

MIL-OSI: Volta Finance Limited – Net Asset Value(s) as at 30 June 2025
Source: GlobeNewswire (MIL-OSI)

Volta Finance Limited (VTA / VTAS)
June 2025 monthly report

NOT FOR RELEASE, DISTRIBUTION, OR PUBLICATION, IN WHOLE OR PART, IN OR INTO THE UNITED STATES

Guernsey, July 24, 2025

AXA IM has published the Volta Finance Limited (the “Company” or “Volta Finance” or “Volta”) monthly report for June 2025. The full report is attached to this release and will be available on Volta’s website shortly (www.voltafinance.com).

Performance and Portfolio Activity

Dear Investors,

In June, Volta Finance achieved a net performance of +0.4% bringing the cumulative performance from August 2024 to date to +11.2%. Both the CLO Debt and CLO Equity assets of the Volta Finance portfolio delivered positive returns, in the context of a positive momentum across credit markets after the volatility induced by tariffs.

June marked a return to a “risk on” environment, with strong gains in U.S. equity markets amid significant weakening of the US Dollar. This shift was fuelled by easing trade tensions and moderating inflation. Despite inflation levels being close to target, the Fed decided to keep interest rates unchanged at 4.25%-4.50% during their June meeting while elaborating on the unpredictable effects of Trump’s tariffs. In Europe, sentiment was mixed, with major indices ending the month flat. The ECB cut rates by 25 basis points while Christine Lagarde signalled a likely pause in future rate cuts. This easing comes as the eurozone inflation has returned to the central bank’s target of 2%.

However, significant uncertainties still loom as we enter summer. Only a handful of countries reached agreements with their U.S. counterparts and the approaching deadline could trigger further disruptions notably in supply chains. The sudden escalation of the Iran/Israel situation, culminating in the U.S. bombings of Iranian nuclear facilities, also raised concerns regarding the stability of the region and added disruptions to oil supplies. This led to a spike in crude oil prices and increased interest in traditional safe-haven assets although they retraced by the end of the month due to a temporary resolution of the conflict.

Credit markets shrugged those worries off and hedged close to the tightest levels experienced over the last year. For instance, the European High Yield index (Xover) settled at 283bps (from 300bps), close to the 280bps resistance level. On the Loan side, Euro Loans closed roughly unchanged at 97.70px (Morningstar European Leveraged Loan Index) while US Loans closed c. 40c up at 97.00px. Primary CLO levels moved sideways across all rated tranches, providing stability and the right environment for CLO formation. In terms of performance, US High Yield returned +1.9% over the month while Euro Loans were up +0.13% and US Loans +0.80%.

The median CCC assets exposure in CLO portfolios remained stable at 4.5% in the US, slightly above the exposure of European CLOs to CCCs (4.1%). Loan maturity walls continued to transition towards 2030 and beyond, with the next significant refinancing deadlines in 2028 and 2031 in the US, while loan recoveries remained significantly higher than bonds at approximately 62% vs 48%.

In terms of activity, the month was particularly busy as we faced some CLO debt redemptions (€4.8m) and actively replaced risk to maintain overall risk exposure unchanged. We purchased BB (600bps context), single-B (up to 900bps) and Equity risk from both the Primary and Secondary markets. Cash stood at 11% at the end of the month. Volta Finance’s cashflow generation was slightly up at €28.3m equivalent in interests and coupons over the last six months, representing close to 21% of June’s NAV on an annualized basis.

Over the month, Volta’s CLO Equity tranches returned +1.6%** while CLO Debt tranches returned +1.0% performance**. The EUR/USD move to 1.18 had an impact on our long dollar exposure in terms of performance (0.4%).

As of end of June 2025, Volta’s NAV was €273.0m, i.e. €7.46 per share.

*It should be noted that approximately 0.14% of Volta’s GAV comprises investments for which the relevant NAVs as at the month-end date are normally available only after Volta’s NAV has already been published. Volta’s policy is to publish its NAV on as timely a basis as possible to provide shareholders with Volta’s appropriately up-to-date NAV information. Consequently, such investments are valued using the most recently available NAV for each fund or quoted price for such subordinated notes. The most recently available fund NAV or quoted price was 0.07% as at 30 May 2025, 0.07% as at 31 March 2025.

** “performances” of asset classes are calculated as the Dietz-performance of the assets in each bucket, taking into account the Mark-to-Market of the assets at period ends, payments received from the assets over the period, and ignoring changes in cross-currency rates. Nevertheless, some residual currency effects could impact the aggregate value of the portfolio when aggregating each bucket.

CONTACTS

For the Investment Manager
AXA Investment Managers Paris
François Touati
francois.touati@axa-im.com
+33 (0) 1 44 45 80 22

Olivier Pons
Olivier.pons@axa-im.com
+33 (0) 1 44 45 87 30

Company Secretary and Administrator
BNP Paribas S.A, Guernsey Branch
guernsey.bp2s.volta.cosec@bnpparibas.com
+44 (0) 1481 750 853

Corporate Broker
Cavendish Securities plc
Andrew Worne
Daniel Balabanoff
+44 (0) 20 7397 8900

*****
ABOUT VOLTA FINANCE LIMITED

Volta Finance Limited is incorporated in Guernsey under The Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the London Stock Exchange’s Main Market for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to regulation and supervision by the AFM, being the regulator for financial markets in the Netherlands.

Volta’s Investment objectives are to preserve its capital across the credit cycle and to provide a stable stream of income to its Shareholders through dividends that it expects to distribute on a quarterly basis. The Company currently seeks to achieve its investment objectives by pursuing exposure predominantly to CLO’s and similar asset classes. A more diversified investment strategy across structured finance assets may be pursued opportunistically. The Company has appointed AXA Investment Managers Paris an investment management company with a division specialised in structured credit, for the investment management of all its assets.

*****

ABOUT AXA INVESTMENT MANAGERS
AXA Investment Managers (AXA IM) is a multi-expert asset management company within the BNP Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with 2,800 professionals and €859 billion in assets under management as of the end of June 2024.

*****

This press release is published by AXA Investment Managers Paris (“AXA IM”), in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (the “Volta Finance”) whose portfolio is managed by AXA IM.

This press release is for information only and does not constitute an invitation or inducement to acquire shares in Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in breach of such limitations or restrictions. This document is not an offer for sale of the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such offer would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration from the Securities Act. Volta Finance does not intend to register any portion of the offer of such securities in the United States or to conduct a public offering of such securities in the United States.

*****

This communication is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Past performance cannot be relied on as a guide to future performance.

*****
This press release contains statements that are, or may deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, “anticipated”, “expects”, “intends”, “is/are expected”, “may”, “will” or “should”. They include the statements regarding the level of the dividend, the current market context and its impact on the long-term return of Volta Finance’s investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. Volta Finance’s actual results, portfolio composition and performance may differ materially from the impression created by the forward-looking statements. AXA IM does not undertake any obligation to publicly update or revise forward-looking statements.

Any target information is based on certain assumptions as to future events which may not prove to be realised. Due to the uncertainty surrounding these future events, the targets are not intended to be and should not be regarded as profits or earnings or any other type of forecasts. There can be no assurance that any of these targets will be achieved. In addition, no assurance can be given that the investment objective will be achieved.

The figures provided that relate to past months or years and past performance cannot be relied on as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of the investment methodologies and philosophies of Volta Finance, as implemented by AXA IM. The historical success or AXA IM’s belief in the future success, of any of these trades or strategies is not indicative of, and has no bearing on, future results.

The valuation of financial assets can vary significantly from the prices that the AXA IM could obtain if it sought to liquidate the positions on behalf of the Volta Finance due to market conditions and general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be regarded as such.

