Category: Europe

MIL-OSI United Kingdom: Jersey resident jailed for importing thousands of Ecstasy tablets via the post31 July 2025 A man has been sentenced in the Royal Court today in relation to the importation of a commercial quantity of Class A drugs in 2023. In April 2023, a parcel was sent via international post from Germany… Read more

Source: Channel Islands – Jersey

31 July 2025

A man has been sentenced in the Royal Court today in relation to the importation of a commercial quantity of Class A drugs in 2023.

In April 2023, a parcel was sent via international post from Germany addressed to Michael Veloso at his business address in St Saviour. During a subsequent examination of the parcel by Jersey Customs & Immigration Service, JCIS, Officers, over 5,500 tablets were found in foil packets within the parcel.

Closer examination revealed there were 4,628 MDMA or Ecstasy tablets and 925 2C-B tablets. Both are Class A drugs, 2C-B is a synthetic drug similar to MDMA and has similar effects to MDMA.

JCIS Officers arrested and interviewed Veloso, he initially denied any involvement or knowledge of the importation. JCIS Officers undertook extensive investigation into the case and Veloso later admitted being knowingly concerned in the importation.

The maximum street value of these tablets is £167,000. Veloso was sentenced today to six years in prison.

JCIS Senior Manager Luke Goddard said: “This is a very large seizure of Class A drugs by anyone’s standard and had the potential to cause serious harm to users. Diligent work by JCIS Border Officers and their meticulous investigation has resulted in the successful prosecution of the intended recipient who otherwise would have profited from their drug trafficking activity.

“This seizure demonstrates the ongoing efforts by JCIS to seize dangerous drugs at the border, convict those responsible and disrupt the syndicates trying to profit from drug trafficking.”

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

MIL OSI United Kingdom –

August 5, 2025
MIL-OSI United Kingdom: Talks are to be held to bring back the successful Tall Ships Races

Source: Scotland – City of Aberdeen

Negotiations are to start with the organisers of the Tall Ships Races to bring the event back to Aberdeen after its success last weekend.

The event, which returned to Aberdeen after 28 years, brought more than 400,000 visits and was hailed by local businesses for increasing turnover.

A special meeting of Aberdeen City Council’s Finance and Resources Committee today agreed a joint motion to engage with Sail Training International on the options to bring back the event, working with the Port of Aberdeen and Aberdeen Inspired.

Committee convener Councillor Alex McLellan said: “The Tall Ships Races was a huge success for Aberdeen bringing in people from far and wide to enjoy everything our city had to offer.”

“Aberdeen City Council is committed to working with partners to see the Tall Ships return in the not-too-distant future.”

Councillor Martin Greig, Chair of Aberdeen’s Tall Ships Committee, said: “The Tall Ships visit was a massive, historic celebration for everyone in the city. People of all ages joined in the amazing opportunities to meet visitors from around the world, find out about the ships and enjoy the music and entertainment. It is important to express sincere thanks to the staff, volunteers, businesses and especially the young people who made this event such a success. Their enthusiasm and commitment turned this into a genuine community festival for all to enjoy. Their contribution is truly appreciated.”

The committee also noted an evaluation report is being prepared to allow partners to fully understand the positive impact the Tall Ships has had on Aberdeen. This report will be prepared for November’s Finance and Resources Committee.

MIL OSI United Kingdom –

August 5, 2025
MIL-OSI United Kingdom: The need for specialist foster carers
Source: City of Derby

Understanding the need for specialist foster care

In England, as of 31 March 2024, there were over 83,000 children in care, a number that has steadily increased over the past decade (Department for Education, 2024). While many children thrive in general foster placements, a significant proportion require specialist care due to complex emotional, behavioural, or psychological needs. These young people may have experienced trauma, abuse, neglect, or multiple placement breakdowns.

Specialist foster care provides a structured, therapeutic environment for these children and young people, helping them begin to recover and build a positive future. It is a tailored approach that demands more intensive training and support for carers, but also offers greater impact.

Case study: Jordan’s Story

Jordan is 15 years old. He loves science fiction and is fascinated by technology and space exploration. But behind his bright curiosity is a young person who has faced trauma and disrupted attachments. Jordan has difficulty trusting adults and managing his emotions, which has led to several failed placements.

Yet, in the right environment, one that is safe, consistent, and understanding Jordan begins to open up. He becomes more confident at school, engages in hobbies, and starts building meaningful relationships.

Jordan’s story illustrates what many children in care need not just a home, but a specialist foster placement that supports healing and personal growth.

(The above is a representation of a young person in foster care)

What is specialist fostering?

Specialist fostering is designed for children and young people with more complex needs who may not be suited to standard foster care. These placements require carers with advanced training and the emotional resilience to manage challenging behaviours, trauma responses, or mental health issues.

Key features of specialist fostering include:
- Therapeutic care models and trauma-informed approaches
- Enhanced financial allowances reflecting the intensity of care required
- Access to professional supervision and ongoing training
- Close collaboration with social workers, therapists, and education professionals
Specialist carers often come from backgrounds in health, education, social care, or emergency services, but individuals from all walks of life who are emotionally mature, patient, and motivated can be successful.

The impact of specialist foster care

Specialist foster care can have a profound and measurable impact on the lives of children and young people with complex needs.

Young people in specialist foster care often experience:
- Fewer school exclusions, indicating improved behaviour and engagement in education
- Better emotional regulation, supported by consistent routines and therapeutic approaches
- Greater placement stability, with fewer breakdowns compared to standard foster placements
- Improved long-term mental health, including reduced anxiety and trauma-related symptoms over time
In addition to the positive outcomes for young people, specialist carers frequently report a stronger sense of purpose and job satisfaction. Many describe the role as demanding but deeply rewarding, especially as they witness meaningful changes in a child’s wellbeing, confidence, and ability to form healthy relationships.

Specialist fostering isn’t easy, but it is critically important. It offers a second chance for young people like Jordan to thrive, academically, emotionally, and socially. With the right support, foster carers can provide life-changing stability and make a lasting difference.

If you believe you have the capacity to offer consistent care and emotional support to a vulnerable young person, specialist fostering could be a meaningful path for you.

How to learn more or get involved

Foster for East Midlands Councils is actively recruiting specialist foster carers, and our recruitment team are here to talk through the process and support anyone interested in finding our more. Call 03033 132 950, email hello@fosterforeastmidlands.org.uk or visit Foster for East Midlands Councils specialist carers web page.

Throughout August, September, and October, the team are hosting a number of foster information events. These sessions are open to anyone interested in fostering and provide opportunities to speak with fostering professionals and ask questions. The sessions are available online using Zoom or come along and meet us in person.

To register or find out more, visit the Foster for East Midlands Councils web page.

Online Events (via Zoom):
- Thursday 7 August, 6:30pm–7:30pm
- Wednesday 20 August, 12:00pm–1:00pm
- Tuesday 9 September, 6:30pm–7:30pm
- Thursday 25 September, 12:00pm–1:00pm
- Wednesday 8 October, 6:30pm–7:30pm
- Tuesday 21 October, 12:00pm–1:00pm
In-Person Events:
- Wednesday 17 September, 6pm–8pm, The Pride Shop, Nottingham, LGBTQ+ event
- Sunday 28 September, 12pm–4pm, Chesterfield FC Community Trust – this is a drop in session, so just call in at any point during this time.
- Tuesday 30 September, 6pm–8pm, Curzon Street, Derby, LGBTQ+ event
- Wednesday 29 October, 6:30pm–7:30pm, Tesco Bulwell, Nottingham
Visit the website for future events, more dates added each month.
MIL OSI United Kingdom –
August 5, 2025
MIL-OSI United Kingdom: Penalty issued for breach of Russia Sanctions
Source: United Kingdom – Government Statements

Press release

Penalty issued for breach of Russia Sanctions

The Office of Financial Sanctions Implementation (OFSI) has imposed a £300,000 monetary penalty against Markom Management Limited (MML)
The Office of Financial Sanctions Implementation (OFSI) has imposed a £300,000 monetary penalty against Markom Management Limited (MML) for a breach of UK financial sanctions imposed against Russia following the 2014 annexation of Crimea.

The breach relates to MML’s involvement in the making of a payment of £416,590.92 to a designated person, who remains subject to an asset freeze under current Russia sanctions. This payment was in breach of the UK sanctions in force at the time in response to Russia’s annexation of Crimea.

MML gave instructions to make the payment from another company’s bank account with the knowledge that the recipient was a designated person, showing a disregard for proper sanctions and failure to have in place adequate compliance and controls procedures.

As a result of this breach, OFSI imposed a penalty of £300,000 on MML.

The imposition of this penalty highlights some key lessons for industry. All firms, regardless of their size, should take appropriate steps to understand and address their exposure to sanctions risks; have adequate sanctions processes to ensure compliance including to promptly identify as well as report suspected breaches of financial sanctions to OFSI; and be alert to the risks of making payments in haste.

The UK considers financial sanctions to be a vital foreign policy tool. They remain central to the UK’s efforts to hold Russia to account, place Ukraine on the strongest footing possible, and deter malign activity around the world.

To date western sanctions have resulted in Russia’s oil and gas revenues falling every year since 2022 – losing over a third of its value in three years. Sanctions and the cost of Putin’s barbaric war are causing the Russian economy to stall – with the wealth fund hollowed out, inflation rising and government spend on defence and security spiralling. 

This case is the latest in a series of monetary penalties announced over the past year. The UK will continue to prioritise sanctions enforcement, through public actions, such as monetary penalties, as well as actions which are not made public, such as warning letters and referrals to partner agencies and regulators.

On the 22 July, OFSI launched a consultation on proposed changes aiming to improve the effectiveness of its enforcement processes. These proposals, if implemented, will double the value of penalties for the worst sanctions breaches, and potentially speed up the resolution of certain penalty cases.

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Published 31 July 2025
MIL OSI United Kingdom –
August 5, 2025
MIL-OSI Russia: Russian and Syrian Foreign Ministers Discuss Bilateral Relations

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

Moscow, July 31 /Xinhua/ — Moscow and Damascus discussed bilateral relations and agreed to maintain regular political dialogue, the Russian Foreign Ministry said in a statement following talks between Russian Foreign Minister Sergey Lavrov and Syrian Foreign Minister Asaad al-Shibani.

“During the conversation, issues of developing Russian-Syrian relations were discussed, including maintaining regular political dialogue and establishing bilateral practical cooperation in various areas,” the Russian Foreign Ministry said in a statement published on the agency’s website.

The Russian side “emphasized the importance of resolving all problems on the domestic agenda by the Syrians themselves through a broad dialogue aimed at strengthening civil peace and national harmony, ensuring the protection of rights and taking into account the interests of all representatives of the multi-confessional Syrian society.”

During the talks, as noted in the statement by the Russian Foreign Ministry, “a common position was expressed in favor of intensifying collective efforts in the interests of achieving sustainable stabilization of the situation” in the Middle East and North Africa.

At a joint press conference following the talks, S. Lavrov said that the parties had agreed to conduct an “inventory of all existing agreements.” According to him, this process should be put on a regular basis. –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.

.

MIL OSI Russia News –

August 5, 2025
MIL-OSI Russia: President of Kyrgyzstan meets with Uzbek Foreign Minister

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

BISHKEK, July 31 (Xinhua) — Kyrgyz President Sadyr Japarov met with Uzbek Foreign Minister Bakhtiyor Saidov in Cholpon-Ata, Issyk-Kul region, on Thursday, the press service of the Kyrgyz president reported.

During the meeting, issues of bilateral cooperation in all key areas, including economics, investment and culture, were discussed. Particular attention was paid to interaction within the framework of joint projects for the construction of the Kambarata HPP-1 and the China-Kyrgyzstan-Uzbekistan railway.

S. Japarov emphasized that the official visit of the head of the Foreign Ministry of Uzbekistan is yet another clear proof of the high level of strategic partnership and fraternal relations between the two countries.

B. Saidov, in turn, conveyed greetings and best wishes to S. Japarov from the President of Uzbekistan Shavkat Mirziyoyev, and also confirmed his readiness to make every effort to implement the tasks set by the presidents of the two countries. –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.

.

MIL OSI Russia News –

August 5, 2025

MIL-OSI: Coface SA: Coface confirms its good start to the year and continues its strategic investments. Annualised return on tangible equity at 12.6%

Source: GlobeNewswire (MIL-OSI)

Coface confirms its good start to the year and continues its strategic investments. Annualised return on tangible equity at 12.6%

Paris, 31 July 2025 – 5.35 p.m.

Turnover: €937m, up +2.3% at constant FX and perimeter
- Trade Credit Insurance revenue up +1.7%; client activity up +1.8%
- Client retention back up at near-record (94.0% vs. 92.8% in H1-24); pricing remained negative
  (-1.6%), in line with historical trends
- Business Information growing again double-digit (+14.7% at constant FX); Debt Collection up +35.0%; Factoring down slightly by -1.5% due to lower interest rates
Net loss ratio at 40.1%, up 5.1 ppts; net combined ratio at 71.3%, up 7.9 ppts
- Gross loss ratio at 37.8%, up 5.3 ppts year-on-year but improving slightly in Q2-25 relative to the previous quarter, showing good risk control
- Net cost ratio up 2.8 ppts at 31.2%, reflecting past inflation as well as continued investments
Coface continues to strengthen its credit insurance business and is rolling out its data strategy:
- Strengthening governance with the appointment of Joerg Diewald as Director of Information Services and Partnerships and Thibault Surer as head of a new technology division focused on data, connectivity and product innovation
- Creation of a new Lloyd’s syndicate allowing Coface to offer AA solutions to its clients
- Acquisition of Cedar Rose and Novertur International
Net income (Group share) at €124.2m, down 12.7% compared with the record set in H1-24. Annualised RoATE¹at 12.6%
Estimated solvency ratio of 195%², above the target range (155% – 175%)

Unless otherwise indicated, changes are expressed by comparison with the results as at 30 June 2024.

Commenting, Xavier Durand, CEO of Coface, said:
“Coface generated net income of €62m in Q2-25, down from a record Q2-24. The number of bankruptcies worldwide has continued to rise steadily and is now well above pre-COVID levels. Through constant vigilance and flawless execution, we have contained the increase in the loss experience, with the uncertainties created by the increase in tariffs in the United States having probably yet to fully materialise.
However, our revenues are growing, both in credit insurance and services. This growth is being driven by our investments, which have brought new business to a record level in insurance and services.
These deliberate investments strengthen our distribution capabilities, the range of products and services available to our clients, and our risk analysis tools. Since the beginning of the year, we have made two acquisitions in information services, Cedar Rose and Novertur. We have also announced the launch of a Lloyd’s syndicate to offer AA solutions to some of our clients.
Lastly, our solvency ratio remains high, at 195%.”

Key figures at 30 June 2025

The Board of Directors of COFACE SA examined the consolidated financial statements at 30 June 2025 at its meeting of 31 July 2025. These statements were also previously reviewed by the Audit Committee at its meeting of 30 July 2025. These interim consolidated financial statements have been subject to limited review by the Statutory Auditors. The limited review report is being issued.

Income statement items in €m	H1-24	H1-25	Variation	% ex FX*
Insurance revenue	754.3	760.0	+0.8%	+1.7%
Other revenues	168.5	176.6	+4.9%	+4.8%
REVENUE	922.7	936.6	+1.5%	+2.3%
UNDERWRITING INCOME (LOSS) NET OF REINSURANCE	195.0	153.6	(21.2)%	(20.3)%
Investment income, net of management expenses,excluding finance costs	40.8	26.3	(35.4)%	(36.0)%
Insurance finance expenses	(18.1)	6.7	(137.1)%	(130.8)%
CURRENT OPERATING INCOME	217.7	186.6	(14.3)%	(14.1)%
Other operating income and expenses	(0.5)	(0.6)	+21.8%	+12.2%
OPERATING INCOME	217.2	186.0	(14.4)%	(14.2)%
NET INCOME (GROUP SHARE)	142.3	124.2	(12.7)%	(12.7)%

Key ratios	H1-24	H1-25	Variation
Loss ratio after reinsurance	35.0%	40.1%	5.1	ppts
Cost ratio after reinsurance	28.4%	31.2%	2.8	ppts
COMBINED RATIO AFTER REINSURANCE	63.4%	71.3%	7.9	ppts

Balance sheet items in €m	2024	H1-25	Variation
Total equity (Group share)	2,193.6	2,098,0	(4.4)%
	H1-24	H1-25
Solvency ratio	195%¹	195%¹	0	ppt

* Excluding scope effect.
¹This estimated solvency ratio is a preliminary calculation made according to Coface’s interpretation of Solvency II regulations and using the Partial Internal Model. The final calculation may differ from this preliminary calculation. The estimated solvency ratio is not audited.

1. Revenue

Coface posted consolidated turnover of €937m in the first half of 2025, up +2.3% at constant FX and perimeter compared with H1-24. On a reported basis (at current FX and perimeter), turnover was up +1.5%.

Revenues from insurance activities (including Bonding and Single Risk) increased +1.7% at constant FX and perimeter, benefiting from a slight increase in client activity and the return to a record retention level at 94.0%. New business reached €76m, the highest since H1-20, driven by an increase in demand and benefiting from growth investments made by Coface.

Growth in client activity had a positive impact of +1.8% in H1-25 against a backdrop of extreme political uncertainty, particularly in terms of tariffs, and modest economic growth. The price effect remained negative at -1.6% in H1-25, in line with long-term trends. This decrease is largely explained by a very low past loss experience, offset by today’s return to normal.

Turnover from non-insurance activities was up +8.2% compared with H1-24. Factoring turnover fell -1.5% in H1-25 and -2.2% in Q2 25 on lower interest rates and weak client activity in Germany and Poland. Information services turnover continued to post double-digit growth, at +14.7%. Debt Collection commissions increased, from a still modest base, by +35% due to the increase in claims to be collected. Fee and commission were up +2.3%.

Total revenue in €m (by invoicing region)	H1-24	H1-25	Variation	% ex FX³
Northern Europe	185.0	185.2	+0.1%	+0.1%
Western Europe	187.6	191.6	+2.1%	+1.0%
Central and Eastern Europe	87.0	83.9	(3.5)%	(3.8)%
Mediterranean & Africa	276.0	280.2	+1.5%	+3.0%
North America	88.7	87.7	(1.2)%	+2.0%
Latin America	38.2	41.5	+8.6%	+17.5%
Asia-Pacific	60.2	66.5	+10.5%	+9.5%
Total Group	922.7	936.6	+1.5%	+2.3%

In the Northern Europe region, turnover was up +0.1% at constant and current FX. The credit insurance business benefited from robust new business and a high retention rate. Factoring turnover was down -1.6%.

In Western Europe, turnover rose +1.0% at constant FX (2.1% at current FX) on solid sales performances in services (+27%) and credit insurance, offsetting the loss of a contract with a financial institution.

In Central and Eastern Europe, turnover was down -3.8% at constant FX (-3.5% at current FX) but improved significantly compared with the previous quarter (-6.9%). Credit insurance was negatively impacted by a non-recurring effect recorded in 2024, as well as the transfer of a major contract to the Asia-Pacific region.

In the Mediterranean & Africa region, which is driven by Italy and Spain, turnover increased +3.0% at constant FX and +1.5% at current FX, the result of a high retention rate and a more dynamic economy overall.

In North America, turnover rose +2.0% at constant FX (-1.2% on a reported basis). The region is benefiting from an improvement in new business. Reported figures have been adversely affected by the sharp fall in the US dollar since the beginning of the year.

In Latin America, turnover was up +17.5% at constant FX and +8.6% at current FX. The region is benefiting from the persistently high level of local inflation, which is benefiting client activity.

Turnover in the Asia-Pacific region was up +9.5% at constant FX and +10.5% at current FX, driven by a high retention rate, a rebound in client activity, and the transfer of a client from another region.

2. Result

Combined ratio

The combined ratio after reinsurance stood at 71.3% in H1-25 (up 7.9 ppts year on year) and 74.0% in Q2-25, reaching a level close to the cycle average.

(i) Loss ratio

The gross loss ratio stood at 37.8%, up 5.3 ppts year-on-year. This increase reflects the return to normal of the loss experience, offset by the reserve releases, which remain at a high level. The number of mid-sized claims increased but remains below long-term trends.

The Group’s reserving policy remained unchanged. The amount of provisions related to the underwriting year, although discounted, remained in line with the historical average. The rigorous management of past claims enabled the Group to record 41.0 ppts of recoveries.

The net loss ratio increased to 40.1%, up 5.1 ppts compared with H1-24, but close to the level reached in H1-23 (40.3%), in today’s more difficult economic environment.

