Source: European Union 2
The EU has mobilised 2 Canadair airplanes from the EU’s joint firefighting fleet in response to a request for assistance from Cyprus, following a major fire in its Limassol district. The EU has already responded to several wildfire emergencies in Albania and North Macedonia this summer.
Source: European Central Bank
Frankfurt am Main, 24 July 2025
Good afternoon, the Vice-President and I welcome you to our press conference.
The Governing Council today decided to keep the three key ECB interest rates unchanged. Inflation is currently at our two per cent medium-term target. The incoming information is broadly in line with our previous assessment of the inflation outlook. Domestic price pressures have continued to ease, with wages growing more slowly. Partly reflecting our past interest rate cuts, the economy has so far proven resilient overall in a challenging global environment. At the same time, the environment remains exceptionally uncertain, especially because of trade disputes.
We are determined to ensure that inflation stabilises at our two per cent target in the medium term. We will follow a data-dependent and meeting-by-meeting approach to determining the appropriate monetary policy stance. In particular, our interest rate decisions will be based on our assessment of the inflation outlook and the risks surrounding it, in light of the incoming economic and financial data, as well as the dynamics of underlying inflation and the strength of monetary policy transmission. We are not pre-committing to a particular rate path.
The decisions taken today are set out in a press release available on our website.
I will now outline in more detail how we see the economy and inflation developing and will then explain our assessment of financial and monetary conditions.
In the first quarter the economy grew more strongly than expected. This was partly because firms frontloaded exports ahead of expected tariff hikes. But growth was also bolstered by stronger private consumption and investment.
Recent surveys point to an overall modest expansion in both the manufacturing and services sectors. At the same time, higher actual and expected tariffs, the stronger euro and persistent geopolitical uncertainty are making firms more hesitant to invest.
The robust labour market, rising real incomes and solid private sector balance sheets continue to support consumption. Unemployment stood at 6.3 per cent in May, close to its lowest level since the introduction of the euro. Easier financing conditions are underpinning domestic demand, including in the housing market. Over time, higher public investment in defence and infrastructure should also support growth.
More than ever, the Governing Council considers it crucial to urgently strengthen the euro area and its economy in the present geopolitical environment. Fiscal and structural policies should make the economy more productive, competitive and resilient. Governments should prioritise growth-enhancing structural reforms and strategic investment, while ensuring sustainable public finances. It is important to complete the savings and investments union and the banking union, following a clear and ambitious timetable, and to rapidly establish the legislative framework for the potential introduction of a digital euro. The Governing Council welcomes the Eurogroup’s commitment to improve the effectiveness, quality and composition of public spending and supports the efforts by European authorities to preserve the mutual benefits of global trade.
Annual inflation stood at 2.0 per cent in June, after 1.9 per cent in May. Energy prices went up in June but are still lower than a year ago. Food price inflation eased slightly to 3.1 per cent. Goods inflation edged down to 0.5 per cent in June, whereas services inflation ticked up to 3.3 per cent, from 3.2 per cent in May.
Indicators of underlying inflation are overall consistent with our two per cent medium-term target. Labour costs have continued to moderate. Year-on-year growth in compensation per employee slowed to 3.8 per cent in the first quarter, down from 4.1 per cent in the previous quarter. Combined with stronger productivity growth, this led to slower growth in unit labour costs. Forward-looking indicators, including the ECB’s wage tracker and surveys on wage expectations of firms, consumers and professional forecasters, point to a further decline in wage growth.
Short-term consumer inflation expectations declined in both May and June, reversing the uptick observed in previous months. Most measures of longer-term inflation expectations continue to stand at around 2 per cent, supporting the stabilisation of inflation around our target.
Risks to economic growth remain tilted to the downside. Among the main risks are a further escalation in global trade tensions and associated uncertainties, which could dampen exports and drag down investment and consumption. A deterioration in financial market sentiment could lead to tighter financing conditions and greater risk aversion, and make firms and households less willing to invest and consume. Geopolitical tensions, such as Russia’s unjustified war against Ukraine and the tragic conflict in the Middle East, remain a major source of uncertainty. By contrast, if trade and geopolitical tensions were resolved swiftly, this could lift sentiment and spur activity. Higher defence and infrastructure spending, together with productivity-enhancing reforms, would add to growth. An improvement in business confidence would also stimulate private investment.
The outlook for inflation is more uncertain than usual, as a result of the volatile global trade policy environment. A stronger euro could bring inflation down further than expected. Moreover, inflation could turn out to be lower if higher tariffs lead to lower demand for euro area exports and induce countries with overcapacity to reroute their exports to the euro area. Trade tensions could lead to greater volatility and risk aversion in financial markets, which would weigh on domestic demand and would thereby also lower inflation. By contrast, inflation could turn out to be higher if a fragmentation of global supply chains pushed up import prices and added to capacity constraints in the domestic economy. A boost in defence and infrastructure spending could also raise inflation over the medium term. Extreme weather events, and the unfolding climate crisis more broadly, could drive up food prices by more than expected.
Market interest rates have increased since our last meeting, especially at longer maturities. At the same time, our past interest rate cuts continue to make corporate borrowing less expensive. The average interest rate on new loans to firms declined to 3.7 per cent in May, from 3.8 per cent in April. The cost of issuing market-based debt also came down, falling to 3.6 per cent in May. While the growth rate of loans to firms moderated to 2.5 per cent in May, corporate bond issuance was stronger, growing at a rate of 3.4 per cent in annual terms.
Credit standards for business loans were broadly unchanged in the second quarter, as reported in our latest bank lending survey for the euro area. While banks’ concerns about the economic risks faced by their customers had a tightening impact on credit standards, this was broadly offset by stronger competition among lenders. Meanwhile, firms’ demand for credit increased slightly, benefiting from lower interest rates, but they remained cautious because of global uncertainty and trade tensions.
The average interest rate on new mortgages has barely changed since the start of the year and stood at 3.3 per cent in May. Growth in mortgage lending edged up to 2.0 per cent in May, in the context of a strong increase in demand, while credit standards tightened slightly in the second quarter.
The Governing Council today decided to keep the three key ECB interest rates unchanged. We are determined to ensure that inflation stabilises at our two per cent target in the medium term. We will follow a data-dependent and meeting-by-meeting approach to determining the appropriate monetary policy stance. Our interest rate decisions will be based on our assessment of the inflation outlook and the risks surrounding it, in light of the incoming economic and financial data, as well as the dynamics of underlying inflation and the strength of monetary policy transmission. We are not pre-committing to a particular rate path.
In any case, we stand ready to adjust all of our instruments within our mandate to ensure that inflation stabilises sustainably at our medium-term target and to preserve the smooth functioning of monetary policy transmission.
We are now ready to take your questions.
Source: United Kingdom – Executive Government & Departments
This factsheet aims to help immigration advisers and organisations understand the proposed powers and prepare for upcoming changes.
The Immigration Advice Authority (IAA) has published a factsheet to help immigration advisers and organisations understand the proposed changes under the UK Government’s Border Security, Asylum and Immigration Bill 2025.
The factsheet provides a clear summary of the new powers for the IAA being introduced by the Bill and explains what they could mean for advisers and organisations, their clients, and the wider immigration advice sector.
The Bill, currently progressing through Parliament, aims to strengthen the UK’s border controls and improve the efficiency of immigration enforcement. It introduces new provisions related to entry and detention, digital documentation, enforcement powers, and penalties for non-compliance with immigration rules.
Key topics covered in the factsheet include:
Heather Laing, Chief Executive, said:
We know advisers and organisations are working hard to support people navigating the immigration system. With new legislation on the horizon, it’s vital that the sector is equipped with accurate, timely information.
This fact sheet is part of our commitment to supporting advisers, so that they can give high-quality, informed immigration advice.
The IAA will continue to monitor the progress of the Bill and provide updates as more details become available. We encourage all registered advisers and stakeholders to read the fact sheet and share it within their networks.
Source: United Kingdom – Executive Government & Departments
Business leaders have strongly welcomed the signing of the UK-India Free Trade Agreement.
Business leaders have strongly welcomed the signing of the UK-India Free Trade Agreement, as Business and Trade Secretary, Jonathan Reynolds and India’s Commerce and Industry Minister, Piyush Goyal, signed the landmark trade deal.
The £4.8bn trade deal will unlock economic growth for each region and nation of the UK, and is widely backed by large and small businesses across aerospace, financial and professional services, food and drink, and the automotive sector.
In an era of rising protectionism, today’s announcement sends a powerful signal that the UK is open for business and remains resolute in its commitment to free and fair trade.
A trade agreement with India – one of the world’s fastest-growing economies – is a springboard for long-term partnership and prosperity. UK firms can take advantage of this new platform to scale, diversify and compete on the global stage.
The CBI looks forward to working closely alongside the Confederation of Indian Industry to turn ambition into action and negotiation into real-world impact. Ensuring this agreement delivers tangible benefits for businesses on both sides will be critical to meeting the UK’s growth ambitions.
The signing of this agreement is a clear signal of the UK’s continuing commitment to free and fair trade. It will open a new era for our businesses and boost investment between two of the world’s largest economies.
Currently around 16,000 UK companies are trading goods with Indian companies, and there is high interest in our Chamber Network to grow that. This deal will create new opportunities in the transport, travel, creative and business support sectors alongside traditional strengths in finance and professional services.
India is the fourth largest economy in the world, and today’s trade deal provides exciting growth potential for UK small businesses.
Already one-in-seven (14%) of our members who export have India among their overseas markets, and this deal opens the way for that number to grow. It’s welcome that the agreement includes a specific small business chapter.
Encouraging more small firms to trade internationally, and making it easier for those who already do to increase their international trade, is an important flank in the quest for economic growth. Reducing barriers is key to achieving that.
The UK-India FTA marks a historic milestone in the bilateral relationship.
Businesses across both countries have long called for an agreement that reduces barriers, enhances market access, and creates a clear framework for long-term, sustainable growth. We congratulate both governments for their commitment and ambition in bringing this complex negotiation to fruition. Success in the FTA will support further economic growth for the world’s 5th and 6th largest economies. It will catalyse collaboration into other areas too.
India is an important market for our business, with over 90 years of partnership with Indian industry and the Indian Government.
We welcome the provisions in this Free Trade Agreement, including those that bring closer alignment with international standards for trade in civil aerospace.
These agreements will benefit Rolls-Royce and our customers, paving the way for future aerospace growth in India.
Today’s signing of the UK-India Free Trade Agreement marks an important milestone for both countries.
This is a vibrant and fast-growing corridor and will bring huge opportunities for both British and Indian businesses as they seek to grow internationally.
As the world’s largest trade bank with deep roots in both countries, we look forward to supporting our clients to take advantage of the full benefits of this historic agreement.
This landmark agreement between the UK and India – two of the world’s largest and most dynamic economies – is a tremendous achievement.
It will drive greater innovation, unlock growth, and build prosperity across this long-established corridor of trade, capital and investment.
As one of the largest and oldest international banks in India, we welcome the certainty the FTA provides for UK services and the meaningful opportunities that lower tariffs will create for businesses large and small in both markets.
Over the past decade, total trade value between the UK and India has more than doubled from £16.6bn to £40bn and this agreement will further strengthen the flourishing economic relationship between the two countries.
Enhanced access to one of the world’s largest markets should offer considerable advantages for financial and professional services businesses, unlocking commercial opportunities and supporting growth across two strategically significant sectors of the UK economy.
As a UK fintech with significant business in India, we welcome the announcement of this UK-India FTA.
It is an important partnership to bring these two vital economies closer together and to foster improved trade links, better investment flows and more jobs.
Revolut looks forward to working with the UK Government to maximise the value of this FTA and we strongly congratulate the hard work of DBT for getting this over the line.
India is a market with huge growth potential and a strong FTA between our two markets will open up valuable new trade and investment opportunities for UK businesses.
The UK financial and related professional services industry is well placed to support India’s growth ambitions through the provision of services in areas such as green finance, risk management and capital market development, as well as benefit from India’s digital innovations.
We welcome the formal signing of the FTA and look forward to continuing to build on its foundations to forge a strong and lasting partnership with India.
The UK-India trade agreement represents a significant achievement, partially liberalising the Indian automotive market for the first time.
While the highly complex deal confirms some compromises, its entry into force will provide commercial opportunities for UK manufacturers who will be able to access vastly reduced tariffs on internal combustion vehicles from day one, and on electrified vehicles and parts in the longer term.
To ensure maximum and timely benefit, we now need rapid ratification and renewed efforts to agree fair and workable solutions on tariff-rate-quotas administration.
We welcome this free trade agreement between the UK and India, which over time will deliver reduced tariff access to the Indian car market for JLR’s luxury vehicles.
India is an important market for our British built products and represents significant future growth opportunities.
This agreement marks a great moment for both Scotch and Scotland, and we’ll be raising a glass of Johnnie Walker to all those who have worked so hard to get it secured.
Signature of the UK-India FTA is a sign of hope in challenging times for the spirits industry.
India is the world’s biggest whisky market by volume and greater access will be an eventual game changer for the export of our Scotch whisky brands, such as Chivas Regal and Ballantine’s.
The deal will support long term investment and jobs in our distilleries in Speyside and our bottling plant at Kilmalid and help deliver growth in both Scotland and India over the next decade.
Let’s hope that both governments will move quickly to ratification so business can get to work implementing the deal!
The Scotch Whisky industry has long championed a free trade agreement between the UK and India.
The signing of the FTA is an historic moment and is an important milestone to reducing tariffs on Scotch Whisky in a growing market.
This will contribute to the government’s growth objective, by laying the foundations for further investment and jobs.
We’re pleased to see the details of the new Free Trade Agreement with India, with tariffs for iconic British products, including chocolate, breakfast cereals and biscuits set to be phased out over the next decade.
We also welcome that this agreement protects the UK’s sugar and rice milling sectors, reflecting the vital role these industries play in boosting local economies.
With exports of UK food and drink to India already worth nearly £300 million annually, improved access to this growing market will help strengthen the competitiveness of our sector and help future-proof the nation’s food security.
We look forward to working with government to help businesses make the most of this opportunity.
There are tremendous hurdles for UK spirits producers in terms of entering and succeeding in the Indian market.
The extremely high import tariffs are probably the most significant barrier to entry we have experienced anywhere internationally.
The FTA is a fabulous step forward. Since its announcement, we have already received significant new interest from Indian importers and the prospect of success in the Indian market now looks much brighter.
We are developing our business and brand awareness in both domestic and travel retail sectors in India. It’s an exciting and developing market for us.
The agreement to reduce tariffs will provide a better platform for us and our industry to develop links and build business over the next five years.
These are exciting times.
The UK-India Free Trade Agreement is more than a policy document it’s a foundation for action.
India’s deep scientific talent, clear ambition and growing global influence make it one of the most exciting places in the world to build long-term partnerships in science and healthcare.
And this moment, with the FTA in place, gives companies like ours the confidence to invest, to scale and to co-create in ways that weren’t possible before.
Given the size of the Indian economy and its healthcare system, India is an important location for Smith+Nephew. The Free Trade Agreement offers the potential to build trading links in the healthcare sector.
We hope that the Free Trade Agreement will enable Smith+Nephew’s innovative medical technologies to support more healthcare professionals to return their patients to health and mobility.
Biopanda have been supplying a range of diagnostic products to the Indian market throughout the past ten years. We value the business we have done already throughout India and with the introduction of the UK-India FTA this should benefit in increased trade with the removal of export barriers.
This will hopefully increase the market access, allowing our distributors throughout India to provide a larger range of our highly accurate clinical diagnostic products at a lower price to the consumer.
India is a great country in which to do business. JCB has been manufacturing machines there since 1979. So, we know India very well and the opportunity for British businesses in that huge market is significant.
It’s the fifth largest economy in the world and is tipped to become the third largest by 2028. This Free Trade Agreement should give British businesses the confidence they need to enter the market, trade more easily and benefit from the massive opportunity.
Coltraco Ultrasonics is strongly supportive of the India FTA Trade Agreement and proud to have modestly contributed to and advising the British negotiating team on various chapters.
The UK private sector can now, because of the India FTA, the Windsor Framework CPTPP, and a variety of other UK FTAs, look out to the world, balancing our exporting and investment opportunities between the USA, the EU and Asia Pacific.
It is a tremendous success and we thank British and Indian Civil Servants for their public service in the UK-India FTA.
As a manufacturer of advanced metalforming machinery used in the forming and lightweighting of aircraft, India is a strong market for Group Rhodes and offers significant growth potential. The recent UK-India trade deal not only sets the scene for reduced tariffs on machinery but also serves to both enhance our competitiveness as a UK exporter and reduce the complexity of trade with this fast-growing market.
Importantly, the UK-India FTA recognises UK origin content of at least 20% as qualification as a ‘local supplier’ in India. This provides equal treatment in the Indian government procurement process and the opportunity for Group Rhodes to build on its existence reference sites within the Indian aerospace sector.
India is a key growth market for Sensoteq — its vast and rapidly evolving manufacturing sector aligns perfectly with our mission to improve machine reliability through smarter monitoring. This trade deal is a real breakthrough for us.
Simplified and transparent customs procedures, modernised rules of origin, and stronger IP protections mean we can enter the market with greater speed, confidence, and security.
This agreement gives businesses like ours the access and assurance needed to thrive in one of the world’s most important industrial markets.
India is a dynamic and vibrant economy and an increasingly important market for Concrete Canvas products. A UK-India FTA will help to accelerate our plans for growth by reducing trade barriers and making us more competitive.
This is welcome news for both UK and Indian businesses!
India continues to be incredibly important to the Premier League and our clubs. It is a vibrant country that presents exciting opportunities and significant potential. The opening of our office in Mumbai earlier this year was a significant milestone for the Premier League, demonstrating our commitment to build on longstanding work to engage local fans, develop grassroots and elite football and further promote the game in India.
The continued growth of the Premier League and UK businesses in India will have a positive impact on our domestic economy. We welcome the signing of this new trade deal which will support UK businesses operating in India.
The UK-India Free Trade Agreement has the potential to strengthen creative partnerships and streamline production across borders. With India’s vast film and television industry, it creates new opportunities for studios like ours to collaborate with international talent and share our interactive stories and games with even wider audiences.
The UK-India trade deal is a game-changer for UK businesses. Significant tariff reductions on our exports will mean our products can be more competitive and accessible in India’s rapidly growing market. Guaranteed access to India’s public procurement market and simplified customs processes could be transformational for many.
This deal offers substantial benefits, boosting confidence and creating new avenues for growth in areas that were previously challenging to navigate, making it easier for UK SMEs to trade and thrive internationally.
As a UK clean energy company committed to fostering global impact, the UK-India trade agreement marks a significant milestone for us. It lowers barriers to entry and enhances our ability to collaborate with Indian partners in one of the world’s most dynamic renewable energy markets. India’s ambitious solar targets and drive for domestic innovation align perfectly with our flexible solar technology and long-term growth strategy.
As one of the world’s fastest-growing economies and a key player in the global renewable energy transition, India presents a major opportunity for UK clean energy technology. This trade deal enables us to position UK flexible solar as a key solution to India’s energy goals. We are excited to continue to build upon our existing relationships with valued collaborators by expanding our presence in India following a successful visit earlier this year.
We are proud this new route with IndiGo will deliver growth here in the North, and for the UK as a whole.
Boosted by the new UK-India FTA, the direct connectivity it provides will unlock opportunities for the region’s businesses to trade with India and will facilitate investment into the UK.
That will help turbo charge the Government’s Industrial Strategy by boosting innovation and productivity in the sectors that will sit at the heart of the country’s future prosperity.
India is one of the fastest growing luxury markets in the world, and we are very excited about the UK- India Free Trade Agreement coming to fruition.
John Smedley knitwear is already sold in over 50 countries around the world, and now that the FTA has been signed, we shall very much look forward to ensuring that an ever-increasing number of discerning luxury consumers in India will enjoy greater access to The World’s Finest Knitwear.
We are thankful to DBT for their significant efforts in bringing this FTA to successful conclusion.
The UK-India Free Trade Agreement (FTA) represents a significant opportunity for the cosmetics and personal care industry. Tariff reduction and the commitments to ongoing cooperation will enhance market access and create new opportunities for growth for UK brands and manufacturers. CTPA welcomes the strengthening of the bilateral ties through the negotiation process, a great first step in the delivery of substantial benefits for our sector.
Source: Government of Canada News
July 24, 2025 New York City, New York Employment and Social Development Canada
The Honourable Patty Hajdu, Minister of Jobs and Families and Minister responsible for the Federal Economic Development Agency for Northern Ontario, concluded a series of engagements at the United Nations High-Level Political Forum on Sustainable Development in New York City from July 21 to 23, 2025. The Forum is an opportunity for UN countries to gather and discuss progress made toward the 17 Sustainable Development Goals (SDGs). These goals are a collective call to action to end poverty, protect the planet, and build a just, peaceful and inclusive world for all.
Minister Hajdu presented Canada’s National Statement on the SDGs, reaffirming our country’s work towards international collaboration and in advancing the 2030 Agenda. Minister Hajdu emphasized our collective duty to work with national and international partners to drive meaningful change and build a more peaceful, inclusive and prosperous world, for the next generations.
On July 22, Minister Hajdu participated in the High-Level Dialogue on Adequate Housing for All, alongside Bob Rae, Canada’s Permanent Representative to the United Nations in New York, in his capacity as President of the UN Economic and Social Council. This session highlighted Canada’s focus on housing as a key strategy for reducing poverty, promoting equity, and fostering an inclusive society.
On the Forum’s final day, Minister Hajdu hosted Canada’s official side event on inclusive and sustainable jobs. This event brought together diverse stakeholders to explore how digital education, disability inclusion, and private sector engagement can help build more inclusive economies.
While at the UN, Minister Hajdu and Alexei Buzu, Minister of Labour and Social Protection for the Republic of Moldova, also signed a Declaration of Intent to establish a Canada-Moldova Social Security Agreement. This marks a key step in strengthening bilateral ties and advancing shared goals of inclusion, equity and resilience.
Canada is focused on advancing the 2030 Agenda both domestically and internationally. While the Government of Canada leads this initiative, partnerships with other orders of government, stakeholders, Indigenous Peoples, and the public are crucial for our collective success.
Source: Hong Kong Government special administrative region
HKMoA to stage first exhibition of Chinese art master Wu Guanzhong in Korea
The exhibition is presented by the Leisure and Cultural Services Department (LCSD) and jointly organised by the SAC and the HKMoA. The exhibition is made possible by the Wu Guanzhong Art Sponsorship. This exhibition in Seoul is a continuation of the popular thematic exhibition of Wu, held at the HKMoA from March 2024 to March 2025, which achieved great success and attracted more than 570 000 visitors during the exhibition period. Accompanied by insightful excerpts from the artist’s writings, the exhibition allows visitors to explore the art master’s distinctive chromatic aesthetics as well as the countless passions and flights of imagination evoked from the interplay between black and white. There will be opportunities to appreciate iconic paintings such as “Two Swallows”, “Reminiscences of Jiangnan”, “Waterway” and more.