Editor: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, having its registered office located at Tour Majunga, 6, Place de la Pyramide – 92800 Puteaux. AXA IMP is authorized by the Autorité des Marchés Financiers under registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.

*****

Attachment
- Volta – Monthly report-June 2025
The MIL Network –
July 25, 2025
MIL-OSI: Volta Finance Limited – Net Asset Value(s) as at 30 June 2025
Source: GlobeNewswire (MIL-OSI)

Volta Finance Limited (VTA / VTAS)
June 2025 monthly report

NOT FOR RELEASE, DISTRIBUTION, OR PUBLICATION, IN WHOLE OR PART, IN OR INTO THE UNITED STATES

Guernsey, July 24, 2025

AXA IM has published the Volta Finance Limited (the “Company” or “Volta Finance” or “Volta”) monthly report for June 2025. The full report is attached to this release and will be available on Volta’s website shortly (www.voltafinance.com).

Performance and Portfolio Activity

Dear Investors,

In June, Volta Finance achieved a net performance of +0.4% bringing the cumulative performance from August 2024 to date to +11.2%. Both the CLO Debt and CLO Equity assets of the Volta Finance portfolio delivered positive returns, in the context of a positive momentum across credit markets after the volatility induced by tariffs.

June marked a return to a “risk on” environment, with strong gains in U.S. equity markets amid significant weakening of the US Dollar. This shift was fuelled by easing trade tensions and moderating inflation. Despite inflation levels being close to target, the Fed decided to keep interest rates unchanged at 4.25%-4.50% during their June meeting while elaborating on the unpredictable effects of Trump’s tariffs. In Europe, sentiment was mixed, with major indices ending the month flat. The ECB cut rates by 25 basis points while Christine Lagarde signalled a likely pause in future rate cuts. This easing comes as the eurozone inflation has returned to the central bank’s target of 2%.

However, significant uncertainties still loom as we enter summer. Only a handful of countries reached agreements with their U.S. counterparts and the approaching deadline could trigger further disruptions notably in supply chains. The sudden escalation of the Iran/Israel situation, culminating in the U.S. bombings of Iranian nuclear facilities, also raised concerns regarding the stability of the region and added disruptions to oil supplies. This led to a spike in crude oil prices and increased interest in traditional safe-haven assets although they retraced by the end of the month due to a temporary resolution of the conflict.

Credit markets shrugged those worries off and hedged close to the tightest levels experienced over the last year. For instance, the European High Yield index (Xover) settled at 283bps (from 300bps), close to the 280bps resistance level. On the Loan side, Euro Loans closed roughly unchanged at 97.70px (Morningstar European Leveraged Loan Index) while US Loans closed c. 40c up at 97.00px. Primary CLO levels moved sideways across all rated tranches, providing stability and the right environment for CLO formation. In terms of performance, US High Yield returned +1.9% over the month while Euro Loans were up +0.13% and US Loans +0.80%.

The median CCC assets exposure in CLO portfolios remained stable at 4.5% in the US, slightly above the exposure of European CLOs to CCCs (4.1%). Loan maturity walls continued to transition towards 2030 and beyond, with the next significant refinancing deadlines in 2028 and 2031 in the US, while loan recoveries remained significantly higher than bonds at approximately 62% vs 48%.

In terms of activity, the month was particularly busy as we faced some CLO debt redemptions (€4.8m) and actively replaced risk to maintain overall risk exposure unchanged. We purchased BB (600bps context), single-B (up to 900bps) and Equity risk from both the Primary and Secondary markets. Cash stood at 11% at the end of the month. Volta Finance’s cashflow generation was slightly up at €28.3m equivalent in interests and coupons over the last six months, representing close to 21% of June’s NAV on an annualized basis.

Over the month, Volta’s CLO Equity tranches returned +1.6%** while CLO Debt tranches returned +1.0% performance**. The EUR/USD move to 1.18 had an impact on our long dollar exposure in terms of performance (0.4%).

As of end of June 2025, Volta’s NAV was €273.0m, i.e. €7.46 per share.

*It should be noted that approximately 0.14% of Volta’s GAV comprises investments for which the relevant NAVs as at the month-end date are normally available only after Volta’s NAV has already been published. Volta’s policy is to publish its NAV on as timely a basis as possible to provide shareholders with Volta’s appropriately up-to-date NAV information. Consequently, such investments are valued using the most recently available NAV for each fund or quoted price for such subordinated notes. The most recently available fund NAV or quoted price was 0.07% as at 30 May 2025, 0.07% as at 31 March 2025.

** “performances” of asset classes are calculated as the Dietz-performance of the assets in each bucket, taking into account the Mark-to-Market of the assets at period ends, payments received from the assets over the period, and ignoring changes in cross-currency rates. Nevertheless, some residual currency effects could impact the aggregate value of the portfolio when aggregating each bucket.

CONTACTS

For the Investment Manager
AXA Investment Managers Paris
François Touati
francois.touati@axa-im.com
+33 (0) 1 44 45 80 22

Olivier Pons
Olivier.pons@axa-im.com
+33 (0) 1 44 45 87 30

Company Secretary and Administrator
BNP Paribas S.A, Guernsey Branch
guernsey.bp2s.volta.cosec@bnpparibas.com
+44 (0) 1481 750 853

Corporate Broker
Cavendish Securities plc
Andrew Worne
Daniel Balabanoff
+44 (0) 20 7397 8900

*****
ABOUT VOLTA FINANCE LIMITED

Volta Finance Limited is incorporated in Guernsey under The Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the London Stock Exchange’s Main Market for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to regulation and supervision by the AFM, being the regulator for financial markets in the Netherlands.

Volta’s Investment objectives are to preserve its capital across the credit cycle and to provide a stable stream of income to its Shareholders through dividends that it expects to distribute on a quarterly basis. The Company currently seeks to achieve its investment objectives by pursuing exposure predominantly to CLO’s and similar asset classes. A more diversified investment strategy across structured finance assets may be pursued opportunistically. The Company has appointed AXA Investment Managers Paris an investment management company with a division specialised in structured credit, for the investment management of all its assets.

*****

ABOUT AXA INVESTMENT MANAGERS
AXA Investment Managers (AXA IM) is a multi-expert asset management company within the BNP Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with 2,800 professionals and €859 billion in assets under management as of the end of June 2024.

*****

This press release is published by AXA Investment Managers Paris (“AXA IM”), in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (the “Volta Finance”) whose portfolio is managed by AXA IM.

This press release is for information only and does not constitute an invitation or inducement to acquire shares in Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in breach of such limitations or restrictions. This document is not an offer for sale of the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such offer would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration from the Securities Act. Volta Finance does not intend to register any portion of the offer of such securities in the United States or to conduct a public offering of such securities in the United States.

*****

This communication is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Past performance cannot be relied on as a guide to future performance.

*****
This press release contains statements that are, or may deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, “anticipated”, “expects”, “intends”, “is/are expected”, “may”, “will” or “should”. They include the statements regarding the level of the dividend, the current market context and its impact on the long-term return of Volta Finance’s investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. Volta Finance’s actual results, portfolio composition and performance may differ materially from the impression created by the forward-looking statements. AXA IM does not undertake any obligation to publicly update or revise forward-looking statements.

Any target information is based on certain assumptions as to future events which may not prove to be realised. Due to the uncertainty surrounding these future events, the targets are not intended to be and should not be regarded as profits or earnings or any other type of forecasts. There can be no assurance that any of these targets will be achieved. In addition, no assurance can be given that the investment objective will be achieved.