(ii) Cost ratio

Coface is pursuing its strict cost management policy while maintaining its investments, in accordance with the Power the Core strategic plan. Costs were up +7.0% in H1-25 at constant FX and perimeter and +6.3% at current FX.

The cost ratio before reinsurance stood at 34.6% in H1-25, up 2.0 ppts year on year. This increase mainly resulted from cost inflation (0.6 ppt) as well as continued investments (2.3 ppts). Conversely, the improved product mix (information services, debt collection and fee and commission income) had a positive effect of -0.9 ppt. The trend in reinsurance commissions explains the remainder of the variation.

Financial income

Income from financial investments was +€26.3m in the first half of the year. The total includes an FX effect of -€17.0m on financial assets, owing to the sharp fall in the dollar against the euro, as well as a negative impact of the application of IAS 29 (hyperinflation) in Turkey of -€6.7m.

The portfolio’s current income (i.e. excluding capital gains, depreciation and FX) was €52.1m. The accounting yield⁴, excluding capital gains and fair value effect, was 1.6% in H1-25. The yield on new investments was 3.7%.

Insurance finance expenses (IFE) were positive at €6.7m in H1-25. They include a significant FX gain (+€23.1m) on technical liabilities, which reflects the expense recorded on assets and partially on net loss.

Operating income and net income

Operating income totalled €186.0m in H1-25, down 14.4%, approaching the level reached in H1-23.

The effective tax rate in H1-25 was 25% (vs. 27% in H1-24).

Overall, net income (Group share) was €124.2m, down 12.7% compared with H1-24, slightly below the result in H1-23 (€128.8m) in a more difficult economic environment.

3. Shareholders’ equity

At 30 June 2025, Group shareholders’ equity was €2,098.0m, down €95.6m or -4.4% (€2,193.6m at 31 December 2024).

The change is mainly due to positive net income of €124.2m, the dividend payment of -€209m, and the increase in unrealised capital gains (€21.9m).

The annualised return on average tangible equity (RoATE) was 12.6% at 30 June 2025, down compared with the previous year, in line with the decline in net income.

The solvency ratio stood at 195%⁵, stable compared with H1-24. It remains well above the Group’s target range (155%-175%).

4. Outlook

The second quarter of 2025 was marked by the continued increase in tariffs announced by the United States. The US administration’s announcements of sharp increases alternated with deferments of varying duration and the signing of a few bilateral agreements. As things stand today, tariffs on imports from Europe should reach 15%.

Some tariffs (automotive, metals) have already come into force and have had direct negative consequences on the trade flows of the goods concerned. Conversely, announcements of deferred tariffs triggered advance purchases, bolstering economic activity. Lastly, extreme uncertainty as to the final outcome of the tariff issue have led to a postponement of investments as well as the redirection of Chinese exports, particularly towards markets deemed more stable.

This highly uncertain environment is impacting global trade and the health of companies in markedly different ways. During the second quarter, Coface downgraded the ratings of 23 sectors and 4 countries. Persistent inflationary pressures are preventing central banks from cutting rates for now. Demand is being supported solely by the maintenance of high public deficits and the continuation of an extremely strong investment cycle to foster the development of AI technology.

Business failures have increased in 80% of advanced economies and are now at a decade high, 20% to 25% higher than in 2019.

Coface’s expertise in risk management and services (information services, debt collection) is more relevant than ever in this context of rapid change. The company is resolutely pursuing its investments while they weigh on the cost ratio in the short term. Since the beginning of the year, Coface has announced two acquisitions (Cedar Rose and Novertur) as well as the creation of a Lloyd’s syndicate and a technology division.

Conference call for financial analysts

Coface’s H1-2025 results will be discussed with financial analysts during the conference call that will take place on Thursday 31 July at 6.00 p.m. (Paris time). It will be accessible:

The presentation will be available (in English only) at the following address:
http://www.coface.com/fr/Investisseurs/Résultats-et-rapports-financiers

Appendices

Quarterly results

Income statement items in €m Quarterly figures	Q1-24	Q2-24	Q3-24	Q4-24	Q1-25	Q2-25	%	% ex. FX*
Insurance revenue	378.6	375.6	375.9	382.7	382.9	377.1	+0.4%	+2.3%
Other revenues	85.0	83.4	78.0	85.5	90.3	86.3	+3.5%	+4.2%
REVENUE	463.7	459.1	453.8	468.3	473.2	463.4	+0.9%	+2.6%
UNDERWRITING INCOME (LOSS) AFTER REINSURANCE	100.3	94.7	88.8	84.9	85.4	68.2	(27.9)%	(25.5)%
Investment income, net of management expenses, excluding finance costs	17.9	22.8	19.0	31.9	10.4	15.9	(30.3)%	(29.5)%
Insurance finance expenses	(11.4)	(6.7)	(7.3)	(17.1)	(4.1)	10.8	(262.8)%	(249.1)%
CURRENT OPERATING INCOME	106.8	110.9	100.5	99.7	91.6	95.0	(14.3)%	(12.9)%
Other operating income and expenses	(0.1)	(0.5)	(2.6)	(5.5)	(0.4)	(0.3)	(43.9)%	(48.0)%
OPERATING INCOME	106.8	110.4	97.9	94.2	91.2	94.7	(14.2)%	(12.7)%
NET INCOME (GROUP SHARE)	68.4	73.8	65.4	53.4	62.1	62.1	(15.9)%	(14.7)%
Income tax rate	27.2%	26.8%	25.5%	36.2%	23.0%	26.3%	(0,5) ppt

Cumulated results

Income statement items in €m Cumulated figures	Q1-24	H1-24	9M-24	FY-24	Q1-25	H1-25	%	% ex. FX*
Insurance revenue	378.6	754.3	1,130.2	1,512.9	382.9	760.0	+0.8%	+1.7%
Other revenues	85.0	168.5	246.4	331.9	90.3	176.6	+4.9%	+4.8%
TURNOVER	463.7	922.7	1,376.6	1,844.8	473.2	936.6	+1.5%	+2.3%
UNDERWRITING INCOME (LOSS) AFTER REINSURANCE	100.3	195.0	283.8	368.7	85.4	153.6	(21.2)%	(20.3)%
Investment income, net of management expenses, excluding finance costs	17.9	40.8	59.8	91.7	10.4	26.3	(35.4)%	(36.0)%
Insurance finance expenses	(11.4)	(18.1)	(25.4)	(42.5)	(4.1)	6.7	(137.1)%	(130.8)%
CURRENT OPERATING INCOME	106.8	217.7	318.2	417.9	91.6	186.6	(14.3)%	(14.1)%
Other operating income and expenses	(0.1)	(0.5)	(3.1)	(8.6)	(0.4)	(0.6)	+21.8%	+12.2%
OPERATING INCOME	106.8	217.2	315.1	409.2	91.2	186.0	(14.4)%	(14.2)%
NET INCOME (GROUP SHARE)	68.4	142.3	207.7	261.1	62.1	124.2	(12.7)%	(12.7)%
Income tax rate	27.2%	27.0%	26.5%	28.7%	23.0%	24.7%	(2,3) ppt

* Excluding scope effect.

CONTACTS

INVESTOR/ANALYST RELATIONS
Thomas Jacquet: +33 1 49 02 12 58 – thomas.jacquet@coface.com
Rina Andriamiadantsoa: +33 1 49 02 15 85 – rina.andriamiadantsoa@coface.com

MEDIA RELATIONS
Saphia Gaouaoui: +33 1 49 02 14 91 – saphia.gaouaoui@coface.com
Adrien Billet: +33 1 49 02 23 63 – adrien.billet@coface.com

FINANCIAL CALENDAR 2025
(subject to change)
9M-2025 results: 3 November 2025, after market close

FINANCIAL INFORMATION
This press release, as well as all of COFACE SA’s regulated information, can be found on the Group’s website: https://www.coface.com/investors

For regulated information on Alternative Performance Indicators (APMs), please refer to our Interim Financial Report for H1-2025 and our 2024 Universal Registration Document (see 3.7 “Key financial performance indicators”).

Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust.
You can check the authenticity on the website www.wiztrust.com.

COFACE: FOR TRADE
As a global leading player in trade credit risk management for almost 80 years, Coface helps companies grow and navigate in an uncertain and volatile environment.
Whatever their size, location or sector, Coface provides 100,000 clients across some 200 markets. with a full range of solutions: Trade Credit Insurance, Business Information, Debt Collection, Single Risk insurance, Surety Bonds, Factoring.
Every day, Coface leverages its unique expertise and cutting-edge technology to make trade happen, in both domestic and export markets.
In 2024, Coface employed +5,200 people and recorded a turnover of ~€1.845 billion.

www.coface.com

COFACE SA is listed on Compartment A of Euronext Paris
ISIN: FR0010667147 / Ticker: COFA

DISCLAIMER – Certain statements in this press release may contain forecasts that notably relate to future events, trends, projects or targets. By nature, these forecasts include identified or unidentified risks and uncertainties, and they may be affected by many factors likely to give rise to a significant discrepancy between the real results and those stated in these statements. Please refer to chapter 5 “Main risk factors and their management within the Group” of the Coface Group’s 2024 Universal Registration Document filed with AMF on 3 April 2025 under the number D.25-0227 to obtain a description of certain major factors, risks and uncertainties likely to influence the Coface Group’s businesses. The Coface Group disclaims any intention or obligation to publish an update of these forecasts or to provide new information on future events or any other circumstance.

1 RoATE = Return on average tangible equity.
2 This estimated solvency ratio is a preliminary calculation made according to Coface’s interpretation of Solvency II regulations and using the Partial Internal Model. The final calculation may differ from this preliminary calculation. The estimated solvency ratio is not audited.
3 Excluding scope effect.
4 Book yield calculated on the average of the investment portfolio excluding non-consolidated investments.
5 This estimated solvency ratio is a preliminary calculation made according to Coface’s interpretation of Solvency II regulations and using the Partial Internal Model. The final calculation may differ from this preliminary calculation. The estimated solvency ratio is not audited.

Attachment

2025 07 31 COFACE SA – PR results H1-2025

The MIL Network –

August 5, 2025

MIL-OSI: Coface SA: 2025 half-year financial report available

Source: GlobeNewswire (MIL-OSI)

2025 half-year financial report available

Paris, 31 July 2025 – 17.35

Coface announces today that its half-year financial report for 2025 is now available and was filed with the French financial market authority (Autorité des marchés financiers – AMF).

This report is also on Coface website in “Investor Relations” section (Investor Resources – Coface Group Financial Reports | Coface).

Copies are available, free of charge and on request by writing to the Company at 1 place Costes et Bellonte, 92270 Bois-Colombes, France.

The present press release and the full regulated information concerning COFACE SA are available on the Group’s website Financial press releases & Publication announcements | Coface.

CONTACTS

ANALYSTS / INVESTORS
Thomas JACQUET: +33 1 49 02 12 58 – thomas.jacquet@coface.com
Rina ANDRIAMIADANTSOA: +33 1 49 02 15 85 – rina.andriamiadantsoa@coface.com

MEDIA RELATIONS
Saphia GAOUAOUI: +33 1 49 02 14 91 – saphia.gaouaoui@coface.com
Adrien BILLET: +33 1 49 02 23 63 – adrien.billet@coface.com

FINANCIAL CALENDAR 2025
(subject to change)
9M-2025 results: 3 November 2025 (after market close)

FINANCIAL INFORMATION
This press release, as well as COFACE SA’s integral regulatory information, can be found on the Group’s website: http://www.coface.com/Investors

For regulated information on Alternative Performance Measures (APM), please refer to our Interim Financial Report for H1-2025 and our 2024 Universal Registration Document (see part 3.7 “Key financial performance indicators”).

Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust.
You can check the authenticity on the website www.wiztrust.com.

www.coface.com

COFACE SA is listed in Compartment A of Euronext Paris
ISIN: FR0010667147 / Ticker: COFA

DISCLAIMER – Certain declarations featured in this press release may contain forecasts that notably relate to future events, trends, projects or targets. By nature, these forecasts include identified or unidentified risks and uncertainties, and may be affected by many factors likely to give rise to a significant discrepancy between the real results and those stated in these declarations. Please refer to chapter 5 “Main risk factors and their management within the Group” of the Coface Group’s 2024 Universal Registration Document filed with AMF on 5 April 2025 under the number D.25-0227 in order to obtain a description of certain major factors, risks and uncertainties likely to influence the Coface Group’s businesses. The Coface Group disclaims any intention or obligation to publish an update of these forecasts, or provide new information on future events or any other circumstance.

Attachment

2025 07 31 COFACE SA – PR Interim Financial Report H1-2025

The MIL Network –

August 5, 2025

MIL-OSI: 2025 second-quarter results Solid performance amid a volatile environment Annual Net Cash Flow objective reaffirmed

Source: GlobeNewswire (MIL-OSI)

Paris (France), July 31, 2025

2025 second-quarter results
Solid performance amid a volatile environment
Annual Net Cash Flow objective reaffirmed

Segment revenue of $274m in Q2 2025, up +6% year-on-year, fueled by Geoscience (GEO) and Sensing & Monitoring (SMO)
Segment adjusted EBITDAs of $107m in Q2 2025 (+14% year-on-year) or 39% margin (c.+270 bps). Profitability increase mostly driven by: 1/ the end of vessel penalties at EDA in January 2025 and 2/ good progress on the restructuring plan at SMO
Net Cash Flow generation of $30m in Q2 2025
Bond maturity extended to October 2030 after end-March 2025 successful refinancing, $125m available RCF¹
2025 financial objectives reaffirmed

Sophie Zurquiyah, Chair and CEO of Viridien: “Viridien delivered a solid performance in the second quarter of 2025. Despite a volatile environment, the Group demonstrated resilience, driven by its primary focus on offshore markets and on leading oil companies. Combined with ongoing internal performance improvements, this resulted in robust year-on-year growth in both segment revenue and margins. From a cash perspective, Viridien generated a solid $30 m in Net Cash Flow during the quarter, reinforcing our confidence in reaching our full-year target of $100 m. The combination of a healthy Geoscience backlog and expected licensing activity toward year-end supports our confidence in maintaining momentum on our deleveraging path.”

(in millions of $)²	Q2 2025	Q2 2024	Change (%)	H1 2025	H1 2024	Change (%)
Segment figures
Revenue	274	258	+6%	575	532	+8%
Adjusted EBITDAs	107	94	+14%	250	200	+25%
IFRS figures
Revenue	234	317	-26%	492	566	-13%
EBITDAs	68	150	-55%	167	230	-27%
Operating Income	15	52	-72%	71	72	-1%
Net Income	6	35	-83%	-22	32	n.a.
Net Cash Flow	30	-6	n.a.	10	24	-61%
Net Debt	997	941	+6%	997	941	+6%

KEY HIGHLIGHTS PER BUSINESS LINE³

Data, Digital and Energy Transition (DDE)

Segment revenue at $181 m in Q2 2025, up +3% year-on-year driven by Geoscience. New business opportunities are emerging in HPC, while low-carbon initiatives are slowing down due to delays in CCUS projects.

Geoscience (GEO)

Revenue at $115 m (+10%)
Solid performance mostly driven by work performed in Latin America and Middle East
For the past few years, Viridien has seen growing demand for advanced, high-quality, high-end subsurface imaging, especially in the US Gulf, Middle East, North Africa, and South America

Earth Data (EDA)

Revenue at $66 m (-8%), following a strong performance in the first quarter of 2025
New OBN projects started in Norway and the US Gulf

Segment adjusted EBITDAs reached $101 m, up +6% year-on-year, with a margin increase of c.+160 basis points. This performance reflects improving margins in Earth Data, which now fully benefits from the end of the vessel capacity agreement. EDA Cash EBITDA breakeven over the period.

Sensing and Monitoring (SMO)

Segment revenue at $93 m in Q2 2025, a solid +14% increase year-on-year. Activity is mostly driven by the Land segment, with strong deliveries of nodal system in South America and cabled systems in the MENA region, in particular. The Marine segment remains subdued. In New Businesses, Infrastructure monitoring is showing double-digit growth, while our Marlin Offshore Logistics solution achieved encouraging initial commercial success, with a contract signed with ONGC.

Segment adjusted EBITDAs stood at $13 m, more than double last year’s figure, reflecting both revenue growth and the gradual positive impact of ongoing restructuring actions. In margin terms, second-quarter EBITDA reached nearly 13.7%, representing a c.+620 bp improvement year-on-year.

Segment adjusted Operating income at $7 m vs -$2m in Q2 2024.

CONSOLIDATED IFRS FIGURES⁴

Profit & Loss

Consolidated IFRS revenue for the second quarter of 2025 came in at $234m, down -26% year-on-year. EBITDAs stood at $68m, down -55%.

IFRS Net Income reaches $6m, vs $35m in the second quarter of 2024, after accounting for -$53 m of leases and D&A, -$27m net cost of financial debt, +$12m other financial income linked to the partial capitalization of refinancing operation costs and partly offset by forex impacts, and +$6m of deferred tax assets.

(in millions of $)	Q2 2025	Q2 2024	*Change (%)*	H1 2025	H1 2024	*Change (%)*
€/$ exchange rate	*1.12*	*1.08*		*1.08*	*1.08*
Revenue	234	317	*-26%*	492	566	*-13%*
EBITDAs	68	150	*-55%*	167	230	*-27%*
Operating income	15	52	*-72%*	71	72	*-1%*
Equity from investment	-1	0	n.a.	-1	0	n.a.
Net cost of financial debt	-27	-25	+6%	-52	-49	+6%
Other financial income (loss)	12	-1	n.a.	-34	-1	n.s.
Income taxes	6	-8	n.a.	-7	-6	+32%
Net Income (loss) from continuing operations	5	19	*-74%*	-24	16	*n.a.*
Net Income (loss) from discontinued operations	1	16	-92%	2	16	-88%
Consolidated Net Income (loss)	6	35	*-83%*	-22	32	*n.a.*

Cash Flow and Net debt

Net Cash Flow of $10 m generated in the first half of 2025, including $30 m in the second quarter alone. A solid performance in light of the significant pressure on the Group’s working capital, caused by overdue receivables from Mexican National Oil Company PEMEX (c.$50 m as of June 30, 2025) and largely contributing to the negative -$46m change in working capital over the period.

Also worth noting that Net Cash Flow in the first half of 2024 included a one-off positive inflow of $38 m, related to the settlement of a litigation with ONGC.

(in millions of $)	Q2 2025	Q2 2024	*Change (%)*	H1 2025	H1 2024	*Change (%)*
Segment EBITDAs	108	91	+19%	250	196	+28%
Income Tax Paid	-4	-9	-52%	-8	-12	-31%
Change in Working Capital & Provisions	1	-3	n.a.	-46	-3	n.s.
Other Cash Items	-1	0	n.a.	-1	0	n.a.
Cash from Operating Activity	103	78	*+32%*	195	180	*+8%*
Total Capex	-58	-57	+1%	-119	-115	+3%
Acquisitions and Proceeds of Assets	1	0	n.a.	1	0	n.s.
Cash from Investing Activity	-56	-56	0%	-118	-114	*+3%*
Paid Cost of Debt	-1	-45	-97%	-40	-43	-8%
Lease Repayment	-16	-16	+5%	-26	-27	-5%
Cash from Financing Activity	-18	-61	*-71%*	-67	-71	*-6%*
Discontinued Operations Acquisitions	0	33	-100%	0	30	-100%
Net Cash Flow	30	-6	*n.a.*	10	24	*-60%*

Bond maturity significantly extended to October 2030 following the successful refinancing at end-March 2025.
Ample liquidity in place, including a $125m RCF⁵.

(in millions of $)	June 30, 2025	Dec. 31, 2024	*Change (%)*	June 30, 2024	*Change (%)*
Liquidity	262	392	-33%	430	-39%
Cash	162	302	-46%	340	-52%
Undrawn RCF	100	90	+11%	90	+11%
Gross Debt	1,158	1,223	-5%	1,281	-10%
Bonds	987⁶	1,049	-6%	1,126	-12%
Other borrowings	31	31	-1%	32	-3%
Accrued interests	25	18	+33%	20	+24%
Lease liabilities	116	125	-7%	103	+12%
Net Debt	997	921	+8%	941	+6%

OUTLOOK

The oil price environment has remained volatile in recent months but consistently above the $60/bbl threshold, generally considered an industry equilibrium level. In this context, Oil & Gas companies have maintained most of their exploration and development commitments, particularly in Viridien’s core segments.

Assuming no major disruption to the current environment, Viridien reaffirms its confidence in generating around $100m in Net Cash Flow for 2025, supported by:

Geoscience growth, driven by industry-leading technology and a strong backlog;
Earth Data late sales, expected to benefit from upcoming lease rounds, combined with disciplined new multi-client engagements;
Sensing & Monitoring, fueled by broad land activity.