Wu’s works perfectly fuse Eastern and Western aesthetics. He dedicated his entire life to exploring the integration of Chinese and Western art, studied traditional Chinese ink painting and also ventured into the colourful world of oil painting in his early years. After studying in France, he returned to China. His works are noted for his masterful integration of the emotional depth of traditional Chinese ink painting with Western modernist and abstract composition. In 1992, Wu was among the first living Chinese artists to be honoured with a solo exhibition at the British Museum, and his works are also widely exhibited in Asia, Europe and the United States.
Wu had deep connections with Hong Kong, and held multiple exhibitions and participated in various art events in the city. Over the years, Wu and his family have continuously made donations of Wu’s works and archives to the HKMoA, making up a substantial collection of over 450 items. The HKMoA has become the institution with the largest and most diverse collection of Wu’s works. With the support of the Wu Guanzhong Art Sponsorship, the HKMoA is bringing the museum collection and the research and curatorial insights of the art of Wu overseas, and will continue to promote Wu and modern Chinese art to audiences in different regions and at various levels through comprehensive and diversified perspectives.
In addition, an immersive installation from the “Wu Guanzhong Art Sponsorship Cross-disciplinary Series: Wu Guanzhong x Chris Cheung” will also be on display overseas for the first time, complementing the exhibition. Processed by AI, “Sentient Pond – Seoul Edition” created by Hong Kong artist Chris Cheung generates exclusive paintings by visitors that embody Wu’s brushstrokes and artistic style through machine learning over hundreds of Wu’s paintings from the museum collection, to carry on the unconventional creations and spirit of Wu with a contemporary twist.
Hong Kong Week is an annual arts festival organised by the LCSD, celebrating Hong Kong’s creative excellence worldwide and fostering cultural exchanges and artistic collaboration. This year, the festival will arrive in Seoul for the first time. Beginning on September 26, a total of 14 programmes will feature stage performances, film screenings, outdoor shows, visual art exhibitions, comic creations, fashion designs as well as other fringe activities.
For details of the exhibition and HK Week@Seoul, please visit the HKMoA’s website at hk.art.museum/en/web/ma/exhibitions-and-events/overseas-wgz-bnw.htmlIssued at HKT 19:25
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Source: Government of India
Source: Government of India (4)
India and the United Kingdom on Thursday signed a landmark Comprehensive Economic and Trade Agreement (CETA), aimed at enhancing access to goods and services between the two countries.
The agreement, signed in the presence of Prime Minister Narendra Modi and UK Prime Minister Keir Starmer, is set to give a major boost to India’s small and medium enterprises (SMEs), which form the backbone of the country’s economy. SMEs contributed around 30.1% to India’s GDP in 2022–23 and accounted for 45.8% of India’s total exports in 2024–25.
SMEs benefit from various provisions of the CETA, including through provisions on faster processing at customs, agreements to recognise and facilitate digital systems and paperless trade, and a dedicated chapter to help SMEs. A contact point for SMEs will be established under the ambit of the CETA, facilitating communication and coordination benefiting SMEs.
In addition to lower tariffs and better market access, SMEs will also benefit from the cooperation between India and the UK on best practices regarding trade education and finance, digital skills, business infrastructure and other important areas, facilitating business opportunities for SMEs.
The Working Group on Government Procurement and on Innovation enable cooperation to address the issues of SMEs and facilitate participation in government procurement and innovation.
Source: Government of India
Source: Government of India (4)
India and the United Kingdom on Thursday signed a landmark Comprehensive Economic and Trade Agreement (CETA), aimed at enhancing access to goods and services between the two countries.
The agreement, signed in the presence of Prime Minister Narendra Modi and UK Prime Minister Keir Starmer, will generate tangible employment gains and create brighter futures for Indian workers across multiple sectors. It also focuses on fostering inclusive economic growth by creating meaningful opportunities for women and youth across both nations.
The immediate removal of duties on Indian products from labour-intensive sectors such as gems and jewellery, textiles, leather and footwear, and food processing will not only boost employment but also directly benefit Indian workers in these industries.
The CETA offers a range of protections to workers by endorsing internationally recognized labour rights. Workers will benefit from increased public awareness of labour laws and access to impartial and independent tribunals and proceedings for the enforcement of their rights in an accessible and transparent manner.
Expanding opportunities for women and youth
India’s youth, aged 15 to 29, make up approximately 27.3% of the population and are key drivers of social and economic change. The CETA is poised to expand high-quality employment pathways for this demographic by easing access to services markets, securing mutual recognition of professional qualifications, and facilitating short-term mobility for talent in sectors such as IT, healthcare, finance, and the creative industries.
By fostering cooperation on gender-responsive standards, sharing best practices in financial services, and improving digital inclusion, the CETA ensures that women business owners, entrepreneurs, and young professionals can access new markets, acquire valuable information, and participate equitably in global, regional, and domestic economies.
Dedicated working groups under the CETA will promote activities that address discriminatory practices, encourage diversity, and further gender equality. Lower tariffs on inputs and advanced manufacturing equipment can spur MSME supply-chain integration, creating skilled vocational jobs beyond metros.
Additionally, the CETA will promote cooperative activities between the Parties that will enable capacity and skill development of workers.
The CETA also provides enhanced market access for workers which include better mobility access to the UK for Indian workers engaged in maintenance and repair and tourist guides, among others. The CETA and its enhanced market access will create job opportunities for a wide range of workers across various sectors.
Source: Government of India
Source: Government of India (4)
India and the United Kingdom on Thursday signed a landmark Comprehensive Economic and Trade Agreement (CETA), aimed at enhancing access to goods and services between the two countries.
The agreement, signed in the presence of Prime Minister Narendra Modi and UK Prime Minister Keir Starmer, is poised to offer wide-ranging benefits for Indian businesses, enabling them to expand their global footprint and deepen their presence in the UK market.
Beyond lower tariffs and broader market access for Indian goods and services, the agreement promotes ease of doing business with the UK through simplified and streamlined customs and trade facilitation processes. This includes established systems like a Single Window and the Authorised Economic Operator framework.
Moreover, the provision of non-discriminatory treatment for Indian businesses and exporters across goods, services, and government procurement will strengthen their competitive position within the UK market.
The CETA serves as a strategic catalyst for Indian enterprises operating within the UK, facilitating the optimal deployment of skilled personnel to deliver competitively benchmarked services aligned with UK market expectations.
Prominent service sector entities, particularly in information technology with an established presence in the UK, stand to benefit from enhanced regulatory certainty regarding visa provisions for the assignment of Indian professionals. This framework is expected to strengthen bilateral economic ties and support the sustained growth of India’s services exports to the UK.
Businesses will also benefit from the cooperative efforts enshrined in various chapters of the CETA, like the Innovation Working Group and cooperation on digital identities and trade, that will help promote connectivity, digital trade growth, collaboration on best practice principles and innovative opportunities; and responsible business conduction and corporate responsibility practices.
Source: United Kingdom – Executive Government & Departments
Updates to Controlled work forms (CW3) for extension requests on hourly rates and standard fee cases in immigration & asylum matters
Changes have been made to the CW3 forms that immigration providers use when seeking an extension to a cost limit in a Controlled Work matter.
Changes have been made to the PDF versions:
We have also removed the electronic (Excel) versions as these are rarely used.
Previous versions of the application forms will continue to be accepted until 27 October 2025 so providers have time to adjust and to allow software vendors time to update their case management systems.
If providers have any queries as to which form to use, they should contact cw3@justice.gov.uk
Forms have been reviewed to ensure they support the current 2024 Standard Civil Contract.
Updated forms CW3: extension of upper cost limit in controlled work cases – GOV.UK
Source: United Kingdom – Prime Minister’s Office 10 Downing Street
The Prime Ministers of India and the UK endorsed the new ‘India-UK Vision 2035’ during their meeting in London on 24 July 2025.
The Prime Ministers of India and the United Kingdom, during their meeting on 24 July 2025 in London, endorsed the new ‘India-UK Vision 2035’ that reaffirms their shared commitment to unlocking the full potential of a revitalised partnership.
This ambitious and future-focused agreement underscores the 2 nations’ resolve to work together for mutual growth, prosperity and to shape a prosperous, secure, and sustainable world in a time of rapid global change.
Increased ambition: since elevating the relationship to a Comprehensive Strategic Partnership, India and the UK have catalysed significant partnerships and growth across all sectors. The new vision builds on this momentum, setting ambitious goals to deepen and diversify bilateral cooperation.
Strategic vision: by 2035, flagship partnerships will redefine the India-UK relationship delivering transformative opportunities and tangible benefits for both countries. The India-UK Vision 2035 sets clear strategic goals and milestones, tracking a path for sustained future collaboration and innovation.
Comprehensive outcomes: the pillars of the India-UK Vision 2035 are designed to reinforce one another, creating a partnership that is greater than the sum of its parts across a wide and deep range of outcomes including:
Source: City of Coventry
The latest episode of the Wall of Shame is out now.
Fly-tippers continue to plague the city. We continue to expose them. We need you to help us catch them.
Watch this month’s episode below or on YouTube now.
If you recognise anyone on this video, please email flytipping-cctv@coventry.gov.uk so we can take action.
You can also look at previous episodes to see if you recognise anyone.
Translation. Region: Russian Federal
Source: Official website of the State –
An important disclaimer is at the bottom of this article.
On July 23, 2025, a public discussion of by-laws prepared as part of the implementation of the updated provisions of the Federal Law “On Youth Policy in the Russian Federation” took place in the House of Unions. Specialists from the State University of Management took part in the development of these by-laws.
The public discussion was attended by: Chairman of the State Duma Committee on Youth Policy, GUU graduate Artem Metelev, Deputy Minister of Science and Higher Education Olga Petrova, First Deputy Chairman of the State Duma Committee on Youth Policy Mikhail Kiselev, Deputy Chairman of the State Duma Committee on Science and Higher Education Ekaterina Kharchenko, Deputy Head of Rosmolodezh Yuri Leskin and other experts.
The agenda was outlined by the Chairman of the State Duma Committee on Youth Policy, Artem Metelev: “We have accumulated an agenda of three blocks, which we propose to discuss together today. The first: a set of measures for the patriotic education of youth and the spiritual and moral education of youth in the Russian Federation. The second: recommendations for the implementation of the main directions of youth policy in Russia, including the logistical support for its implementation. And the third: recommendations for the organization of interdepartmental interaction between the executive bodies of the country’s constituent entities in the implementation of youth policy.”
Deputy Minister of Science and Higher Education Olga Petrova noted the activity of universities participating in the development and discussion of documents: “For our part, we have also sent all the necessary materials for consideration to the expert community of the Government of Russia and plan to present the documentary results within the next month.”
At the initiative of the Federal Agency for Youth Affairs, the Department of State and Municipal Administration, together with the Department of Youth Policy and Educational Work of the State University of Management, developed a draft of recommendations for organizing interdepartmental interaction between executive bodies of the constituent entities of the Russian Federation in implementing youth policy to ensure consistency, eliminate duplication of powers, and ensure the effectiveness and systematicity of the work of government bodies at all levels.
The project team included: – Advisor to the rector of the State University of Management, head of the department of state and municipal management Sergey Chuev; – Professor of the department of state and municipal management, doctor of economic sciences Vladimir Zotov; – Professor of the department of state and municipal management, doctor of pedagogical sciences Tatyana Korosteleva; – Professor of the department of state and municipal management, doctor of economic sciences Mikhail Shatokhin; – Associate Professor of the department of state and municipal management, candidate of economic sciences Mikhail Polyakov; – Deputy Director of the Institute of Social and Cultural Policy and Culture for educational work, candidate of psychological sciences Svetlana Grishaeva.
Vice-Rector of the State University of Management Pavel Pavlovsky reported to the public council: “As for the mechanism of interdepartmental cooperation, here we have a number of specific points: establishing a clear procedure for exchanging information and recommendations, obliging regional departments to prepare and implement comprehensive measures to support young specialists aimed at their professional growth and career. Here we also include the development of measures for the professional self-determination of young people, support for gifted children, the creation and implementation of educational programs for patriotism and civic responsibility among young people, the organization of internships and practice for graduates of educational institutions, ensuring their participation in real work projects.”
The expert group of the State University of Management also proposed to develop a system of joint participation of different branches of government, institutions and organizations in the implementation of youth projects, to ensure openness and accessibility of information about all existing support measures and possible events, for which it is necessary to create one-stop services and digital platforms where young people could resolve any issues that arise.
At the end of the meeting, Artem Metelev noted that if the recommendations are accepted and regulations are developed on their basis, this will seriously simplify the work of government bodies, which will have a clear line in working with young people.
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.
.
Source: GlobeNewswire (MIL-OSI)
NEW YORK, July 24, 2025 (GLOBE NEWSWIRE) — Nasdaq, Inc. (Nasdaq: NDAQ) today reported financial results for the second quarter of 2025.
Second Quarter 2025 Highlights
| (US$ millions, except per share) | 2Q25 | YoY change % | Adjusted2YoY change % |
Organic YoY change % |
||||
| Solutions revenue | $991 | 10% | 10% | 10% | ||||
| Market Services net revenue | $306 | 22% | 21% | 21% | ||||
| Net revenue | $1,306 | 13% | 12% | 12% | ||||
| GAAP operating income | $568 | 34% | ||||||
| Non-GAAP operating income | $721 | 16% | 16% | 16% | ||||
| ARR | $2,931 | 10% | 9% | 9% | ||||
| GAAP diluted EPS | $0.78 | 103% | ||||||
| Non-GAAP diluted EPS | $0.85 | 24% | 24% | |||||
Note: Adjusted and organic change for 2Q25 as compared to 2Q24 are equivalent as they include the same period over period adjustments. Refer to the footnotes to this press release for more information.
Adena Friedman, Chair and CEO said, “Nasdaq delivered an excellent second quarter performance amid a dynamic market environment. Our ability to deliver broad-based growth through cycles is testament to our role as a partner to our clients, helping them capture strategic opportunities, manage risk, and solidify their operational resilience.
Looking ahead, we remain well-positioned to enhance value for our clients and shareholders by driving innovation and deepening our client relationships through our One Nasdaq approach.”
Sarah Youngwood, Executive Vice President and CFO said, “Nasdaq’s financial results highlight the resilience of our business model and its ability to achieve exceptional revenue and earnings growth with strong free cash flow generation.
We are executing well on our capital allocation priorities, including repaying debt, and have surpassed our gross leverage milestone 16 months ahead of plan. We will optimize for long-term investor returns as we make organic growth investments and balance further deleveraging with opportunistic share repurchases.”
FINANCIAL REVIEW
2025 EXPENSE AND TAX GUIDANCE UPDATE6
STRATEGIC AND BUSINESS UPDATES
____________
1 Represents revenue less transaction-based expenses.
2 Adjusted and organic change for 2Q25 as compared to 2Q24 are equivalent as they include the same period over period adjustments. These changes are calculated by (i) removing the impact of period over period changes in foreign currency exchange rates (ii) adjusting for the impact of a divestiture and (iii) adjusting for the impact of AxiomSL on-premises contracts for ratable recognition for 2Q24, which was immaterial during that period. As it relates to ARR, organic changes only exclude the impacts of period over period changes in foreign currency exchange rates and a divestiture as the AxiomSL ratable recognition adjustment had no impact on ARR. Adjusted operating results also exclude the impact of the previously announced one-time revenue benefit in our Index business in 1Q24 ($16 million), which did not have an impact on our 2Q25 period over period change but does have an impact on year to date period over period results.
3 Constitutes revenue from our Capital Access Platforms and Financial Technology segments.
4 Annualized Recurring Revenue (ARR) for a given period is the current annualized value derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one-time in nature or where the contract value fluctuates based on defined metrics. ARR is currently one of our key performance metrics to assess the health and trajectory of our recurring business. ARR does not have any standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.
5 Refer to our reconciliations of U.S. GAAP to non-GAAP net income attributable to Nasdaq, diluted earnings per share, operating income, operating expenses and organic impacts included in the attached schedules.
6 U.S. GAAP operating expense and tax rate guidance are not provided due to the inherent difficulty in quantifying certain amounts due to a variety of factors including the unpredictability in the movement in foreign currency rates, as well as future charges or reversals outside of the normal course of business.
7 Message count represents the number of records across Nasdaq’s U.S. options, U.S. and Canadian equities markets, trade reporting facilities, and bond exchange that are recorded into Nasdaq’s data warehouse on a daily basis.
ABOUT NASDAQ
Nasdaq (Nasdaq: NDAQ) is a global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.
NON-GAAP INFORMATION
In addition to disclosing results determined in accordance with U.S. GAAP, Nasdaq also discloses certain non-GAAP results of operations, including, but not limited to, non-GAAP net income attributable to Nasdaq, non-GAAP diluted earnings per share, non-GAAP operating income, and non-GAAP operating expenses, that include certain adjustments or exclude certain charges and gains that are described in the reconciliation tables of U.S. GAAP to non-GAAP information provided at the end of this release. Management uses this non-GAAP information internally, along with U.S. GAAP information, in evaluating our performance and in making financial and operational decisions. We believe our presentation of these measures provides investors with greater transparency and supplemental data relating to our financial condition and results of operations. In addition, we believe the presentation of these measures is useful to investors for period-to-period comparisons of results as the items described below in the reconciliation tables do not reflect ongoing operating performance.
These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different from non-GAAP measures used by other companies. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces their usefulness as a comparative measure. Investors should not rely on any single financial measure when evaluating our business. This information should be considered as supplemental in nature and is not meant as a substitute for our operating results in accordance with U.S. GAAP. We recommend investors review the U.S. GAAP financial measures included in this earnings release. When viewed in conjunction with our U.S. GAAP results and the accompanying reconciliations, we believe these non-GAAP measures provide greater transparency and a more complete understanding of factors affecting our business than U.S. GAAP measures alone.
We understand that analysts and investors regularly rely on non-GAAP financial measures, such as those noted above, to assess operating performance. We use these measures because they highlight trends more clearly in our business that may not otherwise be apparent when relying solely on U.S. GAAP financial measures, since these measures eliminate from our results specific financial items that have less bearing on our ongoing operating performance.
Organic revenue and expense growth, organic change and organic impact are non-GAAP measures that reflect adjustments for: (i) the impact of period over period changes in foreign currency exchange rates, and (ii) the revenue, expenses and operating income associated with acquisitions and divestitures for the twelve month period following the date of the acquisition or divestiture and (iii) the impact of AxiomSL on-premises contracts for ratable recognition in comparable periods to align with current period presentation. Reconciliations of these measures are described within the body of this release or in the reconciliation tables at the end of this release.
Foreign exchange impact: In countries with currencies other than the U.S. dollar, revenue and expenses are translated using monthly average exchange rates. Certain discussions in this release isolate the impact of year-over-year foreign currency fluctuations to better measure the comparability of operating results between periods. Operating results excluding the impact of foreign currency fluctuations are calculated by translating the current period’s results by the prior period’s exchange rates.
Restructuring programs: In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program to optimize our efficiencies as a combined organization. We further expanded this program in the fourth quarter of 2024 to accelerate our momentum and further optimize our efficiencies (efficiency program). We have incurred costs principally related to employee-related costs, contract terminations, asset impairments and other related costs and expect to incur additional costs in these areas in an effort to accelerate efficiencies through location strategy and enhanced AI capabilities. Actions taken as part of this program will be complete by the end of 2025, while certain costs may be recognized in the first half of 2026. We expect to achieve benefits primarily in the form of expense synergies. In October 2022, following our September announcement to realign our segments and leadership, we initiated a divisional realignment program with a focus on realizing the full potential of this structure. As of September 30, 2024, we completed our divisional realignment program. Costs related to the Adenza restructuring and the divisional realignment programs are recorded as “restructuring charges” in our condensed consolidated statements of income. We exclude charges associated with these programs for purposes of calculating non-GAAP measures as they are not reflective of ongoing operating performance or comparisons in Nasdaq’s performance between periods.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to (i) projections relating to our future financial results, total shareholder returns, growth, dividend program, trading volumes, products and services, ability to transition to new business models, taxes and achievement of synergy targets, (ii) statements about the closing or implementation dates and benefits of certain acquisitions, divestitures and other strategic, restructuring, technology, de-leveraging and capital allocation initiatives, (iii) statements about our integrations of our recent acquisitions, (iv) statements relating to any litigation or regulatory or government investigation or action to which we are or could become a party, and (v) other statements that are not historical facts. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These factors include, but are not limited to, Nasdaq’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, geopolitical instability, government and industry regulation, interest rate risk, U.S. and global competition. Further information on these and other factors are detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q, which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
WEBSITE DISCLOSURE
Nasdaq intends to use its website, https://ir.nasdaq.com/, as a means for disclosing material non-public information and for complying with SEC Regulation FD and other disclosure obligations.