The figures provided that relate to past months or years and past performance cannot be relied on as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of the investment methodologies and philosophies of Volta Finance, as implemented by AXA IM. The historical success or AXA IM’s belief in the future success, of any of these trades or strategies is not indicative of, and has no bearing on, future results.

The valuation of financial assets can vary significantly from the prices that the AXA IM could obtain if it sought to liquidate the positions on behalf of the Volta Finance due to market conditions and general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be regarded as such.

Editor: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, having its registered office located at Tour Majunga, 6, Place de la Pyramide – 92800 Puteaux. AXA IMP is authorized by the Autorité des Marchés Financiers under registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.

*****

Attachment
- Volta – Monthly report-June 2025
The MIL Network –
July 25, 2025

MIL-OSI: LECTRA: First half 2025: stable revenues and limited decline in EBITDA in a context of increased volatility in Q2

Source: GlobeNewswire (MIL-OSI)

First half 2025: stable revenues and limited decline in EBITDA in a context of increased volatility in Q2

Revenues: 261.3 million euros (stable)*
EBITDA before non-recurring items: 40.4 million euros (-4%)*
Annual objectives are no more relevant, in the absence of visibility

(*) At actual exchange rates

	April 1 – June 30				January 1 – June 30
	2025	2024	Variation 2025/2024		2025	2024	Variation 2025/2024
(in millions of euros)			Actual exchange rates	Like-for-like⁽¹⁾			Actual exchange rates	Like-for-like⁽¹⁾
Revenues	126.8	132.7	-4%	-2%	261.3	262.3	0%		-1%
ARR ⁽²⁾⁽³⁾	–	–	–	–	90.9	88.9	+2%		+6%
EBITDA before non-recurring items ⁽³⁾	19.2	21.2	-9%	-3%	40.4	42.2	-4%		-4%
EBITDA margin before non-recurring items	15.2%	15.9%	-0.7 point	-0.2 point	15.4%	16.1%	-0.7 point		-0.7 point
Net income	5.3	4.4	20%	–	11.1	11.1	0%		–
Consolidated Shareholders’ Equity ⁽²⁾	–	–	–	–	343.8	374.4	–		–
Net cash (+) / Net debt (-) ⁽²⁾	–	–	–	–	-34.1	-20.6	–		–

⁽¹⁾ At constant exchange rates and comparable scope
⁽²⁾ As of June 30, 2025 and December 31, 2024
⁽³⁾ The definition of performance indicators is included in the Financial report as of 30 June 2025

Paris, July 24, 2025. Today, Lectra’s Board of Directors, chaired by Daniel Harari, reviewed the consolidated financial statements for the first half of 2025, which have been subject to a limited review by the Statutory Auditors.

A PARADIGM SHIFT AT THE GLOBAL LEVEL

The deterioration in the global economic situation since early March continued throughout the second quarter, extending to all geographical areas and all sectors of activity. The US tariff announcements on April 2 came as a shock that increased the uncertainty weighing on the business climate, particularly for the Group’s customers, who are highly exposed to international trade.

While the direct impact of these measures is limited for Lectra, the indirect impacts, linked to the reactions of the customers concerned, together with the lack of visibility, have led to a pause in their investment decisions. The Group’s customers — brands and subcontractors alike — must adapt to this new economic situation, whether in terms of pricing policy, production, investment or future strategy, and are waiting for negotiations to be concluded before choosing their options.

The 90-day suspension of reciprocal tariffs, announced on April 9 and due to end on July 9 was followed by further announcements. The frequent changes in the decisions of the US administration and the negotiations still underway have contributed to persistent uncertainty.

The direct impacts of tariffs remain limited, and are under control

European and Chinese exports to the United States account for less than 10% of Lectra’s sales. Starting in April, Lectra has taken several measures to deal with the new commercial situation: the Group has reflected the full impact of customs tariffs on price lists in the United States for equipment, consumables and parts and maintenance contracts. It also rerouted some shipments to Mexico to avoid customs formalities and removed several products from the Chinese and American catalogs.

Indirect impacts are characterized by high customer wait-and-see position

Lectra’s three strategic markets are highly exposed to tariffs.

Particularly in the fashion and automotive sectors, the United States’ dependence on imports is very strong. Whatever the outcome of the negotiations, the need to diversify sources of supply and their countries of origin seems clear and will require additional production capacities and relocations.

In the Group’s three strategic markets, the turbulence of the last few months represents medium- and long-term development opportunities for Lectra, irrespective of the tariff rates ultimately decided, and will necessarily lead to structural changes in the industrial landscape and supply chains.

2. Q2 2025

The slowdown that affected the Americas and Automotive from mid-March onwards spread to all geographies and sectors. Indeed, the successive announcements, then the shock of “Liberation Day” on April 2, have led to a strong wait-and-see attitude from customers. New systems orders were accordingly 27% lower in the second quarter.

Q2 2025 revenues were down 4% on an actual basis and 2% on a like-for-like basis, reflecting the continued slowdown that began in mid-March.

EBITDA before non-recurring items (€19.2 million) declined 3%, resulting in a recurring EBITDA margin before non-recurring items of 15.2%, down 0.7 percentage point on an actual basis (0.2 percentage point like-for-like).

Considering the amortization of intangible assets (€5.7 million), income from operations before non-recurring items was down 6% on a like-to-like basis, to €8.9 million. Net income reached €5.3 million, up 20% on an actual basis, driven by a reduction in tax expense.

3. FIRST HALF 2025

To facilitate analysis of the Group’s results, the financial statements are compared to those published in 2024 that consolidated Launchmetrics as of January 23 (“actual”) and, for the analysis of variations, to the 2024 Proforma statements that consolidate Launchmetrics as of January 1, expressed at 2024 exchange rates (like-for-like”). Proforma revenues and EBITDA increased by €2.5 million and €0.3 million respectively compared to the reported financial statements.

H1 2025 revenues amounted to €261.3 million, down 1%. This breaks down into €69.3 million in non-recurring revenues, down 7%, and €192.0 million in recurring revenues (73% of revenues), up 2%, including €43.6 million in revenues from SaaS subscription contracts (17% of revenues, +13%).

The ARR at June 30, 2025 was €90.9 million, up 6% on a like-for-like basis (+2% on an actual basis) compared to the level at the end of 2024, confirming the relevance of Lectra’s strategy.

In a context of declining revenues, the gross margin reached €190.0 million, up 1%, and the gross margin rate stood at 72.7%, up 1 point, thanks to the favorable sales mix and strengthened cost control.

EBITDA before non-recurring items reached €40.4 million, down 4%, with an EBITDA margin before non-recurring items of 15.4%, down 0.6 point.

Income from operations before non-recurring items amounted to €19.2 million, down 9%.

Net income, following a tax expense of 3.6 million euros, was stable at 11.1 million euros.

Free cash flow before non-recurring items remained high in the first half of 2025 at € 33.0 million, reflecting good management of the working capital requirement, which was negative by €41.6 million, benefiting from lower receivables and a further reduction in inventories.

As of June 30, 2025, the Group’s balance sheet remained very strong: shareholders’ equity stood at €343.8 million and net debt at €34.1 million after disbursement of the second tranche of Launchmetrics’ share capital (€20.5 million), the acquisition of Glengo Turkey (€1.7 million), and dividend payments (€15.2 million). Net debt consisted in financial debt of €94.6 million and cash of €60.6 million, reflecting the continued deleveraging of the company.

4. OUTLOOK

In the Annual Financial Report 2024 published February 12, 2025, Lectra reiterated its long-term vision, as well as the objectives of its 2023-2025 strategic roadmap. The Group then underlined, in a deteriorating environment, its resilient nature, the quality of its fundamentals, and the pursuit of its strategy with a focus on the development of its SaaS business.