***

Q2 2025 conference call details

The press release and presentation will be made available on www.viridiengroup.com at 5:45 p.m. (CET).

An English-language conference call is scheduled today at 6:00 p.m. (CET).

Participants must register for the conference call by clicking here to receive a dial-in number and PIN code. Participants may also join the live webcast by clicking here.

A replay of the conference call will be available starting the following day, for a period of 12 months, in audio format on the Company’s website www.viridiengroup.com.

Status of the statutory auditors’ procedures

The Board of Directors met on July 31, 2025, and closed the consolidated financial statements as of June 30, 2025. Limited review procedures were completed, and an unqualified opinion has been issued by the statutory auditors.

Next financial information

2025 third-quarter results: October 30, 2025 (after market close)

About Viridien

Viridien (www.viridiengroup.com) is an advanced technology, digital and Earth data company that pushes the boundaries of science for a more prosperous and sustainable future. With our ingenuity, drive and deep curiosity we discover new insights, innovations, and solutions that efficiently and responsibly resolve complex natural resources, digital, energy transition and infrastructure challenges. Viridien employs around 3,200 people worldwide and is listed as VIRI on the Euronext Paris SA (ISIN: FR001400PVN6).

Disclaimer

Certain information included in this press release is not historical data but forward-looking statements. These forward-looking statements are based on current beliefs and assumptions, including, but not limited to, assumptions about current and future business strategies and the environment in which Viridien operates, and involve known and unknown risks, uncertainties and other factors, which may cause actual results or performance, or the results or other events, to be materially different from those expressed or implied in such forward-looking statements. These risks and uncertainties include those discussed or identified in Chapter 2 “Risk Management and Internal Control” of the Universal Registration Document dated March 6, 2025, filed with the French Financial Markets Authority (AMF) under number D. 25-0075 and available on the Group’s website (www.viridiengroup.com) and on the AMF website (www.amffrance.org). These forward-looking statements and information are not guarantees of future performance. Forward-looking statements speak only as of the date of this press release. This press release does not contain or constitute an offer of securities or an invitation or inducement to invest in securities in France, the United States, or any other area.

Investors contact

VP Investor Relations and Corporate Finance
Alexandre Leroy
alexandre.leroy@viridiengroup.com
+33 6 85 18 44 31

APPENDICES

Quarterly statements are unaudited and not subject to any review. Only IFRS condensed interim consolidated financial statements were subject to a review report by statutory auditors.

Key Segment P&L figures

(in millions of $)	Q2 2025	Q2 2024	*Change (%)*	H1 2025	H1 2024	*Change (%)*
€/$ exchange rate	*1.12*	*1.08*		*1.08*	*1.08*
Segment Revenue	274	258	+6%	575	532	+8%
DDE	181	177	+3%	396	362	+9%
Geoscience	115	105	+10%	226	193	+17%
Earth Data	66	72	-8%	170	169	+1%
SMO	93	82	+14%	180	170	+6%
Land	57	29	+99%	108	74	+47%
Marine	21	42	-50%	46	75	-39%
Other	15	11	+36%	26	21	+20%
Segment EBITDAs	108	91	*+19%*	250	196	*+28%*
Adjusted Segment EBITDAs	107	94	*+14%*	250	200	*+25%*
DDE	101	96	+6%	238	199	+19%
SMO	13	6	+108%	27	16	+63%
Corporate and other	-7	-8	-15%	-15	-16	-8%
Segment Operating Income	22	26	*-16%*	87	53	*+63%*
Adjusted Segment Operating Income	21	29	*-28%*	86	57	*+50%*
DDE	21	39	-47%	87	74	+17%
SMO	7	-2	n.a.	15	0	n.s.
Corporate and other	-7	-8	-16%	-16	-17	-6%
EDA Cash EBITDA	0	10	*-100%*	39	44	*-11%*

Other KPIs

(in millions of $)	H1 2025	H1 2024	*Change (%)*
Geoscience Backlog	317	246	+29%
Total Capex	119	115	+3%
Earth Data Library Net Book Value⁷	508	440	+15%

Definition of Alternative Performance Indicators (API)

In its communications, Viridien includes Alternative Performance Indicators, the main ones being Segment Revenue, Segment EBITDAs, Adjusted Segment EBITDAs, and EDA Cash EBITDA. Their definitions are set out in the 2024 Universal Registration Document filed with the French Financial Markets Authority (AMF) and are reiterated below:

Segment revenue: Segment revenue is prepared in accordance with internal management reporting with Earth Data prefunding revenues recorded based upon percentage of completion.
Segment EBITDAs: Segment EBITDAs is defined as earnings before interest, tax, income from equity affiliates, depreciation, amortization net of amortization costs capitalized to Earth Data surveys, and cost of share-based compensation for employees and senior executives. The cost of share-based compensation includes the cost of stock options and allotments of performance shares. Segment EBITDAs is calculated based on internal management reporting, in which prefunding revenue from Earth Data surveys is recognized using the percentage of completion method.
Adjusted segment EBITDAs: Adjusted segment EBITDAs is Segment EBITDAs adjusted for non-recurring charges and gains.
EDA Cash EBITDA: EDA Cash EBITDA is defined as EDA (Earth Data) adjusted segment EBITDAs less investment in EDA surveys for the period, excluding inactivity compensation fees related to the vessel capacity agreement signed between Viridien and Shearwater. This indicator is used exclusively for the EDA activity.

Reconciliation of API with the condensed interim consolidated financial statements

The table below outlines the accounting adjustments made in accordance with IFRS 15⁸ requirements. Over the period, these adjustments primarily relate to major survey projects conducted by Earth Data in the US Gulf and Norway.

	Q2 2025			H1 2025
(in millions of $)	Segment	IFRS 15 adjustments	IFRS	Segment	IFRS 15 adjustments	IFRS
Revenue	274	-40	234	575	-83	492
EBITDAs	108	-40	68	250	-83	167
Adjustments	-1			0
Adjusted EBITDAs	107	-40	67	250	-83	167

Interim Consolidated Statement of Operations

(In millions of US$, except per share data)	H1 2025	H1 2024
Operating revenues	491.8	565.8
Other income from ordinary activities	0.1	0.1
Total income from ordinary activities	492.0	565.9
Cost of operations	(361.0)	(424.1)
Gross profit	131.0	141.8
Research and development expenses – net	(6.8)	(9.6)
Marketing and selling expenses	(16.4)	(19.0)
General and administrative expenses	(37.7)	(38.0)
Other revenues (expenses) – net	1.0	(3.6)
Operating Income (loss)	71.2	71.6
Cost of financial debt – gross	(55.2)	(55.1)
Income from cash and cash equivalents	2.9	5.8
Cost of financial debt – net	(52.3)	(49.3)
Other financial income (loss)	(34.4)	(0.8)
Income (loss) before income taxes and share of income (loss) from companies accounted for under the equity method	(15.4)	21.5
Income taxes	(7.4)	(5.6)
Income (loss) before share of income (loss) from companies accounted for under the equity method	(22.8)	15.9
Net income (loss) from companies accounted for under the equity method	(1.0)	0.0
Net income (loss) from continuing operations	(23.8)	15.9
Net income (loss) from discontinued operations	1.9	16.1
Consolidated net income (loss)	(21.9)	32.0
Attributable to:
Owners of Viridien SA	(22.3)	31.6
Non-controlling interests	0.4	0.4
Net income (loss) per share⁹
Basic	(3.12)	4.43
Diluted	(3.12)	4.41
Net income (loss) from continuing operations per share⁸
Basic	(3.38)	2.17
Diluted	(3.38)	2.16
Net income (loss) from discontinued operations per share⁸
Basic	0.26	2.25
Diluted	0.26	2.25

Interim Consolidated Statement of Financial Position

(In millions of US$)	June 30, 2025	Dec. 31, 2024
ASSETS
Cash and cash equivalents	161.6	301.7
Trade accounts and notes receivable, net	330.7	339.9
Inventories and work-in-progress, net	162.1	163.3
Income tax assets	10.2	22.9
Other current assets, net	78.8	74.0
Assets held for sale, net	28.3	24.5
Total current assets	771.7	926.2
Deferred tax assets	47.2	43.6
Other non-current assets, net	9.1	8.9
Investments and other financial assets, net	24.7	25.7
Investments in companies under the equity method	5.1	1.1
Property, plant and equipment, net	205.3	220.6
Intangible assets, net	589.3	535.4
Goodwill, net	1,092.8	1,082.8
Total non-current assets	1,973.5	1,918.1
TOTAL ASSETS	2,745.2	2,844.3
LIABILITIES AND EQUITY
Financial debt – current portion	63.1	56.9
Trade accounts and notes payables	113.6	120.9
Accrued payroll costs	82.5	84.5
Income taxes payable	12.1	20.4
Advance billings to customers	20.8	19.2
Provisions — current portion	17.1	19.7
Other current financial liabilities	0.0	0.5
Other current liabilities	218.5	182.5
Liabilities associated with non-current assets held for sale	2.3	2.4
Total current liabilities	530.0	507.0
Deferred tax liabilities	13.2	18.4
Provisions – non-current portion	33.1	28.8
Financial debt – non-current portion	1,095.3	1,165.6
Other non-current financial liabilities	0.0	0.0
Other non-current liabilities	1.9	1.7
Total non-current liabilities	1,143.5	1,214.5
Common stock: 11,201,879 shares authorized and 7,180,449 shares with a nominal value of €1.00 outstanding at June 30, 2025.	8.7	8.7
Additional paid-in capital	118.7	118.7
Retained earnings	1,014.7	1,036.5
Other Reserves	(0.9)	55.2
Treasury shares	(20.1)	(20.1)
Cumulative income and expense recognized directly in equity	(1.7)	(1.1)
Cumulative translation adjustment	(85.0)	(113.3)
Equity attributable to owners of Viridien S.A.	1,034.5	1,084.7
Non-controlling interests	37.2	38.1
Total equity	1,071.8	1,122.8
TOTAL LIABILITIES AND EQUITY	2,745.2	2,844.3

Interim Consolidated Statement of Cash Flows

(In millions of US$)	H1 2025	H1 2024
OPERATING ACTIVITIES
Consolidated net income (loss)	(21.9)	32.0
Less: Net income (loss) from discontinued operations	(1.9)	(16.1)
Net income (loss) from continuing operations	(23.8)	15.9
Depreciation, amortization and impairment	42.6	47.8
Earth Data surveys impairment and amortization	59.0	116.3
Depreciation and amortization capitalized in Earth Data surveys	(7.5)	(7.0)
Variance on provisions	(3.6)	(0.3)
Share-based compensation expenses	1.7	1.8
Net (gain) loss on disposal of fixed and financial assets	(0.8)	0.1
Share of (income) loss in companies recognized under equity method	1.0	–
Other non-cash items	30.0	0.8
Net cash-flow including net cost of financial debt and income tax	98.5	175.4
Less: Cost of financial debt	52.3	49.3
Less: Income tax expense (gain)	7.4	5.6
Net cash-flow excluding net cost of financial debt and income tax	158.1	230.4
Income tax paid	(8.3)	(12.0)
Net cash-flow before changes in working capital	149.8	218.4
Changes in working capital	45.0	(38.2)
– change in trade accounts and notes receivable	51.0	(17.2)
– change in inventories and work-in-progress	16.8	11.0
– change in other current assets	(6.7)	0.9
– change in trade accounts and notes payable	(3.8)	(12.5)
– change in other current liabilities	(12.3)	(20.3)
Net cash-flow from operating activities	194.8	180.2

INVESTING ACTIVITIES
Total capital expenditures (including variation of fixed assets suppliers, excluding Earth Data surveys)	(17.2)	(17.8)
Investment in Earth Data surveys, net cash	(101.6)	(97.0)
Proceeds from disposals of tangible and intangible assets	1.0	0.5
Dividends received from investments in companies under the equity method	–	0.5
Variation in other non-current financial assets	2.0	(3.3)
Net cash-flow from investing activities	(115.7)	(117.0)

FINANCING ACTIVITIES
Repayment of long-term debt	(1,074.5)	(0.4)
Total issuance of long-term debt	945.7	–
Call premium	(21.9)	–
Refinancing transaction costs paid	(3.7)	–
Lease repayments	(26.1)	(27.1)
Interests paid	(40.4)	(43.2)
Dividends paid and share capital reimbursements:
– to owners of Viridien	0	–
– to non-controlling interests of integrated companies	(1.4)	(3.8)
Net cash-flow from financing activities	(222.4)	(74.5)

Effects of exchange rates on cash	3.7	(5.3)
Net cash flows incurred by discontinued operations	(0.4)	29.6
Net increase (decrease) in cash and cash equivalents	(140.1)	12.9
Cash and cash equivalents at beginning of year	301.7	327.0
Cash and cash equivalents at end of period	161.6	339.9

¹ $125m RCF of which $25m ancillary guarantee facility (used for $12 m) and $100m fully undrawn
² Quarterly statements are unaudited and not subject to any review. Only IFRS condensed interim consolidated financial statements were subject to a review report by statutory auditors
³ Please refer to the “Definitions of Alternative Performance Indicators” in the appendices for explanations of the terms used in this section
⁴ The reconciliation of alternative performance indicators to the condensed interim consolidated financial statements is provided in the appendices, along with their definitions
⁵ $125m RCF of which $25m ancillary guarantee facility (used for $12 m) and $100m fully undrawn
⁶ Including a $66m negative foreign exchange impact compared to December 31, 2024
⁷ Post IFRS15 and 16

⁸ IFRS 15 requires that Earth Data prefunding revenues be recognized only upon delivery of the final processed data, that is, when the performance obligation is fulfilled. As a result, revenue and margin recognition for ongoing surveys is deferred. Viridien’s segment reporting, however, continues to apply the percentage-of-completion method previously used before the adoption of IFRS 15, for recognizing Earth Data prefunding revenues and associated margins
⁹ As a result of the July 31, 2024 reverse share split, the calculation of basic and diluted earnings per shares for June 2024 has been adjusted retrospectively. Number of ordinary shares outstanding has been adjusted to reflect the proportionate change in the number of shares

Attachment

Viridien – Q2 2025 results

The MIL Network –

August 5, 2025

MIL-OSI: Euronext publishes Q2 2025 results

Source: GlobeNewswire (MIL-OSI)

Euronext publishes Q2 2025 results

Euronext’s diversified business drives all-time record results, supported by organic growth, favourable market conditions and disciplined capital allocation.

Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 31 July 2025 – Euronext, the leading European capital market infrastructure, today publishes its results for the second quarter of 2025.

Q2 2025 revenue and income was up +12.8% to €465.8 million:

Non-volume-related revenue and income represented 58% of total revenue and income and covered 161% of underlying operating expenses, excluding D&A¹:

Securities Services revenues grew to €86.2 million (+6.5%), driven by increasing assets under custody, higher settlement activity and double-digit growth in value-added services;
Capital Markets and Data Solutions revenue grew to €165.4 million (+12.0%), driven by the continued commercial expansion of Advanced Data Solutions and the strong performance of Euronext Corporate and Investor Solutions and Technology Services, supported by the acquisition of Admincontrol. Like-for-like at constant currencies, revenue grew by +6.5%;
Net treasury income grew to €20.0 million (+45.1%), demonstrating the benefits of the Euronext Clearing expansion, high volatility and the internalisation of net treasury income from LCH SA following the derivatives clearing migration in Q3 2024.

Volume-related revenue was driven by high market volatility in the second quarter:

FICC²Markets revenue grew to €87.7 million (+20.1%), driven by another record performance in fixed income trading and clearing and in FX trading;
Equity Markets revenue grew to €106.2 million (+9.5%), reflecting a strong quarter in cash equity trading and clearing further boosted by high volatility in the first part of the quarter.

Underlying operating expenses excluding D&A were at €168.4 million (+7.9%), in line with Euronext’s 2025 underlying costs guidance. This reflects a step-up in growth investments and the impact of acquisitions, partially offset by a strong cost discipline. Euronext’s underlying operating expense guidance excluding D&A of €670 million excludes Admincontrol, acquired on 13 May 2025.
Adjusted EBITDA was €297.3 million (+15.8%) and adjusted EBITDA margin was 63.8% (+1.6pt).
Adjusted net income was €204.4 million (+23.8%) and adjusted EPS was €2.02 (+27.0%), supported by received dividends .
Reported net income was €183.8 million (+29.7%) and reported EPS was €1.81 (+32.1%).
Net debt to adjusted EBITDA³was at 1.8x at the end of June 2025, in line with Euronext’s target range. This ratio reflects the impact of the acquisition of Admincontrol on 13 May 2025 and the dividend payment in May 2025.

Key figures for the second quarter of 2025:

in €m, unless stated otherwise	Q2 2025	Q2 2024	% var	% var l-f-l
Revenue and income	465.8	412.9	+12.8%	+10.5%
Underlying operational expenses exc. D&A	(168.4)	(156.1)	+7.9%	+3.9%
Adjusted EBITDA	297.3	256.8	+15.8%	+14.4%
Underlying EBITDA margin	63.8%	62.2%	+1.6pts	+2.2pts
Net income⁴	183.8	141.7	+29.7%
Adjusted net income⁴	204.4	165.2	+23.8%
Adjusted EPS (basic, in €)	2.02	1.59	+27.0%
Reported EPS (basic, in €)	1.81	1.37	+32.1%

Progress with the delivery of ‘Innovate for Growth 2027’:
- Euronext has strengthened its development in the Nordics and in the UK with the acquisition of Admincontrol on 13 May 2025. This transaction improves the share of subscription-based revenue and is in line with its ambition to scale up the SaaS offering.
- Euronext is expanding its footprint in the Nordics and in the power business with the acquisition of Nasdaq Nordic’s power futures business. The final regulatory approval for the acquisition has been granted. Euronext and Nasdaq are now focusing on the upcoming migration of open interest from Nasdaq Clearing to Euronext Clearing in Q1 2026.
- Euronext partnerships with Euroclear⁵ and Clearstream⁶ on tri-party collateral management support the broader expansion of its repo clearing services across Europe. In July 2025, Euronext launched the first phase of a multi-year strategy⁷ to deliver a fully integrated, pan-European clearing model.
- On 31 July 2025, Euronext announced the submission of a voluntary share exchange offer to acquire all shares of HELLENIC EXCHANGES-ATHEX STOCK EXCHANGE S.A. (“ATHEX”), in exchange for newly issued Euronext shares, at a fixed conversion rate of 20.000 ATHEX ordinary shares for each new Euronext share⁸^,⁹. Based on Euronext’s closing price of €142.7 as of 30 July 2025, the proposed Offer values ATHEX at €7.14 per share and the entire issued and to be issued ordinary share capital of ATHEX at approximately €412.8 million on a fully diluted basis. The Board of Directors of ATHEX is unanimously supportive of the Offer to ATHEX shareholders and entered into a cooperation agreement with Euronext.

Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext, said:
“In the second quarter of 2025, Euronext achieved all-time record revenue and income of €465.8 million, driven by organic growth and acquisitions. This is the fifth consecutive quarter of double-digit topline growth. The strong performance reflects the strength of Euronext’s diversified business model, capable of capturing favourable market conditions and of generating non-volume-related revenue growth.

We have continued to invest in growth, while we maintained a strong cost discipline. Euronext reached an adjusted EBITDA close to €300 million in Q2 2025, marking a significant +15.8% increase compared to Q2 2024. In Q2 2025, we reached record adjusted EPS of €2.02 per share. Our reported EPS grew by +32.1% compared to Q2 2024, to €1.81 per share.

We continue to foster the integration and competitiveness of European capital markets via strategic initiatives. With a strong footprint in Italian repo, a growing list of government bond coverage, and the majority of key clearing members already connected, Euronext is well positioned to become the clearing house of choice for European repo.

Europe shows an unprecedented commitment to establish a Savings and Investments Union, and Euronext is a key player in Europe to accelerate the delivery of this ambition. Since the beginning of the year, Euronext has continued to deploy capital to expand across Europe. We have expanded our presence in the Nordics with the acquisition of Admincontrol and will further strengthen our position with the migration of Nasdaq Nordic’s power futures to Euronext Clearing in Q1 2026.

The contemplated acquisition of ATHEX would expand our integrated model across Europe to deliver the Savings and Investments Union. We are strongly committed to boosting the development and attractivity of Greek markets internationally and generating efficiencies and competitiveness across the Group.”