Media Relations Contact:
David Lurie
+1.914.538.0533
David.Lurie@Nasdaq.com
Investor Relations Contact:
Ato Garrett
+1.212.401.8737
Ato.Garrett@Nasdaq.com
-NDAQF-
| Nasdaq, Inc. | ||||||||||||||||
| Condensed Consolidated Statements of Income | ||||||||||||||||
| (in millions, except per share amounts) | ||||||||||||||||
| (unaudited) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | June 30, | June 30, | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenues: | ||||||||||||||||
| Capital Access Platforms | $ | 527 | $ | 481 | $ | 1,042 | $ | 960 | ||||||||
| Financial Technology | 464 | 420 | 896 | 813 | ||||||||||||
| Market Services | 1,090 | 883 | 2,224 | 1,678 | ||||||||||||
| Other Revenues | 9 | 8 | 18 | 18 | ||||||||||||
| Total revenues | 2,090 | 1,792 | 4,180 | 3,469 | ||||||||||||
| Transaction-based expenses: | ||||||||||||||||
| Transaction rebates | (629 | ) | (483 | ) | (1,208 | ) | (965 | ) | ||||||||
| Brokerage, clearance and exchange fees | (155 | ) | (150 | ) | (429 | ) | (227 | ) | ||||||||
| Revenues less transaction-based expenses | 1,306 | 1,159 | 2,543 | 2,277 | ||||||||||||
| Operating Expenses: | ||||||||||||||||
| Compensation and benefits | 352 | 328 | 681 | 669 | ||||||||||||
| Professional and contract services | 39 | 39 | 75 | 72 | ||||||||||||
| Technology and communication infrastructure | 79 | 69 | 156 | 135 | ||||||||||||
| Occupancy | 30 | 27 | 58 | 56 | ||||||||||||
| General, administrative and other | 23 | 30 | 29 | 58 | ||||||||||||
| Marketing and advertising | 14 | 12 | 28 | 23 | ||||||||||||
| Depreciation and amortization | 158 | 153 | 313 | 308 | ||||||||||||
| Regulatory | 14 | 18 | 29 | 28 | ||||||||||||
| Merger and strategic initiatives | 20 | 4 | 44 | 13 | ||||||||||||
| Restructuring charges | 9 | 56 | 15 | 82 | ||||||||||||
| Total operating expenses | 738 | 736 | 1,428 | 1,444 | ||||||||||||
| Operating income | 568 | 423 | 1,115 | 833 | ||||||||||||
| Interest income | 12 | 6 | 24 | 12 | ||||||||||||
| Interest expense | (95 | ) | (102 | ) | (192 | ) | (211 | ) | ||||||||
| Net gain on divestitures | 39 | — | 39 | — | ||||||||||||
| Other income | 1 | 12 | — | 13 | ||||||||||||
| Net income from unconsolidated investees | 23 | 2 | 50 | 6 | ||||||||||||
| Income before income taxes | 548 | 341 | 1,036 | 653 | ||||||||||||
| Income tax provision | 96 | 119 | 190 | 198 | ||||||||||||
| Net income | 452 | 222 | 846 | 455 | ||||||||||||
| Net loss attributable to noncontrolling interests | — | — | 1 | 1 | ||||||||||||
| Net income attributable to Nasdaq | $ | 452 | $ | 222 | $ | 847 | $ | 456 | ||||||||
| Per share information: | ||||||||||||||||
| Basic earnings per share | $ | 0.79 | $ | 0.39 | $ | 1.47 | $ | 0.79 | ||||||||
| Diluted earnings per share | $ | 0.78 | $ | 0.38 | $ | 1.46 | $ | 0.79 | ||||||||
| Cash dividends declared per common share | $ | 0.27 | $ | 0.24 | $ | 0.51 | $ | 0.46 | ||||||||
| Weighted-average common shares outstanding | ||||||||||||||||
| for earnings per share: | ||||||||||||||||
| Basic | 574.1 | 576.4 | 574.6 | 575.9 | ||||||||||||
| Diluted | 579.0 | 579.0 | 579.5 | 578.9 | ||||||||||||
| Nasdaq, Inc. | ||||||||||||||||||
| Revenue Detail | ||||||||||||||||||
| (in millions) | ||||||||||||||||||
| (unaudited) | ||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||
| June 30, | June 30, | June 30, | June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||
| CAPITAL ACCESS PLATFORMS | ||||||||||||||||||
| Data and Listing Services revenues | $ | 198 | $ | 187 | $ | 391 | $ | 372 | ||||||||||
| Index revenues | 196 | 167 | 388 | 336 | ||||||||||||||
| Workflow and Insights revenues | 133 | 127 | 263 | 252 | ||||||||||||||
| Total Capital Access Platforms revenues | 527 | 481 | 1,042 | 960 | ||||||||||||||
| FINANCIAL TECHNOLOGY | ||||||||||||||||||
| Financial Crime Management Technology revenues | 81 | 67 | 157 | 131 | ||||||||||||||
| Regulatory Technology revenues | 104 | 95 | 206 | 186 | ||||||||||||||
| Capital Markets Technology revenues | 279 | 258 | 533 | 496 | ||||||||||||||
| Total Financial Technology revenues | 464 | 420 | 896 | 813 | ||||||||||||||
| MARKET SERVICES | ||||||||||||||||||
| Market Services revenues | 1,090 | 883 | 2,224 | 1,678 | ||||||||||||||
| Transaction-based expenses: | ||||||||||||||||||
| Transaction rebates | (629 | ) | (483 | ) | (1,208 | ) | (965 | ) | ||||||||||
| Brokerage, clearance and exchange fees | (155 | ) | (150 | ) | (429 | ) | (227 | ) | ||||||||||
| Total Market Services revenues, net | 306 | 250 | 587 | 486 | ||||||||||||||
| OTHER REVENUES | 9 | 8 | 18 | 18 | ||||||||||||||
| REVENUES LESS TRANSACTION-BASED EXPENSES | $ | 1,306 | $ | 1,159 | $ | 2,543 | $ | 2,277 | ||||||||||
| Nasdaq, Inc. | |||||||||
| Condensed Consolidated Balance Sheets | |||||||||
| (in millions) | |||||||||
| June 30, | December 31, | ||||||||
| 2025 | 2024 | ||||||||
| Assets | (unaudited) | ||||||||
| Current assets: | |||||||||
| Cash and cash equivalents | $ | 732 | $ | 592 | |||||
| Restricted cash and cash equivalents | 195 | 31 | |||||||
| Default funds and margin deposits | 5,218 | 5,664 | |||||||
| Financial investments | 84 | 184 | |||||||
| Receivables, net | 896 | 1,022 | |||||||
| Other current assets | 227 | 293 | |||||||
| Total current assets | 7,352 | 7,786 | |||||||
| Property and equipment, net | 656 | 593 | |||||||
| Goodwill | 14,328 | 13,957 | |||||||
| Intangible assets, net | 6,741 | 6,905 | |||||||
| Operating lease assets | 441 | 375 | |||||||
| Other non-current assets | 865 | 779 | |||||||
| Total assets | $ | 30,383 | $ | 30,395 | |||||
| Liabilities | |||||||||
| Current liabilities: | |||||||||
| Accounts payable and accrued expenses | $ | 246 | $ | 269 | |||||
| Section 31 fees payable to SEC | 411 | 319 | |||||||
| Accrued personnel costs | 280 | 325 | |||||||
| Deferred revenue | 848 | 711 | |||||||
| Other current liabilities | 154 | 215 | |||||||
| Default funds and margin deposits | 5,218 | 5,664 | |||||||
| Short-term debt | 500 | 399 | |||||||
| Total current liabilities | 7,657 | 7,902 | |||||||
| Long-term debt | 8,678 | 9,081 | |||||||
| Deferred tax liabilities, net | 1,540 | 1,594 | |||||||
| Operating lease liabilities | 453 | 388 | |||||||
| Other non-current liabilities | 237 | 230 | |||||||
| Total liabilities | 18,565 | 19,195 | |||||||
| Commitments and contingencies | |||||||||
| Equity | |||||||||
| Nasdaq stockholders’ equity: | |||||||||
| Common stock | 6 | 6 | |||||||
| Additional paid-in capital | 5,425 | 5,530 | |||||||
| Common stock in treasury, at cost | (706 | ) | (647 | ) | |||||
| Accumulated other comprehensive loss | (1,869 | ) | (2,099 | ) | |||||
| Retained earnings | 8,955 | 8,401 | |||||||
| Total Nasdaq stockholders’ equity | 11,811 | 11,191 | |||||||
| Noncontrolling interests | 7 | 9 | |||||||
| Total equity | 11,818 | 11,200 | |||||||
| Total liabilities and equity | $ | 30,383 | $ | 30,395 | |||||
| Nasdaq, Inc. | ||||||||||||||||||
| Reconciliation of U.S. GAAP to Non-GAAP Net Income Attributable to Nasdaq and Diluted Earnings Per Share | ||||||||||||||||||
| (in millions, except per share amounts) | ||||||||||||||||||
| (unaudited) | ||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||
| June 30, | June 30, | June 30, | June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||
| U.S. GAAP net income attributable to Nasdaq | $ | 452 | $ | 222 | $ | 847 | $ | 456 | ||||||||||
| Non-GAAP adjustments: | ||||||||||||||||||
| Amortization expense of acquired intangible assets (1) | 122 | 122 | 243 | 244 | ||||||||||||||
| Merger and strategic initiatives expense (2) | 20 | 4 | 44 | 13 | ||||||||||||||
| Restructuring charges (3) | 9 | 56 | 15 | 82 | ||||||||||||||
| Net gain on divestitures (4) | (39 | ) | — | (39 | ) | — | ||||||||||||
| Net income from unconsolidated investees (5) | (23 | ) | (2 | ) | (50 | ) | (6 | ) | ||||||||||
| Gain on extinguishment of debt (6) | — | — | (19 | ) | — | |||||||||||||
| Legal and regulatory matters (7) | 1 | 13 | 4 | 16 | ||||||||||||||
| Pension settlement charge (8) | — | — | — | 23 | ||||||||||||||
| Other loss (income) (9) | 1 | (10 | ) | 1 | (9 | ) | ||||||||||||
| Total non-GAAP adjustments | 91 | 183 | 199 | 363 | ||||||||||||||
| Non-GAAP adjustment to the income tax provision (10) | (24 | ) | (41 | ) | (70 | ) | (88 | ) | ||||||||||
| Other tax adjustments (11) | (27 | ) | 33 | (27 | ) | 33 | ||||||||||||
| Total non-GAAP adjustments, net of tax | 40 | 175 | 102 | 308 | ||||||||||||||
| Non-GAAP net income attributable to Nasdaq | $ | 492 | $ | 397 | $ | 949 | $ | 764 | ||||||||||
| U.S. GAAP diluted earnings per share | $ | 0.78 | $ | 0.38 | $ | 1.46 | $ | 0.79 | ||||||||||
| Total adjustments from non-GAAP net income above | 0.07 | 0.31 | 0.18 | 0.53 | ||||||||||||||
| Non-GAAP diluted earnings per share | $ | 0.85 | $ | 0.69 | $ | 1.64 | $ | 1.32 | ||||||||||
| Weighted-average diluted common shares outstanding for earnings per share: | 579.0 | 579.0 | 579.5 | 578.9 | ||||||||||||||
| (1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations. | ||||||||||||||||||
| (2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three and six months ended June 30, 2025 and June 30, 2024, these costs included Adenza integration costs and other strategic initiative costs. For the three and six months ended June 30, 2024, these costs were partially offset by the recognition of a termination fee due to Nasdaq in the second quarter of 2024 related to the termination of the then proposed divestiture of our Nordic power futures business. For the three and six months ended June 30, 2025, these costs included a repayment of this fee due to the closing of the transaction with another buyer, as designated in the settlement agreement. | ||||||||||||||||||
| (3) For a description of our restructuring programs, see “Restructuring Programs” in the “Non-GAAP Information” section of this earnings release. | ||||||||||||||||||
| (4) For the three and six months ended June 30, 2025, we recorded pre-tax net gains on the sale of our Nordic power futures business and our Nasdaq Risk Modelling for Catastrophes business, which are included in net gain on divestitures in the Condensed Consolidated Statements of Income. | ||||||||||||||||||
| (5) We exclude our share of the earnings and losses of our equity method investments. This provides a more meaningful analysis of Nasdaq’s ongoing operating performance or comparisons in Nasdaq’s performance between periods. | ||||||||||||||||||
| (6) For the six months ended June 30, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative and other expense in our Condensed Consolidated Statements of Income. | ||||||||||||||||||
| (7) For the three and six months ended June 30, 2025, this includes accruals relating to certain legal matters, which are recorded in professional and contract services in the Condensed Consolidated Statements of Income. For the three and six months ended June 30, 2024, these items primarily included the settlement of a Swedish Financial Supervisory Authority, or SFSA, fine, which is recorded in regulatory expense in the Condensed Consolidated Statements of Income. | ||||||||||||||||||
| (8) For the six months ended June 30, 2024, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income. | ||||||||||||||||||
| (9) For the three and six months ended June 30, 2024, other items primarily include net gains from strategic investments entered into through our corporate venture program, which are included in other income in our Condensed Consolidated Statements of Income. | ||||||||||||||||||
| (10) The non-GAAP adjustment to the income tax provision primarily includes the tax impact of each non-GAAP adjustment. For the six months ended June 30, 2025, this also includes a release of the prior year’s reserves following a favorable audit settlement. | ||||||||||||||||||
| (11) For the three and six months ended June 30, 2025, we recorded a tax benefit related to payments made to certain former Adenza employees. For the three and six months ended June 30, 2024, other tax adjustments also includes a one-time net tax expense of $33 million related to the completion of an intra-group transfer of certain IP assets to our U.S. headquarters. | ||||||||||||||||||
| Nasdaq, Inc. | ||||||||||||||||||
| Reconciliation of U.S. GAAP to Non-GAAP Operating Income and Operating Margin | ||||||||||||||||||
| (in millions) | ||||||||||||||||||
| (unaudited) | ||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||
| June 30, | June 30, | June 30, | June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||
| U.S. GAAP operating income | $ | 568 | $ | 423 | $ | 1,115 | $ | 833 | ||||||||||
| Non-GAAP adjustments: | ||||||||||||||||||
| Amortization expense of acquired intangible assets (1) | 122 | 122 | 243 | 244 | ||||||||||||||
| Merger and strategic initiatives expense (2) | 20 | 4 | 44 | 13 | ||||||||||||||
| Restructuring charges (3) | 9 | 56 | 15 | 82 | ||||||||||||||
| Gain on extinguishment of debt (4) | — | — | (19 | ) | — | |||||||||||||
| Legal and regulatory matters (5) | 1 | 13 | 4 | 16 | ||||||||||||||
| Pension settlement charge (6) | — | — | — | 23 | ||||||||||||||
| Other loss | 1 | 2 | 1 | 2 | ||||||||||||||
| Total non-GAAP adjustments | 153 | 197 | 288 | 380 | ||||||||||||||
| Non-GAAP operating income | $ | 721 | $ | 620 | $ | 1,403 | $ | 1,213 | ||||||||||
| Revenues less transaction-based expenses | $ | 1,306 | $ | 1,159 | $ | 2,543 | $ | 2,277 | ||||||||||
| U.S. GAAP operating margin (7) | 44 | % | 36 | % | 44 | % | 37 | % | ||||||||||
| Non-GAAP operating margin (8) | 55 | % | 53 | % | 55 | % | 53 | % | ||||||||||
| Note: The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions. | ||||||||||||||||||
| (1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations. | ||||||||||||||||||
| (2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three and six months ended June 30, 2025 and June 30, 2024, these costs included Adenza integration costs and other strategic initiative costs. For the three and six months ended June 30, 2024, these costs were partially offset by the recognition of a termination fee due to Nasdaq in the second quarter of 2024 related to the termination of the then proposed divestiture of our Nordic power futures business. For the three and six months ended June 30, 2025, these costs included a repayment of this fee due to the closing of the transaction with another buyer, as designated in the settlement agreement. | ||||||||||||||||||
| (3) For a description of our restructuring programs, see “Restructuring Programs” in the “Non-GAAP Information” section of this earnings release. | ||||||||||||||||||
| (4) For the six months ended June 30, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative and other expense in our Condensed Consolidated Statements of Income. | ||||||||||||||||||
| (5) For the three and six months ended June 30, 2025, this includes accruals relating to certain legal matters, which are recorded in professional and contract services in the Condensed Consolidated Statements of Income. For the three and six months ended June 30, 2024, these items primarily included the settlement of a SFSA fine, which is recorded in regulatory expense in the Condensed Consolidated Statements of Income. | ||||||||||||||||||
| (6) For the six months ended June 30, 2024, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income. | ||||||||||||||||||
| (7) U.S. GAAP operating margin equals U.S. GAAP operating income divided by revenues less transaction-based expenses. | ||||||||||||||||||
| (8) Non-GAAP operating margin equals non-GAAP operating income divided by revenues less transaction-based expenses. | ||||||||||||||||||
| Nasdaq, Inc. | |||||||||||||||||
| Reconciliation of U.S. GAAP to Non-GAAP Operating Expenses | |||||||||||||||||
| (in millions) | |||||||||||||||||
| (unaudited) | |||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||
| June 30, | June 30, | June 30, | June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||
| U.S. GAAP operating expenses | $ | 738 | $ | 736 | $ | 1,428 | $ | 1,444 | |||||||||
| Non-GAAP adjustments: | |||||||||||||||||
| Amortization expense of acquired intangible assets (1) | (122 | ) | (122 | ) | (243 | ) | (244 | ) | |||||||||
| Merger and strategic initiatives expense (2) | (20 | ) | (4 | ) | (44 | ) | (13 | ) | |||||||||
| Restructuring charges (3) | (9 | ) | (56 | ) | (15 | ) | (82 | ) | |||||||||
| Gain on extinguishment of debt (4) | — | — | 19 | — | |||||||||||||
| Legal and regulatory matters (5) | (1 | ) | (13 | ) | (4 | ) | (16 | ) | |||||||||
| Pension settlement charge (6) | — | — | — | (23 | ) | ||||||||||||
| Other loss | (1 | ) | (2 | ) | (1 | ) | (2 | ) | |||||||||
| Total non-GAAP adjustments | (153 | ) | (197 | ) | (288 | ) | (380 | ) | |||||||||
| Non-GAAP operating expenses | $ | 585 | $ | 539 | $ | 1,140 | $ | 1,064 | |||||||||
| (1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations. | |||||||||||||||||
| (2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three and six months ended June 30, 2025 and June 30, 2024, these costs included Adenza integration costs and other strategic initiative costs. For the three and six months ended June 30, 2024, these costs were partially offset by the recognition of a termination fee due to Nasdaq in the second quarter of 2024 related to the termination of the then proposed divestiture of our Nordic power futures business. For the three and six months ended June 30, 2025, these costs included a repayment of this fee due to the closing of the transaction with another buyer, as designated in the settlement agreement. | |||||||||||||||||
| (3) For a description of our restructuring programs, see “Restructuring Programs” in the “Non-GAAP Information” section of this earnings release. | |||||||||||||||||
| (4) For the six months ended June 30, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative and other expense in our Condensed Consolidated Statements of Income. | |||||||||||||||||
| (5) For the three and six months ended June 30, 2025, this includes accruals relating to certain legal matters, which are recorded in professional and contract services in the Condensed Consolidated Statements of Income. For the three and six months ended June 30, 2024, these items primarily included the settlement of a SFSA fine, which is recorded in regulatory expense in the Condensed Consolidated Statements of Income. | |||||||||||||||||
| (6) For the six months ended June 30, 2024, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income. | |||||||||||||||||
| Nasdaq, Inc. | |||||||||||||||||||||||
| Reconciliation of Organic Impacts for Revenues less transaction-based expenses, Non-GAAP Operating Expenses, | |||||||||||||||||||||||
| Non-GAAP Operating Income, and Non-GAAP Diluted Earnings Per Share | |||||||||||||||||||||||
| (in millions, except per share amounts) | |||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||
| Three Months Ended | Total Variance | Other Impacts (1) | Adjusted/Organic Impact (2) |
||||||||||||||||||||
| June 30, 2025 | June 30, 2024 | $ | % | $ | % | $ | % | ||||||||||||||||
| CAPITAL ACCESS PLATFORMS | |||||||||||||||||||||||
| Data and Listing Services revenues | $ | 198 | $ | 187 | $ | 11 | 6 | % | $ | 3 | 2 | % | $ | 8 | 5 | % | |||||||
| Index revenues | 196 | 167 | 29 | 17 | % | — | — | % | 29 | 17 | % | ||||||||||||
| Workflow and Insights revenues | 133 | 127 | 6 | 5 | % | 1 | 1 | % | 5 | 5 | % | ||||||||||||
| Total Capital Access Platforms revenues | 527 | 481 | 46 | 10 | % | 4 | 1 | % | 42 | 9 | % | ||||||||||||
| FINANCIAL TECHNOLOGY | |||||||||||||||||||||||
| Financial Crime Management Technology revenues | 81 | 67 | 14 | 20 | % | — | — | % | 14 | 20 | % | ||||||||||||
| Regulatory Technology revenues | 104 | 95 | 9 | 10 | % | — | (1 | )% | 9 | 11 | % | ||||||||||||
| Capital Markets Technology revenues | 279 | 258 | 21 | 8 | % | — | — | % | 21 | 8 | % | ||||||||||||
| Total Financial Technology revenues | 464 | 420 | 44 | 10 | % | — | — | % | 44 | 10 | % | ||||||||||||
| Solutions revenues (3) | 991 | 901 | 90 | 10 | % | 4 | — | % | 86 | 10 | % | ||||||||||||
| Market Services, net revenues | 306 | 250 | 56 | 22 | % | 4 | 2 | % | 52 | 21 | % | ||||||||||||
| Other revenues | 9 | 8 | 1 | 5 | % | — | 3 | % | 1 | 1 | % | ||||||||||||
| Revenues less transaction-based expenses | $ | 1,306 | $ | 1,159 | $ | 147 | 13 | % | $ | 8 | 1 | % | $ | 139 | 12 | % | |||||||
| Non-GAAP Operating Expenses | $ | 585 | $ | 539 | $ | 46 | 9 | % | $ | 5 | 1 | % | $ | 41 | 8 | % | |||||||
| Non-GAAP Operating Income | $ | 721 | $ | 620 | $ | 101 | 16 | % | $ | 3 | 1 | % | $ | 98 | 16 | % | |||||||
| Non-GAAP diluted earnings per share | $ | 0.85 | $ | 0.69 | $ | 0.16 | 24 | % | $ | — | — | % | $ | 0.16 | 24 | % | |||||||
| Note: The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions. The sum of the percentage changes may not tie to the percentage change in total variance due to rounding. | |||||||||||||||||||||||
| (1) Reflects the impacts from changes in foreign currency exchange rates and the impact of a divestiture within Capital Markets Technology. | |||||||||||||||||||||||
| (2) Adjusted and organic period over period change are calculated by (i) removing the impact of period-over-period changes in foreign currency exchange rates (ii) adjusting for the impact of a divestiture and (iii) adjusting for the impact of AxiomSL on-premises contracts for ratable recognition for 2Q24, which was immaterial during that period. Adjusted operating results also exclude the impact of the previously announced one-time revenue benefit in our Index business in 1Q24 ($16 million), which did not have an impact on our 2Q25 period over period change but does have an impact on year to date period over period results. Adjusted and organic changes are equivalent as they include the same period over period adjustments. | |||||||||||||||||||||||
| (3) Represents Capital Access Platforms and Financial Technology segments. | |||||||||||||||||||||||
| Nasdaq, Inc. | ||||||||||||||||
| Key Drivers Detail | ||||||||||||||||
| (unaudited) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | June 30, | June 30, | |||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Capital Access Platforms | ||||||||||||||||
| Annualized recurring revenues (in millions) (1) | $ | 1,315 | $ | 1,226 | $ | 1,315 | $ | 1,226 | ||||||||
| Initial public offerings | ||||||||||||||||
| The Nasdaq Stock Market (2) | 79 | 39 | 142 | 66 | ||||||||||||
| Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic | 6 | 5 | 10 | 6 | ||||||||||||
| Total new listings | ||||||||||||||||
| The Nasdaq Stock Market (2) | 194 | 84 | 364 | 163 | ||||||||||||
| Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic (3) | 6 | 10 | 15 | 12 | ||||||||||||
| Number of listed companies | ||||||||||||||||
| The Nasdaq Stock Market (4) | 4,238 | 4,004 | 4,238 | 4,004 | ||||||||||||
| Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic (5) | 1,148 | 1,198 | 1,148 | 1,198 | ||||||||||||
| Index | ||||||||||||||||
| Number of licensed exchange traded products (6) | 422 | 373 | 422 | 373 | ||||||||||||
| Period end ETP assets under management (AUM) tracking Nasdaq indexes (in billions) | $ | 745 | $ | 569 | $ | 745 | $ | 569 | ||||||||
| Total average ETP AUM tracking Nasdaq indexes (in billions) | $ | 663 | $ | 531 | $ | 662 | $ | 512 | ||||||||
| TTM (7) net inflows ETP AUM tracking Nasdaq indexes (in billions) | $ | 88 | $ | 53 | $ | 88 | $ | 53 | ||||||||
| TTM (7) net appreciation ETP AUM tracking Nasdaq indexes (in billions) | $ | 88 | $ | 115 | $ | 88 | $ | 115 | ||||||||
| Financial Technology | ||||||||||||||||
| Annualized recurring revenues (in millions) (1) | ||||||||||||||||
| Financial Crime Management Technology | $ | 308 | $ | 258 | $ | 308 | $ | 258 | ||||||||
| Regulatory Technology | 376 | 338 | 376 | 338 | ||||||||||||
| Capital Markets Technology | 932 | 846 | 932 | 846 | ||||||||||||
| Total Financial Technology | $ | 1,616 | $ | 1,442 | $ | 1,616 | $ | 1,442 | ||||||||
| Market Services | ||||||||||||||||
| Equity Derivative Trading and Clearing | ||||||||||||||||
| U.S. equity options | ||||||||||||||||
| Total industry average daily volume (in millions) | 52.5 | 42.1 | 53.0 | 42.7 | ||||||||||||
| Nasdaq PHLX matched market share | 9.6 | % | 9.9 | % | 9.4 | % | 10.1 | % | ||||||||
| The Nasdaq Options Market matched market share | 4.3 | % | 5.5 | % | 4.7 | % | 5.4 | % | ||||||||
| Nasdaq BX Options matched market share | 1.7 | % | 2.3 | % | 1.7 | % | 2.3 | % | ||||||||
| Nasdaq ISE Options matched market share | 6.6 | % | 6.9 | % | 6.7 | % | 6.6 | % | ||||||||
| Nasdaq GEMX Options matched market share | 4.4 | % | 2.6 | % | 4.0 | % | 2.6 | % | ||||||||
| Nasdaq MRX Options matched market share | 2.8 | % | 2.1 | % | 2.8 | % | 2.3 | % | ||||||||
| Total matched market share executed on Nasdaq’s exchanges | 29.4 | % | 29.3 | % | 29.3 | % | 29.3 | % | ||||||||
| Nasdaq Nordic and Nasdaq Baltic options and futures | ||||||||||||||||
| Total average daily volume of options and futures contracts | 223,450 | 251,677 | 240,133 | 246,527 | ||||||||||||
| Cash Equity Trading | ||||||||||||||||
| Total U.S.-listed securities | ||||||||||||||||
| Total industry average daily share volume (in billions) | 18.4 | 11.8 | 17.1 | 11.8 | ||||||||||||
| Matched share volume (in billions) | 158.4 | 119.3 | 295.5 | 236.0 | ||||||||||||
| The Nasdaq Stock Market matched market share | 13.5 | % | 15.6 | % | 13.8 | % | 15.7 | % | ||||||||
| Nasdaq BX matched market share | 0.3 | % | 0.3 | % | 0.3 | % | 0.3 | % | ||||||||
| Nasdaq PSX matched market share | 0.1 | % | 0.2 | % | 0.1 | % | 0.2 | % | ||||||||
| Total matched market share executed on Nasdaq’s exchanges | 13.9 | % | 16.1 | % | 14.2 | % | 16.2 | % | ||||||||
| Market share reported to the FINRA/Nasdaq Trade Reporting Facility | 47.7 | % | 42.9 | % | 47.9 | % | 42.2 | % | ||||||||
| Total market share (8) | 61.6 | % | 59.0 | % | 62.1 | % | 58.4 | % | ||||||||
| Nasdaq Nordic and Nasdaq Baltic securities | ||||||||||||||||
| Average daily number of equity trades executed on Nasdaq’s exchanges | 804,121 | 663,897 | 796,426 | 665,183 | ||||||||||||
| Total average daily value of shares traded (in billions) | $ | 5.7 | $ | 4.7 | $ | 5.5 | $ | 4.7 | ||||||||
| Total market share executed on Nasdaq’s exchanges (9) | 71.9 | % | 74.1 | % | 71.2 | % | 73.3 | % | ||||||||
| (1) Annualized Recurring Revenue (ARR) for a given period is the current annualized value derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one-time in nature, or where the contract value fluctuates based on defined metrics. ARR is currently one of our key performance metrics to assess the health and trajectory of our recurring business. ARR does not have any standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers. | ||||||||||||||||
| (2) New listings include IPOs, issuers that switched from other listing venues, closed-end funds and separately listed ETPs. For the three months ended June 30, 2025 and 2024, IPOs included 41 and 8 SPACs, respectively. For the six months ended June 30, 2025 and 2024, IPOs included 59 and 13 SPACs, respectively. | ||||||||||||||||
| (3) New listings include IPOs and represent companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North. | ||||||||||||||||
| (4) Number of total listings on The Nasdaq Stock Market for the three and six months ended June 30, 2025 and 2024 included 914 and 645 ETPs, respectively. | ||||||||||||||||
| (5) Represents companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North. | ||||||||||||||||
| (6) The number of listed ETPs as of June 30, 2024 has been updated to reflect a revised methodology whereby an ETP listed on multiple exchanges is counted as one product, rather than formerly being counted per exchange. This change had no impact on reported AUM. | ||||||||||||||||
| (7) Trailing 12-months. | ||||||||||||||||
| (8) Includes transactions executed on The Nasdaq Stock Market’s, Nasdaq BX’s and Nasdaq PSX’s systems plus trades reported through the Financial Industry Regulatory Authority/Nasdaq Trade Reporting Facility. | ||||||||||||||||
| (9) European cash equities markets include cash equities exchanges of Sweden, Denmark, Finland, and Iceland. Minor adjustments to prior periods reflect data from a new consolidated data provider that accurately captures all primary trading venues and Multilateral Trading Facilities, or MTFs. | ||||||||||||||||
Source: Government of India
Source: Government of India (4)
India and the United Kingdom have inked a landmark Comprehensive Economic and Trade Agreement (CETA), aimed at boosting bilateral trade and investment. The deal is expected to bring substantial benefits across various segments of Indian society.
