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Category: European Union

  • MIL-OSI United Kingdom: Rail passengers in the North to benefit from simpler fares and cheaper tickets thanks to public ownership

    Source: United Kingdom – Executive Government & Departments

    Press release

    Rail passengers in the North to benefit from simpler fares and cheaper tickets thanks to public ownership

    This initiative will expand the availability of advance rail tickets across publicly owned operators, to provide more options for people travelling across the North.

    • significant passenger savings delivered by making advance fares available across publicly-owned operators at the same time 
    • operators estimate they generated £200,000 generated in additional revenue for the railway, helping towards rebuilding a world class service for passengers
    • cheaper, simpler journeys will open up more options for people travelling across the North, boosting connectivity and driving growth as part of the Plan for Change

    Passengers in the North of England can benefit from cost and carbon savings through a new customer initiative that expands the availability of advance tickets across government owned train operators. 

    Publicly owned train operators, LNER, TransPennine Express and Northern, worked with Network Rail to launch a joint initiative to provide more options to people travelling across the North by making fares cheaper on routes that required an interchange between the operators.  

    Following a pilot launched June 24 2025, operators have found this initiative has already:  

    • delivered significant passenger savings by making advance fares available across the whole route at the same time 
    • generated £200,000 in additional revenue for the railway, encouraging people to choose public transport

    This builds on the government’s plans to overhaul the railways to make them simpler, more flexible and passenger focused. Ahead of the creation of Great British Railways, the government continues to work to deliver positive changes like this for passengers – attracting more people back onto our trains, boosting the economy and delivering on the government’s Plan for Change.

    Rail Minister, Lord Peter Hendy, said: 

    This is exactly the type of collaborative work public ownership enables, allowing us to put passengers first by making train travel simpler and more affordable.

    Through these cheaper fares we’re opening up more options to people travelling across the North, putting more money in working people’s pockets and boosting connectivity and growth as part of our Plan for Change.

    In June 2024 a pilot was launched by publicly-owned train operators between Leeds and Manchester to make fares cheaper for customers to provide more options for people travelling across the North. Between Leeds and Manchester, analysis of mobile network data showed that rail’s modal share was low despite competitive journey times vs car. Further investigation found that this was due to a lack of clear, consistent ticket options for train journeys involving more than one operator.  

    For passengers booking ahead, cheaper advance fares were often available on only one leg of a cross-operator journey, with the walk-up fare on the other – creating an unattractive proposition for would-be rail users looking to book in advance. 

    Since the original trial, and by using mobile network data, the publicly-owned train operators and Network Rail identified further underperforming travel flows for cross-operator advance journey options and introduced more affordable fares to encourage more people to choose the train.  

    This data-driven approach uses innovative mobile data to track travel patterns and identify customer flows, enabling train operators in public ownership to create smarter, more efficient ticketing options that benefit both passengers and the environment. 

    The move is part of a wider effort to make rail travel more attractive, affordable, and sustainable – and shows how public ownership can deliver real benefits for passengers.  

    Operators continue to identify further flows to add in the future where we expect to continue to see positive results.

    Rail media enquiries

    Media enquiries 0300 7777878

    Switchboard 0300 330 3000

    Updates to this page

    Published 24 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Celebrating International Security Officers’ Day

    Source: United Kingdom – Government Statements

    News story

    Celebrating International Security Officers’ Day

    The Security Industry Authority is paying tribute to those in the private security industry who go above and beyond for public safety.

    Celebrated on 24 July every year, to reflect the role security play protecting the public 24/7, International Security Officers’ Day is a significant date in the private security industry. 

    Chair of the SIA Heather Baily has written a message of thanks to all those in the private security industry who help keep the public safe every single day, while also reflecting on the impressive skills successful security operatives possess. 

    As part of the same piece, the SIA also spoke to three front line security officers to learn more about their varied roles and responsibilities, as well as their advice and perspective for the rest of the private security industry. 

    Read the full message from Heather Baily and the words from the front line operatives on our blog.

    SIA CEO Michelle Russell will be visiting security operatives in London as part of the day’s activity to hear directly from operatives about their experience and the challenges they’ve faced protecting the public, while our Chair Heather Baily will be doing the same with operatives in Manchester. 

    These visits, alongside other content related to International Security Officers’ Day, will be posted about on the SIA’s LinkedIn page.

    Background

    International Security Officers’ Day is held each year on 24 July to represent the 24/7 nature of security work. 

    Members of the public are encouraged to acknowledge any security operatives they see on the day. Some simple things you can do to show your appreciation include saying hello or thank you with a smile. 

    Security business owners and managers are also encouraged to acknowledge their front-line workers. Examples of how security companies are marking the occasion include: sending thank you messages to their staff, organising an event or site visit to say thank you in person, and acknowledging their officers on social media.

    Updates to this page

    Published 24 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Reading is a walk in the park with free audiobooks

    Source: City of Leeds

    Visitors to parks in Leeds are being encouraged to listen to stories while they take a stroll this summer through the new ‘Walking Books’ project.

    The hope is to introduce reading to new audiences with free eAudiobooks and promote wellbeing.

    Librarians in the city have created a new reading list specially designed for people walking in the park, so visitors can listen to a story that is the length of a stroll around the park or try out titles themed around mindfulness.

    The list of short books, poems and stories can be found on the BorrowBox app, which is entirely free with a library card. Borrowbox allows you to download up to six ebooks or eaudio books to your own device, with thousands of titles for all ages and tastes to choose from.

    eAudiobooks can promote reading by introducing books to those who might not otherwise engage with them, such as reluctant readers or those with reading difficulties. They can also help remove barriers around reading for children and help them access more advanced stories by listening to them.

    Leeds Libraries secured a £5,000 project grant award from the National Acquisitions Group to encourage more people in the city to listen to books and boost their wellbeing in local green spaces. 

    Dawn Stanley-Donaghy, the librarian behind the project, said: “We know that being in nature is good for mental health and so is reading, even for just a few minutes. ‘Walking Books’ is encouraging people to go out and enjoy our parks and be present in the moment by listening to a story or a poem.

    “Some of our libraries are very close to parks, so it is a great opportunity to remind people using the parks for a walk that they can download eAudiobooks for free.”

    The reading list is live on the Borrowbox app, and will be promoted at events over the summer, with special banners across Leeds’ parks to reach new users outside the library walls.

    Councillor Mohammed Rafique, Leeds City Council’s executive member for climate, energy, environment and green space, and Councillor Mary Harland, executive member for communities, customer service and community safety, said: “2026 has just been announced as the national year of reading so it is the perfect time to encourage people to pick up, or download, a book.

    “Reading and walking in the park are both great for mental health and we hope that this project will bring more people into our parks and our libraries.”

    Get a library card and learn more at https://libraries.leeds.gov.uk/walking-books.

    ENDS

    MIL OSI United Kingdom –

  • MIL-OSI United Nations: UNESCO strengthens fire resilience in the Pantanal and Cerrado with support from local communities

    Source: UNESCO World Heritage Centre

    The initiative aims to protect areas recognized as World Natural Heritage Sites and Biosphere Reserves through the Heritage Emergency Fund (HEF).

    UNESCO is intensifying its efforts in Brazil to protect areas recognized as World Natural Heritage Sites and Biosphere Reserves in response to the rise in extreme wildfires driven by climate change. Through the Heritage Emergency Fund (HEF), the organization is leading a strategic initiative to bolster fire resilience in the Pantanal of Mato Grosso and in Goiás.

    A total of 60 volunteers were trained through this project: 30 in the Pantanal Matogrossense National Park (MT), 15 in Chapada dos Veadeiros National Park (GO), and 15 in Emas National Park (GO). Around 800 pieces of equipment were distributed, including firefighting tools and Personal Protective Equipment (PPE). Additionally, an action plan is being developed to guide volunteer firefighters, based on Integrated Fire Management (IFM) and UNESCO’s Fire Risk Management Guide.

    “The project funded by the Heritage Emergency Fund makes a significant contribution to local communities by recognizing and strengthening their vital role in fire prevention and control”

    Interinstitutional initiative in the Pantanal

    From 22 to 25 April 2025, the Serra do Amolar — a remote and hard-to-reach region between Corumbá (MS) and Cáceres (MT), on the border with Bolivia — hosted a community brigade training supported by UNESCO’s Heritage Emergency Fund. The activity took place in the Pantanal Matogrossense National Park, in collaboration with WWF-Brazil, GEF Terrestrial (Funbio), Ibama (PrevFogo), Ecoa (Ecology and Action), and the Brazilian Navy.

    Three brigades, made up of 30 Pantanal residents — including 14 women — took part in the training. Over three intensive days of technical and practical lessons, participants learned fire prevention and control techniques from specialists.

    In addition to traditional methods — such as the use of specific tools, fire front control, heat mapping, and surveillance — the training incorporated agroforestry practices adapted to the Pantanal context. “One innovation was the management of slash-and-burn plots and backyard gardens. These areas, besides being vital for local subsistence, serve as ecological corridors that can protect wildlife during fires”, explains André Luiz Siqueira, Director of Ecoa.

    Another innovation was the introduction of the Sigma tool, a software developed by SOS Pantanal, which sends real-time fire alerts to mobile phones. Using satellite imagery and data such as wind direction and temperature, the technology is accessible even to those with limited formal education.

    Support from the Brazilian Navy enabled the logistics for participants and specialists, including transport via small boats, 950 liters of petrol, and 870 kilograms of food. Accommodation was provided by staff from the Chico Mendes Institute for Biodiversity Conservation (ICMBio).

    Geographical and climatic challenges in firefighting

    Corumbá, covering over 64,000 km², is the 11th largest municipality in Brazil. The rugged terrain of the Serra do Amolar and limited access via rivers or air pose logistical challenges for firefighting. The presence of peat — organic matter accumulated in wetlands — creates highly flammable biomass during the dry season, making fires frequent and intense.

    The region encompassing the Pantanal Matogrossense National Park is part of a UNESCO World Heritage Site alongside three Private Natural Heritage Reserves, and is also recognized as a Ramsar Site — an international designation for wetlands of high ecological importance.

    “The Pantanal harbors great biodiversity and is vital for fish reproduction (ichthyofauna). This region is essential for traditional peoples, sustainable tourism, and the conservation of species such as the jaguar, giant otter, and giant anteater”

    In 2024, the Pantanal experienced one of the worst wildfire seasons on record. According to the Laboratory for Environmental Satellite Applications (Lasa/UFRJ), around 2.6 million hectares — 17% of the biome — were consumed by fire. This was the second-highest figure since the historical series began in 2012, surpassed only by 2020, when 3.6 million hectares were devastated.

    “The drought pattern has changed. Although climate change is intensifying, those combating the fires are now better organized. We have more brigade members, resources, support from the National Security Force, the Armed Forces, and a more structured state response,” says Márcio Yule, coordinator of PrevFogo/Ibama in Mato Grosso do Sul.

    Extreme drought — worsened by the El Niño phenomenon — combined with improper fire use, high temperatures, and low humidity, has increased vegetation vulnerability and impacted biodiversity and traditional community livelihoods.

    I’ve been a brigade member since 2001, and the training helps us in many ways. Having the right equipment, rather than just our bare hands, makes all the difference. As traditional people, we have knowledge of fire management and know the land. When firefighters arrive, they need to talk to the community to understand what’s happening here. This combination of our knowledge, training, and equipment allows us to care for the land and the Pantanal.

    She is a quilombola and indigenous woman from the Guató people, living in the Barra de São Lourenço community — on the banks of the Cuiabá River near the Paraguay River, on the border between Mato Grosso do Sul and Mato Grosso, and the frontier with Bolivia.

    Silas Ismael

    Despite the increasingly challenging climate scenario, the combination of community mobilization, traditional knowledge, and technology has proven effective in mitigating damage. “The formation of civil brigades is more than a fire response plan — it is a territorial adaptation strategy that supports autonomy and resilience in the Pantanal,” says Osvaldo Barassi Gajardo, Conservation Specialist at WWF-Brazil.

    With each new training session, more than just skills are developed — a living protection network is built, where nature, science, and community walk hand in hand. Brigade member Eliane has a dream for the world’s largest wetland. “We care for nature, and nature cares for us. My dream is a green Pantanal full of animals”.

    Rosi do Céu, rooted in the Cerrado

    Since childhood, 47-year-old Rosilene Rodrigues da Silva Santos has guided people through the beauties and unique features of the Cerrado biome in Chapadão do Céu, Goiás, Brazil.

    “I grew up in this region. When visitors came to our house looking for tours, my parents would ask me to show them the trails, explain the routes, and teach them how to reach Emas National Park”. Today, Rosi works as a guide at the park during weekend and holidays, volunteers as a firefighter, and has served as a primary school teacher for the past 28 years. Currently, she teaches first grade at a municipal school in Chapadão do Céu from Monday to Friday.

    In 2010, a massive wildfire devastated approximately 90% of the 132,000 hectares of Emas National Park and the surrounding region. “That was my first time volunteering. The fire lasted several days, and the entire community helped. We brought clothes, supplies, and food for those battling the flames. It was my first experience with fire”.

    In her view, “nature still hasn’t fully recovered” from that fire. “The animals didn’t all return, there are far fewer now. But the Cerrado is life. It regenerates. The trees are twisted, with thick bark and deep roots. It’s on purpose. When fire comes, it doesn’t consume the forest floor. The Cerrado survives, it’s resilient,” she explains.

    In April, Rosi participated in a fire brigade training coordinated by UNESCO, with support from the Heritage Emergency Fund (HEF), and with WWF-Brazil. Trainings were held at three sites: Chapada dos Veadeiros National Park (GO), Emas National Park (GO), and Pantanal Matogrossense National Park (MT) – addressing conservation efforts across the Cerrado and Pantanal biomes.

    The training was excellent. Now we’re better prepared to manage the park during the dry season, following the management plan. And if emergencies arise, we know how to fight fires strategically, safely, and effectively.

    But if you ask Rosi do Céu (Rosi of the Sky) what she loves most, the answer is nature and wildlife. “Some people admire celebrities. I admire those who love nature. I love the wilderness and care for animals”.

    Rosi also makes handcrafted items from bamboo and wood, and rescues snakes and wild animals when needed. “Just send me a message on WhatsApp. If there’s an opossum or any creature, people say, Call Rosi, she’ll take care of it.” In 2018, she rescued a tapir and named her Preciosa (Precious). “Every time I go to Emas National Park, near where she stays, I call her name, she comes and eats from my hand. It’s love,” says the firefighter, guide, teacher, artisan, and animal caregiver.

    Eliane: ancestral wisdom

    Eliane Aires de Souza, 58 years, carries in her eyes and hands the wisdom born of deep interaction with nature and ancestral knowledge. A Pantanal native, she lives in the community of Barra de São Lourenço (MT), shaped by the waters and the vibrant life that surrounds her. She is an Indigenous woman of the Guató people, with quilombola ancestry, and works the land with knowledge and care as an agroforestry practitioner. Since 2001, she has served as a civilian firefighter, confronting the wildfires that each year are increasingly threatening the Pantanal.

    Silas Ismael

    This is our way of life. The Pantanal is our home. Having proper training and equipment helps us take care of it and protect our collective house.

    Eliane is a mother, grandmother, and president of the Renascer Women’s Association, created to strengthen the dreams and autonomy of the women in her community. In her words, she highlights the daily challenges of keeping culture alive and staying connected to the land. “Here, we live off fishing, bait, and handicrafts”.

    Eliane feels the effects of climate change and the abandonment of the rivers. She speaks with sadness of the Rio Velho, which no longer flows as it once did. “It’s like a clogged vein in the body. If we don’t take care of the river, the whole body falls ill”. For her, protecting nature means protecting herself, her family, her community, and the future. “That tree behind you is like a vein, it gives life to other lives”.

    In her daily life, Eliane cultivates an agroforestry system at home. She nurtures and protects the land. “That’s what agroforestry is: we care for it, and it cares for us”. Drawing on ancestral wisdom, she explains the importance of nourishing the soil, preserving humidity, and ensuring shade, life, and food. She grows bananas, cassava, lemons, and oranges, and dreams of more. She envisions a seedling nursery and a green corridor that reconnects fragmented forest areas, providing food for animals and nourishing hope.

    “If we keep waiting, the soil will die. And with it, our way of life”. She refuses to depend on the city for basic needs. “It’s the dream that keeps us going”.

    And perhaps it is that persistent force of dreaming, that way of resisting with hands in the soil, body in the canoe, and soul in the crafts, that keeps the Pantanal alive. As long as there are Elianes and Rosis, there will be hope for rebirth.

    About the UNESCO Heritage Emergency Fund

    This activity was supported by the UNESCO Heritage Emergency Fund (HEF). We express our gratitude to its donors: the Principality of Andorra, the Qatar Fund for Development, Canada, the Slovak Republic, the Republic of Estonia, the French Republic, the Republic of Lithuania, the Grand Duchy of Luxembourg, the Principality of Monaco, the Kingdom of Norway, the Kingdom of the Netherlands, the Republic of Poland, the United Kingdom of Great Britain and Northern Ireland, the Republic of Serbia, and ANA Holdings INC.

    MIL OSI United Nations News –

  • MIL-OSI: MIG Capital leads CHF 7.75 million seed financing for ASTRA Therapeutics

    Source: GlobeNewswire (MIL-OSI)

    • MIG Capital, through its MIG Fonds, is investing 3 million Swiss Francs (CHF) in the Swiss start-up which designs precision drugs against eukaryotic pathogens.
    • Digitalis Ventures co-leads the round with additional investment from Borealis Ventures, Kickfund and Venture Kick.
    • Eukaryotic pathogens cause illness and death in animals, humans, and crops.

    MUNICH, Germany, and VILLIGEN, Switzerland, July 24, 2025 (GLOBE NEWSWIRE) — MIG Capital AG, one of Germany’s leading venture capital firms, announced today that it is heading a seed financing of CHF 7.75 million for ASTRA Therapeutics with U.S. venture capital firm Digitalis Ventures as co-lead and Borealis Ventures, Kickfund and Venture Kick also participating in the round. MIG Fonds 17 and 18 have allocated CHF 3 million for the Swiss start-up, based at the Park InnovAARE innovation campus in Villigen, Switzerland.

    Founded in 2022, ASTRA Therapeutics AG designs and develops novel parasitic agents (parasiticides) that control parasites by inhibiting cell division in parasites while sparing hosts. The company generates species-specific drug leads targeting tubulin, known as Parabulins®, through its proprietary drug development platform ParaX®.

    Parabulins® are novel drugs (New Molecular Entities, NME) targeting important indications in the veterinary market. ASTRA’s pipeline includes over 15 patentable chemical classes featuring nanomolar-potent candidates for common parasites such as coccidia in farm animals and heartworm in dogs and cats. Initial in vivo proof of concept for multiple NMEs has been demonstrated.

    Natacha Gaillard, PhD, Founder and Co-CEO of ASTRA Therapeutics, said: “The animal health market is facing an ever-increasing need for novel anti-parasite drugs to combat the growing threat of drug resistance, ensure the health and welfare of our pets, and maintain healthy and efficient food production.”

    Ashwani Sharma, PhD, also Founder and Co-CEO of ASTRA Therapeutics, added: “Our platform is designed to exploit structural differences between essential proteins in parasites and the host animals, enabling creation of new drugs that should be both effective and safe.”

    The global parasiticide market is worth over 10 billion US dollars and is growing at a CAGR of 5.6%1. At the same time, established products are facing patent expiry, while increasing resistance is causing a dramatic need for new drugs – in some regions, up to 98% of heartworm cases are already resistant to standard therapies.

    ASTRA is strategically positioned to capture this opportunity: the company develops novel, patentable drugs that are highly potent and resistance-breaking. Target revenues are over 800 million US dollars per year for coccidiosis and 2.4 billion US-dollars per year for worm control – in the veterinary sector alone.

    “We see tremendous commercial potential for new drugs that control worms including heartworm in dogs and cats, and coccidiosis in poultry and swine production,” said Andreas Kastenbauer, Partner at MIG Capital. “With renowned structural biologists Dr. Natacha Gaillard and Dr. Ashwani Sharma in the lead and strong support from a team of market and business developers experienced in drug discovery, licensing and biotech financing, this is the right company to achieve success.”

    The new investment expands MIG Capital’s approach to engaging in the rapidly growing veterinary medicine market. In 2024, the VC investor already acquired a stake in HawkCell, a French start-up developing MRI and CT imaging for use in animals. ASTRA Therapeutics is MIG Capital’s first investment in Switzerland and its second new investment this year.

    _______________
    1 Stonehaven Cozmix Group, Animal Health Industry: Reflections on the Past Decade and Visions for the Future Report 2025. (Published at AHNTI Conference London 2025) [see page 23]

    About Astra Therapeutics

    ASTRA Therapeutics is a Swiss biotechnology company based in Villigen (CH) that designs novel precision drugs against eukaryotic pathogens based on its proprietary ParaX® platform. The company’s goal is to develop drugs that selectively target parasites while sparing hosts. ASTRA Therapeutics addresses medical and veterinary challenges characterized by increasing drug resistance, expiring patents, and a growing global parasiticide market.

    For more information, please visit www.astratherapeutics.com.

    About MIG Capital

    MIG Capital is one of the leading German VC investors. Through its MIG funds, MIG invests in young deep tech and life sciences companies in German-speaking Europe and beyond. To date, the company has invested over €770 million in approx. 60 start-ups. MIG portfolio companies develop innovations in areas including biopharmaceuticals, energy and environmental technologies, advanced computing, digitalization / IoT, medical technology, and digital health. The MIG investment portfolio currently consists of more than 30 companies.

    MIG’s investment team is made up of a dedicated group of engineers, scientists, physicians and entrepreneurs who use analytical and creative processes to assess the risks and opportunities of business models and technologies. Their reputation, experience and network provide excellent access to companies, institutions and decision-makers to support the growth of their portfolio companies.

    In recent years, MIG Capital has realized more than ten successful portfolio company sales, including Siltectra (to Infineon) and Hemovent (to MicroPort). It has placed several companies on the stock exchange including BRAIN, NFON, BioNTech, and Immatics.

    For further information, please visit: www.mig.ag, www.mig-fonds.de. LinkedIn: MIG Capital

    Contact

    MIG Capital
    Andreas Kastenbauer, Partner
    +49-89-94382680
    ak@mig.ag

    Media Inquiries

    MC Services
    Dr. Cora Kaiser, Catherine Featherston, Dr. Johanna Kobler
    +49-89-210228-0
    migag@mc-services.eu

    The MIL Network –

  • MIL-OSI: BE Semiconductor Industries N.V. Announces Q2-25 Results

    Source: GlobeNewswire (MIL-OSI)

    Q2-25 Revenue and Net Income of € 148.1 Million and € 32.1 Million, Respectively

    H1-25 Revenue and Net Income of € 292.2 Million and € 63.6 Million, Respectively

    DUIVEN, the Netherlands, July 24, 2025 (GLOBE NEWSWIRE) — BE Semiconductor Industries N.V. (the “Company” or “Besi”) (Euronext Amsterdam: BESI; OTC markets: BESIY), a leading manufacturer of assembly equipment for the semiconductor industry, today announced its results for the second quarter and first half year ended June 30, 2025.

    Key Highlights Q2-25

    • Revenue of € 148.1 million grew 2.8% vs. Q1-25 and was within prior guidance due primarily to higher die attach shipments for mainstream computing applications. Revenue decreased 2.1% vs. Q2-24 principally due to weakness in mobile end markets partially offset by growth in hybrid bonding shipments
    • Orders of € 128.0 million decreased 3.0% vs. Q1-25 due primarily due to ongoing weakness in mainstream computing and mobile applications partially offset by significant new orders for TCB Next systems. Orders declined 30.9% vs. Q2-24 due primarily to lower orders for hybrid bonding and mobile applications
    • Gross margin of 63.3% decreased by 0.3 points vs. Q1-25 and by 1.7 points vs. Q2-24 due to a less favorable product mix and adverse forex effects from a decline in the USD versus the euro
    • Net income of € 32.1 million increased 1.9% vs. Q1-25. Versus Q2-24, net income decreased 23.4% due principally to lower revenue and gross margins, increased R&D spending and higher interest expense related to the Senior Note offering in July 2024. Q2-25 net margin decreased to 21.6% vs. 21.9% in Q1-25 and 27.7% in Q2-24
    • Cash and deposits of € 490.2 million at June 30, 2025 increased by 90.6% vs. June 30, 2024 due to the Senior Note offering in July 2024

    Key Highlights H1-25

    • Revenue of € 292.2 million decreased 1.8% vs. H1-24 principally due to ongoing weakness in mainstream assembly markets, particularly for mobile and automotive applications, partially offset by increased shipments of hybrid bonding systems
    • Orders of € 259.9 million were down 17.0% vs. H1-24 primarily due to lower bookings for hybrid bonding systems and for mobile applications, partially offset by increased die attach orders by Asian subcontractors for AI related computing applications and new orders for Besi’s TCB Next system
    • Gross margin of 63.4% decreased by 2.7 points versus H1-24 primarily due to a less favorable product mix and adverse forex effects
    • Net income of € 63.6 million decreased € 12.3 million, or 16.2%, vs. H1-24 primarily due to lower revenue and gross margin and higher interest expense. Similarly, Besi’s net margin decreased to 21.7% versus 25.5% in H1-24

    Q3-25 Outlook  

    • Revenue is expected to decline 5-15% vs. the € 148.1 million reported in Q2-25
    • Orders are expected to increase significantly vs. Q2-25 primarily due to increased demand for hybrid bonding systems and die attach systems for AI-related 2.5D computing applications
    • Gross margin is expected to range between 60-62% and decrease vs. the 63.3% realized in Q2-25 primarily due to adverse forex effects from a significantly lower USD versus the euro
    • Operating expenses are expected to be flat +/- 5% vs. € 50.2 million in Q2-25
    (€ millions, except EPS) Q2-
    2025    		 Q1-
    2025    		 Δ Q2-
    2024    		  
    Δ    		 HY1-
    2025    		 HY1-
    2024    		 Δ
    Revenue 148.1 144.1 +2.8% 151.2 -2.1% 292.2 297.5 -1.8%
    Orders 128.0 131.9 -3.0% 185.2 -30.9% 259.9 313.0 -17.0%
    Gross Margin 63.3% 63.6% -0.3 65.0% -1.7 63.4% 66.1% -2.7
    Operating Income 43.5 39.3 +10.7% 49.3 -11.8% 82.8 90.0 -8.0%
    Net Income 32.1 31.5 +1.9% 41.9 -23.4% 63.6 75.9 -16.2%
    Net Margin 21.6% 21.9% -0.3 27.7% -6.1 21.7% 25.5% -3.8
    EPS (basic) 0.40 0.40 – 0.53 -24.5% 0.80 0.97 -17.5%
    EPS (diluted) 0.40 0.40 – 0.53 -24.5% 0.80 0.97 -17.5%
    Net Cash and Deposits -36.0* 159.4 -122.6% 74.4* -148.4% -36.0* 74.4* -148.4%

    * Reflects cash dividend payments of € 172.8 million and € 171.5 million in Q2-25 and Q2-24, respectively.

    Richard W. Blickman, President and Chief Executive Officer of Besi, commented:
    “Besi reported Q2-25 revenue, operating income and net income of € 148.1 million, € 43.5 million and € 32.1 million, respectively. Revenue and operating results were at the midpoint of prior guidance in a mainstream assembly equipment market still affected by soft demand for mobile and automotive applications. Market development in Q2-25 was also affected by increased customer caution due to global trade tensions. Q2-25 revenue and operating income grew sequentially by 2.8% and 10.7%, respectively, as we saw an increase in shipments to Asian subcontractors for AI-related datacenter applications combined with a 4.3% decrease in sequential operating expenses. Orders for the quarter decreased 3.0% versus Q1-25 as weakness in mainstream computing and mobile applications was partially offset by new orders for Besi’s TCB Next system.

