Category: European Union

MIL-OSI China: China power into women’s basketball final at Universiade

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

China defeated Poland 71-67 after overtime to reach the women’s basketball final at the Rhine-Ruhr World University Games on Wednesday.

China will face the United States, who edged Hungary 73-71 in the other semifinal, for the championship on Friday.

Chinese guard Tian Yuanyuan emerged as the hero, scoring all seven of her points in overtime after the two teams were tied 62-62 at the end of regulation.

China’s small forward Chen Yujie shot nine of 14 for a game-high 24 points, including four of five from beyond the arc. Center Liu Yutong and power forward Tang Zhiting added 14 points apiece.

Poland’s shooting guard Magdalena Szymkiewicz led her side with 13 points, while 2.01-meter center Kamila Borkowska contributed 12.

China started strong, jumping out to a 15-7 lead after Liu, Chen and Tang hit back-to-back 3-pointers, prompting Poland’s coach to call a timeout with four minutes left in the first quarter.

Poland responded with a 26-11 run to take a 33-26 halftime lead.

China surged back in the third quarter with an 11-0 run to go ahead 37-33 midway through the period. Poland answered with a 10-0 run of its own, capped by two free throws and a layup from Anna Winkowska, to take a 48-45 lead into the fourth.

Li Xingnuo opened the final quarter with a 3-pointer to level the game at 48-48. The teams traded baskets down the stretch, tying at 58-58 with 1:50 to play.

Szymkiewicz gave Poland a 60-58 lead with two free throws, but China responded with four straight points on a pair of layups. Poland’s Julia Piestrzynska attacked the basket to tie it 62-62. After Li’s missed 3-pointer, the game went to overtime.

Poland managed just three points in the extra period, falling behind 69-65 with 18 seconds remaining. A timeout and late foul strategy couldn’t prevent China from sealing the 71-67 win.

“We have tired legs after yesterday’s hard-fought quarterfinal win against Japan, so you could see we only scored a few points in the second quarter,” said Chinese coach Zhao Xuetong.

“In the halftime break, I told the players to play as we planned and don’t think much about the result. To tell the truth, we have already reached where we expect before the Games,” added Zhao. “Reaching the last four is OK for us, so everyone is relaxed mentally.”

MIL OSI China News –

July 24, 2025
MIL-OSI China: Chinese team wins RoboCup Humanoid League in AdultSize category

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

China’s Tsinghua University has placed top of the AdultSize category in the RoboCup Humanoid League soccer world championship, in the first time a Chinese team has claimed the top honor.

RoboCup was founded in 1997 and ranks among the world’s most prestigious robotics competitions. This year’s event was held in Brazil, attracting over 20 teams from 12 countries, including China, the United States, Germany, the Republic of Korea and France.

Tsinghua dominated the competition using Chinese-developed Booster T1 robots, achieving decisive victories over multiple opponents, including a team from the University of Texas. In an all-Chinese final, Tsinghua defeated a team from China Agricultural University, marking the first time teams from Chinese institutions secured both gold and silver in the category.

Competing robots require not only lightweight, agile, impact-resistant hardware, but also sophisticated capabilities like real-time perception, cognitive decision-making, advanced motion control and multi-agent coordination, meaning the league constitutes a comprehensive test of full-stack robotic capabilities, according to a senior manager at Booster Robotics, which developed the T1 robots.

Industry analysts noted that the outstanding performance of Chinese robots at this international event has reaffirmed China’s growing expertise in robotics R&D and application.

MIL OSI China News –

July 24, 2025
MIL-OSI Australia: Prescribed burning threatens survival of skinks and other wildlife

Source:

24 July 2025

Prescribed burning is threatening the survival of skinks, ecologists say.

As Australia and the world grapple with global warming and increased bushfire risks, University of South Australia ecologists are turning their attention to the impact of prescribed burning on native animals.

In a new study published in The International Journal of Wildland Fire, researchers investigated the maximum temperatures that lizards could experience during prescribed (controlled) fires in the Mount Lofty Ranges and compared them to their maximum survivable temperatures.

Widespread prescribed burning is undertaken in spring and autumn each year in the Mount Lofty Ranges, a biodiversity hotspot and fire-prone region. Researchers measured surface and shelter temperatures during four prescribed fires and analysed their results alongside the lab-collected ‘critical thermal limits’ of three different species of skinks.

The findings demonstrated that the average temperatures under common shelters like logs and rocks during these fires were 108°C and 53°C respectively, which exceeded the survivable temperature range (37.5°C – 43.0°C) of each type of skink.

While only reptiles were studied, lead researcher and UniSA PhD candidate Shawn Scott says that these temperatures would also threaten the survival of other native animals and that the results can therefore be applied more broadly.

“These conditions dramatically exceed the 60°C threshold for most terrestrial vertebrates,” Scott says.

“Logs and rocks were the most effective shelters for buffering extreme temperatures during prescribed fire in our study.

“However, the maximum temperatures and duration of these conditions may still prove lethal for small vertebrates if prescribed burning is undertaken during conditions that exacerbate fire severity.”

Researchers also discovered that when ambient temperatures on days of prescribed burnings were higher, maximum temperatures beneath the shelters – and the duration at which they stayed lethally hot – also increased.

“Our analysis showed that the temperatures of the fires increased by up to 700°C as ambient temperatures increased from 17°C to 22°C,” Scott says.

“The hotter the fire, the hotter it’s going to be inside or beneath the shelters sought out by small animals during prescribed burnings, making it more difficult for them to survive, especially over an extended period.”

“In terms of shelter quality, rocks and logs maintained the coolest temperatures, showing that they are critical to small animals,” says co-researcher and UniSA wildlife ecologist Associate Professor Sophie (Topa) Petit.

“However, many of those sites still reached temperatures far above what reptiles can withstand. Not all rocks and logs are good enough.”

As climate change increases the risk of bushfires, prescribed burnings are also expected to increase, especially in fire-prone, Mediterranean climates like the Mount Lofty Ranges, other parts of Australia, and also Greece, Italy, Spain and California.

Scott says that animal survival and biodiversity conservation should be prioritised in burning processes, and that his team’s research can help inform relevant strategies not only on the home front but also abroad.

”If lower intensity fires are to be achieved during prescribed burns, they should be undertaken on mild days when ambient temperatures are below 17°C,” he says.

“In Australia, burning does occur on days that are considered mild – between 17°C to 22°C – but our research demonstrates that even in these conditions the maximum temperatures and their duration are high enough to threaten small animals relying on shelters like rocks and logs for protection.

“Second, pre-fire surveys should be conducted to establish the availability and density of shelter sites that may increase the likelihood of animal survival during fire.”

The researchers suggest that larger shelters and below-surface shelters like soil, hollows, and burrows should be examined next, as well as animal movement and mortality during and after fires.

The study, titled ‘Between a rock and a hot place: do surface shelters facilitate survivable conditions for small vertebrates during prescribed fire?’ is available online. DOI:10.1071/WF24184

…………………………………………………………………………………………………………………………

Contact for interview: Shawn Scott E: Shawn.Scott@unisa.edu.au
Media contacts: Candy Gibson M: +61 434 605 142 E: Candy.Gibson@unisa.edu.au; Josh Owen-Thomas E: Josh.Owen-Thomas@unisa.edu.au

MIL OSI News –

July 24, 2025
MIL-OSI Europe: Minister Dillon Launches Workplace Relations Commission Strategy Statement 2025-2027
Source: Government of Ireland – Department of Jobs Enterprise and Innovation

23rd July 2025

The Minister of State for Small Business, Retail and Employment, Alan Dillon, today launched the fourth Strategy Statement of the Workplace Relations Commission (WRC) ‘A Decade of Impact, A Future of Fair Work and Equality’.

Over the previous Strategy Statement period (2022-2024), while its fundamental purpose and the services it provided remain unchanged, the WRC has dealt with broad operational and structural challenges and has been required to respond agilely to what has proved a sometimes challenging economic, social and statutory environment.

Through the newly launched Strategy Statement 2025-2027 ‘A Decade of Impact, A Future of Fair Work and Equality’ the strategic direction of the WRC must include proactive engagement with emerging labour dynamics, support for inclusive employment practices, and adaptive frameworks to maintain industrial harmony in a fast-evolving growing economy.

The strategic framework is built around four interlocking pillars ensuring the WRC continues to protect workers rights, resolve disputes, empower people with knowledge, and strengthen the WRC’s capabilities through continuous improvement. These pillars support a vision of a just, inclusive, and equitable world for all in Irish society.

Minister of State for Small Business, Retail and Employment, Mr Alan Dillon said:

“I welcome the WRC’s Strategy Statement through which the WRC will seek to achieve its broader strategic vision over the next three years whilst continuing to effectively deliver its important statutory remit serving workers, employers, their representatives, its own staff, and wider society. The next decade will bring changes and challenges for the WRC and as we enter the second decade of the Commission, this framework strategy illustrates a vision and provides the next steps for the organisation which will embed and enhance its performance and services to the public into the short and medium term.”

Among the targets and objectives set by the strategy, covering the years 2025-2027, are:
- Increase accessibility to services for all
- Strengthen compliance in high-risk sectors
- Improve efficiencies across all services
- Build a modern, data-informed, adaptive and agile organisation
- Strengthen resilience and build on positive culture
- Launch and embed the Knowledge, Information & Advisory Division
- Empower service user led resolution over imposed solutions.
Speaking on the Strategy, Dr David Begg, Chairperson of the Board of the WRC said:

“This document, “A Decade of Impact, A Future of Fair Work and Equality,” marks the WRC’s fourth strategic statement since its establishment on 1 October 2015. It reflects both our evolution over the past decade and our ambitions for the future—ensuring that the WRC remains a responsive, trusted, and forward-looking institution at the heart of Ireland’s labour market.

This strategy, which was informed through a deeply consultative process, is rooted in the lived realities of the work of the WRC and the evolving needs of its service users. It positions the WRC to lead confidently into the next decade – promoting fair and inclusive workplaces, enforcing employment rights, and fostering constructive industrial relations across Ireland.”

Ms Audrey Cahill, WRC Director General outlines in her Forword that:

“As the Workplace Relations Commission enters its 10th year, we reaffirm our commitment to championing fairness, dignity, and equality in Irish workplaces. The next phase of our strategy builds on a decade of progress and is shaped by the evolving world of work, societal expectations, and importantly the needs of those we serve.

It is important that the strategic direction of the WRC must include proactive engagement with emerging labour dynamics, support for inclusive employment practices, and adaptive frameworks to maintain industrial harmony in a fast-evolving growing economy.”

Note for Editors

The Strategy Statement is available at the following link: – https://www.workplacerelations.ie/wrc/en/publications_forms/wrc-strategy-statement-2025-2027.pdf

Workplace Relations Commission:

The Workplace Relations Commission (WRC) was established in October 2015 under the Workplace Relations Act 2015. It is the body to which all industrial relations disputes and all disputes and complaints about employment laws are referred.

The functions of the Workplace Relations Commission (WRC) are to:
- adjudicate on employment and equality complaints and disputes
- provide conciliation, pre-adjudication mediation and other voluntary dispute resolution services to assist in the resolution of individual and collective disputes and maintain industrial peace
- monitor employment conditions to ensure compliance with and (where necessary) enforcement of employment rights legislation
- provide information on employment legislation, and process employment agency and protection of young persons (employment) licences
- provide advisory services to employers, employees and their representatives
Additional functions set out in section 11 (1) of the Workplace Relations Act 2015 include:
1. promoting the improvement of workplace relations, and maintenance of good workplace relations,
2. promoting and encouraging compliance with relevant enactments,
3. providing guidance in relation to compliance with codes of practice approved under Section 20 of the Workplace Relations Act 2015,
4. conducting reviews of, and monitor developments as respects, workplace relations,
5. conducting or commissioning research into matters pertaining to workplace relations,
6. providing advice, information and the findings of research conducted by the Commission to joint labour committees and joint industrial councils,
7. advising and apprising the Minister in relation to the application of, and compliance with, relevant enactments, and
8. providing information to members of the public in relation to employment
It has specific functions in resolving industrial disputes and implementing employment laws. More information is available on the Workplace Relations Commission website Home – Workplace Relations Commission.

ENDS

For further information please contact Press Office, D/Enterprise, Tourism and Employment, press.office@enterprise.gov.ie or (01) 631-2200

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MIL OSI Europe News –
July 24, 2025
MIL-Evening Report: UN’s highest court finds countries can be held legally responsible for emissions

By Jamie Tahana in The Hague for RNZ Pacific

The United Nations’ highest court has found that countries can be held legally responsible for their greenhouse gas emissions, in a ruling highly anticipated by Pacific countries long frustrated with the pace of global action to address climate change.

In a landmark opinion delivered yesterday in The Hague, the president of the International Court of Justice, Yuji Iwasawa, said climate change was an “urgent and existential threat” that was “unequivocally” caused by human activity with consequences and effects that crossed borders.

The court’s opinion was the culmination of six years of advocacy and diplomatic manoeuvring which started with a group of Pacific university students in 2019.

They were frustrated at what they saw was a lack of action to address the climate crisis, and saw current mechanisms to address it as woefully inadequate.

Their idea was backed by the government of Vanuatu, which convinced the UN General Assembly to seek the court’s advisory opinion on what countries’ obligations are under international law.

The court’s 15 judges were asked to provide an opinion on two questions: What are countries obliged to do under existing international law to protect the climate and environment, and, second, what are the legal consequences for governments when their acts — or lack of action — have significantly harmed the climate and environment?

The International Court of Justice in The Hague yesterday . . . landmark non-binding rulings on the climate crisis. Image: X/@CIJ_ICJ

Overnight, reading a summary that took nearly two hours to deliver, Iwasawa said states had clear obligations under international law, and that countries — and, by extension, individuals and companies within those countries — were required to curb emissions.

Iwasawa said the environment and human rights obligations set out in international law did indeed apply to climate change.

‘Precondition for human rights’
“The protection of the environment is a precondition for the enjoyment of human rights,” he said, adding that sea-level rise, desertification, drought and natural disasters “may significantly impair certain human rights, including the right to life”.

To reach its conclusion, judges waded through tens of thousands of pages of written submissions and heard two weeks of oral arguments in what the court said was the ICJ’s largest-ever case, with more than 100 countries and international organisations providing testimony.

They also examined the entire corpus of international law — including human rights conventions, the law of the sea, the Paris climate agreement and many others — to determine whether countries have a human rights obligation to address climate change.

The president of the International Court of Justice (ICJ), Yuji Iwasawa, delivering the landmark rulings on climate change. Image: X/@CIJ_ICJ

Major powers and emitters, like the United States and China, had argued in their testimonies that existing UN agreements, such as the Paris climate accord, were sufficient to address climate change.

But the court found that states’ obligations extended beyond climate treaties, instead to many other areas of international law, such as human rights law, environmental law, and laws around restricting cross-border harm.

Significantly for many Pacific countries, the court also provided an opinion on what would happen if sea levels rose to such a level that some states were lost altogether.

“Once a state is established, the disappearance of one of its constituent elements would not necessarily entail the loss of its statehood.”

READ HERE: The summary of the #ICJ Advisory Opinion on the Obligations of States in respect of Climate Change. https://t.co/7TWc7ifwfX pic.twitter.com/vVxxwpZpbX

— CIJ_ICJ (@CIJ_ICJ) July 23, 2025

Significant legal weight
The ICJ’s opinion is legally non-binding. But even so, advocates say it carries significant legal and political weight that cannot be ignored, potentially opening the floodgates for climate litigation and claims for compensation or reparations for climate-related loss and damage.

Individuals and groups could bring lawsuits against their own countries for failing to comply with the court’s opinion, and states could also return to the International Court of Justice to hold each other to account.

The opinion would also be a powerful precedent for legislators and judges to call on as they tackle questions related to the climate crisis, and give small countries greater weight in negotiations over future COP agreements and other climate mechanisms.

Outside the court, several dozen climate activists, from both the Netherlands and abroad, had gathered on a square as cyclists and trams rumbled by on the summer afternoon. Among them was Siaosi Vaikune, a Tongan who was among those original students to hatch the idea for the challenge.

“Everyone has been waiting for this moment,” he said. “It’s been six years of campaigning.

“Frontline communities have demanded justice again and again,” Vaikune said. “And this is another step towards that justice.”

Vanuatu’s Climate Change Minister Ralph Regenvanu (cenbtre) speaks to the media after the International Court of Justice (ICJ) rulings on climate change in The Hague yesterday. Image: X/CIJ_ICJ

‘It gives hope’
Vanuatu’s Climate Minister Ralph Regenvanu said the ruling was better than he expected and he was emotional about the result.

“The most pleasing aspect is [the ruling] was so strong in the current context where climate action and policy seems to be going backwards,” Regenvanu told RNZ Pacific.

“It gives such hope to the youth, because they were the ones who pushed this.

“I think it will regenerate an entire new generation of youth activists to push their governments for a better future for themselves.”

Regenvanu said the result showed the power of multilateralism.

“There was a point in time where everyone could compromise to agree to have this case heard here, and then here again, we see the court with the judges from all different countries of the world all unanimously agreeing on such a strong opinion, it gives you hope for multilateralism.”

He said the Pacific now has more leverage in climate negotiations.

“Communities on the ground, who are suffering from sea level rise, losing territory and so on, they know what they want, and we have to provide that,” Regenvanu said.

“Now we know that we can rely on international cooperation because of the obligations that have been declared here to assist them.”

The director of climate change at the Pacific Community (SPC), Coral Pasisi, also said the decision was a strong outcome for Pacific Island nations.