By promoting greater market access, technology exchange and investment flows, the agreement would create inclusive and sustainable growth opportunities.
The CETA document outlines targeted advantages for farmers, fisherfolk, tribal communities, informal and formal workers, women entrepreneurs, youth, MSMEs and professionals.
It emphasizes trade facilitation, skill development, value chain integration and enhanced mobility. CETA would act as a vehicle for equitable growth, rural upliftment and greater global integration of India’s diverse economic stakeholders.
Indian farming communities stand to gain from easier access to the UK market and more opportunities to sell their produce due to tariff elimination.
Among other concessions, the UK will liberalise access, effective from the date of implementation, for a range of Indian agricultural and food products, including meats, dairy, tea, coffee, spices, fruits, vegetables, fruit juices, and processed foods. By unlocking preferential access to the UK’s USD 63.4 billion agricultural market, the Comprehensive Economic and Trade Agreement (CETA) gives Indian farmers a direct route to a high-value global customer base and achieve better returns for their goods.
The CETA agreement takes fully into account the interests of Indian producers of sensitive agricultural products like dairy products, vegetables, apples, edible oils, oats, etc. by keeping those tariff lines under a sensitive list.
The agricultural sector also benefits from the non-application of safeguard duties on Indian exports. Farmers will also benefit from commitments taken under the CETA to acknowledge traditional knowledge, especially in the patent process for genetic resources.
The immediate removal of duties on Indian products from labour-intensive sectors such as gems and jewellery, textiles, leather and footwear, and food processing will not only boost employment but also directly benefit Indian workers in these industries.
The CETA marks a significant step forward in advancing opportunities for women and youth across both nations. It includes progressive provisions designed to break down barriers and promote greater participation in international trade, digital innovation, and government procurement for women, youth, and under-represented groups.
By fostering cooperation on gender-responsive standards, sharing best practices in financial services, and improving digital inclusion, the CETA ensures that women business owners, entrepreneurs, and young professionals can access new markets, acquire valuable information, and participate equitably in global, regional, and domestic economies.
India’s youth, aged 15 to 29 and comprising approximately 27.3% of the population, are at the forefront of the country’s social and economic transformation. The CETA is poised to expand high-quality employment pathways for Indian youth by easing services market access, securing mutual recognition of professional qualifications and facilitating short-term mobility for talent in IT, healthcare, finance, and creative sectors.
Lower tariffs on inputs and advanced manufacturing equipment can spur MSME supply-chain integration, creating skilled vocational jobs beyond metros. By fostering access to global value chains and enhancing competitiveness, CETA will empower Indian youth with essential skills and pathways to participate in international markets and future growth.
SMEs are a vital part of India’s economy, contributing around 30.1% of India’s GDP in 2022-23 and 45.8% in India’s total export in 2024-25.
SMEs benefit from various provisions of the CETA, including through provisions on faster processing at customs, agreements to recognise and facilitate digital systems and paperless trade, and a dedicated chapter to help SMEs. A contact point for SMEs will be established under the ambit of the CETA, facilitating communication and coordination benefiting SMEs.
Indian businesses will gain a lot from this CETA. Other than lower tariffs and market access for Indian goods and services, the CETA offers ease of doing business with the UK through simplified and streamlined customs and trade facilitation processes from established systems like a Single Window and Authorised Economic Operator.
Non-discriminatory treatment to Indian businesses and exporters when it comes to goods, services and government procurement, benefits Indian businesses in the UK market.
Qualified professionals such as architects, engineers and medical professionals will be able to take advantage of the enhanced market access under the CETA and provide services in the UK. This is expected to create direct and indirect jobs through the expansion of service sectors.
CETA also provides professionals with better mobility access to the UK. Independent professionals providing services such as R&D and computer services will be able to take advantage of these mobility commitments and provide their services in the UK. This will directly lead to job creation and better opportunities for a wide range of professionals, thereby increasing the quality of life.
The CETA ensures comprehensive market access for goods across most sectors, fully addressing India’s export interests. India stands to benefit from the duty elimination of tariffs on approximately 99% of tariff lines, covering nearly 100% of the trade value.
This opens up significant opportunities to boost bilateral trade between India and the UK.
In key labor-intensive sectors, duties have been reduced to zero from previously high levels- up to 20% on marine products, 12% on textiles and clothing, 8% on chemicals, and 10% on base metals. Notably, in the processed food sector, tariffs on 99.7% of lines have been slashed from as high as 70% to zero, offering a major boost for Indian exporters.
(ANI)
Source: Government of India
Source: Government of India (4)
The Comprehensive Economic and Trade Agreement (CETA) between India and the United Kingdom is poised to significantly enhance the competitiveness of India’s fishery and aquaculture sector, which accounts for 7.96% of global fish production and supports the livelihoods of approximately 28 million individuals.
By eliminating tariffs and providing preferential access to the USD 3 billion fisheries market of the UK, the CETA directly benefits Indian seafood exporters, particularly those supplying high-demand products such as shrimp and other seafood.
The enhanced market access is set to boost exports, which will directly benefit Indian fishermen of Andhra Pradesh, Gujarat, Karnataka, Odisha, and Maharashtra.
Overall, the CETA will not only strengthen India’s fisheries exports but also contribute to the welfare and livelihoods of fishermen, promote coastal economic development, and enhance the competitiveness of the Indian fisheries sector on the global stage. Through this agreement, India strengthens not only its seafood exports but also its commitment to inclusive and equitable trade.
Source: United Kingdom – Executive Government & Departments
Statement on the one-year anniversary of the landmark UK-India Technology Security Initiative
On the occasion of the one-year anniversary of the landmark UK-India Technology Security Initiative (TSI), the UK and India reaffirmed their shared commitment to harness frontier technologies to drive economic growth and strengthen national security.
Both parties welcomed the Initiative’s achievements to date and underscored the transformative potential of the TSI to deliver cutting-edge innovations and generate investment across the entire technology value chain.
The TSI has already enabled industry, academia and government to deliver new strategic opportunities. Over the past year, both sides have:
To further our strategic collaboration, both sides will:
The UK and India continue to work together across other TSI commitments including the collaboration on Graphene and 2D Materials Technology.
In recognition of the TSI’s success, the two leaders agreed to expand the TSI into new frontier domains, particularly to unlock engagement on futuristic, secure and strategic technologies. This expansion will further align UK and Indian national security priorities and unlock new opportunities for industry and researchers.
Both parties called on industry, including start-ups and academia to further catalyse the UK-India technology partnership and to take advantage of the opportunities presented by the TSI.
Source: United Kingdom – Government Statements
The Secretary of State has appointed Simon Lewis as the new Chair of UK Anti-Doping (UKAD) for a term of 4 years.
Simon has been appointed as Chair of UK Anti-Doping and his term will commence on 4 August 2025.
His background is primarily in the Legal Sector where he has practised as a barrister, in various relevant areas of law, and where he now sits as a fee-paid judge. Simon has served in a number of non-executive board-level roles: within workplace relations (at Acas); professional regulation (at Social Work England and at the Bar Standards Board); healthcare (at a mental health and community NHS trust); higher education (at England’s leading university for improving social mobility); sport governance; and charity. He has also acted in a range of independent regulatory roles across various sectors: within healthcare, sport, and finance/business.
Simon grew up in Wales and then Yorkshire, playing representative sports, before graduating from the University of Cambridge.
“It is an honour to be appointed as Chair of UKAD. Having worked extensively across regulatory and sporting landscapes, I’m excited to be able to govern and support an organisation so inextricably involved in both.
“I want to ensure UKAD continues to bolster the UK’s strong reputation for clean and healthy sport across the four nations. I’m arriving at an important and busy time, with a host of major sporting events approaching, including the Women’s Rugby World Cup, the Winter Olympics and Paralympics, and the 2026 Commonwealth Games in Glasgow. I look forward to working with the team, engaging with a wide range of stakeholders, and supporting UKAD’s goal to protect clean sport.”
“I’m delighted to welcome Simon Lewis as the new Chair of UKAD. Simon has extensive experience in sport and law, which will ensure UKAD continues to deliver with professionalism and integrity.
“Sport is part of our national story and as part of our Plan for Change we want to remove barriers to participation at grassroots and support athletes in elite settings. Upholding the values of clean sport and fair competition are absolutely vital in achieving this and as we welcome Simon, I’d like to thank departing Chair Trevor Pearce for all of his work during his tenure.”
“We are very pleased to welcome Simon to UKAD. Simon brings his deep and relevant legal and sport governance experience to us at a pivotal time. In addition to a busy sporting calendar of major events UKAD will also soon shape and deliver a new multi-year Strategic Plan. UKAD is also preparing for the launch of the 2027 World Anti-Doping Code.
“On behalf of us all at UKAD we are looking forward to giving Simon a warm welcome as he takes up stewardship of our committed and brilliant team.
“I would also like to thank our outgoing chair Trevor Pearce, who has been with us for nearly nine years, for his excellent stewardship at the helm of our organisation.”
The Chair of UK Anti-Doping is remunerated at a rate of £20,640 per annum. This appointment has been made in accordance with the Cabinet Office’s Governance Code on Public Appointments.
The appointments process is regulated by the Commissioner for Public Appointments. Under the Code, any significant political activity undertaken by an appointee in the last five years must be declared. This is defined as including holding office, public speaking, making a recordable donation, or candidature for election. Simon has not declared any significant political activity.
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) — Chinese President Xi Jinping said on Thursday that China and the European Union (EU) should adhere to openness and cooperation and properly handle differences.
Xi Jinping made the announcement during a meeting with European Council President António Costa and European Commission President Ursula von der Leyen, who are in Beijing to attend the 25th China-EU leaders’ meeting.
History and reality show that interdependence is not a risk and the intertwining of interests is not a threat, Xi Jinping said, noting that competitiveness cannot be enhanced by “erecting walls and creating barriers” – attempts to decouple and break chains can only lead to self-isolation.
The head of state stressed that “reducing dependence” should not lead to a reduction in cooperation between China and the EU. Bilateral trade and economic relations, which are essentially complementary and mutually beneficial, should and can achieve dynamic equilibrium through development, Xi Jinping said.
According to him, China’s high-quality development and opening up have opened up new opportunities and new horizons for China-EU cooperation. Xi Jinping called on both sides to deepen green and digital partnerships and promote mutual investment cooperation.
Xi Jinping expressed hope that the EU will keep its trade and investment markets open, exercise restraint in using restrictive trade and economic instruments, and create a favorable business environment for Chinese enterprises willing to invest and do business in the EU. -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.
.
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) — China’s medical insurance funds’ spending on new drugs, or innovative medicines purchased through government procurement following price negotiations with pharmaceutical companies, increased by an average of 40 percent annually during the 14th Five-Year Plan period (2021-2025), Zhang Ke, director general of the National Medical Security Administration, said Thursday.
In 2024, the expenditure of health insurance funds on purchasing new drugs through price negotiations increased by 3.9 times compared with the figure in 2020. During the 14th Five-Year Plan period, the total expenditure of China’s health insurance funds reached 12.13 trillion yuan (about 1.7 trillion US dollars), with an average annual increase of 9.1 percent, Zhang Ke said at a press conference. -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.
.
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) — Officials from China’s Manzhouli City and Russia’s Buryatia Republic have agreed to deepen cooperation in agriculture, tourism, logistics and the food industry, the press service of Manzhouli City in the Inner Mongolia Autonomous Region said.
This week, the 3rd Forum on Scientific, Technical, Trade and Economic Cooperation between Manzhouli and the Republic of Buryatia was held in Manzhouli. It was attended by officials from Manzhouli, the Export Support Center of the Republic of Buryatia, and business representatives from both sides.
Manzhouli is China’s largest land border crossing, accounting for more than 65 percent of China-Russia trade overland. Those present at the forum called for expanding and raising the level of bilateral cooperation.
The forum featured presentations of products from enterprises on both sides and meetings of entrepreneurs. A cooperation agreement was concluded between the Manzhouli International Trade Promotion Committee and the Buryatia Chamber of Commerce and Industry.
The forum aims to strengthen mutual understanding and trust between Chinese and Russian enterprises. Its participants hope to further deepen pragmatic cooperation, achieve mutual benefit and win-win, and give new impetus to the development of friendly relations between China and Russia and the economies of the regions of the two sides. -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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Source: GlobeNewswire (MIL-OSI)
MARIETTA, Pa., July 24, 2025 (GLOBE NEWSWIRE) — Donegal Group Inc. (NASDAQ: DGICA) and (NASDAQ: DGICB) today reported its financial results for the second quarter and first half of 2025.
Significant Items for Second Quarter of 2025 (all comparisons to second quarter of 2024):
Financial Summary
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2025 | 2024 | % Change | 2025 | 2024 | % Change | ||||||||||||||||||
| (dollars in thousands, except per share amounts) | |||||||||||||||||||||||
| Income Statement Data | |||||||||||||||||||||||
| Net premiums earned | $ | 231,775 | $ | 234,311 | -1.1 | % | $ | 464,476 | $ | 462,060 | 0.5 | % | |||||||||||
| Investment income, net | 12,540 | 11,068 | 13.3 | 24,524 | 22,041 | 11.3 | |||||||||||||||||
| Net investment gains | 1,544 | 737 | 109.5 | 1,073 | 2,850 | -62.4 | |||||||||||||||||
| Total revenues | 247,148 | 246,773 | 0.2 | 491,953 | 487,913 | 0.8 | |||||||||||||||||
| Net income | 16,866 | 4,153 | 306.1 | 42,071 | 10,108 | 316.2 | |||||||||||||||||
| Non-GAAP operating income1 | 15,647 | 3,571 | 338.2 | 41,224 | 7,857 | 424.7 | |||||||||||||||||
| Annualized return on average equity | 11.3 | % | 3.4 | % | 7.9 pts | 14.6 | % | 4.2 | % | 10.4 pts | |||||||||||||
| Per Share Data | |||||||||||||||||||||||
| Net income – Class A (diluted) | $ | 0.46 | $ | 0.13 | 253.8 | % | $ | 1.17 | $ | 0.31 | 277.4 | % | |||||||||||
| Net income – Class B | 0.43 | 0.11 | 290.9 | 1.08 | 0.28 | 285.7 | |||||||||||||||||
| Non-GAAP operating income – Class A (diluted) | 0.43 | 0.11 | 290.9 | 1.14 | 0.24 | 375.0 | |||||||||||||||||
| Non-GAAP operating income – Class B | 0.40 | 0.10 | 300.0 | 1.06 | 0.22 | 381.8 | |||||||||||||||||
| Book value | 16.62 | 14.48 | 14.8 | 16.62 | 14.48 | 14.8 | |||||||||||||||||
1The “Definitions of Non-GAAP Financial Measures” section of this release defines and reconciles data that we prepare on an accounting basis other than U.S. generally accepted accounting principles (“GAAP”).
Management Commentary
Kevin G. Burke, President and Chief Executive Officer of Donegal Group Inc., stated, “We are pleased with the progress we have made and the results we delivered for both the second quarter and first half of 2025, which we believe reflect the strength of our strategic execution and underwriting discipline. A meaningful improvement in our core loss ratio for both periods underscores our commitment to disciplined risk management and sustainable profitability. As expected, net premiums written1 declined this quarter, as lower new business writings and planned attrition modestly outpaced ongoing premium rate increases and solid retention levels. As a proactive measure, we intentionally slowed new business writings in our personal lines of business to protect underwriting margins and ensure we remain focused on profitable growth opportunities. We continue to identify and pursue profitable new business opportunities in states and classes that match our objectives.
“We reached a significant milestone in our multi-year systems modernization project with the successful deployment of our final major commercial lines systems release. During the second half of 2025, we will begin to roll out this enhanced platform on a state-by-state basis, enabling us to more effectively target and win key middle market accounts. When the rollout is completed in the first half of 2026, we will be operating on a single modern technology platform for all of our middle market and small business commercial product offerings.
“As we look ahead, we remain focused on disciplined execution, organizational alignment and operational excellence to further strengthen our long-term competitive position and enhance value for our stockholders.”