    For the first half year, revenue of € 292.2 million decreased 1.8% versus H1-24 reflecting broader assembly market trends as weakness in mobile and, to a lesser extent, automotive end markets was significantly offset by growth in hybrid bonding revenue which more than doubled versus H1-24. Orders decreased by 17.0% due to the timing of customer orders for hybrid bonding systems and a lack of new product introductions in high-end smartphones. H1-25 operating and net income decreased by 8.0% and 16.2%, respectively, versus H1-24 primarily due to lower revenue and a 2.7-point reduction in gross margin from a less favorable product mix, adverse net forex effects from the decline of the USD versus the euro and increased interest expense related to Besi’s Senior Note issuance in July 2024. Liquidity remained strong with cash and deposits of € 490.2 million at June 30, 2025 increasing by 90.6% vs. June 30, 2024 due to the Senior Note offering in July 2024.

    We believe the outlook for Besi’s business in H2-25 has improved in recent weeks based on customer feedback and order trends subsequent to quarter end. Expanded capex budgets for AI infrastructure have been confirmed by each of the leading industry players in recent quarters with new use cases emerging in cloud and edge computing along with co-packaged optics. Advanced packaging is one of the key ways to achieve AI system differentiation, develop innovative consumer edge AI devices and provide the most energy-efficient data center performance. Advanced packaging demand for AI applications remains strong given new device introductions expected in 2026-2028. We believe we are well positioned in the fastest-growing advanced packaging market segments including data centers, photonics, AI-enhanced PCs and mobile devices and EVs/autonomous driving.

    As such, orders for our hybrid bonding systems are expected to increase significantly in H2-25 versus both H1-25 and H2-24 in both advanced logic and HBM4 memory applications as customers advance their technology roadmaps for new product introductions in 2026 and 2027. Customer interest in our TCB Next system for both memory and logic applications has also expanded significantly. TCB Next cycle times have improved with shipments anticipated in Q4-25 from orders received in Q2-25. We also anticipate increased orders for 2.5D advanced packaging systems for AI-related datacenter applications from both global IDMs and Asian subcontractors. In addition, there are early signs of a recovery in our mainstream assembly markets principally related to increased demand by Asian subcontractors for high-end mobile applications and high-performance computing applications for consumer markets.

    For Q3-25, we anticipate that revenue will decline by approximately 5-15% versus Q2-25. However, orders for Q3-25 are expected to increase significantly on a sequential basis due to increased demand for hybrid bonding and 2.5D advanced packaging applications. Besi’s gross margin is anticipated to decline to a range of 60-62% in Q3-25 due to the adverse impact of a 12.8% decline in the value of the USD versus the euro in the first half of 2025. Operating expenses in Q3-25 are expected to be flat plus or minus 5% versus Q2-25 despite increased R&D spending.”

    Share Repurchase Activity
    During the quarter, Besi spent € 20.7 million to repurchase approximately 196,000 of its ordinary shares at an average price of € 105.80 per share. As of June 30, 2025, € 72.2 million of the current € 100 million share repurchase authorization has been used to repurchase approximately 644,000 ordinary shares at an average price of € 111.96 per share. As of June 30, 2025, Besi held approximately 2.0 million shares in treasury, equivalent to 2.5% of shares outstanding.

    Investor and media conference call
    A conference call and webcast for investors and media will be held today at 4:00 pm CET (10:00 am EDT). To register for the conference call and/or to access the audio webcast and webinar slides, please visit www.besi.com.

    Important Dates
    • Publication Q3/Nine-month results
    • Publication Q4/Full year results

    October 23, 2025
    February 2026

    Basis of Presentation
    The accompanying Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union. Reference is made to the Summary of Significant Accounting Policies to the Notes to the Consolidated Financial Statements as included in our 2024 Annual Report, which is available on www.besi.com.

    Contacts:
    Richard W. Blickman, President & CEO
    Andrea Kopp-Battaglia, Senior Vice President Finance
    Claudia Vissers, Executive Secretary/IR coordinator
    Edmond Franco, VP Corporate Development/US IR coordinator
    Michael Sullivan, Investor Relations
    Tel. (31) 26 319 4500
    investor.relations@besi.com

    About Besi
    Besi is a leading manufacturer of assembly equipment supplying a broad portfolio of advanced packaging solutions to the semiconductor and electronics industries. We offer customers high levels of accuracy, reliability and throughput at a lower cost of ownership with a principal focus on wafer level and substrate assembly solutions. Customers are primarily leading semiconductor manufacturers, foundries, assembly subcontractors and electronics and industrial companies. Besi’s ordinary shares are listed on Euronext Amsterdam (symbol: BESI). Its Level 1 ADRs are listed on the OTC markets (symbol: BESIY) and its headquarters are located in Duiven, the Netherlands. For more information, please visit our website at www.besi.com.

    Caution Concerning Forward-Looking Statements
    This press release contains statements about management’s future expectations, plans and prospects of our business that constitute forward-looking statements, which are found in various places throughout the press release, including, but not limited to, statements relating to expectations of orders, net sales, product shipments, expenses, timing of purchases of assembly equipment by customers, gross margins, operating results and capital expenditures. The use of words such as “anticipate”, “estimate”, “expect”, “can”, “intend”, “believes”, “may”, “plan”, “predict”, “project”, “forecast”, “will”, “would”, and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The financial guidance set forth under the heading “Outlook” contains such forward-looking statements. While these forward-looking statements represent our judgments and expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from those contained in forward-looking statements, including any inability to maintain continued demand for our products; failure of anticipated orders to materialize or postponement or cancellation of orders, generally without charges; the volatility in the demand for semiconductors and our products and services; the extent and duration of the COVID-19 and other global pandemics and the associated adverse impacts on the global economy, financial markets, global supply chains and our operations as well as those of our customers and suppliers; failure to develop new and enhanced products and introduce them at competitive price levels; failure to adequately decrease costs and expenses as revenues decline; loss of significant customers, including through industry consolidation or the emergence of industry alliances; lengthening of the sales cycle; acts of terrorism and violence; disruption or failure of our information technology systems; consolidation activity and industry alliances in the semiconductor industry that may result in further increased customer concentration, inability to forecast demand and inventory levels for our products; the integrity of product pricing and protection of our intellectual property in foreign jurisdictions; risks, such as changes in trade regulations, conflict minerals regulations, currency fluctuations, political instability and war, associated with substantial foreign customers, suppliers and foreign manufacturing operations, particularly to the extent occurring in the Asia Pacific region where we have a substantial portion of our production facilities; potential instability in foreign capital markets; the risk of failure to successfully manage our diverse operations; any inability to attract and retain skilled personnel, including as a result of restrictions on immigration, travel or the availability of visas for skilled technology workers.

    In addition, the United States and other countries have recently levied tariffs and taxes on certain goods and could significantly increase or impose new tariffs on a broad array of goods. They have imposed, and may continue to impose, new trade restrictions and export regulations. Increased or new tariffs and additional taxes, including any retaliatory measures, trade restrictions and export regulations, could negatively impact end-user demand and customer investment in semiconductor equipment, increase Besi’s supply chain complexity and manufacturing costs, decrease margins, reduce the competitiveness of our products or restrict our ability to sell products, provide services or purchase necessary equipment and supplies. Any or all of the foregoing factor could have a material and adverse effect on our business, results of operations or financial condition. In addition, investors should consider those additional risk factors set forth in Besi’s annual report for the year ended December 31, 2024 and other key factors that could adversely affect our businesses and financial performance contained in our filings and reports, including our statutory consolidated statements. We expressly disclaim any obligation to update or alter our forward-looking statements whether as a result of new information, future events or otherwise.

    Consolidated Statements of Operations
         
    (€ thousands, except share and per share data) Three Months Ended
    June 30,
    (unaudited)    		 Six Months Ended
    June 30,
    (unaudited)
      2025 2024 2025 2024
             
    Revenue 148,101 151,176 292,246 297,490
    Cost of sales 54,410 52,908 106,833 100,951
             
    Gross profit 93,691 98,268 185,413 196,539
             
    Selling, general and administrative expenses 30,629 30,514 63,587 70,155
    Research and development expenses 19,571 18,503 39,073 36,422
             
    Total operating expenses 50,200 49,017 102,660 106,577
             
    Operating income 43,491 49,251 82,753 89,962
             
    Financial expense, net 5,693 1,045 8,652 1,634
             
    Income before taxes 37,798 48,206 74,101 88,328
             
    Income tax expense 5,748 6,261 10,545 12,404
             
    Net income 32,050 41,945 63,556 75,924
             
    Net income per share – basic 0.40 0.53 0.80 0.97
    Net income per share – diluted 0.40 0.53 0.80 0.97
    Number of shares used in computing per share amounts:
    – basic
    – diluted 1

    79,184,703
    81,288,679

    79,281,533
    81,941,471

    79,206,267
    81,405,308

    78,231,430
    82,023,808

    ______________________
    1) The calculation of diluted income per share assumes the exercise of equity settled share based payments and the conversion of all Convertible Notes outstanding

    Consolidated Balance Sheets
     
    (€ thousands) June
    30, 2025
    (unaudited)    		 March
    31, 2025
    (unaudited)    		 December
    31, 2024
    (audited)
    ASSETS      
           
    Cash and cash equivalents 330,170 405,736 342,319
    Deposits 160,000 280,000 330,000
    Trade receivables 178,615 170,440 181,862
    Inventories 96,977 103,836 103,285
    Other current assets 53,821 46,099 40,927
           
    Total current assets 819,583 1,006,111 998,393
           
    Property, plant and equipment 51,089 42,868 44,773
    Right of use assets 13,799 15,161 15,726
    Goodwill 44,857 45,610 46,010
    Other intangible assets 103,933 98,622 96,677
    Investment property 5,206 – –
    Deferred tax assets 27,494 29,240 31,567
    Other non-current assets 1,303 1,347 1,330
           
    Total non-current assets 247,681 232,848 236,083
           
    Total assets 1,067,264 1,238,959 1,234,476
           
           
    Bank overdraft –   840 776
    Current portion of long-term debt –   – 2,042
    Trade payables 47,458 46,598 52,630
    Other current liabilities 95,530 111,170 111,531
           
    Total current liabilities 142,988 158,608 166,979
           
    Long-term debt 526,184 525,493 525,653
    Lease liabilities 10,873 11,770 12,350
    Deferred tax liabilities 10,523 10,416 10,320
    Other non-current liabilities 19,915 19,328 17,910
           
    Total non-current liabilities 567,495 567,007 566,233
           
    Total equity 356,781 513,344 501,264
           
    Total liabilities and equity 1,067,264 1,238,959 1,234,476
    Consolidated Cash Flow Statements
         
    (€ thousands)
    		 Three Months Ended
    June 30,
    (unaudited)    		 Six Months Ended
    June 30,
    (unaudited)
      2025 2024 2025 2024
             
    Cash flows from operating activities:        
             
    Income before income tax 37,798 48,206 74,101 88,328
             
    Depreciation and amortization 7,458 6,980 14,765 13,793
    Share based payment expense 4,342 6,916 8,783 23,816
    Financial expense, net 5,694 1,045 8,653 1,634
             
    Changes in working capital (11,032) (46,694) (13,145) (49,945)
    Interest (paid) received 3,726 3,893 839 5,062
    Income tax paid (21,988) (15,428) (23,563) (17,517)
             
    Net cash provided by operating activities 25,998 4,918 70,433 65,171
             
    Cash flows from investing activities:        
    Capital expenditures (11,764) (3,216) (13,497) (8,866)
    Capitalized development expenses (7,320) (4,912) (14,057) (9,575)
    Acquisition of investment property (5,206) – (5,206) –
    Repayments of (investments in) deposits 120,000 85,000 170,000 95,000
             
    Net cash provided by (used in) investing activities 95,710 76,872 137,240 76,559
             
    Cash flows from financing activities:        
    Proceeds from (payments of) bank lines of credit (840) – (776) –
    Proceeds from (payments of) debt (2,042) – (2,042) –
    Payments of lease liabilities (1,111) (1,063) (2,225) (2,106)
    Purchase of treasury shares (20,721) (14,810) (42,785) (29,589)
    Dividends paid to shareholders (172,811) (171,534) (172,811) (171,534)
             
    Net cash used in financing activities (197,525) (187,407) (220,639) (203,229)
             
    Net increase (decrease) in cash and cash equivalents (75,817) (105,617) (12,966) (61,499)
    Effect of changes in exchange rates on cash and
      cash equivalents    		 251 798 817 256
    Cash and cash equivalents at beginning of the
       period    		 405,736 232,053 342,319 188,477
             
    Cash and cash equivalents at end of the period 330,170 127,234 330,170 127,234
    Supplemental Information (unaudited)
    (€ millions, unless stated otherwise)
                             
    REVENUE Q2-2025 Q1-2025 Q4-2024 Q3-2024 Q2-2024 Q1-2024
                             
    Per geography:                        
    China 37.5   25%   40.5   28%   42.8   28%   45.5   29%   57.5   38%   58.5   40%  
    Asia Pacific (excl. China) 66.1   45%   56.3   39%   53.5   35%   51.6   33%   54.1   36%   43.6   30%  
    EU / USA / Other 44.5   30%   47.3   33%   57.1   37%   59.5   38%   39.6   26%   44.2   30%  
                             
    Total 148.1   100%   144.1   100%   153.4   100%   156.6   100%   151.2   100%   146.3   100%  
                             
    ORDERS Q2-2025 Q1-2025 Q4-2024 Q3-2024 Q2-2024 Q1-2024
                             
    Per geography:                        
    China 44.4   35%   39.7   30%   40.4   33%   45.4   30%   43.3   23%   51.1   40%  
    Asia Pacific (excl. China) 60.7   47%   51.7   39%   38.8   32%   69.3   46%   72.0   39%   45.0   35%  
    EU / USA / Other 22.9   18%   40.5   31%   42.7   35%   37.1   24%   69.9   38%   31.6   25%  
                             
    Total 128.0   100%   131.9   100%   121.9   100%   151.8   100%   185.2   100%   127.7   100%  
                             
    Per customer type:                        
    IDM 71.9   56%   48.1   36%   61.2   50%   84.5   56%   122.4   66%   53.5   42%  
    Foundries/Subcontractors 56.1   44%   83.8   64%   60.7   50%   67.3   44%   62.8   34%   74.2   58%  
                             
    Total 128.0   100%   131.9   100%   121.9   100%   151.8   100%   185.2   100%   127.7   100%  
                             
    HEADCOUNT June 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024
                             
    Fixed staff (FTE) 1,831   88%   1,820   88%   1,812   93%   1,807   87%   1,783   86%   1,760   88%  
    Temporary staff (FTE) 239   12%   251   12%   134   7%   271   13%   279   14%   236   12%  
                             
    Total 2,070   100%   2,071   100%   1,946   100%   2,078   100%   2,062   100%   1,996   100%  
                             
    OTHER FINANCIAL DATA Q2-2025 Q1-2025 Q4-2024 Q3-2024 Q2-2024 Q1-2024
                             
    Gross profit 93.7   63.3%   91.7   63.6%   98.2   64.0%   101.2   64.7%   98.3   65.0%   98.3   67.2%  
                             
                             
    Selling, general and admin expenses:                        
    As reported 30.6   20.7%   33.0   22.9%   28.6   18.6%   27.3   17.4%   30.5   20.2%   39.6   27.1%  
    Share-based compensation expense (4.3 )  -2.9%   (4.4 )  -3.1%   (2.9 )  -1.8%   (3.4 ) -2.1%   (6.9 ) -4.6%   (16.9 ) -11.6%  
                             
    SG&A expenses as adjusted 26.3   17.8%   28.6   19.8%   25.7   16.8%   23.9   15.3%   23.6   15.6%   22.7   15.5%  
                             
                             
    Research and development expenses:                        
    As reported 19.6   13.2%   19.5   13.5%   19.0   12.4%   18.9   12.1%   18.5   12.2%   17.9   12.2%  
    Capitalization of R&D charges 7.3   4.9%   6.7   4.6%   5.4   3.5%   4.4   2.8%   4.9   3.2%   4.7   3.2%  
    Amortization of intangibles (3.9 ) -2.6%   (3.7 ) -2.5%   (3.9 ) -2.5%   (3.9 ) -2.5%   (3.6 ) -2.3%   (3.6 ) -2.4%  
                             
    R&D expenses as adjusted 23.0   15.5%   22.5   15.6%   20.5   13.4%   19.4   12.4%   19.8   13.1%   19.0   13.0%  
                             
                             
    Financial expense (income), net:                        
    Interest income (3.4 )   (5.0 )   (5.1 )   (5.2 )   (3.0 )   (4.0 )  
    Interest expense 6.4     6.3     6.1     5.7     2.1     2.8    
    Net cost of hedging 2.3     1.8     2.0     1.9     1.4     1.6    
    Foreign exchange effects, net 0.4     (0.1 )   0.9     (0.8 )   0.5     0.2    
                             
    Total 5.7     3.0     3.9     1.6     1.0     0.6    
                             
                             
    Operating income (as % of net sales) 43.5   29.4%   39.3   27.2%   50.6   33.0%   55.1   35.2%   49.3   32.6%   40.7   27.8%  
                             
    EBITDA (as % of net sales) 50.9   34.4%   46.6   32.3%   58.0   37.8%   62.4   39.8%   56.2   37.2%   47.5   32.5%  
                             
    Net income (as % of net sales) 32.1   21.6%   31.5   21.9%   59.3   38.6%   46.8   29.9%   41.9   27.7%   34.0   23.2%  
                             
    Effective tax rate 15.2%     13.2%     -27.0%     12.6%     13.0%     15.3%    
                             
                             
    Income per share                        
    Basic 0.40     0.40     0.75     0.59     0.53     0.44    
    Diluted 0.40     0.40     0.74     0.59     0.53     0.44    
                             
    Average shares outstanding (basic) 79,184,703 79,228,071 79,402,192 79,630,787 79,281,533 77,181,326
                             
    Shares repurchased                        
    Amount 20.7     22.1     22.4     27.8     14.8     14.8    
    Number of shares 195,647 186,869  198,450  230,807  105,042  101,049 
                             
                             
    Gross cash 490.2     685.7     672.3     637.4     257.2     447.1    
                             
    Net cash (36.0 )   159.4     143.8     110.7     74.4     180.9    
                             

    The MIL Network –

  • MIL-OSI United Kingdom: New Defence Medical Services senior appointments announced

    Source: United Kingdom – Executive Government & Departments

    News story

    New Defence Medical Services senior appointments announced

    His Majesty the King has approved three new senior appointments in the Defence Medical Services.

    Brigadier Phil Carter KHP OStJ. MOD Crown Copyright

    His Majesty the King has approved the following three senior appointments in the Defence Medical Services (DMS):

    • Brigadier Phil Carter KHP OStJ as the next Surgeon General (SG), in the rank of Major General, from August 2025
    • Brigadier Antony Finn as the next Director Medical Personnel and Training in the rank of Major General, from November 2025
    • Air Commodore Darren Ellison KHP as the next Director Defence Healthcare in the rank of Air Vice-Marshal, from June 2026

    All three have had long and distinguished careers delivering health care to the Armed Forces as part of the Defence Medical Services.

    Brigadier Carter has undertaken a variety of deployments throughout his career, including to Northern Ireland, Kosovo, Iraq, Afghanistan and Sierra Leon.  In 2008, he was appointed as the first Commanding Officer of the Royal Centre for Defence Medicine Clinical Unit. He later became Commander Medical HQ in the British Army’s 1(UK) Division and Commander Defence Primary Healthcare, before being appointed Head of Army Health in 2024.

    As Surgeon General, Brigadier Phil Carter will be responsible for:

    • providing specialist health and medical support advice to the Military Strategic Headquarters on behalf of the Director General of the Defence Medical Services.
    • Force Design within the Defence Medical Services, ensuring the readiness of the medical capability supporting the Armed Forces
    • directing medical research, medical innovation, and continuous quality improvement in Defence
    • coordinating our international technical engagement with medical partners across NATO and the UK’s broader alliances

    Brigadier Phil Carter said:

    At a time of reform across Defence, to be entrusted with the making sure that our armed forces deployed on operations have the medical support they need is a significant responsibility. I am looking forward to the challenge and enormously grateful that I will be working with such a dedicated and innovative specialist team.

    Brigadier Antony Finn. MOD Crown Copyright

    Brigadier Antony Finn qualified as a General Practitioner in 2003. Following deployments to Afghanistan, Kenya and Iraq, in July 2010 he assumed command of 1 Medical Regiment and deployed to Afghanistan as Commanding Officer of the Close Support Medical Regiment.  In 2012 he was promoted to Colonel as Assistant Director of Medical Operational Capability, before promoting to Brigadier in March 2019 as Commander 2nd Medical Brigade. From 2021-24 he was Head of Army Healthcare, and since August 2024 has been Commander of the Joint Hospital Group. 

    As part of his role as Director Medical Personnel and Training, Brigadier Antony Finn will be responsible for:

    • leading strategic medical workforce planning for DMS, including training and placement, to support to support Strategic Command (soon to be Cyber & Specialist Operations Command) and wider Defence’s people plan people plan and operational needs 
    • overseeing the development and delivery of high-quality individual training, to all entitled personnel involved in medical support to Defence
    • delivering an optimally prepared and suitably qualified and experienced personnel (SQEP) medical workforce through the provision of high-quality placements within both the NHS and other providers

    Brigadier Finn, said:

    I am deeply honoured to be selected to be the next Director of Medical Personnel and Training. The Strategic Defence Review offers unprecedented opportunities for the Defence Medical Services and our partners. I look forward to exploiting these for the benefit of our patients, the medical workforce, Defence and beyond.

    Air Commodore Darren Ellison KHP. MOD Crown Copyright

    Air Commodore Ellison joined the RAF in 1999 as a medical cadet and has undertaken a variety of roles including deployments to both Iraq and Afghanistan. As a Wing Commander he was appointed as Officer Commanding Tactical Medical Wing in 2018, and then as Group Captain he served as Regional Clinical Director, Defence Primary Healthcare (DPHC) Northern Ireland Wales and West. In 2022 he was appointed Commanding Officer of the RAF Centre of Aviation Medicine, and then promoted to Air Commodore in Summer 2023 when he became Head Healthcare and Strategic Plans in HQ Defence Medical Services before being appointed Head of the Royal Air Force Medical Services and Head Health (RAF) in November 2024.

    As part of his role as Director Defence Healthcare, Air Commodore Ellison will be responsible for:

    • directing, overseeing and commissioning both primary and secondary military healthcare services in support of Defence outputs

    • directing, managing and delivering primary healthcare and dentistry service delivery in the UK and all overseas bases 

    • maximising the medical employability and deployability of Armed Forces personnel across Defence

    Air Commodore Darren Ellison said:

    It is an honour and a privilege to be appointed as the next Director Healthcare for the Defence Medical Services. I look forward to working with both the whole DMS team, and colleagues across the Military Commands, to shape and deliver a service that ensures our patients continue to receive the highest standard of safe, effective healthcare they rightly deserve, and we provide the critically enabling healthcare outputs that meet the current and future needs of Defence.

    Congratulating all three on their appointments, General Sir Jim Hockenhull, Commander Strategic Command (soon to be Cyber & Specialist Operations Command) said:

    I am delighted to see these three promotions within the Defence Medical Services.  Brigadier Philip Carter’s appointment as the next Surgeon General, on appointment to Major General, Brigadier Antony Finn’s appointment as the next Director Medical Personnel and Training, on appointment to Major General and Air Commodore Darren Ellison’s appointment as the next Director Defence Healthcare, on appointment to Air Vice-Marshal.  These selections will enable all to provide considerable support within DMS’s transformation journey and the implementation of the Strategic Defence Review (SDR), I look forward to working with them and congratulate them on their promotion.

    Director General of the Defence Medical Services, Air Marshal Clare Walton added:

    I am delighted to see the announcement of these three crucial appointments. Brigadier Phil Carter, Brigadier Tony Finn and Air Commodore Darren Ellison all have extensive experience gained from multiple roles in the Defence Medical Services and are exceptionally well-placed to take on these critical positions. At a time of global volatility, their leadership will be pivotal in driving the Strategic Defence Review (SDR) forward to implementation, shaping the medical capabilities of the future, and embedding the One Medical Mindset, ensuring that Armed Forces personnel remain fit to fight and are fully supported in their recovery to fitness.

    Updates to this page

    Published 24 July 2025

    MIL OSI United Kingdom –

  • MIL-Evening Report: Israel waging ‘horror show’ starvation campaign in Gaza, says UN chief

    This is Democracy Now!. I’m Amy Goodman.

    More than 100 humanitarian groups are demanding action to end Israel’s siege of Gaza, warning mass starvation is spreading across the Palestinian territory.

    The NGOs, including Amnesty International, Oxfam, Doctors Without Borders, warn, “illnesses like acute watery diarrhea are spreading, markets are empty, waste is piling up, and adults are collapsing on the streets from hunger and dehydration.”

    Their warning came as the Palestinian Ministry of Health said the number of starvation-related deaths has climbed to at least 111 people.

    This is Ghada al-Fayoumi, a displaced Palestinian mother of seven in Gaza City.

    GHADA AL-FAYOUMI: “[translated] My children wake up sick every day. What do I do? I get saline solution for them. What can I do?

    “There’s no food, no bread, no drinks, no rice, no sugar, no cooking oil, no bulgur, nothing. There is no kind of any food available to us at all.”

    AMY GOODMAN: Thousands of antiwar protesters marched on Tuesday in Tel Aviv outside Israel’s military headquarters, demanding an end to Israel’s assault and a lifting of the Gaza siege. This is Israeli peace activist Alon-Lee Green with the group Standing Together.

    ALON-LEE GREEN: “We are marching now in Tel Aviv, holding bags of flour and the pictures of these children that have been starved to death by our government and our army.

    “We demand to stop the starvation in Gaza. We demand to stop the annihilation of Gaza. We demand to stop the daily killing of children and innocent people in Gaza.

    “This cannot go on. We are Israelis, and this does not serve us. This only serves the Messianic people that lead us.”

    AMY GOODMAN: This comes as the World Health Organisation has released a video showing the Israeli military attacking WHO facilities in central Gaza’s Deir al-Balah. A WHO spokesperson condemned the attack, called for the immediate release of a staff member abducted by Israeli forces.

    TARIK JAŠAREVIĆ: “Male staff and family members were handcuffed, stripped, interrogated on the spot and screened at gunpoint.

    “Two WHO staff and two family members were detained.”

    AMY GOODMAN: Meanwhile, health officials in Gaza say Israeli attacks over the past day killed more than 70 people, including five more people seeking food at militarised aid sites. Amid growing outrage worldwide, UN Secretary-General António Guterres said on Tuesday the situation in Gaza right now is a “horror show”.

    UN SECRETARY-GENERAL ANTÓNIO GUTERRES: “We need look no further than the horror show in Gaza, with a level of death and destruction without parallel in recent times.

    “Malnourishment is soaring. Starvation is knocking on every door.”

    AMY GOODMAN: For more, we’re joined by Michael Fakhri, the UN Special Rapporteur on the Right to Food. He is a professor of law at University of Oregon, where he leads the Food Resiliency Project.


    Israel waging ‘fastest starvation campaign’ in modern history    Video: Democracy Now!

    Dr Michael Fakhri, welcome back to Democracy Now! If you can respond to what’s happening right now, the images of dying infants starving to death, the numbers now at over 100, people dropping in the streets, reporters saying they can’t go on?