Following the series of announcements on tariffs, the 2025 outlook had not been updated when the first quarter 2025 results were published on April 24, 2025.

At the end of the second quarter, there were still no signs of significant improvement that would point to an upturn in activity. The economic and political context remains uncertain and continues to lead to a strong wait-and-see attitude on the part of the Group’s customers. In this context, the annual objectives announced by the Group in February 2025 are no more relevant.

The Company remains attentive to the evolution of the situation and relies on its solid fundamentals, notably its low net debt and high free cash flow generation, to pursue its strategy.

The 2024 Annual Financial Report, as well as the Management Discussion and Analysis of Financial Conditions and Results of Operations and the financial statements for H1 2025 are available on lectra.com. Q3 and the first nine months of 2025 earnings will be published on October 29, 2025 after market.

About Lectra

For more information, visit ww.lectra.com.

Lectra – World Headquarters et siège social: 16–18, rue Chalgrin • 75016 Paris • France
Tel. +33 (0)1 53 64 42 00 – lectra.com
A French Société Anonyme with capital of € 37,966,274. RCS Paris B 300 702 305

Attachment

Lectra_Press Release_H12025

The MIL Network –

July 25, 2025

MIL-OSI Submissions: The US has sanctioned UN special rapporteur Francesca Albanese – here’s why she’s the wrong target

Source: The Conversation – UK – By Alvina Hoffmann, Lecturer in Diplomatic Studies, Department of Politics and International Studies, SOAS, University of London

The United States has imposed sanctions against the UN’s special rapporteur in the Palestinian territories, Francesca Albanese. It’s an unprecedented situation. The US secretary of state, Marco Rubio, cited as the reason her direct engagement with the International Criminal Court “in efforts to investigate, arrest, detain, or prosecute nationals of the United States or Israel”.

The statement also described Albanese’s “threatening letters to dozens of entities worldwide, including major American companies” as an escalation of her strategies. The sanctions were framed as preventing “illegitimate ICC overreach and abuse of power” and as part of Trump’s Executive Order 14203 on imposing sanctions on the ICC.

This raises the question: who are special rapporteurs and why would Albanese’s performance of her role elicit such a strong reaction from the US? Special rapporteurs are independent human rights experts, part of the UN Human Rights Council’s special procedures system established in 1979. There are 46 “thematic mandates” on issues such as extrajudicial killings, enforced disappearances and the environment, and 14 “country mandates”, including in Palestine.

Experts on human rights from academia, advocacy, law and other relevant professional fields are appointed to fulfil a variety of tasks. These include undertaking country visits, sending communications to states about individual cases of human rights violations, developing international human rights standards, engaging in advocacy and providing technical cooperation based on their legal and thematic expertise.

In 1967, 22 years after it was set up, the United Nations established institutional provisions for independent experts on human rights. This happened first in 1967 when it appointed an ad hoc working group of experts on apartheid and racial discrimination in southern Africa. In 1968 the same group of experts was appointed to investigate “Israeli Practices Affecting the Human Rights of the Palestinian People and Other Arabs of the Occupied Territories”. This is still in place today.

Neither South Africa nor Israel allowed experts to enter their territories to inspect their human rights record at the time. But in 2003, nearly a decade after it first held democratic elections, South Africa issued a standing invitation to all thematic special procedures, meaning they committed themselves, at least in theory, to always accept requests to visit from rapporteurs.

Attacks on individual rapporteurs

Albanese, a specialist in international human rights law, is the eighth rapporteur since the creation of her mandate in 1993. She was appointed to this pro bono position in 2022 for three years, and her mandate was recently renewed for another period of three years.

It was her most recent report from June 30 which led to her being sanctioned by the US. The report focused on the role of the corporate sector in “colonial endeavours and associated genocides” and named over 60 companies as “complicit”.

A host of institutions and leading human rights figures have come to her defence. Agnes Callamard, a former special rapporteur on extrajudicial killings, now the secretary general of Amnesty international noted the “chilling effects for all special rapporteurs” of the US decision. Top UN human rights officials denounced this dangerous precedent and called for its reversal.

In February 2024, the government of Israel declared Albanese persona non grata in response to her remark that “the victims of the October 7 massacre were not murdered because of their Jewishness, but in response to Israeli oppression”. As with the newly imposed sanctions, she called this step a distraction and called upon the world to keep their focus on Gaza.

Diplomatic immunity

Special rapporteurs are granted diplomatic immunity which, in theory, should enable them to speak up or write critical reports without the fear of reprisals. But in 1989 and 1999 the ICJ had to intervene with an advisory opinion on two cases when this status was jeopardised after the home countries of two special rapporteurs tried to restrict their freedom of speech. This involved Romanian national Dumitru Mazilu, tasked with writing a report on “Human rights and youth”, and Malaysian national Dato’ Param Cumaraswamy, special rapporteur on the independence of judges and lawyers.

Special rapporteurs wrote a collective letter denouncing the second case, when the Malaysian government filed several legal proceedings against Cumaraswamy. The body of experts called this “judicial harassment of a special rapporteur” and “a challenge to the status of the United Nations as a whole, its officials and its experts on mission”.

Special rapporteurs occupy an ambiguous institutional position. They take their mandate from the Human Rights Council, but they act in their personal capacity, and hence are not considered to be UN officials. In practice, they need to balance relations carefully between the UN secretariat, civil society, state representatives and, at times, their own countries.

The advisory opinions helped clarify that it was the secretary general, as the head of the United Nations, that entrusts them with the privileges of diplomatic immunity. The arrangement also leaves the door open for national courts to disagree with the secretary general. This enabled individual countries in some cases to exercise some form of control over their own nationals.

The recent attack on Albanese adds to the broader budgetary crisis of the UN, as the Trump administration is withholding funds of about US$1.5 billion (£1.2 billion) in addition to other countries such as China, Russia and Saudi Arabia. These are serious challenges for the UN human rights and humanitarian aid programmes. As past cases of attacks against individual rapporteurs have shown, it is important for all rapporteurs to stand together as one body and defend the integrity of the system as a whole.

Despite these attacks on her integrity and person, Albanese maintains faith in the human rights law instruments. As she stated during a public talk I attended at SOAS University of London in November 2024, we are yet to unlock the full potential of these instruments. This can only be done as a collective.

Alvina Hoffmann has previously been funded by the Economic and Social Research Council (UKRI).

– ref. The US has sanctioned UN special rapporteur Francesca Albanese – here’s why she’s the wrong target – https://theconversation.com/the-us-has-sanctioned-un-special-rapporteur-francesca-albanese-heres-why-shes-the-wrong-target-261788

MIL OSI –

July 25, 2025
MIL-OSI Submissions: Ukrainian protests: Zelensky faces biggest threat to his presidency since taking power

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

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

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

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

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

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

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

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

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

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

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

Why corruption is a big issue

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

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

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

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

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

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

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

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

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

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

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

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

MIL OSI –

July 25, 2025
MIL-OSI Analysis: Thailand and Cambodia’s escalating conflict has roots in century-old border dispute

Source: The Conversation – UK – By Petra Alderman, Manager of the Saw Swee Hock Southeast Asia Centre, London School of Economics and Political Science

There has been a dramatic escalation in a long-running border conflict between Thailand and Cambodia. On July 23, five Thai soldiers from a border patrol unit in Ubon Ratchathani province were seriously injured after stepping on a land mine – a second such incident in a week.