Insurance Operations
Donegal Group is an insurance holding company whose insurance subsidiaries and affiliates offer property and casualty lines of insurance in three Mid-Atlantic states (Delaware, Maryland and Pennsylvania), five Southern states (Georgia, North Carolina, South Carolina, Tennessee and Virginia), eight Midwestern states (Illinois, Indiana, Iowa, Michigan, Nebraska, Ohio, South Dakota and Wisconsin) and five Southwestern states (Arizona, Colorado, New Mexico, Texas and Utah). Donegal Mutual Insurance Company and the insurance subsidiaries of Donegal Group conduct business together as the Donegal Insurance Group.
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2025 | 2024 | % Change | 2025 | 2024 | % Change | ||||||||||||||||||
| (dollars in thousands) | |||||||||||||||||||||||
| Net Premiums Earned | |||||||||||||||||||||||
| Commercial lines | $ | 138,527 | $ | 134,489 | 3.0 | % | $ | 274,743 | $ | 266,581 | 3.1 | % | |||||||||||
| Personal lines | 93,248 | 99,822 | -6.6 | 189,733 | 195,479 | -2.9 | |||||||||||||||||
| Total net premiums earned | $ | 231,775 | $ | 234,311 | -1.1 | % | $ | 464,476 | $ | 462,060 | 0.5 | % | |||||||||||
| Net Premiums Written | |||||||||||||||||||||||
| Commercial lines: | |||||||||||||||||||||||
| Automobile | $ | 50,584 | $ | 47,089 | 7.4 | % | $ | 107,109 | $ | 100,603 | 6.5 | % | |||||||||||
| Workers’ compensation | 24,243 | 27,591 | -12.1 | 52,997 | 58,665 | -9.7 | |||||||||||||||||
| Commercial multi-peril | 56,478 | 55,870 | 1.1 | 117,268 | 113,373 | 3.4 | |||||||||||||||||
| Other | 13,609 | 11,698 | 16.3 | 28,158 | 25,101 | 12.2 | |||||||||||||||||
| Total commercial lines | 144,914 | 142,248 | 1.9 | 305,532 | 297,742 | 2.6 | |||||||||||||||||
| Personal lines: | |||||||||||||||||||||||
| Automobile | 52,741 | 62,427 | -15.5 | 107,933 | 123,808 | -12.8 | |||||||||||||||||
| Homeowners | 33,590 | 39,608 | -15.2 | 62,378 | 71,367 | -12.6 | |||||||||||||||||
| Other | 2,568 | 2,906 | -11.6 | 5,062 | 5,714 | -11.4 | |||||||||||||||||
| Total personal lines | 88,899 | 104,941 | -15.3 | 175,373 | 200,889 | -12.7 | |||||||||||||||||
| Total net premiums written | $ | 233,813 | $ | 247,189 | -5.4 | % | $ | 480,905 | $ | 498,631 | -3.6 | % | |||||||||||
Net Premiums Written
The 5.4% decrease in net premiums written for the second quarter of 2025 compared to the second quarter of 2024, as shown in the table above, represents the net combination of a 1.9% increase in commercial lines net premiums written and a 15.3% decrease in personal lines net premiums written. The $13.3 million decrease in net premiums written for the second quarter of 2025 compared to the second quarter of 2024 included:
Underwriting Performance
We evaluate the performance of our commercial lines and personal lines segments primarily based upon the underwriting results of our insurance subsidiaries as determined under statutory accounting practices. The following table presents comparative details with respect to the GAAP and statutory combined ratios1 for the three and six months ended June 30, 2025 and 2024:
| Three Months Ended | Six Months Ended | ||||||||||||||
| June 30 | June 30 | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| GAAP Combined Ratios (Total Lines) | |||||||||||||||
| Loss ratio – core losses | 50.1 | % | 55.0 | % | 52.1 | % | 56.8 | % | |||||||
| Loss ratio – weather-related losses | 11.1 | 10.6 | 7.4 | 7.7 | |||||||||||
| Loss ratio – large fire losses | 5.2 | 5.3 | 4.3 | 5.9 | |||||||||||
| Loss ratio – net prior-year reserve development | -1.3 | -0.3 | -2.9 | -2.0 | |||||||||||
| Loss ratio | 65.1 | 70.6 | 60.9 | 68.4 | |||||||||||
| Expense ratio | 32.2 | 31.9 | 33.4 | 33.8 | |||||||||||
| Dividend ratio | 0.4 | 0.5 | 0.3 | 0.5 | |||||||||||
| Combined ratio | 97.7 | % | 103.0 | % | 94.6 | % | 102.7 | % | |||||||
| Statutory Combined Ratios | |||||||||||||||
| Commercial lines: | |||||||||||||||
| Automobile | 97.7 | % | 93.5 | % | 94.6 | % | 96.6 | % | |||||||
| Workers’ compensation | 104.9 | 117.0 | 111.3 | 114.2 | |||||||||||
| Commercial multi-peril | 97.5 | 110.6 | 93.9 | 106.7 | |||||||||||
| Other | 119.8 | 94.3 | 100.6 | 88.3 | |||||||||||
| Total commercial lines | 101.0 | 104.9 | 97.8 | 103.3 | |||||||||||
| Personal lines: | |||||||||||||||
| Automobile | 79.3 | 95.6 | 82.2 | 97.7 | |||||||||||
| Homeowners | 115.1 | 103.1 | 99.0 | 102.7 | |||||||||||
| Other | 55.2 | 104.7 | 55.9 | 94.8 | |||||||||||
| Total personal lines | 91.7 | 98.6 | 87.5 | 99.4 | |||||||||||
| Total lines | 97.4 | % | 102.2 | % | 93.9 | % | 101.7 | % | |||||||
Loss Ratio
For the second quarter of 2025, the loss ratio decreased to 65.1%, compared to 70.6% for the second quarter of 2024. For the commercial lines segment, the core loss ratio, which excludes weather-related losses, large fire losses and net development of reserves for losses incurred in prior accident years, of 54.5% for the second quarter of 2025 decreased modestly from 54.8% for the second quarter of 2024. For the personal lines segment, the core loss ratio of 43.3% for the second quarter of 2025 decreased from 55.3% for the second quarter of 2024, due largely to the favorable impact of premium rate increases on net premiums earned for that segment.
Weather-related losses were $25.8 million, or 11.1 percentage points of the loss ratio, for the second quarter of 2025, compared to $24.7 million, or 10.6 percentage points of the loss ratio, for the second quarter of 2024. Weather-related loss activity for the second quarter of 2025 was higher than our previous five-year average of $18.9 million, or 9.2 percentage points of the loss ratio, for second-quarter weather-related losses. Atlantic States Insurance Company, our largest insurance subsidiary, incurred $3.0 million in net losses from a catastrophic wind and hail loss event in April 2025, with Donegal Mutual assuming losses that subsidiary incurred from the event in excess of its retention under an intercompany catastrophe reinsurance agreement.
Large fire losses, which we define as individual fire losses in excess of $50,000, for the second quarter of 2025 were $12.1 million, or 5.2 percentage points of the loss ratio. That amount was comparable to the large fire losses of $12.5 million, or 5.3 percentage points of the loss ratio, for the second quarter of 2024. We experienced a modest decrease in commercial property fire losses that was partially offset by a modest increase in homeowners fire losses compared to the prior-year quarter.
Net favorable development of reserves for losses incurred in prior accident years reduced the loss ratio by 1.3 percentage points for the second quarter of 2025 and had virtually no impact for the second quarter of 2024. Our insurance subsidiaries experienced favorable development primarily in the personal automobile and homeowners lines of business, partially offset by adverse development in other commercial lines that we primarily attribute to higher-than-anticipated case reserve development.
Expense Ratio
The expense ratio was 32.2% for the second quarter of 2025, compared to 31.9% for the second quarter of 2024. The increase in the expense ratio primarily reflected higher underwriting-based incentive costs for agents and employees, partially offset by the favorable impact of ongoing expense management initiatives. The impact from costs that Donegal Mutual Insurance Company allocated to our insurance subsidiaries related to its ongoing systems modernization project peaked at approximately 1.3 percentage points of the full year 2024 expense ratio, and we expect that impact to subside gradually over the next several years. Allocated costs related to that project represented approximately 1.0 percentage point of the expense ratio for the second quarter of 2025, and we expect the full year 2025 expense ratio impact will also be approximately 1.0 percentage point.
Investment Operations
Donegal Group’s investment strategy is to generate an appropriate amount of after-tax income on its invested assets while minimizing credit risk through investment in high-quality securities. As a result, we had invested 95.4% of our consolidated investment portfolio in diversified, highly rated and marketable fixed-maturity securities at June 30, 2025.
| June 30, 2025 | December 31, 2024 | ||||||||||||||
| Amount | % | Amount | % | ||||||||||||
| (dollars in thousands) | |||||||||||||||
| Fixed maturities, at carrying value: | |||||||||||||||
| U.S. Treasury securities and obligations of U.S. | |||||||||||||||
| government corporations and agencies | $ | 145,585 | 10.2 | % | $ | 170,423 | 12.3 | % | |||||||
| Obligations of states and political subdivisions | 424,010 | 29.7 | 409,560 | 29.6 | |||||||||||
| Corporate securities | 441,603 | 30.9 | 440,552 | 31.8 | |||||||||||
| Mortgage-backed securities | 353,639 | 24.7 | 304,459 | 22.0 | |||||||||||
| Allowance for expected credit losses | (1,374 | ) | -0.1 | (1,388 | ) | -0.1 | |||||||||
| Total fixed maturities | 1,363,463 | 95.4 | 1,323,606 | 95.6 | |||||||||||
| Equity securities, at fair value | 41,007 | 2.9 | 36,808 | 2.6 | |||||||||||
| Short-term investments, at cost | 24,764 | 1.7 | 24,558 | 1.8 | |||||||||||
| Total investments | $ | 1,429,234 | 100.0 | % | $ | 1,384,972 | 100.0 | % | |||||||
| Average investment yield | 3.5 | % | 3.3 | % | |||||||||||
| Average tax-equivalent investment yield | 3.6 | % | 3.4 | % | |||||||||||
| Average fixed-maturity duration (years) | 5.2 | 5.2 | |||||||||||||
Net investment income of $12.5 million for the second quarter of 2025 increased 13.3% compared to $11.1 million for the second quarter of 2024. The increase in net investment income primarily reflected an increase in average investment yield relative to the prior-year second quarter.
Net investment gains of $1.5 million for the second quarter of 2025 were primarily related to unrealized gains in the fair value of equity securities held at June 30, 2025, offset partially by net realized investment losses on the sale of available-for-sale fixed-maturity securities. Net investment gains of $0.7 million for the second quarter of 2024 were primarily related to unrealized gains in the fair value of equity securities held at June 30, 2024.
Our book value per share was $16.62 at June 30, 2025, compared to $15.36 at December 31, 2024, with the increase related to net income as well as $10.7 million of after-tax unrealized gains within our available-for-sale fixed-maturity portfolio during 2025 that increased our book value by $0.31 per share, offset partially by cash dividends declared.
Definitions of Non-GAAP Financial Measures
We prepare our consolidated financial statements on the basis of GAAP. Our insurance subsidiaries also prepare financial statements based on statutory accounting principles state insurance regulators prescribe or permit (“SAP”). In addition to using GAAP-based performance measurements, we also utilize certain non-GAAP financial measures that we believe provide value in managing our business and for comparison to the financial results of our peers. These non-GAAP measures are net premiums written, operating income or loss and statutory combined ratio.
Net premiums written and operating income or loss are non-GAAP financial measures investors in insurance companies commonly use. We define net premiums written as the amount of full-term premiums our insurance subsidiaries record for policies effective within a given period less premiums our insurance subsidiaries cede to reinsurers. We define operating income or loss as net income or loss excluding after-tax net investment gains or losses, after-tax restructuring charges and other significant non-recurring items. Because our calculation of operating income or loss may differ from similar measures other companies use, investors should exercise caution when comparing our measure of operating income or loss to the measure of other companies.
The following table provides a reconciliation of net premiums earned to net premiums written for the periods indicated:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2025 | 2024 | % Change | 2025 | 2024 | % Change | ||||||||||||||||||
| (dollars in thousands) | |||||||||||||||||||||||
| Reconciliation of Net Premiums | |||||||||||||||||||||||
| Earned to Net Premiums Written | |||||||||||||||||||||||
| Net premiums earned | $ | 231,775 | $ | 234,311 | -1.1 | % | $ | 464,476 | $ | 462,060 | 0.5 | % | |||||||||||
| Change in net unearned premiums | 2,038 | 12,878 | -84.2 | 16,429 | 36,571 | -55.1 | |||||||||||||||||
| Net premiums written | $ | 233,813 | $ | 247,189 | -5.4 | % | $ | 480,905 | $ | 498,631 | -3.6 | % | |||||||||||
The following table provides a reconciliation of net income to operating income for the periods indicated:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2025 | 2024 | % Change | 2025 | 2024 | % Change | ||||||||||||||||||
| (dollars in thousands, except per share amounts) | |||||||||||||||||||||||
| Reconciliation of Net Income | |||||||||||||||||||||||
| to Non-GAAP Operating Income | |||||||||||||||||||||||
| Net income | $ | 16,866 | $ | 4,153 | 306.1 | % | $ | 42,071 | $ | 10,108 | 316.2 | % | |||||||||||
| Investment gains (after tax) | (1,219 | ) | (582 | ) | 109.5 | (847 | ) | (2,251 | ) | -62.4 | |||||||||||||
| Non-GAAP operating income | $ | 15,647 | $ | 3,571 | 338.2 | % | $ | 41,224 | $ | 7,857 | 424.7 | % | |||||||||||
| Per Share Reconciliation of Net Income | |||||||||||||||||||||||
| to Non-GAAP Operating Income | |||||||||||||||||||||||
| Net income – Class A (diluted) | $ | 0.46 | $ | 0.13 | 253.8 | % | $ | 1.17 | $ | 0.31 | 277.4 | % | |||||||||||
| Investment gains (after tax) | (0.03 | ) | (0.02 | ) | 50.0 | (0.03 | ) | (0.07 | ) | -57.1 | |||||||||||||
| Non-GAAP operating income – Class A | $ | 0.43 | $ | 0.11 | 290.9 | % | $ | 1.14 | $ | 0.24 | 375.0 | % | |||||||||||
| Net income – Class B | $ | 0.43 | $ | 0.11 | 290.9 | % | $ | 1.08 | $ | 0.28 | 285.7 | % | |||||||||||
| Investment gains (after tax) | (0.03 | ) | (0.01 | ) | 200.0 | (0.02 | ) | (0.06 | ) | -66.7 | |||||||||||||
| Non-GAAP operating income – Class B | $ | 0.40 | $ | 0.10 | 300.0 | % | $ | 1.06 | $ | 0.22 | 381.8 | % | |||||||||||
The statutory combined ratio is a non-GAAP standard measurement of underwriting profitability that is based upon amounts determined under SAP. The statutory combined ratio is the sum of:
The statutory combined ratio does not reflect investment income, federal income taxes or other non-operating income or expense. A statutory combined ratio of less than 100% generally indicates underwriting profitability.
Dividend Information
On July 17, 2025, we declared a regular quarterly cash dividend of $0.1825 per share for our Class A common stock and $0.165 per share for our Class B common stock, which are payable on August 15, 2025 to stockholders of record as of the close of business on August 1, 2025.
Pre-Recorded Webcast
At approximately 8:30 am ET on Thursday, July 24, 2025, we will make available in the Investors section of our website a pre-recorded audio webcast featuring management commentary on our quarterly results and general business updates. You may listen to the pre-recorded webcast by accessing the link on our website at http://investors.donegalgroup.com. A supplemental investor presentation is also available via our website.
About the Company
Donegal Group Inc. is an insurance holding company whose insurance subsidiaries and affiliates offer property and casualty lines of insurance in certain Mid-Atlantic, Midwestern, Southern and Southwestern states. Donegal Mutual Insurance Company and the insurance subsidiaries of Donegal Group Inc. conduct business together as the Donegal Insurance Group. The Donegal Insurance Group has an A.M. Best rating of A (Excellent).
The Class A common stock and Class B common stock of Donegal Group Inc. trade on the NASDAQ Global Select Market under the symbols DGICA and DGICB, respectively. We are focused on several primary strategies, including achieving sustained excellent financial performance, strategically modernizing our operations and processes to transform our business, capitalizing on opportunities to grow profitably and providing superior experiences to our agents, policyholders and employees.
Safe Harbor
We base all statements contained in this release that are not historic facts on our current expectations. Such statements are forward-looking in nature (as defined in the Private Securities Litigation Reform Act of 1995) and necessarily involve risks and uncertainties. Forward-looking statements we make may be identified by our use of words such as “will,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “seek,” “estimate” and similar expressions. Our actual results could vary materially from our forward-looking statements. The factors that could cause our actual results to vary materially from the forward-looking statements we have previously made include, but are not limited to, adverse litigation and other trends that could increase our loss costs (including social inflation, labor shortages and escalating medical, automobile and property repair costs, including due to tariffs), adverse and catastrophic weather events (including from changing climate conditions), our ability to maintain profitable operations (including our ability to underwrite risks effectively and charge adequate premium rates), the adequacy of the loss and loss expense reserves of our insurance subsidiaries, the availability and successful operation of the information technology systems our insurance subsidiaries utilize, the successful development of new information technology systems to allow our insurance subsidiaries to compete effectively, business and economic conditions in the areas in which we and our insurance subsidiaries operate, interest rates, competition from various insurance and other financial businesses, terrorism, the availability and cost of reinsurance, legal and judicial developments, changes in regulatory requirements, our ability to attract and retain independent insurance agents, changes in our A.M. Best rating and the other risks that we describe from time to time in our filings with the Securities and Exchange Commission. We disclaim any obligation to update such statements or to announce publicly the results of any revisions that we may make to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.
Investor Relations Contacts
Karin Daly, Vice President, The Equity Group Inc.
Phone: (212) 836-9623
E-mail: kdaly@theequitygroup.com
Jeffrey D. Miller, Executive Vice President & Chief Financial Officer
Phone: (717) 426-1931
E-mail: investors@donegalgroup.com
Financial Supplement
| Donegal Group Inc. | |||||||
| Consolidated Statements of Income | |||||||
| (unaudited; in thousands, except share data) | |||||||
| Quarter Ended June 30, | |||||||
| 2025 | 2024 | ||||||
| Net premiums earned | $ | 231,775 | $ | 234,311 | |||
| Investment income, net of expenses | 12,540 | 11,068 | |||||
| Net investment gains | 1,544 | 737 | |||||
| Lease income | 76 | 78 | |||||
| Installment payment fees | 844 | 579 | |||||
| Other income, net | 369 | – | |||||
| Total revenues | 247,148 | 246,773 | |||||
| Net losses and loss expenses | 150,917 | 165,360 | |||||
| Amortization of deferred acquisition costs | 39,501 | 40,656 | |||||
| Other underwriting expenses | 35,150 | 34,037 | |||||
| Policyholder dividends | 819 | 1,187 | |||||
| Interest | 337 | 155 | |||||
| Other expenses, net | – | 365 | |||||
| Total expenses | 226,724 | 241,760 | |||||
| Income before income tax expense | 20,424 | 5,013 | |||||
| Income tax expense | 3,558 | 860 | |||||
| Net income | $ | 16,866 | $ | 4,153 | |||
| Net income per common share: | |||||||
| Class A – basic | $ | 0.47 | $ | 0.13 | |||
| Class A – diluted | $ | 0.46 | $ | 0.13 | |||
| Class B – basic and diluted | $ | 0.43 | $ | 0.11 | |||
| Supplementary Financial Analysts’ Data | |||||||
| Weighted-average number of shares | |||||||
| outstanding: | |||||||
| Class A – basic | 30,678,158 | 27,844,811 | |||||
| Class A – diluted | 31,336,862 | 27,844,903 | |||||
| Class B – basic and diluted | 5,576,775 | 5,576,775 | |||||
| Net premiums written | $ | 233,813 | $ | 247,189 | |||
| Book value per common share | |||||||
| at end of period | $ | 16.62 | $ | 14.48 | |||
| Annualized operating return on average equity | 11.3 | % | 3.4 | % | |||
| Donegal Group Inc. | |||||||
| Consolidated Statements of Income | |||||||
| (unaudited; in thousands, except share data) | |||||||
| Six Months Ended June 30, | |||||||
| 2025 | 2024 | ||||||
| Net premiums earned | $ | 464,476 | $ | 462,060 | |||
| Investment income, net of expenses | 24,524 | 22,041 | |||||
| Net investment gains | 1,073 | 2,850 | |||||
| Lease income | 153 | 159 | |||||
| Installment payment fees | 1,727 | 803 | |||||
| Total revenues | 491,953 | 487,913 | |||||
| Net losses and loss expenses | 282,950 | 316,257 | |||||
| Amortization of deferred acquisition costs | 78,732 | 80,258 | |||||
| Other underwriting expenses | 76,345 | 75,777 | |||||
| Policyholder dividends | 1,578 | 2,241 | |||||
| Interest | 670 | 309 | |||||
| Other expenses, net | 93 | 810 | |||||
| Total expenses | 440,368 | 475,652 | |||||
| Income before income tax expense | 51,585 | 12,261 | |||||
| Income tax expense | 9,514 | 2,153 | |||||
| Net income | $ | 42,071 | $ | 10,108 | |||
| Net income per common share: | |||||||
| Class A – basic | $ | 1.19 | $ | 0.31 | |||
| Class A – diluted | $ | 1.17 | $ | 0.31 | |||
| Class B – basic and diluted | $ | 1.08 | $ | 0.28 | |||
| Supplementary Financial Analysts’ Data | |||||||
| Weighted-average number of shares | |||||||
| outstanding: | |||||||
| Class A – basic | 30,400,944 | 27,828,062 | |||||
| Class A – diluted | 30,884,992 | 27,845,608 | |||||
| Class B – basic and diluted | 5,576,775 | 5,576,775 | |||||
| Net premiums written | $ | 480,905 | $ | 498,631 | |||
| Book value per common share | |||||||
| at end of period | $ | 16.62 | $ | 14.48 | |||
| Annualized operating return on average equity | 14.6 | % | 4.2 | % | |||
| Donegal Group Inc. | |||||||
| Consolidated Balance Sheets | |||||||
| (in thousands) | |||||||
| June 30, | December 31, | ||||||
| 2025 | 2024 | ||||||
| (unaudited) | |||||||
| ASSETS | |||||||
| Investments: | |||||||
| Fixed maturities: | |||||||
| Held to maturity, at amortized cost | $ | 737,356 | $ | 705,714 | |||
| Available for sale, at fair value | 626,107 | 617,892 | |||||
| Equity securities, at fair value | 41,007 | 36,808 | |||||
| Short-term investments, at cost | 24,764 | 24,558 | |||||
| Total investments | 1,429,234 | 1,384,972 | |||||
| 57,437 | 52,926 | ||||||
| Premiums receivable | 198,885 | 181,107 | |||||
| Reinsurance receivable | 411,125 | 420,742 | |||||
| Deferred policy acquisition costs | 76,620 | 73,347 | |||||
| Prepaid reinsurance premiums | 182,795 | 176,162 | |||||
| Other assets | 51,739 | 46,776 | |||||
| Total assets | $ | 2,407,835 | $ | 2,336,032 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Liabilities: | |||||||
| Losses and loss expenses | $ | 1,117,010 | $ | 1,120,985 | |||
| Unearned premiums | 635,538 | 612,476 | |||||
| Borrowings under lines of credit | 35,000 | 35,000 | |||||
| Other liabilities | 14,618 | 21,795 | |||||
| Total liabilities | 1,802,166 | 1,790,256 | |||||
| Stockholders’ equity: | |||||||
| Class A common stock | 339 | 329 | |||||
| Class B common stock | 56 | 56 | |||||
| Additional paid-in capital | 383,546 | 369,680 | |||||
| Accumulated other comprehensive loss | (17,517 | ) | (28,200 | ) | |||
| Retained earnings | 280,471 | 245,137 | |||||
| Treasury stock | (41,226 | ) | (41,226 | ) | |||
| Total stockholders’ equity | 605,669 | 545,776 | |||||
| Total liabilities and stockholders’ equity | $ | 2,407,835 | $ | 2,336,032 | |||
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra
There’s no other way of looking at it: Sussan Ley faces a diabolical situation with the debate over whether the Coalition should abandon the 2050 net zero emissions target.