Q2 2025 business highlights

In €m	Q2 2025	Q2 2024	% var	% var l-f-l
Revenue and income	465.8	412.9	+12.8%	+10.5%
Securities Services	86.2	80.9	+6.5%	+3.9%
Capital Markets and Data Solutions	165.4	147.7	+12.0%	+6.5%
FICC Markets	87.7	73.0	+20.1%	+20.9%
Equity Markets	106.2	97.0	+9.5%	+9.5%
Net treasury income	20.0	13.8	+45.1%	+45.1%
Other income	0.3	0.4	-30.4%	-31.1%

Non-volume-related revenue
- Securities Services

In €m	Q2 2025	Q2 2024	% var	% var l-f-l
Revenue	86.2	80.9	+6.5%	+3.9%
Custody & Settlement	77.5	70.0	+10.8%	+7.8%
Other Post Trade	8.6	10.9	-21.1%	-21.1%

Revenue from Custody and Settlement in Q2 2025 was at €77.5 million, +10.8% compared to Q2 2024. This strong performance was driven by growing Assets under Custody, dynamic settlement instructions and continued double-digit growth in services, supported by the acquisition of Acupay. At the end of the quarter, Assets under Custody amounted to €7.34 trillion, up +4.5% compared to end of Q2 2024. Over 36.9 million instructions were settled via Euronext Securities during the second quarter of 2025, up +15.0% compared to the second quarter of 2024.

Other Post Trade revenue, which includes membership fees and other non-volume-related clearing fees, was €8.6 million in Q2 2025. The -21.1% decrease compared to Q2 2024 stems from the internalisation of the net treasury income related to Euronext derivatives flows in September 2024, which are now integrated in the net treasury income line.

Capital Markets and Data Solutions

In €m	Q2 2025	Q2 2024	% var	% var l-f-l
Revenue	165.4	147.7	+12.0%	+6.5%
Primary Markets	46.5	45.5	+2.3%	+2.5%
Advanced Data Solutions	65.2	60.6	+7.5%	+4.6%
Corporate and Investor Solutions and Technology Services	53.7	41.5	+29.2%	+13.5%

Primary Markets revenue was €46.5 million in Q2 2025, an increase of +2.3% compared to Q2 2024. The second quarter recorded slower equity listing activity explained by a volatile environment. Euronext sustained its leading position for equity listing with 6 new listings.

Advanced Data Solutions revenue was €65.2 million in Q2 2025, up +7.5% compared to Q2 2024. This dynamic performance reflects the contribution of GRSS, strong appetite from retail and growing monetisation of diversified datasets.

Corporate and Investor Solutions and Technology Services revenue grew by +29.2% in Q2 2025 to €53.7 million. This strong performance reflects the contribution of Admincontrol for half a quarter and double-digit growth of investor solutions and colocation services.

Net treasury income

Net treasury income was at €20.0 million, +45.1% compared to Q2 2024. This reflect the benefit from the Euronext Clearing expansion and the internalisation of treasury income from LCH SA following the completion of the derivatives clearing migration, as well as higher cash collateral posted to the CCP due to the elevated market volatility.

Volume-related revenue
- FICC Markets

In €m	Q2 2025	Q2 2024	% var	% var l-f-l
Revenue	87.7	73.0	+20.1%	+20.9%
Fixed income trading & clearing	51.7	39.2	+31.9%	+31.9%
Commodities trading & clearing	26.7	26.0	+2.7%	+3.1%
FX trading	9.3	7.8	+18.9%	+25.2%

Fixed income trading and clearing revenue reached €51.7 million in Q2 2025, up +31.9% compared to Q2 2024, driven by record fixed income trading activity supported by favourable market conditions.

Commodities¹⁰ trading and clearing revenue reached €26.7 million in Q2 2025, up +2.7% compared to Q2 2024, reflecting record intraday power trading volumes and softer agricultural commodity trading and clearing.

FX trading revenue was up +18.9%, at €9.3 million in Q2 2025, reflecting record trading volumes in April 2025, which outbalanced the negative currency impact of the USD.

Equity Markets

In €m	Q2 2025	Q2 2024	% var	% var l-f-l
Revenue	106.2	97.0	+9.5%	+9.5%
Cash equity trading & clearing	93.4	80.4	+16.2%	+16.2%
Financial derivatives trading & clearing	12.8	16.6	-22.9%	-22.9%

Cash equity trading and clearing revenue¹¹ was €93.4 million in Q2 2025, up +16.2% compared to Q2 2024 driven by exceptional market volatility. Euronext recorded average daily cash trading volumes of €13.4 billion, up +21.2% compared to Q2 2024. Euronext reached solid average revenue capture on cash trading at 0.52 bps for the second quarter of 2025, despite higher volumes and larger average order size compared to Q2 2024. Euronext market share on cash equity trading averaged 63.5% in Q2 2025.

Financial derivatives trading and clearing revenue was €12.8 million in Q2 2025, -22.9% compared to Q2 2024. This mostly reflects lower volatility and the decrease of the average clearing fees. Following the clearing migration, certain clearing fees are now reported in the line Other Post Trade revenues, and as such not fully comparable with Q2 2024.

Q2 2025 financial performance

In €m, unless stated otherwise	Q2 2025	Q2 2024	% var	% var l-f-l
Revenues and income	465.8	412.9	+12.8%	+10.5%
Underlying operating expenses excl. D&A	(168.4)	(156.1)	+7.9%	+3.9%
Adjusted EBITDA	297.3	256.8	+15.8%	+14.4%
Adjusted EBITDA margin	63.8%	62.2%	+1.6pts	+2.2pts
Operating expenses excl. D&A	(171.8)	(162.9)	+5.5%	+1.6%
EBITDA	293.9	249.9	+17.6%	+16.2%
Depreciation & amortisation	(48.2)	(47.9)	+0.5%	+1.0%
Total expenses	(220.0)	(210.9)	+4.3%	+1.2%
Adjusted operating profit	274.7	234.8	+17.0%	+15.7%
Operating profit	245.8	202.0	+21.7%
Net financing income / (expense)	(5.7)	3.5	N/A
Results from equity investments	24.5	1.2	N/A
Profit before income tax	264.5	206.7	+28.0%
Income tax expense	(68.1)	(55.7)	+22.3%
Minority interests	(12.6)	(9.2)	+36.3%
Net income	183.8	141.7	+29.7%
Adjusted net income	204.4	165.2	+23.8%
Adjusted EPS (basic, in €)	2.02	1.59	+27.0%
Reported EPS (basic, in €)	1.81	1.37	+32.1%
Adjusted EPS (diluted, in€)	2.01	1.59	+26.4%
Reported EPS (diluted, in€)	1.81	1.36	+33.1%

Q2 2025 adjusted EBITDA

Underlying operating expenses excluding D&A¹ were at €168.4 million (+7.9%). The increase compared to Q2 2024 reflects investments in growth and the impact of acquisitions performed in 2025, partially offset by cost discipline.
As a result of a double digit growth in revenue, adjusted EBITDA for the quarter reached €297.3 million, up +15.8% compared to Q2 2024. This represents an adjusted EBITDA margin of 63.8%, up +1.6pts vs. Q2 2024. On a like-for-like basis at constant currencies, adjusted EBITDA grew by +14.4% compared to Q2 2024.
Q2 2025 non-underlying operating expenses excluding D&A amounted to €3.4 million, mostly related to the integration of recent acquisitions. As a consequence, reported EBITDA was at €293.9 million, up +17.6% compared to Q2 2024.

Q2 2025 net income, share of the parent company shareholders

Depreciation and amortisation accounted for €48.2 million in Q2 2025, +0.5% more than Q2 2024. PPA related to acquired businesses accounted for €19.1 million. Adjusted operating profit was €274.7 million, up +17.0% compared to Q2 2024. Euronext reported a net financing expense of €5.7 million in Q2 2025, compared to €3.5 million net financing income in Q2 2024. The variation reflects decreasing interest rates, lower cash position after the redemption of the €500 million bond and the recognition of non-cash interest expense related to the convertible bonds.

Income tax for Q2 2025 was €68.1 million. This translated into an effective tax rate of 25.7% for the quarter, compared to 27.0% in Q2 2024. The tax rate was positively impacted by the tax-exempt €24.5 million dividend received by Euroclear. Share of non-controlling interests amounted to €12.6 million, correlated with the strong performance of MTS and Nord Pool.

As a result, the reported net income, share of the parent company shareholders, increased by +29.7%for Q2 2025 compared to Q2 2024, to €183.8 million. This represents a reported EPS of €1.81 basic and €1.81 diluted. Adjusted net income, share of the parent company shareholders, was up +23.8% to €204.4 million. Adjusted EPS (basic) was €2.02 and adjusted EPS (diluted) was €2.01. The increase in EPS reflects higher profit and a lower number of outstanding shares over the second quarter of 2025 compared to Q2 2024. The weighted number of shares used over the second quarter of 2025 was 101,374,346 for the basic calculation and 102,130,793 for the diluted calculation, compared to 103,653,544 and 103,986,292 respectively over the second quarter of 2024. The difference in share count is due to the share repurchase programme executed by Euronext and the consideration of the convertible bonds under IAS 33.

In Q2 2025, Euronext reported a net cash flow from operating activities of €135.0 million, compared to €111.5 million in Q2 2024, reflecting higher profit before tax and higher income tax paid in Q2 2025. Excluding the impact of working capital from Euronext Clearing and Nord Pool CCP activities, net cash flow from operating activities accounted for 52.3% of EBITDA in Q2 2025.

Q2 2025 corporate highlights since publication of the first quarter 2025 results on 14 May 2025

Euronext received regulatory approval for the acquisition of Nasdaq Nordic power futures

On 4 June 2025, Euronext received regulatory approval for the extension of Euronext Clearing to power derivatives under Article 15 of EMIR. With this final approval, all regulatory approvals for the acquisition of Nasdaq Nordic’s power futures business have been granted. Euronext and Nasdaq continue to focus on the upcoming migration of open interest from Nasdaq Clearing to Euronext Clearing in Q1 2026¹².

Partnership with Clearstream on collateral management

On 16 June 2025, Euronext and Clearstream announced the start of a new partnership¹³ to advance the continued development of Euronext Clearing’s collateral management services across repo and other asset classes.
As part of this initiative, Clearstream will serve as a triparty agent (TPA) for Euronext Clearing, facilitating advanced collateral management capabilities. Clients will benefit from automated, flexible and operationally streamlined solutions that enhance margin and balance sheet optimisation. Clearstream will act as an independent third party, handling the collateral selection, valuation and substitution to ensure compliance with eligibility criteria while minimising operational complexities. In addition, Clearstream will manage settlement and custody services, provide robust regulatory reporting, and support liquidity and risk management objectives. The go-live of this enhanced service offering is scheduled for November 2025.

Euronext successfully launched its inaugural convertible bonds issuance

On 22 May 2025, Euronext announced the success of its offering of senior unsecured bonds due 2032 convertible into new shares and/or exchangeable for existing shares of the Company (“OCEANEs”) (the “Bonds”), by way of a placement to qualified investors only, for a nominal amount of €425 million (the “Offering”)¹⁴. The Bonds were issued with a denomination of €100,000 each (the “Principal Amount”), and will be convertible and/or exchangeable into new and/or existing shares of Euronext (the “Shares”) and will pay a fixed coupon at a rate of 1.50% per annum, payable semi-annually in arrear on 30 May and 30 November of each year (or on the following business day if this date is not a business day), and for the first time on 30 November 2025. The initial conversion price of the Bonds is set at €191.1654. Unless previously converted, exchanged, redeemed or purchased and cancelled, the Bonds will be redeemed at par on 30 May 2032 (or on the following business day if such date is not a business day) (the “Maturity Date”).

Euronext successfully migrated Italian markets to a harmonised clearing framework

On 30 June 2025, Euronext completed the migration of the Italian derivatives and cash equity markets to its Core Clearing System. Euronext is now clearing all its financial derivatives, commodities and cash equities markets through a single, streamlined, harmonised clearing gateway. This important milestones delivers to Euronext Clearing clients further material operational and risk management efficiencies, which optimise their total cost of trading on Euronext markets.

Corporate highlights since 1 July 2025

Euronext launched the first phase of its strategic multi-year Repo expansion initiative¹⁵

On 8 July 2025, Euronext announced the launch of its initiative to expand access, improve collateral usage and position Euronext as a leading Central Counterparty (CCP) for European repo markets. As a cornerstone of Euronext’s strategic plan announced in November 2024, the Repo initiative sets in motion Euronext’s vision to build a fully integrated, pan-European post-trade infrastructure. Euronext now offers repo clearing for Spanish, Portuguese and Irish government bonds, alongside its established Italian offering. For the first time, international firms can join the platform with seamless onboarding and scalable settlement operations.

Euronext to launch voluntary share exchange offer for all ATHEX shares

On 31 July 2025, Euronext announced the submission of a voluntary share exchange offer to acquire all shares of HELLENIC EXCHANGES-ATHEX STOCK EXCHANGE S.A. (“ATHEX”), in exchange for newly issued Euronext shares, at a fixed conversion rate of 20.000 ATHEX ordinary shares for each new Euronext share¹⁶^,¹⁷. Based on Euronext’s closing price of €142.7 as of 30 July 2025, the proposed Offer values ATHEX at €7.14 per share and the entire issued and to be issued ordinary share capital of ATHEX at approximately €412.8 million on a fully diluted basis. The Board of Directors of ATHEX is unanimously supportive of the Offer to ATHEX shareholders and entered into a cooperation agreement with Euronext.

The combination between Euronext and ATHEX is in line with Euronext’s ambition to integrate European capital markets. The combined Group will foster harmonisation of European capital markets on a unified technology. Greek markets would benefit from increased visibility towards global investors as part of the leading single liquidity pool in Europe.

Euronext expects the combination to deliver €12 million annual run-rate cash synergies by the end of 2028, with implementation costs related to these synergies expected at €25 million. The Offer is in line with Euronext’s investment criteria of ROCE > WACC in year 3 to 5 after the acquisition and is expected to be accretive for Euronext shareholders after delivery of synergies in year 1.

The Offer is expected to be open for acceptance, subject to regulatory approvals, from Q4 2025. The transaction is expected to be completed by the end of 2025.

Results Webcast

A webcast will be held on Friday, 1 August 2025, at 09:00 CEST (Paris time) / 08:O0 BST (London time):

For the live webcast go to: Webcast

The webcast will be available for replay after the call at the webcast link and on the Euronext Investor Relations webpage.

Contacts

ANALYSTS & INVESTORS – ir@euronext.com

Investor Relations Aurélie Cohen

Judith Stein +33 6 15 23 91 97

MEDIA – mediateam@euronext.com

Europe Aurélie Cohen +33 1 70 48 24 45

Andrea Monzani +39 02 72 42 62 13

Belgium Marianne Aalders +32 26 20 15 01

France, Corporate Flavio Bornancin-Tomasella +33 1 70 48 24 45

Ireland Catalina Augspach +39 02 72 42 62 13

Italy Ester Russom +39 02 72 42 67 56

The Netherlands Marianne Aalders +31 20 721 41 33

Norway Cathrine Lorvik Segerlund +47 41 69 59 10

Portugal Sandra Machado +351 91 777 68 97

About Euronext
Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain, from listing, trading, clearing, settlement and custody, to solutions for issuers and investors. Euronext runs MTS, one of Europe’s leading electronic fixed income trading markets, and Nord Pool, the European power market. Euronext also provides clearing and settlement services through Euronext Clearing and its Euronext Securities CSDs in Denmark, Italy, Norway and Portugal.
As of June 2025, Euronext’s regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal host nearly 1,800 listed issuers with €6.3 trillion in market capitalisation, a strong blue-chip franchise and the largest global centre for debt and fund listings. With a diverse domestic and international client base, Euronext handles 25% of European lit equity trading. Its products include equities, FX, ETFs, bonds, derivatives, commodities and indices.
For the latest news, go to euronext.com or follow us on X and LinkedIn.

Disclaimer

This press release is for information purposes only: it is not a recommendation to engage in investment activities and is provided “as is”, without representation or warranty of any kind. The figures in this document have not been audited or reviewed by our external auditor. While all reasonable care has been taken to ensure the accuracy of the content, Euronext does not guarantee its accuracy or completeness. Euronext will not be held liable for any loss or damages of any nature ensuing from using, trusting or acting on information provided. No information set out or referred to in this publication may be regarded as creating any right or obligation. The creation of rights and obligations in respect of financial products that are traded on the exchanges operated by Euronext’s subsidiaries shall depend solely on the applicable rules of the market operator. All proprietary rights and interest in or connected with this publication shall vest in Euronext. This press release speaks only as of this date. Euronext refers to Euronext N.V. and its affiliates. Information regarding trademarks and intellectual property rights of Euronext is available at www.euronext.com/terms-use.

The Euronext Group processes your personal data in order to provide you with information about Euronext (the “Purpose”). With regard to the processing of this personal data, Euronext will comply with its obligations under Regulation (EU) 2016/679 of the European Parliament and Council of 27 April 2016 (General Data Protection Regulation, “GDPR”), and any applicable national laws, rules and regulations implementing the GDPR, as provided in its privacy statement available at: www.euronext.com/privacy-policy. In accordance with the applicable legislation you have rights with regard to the processing of your personal data: for more information on your rights, please refer to: www.euronext.com/data_subjects_rights_request_information. To make a request regarding the processing of your data or to unsubscribe from this press release service, please use our data subject request form at connect2.euronext.com/form/data-subjects-rights-request or email our Data Protection Officer at dpo@euronext.com.

Appendix

The figures in this Appendix have not been audited or reviewed by our external auditor.

Non-IFRS financial measures

For comparative purposes, the company provides unaudited non-IFRS measures including:

Operational expenses excluding depreciation and amortisation, underlying operational expenses excluding depreciation and amortisation;
EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin.

Non-IFRS measures are defined as follows:

Operational expenses excluding depreciation and amortisation as the total of salary and employee benefits, and other operational expenses;
Underlying operational expenses excluding depreciation and amortisation as the total of salary and employee benefits, and other operational expenses, excluding non-recurring costs;
Underlying revenue and income as the total of revenue and income, excluding non-recurring revenue and income;

Non-underlying items as items of revenue, income and expense that are material by their size and/or that are infrequent and unusual by their nature or incidence are not considered to be recurring in the normal course of business and are classified as non-underlying items on the face of the income statement within their relevant category in order to provide further understanding of the ongoing sustainable performance of the Group. These items can include:
- integration or double run costs of significant projects, restructuring costs and costs related to acquisitions that change the perimeter of the Group;
- one-off finance costs, gains or losses on sale of subsidiaries and impairments of investments:
- amortisation and impairment of intangible assets which are recognised as a result of acquisitions and mostly comprising customer relationships, brand names and software that were identified during purchase price allocation (PPA);
- tax related to non-underlying items.

Adjusted operating profit as the operating profit adjusted for any non-underlying revenue and income and non-underlying costs, including PPA of acquired businesses;
EBITDA as the operating profit before depreciation and amortisation;
Adjusted EBITDA as the adjusted operating profit before depreciation and amortisation adjusted for any non-underlying operational expenses excluding depreciation and amortisation;
EBITDA margin as EBITDA divided by total revenue and income;
Adjusted EBITDA margin as adjusted EBITDA, divided by total revenue and income;
Adjusted net income, as the net income, share of the parent company shareholders, adjusted for any non-underlying items and related tax impact.

Non-IFRS financial measures are not meant to be considered in isolation or as a substitute for comparable IFRS measures and should be read only in conjunction with the consolidated financial statements.