    Agence France-Presse’s union talked about they have had reporters killed in conflict, they have had reporters disappeared, injured, but they have not had this situation before with their reporters starving to death.

    DR MICHAEL FAKHRI: Amy, the word “horror” — I mean, we’re running out of words of what to say. And the reason it’s horrific is it was preventable. We saw this coming. We’ve seen this coming for 20 months.

    Israel announced its starvation campaign back in October 2023. And then again, Prime Minister Netanyahu announced on March 1 that nothing was to enter Gaza. And that’s what happened for 78 days. No food, no water, no fuel, no medicine entered Gaza.

    And then they built these militarised aid sites that are used to humiliate, weaken and kill the Palestinians. So, what makes this horrific is it has been preventable, it was predictable. And again, this is the fastest famine we’ve seen, the fastest starvation campaign we’ve seen in modern history.

    AMY GOODMAN: So, can you talk about what needs to be done at this point and the responsibility of the occupying power? Israel is occupying Gaza right now. What it means to have to protect the population it occupies?

    DR FAKHRI: The International Court of Justice outlined Israel’s duties in its decisions over the last year. So, what Israel has an obligation to do is, first, end its illegal occupation immediately. This came from the court itself.

    Second, it must allow humanitarian relief to enter with no restrictions. And this hasn’t been happening. So, usually, we would turn to the Security Council to authorise peacekeepers or something similar to assist.

    But predictably, again, the United States keeps vetoing anything to do with a ceasefire. When the Security Council is in a deadlock because of a veto, the General Assembly, the UN General Assembly, has the authority to call for peacekeepers to accompany humanitarian convoys to enter into Gaza and to end Israel’s starvation campaign against the Palestinian people.

    AMY GOODMAN: People actually protested outside the house of UN Secretary-General António Guterres yesterday. People protested all over the world yesterday against the Palestinians being starved and bombed to death. Those in front of the UN Secretary-General’s house said they don’t dispute that he has raised this issue almost every day, but they say he can do more.

    Finally, Michael Fakhri, what does the UN need to do — the US, Israel, the world?

    DR FAKHRI: So, as I mentioned, first and foremost, they can authorise peacekeepers to enter to stop the starvation. But, second, they need to create consequences.

    The world has a duty to prevent this starvation. The world has a duty to prevent and end this genocide. And as a result, then, what the world can do is impose sanctions.

    And again, this is supported by the International Court of Justice. The world needs to impose wide-scale sanctions against the state of Israel to force it to end the starvation and genocide of civilians, of Palestinian civilians in Gaza today.

    AMY GOODMAN: Well, I want to thank you so much for being with us, Michael Fakhri, UN Special Rapporteur on the Right to Food, speaking to us from Eugene, Oregon.

    Article by AsiaPacificReport.nz

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: Hugo Ekitike: Liverpool sign Frankfurt striker

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

    Premier League champion Liverpool continued a big-spending summer with the signing of striker Hugo Ekitike from Eintracht Frankfurt for an initial fee of 79 million pounds (106 million US dollars).

    “We have reached an agreement for the transfer of Eintracht Frankfurt forward Hugo Ekitike, subject to international clearance,” announced Liverpool’s social media sites on Wednesday.

    Hugo Ekitike (R) of Eintracht Frankfurt vies with Cristian Romero of Tottenham Hotspur during the UEFA Europa League quarterfinals 2nd leg match in Frankfurt, Germany, April 17, 2025. (Photo by Ulrich Hufnagel/Xinhua)

    “The 23-year-old has successfully completed a medical and agreed personal terms with the Reds, allowing him to fly out to Hong Kong to join his new teammates on their preseason tour of Asia later this week,” the club added.

    Ekitike is the fourth major signing of the summer for Arne Slot’s side, following the capture of Florian Wirtz for over 110 million pounds and defenders Milos Kerkez and Jeremie Frimpong.

    The 23-year-old Frenchman, who can play across the front line, joins Anfield after scoring 22 goals in 48 appearances last season, along with more than a dozen assists.

    Liverpool has spent over 250 million pounds this summer, although they are likely to recoup some of that if Luis Diaz completes a move to Bayern Munich in a deal worth more than 60 million pounds. Darwin Nunez also appears likely to leave, and Federico Chiesa has been left out of Liverpool’s preseason squad for the Asia tour, suggesting he may also be on his way out. 

    MIL OSI China News –

  • MIL-OSI China: Barcelona confirm Marcus Rashford loan signing

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

    FC Barcelona confirmed the loan signing of England international forward Marcus Rashford from Manchester United on Wednesday with a video in which the player said the news was “official.”

    Rashford joins the La Liga and Copa del Rey champion on an initial one-season loan, with Barcelona having the option to make the move permanent for around 35 million euros. However, there is also a clause that means the club has to pay compensation if it opts against this.

    Manchester United’s Marcus Rashford (L) breaks through during the FA Cup quarterfinal match between Manchester United and Liverpool in Manchester, Britain, on March 17, 2024. (Xinhua)

    “What the club stands for means a lot for me. I feel like I am at home and a big factor in my choice to come here because it is a family place and a good place for good players to showcase their skills,” said Rashford at his presentation.

    “To be here is everything I wished and thought. I’m eager to get going and keep learning the Barcelona way as I go and be ready for the games,” he continued, adding that the chance to work with Barca coach Hansi Flick was another key reason for his decision.

    “What he did last season was terrific. In his career he’s proved he’s one of the top coaches, to lead such a young team to a very successful season,” commented the forward.

    The 27-year-old, who passed his medical tests in Barcelona on Monday, is rumored to have taken a 15 percent pay cut in order to complete the move after falling out of favor with United coach Ruben Amorim last season and spending the second half of the campaign on loan at Aston Villa.

    He will now form part of the squad that travels to Asia on Thursday to play matches in both South Korea and Japan.

    Rashford’s signing at Barcelona comes after the club suffered an embarrassing failure to sign Spain international Nico Williams from Athletic Bilbao for the second consecutive summer, with Williams opting to sign a new contract with Athletic.

    Meanwhile, efforts to bring in Colombian winger Luis Diaz were frustrated by Barca’s economic situation, which made it impossible for the club to get close to Liverpool’s demands.

    Rashford becomes the first English player to join FC Barcelona since Gary Lineker was at the club between 1986-1989 and only the second Englishman to play for them in over 100 years, with Harold Stamper the last previous Englishman after a season at Barcelona between 1922 and 1923.

    MIL OSI China News –

  • MIL-OSI China: Poland edge China to reach Women’s VNL semifinals

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

    Host Poland battled past China in a thrilling five-set quarterfinal, winning 17-25, 25-20, 19-25, 25-19, 15-12 in the FIVB Women’s Volleyball Nations League (VNL) on Wednesday evening in Lodz to secure a spot in the semifinals.

    Opposite hitter Magdalena Stysiak led the Polish side with 25 points, including 22 kills and three blocks. Outside hitter Martyna Czyrnianska added 16 points. For China, outside hitter Wu Mengjie delivered an impressive performance with a match-high 25 points, while Zhuang Yushan added 20.

    Coming off a 3-1 victory over China in a friendly on Saturday, Poland entered the match as slight favorites. However, it was China who came out strong in the opening set, fueled by Wu’s sharp attacks. She scored 10 points in the set, helping China establish a 19-14 lead before closing it out 25-17.

    China continued their momentum early in the second set, taking a 5-2 advantage after a spike from Chen Houyu. But Poland rallied back, drawing level at 14-14 thanks to a powerful attack from Martyna Lukasik. Momentum shifted in favor of the hosts as Czyrnianska registered a key block and Stysiak added timely offense to push Poland ahead. Lukasik sealed the set with back-to-back spikes, giving Poland a 25-20 win.

    In the third set, China capitalized on a string of unforced errors from Poland to race ahead 13-5. Maintaining their advantage throughout, China regained the lead in sets with a 25-19 win.

    The fourth set saw Poland respond with renewed energy. Paulina Damaske’s spike and service ace helped the home team build an 18-12 cushion. Although China fought back to narrow the gap to 21-19, Poland surged with four straight points to take the set 25-19, forcing a decider.

    In the tiebreak, Poland met the expectations of their home crowd at Atlas Arena. A block from Stysiak and another strong finish from Damaske gave them a 7-4 lead. Though China closed the deficit to 10-9 after a Stysiak error, Damaske delivered a key solo block to make it 13-10 and later sealed the match with a powerful spike, clinching the final set 15-12.

    “It was a tough challenge. We struggled during the match, so we’re very happy with the victory,” said Polish setter Alicja Grabka in a post-match interview with Polsat TV. “We overcame a difficult situation as we were behind. For me, playing in that kind of match was a dream come true. I’m very proud I could help the team.”

    Earlier in the day, Italy advanced to the semifinals after sweeping the United States 3-0 (25-22, 25-21, 28-26). Opposite spiker Paola Egonu starred with a match-high 20 points, while Avery Skinner led the Americans with 11.

    The remaining quarterfinal matchups will take place on Thursday, with Japan facing Turkiye and Brazil taking on Germany.

    MIL OSI China News –

  • MIL-OSI: INVL Renewable Energy Fund I company REFI Sun aims to raise up to EUR 15 million in public bond offering

    Source: GlobeNewswire (MIL-OSI)

    The INVL Renewable Energy Fund I managed by INVL Asset Management, the leading alternative asset manager in the Baltics, is seeking to raise up to EUR 15 million through an offering of bonds issued by REFI Sun, a company the fund owns. The bonds will be offered publicly to retail and institutional investors in the Baltic countries from 28 July to 15 August. 

    The bonds have a maturity of 2.5 years. The fixed interest rate on the debt securities will be set in the range of 7.5% to 8.5% and announced at completion of the offering. Interest will be paid to investors quarterly. The INVL Renewable Energy Fund I will provide guarantees to all holders of the REFI Sun bonds. 

    “Construction of the fund’s renewable energy projects in Romania and Poland is gaining momentum, so there is also a growing need for financing, which in part we aim to meet by issuing new bonds. Most of the money raised from investors will be used to refinance a loan previously obtained by one of the fund’s companies, the rest will go to the fund’s solar power plant construction projects,” says Liudas Liutkevičius, Managing Partner of the INVL Renewable Energy Fund I. 

    REFI Sun seeks to raise up to EUR 15 million in a public offer in Lithuania, Latvia, and Estonia under a base prospectus for EUR 25 million bond programme approved by the Bank of Lithuania. The minimum investment amount is EUR 1,000.  

    The lead arranger of the bond program is Artea Bank. Evernord will also participate in the placement in Lithuania, while LHV Pank and Signet Bank acting as distribution partners in Estonia and Latvia. The certified advisor to the issuer is the Sorainen law firm, while the bondholders’ trustee is the company Audifina. It is planned that the debt securities will be listed on the First North alternative securities market operated by Nasdaq Vilnius within three months after the issue date. 

    More information about the bond issue and the offering process is available on the website of the INVL Renewable Energy Fund I. 

    An online presentation and question-and-answer session for investors (in English) will be held on 31 July at 10:00. The link to join the session is here. An online presentation and Q&A session for investors in the Lithuanian language will be held on the same day at 14:00; the link to join that session is here.    

    In February 2025, the INVL Renewable Energy Fund I’s company REFI Energy successfully completed an EUR 8 million public offering of bonds with an annual interest rate of 8%. Demand for the bonds exceeded the issue size 1.7 times, demonstrating strong investor confidence in the Fund’s management team and strategy.   

    The INVL Renewable Energy Fund I is focusing on the Polish and Romanian markets, where the fund’s managers see big growth potential. Total capacity of the fund’s portfolio of projects in development in these markets is 389 MW. 

    In Romania, the fund is investing in projects for 8 solar plants with a combined capacity of 356 MW. In Poland, it is developing solar park projects with over 32 MW in capacity. Investments in  Romania and Poland are expected to exceed EUR 250 million. The fund has invested over EUR 90 million in acquisition and construction of the projects as of June 2025. Construction of all the solar parks should be completed by the end of 2027. 

    To date the INVL Renewable Energy Fund I has raised EUR 73.9 million from investors through investment units and bonds. 

    About the INVL Renewable Energy Fund I  

    The INVL Renewable Energy Fund I was established on 20 July 2021 by INVL Asset Management, the leading alternative asset manager in the Baltic States, as a sub-fund for informed investors. It invests in early- and mid-stage renewable energy projects (solar), including the construction of new power plants, the development and/or acquisition of the infrastructure necessary for the operation of power plants, and effective management of existing power plants in the European Union and member states of the European Economic Area. 

    INVL Asset Management is part of Invalda INVL, the leading Baltic asset management group. 

    Further information:
    Liudas Liutkevičius
    Managing Partner of the INVL Renewable Energy Fund I
    liudas.liutkevicius@invl.com

    The MIL Network –

  • MIL-OSI: INVL Renewable Energy Fund I company REFI Sun aims to raise up to EUR 15 million in public bond offering

    Source: GlobeNewswire (MIL-OSI)

    The INVL Renewable Energy Fund I managed by INVL Asset Management, the leading alternative asset manager in the Baltics, is seeking to raise up to EUR 15 million through an offering of bonds issued by REFI Sun, a company the fund owns. The bonds will be offered publicly to retail and institutional investors in the Baltic countries from 28 July to 15 August. 

    The bonds have a maturity of 2.5 years. The fixed interest rate on the debt securities will be set in the range of 7.5% to 8.5% and announced at completion of the offering. Interest will be paid to investors quarterly. The INVL Renewable Energy Fund I will provide guarantees to all holders of the REFI Sun bonds. 

    “Construction of the fund’s renewable energy projects in Romania and Poland is gaining momentum, so there is also a growing need for financing, which in part we aim to meet by issuing new bonds. Most of the money raised from investors will be used to refinance a loan previously obtained by one of the fund’s companies, the rest will go to the fund’s solar power plant construction projects,” says Liudas Liutkevičius, Managing Partner of the INVL Renewable Energy Fund I. 

    REFI Sun seeks to raise up to EUR 15 million in a public offer in Lithuania, Latvia, and Estonia under a base prospectus for EUR 25 million bond programme approved by the Bank of Lithuania. The minimum investment amount is EUR 1,000.  

    The lead arranger of the bond program is Artea Bank. Evernord will also participate in the placement in Lithuania, while LHV Pank and Signet Bank acting as distribution partners in Estonia and Latvia. The certified advisor to the issuer is the Sorainen law firm, while the bondholders’ trustee is the company Audifina. It is planned that the debt securities will be listed on the First North alternative securities market operated by Nasdaq Vilnius within three months after the issue date. 

    More information about the bond issue and the offering process is available on the website of the INVL Renewable Energy Fund I. 

    An online presentation and question-and-answer session for investors (in English) will be held on 31 July at 10:00. The link to join the session is here. An online presentation and Q&A session for investors in the Lithuanian language will be held on the same day at 14:00; the link to join that session is here.    

    In February 2025, the INVL Renewable Energy Fund I’s company REFI Energy successfully completed an EUR 8 million public offering of bonds with an annual interest rate of 8%. Demand for the bonds exceeded the issue size 1.7 times, demonstrating strong investor confidence in the Fund’s management team and strategy.   

    The INVL Renewable Energy Fund I is focusing on the Polish and Romanian markets, where the fund’s managers see big growth potential. Total capacity of the fund’s portfolio of projects in development in these markets is 389 MW. 

    In Romania, the fund is investing in projects for 8 solar plants with a combined capacity of 356 MW. In Poland, it is developing solar park projects with over 32 MW in capacity. Investments in  Romania and Poland are expected to exceed EUR 250 million. The fund has invested over EUR 90 million in acquisition and construction of the projects as of June 2025. Construction of all the solar parks should be completed by the end of 2027. 

    To date the INVL Renewable Energy Fund I has raised EUR 73.9 million from investors through investment units and bonds. 

    About the INVL Renewable Energy Fund I  

    The INVL Renewable Energy Fund I was established on 20 July 2021 by INVL Asset Management, the leading alternative asset manager in the Baltic States, as a sub-fund for informed investors. It invests in early- and mid-stage renewable energy projects (solar), including the construction of new power plants, the development and/or acquisition of the infrastructure necessary for the operation of power plants, and effective management of existing power plants in the European Union and member states of the European Economic Area. 

    INVL Asset Management is part of Invalda INVL, the leading Baltic asset management group. 

    Further information:
    Liudas Liutkevičius
    Managing Partner of the INVL Renewable Energy Fund I
    liudas.liutkevicius@invl.com

    The MIL Network –

  • Microsoft says some SharePoint server hackers now using ransomware

    Source: Government of India

    Source: Government of India (4)

    A cyber-espionage campaign centered on vulnerable versions of Microsoft‘s server software now involves the deployment of ransomware, Microsoft said in a late Wednesday blog post.

    In the post, citing “expanded analysis and threat intelligence,” Microsoft said a group it dubs “Storm-2603” is using the vulnerability to seed the ransomware, which typically works by paralyzing victims’ networks until a digital currency payment is made.

    The disclosure marks a potential escalation in the campaign, which has already hit at least 400 victims, according to Netherlands-based cybersecurity firm Eye Security. Unlike typical state-backed hacker campaigns, which are aimed at stealing data, ransomware can cause widespread disruption depending on where it lands.

    The figure of 400 victims represents a sharp rise from the 100 organizations cataloged over the weekend. Eye Security says the figure is likely an undercount.

    “There are many more, because not all attack vectors have left artifacts that we could scan for,” said Vaisha Bernard, the chief hacker for Eye Security, which was among the first organizations to flag the breaches.

    The details of most of the victim organizations have not yet been fully disclosed, but on Wednesday a representative for the National Institutes of Health confirmed that one of the organization’s servers had been compromised.

    “Additional servers were isolated as a precaution,” he said. The news of the compromise was first reported by the Washington Post.

    Other outlets said the hacking campaign had breached an even broader range of U.S. agencies. NextGov, citing multiple people familiar with the matter, reported the Department of Homeland Security had been hit, along with more than five to 12 other agencies.

    Politico, which cited two U.S. officials, said multiple agencies were believed to have been breached.

    DHS’ cyberdefense arm, CISA, did not immediately return a message seeking comment on the reports. Microsoft did not immediately return a message seeking further details on the ransomware angle of the hacking or the reported government victims.

    The spy campaign began after Microsoft failed to fully patch a security hole in its SharePoint server software, kicking off a scramble to fix the vulnerability when it was discovered.

    Microsoft and its tech rival, Google-owner Alphabet, have both said Chinese hackers are among those taking advantage of the flaw. Beijing has denied the claim.

    -Reuters

  • MIL-OSI: Tanate Phutrakul to step down as CFO at 2026 AGM

    Source: GlobeNewswire (MIL-OSI)

    Tanate Phutrakul to step down as CFO at 2026 AGM

    ING announced today that Tanate Phutrakul will step down from his position as CFO and member of the Executive Board of ING. Tanate will leave ING as of the Annual General Meeting in April 2026, after 24 years at ING of which seven on the Executive Board. 

    Karl Guha, chairman of ING’s Supervisory Board said: “It has been a privilege to work with Tanate. I have come to know him as a man of good grace, integrity, and high standards. He has been instrumental in helping steer ING to a better place of strong performance and delivering on our promises. We are fortunate to still have him on our executive team until the AGM and wish him every success in the next phase of his life.”

    Steven van Rijswijk, CEO of ING said: “I want to thank Tanate for his many years serving ING. While it is never easy to see a colleague leave, after seven years as CFO on the board it is a logical moment for Tanate to step down. With his deeply professional and pleasant approach, he has played a pivotal role in guiding ING through a turbulent period for the bank, the sector and the world. He has done so with his trademark calmness and has been an invaluable part of our executive team. His contributions in making ING the strong and financially sound bank it is today, which enables our current growth strategy, can hardly be overestimated. We look forward to continue to work with Tanate in the coming months.”

    Tanate Phutrakul said: “It has been and still is a pleasure to serve as a board member of ING, having helped shape the bank into what it is. It has been a wonderful journey. Many thanks for the kind support of Steven and my fellow board members and especially to the many ING colleagues I have worked with over the years.”

    Tanate joined ING in 1998 as managing director of ING Barings Securities Thailand. From 2003 until 2008 he served as head of Wholesale Banking and chief financial officer of TMB Bank in Thailand. In successive years he served as CFO of ING’s Operations and IT unit, ING Retail Banking International and ING Belgium. In 2019, he was appointed to the Executive Board as CFO of ING Group. 

    The search for a successor has been initiated and announcements will be made in due course. 

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

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

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

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

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

    Attachment

    The MIL Network –

  • MIL-OSI USA: Several Amata-Cosponsored Bills Passed by Foreign Affairs Committee

    Source: United States House of Representatives – Congresswoman Aumua Amata (Western Samoa)

    Washington, D.C. – Congresswoman Uifa’atali Amata is highlighting several bills she cosponsored that were passed Tuesday by the House Foreign Affairs Committee (HFAC) as part of a slate of a dozen bills, including Pacific issues and combating human trafficking.

    Congresswoman Amata during votes Tuesday in the Foreign Affairs Committee

    Congresswoman Amata is an original cosponsor of H.R. 4490, as introduced by Congressman Joquin Castro (D-TX). Notably in the Pacific region, this bill ensures important diplomatic rights and recognitions for the nations in the Pacific Islands Forum. Along with Congresswoman Amata, this key bipartisan bill is also cosponsored by Rep. Young Kim (R-CA) and Rep. Ed Case (D-HI). The bill’s full title is To amend the International Organizations Immunities Act to extend diplomatic privileges and immunities to certain additional international and regional organizations.

    Congresswoman Amata is a cosponsor of the Frederick Douglass Trafficking Victims Prevention and Protection Reauthorization Act of 2025, H.R. 1144. This bipartisan bill is led by Chairman Chris Smith (R-NJ), who has served in Congress for 45 years and is widely recognized as Congress’s foremost human rights champion in his longtime legislative focus. The bill reauthorizes and updates the landmark Trafficking Victims Protection Act of 2000, also led by Rep. Smith, which strengthened federal prosecutions and victim protections from either forced labor or sexual trafficking, created the Office to Monitor and Combat Trafficking in Persons, and the Interagency Task Force to Monitor and Combat Trafficking, and boosted international cooperative efforts to combat trafficking.

    Amata also cosponsored the US-Japan-ROK Trilateral Cooperation Act, H.R. 3429, introduced by Rep. Ami Bera (D-CA). Along with Congresswoman Amata, this bipartisan bill has the support of various Pacific coast colleagues including Rep. Case (D-HI), Rep. Young (R-CA), Rep. Ted Lieu (D-CA), Rep. Marilyn Strickland (D-WA), Rep. James Moylan (R-Guam), Rep. Kimberlyn King-Hinds (R-CNMI), and several other senior Members. This bill creates a regular inter-parliamentary dialogue to facilitate closer cooperation between the United States, Japan, and the Republic of Korea on shared interests and values.

    Finally, she is cosponsoring H.R. 4233, the ARMOR Act, under the full title the AUKUS Reform for Military Optimization and Review Act. Led by Rep. Young Kim, this bill updates and expedites provisions on defense trade and cooperation among Australia, the United Kingdom, and the United States (known as AUKUS).

    “These are bills that work together to strengthen our Pacific region and promote cooperation among key allies and partners for mutual stability, security and prosperity,” said Congresswoman Aumua Amata. “I’m especially pleased to cosponsor Chairman Smith’s ongoing work to combat trafficking, and I want to thank him for his dedication to this great moral cause. Thank you also to all my Pacific region colleagues supporting efforts that affect us in the Pacific.” 

    ###

    MIL OSI USA News –

  • From Gujarat to global: How PM Modi’s diaspora diplomacy took root in the UK

    Source: Government of India

    Source: Government of India (4)

    As Prime Minister Narendra Modi arrived in London on Wednesday, he was greeted by thunderous chants of “Modi Modi”, “Bharat Mata ki Jai”, and “Vande Mataram” from the Indian community — an emphatic reminder of a diplomatic tradition he initiated decades ago, long before rising to India’s highest political office.

    This growing emotional and strategic connect with the Indian diaspora has become a cornerstone of India’s foreign policy under PM Modi, especially during his second term.

    The foundations of this approach were laid as early as 1993, when Narendra Modi — then BJP’s General Secretary in Gujarat and an emerging national figure — made an impromptu stop in the UK on his return from the United States. Although the visit was unplanned and brief, Modi ensured he connected with the Indian diaspora in the UK. He visited media hubs like Sunrise Radio and the Gujarati newspaper Naya Padkar, interacted with families in Croydon and Hastings, engaged in informal conversations, rode the London Underground, and exchanged ideas with everyday Indians living in Britain.

    “The seeds planted then would quietly nourish India’s diaspora diplomacy for decades to come,” the Modi Archive said in a post on X, while sharing a timeline of the Prime Minister’s engagements in the UK.

    By 1999, when Modi had become a key national figure and the BJP’s global voice, he returned to the UK for a five-day visit in October, shortly after the BJP’s sweeping national electoral victory. Then serving as BJP’s National General Secretary, Modi had just delivered a stellar performance in Gujarat — winning 20 out of 26 Lok Sabha seats and expanding the party’s grassroots presence from 1,000 to over 16,000 village units between 1985 and 1995. This visit was highlighted by a landmark event at the Swaminarayan School in Neasden, organised by the Overseas Friends of BJP (UK). Despite a cold drizzle, the hall was packed.

    Notable attendees included Lord Navnit Dholakia, MP Barry Gardiner (Chairman of Labour Friends of India), and C.B. Patel, editor of Gujarat Samachar.

    “BJP stands for nationalism and patriotism,” Narendra Modi was quoted as saying by the Modi Archive.

    During this visit, he expanded on India’s democratic traditions, the NDA’s policy vision, and paid homage to Gandhian ideals — illustrating the BJP’s ideological clarity and moral purpose. He framed the BJP not just as a political force, but as a cultural and civilizational movement rooted in tradition, religion, modernity, and democracy. He further asserted that India’s democratic ethos is admired across the world.

    In addition, Modi was honoured by the Lohana Mahajan community, where he commended overseas Indians for serving as authentic ambassadors of Indian civilisation. He also paid a visit to 10 Downing Street during the trip.

    Modi’s emphasis on global awareness continued during another visit to the UK in 2000. In September that year, he stopped in London en route to the World Hindu Conference in the Caribbean and the UN Peace Summit in the US. At the time, he was about to assume the influential position of BJP General Secretary (Organisation), a role only two others had held since the Jana Sangh era.

    During this short visit, Modi met British Deputy Prime Minister John Prescott and engaged in serious discussions on political stability in Asia, India’s regional situation, and the growing threat of international terrorism. He also met with members of the Overseas Friends of BJP and held teleconferences with C.B. Patel, updating them on the state of affairs in Gujarat and national security efforts in Jammu and Kashmir.

    “Terrorism is an evil against humanity — whether in India, the Middle East, or Northern Ireland,” Modi said.

    It was a prescient warning that came a full year before the 9/11 attacks, at a time when much of the world had yet to perceive terrorism as a shared global menace.

    In August 2003, two years after the devastating Bhuj earthquake in Gujarat, Modi returned to the UK as Chief Minister of Gujarat.

    The purpose was to thank members of the Indian diaspora, many of whom had mobilised support, resources, and aid for the affected people.

    “You are all the real friends of Gujarat, and I have come to reciprocate the loyalty. We have slept in the street of death and today I have come to repay a debt of friendship to those who helped us in our hour of need,” Modi said, addressing thousands at the packed Wembley Conference Centre.

    He praised the diaspora not just for their financial contributions but for their deep emotional ties with India, calling them “the true friends of Gujarat”.

    During this visit, he also inaugurated the Shakti Hall at the Gujarat Samachar and Asian Voice offices. True to his style, he spoke not just of the past, but also of the future.