“The acknowledgement that the science is very clear, there is a direct clause between greenhouse gas emissions, global warming and the harm that is causing, particularly the most vulnerable countries.”

She said the health of the environment is closely linked to the health of people, which was acknowledged by the court.

This article is republished under a community partnership agreement with RNZ.

MIL OSI Analysis – EveningReport.nz –

July 24, 2025
MIL-OSI China: Yin headlines star-studded field for 2025 Buick LPGA Shanghai

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

The Buick LPGA Shanghai will return to the Shanghai Qizhong Garden Golf Club from October 9-12, organizers announced on Wednesday.

As the first event of the 2025 LPGA Fall Asia Swing, it will bring together the world’s top female golfers for a thrilling showdown, delivering an elite competition and reigniting golf’s momentum.

Yin Ruoning of China competes during the women’s individual stroke play round 1 of golf at the Paris 2024 Olympic Games in Paris, France, Aug. 7, 2024. (Xinhua/Du Yu)

Jointly sanctioned by the LPGA (Ladies Professional Golf Association) and the China LPGA (CLPGA), the Buick LPGA Shanghai has established itself as a global stage for champions.

Featuring 81 top players competing for a 2.2 million U.S. dollars purse under a no-cut format, the Buick LPGA Shanghai will see defending champion Yin Ruoning headline the world-class lineup. The Chinese star, a former world No. 1 and major winner, aims for back-to-back victories on home soil.

In the autumn of 2024, Yin Ruoning delivered a career-defining performance at the Buick LPGA Shanghai, carding eight birdies in a blistering final round to shoot 8-under par and finish at a record-breaking 25-under par, claiming the title and etching her name into the tournament lore.

“The Buick LPGA Shanghai holds a special place in my heart,” said Yin. “It has witnessed my growth and opened the door for countless young Chinese players to pursue their dreams. I am deeply grateful to the Buick brand for its lasting support of me, junior golf, and the overall development of the sport in China.”

MIL OSI China News –

July 24, 2025
MIL-OSI: Subsea 7 S.A. Notice of Extraordinary General Meeting
Source: GlobeNewswire (MIL-OSI)

NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES, OR IN ANY OTHER JURISDICTION IN WHICH SUCH DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW

Luxembourg – 24 July 2025 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) (the Company) today published and distributed to eligible holders of common shares the notice of meeting for an extraordinary general meeting of shareholders (the EGM). The purpose of the EGM is to consider the proposed combination between Subsea7 and Saipem SpA.

The EGM is scheduled to take place at 15:00 (local time) on 25 September 2025 at 5, place Winston Churchill, L-1340 Luxembourg.

The holders of common shares on record at the close of business on 11 September 2025 will be entitled to vote. The deadline for submission of votes for holders of common shares is 19 September 2025.

The notice of meeting and supporting materials, including the common merger plan, the report of the board of directors with respect to the common merger plan, and the reports of the respective independent experts of the Company and Saipem SpA, will shortly be available on the Company’s website, subsea7.com.

The EGM agenda includes the proposal to distribute a dividend of €450m, equating to approximately NOK 18.00 per share as at today’s date. This distribution is in accordance with the terms of the merger with Saipem S.p.A., conditional on completion of the merger and expected to be paid immediately before the proposed merger effective date.

In addition, the EGM agenda includes a proposal to distribute a special dividend of €105m, equating to approximately NOK 4.15 per share, as at today’s date. This distribution is related to a permitted business divestment in accordance with the merger agreement with Saipem SpA. The distribution is expected to be paid after closing of the relevant transaction or (if earlier) immediately before the proposed merger effective date.

The key dates relating to both proposed dividends shall be published as soon as these dates are fixed.

*******************************************************************************
Subsea7 is a global leader in the delivery of offshore projects and services for the evolving energy industry, creating sustainable value by being the industry’s partner and employer of choice in delivering the efficient offshore solutions the world needs.

Subsea7 is listed on the Oslo Børs (SUBC), ISIN LU0075646355, LEI 222100AIF0CBCY80AH62.

*******************************************************************************

Contact for investment community enquiries:
Katherine Tonks
Investor Relations Director
Tel +44 20 8210 5568
ir@subsea7.com

No Offer or Solicitation

This document is not an offer of merger consideration shares in the United States. Neither the merger consideration shares nor any other securities have been or will be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and neither the merger considerations shares nor any other securities may be offered, sold or delivered within or into the United States, except pursuant to a registration statement filed pursuant to the Securities Act or an applicable exemption from registration or in a transaction otherwise not subject to the Securities Act. This document must not be forwarded, distributed or sent, directly or indirectly, in whole or in part, in or into the United States. This document does not constitute an offer of or an invitation by or on behalf of, Saipem or Subsea7, or any other person, to purchase any securities.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 24 July 2025 at 00:40

Attachments
- Subsea 7 SA Convening Notice Merger EGM
- SUBC EGM Notice July 2025
The MIL Network –
July 24, 2025
MIL-OSI United Kingdom: £30 million to decarbonise shipping, boost careers and deliver growth across the UK
Source: United Kingdom – Government Statements

Press release

£30 million to decarbonise shipping, boost careers and deliver growth across the UK

Funding will be crucial in supporting the green fuels and technologies of the future, so we can clean up sea travel and trade.
coastal communities across the UK will benefit from £30 million to make shipping and sea travel greener, boosting local economies, and supporting jobs and skills

decarb funding is helping to revitalise Glasgow’s strong shipbuilding heritage, as Maritime Minister heralds a new Scottish-built high-tech wing sail which can save ships up to 40% per annum in fuel and emissions

latest boost builds on over £136 million for already delivered to more than 142 organisations across every region in the UK, delivering on the government’s Plan for Change missions to kickstart economic growth and become a clean energy superpower.

Coastal communities across the UK are to benefit from £30 million funding to decarbonise shipping and power up local economies the Maritime Minister will announce today (24 July 2025) during a visit to Clydeport in Glasgow.

Awarded from the sixth round of the Clean Maritime Demonstration Competition (CMDC), successful companies will be given a share of funding to support the development of clean maritime fuels and technologies such as ammonia, hydrogen, methanol, solar and electric.

Investment in green fuels not only supports the decarbonisation of shipping, helping cement the UK as a clean energy superpower, it also revitalises coastal communities by growing local economies and boosting jobs and skills.

CMDC has provided over £136 million funding to date to 142 organisations, as part of the wider UK SHORE funding – the government’s flagship programme dedicated to decarbonising maritime – for over 300 organisations, including 250 SMEs. Successful projects include the installation of electric chargepoint networks across ports, including at Aberdeen, the demonstration of an electric crew transfer vessel at Aberdeen Offshore Wind Farm, and the demonstration of a green hydrogen shore power system at the port of Leith.

Maritime Minister Mike Kane said:

It’s so exciting to see investment in green fuels and technologies spurring on skills, innovation and manufacturing across the UK, delivering on our Plan for Change missions to kickstart economic growth and become a clean energy superpower.

We’ve charted a course to net zero shipping by 2050 and this £30 million will be crucial in supporting the green fuels and technologies of the future, so we can clean up sea travel and trade.

During his visit to Clydeport, the minister will meet with workers from the National Manufacturing Institute Scotland, which is looking to help Smart Green Shipping scale up the manufacturing of the FastRig windsail going forward. Built nearby in Glasgow, the FastRig is a high-tech wing sail which can be installed onto vessels, reducing fuel use and emissions by up to 40% per annum. The project received £3.3 million from the third round of the CMDC and has now been successfully deployed at sea.

Chris Courtney, CEO, National Manufacturing Institute Scotland said:

Clean maritime is a vital part of a wider mission to decarbonise transport. Advanced manufacturing is critical to enable companies to scale up novel solutions that deliver emissions reductions and allow the creation of new jobs in these industries of the future.

We’ve spent the past 2 years working on the CMDC-funded MariLight projects, led by Glasgow-based Malin Marine Consultants, part of the Malin Group, supported by industry partners, where we demonstrated how advanced manufacturing can cut lead times, lower carbon, and enable localised production in shipbuilding. It’s great to see continued momentum through the programme, and we look forward to supporting Smart Green Shipping’s journey as it scales.

Diane Gilpin, Smart Green Shipping (SGS), CEO said:

CMDC3 support enabled SGS, a Scottish based business, to demonstrate the safety and robustness of FastRig, our Cyldebuilt wingsails, and to build out our digital decision-making platform, FastReach, which underpins our unique wind-as-a-service proposition.

Over the last 3 years SGS has invested £7.6 million in R&D, 60% of that in Scotland. We’ve drawn upon engineering design skills in adjacent sectors like renewables and oil and gas, and digital expertise created in Scotland’s vibrant tech community. We are also working alongside the National Manufacturing Institute of Scotland to design circular manufacturing solutions to reduce embedded emissions and minimise use of precious materials while creating good green jobs as part of a sustainable just transition.

The minister will meet with Peel Ports and local workers at Clydeport’s King George V Docks. Delivering £3 million of investment to support the growing demand for handling huge wind turbine components for the renewable energy sector, Clydeport is keeping Glasgow’s shipbuilding heritage and manufacturing expertise alive, equipping it to meet the modern-day needs of the sector.

Jim McSporran, Port Director at Peel Ports Clydeport, said:

We’re proud to welcome the Maritime Minister to Peel Ports Clydeport today and showcase how our facilities continue to create opportunities for investment, jobs and skills that will benefit the people and businesses of Scotland.

Our recent £3 million investment in road infrastructure at King George V Dock to accommodate growing demand for handling wind turbine components, and our ongoing transformative work at Hunterston PARC in Ayrshire to support the renewables sector, demonstrate our commitment to decarbonising supply chains and enabling the transition to a greener economy.

It’s fantastic to see government and industry working together to back innovation and today’s visit reinforces how Glasgow’s maritime legacy is helping to drive the UK’s clean energy future.

Mike Biddle, Executive Director, Net Zero at Innovate UK, said:

Congratulations to the awarded projects from Round 6 of the Clean Maritime Demonstrator Competition – a great opportunity for UK innovators to take part in a world-renowned maritime transport R&D grant funding programme. Innovate UK looks forward to working with partners to support these projects focused on the ever-more prevalent issue of decarbonisation with emphasis on a range of physical, digital, system and skills-based innovation.

Building on its commitment to clean up shipping and deliver on the UK’s climate ambitions, UK SHORE is also delivering £3.85 million to the Clean Maritime Research Hub. Formed from a consortium of 13 universities across the UK, dedicated to conducting scientific research in clean maritime, the funding will enable the hub to continue its important research, and support the installation of a liquid hydrogen facility at Durham University. The centre will develop the maritime sector’s understanding of the potential impact of liquid hydrogen – which is emission free – in the clean maritime transition.

Maritime media enquiries

Media enquiries 0300 7777 878

Switchboard 0300 330 3000

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Published 24 July 2025
MIL OSI United Kingdom –
July 24, 2025
MIL-OSI United Kingdom: Historic trade deal signed with India to deliver £50 million boost to Northern Ireland
Source: United Kingdom – Government Statements

Press release

Historic trade deal signed with India to deliver £50 million boost to Northern Ireland

New analysis published today [Thursday 24 July] shows the landmark agreement will deliver a £50m boost to the local economy
NEW figures show trade deal with India will deliver £50 million for Northern Ireland’s economy as part of the Plan for Change

Advanced manufacturing and engineering, whiskey producers and services and technology sectors set to benefit from growth following a reduction or near elimination of tariffs

Comes as Prime Minister and Trade Secretary welcome Prime Minister Modi and Commerce Minister to UK for signing of most comprehensive deal India has ever agreed

Businesses and workers in Northern Ireland are set to benefit from the UK’s trade deal with India, as new analysis published today [Thursday 24 July] shows the landmark agreement will deliver a £50m boost to the local economy as part of the Plan for Change.

The Prime Minister will meet his counterpart Narendra Modi this morning for the trade deal signing as Business and Trade Secretary Jonathan Reynolds and Commerce Minister Piyush Goyal put pen to paper on the landmark agreement. It comes as a series of investment and export wins have been confirmed by UK and Indian businesses, representing an overall boost of nearly £6 billion and creating over 2,200 jobs.

India is a growing market for Northern Ireland businesses, 143 of which exported a total of £65 million in goods there last year– this could grow even more thanks to lower tariffs, fewer barriers to trade, and easier customs.

Advanced manufacturing and engineering – which represent approximately 30 per cent of employment in Northern Ireland – will benefit from removal or reduction of tariffs.

Northern Ireland’s medical technology sector will benefit from tariffs on a range of medical devices, between 8.25% to 13.75% being eliminated or halved within ten years.

Duties on Irish whiskey will immediately fall from 150% to 75%, dropping further to 40% over ten years. Producers will also be able to use Irish barley or neutral grain spirit and bottle products in transit to India, maximising capability to capitalise on tariff reductions.

Secretary of State for Northern Ireland, Hilary Benn, said:

This is a landmark deal that will bring real benefits for businesses and workers in Northern Ireland.

Northern Ireland’s advanced manufacturing, engineering, and medical technology sectors will see tariffs eliminated or significantly reduced, while Irish whiskey producers will benefit from substantial cuts in duties allowing for increased trade with India.

This agreement will help further unlock the huge potential for growth across Northern Ireland, including its thriving services and technology sectors.

Business and Trade Secretary Jonathan Reynolds said:

The millions brought to Northern Ireland each year from the deal we’ve signed with India today will be keenly felt across local communities, whether that’s higher wages for workers, more choice for shoppers, or increased overseas sales for businesses.

This government is proving time and again that we can deliver on our mission to grow the economy, put more money in pockets and boost living standards under our Plan for Change.

Philip McKee, Sales Manager at Biopanda, a Belfast-based medtech manufacturer which exports in vitro test kits for clinical laboratories, veterinary practice, and food safety laboratories, said:

Biopanda have been supplying a range of diagnostic products to the Indian market throughout the past ten years. We value the business we have done already throughout India and with the introduction of the UK-India FTA this should benefit in increased trade with the removal of export barriers.

This will hopefully increase the market access, allowing our distributors throughout India to provide a larger range of our highly accurate clinical diagnostic products at a lower price to the consumer.

Workers in Northern Ireland will enjoy an uplift in pay as UK wages grow by a total £2.2 billion each year, and could also see cheaper prices and more choice on clothes, shoes, and food products. The UK already imports £11 billion in goods from India but liberalised tariffs on Indian goods will make it easier and cheaper to buy their best products.

For businesses in Northern Ireland this could mean potential savings when importing components and materials used in areas such as advanced manufacturing or luxury and consumer goods.

India’s trade weighted average tariff will drop from 15% to 3% which means Northern Ireland companies selling products to India from whiskey, and soft drinks to cosmetics and medical devices will find it easier to sell to the Indian market. It gives the UK an advantage over international competitors in reaching the Indian market, forecast to have over a quarter of a billion high income consumers by 2050.

Aligned with the UK’s recent Industrial and Trade Strategies, the deal will support the sectors which drive the most growth for the economy. In Northern Ireland, sectors such as agriculture and food, advanced manufacturing and engineering, and the services and technology sectors are expected to benefit substantially.

Notes to editor

The government will prepare for the trade agreement to be ratified by Parliament so businesses can begin to use it.

For more information on the Double Contribution Convention, please see the policy explainer attached.

Headline economic estimates of the impact of the FTA along with the methodology were previously set out in the technical notes for the preliminary estimates. The full detailed impact assessment, using the same methodology, will be published shortly.

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Published 24 July 2025
MIL OSI United Kingdom –
July 24, 2025
MIL-OSI: Subsea7 and Saipem announce signing of the Merger Agreement
Source: GlobeNewswire (MIL-OSI)

NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES, OR IN ANY OTHER JURISDICTION IN WHICH SUCH DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW

Transaction structure and terms confirmed in line with Memorandum of Understanding

Creating a global leader in energy services

Milan, Luxembourg, 24 July 2025 – Saipem and Subsea7 announce that they have entered into a binding merger agreement, on terms and conditions in line with what previously communicated at the time of the signing of the Memorandum of Understanding on 23 February 2025. The merger of Saipem and Subsea7 will create a global leader in energy services.

Highlights
- The company resulting from the merger¹ between Saipem and Subsea7 (the “Proposed Combination”) will be renamed Saipem7 (“Saipem7”), will have revenue of approx. €21 billion², EBITDA in excess of €2 billion³, will generate more than €800 million of Free Cash Flow⁴ and will have a combined backlog of €43 billion⁵
- The highly complementary geographical footprints, competencies and capabilities, vessel fleets and technologies will benefit Saipem7’s global portfolio of clients
- The diversification of the geographical footprint of Saipem and Subsea7 is reflected in the combined backlog, with no single country contributing more than 15% of total⁶
- On completion, Saipem and Subsea7 shareholders will own 50% each of the share capital of Saipem7
- Subsea7 shareholders participating to the Proposed Combination will receive 6.688 new Saipem shares for each Subsea7 share held
- Subsea7 will distribute an extraordinary dividend to its shareholders for an amount equal to €450 million immediately prior to completion of the Proposed Combination
- Annual synergies expected to be approximately €300 million on a run-rate basis, which will lead to material value creation for the shareholders of Saipem7
- Saipem7 will remain incorporated in Italy and headquartered in Milan, and will have its shares listed on both the Milan and Oslo stock exchanges
- Siem Industries, reference shareholder of Subsea7, and Eni and CDP Equity, reference shareholders of Saipem, have committed to vote in favour of the Proposed Combination
- Completion of the Proposed Combination anticipated to occur in the second half of 2026
The management of both Saipem and Subsea7 confirm the compelling strategic rationale in creating a global leader in energy services, particularly considering the growing size of clients’ projects. The parties believe the Proposed Combination will enhance value for all shareholders and stakeholders, both in the current market and in the long term.