The issue is a microcosm of her wider problems. The Nationals, the minor party in the Coalition, are determined to run their own race on most things. The Liberals have become akin to two parties, split between those eyeing urban seats and younger voters, and right-wingers reflecting the party’s conservative grassroots.
Nobody misses the contrast. The Albanese government is beset by a host of actual issues around the transition to a clean energy economy. The renewables rollout is not going as fast as desirable and is meeting with resistance in some communities. Energy costs are high. But such problems are not putting any pressure on Labor’s unity.
At the same time, the opposition is fractured over an argument about a target that’s a quarter of a century away, when who knows what the technological or political landscape will look like. For the opposition, the internal debate about net zero is about symbols and signals, rather than substance.
The net zero debate exploded within the opposition this week with Barnaby Joyce’s private member’s bill to scrap Australia’s commitment to it. The timing, in parliament’s first week, was extraordinarily inconvenient for Ley. But if not now, it would have erupted later.
On present indications, the Nationals appear likely to ditch the net zero commitment. David Littleproud, anxious to avoid the issue becoming a threat to his leadership, is reading the party room and positioning himself to be in the anticipated majority.
Asked on Thursday whether he supported net zero, Littleproud told the ABC, “well, I have real concerns about it, to be candid. What net zero has become is about trying to achieve the impossible, rather than doing what’s sensible.” But, he insisted, “we’re not climate deniers”.
It is less clear how the debate will pan out in the Liberal Party, once the group under Shadow Energy Minister Dan Tehan produces its report on energy and emissions-reduction policy.
Liberal sources say the issue is now being driven by the party’s grassroots, rather than the parliamentary party. Branches are throwing up motions to get rid of the 2050 target.
The Western Australian Liberal state council will debate a motion this weekend to drop the net zero commitment. The Queensland LNP organisation will consider its position next month. A few weeks ago, the South Australian Liberal state council rejected net zero.
With a policy review underway, Ley and the parliamentary Liberals have left a vacuum on the issue. Some Liberals warn the parliamentarians risk being run over by the party outside parliament. Others point out that on policy, the parliamentarians are independent of the organisation, which often comes up with right-wing motions.
How should Ley best handle the situation? By filling the vacuum with a position sooner rather than later. That means accelerating the Tehan report. Beyond that, ideally she should be taking leadership on the issue herself. But is she in a strong enough position to do that?
One idea being floated would be for the Liberals to retain the net zero target but extend the time frame. This wouldn’t stop the criticism about the shift.
Whether the Coalition could stay as one if its two parties had different positions on net zero may be an open question but it certainly would be messy.
On the other side of politics, the government is rapidly approaching a decision on another key target – the one Australia will put up internationally for cutting emissions by 2035. Inevitably, this will be contentious.
This target must be submitted by September (it was conveniently delayed beyond the election). Minister for Climate Change and Energy Chris Bowen has yet to receive advice on the target from the Climate Change Authority (advice that will be published). The target is expected to be between 65% and 75%.
The challenge will be to strike a target with sufficient ambition that doesn’t alienate business and the regions.
Next week the executive secretary of the United Nations Framework Convention on Climate Change, Simon Stiell, will be in Canberra for talks. His comments will be carefully watched.
Last year he told the Sydney Morning Herald, “the world needs countries like Australia to take climate action and ambition to the next level, and it’s firmly in the interests of every Australian that they do so”.
Climate and energy issues will have a place at next month’s economic reform roundtable. Bowen is organising two preliminary roundtables – on electricity, with energy user stakeholders, and on climate adaptation. He told The Conversation’s podcast that adaptation will “be an increasing focus of this government and future governments because, tragically, the world has left it too late to avoid the impacts of climate change”.
The government is waiting, somewhat impatiently, for the decision on whether Australia will be given the nod to host next year’s UN climate conference. The COP meeting, which would be in Adelaide in November 2026, is an enormous event to put on, so the decision is becoming urgent.
Bowen says Australia already has the numbers over Turkey, the other contender. But “one of the things about the process to decide COPs, I’ve learnt, is it’s quite opaque and there’s no particular timeline and no particular rules to the ballot.
“It’s meant to work on a consensus, sort of an old world, sort of gentlemanly sort of approach to say whoever loses will withdraw. That’s not the way it’s panning out. I’ve had multiple meetings with my Turkish counterpart to try to find a ‘win-win’ solution. We haven’t been able to find that yet.”
Stiell’s trip includes Turkey as well as Australia. Bowen will be hoping he may provide some clarity, when they meet, about how the “opaque” process of assigning the COP meeting is going. Bowen will be emphasising how important the proposed co-hosting COP with the Pacific is to the region, with climate change already an existential issue for many Pacific countries.
Michelle Grattan 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. Grattan on Friday: net zero battle has net zero positives for Sussan Ley – https://theconversation.com/grattan-on-friday-net-zero-battle-has-net-zero-positives-for-sussan-ley-261092
Source: APO
Africa Finance Corporation (AFC), a leading multilateral finance institution, has joined the upcoming African Mining Week (AMW) 2025 as a Silver Sponsor. Held under the theme, From Extraction to Beneficiation: Unlocking Africa’s Mineral Wealth, AMW offers a strategic platform for AFC to engage with African and global mining stakeholders to advance the continent’s mineral development agenda.
As part of the conference program, AFC will feature in a dedicated finance panel: “The Investor Perspective – Financing Africa’s Mineral Industrialization.” The session will explore how tailored financing solutions can drive local beneficiation, industrialization and inclusive economic growth across Africa’s mining value chains.
AMW serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energies 2025 conference from October 1-3 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com.
The AFC’s involvement in AMW 2025 comes at a time of expanded capital mobilization efforts. In June 2025, the Corporation secured a €250 million, 10-year loan from Italy’s Cassa Depositi e Prestiti to catalyze Italian investment in African mining and energy infrastructure projects – particularly the strategic Lobito Corridor, enhancing mineral transport between Angola, Zambia and the Democratic Republic of Congo. This initiative complements a proposed €320 million EU financing package supporting the same corridor.
In February 2025, the European Investment Bank committed $750 million to AFC’s Climate Resilient Infrastructure Fund, targeting climate-focused projects including energy transition metals and sustainable logistics infrastructure. The same month, AFC also secured a $400 million Shariah-compliant facility from Islamic financiers, following a $500 million hybrid bond issuance in January and a $30 million equity investment from the African Development Bank in December 2024.
AFC’s capital base has also grown with a $184.8 million equity injection from Angola, reflecting the country’s continued collaboration with AFC following over $1 billion in investments in mining, energy and transport. Meanwhile, a €100 million loan extended to construction group Mota–Engil is enabling the execution of three major gold mining contracts in Ivory Coast and Mali – Africa’s second- and third-largest gold producers.
Against this backdrop, AMW 2025 provides a timely opportunity for the AFC to showcase its financing strategy, highlight its role in advancing Africa’s mineral beneficiation and connect with mining ventures in search of capital.
Distributed by APO Group on behalf of Energy Capital & Power.
Source: United Kingdom – Executive Government & Departments
The approval is supported by a study involving 453 adults with advanced platinum-resistant cancers of the ovary, fallopian tubes and the peritoneum that were FRα positive
The Medicines and Healthcare products Regulatory Agency (MHRA) has today (24 July 2025) approved the medicine mirvetuximab soravtansine (Elahere) to treat adults with ovarian cancer, fallopian tube cancer, and primary peritoneal cancer.
It is used in patients whose cancer cells have a protein on the surface known as folate receptor-alpha (FRα), and who have previously not responded to or are no longer responding to treatment with ‘platinum-based’ chemotherapy, and who have already received one to three prior treatments.
Mirvetuximab soravtansine has been approved via the International Recognition Procedure (IRP).
Julian Beach, MHRA Interim Executive Director, Healthcare Quality and Access, said:
Keeping patients safe and enabling their access to high quality, safe and effective medical products are key priorities for us.
We are committed to making innovative treatment options, like mirvetuximab soravtansine, the first and only folate receptor-alpha (FRα) directed antibody drug conjugate, available to patients as quickly as possible, ensuring our approval is underpinned by robust evidence of efficacy alongside the highest standards of safety.
We’re assured that the appropriate regulatory standards for the approval of mirvetuximab soravtansine have been met.
As with all products, we will keep its safety under close review.
Mirvetuximab soravtansine is administered as a concentrated solution for infusion, and the route of administration is intravenous infusion (into a vein). The medicine will be given to the patient by a doctor or a nurse experienced in using cancer medicines.
The patient’s doctor will calculate the dose based on the patient’s body weight. The patient’s doctor will decide how many cycles the patient needs.
Mirvetuximab soravtansine is made up of a monoclonal antibody which is attached to a cancer medicine. The monoclonal antibody is a protein that recognises and attaches to the FRα protein on the cancer cells. When this happens, mirvetuximab soravtansine enters the cancer cell and releases the cancer medicine DM4. DM4 then interferes with the normal growth process of the cancer cells which results in death of the cancer cells.
This approval is supported by evidence from a study involving 453 adults with advanced platinum-resistant cancers of the ovary, fallopian tubes and the peritoneum that were FRα positive. In this study, mirvetuximab soravtansine was compared with standard chemotherapy treatment. Patients who received mirvetuximab soravtansine lived on average for around 5.6 months without their disease getting worse while those who received standard treatment lived for around 4 months without their disease getting worse. In addition, patients who received mirvetuximab soravtansine lived longer (around 16.5 months) compared to those given standard treatment (around 12.8 months).
The most common side effects of the medicine (which may affect more than 1 in 10 people) include blurred vision, nausea (feeling sick), diarrhoea, tiredness, abdominal pain (belly pain), keratopathy (damage to the cornea, the transparent layer in front of the eye that covers the pupil and iris), dry eye, constipation, vomiting, decreased appetite, peripheral neuropathy (nerve damage in arms and legs), headache, weakness, increased liver enzyme levels (in the blood) and joint pain.
As with any medicine, the MHRA will keep the safety and effectiveness of mirvetuximab soravtansine under close review. Anyone who suspects they are having a side effect from this medicine are encouraged to talk to their doctor, pharmacist or nurse and report it directly to the Yellow Card scheme, either through the website (https://yellowcard.mhra.gov.uk/) or by searching the Google Play or Apple App stores for MHRA Yellow Card.
The new marketing authorisation was granted on 24 July 2025 to AbbVie Ltd.
More information can be found in the Summary of Product Characteristics and Patient Information leaflets which will be published on the MHRA Products website within 7 days of approval.
More information on the International Recognition Procedure can be found here
The Medicines and Healthcare products Regulatory Agency (MHRA) is responsible for regulating all medicines and medical devices in the UK by ensuring they work and are acceptably safe. All our work is underpinned by robust and fact-based judgements to ensure that the benefits justify any risks.
The MHRA is an executive agency of the Department of Health and Social Care.
For media enquiries, please contact the newscentre@mhra.gov.uk, or call on 020 3080 7651.
Source: City of Sunderland
A long-standing Sunderland charity dedicated to supporting Sunderland’s athletes has been revived thanks to new funding from the Martin Laing Foundation and Sunderland City Council.
The Sunderland Sports Fund, a charitable trust established over 20 years ago, provides financial support to talented young athletes and sportspeople with disabilities of all ages across the Sunderland area. After a period of inactivity during the Covid-19 pandemic, the charity is back in action, helping to nurture the city’s sporting talent.
The funding will be used to award grants to individuals who live in, study in, or represent a sports club or organisation based in Sunderland. The goal is to break down financial barriers and ensure that no promising athlete is held back due to lack of resources.
Grants awarded by the Sunderland Sports Fund can help pay for coaching fees, equipment and used towards travel expenses and accommodation for national and international competitions. These grants can help bridge the financial gap for athletes between amateur and elite status.
Thanks to additional funding from Sunderland City Council the charity can now broaden its scope to help encourage more residents to get into sport. This includes directly funding coaches who will in turn help inspire and train more young people.
Councillor Beth Jones, Cabinet Member for Communities, Culture and Tourism at Sunderland City Council, said: “The Sunderland Sports Fund is a fantastic charity that champions our young athletes and athletes with disabilities. It’s inspiring to see it brought back to life with this much-needed funding, ensuring we continue to support the next generation of sporting talent in our city, while also promoting the many health and wellbeing benefits that come from participating in sport.
“It’s especially timely as Sunderland is set to host the opening match of the Women’s Rugby World Cup, shining an even brighter spotlight on women’s sport – and I’m delighted that one of the athletes receiving funding this year is a women’s rugby coach, helping inspire more local women and girls to get involved in the game.”
To mark the revival, the charity held a relaunch event at Sunderland Fire Station, where it awarded bursaries to two young athletes and a rising young coach. Among the recipients was a female rugby coach from Houghton Rugby Club, who is using her qualifications to help drive participation in women’s and girls’ rugby.
Jorja Spoors, Houghton Rugby Club Coach said: “The Sunderland Sports fund is a great opportunity offered to me thanks to Sunderland City Council. I’ll be using the fund to gain further qualifications, experience, and knowledge within the game and my coaching. The fund will help me to take my coaching to the highest levels available within rugby, with hopes to possibly pursue coaching as a career in the future.
“It is amazing to see that Sunderland City Council have chosen to re-launch the fund to support upcoming athletes and coaches, like myself and the other recipients of the fund. It is also great to see the recognition that could be gained for women and girls within rugby and sport as a whole.”
The relaunch event was hosted by former BBC Look North host Jeff Brown, who now serves as a trustee at Sunderland Sports Fund. Also in attendance was Gary Bennet, former SAFC player and Terry Deary, Sunderland born author of Horrible Histories, as well as the Deputy Mayor Councillor Melanie Thornton.
In its 25 years, the Sunderland Sports Fund has awarded 670 grants to athletes and coaches across a great number of sports including boxing, basketball, swimming, skiing and more.
Leslie Scott MBE, Chairman of Sunderland Sports Fund said: “This was a landmark occasion for our charity, not only celebrating its 25th year but also relaunching our mission to help Sunderland’s aspiring young athletes and coaches. Over the years, the achievements of our high achievers, some who have become world champions, has reflected positively on the reputation of the city. It is our hope that we will inspire the current and future cohorts of Sunderland’s young people, who are serious about taking part in competitive sports.”
For more information or to apply for a grant, contact active@sunderland.gov.uk.
Source: United Kingdom – Executive Government Non-Ministerial Departments
Exchequer Secretary to the Treasury, James Murray MP has appointed Gary Crowe as a Non-executive Director of the Government Actuary’s Department.
Gary Crowe brings extensive experience across the financial services, education and healthcare sectors, with expertise in digital transformation, risk and strategy.
He was recently Professor of Innovation Leadership at Keele University Management School and is an experienced non-executive director (NED). Gary has chaired a range of committees including Finance, Audit, Risk, Investments, and People & Nominations.
He will be appointed for a 3-year term, starting on 1 August, as NED to the Government Actuary’s Department (GAD). Gary will replace Ian Wilson whose term on the Board is coming to an end later this year.
Les Philpott, Non-executive Director and Board Chair said :
“I am delighted at Gary’s appointment to our Board. Gary brings exceptional breadth and depth of experience, having served on 2 NHS Trust boards as well as holding senior roles across consultancy, financial services, and commercial, retail and private banking. His background spans both public and private sectors, and he has led digital transformation in complex, highly regulated environments, always underpinned by robust governance, financial, and risk management expertise.
“As Chair of the Audit and Risk Assurance Committee for the Human Tissue Authority, Gary has demonstrated a strong capacity for oversight and assurance in demanding regulatory contexts. His appointment will significantly strengthen our Board’s ability to provide strategic guidance and effective oversight. I look forward to welcoming him and working together to advance the department’s objectives.”
Fiona Dunsire, Government Actuary said:
“We are very pleased to be able to welcome Gary to GAD as our new non-executive director. His extensive background in innovation leadership and digital transformation, combined with his health and workforce experience as a non-executive director within the NHS, will be invaluable as we continue to evolve our services and support government departments in addressing complex national challenges. I’m confident Gary will make a valuable contribution to GAD’s continued success in serving the public sector.”
Gary Crowe added:
“I’m honoured to be appointed as non-executive director at GAD and look forward to contributing to the department’s important work in supporting the public sector. Having worked across various sectors in consultancy and innovation roles, I understand the critical importance of robust actuarial analysis in helping government make informed decisions about financial risk and uncertainty. I’m excited to work with the talented team at GAD to ensure we continue to broaden the impact of the department in supporting government growth objectives and delivering the highest standards of professional service to our clients.”
Gary Crowe brings significant strategic and commercial expertise to the Government Actuary’s Department, with a strong track record in public service.
He currently serves as Chair of the Audit and Risk Assurance Committee for the Human Tissue Authority (term ending September 2025), is the Local Chair for the Dudley Group NHS Foundation Trust and Vice-Chair of University Hospitals of North Midlands NHS Trust.
He has previously advised on commercial digital innovation as a management consultant with PA Consulting and during 30 years in financial services. Most recently, Gary was Professor of Innovation Leadership at Keele University Management School.
GAD applies technical skills from the actuarial profession, consultancy discipline, high standards of professionalism and industry sector knowledge to help solve financial challenges faced by the UK public sector, helping our clients to understand and analyse financial risk and uncertainty for a wide range of contemporary issues.
Gary Crowe was appointed following an open recruitment process in line with public appointment procedures.
He confirmed that he has not undertaken any political activity within the previous 5 years.
Source: US Federal Emergency Management Agency
Headline: President Donald J
Trump Approves Major Disaster Declaration for Indiana
President Donald J
Trump Approves Major Disaster Declaration for Indiana
WASHINGTON — FEMA announced that federal disaster assistance is available to the state of Indiana to supplement recovery efforts in the areas affected by severe storms, straight-line winds, tornadoes and flooding from March 30 – April 9, 2025
Public Assistance federal funding is available to the state, tribal and eligible local governments and certain private nonprofit organizations on a cost-sharing basis for emergency work and the repair and replacement of facilities damaged by the severe storms, straight-line winds, tornadoes and flooding in Bartholomew, Brown, Clark, Crawford, Decatur, Floyd, Franklin, Greene, Harrison, Jefferson, Lawrence, Madison, Marshall, Martin, Montgomery, Morgan, Orange, Owen, Perry, Switzerland, Vanderburgh, Warrick and Washington counties
Joseph P
Cirone has been named as the Federal Coordinating Officer for federal recovery operations in the affected area
Additional designations may be made at a later date if requested by the state and warranted by the results of further damage assessments
erika
suzuki
Wed, 07/23/2025 – 20:01
Source: GlobeNewswire (MIL-OSI)
[24/07/25]
Not for distribution, directly or indirectly, in or into the United States or any jurisdiction in which such distribution would be unlawful.
[Alstria HoldCo]
Pre-stabilisation Period Announcement
BNP Paribas (contact: Stanford Hartman telephone: 0207 595 8222 hereby gives notice, as Stabilisation Coordinator, that the Stabilisation Manager(s) named below may stabilise the offer of the following securities in accordance with Commission Delegated Regulation EU/2016/1052 under the Market Abuse Regulation (EU/596/2014).
| The securities:1 | |
| Issuer: | ALEXANDRITE LAKE LUX HOLDINGS S.A R.L., SAVOY LUXEMBURG HOLDINGS S.A R.L |
| Guarantor (if any): | N.A |
| Aggregate nominal amount: | 300.000.000 EUR |
| Description: | SENIOR SECURED NOTES |
| Offer price: | TBC |
| Other offer terms: | N.A |
| Stabilisation: | |
| Stabilisation Manager(s) | BNP PARIBAS, MS, CACIB, DB, SG, BOFA |
| Stabilisation period expected to start on: | 24/07/2025 |
| Stabilisation period expected to end no later than: | 29/08/2025 |
| Existence, maximum size and conditions of use of over‑allotment facility: | The Stabilisation Manager(s) may over‑allot the securities to the extent permitted in accordance with applicable law. |
| Stabilisation trading venue: | OTC |
In connection with the offer of the above securities, the Stabilisation Manager(s) may over‑allot the securities or effect transactions with a view to supporting the market price of the securities during the stabilisation period at a level higher than that which might otherwise prevail. However, stabilisation may not necessarily occur and any stabilisation action, if begun, may cease at any time. Any stabilisation action or over‑allotment shall be conducted in accordance with all applicable laws and rules.
This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the Issuer in any jurisdiction.
This announcement and the offer of the securities to which it relates are only addressed to and directed at persons outside the United Kingdom and persons in the United Kingdom who have professional experience in matters related to investments or who are high net worth persons within Article 12(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and must not be acted on or relied on by other persons in the United Kingdom.
In addition, if and to the extent that this announcement is communicated in, or the offer of the securities to which it relates is made in, the UK or any EEA Member State before the publication of a prospectus in relation to the securities which has been approved by the competent authority in the UK or that Member State in accordance with Regulation (EU) 2017/1129 (the “Prospectus Regulation”) (or which has been approved by a competent authority in another Member State and notified to the competent authority in the UK or that Member State in accordance with the Prospectus Regulation), this announcement and the offer are only addressed to and directed at persons in the UK or that Member State who are qualified investors within the meaning of the Prospectus Regulation (or who are other persons to whom the offer may lawfully be addressed) and must not be acted on or relied on by other persons in the UK or that Member State.