    In a speech still fondly remembered by the editors of Asian Voice, Modi famously said, “IT is not Information Technology. IT is India Today. BT is not Biotechnology. It is Bharat Today. IT and IT equals IT. That means Information Technology and Indian Talent is India Tomorrow.”

    The visit also included a meeting with then Prime Minister Atal Bihari Vajpayee, who was in London at the time. Modi later met a delegation of political leaders and diaspora members on the South Bank of the River Thames, near Westminster Bridge, opposite the iconic Houses of Parliament.

    Even in 2011, when Gujarat marked its golden jubilee, he virtually brought the UK into the celebrations. He addressed a high-profile audience in Mayfair, London, through video conferencing while in Gandhinagar, stating, “The name Gujarat and development are synonymous. Gujarat is creating history.”

    The event, hosted by Friends of Gujarat, Gujarat Samachar, and Asian Voice, brought together 90 distinguished guests including British MPs, Lords, and community leaders. Among them was Lord Gulam Noon, who had a direct and lively exchange with Modi.

    He used the opportunity to share his vision for the future. He announced the construction of the Mahatma Mandir, a monumental tribute rising from the soil of 18,000 villages — and including ‘mitti’ sent by Gujaratis living abroad.

    “In this Golden Jubilee celebration, we have decided to build a Mahatma Mandir. We have collected earth from 18,000 villages in Gujarat to make this monument. We have also collected earth from abroad, especially the UK,” he said.

    The message was clear: for Narendra Modi, the diaspora has never been a passive audience.

    It has always been, and continues to be, an integral part of India’s journey — a partner in progress and a powerful force in shaping India’s global image.

    Now, as Prime Minister of India, Narendra Modi continues to acknowledge and celebrate the contributions made by overseas Indians in deepening people-to-people ties and in promoting India’s image and influence across the globe.

    IANS

  • MIL-OSI: STMicroelectronics Reports 2025 Second Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    PR No: C3349C

    STMicroelectronics Reports 2025 Second Quarter Financial Results

    • Q2 net revenues $2.77 billion; gross margin 33.5%; operating loss of $133 million, including $190 million related to impairment, restructuring charges and other related phase-out costs; net loss of $97 million
    • H1 net revenues $5.28 billion; gross margin 33.5%; operating loss of $130 million, including $198 million related to impairment, restructuring charges and other related phase-out costs; net loss of $41 million
    • Business outlook at mid-point: Q3 net revenues of $3.17 billion and gross margin of 33.5%

    Geneva, July 24, 2025 – STMicroelectronics N.V. (“ST”) (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, reported U.S. GAAP financial results for the second quarter ended June 28, 2025. This press release also contains non-U.S. GAAP measures (see Appendix for additional information).

    ST reported second quarter net revenues of $2.77 billion, gross margin of 33.5%, operating loss of $133 million, and net loss of $97 million or -$0.11 diluted earnings per share (non-U.S. GAAP1 operating income of $57 million, and non-U.S. GAAP1 net income of $57 million or $0.06 diluted earnings per share).

    Jean-Marc Chery, ST President & CEO, commented:

    • “Q2 net revenues came above the mid-point of our business outlook range, driven by higher revenues in Personal Electronics and Industrial, while Automotive was slightly below expectations. Gross margin was in line with the mid-point of our business outlook range.”
    • “On a year-over-year basis, Q2 net revenues decreased 14.4%, non-U.S. GAAP1operating margin decreased to 2.1% from 11.6% and non-U.S. GAAP1net income decreased to $57 million from $353 million.”
    • “First half net revenues decreased 21.1% year-over-year, with a decrease in all reportable segments. Non-U.S. GAAP1operating margin was 1.3% and non-U.S. GAAP1net income was $120 million.”
    • “In the second quarter, our book-to-bill ratio remained above one for Industrial, while Automotive was below parity. Bookings continued to increase sequentially.”
    • “Our third quarter business outlook, at the mid-point, is for net revenues of $3.17 billion, decreasing year-over-year by 2.5% and increasing sequentially by 14.6%; gross margin is expected to be about 33.5%; including about 340 basis points of unused capacity charges. On a sequential basis, our Q3 gross margin will be negatively impacted by about 140 basis points, mainly from currency effect and, to a lesser extent, the start of non-recurring cost related to our manufacturing reshaping program.”
    • “While we expect Q3 revenues to show a solid sequential growth enabling a continued year-over-year improvement, we are still operating amid an uncertain macroeconomic environment. Given these external factors, our priorities remain supporting our customers, accelerating new product introductions, and executing our company-wide program to reshape our manufacturing footprint and resize our global cost base.”

    Quarterly Financial Summary

    U.S. GAAP
    (US$ m, except per share data)    		 Q2 2025 Q1 2025 Q2 2024 Q/Q Y/Y
    Net Revenues $2,766 $2,517 $3,232 9.9% -14.4%
    Gross Profit $926 $841 $1,296 10.2% -28.5%
    Gross Margin 33.5% 33.4% 40.1% +10 bps – 660 bps
    Operating Income (Loss) $(133) $3 $375 – –
    Operating Margin -4.8% 0.1% 11.6% -490 bps -1,640 bps
    Net Income (Loss) $(97) $56 $353 – –
    Diluted Earnings Per Share $(0.11) $0.06 $0.38 – –
    Non-U.S. GAAP2
    (US$ m, except per share data)    		 Q2 2025 Q1 2025 Q2 2024 Q/Q Y/Y
    Operating Income $57 $11 $375 429.6% -84.7%
    Operating Margin 2.1% 0.4% 11.6% 170 bps -950 bps
    Net Income $57 $63 $353 -9.1% -83.9%
    Diluted Earnings Per Share $0.06 $0.07 $0.38 -14.3% -84.2%

    Second Quarter 2025 Summary Review
    Reminder: on January 1, 2025 we made some adjustments to our segment reporting. Prior year comparative periods have been adjusted accordingly. See Appendix for more detail.

    Net Revenues by Reportable Segment3 (US$ m) Q2 2025 Q1 2025 Q2 2024 Q/Q Y/Y
    Analog products, MEMS and Sensors (AM&S) segment 1,133 1,069 1,336 5.9% -15.2%
    Power and discrete products (P&D) segment 447 397 576 12.9% -22.2%
    Subtotal: Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group 1,580 1,466 1,912 7.8% -17.4%
    Embedded Processing (EMP) segment 847 742 906 14.1% -6.5%
    RF & Optical Communications (RF&OC) segment 336 306 410 10.1% -17.9%
    Subtotal: Microcontrollers, Digital ICs and RF products (MDRF) Product Group 1,183 1,048 1,316 13.0% -10.1%
    Others 3 3 4 – –
    Total Net Revenues $2,766 $2,517 $3,232 9.9% -14.4%

    Net revenues totaled $2.77 billion, representing a year-over-year decrease of 14.4%. Year-over-year net sales to OEMs and Distribution decreased 15.3% and 12.0%, respectively. On a sequential basis, net revenues increased 9.9%, 220 basis points better than the mid-point of ST’s guidance.

    Gross profit totaled $926 million, representing a year-over-year decrease of 28.5%. Gross margin of 33.5%, 10 basis points above the mid-point of ST’s guidance, decreased 660 basis points year-over-year, mainly due to product mix, lower manufacturing efficiencies and, to a lesser extent, higher unused capacity charges.

    Operating income decreased from $375 million in the year-ago quarter to an operating loss of $133 million. ST’s operating margin decreased 1,640 basis points on a year-over-year basis to -4.8% of net revenues, compared to 11.6% in the second quarter of 2024. Operating loss included $190M impairment, restructuring charges and other related phase-out costs for the quarter, reflecting impairment of assets and restructuring charges predominantly associated with the previously announced company-wide program to reshape our manufacturing footprint and resize our global cost base. Excluding these items, non-U.S. GAAP1 Operating income stood at $57 million in the second quarter.

    By reportable segment, compared with the year-ago quarter:

    In Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group:

    Analog products, MEMS and Sensors (AM&S) segment:

    • Revenue decreased 15.2% mainly due to a decrease in Analog.   
    • Operating profit decreased by 55.9% to $85 million. Operating margin was 7.5% compared to 14.5%.

    Power and Discrete products (P&D) segment:

    • Revenue decreased 22.2%.
    • Operating profit decreased from $61 million to an operating loss of $56 million. Operating margin was -12.5% compared to 10.6%.

    In Microcontrollers, Digital ICs and RF products (MDRF) Product Group:

    Embedded Processing (EMP) segment:

    • Revenue decreased 6.5% mainly due to Custom Processing.
    • Operating profit decreased by 8.7% to $114 million. Operating margin was 13.5% compared to 13.8%.

    RF & Optical Communications (RF&OC) segment:

    • Revenue decreased 17.9%.
    • Operating profit decreased by 37.2% to $60 million. Operating margin was 17.9% compared to 23.4%.

    Net Earnings and diluted Earnings Per Share decreased to a negative $97 million and a negative $0.11 respectively compared to a positive $353 million and $0.38 respectively in the year-ago quarter. Non-U.S. GAAP1 Net income and diluted Earnings Per Share, stood at $57 million and $0.06 respectively in the second quarter of 2025.

    Cash Flow and Balance Sheet Highlights

            Trailing 12 Months
    (US$ m) Q2 2025 Q1 2025 Q2 2024 Q2 2025 Q2 2024 TTM Change
    Net cash from operating activities 354 574 702 2,332 4,922 -52.6%
    Free cash flow (non-U.S. GAAP1) (152) 30 159 142 1,384 -89.7%

    Net cash from operating activities was $354 million in the second quarter compared to $702 million in the year-ago quarter.

    Net Capex (non-U.S. GAAP1), was $465 million in the second quarter compared to $528 million in the year-ago quarter.

    Free cash flow (non-U.S. GAAP1) was negative at $152 million in the second quarter, compared to positive $159 million in the year-ago quarter.

    Inventory at the end of the second quarter was $3.27 billion, compared to $3.01 billion in the previous quarter and $2.81 billion in the year-ago quarter. Days sales of inventory at quarter-end was 166 days, compared to 167 days for the previous quarter and 130 days for the year-ago quarter.

    In the second quarter, ST paid cash dividends to its stockholders totaling $81 million and executed a $92 million share buy-back, as part of its current share repurchase program.

    ST’s net financial position (non-U.S. GAAP4) remained strong at $2.67 billion as of June 28, 2025, compared to $3.08 billion as of March 29, 2025, and reflected total liquidity of $5.63 billion and total financial debt of $2.96 billion. Adjusted net financial position (non-U.S. GAAP1), taking into consideration the effect on total liquidity of advances from capital grants for which capital expenditures have not been incurred yet, stood at $2.31 billion as of June 28, 2025.

    Corporate developments

    On May 28, 2025, STMicroelectronics held its 2025 Annual General Meeting of Shareholders in Amsterdam, the Netherlands. All proposed resolutions were approved by the Shareholders.

    Business Outlook

    ST’s guidance, at the mid-point, for the 2025 third quarter is:

    • Net revenues are expected to be $3.17 billion, an increase of 14.6% sequentially, plus or minus 350 basis points.
    • Gross margin of 33.5%, plus or minus 200 basis points.
    • This outlook is based on an assumed effective currency exchange rate of approximately $1.14 = €1.00 for the 2025 third quarter and includes the impact of existing hedging contracts.
    • The third quarter will close on September 27, 2025.

    This business outlook does not include any impact of potential further changes to global trade tariffs compared to the current situation.

    Conference Call and Webcast Information

    ST will conduct a conference call with analysts, investors and reporters to discuss its second quarter 2025 financial results and current business outlook today at 9:30 a.m. Central European Time (CET) / 3:30 a.m. U.S. Eastern Time (ET). A live webcast (listen-only mode) of the conference call will be accessible at ST’s website, https://investors.st.com, and will be available for replay until August 8, 2025.

    Use of Supplemental Non-U.S. GAAP Financial Information

    This press release contains supplemental non-U.S. GAAP financial information.

    Readers are cautioned that these measures are unaudited and not prepared in accordance with U.S. GAAP and should not be considered as a substitute for U.S. GAAP financial measures. In addition, such non-U.S. GAAP financial measures may not be comparable to similarly titled information from other companies. To compensate for these limitations, the supplemental non-U.S. GAAP financial information should not be read in isolation, but only in conjunction with ST’s consolidated financial statements prepared in accordance with U.S. GAAP.

    See the Appendix of this press release for a reconciliation of ST’s non-U.S. GAAP financial measures to their corresponding U.S. GAAP financial measures.

    Forward-looking Information

    Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 or Section 21E of the Securities Exchange Act of 1934, each as amended) that are based on management’s current views and assumptions, and are conditioned upon and also involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those anticipated by such statements due to, among other factors: 

    • changes in global trade policies, including the adoption and expansion of tariffs and trade barriers, that could affect the macro-economic environment and may directly or indirectly adversely impact the demand for our products;
    • uncertain macro-economic and industry trends (such as inflation and fluctuations in supply chains), which may impact production capacity and end-market demand for our products;
    • customer demand that differs from projections which may require us to undertake transformation measures that may not be successful in realizing the expected benefits in full or at all;
    • the ability to design, manufacture and sell innovative products in a rapidly changing technological environment;
    • changes in economic, social, public health, labor, political, or infrastructure conditions in the locations where we, our customers, or our suppliers operate, including as a result of macro-economic or regional events, geopolitical and military conflicts, social unrest, labor actions, or terrorist activities;
    • unanticipated events or circumstances, which may impact our ability to execute our plans and/or meet the objectives of our R&D and manufacturing programs, which benefit from public funding;
    • financial difficulties with any of our major distributors or significant curtailment of purchases by key customers;
    • the loading, product mix, and manufacturing performance of our production facilities and/or our required volume to fulfill capacity reserved with suppliers or third-party manufacturing providers;
    • availability and costs of equipment, raw materials, utilities, third-party manufacturing services and technology, or other supplies required by our operations (including increasing costs resulting from inflation);
    • the functionalities and performance of our IT systems, which are subject to cybersecurity threats and which support our critical operational activities including manufacturing, finance and sales, and any breaches of our IT systems or those of our customers, suppliers, partners and providers of third-party licensed technology;
    • theft, loss, or misuse of personal data about our employees, customers, or other third parties, and breaches of data privacy legislation;
    • the impact of IP claims by our competitors or other third parties, and our ability to obtain required licenses on reasonable terms and conditions;
    • changes in our overall tax position as a result of changes in tax rules, new or revised legislation, the outcome of tax audits or changes in international tax treaties which may impact our results of operations as well as our ability to accurately estimate tax credits, benefits, deductions and provisions and to realize deferred tax assets;
    • variations in the foreign exchange markets and, more particularly, the U.S. dollar exchange rate as compared to the Euro and the other major currencies we use for our operations;
    • the outcome of ongoing litigation as well as the impact of any new litigation to which we may become a defendant;
    • product liability or warranty claims, claims based on epidemic or delivery failure, or other claims relating to our products, or recalls by our customers for products containing our parts;
    • natural events such as severe weather, earthquakes, tsunamis, volcano eruptions or other acts of nature, the effects of climate change, health risks and epidemics or pandemics in locations where we, our customers or our suppliers operate;
    • increased regulation and initiatives in our industry, including those concerning climate change and sustainability matters and our goal to become carbon neutral in all direct and indirect emissions (scopes 1 and 2), product transportation, business travel, and employee commuting emissions (our scope 3 focus), and to achieve our 100% renewable electricity sourcing goal by the end of 2027;
    • epidemics or pandemics, which may negatively impact the global economy in a significant manner for an extended period of time, and could also materially adversely affect our business and operating results;
    • industry changes resulting from vertical and horizontal consolidation among our suppliers, competitors, and customers;
    • the ability to successfully ramp up new programs that could be impacted by factors beyond our control, including the availability of critical third-party components and performance of subcontractors in line with our expectations; and
    • individual customer use of certain products, which may differ from the anticipated uses of such products and result in differences in performance, including energy consumption, may lead to a failure to achieve our disclosed emission-reduction goals, adverse legal action or additional research costs.

    Such forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of our business to differ materially and adversely from the forward-looking statements. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as “believes”, “expects”, “may”, “are expected to”, “should”, “would be”, “seeks” or “anticipates” or similar expressions or the negative thereof or other variations thereof or comparable terminology, or by discussions of strategy, plans or intentions.

    Some of these risk factors are set forth and are discussed in more detail in “Item 3. Key Information — Risk Factors” included in our Annual Report on Form 20-F for the year ended December 31, 2024 as filed with the Securities and Exchange Commission (“SEC”) on February 27, 2025. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this press release as anticipated, believed or expected. We do not intend, and do not assume any obligation, to update any industry information or forward-looking statements set forth in this release to reflect subsequent events or circumstances.

    Unfavorable changes in the above or other factors listed under “Item 3. Key Information — Risk Factors” from time to time in our Securities and Exchange Commission (“SEC”) filings, could have a material adverse effect on our business and/or financial condition.

    About STMicroelectronics

    At ST, we are 50,000 creators and makers of semiconductor technologies mastering the semiconductor supply chain with state-of-the-art manufacturing facilities. An integrated device manufacturer, we work with more than 200,000 customers and thousands of partners to design and build products, solutions, and ecosystems that address their challenges and opportunities, and the need to support a more sustainable world. Our technologies enable smarter mobility, more efficient power and energy management, and the wide-scale deployment of cloud-connected autonomous things. We are on track to be carbon neutral in all direct and indirect emissions (scopes 1 and 2), product transportation, business travel, and employee commuting emissions (our scope 3 focus), and to achieve our 100% renewable electricity sourcing goal by the end of 2027. Further information can be found at www.st.com.

    For further information, please contact:

    INVESTOR RELATIONS:
    Jérôme Ramel
    EVP Corporate Development & Integrated External Communication
    Tel: +41 22 929 59 20
    jerome.ramel@st.com

    MEDIA RELATIONS:
    Alexis Breton
    Corporate External Communications
    Tel: + 33 6 59 16 79 08
    alexis.breton@st.com

    STMicroelectronics N.V.      
    CONSOLIDATED STATEMENTS OF INCOME      
    (in millions of U.S. dollars, except per share data ($))      
           
      Three months ended  
      June 28, June 29,  
      2025 2024  
      (Unaudited) (Unaudited)  
           
    Net sales 2,745 3,227  
    Other revenues 21 5  
    NET REVENUES 2,766 3,232  
    Cost of sales (1,840) (1,936)  
    GROSS PROFIT 926 1,296  
    Selling, general and administrative expenses (420) (419)  
    Research and development expenses (514) (535)  
    Other income and expenses, net 65 33  
    Impairment, restructuring charges and other related phase-out costs (190) –  
    Total operating expenses (1,059) (921)  
    OPERATING INCOME (LOSS) (133) 375  
    Interest income, net 45 51  
    Other components of pension benefit costs (5) (4)  
    Loss on financial instruments, net (19) (1)  
    INCOME (LOSS) BEFORE INCOME TAXES AND NONCONTROLLING INTEREST (112) 421  
    Income tax benefit (expense) 18 (67)  
    NET INCOME (LOSS) (94) 354  
    Net income attributable to noncontrolling interest (3) (1)  
    NET INCOME (LOSS) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS (97) 353  
           
    EARNINGS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS (0.11) 0.39  
    EARNINGS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS (0.11) 0.38  
           
    NUMBER OF WEIGHTED AVERAGE SHARES USED IN CALCULATING DILUTED EPS 893.9 941.1  
           
    STMicroelectronics N.V.      
    CONSOLIDATED STATEMENTS OF INCOME      
    (in millions of U.S. dollars, except per share data ($))      
           
      Six months ended  
      June 28, June 29,  
      2025 2024  
      (Unaudited) (Unaudited)  
           
    Net sales 5,257 6,670  
    Other revenues 26 27  
    NET REVENUES 5,283 6,697  
    Cost of sales (3,516) (3,958)  
    GROSS PROFIT 1,767 2,739  
    Selling, general and administrative expenses (810) (844)  
    Research and development expenses (1,004) (1,063)  
    Other income and expenses, net 115 93  
    Impairment, restructuring charges and other related phase-out costs (198) –  
    Total operating expenses (1,897) (1,814)  
    OPERATING INCOME (LOSS) (130) 925  
    Interest income, net 93 111  
    Other components of pension benefit costs (9) (8)  
    Gain (loss) on financial instruments, net 6 (1)  
    INCOME (LOSS) BEFORE INCOME TAXES AND NONCONTROLLING INTEREST (40) 1,027  
    Income tax benefit (expense) 4 (159)  
    NET INCOME (LOSS) (36) 868  
    Net income attributable to noncontrolling interest (5) (3)  
    NET INCOME (LOSS) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS (41) 865  
           
    EARNINGS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS (0.05) 0.96  
    EARNINGS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS (0.05) 0.92  
           
    NUMBER OF WEIGHTED AVERAGE SHARES USED IN CALCULATING DILUTED EPS 894.9 941.8  
           
           
    STMicroelectronics N.V.      
    CONSOLIDATED BALANCE SHEETS      
    As at June 28, March 29, December 31,
    In millions of U.S. dollars 2025 2025 2024
      (Unaudited) (Unaudited) (Audited)
    ASSETS      
    Current assets:      
    Cash and cash equivalents 1,616 1,781 2,282
    Short-term deposits 1,650 1,650 1,450
    Marketable securities 2,363 2,528 2,452
    Trade accounts receivable, net 1,352 1,385 1,749
    Inventories 3,273 3,014 2,794
    Other current assets 1,267 1,050 1,007
    Total current assets 11,521 11,408 11,734
    Goodwill 313 299 290
    Other intangible assets, net 342 338 346
    Property, plant and equipment, net 11,437 11,178 10,877
    Non-current deferred tax assets 558 490 464
    Long-term investments 77 96 71
    Other non-current assets 1,215 1,114 961
      13,942 13,515 13,009
    Total assets 25,463 24,923 24,743
           
    LIABILITIES AND EQUITY      
    Current liabilities:      
    Short-term debt 1,006 988 990
    Trade accounts payable 1,451 1,373 1,323
    Other payables and accrued liabilities 1,386 1,290 1,306
    Dividends payable to stockholders 257 16 88
    Accrued income tax 104 72 66
    Total current liabilities 4,204 3,739 3,773
    Long-term debt 1,951 1,889 1,963
    Post-employment benefit obligations 428 392 377
    Long-term deferred tax liabilities 48 48 47
    Other long-term liabilities 848 896 904
      3,275 3,225 3,291
    Total liabilities 7,479 6,964 7,064
    Commitment and contingencies      
    Equity      
    Parent company stockholders’ equity      
    Common stock (preferred stock: 540,000,000 shares authorized, not issued; common stock: Euro 1.04 par value, 1,200,000,000 shares authorized, 911,281,920 shares issued, 894,759,029 shares outstanding as of June 28, 2025) 1,157 1,157 1,157
    Additional Paid-in Capital 3,187 3,142 3,088
    Retained earnings 12,911 13,514 13,459
    Accumulated other comprehensive income 983 495 236
    Treasury stock (490) (582) (491)
    Total parent company stockholders’ equity 17,748 17,726 17,449
    Noncontrolling interest 236 233 230
    Total equity 17,984 17,959 17,679
    Total liabilities and equity 25,463 24,923 24,743
           
           
           
    STMicroelectronics N.V.      
           
    SELECTED CASH FLOW DATA      
           
    Cash Flow Data (in US$ millions) Q2 2025 Q1 2025 Q2 2024
           
    Net Cash from operating activities 354 574 702
    Net Cash used in investing activities (332) (796) (628)
    Net Cash used in financing activities (191) (282) (112)
    Net Cash decrease (165) (501) (41)
           
    Selected Cash Flow Data (in US$ millions) Q2 2025 Q1 2025 Q2 2024
           
    Depreciation & amortization 464 428 439
    Net payment for Capital expenditures (481) (538) (546)
    Dividends paid to stockholders (81) (72) (73)
    Change in inventories, net (140) (172) (136)
           

    Appendix
    ST
    Changes to reportable segments

    Following ST’s reorganization announced in January 2024 into two Product Groups and four reportable segments, we have made further progress in analyzing our global product portfolio, resulting in the following adjustments to our segments, effective starting January 1, 2025, without modifying subtotals at Product Group level: 

    • In Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group:
      • The transfer of VIPower products from Power and Discrete products (“P&D”) reportable segment to Analog products, MEMS and Sensors (“AM&S”) reportable segment.    
    • In Microcontrollers, Digital ICs and RF products (MDRF) Product Group:
      • the newly created ‘Embedded Processing’ (“EMP”) reportable segment includes the former ‘MCU’ segment (excluding the RF ASICs mentioned below) as well as Custom Processing products (Automotive ADAS products).
      • the newly created ‘RF & Optical Communications’ (“RF&OC”) reportable segment includes the former ‘D&RF’ segment (excluding Automotive ADAS products) as well as some RF ASICs which were previously part of the former ‘MCU’ segment.

    We believe these adjustments are critical for implementing synergies and optimizing resources, which are necessary to fully deliver the benefits expected from our new organization.

    Our four reportable segments – within each Product Group – are now as follows: 

    • In Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group:
      • Analog products, MEMS and Sensors (“AM&S”) reportable segment, comprised of ST analog products (now including VIPower products), MEMS sensors and actuators, and optical sensing solutions.
      • Power and Discrete products (“P&D”) reportable segment, comprised of discrete and power transistor products (now excluding VIPower products).

    In this Press Release, “Analog” refers to analog products, “MEMS” to MEMS sensors and actuators and “Imaging” to optical sensing solutions.

    • In Microcontrollers, Digital ICs and RF products (MDRF) Product Group:
      • Embedded Processing (“EMP”) reportable segment, comprised of general-purpose and automotive microcontrollers, connected security products and Custom Processing Products (Automotive ADAS)
      • RF & Optical Communications (“RF&OC”) reportable segment, comprised of Space, Ranging & Connectivity products, Digital Audio & Signaling Solutions and Optical & RF COT.

    In this Press release, “GPAM” refers to General purpose & automotive microcontrollers, “Connected Security” to connected security products, “Custom Processing” to automotive ADAS products.

    Prior year comparative periods have been adjusted accordingly.

    (Appendix – continued)
    ST Supplemental Financial Information

      Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024
    Net Revenues By Market Channel (%)          
    Total OEM 72% 71% 73% 76% 73%
    Distribution 28% 29% 27% 24% 27%
               
    €/$ Effective Rate 1.09 1.06 1.09 1.08 1.08
               
    Reportable Segment Data (US$ m)          
    Analog products, MEMS and Sensors (AM&S) segment          
    – Net Revenues 1,133 1,069 1,348 1,340 1,336
    – Operating Income 85 82 220 216 193
    Power and Discrete products (P&D) segment          
    – Net Revenues 447 397 602 652 576
    – Operating Income (Loss) (56) (28) 45 80 61
    Subtotal: Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group          
    – Net Revenues 1,580 1,466 1,950 1,992 1,912
    – Operating Income 29 54 265 296 254
    Embedded Processing (EMP) segment          
    – Net Revenues 847 742 1,002 898 906
    – Operating Income 114 66 181 146 126
    RF & Optical Communications (RF&OC) segment          
    – Net Revenues 336 306 366 357 410
    – Operating Income 60 43 95 84 96
    Subtotal: Microcontrollers, Digital ICs and RF products (MDRF) Product Group          
    – Net Revenues 1,183 1,048 1,368 1,255 1,316
    – Operating Income 174 109 276 230 222
    Others (a)          
    – Net Revenues 3 3 3 4 4
    – Operating Income (Loss) (336) (160) (172) (145) (101)
    Total          
    – Net Revenues 2,766 2,517 3,321 3,251 3,232
    – Operating Income (Loss) (133) 3 369 381 375

    (a)   Net revenues of Others include revenues from sales assembly services and other revenues. Operating income (loss) of Others include items such as unused capacity charges, including incidents leading to power outage, impairment, restructuring charges and other related phase-out costs, management reorganization costs, start-up costs, and other unallocated income (expenses) such as: strategic or special research and development programs, certain corporate-level operating expenses, patent claims and litigations, and other costs that are not allocated to reportable segments, as well as operating earnings of other products. Others includes:

    (US$ m) Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024
    Unused capacity charges 103 123 118 104 84
    Impairment, restructuring charges and
    other related phase-out costs    		 190 8 – – –

    (Appendix – continued)
    ST
    Supplemental Non-U.S. GAAP Financial Information
    U.S. GAAP – Non-U.S. GAAP Reconciliation

    The supplemental non-U.S. GAAP information presented in this press release is unaudited and subject to inherent limitations. Such non-U.S. GAAP information is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for U.S. GAAP measurements. Also, our supplemental non-U.S. GAAP financial information may not be comparable to similarly titled non-U.S. GAAP measures used by other companies. Further, specific limitations for individual non-U.S. GAAP measures, and the reasons for presenting non-U.S. GAAP financial information, are set forth in the paragraphs below. To compensate for these limitations, the supplemental non-U.S. GAAP financial information should not be read in isolation, but only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP.