Eni, CDP Equity and Siem Industries fully support the Proposed Combination and have signed a Shareholders’ Agreement confirming the undertaking to vote in favour of the Proposed Combination. As part of this, to ensure a balanced leadership and governance structure, Saipem7’s CEO will be designated by Eni and CDP Equity and Saipem7’s Chairman of the Board of Directors will be designated by Siem Industries.

It is currently envisaged that, upon completion of the Proposed Combination, Mr Kristian Siem will be appointed as Chairman of the Board of Directors of Saipem7⁷ and Mr Alessandro Puliti will be appointed as CEO of Saipem7⁸. In addition, Mr Alessandro Puliti and Mr John Evans will be appointed respectively as the Chairman and CEO of the company that will manage the Offshore Engineering & Construction business of Saipem7. Such company will be named Subsea7, branded as “Subsea7, a Saipem7 Company”, and will comprise all of Subsea7’s businesses and Saipem’s Asset Based Services business (including Offshore Wind).

The by-laws of Saipem7 are expected to provide for loyalty shares (double votes), which will be available, upon request, to all shareholders of Saipem7.

Strategic rationale of the Proposed Combination

The Proposed Combination will be beneficial to the clients of both Saipem and Subsea7, bringing together the respective strengths of both companies:
- Global reach and comprehensive solutions for clients: global operations and projects in more than 60 countries and a highly complementary footprint between the two companies. A full spectrum of offshore and onshore services, from drilling, engineering and construction to life-of-field services and decommissioning, with an increased ability to optimise project scheduling for clients in oil, gas, carbon capture and renewable energy
- Diversified and complementary fleet: an expanded and diversified fleet of more than 60 construction vessels enhancing Saipem7’s ability to undertake a wide range of projects, from shallow water to ultra-deepwater operations, utilising a full portfolio of heavy lift, high-end J-lay, S-lay and reel-lay rigid pipeline solutions, flexible pipe and umbilical lay services, as well as market-leading wind turbine, foundations and cable lay installation capabilities
- World-class expertise and experience: a specialised, global workforce of approximately 44,000 people, including more than 9,000 engineers and project managers contributing to delivering solutions that unlock value for clients
- Innovation and technology: the combined expertise to foster innovation in offshore technologies, ensuring cutting-edge solutions for complex projects
The transaction is expected to create significant shareholder value through:
- Synergies: annual cost and capital expenditure synergies expected to be approximately €300 million from the third year after completion of the Proposed Combination, driven by fleet optimisation (utilisation and geographical positioning of vessels and equipment), procurement (longer charter periods for leased vessels and improved terms with suppliers), sales and marketing (tendering rationalisation), and process efficiencies
- More efficient capital expenditure programme: optimised allocation of capital across a broader, complementary vessel fleet
- Attractive shareholder remuneration policy: Saipem7 is expected to distribute annually to its shareholders at least 40% of its Free Cash Flow after repayment of lease liabilities
- Enhanced capital structure: a solid balance sheet expected to support an investment grade credit rating
- Greater scale in both equity and debt capital markets: access to a wider investor base and to more diversified sources of capital
Transaction structure, ownership and terms
- Saipem7 will be created through an EU cross-border statutory merger, carried out by way of absorption of Subsea7 into Saipem, with the latter to be renamed Saipem7
- Saipem7 will remain incorporated in Italy and headquartered in Milan, and will have its shares listed on both the Milan and Oslo stock exchanges
- Siem Industries (currently the largest shareholder of Subsea7) will own approximately 11.8% of Saipem7’s share capital, while Eni and CDP Equity (currently the largest shareholders of Saipem) will respectively own approximately 10.6% and 6.4% of Saipem7’s share capital
- Subsea7 shareholders participating to the Proposed Combination will receive 6.688 new Saipem shares for each Subsea7 share held
- Assuming all Subsea7 shareholders participate in the merger, the share capital of Saipem7 will be held 50-50% by the current shareholders of Saipem and Subsea7 on completion
- Immediately prior to completion of the Proposed Combination, Subsea7 shareholders will receive an extraordinary cash dividend of €450 million⁹
- Shareholders of Subsea7 who vote against the approval of the Proposed Combination at the Subsea7 Extraordinary General Meeting will have the right to dispose of their shares in Subsea7 for an adequate cash compensation under the conditions set out under Luxembourg company law.¹⁰ The formula that will be used to determine the cash compensation will be made available on Subsea7’s website and the amount of the cash compensation determined on the basis of such formula will be announced in advance of Subsea7’s Extraordinary General Meeting
Key activities performed since the execution of the Memorandum of Understanding
- Satisfactory confirmatory due diligence completed, and transaction terms finalised in line with those initially agreed at the time of the signing of the Memorandum of Understanding
- Annual cost and capital expenditure synergies confirmed and expected to be equal to approximately €300 million from the third year after completion of the Proposed Combination
- No material findings in the analysis of Saipem and Subsea7 business plans in terms of projects overlap, thus further underpinning the value creation deriving from the Proposed Combination
- Completed the preliminary antitrust analysis with the support of specialised advisors. Currently in the process of submitting the relevant documentation for the consideration of the Proposed Combination to the applicable antitrust authorities
- Confirmation of capital allocation framework, including shareholders’ remuneration policy and target of achieving and maintaining investment grade credit rating
- Identified the key members of the management team of Saipem7 and Subsea7 following completion of the Proposed Combination
- Agreement on the governance principles applicable to Saipem7 and Subsea7 following completion of the Proposed Combination
Organisational structure of Saipem7
- Saipem7 will be structured as four businesses: Offshore Engineering & Construction, Onshore Engineering & Construction, Sustainable Infrastructures and Drilling Offshore
- The Offshore Engineering & Construction business will be contained within an operationally autonomous company, fully owned by Saipem7, named Subsea7, branded as “Subsea7, a Saipem7 Company”, and will comprise all Subsea7’s businesses and the Asset Based Services business of Saipem (including Offshore Wind). The company will represent approximately 84% of the combined group’s EBITDA for the last 12 months as of 31 December 2024
- Subsea7 shall be incorporated in the UK and headquartered in London. After completion of the Proposed Combination, Subsea7 will be governed by a Board of Directors comprising seven members, including Mr Alessandro Puliti as Chairman, Mr John Evans as CEO, Mr Kristian Siem and other four independent directors
Pre-completion distributions to shareholders
- Each of Saipem and Subsea7 will distribute cash dividends of $350 million during the course of 2025, such dividends having already been approved by their respective shareholders’ meetings in May 2025 and having already been partially distributed
- If the Proposed Combination is not completed before the approval of the full year 2025 results of Saipem and Subsea7 (expected in the second quarter of 2026 for both Saipem and Subsea7), each of Saipem and Subsea7 will (subject to their respective 2025 results meeting certain agreed financial targets) be entitled to distribute cash dividends to their respective shareholders of at least $300 million¹¹^,12^{, 13}, to be paid in Q2 2026
- In connection with a permitted business divestment currently ongoing, Subsea7 will also distribute a cash dividend equal to €105 million¹⁴ to its shareholders prior to completion of the Proposed Combination
Shareholders’ Agreement

The Shareholders’ Agreement signed between Siem Industries, Eni and CDP Equity provides for, inter alia, an irrevocable undertaking to vote in favour of the Proposed Combination (subject to receipt of the required Italian government approval), a three-year shareholder lock-up and the submission of a joint slate for the appointment of the majority of the members of the board of directors of Saipem7.

Timing, conditions precedent, approvals and other matters

Completion of the Proposed Combination will be subject to customary conditions precedent for a transaction of this nature, including, inter alia, the approval of antitrust, other public and regulatory authorities’ (e.g. the required Italian Government approval), as well as approval by the shareholders of both Saipem and Subsea7 at their respective Extraordinary General Meetings. In the case of Saipem this will be subject to reaching also the so-called “whitewash majorities” for purposes of the mandatory takeover bid exemption¹⁵. Both Saipem’s and Subsea7’s Extraordinary General Meetings will take place on 25 September 2025.

Completion is currently anticipated to occur in the second half of 2026.

The completion of the Proposed Combination will result in a “Change of Control,” as defined in the terms and conditions of the convertible bond issued by Saipem and denominated “€500,000,000 Senior Unsecured Guaranteed Equity Linked Bonds due 2029”.

Documentation

In connection with the Proposed Combination, the following documents, among others, will be made available:
- The notice of call of each of Saipem and Subsea7’s Extraordinary General Meetings
- The common merger plan approved by the Boards of Directors of each of Saipem and Subsea7 (the “Common Merger Plan”), along with the consolidated financial statements of Saipem and Subsea7 for the last three financial years and the merger related interim financial statements of Saipem and Subsea7 as of 30 June 2025
- The reports of the Board of Directors of each of Saipem and Subsea7 describing the Proposed Combination
- The independent expert reports prepared for each of Saipem and Subsea7 in connection with the Proposed Combination
These documents will be available at the companies’ registered seats and published on each party’s website. Where required under applicable laws and regulations, these documents will be disclosed also through the authorised storage mechanism (SDIR) for Saipem and through an officially appointed mechanism (OAM) for Subsea7.

The Common Merger Plan will also be filed with the Companies’ Register of Milan Monza Brianza Lodi, and the Luxembourg Trade and Companies Register, and will also be published in the Recueil Electronique des Sociétés et Associations in Luxembourg (the Luxembourg legal gazette for company announcements) (RESA)¹⁶.

Advisors

Goldman Sachs Bank Europe SE, Succursale Italia is acting as lead financial advisor to Saipem, and Deutsche Bank AG, Milan Branch as financial advisor to Saipem. Clifford Chance LLP is serving as global legal counsel to Saipem (including as to matters of Italian, English, US and Luxembourg Law), while Advokatfirmaet Thommessen AS is serving as legal counsel to Saipem as to matters of Norwegian law.

Kirk Lovegrove & Company Limited is acting as lead financial advisor and Deloitte LLP is acting as financial advisor to Subsea7. Freshfields LLP is serving as global legal counsel to Subsea7 (including as to matters of Italian, US and English Law), while Elvinger Hoss Prussen société anonyme and Advokatfirmaet Wiersholm AS are serving as legal counsel to Subsea7 as to matters of Luxembourg and Norwegian law, respectively.

Enquiries

Saipem is a global leader in the engineering and construction of major projects for the energy and infrastructure sectors, both offshore and onshore. Saipem is “One Company” organized into business lines: Asset Based Services, Drilling, Energy Carriers, Offshore Wind, Sustainable Infrastructures, Robotics & Industrialised Solutions. The company has 5 fabrication yards and an offshore fleet of 17 owned construction vessels and 13 drilling rigs, of which 9 owned. Always oriented towards technological innovation, the company’s purpose is “Engineering for a sustainable future”. As such Saipem is committed to supporting its clients on the energy transition pathway towards Net Zero, with increasingly digital means, technologies and processes geared for environmental sustainability. Listed on the Milan Stock Exchange, it is present in more than 50 countries around the world and employs about 30,000 people of over 130 nationalities.

Subsea7 is a global leader in the delivery of offshore projects and services for the energy industry. Subsea7 makes offshore energy transition possible through the continuous evolution of lower-carbon oil and gas and by enabling the growth of renewables and emerging energies.

No Offer or Solicitation

This document is not an offer of merger consideration shares in the United States. Neither the merger consideration shares nor any other securities have been or will be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and neither the merger considerations shares nor any other securities may be offered, sold or delivered within or into the United States, except pursuant to a registration statement filed pursuant to the Securities Act or an applicable exemption from registration or in a transaction otherwise not subject to the Securities Act. This document must not be forwarded, distributed or sent, directly or indirectly, in whole or in part, in or into the United States. This document does not constitute an offer of or an invitation by or on behalf of, Saipem or Subsea7, or any other person, to purchase any securities.

Forward-looking Statements

This document contains forward-looking information and statements about Saipem and Subsea7 and their combined business after completion of the proposed merger of Saipem and Subsea 7 (the “Proposed Combination“). Forward-looking statements are statements that are not historical facts. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance, Free Cash Flow, EBITDA, dividends, and credit ratings. Forward-looking statements are generally identified by the words “expects,” “anticipates,” “believes,” “intends,” “estimates” and similar expressions. Although the managements of Saipem and Subsea7 believe that the respective expectations reflected in such forward-looking statements are reasonable, investors and holders of Saipem and Subsea7 shares are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Saipem and Subsea7, respectively, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Except as required by applicable law, neither Saipem nor Subsea7 undertake any obligation to update any forward-looking information or statements.

This document includes estimates relating to the synergies expected to arise from the merger and the combination of the business operations of Saipem and Subsea7, as well as related integration costs, which have been prepared by Saipem and Subsea7 and are based on a number of assumptions and judgments. Such estimates present the expected future impact of the merger and the combination of the business operations of Saipem and Subsea7 on Saipem7’s business, financial condition and results of operations. The assumptions relating to the estimated synergies and related integration costs are inherently uncertain and are subject to a wide variety of significant business, economic, and competitive risks and uncertainties that could cause the actual synergies from the merger and the combination of the business operations of Saipem and Subsea7, if any, and related integration costs to differ materially from the estimates in this document. Further, there can be no certainty that the merger will be completed in the manner and timeframe described in this document, or at all.

Use of Non-IFRS Financial Measures

This announcement includes certain non-IFRS financial measures with respect to Saipem and Subsea7, including EBITDA and Free Cash Flow. These unaudited non-IFRS financial measures should be considered in addition to, and not as a substitute for, measures of Saipem’s and Subsea7’s financial performance prepared in accordance with IFRS. In addition, these measures may be defined differently than similar terms used by other companies.

Presentation of Financial Information

This document includes financial data regarding Saipem and Subsea7 and the combination of Saipem and Subsea7. Any Saipem7 financial data presented herein is presented for informational purposes only and is not intended to represent or be indicative of the actual consolidated results of operations or financial position of the combined entity and should not be taken as representative of the combined entity’s future consolidated results of operations or financial position had the Proposed Combination occurred as of such date. These estimates are based on financial information available at the time of the preparation of this document.

¹ Merger by way of absorption of Subsea7 into Saipem
² Combined Revenue for Saipem and Subsea7 as per last 12 months as of 31 December 2024
³ Combined EBITDA for Saipem and Subsea7 as per last 12 months as of 31 December 2024
⁴ Combined Free Cash Flow post repayment of lease liabilities for Saipem and Subsea7 as per last 12 months as of 31 December 2024
⁵ Combined backlog for Saipem and Subsea7 as of 31 March 2025
⁶ Combined backlog for Saipem and Subsea7 as of 31 March 2025
⁷ Subject to approval by the Shareholders’ Meeting and the Board of Directors of Saipem7
⁸ Subject to approval by the Shareholders’ Meeting and the Board of Directors of Saipem7
⁹ Subject to approval by the Subsea7 Shareholders’ Meeting
¹⁰ Such withdrawal right may only be exercised in respect of (a) Subsea7 shares registered in the securities account of the relevant shareholder with such shareholder’s financial intermediary on the date of publication of the Common Merger Plan on the Recueil Electronique des Sociétés et Associations – RESA (the Luxembourg legal gazette for company announcements) and (b) Subsea7 shares acquired after such date through inheritance or bequest. Further details will be specified in the convening notice to the Subsea7 Extraordinary General Meeting
¹¹ Subject to approval by the Shareholders’ Meeting and the Board of Directors
¹² The dividend paid by Saipem will be qualified as ordinary in nature
¹³ Saipem and Subsea7 will be entitled to distribute a reduced pro-rated amount should their respective financial results not meet the relevant financial targets, as detailed in the Common Merger Plan
¹⁴ Subject to approval by the Subsea7 Shareholders’ Meeting
¹⁵ Pursuant to Art. 49, paragraph 1, letter g) of Consob Regulation 11971/99
¹⁶ Subsea7 intends to file the Common Merger Plan with the Registre de Commerce et des Sociétés, Luxembourg (the Luxembourg Trade and Companies Register) for publication on the RESA no later than the second Oslo Børs trading day after the date of this announcement

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 24 July 2025 at 00:40 CET.

Attachment
- Merger Agreement Saipem and Subsea7 24 July 2025
The MIL Network –
July 24, 2025
MIL-OSI United Kingdom: expert reaction to two papers assessing off-the-shelf health tests sold in UK shops

Source: United Kingdom – Executive Government & Departments

July 23, 2025

A study published in The BMJ assesses direct-to-consumer self-tests sold in the UK.

Prof Amitava Banerjee, Professor of Clinical Data Science and Honorary Consultant Cardiologist, Institute of Health Informatics, UCL, said:

“Direct-to-consumer, self-tests are increasingly used by people with and without disease for screening and are widely available from high street vendors. In these rigorous, real-world studies led by the University of Birmingham, we see two main findings. First, across 30 self-tests in 19 conditions from infertility and menopause to raised cholesterol and anaemia, there is a not enough information for consumers to judge when and why to do the test, and how to interpret or how to act on the results. Second, the evidence and the support from clinical guidelines to use these tests is often lacking, suggesting that regulatory oversight needs to be improved.

“Sometimes people use self-tests because they “feel it is better to know” and they are trying to inform their health and healthcare decisions. This research shows that these self-tests are often not providing relevant knowledge or information and they are not informing decisions in the right way. Therefore, all stakeholders need to consider the quality of self-tests and information available to members of the public or health professionals before recommending their use, whether in the health and wellness space or in diagnosis, treatment and prevention of disease.”