This prompted the Thai government to expel Cambodia’s ambassador from the country and recall its own ambassador from Cambodia. The following morning, Cambodia retaliated by expelling the Thai ambassador and recalling its embassy staff from Bangkok. Both sides have exchanged increasingly lethal fire.

Cambodia has fired rockets and artillery across the Thai border into several provinces, killing at least 11 civilians and one soldier. Thailand launched air strikes at Cambodia in return, reportedly targeting military bases in the disputed area around the Preah Vihear Hindu temple. Verified information is currently scarce as both sides are blaming each other for starting the fight.

The current flare-up started in late May, when a Cambodian soldier was killed in a exchange of fire between the two armies. But the roots of the conflict date back to the colonial era in the 19th and early 20th centuries.

Before European powers expanded their colonial interests to south-east Asia, the concept of a bordered nation-state was alien to local rulers. Life in pre-colonial south-east Asia was organised into loosely structured polities that had no clear boundaries.

There were several larger cities, which served as important centres of power and trade, and many smaller towns and villages that maintained relations with these cities. The further these towns and villages were from the cities, the less control and influence the cities had over them.

The British and French introduced the concept of nations with borders to mainland south-east Asia, drawing the first official maps of Thailand (then known as Siam) and Cambodia. In the case of Thailand, the only south-east Asian nation never to be formally colonised, the mapping was also done at the request of the Siamese kings.

Thailand’s current borders were shaped by several different maps and treaties that followed the 1893 Paknam incident, during which two French gunboats sailed up the Chao Praya River and blockaded Bangkok.

To preserve its sovereignty as an emerging nation, Siam ceded considerable territorial claims to France after this incident. This included several provinces in present-day Cambodia, which are home to ancient temples.

A 1907 map drawn by the French defined these territories, although with a considerable degree of vagueness. The map became a sore point in Cambodia-Thai relations following Cambodia’s independence in 1953, especially in regard to disputes over the Preah Vihear temple.

Preah Vihear temple

Following France’s withdrawal from south-east Asia in 1954, Thailand occupied Preah Vihear. Cambodia raised the issue of Thai occupation with the International Court of Justice (ICJ), which ruled in 1962 that the temple belonged to Cambodia based on the French map. Thailand reluctantly accepted the ruling, but continued to dispute the area surrounding the temple.

The conflict flared up again in 2008 when the UN world heritage body Unesco awarded the temple world heritage status. Cambodia’s application initially received support from the then new Thai government of prime minister Samak Sundaravej, a close ally of the recently ousted Thaksin Shinawatra.

Anti-Thaksin groups used the government’s support to drive an ultra-nationalist campaign against the Samak government. This eventually contributed to large-scale domestic political protests that saw Samak’s government and that of his successor, Somchai Wongsawat, both ousted from power in 2008 in a series of judicial coups.

The period from 2008 to 2011 was marked by high tensions between the two countries, with sporadic armed clashes between their respective armies in the areas surrounding the temple.

The newly appointed Thai government of Abhisit Vejjajiva was sympathetic towards the ultra-nationalist anti-Thaksin groups. So there was no de-escalation of the conflict from the Thai side. Hun Sen, who was then Cambodia’s prime minister, also benefited from the conflict as it helped buttress his nationalist credentials.

But a particularly violent round of armed clashes followed in February 2011, resulting in at least eight civilian fatalities, 20 injured soldiers and many displaced civilians on both sides. Hun Sen then raised the issue of Cambodian sovereignty over the temple and its surrounding area with the ICJ.

The ICJ issued a provisional ruling favouring Cambodia and ordered both sides to withdraw military personnel from the area. Despite the initial refusal of Thai troops to leave, the two countries agreed to withdraw their forces in December 2011.

The final ICJ ruling came in late 2013, again affirming Cambodia’s sovereignty of the area. It coincided with another period of domestic political instability in Thailand. The government of Yingluck Shinawatra, Thaksin’s younger sister, was facing mass public protests from anti-Thaksin groups.

While the ruling did not play a decisive role in the eventual downfall of her government, it added fuel to the already explosive political environment. The border conflict went largely dormant after the 2013 ICJ ruling, until the new round of clashes broke out in May 2025.

Thai and Cambodian troops have periodically clashed in the area surrounding the Preah Vihear temple.
Kim Za / Shutterstock

Given the history of tensions and armed disputes over territory between Cambodia and Thailand, the recent escalation is not without precedent. What is new, though, is that this round is as much between two countries as it is between two ruling families.

Over the past 20 years, a close personal relationship formed between Hun Sen and Thaksin. But this relationship unravelled when Hun Sen, who remains a hugely influential figure in Cambodian politics, released a private audio recording of his call with Thaksin’s daughter, Paetongtarn. The leak put her premiership on the line.

Paetongtarn has since been suspended from office pending a court ruling, with Cambodia-Thai relations reaching new lows. Given the intermixing of personal animosities, a quick diplomatic resolution to the escalating conflict seems unlikely.

Read more:
A border conflict may cost the Thai prime minister her job

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

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

– ref. Thailand and Cambodia’s escalating conflict has roots in century-old border dispute – https://theconversation.com/thailand-and-cambodias-escalating-conflict-has-roots-in-century-old-border-dispute-261873

MIL OSI Analysis –

July 25, 2025
MIL-OSI Analysis: Ukraine joins other Russian neighbours in quitting landmines treaty: another deadly legacy in the making

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

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

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

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

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

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

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

Looking through the prism of peace

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

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

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

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

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

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

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

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

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

MIL OSI Analysis –

July 25, 2025
MIL-OSI Analysis: Gaza is starving – how Israel’s allies can go beyond words and take meaningful action

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

In the past two months, more than 1,000 people seeking food have been killed, according to the UN Human Rights Office. While the figure has been disputed by Israel and the Gaza Humanitarian Foundation which was set up to distribute aid, 28 nations this week condemned the “horrifying” killing of Gazans trying to get food.

As the Israel Defense Forces continues its assault in the city of Deir al-Balah in central Gaza, including an attack on the staff residence of the World Health Organization on July 21, UN bodies are warning that the besieged strip’s last lifelines are collapsing.

Already around 60,000 Gazans have been killed and growing numbers are now dying from hunger and malnutrition, according to the Hamas-led Gaza Health Ministry. More than 90% of the private homes in Gaza have been damaged or destroyed.

For all the talk of a ceasefire – one that is long overdue – there is little hope. Israeli military operations continue and Gazans must risk their lives in search of food and aid.

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

Malnutrition is rife. According to the IPC’s report in May – the international organisation that monitors food security – “goods indispensable for people’s survival are either depleted or expected to run out in the coming weeks” with nearly 500,000 people considered to be facing “catastrophe”, with a further 1.1 million in an “emergency” risk category.

For the IPC, the catastrophe category is one of extreme food shortages, critical malnutrition leading to starvation and high death rates. The emergency category is one of severe food shortages, very high malnutrition and even death.

Israeli officials continue to speak of moving Gazans into what has been termed a “humanitarian city” but what former Israeli prime minister Ehud Olmert described as a “concentration camp”. In the same interview Olmert called decision to move Gazans into the camp as “ethnic cleansing”.

All the while, the world’s leaders look on. Most are apparently content to condemn – but little action has been taken.

The clamour for Israel’s allies to take a harder stance on its actions in Gaza is growing louder by the day. On July 23, a group of 38 former EU ambassadors published an open letter to EU heads of states and senior officials accusing Israel of taking “calculated steps towards ethnic cleansing” and calling out the EU’s failure to “respond meaningfully to these horrific events”.

But what do actions look like? Pressure must be applied to the Netanyahu government. In the UK, both prime minister Keir Starmer and foreign minister David Lammy have been quick to stress that the UK has urged Israel to respect international law.