This announcement is not an offer of securities for sale into the United States. The securities have not been, and will not be, registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from registration. There will be no public offer of securities in the United States.
Source: GlobeNewswire (MIL-OSI)
CHICAGO, July 24, 2025 (GLOBE NEWSWIRE) — TransUnion (NYSE: TRU) (the “Company”) today announced financial results for the quarter ended June 30, 2025.
Second Quarter 2025 Results
Revenue:
Earnings:
“In the second quarter, TransUnion delivered strong results that again exceeded financial guidance,” said Chris Cartwright, President and CEO. “U.S. Markets revenue grew 10 percent, led by Financial Services and Insurance. International grew 6 percent on an organic constant currency basis, with India accelerating to 8 percent growth and Canada and Africa delivering double-digit growth.”
“We are raising our 2025 guidance, reflecting strong results in the first half of the year and ongoing business momentum, balanced against continuing market uncertainty. We now expect revenue growth of 6 to 7 percent.”
“After the last several years of investment, we are now focused on execution and value creation. Through our transformation, we now have more and better solutions than ever. We are already seeing the emerging benefits of our accelerated pace of innovation and believe we are well-positioned to drive a generation of industry-leading growth.”
Second Quarter 2025 Segment Results
Segment revenue and Adjusted EBITDA for the second quarter of 2025, which includes the revenue from Monevo in Consumer Interactive and United Kingdom and the corresponding Adjusted EBITDA in U.S. Markets and International, and the related growth rates compared with the second quarter of 2024 were as follows:
| (in millions) | Second Quarter 2025 |
Reported Growth Rate |
Constant Currency Growth Rate |
Organic Constant Currency Growth Rate |
|||||||
| U.S. Markets: | |||||||||||
| Financial Services | $ | 420 | 17 | % | 17 | % | 17 | % | |||
| Emerging Verticals | 324 | 5 | % | 5 | % | 5 | % | ||||
| Consumer Interactive | 147 | 3 | % | 3 | % | 2 | % | ||||
| Total U.S. Markets Revenue | $ | 890 | 10 | % | 10 | % | 10 | % | |||
| U.S. Markets Adjusted EBITDA | $ | 337 | 7 | % | 7 | % | 7 | % | |||
| International: | |||||||||||
| Canada | $ | 42 | 9 | % | 10 | % | 10 | % | |||
| Latin America | 34 | (1 | )% | 4 | % | 4 | % | ||||
| United Kingdom | 67 | 19 | % | 13 | % | 5 | % | ||||
| Africa | 18 | 15 | % | 14 | % | 14 | % | ||||
| India | 67 | 5 | % | 8 | % | 8 | % | ||||
| Asia Pacific | 24 | (7 | )% | (8 | )% | (8 | )% | ||||
| Total International Revenue | $ | 253 | 7 | % | 7 | % | 6 | % | |||
| International Adjusted EBITDA | $ | 108 | 7 | % | 8 | % | 8 | % | |||
Liquidity and Capital Resources
Cash and cash equivalents was $688 million at June 30, 2025 and $679 million at December 31, 2024.
For the six months ended June 30, 2025, cash provided by operating activities was $344 million, compared with $349 million in 2024. The decrease in cash provided by operating activities was primarily due to higher income tax payments, the timing of accounts receivable collections and higher bonus payouts, mostly offset by improved operating performance and lower interest expense in 2025 compared with 2024. For the six months ended June 30, 2025, cash used in investing activities was $224 million, compared with $127 million in 2024. The increase in cash used in investing activities was primarily due to our acquisition of Monevo, a current year investment in a note receivable and an increase in capital expenditures. For the six months ended June 30, 2025, capital expenditures were $145 million, compared with $131 million in 2024. Capital expenditures as a percent of revenue represented 7% and 6%, respectively, for the six months ended June 30, 2025 and 2024. For the six months ended June 30, 2025, cash used in financing activities was $127 million, compared with $150 million in 2024. Cash used in financing activities was lower primarily due to higher debt repayments in 2024, partially offset by stock buybacks in 2025.
Third Quarter and Full Year 2025 Outlook
Our guidance is based on a number of assumptions that are subject to change, many of which are outside of the control of the Company, including general macroeconomic conditions, interest rates and inflation. There are numerous evolving factors that we may not be able to accurately predict. There can be no assurance that the Company will achieve the results expressed by this guidance.
| Three Months Ended September 30, 2025 | Twelve Months Ended December 31, 2025 | |||||||||||||||
| (in millions, except per share data) | Low | High | Low | High | ||||||||||||
| Revenue, as reported | $ | 1,115 | $ | 1,135 | $ | 4,432 | $ | 4,472 | ||||||||
| Revenue growth1: | ||||||||||||||||
| As reported | 3 | % | 5 | % | 6 | % | 7 | % | ||||||||
| Constant currency1, 2 | 3 | % | 5 | % | 6 | % | 7 | % | ||||||||
| Organic constant currency1, 3 | 2 | % | 4 | % | 6 | % | 7 | % | ||||||||
| Net income attributable to TransUnion | $ | 78 | $ | 87 | $ | 412 | $ | 432 | ||||||||
| Net income attributable to TransUnion growth | 14 | % | 28 | % | 45 | % | 52 | % | ||||||||
| Net income attributable to TransUnion margin | 7.0 | % | 7.7 | % | 9.3 | % | 9.7 | % | ||||||||
| Diluted Earnings per Share | $ | 0.39 | $ | 0.44 | $ | 2.07 | $ | 2.18 | ||||||||
| Diluted Earnings per Share growth | 13 | % | 27 | % | 43 | % | 51 | % | ||||||||
| Adjusted EBITDA, as reported5 | $ | 397 | $ | 411 | $ | 1,580 | $ | 1,610 | ||||||||
| Adjusted EBITDA growth, as reported4 | 1 | % | 4 | % | 5 | % | 7 | % | ||||||||
| Adjusted EBITDA margin | 35.6 | % | 36.2 | % | 35.7 | % | 36.0 | % | ||||||||
| Adjusted Diluted Earnings per Share5 | $ | 0.99 | $ | 1.04 | $ | 4.03 | $ | 4.14 | ||||||||
| Adjusted Diluted Earnings per Share growth | (5 | )% | — | % | 3 | % | 6 | % | ||||||||
Earnings Webcast Details
In conjunction with this release, TransUnion will host a conference call and webcast today at 8:30 a.m. Central Time to discuss the business results for the quarter and certain forward-looking information. This session and the accompanying presentation materials may be accessed at www.transunion.com/tru. A replay of the call will also be available at this website following the conclusion of the call.
About TransUnion (NYSE: TRU)
TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.
http://www.transunion.com/business
Availability of Information on TransUnion’s Website
Investors and others should note that TransUnion routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the TransUnion Investor Relations website. While not all of the information that the Company posts to the TransUnion Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in TransUnion to review the information that it shares on www.transunion.com/tru.
Forward-Looking Statements
This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of TransUnion’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Any statements made in this earnings release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include information concerning possible or assumed future results of operations, including our guidance and descriptions of our business plans and strategies. These statements often include words such as “anticipate,” “expect,” “guidance,” “suggest,” “plan,” “believe,” “intend,” “estimate,” “target,” “project,” “should,” “could,” “would,” “may,” “will,” “forecast,” “outlook,” “potential,” “continues,” “seeks,” “predicts,” or the negatives of these words and other similar expressions.
Factors that could cause actual results to differ materially from those described in the forward-looking statements, or that could materially affect our financial results or such forward-looking statements include:
There may be other factors, many of which are beyond our control, that may cause our actual results to differ materially from the forward-looking statements, including factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024, and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K filed with the Securities and Exchange Commission. You should evaluate all forward-looking statements made in this report in the context of these risks and uncertainties.
The forward-looking statements contained in this earnings release speak only as of the date of this earnings release. We undertake no obligation to publicly release the result of any revisions to these forward-looking statements to reflect the impact of events or circumstances that may arise after the date of this earnings release.
For More Information
| TRANSUNION AND SUBSIDIARIES Consolidated Balance Sheets (Unaudited) (in millions, except per share data) |
||||||||
| June 30, 2025 |
December 31, 2024 |
|||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 687.5 | $ | 679.5 | ||||
| Trade accounts receivable, net of allowance of $27.4 and $19.9 | 895.9 | 798.9 | ||||||
| Other current assets | 322.3 | 323.4 | ||||||
| Total current assets | 1,905.7 | 1,801.8 | ||||||
| Property, plant and equipment, net of accumulated depreciation and amortization of $536.4 and $506.3 | 228.5 | 203.5 | ||||||
| Goodwill | 5,256.7 | 5,144.3 | ||||||
| Other intangibles, net of accumulated amortization of $2,522.2 and $2,294.5 | 3,238.7 | 3,257.5 | ||||||
| Other assets | 488.1 | 577.7 | ||||||
| Total assets | $ | 11,117.7 | $ | 10,984.8 | ||||
| Liabilities and stockholders’ equity | ||||||||
| Current liabilities: | ||||||||
| Trade accounts payable | $ | 345.1 | $ | 294.6 | ||||
| Current portion of long-term debt | 76.1 | 70.6 | ||||||
| Other current liabilities | 519.9 | 694.4 | ||||||
| Total current liabilities | 941.1 | 1,059.6 | ||||||
| Long-term debt | 5,060.4 | 5,076.6 | ||||||
| Deferred taxes | 370.7 | 415.3 | ||||||
| Other liabilities | 119.3 | 114.5 | ||||||
| Total liabilities | 6,491.5 | 6,666.0 | ||||||
| Stockholders’ equity: | ||||||||
| Preferred stock, $0.01 par value; 100.0 million shares authorized; none issued or outstanding as of June 30, 2025 and December 31, 2024, respectively | — | — | ||||||
| Common stock, $0.01 par value; 1.0 billion shares authorized at June 30, 2025 and December 31, 2024, 201.4 million and 201.5 million shares issued at June 30, 2025 and December 31, 2024, respectively, and 194.8 million and 194.9 million shares outstanding as of June 30, 2025 and December 31, 2024, respectively | 2.0 | 2.0 | ||||||
| Additional paid-in capital | 2,600.7 | 2,558.9 | ||||||
| Treasury stock at cost; 6.7 million and 6.6 million shares at June 30, 2025 and December 31, 2024, respectively | (342.0 | ) | (334.6 | ) | ||||
| Retained earnings | 2,571.1 | 2,357.9 | ||||||
| Accumulated other comprehensive loss | (311.6 | ) | (367.2 | ) | ||||
| Total TransUnion stockholders’ equity | 4,520.2 | 4,217.0 | ||||||
| Noncontrolling interests | 106.0 | 101.8 | ||||||
| Total stockholders’ equity | 4,626.2 | 4,318.8 | ||||||
| Total liabilities and stockholders’ equity | $ | 11,117.7 | $ | 10,984.8 | ||||
| TRANSUNION AND SUBSIDIARIES Consolidated Statements of Operations (Unaudited) (in millions, except per share data) |
||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenue | $ | 1,139.7 | $ | 1,040.8 | $ | 2,235.5 | $ | 2,062.0 | ||||||||
| Operating expenses | ||||||||||||||||
| Cost of services (exclusive of depreciation and amortization below) | 469.9 | 406.7 | 915.5 | 813.0 | ||||||||||||
| Selling, general and administrative | 335.0 | 310.8 | 591.8 | 616.4 | ||||||||||||
| Depreciation and amortization | 142.7 | 132.9 | 281.6 | 266.9 | ||||||||||||
| Restructuring | — | 8.1 | — | 26.3 | ||||||||||||
| Total operating expenses | 947.5 | 858.4 | 1,788.9 | 1,722.4 | ||||||||||||
| Operating income | 192.2 | 182.4 | 446.6 | 339.6 | ||||||||||||
| Non-operating income and (expense) | ||||||||||||||||
| Interest expense | (55.7 | ) | (67.9 | ) | (111.8 | ) | (136.5 | ) | ||||||||
| Interest income | 8.8 | 6.7 | 17.3 | 12.1 | ||||||||||||
| Earnings from equity method investments | 5.0 | 4.6 | 9.3 | 9.3 | ||||||||||||
| Other income and (expense), net | 6.6 | (5.1 | ) | (10.8 | ) | (20.8 | ) | |||||||||
| Total non-operating income and (expense) | (35.4 | ) | (61.7 | ) | (96.0 | ) | (135.9 | ) | ||||||||
| Income before income taxes | 156.8 | 120.7 | 350.5 | 203.7 | ||||||||||||
| Provision for income taxes | (44.4 | ) | (31.0 | ) | (85.4 | ) | (44.1 | ) | ||||||||
| Net income | 112.4 | 89.7 | 265.1 | 159.7 | ||||||||||||
| Less: net income attributable to noncontrolling interests | (2.8 | ) | (4.7 | ) | (7.4 | ) | (9.5 | ) | ||||||||
| Net income attributable to TransUnion | $ | 109.6 | $ | 85.0 | $ | 257.7 | $ | 150.1 | ||||||||
| Basic earnings per common share from: | ||||||||||||||||
| Net income attributable to TransUnion | $ | 0.56 | $ | 0.44 | $ | 1.32 | $ | 0.77 | ||||||||
| Diluted earnings per common share from: | ||||||||||||||||
| Net income attributable to TransUnion | $ | 0.56 | $ | 0.44 | $ | 1.31 | $ | 0.77 | ||||||||
| Weighted-average shares outstanding: | ||||||||||||||||
| Basic | 195.0 | 194.2 | 195.0 | 194.2 | ||||||||||||
| Diluted | 197.2 | 195.2 | 197.2 | 195.3 | ||||||||||||
As a result of displaying amounts in millions, rounding differences may exist in the table above.
| TRANSUNION AND SUBSIDIARIES Consolidated Statements of Cash Flows (Unaudited) (in millions) |
||||||||
| Six Months Ended June 30, | ||||||||
| 2025 | 2024 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ | 265.1 | $ | 159.7 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 281.6 | 266.9 | ||||||
| Loss on repayment of loans | — | 2.6 | ||||||
| Deferred taxes | (54.1 | ) | (63.6 | ) | ||||
| Stock-based compensation | 70.5 | 51.8 | ||||||
| Other | 29.1 | 19.5 | ||||||
| Changes in assets and liabilities: | ||||||||
| Trade accounts receivable | (98.4 | ) | (71.3 | ) | ||||
| Other current and long-term assets | 8.0 | 45.1 | ||||||
| Trade accounts payable | 37.1 | 53.7 | ||||||
| Other current and long-term liabilities | (195.1 | ) | (115.2 | ) | ||||
| Cash provided by operating activities | 343.8 | 349.2 | ||||||
| Cash flows from investing activities: | ||||||||
| Capital expenditures | (145.4 | ) | (130.7 | ) | ||||
| Proceeds from sale/maturities of other investments | 0.2 | — | ||||||
| Investments in consolidated affiliates, net of cash acquired | (55.7 | ) | — | |||||
| Investments in nonconsolidated affiliates and notes receivable | (25.0 | ) | (4.4 | ) | ||||
| Proceeds from the sale of investments in nonconsolidated affiliates | — | 3.8 | ||||||
| Other | 2.2 | 4.8 | ||||||
| Cash used in investing activities | (223.7 | ) | (126.5 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from term loans | — | 934.9 | ||||||
| Repayments of term loans | — | (927.9 | ) | |||||
| Repayments of debt | (43.2 | ) | (99.4 | ) | ||||
| Debt financing fees | — | (13.5 | ) | |||||
| Dividends to shareholders | (45.1 | ) | (41.4 | ) | ||||
| Proceeds from issuance of common stock | 10.5 | 12.4 | ||||||
| Employee taxes paid on restricted stock units recorded as treasury stock | (7.4 | ) | (11.4 | ) | ||||
| Repurchase of common stock | (38.8 | ) | — | |||||
| Distributions to noncontrolling interests | (3.3 | ) | (3.8 | ) | ||||
| Cash used in financing activities | (127.3 | ) | (150.1 | ) | ||||
| Effect of exchange rate changes on cash and cash equivalents | 15.2 | (5.6 | ) | |||||
| Net change in cash and cash equivalents | 8.0 | 67.0 | ||||||
| Cash and cash equivalents, beginning of period | 679.5 | 476.2 | ||||||
| Cash and cash equivalents, end of period | $ | 687.5 | $ | 543.2 | ||||
As a result of displaying amounts in millions, rounding differences may exist in the table above.
TRANSUNION AND SUBSIDIARIES
Non-GAAP Financial Measures
We present Consolidated Adjusted EBITDA, Consolidated Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings per Share, Adjusted Provision for Income Taxes, Adjusted Effective Tax Rate and Leverage Ratio for all periods presented. These are important financial measures for the Company but are not financial measures as defined by GAAP. These financial measures should be reviewed in conjunction with the relevant GAAP financial measures and are not presented as alternative measures of GAAP. Other companies in our industry may define or calculate these measures differently than we do, limiting their usefulness as comparative measures. Because of these limitations, these non-GAAP financial measures should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP, including operating income, operating margin, effective tax rate, net income attributable to the Company, diluted earnings per share or cash provided by operating activities. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are presented in the tables below.
We present Consolidated Adjusted EBITDA, Consolidated Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings per Share, Adjusted Provision for Income Taxes and Adjusted Effective Tax Rate as supplemental measures of our operating performance because these measures eliminate the impact of certain items that we do not consider indicative of our cash operations and ongoing operating performance. These are measures frequently used by securities analysts, investors and other interested parties in their evaluation of the operating performance of companies similar to ours.
Our board of directors and executive management team use Adjusted EBITDA as an incentive compensation measure for most eligible employees and Adjusted Diluted Earnings per Share as an incentive compensation measure for certain of our senior executives.
Under the credit agreement governing our Senior Secured Credit Facility, our ability to engage in activities such as incurring additional indebtedness, making investments and paying dividends is tied to our Leverage Ratio which is partially based on Adjusted EBITDA. Investors also use our Leverage Ratio to assess our ability to service our debt and make other capital allocation decisions.
Consolidated Adjusted EBITDA
Management has excluded the following items from net income attributable to TransUnion in order to calculate Adjusted EBITDA for the periods presented:
Consolidated Adjusted EBITDA Margin
Management defines Consolidated Adjusted EBITDA Margin as Consolidated Adjusted EBITDA divided by total revenue as reported.
Adjusted Net Income
Management has excluded the following items from net income attributable to TransUnion in order to calculate Adjusted Net Income for the periods presented:
Adjusted Diluted Earnings Per Share
Management defines Adjusted Diluted Earnings per Share as Adjusted Net Income divided by the weighted-average diluted shares outstanding.
Adjusted Provision for Income Taxes
Management has excluded the following items from our provision for income taxes for the periods presented:
Adjusted Effective Tax Rate
Management defines Adjusted Effective Tax Rate as Adjusted Provision for Income Taxes divided by Adjusted income before income taxes. We calculate adjusted income before income taxes by excluding the pre-tax adjustments in the calculation of Adjusted Net Income discussed above and noncontrolling interest related to these pre-tax adjustments from income before income taxes.
Leverage Ratio
Management defines Leverage Ratio as net debt divided by Consolidated Adjusted EBITDA for the most recent twelve-month period including twelve months of Adjusted EBITDA from significant acquisitions. Net debt is defined as total debt less cash and cash equivalents as reported on the balance sheet as of the end of the period.
This earnings release presents constant currency growth rates assuming foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates. This earnings release also presents organic constant currency growth rates, which assumes consistent foreign currency exchange rates between years and also eliminates the impact of our recent acquisitions. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates and the impacts of recent acquisitions.
Free cash flow is defined as cash provided by operating activities less capital expenditures and is a measure we may refer to.