Rachel Richardson, Acting Head of Methods Support, Evidence Production and Methods Directorate, The Cochrane Collaboration, said:

“This well-conducted research shines a welcome light on an area of healthcare which appears to be inadequately regulated.”

Prof Kevin McConway, Emeritus Professor of Applied Statistics, The Open University, said:

“I think the findings of these new studies on self-tests for health conditions, available (at a cost) in supermarkets, high street chemists and online, are scary and concerning. I don’t doubt the findings of the researchers, that many of the available tests don’t make it clear who could make good use of them, how accurate the results might be, or what someone should do in the light of their results.

“These are good studies in my view. The researchers do list some limitations in the discussion sections of the papers, in particular that their samples of tests were obtained two years ago and were not specifically intended to be a sample of what was available across the country, but given what they do say about where they got the tests, I’d be surprised if they aren’t pretty much the same anywhere nowadays. Also, the researchers didn’t check with representatives of the public whether the instructions were as unhelpful to understanding as they believe they were, but I don’t think this affects their conclusions.

“I’m certainly not saying that tests like this should be banned, or even radically discouraged. The authors of these research papers aren’t saying that either. Experience during the heights of the Covid pandemic showed how useful home testing could be, particularly when access to other information about one’s health might not be easily available (as can still be the case at some GP practices, for instance). And, generally as a default position, I don’t like telling people they can’t do something that they want to do – though only in the light of clear, transparent and easily available information on the pros and cons, and in the presence of adequate regulation. These studies make it clear that users of many self-tests aren’t given easy access to relevant information, and that the regulation isn’t appropriate at present.

“I’ll just mention one particular aspect, because it’s one that I have studied and written about myself. This is about why the findings are important, not about the quality of the research. No diagnostic or screening test for a health condition can be 100% accurate. There will inevitably be false positives – people with a positive test result for the condition who actually don’t have the condition – and false negatives – people with a negative test result for a condition who actually do have the condition. These are aspects of accuracy, though discussions of that word don’t always make it clear enough that there are two different ways in which a test result can be wrong.

“You probably recall some of the interest and media discussion about these things in relation to Covid testing. Not all of the discussion was logical or well argued, but it clearly and correctly drew attention to the fact that test results can be wrong sometimes.

“Fewer than half of the self-tests examined by the researchers gave any information at all on the box about accuracy of the results. Even when they did give information about accuracy on the box or in the instructions inside, the information was sometimes itself not accurate, or was based on the results of laboratory studies under careful conditions, not on findings on use of the tests by people who are not health professionals.

“But even if all the tests had given information about accuracy, and all that information was reliable, there can still be problems. I’ll describe how.

“Because there are two kinds of wrong results from tests – false positives and false negatives – we need to look at two aspects of the chance of making an error. One common way of doing this, that was used in some of the self-test instructions, is as follows. Findings from the development and use of the test can estimate the probability that someone, who is known to have the health condition in question, will have a true positive test result rather than a false negative result. (In the jargon, that probability is called the test sensitivity – but trust me, knowing the jargon doesn’t help understanding.) Another finding from test development and use is an estimate of the chance that a person, who is known not to have the condition on question, will have a true negative test result rather than a false positive result. (That’s called the test specificity.)

“The trouble is that these two probabilities are the probability of the person having a positive or a negative test result, in the position where we know whether they really have the health condition. But you don’t do these tests if you know already whether you have the health condition. So these probabilities are the wrong way round. What people (and health professionals) want to know is, for example, if we know someone has a positive test result, what’s the chance that they really have the health condition that is being tested for. Or, if we know someone has a negative test result, what’s the chance that they really don’t have the health condition? (There are jargon names for those too – the positive predictive value and the negative predictive value, but again I don’t think those names help much, as there’s too much risk of confusion.) And I’m sure that’s the kind of thing someone would want to know if they buy a self-test and see what result it gives for them.

“However, the first lot of probabilities, the sensitivity and specificity, are different from the second lot, the predictive values. If I tell you that the chance that a person, known already to have the health condition, will have positive test result is 98%, that doesn’t tell you what the chance is that a person, who has a positive test result, actually has the health condition. That second probability is almost certainly not 98%, and in many circumstances it would be very much less than 98%. To get from one set of probabilities to the other, you would need more information, such as how likely it is that the person has the condition if we don’t yet know the test result.

“Just to rub in that these two probabilities aren’t the same, consider the following silly story. You find a man in the street in London. You happen to know he is the Pope. What’s the chance that he is a Roman Catholic? Obviously, 100%. But now suppose the thing you know ,and the thing you want to know the chance of, are the other way round. You know, somehow, that a different man in the London street is a Roman Catholic. What’s the chance that he is the Pope? Well, very much less than 100%. It matters, a lot, which thing you already know and which thing you want the probability for.

“So, in testing you get different probabilities if you know whether the person being tested has the health conditions, and want the probability that the test will be positive, from if you know what the person’s test result is, and want the probability that they have the health condition. And only one of these probabilities – the second one – tells you what a test result is really saying about the chance of having the health condition.

“There has been a lot of research in the past on how people, including health professionals and also non-professionals that might buy one of these self-tests, understand the findings, when they are given some information about the probabilities. Several studies, for instance, found that many doctors and health professionals weren’t using the information on probabilities when the person’s health status is already known (the sensitivity and specificity) properly in trying to answer the question of how likely it is that someone, with a positive test result, actually has the health condition. And if doctors might not be getting it right, how could a non-expert be expected to interpret their own test results properly?

“The position on that maybe isn’t as grim as it sounds, though. Other research has indicated that there are ways of getting the information across so that it’s useable by non-experts. That has been done by several groups, including the Winton Centre for Risk and Evidence Communication in Cambridge (which has now closed, though its findings are still available), groups led by the psychologist Gerd Gigerenzer in Berlin, and many others. Somehow, those communication findings need to be incorporated, as well as they can be, in the instructions for these tests. But that will require more and better regulation.

“Also, some doctors in primary health, including Jessica Watson and Margaret McCartney, who wrote the editorial accompanying these two new research papers in the BMJ, have worked on ways of helping people to understand test results – though you’d need to ask them how much of their findings could transfer easily to something that could be written clearly in test instructions rather than used in direct communication between health professionals and patients.”

Paper 1: ‘Direct-to-consumer self-tests sold in the UK in 2023: cross sectional review of information on intended use, instructions for use, and post-test decision making’ by Clare Davenport et al. was published in the BMJ at 23:30 UK time on Wednesday 23 July 2025.

DOI: 10.1136/bmj-2025-085546

Paper 2: ‘Direct-to-consumer self-tests sold in the UK in 2023: cross sectional review of regulation and evidence of performance’ by Bethany Hillier et al. was published in the BMJ at 23:30 UK time on Wednesday 23 July 2025.

DOI: 10.1136/bmj-2025-085547

Declared interests

Prof Amitava Banerjee: “AB declares no relevant conflicts of interest.”

Prof Kevin McConway: “I have no conflicts of interest to declare.”

Rachel Richardson: “I have no interests to declare.”

This Roundup was accompanied by an SMC Briefing.

MIL OSI United Kingdom –

July 24, 2025
MIL-OSI United Kingdom: Papers assessing off-the-shelf health tests sold in UK shops

Source: United Kingdom – Executive Government & Departments

July 23, 2025

Scientists from the University of Birmingham have reviewed a number of direct-to-consumer health tests that are available for members of the public to buy from supermarkets, pharmacies and shops in the UK, such as tests for vitamin deficiency, blood cholesterol and the menopause.

The scientists assessed the evidence available for the basis of levels of accuracy, sensitivity and specificity that the tests reported. They also looked at how useable the tests were in terms of equipment, instructions and interpretation of the results.

They published their findings in two papers in the BMJ.

Journalists came to this briefing to hear some of the authors of the papers discuss their findings, and to ask their questions.

Speakers included:

Prof Jon Deeks, Professor of Biostatistics and head of the Biostatistics, Evidence Synthesis and Test Evaluation Research Group, University of Birmingham

Dr Clare Davenport, Clinical Associate Professor, University of Birmingham (joining online)

Prof Alex Richter, Professor of Clinical Immunology and Director of the Clinical Immunology Services, University of Birmingham

Bethany Hillier, Medical Statistician, University of Birmingham

This Briefing was accompanied by an SMC Roundup of comments.

MIL OSI United Kingdom –

July 24, 2025
MIL-OSI United Kingdom: expert reaction to systematic review and meta-analysis of daily step count and risk of chronic diseases, cognitive decline and death

Source: United Kingdom – Executive Government & Departments

July 23, 2025

A systematic review and meta analysis published in The Lancet Public Health looks at daily steps and health outcomes in adults.

Prof Steven Harridge, Professor of Human & Applied Physiology at the Centre for Ageing Resilience in a Changing Environment (CARICE) at King’s College London, said:

“This is a systematic review of a large number of studies looking at the relationship between increasing step count and multiple health outcomes – as opposed to just all-cause mortality.

“The paper shows clear effects of increasing physical activity (through increasing step count) on reducing disease risk. There has been debate about the amount of activity an individual should be doing with 10,000 steps as a generalised target, not well evidenced. This paper shows that 7,000 steps is sufficient for reducing the risk for most diseases covered, and 10 000 steps does not confer much additional benefit. But further risk reduction might be possible for some diseases.

“Simply put, the paper supports bodies of evidence that increasing levels of physical activity are associated with positive health outcomes. Importantly, increasing to 10,000 streps seems to confer no negative effects!

“Studies of this kind are helpful in the large number of studies and participants combined into the analysis but it lacks mechanistic insight as to how these benefits arise. The likelihood is that increasing step count increases cardiorespiratory fitness, well known to be positively associated with better health and all-cause mortality outcomes.

“There is also another interpretation of these data. Humans are designed to be physically active (our evolutionary heritage as hunter gatherers), so the question could be posed the other way. Let’s say the default is to walk 10,000 or 7,000 steps, what are the negative health outcomes that might be expected of going below this level? Clearly, they are not good. Thus is all depends on the perspective of what should be considered “normal”.

“Whilst step count is a very basic measure of activity (e.g.it does not capture intensity), this study adds to the body of knowledge that shows physical activity is vitally important for health and anything that encourages people to be more active is a good thing for both physical and mental health. This is in the context of most people not adhering to the guidelines for physical activity as set out by the Chief Medical Officer.”



Dr Andrew Scott, Senior Lecturer in Clinical Exercise Physiology, University of Portsmouth, University of Portsmouth, said:

“The press release gives an accurate account of the study. The article is written by an excellent author team, leading to a coherent article summarising the evidence of daily step count and various health outcomes.

“There’s been little research on steps per day, with most research focussing on characterising the exercise in frequency per week, time per day and intensity per minute of exercise. This research does fit the usual narrative of a logarithmic dose-response to exercise of a range of health conditions. This is not surprising; a dose-response is evident in many relationships between interventions/activities and health outcomes, including medications. This dose (amount of intervention) to outcome (health benefit) determines the dose required of particular medications to improve a particular health condition. In this case this information can be used to indicate the number of steps per day should be performed to reduce the risk of developing a health condition by a particular percentage. In most cases the 10,000 steps per day will still be better than 7,000 steps, just by decreasing margins of health benefit return.

“More important than the exact number of steps, it demonstrates that overall more is always better and people should not focus too much on the numbers, particularly on days where activity is limited. The steps per day is useful when people’s exercise is weight-bearing, however cycling, swimming and rowing are not well-represented by the steps per day model.

“This is a meta-analysis so it is representative of a range of studies, but there is a range of ways to be active for health benefit, beyond just steps per day. The team also analysed the rate or cadence of stepping, where faster rates of stepping per 30 minutes were further associated with health benefits, but not everybody can step at this rate to benefit with. There are other ways of exercise that are beneficial for older people, including balance exercise and higher intensity resistance training that can provide benefits beyond walking or jogging.

“The compelling finding is that whilst such walking does not mitigate cancer incidence there is a decrease in cancer mortality, illustrating that enhanced physical activity levels leading to enhanced physical and psychological fitness enhances the resilience of people to deal with cancer and its associated treatments.

“These findings are important for providing a public health message, where targeted exercise intervention, as opposed to discouraging inactivity is not as prevalent compared to medical intervention. So, while these findings have real world implications, the specific number should not receive too much reverence; it just means that 10,000 steps per day is not the only number to aim for, enhancing achievability.”

Dr Daniel Bailey, Reader – Sedentary Behaviour and Health at Brunel University of London, said:

“The press release does accurately reflect the study, showing that walking 7000 steps per day is associated with significantly lower risk of a number of health outcomes like cardiovascular disease, type 2 diabetes, dementia, depression and falls.

“The researchers assessed the strength of evidence in their review of studies. The strength of evidence was moderate for most of the health outcomes, meaning that we can be confident the findings in this paper are true, but there is a possibility they may not be completely accurate.

“This study adds to existing evidence by showing that the more steps people do, the less their risk of developing different health conditions. The finding that doing 5000-7000 steps per day is an important addition to the literature which helps to debunk the myth that 10,000 steps per day should be the target for optimal health.

“This study suggested that 5000-7000 steps per day can significantly reduce the risk of many health outcomes, but that does not mean you cannot get benefits if you don’t meet this target. The study also found that health risks were reduced with each 1000 extra steps per day, up to a maximum of 12,000 steps per day. So just adding more steps from your starting point can have important benefits for health.

“An important limitation is that many of the findings from this review were based on a small number of studies, meaning that the results may not be accurate for some of the health outcomes measured. Also, the findings cannot be easily applied to people living with a chronic condition as the studies in this reviewer were in generally healthy people.

“The real-world implications are that people can get health benefits just from small increases in physical activity, such as doing an extra 1000 steps per day. To achieve the best reductions in risk, aiming for 5000-7000 per day can be recommended, which will be more achievable for many people than the unofficial target of 10,000 steps that has been around for many years.”

‘Daily steps and health outcomes in adults: a systematic review and dose-response meta-analysis’ by Ding Ding et al. was published in The Lancet Public Health at 23:30 UK time on Wednesday 23^rd July.

DOI: https://doi.org/10.1016/S2468-2667(25)00164-1

Declared interests

Prof Steven Harridge: I am Professor of Human and Applied Physiology at King’s College London, with a research interest in healthy human ageing and have no funding from manufacturers of physical activity monitors.

Dr Andrew Scott: I do not have any conflicts of interest.

Dr Daniel Bailey: No interests

MIL OSI United Kingdom –

July 24, 2025
MIL-OSI USA: Grassley, Fetterman Introduce Bipartisan Bill to Crack Down on Art Market Money Laundering, Terrorist Financing
US Senate News:
Source: United States Senator for Iowa Chuck Grassley

WASHINGTON – Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa) and Sen. John Fetterman (D-Pa.) today introduced the Art Market Integrity Act. The bipartisan legislation would require art dealers and auction houses to comply with existing anti-money laundering and counter-terrorism financing regulations.

“For decades, criminal enterprises have used America’s multibillion-dollar art industry as a personal piggy bank for money laundering schemes, terrorist financing and other nefarious activities. By requiring our nation’s art market to comply with existing anti-money laundering and counter-terrorism financing laws, this bipartisan legislation would keep art, and millions of dollars, out of the wrong hands,” Grassley said.

“Art should be for art-lovers, not terrorists and criminals,” Fetterman said. “For too long, loopholes have allowed Russian criminal kingpins to evade sanctions and terrorists like Hezbollah to funnel money through art deals. I’m grateful to Senators Grassley, Whitehouse, and McCormick for working across the aisle to require art dealers and auction houses to perform basic due diligence. This needs to stop now.”

The Art Market Integrity Act would:
- Require art dealers and auction houses to maintain records and report on high-value art market transactions, exempting artists and businesses with under $50,000 in annual art transactions;
- Align the United States with international standards adopted by the United Kingdom, European Union, Switzerland and China; and
- Protect the United States’ national security, economic integrity and multibillion-dollar art market from criminals, terrorists, cartels and other bad actors.
Grassley and Fetterman are joined by Sens. Dave McCormick (R-Pa.), Sheldon Whitehouse (D-R.I.), Bill Cassidy (R-La.) and Andy Kim (D-N.J.).

Download the full bill text HERE.

Background:

The United States’ art industry is valued at around $25 billion and is the largest of its kind globally. Despite this, our art market is not currently bound by the anti-money laundering and counter-terrorism financing standards set by the Bank Secrecy Act.

In 2024, the Treasury Department identified America’s art market as being particularly susceptible to money laundering and sanctions evasion. High-profile cases have further highlighted the urgent need for art market reform, including the indictment of Hezbollah financier, Nazem Ahmad, who used art to evade terrorism-related sanctions to the tune of $160 million.

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MIL OSI USA News –
July 24, 2025
MIL-OSI United Kingdom: Prime Minister secures thousands of British jobs and £6 billion in investment and export wins as historic trade deal with India signed
Source: United Kingdom – Executive Government & Departments

Press release

Prime Minister secures thousands of British jobs and £6 billion in investment and export wins as historic trade deal with India signed

Today, the Prime Minister will welcome nearly £6 billion in new investment and export wins.
Thousands of jobs created for Brits through new Indian investment and export wins worth almost £6 billion

New figures show that £4.8bn trade deal will unlock economic growth for each region and nation of the UK – delivering on the government’s Plan for Change

UK and India also agree to ramp up joint efforts against organised crime and illegal migration with new framework to tackle trafficking, document fraud and remove barriers to return

Today, the Prime Minister will welcome nearly £6 billion in new investment and export wins, which will create over 2,200 British jobs across the country as Indian firms expand their operations in the UK and British companies secure new business opportunities in India. These deals will drive jobs in high-growth sectors like aerospace, technology and advanced manufacturing – supporting engineers, technicians and supply chain workers, in every corner of the UK.