They point to the sanctions the UK has imposed on Itamar Ben-Gvir and Bezalel Smotrich, two rightwing ministers in Benjamin Netanyahu’s coalition government, as a result of their repeated incitements of violence against Palestinians. While Lammy suggests that further sanctions could follow if Israel does not change its behaviour in Gaza and bring about an end to the suffering, the atrocities continue.

Practical steps to pressure Israel

Pressure is growing on the UK government to recognise Palestine as a state – something that I was told by a contact in the Labour government more than a year ago was on Labour’s agenda before October 7. Lammy insists the government is committed to a two-state solution, but this is not diplomatically viable given that the UK only recognises one state involved in these events.

The state of Palestine is recognised as a sovereign entity by 147 other members of the UN. That’s 75% of all members.

Other steps could be a full arms embargo, something that has long been called for but rejected by the UK government, which has banned some, but by no means all arms sales to Israel. A number of countries have properly banned arms sales to Israel since October 2023, including Italy, Spain, Canada, the Netherlands, Belgium and Japan.

There are other more incendiary options. One would be for the UK and others to properly adhere to their obligations under international law.

The International Criminal Court issued an arrest warrant for the Israeli prime minister Benjamin Netanyahu and his defence minister, Yoav Gallant, in November 2024. There are 125 countries that have signed up to the ICC (the US isn’t one of them). They could arrest Netanyahu if he enters their countries.

There are a range of other things that could be tried. A look at what the international community did to make South Africa a pariah during the later years of apartheid would be worthwhile.

EU should use its diplomatic muscle

As Israel’s biggest trading partner, the EU has the potential to wield considerable clout, so the question must be asked: why has so little been done, beyond mere words.

In June, the EU found Israel to be in breach of its human rights commitments under the terms of the EU-Israel association agreement. Yet to date there have been as yet no moves to suspend trade.

Kaja Kallas, the EU’s foreign policy chief declared that “all options remain on the table if Israel doesn’t deliver” on its pledges. These include full or partial suspension of the EU-Israel Association Agreement, sanctions on members of government, military or settlers, trade measures, arms embargoes, or the suspension of academic cooperation – including the prestigious Horizon Europe Research and Innovation programme.

Of course, getting all 27 member states to agree to such an approach is easier said than done. And national leaders will obviously have to consider that taking steps to put pressure with Israel could damage relations with the Trump administration in the US.

But all the while, the situation on the ground is deteriorating, with the world watching while Gaza burns. The failure by Israel’s allies to take meaningful steps to pressure Israel to prevent the wanton killing and displacement is a stain on humanity.

After the horrors of the second world war, Rwanda, Myanmar and Srebrenica, the world said “never again”. Without action, there’s a risk it will shrug its shoulders and say “never mind”.

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

Simon Mabon receives funding from Carnegie Corporation of New York and The Henry Luce Foundation.

– ref. Gaza is starving – how Israel’s allies can go beyond words and take meaningful action – https://theconversation.com/gaza-is-starving-how-israels-allies-can-go-beyond-words-and-take-meaningful-action-261783

MIL OSI Analysis –

July 25, 2025
MIL-OSI: CREDIT AGRICOLE SA: LCL and Crédit Agricole Assurances announce their entry into exclusive negotiations with AnaCap for the joint acquisition of Milleis Group
Source: GlobeNewswire (MIL-OSI)

Press Release

Paris, 24 July 2025

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

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

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

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

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

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

About LCL

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

About Crédit Agricole Assurances

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

About Milleis Group

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

About AnaCap

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

Press Contacts

LCL & Crédit Agricole S.A.

Crédit Agricole Assurances

Investor Relations

Crédit Agricole S.A.

Crédit Agricole Assurances

Attachment
- UK 2025 07 24 PR LCL CAA
The MIL Network –
July 25, 2025
MIL-OSI: Google Cloud Announced as a Key Technology Partner for Odoo Connect 2025 in San Francisco

Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

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

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

The MIL Network –

July 25, 2025
MIL-OSI: ING completes acquisition of Van Lanschot Kempen stake
Source: GlobeNewswire (MIL-OSI)

ING completes acquisition of Van Lanschot Kempen stake

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Attachment
- PR VLK completion – 20250724
The MIL Network –
July 25, 2025
MIL-OSI United Kingdom: Consultation opens on Angus Fire permit application
Source: United Kingdom – Government Statements

Press release

Consultation opens on Angus Fire permit application

Angus Fire Limited has applied to the Environment Agency to vary its environmental permit to reduce chemical contamination on its site at High Bentham.
The operator has applied to vary the permit to introduce an effluent treatment plant.

Previously, Angus Fire manufactured and tested firefighting foam. This foam is known to have contained per- and polyfluoroalkyl substances (PFAS). These PFAS chemicals are transferred into rainwater when it falls on to key areas of the site.

Angus Fire has been collecting this rainwater so it can be treated to reduce the PFAS substances.

The application is for an effluent treatment plant to reduce the PFAS in both the collected rainwater and the future rainwater that falls onto the site.

The operator no longer manufacturers firefighting foam at its High Bentham site. The application is for treating rainwater to reduce PFAS chemicals from the site’s previous manufacturing processes.

The Environment Agency is now seeking views from the local community and interested groups on the application.

The consultation will run from Thursday 24 July until Thursday 21 August 2025.

It is live on the Environment Agency’s Citizen Space website.

The website explains what the Environment Agency can and can’t take into account when deciding on the application.

Agency ‘welcomes comments from the public’

John Neville, Area Environment Manager at the Environment Agency, said:

Our regulatory controls are in place to protect people and the environment and we will carry out a detailed and robust assessment of Angus Fire’s permit variation application.

We welcome comments from the public and interested groups on local environmental factors that people feel are important.

Once treated at the effluent plant, the rainwater would be discharged to the River Wenning.

The proposed level of PFAS remaining in the treated rainwater discharged into the river would be in line with levels currently accepted as best practice for PFAS treatment processes.

The Environment Agency may only refuse a permit application if it does not meet one or more of the legal requirements under environmental legislation.

If the application shows that the site can operate in a way that meets all current environmental regulations and will provide a high level of protection of the environment and human health, the Environment Agency is legally obliged to issue a permit.

People can respond to the consultation directly on the website or alternatively by email to pscpublicresponse@environment-agency.gov.uk

Background information

Consultation

Responses to the consultation can be made electronically. To access the relevant documentation, visit our consultation website

Information on the website explains how you can view the consultation documents and how you can make your comments. We also explain what we can and can’t take into account when deciding on the application.

Anyone wishing to comment on the proposals is urged to read the documentation online before responding directly on the website or by email to pscpublicresponse@environment-agency.gov.uk

Those unable to make representation via the consultation website or by email should contact the Environment Agency on 03708 506 506.  

Environmental permits

Environmental permits set out strict legal conditions by which an operator must comply in order to protect people and the environment. Should an environmental permit be issued, the Environment Agency has responsibility for enforcing its conditions.

Our powers include enforcement notices, suspension and revocation of permits, fines and ultimately criminal sanctions, including prosecution.

We may only refuse a permit if it does not meet one or more of the legal requirements under environmental legislation, including if it will have a significant impact on the environment or harm human health. If all the requirements are met, we are legally required to issue a permit.