    ST believes that these non-U.S. GAAP financial measures provide useful information for investors and management because they offer, when read in conjunction with ST’s U.S. GAAP financials, (i) the ability to make more meaningful period-to-period comparisons of ST’s on-going operating results, (ii) the ability to better identify trends in ST’s business and perform related trend analysis, and (iii) to facilitate a comparison of ST’s results of operations against investor and analyst financial models and valuations, which may exclude these items.

    Non-U.S. GAAP Operating Income, Non-U.S. GAAP Net Earnings and Non-U.S. GAAP Earnings Per Share (non-U.S. GAAP measures)

    Operating income before impairment and restructuring charges and one-time items is used by management to help enhance an understanding of ongoing operations and to communicate the impact of the excluded items, such as impairment, restructuring charges and other related phase-out costs. Adjusted net earnings and earnings per share (EPS) are used by management to help enhance an understanding of ongoing operations and to communicate the impact of the excluded items like impairment, restructuring charges and other related phase-out costs attributable to ST and other one-time items, net of the relevant tax impact.

    Q2 2025
    (US$ m, except per share data)    		 Gross Profit Operating Income (Loss) Net Earnings Corresponding Diluted EPS
    U.S. GAAP 926 (133) (97) (0.11)
    Impairment, restructuring charges and other related phase-out costs – 190 190  
    Estimated income tax effect – – (36)  
    Non-U.S. GAAP 926 57 57 0.06
    H1 2025
    (US$ m, except per share data)    		 Gross Profit Operating Income (Loss) Net Earnings Corresponding Diluted EPS
    U.S. GAAP 1,767 (130) (41) (0.05)
    Impairment, restructuring charges and other related phase-out costs – 198 198  
    Estimated income tax effect – – (37)  
    Non-U.S. GAAP 1,767 68 120 0.13

    (Appendix – continued)

    Net Financial Position and Adjusted Net Financial Position (non-U.S. GAAP measures)

    Net Financial Position, a non-U.S. GAAP measure, represents the difference between our total liquidity and our total financial debt. Our total liquidity includes cash and cash equivalents, restricted cash, if any, short-term deposits, and marketable securities, and our total financial debt includes short-term debt and long-term debt, as reported in our Consolidated Balance Sheets. ST also presents adjusted net financial position as a non-U.S. GAAP measure, to take into consideration the effect on total liquidity of advances received on capital grants for which capital expenditures have not been incurred yet.

    ST believes its Net Financial Position and Adjusted Net Financial Position provide useful information for investors and management because they give evidence of our global position either in terms of net indebtedness or net cash by measuring our capital resources based on cash and cash equivalents, restricted cash, if any, short-term deposits and marketable securities and the total level of our financial debt. Our definitions of Net Financial Position and Adjusted Net Financial Position may differ from definitions used by other companies, and therefore, comparability may be limited.

    (US$ m) Jun 28
    2025    		 Mar 29
    2025    		 Dec 31
    2024    		 Sep 28
    2024    		 Jun 29
    2024
    Cash and cash equivalents 1,616 1,781 2,282 3,077 3,092
    Short term deposits 1,650 1,650 1,450 977 975
    Marketable securities 2,363 2,528 2,452 2,242 2,218
    Total liquidity 5,629 5,959 6,184 6,296 6,285
    Short-term debt (1,006) (988) (990) (1,003) (236)
    Long-term debt (a) (1,951) (1,889) (1,963) (2,112) (2,850)
    Total financial debt (2,957) (2,877) (2,953) (3,115) (3,086)
    Net Financial Position (non-U.S. GAAP) 2,672 3,082 3,231 3,181 3,199
    Advances received on capital grants (361) (377) (385) (366) (402)
    Adjusted Net Financial Position (non-U.S. GAAP) 2,311 2,705 2,846 2,815 2,797

    (a)  Long-term debt contains standard conditions but does not impose minimum financial ratios. Committed credit facilities for $639 million equivalent, are currently undrawn.

    (Appendix – continued)

    Net Capex and Free Cash Flow (non-U.S. GAAP measures)

    ST presents Net Capex as a non-U.S. GAAP measure, which is reported as part of our Free Cash Flow (non-U.S. GAAP measure), to take into consideration the effect of advances from capital grants received on prior periods allocated to property, plant and equipment in the reporting period.

    Net Capex, a non-U.S. GAAP measure, is defined as (i) Payment for purchase of tangible assets, as reported plus (ii) Proceeds from sale of tangible assets, as reported plus (iii) Proceeds from capital grants and other contributions, as reported plus (iv) Advances from capital grants allocated to property, plant and equipment in the reporting period.

    ST believes Net Capex provides useful information for investors and management because annual capital expenditures budget includes the effect of capital grants. Our definition of Net Capex may differ from definitions used by other companies.

    (US$ m) Q2 2025 Q1
    2025    		 Q4
    2024    		 Q3
    2024    		 Q2
    2024
    Payment for purchase of tangible assets, as reported (574) (587) (584) (669) (690)
    Proceeds from sale of tangible assets, as reported 4 2 – 2 1
    Proceeds from capital grants and other contributions, as reported 89 47 83 66 143
    Advances from capital grants allocated to property, plant and equipment 16 8 31 36 18
    Net Capex (non-U.S. GAAP) (465) (530) (470) (565) (528)

    Free Cash Flow, which is a non-U.S. GAAP measure, is defined as (i) net cash from operating activities plus (ii) Net Capex plus (iii) payment for purchase (and proceeds from sale) of intangible and financial assets and (iv) net cash paid for business acquisitions, if any.

    ST believes Free Cash Flow provides useful information for investors and management because it measures our capacity to generate cash from our operating and investing activities to sustain our operations.

    Free Cash Flow reconciles with the total cash flow and the net cash increase (decrease) by including the payment for purchases of (and proceeds from matured) marketable securities and net investment in (and proceeds from) short-term deposits, the net cash from (used in) financing activities and the effect of changes in exchange rates, and by excluding the advances from capital grants received on prior periods allocated to property, plant and equipment in the reporting period. Our definition of Free Cash Flow may differ from definitions used by other companies.

    (US$ m) Q2 2025 Q1
    2025    		 Q4
    2024    		 Q3
    2024    		 Q2
    2024
    Net cash from operating activities 354 574 681 723 702
    Net Capex (465) (530) (470) (565) (528)
    Payment for purchase of intangible assets, net of proceeds from sale (41) (14) (32) (20) (15)
    Payment for purchase of financial assets, net of proceeds from sale – – (51) (2) –
    Free Cash Flow (non-U.S. GAAP) (152) 30 128 136 159

    1Non-U.S. GAAP. See Appendix for reconciliation to U.S. GAAP and information explaining why the Company believes these measures are important.
    2Non-U.S. GAAP. See Appendix for reconciliation to U.S. GAAP and information explaining why the Company believes these measures are important.
    3See Appendix for the definition of reportable segments.
    4Non-U.S. GAAP. See Appendix for reconciliation to U.S. GAAP and information explaining why the Company believes these measures are important.

    Attachment

    The MIL Network –

  • MIL-OSI: Nokia Corporation Report for Q2 and Half Year 2025

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation

    Half year financial report
    24 July 2025 at 08:00 EEST

    Nokia Corporation Report for Q2 and Half Year 2025

    Solid performance offset by currency impact

    • Q2 comparable net sales declined 1% y-o-y on a constant currency and portfolio basis (2% reported) due to a 13% decline in Mobile Networks which had benefited from accelerated revenue recognition in the prior year. Network Infrastructure grew 8% while Cloud and Network Services grew 14%. Nokia Technologies grew 3%.
    • Comparable gross margin in Q2 was flat y-o-y at 44.7% (reported increased 10bps to 43.4%). Gross margins were broadly stable in Network Infrastructure and Mobile Networks and improved in Cloud and Network Services.
    • Q2 comparable operating margin decreased 290bps y-o-y to 6.6% (reported up 790bps to 1.8%), driven by a negative EUR 50 million venture fund impact which includes a EUR 60 million negative currency revaluation. Operating profit was also impacted by tariffs.
    • Q2 comparable diluted EPS for the period of EUR 0.04; reported diluted EPS for the period of EUR 0.02.
    • Q2 free cash flow of EUR 0.1 billion, net cash balance of EUR 2.9 billion.
    • As announced on 22 July 2025, full year 2025 comparable operating profit outlook revised to between EUR 1.6 and 2.1 billion (was between EUR 1.9 and 2.4 billion) with free cash flow conversion from comparable operating profit unchanged at between 50% and 80%.

    This is a summary of the Nokia Corporation Report for Q2 and Half Year 2025 published today. Nokia only publishes a summary of its financial reports in stock exchange releases. The summary focuses on Nokia Group’s financial information as well as on Nokia’s outlook. The detailed, segment-level discussion will be available in the complete financial report hosted at www.nokia.com/financials. Investors should not solely rely on summaries of Nokia’s financial reports and should also review the complete reports with tables.

    JUSTIN HOTARD, PRESIDENT AND CEO, ON Q2 2025 RESULTS

    In the following quote, net sales comments and growth rates are referring to comparable net sales and are on a constant currency and portfolio basis.

    During my first quarter as CEO, I’ve spent significant time engaging with our stakeholders. One message has stood out: Connectivity is becoming a critical differentiator in the AI supercycle, not only for communication service providers and hyperscalers, but also for new areas like defense and national security. With our portfolio in mobile and fiber access, data center, and transport networks, Nokia is uniquely positioned to be a leader in this market transition. Customer conversations have increased my optimism about our opportunity: There’s been a strong validation of what sets us apart – our technology, partnering culture, and the exceptional talent of our people.

    At the same time, our customers expect us to engage with them as one integrated company as they partner with us across our portfolio. Further it is clear we need to continue to evolve how we work so we move faster, improve productivity and focus on what brings value to our customers. As a result, we’re unifying our corporate functions to simplify how we work, build a more cohesive culture and begin to unlock operating leverage.

    We have a great opportunity to drive a unified vision for the future of networks, and I am looking forward to discussing our strategy and full value creation story at our Capital Markets Day in New York on November 19.

    Turning to our second quarter results, the significant currency fluctuations, particularly the weaker USD, had a meaningful impact on both our net sales and operating profit. On a constant currency and portfolio basis our overall net sales declined 1%, however excluding a settlement benefit in the prior year, sales would have grown 3%. Network Infrastructure grew 8% in Q2. Mobile Networks’ net sales declined 13%, primarily related to the aforementioned prior year settlement benefit and also due to project timing in India. Cloud and Network Services grew 14% with strong momentum in 5G Core. Nokia Technologies grew 3% and secured several new agreements in the quarter.

    Q2 comparable gross margin was stable year-on-year at 44.7%. Operating profit in the quarter was impacted by a non-cash negative impact to venture funds of EUR 50 million which included a EUR 60 million negative currency revaluation and the effect of tariffs we highlighted in Q1, contributing to our comparable operating margin declining 290 bps to 6.6%. Despite the cash impact of 2024 incentives during Q2, we had a strong cash performance and have generated free cash flow of over EUR 800 million in the first half.

    Q2 saw continued strong order momentum in Optical Networks with a book-to-bill well above 1, driven by new hyperscaler orders. We had several key wins in the quarter, including a deal with a large US communication service provider along with receiving our first award for 800G pluggables from a US hyperscaler. Across the group, Nokia generated 5% of sales in Q2 from hyperscalers. While we still have a lot of work ahead of us, I’m pleased with the progress we are making integrating Infinera, including executing on synergies. Additionally, the commercial momentum we are seeing reinforces the long-term value creation opportunity of the acquisition.

    Looking ahead we expect a stronger second half performance, particularly in Q4 consistent with normal seasonality. For the full year, the underlying business is trending largely as expected. We continue to expect strong growth in Network Infrastructure, growth in Cloud and Network Services and largely stable net sales in Mobile Networks on a constant currency and portfolio basis. In Nokia Technologies we expect approximately EUR 1.1 billion in operating profit.

    However, we are facing two headwinds to our full year operating profit outlook which are outside of our control, currency due to the weaker US Dollar, and tariffs. Currency has an approximately EUR 230 million negative impact relative to our expectations at the start of the year with EUR 90 million from non-cash venture fund currency revaluations. The current tariff levels are forecasted to impact operating profit by EUR 50 million to EUR 80 million inclusive of those in Q2. Considering these two headwinds, we decided it was prudent at this point to lower our comparable operating profit outlook to a range of EUR 1.6 billion to EUR 2.1 billion from the prior range of EUR 1.9 billion to EUR 2.4 billion.

    Justin Hotard
    President and CEO

    FINANCIAL RESULTS

    EUR million (except for EPS in EUR) Q2’25 Q2’24 YoY change Q1-Q2’25 Q1-Q2’24 YoY change
    Reported results            
    Net sales 4 546 4 466 2% 8 936 8 910 0%
    Gross margin % 43.4% 43.3% 10bps 42.5% 46.5% (400)bps
    Research and development expenses (1 161) (1 134) 2% (2 306) (2 259) 2%
    Selling, general and administrative expenses (744) (715) 4% (1 472) (1 408) 5%
    Operating profit 81 432 (81)% 32 836 (96)%
    Operating margin % 1.8% 9.7% (790)bps 0.4% 9.4% (900)bps
    Profit from continuing operations 83 370 (78)% 24 821 (97)%
    Profit/(loss) from discontinued operations 13 (512)   13 (525)  
    Profit/(loss) for the period 96 (142)   36 296 (88)%
    EPS for the period, diluted 0.02 (0.03)   0.01 0.05 (80)%
    Net cash and interest-bearing financial investments 2 879 5 475 (47)% 2 879 5 475 (47)%
    Comparable results            
    Net sales 4 551 4 466 2% 8 941 8 910 0%
    Constant currency and portfolio YoY change(1)             (1%)             (2%)
    Gross margin % 44.7% 44.7% 0bps 43.5% 47.6% (410)bps
    Research and development expenses (1 126) (1 064) 6% (2 241) (2 140) 5%
    Selling, general and administrative expenses (612) (610) 0% (1 199) (1 194) 0%
    Operating profit 301 423 (29)% 457 1 023 (55)%
    Operating margin % 6.6% 9.5% (290)bps 5.1% 11.5% (640)bps
    Profit for the period 236 328 (28)% 390 840 (54)%
    EPS for the period, diluted 0.04 0.06 (33)% 0.07 0.15 (53)%
    Business group results Network
    Infrastructure    		 Mobile
    Networks    		 Cloud and Network Services Nokia
    Technologies    		 Group Common and Other
    EUR million Q2’25 Q2’24 Q2’25 Q2’24 Q2’25 Q2’24 Q2’25 Q2’24 Q2’25 Q2’24
    Net sales 1 904 1 522 1 732 2 078 557 507 357 356 3 4
    YoY change 25%   (17)%   10%   0%   (25)%  
    Constant currency and portfolio YoY change(1) 8%   (13)%   14%   3%   (25)%  
    Gross margin % 38.2% 38.4% 41.1% 41.8% 42.7% 37.5% 100.0% 100.0%    
    Operating profit/(loss) 109 97 77 182 9 (35) 255 258 (150) (78)
    Operating margin % 5.7% 6.4% 4.4% 8.8% 1.6% (6.9)% 71.4% 72.5%    

    (1) This metric provides additional information on the growth of the business and adjusts for both currency impacts and portfolio changes. The full definition is provided in the Alternative performance measures section in Nokia Corporation Report for Q2 and Half Year 2025.

    SHAREHOLDER DISTRIBUTION

    Dividend

    Under the authorization by the Annual General Meeting held on 29 April 2025, the Board of Directors may resolve on the distribution of an aggregate maximum of EUR 0.14 per share to be paid in respect of financial year 2024. The authorization will be used to distribute dividend and/or assets from the reserve for invested unrestricted equity in four installments during the authorization period unless the Board decides otherwise for a justified reason.

    On 24 July 2025, the Board resolved to distribute a dividend of EUR 0.04 per share. The dividend record date is 29 July 2025 and the dividend will be paid on 7 August 2025. The actual dividend payment date outside Finland will be determined by the practices of the intermediary banks transferring the dividend payments.

    As previously announced, on 29 April 2025 the Board resolved to distribute a dividend of EUR 0.04 per share. The dividend record date was 5 May 2025 and the dividend was paid on 12 May 2025. Following these distributions, the Board’s remaining distribution authorization is a maximum of EUR 0.06 per share.

    OUTLOOK

      Full Year 2025
    Comparable operating profit(1,2) EUR 1.6 billion to EUR 2.1 billion (adjusted from EUR 1.9 billion to 2.4 billion)
    Free cash flow(1) 50% to 80% conversion from comparable operating profit

    1Please refer to Alternative performance measures section in Nokia Corporation Report for Q2 and Half Year 2025 for a full explanation of how these terms are defined.
    2Outlook is based on a EUR:USD rate of 1.17 for the remainder of the year.

    The outlook and all of the underlying outlook assumptions described below are forward-looking statements subject to a number of risks and uncertainties as described or referred to in the Risk Factors section later in this report.

    Along with Nokia’s official outlook targets provided above, Nokia provides the below additional assumptions that support the group level financial outlook.

      Full year 2025 Comment  
    Q3 Seasonality   Normal seasonality would imply flat net sales sequentially into Q3. The business expects somewhat more challenging product mix along with continued R&D investment. Comparable operating margin expected to be largely stable sequentially.  
    Group Common and Other operating expenses Approximately EUR 400 million    
    Comparable financial income and expenses Positive EUR 50 to 150 million    
    Comparable income tax rate ~25%    
    Cash outflows related to income taxes EUR 500 million    
    Capital expenditures EUR 650 million    
    Recurring gross cost savings EUR 400 million Related to ongoing cost savings program and not including Infinera-related synergies  
    Restructuring and associated charges related to cost savings programs EUR 250 million Related to ongoing cost savings program and not including Infinera-related synergies  
    Restructuring and associated cash outflows EUR 400 million Related to ongoing cost savings program and not including Infinera-related synergies  

    RISK FACTORS

    Nokia and its businesses are exposed to a number of risks and uncertainties which include but are not limited to: 

    • Competitive intensity, which is expected to continue at a high level as some competitors seek to take share;
    • Changes in customer network investments related to their ability to monetize the network;
    • Our ability to ensure competitiveness of our product roadmaps and costs through additional R&D investments;
    • Our ability to procure certain standard components and the costs thereof, such as semiconductors;
    • Disturbance in the global supply chain;
    • Impact of inflation, increased global macro-uncertainty, major currency fluctuations, changes in tariffs and higher interest rates;
    • Potential economic impact and disruption of global pandemics;
    • War or other geopolitical conflicts, disruptions and potential costs thereof;
    • Other macroeconomic, industry and competitive developments;
    • Timing and value of new, renewed and existing patent licensing agreements with licensees;
    • Results in brand and technology licensing; costs to protect and enforce our intellectual property rights; on-going litigation with respect to licensing and regulatory landscape for patent licensing;
    • The outcomes of on-going and potential disputes and litigation;
    • Our ability to execute, complete, successfully integrate and realize the expected benefits from transactions;
    • Timing of completions and acceptances of certain projects;
    • Our product and regional mix;
    • Uncertainty in forecasting income tax expenses and cash outflows, over the long-term, as they are also subject to possible changes due to business mix, the timing of patent licensing cash flow and changes in tax legislation, including potential tax reforms in various countries and OECD initiatives;
    • Our ability to utilize our Finnish deferred tax assets and their recognition on our balance sheet;
    • Our ability to meet our sustainability and other ESG targets, including our targets relating to greenhouse gas emissions;

    as well the risk factors specified under Forward-looking statements of this release, and our 2024 annual report on Form 20-F published on 13 March 2025 under Operating and financial review and prospects-Risk factors.

    FORWARD-LOOKING STATEMENTS

    Certain statements herein that are not historical facts are forward-looking statements. These forward-looking statements reflect Nokia’s current expectations and views of future developments and include statements regarding: A) expectations, plans, benefits or outlook related to our strategies, projects, programs, product launches, growth management, licenses, sustainability and other ESG targets, operational key performance indicators and decisions on market exits; B) expectations, plans or benefits related to future performance of our businesses (including the expected impact, timing and duration of potential global pandemics, geopolitical conflicts and the general or regional macroeconomic conditions on our businesses, our supply chain, the timing of market changes or turning points in demand and our customers’ businesses) and any future dividends and other distributions of profit; C) expectations and targets regarding financial performance and results of operations, including market share, prices, net sales, income, margins, cash flows, cost savings, the timing of receivables, operating expenses, provisions, impairments, tariffs, taxes, currency exchange rates, hedging, investment funds, inflation, product cost reductions, competitiveness, value creation, revenue generation in any specific region, and licensing income and payments; D) ability to execute, expectations, plans or benefits related to transactions, investments and changes in organizational structure and operating model; E) impact on revenue with respect to litigation/renewal discussions; and F) any statements preceded by or including “anticipate”, “continue”, “believe”, “envisage”, “expect”, “aim”, “will”, “target”, “may”, “would”, “could“, “see”, “plan”, “ensure” or similar expressions. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from such statements. These statements are based on management’s best assumptions and beliefs in light of the information currently available to them. These forward-looking statements are only predictions based upon our current expectations and views of future events and developments and are subject to risks and uncertainties that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Factors, including risks and uncertainties that could cause these differences, include those risks and uncertainties identified in the Risk Factors above.

    ANALYST WEBCAST

    • Nokia’s webcast will begin on 24 July 2025 at 11.30 a.m. Finnish time (EEST). The webcast will last approximately 60 minutes.
    • The webcast will be a presentation followed by a Q&A session. Presentation slides will be available for download at www.nokia.com/financials.
    • A link to the webcast will be available at www.nokia.com/financials.
    • Media representatives can listen in via the link, or alternatively call +1-412-317-5619.

    FINANCIAL CALENDAR

    • Nokia plans to publish its third quarter and January-September 2025 results on 23 October 2025.

    About Nokia

    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs, which is celebrating 100 years of innovation.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia
    Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia
    Investor Relations
    Phone: +358 931 580 507
    Email: investor.relations@nokia.com

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    The MIL Network –

  • MIL-OSI: Bigbank’s Unaudited Financial Results for Q2 2025

    Source: GlobeNewswire (MIL-OSI)

    Bigbank’s total gross loan portfolio reached a record high of 2.44 billion euros by the end of the quarter, up 141 million euros (+6%) quarter on quarter and 537 million euros (+28%) year on year, driven by the strategic product lines of business loans and home loans. Growth in the consumer loan portfolio was more modest. During the quarter, the business loan portfolio increased by 54 million euros (+7%) to 862 million euros, the home loan portfolio by 53 million euros (+8%) to 717 million euros and the consumer loan portfolio by 19 million euros (+2%) to 860 million euros. For the first time in Bigbank’s history, business loans also became the largest credit product line in terms of portfolio size.

    On the deposit side, the savings deposit portfolio recorded strong growth in the second quarter, increasing by 154 million euros to 1.3 billion euros (+13%). However, the term deposit portfolio decreased by 59 million euros to 1.34 billion euros during the quarter. The stabilising interest rate environment has made the interest rates on more flexible savings deposits competitive with those on term deposits. Therefore, many depositors have opted for savings deposits when their term deposits have matured. At the end of the second quarter, the current accounts opened for retail customers in Estonia totalled 3.4 million euros. All current account holders earn interest at the rate of 2%, the best available on the market. The Group’s total deposit portfolio grew by 96 million euros (+4%) quarter on quarter and by 393 million euros (+17%) year on year, reaching 2.65 billion euros.

    Bigbank’s net profit for the first six months of 2025 was 18.7 million euros. Net profit for the same period in 2024 was 15.8 million euros. In the second quarter, Bigbank’s net profit amounted to 8.9 million euros, down 0.5 million euros from the second quarter of 2024 (-5%). In the second quarter, Bigbank’s profit before income tax amounted to 11.5 million euros, up 0,3 million euros from the second quarter of 2024 (+3%).

    Interest income grew quarter on quarter, because the growth in the loan portfolio had a stronger impact than the decrease in interest rates during the year. Interest income for the second quarter amounted to 45.2 million euros, an increase of 1.8 million euros (+4%) year on year. Due to the growth of the deposit portfolio and an increase in the volume of bonds issued, interest expense grew by 0.6 million euros (+3%) to 19.5 million euros. As a result, Bigbank’s net interest income grew by 1.2 million euros (+5%) year on year to 25.7 million euros.

    The quality of the loan portfolio continued to improve in the second quarter: the net allowance for expected credit losses and provisions totalled 1.4 million euros, down 4.4 million euros year on year. This positive trend is mostly attributable to an improvement in the quality of the consumer loan portfolio in all three Baltic countries. The credit quality of home loans remained very good, while that of the business loan portfolio was stable. The share of stage 3 (non-performing) loans decreased by 3.8 million euros in the second quarter, accounting for 4.7% of the total loan portfolio at the end of the quarter (-0.4 pp from the end of the first quarter). The relatively high share of stage 3 loans is mainly due to a small number of larger loans which are well secured and therefore do not increase expected credit loss expenses.

    Bigbank’s strong team, which is the driving force behind growing business volumes, continued to expand. At the end of the second quarter of 2025, Bigbank had 613 employees: 378 in Estonia, 102 in Lithuania, 91 in Latvia, 22 in Finland, 15 in Bulgaria and 5 in Sweden. Salary expenses for the second quarter totalled 8.2 million euros, up 1.8 million euros year on year (+28%).

    The second quarter saw significant progress in the development of everyday banking products. At the beginning of the quarter, Bigbank became a direct member of the SEPA Credit Transfer scheme. This enabled the Group to become fully independent of other financial intermediaries in the euro area. Bigbank has been a direct member of the SEPA Instant Credit Transfer scheme, enabling it to make instant payments independently, since 2024. Another significant milestone was reached at the end of June with the launch of the Bigbank mobile app. Initially made available to retail customers of the Estonian business unit, the modern and convenient app is expected to be launched in Lithuania and Latvia in the coming quarters.

    The value of the Group’s investment property portfolio was 72.3 million euros at the end of the second quarter. A significant change to the property portfolio was the decrease in the value of the agricultural land in Estonia, which fell by 1.7 million euros (around 5%) due to an overall decline in transaction prices in the market during the quarter.