It comes as the Prime Minister is set to meet the Prime Minister of India, Narendra Modi, today for the signing of the landmark UK-India trade deal. From Coventry to Carlisle, new analysis shows communities across every region of the UK will benefit from its £4.8 billion increase to UK GDP each year.

Thanks to the deal, British workers will enjoy a collective uplift in wages of £2.2 billion each year and could also see cheaper prices and more choice on clothes, shoes, and food products.

The UK already imports £11 billion in goods from India, but liberalised tariffs on Indian goods will make it easier and cheaper to buy their best products. For businesses, this could mean potential savings when importing components and materials used in areas such as advanced manufacturing or luxury and consumer goods.

Prime Minister Keir Starmer said:

Our landmark trade deal with India is a major win for Britain. It will create thousands of British jobs across the UK, unlock new opportunities for businesses and drive growth in every corner of the country, delivering on our Plan for Change.

We’re putting more money in the pockets of hardworking Brits and helping families with the cost of living, and we’re determined to go further and faster to grow the economy and raise living standards across the UK.

India’s average tariff on UK products will drop from 15% to 3% which means British companies selling products to India from soft drinks and cosmetics to cars and medical devices will find it easier to sell to the Indian market.

Whisky producers will benefit from tariffs slashed in half, reduced immediately from 150% to 75% and then dropped even further to 40% over the next ten years – giving the UK an advantage over international competitors in reaching the Indian market.

Business and Trade Secretary Jonathan Reynolds said:

The billions brought to our economy from the trade deal signed today will reach all regions and nations of the UK so working people in every community can feel the benefits.

The almost £6 billion in new investment and export wins announced today will deliver thousands of jobs and shows the strength of our partnership with India as we ensure the UK is the best place in the world to invest and do business.

This government is proving time and again that we can deliver on our mission to grow the economy, put more money in pockets and boost living standards under our Plan for Change.

The two Prime Ministers have also signed a renewed Comprehensive and Strategic Partnership, which will see closer collaboration on defence, education, climate, technology and innovation. This comes exactly one year since the countries signed the landmark UK-India Technology Security Initiative, which sees joint work on telecoms security and unlocking investment across emerging technologies – telecoms, critical minerals, AI, quantum, health/bio tech, advanced materials and semiconductors.

The UK and India have also agreed to strengthen cooperation in tackling corruption, serious fraud, organised crime, and irregular migration through enhanced intelligence sharing and operational collaboration. This includes committing to finalising a groundbreaking new criminal records sharing agreement, facilitating the exchange of criminal records to support criminal proceedings, maintain accurate watchlists and enable the enforcement of travel bans. These measures represent a significant step forward in joint efforts to combat organised immigration crime.

Aligned with the UK’s recent Industrial and Trade Strategies, the deal will support the sectors which drive the most growth for the economy. The UK’s large and varied manufacturing sectors will benefit from tariffs cut on aerospace (as high as 11% reduced to 0%), automotives (up to 110% down to 10% under a quota) and electrical machinery (from up to 22% down to either 0% of a 50% reduction).

A reduction in tariffs, combined with a reduction in regulatory barriers to trade between the UK and India are estimated to:

Increase UK exports to India by nearly 60% in the long run – this is equivalent to an additional £15.7 billion of UK exports to India when applied to projections of future trade in 2040.

Increase bilateral trade by nearly 39% in the long run, equivalent to £25.5 billion a year, when compared to 2040 projected levels of trade in the absence of an agreement

The clean energy industry will have brand new, unprecedented access to India’s vast procurement market as the country makes the switch to renewable energy and continues to see growing energy demand.

For financial and professional business services, locked in access will offer certainty to expand in India’s growing market and measures such as binding India’s foreign investment cap for the insurance sector, ensuring UK financial services companies are treated on an equal footing with domestic suppliers.

Meanwhile, 26 British companies have secured new business in India. Airbus & Rolls-Royce will soon begin delivering Airbus aircraft – with over half powered by Rolls-Royce engines – to major Indian airlines as part of around £5 billion worth of contracts recently agreed. These orders will help sustain hundreds of jobs across their respective sites in Filton, Broughton and Derby.

18 firms have confirmed new investment including Zerowatt Energy, AI powered energy intelligence platform is setting up its Global HQ in Leicester. The firm will invest £10m and create 50 new jobs across Leicester, Manchester, Edinburgh and London over the next three years.

Other UK and Indian businesses who have confirmed almost £6 billion in new investments and export deals today creating over 2,200 jobs across the UK includes:

Carbon Clean, a UK-based leader in carbon capture, with projected UK export contributions of £83 million over the next five years, has invested £7.6 million in a Global Innovation Centre in Mumbai. This ODI and export wins will unlock 250 jobs across London, Glasgow and Huddersfield as well as 100 jobs in Mumbai.

AI and data services company, DCube AI, is investing £5 million in the UK, unlocking 50 jobs across Manchester and London in the next three years to strength its technology offering to UK customers.

Occuity, an innovative UK AI healthcare company has partnered with Remidio Innovative Solutions Pvt. Ltd., a leading Indian manufacturer and distributor of ophthalmic medical devices to bring Occuity’ s cutting-edge ophthalmic screening technologies to India, improving access to innovative and non-invasive eye screening and leading to an export value of £74.3 million over 5 years.

Johnson Matthey, a UK-based leader in chemicals and sustainable technologies, has secured recent contracts of over £20 million for process licensing, engineering, and catalysts supply in India. The company will also invest £4 million in a new plant at Taloja (Maharashtra) and in doubling its capacity at an existing site in Panki, Uttar Pradesh, with contracts are helping to create up to 20,000 jobs in India during the construction phase of these projects.

Marcus Evans Group, a global business intelligence and summits business company established its new Global Technology office in Mumbai to serve its 59 offices worldwide and has confirmed a combined Export (£42mn) and ODI (£27mn) win of £69 million over the next five years from India.

LTIMindtree , a global technology consulting and digital solutions company plans to further expand its London operations by adding over 300 highly skilled jobs, investing £1m. This includes a state-of-the-art AI innovation studio and showcase lab.

Aurionpro, a global enterprise technology leader in Banking, Payments, Insurance, Data Centers, and Public Sector technology is investing over £20M to launch its UK HQ, creating 150+ high-value jobs in multiple locations across UK over 3 years. It will also open AI-powered R&D labs in collaboration with top UK universities to develop next-gen transport technology and lead the global Safe Superintelligence (SSI) movement, ensuring AI is built safely and ethically.

Tufan Erginbiligic, Rolls-Royce CEO, said:

India is an important market for our business, with over 90 years of partnership with Indian industry and the Indian Government. We welcome the provisions in this Free Trade Agreement, including those that bring closer alignment with international standards for trade in civil aerospace. These agreements will benefit Rolls-Royce and our customers, paving the way for future aerospace growth in India.

Nik Jhangiani, Interim Chief Executive, Diageo, said:

This agreement marks a great moment for both Scotch and Scotland, and we’ll be raising a glass of Johnnie Walker to all those who have worked so hard to get it secured.

William Bain, Head of Trade Policy at the BCC, said:

The signing of this agreement is a clear signal of the UK’s continuing commitment to free and fair trade. It will open a new era for our businesses and boost investment between two of the world’s largest economies.

Currently around 16,000 UK companies are trading goods with Indian companies, and there is high interest in our Chamber Network to grow that.  This deal will create new opportunities in the transport, travel, creative and business support sectors alongside traditional strengths in finance and professional services.

Jean-Etienne Gourgues, Chivas Brothers Chairman and CEO, said:

Signature of the UK-India FTA is a sign of hope in challenging times for the spirits industry. India is the world’s biggest whisky market by volume and greater access will be an eventual game changer for the export of our Scotch whisky brands, such as Chivas Regal and Ballantine’s.

The deal will support long term investment and jobs in our distilleries in Speyside and our bottling plant at Kilmalid and help deliver growth in both Scotland and India over the next decade. Let’s hope that both governments will move quickly to ratification so business can get to work implementing the deal!

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Updates to this page

Published 23 July 2025
MIL OSI United Kingdom –
July 24, 2025
MIL-OSI USA: Ricketts on the Senate Floor: Iran Doesn’t Need More Time – It Needs More Pressure. The E3 Should Snapback As Soon As Possible.

US Senate News:

Source: United States Senator Pete Ricketts (Nebraska)
WASHINGTON, D.C. – Today, in a speech on the Senate floor, U.S. Senator Pete Ricketts (R-NE) urged European allies to reject Iran’s threats and delaying tactics during upcoming talks on the Iranian nuclear program. The speech was given in support of a resolution, cosponsored by 19 other Senators, that calls for the E3 (United Kingdom, France, and Germany) to trigger the snapback of UN sanctions against Iran as soon as possible.
Watch the video here
“Iran cannot have a nuclear weapon,” said Ricketts. “This has been a red-line for decades, going back to President Clinton. And the reason is because the results would be catastrophic.”
“Iran is as weak now as it has ever been since the 1980s, and probably weaker,” said Ricketts. “[Trump’s] strikes have delayed Iran’s path to a nuclear weapon by a few years. But in order to seize this moment, the U.S. and our allies must impose maximum pressure to the highest extent possible to force Iran to agree to permanently and verifiably end its nuclear program, including its capacity to enrich uranium.”
“Our European allies have said they are prepared to trigger snapback by the end of August if no firm, tangible, and verifiable nuclear commitments from Iran are in place,” said Ricketts. “This is being done in close coordination with the Trump administration, which continues to pursue diplomatic talks with Iran. I commend our allies for setting a deadline. However, this path is under a timeline that leaves little room for error. Unsurprisingly, the Iranian regime is resorting to its longstanding playbook to delay, to delay, to delay and prevent snapback from happening. Later this week, the Iranians are scheduled to meet with the E3 in Istanbul. There are rumors that discussions could center on what conditions the E3 would postpone snapback. But I stand today to urge our European friends to hold the line and not bend to Iranian threats or be fooled by Iranian assurances.”
“A window now exists to completely change the trajectory of the Middle East for the better,” concluded Ricketts. “But that window will close unless we convince Iran that its nuclear weapons program will never be tolerated, period. That’s why this resolution urges the E3 to snapback sanctions as soon as possible. We must not let Iran off the hook.”

MIL OSI USA News –

July 24, 2025
MIL-OSI United Kingdom: The prolonged suffering will have irreversible consequences that will last generations: Joint statement on conflict and hunger in Gaza
Source: United Kingdom – Executive Government & Departments 3

Speech

The prolonged suffering will have irreversible consequences that will last generations: Joint statement on conflict and hunger in Gaza

A joint statement by the Permanent Missions to the UN of the Dominican Republic, Estonia, France, Germany, Guyana, Ireland, Mexico, the Kingdom of the Netherlands, Norway, Sierra Leone, Slovenia, Spain, Sweden, Switzerland and the United Kingdom.
It is unacceptable that man-made and avoidable conflict-induced hunger continues to afflict civilians in Gaza. The prolonged suffering will have irreversible consequences that will last generations.

From the May IPC Special Snapshot, we know that the Gaza Strip is facing a critical risk of famine. The entire population is facing high levels of acute food insecurity, with 500,000 people facing starvation and more than 70,000 children set to require treatment for acute malnutrition.

The latest figures are even more disturbing, and we are witnessing increased deaths due to malnutrition. This follows sustained denial of essential humanitarian assistance to civilians by Israel.

To address this crisis, we call on all parties to fully comply with their obligations under international law, including international humanitarian law. In particular, we call on Israel as the occupying power to adhere to its obligations under international law and UN Security Council Resolution 2417. Israel must:

Lift its restrictions on humanitarian aid and facilitate immediate, safe, rapid, unhindered and sustained humanitarian access by the UN and humanitarian organisations that ensures relief supplies at scale to civilians in need throughout Gaza.

Facilitate the effective delivery of life-saving nutrition, health, water, sanitation and other essential services by the UN and humanitarian organisations, as well as the fuel needed to sustain them.

Protect objects necessary for food production and distribution and facilitate the restoration of essential commercial supplies and market systems at scale.

Urgently ensure the protection of civilians, including aid workers, UN and associated personnel, and medical personnel, and allow their unrestricted access.

We urge all parties to do everything to support efforts to reach agreement on a new ceasefire and hostage release deal. While humanitarian assistance is essential, the answer to conflict-induced hunger is peace.

We need to ensure accountability for actors who deliberately cause or prolong conflict-induced hunger in violation of international law. Using starvation of civilians as a method of warfare may constitute a war crime.

All Member States should use their influence to address conflict-driven hunger in Gaza and promote compliance by all parties to the conflict with international law.

We call for rapid and full implementation of humanitarian commitments made by Israel including the steps agreed between Israel and the EU to improve the humanitarian situation in Gaza. This is imperative. We will follow delivery measures by Israel closely.

We must all support the work of the UN-coordinated humanitarian system in Gaza led by OCHA. It is best equipped to ensure aid is delivered to civilians, apply established strong aid diversion prevention systems and adhere with humanitarian principles.

UNRWA remains crucial to the delivery of humanitarian aid and essential services, despite increasing restrictions and attacks.

The new Israel-approved aid delivery model is dangerous and is not operating in accordance with humanitarian principles. We condemn the killing of well over 800 Palestinians, including children, seeking water and food.

The 20 July incident where people came under Israeli fire beside a WFP convoy was terrible. Humanitarian action must be based on humanity, neutrality, impartiality and independence.

We condemn the heinous attack by Hamas on October 7 2023. Hamas must release all hostages unconditionally now.

Immediate action is needed to address this debilitating suffering.

Updates to this page

Published 23 July 2025
MIL OSI United Kingdom –
July 24, 2025
MIL-OSI Analysis: How public development banks could narrow inequality gaps between the Global North and South

Source: The Conversation – Canada – By Alicja Paulina Krubnik, PhD Candidate, Political Science, McMaster University

The United Nations’ Fourth International Conference on Financing for Development (FFD4) recently concluded in Seville, Spain. It gathered global leaders from government, development, academia and civil society to discuss key barriers to sustainable development and shape collaborative efforts to address them.

FFD4 comes at a crucial time, when the Action Agenda from the last FFD3, set 10 years ago, must be built upon and upheld. With only five years left to meet the UN’s Sustainable Development Goals (SDGs), more than 80 per cent are off track. More tangibly, 2030 is a key deadline for global emissions reduction.

The global aid environment is also in crisis, just as low- and middle-income countries face mounting pressures due to the interconnected impacts of climate change, environmental damage, poverty and inequality.

Boosting global co-operation

FFD4 was an opportunity to revitalize and transform international development co-operation to help states meet these challenges and pursue sustainable development.

Achieving this requires more than decarbonizing development financing. FFD4 faced its most testing challenge yet: how to reform the global financial systems that direct development resources.

Key factors include aligning funding with the sustainable development needs of low- and middle-income countries, increasing access to long-term concessional financing — loans or other forms of financing provided on terms more favourable than those in the market — and reducing public debt burdens.

Public development banks offer crucial leadership here. They provide affordable financing, direct resources where urgently needed and align funding with long-term development strategies, giving them significant potential to democratize project ownership.

Urgent human development needs

At the FFD4 gathering, many representatives, especially from Global South and climate-vulnerable countries, highlighted the inadequacy of development financing. Seedy Keita, the minister for finance and economic affairs from The Gambia, told the conference that as developing countries are being urged to invest more in climate and human development initiatives, they lack the tools to do so.

The countries facing the worst climate impacts also struggle with urgent human development needs. Adapting to and mitigating climate breakdown are inseparable from economic and social development, with human welfare — access to food, water and clean air, avoiding displacement and the safety of women and girls — intimately linked to climate.

Yet climate-vulnerable states receive a small share of global development financing, particularly for adaptation projects that yield lower returns. Additionally, resources for building value-added industries in low- and middle-income countries remain insufficient.

Scant commitment to action

Simply increasing financing is not enough. At the launch of the latest SDGs Report, UN Secretary General António Guterres stated:

“There is something fundamentally wrong in the structure of the economic and financial architecture and in the way it operates to the detriment of developing countries.”

In short, it’s too rigid and unresponsive to the Global South’s unique needs, ultimately constraining their ability to act on the SDGs.

The most ambitious and pressing outcome of FFD4, the “Sevilla Commitment,” addresses key issues in efforts to reform international financial systems but lacks commitment to strong, transformative action.

Too much priority is given to enabling low- and middle-income countries to access private finance for development. Using public development finance to mobilize private investments and lending has failed to close the financing gap.

Poverty and inequality worsens

Private support for the structural green transformation needed for long-term economic development in low- and middle-income countries remains inadequate, widening the divide between the Global North and South. The strategy of catalyzing private finance has shifted risk to public balance sheets while reserving most of the profits for private, often multinational corporations — what’s known as “de-risking.”

A privatized development strategy has pushed fiscal austerity measures on Global South countries to access international capital markets to fund development initiatives. Many of these countries are struggling with alarming debt, forcing them to divert scarce funds from essential services like health and education to service debts, which worsens poverty and inequality.

FFD4’s efforts to create a fairer debt system include scaling up debt swaps and forming an alliance between creditor countries and multilateral banks to implement debt “pause clauses” during crises. While many states called for deeper debt reforms and a UN convention on sovereign debt, several wealthy countries resisted bold changes.