Consolidated income statement

	Q2 2025			Q2 2024
In € million, unless stated otherwise	Underlying	Non- underlying	Reported	Underlying	Non- underlying	Reported
Revenues	465.8	–	465.8	412.9	–	412.9
Securities Services	86.2	–	86.2	80.9	–	80.9
Custody and Settlement	77.5	–	77.5	70.0	–	70.0
Other Post Trade	8.6	–	8.6	10.9	–	10.9
Capital Markets and Data Solutions	165.4	–	165.4	147.7	–	147.7
Primary Markets	46.5	–	46.5	45.5	–	45.5
Advanced Data Solutions	65.2	–	65.2	60.6	–	60.6
Corporate and Investor Solutions and Technology Services	53.7	–	53.7	41.5	–	41.5
FICC markets	87.7	–	87.7	73.0	–	73.0
Fixed income trading and clearing	51.7	–	51.7	39.2	–	39.2
Commodities trading and clearing	26.7	–	26.7	26.0	–	26.0
FX trading	9.3	–	9.3	7.8	–	7.8
Equity markets	106.2	–	106.2	97.0	–	97.0
Cash equity trading and clearing	93.4	–	93.4	80.4	–	80.4
Financial derivatives trading and clearing	12.8	–	12.8	16.6	–	16.6
Net treasury income	20.0	–	20.0	13.8	–	13.8
Other income	0.3	–	0.3	0.4	–	0.4
Operating expenses excl. D&A	(168.4)	(3.4)	(171.8)	(156.1)	(6.8)	(162.9)
Salaries and employee benefits	(92.2)	(1.1)	(93.3)	(79.9)	(0.4)	(80.2)
Other operational expenses, of which	(76.3)	(2.2)	(78.5)	(76.2)	(6.5)	(82.7)
System & Communication	(26.5)	(0.2)	(26.7)	(24.7)	(1.1)	(25.9)
Professional services	(17.7)	(2.2)	(19.9)	(13.6)	(4.4)	(17.9)
Clearing expense	(0.2)	–	(0.2)	(9.9)	–	(9.9)
Accommodation	(4.5)	0.1	(4.4)	(4.1)	(0.3)	(4.4)
Other operational expenses	(27.3)	–	(27.4)	(23.9)	(0.7)	(24.6)
EBITDA	297.3	(3.4)	293.9	256.8	(6.8)	249.9
EBITDA margin	63.8%		63.1%	62.2%		60.5%
Depreciation & amortisation	(22.6)	(25.6)	(48.2)	(21.9)	(26.0)	(47.9)
Total expenses	(191.0)	(29.0)	(220.0)	(178.0)	(32.8)	(210.9)
Operating profit	274.7	(29.0)	245.8	234.8	(32.8)	202.0
Net financing income/(expense)	(5.7)	–	(5.7)	3.5	–	3.5
Results from equity investment	24.5	–	24.5	0.1	1.2	1.2
Profit before income tax	293.5	(29.0)	264.5	238.4	(31.7)	206.7
Income tax expense	(75.6)	7.5	(68.1)	(64.0)	8.3	(55.7)
Non-controlling interests	(13.4)	0.8	(12.6)	(9.2)	(0.1)	(9.2)
Net income share of the parent company shareholders	204.4	(20.6)	183.8	165.2	(23.4)	141.7
EPS (basic, in €)	2.02		1.81	1.59		1.37
EPS (diluted, in €)	2.01		1.81	1.59		1.36

Adjusted EPS definition

In € million, unless stated otherwise	Q2 2025	Q2 2024
Net income reported	183.8	141.7
EPS reported (in €)	1.81	1.37
Adjustments for non-underlying items included in:
Operating expenses exc. D&A	(3.4)	(6.8)
Depreciation and amortisation	(25.6)	(26.0)
Results from equity investments	–	1.2
Non-controlling interest	0.8	(0.1)
Tax related to adjustments	7.5	8.3
Adjusted net income	204.4	165.2
Adjusted EPS (in €)	2.02	1.59

Consolidated comprehensive income statement

In € million	Q2 2025	Q2 2024
Profit for the period	196.4	151.0

Other comprehensive income
Items that may be reclassified to profit or loss:
– Exchange differences on translation of foreign operations	(53.6)	15.2
– Income tax impact on exchange differences on translation of foreign operations	7.4	(1.9)
– Gains and losses on cash flow hedges	(2.2)	–
– Change in value of debt investments at fair value through other comprehensive income	–	0.3
– Income tax impact on change in value of debt investments at fair value through other comprehensive income	–	(0.1)

Items that will not be reclassified to profit or loss:
– Change in value of equity investments at fair value through other comprehensive income	46.1	6.5
– Income tax impact on change in value of equity investments at fair value through other comprehensive income	(0.4)	(1.0)
– Remeasurements of post-employment benefit obligations	1.9	1.9
– Income tax impact on remeasurements of post-employment benefit obligations	–	(0.2)
Other comprehensive income for the period, net of tax	(0.8)	20.8
Total comprehensive income for the period	195.6	171.8

Comprehensive income attributable to:
– Owners of the parent	184.0	162.5
– Non-controlling interests	11.6	9.3

Consolidated statement of financial position

In € million	30 June 2025	31 March 2025
Non-current assets
Property, plant and equipment	103.0	107.4
Right-of-use assets	85.1	88.2
Goodwill and other intangible assets¹⁸	6,586.7	6,096.5
Deferred income tax assets	24.0	29.1
Investments in associates and joint ventures	0.8	0.8
Financial assets at fair value through OCI	403.1	357.0
Other non-current assets	3.4	3.4
Total non-current assets	7,206.2	6,682.4

Current assets
Trade and other receivables	463.8	574.2
Income tax receivable	32.2	17.5
Derivative financial instruments	0.1	2.2
CCP clearing business assets	348,903.3	341,647.6
Other current financial assets	59.3	59.5
Cash & cash equivalents	919.3	1,642.3
Total current assets	350,378.1	343,943.3
Total assets	357,584.2	350,625.7

Equity
Shareholders’ equity	4,153.5	4,224.6
Non-controlling interests	144.3	161.7
Total equity	4,297.9	4,386.3

Non-current liabilities
Borrowings	2,311.7	2,537.5
Lease liabilities	69.8	71.7
Other non-current financial liabilities	3.5	3.5
Deferred income tax liabilities	488.4	495.1
Post-employment benefits	21.2	23.0
Contract liabilities	53.3	54.2
Other provisions	7.1	7.0
Total non-current liabilities	2,955.0	3,192.1
Current liabilities
Borrowings	602.7	524.0
Lease liabilities	22.2	21.9
Other current financial liabilities¹	103.5	–
CCP clearing business liabilities	348,949.3	341,695.3
Income tax payable	68.8	99.3
Trade and other payables	422.5	526.5
Contract liabilities	158.5	176.2
Other provisions	3.7	4.1
Total current liabilities	350,331.3	343,047.3
Total equity and liabilities	357,584.2	350,625.7

Consolidated statement of cash flows

In € million	Q2 2025	Q2 2024
Profit before tax	264.5	206.7
Adjustments for:
– Depreciation and amortisation	48.2	47.9
– Share-based payments	5.6	2.9
-Results from equity investments	(24.5)	–
-Gain on sale of associate	–	(1.2)
-Share of profit from associates and joint ventures	–	(0.1)
– Changes in working capital	(43.8)	(67.9)
Cash flow from operating activities	250.0	188.4
Income tax paid	(115.1)	(76.9)
Net cash flows from operating activities	135.0	111.5

Cash flow from investing activities
Business combinations, net of cash acquired	(400.4)	(38.5)
Proceeds from sale of associate	–	0.9
Purchase of current financial assets	(0.4)	(0.6)
Redemption of current financial assets	(0.2)	17.7
Purchase of property, plant and equipment	(3.2)	(5.0)
Purchase of intangible assets	(28.1)	(15.8)
Interest received	7.3	11.3
Asset acquisitions	(27.7)	–
Proceeds from sale of property, plant, equipment and intangible assets	–	(0.1)
Dividends received from equity investments	24.5	–
Dividends received from associates and joint ventures	–	0.1
Net cash flow from investing activities	(428.2)	(30.0)

Cash flow from financing activities
Proceeds from borrowings, net of transaction fees	846.2	–
Repayment of borrowings, net of transaction fees	(925.0)	–
Interest paid	(29.2)	(28.2)
Payment of lease liabilities	(3.4)	(4.2)
Transactions in own shares	0.0	(10.0)
Withholding tax paid at vesting of shares	(1.9)	(1.2)
Dividends paid to the company’s shareholders	(293.4)	(257.3)
Dividends paid to non-controlling interests	(18.2)	(18.9)
Net cash flow from financing activities	(424.9)	(319.6)

Total cash flow over the period	(718.1)	(238.1)
Cash and cash equivalents – Beginning of period	1,642.3	1,609.6
Non-cash exchange gains/(losses) on cash and cash equivalents	(4.9)	4.6
Cash and cash equivalents – End of period	919.3	1,376.0

Business indicators for the second quarter of 2025

Securities Services

Custody and Settlement	Q2 2025	Q2 2024	% var
Number of settlement instructions over the period	36,946,162	32,114,794	+15.0%
Assets under Custody (in €bn), end of period	7,344	7,030	+4.5%

Capital Markets

Primary Markets	Q2 2025	Q2 2024	% var
Number of issuers on Equities – Euronext	1,766	1,862	-5.0%
Number of issuers on Equities – SMEs	1,371	1,469	-7.0%
Number of listed Funds	2,179	2,347	-7.0%
Number of listed ETFs	4,322	3,885	+11.0%
Number of listed Bonds	57,367	58,147	-1.0%
Capital raised on primary and secondary market (in €m)
Number of new equity listings	13	17
Money raised – New equity listings (including over-allotment)	155	3,403	-95.0%
Money raised – Follow-ons on equities	4,457	2,362	+89.0%
Money raised – Bonds	316,817	304,686	+4.0%

FICC Markets

Fixed income trading and clearing	Q2 2025	Q2 2024	% var
Number of trading days	62	63	–
Transaction value (in €m, single counted)
MTS
ADV MTS Cash	59,182	36,287	+63.0%
TAADV MTS Repo	612,821	448,618	+37.0%
Other fixed income
ADV fixed income	1,588	1,689	-6.0%
Number of transactions and lots cleared (double counted)
Bonds – Wholesale (nominal value in €bn)	8,571	6,918	+23.9%
Bonds – Retail (number of contracts)	3,313,182	3,658,240	-9.4%

Commodities trading and clearing	Q2 2025	Q2 2024	% var
Number of trading days	91	91	–
Power volume (in TWh) – ADV Day-ahead Power Market	2.53	2.53	0.0%
Power volume (in TWh) – ADV Intraday Power Market	0.56	0.36	+58.0%
Derivatives volume (in lots)
Number of trading days	62	63	–
Commodity	6,746,377	7,898,126	-14.6%
Futures	6,473,697	7,197,681	-10.1%
Options	272,680	700,445	-61.1%

FX trading	Q2 2025	Q2 2024	% var
Number of trading days	65	65	–
FX volume (in $m, single counted)
Total Euronext FX	2,025,494	1,783,772	+13.6%
ADV Euronext FX	31,161	27,443	+13.6%

Equity Markets

Cash equity trading and clearing	Q2 2025	Q2 2024	% var
Number of trading days	62	63	–
Number of transactions (buy and sell) (reported trades included)
Total Cash Market	186,375,884	152,354,170	+21.5%
ADV Cash Market	3,006,063	2,434,193	+23.5%
Transaction value (€ million, single counted)
Total Cash Market	831,391	696,882	+19.3%
ADV Cash Market	13,410	11,062	+21.2%
Shares (number of transactions and lots cleared – single counted)	75,751,603	55,211,959	+37.2%

Financial derivatives trading and clearing	Q2 2025	Q2 2024	% var
Number of trading days	62	63	–
Derivatives Volume (in lots) – Equity	30,293,449	35,317,815	-14.2%
Index	10,684,578	13,753,365	-22.3%
Futures	6,465,795	7,760,863	-16.7%
Options	4,218,783	5,992,502	-29.6%
Individual Equity	19,608,871	21,564,450	-9.1%
Futures	526,418	2,782,606	-81.1%
Options	19,082,453	18,781,844	+1.6%

¹ Definition in Appendix – adjusted for non-underlying operating expenses excluding D&A and non-underlying revenue and income.
² Fixed income, commodities and currencies
³ Last twelve months adjusted EBITDA. Net debt to last twelve months reported EBITDA ratio was at 1.9x.
⁴ Share of the parent company shareholders
⁵https://www.euronext.com/en/about/media/euronext-press-releases/euronext-announces-collaboration-euroclear-enhance-euronext
⁶https://www.euronext.com/en/about/media/euronext-press-releases/euronext-and-clearstream-launch-partnership-further-strengthen
⁷https://www.euronext.com/en/about/media/euronext-press-releases/euronext-launches-first-phase-its-strategic-multi-year-repo
⁸https://www.euronext.com/en/about/media/euronext-press-releases/euronext-launch-voluntary-share-exchange-offer-for-all-athex-0
⁹ Offer is subject to customary and regulatory approvals.
¹⁰ Including revenue from power trading and clearing
¹¹ Including equities, ETFs, warrants and certificates
¹²www.euronext.com/en/news/euronext-nasdaq-clearing-agreement-power-derivatives-transfer-set-for-march-2026.
¹³ www.euronext.com/en/about/media/euronext-press-releases/euronext-and-clearstream-launch-partnership-further-strengthen
¹⁴www.euronext.com/en/investor-relations/financial-information/news/euronext-announces-success-its-offering-bonds-due
¹⁵ www.euronext.com/en/about/media/euronext-press-releases/euronext-launches-first-phase-its-strategic-multi-year-repo
¹⁶ https://www.euronext.com/en/about/media/euronext-press-releases/euronext-launch-voluntary-share-exchange-offer-for-all-athex-0
¹⁷ Offer is subject to customary and regulatory approvals.

¹⁸ The Nasdaq Nordic transaction qualifies as an ‘asset acquisition’. The full purchase price, consisting of a fixed amount of US$35.0 million and a contingent consideration amount estimated at US$115.0 million, is allocated to customer relationships as an intangible asset. The Group has chosen to apply the liability approach that follows IFRIC 1 principles for recognition of the contingent consideration liability, whereby subsequent changes in the liability are adjusted against the carrying amount of the related asset.

Attachment

Q2 2025 Results – Press Release

The MIL Network –

August 5, 2025

MIL-OSI: Equasens: H1 revenue at 30 June 2025: €116.0m

Source: GlobeNewswire (MIL-OSI)

Villers-lès-Nancy (France), 31 July 2025 – 6:00 PM (CET)

PRESS RELEASE

H1 revenue at 30 June 2025: €116.0m
+7.4% on a reported basis and +6.4% like-for-like

H1 2025 Group revenue (€m)	2024 Reported basis	2025 Reported basis	Change / Reported basis		Of which external growth	Like-for-like change (organic growth)
Q1	53.3	57.0	3.7	6.9%	0.5	3.2	5.9%
Q2	54.7	58.9	4.3	7.8%	0.5	3.8	6.9%
Total	108.0	116.0	8.0	7.4%	1.1	6.9	6.4%

H1 2025 revenue / Division (€m)	2024 Reported basis	2025 Reported basis	Change / Reported basis		Of which external growth	Like-for-like change (organic growth
Pharmagest	82,1	85,9	3,9	4,7%		3,9	4,7%
Axigate Link	15,4	16,5	1,0	6,7%		1,0	6,7%
e-Connect	5,5	7,5	2,0	36,6%		2,0	36,6%
Médical Solutions	3,9	5,1	1,1	29,1%	1,1	0,1	2,2%
Fintech	1,1	1,0	-0,1	-7,6%		-0,1	-7,6%
Total	108,0	116,0	8,0	7,4%	1,1	6,9	6,4%

As of 30 June 2025, Equasens Group (Euronext Paris™ – Compartment B – FR 0012882389 -EQS), a leading provider of digital solutions for healthcare professionals, reported revenue of €116.0m, up 7.4% from H1 2024 on a reported basis and 6.4% like-for-like.

Revenue from CALIMED SAS, acquired by the Medical Solutions Division in December 2024, was restated to reflect changes in the scope of consolidation (€1.1m).

H1 2025 highlights by type of business

In order to facilitate the analysis of performance, a new breakdown of the Group’s activities is proposed: “maintenance and subscriptions” includes all recurring revenues, and “software and services” mainly includes license sales and revenues from training, consulting, and intermediation.

Configuration and hardware sales (+9.9%) remain a major growth driver for the Group, particularly for the Pharmagest (+6.1%) and e-Connect (+125.9%) Divisions
Maintenance and subscriptions (+5.5%) grow steadily, benefiting from customer loyalty and the success of SaaS offerings, particularly in the Axigate Link Division (+5.6%). Calimed (Medical Solutions Division) contributed growth of 2.0% to this segment.
Software solutions and services (+6.4%) continue to perform very well, driven by license sales, particularly those linked to the Pharmagest Division’s latest product launches (+4.6%) and by new deployments by the Axigate Link Division (+8.9%).

H1 2025 revenue / Activity (€m)	2024 Reported basis**	2025 Reported basis	Change / Reported basis
Configurations and hardware	42.9	47.1	4.2	9.9%
Maintenance and subscriptions	48.7	51.4	2.7	5.5%
Software and services	16.4	17.4	1.1	6.4%
Total	108.0	116.0	8.0	7.4%

* Maintenance and subscriptions: recurring revenues including SaaS
** 2024 reported basis: reconstituted data

H1 2025 highlights by Division

The PHARMAGEST Division recorded H1 revenue of €85.9m (+4.7%). This performance confirms the positive momentum that began in Q1 2025, driven by innovation and improved customer satisfaction.

In France, all business activities grew (+3.4% to €74.0m), driven by:
- Equipment renewal needs and new equipment offerings, the “electronic labels” business was particularly buoyant in the second quarter.
- The launch, in early 2025, of differentiating software solutions focused on pharmacy automation, productivity and safety. The market response to these new solutions has been very positive, with over 800 id.genius and 160 id.secure box sold.
- Electronic invoice management solutions for pharmacies (Digipharmacie), which confirmed its market leadership by adding more than 900 new customers.
- Only the professional training sector (Atoopharm) is experiencing a slowdown in response to changes in the regulatory environment, and in particular a one-year extension of the training cycle.

In Italy, sales grew evenly across both wholesale and pharmacy activities (+16.5% to €7.7m). This positive sales momentum remained strong, with the opening of more than 150 new pharmacies in the first half.
In Germany, sales were up (+11.2% to €3.0m) in both the medication adherence and pharmacy management segments, thanks in particular to the success of id.express payment terminals.
In Belgium, the return to growth has been confirmed (+6.4% to €1.2m).

This Division accounts for 74.1% of total revenue.

The AXIGATE LINK division reported H1 2025 revenue of €16.5m (+6.7%).

The Nursing Home sector (+4.5% to €8.4m) has benefited from the ESMS NUMERIQUE public funding in France, resulting in a strong business performance. Titanlink has been deployed at 164 sites since January 2025 in France (789 in total) and 16 in Belgium (58 sites in total).
The Homecare sector (+13.9% to €3.9m) has continued to perform well, driven by the signing of new contracts and the success of offers designed for Regional Resource Centres (CRT) and Family Caregiver Support Services (PFR). Expansion into the Home Care Services market has met with a very positive response.
The Hospital sector (+16.6% to €2.1m) has been particularly successful, with the signature of contracts for four hospital networks, confirming the growing reputation of the Axigate Hospilink solution in this market.

This Division accounts for 14.2% of total revenue.

The E-CONNECT division reported H1 2025 revenue of €7.5m (+36.6%).

Building on the momentum of Q1, the Division continued to roll out its Mobility solutions at a rapid pace, notably eS-KAP+, a new solution launched in Q1 2025 that has been very well received by more than 20 key software publishers in this market.
Since March 2025, the project to equip smartphones with a digital solution of the French health insurance card (Apps Vitale) has been gradually rolled out in accordance with the regional timetable established by the French national health insurance system.

This Division accounts for 6.5% of total revenue.

The MEDICAL SOLUTIONS Division had €5.1m in revenue, up 29.1% on a reported basis and 2.2% like-for-like.

The integration of Calimed (acquired at the end of 2024) has been the main driver of this growth as its SaaS offering for surgeons and doctors continues to attract new customers thanks to its high added value for these professions.
The Division’s long-standing solutions are benefiting from the very positive response to new offerings like the LOQUii voice-based AI companion and add-on services like online backup, attesting to the loyalty of the customer base and the strength of the recurring model in an intensely competitive environment.

The Division accounts for 4.4% of total revenue.

The FINTECH Division had H1 revenue of €1.0m (-7.6%).

Efforts are continuing to clean up the customer portfolio to limit risk exposure and improve its quality.
Sales remained buoyant in a difficult economic environment.

The Division accounts for 0.9% of total revenue.

Material subsequent events after 30 June 2025 Acquisition of the DIS and ResUrgences businesses – Strategic reinforcement of the AXIGATE LINK Division

On July 1^st, 2025, the Group finalized the acquisition of two businesses specialising in solutions for the public healthcare sector: Novaprove (publisher of ResUrgences software) and the business assets of DIS. This strategic acquisition, which adds more than 300 customers from the public healthcare sector and generates annual revenue of around €5m, significantly strengthens the position of the Axigate Link Division in the hospital and medical-social software market.
ResUrgences, a cloud platform specialising in the management of hospital emergency services, used by eight university hospitals and 75 other establishments, and the DIS range representing a comprehensive suite of digital solutions used by 215 sites (125 healthcare establishments and 90 nursing homes), further enhance the Division’s existing offering. The integration of these new functional modules (Electronic Patient Records, invoicing, accounting, inventory management, and HR) into the Hospilink, Titanlink and Domilink ranges will create a comprehensive ecosystem to support the digital transformation of public and private institutions, in line with the Group’s ambition to become the leading technology partner for the French healthcare system.