    Two bond issues also took place in the second quarter. In May, Bigbank issued Additional Tier 1 (AT1) bonds totalling 2.44 million euros, thereby increasing its Additional Tier 1 capital by the same amount. In June, Bigbank carried out the first in a series of public unsecured subordinated bond offerings (T2) under a new programme. Due to strong investor interest, Bigbank increased the volume of the T2 bond offering from 3 million euros to 6 million euros, thereby raising its Tier 2 capital by the same amount.

    In the second quarter, Moody’s Ratings affirmed all of the ratings and assessments that it had assigned to Bigbank AS last year.

    • Long-term and short-term deposit ratings: Ba1/NP
    • Baseline Credit Assessment (BCA) and Adjusted BCA: ba2
    • Long-term and short-term Counterparty Risk Ratings: Baa2/P-2
    • Long-term and short-term Counterparty Risk Assessments: Baa2(cr)/P-2(cr)

    The outlook on the bank’s long-term deposit rating was revised from stable to negative.

    After the reporting date and before this report was authorised for issue, Bigbank received the decision of the Financial Supervision and Resolution Authority of 7 July 2025, which waived the previously applied minimum requirement for own funds and eligible liabilities. According to the requirement, the Group had to maintain a minimum ratio of own funds and eligible liabilities to total risk exposure amount (TREA) of 12.49%. Bigbank complied with this requirement throughout its effective term and would be able to continue to do so in the future. There is no new minimum ratio requirement set by Financial Supervision and Resolution Authority.

    Income statement, in thousands of euros Q2 2025 Q2 2024 6M 2025 6M 2024
    Net interest income 25,773 24,464 51,336 50,021
    Net fee and commission income 2,550 2,245 5,073 4,409
    Net income (loss) on financial assets 694 2,007 2,645 3,078
    Net other operating income -1,120 -977 -2,015 -1,826
    Total net operating income 27,897 27,739 57,039 55,682
    Salaries and associated charges -8,258 -6,351 -15,735 -12,763
    Administrative expenses -2,875 -2,285 -5,626 -5,954
    Depreciation, amortisation and impairment -2,176 -2,100 -4,313 -4,152
    Other gains (losses) -1,796 1,090 -1,782 -1,329
    Total expenses -15,105 -9,646 -27,456 -24,198
    Profit before loss allowances 12,792 18,093 29,583 31,484
    Net expected credit loss allowances -1,289 -6,811 -5,924 -12,531
    Profit before income tax 11,503 11,282 23,659 18,953
    Income tax expense -2,616 -1,857 -4,917 -3,132
    Profit for the period from continuing operations 8,887 9,425 18,742 15,821
    Profit from discontinued operations 0 8 0 29
    Profit for the period 8,887 9,433 18,742 15,850
    Statement of financial position, in thousands of euros 30 June 2025 31 March 2025 31 Dec 2024 30 June 2024
    Cash and cash equivalents 468,770 487,160 448,661 626,081
    Debt securities at FVOCI 42,508 49,431 22,334 9,907
    Loans to customers 2,438,608 2,297,987 2,196,482 1,902,001
    Other assets 109,143 109,603 110,939 89,255
    Total assets 3,059,029 2,944,181 2,778,416 2,627,244
    Customer deposits and loans received 2,656,328 2,560,513 2,401,689 2,264,137
    Subordinated notes 104,147 95,943 91,668 88,148
    Other liabilities 17,871 16,885 15,290 22,113
    Total liabilities 2,778,346 2,673,341 2,508,647 2,374,398
    Equity 280,683 270,840 269,769 252,846
    Total liabilities and equity 3,059,029 2,944,181 2,778,416 2,627,244

    Compared to the unaudited financial results published for Q2 2024, the net interest income and the net allowance for expected credit losses for the first six months of 2024 have been adjusted, both reduced by 1.3 million euros. The adjustment is related to an identified error, where interest income from impaired financial assets had been accrued on the gross exposure of the financial assets, rather than on net basis. This correction does not impact the net profit for the first six months of 2024.

    Commentary by Martin Länts, chairman of the management board of Bigbank AS:

    In the second quarter of 2025, Bigbank continued its strong growth across all core business areas, bringing the consolidated total assets above the 3-billion-euro mark for the first time. The growth of the loan portfolio lifted its volume beyond 2.4 billion euros, representing an increase of nearly one-third year on year. Strategic segments such as business loans and home loans continued to drive growth.

    Alongside loan portfolio growth, its quality also improved. The net allowance for expected credit losses and provisions decreased by more than fourfold compared to the same period last year, totalling 1.4 million euros in the second quarter. This positive change is mainly attributable to improvements in the credit quality of the Baltic consumer loan portfolios, which also supported growth in the bank’s net profit. Net profit for the first half of 2025 was 18.7 million euros, of which 8.9 million euros were earned in the second quarter.

    The deposit portfolio also continued to grow both year on year and quarter on quarter. The primary growth driver was the savings deposit segment, the volume of which has reached a similar level as term deposits, totalling nearly 1.3 billion euros at the end of the second quarter. People have become increasingly active in searching for interest-bearing options for their funds, finding an attractive opportunity in Bigbank’s savings deposit product, but increasingly also in our current accounts.

    As the first bank in Estonia, we offer all current account holders the opportunity to earn 2% interest on their account balances while maintaining daily access to their funds. Although our current accounts have only recently been launched in Estonia, we already see that more than 25% of our retail banking customers of the business unit have opened an account. We will continue expanding our daily banking functionalities, an important milestone of which was the launch of the Bigbank mobile app at the end of June. We also plan to roll out current account services to the Latvian and Lithuanian markets in the coming quarters.

    In May and June, we successfully completed two bond issues. Both transactions support the continued rapid growth of the bank, ensure compliance with regulatory capital requirements, and facilitate further expansion of our home loan and business loan portfolios.

    We thank all investors, partners, and customers of Bigbank for your trust, which enables us to grow our business volumes and create long-term value.

    Bigbank AS (www.bigbank.eu), with over 30 years of operating history, is a commercial bank owned by Estonian capital. As of 30 June 2025, the bank’s total assets amounted to 3.1 billion euros, with equity of 281 million euros. Operating in nine countries, the bank serves more than 174,000 active customers and employs over 600 people. The credit rating agency Moody’s has assigned Bigbank a long-term bank deposit rating of Ba1, along with a baseline credit assessment (BCA) and an adjusted BCA of Ba2.

    Argo Kiltsmann
    Member of the Management Board
    Telephone: +372 5393 0833
    Email: argo.kiltsmann@bigbank.ee
    www.bigbank.ee

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    The MIL Network –

  • MIL-OSI: Dassault Systèmes: Q2 well aligned with objectives; Reaffirming 2025 growth outlook Advancing AI for software-defined industries

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    VELIZY-VILLACOUBLAY, France — July 24, 2025

    Dassault Systèmes: Q2 well aligned with objectives; Reaffirming 2025 growth outlook

    Advancing AI for software-defined industries

    Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) today reports its IFRS unaudited estimated financial results for the second quarter 2025 and first half ended June 30, 2025. The Group’s Board of Directors approved these estimated results on July 23, 2025. This press release also includes financial information on a non-IFRS basis and reconciliations with IFRS figures in the Appendix.

    Summary Highlights1  

    (unaudited, IFRS and non-IFRS unless otherwise noted,
    all growth rates in constant currencies)

    • 2Q25: Total revenue of €1.52 billion, up 6%, well aligned with objectives;
    • 2Q25: Software revenue up 6%, driven by subscription revenue up 10%;
    • 2Q25: 3DEXPERIENCE software revenue up 20% with good dynamics across industries;
    • 2Q25: Operating margin of 29.3% and diluted EPS non-IFRS up 4% to €0.30;
    • For the first six months, recurring revenue up 7% driven by subscription growth of 13%;
    • FY25: Reaffirming non-IFRS full-year objectives with total revenue growth of 6% to 8% and diluted EPS growth of 7% to 10%.

    Dassault Systèmes’ Chief Executive Officer Commentary

    Pascal Daloz, Dassault Systèmes’ Chief Executive Officer, commented:

    “The first half of the year reaffirmed the strength of our core Manufacturing sector, with resilient performance in Transportation & Mobility and strong growth in High-Tech. Aerospace & Defense also had an excellent start, with notable engagement at the Paris Air Show, underscoring our leadership in these strategic areas. In Life Sciences, our PLM solutions are playing more and more a critical role in driving the evolution toward smarter manufacturing and agile supply chains.

    As we look to the future, Dassault Systèmes is uniquely positioned to help clients navigate the increasingly complex and dynamic global landscape. Our focus on high-growth segments, particularly Space, Defense, Energy, and AI-driven cloud infrastructure, places us at the core of sovereignty and security challenges.

    With the introduction of 3D UNIV+RSES, presented at our Capital Markets Day, we are entering new high-value territories such as regulatory and compliance management. AI will be a key enabler in these areas, and early customer feedback has been exceptionally promising. With AI for software-defined industries, we are confident that our continued innovation will unlock new levels of value for our clients, reinforcing our role as a trusted partner in their transformation journeys.”

    Dassault Systèmes’ Chief Financial Officer Commentary

    (revenue and diluted EPS (“EPS”) growth rates in constant currencies,
    data on a non-IFRS basis)

    Rouven Bergmann, Dassault Systèmes’ Chief Financial Officer, commented:

    “In Q2, both total and software revenues grew by 6%, in line with our objectives. Year-to-date, we’ve seen a 5% increase in growth, with subscription rising 13%. Our performance across the Manufacturing sector has been resilient, particularly driven by the continued strength of SIMULIA, ENOVIA, and CATIA.

    On the operational front, we remain committed to strategic investments aimed at capturing long-term value, while protecting EPS. The acquisition of Ascon is a key step in accelerating the shift to software-defined manufacturing.

    Looking ahead, we maintain our outlook for full-year revenue growth between 6-8%, with EPS growth expected to range from 7-10%. Additionally, we’ve updated our currency assumptions for the second half of the year.”

    Financial Summary

    In millions of Euros,
    except per share data and percentages    		   IFRS   IFRS
      Q2 2025 Q2 2024 Change Change in constant currencies   YTD 2025 YTD 2024 Change Change in constant currencies
    Total Revenue   1,521.6 1,495.8 2% 5%   3,094.6 2,995.4 3% 4%
    Software Revenue   1,372.7 1,346.5 2% 6%   2,805.4 2,699.4 4% 5%
    Operating Margin   15.9% 18.4% (2.6)pts     17.6% 20.0% (2.4)pts  
    Diluted EPS   0.17 0.21 (19)%     0.37 0.42 (14)%  
    In millions of Euros,
    except per share data and percentages    		   Non-IFRS   Non-IFRS
      Q2 2025 Q2 2024 Change Change in constant currencies   YTD 2025 YTD 2024 Change Change in constant currencies
    Total Revenue   1,523.2 1,495.8 2% 6%   3,096.2 2,995.4 3% 5%
    Software Revenue   1,374.2 1,346.5 2% 6%   2,807.0 2,699.4 4% 5%
    Operating Margin   29.3% 29.9% (0.7)pts     30.1% 30.5% (0.4)pts  
    Diluted EPS   0.30 0.30 (1)% 4%   0.61 0.60 2% 5%

    Second Quarter 2025 Versus 2024 Financial Comparisons

    (unaudited, IFRS and non-IFRS unless otherwise noted,
    all revenue growth rates in constant currencies)

    • Total Revenue: Total revenue in the second quarter grew 5% in IFRS and 6% in non-IFRS, to €1.52 billion, and software revenue increased by 6% to €1.37 billion. Subscription & support revenue rose 6%; recurring revenue represented 80% of software revenue. Licenses and other software revenue rose 5% to €276 million. Services revenue increased 3% to €149 million, during the quarter.
    • Software Revenue by Geography: The Americas revenue increased by 2% to represent 37% of software revenue, with High-Tech and Industrial Equipment performing well. Europe grew by 10% to 39% of software revenue, reflecting an acceleration led by France and Southern Europe. In Asia, revenue rose 6% with strong double-digit growth in China. Asia represented 24% of software revenue at the end of the second quarter.
    • Software Revenue by Product Line:
      • Industrial Innovation software revenue rose 9% to €745 million. SIMULIA, CATIA and ENOVIA were the best contributors to growth. Industrial Innovation software represented 54% of software revenue, during the period.
      • Life Sciences software revenue was flat at €268 million, to account for 20% of software revenue.
      • Mainstream Innovation software revenue increased by 3% to €360 million in IFRS, and was up 4% to €361 million in non-IFRS, represented 26% of software revenue. SOLIDWORKS had a strong subscription growth, advancing its business model shift.
    • Software Revenue by Industry: Industrial Equipment, High Tech, Transportation & Mobility and Aerospace & Defense were the best contributors to growth this quarter. In Life Sciences, Dassault Systèmes’ PLM solutions are playing more and more a critical role in driving the evolution toward smarter manufacturing and agile supply chains. In fact, outside of the MEDIDATA product line, Life Sciences revenue grew mid-teens.
    • Key Strategic Drivers: 3DEXPERIENCE software revenue increased 20% and represented 41% of 3DEXPERIENCE Eligible software revenue. Cloud software revenue grew 6% in non-IFRS, representing 25% of software revenue during the period. 3DEXPERIENCE Cloud software revenue increased 15% in constant currencies.
    • Operating Income and Margin: IFRS operating income decreased 12%, to €242 million, as reported. Non-IFRS operating income decreased 0.4% at €446 million, as reported. The IFRS operating margin stood at 15.9% compared to 18.4% in the second quarter of 2024, mainly reflecting the effect of the employee shareholding plan “TOGETHER 2025” offered during the quarter. The non-IFRS operating margin totaled 29.3%, versus 29.9% in the same period of last year, with a negative currency impact of 50 basis points.
    • Earnings per Share: IFRS diluted EPS was €0.17, decreasing 19% as reported. Non-IFRS diluted EPS grew to €0.30, down 1% as reported, up 4% in constant currencies.

    First Half 2025 Versus 2024 Financial Comparisons

    (unaudited, IFRS and non-IFRS unless otherwise noted,
    all revenue growth rates in constant currencies)

    • Total Revenue: Total revenue grew 4% to €3.09 billion in IFRS, and was up 5% to €3.10 billion in non-IFRS. Software revenue increased 5% to €2.81 billion. Subscription and support revenue rose 7% to €2.33 billion; recurring revenue represented 83% of total software revenue. Licenses and other software revenue decreased 2% to €474 million. Services revenue was down 2% to €289 million.
    • Software Revenue by Geography: The Americas, Europe and Asia all grew 5%, representing respectively 40%, 37% and 23% of software revenue.
    • Software Revenue by Product Line:
      • Industrial Innovation software revenue rose 8% to €1.54 billion and represented 55% of software revenue. CATIA, SIMULIA and ENOVIA were among the strongest contributors to growth.
      • Life Sciences software revenue was flat to €561 million, representing 20% of software revenue.
      • Mainstream Innovation software revenue increased by 3% to €707 million in IFRS and to €708 million in non-IFRS. Mainstream Innovation represented 25% of software revenue.
    • Software Revenue by Industry: Aerospace & Defense, High Tech, Industrial Equipment and Transport & Mobility were among the strongest contributors to growth. In Life Sciences, Dassault Systèmes’ PLM solutions are playing more and more a critical role in driving the evolution toward smarter manufacturing and agile supply chains. In fact, outside of the MEDIDATA product line, Life Sciences revenue grew mid-teens.
    • Key Strategic Drivers: 3DEXPERIENCE software revenue increased by 19%, representing 40% of 3DEXPERIENCE Eligible software revenue. Cloud software revenue grew 7% in non-IFRS, and represented 25% of software revenue. 3DEXPERIENCE Cloud software revenue increased 26% in constant currencies.
    • Operating Income and Margin: IFRS operating income was down 9%, to €546 million, as reported. Non-IFRS operating income increased 2% to €932 million, as reported. IFRS operating margin totaled 17.6% compared to 20% for the same period in 2024, mainly reflecting the combined effect of the employee shareholding plan “TOGETHER 2025” and higher share-based compensation related social charges, notably in France, where the rate rose from 20% to 30% in the first half of 2025. Non-IFRS operating margin stood at 30.1% in the first half of 2025, compared to 30.5% in the same period last year, impacted by negative currency effect of 30 basis points.
    • Earnings per Share: IFRS diluted EPS was €0.37, a decrease of 14% as reported. Non-IFRS diluted EPS grew by 2% to €0.61, as reported, or 5% in constant currencies.
    • Cash Flow from Operations (IFRS): Cash flow from operations totaled €1.15 billion for the first six months of 2025, compared to €1.13 billion last year. Cash flow from operations was principally used for the acquisition of ContentServ for €202 million, repurchase of Treasury Shares for €225 million and dividend payments for €343 million.
    • Balance Sheet (IFRS): Dassault Systèmes’ net financial position totaled €1.51 billion as of June 30, 2025, an increase of €0.05 billion, compared to €1.46 billion for the year ended December 31, 2024. Cash and cash equivalents totaled €4.08 billion in the first half.

    Financial Objectives for 2025

    Dassault Systèmes’ third quarter and 2025 financial objectives presented below are given on a non-IFRS basis and reflect the principal 2025 currency exchange rate assumptions for the US dollar and Japanese yen as well as the potential impact from additional non-Euro currencies:

               
          Q3 2025 FY 2025  
      Total Revenue (billion) €1.485 – €1.535 €6.410 – €6.510  
      Growth 1 – 5% 3 – 5%  
      Growth ex FX 5 – 8% 6 – 8%  
               
      Software revenue growth * 5 – 9% 6 – 8%  
        Of which licenses and other software revenue growth * 7 – 14% 4 – 7%  
        Of which recurring revenue growth * 5 – 8% 7 – 8%  
      Services revenue growth *

    1 – 5%

    		 1 – 3%  
               
      Operating Margin 29.7% – 29.9% 32.2% – 32.4%  
               
      EPS Diluted €0.29 – €0.30 €1.32 – €1.35  
      Growth 0 – 4% 3 – 6%  
      Growth ex FX 5 – 9% 7 – 10%  
               
      US dollar $1.17 per Euro $1.13 per Euro  
      Japanese yen (before hedging) JPY 170.0 per Euro JPY 166.1 per Euro  
      * Growth in Constant Currencies      

    These objectives are prepared and communicated only on a non-IFRS basis and are subject to the cautionary statement set forth below.

    The 2025 non-IFRS financial objectives set forth above do not take into account the following accounting elements below and are estimated based upon the 2025 principal currency exchange rates above: contract liabilities write-downs estimated at approximately €4 million; share-based compensation expenses, including related social charges, estimated at approximately €324 million (these estimates do not include any new stock option or share grants issued after June 30, 2025); amortization of acquired intangibles and of tangibles reevaluation, estimated at approximately €336 million, largely impacted by the acquisition of MEDIDATA; and lease incentives of acquired companies at approximately €1 million.

    The above objectives also do not include any impact from other operating income and expenses, net principally comprised of acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; from one-time items included in financial revenue; from one-time tax effects; and from the income tax effects of these non-IFRS adjustments. Finally, these estimates do not include any new acquisitions or restructuring completed after June 30, 2025.

    Corporate Announcements

    Today’s Webcast and Conference Call Information

    Today, Thursday, July 24, 2025, Dassault Systèmes will host in Paris a webcasted presentation at 9:00 AM London Time / 10:00 AM Paris time, and will then host a conference call at 8:30 AM New York time / 1:30 PM London time / 2:30 PM Paris time. The webcasted presentation and conference calls will be available online by accessing investor.3ds.com.

    Additional investor information is available at investor.3ds.com or by calling Dassault Systèmes’ Investor Relations at +33.1.61.62.69.24.

    Investor Relations Events

    • Third Quarter 2025 Earnings Release: October 23, 2025
    • Fourth Quarter 2025 Earnings Release: February 11, 2026
    • First Quarter 2026 Earnings Release: April 23, 2026
    • Second Quarter 2026 Earnings Release: July 23, 2026

    Forward-looking Information

    Statements herein that are not historical facts but express expectations or objectives for the future, including but not limited to statements regarding the Group’s non-IFRS financial performance objectives are forward-looking statements. Such forward-looking statements are based on Dassault Systèmes management’s current views and assumptions and involve known and unknown risks and uncertainties. Actual results or performances may differ materially from those in such statements due to a range of factors.

    The Group’s actual results or performance may be materially negatively affected by numerous risks and uncertainties, as described in the “Risk Factors” section 1.9 of the 2024 Universal Registration Document (‘Document d’enregistrement universel’) filed with the AMF (French Financial Markets Authority) on March 18, 2025, available on the Group’s website www.3ds.com.

    In particular, please refer to the risk factor “Uncertain Global Environment” in section 1.9.1.1 of the 2024 Universal Registration Document set out below for ease of reference:

    “In light of the uncertainties regarding economic, business, social, health and geopolitical conditions at the global level, Dassault Systèmes’ revenue, net earnings and cash flows may grow more slowly, whether on an annual or quarterly basis, mainly due to the following factors:

    • the deployment of Dassault Systèmes’ solutions may represent a large portion of a customer’s investments in software technology. Decisions to make such an investment are impacted by the economic environment in which the customers operate. Uncertain global geopolitical, economic and health conditions and the lack of visibility or the lack of financial resources may cause some customers, e.g. within the automotive, aerospace, energy or natural resources industries, to reduce, postpone or cancel their investments, or to reduce or not renew ongoing paid maintenance for their installed base, which impact larger customers’ revenue with their respective sub-contractors;
    • the political, economic and monetary situation in certain geographic regions where Dassault Systèmes operates could become more volatile and negatively affect Dassault Systèmes’ business, and in particular its revenue, for example, due to stricter export compliance rules or the introduction of new customs barriers or controls on the exchange of goods and services;
    • continued pressure or volatility on raw materials and energy prices could also slow down Dassault Systèmes’ diversification efforts in new industries;
    • uncertainties regarding the extent and duration of costs inflation could adversely affect the financial position of Dassault Systèmes; and
    • the sales cycle of the Dassault Systèmes’ products – already relatively long due to the strategic nature of such investments for customers – could further lengthen.

    The occurrence of crises – health and political crises in particular – could have consequences both for the health and safety of Dassault Systèmes’ employees and for the Company. It could also adversely impact the financial situation or financing and supply capabilities of Dassault Systèmes’ existing and potential customers, commercial and technology partners, some of whom may be forced to temporarily close sites or to cease operations. A deteriorating economic environment could generate increased price pressure and affect the collection of receivables, which would negatively affect Dassault Systèmes’ revenue, financial performance and market position.

    Dassault Systèmes makes every effort to take into consideration this uncertain outlook. Dassault Systèmes’ business results, however, may not develop as anticipated. Furthermore, due to factors affecting sales of Dassault Systèmes’ products and services, there may be a substantial time lag between an improvement in global economic and business conditions and an upswing in the Company’s business results.”

    In preparing such forward-looking statements, the Group has in particular assumed an average US dollar to euro exchange rate of US$1.17 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY170.0 to €1.00, before hedging for the third quarter 2025. The Group has assumed an average US dollar to euro exchange rate of US$1.13 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY166.1 to €1.00, before hedging for the full year 2025. However, currency values fluctuate, and the Group’s results may be significantly affected by changes in exchange rates.

    Non-IFRS Financial Information

    Readers are cautioned that the supplemental non-IFRS financial information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered in isolation from or as a substitute for IFRS measurements. The supplemental non-IFRS financial information should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with IFRS. Furthermore, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Specific limitations for individual non-IFRS measures are set forth in the Company’s 2024 Universal Registration Document filed with the AMF on March 18, 2025.

    In the tables accompanying this press release the Group sets forth its supplemental non-IFRS figures for revenue, operating income, operating margin, net income and diluted earnings per share, which exclude the effect of adjusting the carrying value of acquired companies’ deferred revenue, share-based compensation expense and related social charges, the amortization of acquired intangible assets and of tangibles reevaluation, certain other operating income and expense, net, including impairment of goodwill and acquired intangibles, the effect of adjusting lease incentives of acquired companies, certain one-time items included in financial revenue and other, net, and the income tax effect of the non-IFRS adjustments and certain one-time tax effects. The tables also set forth the most comparable IFRS financial measure and reconciliations of this information with non-IFRS information.

    FOR MORE INFORMATION

    Dassault Systèmes’ 3DEXPERIENCE platform, 3D design software, 3D Digital Mock Up and Product Lifecycle Management (PLM) solutions: http://www.3ds.com

    ABOUT DASSAULT SYSTÈMES

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

    Dassault Systèmes Investor Relations Team                FTI Consulting

    Beatrix Martinez: +33 1 61 62 40 73                        Arnaud de Cheffontaines: +33 1 47 03 69 48

                                                            Jamie Ricketts : +44 20 3727 1600

    investors@3ds.com

    Dassault Systèmes Press Contacts

    Corporate / France        Arnaud MALHERBE        arnaud.malherbe@3ds.com        +33 (0)1 61 62 87 73

    © Dassault Systèmes. All rights reserved. 3DEXPERIENCE, the 3DS logo, the Compass icon, IFWE, 3DEXCITE, 3DVIA, BIOVIA, CATIA, CENTRIC PLM, DELMIA, ENOVIA, GEOVIA, MEDIDATA, NETVIBES, OUTSCALE, SIMULIA and SOLIDWORKS are commercial trademarks or registered trademarks of Dassault Systèmes, a European company (Societas Europaea) incorporated under French law, and registered with the Versailles trade and companies registry under number 322 306 440, or its subsidiaries in the United States and/or other countries. All other trademarks are owned by their respective owners. Use of any Dassault Systèmes or its subsidiaries trademarks is subject to their express written approval.

    APPENDIX TABLE OF CONTENTS

    Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.    

    Glossary of Definitions

    Non-IFRS Financial Information

    Acquisitions and Foreign Exchange Impact

    Condensed consolidated statements of income

    Condensed consolidated balance sheet

    Condensed consolidated cash flow statement

    IFRS – non-IFRS reconciliation

    DASSAULT SYSTÈMES – Glossary of Definitions

    Information in Constant Currencies

    Dassault Systèmes has followed a long-standing policy of measuring its revenue performance and setting its revenue objectives exclusive of currency in order to measure in a transparent manner the underlying level of improvement in its total revenue and software revenue by activity, industry, geography and product lines. The Group believes it is helpful to evaluate its growth exclusive of currency impacts, particularly to help understand revenue trends in its business. Therefore, the Group provides percentage increases or decreases in its revenue and expenses (in both IFRS and non-IFRS) to eliminate the effect of changes in currency values, particularly the U.S. dollar and the Japanese yen, relative to the euro. When trend information is expressed “in constant currencies”, the results of the “prior” period have first been recalculated using the average exchange rates of the comparable period in the current year, and then compared with the results of the comparable period in the current year.

    While constant currency calculations are not considered to be an IFRS measure, the Group believes these measures are critical to understanding its global revenue results and to compare with many of its competitors who report their financial results in U.S. dollars. Therefore, Dassault Systèmes includes this calculation to compare IFRS and non-IFRS revenue figures for comparable periods. All information at constant currencies is expressed as a rounded percentage and therefore may not precisely reflect the absolute figures.

    Information on Growth excluding acquisitions (“organic growth”)

    In addition to financial indicators relating to the Group’s entire scope, Dassault Systèmes also provides growth information excluding acquisitions’ effects, and named organic growth. To do so, the Group’s data is restated to exclude acquisitions, from the date of the transaction, over a period of 12 months.

    Information on Industrial Sectors

    Dassault Systèmes provides broad end-to-end software solutions and services: its 3D UNIV+RSES (made of multiple virtual twin experiences) powered by the 3DEXPERIENCE platform combine modeling, simulation, data science, artificial intelligence and collaborative innovation to support companies in the three sectors it serves, namely Manufacturing Industries, Life Sciences & Healthcare, and Infrastructure & Cities.