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Published 24 July 2025
MIL OSI United Kingdom –
July 25, 2025
MIL-OSI USA: Gov. Kemp: Pilgrim’s to Build New Prepared Foods Facility, Creating 630 New Jobs in Walker County

Source: US State of Georgia

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

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

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

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

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

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

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

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

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

About Pilgrim’s

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

MIL OSI USA News –

July 25, 2025
MIL-OSI: Dassault Systèmes: Availability of the 2025 Half-year Financial Report
Source: GlobeNewswire (MIL-OSI)

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

Availability of Dassault Systèmes’ 2025 Half-Year Financial Report

(IFRS Half-Year Consolidated Condensed Financial Statements)

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

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

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

###

ABOUT DASSAULT SYSTÈMES

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

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

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

Attachment
- Dassault Systèmes: Availability of the 2025 Half-year Financial Report
The MIL Network –
July 25, 2025

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

Source: GlobeNewswire (MIL-OSI)

Press Release
Paris, July 24, 2025

74Software: Sustained Momentum Reinforces Long-Term Objectives

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

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

Half-Year Key Income Statement Items

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

Patrick Donovan, Chief Executive Officer, stated:

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

Comments on H1 2025 activity

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

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

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

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

Comments on H1 2025 operational performance

Half-year Revenue Breakdown by Portfolio Brand

	H1 2025	H1 2024 Proforma	H1 2024 Restated	Total Growth	Organic Growth
€m / %	H1 2025	H1 2024 Proforma	H1 2024 Restated	Total Growth	Organic Growth
Axway Scope	160.8	148.7	147.6	8.1%	8.9%
SBS Scope	184.2	175.2	175.4	5.1%	5.0%

Consolidation	-1.0	0.0	0.0	–	–

74Software	344.0	323.9	323.0	6.2%	6.5%

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

Half-year Revenue Breakdown by Type

	H1 2025	H1 2024 Proforma	H1 2024 Restated	Total Growth	Organic Growth
€m / %	H1 2025	H1 2024 Proforma	H1 2024 Restated	Total Growth	Organic Growth
Product revenue	280.0	248.7	248.1	12.6%	12.9%
Recurring revenue	258.0	229.3	228.7	12.5%	12.8%
o/w Maintenance & Support	91.5	96.2	96.0	-4.9%	-4.7%
o/w Customer-managed Subscription	98.7	76.6	76.5	28.8%	29.0%
o/w Own-managed Subscription	67.8	56.5	56.2	20.0%	20.6%
License revenue	22.1	19.4	19.4	13.5%	13.7%

Services revenue	64.0	75.2	74.9	-14.9%	-14.6%

Total revenue	344.0	323.9	323.0	6.2%	6.5%

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

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

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

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

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

Comments on H1 2025 product line performance

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

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

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

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

Comments on H1 2025 profit on operating activities

Profit on Operating Activities – Group

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

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

Comments on H1 2025 net profit

Net Profit – Group

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

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

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

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

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

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

Financial position on June 30, 2025

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

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

Change in the workforce

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

Targets & Ambitions

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

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

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

2025 HALF-YEAR RESULTS – VIRTUAL ANALYST CONFERENCE

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

Please note that the meeting will be held in English.

Financial Calendar

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

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

Glossary and Alternative Performance Measures

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

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

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

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

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

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

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

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

About 74Software

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

Contacts – Investor Relations:

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

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

Appendices (1/5)

Income Statement – Group

	Half-year 2025		Half-year 2024 Proforma 6M AXW + 6M SBS		Half-year 2024 Reported Axway Standalone
	€m	% of Rev.	€m	% of Rev.	€m	% of Rev.
TOTAL REVENUE	344.0		323.9		148.7
Total costs of revenue	-115.9		-117.1		-44.0
GROSS PROFIT	228.1	66.3%	206.9	63.9%	104.7	70.5%
Operating expenses	-186.8		-186.9		-87.6
PROFIT ON OPERATING ACTIVITIES	41.3	12.0%	19.9	6.1%	17.1	11.5%
Share-based expenses	-6.7		-2.4		-2.9
Amortization of allocated intangibles	-6.2		-7.1		-1.7
PROFIT FROM RECURRING OPERATIONS	28.4	8.3%	10.5	3.2%	12.5	8.4%
Other operating income and expenses	-8.9		-7.9		-4.1
OPERATING PROFIT	19.5	5.7%	2.6	0.8%	8.3	5.6%
Cost of financial debt	-9.0		-8.9		-2.7
Other financial income and expenses	-2.2		-2.0		-0.9
Income tax expenses	-2.5		-7.2		-2.0
NET PROFIT	5.8	1.7%	-15.6	-4.8%	2.8	1.9%
Earnings per share	0.20 €		-0.54 €		0.13 €

Simplified Balance Sheet

in €m	H1 2025 IFRS Consolidated	FY 2024 IFRS Consolidated	Change	in €m	H1 2025 IFRS Consolidated	FY 2024 IFRS Consolidated	Change
Accounts receivables	246.7	293.5	– 46.8	Cash & cash equivalents	-57.8	-41.4	– 16.4
Other current assets	123.3	101.9	+ 21.4	Financial debt	249.6	291.8	– 42.2
Accounts payables	-34.1	-28.7	– 5.4	Net debt	191.8	250.4	– 58.6
Deferred revenue	-138.2	-88.6	– 49.6	Equity	512.8	532.4	– 19.6
Other current liabilities	-137.2	-158.0	+ 20.8	CAPITAL EMPLOYED	704.6	782.8	– 78.2
Net working capital	60.5	120.1	– 59.7
Tangible fixed assets	20.9	25.0	– 4.1
Goodwill	523.1	497.4	+ 25.7		H1 2025 IFRS Consolidated	FY 2024 IFRS Consolidated	Change
Other intangibles	132.1	192.3	– 60.2
Fixed assets	676.1	714.7	– 38.6	Ratios
Other assets	100.2	78.1	+ 22.1	DSO (days)	121	145	-24
Other liabilities	-132.1	-130.1	– 2.0	Net debt / total capital	27.2%	32.0%	– 4.8%
Other assets – liabilities	-31.9	-52.0	+ 20.1	Equity / total capital	72.8%	68.0%	+ 4.8%
INVESTED ASSETS	704.5	782.8	– 78.4

Cash Flow Statement

	H1 2025			H1 2024	Change Axway H1 25 vs. H1 24
in €m	74Software	SBS	Axway	Axway Standalone	Change Axway H1 25 vs. H1 24
Operating cashflow	89.6	35.8	53.9	15.0	+ 38.8
o/w change in NWC	55.0	29.4	25.6	2.6	+ 23.1
o/w other operating cashflow	34.6	6.4	28.2	12.5	+ 15.7
Investing cashflow	-14.2	-9.8	-4.4	-2.7	– 1.6
o/w PP&E & others	-5.0	-0.6	-4.4	-2.7	– 1.7
o/w capitalized R&D	-9.2	-9.2	0.0	0.0	0.0
Financing cashflow	-58.1	-14.6	-43.4	-12.6	– 30.8
o/w debt repayment	-42.0	0.0	-42.0	0.0	– 42.0
o/w other financing cashflow	-16.1	-14.6	-1.4	-12.6	+ 11.2
NET CHANGE IN CASH	16.2	11.1	5.1	-0.2	+ 5.3

Unlevered free cashflow	76.4	29.0	47.4	13.9	+ 33.5
as a % of revenue	22.2%	15.7%	29.5%	9.4%	+ 20.1%

Appendices (2/5)