They largely overlooked the Global North’s climate debt — estimated at $192 trillion. The Sevilla Commitment proposes launching a UN-led intergovernmental process, opening a potential path for creditor action.

As Spain’s economy minister put it, FFD4 is a “launchpad for action” not a “landing zone.”

Directing money to where it’s needed most

Public development banks have the potential to lead this action for a more prosperous and equitable future. They can mobilize under-utilized public resources more economically, rapidly and effectively to serve development goals in a climate-forward way.

These banks can direct finance to where it’s most needed, aligning with development priorities across diverse low- and middle-income countries.

Public development banks are also well-positioned to co-ordinate at multilateral, regional and national levels and to align global decarbonization goals to local demands. The largest coalition of banks, the Finance in Commons group, was recognized in the Sevilla Commitment. The group called for strengthening public development banks’ co-operation and leadership at the FFD4. Already a leader in global climate financing, further co-ordination among public debate banks could amplify its impact.

Read more:
Your essential guide to climate finance

Supporting green, equitable development

Structural change requires the long-term, affordable and counter-cyclical financing that public development banks can provide.

For indebted developing countries facing high borrowing costs, steadfast concessional financing is crucial. Beyond finance, public development banks have a privileged role in knowledge formation and dissemination, which can be leveraged alongside their financial power to support green and equitable development.

As public organizations, public development banks offer greater potential for transparency and accountability to democratic decision-making, aligning financing with public values. Beyond simply de-risking, these banks can leverage their financial power to generate broader public benefits.

Alicja Paulina Krubnik receives funding from the Social Sciences and Humanities Research Council and the International Development Research Centre.

– ref. How public development banks could narrow inequality gaps between the Global North and South – https://theconversation.com/how-public-development-banks-could-narrow-inequality-gaps-between-the-global-north-and-south-261160

MIL OSI Analysis –

July 24, 2025
MIL-OSI United Nations: United Nations Board of Auditors Holds Seventy-Ninth Regular Session, 22-23 July at UN Headquarters, New York

Source: United Nations General Assembly and Security Council

The General Assembly established the United Nations Board of Auditors in 1946 as an important mechanism to promote accountability and transparency in the United Nations. The Board audits the accounts of the United Nations Organization and its funds and programmes and reports its findings and recommendations to the General Assembly, through the Advisory Committee on Administrative and Budgetary Questions (ACABQ), and other governing bodies. The Board has three members, who are jointly responsible for the audit.

The Board held its seventy-ninth regular session in New York on 22 and 23 July. The session was chaired by Pierre Moscovici, First President of the French Cour des comptes. Together with Mr. Moscovici, Hou Kai, Auditor-General of the National Audit Office of China, and Vital do Rêgo Filho, President of the Brazilian Federal Court of Accounts, collectively discussed findings and audit opinions.

During the session the Board met with the Secretary-General and the Deputy Secretary-General to exchange on cross-cutting issues.

Through its work, the Board provides independent assurance to Member States and other stakeholders regarding proper use of the resources of the United Nations entities. It reports on financial matters, as well as on regularity and performance issues. It plays a significant role in assisting the United Nations to improve its operations and internal control systems. The findings and recommendations of the Board have led to continuous systematic improvements in the functioning of the United Nations.

This year the Board audited the financial statements and reviewed the operations of 18 organizations and submitted the reports to the General Assembly. All the audited entities received unqualified opinions. Key trends and cross-entity issues have been gathered in the Board’s Concise Summary report, which focused specifically on inter-agency cooperation as a way to improve cost effectiveness. The Board further produced three reports for submission to other governing bodies. More detailed information about the Board’s findings can be found in the individual reports published on the Board’s website (http://www.un.org/en/auditors/board/).

ANNEX

List of Board Reports

Reports Submitted to General Assembly

France

1. United Nations Development Programme (UNDP)
2. United Nations Capital Development Fund (UNCDF)
3. United Nations High Commissioner for Refugees – (UNHCR)
4. Concise summary of findings and conclusions

China

5. United Nations, Vol.1
6. International Trade Centre (ITC)
7. United Nations Office for Projects Services (UNOPS)
8. United Nations Relief and Works Agency (UNRWA)
9. United Nations Environment Programme (UNEP)
10. United Nations Human Settlement Fund (UN-Habitat)

Brazil

11. United Nations University (UNU)
12. United Nations Institute for Training and Research (UNITAR)
13. United Nations Population Fund (UNFPA)
14. United Nations Drug Control Programme (UNODC)
15. United Nations Entity for Gender Equality and Empowerment of Women (UN-Women)
16. International Residual Mechanism for Criminal Tribunals (IRMCT)
17. United Nations Joint Staff Pension Fund
18. United Nations Children’s Fund (UNICEF)

Reports Submitted to Other Governing Bodies

France

19. United Nations Framework Convention on Climate Change
20. United Nations Convention to Combat Desertification

China

21. UNRWA Staff Provident Fund

MIL OSI United Nations News –

July 24, 2025

MIL-OSI: Northrim BanCorp Earns $11.8 Million, or $2.09 Per Diluted Share, in Second Quarter 2025

Source: GlobeNewswire (MIL-OSI)

ANCHORAGE, Alaska, July 23, 2025 (GLOBE NEWSWIRE) — Northrim BanCorp, Inc. (NASDAQ:NRIM) (“Northrim” or the “Company”) today reported net income of $11.8 million, or $2.09 per diluted share, in the second quarter of 2025, compared to $13.3 million, or $2.38 per diluted share, in the first quarter of 2025, and $9.0 million, or $1.62 per diluted share, in the second quarter a year ago. The increase in second quarter 2025 profitability as compared to the second quarter a year ago was primarily the result of an increase in net interest income, higher purchased receivable income, and increased mortgage banking income, which were partially offset by a higher provision for credit losses, higher other operating expenses, and a higher provision for income taxes. Net interest income increased primarily due to higher loan balances and higher yields on earning assets. Purchased receivable income increased primarily due to the Company’s acquisition of Sallyport Commercial Finance, LLC (“Sallyport or SCF”), which was completed on October 31, 2024. Sallyport and its direct and indirect subsidiaries provide services and products related to purchased receivable factoring and asset-based lending in the United States, Canada, and the United Kingdom.

Dividends per share in the second quarter of 2025 remained consistent with the first quarter of 2025 at $0.64 per share as compared to $0.61 per share in the second quarter of 2024.

“Strong loan growth, increasing asset yields, and stable funding costs drove record net interest income in the second quarter of this year,” said Mike Huston, Northrim’s President and Chief Executive Officer. “We continue to attract new customers to Northrim and believe we have an opportunity to steadily increase our market share over the next few years.”

Second Quarter 2025 Highlights:

Net interest income in the second quarter of 2025 increased 7% to $33.6 million compared to $31.3 million in the first quarter of 2025 and increased 24% compared to $27.1 million in the second quarter of 2024.
Net interest margin on a tax equivalent basis (“NIMTE”)^* was 4.72% for the second quarter of 2025, up 11-basis points from the first quarter of 2025 and up 42-basis points from the second quarter a year ago.
Return on average assets (“ROAA”) was 1.48% and return on average equity (“ROAE”) was 16.37% for the second quarter of 2025 compared to ROAA of 1.76 and ROAE of 19.70 in the prior quarter and ROAA of 1.31% and ROAE of 14.84% for the second quarter of 2024.
Portfolio loans were $2.20 billion at June 30, 2025, up 4% from the preceding quarter and up 17% from a year ago, primarily due to new customer relationships and expanding market share, as well as retaining certain mortgages originated by Residential Mortgage, a subsidiary of Northrim Bank (the “Bank”). The Company sold $61 million in consumer mortgages in the second quarter of 2025 that were included in loans held for investment as of the end of 2024 to reduce the concentration of residential real estate loans and to provide additional liquidity for future commercial and construction loan growth.
Total deposits were $2.81 billion at June 30, 2025, up 1% from the preceding quarter, and up 14% from $2.46 billion a year ago. Non-interest bearing demand deposits increased 5% from the preceding quarter and increased 10% year-over-year to $777.9 million at June 30, 2025 and represent 28% of total deposits.
The average cost of interest-bearing deposits was 2.04% at June 30, 2025, up slightly from 2.01% at March 31, 2025 and down from 2.21% at June 30, 2024.
Mortgage loan originations were $277.1 million in the second quarter of 2025, up from $121.6 million in the first quarter of 2025 and up from $181.5 million in the second quarter a year ago. Mortgage loans funded for sale were $249.7 million in the second quarter of 2025, compared to $108.5 million in the first quarter of 2025 and $152.3 million in the second quarter of 2024.

Financial Highlights	Three Months Ended
(Dollars in thousands, except per share data)	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Total assets	$	3,243,760		$	3,140,960		$	3,041,869		$	2,963,392		$	2,821,668
Total portfolio loans	$	2,202,115		$	2,124,330		$	2,129,263		$	2,007,565		$	1,875,907
Total deposits	$	2,809,170		$	2,777,977		$	2,680,189		$	2,625,567		$	2,463,806
Total shareholders’ equity	$	290,219		$	279,756		$	267,116		$	260,050		$	247,200
Net income	$	11,778		$	13,324		$	10,927		$	8,825		$	9,020
Diluted earnings per share	$	2.09		$	2.38		$	1.95		$	1.57		$	1.62
Return on average assets		1.48	%		1.76	%		1.43	%		1.22	%		1.31	%
Return on average shareholders’ equity		16.37	%		19.70	%		16.32	%		13.69	%		14.84	%
NIM		4.66	%		4.55	%		4.41	%		4.29	%		4.24	%
NIMTE^*		4.72	%		4.61	%		4.47	%		4.35	%		4.30	%
Efficiency ratio		64.68	%		63.54	%		66.96	%		66.11	%		68.78	%
Total shareholders’ equity/total assets		8.95	%		8.91	%		8.78	%		8.78	%		8.76	%
Tangible common equity/tangible assets^*		7.50	%		7.41	%		7.23	%		8.28	%		8.24	%
Book value per share	$	52.55		$	50.67		$	48.41		$	47.27		$	44.93
Tangible book value per share^*	$	43.35		$	41.47		$	39.17		$	44.36		$	42.03
Dividends per share	$	0.64		$	0.64		$	0.62		$	0.62		$	0.61
Common stock outstanding		5,522,271			5,520,892			5,518,210			5,501,943			5,501,562

^* References to NIMTE, tangible book value per share, and tangible common equity to tangible common assets, (both of which exclude intangible assets) represent non-GAAP financial measures. Management has presented these non-GAAP measurements in this earnings release, because it believes these measures are useful to investors. See the end of this release for reconciliations of these non-GAAP financial measures to GAAP financial measures.

Alaska Economic Update
(Note: sources for information included in this section are included on page 14.)

The Alaska Department of Labor (“DOL”) has reported Alaska’s seasonally adjusted unemployment rate in May of 2025 was 4.7% compared to the U.S. rate of 4.2%. The rate has held steady in Alaska at 4.7% for eight consecutive months. The total number of payroll jobs in Alaska, not including uniformed military, increased 1.1% or 3,800 jobs between May of 2024 and May of 2025.

According to the DOL, the Oil and Gas sector had the largest growth rate in new jobs of 8.8% through May of this year compared to the prior year, up 700 direct jobs. The Construction sector added 700 positions for a year-over-year growth rate of 3.7% through May of 2025. The larger Health Care sector grew by 1,200 jobs for an annual growth rate of 2.9%. Transportation, Warehousing and Utilities added 600 jobs for a 2.3% growth rate over the same period. Professional and Business Services increased 500 jobs year-over-year through May of 2025, up 1.7%.

The Government sector grew by 200 jobs for 0.2% growth, adding 400 State positions while losing 200 Federal jobs in Alaska over the same period. Declining sectors between May 2024 and May 2025 were Information down 100 jobs or (-2.3%), Manufacturing (primarily seafood processing) shrinking 200 positions (-2.1%), Wholesale Trade lost 100 jobs (-1.5%) and Financial Activities, down 100 jobs (-0.9%).

Alaska’s seasonally adjusted personal income was $57.4 billion in the first quarter of 2025 according to the Federal Bureau of Economic Analysis (“BEA”). This was an annualized improvement in the first quarter of 6.4% for Alaska, compared to the national average of 6.7%. Alaska enjoyed an annual personal income improvement of 6% in 2024 compared to the U.S. increase of 5.4%, ranking Alaska 6^th best in the nation. The $885 million increase in personal income in the first quarter of 2025 in Alaska came from a $352 million increase in net earnings from wages, $440 million growth in government transfer receipts, and a $92 million increase in investment income.

Alaska’s Gross State Product (“GSP”) in the first quarter of 2025 reached $72 billion according to the BEA. Alaska’s inflation adjusted “real” GSP increased 1.5% in 2024 and decreased -1.8% annualized in the first quarter of 2025. The average U.S. GDP growth rate was 2.8% for 2025 and -0.5% in the first quarter of 2025. Alaska’s real GSP decrease in the first quarter of 2025 was primarily caused by a decrease in the Mining, Oil & Gas sector, somewhat offset by improvements in the Construction sector.

Alaska exported $5.9 billion in goods to foreign countries in 2024 according to the U.S. International Trade Administration. China is the largest importer of Alaska’s products at $1.5 billion, followed by Australia at $804 million, Japan at $674 million and South Korea at $634 million in 2024. Fish and related maritime products accounted for the largest volume at $2.1 billion, followed by minerals and ores at $2 billion, and primary metals at $992 million in 2024. Oil & Gas exports are $380 million because the majority of Alaska’s production is refined and consumed in the United States. Chief Credit Officer and Bank Economist Mark Edwards stated, “President Trump’s significant changes to international tariffs has created uncertainty in trade markets. At this time, it is unknown how each country will respond. Alaska’s natural resources are highly valued commodities throughout the world. If issues arise with one country, such as China, it is most likely that Alaska’s products will be redirected to other markets like Japan and South Korea or sold domestically in the United States. Canada is the largest long-term investor in Alaska’s mining industry. This involves significant fixed capital investments made over decades that are unlikely to shift dramatically in the short-run. Alaska’s Legislature just passed a bill HJR-11 with an approval vote of 33-4 titled, Recognizing and honoring the relationship between Canada and Alaska. It highlights the deeply interconnected friendship between Alaska and Canada culturally, economically, and militarily.”

According to the US Bureau of Labor Statistics, the Consumer Price Index (“CPI”) for the U.S. increased 2.7% between June of 2024 and June of 2025. In Alaska, the rate of CPI increase was lower at 1.6% for the same time period. Food and beverage, housing costs, and medical care costs were the largest causes for inflation. Declining motor fuel prices, transportation, recreation and household furnishing costs have helped moderate inflationary pressures in Alaska.

The monthly average price of Alaska North Slope (“ANS”) crude oil has ranged between $76.39 a barrel in January of 2025 and $67.07 in May of the prior year. The June 2025 average was $72.62. The Alaska Department of Revenue (“DOR”) calculated ANS crude oil production was 461 thousand barrels per day (“bpd”) in Alaska’s fiscal year ending June 30, 2024. Production rose to 469 thousand bpd in fiscal year ending June 30, 2025. In the Spring 2025 Revenue Forecast published March 12, 2025, the DOR expects production to continue to grow to 663 thousand bpd by fiscal year 2034. This is primarily a result of new production coming on-line in and around the NPR-A region west of Prudhoe Bay. A partnership between Santos and Repsol is constructing the new Pikka field and ConocoPhillips is developing the large new Willow field. There are also a number of smaller new fields in the ANS that are contributing to the State of Alaska’s production growth estimates.

The Alaska Permanent Fund is seeded annually by the oil wealth the State continues to save each year and has grown significantly over 40 years of successful investment. As of May 31, 2025 the fund’s value was $83.13 billion. According to the DOR it is scheduled to contribute $3.7 billion to Alaska General Fund in fiscal year 2025 for general government spending and to pay the annual dividend to Alaskan residents.

According to the Alaska Multiple Listing Services, the average sales price of a single family home in Anchorage rose 6.2% in 2024 to $510,064, following a 5.2% increase in 2023. This was the seventh consecutive year of price increases. Through June of 2025 prices have continued to increase on average 2.6% to $523,059.

The average sales price for single family homes in the Matanuska Susitna Borough rose 3.8% in 2024 to $412,859, after increasing 4% in 2023. This continues a trend of average price increases for more than a decade in the region. Through June of 2025 prices have continued to increase on average 6.9% to $441,463. These two markets represent where the vast majority of the Bank’s residential lending activity occurs.

The Alaska Multiple Listing Services reported a 3.4% increase in the number of units sold in Anchorage when comparing 2024 to 2023. The first six months of 2025 has seen a 4.8% increase in home sales compared to the first half of 2024 in Anchorage.

There was virtually no change in the number of homes sold in the Matanuska Susitna Borough, with only four fewer homes sold in 2024 than in 2023 or -0.2%. In the first six months of 2025 the number of units sold has increased 13.1% in the Matanuska Susitna Borough compared to the first half of 2024.

Northrim Bank sponsors the Alaskanomics blog to provide news, analysis, and commentary on Alaska’s economy. Join the conversation at Alaskanomics.com, or for more information on the Alaska economy, visit: www.northrim.com and click on the “Business Banking” link and then click “Learn.” Information from our website is not incorporated into, and does not form, a part of this earnings release.

Review of Income Statement

Consolidated Income Statement

In the second quarter of 2025, Northrim generated a ROAA of 1.48% and a ROAE of 16.37%, compared to 1.76% and 19.70%, respectively, in the first quarter of 2025 and 1.31% and 14.84%, respectively, in the second quarter a year ago.