    These three sectors comprise twelve industries:

    • Manufacturing Industries: Transportation & Mobility; Aerospace & Defense; Marine & Offshore; Industrial Equipment; High-Tech; Home & Lifestyle; Consumer Packaged Goods – Retail. In Manufacturing Industries, Dassault Systèmes helps customers virtualize their operations, improve data sharing and collaboration across their organization, reduce costs and time-to-market, and become more sustainable;
    • Life Sciences & Healthcare: Life Sciences & Healthcare. In this sector, the Group aims to address the entire cycle of the patient journey to lead the way toward precision medicine. To reach the broader healthcare ecosystem from research to commercial, the Group’s solutions connect all elements from molecule development to prevention to care, and combine new therapeutics, medical practices, and Medtech;
    • Infrastructure & Cities: Infrastructure, Energy & Materials; Architecture, Engineering & Construction; Business Services; Cities & Public Services. In Infrastructure & Cities, the Group supports the virtualization of the sector in making its industries more efficient and sustainable, and creating desirable living environments.

    Information on Product Lines

    The Group’s financial reporting on product lines includes the following information:

    • Industrial Innovation software revenue, which includes CATIA, ENOVIA, SIMULIA, DELMIA, GEOVIA, NETVIBES, and 3DEXCITE brands;
    • Life Sciences software revenue, which includes MEDIDATA and BIOVIA brands;
    • Mainstream Innovation software revenue, which includes its CENTRIC PLM and 3DVIA brands, as well as the SOLIDWORKS brand and its expanded offerings in design, simulation, PLM, and manufacturing.

    OUTSCALE has been a Dassault Systèmes brand since 2022, extending the portfolio of software applications. As the first sovereign and sustainable operator on the cloud, OUTSCALE enables governments and corporations from all sectors to achieve digital autonomy through a Cloud experience and with a world-class cyber governance.

    GEOs

    Eleven GEOs are responsible for driving the development of the Company’s business and implementing its customer‑centric engagement model. Teams leverage strong networks of local customers, users, partners, and influencers.

    These GEOs are structured into three groups:

    • the “Americas” group, made of two GEOs;
    • the “Europe” group, comprising Europe, Middle East and Africa (EMEA) and made of four GEOs;
    • the “Asia” group, comprising Asia and Oceania and made of five GEOs.

    3DEXPERIENCE Software Contribution

    To measure the relative share of 3DEXPERIENCE software in its revenues, Dassault Systèmes calculates the percentage contribution by comparing total 3DEXPERIENCE software revenue to software revenue for all product lines except SOLIDWORKS, MEDIDATA, CENTRIC PLM and other acquisitions (defined as “3DEXPERIENCE Eligible software revenue”).

    Cloud revenue

    Cloud revenue is generated from contracts that provide access to cloud-based solutions (SaaS), infrastructure as a service (IaaS), cloud solution development and cloud managed services. These offerings are delivered by Dassault Systèmes through its own cloud infrastructure or by third-party cloud providers. They are available through different deployment methods: Dedicated cloud, Sovereign cloud and International cloud. Cloud solutions are generally offered through subscription-based models or perpetual licenses with support and hosting services.

    DASSAULT SYSTÈMES

    NON-IFRS FINANCIAL INFORMATION

    (unaudited; in millions of Euros, except per share data, percentages, headcount and exchange rates)

    Non-IFRS key figures exclude the effects of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue), share-based compensation expense, including related social charges, amortization of acquired intangible assets and of tangible assets revaluation, lease incentives of acquired companies, other operating income and expense, net, including the acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets, certain one-time items included in financial loss, net, certain one-time tax effects and the income tax effects of these non-IFRS adjustments.

    Comparable IFRS financial information and a reconciliation of the IFRS and non-IFRS measures are set forth in the separate tables within this Attachment.

    In millions of Euros, except per share data, percentages, headcount and exchange rates Non-IFRS reported
    Three months ended Six months ended
    June 30,

    2025

    		 June 30,

    2024

    		 Change Change in constant currencies June 30,

    2025

    		 June 30,

    2024

    		 Change Change in constant currencies
    Total Revenue € 1,523.2 € 1,495.8 2% 6% € 3,096.2 € 2,995.4 3% 5%
                     
    Revenue breakdown by activity                
    Software revenue 1,374.2 1,346.5 2% 6% 2,807.0 2,699.4 4% 5%
    Of which licenses and other software revenue 275.6 271.8 1% 5% 473.7 490.3 (3)% (2)%
    Of which subscription and support revenue 1,098.6 1,074.8 2% 6% 2,333.2 2,209.1 6% 7%
    Services revenue 148.9 149.2 (0)% 3% 289.2 296.1 (2)% (2)%
                     
    Software revenue breakdown by product line                
    Industrial Innovation 744.6 701.9 6% 9% 1,537.7 1,433.2 7% 8%
    Life Sciences 268.3 281.7 (5)% 0% 560.9 566.4 (1)% 0%
    Mainstream Innovation 361.3 363.0 (0)% 4% 708.3 699.7 1% 3%
                     
    Software Revenue breakdown by geography                
    Americas 505.0 525.5 (4)% 2% 1,116.2 1,079.1 3% 5%
    Europe 534.8 491.9 9% 10% 1,048.0 995.1 5% 5%
    Asia 334.4 329.1 2% 6% 642.8 625.2 3% 5%
                     
    Operating income € 446.1 € 447.8 (0)%   € 932.2 € 914.3 2%  
    Operating margin 29.3% 29.9%     30.1% 30.5%    
                     
    Net income attributable to shareholders € 391.0 € 397.1 (2)%   € 811.2 € 794.3 2%  
    Diluted earnings per share € 0.30 € 0.30 (1)% 4% € 0.61 € 0.60 2% 5%
                     
    Closing headcount 26,253 25,811 2%   26,253 25,811 2%  
                     
    Average Rate USD per Euro 1.13 1.08 5%   1.09 1.08 1%  
    Average Rate JPY per Euro 163.81 167.77 (2)%   162.12 164.46 (1)%  

    DASSAULT SYSTÈMES

    ACQUISITIONS AND FOREIGN EXCHANGE IMPACT

    (unaudited; in millions of Euros)

    In millions of Euros Non-IFRS reported o/w growth at constant rate and scope o/w change of scope impact at current year rate o/w FX impact on previous year figures
    June 30,

    2025

    		 June 30,

    2024

    		 Change
    Revenue QTD 1,523.2 1,495.8 27.4 72.6 7.5 (52.7)
    Revenue YTD 3,096.2 2,995.4 100.7 125.9 7.7 (32.9)

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED STATEMENTS OF INCOME

    (unaudited; in millions of Euros, except per share data and percentages)

    In millions of Euros, except per share data and percentages IFRS reported
    Three months ended Six months ended
    June 30, June 30, June 30, June 30,
    2025 2024 2025 2024
    Licenses and other software revenue 275.6 271.8 473.7 490.3
    Subscription and Support revenue 1,097.1 1,074.8 2,331.7 2,209.1
    Software revenue 1,372.7 1,346.5 2,805.4 2,699.4
    Services revenue 148.9 149.2 289.2 296.1
    Total Revenue € 1,521.6 € 1,495.8 € 3,094.6 € 2,995.4
    Cost of software revenue (1) (120.1) (124.8) (249.3) (236.8)
    Cost of services revenue (144.6) (127.9) (275.7) (259.8)
    Research and development expenses (348.7) (326.1) (697.3) (637.5)
    Marketing and sales expenses (448.0) (423.8) (894.5) (844.1)
    General and administrative expenses (123.7) (111.6) (244.2) (216.7)
    Amortization of acquired intangible assets and of tangible assets revaluation (85.4) (92.3) (173.8) (185.6)
    Other operating income and expense, net (9.3) (13.2) (13.7) (15.0)
    Total Operating Expenses (1,279.9) (1,219.8) (2,548.4) (2,395.4)
    Operating Income € 241.7 € 276.0 € 546.1 € 600.0
    Financial income (loss), net 29.9 33.3 60.2 63.4
    Income before income taxes € 271.5 € 309.2 € 606.3 € 663.5
    Income tax expense (53.0) (47.7) (128.4) (116.0)
    Net Income € 218.6 € 261.5 € 477.9 € 547.5
    Non-controlling interest 4.9 1.2 6.1 1.0
    Net Income attributable to equity holders of the parent € 223.5 € 262.7 € 484.0 € 548.4
    Basic earnings per share 0.17 0.20 0.37 0.42
    Diluted earnings per share € 0.17 € 0.21 € 0.37 € 0.42
    Basic weighted average shares outstanding (in millions) 1,315.9 1,313.2 1,314.9 1,313.7
    Diluted weighted average shares outstanding (in millions) 1,324.4 1,326.2 1,325.7 1,328.7

            (1) Excluding amortization of acquired intangible assets and of tangible assets revaluation.

    IFRS reported

     

    		 Three months ended June 30, 2025 Six months ended June 30, 2025
    Change (2) Change in constant currencies Change (2) Change in constant currencies
    Total Revenue 2% 5% 3% 4%
    Revenue by activity        
    Software revenue 2% 6% 4% 5%
    Services revenue (0)% 3% (2)% (2)%
    Software Revenue by product line        
    Industrial Innovation 6% 9% 7% 8%
    Life Sciences (5)% 0% (1)% 0%
    Mainstream Innovation (1)% 3% 1% 3%
    Software Revenue by geography        
    Americas (4)% 2% 3% 5%
    Europe 8% 10% 5% 5%
    Asia 2% 6% 3% 5%

                    (2) Variation compared to the same period in the prior year.

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED BALANCE SHEET

    (unaudited; in millions of Euros)

    In millions of Euros IFRS reported
    June 30, December 31,
    2025 2024
    ASSETS    
    Cash and cash equivalents 4,083.7 3,952.6
    Trade accounts receivable, net 1,575.9 2,120.9
    Contract assets 40.1 30.1
    Other current assets 406.2 464.0
    Total current assets 6,105.9 6,567.6
    Property and equipment, net 903.5 945.8
    Goodwill and Intangible assets, net 7,030.3 7,687.1
    Other non-current assets 375.7 345.5
    Total non-current assets 8,309.4 8,978.3
    Total Assets € 14,415.3 € 15,545.9
    LIABILITIES    
    Trade accounts payable 183.2 259.9
    Contract liabilities 1,559.3 1,663.4
    Borrowings, current 534.0 450.8
    Other current liabilities 1,063.0 1,147.4
    Total current liabilities 3,339.5 3,521.5
    Borrowings, non-current 2,043.9 2,042.8
    Other non-current liabilities 836.0 900.9
    Total non-current liabilities 2,879.9 2,943.7
    Non-controlling interests 11.5 14.1
    Parent shareholders’ equity 8,184.3 9,066.6
    Total Liabilities € 14,415.3 € 15,545.9

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED CASH FLOW STATEMENT

    (unaudited; in millions of Euros)

    In millions of Euros IFRS reported
    Three months ended Six months ended
    June 30, June 30, Change June 30, June 30, Change
    2025 2024 2025 2024
    Net income attributable to equity holders of the parent 223.5 262.7 (39.3) 484.0 548.4 (64.4)
    Non-controlling interest (4.9) (1.2) (3.7) (6.1) (1.0) (5.1)
    Net income 218.6 261.5 (42.9) 477.9 547.5 (69.5)
    Depreciation of property and equipment 48.5 45.1 3.4 98.9 92.7 6.2
    Amortization of intangible assets 86.2 94.2 (8.0) 175.9 189.4 (13.5)
    Adjustments for other non-cash items 20.5 36.6 (16.1) 36.6 74.3 (37.7)
    Changes in working capital (39.4) 21.9 (61.3) 358.0 226.3 131.7
    Net Cash From Operating Activities € 334.3 € 459.3 € ( 124.9) € 1,147.3 € 1,130.2 € 17.2
                 
    Additions to property, equipment and intangibles assets (39.3) (50.6) 11.3 (95.3) (107.8) 12.5
    Payment for acquisition of businesses, net of cash acquired (9.2) (11.2) 2.0 (202.9) (15.7) (187.2)
    Other 3.2 0.8 2.3 (34.6) 23.1 (57.7)
    Net Cash Provided by (Used in) Investing Activities € (45.3) € (61.0) € 15.6 € (332.8) € (100.4) € (232.4)
                 
    Proceeds from exercise of stock options 7.4 13.9 (6.5) 29.6 35.2 (5.7)
    Cash dividends paid (342.6) (302.7) (39.9) (342.6) (302.7) (39.9)
    Repurchase and sale of treasury stock (144.7) (176.6) 31.8 (224.8) (307.7) 82.9
    Capital increase 111.3 – 111.3 111.3 – 111.3
    Acquisition of non-controlling interests 0.0 (0.0) 0.0 (0.2) (2.6) 2.5
    Proceeds from borrowings 121.3 – 121.3 81.0 – 81.0
    Repayment of borrowings – (0.1) 0.1 (18.5) (0.2) (18.4)
    Repayment of lease liabilities (22.7) (18.3) (4.4) (45.4) (42.3) (3.0)
    Net Cash Provided by (Used in) Financing Activities € (270.0) € (483.7) € 213.7 € (409.5) € (620.2) € 210.7
                 
    Effect of exchange rate changes on cash and cash equivalents (178.1) 21.0 (199.1) (273.9) 53.6 (327.5)
                 
    Increase (decrease) in cash and cash equivalents € (159.1) € (64.4) € (94.7) € 131.2 € 463.2 € (332.1)
                 
    Cash and cash equivalents at beginning of period € 4,242.9 € 4,095.9   € 3,952.6 € 3,568.3  
    Cash and cash equivalents at end of period € 4,083.7 € 4,031.5   € 4,083.7 € 4,031.5  

    DASSAULT SYSTÈMES
    SUPPLEMENTAL NON-IFRS FINANCIAL INFORMATION
    IFRS – NON-IFRS RECONCILIATION
    (unaudited; in millions of Euros, except per share data and percentages)

    Readers are cautioned that the supplemental non-IFRS information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for IFRS measurements. Also, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Further specific limitations for individual non-IFRS measures, and the reasons for presenting non-IFRS financial information, are set forth in the Group’s Document d’Enregistrement Universel for the year ended December 31, 2024 filed with the AMF on March 18, 2025. To compensate for these limitations, the supplemental non-IFRS financial information should be read not in isolation, but only in conjunction with the Group’s consolidated financial statements prepared in accordance with IFRS.

    In millions of Euros, except per share data and percentages Three months ended June 30, Change
    2025 Adjustment(1) 2025 2024 Adjustment(1) 2024 IFRS Non-IFRS(2)
    IFRS Non-IFRS IFRS Non-IFRS
    Total Revenue € 1,521.6 € 1.6 € 1,523.2 € 1,495.8 – € 1,495.8 2% 2%
    Revenue breakdown by activity                
    Software revenue 1,372.7 1.6 1,374.2 1,346.5 – 1,346.5 2% 2%
    Licenses and other software revenue 275.6 – 275.6 271.8 – 271.8 1% 1%
    Subscription and Support revenue 1,097.1 1.6 1,098.6 1,074.8 – 1,074.8 2% 2%
    Recurring portion of Software revenue 80%   80% 80%   80%    
    Services revenue 148.9 – 148.9 149.2 – 149.2 (0)% (0)%
    Software Revenue breakdown by product line                
    Industrial Innovation 744.6 – 744.6 701.9 – 701.9 6% 6%
    Life Sciences 268.3 – 268.3 281.7 – 281.7 (5)% (5)%
    Mainstream Innovation 359.7 1.6 361.3 363.0 – 363.0 (1)% (0)%
    Software Revenue breakdown by geography                
    Americas 505.0 – 505.0 525.5 – 525.5 (4)% (4)%
    Europe 533.4 1.4 534.8 491.9 – 491.9 8% 9%
    Asia 334.3 0.1 334.4 329.1 – 329.1 2% 2%
    Total Operating Expenses € (1,279.9) € 202.9 € (1,077.1) € (1,219.8) € 171.9 € (1,047.9) 5% 3%
    Share-based compensation expense and related social charges (107.7) 107.7 – (65.8) 65.8 –    
    Amortization of acquired intangible assets and of tangible assets revaluation (85.4) 85.4 – (92.3) 92.3 –    
    Lease incentives of acquired companies (0.4) 0.4 – (0.5) 0.5 –    
    Other operating income and expense, net (9.3) 9.3 – (13.2) 13.2 –    
    Operating Income € 241.7 € 204.4 € 446.1 € 276.0 € 171.9 € 447.8 (12)% (0)%
    Operating Margin 15.9%   29.3% 18.4%   29.9%    
    Financial income (loss), net 29.9 0.6 30.4 33.3 0.5 33.8 (10)% (10)%
    Income tax expense (53.0) (32.8) (85.7) (47.7) (36.4) (84.1) 11% 2%
    Non-controlling interest 4.9 (4.7) 0.3 1.2 (1.6) (0.4) 300% (167)%
    Net Income attributable to shareholders € 223.5 € 167.6 € 391.0 € 262.7 € 134.4 € 397.1 (15)% (2)%
    Diluted Earnings Per Share (3) € 0.17 € 0.13 € 0.30 € 0.21 € 0.09 € 0.30 (19)% (1)%

    (1) In the reconciliation schedule above, (i) all adjustments to IFRS revenue data reflect the exclusion of the effect of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue); (ii) adjustments to IFRS operating expense data reflect the exclusion of the amortization of acquired intangible assets and of tangible assets revaluation, share-based compensation expense, including related social charges, lease incentives of acquired companies, as detailed below, and other operating income and expense, net including acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; (iii) adjustments to IFRS financial loss, net reflect the exclusion of certain one-time items included in financial loss, net, and; (iv) all adjustments to IFRS income data reflect the combined effect of these adjustments, plus with respect to net income and diluted earnings per share, certain one-time tax effects and the income tax effect of the non-IFRS adjustments.

    In millions of Euros, except percentages Three months ended June 30, Change
    2025

    IFRS

    		 Share-based compensation expense and related social charges Lease incentives of acquired companies 2025

    Non-IFRS

    		 2024

    IFRS

    		 Share-based compensation expense and related social charges Lease incentives of acquired companies 2024

    Non-IFRS

    		 IFRS Non-

    IFRS
    Cost of revenue (264.7) 13.9 0.1 (250.7) (252.8) 5.0 0.1 (247.6) 5% 1%
    Research and development expenses (348.7) 28.9 0.1 (319.7) (326.1) 20.4 0.2 (305.5) 7% 5%
    Marketing and sales expenses (448.0) 39.7 0.1 (408.2) (423.8) 23.2 0.1 (400.5) 6% 2%
    General and administrative expenses (123.7) 25.2 0.0 (98.5) (111.6) 17.2 0.0 (94.3) 11% 4%
    Total   € 107.7 € 0.4     € 65.8 € 0.5      

    (2) The non-IFRS percentage increase (decrease) compares non-IFRS measures for the two different periods. In the event there is non-IFRS adjustment to the relevant measure for only one of the periods under comparison, the non-IFRS increase (decrease) compares the non-IFRS measure to the relevant IFRS measure.
    (3) Based on a weighted average 1,324.4 million diluted shares for Q2 2025 and 1,326.2 million diluted shares for Q2 2024, and, for IFRS only, a diluted net income attributable to the sharehorlders of € 223.5 million for Q2 2025 (€ 276.7 million for Q2 2024). The Diluted net income attributable to equity holders of the Group corresponds to the Net Income attributable to equity holders of the Group adjusted by the impact of the share-based compensation plans to be settled either in cash or in shares at the option of the Group.

    DASSAULT SYSTÈMES
    SUPPLEMENTAL NON-IFRS FINANCIAL INFORMATION
    IFRS – NON-IFRS RECONCILIATION
    (unaudited; in millions of Euros, except per share data and percentages)

    Readers are cautioned that the supplemental non-IFRS information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for IFRS measurements. Also, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Further specific limitations for individual non-IFRS measures, and the reasons for presenting non-IFRS financial information, are set forth in the Group’s Document d’Enregistrement Universel for the year ended December 31, 2024 filed with the AMF on March 18, 2025. To compensate for these limitations, the supplemental non-IFRS financial information should be read not in isolation, but only in conjunction with the Group’s consolidated financial statements prepared in accordance with IFRS.

    In millions of Euros, except per share data and percentages Six months ended June 30, Change
    2025 Adjustment(1) 2025 2024 Adjustment(1) 2024 IFRS Non-IFRS(2)
    IFRS Non-IFRS IFRS Non-IFRS
    Total Revenue € 3,094.6 € 1.6 € 3,096.2 € 2,995.4 – € 2,995.4 3% 3%
    Revenue breakdown by activity                
    Software revenue 2,805.4 1.6 2,807.0 2,699.4 – 2,699.4 4% 4%
    Licenses and other software revenue 473.7 – 473.7 490.3 – 490.3 (3)% (3)%
    Subscription and Support revenue 2,331.7 1.6 2,333.2 2,209.1 – 2,209.1 6% 6%
    Recurring portion of Software revenue 83%   83% 82%   82%    
    Services revenue 289.2 – 289.2 296.1 – 296.1 (2)% (2)%
    Software Revenue breakdown by product line                
    Industrial Innovation 1,537.7 – 1,537.7 1,433.2 – 1,433.2 7% 7%
    Life Sciences 560.9 – 560.9 566.4 – 566.4 (1)% (1)%
    Mainstream Innovation 706.8 1.6 708.3 699.7 – 699.7 1% 1%
    Software Revenue breakdown by geography                
    Americas 1,116.1 0.1 1,116.2 1,079.1 – 1,079.1 3% 3%
    Europe 1,046.6 1.4 1,048.0 995.1 – 995.1 5% 5%
    Asia 642.7 0.1 642.8 625.2 – 625.2 3% 3%
    Total Operating Expenses € (2,548.4) € 384.4 € (2,164.0) € (2,395.4) € 314.3 € (2,081.1) 6% 4%
    Share-based compensation expense and related social charges (196.2) 196.2 – (112.6) 112.6 –    
    Amortization of acquired intangible assets and of tangible assets revaluation (173.8) 173.8 – (185.6) 185.6 –    
    Lease incentives of acquired companies (0.8) 0.8 – (1.2) 1.2 –    
    Other operating income and expense, net (13.7) 13.7 – (15.0) 15.0 –    
    Operating Income € 546.1 € 386.0 € 932.2 € 600.0 € 314.3 € 914.3 (9)% 2%
    Operating Margin 17.6%   30.1% 20.0%   30.5%    
    Financial income (loss), net 60.2 1.1 61.3 63.4 1.5 64.9 (5)% (6)%
    Income tax expense (128.4) (54.4) (182.8) (116.0) (68.0) (184.0) 11% (1)%
    Non-controlling interest 6.1 (5.6) 0.5 1.0 (1.9) (0.9) N/A (152)%
    Net Income attributable to shareholders € 484.0 € 327.2 € 811.2 € 548.4 € 245.9 € 794.3 (12)% 2%
    Diluted Earnings Per Share (3) € 0.37 € 0.25 € 0.61 € 0.42 € 0.17 € 0.60 (14)% 2%

    (1) In the reconciliation schedule above, (i) all adjustments to IFRS revenue data reflect the exclusion of the effect of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue); (ii) adjustments to IFRS operating expense data reflect the exclusion of the amortization of acquired intangible assets and of tangible assets revaluation, share-based compensation expense, including related social charges, lease incentives of acquired companies, as detailed below, and other operating income and expense, net including acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; (iii) adjustments to IFRS financial loss, net reflect the exclusion of certain one-time items included in financial loss, net, and; (iv) all adjustments to IFRS income data reflect the combined effect of these adjustments, plus with respect to net income and diluted earnings per share, certain one-time tax effects and the income tax effect of the non-IFRS adjustments.

    In millions of Euros, except percentages Six months ended June 30, Change
    2025

    IFRS

    		 Share-based compensation expense and related social charges Lease incentives of acquired companies 2025

    Non-IFRS

    		 2024

    IFRS

    		 Share-based compensation expense and related social charges Lease incentives of acquired companies 2024

    Non-IFRS

    		 IFRS Non-

    IFRS
    Cost of revenue (525.0) 18.8 0.2 (505.9) (496.5) 8.0 0.3 (488.2) 6% 4%
    Research and development expenses (697.3) 61.4 0.3 (635.7) (637.5) 38.3 0.6 (598.7) 9% 6%
    Marketing and sales expenses (894.5) 64.2 0.2 (830.1) (844.1) 36.8 0.2 (807.1) 6% 3%
    General and administrative expenses (244.2) 51.8 0.1 (192.3) (216.7) 29.5 0.1 (187.1) 13% 3%
    Total   € 196.2 € 0.8     € 112.6 € 1.2      

    (2) The non-IFRS percentage increase (decrease) compares non-IFRS measures for the two different periods. In the event there is non-IFRS adjustment to the relevant measure for only one of the periods under comparison, the non-IFRS increase (decrease) compares the non-IFRS measure to the relevant IFRS measure.
    (3) Based on a weighted average 1,325.7 million diluted shares for YTD 2025 and 1,328.7 million diluted shares for YTD 2024, and, for IFRS only, a diluted net income attributable to the sharehorlders of € 484.0 million for YTD 2025 (€ 562.3 million for YTD 2024). The Diluted net income attributable to equity holders of the Group corresponds to the Net Income attributable to equity holders of the Group adjusted by the impact of the share-based compensation plans to be settled either in cash or in shares at the option of the Group.

    1 IFRS figures for 2Q25: Total revenue of €1.52 billion, up 5%, and subscription revenue up 9%; Operating margin of 15.9% and diluted EPS of €0.17; IFRS figures for YTD25: total revenue of €3.09 billion, subscription revenue up 12%; Operating margin of 17.6% and diluted EPS of €0.37.  

    Attachment

    The MIL Network –

  • MIL-OSI: Tyton Partners and Ufi Ventures Release Q2 2025 VocTech Market Report: AI Shockwaves, UK Industrial Strategy, and Transatlantic Divergence Take Centre Stage

    Source: GlobeNewswire (MIL-OSI)

    LONDON, July 24, 2025 (GLOBE NEWSWIRE) — Tyton Partners, the leading strategy consulting and investment banking firm focused on the education sector, and Ufi Ventures, the UK’s specialist investor in vocational technology (VocTech), today released their Q2 2025 VocTech Market Report. This quarterly publication explores the trends shaping vocational learning and workforce development across the UK, Europe, and North America.

    The second quarter of 2025 has been marked by increasing anxiety around artificial intelligence’s disruptive impact on labour markets, a wave of significant UK policy announcements, and early signs of capital rotation from the US to Europe amid political volatility. Vocational education and training remain firmly in the spotlight as policymakers and investors confront mounting challenges tied to youth disengagement, employment shifts, and rapid technological change.

    Key Takeaways

    • Labour markets are causing concern, even in the US.
    • The UK government made a series of major policy announcements, many of which see increased investment in key sectors and skills. The detail is important and not yet here.
    • Big Tech companies – including “hyperscalers” such as OpenAI – are muscling in to the education space, likely in search of long-term users and increased engagement.
    • The future of junior white-collar workers, and how they should be trained, is a key focus of debate. Being conscious of what may have previously been taken for granted (informal “learning by doing” in particular) looks important.
    • Companies who facilitate AI-driven HR workflows are raising sizeable funding, with some European businesses closing unusually large €20m+ Series A rounds.

    Alongside UK reforms, policy developments in the US and Europe are creating new dynamics. Germany’s coalition is advancing ambitious investment programmes. In the US, escalating attacks on higher education and the erratic policy environment under the Trump administration may be triggering a shift of capital and student interest to the UK and Europe.