H2 2025 outlook:

Encouraged by the positive commercial momentum experienced across all of its divisions in H1 2025, Equasens Group looks ahead to the second half with confidence for which it is expecting continuing growth.
At the same time, Equasens Group remains attentive to the decisions of public authorities regarding the level of financial compensation granted by health insurance for the purchase of generic and biosimilar medicines. These decisions could have an impact on pharmacy economics and the pharmacy network.
The investment and structural efforts made since 2024 are starting to show results, with the successful rollout of new software solutions for all healthcare professionals. These measures will be maintained for the remainder of FY 2025.
The integration of DIS and ResUrgences businesses, effective as of 1 July 2025, will start contributing to the performance of the Axigate Link Division in Q3 and will create promising technical and commercial synergies.
With a solid financial structure, the Group remains attentive to opportunities for external growth, both in France and in Europe that will strengthen its position as a leader in digital healthcare solutions.

Financial calendar:

H1 2025 results: 26 September 2025
Presentation of H1 2025 results to analysts (SFAF): 29 September 2025 – Paris
Q3 2025 revenue: 5 November 2025
FY 2025 revenue: 5 February 2026

About Equasens Group

Founded over 35 years ago, Equasens Group, a leader in digital healthcare solutions, today employs over 1.300 people across Europe.
Equasens Group’s specialised business applications facilitate the day-to-day work of healthcare professionals and their teams, working in private practice, collaborative medical structures or healthcare establishments. The Group also provides comprehensive support to healthcare professionals in the transformation of their profession by developing electronic equipment, digital solutions and healthcare robotics, as well as data hosting, financing and training adapted to their specific needs.
And reflecting the spirit of its tagline “Technology for a More Human Experience”, the Group is a leading provider of interoperability solutions that improve coordination between healthcare professionals, their communications and data exchange resulting in better patient care and a more efficient and secure healthcare system.

Listed on Euronext Paris™ – Compartment B

Indexes: MSCI GLOBAL SMALL CAP – GAÏA Index 2020 – CAC^®SMALL and CAC^®All-Tradable
Included in the Euronext Tech Leaders segment and the European Rising Tech label

Eligible for the Deferred Settlement Service (“Service à Réglement Différé” – SRD) and equity savings accounts invested in small and mid caps (PEA-PME).
ISIN: FR 0012882389 – Ticker Code: EQS

Get all the news about Equasens Group www.equasens.com and on LinkedIn

CONTACTS

EQUASENS Group
Analyst and Investor Relations:
Chief Administrative and Financial Officer: Frédérique Schmidt
Tel: +33 (0)3 83 15 90 67 – frederique.schmidt@equasens.com

Financial communications agency:
FIN’EXTENSO – Isabelle Aprile

Tel.: +33 (0)6 17 38 61 78 – i.aprile@finextenso.fr

Forward-looking statements
This press release contains forward-looking statements that are not guarantees of future performance and are based on current opinions, forecasts and assumptions, including, but not limited to, assumptions about Equasens’ current and future strategy and the environment in which Equasens operates. These involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements, or industry results or other events, to materially differ from those expressed in or implied by such forward-looking statements. These risks and uncertainties include those detailed in Chapter 3 “Risk factors” of the Universal Registration Document filed with the French financial market authority (Autorité des Marchés Financiers or AMF) on April 29, 2025 under number D.25-0334. These forward-looking statements are valid only as of the date of this press release.

Attachment

EQUASENS_PR_20250731_2025-FY-revenue_EN

The MIL Network –

August 5, 2025

MIL-OSI: Applied Releases Commercial Lines Premium Rate Index Findings for Q2 2025
Source: GlobeNewswire (MIL-OSI)

Toronto, ON, July 31, 2025 (GLOBE NEWSWIRE) — Applied Systems® today announced the second quarter 2025 results of the Applied Commercial Index™, the Canadian insurance industry’s premium rate index. Overall, the magnitude of rate increases was down across all lines relative to average premium renewals in the same quarter last year with 3.63% in Q2 2025 down from 5.83% in Q2 2024. All lines of business saw decreases compared to the same quarter last year.
Quarter over quarter, Q2 2025 results showed average renewal rate change decreased across many lines of the most commonly placed Commercial Lines categories, including Real Estate Property, Business and Professional Services, and Construction. Hospitality Services and Retail Services experienced an increase in average renewal rate change.
Significant findings include:
- Business and Professional Services: Q2 2025 premium renewal rate change average was 3.00%, down from the Q1 2025 average of 3.99%.
- Construction, Erection, and Installation Services: Premium renewal rate change average was 3.56% for the quarter, down from the Q1 2025 average of 3.85%.
- Hospitality Services: Q2 2025 premium renewal rate change average was 4.53%, up from the Q1 2025 average of 3.08%.
- Real Estate Property: Premium renewal rate change average was 3.38% for the quarter, down from the Q1 2025 average of 3.58%.
- Retail Services: Premium renewal rate change averaged 4.62%, up from the Q1 2025 average of 4.57%.
“This quarter’s average premium renewal rate change continues to decrease across the most commonly placed commercial lines of business, except Hospitality Services which saw a spike,” said Steve Whitelaw, SVP and general manager, Canada, Applied Systems. “As we make our way into the second of the year, the Applied Commercial Index will shine light on how current macro trends such as US tariffs and others will affect rates.”
Access the complete quarterly report here.

# # #

Applied Commercial Index is a trademark of Applied Systems, Inc. All data is fully anonymized when aggregating and analyzing the Applied Commercial Index.

About Applied Systems
Applied Systems is the leading global provider of cloud-based software that powers the business of insurance. Recognized as a pioneer in insurance automation and the innovation leader, Applied is the world’s largest provider of agency and brokerage management systems, serving customers throughout the United States, Canada, the Republic of Ireland, and the United Kingdom. By automating the insurance lifecycle, Applied’s people and products enable millions of people around the world to safeguard and protect what matters most.

The MIL Network –
August 5, 2025

MIL-OSI: SCOR announces the availability of its 2025 Interim Financial Report

Source: GlobeNewswire (MIL-OSI)

Press release
July 31, 2025 – N° 12

SCOR announces the availability of its 2025 Interim Financial Report

SCOR (“SCOR” or the “Company”) announces the availability and the filing with the French Autorité des marchés financiers of its Interim Financial Report for the period ended June 30, 2025.

The 2025 Interim Financial Report is available in the “Regulated Information” section of the Company’s website at www.scor.com.

Hard copies of the 2025 Interim Financial Report are also available at SCOR’s headquarters, located at the following address:

SCOR SE
5, avenue Kléber
75795 Paris Cedex 16
France

* *

SCOR, a leading global reinsurer

As a leading global reinsurer, SCOR offers its clients a diversified and innovative range of reinsurance and insurance solutions and services to control and manage risk. Applying “The Art & Science of Risk,” SCOR uses its industry-recognized expertise and cutting-edge financial solutions to serve its clients and contribute to the welfare and resilience of society.

The Group generated premiums of EUR 20.1 billion in 2024 and serves clients in more than 150 countries from its 37 offices worldwide.

For more information, visit: www.scor.com

Media Relations
Alexandre Garcia
media@scor.com

Investor Relations
Thomas Fossard
InvestorRelations@scor.com

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All content published by the SCOR group since January 1, 2024, is certified with Wiztrust. You can check the authenticity of this content at wiztrust.com.

General

Figures presented throughout the 2025 Interim Financial Report may not add up precisely to the totals in the tables and text. Percentages and percent changes are calculated on complete figures (including decimals); therefore, the 2025 Interim Financial Report might contain immaterial differences in sums and percentages due to rounding. Unless otherwise specified, the sources for the business ranking and market positions are internal.

The 2025 Interim Financial Report does not constitute an offer to sell or exchange, or a solicitation of an offer to buy SCOR securities in any jurisdiction.

Forward-looking statements

The 2025 Interim Financial Report includes forward-looking statements, assumptions, and information about SCOR’s financial condition, results, business, strategy, plans and objectives, including in relation to SCOR’s current or future projects.

These statements may be identified by the use of the future tense or conditional mode, or terms such as “estimate”, “believe”, “anticipate”, “aim”, “expect”, “have the objective”, “intend to”, “plan”, “result in”, “should”, and other similar expressions.

It should be noted that the achievement of these objectives, forward-looking statements, assumptions and information is dependent on circumstances and facts that may or may not arise in the future.

No guarantee can be given regarding the achievement of these forward-looking statements, assumptions and information. These forward-looking statements, assumptions and information are not guarantees of future performance. Forward-looking statements, assumptions and information (including on objectives) may be impacted by known or unknown risks, identified or unidentified uncertainties and other factors that may significantly impact the future results, performance and accomplishments planned or expected by SCOR.

In particular, it should be noted that the full impact of the economic, financial and geopolitical risks on SCOR’s business and results cannot be precisely assessed.

Accordingly, all assessments, assumptions, and figures presented in the 2025 Interim Financial Report should be considered as estimates based on evolving analyses, and encompass a wide range of theoretical hypotheses, which are highly evolutive.

Information regarding risks and uncertainties that may affect SCOR’s business is set forth in the 2024 Universal Registration Document filed on March 20, 2025, under number n°D.25-0124 with the French Autorité des marchés financiers (AMF) available on SCOR’s website www.scor.com and on the AMF’s website www.amf-france.org.

In addition, such forward-looking statements, assumptions and information are not “profit forecasts” within the meaning of Article 1 of Commission Delegated Regulation (EU) 2019/980.

SCOR does not undertake and has no obligation or intention to complete, update, revise or change these forward-looking statements, assumptions and information, whether as a result of new information, future events or otherwise.

Financial information

The Group’s financial information contained in the 2025 Interim Financial Report is prepared on the basis of IFRS and interpretations issued and approved by the European Union.

Unless otherwise specified, prior-year balance sheet, income statement items and ratios have not been reclassified.

The calculation of financial ratios (such as return on invested assets, regular income yield, return on equity and combined ratio) is detailed in the Appendices of the presentation related to the financial results for the second quarter and first half of 2025 which is available on SCOR’s website www.scor.com.

The financial results for the first half of 2025 included in the 2025 Interim Financial Report have been subject to a limited review by SCOR’s statutory auditors. Unless otherwise specified, all figures are presented in Euros.

Any financial data or figures for a period subsequent to June 30, 2025 are not to be construed as a forecast of the expected financials for these periods.

Attachment

SCOR Press Release

The MIL Network –

August 5, 2025

MIL-OSI Russia: Deputy Chairman of Delovaya Rossiya Nonna Kagramanyan noted the high scientific and technical capabilities of the State University of Management

Translation. Region: Russian Federal

Source: Official website of the State –

An important disclaimer is at the bottom of this article.

On July 31, 2025, the State University of Management was visited on a working visit by the Deputy Chairman and Head of the Executive Committee of the All-Russian public organization “Business Russia”, a graduate of the State University of Management, Nonna Kagramanyan.

At the beginning of the visit, the rector of the State University of Management Vladimir Stroyev and the vice-rector Maria Karelina introduced the guest to the technical capabilities of the Media Center and the developments of the Engineering Project Management Center.

As a former employee of VGTRK, Nonna Kagramanyan especially highly appreciated the Jalinga studio and noted its wide opportunities for promoting educational programs and any other media projects. The guest also liked the more familiar interior design studio, where materials for the school entrepreneurship Olympiad for the united company Wildberries and Russ are currently being recorded. As Vladimir Stroyev noted, three online master’s courses have already been recorded in the interior design studio during the short time of its operation.

Vladimir Filatov, Director of the Center for Management of Engineering Projects at the State University of Management, spoke about the main areas of work of the Center, the activities of the inter-university student design bureau, and showed prototypes of unmanned aerial vehicles.

Vladimir Stroyev paid special attention to the inter-university design bureau, which won the first specialized competition from the Ministry of Education and Science. The rector noted that the current project of the State University of Management surprised the expert committee, which did not expect something like this from a management university, because at the moment this is the only such experience in Russia.

Vladimir Filatov shared the design bureau’s work scheme, in which young scientists and students perform design work, and GUU also plays the role of integrator of the entire inter-university network. In less than a year, students digitized more than 3,000 drawings ordered by TMH Engineering. The director of the engineering center reported high customer satisfaction from cooperation with GUU, as this allowed them to unload their staff engineers, while the students receive the necessary practical work experience from completing the order.

Summing up what she saw in a conversation with the rector, GUU graduate Nonna Kagramanyan sincerely rejoiced at the successes of her native university: “You listen – and you are filled with pride. You have a whole world here, a whole world.”

Moving to a more practical plane, Nonna Sayadovna put forward her proposals. First. Taking into account the high demand of businesses for the services of engineers, Delovaya Rossiya is ready to promote the scheme of work of student design bureaus tested at SUM, as well as manually send information about the finished developments of SUM to its partners. Second. For more systematic work, Delovaya Rossiya expects SUM to provide a list of the capabilities of the student design bureau in the form of a presentation for distribution to the partners of the organization, with the purpose of concluding agreements between them and SUM. Third. Through its production partner, Delovaya Rossiya will facilitate the start of serial production of the prototypes available at SUM. Fourth. Delovaya Rossiya asks to provide presentation materials and production conditions of the SUM Media Center for the possible resumption of the project of programs “Business Russia” together with the TV channel “Russia 24”.

In addition, Nonna Kagramanyan discussed with the management of the State University of Management plans to create an Advanced Engineering School, new youth laboratories, additional classes in the Pre-University, as well as methodological opportunities for accelerated training of engineering personnel.

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

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MIL OSI Russia News –

August 5, 2025
MIL-OSI Security: Prince Abdulaziz Bin Saud, Saudi Minister of Interior, visits INTERPOL headquarters

Source: Interpol (news and events)

31 July 2025

Welcomed by the INTERPOL President and Secretary General, the visit focused on bolstering international police cooperation to combat emerging crime threats.

LYON, France: The Saudi Arabian Minister of Interior, Prince Abdulaziz Bin Saud Bin Naif Bin Abdulaziz, met with INTERPOL President Ahmed Naser Al-Raisi and INTERPOL Secretary General Valdecy Urquiza at the organization’s Lyon headquarters.

The visit underscored INTERPOL’s strong cooperation with Saudi Arabia, which is set to host the organization’s Regional Bureau for the Middle East and North Africa.

President Al-Raisi said:

“INTERPOL greatly values the strong partnership with Saudi Arabia in tackling global security threats. The visit of the Minister of Interior to INTERPOL’s headquarters underlines the Kingdom’s commitment to international police cooperation and our shared determination to confront transnational crime through collaboration, innovation, and trust.”

Prince Abdulaziz Bin Saud said:

“Today’s visit reflects Saudi Arabia’s continued commitment to supporting INTERPOL and strengthening international cooperation in combating cross-border crime. The Kingdom values INTERPOL’s vital role in enhancing collaboration between security agencies worldwide, a partnership which is crucial to global security and stability.”

Prince Abdulaziz Bin Saud and his delegation were briefed by INTERPOL officials on police capabilities targeting cybercrime, financial fraud and other emerging crime threats.

The Minister was also updated on the progress of INTERPOL’s I-CORE programme to modernize international police cooperation, which has benefited from the financial support of Saudi Arabia.

Secretary General Urquiza said:

“Saudi Arabia has shown important leadership in driving the digital transformation of international police cooperation. The Kingdom’s generous support for INTERPOL’s I-CORE programme is accelerating our efforts to build a more connected and effective global policing architecture.”

Prince Abdulaziz Bin Saud was accompanied by Hesham Al-Faleh, Assistant Minister of Interior and Fahd bin Mayouf Al-Ruwaili, Ambassador of The Kingdom of Saudi Arabia to France, alongside other senior national security leaders.

[embedded content]

MIL Security OSI –

August 5, 2025
MIL-OSI Europe: ASIA/CAMBODIA – Countering misinformation and spreading messages of love, tolerance, and courage: Cambodian and Thai youth united in harmony

Source: Agenzia Fides – MIL OSI

Thursday, 31 July 2025

ANS

Phnom Penh (Agenzia Fides) – “We ask every man and woman, every child and elderly person with a good heart, to overcome conflict and choose the path of humility, wisdom, and dialogue.” This is what was said in the joint statement by young people from the Salesian centers in Cambodia and Thailand.Although just days after the ceasefire between the two countries, which began on the evening of Monday, July 28, mediated by the Malaysian government, Thailand has already accused Cambodia of “a flagrant violation.”Faced with the rising number of deaths and displaced people caused by the clashes that have been ongoing for days (see Fides, 24/7/2025), these young people have launched the initiative “Meditation for Peace with Don Bosco, our Common Father.” Drawing on the teachings of Buddhism and Christianity, they highlight the importance of values such as compassion, nonviolence, and reconciliation. According to a statement from the Salesians, the initiative focuses on their shared spiritual heritage: Buddhist mindfulness and nonviolence, along with the Christian and Salesian vocation to reconciliation and service.The youth leaders also warn against “a dirty digital war,” urging their peers to counter misinformation and instead spread messages of love, tolerance, and courage. “Peace does not require silence, but courage. May our shared history and faith be a bridge, not a barrier,” they emphasize in their statement. And while diplomats work to find a solution, the voices of young Cambodians and Thais remind the world that peace is not born in conference rooms, but in the hearts of those who have the courage to imagine it.The conflict, centered on the disputed Ta Moan Thom temple and colonial-era borders, escalated on July 24, 2025, marking one of the most serious clashes in the last ten years. The violence has claimed 30 lives and forced more than 300,000 people to flee their homes. (AP) (Agenzia Fides, 31/7/2025)
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August 5, 2025
MIL-OSI Europe: AFRICA/DR CONGO – Caritas Bunia: “In July alone, more than 100 people died in Ituri despite the state of siege in place for four years”

Source: Agenzia Fides – MIL OSI

Kinshasa (Agenzia Fides) – “In our province alone, in July, more than 100 people, including women and children, were brutally murdered in attacks of unspeakable brutality.” This was revealed by the diocesan Caritas of Bunia (Ituri province, eastern Democratic Republic of Congo), whose territory includes the church of Blessed Anuarite de Komanda, attacked by a commando unit of the Allied Democratic Forces (ADF) on the night of Saturday, July 26 and Sunday, July 27 (see Fides, 28/7/2025).The 100 deaths recorded in July of this year alone represent, according to Caritas Bunia, “the flagrant failure of the state of siege” decreed on May 3, 2021, by President Félix Tshisekedi in Ituri and North Kivu, with the aim of “neutralizing the armed groups operating in the two provinces, restoring state authority through a temporary military government, protecting the civilian population, and stabilizing the region.””Four years and nearly 100 extensions later, the results are disappointing because new armed groups have emerged and are more active than ever,” Caritas states. Impunity reigns, and massacres continue without investigation or prosecution of the criminals. Even worse, there is compelling evidence revealing the complicity, passive or active, of the Congolese army, as in the recent Lopa massacre, where CODECO militiamen desecrated the Church of Saint John of Capistrano (see Fides, 23/7/2025). The desecration of the church “forced His Excellency Monsignor Dieudonné Uringi, Bishop of Bunia, to close the parish, whose reopening remains undefinite.”Meanwhile, more details have emerged about the attack on the village of Komanda. The attackers entered the village around 2:00 a.m. from their stronghold on Mount Hoyo. They attacked the parish church of Blessed Anuarite, killing about twenty people with machetes who were attending a prayer vigil. Other bodies were found in burned homes and businesses near the church, including that of a charred man found in a truck set on fire by the attackers. The total death toll is 43, with dozens injured.According to Caritas, the attack on the village of Komanda has sown widespread panic, causing a mass exodus of its population to Bunia, Beni, and Kisangani. It has also led to the suspension of economic and religious activities. All of this has exacerbated the existing humanitarian crisis due to the influx of newly displaced people. Caritas Bunia denounces “the unacceptable passivity of the security forces and MONUSCO (UN Mission in the Democratic Republic of the Congo), which, despite being stationed less than 3 kilometers from the crime scene, failed to intervene to protect civilians.”In a statement sent to Fides, Caritas Bunia highlights the deteriorating security situation in Ituri: “With the emergence of a new rebel movement (Convention for Popular Revolution), recently founded by Thomas Lubanga and his accomplices in Uganda, and the unnatural alliances between the regular army (FARDC) and the criminal militias it was supposed to fight, Ituri is sinking into unprecedented chaos. The population, left to itself, no longer knows who to trust.”To prevent further massacres and improve security in the area, Caritas calls for the immediate lifting of the state of siege, describing it as “an ineffective measure rejected by the population”; the replacement of all FARDC and police personnel deployed in Komanda during the July 27 massacre, as well as in Lopa during the massacres and destruction of July 21, 2025; and the urgent review of civil protection strategies to prevent further tragedies. (L.M.) (Agenzia Fides, 31/7/2025)
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August 5, 2025
MIL-OSI Europe: AFRICA/ETHIOPIA – Negotiations between Addis Ababa and Somalia over sea access stalled