Net Interest Income/Net Interest Margin

Net interest income increased 7% to $33.6 million in the first quarter of 2025 compared to $31.3 million in the first quarter of 2025 and increased 24% compared to $27.1 million in the second quarter of 2024. Interest expense on deposits increased to $10.3 million in the second quarter of 2025 compared to $9.9 million in the first quarter of 2025 and compared to $9.5 million in the second quarter of 2024.

NIMTE^* was 4.72% in the second quarter of 2025 up from 4.61% in the preceding quarter and 4.30% in the second quarter a year ago. NIMTE^* increased 42 basis points in the second quarter of 2025 compared to the second quarter of 2024 primarily due to a favorable change in the mix of earning-assets towards higher loan balances as a percentage of total earning-assets, higher yields on those assets as variable rate loans reset at higher rates which were only partially offset by an increase in borrowings. The weighted average interest rate for new loans booked in the second quarter of 2025 was 7.27% compared to 7.30% in the first quarter of 2025 and 7.90% in the second quarter a year ago. The yield on the investment portfolio in the second quarter of 2025 increased to 3.07% from 2.97% in the first quarter of 2025 and 2.82% in the second quarter of 2024. “We are continuing to see some benefits from the repricing of our loan portfolio and new production increasing our margin” said Jed Ballard, Chief Financial Officer. Northrim’s NIMTE^* continues to remain above the peer average of 3.26% posted by the S&P U.S. Small Cap Bank Index with total market capitalization between $250 million and $1 billion as of March 31, 2025.

Provision for Credit Losses

Northrim recorded a provision for credit losses of $2.0 million in the second quarter of 2025, which was comprised of a provision for credit losses on loans of $1.8 million, a $157,000 provision for credit losses on unfunded commitments, and a provision for credit losses on purchased receivables of $18,000. This compares to a benefit to the provision for credit losses of $1.4 million in the first quarter of 2025, which was comprised of a benefit to the provision for credit losses on loans of $1.1 million, a $322,000 benefit for credit losses on unfunded commitments, and a provision for credit losses on purchased receivables of $46,000. In the second quarter a year ago, Northrim recorded a benefit to the provision for credit losses of $120,000 which was comprised of a $134,000 provision for credit losses on loans and a $254,000 benefit to the provision for credit losses on unfunded commitments.

The increase to the provision for credit losses on loans in the second quarter of 2025 as compared to the prior quarter and the same quarter a year ago was primarily a result of increased loan balances as well as an increase in estimated loss rates due to less favorable economic forecasts and trends in qualitative factors. The increase to the provision for unfunded commitments in the second quarter of 2025 was primarily due to an increase in estimated loss rates which was only partially offset by changes in mix of unfunded commitments.

Nonperforming assets, net of government guarantees, decreased during the quarter to $11.9 million at June 30, 2025, compared to $12.3 million at March 31, 2025, and increased compared to $5.1 million at June 30, 2024. The increase in nonperforming assets, net of government guarantees at June 30, 2025 compared to June 30, 2024 is primarily the result of the acquisition of Sallyport in the fourth quarter of 2024.

The allowance for credit losses on loans was 290% of nonperforming loans, net of government guarantees, at the end of the second quarter of 2025, compared to 262% three months earlier and 365% a year ago.

Other Operating Income

In addition to home mortgage lending, Northrim has interests in other businesses that complement its core community banking activities, including purchased receivables financing and wealth management. Other operating income contributed $16.6 million, or 33% of total second quarter 2025 revenues, as compared to $13.0 million, or 29% of revenues in the first quarter of 2025, and $9.6 million, or 26% of revenues in the second quarter of 2024. The increase in other operating income in the second quarter of 2025 as compared to the second quarter of 2024 was primarily the result of increased purchased receivable income due to the Company’s acquisition of Sallyport on October 31, 2024. Mortgage banking income in the second quarter of 2025 increased as compared to the first quarter of 2025 and second quarter of 2024 due to a higher volume of mortgage activity. See further discussion regarding mortgage activity contained under “Home Mortgage Lending” below.

Other Operating Expenses

Operating expenses were $32.5 million in the second quarter of 2025, compared to $28.2 million in the first quarter of 2025, and $25.2 million in the second quarter of 2024. The increase in other operating expenses in the second quarter of 2025 compared to the first quarter of 2025 was primarily due to an increase in salaries and other personnel expense, including $980,000 in higher mortgage commissions expense due to higher mortgage volume, $763,000 in higher salary expense, a $760,000 increase in group medical expenses, and increases in profit share expense and payroll taxes. Additionally, marketing expense increased due to timing of annual charitable contributions. The increase in total other operating expenses in the second quarter of 2025 compared to the second quarter a year ago was primarily due to an increase in salaries and other personnel expense, the increase in compensation expense for Sallyport acquisition payments, and an increase in data processing expense. Total other operating expense increased $2.1 million in the Specialty Finance segment in the second quarter of 2025 compared to the second quarter of 2024 due to the acquisition of Sallyport on October 31, 2024.

Income Tax Provision

In the second quarter of 2025, Northrim recorded $4.0 million in state and federal income tax expense for an effective tax rate of 25.3%, compared to $4.3 million, or 24.2% in the first quarter of 2025 and $2.5 million, or 21.9% in the second quarter a year ago. The increase in the tax rate in the second quarter of 2025 as compared to the first quarter of 2025 and second quarter of 2024 is primarily the result of a decrease in tax credits and tax exempt interest income as a percentage of pre-tax income in 2025 as compared to 2024.

Community Banking

Northrim is committed to meeting the needs of the diverse communities in which it operates. As a testament to that support, the Bank has branches in four regions of Alaska identified by the Federal Reserve as ‘distressed or underserved non-metropolitan middle-income geographies’.

Net interest income in the Community Banking segment totaled $30.0 million in the second quarter of 2025, compared to $28.2 million in the first quarter of 2025 and $24.3 million in the second quarter of 2024. Net interest income increased $5.7 million or 23% in the second quarter of 2025 as compared to the second quarter of 2024 mostly due to higher interest income on loans. This increase was only partially offset by lower interest income on investments and higher interest expense on deposits and borrowings.

The provision for credit losses in the Community Banking segment was $1.3 million in the second quarter of 2025 compared to a benefit to the provision for credit losses of $1.8 million in the first quarter of 2025 and a benefit to the provision for credit losses of $184,000 in the same quarter a year ago. The increase to the provision for credit losses in the Community Banking segment in the second quarter of 2025 as compared to the prior quarter and the same quarter a year ago was primarily a result of increased loan balances as well as an increase in estimated loss rates due to less favorable economic forecasts and trends in qualitative factors. In the first quarter of 2025, the Company recorded a net benefit for credit losses in the Community Banking segment primarily due to changes in the Company’s loss rate regression models for commercial, commercial real estate, and construction loans. These decreases in the provision were only partially offset by increases in estimated loss rates for management’s assessment of economic conditions and an increase for higher loan balances.

Other operating expenses in the Community Banking segment totaled $21.8 million in the second quarter of 2025, up $3.2 million or 17% from $18.6 million in the first quarter of 2025, and up $3.7 million or 20% from $18.1 million in the second quarter a year ago. The increase in the second quarter of 2025 as compared to the prior quarter and compared to the same quarter a year ago was primarily due to increases in salaries and other personnel expense, including $667,000 in higher salary expense, an $873,000 increase in group medical expenses, as well as increases in profit share expense and payroll taxes. Additionally, marketing expense increased due to timing of annual charitable contributions.

The following tables provide highlights of the Community Banking segment of Northrim:

	Three Months Ended
(Dollars in thousands, except per share data)	June 30, 2025		March 31, 2025			December 31, 2024		September 30, 2024		June 30, 2024
Net interest income	$	29,971	$	28,151		$	27,643	$	25,928	$	24,318
(Benefit) provision for credit losses		1,319		(1,768	)		771		1,492		(184	)
Other operating income		3,268		2,703			2,535		3,507		2,451
Other operating expense		21,764		18,581			19,116		18,723		18,069
Income before provision for income taxes		10,156		14,041			10,291		9,220		8,884
Provision for income taxes		2,413		3,253			1,474		2,133		1,786
Net income	$	7,743	$	10,788		$	8,817	$	7,087	$	7,098
Weighted average shares outstanding, diluted		5,611,558		5,608,102			5,597,889		5,583,055		5,558,580
Diluted earnings per share attributable to Community Banking	$	1.37	$	1.93		$	1.58	$	1.26	$	1.27

	Year-to-date
(Dollars in thousands, except per share data)	June 30, 2025			June 30, 2024
Net interest income	$	58,122		$	48,533
(Benefit) provision for credit losses		(449	)		13
Other operating income		5,971			4,919
Other operating expense		40,345			35,247
Income before provision for income taxes		24,197			18,192
Provision for income taxes		5,666			3,752
Net income Community Banking segment	$	18,531		$	14,440
Weighted average shares outstanding, diluted		5,611,734			5,562,025
Diluted earnings per share	$	3.30		$	2.59

Home Mortgage Lending

During the second quarter of 2025, mortgage loans funded for sale were $249.7 million, compared to $108.5 million in the first quarter of 2025, and $152.3 million in the second quarter of 2024.

During the second quarter of 2025, the Bank purchased loans of $27.5 million from its subsidiary, Residential Mortgage, of which approximately half were jumbos, one-quarter were mortgages for second homes, and one-quarter were adjustable rate mortgages, with a weighted average interest rate of 6.71%, as compared to $13.1 million and 6.39% in the first quarter of 2025, and $29.2 million and 6.82% in the second quarter of 2024. Net interest income contributed $3.5 million to total Home Mortgage Lending revenue in the second quarter of 2025, up from $3.0 million in the prior quarter, and up from $2.8 million in the second quarter a year ago.

The Company reclassified $100 million in consumer mortgages held for investment to held for sale in the first quarter of 2025 and recorded unrealized losses of $1.2 million related to this portfolio in the first quarter of 2025. In the second quarter of 2025, the Company sold $61 million of the $100 million that was reclassified to loans held for sale in the first quarter of 2025 for a total realized loss of $545,000.

The Arizona, Colorado, and Pacific Northwest mortgage expansion markets were responsible for 22% of Residential Mortgage’s $216 million total production in the second quarter of 2025 (excluding the $61 million in mortgages sold noted above), 20% of $122 million total production in the first quarter of 2025, and 22% of $182 million total production in the second quarter of 2024.

The provision for credit losses in the Home Mortgage Lending segment was $639,000 in the second quarter of 2025 compared to a benefit to the provision for credit losses of $307,000 in the first quarter of 2025 and a provision for credit loses of $64,000 in the second quarter of 2024. The increase in the provision for credit losses in the second quarter of 2025 in the Home Mortgage Lending segment as compared to the prior quarter and the same quarter a year ago was primarily a result of increased loan balances. The benefit to the provision for loan losses in the Home Mortgage Lending segment in the first quarter of 2025 was primarily the result of the reclassification of $100 million in mortgage loans to loans held for sale, which was only partially offset by an increase in the provision for loan losses due to changes in the Company’s loss rate regression models for home mortgage loans.

The net change in fair value of mortgage servicing rights decreased mortgage banking income by $818,000 during the second quarter of 2025 compared to a decrease of $855,000 for the first quarter of 2025 and a decrease of $81,000 for the second quarter of 2024. Mortgage servicing revenue increased to $3.0 million in the second quarter of 2025 from $2.7 million in the prior quarter and increased from $2.2 million in the second quarter of 2024 due to an increase in production of Alaska Housing Finance Corporation (AHFC) mortgages, which contribute to servicing revenues at origination. In the second quarter of 2025, the Company’s servicing portfolio increased $69.3 million compared to a $24.0 million increase in the first quarter of 2025, and an increase of $41.8 million in the second quarter of 2024.

As of June 30, 2025, Northrim serviced 6,458 loans in its $1.55 billion home-mortgage-servicing portfolio, a 5% increase compared to the $1.48 billion serviced as of the end of the first quarter of 2025, and a 41% increase from the $1.10 billion serviced a year ago.

The following tables provide highlights of the Home Mortgage Lending segment of Northrim:

	Three Months Ended
(Dollars in thousands, except per share data)	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Mortgage commitments	$	73,198		$	68,258		$	32,299		$	77,591		$	88,006

Mortgage loans funded for sale	$	249,680		$	108,499		$	162,530		$	209,960		$	152,339
Mortgage loans funded for investment		27,455			13,061			23,380			38,087			29,175
Total mortgage loans funded	$	277,135		$	121,560		$	185,910		$	248,047		$	181,514
Mortgage loan refinances to total fundings		10	%		11	%		11	%		6	%		6	%
Mortgage loans serviced for others	$	1,553,987		$	1,484,714		$	1,460,720		$	1,166,585		$	1,101,800

Net realized and unrealized gains on mortgage loans sold and held for sale	$	5,091		$	1,580		$	3,747		$	5,079		$	3,189
Change in fair value of mortgage loan commitments, net		(110	)		660			(665	)		60			390
Total production revenue		4,981			2,240			3,082			5,139			3,579
Mortgage servicing revenue		2,957			2,696			2,847			2,583			2,164
Change in fair value of mortgage servicing rights:
Due to changes in model inputs of assumptions¹		(355	)		(322	)		1,372			(566	)		239
Other²		(463	)		(533	)		(499	)		(402	)		(320	)
Total mortgage servicing revenue, net		2,139			1,841			3,720			1,615			2,083
Other mortgage banking revenue		280			170			238			293			222
Total mortgage banking income	$	7,400		$	4,251		$	7,040		$	7,047		$	5,884

Net interest income	$	3,507		$	3,046		$	3,280		$	2,941		$	2,775
Provision (benefit) for credit losses		639			(307	)		305			571			64
Mortgage banking income		7,400			4,251			7,040			7,047			5,884
Other operating expense		7,593			6,490			7,198			7,643			6,697
Income before provision for income taxes		2,675			1,114			2,817			1,774			1,898
Provision for income taxes		746			310			842			497			532
Net income	$	1,929		$	804		$	1,975		$	1,277		$	1,366

Weighted average shares outstanding, diluted		5,611,558			5,608,102			5,597,889			5,583,055			5,558,580
Diluted earnings per share attributable to Home Mortgage Lending	$	0.34		$	0.14		$	0.35		$	0.23		$	0.25

¹Principally reflects changes in discount rates and prepayment speed assumptions, which are primarily affected by changes in interest rates.
²Represents changes due to collection/realization of expected cash flows over time.

	Year-to-date
(Dollars in thousands, except per share data)	June 30, 2025			June 30, 2024
Mortgage loans funded for sale	$	358,179		$	236,663
Mortgage loans funded for investment		40,516			46,578
Total mortgage loans funded	$	398,695		$	283,241
Mortgage loan refinances to total fundings		10	%		6	%

Net realized and unrealized gains on mortgage loans sold and held for sale	$	6,671		$	5,168
Change in fair value of mortgage loan commitments, net		550			777
Total production revenue		7,221			5,945
Mortgage servicing revenue		5,653			3,725
Change in fair value of mortgage servicing rights:
Due to changes in model inputs of assumptions¹		(677	)		528
Other²		(996	)		(634	)
Total mortgage servicing revenue, net		3,980			3,619
Other mortgage banking revenue		450			351
Total mortgage banking income	$	11,651		$	9,915

Net interest income	$	6,553		$	5,007
Provision for credit losses		332			16
Mortgage banking income		11,651			9,915
Other operating expense		14,083			12,783
Income before provision for income taxes		3,789			2,123
Provision for income taxes		1,056			595
Net income Home Mortgage Lending segment	$	2,733		$	1,528

Weighted average shares outstanding, diluted		5,611,734			5,562,025
Diluted earnings per share	$	0.48		$	0.28

Specialty Finance

The Company’s Specialty Finance segment includes Northrim Funding Services and Sallyport. Northrim Funding Services is a division of the Bank and has offered factoring solutions to small businesses since 2004. Sallyport is a leading provider of factoring, asset-based lending and alternative working capital solutions to small and medium sized enterprises in the United States, Canada, and the United Kingdom that the Company acquired on October 31, 2024 in an all cash transaction valued at approximately $53.9 million. The composition of revenues for the Specialty Finance segment are primarily purchased receivable income, but also includes interest income from loans and other fee income.

The acquisition of Sallyport included $1.1 million in one-time deal related costs which are reflected in other operating expenses for the fourth quarter of 2024 in the tables below. Total pre-tax income for Sallyport for the second quarter of 2025 was $1.3 million compared to $1.3 million in the first quarter of 2025 and $945,000 for the two months of operations in the fourth quarter of 2024, excluding transaction costs.

Average purchased receivables and loan balances at Sallyport were $71.0 million for the second quarter of 2025 with a yield of 27.23% compared to average balances of $59.9 million for the first quarter of 2025 and a yield of 35.8%. The yield in the first quarter of 2025 included the recognition of $899,000 in nonaccrual fee income collected during the quarter related to two nonperforming receivables and the collection of a $350,000 line termination fee. The yield excluding these items for the first quarter of 2025 was 27.4%.