    Helen Gironi, Director at Ufi Ventures, commented:
    “AI is shaking up workforce development from every angle. Employers, policymakers and learners are all being forced to adapt. At Ufi Ventures, we see opportunity in this disruption, but only for those who are ready to innovate and act with clarity.”

    Nick Kind, Managing Director at Tyton Partners, added:
    “We are seeing a critical turning point. AI is accelerating change, but it is also highlighting systemic gaps in skills and training. With new policy commitments in the UK and a capital environment in flux, the landscape is as complex as it is promising. This report offers grounded insight into how to respond.”

    To access the full Q2 2025 VocTech Market Report, visit: https://tytonpartners.com/key-learnings-from-voctech-market-activity-q2-2025/

    About Tyton Partners

    Tyton Partners is the leading provider of strategy consulting and investment banking services to the global knowledge and information services sector. With offices in Boston and New York City, the firm has an experienced team of bankers and consultants who deliver a unique spectrum of services from mergers and acquisitions and capital markets access to strategy development that helps companies, organizations, and investors navigate the complexities of the education, media, and information markets. Tyton Partners leverages a deep foundation of transactional and advisory experience and an unparalleled level of global relationships to make its clients’ aspirations a reality and to catalyze innovation in the sector. Learn more at tytonpartners.com.

    About Ufi Ventures

    Ufi Ventures is the investment arm of Ufi VocTech Trust. Ufi supports the adoption and deployment of technology to improve skills for work and deliver better outcomes for all. By leveraging its depth of experience Ufi Ventures supports its growing portfolio through access to capital, and its wide expert pool and network. Learn more at www.ufi.co.uk/ventures.

    Media Contact
    Zoe Wright-Neil
    Director of Marketing and Business Development
    zwrightneil@tytonpartners.com
    Tyton Partners

    The MIL Network –

  • MIL-OSI: Tyton Partners and Ufi Ventures Release Q2 2025 VocTech Market Report: AI Shockwaves, UK Industrial Strategy, and Transatlantic Divergence Take Centre Stage

    Source: GlobeNewswire (MIL-OSI)

    LONDON, July 24, 2025 (GLOBE NEWSWIRE) — Tyton Partners, the leading strategy consulting and investment banking firm focused on the education sector, and Ufi Ventures, the UK’s specialist investor in vocational technology (VocTech), today released their Q2 2025 VocTech Market Report. This quarterly publication explores the trends shaping vocational learning and workforce development across the UK, Europe, and North America.

    The second quarter of 2025 has been marked by increasing anxiety around artificial intelligence’s disruptive impact on labour markets, a wave of significant UK policy announcements, and early signs of capital rotation from the US to Europe amid political volatility. Vocational education and training remain firmly in the spotlight as policymakers and investors confront mounting challenges tied to youth disengagement, employment shifts, and rapid technological change.

    Key Takeaways

    • Labour markets are causing concern, even in the US.
    • The UK government made a series of major policy announcements, many of which see increased investment in key sectors and skills. The detail is important and not yet here.
    • Big Tech companies – including “hyperscalers” such as OpenAI – are muscling in to the education space, likely in search of long-term users and increased engagement.
    • The future of junior white-collar workers, and how they should be trained, is a key focus of debate. Being conscious of what may have previously been taken for granted (informal “learning by doing” in particular) looks important.
    • Companies who facilitate AI-driven HR workflows are raising sizeable funding, with some European businesses closing unusually large €20m+ Series A rounds.

    Alongside UK reforms, policy developments in the US and Europe are creating new dynamics. Germany’s coalition is advancing ambitious investment programmes. In the US, escalating attacks on higher education and the erratic policy environment under the Trump administration may be triggering a shift of capital and student interest to the UK and Europe.

    Helen Gironi, Director at Ufi Ventures, commented:
    “AI is shaking up workforce development from every angle. Employers, policymakers and learners are all being forced to adapt. At Ufi Ventures, we see opportunity in this disruption, but only for those who are ready to innovate and act with clarity.”

    Nick Kind, Managing Director at Tyton Partners, added:
    “We are seeing a critical turning point. AI is accelerating change, but it is also highlighting systemic gaps in skills and training. With new policy commitments in the UK and a capital environment in flux, the landscape is as complex as it is promising. This report offers grounded insight into how to respond.”

    To access the full Q2 2025 VocTech Market Report, visit: https://tytonpartners.com/key-learnings-from-voctech-market-activity-q2-2025/

    About Tyton Partners

    Tyton Partners is the leading provider of strategy consulting and investment banking services to the global knowledge and information services sector. With offices in Boston and New York City, the firm has an experienced team of bankers and consultants who deliver a unique spectrum of services from mergers and acquisitions and capital markets access to strategy development that helps companies, organizations, and investors navigate the complexities of the education, media, and information markets. Tyton Partners leverages a deep foundation of transactional and advisory experience and an unparalleled level of global relationships to make its clients’ aspirations a reality and to catalyze innovation in the sector. Learn more at tytonpartners.com.

    About Ufi Ventures

    Ufi Ventures is the investment arm of Ufi VocTech Trust. Ufi supports the adoption and deployment of technology to improve skills for work and deliver better outcomes for all. By leveraging its depth of experience Ufi Ventures supports its growing portfolio through access to capital, and its wide expert pool and network. Learn more at www.ufi.co.uk/ventures.

    Media Contact
    Zoe Wright-Neil
    Director of Marketing and Business Development
    zwrightneil@tytonpartners.com
    Tyton Partners

    The MIL Network –

  • MIL-OSI: Q2 2025 Trading Update and Invitation to Earnings Call

    Source: GlobeNewswire (MIL-OSI)

    Oslo, 24 July 2025 – DNO ASA, the Norwegian oil and gas operator, will publish its Q2 2025 operating and interim financial results on 21 August at 07:00 (CET). A videoconference call with executive management will follow at 10:00 (CET). Today the Company provides an update on production, sales volumes and other selected information for the quarter.

    Volumes (boepd)

    Gross operated production Q2 2025 Q1 2025 Q2 2024
    Kurdistan 74,760 82,081 79,783
    North Sea 5,526 8,864 –
           
    Net entitlement production Q2 2025 Q1 2025 Q2 2024
    Kurdistan 18,675 18,464 17,167
    North Sea 33,348 19,296 16,321
           
    Sales Q2 2025 Q1 2025 Q2 2024
    Kurdistan 18,675 18,464 17,167
    North Sea 32,393 17,216 12,871
           
    Equity accounted production (net) Q2 2025 Q1 2025 Q2 2024
    Côte d’Ivoire         3,175 3,375 3,256

    Selected cash flow items

    DNO’s share of oil from the Tawke license during the quarter was sold to local buyers as the Iraq-Türkiye Pipeline remained closed. All payments were made in advance of loadings and transferred directly into DNO’s international bank accounts.

    In the second quarter, DNO paid a dividend of NOK 0.3125 per share (totaling USD 30.2 million), which represents NOK 1.25 per share on an annualized basis.

    On 12 June, the transformative acquisition of Sval Energi Group AS was completed. Upon completion, DNO paid USD 440 million to the seller; this represents agreed consideration including interest between effective date and closing, less USD 22.5 million deposit paid in March. Sval Energi’s production is included in the table above as from June 1, and will be reported together with its financial results in the Company’s Q2 operating and interim financial results effective that date. A tax instalment of USD 114 million was made in June.

    On the financing side during the quarter, DNO redeemed the remaining USD 350 million of outstanding DNO04 bonds on 10 April. In June, DNO completed a private placement of USD 400 million of new subordinated hybrid bonds and borrowed USD 300 million under a one-year bank bridge loan facility. At the end of the second quarter, there were USD 348 million outstanding under Sval Energi’s prepayment facilities and DNO Group’s cash deposits stood at USD 788 million. All outstanding debt under DNO’s North Sea subsidiaries’ reserve-based lending facilities was repaid and not renewed during the quarter.

    North Sea exploration

    DNO participated in one exploration well on the Norwegian Continental Shelf in the quarter. The Vidsyn well in PL586 (25 percent interest with 17.5 percent added following the acquisition of Sval Energi) was spudded on 14 June and was announced as a discovery in July.

    Earnings call login details

    Please visit www.dno.no for login details ahead of the call.

    Disclaimer

    The information contained in this release is based on a preliminary assessment of the Company’s Q2 2025 operating and interim financial results and may be subject to change.

    –

    For further information, please contact:
    Media: media@dno.no
    Investors: investor.relations@dno.no

    –

    DNO ASA is a Norwegian oil and gas operator active in the Middle East, the North Sea and West Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Norway, the United Kingdom, Côte d’Ivoire, Netherlands and Yemen. More information is available at www.dno.no

    This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

    The MIL Network –

  • India’s global outreach continues: PM Modi begins UK visit, Maldives next

    Source: Government of India

    Source: Government of India (2)

    rime Minister Narendra Modi will embark on a two-nation tour on Wednesday, visiting the United Kingdom and the Maldives from July 23 to 26, aiming to strengthen India’s global diplomatic engagements.

    At the invitation of UK Prime Minister Keir Starmer, Prime Minister Modi will undertake an official visit to the United Kingdom from July 23 to 24. This will be his fourth visit to the UK, reflecting the growing warmth and depth of the bilateral relationship.

    India and the United Kingdom share historical ties that have evolved into a robust and mutually beneficial partnership. A major milestone in the relationship was achieved during the India-UK virtual summit on 4 May 2021, when Prime Minister Modi and then UK Prime Minister Boris Johnson established a Comprehensive Strategic Partnership and adopted an ambitious India-UK Roadmap 2030. This roadmap continues to steer cooperation across various sectors including trade, security, education, technology, and climate change.

    The visit also comes in the wake of the recent general elections in the UK held on 4 July 2024, where the Labour Party returned to power after 14 years, winning 412 out of 650 seats. Keir Starmer assumed office as Prime Minister, and PM Modi extended his congratulations during a telephonic conversation on 6 July, also inviting him for an early visit to India.

    In its election manifesto, the Labour Party pledged to pursue a new strategic partnership with India, focusing on the conclusion of a Free Trade Agreement (FTA) and deepening cooperation in critical sectors. The two leaders had earlier met on the sidelines of the G20 Leaders’ Summit in Brazil in November 2024 and briefly interacted again during the G7 Summit in Canada in June 2025.

    Following the terrorist attack in Pahalgam in April 2025, Prime Minister Starmer had spoken to PM Modi to convey his condolences and support. On 6 May 2025, both leaders held a telephonic conversation and announced the successful conclusion of the India-UK FTA and the Double Taxation Avoidance Convention, marking a historic development in bilateral ties.

    High-level exchanges have been a consistent feature of India-UK relations. President Droupadi Murmu visited London in September 2022 to attend the State Funeral of Her Majesty Queen Elizabeth II and met King Charles III during her visit. Vice President Jagdeep Dhankhar represented India at the Coronation of King Charles III in May 2023 and engaged with global leaders during his visit. He also addressed members of the Indian community and interacted with Indian-origin UK MPs and students.

    Prime Minister Modi had earlier met former UK Prime Minister Rishi Sunak on multiple occasions, including during the G20 Summit in India in September 2023 and at the G7 Summit in Italy in June 2024. Their discussions covered progress on the India-UK FTA and other key areas under the Roadmap 2030. Sunak’s official visit to India in 2023 and bilateral engagements in Japan and Bali further contributed to the growing momentum in the relationship. Notably, the Young Professionals Scheme was launched following their meeting in Bali in 2022, enhancing mobility for youth between the two countries.

    In April 2022, then UK Prime Minister Boris Johnson visited India and held wide-ranging discussions with PM Modi. The visit saw the announcement of an ‘Open General Export Licence’ for Indian companies and the signing of MoUs in nuclear energy and global innovation, along with a joint statement on cyber cooperation.

    Earlier, in November 2021, Prime Minister Modi had visited the UK to attend the COP26 World Leaders’ Summit in Glasgow, where he and Prime Minister Boris Johnson jointly launched the One Sun, One World, One Grid (OSOWOG) initiative under the International Solar Alliance and the Infrastructure for Resilient Island States (IRIS) initiative under the Coalition for Disaster Resilient Infrastructure.

    Lok Sabha Speaker Om Birla visited the UK in January 2025 and held bilateral talks with the Speaker of the House of Commons, Lindsay Hoyle, underscoring the strong parliamentary ties between the two democracies.

  • Indian diaspora in London gives PM Modi a grand welcome

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi received a rousing welcome from the Indian diaspora as he arrived in London on Wednesday evening for a historic two-day visit aimed at strengthening the India-UK Comprehensive Strategic Partnership and finalising the long-anticipated Free Trade Agreement (FTA).

    As PM Modi reached his hotel in the heart of the city, hundreds of Indian community members gathered outside with chants of “Modi, Modi,” “Bharat Mata Ki Jai,” and “Vande Mataram.” Dressed in traditional Indian attire, artists played dhols while others danced and waved posters welcoming the Prime Minister.

    “Touched by the warm welcome from the Indian community in the UK. Their affection and passion towards India’s progress is truly heartening,” PM Modi shared on X.

    The atmosphere outside the hotel was electric, with many attendees expressing pride and emotion after meeting the Prime Minister. “We are so proud… I am still in tears. The happiness and joy he brought while shaking our hands is unforgettable,” said one member of the diaspora.

    Many in the crowd shared similar sentiments, praising the Prime Minister for his global stature, leadership, and commitment to India’s growth. “The aura I witnessed was simply amazing. He looked like a saint. That is why people like PM Modi a lot,” said another enthusiastic supporter.

    Scheduled for July 23–24, PM Modi’s visit comes at the invitation of newly elected British Prime Minister Keir Starmer and marks his fourth official trip to the United Kingdom. The visit follows recent meetings between the two leaders at the G20 Summit in Brazil and the G7 in June this year.

    “Leaving for the UK, a country with which our Comprehensive Strategic Partnership has achieved significant momentum in the last few years. I look forward to my talks with PM Keir Starmer and my meeting with His Majesty King Charles III,” PM Modi posted before departing.

    According to a statement from India’s Ministry of External Affairs (MEA), the visit will focus on advancing collaboration across key areas such as trade and economy, technology and innovation, defence and security, climate change, healthcare, education, and people-to-people ties.

    The centrepiece of the discussions will be the signing of the India-UK Free Trade Agreement, expected to significantly boost bilateral trade

    PM Modi is also expected to meet King Charles III during his stay in London, further deepening the diplomatic warmth between the two nations.

    (With agencies inputs)

  • MIL-OSI Submissions: Cycling’s governing body is introducing new rules to slow down elite riders. Not everyone’s happy

    Source: The Conversation – Global Perspectives – By Popi Sotiriadou, Associate Professor of Sport Management – Director Business Innovation, Griffith University

    MARCO BERTORELLO/AFP via Getty Images

    Most sports look to support their athletes to become “faster, higher, stronger” – in reference to the Olympic Games’ original motto – so it is perhaps surprising that cycling’s world governing body is trying to slow down elite riders.

    However, there’s good reason the Union Cycliste Internationale (UCI) recently announced new rules to slow riders down.

    These rules – which apply to elite road and cyclo-cross mass-start events for men and women such as the Tour de France – come into place shortly and are aimed at improving rider safety.



    Read more:
    I rode the Tour de France to study its impact on the human body – here’s what I learned

    What are the new rules?

    From August 1, a new bicycle gearing regulation will kick in.

    Professional cyclists will only be allowed to use a 54-tooth front chainring with an 11-tooth rear cog.

    This replaces the current common setup of 54-10.

    To put this into context, a 54-tooth chainring is the big front gear on a bike and the 11-tooth cog is a small rear gear. Moving to a slightly bigger cog (54-11) makes it harder to hit top speeds: the change from a 54-10 to a 54-11 gear setup could reduce the top speed by about 2.4 kilometres per hour.

    Pro riders can reach incredible speeds during descents, sometimes surpassing 130 kilometres per hour.

    Then, from January 1 2026, handlebars must become wider, increasing from a minimum 350–360 millimetres width (depending on the event) to at least 400mm wide.

    The handlebar width affects how a rider controls their bike: narrower bars reduce frontal surface area, making a rider more aerodynamic which again means a faster ride.

    This is especially useful in time trials or sprints.

    Wider bars offer better stability and control, helping navigate tight turns, peloton traffic, or crosswinds.

    The UCI has also announced plans to introduce a formal helmet approval protocol in 2027, which will include separate standards for helmets used in mass-start events and time trials.

    This shift suggests helmets may soon be subject to the same pre-race approval process as frames and wheels, potentially leading to safer, more regulated head protection.

    New rules, different opinions

    Professional cycling is getting faster due to stronger athletes, better training and advanced, lighter equipment.

    As a result, high-speed crashes, especially downhill or in crowded sprint finishes, have become more common and more dangerous.

    The UCI maintain the new regulations are part of a broader strategy to mitigate speed-related risks, enhance safety and uphold the integrity of the sport.

    However, these measures have sparked debate within the cycling community.

    Some elite cyclists, particularly those who have suffered severe crashes and injuries, suggest it is time safety caught up with technology.

    Wout van Aert, who suffered a severe knee injury in September 2024 during a wet descent, said:

    Limiting the number of gears would make the sport much safer.

    Chris Froome, four-time Tour de France winner, also said he supported strategies “to keep the speeds down on the descents”.

    The Professional Cycling Council supports testing gear ratio limits.

    It is also likely these changes could limit cutting-edge innovations that only wealthy teams can afford. This would in turn narrow technological disparities across teams.

    Former pro Michael Barry though believes gear restrictions are not the answer, and the UCI should instead focus on improved course design and inspection, better barriers and crash protective clothing.

    Technology experts agree, arguing speed is determined more by a rider’s power output and aerodynamic drag than by gear ratios. To enhance safety, they propose alternative solutions such as real-time rider tracking, crash-protective clothing, improved course design and inspection and faster medical response.

    The wider handlebar rule has also stirred controversy, especially among smaller-framed riders, many of whom are women, who typically ride with 360–380mm handlebars for better comfort and control.

    Under the new regulation, those forced to use bars that exceed their optimal fit range could end up suffering from poor wrist alignment, increased fatigue and a higher risk of repetitive strain injuries.

    Despite the growth of women’s cycling, the UCI has not made exemptions for smaller riders, raising concerns a one-size-fits-all solution may compromise inclusively and safety.

    Even though regular riders can continue to use the equipment they prefer, what happens in the pro world often shapes non-elite rider preferences and trends, and the bikes sold in stores. If narrower bars are banned at the top level, manufacturers may stop offering them.

    Historically, advancements in aerodynamics, gear ratios and component weights seen in the pro peloton have become standard features on consumer bikes.

    A delicate balance

    The UCI’s new regulations mark a likely shift towards standardised equipment and heightened safety. This deliberate emphasis on safety naturally elevates awareness among all cyclists about the crucial link between equipment choices and rider wellbeing.

    While these restrictions may foster a more level playing field, they also risk curbing the sport’s long-standing tradition of engineering innovation.

    The very appeal of professional cycling has often been intrinsically tied to the relentless pursuit of technological advancements that yield even fractional competitive advantages.

    Striking a balance between ensuring safety and preserving this spirit of ingenuity remains a crucial challenge for the sport’s future.

    Popi Sotiriadou 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. Cycling’s governing body is introducing new rules to slow down elite riders. Not everyone’s happy – https://theconversation.com/cyclings-governing-body-is-introducing-new-rules-to-slow-down-elite-riders-not-everyones-happy-260917

    MIL OSI –

  • MIL-OSI New Zealand: Exploring the societal impacts of medicines

    Source: PHARMAC

    “Right now, our decision-making framework—the Factors for Consideration—looks at how a medicine affects the person who needs it, their whānau, and the health system,” says Dr David Hughes, Pharmac’s Director of Advice and Assessment

    Like countries such as Australia, Canada, and the UK, our economic evaluations focus on the health system perspective. That means we look at how well a medicine works and what it will cost the health system in New Zealand.

    But there are other ways to look at the value of funding a medicine – for example, through a societal lens.

    “Medicines can have an impact on New Zealanders well beyond the hospital room. They can help people stay in work, reduce the need for unpaid care, and ease financial pressure on families,” says Dr Hughes.

    To begin exploring this idea, Pharmac partnered with researchers at Erasmus University in the Netherlands last year and is now working with the Institute for Medical Technology Assessment (iMTA) at Erasmus University – world leaders of the ‘societal perspective.’

    Their pilot study showed that using a societal perspective can change how New Zealand values medicines. Greater value was identified for treatments for chronic conditions affecting working-age people, for example, when broader impacts were considered.

    Pharmac is now commissioning two more assessments from iMTA. The Erasmus team will also train Pharmac staff to apply this approach in future assessments.

    Pharmac has also been talking with the Canadian Drug Agency (CDA) to share perspectives on measuring societal impacts. At the same time, the CDA has been piloting its own assessment of an expanded societal perspective.

    “We’re building our capability to see what it would look like if our assessments reflect the value of medicines not just to the health system, but to the whole of society,” says Dr Hughes.

    MIL OSI New Zealand News –

  • MIL-Evening Report: Cycling’s governing body is introducing new rules to slow down elite riders. Not everyone’s happy

    Source: The Conversation (Au and NZ) – By Popi Sotiriadou, Associate Professor of Sport Management – Director Business Innovation, Griffith University

    MARCO BERTORELLO/AFP via Getty Images

    Most sports look to support their athletes to become “faster, higher, stronger” – in reference to the Olympic Games’ original motto – so it is perhaps surprising that cycling’s world governing body is trying to slow down elite riders.

    However, there’s good reason the Union Cycliste Internationale (UCI) recently announced new rules to slow riders down.

    These rules – which apply to elite road and cyclo-cross mass-start events for men and women such as the Tour de France – come into place shortly and are aimed at improving rider safety.



    Read more:
    I rode the Tour de France to study its impact on the human body – here’s what I learned

    What are the new rules?

    From August 1, a new bicycle gearing regulation will kick in.

    Professional cyclists will only be allowed to use a 54-tooth front chainring with an 11-tooth rear cog.

    This replaces the current common setup of 54-10.

    To put this into context, a 54-tooth chainring is the big front gear on a bike and the 11-tooth cog is a small rear gear. Moving to a slightly bigger cog (54-11) makes it harder to hit top speeds: the change from a 54-10 to a 54-11 gear setup could reduce the top speed by about 2.4 kilometres per hour.

    Pro riders can reach incredible speeds during descents, sometimes surpassing 130 kilometres per hour.

    Then, from January 1, 2026, handlebars must become wider, increasing from a minimum 350–360 millimetres width (depending on the event) to at least 400mm wide.

    The handlebar width affects how a rider controls their bike: narrower bars reduce frontal surface area, making a rider more aerodynamic which again means a faster ride.

    This is especially useful in time trials or sprints.

    Wider bars offer better stability and control, helping navigate tight turns, peloton traffic, or crosswinds.

    The UCI has also announced plans to introduce a formal helmet approval protocol in 2027, which will include separate standards for helmets used in mass-start events and time trials.

    This shift suggests helmets may soon be subject to the same pre-race approval process as frames and wheels, potentially leading to safer, more regulated head protection.

    New rules, different opinions

    Professional cycling is getting faster due to stronger athletes, better training and advanced, lighter equipment.

    As a result, high-speed crashes, especially downhill or in crowded sprint finishes, have become more common and more dangerous.

    The UCI maintain the new regulations are part of a broader strategy to mitigate speed-related risks, enhance safety and uphold the integrity of the sport.

    However, these measures have sparked debate within the cycling community.

    Some elite cyclists, particularly those who have suffered severe crashes and injuries, suggest it is time safety caught up with technology.

    Wout van Aert, who suffered a severe knee injury in September 2024 during a wet descent, said:

    Limiting the number of gears would make the sport much safer.

    Chris Froome, four-time Tour de France winner, also said he supported strategies “to keep the speeds down on the descents”.

    The Professional Cycling Council supports testing gear ratio limits.

    It is also likely these changes could limit cutting-edge innovations that only wealthy teams can afford. This would in turn narrow technological disparities across teams.

    Former pro Michael Barry though believes gear restrictions are not the answer, and the UCI should instead focus on improved course design and inspection, better barriers and crash protective clothing.

    Technology experts agree, arguing speed is determined more by a rider’s power output and aerodynamic drag than by gear ratios. To enhance safety, they propose alternative solutions such as real-time rider tracking, crash-protective clothing, improved course design and inspection and faster medical response.

    The wider handlebar rule has also stirred controversy, especially among smaller-framed riders, many of whom are women, who typically ride with 360–380mm handlebars for better comfort and control.

    Under the new regulation, those forced to use bars that exceed their optimal fit range could end up suffering from poor wrist alignment, increased fatigue and a higher risk of repetitive strain injuries.

    Despite the growth of women’s cycling, the UCI has not made exemptions for smaller riders, raising concerns a one-size-fits-all solution may compromise inclusively and safety.

    Even though regular riders can continue to use the equipment they prefer, what happens in the pro world often shapes non-elite rider preferences and trends, and the bikes sold in stores. If narrower bars are banned at the top level, manufacturers may stop offering them.

    Historically, advancements in aerodynamics, gear ratios and component weights seen in the pro peloton have become standard features on consumer bikes.

    A delicate balance

    The UCI’s new regulations mark a likely shift towards standardised equipment and heightened safety. This deliberate emphasis on safety naturally elevates awareness among all cyclists about the crucial link between equipment choices and rider wellbeing.

    While these restrictions may foster a more level playing field, they also risk curbing the sport’s long-standing tradition of engineering innovation.

    The very appeal of professional cycling has often been intrinsically tied to the relentless pursuit of technological advancements that yield even fractional competitive advantages.

    Striking a balance between ensuring safety and preserving this spirit of ingenuity remains a crucial challenge for the sport’s future.

    Popi Sotiriadou 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. Cycling’s governing body is introducing new rules to slow down elite riders. Not everyone’s happy – https://theconversation.com/cyclings-governing-body-is-introducing-new-rules-to-slow-down-elite-riders-not-everyones-happy-260917

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: Global sharpshooters gather to target real counter-terrorism scenarios

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

    After the fierce firing of bullets, some discussions and ceremonies, the Sharp Blade-2015 International Sniper Competition concluded on July 19 at a training base of the Chinese People’s Armed Police Force in Urumqi, Xinjiang Uygur autonomous region.

    For five days, more than 50 teams of snipers from over 20 countries including China, Russia, South Africa, Kazakhstan and Spain tested their skills and combat readiness in the fourth edition of the event.

    Selected by the armed police force, as well as by the People’s Liberation Army’s Ground Force, Navy and Air Force, 24 Chinese soldiers participated in the competition, which included 12 subjects under the categories of precision basics, typical scenarios, comprehensive combat and long-range challenges.

    Many of the subjects were designed to mimic real counter-terrorism scenarios. The infiltration and sniping competition required snipers to eliminate “enemy” sentries 300 meters away in stealth, kill fleeing enemies, strike the main target, resist enemy reinforcement and exfiltrate.

    “Completing seven missions within 20 minutes along a 1.1-kilometer route, snipers have to constantly shift between dynamic and static aiming,” said Zhang Hao, head referee of the competition. “They have to reasonably allocate their stamina and energy, and cooperate with teammates, which is a huge test for them.”

    Adding that the competition designers had set some targets in-between valleys, Zhang said the event also involved tests of the snipers’ nerves and decisiveness, as just a slight change in the wind might drastically influence the bullet’s trajectory.

    Hosted by the People’s Armed Police Force, the biennial competition fosters international exchanges and friendship among soldiers, promotes combat readiness, and helps enhance their capabilities in peacekeeping missions.

    MIL OSI China News –