Source: Agenzia Fides – MIL OSI

Thursday, 31 July 2025

Wikipedia

by Cosimo GrazianiAddis Ababa (Agenzia Fides) – According to diplomatic sources familiar with the matter, diplomatic negotiations between Ethiopia and Somalia to resolve the issue of Addis Ababa’s access to the sea and the related permit granted by Mogadishu are stalled. The last round of negotiations between the two countries took place in February, but the news leaked in the first weeks of July.The announcement has repercussions for African geopolitics, specifically in the Horn of Africa region, and worldwide, as it affects, for example, the transport of goods across the Red Sea.At the heart of the issue is Ethiopia’s request for sea access. In January of last year, the Ethiopian government signed an agreement with the breakaway region of Somaliland to gain access to the sea through a twenty-kilometer stretch along the latter’s coast. Somalia’s reaction, from which Somaliland formally separated, was swift, and Turkey intervened to resolve the dispute, mediating between the two sides. Its mediation led to an agreement last December between the two countries.Thereafter, Somalia and Ethiopia began technical negotiations to explore the possibility of sea access for Addis Ababa, but no meeting between the two countries’ delegations had been scheduled since last April. In addition to sea access, the possibility of recognizing Somaliland’s independence was also on the negotiating table, according to the same diplomatic source cited by the Somali news agency Shabelle.Ethiopia has never officially committed to this diplomatic move, which, moreover, remains a resource it can use at any time.While the December 2024 agreement was considered a success for Turkish diplomacy in Africa, the news of the current impasse weakens Ankara’s position on the continent. Turkish President Recep Tayyip Erdogan has invested considerably in recent years, both economically and politically, in his country’s presence throughout the African continent, especially in the Horn of Africa, whose role in international logistics is crucial. Turkey is present in Africa thanks to a dense network of religious institutions that have facilitated its cultural and social penetration; it has opened embassies throughout the continent; it has signed various military agreements, most notably one last year with Somalia, Libya, Kenya, Rwanda, Nigeria, and Ghana; and Turkish Airlines, the Turkish flag carrier, currently operates flights to more than fifty African destinations. Africa has also acquired strategic importance for Turkey due to its maritime presence, and from this perspective, its presence in the Horn of Africa is even more so. If an agreement brokered by Ankara in the region fails, Turkey’s own position will also be affected.The central issue in relations between Ethiopia and Somalia is the sovereignty of the latter. If Ethiopia were to give in on its recognition of Somaliland, the state would risk being completely dismembered. Armed clashes have recently erupted in the Puntland region, which has been at war with the central government since last year over constitutional amendments approved at the proposal of Somali President Hassan Mohamud. The clashes have occurred between local and pro-government forces. Like Somaliland, which declared its independence from Mogadishu thirty years ago, Puntland has been demanding greater autonomy from the central government since 1998.In this situation, Egypt could gain political leverage in the region, after years of tense relations with Ethiopia, particularly regarding the construction of the Grand Ethiopian Renaissance Dam on the Nile. Turkish mediation between Ethiopia and Somalia had removed it from the dispute, but the stalled negotiations have brought Cairo back into the game of current and future regional balances. At the beginning of the second week of July, Egyptian President Abdel Fattah al-Sisi met with his Somali counterpart and promised increased vigilance in the Red Sea. This was a gesture for Addis Ababa, but also for Ankara, as part of the improvement in relations between Egypt and Turkey in other contexts, such as the Eastern Mediterranean and Libya. (Agenzia Fides, 31/7/2025)
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August 5, 2025
MIL-OSI Europe: EUROPE/ITALY – Bishop Berardi to the young pilgrims from the Vicariate of Northern Arabia who have arrived in Rome for the Jubilee: “Open your hearts to the Holy Spirit.”

Source: Agenzia Fides – MIL OSI

Thursday, 31 July 2025

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Rome (Agenzia Fides) – “We live because we have hope. Hope is a way of receiving what we believe in. It is a blessing that makes us know the meaning of our life, which is Jesus.” This morning, July 31, at the Convent of Saint Chrysogonus in Rome, Bishop Aldo Berardi O.SS.T., Apostolic Vicar of Northern Arabia (AVONA), celebrated the welcoming Mass for young pilgrims arriving from the Vicariate for the Jubilee of Youth. Of the group initially organized to come to Rome, some did not receive visas upon departure, which left a deep sense of bitterness among them and throughout the Vicariate community. But with words like “hope, discernment, charity, and faith,” Berardi encouraged the young people to continue despite the difficulties, convinced that Jesus is always with them.“We are here because we want to be confirmed. We want to be with others to feel like family. And the great Catholic family comes to Rome to receive Christ on a pilgrimage of hope. It is important that you are here, even if you are tired, the journey has been difficult, and you have had to wait in long lines. It is beautiful that you come to confirm your faith and receive the strength of the Holy Spirit. You are here to encounter Jesus, who is everywhere, along with these half a million pilgrims. Jesus never physically came to Rome,” the bishop emphasized, “but he is with us. He sent his Apostles throughout the world, each to a different place, but the Church of Rome is the one that presides in charity, the one that has confirmed the other Churches in the faith through spirituality.”“The discomfort of this large crowd is sometimes difficult, but spiritually it is powerful. So, do not be discouraged. When you return home, you will feel better, you will be stronger and witnesses of Jesus. We know that we cannot speak much outside our church, but we can live a lot. This means that our lives are a testimony of who we are, of what we believe, and of the love we have received in the Holy Spirit. God is everywhere. He is with us in our Vicariate, in our different countries, in our different communities. But the Lord also blesses us when we move physically and spiritually. So, when we move physically, even if it is difficult for us at times, we move in our hearts and find a way to touch the heart of God. God is touching the fruit of the Spirit that is in his hands. Open your hearts, your minds, and be assured that the Lord will give you strength and answer your questions. Perhaps not immediately, but the Lord is already speaking to you. So open your hearts to his presence, and the Holy Spirit will be with you.”Continuing his reflection, the Apostolic Vicar referred to Saint Ignatius of Loyola, whose liturgical memorial is celebrated on July 31. “The focus of the Jesuit Congregation founded by Saint Ignatius of Loyola is discernment. Discernment takes time, sometimes years. And sometimes we say, ‘When I was in that place, this happened. I didn’t see the sign of God, now I understand.’ That’s why discernment is important, the presence of the Lord, and how to discern our activities, our commitment, what we are doing.”“Let us ask the Lord that this pilgrimage may touch our hearts and bless us,” concluded the Bishop, who presided over the Eucharistic concelebration with five priests from the Apostolic Vicariate of Northern Arabia.

MIL OSI Europe News –

August 5, 2025
MIL-OSI Europe: EUROPE/ENGLAND – Saint John Henry Newman, from Propaganda Fide seminarian to Doctor of the Church

Source: Agenzia Fides – MIL OSI

Thursday, 31 July 2025

Rome (Agenzia Fides) – Saint John Henry Newman will be proclaimed a Doctor of the Church. This was established by Pope Leo XIV, who confirmed the decision of the Plenary Session of Cardinals and Bishops, Members of the Dicastery for the Causes of Saints. The English Cardinal, founder of the Oratory of St. Philip Neri in England, will be the 38th saint to hold the title of Doctor.Already in 2010, during his apostolic journey to England, Benedict XVI, speaking to journalists during the papal flight, defined Newman as “a figure of a Doctor of the Church for us and for all,” as well as “a bridge between Anglicans and Catholics” (see Fides, 17/9/2010).Born in London on February 21, 1801, to an Anglican family, Newman studied at Great Ealing School, where he fervently embraced Calvinist doctrines. In June 1824, he was ordained a deacon in the Anglican Church and, the following year, a priest. In 1832, he accompanied his friend, Father Froude, on a trip to southern Europe.At the English College in Rome, he met Father Nicholas Wiseman, the future Catholic Archbishop of Westminster. Between 1833 and 1841, Newman and other exponents of the so-called “Oxford Movement” wrote the “Tracts for the Times,” a collection of 90 essays written to support and attest to the Catholic identity of the Anglican Church. The texts were not well received, and the protests they provoked led the Bishop of Oxford to suspend publication of the Tracts. Condemned by the Hebdomadal Board of Oxford University and disavowed by 42 bishops, in April 1842 he retired with some friends to Littlemore to write the famous “Essay development of christian Doctrine.” After these experiences, his decision to join the Catholic Church fully matured.In 1846, he returned to Rome with some Anglicans who had converted to Catholicism. After careful consideration, he decided to join the Congregation of the Oratory of St. Philip Neri. He attended the Roman church of Chiesa Nuova and frequented the priests of that community. In 1845, he began his studies to become a priest at the College of Propaganda Fide, then located in the Palazzo Ferratini, overlooking Piazza di Spagna.Cardinal Ivan Dias (1936-2017), Prefect of the then Congregation for the Evangelization of Peoples, when inaugurating the Missionary Museum of Propaganda Fide in 2010, described the stay of the future Doctor of the Church in the palace designed by Bernini and Borromini as follows: “Newman describes in his letters the great care shown by Cardinal Fransoni, Prefect of the Congregation of Propaganda Fide, by Monsignor Brunelli, his Secretary General, and by Father Bresciani, Rector of the Urban College, to make them feel at home, adapting everything to ‘English customs’. They were quite moved by the fact that their windows in Propaganda overlooked the church of Sant’Andrea delle Fratte, where Our Lady of the Miraculous Medal had appeared three years earlier to Alphonse Ratisbonne, on January 20, 1842: ‘It is so wonderful to be here in Propaganda is like a dream, and yet so calm, so secure, so happy, as if I had always belonged there, as if there had been no violent rupture or vicissitude in my life, indeed, calmer and happier than before.’The eminent theologian, Cardinal Dias further explained, “he found himself among young priests and seminarians, most of whom came from mission countries. Among the 120 or 150 resident students, 32 different languages were spoken. Newman remembers Indians, Africans, Babylonians, Scots, and Americans, and also Chinese (…) Egyptians, Albanians, Germans, and Irish.” He and Ambrose St. John were the only English students. John Henry Newman was ordained a Catholic priest in the Magi Chapel (in the Palace of Propaganda Fide) on May 30, 1847, and celebrated his first Mass in the upper chapel that now bears his name.”The chapel mentioned by Cardinal Dias, which today also houses a relic of the saint, future Doctor of the Church, is the work of Borromini. Conceived as an oratory for the first floor of the palace, Borromini created it with a vault decorated with angels’ heads, represented as six-winged seraphim. Today, on the right wall, you can admire a painting depicting Newman behind a reliquary containing some hairs of the English saint between two candlesticks. (F.B.) (Agenzia Fides, 31/7/2025)

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MIL OSI Europe News –

August 5, 2025
MIL-OSI Submissions: A World of Water exhibition asks: ‘Can the seas survive us?’

Source: The Conversation – UK – By John Kenneth Paranada, Curator of Art and Climate Change, University of East Anglia

Water is at the heart of the disruption wrought by climate change. The seas, once seen as vast and stable, are now unpredictable and restless.

That tidy, looping diagram of the water cycle once pinned up in primary school classrooms – clouds, rivers, evaporation and rain – now reads more like a fragmented recollection than a dependable process. Human impact has cracked that once-stable loop wide open.

Sea levels inch upward year on year. Droughts grow more prolonged and severe. Rainfall becomes erratic and violent. What was once spoken of in future tense is now present and pressing.

In Norfolk, land and sea have long coexisted in an uneasy truce. Here, the threat of sea level rise is not a speculative concern, it is data-backed, visible and accelerating.

According to research from the Tyndall Centre for Climate Change Research, vast swathes of Norfolk risk being submerged by rising seas if global temperatures rise by even two degrees celsius. It is one of the most at-risk areas in the UK.

Against this backdrop comes the Sainsbury Centre’s exhibition, A World of Water (part of the Can the Seas Survive Us? season). In the show, water is explored as subject, medium and metaphor. It is both agent and witness, shaping civilisations, sustaining life, and now challenging our ability to coexist with it.

Curated through an interdisciplinary lens, the exhibition was shaped by deep collaboration with scientists, artists, ecologists, activists and coastal communities. Rooted in lived experience, from a two-day walk along the Wherry Man’s Way to a 36-hour sail aboard a 1921 fishing smack, the curatorial process traced fragile coastlines and the North Sea’s rapid transformation into an industrial nexus of energy infrastructures.

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The curatorial approach to the show embraces the multifaceted nature of water by weaving together maritime history, Indigenous knowledge and contemporary works rooted in the artists’ experiences.

Many of the participating artists hail from communities already wrestling with rising tides and the realities of climate disruption. Their contributions form three thematic currents: Mudplume, Water Water Everywhere and In a State of Flux.

These overlapping threads investigate how water connects, nourishes and imperils. Rather than positioning the sea as a line of division, the exhibition reframes it as a living, connective tissue linking culture, history and ecology.

A curatorial geomorphology of the sea

Guidance for the exhibition’s conceptual framework came, fittingly, from water itself. Its mutable nature – solid, liquid, vapour – shaped the rhythm of the curatorial process. Rather than impose a rigid thesis, the exhibition offers an ever-shifting constellation of perspectives.

The exhibition journey begins with sound. Visitors are welcomed by a low murmur, tides lapping, water dripping, echoing through the museum entrance. This leads to Spiral Fosset (2024), a sculptural work by the Dutch collective De Onkruidenier.

Mirroring the central staircase of the museum, the piece suggests the brackish confluence where fresh and saltwater mingle. From here, the viewer descends into the lower galleries, reimagined as an estuary.

Within the lower galleries, artworks unfold like coastal mudflats at low tide. Seventeenth-century Dutch seascapes hang alongside photographs, video works and sculptures made from plastic waste. Sands from the beaches of Cromer, Happisburgh and Cley are featured, anchoring the exhibition in local terrain.

East Anglia’s centuries-old ties with the Low Countries form a steady through line. Hendrick van Anthonissen’s View of Scheveningen Sands (1641) shares space with works by Norwich School masters such as John Sell Cotman, John Crome and Robert Ladbrooke.

This approach privileges resonance over chronology. The exhibition avoids a linear march through time in favour of prioritising association, connection and drift. For instance, Shore Compass by Olafur Eliasson (2019) sits in subtle dialogue with Jodocus Hondius’s 1589 Drake Map an early cartographic rendering of Sir Francis Drake’s circumnavigation of the world.

Created during the height of European maritime expansion and colonialism, the map illustrates the interplay between empire, navigation and power. Time, like tide, is allowed to meander.

The exhibition adopts what might be called a “curatorial geomorphology”: a way of curating that draws on the sculpting force of water. In the natural sciences, geomorphology examines how landscapes are formed and reshaped by flowing water, storms and tides, while hydrology traces water’s movement through the environment.

This curatorial approach translates those scientific ideas into a cultural and creative practice. Like a river, it flows through histories, stories and meanings. What unfolds is a tidal narrative, an estuary of thought where time loosens, the present deepens and new futures begin to surface.

Visitors to A World of Water can expect something different from a traditional gallery experience. It invites you to think with the seas, to tune into their rhythms, tensions and secret lives.

As you wander through the galleries, you enter a realm shaped by flux, expect to feel and reimagine a world where land, water and life move as one. And perhaps, by moving as water does, we may begin to sense an answer to the question: Can the Seas Survive Us? Not in certainty, but through our collective and individual actions toward a more regenerative and sustainable future.

A World of Water is at the Sainsbury Centre Norwich until August 3. It’s part of a six-month season of interlinked exhibitions and events that explore the question: “Can the seas survive us?”

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John Kenneth Paranada received funding from the John Ellerman Foundation; the Art Fund’s Jonathan Ruffer Curatorial Grant; the Association of Art Museum Curators’ EPIC Curatorial Fellowship Award; the Mondriaan Fund’s International Art Presentation Grant; the Kingdom of the Netherlands’ Cultural Diplomacy Grant; and Arts Council England’s National Lottery Fund for the project A World of Water: Can the Seas Survive Us? at the Sainsbury Centre.

– ref. A World of Water exhibition asks: ‘Can the seas survive us?’ – https://theconversation.com/a-world-of-water-exhibition-asks-can-the-seas-survive-us-262057

MIL OSI –

August 5, 2025
MIL-OSI Submissions: Why some underwater earthquakes cause tsunamis – and others, just little ripples

Source: The Conversation – UK – By Matthew Blackett, Reader in Physical Geography and Natural Hazards, Coventry University

After a massive earthquake off the coast of Kamchatka, a peninsula in the far east of Russia, on July 30 2025, the world watched as the resultant tsunami spread from the epicentre and across the Pacific Ocean at the speed of a jet plane.

In some local areas, such as in Russia’s northern Kuril Islands, tsunami waves reached heights of over three metres. However, across the Pacific there was widespread relief in the hours that followed as the feared scenario of large waves striking coastal communities did not materialise. Why was this?

Not all underwater earthquakes result in tsunamis. For a tsunami to be generated, the Earth’s crust at the earthquake site must be pushed upwards in a movement known as vertical displacement. This typically occurs during reverse faulting, or its shallow-angled form known as thrust faulting, where one block of the Earth’s crust is forced up and over another, along what is called a fault plane.

It is no coincidence that this type of faulting movement occurred at a subduction zone on “the Pacific ring of fire”, where the dense oceanic Pacific plate is being forced beneath the less dense Eurasian continental plate.

These zones are known for generating powerful earthquakes and tsunamis because they are sites of intense compression, which leads to thrust faulting and the sudden vertical movement of the seafloor. Indeed, it was the ring of fire that was also responsible for the two most significant tsunami-generating earthquakes of recent times: the 2004 Indonesian Boxing Day and March 2011 Tohoku earthquakes.

Why did the Indonesian and Japanese earthquakes generate waves over 30 metres high, but the recent magnitude 8.8 earthquake off Kamchatka (one of the strongest ever recorded) didn’t? The answer lies in the geology involved in these events.

In the case of the 2004 Indonesian tsunami, the sea floor was measured to have risen by up to five metres within a rupture zone of 750,000 sq km.

For the tsunami that struck Japan in March 2011, estimates indicate the seafloor was thrust upwards by nearly three metres within a rupture zone of 90,000 sq km.

Preliminary data from the recent Kamchatka event has been processed into what geologists call a finite fault model. Rather than representing the earthquake as a single point, these models show where and how the crust ruptured, including the length of that rupture in Earth’s crust, its depth and what direction it followed.

The model results show that the two sides of the fault slipped by up to ten metres along a fault plane of 18°, resulting in about three metres of vertical uplift. Think of it like walking ten metres up an 18° slope: you don’t rise ten metres into the air, you only rise about three metres, because most of your movement is forward rather than upward.

However, since much of this occurred at depths greater than 20km (over an area of 70,000 sq km) the seabed displacement would probably have been reduced as the overlying rock layers absorbed and diffused the motion before it reached the surface.

For comparison, the associated slippage for the Tohoku and Indonesian events was as shallow as 5km in places.

An added complication

So, while the size of sea floor uplift is key to determining how much energy a tsunami begins with, it is the processes that follow – as the wave travels and interacts with the coastline – that can transform an insignificant tsunami into a devastating wall of water at the shore.

As a tsunami travels across the open ocean it is often barely noticeable – a long, low ripple spread over tens of kilometres. But as it nears land, the front of the wave slows down due to friction with the seabed, while the back continues at speed, causing the wave to rise in height. This effect is strongest in places where the sea floor gets shallow quickly near the coast.

The shape of the coastline is also important. Bays, inlets and estuaries can act like funnels that further amplify the wave as it reaches shore. Crescent City in California is a prime example. Fortunately however, when the wave arrived in Crescent City on July 30 2025, it reached a height of just 1.22 metres – still the highest recorded in the continental US.

So, not every powerful undersea earthquake leads to a devastating tsunami — it depends not just on the magnitude, but on how much the sea floor is lifted and whether that vertical movement reaches the ocean surface.

In the case of the recent Russian quake, although the slip was substantial, much of it occurred at depth, meaning the energy wasn’t transferred effectively to the water above. All of this shows that while earthquake size is important, it’s the precise characteristics of the rupture that truly decide whether a tsunami becomes destructive or remains largely insignificant.