Profit on Operating Activities – Axway

	H1 2025 Axway		H1 2024 Reported Axway		Change
	€m	% of Rev.	€m	% of Rev.	€m	Basis Points
Product revenue	143.3	89.1%	130.5	87.8%	+ 12.8	+ 134
Services revenue	17.5	10.9%	18.2	12.2%	– 0.7	– 134
Total revenue	160.8		148.7		+ 12.1
Total costs of revenue	40.3		44.0		– 3.7
GROSS PROFIT	120.5	74.9%	104.7	70.4%	+ 15.8	+ 451
o/w product gross profit	119.3	83.2%	104.6	80.2%	+ 14.7	+ 308
o/w services gross profit	1.2	7.0%	0.1	0.6%	+ 1.1	+ 644
Operating expenses	93.8	58.4%	87.6	58.9%	+ 6.2	– 58
o/w research & development	32.6	20.3%	31.2	21.0%	+ 1.4	– 69
o/w sales & marketing	43.0	26.8%	41.8	28.1%	+ 1.2	– 137
o/w general & administrative	18.2	11.3%	14.6	9.8%	+ 3.6	+ 148
PROFIT ON OPERATING ACTIVITIES	26.7	16.6%	17.1	11.5%	+ 9.6	+ 508

Profit on Operating Activities – SBS

	H1 2025 SBS		H1 2024 Proforma SBS		Change
	€m	% of Rev.	€m	% of Rev.	€m	Basis Points
Product revenue	137.7	74.8%	118.2	67.5%	+ 19.5	+ 729
Services revenue	46.5	25.2%	57.0	32.5%	– 10.5	– 729
Total revenue	184.2		175.2		+ 8.9
Total costs of revenue	76.6		73.1		+ 3.5
GROSS PROFIT	107.6	58.4%	102.1	58.3%	+ 5.5	+ 14
o/w product gross profit	98.6	71.6%	87.1	73.6%	+ 11.5	– 202
o/w services gross profit	9.0	19.3%	15.1	26.4%	– 6.1	– 710
Operating expenses	93.0	50.5%	99.3	56.7%	– 6.3	– 619
o/w research & development	60.6	32.9%	63.8	36.4%	– 3.3	– 354
o/w sales & marketing	19.8	10.7%	20.5	11.7%	– 0.7	– 93
o/w general & administrative	12.6	6.8%	15.0	8.6%	– 2.4	– 173
PROFIT ON OPERATING ACTIVITIES	14.6	7.9%	2.8	1.6%	+ 11.8	+ 633

Quarterly Revenue Breakdown by Portfolio Brand

	Q1 2025	Q2 2025	H1 2025
€m	Q1 2025	Q2 2025	H1 2025
Axway Scope	82.5	78.3	160.8
SBS Scope	88.3	95.8	184.2

Consolidation	-0.4	-0.6	-1.0

74Software	170.4	173.5	344.0

Appendices (3/5)

Quarterly Revenue Breakdown by Type

	Q1 2025	Q2 2025	H1 2025
€m / %	Q1 2025	Q2 2025	H1 2025
Product revenue	139.1	141.0	280.0
Recurring revenue	129.5	128.4	258.0
o/w Maintenance & Support	47.0	44.5	91.5
o/w Customer-managed Subscription	48.6	50.1	98.7
o/w Own-managed Subscription	34.0	33.8	67.8
License revenue	9.5	12.5	22.1

Services revenue	31.3	32.6	64.0

Total revenue	170.4	173.6	344.0

Quarterly Revenue Breakdown by Type – Axway

	Q1 2025	Q2 2025	H1 2025
€m / %	Q1 2025	Q2 2025	H1 2025
Product revenue	73.4	69.8	143.3
Recurring revenue	72.1	69.5	141.6
o/w Maintenance & Support	14.4	12.8	27.2
o/w Customer-managed Subscription	43.7	43.2	87.0
o/w Own-managed Subscription	13.9	13.4	27.4
License revenue	1.3	0.4	1.7

Services revenue	9.0	8.5	17.5

Total revenue – Axway	82.5	78.3	160.8

Quarterly Revenue Breakdown by Type – SBS

	Q1 2025	Q2 2025	H1 2025
€m / %	Q1 2025	Q2 2025	H1 2025
Product revenue	66.0	71.7	137.7
Recurring revenue	57.9	59.5	117.3
o/w Maintenance & Support	32.5	31.7	64.2
o/w Customer-managed Subscription	4.9	6.9	11.7
o/w Own-managed Subscription	20.5	20.9	41.4
License revenue	8.2	12.2	20.4

Services revenue	22.3	24.2	46.5

Total revenue SBS	88.3	95.8	184.2

Appendices (4/5)

Half-year Revenue Breakdown by Portfolio Brand & Type

	H1 2025 Axway	H1 2025 SBS	H1 2025 Consolidation	H1 2025 74Software
€m / %	H1 2025 Axway	H1 2025 SBS	H1 2025 Consolidation	H1 2025 74Software
Product revenue	143.3	137.7	-1.0	280.0
Recurring revenue	141.6	117.3	-1.0	258.0
o/w Maintenance & Support	27.2	64.2	0.0	91.5
o/w Customer-managed Subscription	87.0	11.7	0.0	98.7
o/w Own-managed Subscription	27.4	41.4	-1.0	67.8
License revenue	1.7	20.4	0.0	22.1

Services revenue	17.5	46.5	0.0	64.0

Total revenue	160.8	184.2	-1.0	344.0

Half-year Revenue Breakdown by Portfolio Brand & Type

	H1 2024 Axway	H1 2024 Proforma SBS	H1 2024 Proforma Consolidation	H1 2024 Proforma 74Software
€m / %	H1 2024 Axway	H1 2024 Proforma SBS	H1 2024 Proforma Consolidation	H1 2024 Proforma 74Software
Product revenue	130.5	118.2	0.0	248.7
Recurring revenue	127.9	101.4	0.0	229.3
o/w Maintenance & Support	34.6	61.6	0.0	96.2
o/w Customer-managed Subscription	67.3	9.3	0.0	76.6
o/w Own-managed Subscription	25.9	30.5	0.0	56.5
License revenue	2.6	16.8	0.0	19.4

Services revenue	18.2	57.0	0.0	75.2

Total revenue	148.7	175.2	0.0	323.9

Half-year Revenue Breakdown by Region

	H1 2025		H1 2024 Proforma	H1 2024 Restated	Total Growth	Organic Growth
	H1 2025
	€m	% of Rev.
Europe	208.1	60.5%	203.0	203.2	2.5%	2.4%
o/w France	99.5	28.9%	99.7	99.7	-0.2%	-0.2%
o/w UK	46.7	13.6%	44.8	45.0	4.3%	3.7%
Americas	73.3	21.3%	65.6	64.6	11.7%	13.5%
Middle East & Africa	43.1	12.5%	39.3	39.3	9.7%	9.7%
Asia & Pacific	19.4	5.7%	15.9	15.8	22.0%	22.7%

74Software	344.0		323.9	323.0	6.2%	6.5%

Appendices (5/5)

Headcount

	30/06/2025	31/12/2024	Change
Europe	3.001	3.090	-89
Americas	370	378	-8
Asia – Pacific	869	882	-13
Middle East – Africa	439	437	2

TOTAL	4.679	4.787	-108

Impact on Half-year Revenue of Changes in Scope and Exchange Rates

€m / %	H1 2025	H1 2024	Growth
Revenue	344.0	148.7	+ 131.4%
Changes in exchange rates		-0.9
Revenue at constant exchange rates	344.0	147.7	+ 132.8%
Changes in scope		+175.2
Revenue at constant scope and exchange rates	344.0	323.0	+ 6.5%

Changes in Main Exchange Rates

For 1€	Average Rate H1 2025	Average rate H1 2024	Change
US Dollar	1.093	1.081	– 1.1%
Great Britain Pound	0.842	0.855	+ 1.5%

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

Attachment

24072025_74Software_PR_H1 Results 2025_English_VFinal

The MIL Network –

July 25, 2025

Category: Europe

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