Refer to Schedules 1 through 7 for a reconciliation of our non-GAAP financial measures to the most directly comparable GAAP financial measure.
| SCHEDULE 1 TRANSUNION AND SUBSIDIARIES Revenue and Adjusted EBITDA growth rates as Reported, CC, and Organic CC (Unaudited) |
||||||||||||||||||||||||
| For the Three Months Ended June 30, 2025 compared with the Three Months Ended June 30, 2024 |
For the Six Months Ended June 30, 2025 compared with the Six Months Ended June 30, 2024 |
|||||||||||||||||||||||
| Reported | CC Growth1 | Inorganic | Organic CC Growth2 | Reported | CC Growth1 | Inorganic | Organic CC Growth2 | |||||||||||||||||
| Revenue: | ||||||||||||||||||||||||
| Consolidated | 9.5 | % | 9.5 | % | 0.7 | % | 8.9 | % | 8.4 | % | 8.8 | % | 0.3 | % | 8.5 | % | ||||||||
| U.S. Markets | 10.0 | % | 10.0 | % | 0.3 | % | 9.8 | % | 9.3 | % | 9.3 | % | 0.1 | % | 9.2 | % | ||||||||
| Financial Services | 17.1 | % | 17.1 | % | — | % | 17.1 | % | 15.9 | % | 15.9 | % | — | % | 15.9 | % | ||||||||
| Emerging Verticals | 4.9 | % | 4.9 | % | — | % | 4.9 | % | 5.4 | % | 5.4 | % | — | % | 5.4 | % | ||||||||
| Consumer Interactive | 3.3 | % | 3.3 | % | 1.5 | % | 1.8 | % | 1.3 | % | 1.3 | % | 0.7 | % | 0.5 | % | ||||||||
| International | 7.4 | % | 7.4 | % | 2.0 | % | 5.5 | % | 4.9 | % | 6.7 | % | 1.0 | % | 5.7 | % | ||||||||
| Canada | 9.0 | % | 10.5 | % | — | % | 10.5 | % | 4.8 | % | 8.7 | % | — | % | 8.7 | % | ||||||||
| Latin America | (1.0 | )% | 4.0 | % | — | % | 4.0 | % | (0.8 | )% | 5.5 | % | — | % | 5.5 | % | ||||||||
| United Kingdom | 18.7 | % | 12.6 | % | 8.4 | % | 4.6 | % | 13.8 | % | 11.0 | % | 4.3 | % | 7.0 | % | ||||||||
| Africa | 15.0 | % | 13.7 | % | — | % | 13.7 | % | 13.5 | % | 11.7 | % | — | % | 11.7 | % | ||||||||
| India | 4.8 | % | 7.6 | % | — | % | 7.6 | % | 0.5 | % | 4.0 | % | — | % | 4.0 | % | ||||||||
| Asia Pacific | (6.8 | )% | (7.7 | )% | — | % | (7.7 | )% | — | % | — | % | — | % | — | % | ||||||||
| Adjusted EBITDA: | ||||||||||||||||||||||||
| Consolidated | 8.1 | % | 8.3 | % | — | % | 8.3 | % | 9.4 | % | 10.2 | % | — | % | 10.2 | % | ||||||||
| U.S. Markets | 6.8 | % | 6.8 | % | — | % | 6.8 | % | 9.4 | % | 9.4 | % | — | % | 9.4 | % | ||||||||
| International | 7.2 | % | 8.0 | % | — | % | 7.9 | % | 4.9 | % | 7.6 | % | — | % | 7.6 | % | ||||||||
| SCHEDULE 2 TRANSUNION AND SUBSIDIARIES Consolidated and Segment Revenue, Adjusted EBITDA, and Adjusted EBITDA Margin (Unaudited) (dollars in millions) |
|||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Revenue: | |||||||||||||||
| U.S. Markets gross revenue | |||||||||||||||
| Financial Services | $ | 419.9 | $ | 358.7 | $ | 823.5 | $ | 710.4 | |||||||
| Emerging Verticals | 323.6 | 308.5 | 638.5 | 606.0 | |||||||||||
| Consumer Interactive | 146.9 | 142.1 | 285.1 | 281.5 | |||||||||||
| U.S. Markets gross revenue | $ | 890.4 | $ | 809.3 | $ | 1,747.0 | $ | 1,597.8 | |||||||
| International gross revenue | |||||||||||||||
| Canada | $ | 42.3 | $ | 38.8 | $ | 80.1 | $ | 76.5 | |||||||
| Latin America | 34.1 | 34.5 | 66.9 | 67.4 | |||||||||||
| United Kingdom | 67.2 | 56.6 | 126.1 | 110.8 | |||||||||||
| Africa | 18.2 | 15.8 | 35.1 | 30.9 | |||||||||||
| India | 66.6 | 63.5 | 135.3 | 134.6 | |||||||||||
| Asia Pacific | 24.5 | 26.2 | 51.5 | 51.5 | |||||||||||
| International gross revenue | $ | 252.9 | $ | 235.4 | $ | 495.0 | $ | 471.7 | |||||||
| Total gross revenue | $ | 1,143.2 | $ | 1,044.7 | $ | 2,242.1 | $ | 2,069.6 | |||||||
| Intersegment revenue eliminations | |||||||||||||||
| U.S. Markets | $ | (1.9 | ) | $ | (2.4 | ) | $ | (3.5 | ) | $ | (4.7 | ) | |||
| International | (1.6 | ) | (1.5 | ) | (3.1 | ) | (3.0 | ) | |||||||
| Total intersegment revenue eliminations | $ | (3.5 | ) | $ | (3.9 | ) | $ | (6.6 | ) | $ | (7.6 | ) | |||
| Total revenue as reported | $ | 1,139.7 | $ | 1,040.8 | $ | 2,235.5 | $ | 2,062.0 | |||||||
| Adjusted EBITDA: | |||||||||||||||
| U.S. Markets | $ | 337.2 | $ | 315.8 | $ | 657.4 | $ | 600.9 | |||||||
| International | 108.0 | 100.8 | 217.8 | 207.6 | |||||||||||
| Corporate | (38.2 | ) | (40.0 | ) | (71.0 | ) | (73.8 | ) | |||||||
| Adjusted EBITDA Margin:1 | |||||||||||||||
| U.S. Markets | 37.9 | % | 39.0 | % | 37.6 | % | 37.6 | % | |||||||
| International | 42.7 | % | 42.8 | % | 44.0 | % | 44.0 | % | |||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Reconciliation of Net income attributable to TransUnion to consolidated Adjusted EBITDA: | |||||||||||||||
| Net income attributable to TransUnion | $ | 109.6 | $ | 85.0 | $ | 257.7 | $ | 150.1 | |||||||
| Net interest expense | 47.0 | 61.2 | 94.5 | 124.4 | |||||||||||
| Provision for income taxes | 44.4 | 31.0 | 85.4 | 44.1 | |||||||||||
| Depreciation and amortization | 142.7 | 132.9 | 281.6 | 266.9 | |||||||||||
| EBITDA | $ | 343.7 | $ | 310.1 | $ | 719.2 | $ | 585.4 | |||||||
| Adjustments to EBITDA: | |||||||||||||||
| Stock-based compensation | 40.2 | 27.8 | 70.5 | 51.9 | |||||||||||
| Mergers and acquisitions, divestitures and business optimization1 | (4.6 | ) | 0.7 | 13.2 | 9.8 | ||||||||||
| Accelerated technology investment2 | 23.2 | 18.2 | 43.3 | 36.8 | |||||||||||
| Operating model optimization program3 | 5.4 | 14.6 | 15.2 | 39.1 | |||||||||||
| Net other4 | (0.8 | ) | 5.2 | (57.3 | ) | 11.7 | |||||||||
| Total adjustments to EBITDA | $ | 63.3 | $ | 66.5 | $ | 85.0 | $ | 149.3 | |||||||
| Consolidated Adjusted EBITDA | $ | 407.0 | $ | 376.6 | $ | 804.1 | $ | 734.7 | |||||||
| Net income attributable to TransUnion margin | 9.6 | % | 8.2 | % | 11.5 | % | 7.3 | % | |||||||
| Consolidated Adjusted EBITDA margin5 | 35.7 | % | 36.2 | % | 36.0 | % | 35.6 | % | |||||||
As a result of displaying amounts in millions, rounding differences may exist in the tables above and footnotes below.
| 1. | Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments: |
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Transaction and integration costs | $ | 2.9 | $ | 1.2 | $ | 8.2 | $ | 3.4 | ||||||||
| Fair value and impairment adjustments | (7.6 | ) | 0.7 | 5.0 | 0.8 | |||||||||||
| Post-acquisition adjustments | — | (1.2 | ) | — | 5.7 | |||||||||||
| Total mergers and acquisitions, divestitures and business optimization | $ | (4.6 | ) | $ | 0.7 | $ | 13.2 | $ | 9.8 | |||||||
| 2. | Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities, which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows: |
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Foundational Capabilities | $ | 4.2 | $ | 8.3 | $ | 11.7 | $ | 15.0 | ||||||||
| Migration Management | 19.0 | 8.7 | 31.6 | 18.8 | ||||||||||||
| Program Enablement | — | 1.2 | — | 2.9 | ||||||||||||
| Total accelerated technology investment | $ | 23.2 | $ | 18.2 | $ | 43.3 | $ | 36.8 | ||||||||
| 3. | Operating model optimization consisted of the following adjustments: |
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Employee separation | $ | — | $ | 7.9 | $ | — | $ | 24.6 | ||||||||
| Facility exit | — | 0.2 | — | 1.7 | ||||||||||||
| Business process optimization | 5.4 | 6.5 | 15.2 | 12.8 | ||||||||||||
| Total operating model optimization | $ | 5.4 | $ | 14.6 | $ | 15.2 | $ | 39.1 | ||||||||
| 4. | Net other consisted of the following adjustments: |
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Deferred loan fee expense from debt prepayments and refinancing | $ | — | $ | 6.0 | $ | (0.1 | ) | $ | 9.1 | |||||||
| Other debt financing expenses | 0.6 | 0.6 | 1.1 | 1.1 | ||||||||||||
| Currency remeasurement on foreign operations | (1.5 | ) | (1.3 | ) | (2.1 | ) | 1.3 | |||||||||
| Legal and regulatory expenses, net | — | — | (56.0 | ) | — | |||||||||||
| Other non-operating (income) expense | 0.2 | (0.1 | ) | (0.1 | ) | 0.2 | ||||||||||
| Total other adjustments | $ | (0.8 | ) | $ | 5.2 | $ | (57.3 | ) | $ | 11.7 | ||||||
| 5. | Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue. |
| SCHEDULE 3 TRANSUNION AND SUBSIDIARIES Adjusted Net Income and Adjusted Diluted Earnings Per Share (Unaudited) (in millions, except per share data) |
||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Income attributable to TransUnion | $ | 109.6 | $ | 85.0 | $ | 257.7 | $ | 150.1 | ||||||||
| Weighted-average shares outstanding: | ||||||||||||||||
| Basic | 195.0 | 194.2 | 195.0 | 194.2 | ||||||||||||
| Diluted | 197.2 | 195.2 | 197.2 | 195.3 | ||||||||||||
| Basic earnings per common share from: | ||||||||||||||||
| Net income attributable to TransUnion | $ | 0.56 | $ | 0.44 | $ | 1.32 | $ | 0.77 | ||||||||
| Diluted earnings per common share from: | ||||||||||||||||
| Net income attributable to TransUnion | $ | 0.56 | $ | 0.44 | $ | 1.31 | $ | 0.77 | ||||||||
| Reconciliation of Net income attributable to TransUnion to Adjusted Net Income: | ||||||||||||||||
| Net income attributable to TransUnion | $ | 109.6 | $ | 85.0 | $ | 257.7 | $ | 150.1 | ||||||||
| Adjustments before income tax items: | ||||||||||||||||
| Amortization of certain intangible assets1 | 73.1 | 71.3 | 143.9 | 143.3 | ||||||||||||
| Stock-based compensation | 40.2 | 27.8 | 70.5 | 51.9 | ||||||||||||
| Mergers and acquisitions, divestitures and business optimization2 | (4.6 | ) | 0.7 | 13.2 | 9.8 | |||||||||||
| Accelerated technology investment3 | 23.2 | 18.2 | 43.3 | 36.8 | ||||||||||||
| Operating model optimization program4 | 5.4 | 14.6 | 15.2 | 39.1 | ||||||||||||
| Net other5 | (1.5 | ) | 4.8 | (58.2 | ) | 10.7 | ||||||||||
| Total adjustments before income tax items | $ | 135.6 | $ | 137.4 | $ | 227.9 | $ | 291.6 | ||||||||
| Total adjustments for income taxes6 | (32.1 | ) | (29.4 | ) | (64.8 | ) | (69.7 | ) | ||||||||
| Adjusted Net Income | $ | 213.1 | $ | 193.0 | $ | 420.7 | $ | 372.0 | ||||||||
| Weighted-average shares outstanding: | ||||||||||||||||
| Basic | 195.0 | 194.2 | 195.0 | 194.2 | ||||||||||||
| Diluted | 197.2 | 195.2 | 197.2 | 195.3 | ||||||||||||
| Adjusted Earnings per Share: | ||||||||||||||||
| Basic | $ | 1.09 | $ | 0.99 | $ | 2.16 | $ | 1.92 | ||||||||
| Diluted | $ | 1.08 | $ | 0.99 | $ | 2.13 | $ | 1.90 | ||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Reconciliation of Diluted earnings per share from Net income attributable to TransUnion to Adjusted Diluted Earnings per Share: | ||||||||||||||||
| Diluted earnings per common share from: | ||||||||||||||||
| Net income attributable to TransUnion | $ | 0.56 | $ | 0.44 | $ | 1.31 | $ | 0.77 | ||||||||
| Adjustments before income tax items: | ||||||||||||||||
| Amortization of certain intangible assets1 | 0.37 | 0.37 | 0.73 | 0.73 | ||||||||||||
| Stock-based compensation | 0.20 | 0.14 | 0.36 | 0.27 | ||||||||||||
| Mergers and acquisitions, divestitures and business optimization2 | (0.02 | ) | — | 0.07 | 0.05 | |||||||||||
| Accelerated technology investment3 | 0.12 | 0.09 | 0.22 | 0.19 | ||||||||||||
| Operating model optimization program4 | 0.03 | 0.08 | 0.08 | 0.20 | ||||||||||||
| Net other5 | (0.01 | ) | 0.02 | (0.30 | ) | 0.05 | ||||||||||
| Total adjustments before income tax items | $ | 0.69 | $ | 0.70 | $ | 1.16 | $ | 1.49 | ||||||||
| Total adjustments for income taxes6 | (0.16 | ) | (0.15 | ) | (0.33 | ) | (0.36 | ) | ||||||||
| Adjusted Diluted Earnings per Share | $ | 1.08 | $ | 0.99 | $ | 2.13 | $ | 1.90 | ||||||||
Each component of earnings per share is calculated independently, therefore, rounding differences exist in the table above.
| 1. | Consists of amortization of intangible assets from our 2012 change-in-control transaction and amortization of intangible assets established in business acquisitions after our 2012 change-in-control transaction. | |
| 2. | Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments: |
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Transaction and integration costs | $ | 2.9 | $ | 1.2 | $ | 8.2 | $ | 3.4 | ||||||||
| Fair value and impairment adjustments | (7.6 | ) | 0.7 | 5.0 | 0.8 | |||||||||||
| Post-acquisition adjustments | — | (1.2 | ) | — | 5.7 | |||||||||||
| Total mergers and acquisitions, divestitures and business optimization | $ | (4.6 | ) | $ | 0.7 | $ | 13.2 | $ | 9.8 | |||||||
| 3. | Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows: |
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Foundational Capabilities | $ | 4.2 | $ | 8.3 | $ | 11.7 | $ | 15.0 | ||||||||
| Migration Management | 19.0 | 8.7 | 31.6 | 18.8 | ||||||||||||
| Program Enablement | — | 1.2 | — | 2.9 | ||||||||||||
| Total accelerated technology investment | $ | 23.2 | $ | 18.2 | $ | 43.3 | $ | 36.8 | ||||||||
| 4. | Operating model optimization consisted of the following adjustments: |
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Employee separation | $ | — | $ | 7.9 | $ | — | $ | 24.6 | ||||||||
| Facility exit | — | 0.2 | — | 1.7 | ||||||||||||
| Business process optimization | 5.4 | 6.5 | 15.2 | 12.8 | ||||||||||||
| Total operating model optimization | $ | 5.4 | $ | 14.6 | $ | 15.2 | $ | 39.1 | ||||||||
| 5. | Net other consisted of the following adjustments: |
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Deferred loan fee expense from debt prepayments and refinancing | $ | — | $ | 6.0 | $ | (0.1 | ) | $ | 9.1 | |||||||
| Currency remeasurement on foreign operations | (1.5 | ) | (1.3 | ) | (2.1 | ) | 1.3 | |||||||||
| Legal and regulatory expenses, net | — | — | (56.0 | ) | — | |||||||||||
| Other non-operating (income) and expense | — | 0.1 | — | 0.3 | ||||||||||||
| Total other adjustments | $ | (1.5 | ) | $ | 4.8 | $ | (58.2 | ) | $ | 10.7 | ||||||
| 6. | Total adjustments for income taxes represents the total of adjustments discussed to calculate the Adjusted Provision for Income Taxes. |
| SCHEDULE 4 TRANSUNION AND SUBSIDIARIES Adjusted Provision for Income Taxes and Adjusted Effective Tax Rate (Unaudited) (dollars in millions) |
|||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Income before income taxes | $ | 156.8 | $ | 120.7 | $ | 350.5 | $ | 203.7 | |||||||
| Total adjustments before income tax items from Schedule 3 | 135.6 | 137.4 | 227.9 | 291.6 | |||||||||||
| Adjusted income before income taxes | $ | 292.4 | $ | 258.1 | $ | 578.5 | $ | 495.3 | |||||||
| Reconciliation of Provision for income taxes to Adjusted Provision for Income Taxes: | |||||||||||||||
| Provision for income taxes | (44.4 | ) | (31.0 | ) | (85.4 | ) | (44.1 | ) | |||||||
| Adjustments for income taxes: | |||||||||||||||
| Tax effect of above adjustments | (33.0 | ) | (31.7 | ) | (65.3 | ) | (66.7 | ) | |||||||
| Eliminate impact of excess tax expense for stock-based compensation | (0.2 | ) | (0.1 | ) | 0.3 | 0.9 | |||||||||
| Other1 | 1.1 | 2.5 | 0.2 | (4.0 | ) | ||||||||||
| Total adjustments for income taxes | $ | (32.1 | ) | $ | (29.4 | ) | $ | (64.8 | ) | $ | (69.7 | ) | |||
| Adjusted Provision for Income Taxes | $ | (76.5 | ) | $ | (60.4 | ) | $ | (150.3 | ) | $ | (113.8 | ) | |||
| Effective tax rate | 28.3 | % | 25.7 | % | 24.4 | % | 21.6 | % | |||||||
| Adjusted Effective Tax Rate | 26.2 | % | 23.4 | % | 26.0 | % | 23.0 | % | |||||||
As a result of displaying amounts in millions, rounding differences may exist in the table above.
| 1. | Other adjustments for income taxes include: |
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Deferred tax adjustments | $ | (2.9 | ) | $ | — | $ | (7.4 | ) | $ | (5.2 | ) | |||||
| Valuation allowance adjustments | (0.7 | ) | — | 1.5 | 0.2 | |||||||||||
| Return to provision, audit adjustments and reserves related to prior periods | 3.9 | 3.3 | 4.9 | 2.3 | ||||||||||||
| Other adjustments | 0.8 | (0.8 | ) | 1.2 | (1.3 | ) | ||||||||||
| Total other adjustments | $ | 1.1 | $ | 2.5 | $ | 0.2 | $ | (4.0 | ) | |||||||
| SCHEDULE 5 TRANSUNION AND SUBSIDIARIES Leverage Ratio (Unaudited) (dollars in millions) |
||||
| Trailing Twelve Months Ended June 30, 2025 |
||||
| Reconciliation of Net income attributable to TransUnion to Consolidated Adjusted EBITDA: | ||||
| Net income attributable to TransUnion | $ | 391.9 | ||
| Net interest expense | 206.8 | |||
| Provision for income taxes | 140.2 | |||
| Depreciation and amortization | 552.5 | |||
| EBITDA | $ | 1,291.4 | ||
| Adjustments to EBITDA: | ||||
| Stock-based compensation | $ | 139.9 | ||
| Mergers and acquisitions, divestitures and business optimization1 | 29.9 | |||
| Accelerated technology investment2 | 90.8 | |||
| Operating model optimization program3 | 71.0 | |||
| Net other4 | (47.2 | ) | ||
| Total adjustments to EBITDA | $ | 284.3 | ||
| Consolidated Adjusted EBITDA | 1,575.7 | |||
| Adjusted EBITDA for Pre-Acquisition Period5 | 1.7 | |||
| Leverage Ratio Adjusted EBITDA | $ | 1,577.4 | ||
| Total debt | $ | 5,136.5 | ||
| Less: Cash and cash equivalents | 687.5 | |||
| Net Debt | $ | 4,449.0 | ||
| Ratio of Net Debt to Net income attributable to TransUnion | 11.4 | |||
| Leverage Ratio | 2.8 | |||
As a result of displaying amounts in millions, rounding differences may exist in the table above.
| 1. | Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments: |
| Trailing Twelve Months Ended June 30, 2025 |
||||
| Transaction and integration costs | $ | 16.0 | ||
| Fair value and impairment adjustments | 12.6 | |||
| Post-acquisition adjustments | 1.3 | |||
| Total mergers and acquisitions, divestitures and business optimization | $ | 29.9 | ||
| 2. | Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows: |
| Trailing Twelve Months Ended June 30, 2025 |
||||
| Foundational Capabilities | $ | 32.3 | ||
| Migration Management | 55.9 | |||
| Program Enablement | 2.5 | |||
| Total accelerated technology investment | $ | 90.8 | ||
| 3. | Operating model optimization consisted of the following adjustments: |
| Trailing Twelve Months Ended June 30, 2025 |
||||
| Employee separation | $ | — | ||
| Facility exit | 40.5 | |||
| Business process optimization | 30.5 | |||
| Total operating model optimization | $ | 71.0 | ||
| 4. | Net other consisted of the following adjustments: |
| Trailing Twelve Months Ended June 30, 2025 |
||||
| Deferred loan fee expense from debt prepayments and refinancings | $ | 8.6 | ||
| Other debt financing expenses | 2.3 | |||
| Currency remeasurement on foreign operations | (1.3 | ) | ||
| Legal and regulatory expenses, net | (56.0 | ) | ||
| Other non-operating (income) and expense | (0.8 | ) | ||
| Total other adjustments | $ | (47.2 | ) | |
| 5. | The trailing twelve months ended June 30, 2025 includes the nine months of Adjusted EBITDA related to Monevo prior to our acquisition in April 2025. |
| SCHEDULE 6 TRANSUNION AND SUBSIDIARIES Segment Depreciation and Amortization (Unaudited) (in millions) |
|||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| U.S. Markets | $ | 105.2 | $ | 99.4 | $ | 206.4 | $ | 200.1 | |||||||
| International | 36.6 | 32.5 | 73.2 | 64.7 | |||||||||||
| Corporate | 0.9 | 1.0 | 2.0 | 2.0 | |||||||||||
| Total depreciation and amortization | $ | 142.7 | $ | 132.9 | $ | 281.6 | $ | 266.9 | |||||||
As a result of displaying amounts in millions, rounding differences may exist in the table above.
| SCHEDULE 7 TRANSUNION AND SUBSIDIARIES Reconciliation of Non-GAAP Guidance (Unaudited) (in millions, except per share data) |
|||||||||||||||
| Three Months Ended September 30, 2025 | Twelve Months Ended December 31, 2025 | ||||||||||||||
| Low | High | Low | High | ||||||||||||
| Guidance reconciliation of Net income attributable to TransUnion to Adjusted EBITDA: | |||||||||||||||
| Net income attributable to TransUnion | $ | 78 | $ | 87 | $ | 412 | $ | 432 | |||||||
| Interest, taxes and depreciation and amortization | 235 | 239 | 931 | 940 | |||||||||||
| EBITDA | $ | 312 | $ | 326 | $ | 1,342 | $ | 1,372 | |||||||
| Stock-based compensation, mergers, acquisitions divestitures and business optimization-related expenses and other adjustments1 | 85 | 85 | 238 | 238 | |||||||||||
| Adjusted EBITDA | $ | 397 | $ | 411 | $ | 1,580 | $ | 1,610 | |||||||
| Net income attributable to TransUnion margin | 7.0 | % | 7.7 | % | 9.3 | % | 9.7 | % | |||||||
| Consolidated Adjusted EBITDA margin2 | 35.6 | % | 36.2 | % | 35.7 | % | 36.0 | % | |||||||
| Guidance reconciliation of Diluted earnings per share to Adjusted Diluted Earnings per Share: | |||||||||||||||
| Diluted earnings per share | $ | 0.39 | $ | 0.44 | $ | 2.07 | $ | 2.18 | |||||||
| Adjustments to diluted earnings per share1 | 0.60 | 0.60 | 1.96 | 1.96 | |||||||||||
| Adjusted Diluted Earnings per Share | $ | 0.99 | $ | 1.04 | $ | 4.03 | $ | 4.14 | |||||||
As a result of displaying amounts in millions, rounding differences may exist in the table above.