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Matthew Blackett 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. Why some underwater earthquakes cause tsunamis – and others, just little ripples – https://theconversation.com/why-some-underwater-earthquakes-cause-tsunamis-and-others-just-little-ripples-262352

MIL OSI –

August 5, 2025
MIL-OSI Submissions: Your dog can read your mind – sort of

Source: The Conversation – UK – By Laura Elin Pigott, Senior Lecturer in Neurosciences and Neurorehabilitation, Course Leader in the College of Health and Life Sciences, London South Bank University

Dmytro Zinkevych/Shutterstock.com

Your dog tilts its head when you cry, paces when you’re stressed, and somehow appears at your side during your worst moments. Coincidence? Not even close.

Thousands of years of co-evolution have given dogs special ways to tune in to our voices, faces and even brain chemistry. From brain regions devoted to processing our speech to the “love hormone” or oxytocin that surges when we lock eyes, your dog’s mind is hardwired to pick up on what you’re feeling.

The evidence for this extraordinary emotional intelligence begins in the brain itself. Dogs’ brains have dedicated areas that are sensitive to voice, similar to those in humans. In a brain imaging study, researchers found that dogs possess voice-processing regions in their temporal cortex that light up in response to vocal sounds.

Dogs respond not just to any sound, but to the emotional tone of your voice. Brain scans reveal that emotionally charged sounds – a laugh, a cry, an angry shout – activate dogs’ auditory cortex and the amygdala – a part of the brain involved in processing emotions.

Dogs are also skilled face readers. When shown images of human faces, dogs exhibit increased brain activity. One study found that seeing a familiar human face activates a dog’s reward centres and emotional centres – meaning your dog’s brain is processing your expressions, perhaps not in words but in feelings.

Dogs don’t just observe your emotions; they can “catch” them too. Researchers call this emotional contagion, a basic form of empathy where one individual mirrors another’s emotional state. A 2019 study found that some dog-human pairs had synchronised cardiac patterns during stressful times, with their heartbeats mirroring each other.

This emotional contagion doesn’t require complex reasoning – it’s more of an automatic empathy arising from close bonding. Your dog’s empathetic yawns or whines are probably due to learned association and emotional attunement rather than literal mind-mirroring.

The oxytocin effect

The most remarkable discovery in canine-human bonding may be the chemical connection we share. When dogs and humans make gentle eye contact, both partners experience a surge of oxytocin, often dubbed the “love hormone”.

In one study, owners who held long mutual gazes with their dogs had significantly higher oxytocin levels afterwards, and so did their dogs.

This oxytocin feedback loop reinforces bonding, much like the gaze between a parent and infant. Astonishingly, this effect is unique to domesticated dogs: hand-raised wolves did not respond the same way to human eye contact. As dogs became domesticated, they evolved this interspecies oxytocin loop as a way to glue them emotionally to their humans. Those soulful eyes your pup gives you are chemically binding you two together.

Beyond eye contact, dogs are surprisingly skilled at reading human body language and facial expressions. Experiments demonstrate that pet dogs can distinguish a smiling face from an angry face, even in photos.

Dogs show a subtle right-hemisphere bias when processing emotional cues, tending to gaze toward the left side of a human’s face when assessing expressions – a pattern also seen in humans and primates.

When dogs and humans make eye contact, both experience a surge of oxytocin.
Dmytro Zinkevych/Shutterstock.com

Dogs rely on multiple senses to discern how you’re feeling. A cheerful, high-pitched “Good boy!” with a relaxed posture sends a very different message than a stern shout with rigid body language. Remarkably, they can even sniff out emotions. In a 2018 study, dogs exposed to sweat from scared people exhibited more stress than dogs that smelled “happy” sweat. In essence, your anxiety smells unpleasant to your dog, whereas your relaxed happiness can put them at ease.

Bred for friendship

How did dogs become so remarkably attuned to human emotions? The answer lies in their evolutionary journey alongside us. Dogs have smaller brains than their wild wolf ancestors, but in the process of domestication, their brains may have rewired to enhance social and emotional intelligence.

Clues come from a Russian fox domestication experiment. Foxes bred for tameness showed increased grey matter in regions related to emotion and reward. These results challenge the assumption that domestication makes animals less intelligent. Instead, breeding animals to be friendly and social can enhance the brain pathways that help them form bonds.

In dogs, thousands of years living as our companions have fine-tuned brain pathways for reading human social signals. While your dog’s brain may be smaller than a wolf’s, it may be uniquely optimised to love and understand humans.

Dogs probably aren’t pondering why you’re upset or realising that you have distinct thoughts and intentions. Instead, they excel at picking up on what you’re projecting and respond accordingly.

So dogs may not be able to read our minds, but by reading our behaviour and feelings, they meet us emotionally in a way few other animals can. In our hectic modern world, that cross-species empathy is not just endearing; it’s evolutionary and socially meaningful, reminding us that the language of friendship sometimes transcends words entirely.

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

Laura Elin Pigott 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. Your dog can read your mind – sort of – https://theconversation.com/your-dog-can-read-your-mind-sort-of-261720

MIL OSI –

August 5, 2025
MIL-OSI Submissions: By building the world’s biggest dam, China hopes to control more than just its water supply

Source: The Conversation – UK – By Tom Harper, Lecturer in International Relations, University of East London

China’s already vast infrastructure programme has entered a new phase as building work starts on the Motuo hydropower project.

The dam will consist of five cascade hydropower stations arranged from upstream to downstream and, once completed, will be the world’s largest source of hydroelectric power. It will be four times larger than China’s previous signature hydropower project, the Three Gorges Dam, which spans the Yangtse river in central China.

The Chinese premier, Li Qiang, has described the proposed mega dam as the “project of the century”. In several ways, Li’s description is apt. The vast scale of the project is a reflection of China’s geopolitical status and ambitions.

Possibly the most controversial aspect of the dam is its location. The site is on the lower reaches of the Yarlung Zangbo river on the eastern rim of the Tibetan plateau. This is connected to the Brahmaputra river which flows into the Indian border state of Arunachal Pradesh as well as Bangladesh. It is an important source of water for Bangladesh and India.

Both nations have voiced concerns over the dam, particularly since it can potentially affect their water supplies. The tension with India over the dam is compounded by the fact that Arunachal Pradesh has been a focal point of Sino-Indian tensions. China claims the region, which it refers to as Zangnan, saying it is part of what it calls South Tibet.

At the same time, the dam presents Beijing with a potentially formidable geopolitical tool in its dealings with the Indian government. The location of the dam means that it is possible for Beijing to restrict India’s water supply.

This potential to control downstream water supply to another country has been demonstrated by the effects that earlier dam projects in the region have had on the nations of the Mekong river delta in 2019. As a result, this gives Beijing a significant degree of leverage over its neighbours.

One country restricting water supply to put pressure on another is by no means unprecedented. In fact in April 2025, following a terror attack by Pakistan-based The Resistance Front in Kashmir, which killed 26 people (mainly tourists), India suspended the Indus waters treaty, restricting water supplies to Pakistani farmers in the region. So the potential for China’s dam to disrupt water flows will further compound the already tense geopolitics of southern Asia.

Concrete titans

The Motuo mega dam is an advertisement of China’s prowess when it comes to large-scale infrastructure projects. China’s expertise with massive infrastructure projects is a big part of modern Chinese diplomacy through its massive belt and road initiative.

This involves joint ventures with many developing nations to build large-scale infrastructure, such as ports, rail systems and the like. It has caused much consternation in Washington and Brussels, which view these initiatives as a wider effort to build Chinese influence at their expense.

The completion of the dam will will bring Beijing significant symbolic capital as a demonstration of China’s power and prosperity – an integral feature of the image of China that Beijing is very keen to promote. It can also be seen as a manifestation of both China’s aspiration and its longstanding fears.

Harnessing the rivers

The Motuo hydropower project also represents the latest chapter of China’s long battle for control of its rivers, a key story in the development of Chinese civilisation.

Rivers such as the Yangtze have been at the heart of the prosperity of several Chinese dynasties (the Yangtse is still a major economic driver in modern China) and has devastated others. The massive Yangtse flood of 1441 threatened the stability of the Ming dynasty, while an estimated 2 million people died when the river flooded in 1931.

France 24 report on the construction of the mega dam project.

Such struggles have been embodied in Chinese mythology in the form of the Gun-Yu myth. This tells the story of the way floods displaced the population of ancient China, probably based on an actual flooding at Jishi Gorge on the Yellow River in what is now Qinghai province in 1920BC.

This has led to the common motif of rivers needing human control to abate natural disaster, a theme present in much classical Chinese culture and poetry.

The pursuit of controlling China’s rivers has also been one of the primary influences on the formation of the Chinese state, as characterised by the concept of zhishui 治水 (controlling the rivers). Efforts to control the Yangtze have shaped the centralised system of governance that has characterised China throughout its history. In this sense, the Motuo hydropower project represents the latest chapter in China’s quest to harness the power of its rivers.

Such a quest remains imperative for China and its importance has been further underlined by the challenges of climate change, which has seen natural resources such as water becoming increasingly limited. The Ganges river has already been identified as one of the world’s water scarcity hotspots.

As well as sustaining China’s population, the hydropower provided by the dam is another part of China’s wider push towards self-sufficiency. It’s estimated that the dam could generate 300 billion kilowatt-hours of electricity every year – about the same about produced by the whole UK. While this will meet the needs of the local population, it also further entrenches China’s ability to produce cheap electricity – something that has enabled China to become and remain a manufacturing superpower.

Construction has only just begun, but Motuo hydropower project has already become a microcosm of China’s wider push towards development. It’s also a gamechanger in the geopolitics of Asia, giving China the potential to exert greater control in shaping the region’s water supplies. This in turn will give it greater power to shape the geopolitics of the region.

At the same time, it is also the latest chapter of China’s longstanding quest to harness its waterways, which now has regional implications beyond anything China’s previous dynasties could imagine.

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

Tom Harper 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. By building the world’s biggest dam, China hopes to control more than just its water supply – https://theconversation.com/by-building-the-worlds-biggest-dam-china-hopes-to-control-more-than-just-its-water-supply-261984

MIL OSI –

August 5, 2025
Trump’s envoy meets Netanyahu for Gaza aid, ceasefire push

Source: Government of India

Source: Government of India (4)

U.S. special envoy Steve Witkoff met Israeli Prime Minister Benjamin Netanyahu on Thursday in a bid to salvage Gaza truce talks and tackle a humanitarian crisis in the enclave, where a global hunger monitor has warned that famine is unfolding.

Shortly after Witkoff’s arrival, President Donald Trump posted on his Truth Social network: “The fastest way to end the Humanitarian Crises in Gaza is for Hamas to SURRENDER AND RELEASE THE HOSTAGES!!”

Indirect ceasefire talks between Israel and Palestinian Islamist group Hamas in Doha ended in deadlock last week with the sides trading blame for the impasse and gaps lingering over issues including the extent of an Israeli military withdrawal.

Witkoff arrived with Israel facing mounting international pressure over the widespread destruction of Gaza and constraints on aid in the territory, with Canada the latest Western power to say it will recognise a Palestinian state.

Israel on Wednesday sent a response to Hamas’ latest amendments to a U.S. proposal that would see a 60-day ceasefire and the release of some hostages in exchange for Palestinian prisoners, a source familiar with the details said.

There was no immediate comment from Hamas. Israeli officials have in recent days said Israel might declare that it would annex parts of Gaza if the stalemate continues.

Gaza medical officials said at least 23 people were reported killed by Israeli fire across the enclave, including 12 people among crowds who had gathered to receive aid around the Netzarim corridor, an area held by Israeli troops in central Gaza.

The Israeli military said that its troops had fired warning shots to disperse crowds that were endangering them with no casualties identified.

Since the war began, the Gaza health ministry has recorded 156 deaths from starvation and malnutrition, most of them in recent weeks, including at least 90 children.

Israel’s Public Broadcaster Kan said Witkoff would also visit an aid distribution site in Gaza.

Confronted by rising international outrage over images of starving children, Israel said on Sunday it would halt military operations for 10 hours a day in parts of Gaza and designate secure routes for convoys delivering food and medicine.

CALLS ON HAMAS TO DISARM

The U.N. Office for the Coordination of Humanitarian Affairs said on Wednesday the United Nations and its partners had been able to bring more food into Gaza in the first two days of pauses, but the volume was “still far from enough”.

Even with more aid running through Gaza, residents face peril from Israeli forces and Palestinian looters when trying to reach the supplies.

“I have tried several times to grab a sack of flour. The only time I managed to do so, someone with a knife froze me in the street and took it away, threatening to stab me,” one man from Deir Al-Balah told Reuters, asking not to be identified.

With the number of Palestinians killed in almost two years of war passing 60,000 this week, pressure has been mounting in Gaza on Hamas to reach a ceasefire deal with Israel.

“We can save thousands of lives and maybe the war wouldn’t resume,” Rami from Gaza City told Reuters via a chat app.

Mothers of hostages led a protest outside Netanyahu’s office, calling on the government to end the war.

“End this nightmare,” said Yael Engel-Lichi, whose nephew had been taken hostage and released in a previous ceasefire. Twenty of the 50 hostages still held by militants in Gaza are believed to still be alive.

Netanyahu, whose ruling coalition includes two far-right parties who want to conquer Gaza and re-establish Jewish settlements there, has said he will not end the war until Hamas no longer rules the enclave and lays down its arms.

Hamas has rejected calls to disarm.

Qatar and Egypt, who are mediating the ceasefire efforts, backed a declaration on Tuesday by France and Saudi Arabia which outlined steps for a two-state solution to the Israeli-Palestinian conflict.

The declaration says Hamas “must end its rule in Gaza and hand over its weapons to the Palestinian Authority”, which is led by its rivals and exercises limited self-rule in parts of the Israeli-occupied West Bank.

Israel has ruled out the Palestinian Authority gaining control of Gaza and on Thursday Defence Minister Israel Katz and Justice Minister Yariv Levin voiced support for annexing the West Bank – territory which the Palestinians seek for a state.

Israel has denounced declarations by France, Britain and Canada since last week that they may recognise a Palestinian state, which Israel says amounts to rewarding Hamas for its October 7, 2023 assault on Israeli territory.

That attack, when fighters killed 1,200 people and took 251 hostages back to Gaza, precipitated the war.

German Foreign Minister Johann Wadephul, embarking on a visit to Israel, said negotiations for a two-state solution must begin but that for Germany, the recognition of a Palestinian state would come at the end of that process.

(Reuters)

August 5, 2025
MIL-OSI Canada: Triple threat, FIBA 3×3 is a slam dunk for Alberta
Source: Government of Canada regional news (2)
Making its fifth appearance in Alberta’s capital, the FIBA 3×3 World Tour and Women’s Series events are set to take over the Ice Palace at West Edmonton Mall from July 31 to Aug. 3. This dynamic basketball competition will cement the province’s reputation as a world-class destination for major sport events.

Alberta’s government contributed $250,000 in funding through the Major Sport Event grant program to support the tournaments. This grant program provides financial assistance to support organizations in planning and hosting national and international competitions in Alberta.

“Alberta is proud to welcome back the Hoop City 3×3 Festival and the premier athletes it brings. This event highlights the excitement of 3×3 basketball while showcasing Edmonton as a vibrant and welcoming destination on the world stage.”

Andrew Boitchenko, Minister of Tourism and Sport

The Hoop City 3×3 Festival, hosted by the 3×3 Basketball Association in collaboration with Explore Edmonton, will feature 12 of the world’s top men’s and women’s 3×3 basketball teams. This includes teams from Serbia, Japan, Lithuania and France. The competition is anticipated to welcome more than 8,000 spectators on site, and a global viewership of up to 500,000. The event is projected to deliver a major boost to Edmonton’s visitor economy with up to $4.3 million in economic impact, driving local business activity across the city.

“The 2025 Hoop City 3×3 Basketball Festival is the only FIBA 3X3 event in North America and Edmonton has proudly been the ‘Home of FIBA 3X3 in Canada’ since 2011. It’s more than a competition; it’s a celebration of sport, community and family-friendly fun, welcoming fans of all ages to share in the experience.”

Paul Sir, CEO, 3×3 Basketball Association

Canada’s 3×3 Women’s National Team will take to the court Aug. 1 and 2, continuing its impressive run following a bronze-medal finish at the 2025 FIBA 3×3 World Cup in June and a strong showing at the 2024 Olympic Games last summer. The team boasts a strong lineup of Alberta athletes; including Edmonton’s Katherine Plouffe and Lethbridge players Paige Crozon and Kacie Bosch.

“As one of the world’s top-ranked sports cities, Edmonton is proud to host the FIBA 3×3 World Tour and Women’s Series. With West Edmonton Mall as our stage, this high-energy tournament will draw visitors and locals alike and showcase the unforgettable, community-driven experiences that define Edmonton”

Cindy Medynski, director, Sport and Culture Events, Explore Edmonton

Related information
- Hoop City 3×3
- Major Sport Event Grant Program
Related news
- Alberta is set for a championship season (May 12, 2025)
- Alberta scores big with major sport events (Feb. 18, 2025)
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August 5, 2025
MIL-OSI Russia: China looks forward to further deepening dialogue and consultations with the US — Chinese Ministry of Commerce

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 31 (Xinhua) — China hopes to further deepen dialogue and consultations with the United States to achieve new mutually beneficial results, Chinese Ministry of Commerce spokesperson He Yadong said Thursday.

The spokesman made the remarks at a regular departmental press briefing in response to a question about the recent trade talks between China and the United States held in Stockholm, Sweden.

He Yadong said the two sides had a frank, in-depth and constructive exchange of views on China-US economic and trade relations, macroeconomic policies and other issues of common interest. He said the two sides also reviewed and approved the progress in implementing the consensus reached in Geneva and the framework agreements reached in London.

Based on the consensus reached at the Stockholm talks, both sides will continue to promote a 90-day extension of the suspension of the U.S.’s 24 percent mirror tariffs and China’s countermeasures, He Yadong said.

According to him, the consensus reached in Stockholm is expected to contribute to the further stabilization of Chinese-American trade and economic ties and bring more confidence to the development and stability of the global economy.

China hopes to work with the United States in accordance with the important agreements reached by the two heads of state during their telephone conversation to make the most effective use of the role of the bilateral economic and trade consultation mechanism, the official representative of the Chinese Ministry of Commerce added. -0-

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

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MIL OSI Russia News –

August 5, 2025
MIL-OSI Russia: Breaking: US to negotiate trade deal with Mexico within next 90 days – D. Trump

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

NEW YORK, July 31 (Xinhua) — U.S. President Donald Trump said on Thursday that the United States will hold talks with Mexico within the next 90 days to sign a trade deal.

The American leader reported this on the social network Truth Social after a telephone conversation with Mexican President Claudia Sheinbaum. –0–

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

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MIL OSI Russia News –

August 5, 2025
MIL-OSI Russia: China’s State Council appoints new national security technical advisers to Macao SAR

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 31 (Xinhua) — China’s State Council on Thursday announced that Liu Yu and Wang Qianjin have been appointed national security technical advisers to the Commission for Safeguarding National Security of the Macao Special Administrative Region (SAR).

As noted in the State Council’s statement, Yin Shuhua was in turn relieved of this post. –0–

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

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MIL OSI Russia News –

August 5, 2025
MIL-OSI: Viridien: 2025 Interim Financial Report available
Source: GlobeNewswire (MIL-OSI)

Viridien

Société Anonyme with a share capital of €7,180,449
Registered office: 27 avenue Carnot, 91300 Massy
No.: 969 202 241 – RCS Evry

2025 Interim Financial Report available

Paris, France – July 31, 2025

Viridien announced that its interim financial report as at June 30, 2025 was filed today with the Autorité des Marchés Financiers (AMF).

This document is available on the Company’s website: https://www.viridiengroup.com/ under the Investors section (both in “Regulated information” and “Results and Publications”).

About Viridien:

Viridien (www.viridiengroup.com) is an advanced technology, digital and Earth data company that pushes the boundaries of science for a more prosperous and sustainable future. With our ingenuity, drive and deep curiosity we discover new insights, innovations, and solutions that efficiently and responsibly resolve complex natural resource, digital, energy transition and infrastructure challenges. Viridien employs around 3,400 people worldwide and is listed as VIRI on the Euronext Paris SA (ISIN: FR001400PVN6).

Contact: Legal Department, 27 avenue Carnot, 91300 Massy

Attachment
- communiqué rapport semestriel 2025 ENG – vF
The MIL Network –
August 5, 2025

Category: Europe

31 July 2025

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