The following tables provide highlights of the Specialty Finance segment of Northrim:

	Three Months Ended
(Dollars in thousands, except per share data)	June 30, 2025		March 31, 2025			December 31, 2024			September 30, 2024		June 30, 2024
Purchased receivable income	$	5,897	$	6,150		$	3,526		$	1,033	$	1,242
Other operating income		75		(64	)		(68	)		—		—
Interest income		782		596			407			158		170
Total revenue		6,754		6,682			3,865			1,191		1,412
Provision for credit losses		18		666			125			—		—
Compensation expense – SCF acquisition payments		600		600			—			—		—
Other operating expense		2,531		2,500			3,063			362		428
Interest expense		668		496			489			185		210
Total expense		3,817		4,262			3,677			547		638
Income before provision for income taxes		2,937		2,420			188			644		774
Provision for income taxes		831		688			53			183		218
Net income Specialty Finance segment	$	2,106	$	1,732		$	135		$	461	$	556
Weighted average shares outstanding, diluted		5,611,558		5,608,102			5,597,889			5,583,055		5,558,580
Diluted earnings per share attributable to Specialty Finance	$	0.38	$	0.31		$	0.02		$	0.08	$	0.10

	Year-to-date
(Dollars in thousands, except per share data)	June 30, 2025		June 30, 2024
Purchased receivable income	$	12,047	$	2,587
Other operating income		11		—
Interest income		1,378		382
Total revenue		13,436		2,969
Provision for credit losses		684		—
Compensation expense – SCF acquisition payments		1,200		—
Other operating expense		5,031		802
Interest expense		1,164		422
Total expense		8,079		1,224
Income before provision for income taxes		5,357		1,745
Provision for income taxes		1,519		494
Net income Specialty Finance segment	$	3,838	$	1,251
Weighted average shares outstanding, diluted		5,611,734		5,562,025
Diluted earnings per share	$	0.69	$	0.23

Balance Sheet Review

Northrim’s total assets were $3.24 billion at June 30, 2025, up 3% from the preceding quarter and up 15% from a year ago. Northrim’s loan-to-deposit ratio was 78% at June 30, 2025, up from 76% at both March 31, 2025 and June 30, 2024.

At June 30, 2025, liquid assets, investments, and loans maturing within one year were $1.15 billion and our funds available for borrowing under our existing lines of credit were $507.9 million. Given these sources of liquidity and our expectations for customer demands for cash and for our operating cash needs, we believe our sources of liquidity to be sufficient for the foreseeable future.

Average interest-earning assets were $2.89 billion in the second quarter of 2025, up 4% from $2.78 billion in the first quarter of 2025 and up 12% from $2.57 billion in the second quarter a year ago. The average yield on interest-earning assets was 6.27% in the second quarter of 2025, up from 6.10% in the preceding quarter and up from 5.83% in the second quarter of 2024.

Average investment securities decreased to $515.9 million in the second quarter of 2025, compared to $523.8 million in the first quarter of 2025 and $640.0 million in the second quarter a year ago. The average net tax equivalent yield on the securities portfolio was 3.07% for the second quarter of 2025, up from 2.97% in the preceding quarter and up from 2.82% in the year ago quarter. The average estimated duration of the investment portfolio at June 30, 2025, was approximately 2.4 years compared to approximately 2.5 years at June 30, 2024. As of June 30, 2025, $55.7 million of available for sale securities with a weighted average yield of 1.40% are scheduled to mature in the next six months, $106.8 million with a weighted average yield of 1.28% are scheduled to mature in six months to one year, and $145.0 million with a weighted average yield of 1.96% are scheduled to mature in the following year, representing a total of $307.5 million or 11% of earning assets that are scheduled to mature in the next 24 months.

Total unrealized losses, net of tax, on available for sale securities decreased by $1.9 million in the second quarter of 2025 resulting in total unrealized loss, net of tax, of $3.6 million compared to $5.5 million at March 31, 2025, and $15.2 million a year ago. The average maturity of the available for sale securities with the majority of the unrealized loss is 1.3 years. Total unrealized losses on held to maturity securities were $711,000 at June 30, 2025, compared to $1.1 million at March 31, 2025, and $3.0 million a year ago.

Average interest bearing deposits in other banks decreased to $27.2 million in the second quarter of 2025 from $38.0 million in the first quarter of 2025 and increased from $17.4 million in the second quarter of 2024, as cash was used to fund loan growth and provide liquidity.

Loans held for sale decreased to $127.1 million at June 30, 2025, compared to $159.6 million at March 31, 2025, largely due to the sale of $61 million consumer mortgage loans in the second quarter of 2025 that had been reclassified to loans held for sale from portfolio loans in the first quarter of 2025, and increased from $85.9 million a year ago, due to higher loan production by Residential Mortgage.

Portfolio loans were $2.20 billion at June 30, 2025, up 4% from the preceding quarter and up 17% from a year ago. Portfolio loans, excluding consumer mortgage loans, were $2.00 billion at June 30, 2025, up $59.1 million or 3% from the preceding quarter and up 21% from a year ago. This increase in the second quarter of 2025 was diversified throughout the loan portfolio including consumer mortgage loans increasing by $19 million, construction loans increasing by $31.2 million, commercial real estate owner-occupied loans increasing $17.1 million, and nonowner-occupied commercial real estate and multi-family loans increasing by $6.5 million from the preceding quarter. These increases were partially offset by a $3.8 million decrease in commercial loans. Average portfolio loans in the second quarter of 2025 were $2.17 billion, which was consistent with the preceding quarter after the sale of $61 million in consumer mortgage loans, and up 18% from a year ago. Yields on average portfolio loans in the second quarter of 2025 increased to 6.99% from 6.89% in the first quarter and increased from 6.87% in the second quarter of 2024. The yield on new portfolio loans, excluding consumer mortgage loans, was 7.45% in the second quarter of 2025 as compared to 7.43% in the first quarter of 2025 and 8.26% in the second quarter of 2024.

Northrim’s loans and credit lines are subject to approval procedures and amount limitations. These limitations apply to the borrower’s total outstanding indebtedness and commitments to us, including the indebtedness of any guarantor. Generally, Northrim is permitted to make loans to one borrower of up to 15% of the unimpaired capital and surplus of the Bank. The legal lending limit was $39.4 million at June 30, 2025. At June 30, 2025, Northrim had 22 relationships totaling $504.0 million in portfolio loans whose total direct and indirect commitments were greater than 50% of the legal lending limit.

Alaskans continue to account for substantially all of Northrim’s deposit base. Total deposits were $2.81 billion at June 30, 2025, up 1% from $2.78 billion at March 31, 2025, and up 14% from $2.46 billion a year ago. “The increase in deposits in the second quarter of 2025 was consistent with our customers’ normal business cycles which typically result in increases in deposit balances in the second and third quarters and decreases in the first and fourth quarters,” said Ballard. At June 30, 2025, 75% of total deposits were held in business accounts and 25% of deposit balances were held in consumer accounts. Northrim had approximately 34,000 deposit customers with an average balance of $60,000 as of June 30, 2025. Northrim had 27 customers with balances over $10 million as of June 30, 2025, which accounted for $731.1 million, or 27%, of total deposits. Demand deposits increased by 5% from the prior quarter and increased 10% from the prior year to $777.9 million at June 30, 2025. Demand deposits were 28% of total deposits at June 30, 2025 up from 27% at March 31, 2025 and were down from 29% of total deposits at June 30, 2024. Average interest-bearing deposits were up 1% to $2.03 billion with an average cost of 2.04% in the second quarter of 2025, compared to $2.00 billion and an average cost of 2.01% in the first quarter of 2025, and up 18% compared to $1.73 billion and an average cost of 2.21% in the second quarter of 2024. Uninsured deposits totaled $1.02 billion or 36% of total deposits as of June 30, 2025 compared to $1.08 billion or 40% of total deposits as of December 31, 2024.

Shareholders’ equity was $290.2 million, or $52.55 book value per share, at June 30, 2025, compared to $279.8 million, or $50.67 book value per share, at March 31, 2025 and $247.2 million, or $44.93 book value per share, a year ago. Tangible book value per share^* was $43.35 at June 30, 2025, compared to $41.47 at March 31, 2025, and $42.03 per share a year ago. The increase in shareholders’ equity in the second quarter of 2025 as compared to the first quarter of 2025 was largely the result of earnings of $11.8 million and an increase in the fair value of the available for sale securities portfolio, which increased $1.9 million, net of tax, which were only partially offset by dividends paid of $3.6 million. The Company did not repurchase any shares of common stock in the second quarter of 2025 and currently has no plans to repurchase shares this year. Tangible common equity to tangible assets^* was 7.50% as of June 30, 2025, compared to 7.41% as of March 31, 2025 and 8.24% as of June 30, 2024. Northrim continues to maintain capital levels in excess of the requirements to be categorized as “well-capitalized” with Tier 1 Capital to Risk Adjusted Assets of 9.80% at June 30, 2025, compared to 9.76% at March 31, 2025, and 11.68% at June 30, 2024.

Asset Quality

Northrim believes it has a consistent lending approach throughout economic cycles, which emphasizes appropriate loan-to-value ratios, adequate debt coverage ratios, and competent management.

Nonperforming assets (“NPAs”) net of government guarantees were $11.9 million at June 30, 2025, down from $12.3 million at March 31, 2025 and up from $5.1 million a year ago. Of the NPAs at June 30, 2025, $4.2 million are attributable to the Community Banking segment and $7.5 million are attributable to the Specialty Finance segment.

Net adversely classified loans were $35.8 million at June 30, 2025, as compared to $20.4 million at March 31, 2025, and $7.1 million a year ago. Adversely classified loans are loans that Northrim has classified as substandard, doubtful, and loss, net of government guarantees. The increase in adversely classified loans, net of government guarantees, at June 30, 2025 as compared to the prior quarter is mostly attributable to two commercial relationships totaling $16.0 million. Net loan charge-offs were $140,000 in the second quarter of 2025, compared to net loan recoveries of $34,000 in the first quarter of 2025, and net loan recoveries of $26,000 in the second quarter of 2024. Additionally, Northrim had 13 loan modifications to borrowers experiencing financial difficulty totaling $3.3 million, net of government guarantees that had been modified in the last twelve months as of June 30, 2025.

Northrim had $141.2 million, or 6% of portfolio loans, in the Healthcare sector, $127.2 million, or 6% of portfolio loans, in the Tourism sector, $121.0 million, or 5% of portfolio loans, in the Accommodations sector, $93.4 million, or 4% of portfolio loans, in the Retail sector, $84.2 million, or 4% of portfolio loans, in the Aviation (non-tourism) sector, $76.2 million, or 3% of portfolio loans, in the Fishing sector, and $59.5 million, or 3% in the Restaurants and Breweries sector as of June 30, 2025.

Northrim estimates that $105.9 million, or approximately 5% of portfolio loans, had direct exposure to the oil and gas industry in Alaska, as of June 30, 2025, and $1.5 million of these loans are adversely classified. As of June 30, 2025, Northrim has an additional $76.9 million in unfunded commitments to companies with direct exposure to the oil and gas industry in Alaska, and no unfunded commitments on adversely classified loans. Northrim defines direct exposure to the oil and gas sector as loans to borrowers that provide oilfield services and other companies that have been identified as significantly reliant upon activity in Alaska related to the oil and gas industry, such as lodging, equipment rental, transportation and other logistics services specific to this industry.

About Northrim BanCorp

Northrim BanCorp, Inc. is the parent company of Northrim Bank, an Alaska-based community bank with 20 branches throughout the state and differentiates itself with its detailed knowledge of Alaska’s economy and its “Customer First Service” philosophy. The Bank has two wholly-owned subsidiaries, Sallyport Commercial Finance, LLC, a specialty finance company and Residential Mortgage Holding Company, LLC, a regional home mortgage company. Pacific Wealth Advisors, LLC is an affiliated company.

www.northrim.com

Forward-Looking Statement

This release may contain “forward-looking statements” as that term is defined for purposes of Section 21E of the Securities Exchange Act of 1934, as amended. These statements are, in effect, management’s attempt to predict future events, and thus are subject to various risks and uncertainties. Readers should not place undue reliance on forward-looking statements, which reflect management’s views only as of the date hereof. All statements, other than statements of historical fact, regarding our financial position, business strategy, management’s plans and objectives for future operations are forward-looking statements. When used in this report, the words “anticipate,” “believe,” “estimate,” “expect,” and “intend” and words or phrases of similar meaning, as they relate to Northrim and its management are intended to help identify forward-looking statements. Although we believe that management’s expectations as reflected in forward-looking statements are reasonable, we cannot assure readers that those expectations will prove to be correct. Forward-looking statements, are subject to various risks and uncertainties that may cause our actual results to differ materially and adversely from our expectations as indicated in the forward-looking statements. These risks and uncertainties include: descriptions of Northrim’s and Sallyport’s financial condition, results of operations, asset based lending volumes, asset and credit quality trends and profitability and statements about the expected financial benefits and other effects of the acquisition of Sallyport by Northrim Bank; expected cost savings, synergies and other financial benefits from the acquisition of Sallyport by Northrim Bank might not be realized within the expected time frames and costs or difficulties relating to integration matters might be greater than expected; the ability of Northrim and Sallyport to execute their respective business plans; potential further increases in interest rates; the value of securities held in our investment portfolio; the impact of the results of government initiatives, including tariffs, on the regulatory landscape, natural resource extraction industries, and capital markets; the impact of declines in the value of commercial and residential real estate markets, high unemployment rates, inflationary pressures and slowdowns in economic growth; changes in banking regulation or actions by bank regulators; potential further increases in inflation, supply-chain constraints, and potential geopolitical instability, including the war in Ukraine and the conflict in the Middle East; financial stress on borrowers (consumers and businesses) as a result of higher rates or an uncertain economic environment; the general condition of, and changes in, the Alaska economy; our ability to maintain or expand our market share or net interest margin; the sufficiency of our allowance for credit losses and the accuracy of the assumptions or estimates used in preparing our financial statements, including those related to current expected credit losses accounting guidance; our ability to maintain asset quality; our ability to implement our marketing and growth strategies; our ability to identify and address cyber-security risks, including security breaches, “denial of service attacks,” “hacking,” and identity theft; disease outbreaks; and our ability to execute our business plan. Further, actual results may be affected by competition on price and other factors with other financial institutions; customer acceptance of new products and services; the regulatory environment in which we operate; and general trends in the local, regional and national banking industry and economy. In addition, there are risks inherent in the banking industry relating to collectability of loans and changes in interest rates. Many of these risks, as well as other risks that may have a material adverse impact on our operations and business, are identified in the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and from time to time are disclosed in our other filings with the Securities and Exchange Commission. However, you should be aware that these factors are not an exhaustive list, and you should not assume these are the only factors that may cause our actual results to differ from our expectations. These forward-looking statements are made only as of the date of this release, and Northrim does not undertake any obligation to release revisions to these forward-looking statements to reflect events or conditions after the date of this release.
References:

https://www.bea.gov/

http://almis.labor.state.ak.us/

http://www.tax.alaska.gov/programs/oil/prevailing/ans.aspx

http://www.tax.state.ak.us/

https://www.bls.gov/regions/west/news-release/consumerpriceindex_anchorage.htm

https://www.alaskarealestate.com/MLSMember/RealEstateStatistics.aspx

https://www.akleg.gov/basis/Bill/Text/34?Hsid=HJR011C

https://www.trade.gov/data-visualization/tradestats-express-trade-partner-state

https://tax.alaska.gov/programs/programs/reports/RSB.aspx?Year=2025&Type=Spring

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Contact:	Mike Huston, President, CEO, and COO
	(907) 261-8750
	Jed Ballard, Chief Financial Officer
	(907) 261-3539

Income Statement
(Dollars in thousands, except per share data)	Three Months Ended								Year-to-date
(Unaudited)	June 30,		March 31,			June 30,			June 30,		June 30,
		2025		2025			2024			2025		2024
Interest Income:
Interest and fees on loans	$	40,519	$	37,470		$	32,367		$	77,989	$	62,817
Interest on portfolio investments		3,765		3,675			4,310			7,440		8,830
Interest on deposits in banks		515		416			232			931		1,070
Total interest income		44,799		41,561			36,909			86,360		72,717
Interest Expense:
Interest expense on deposits		10,304		9,935			9,476			20,239		18,656
Interest expense on borrowings		903		329			380			1,232		561
Total interest expense		11,207		10,264			9,856			21,471		19,217
Net interest income		33,592		31,297			27,053			64,889		53,500

Provision (benefit) for credit losses		1,976		(1,409	)		(120	)		567		29
Net interest income after provision for credit losses		31,616		32,706			27,173			64,322		53,471

Other Operating Income:
Mortgage banking income		7,400		4,251			5,884			11,651		9,915
Purchased receivable income		5,897		6,100			1,242			12,047		2,587
Bankcard fees		1,153		1,074			1,105			2,227		2,022
Service charges on deposit accounts		726		677			572			1,403		1,121
Unrealized gain (loss) on marketable equity securities		78		(50	)		(60	)		28		254
Other income		1,386		988			834			2,324		1,522
Total other operating income		16,640		13,040			9,577			29,680		17,421

Other Operating Expense:
Salaries and other personnel expense		20,854		17,223			16,627			38,077		32,044
Data processing expense		3,366		3,104			2,601			6,470		5,260
Occupancy expense		2,104		1,889			1,843			3,993		3,805
Professional and outside services		1,113		1,115			726			2,228		1,481
Marketing expense		1,042		672			690			1,714		1,203
Insurance expense		756		1,017			692			1,773		1,471
Compensation expense – SCF acquisition payments		600		600			—			1,200		—
OREO expense, net rental income and gains on sale		2		3			2			5		(389	)
Other expense		2,651		2,548			2,013			5,199		3,957
Total other operating expense		32,488		28,171			25,194			60,659		48,832

Income before provision for income taxes		15,768		17,575			11,556			33,343		22,060
Provision for income taxes		3,990		4,251			2,536			8,241		4,841
Net income	$	11,778	$	13,324		$	9,020		$	25,102	$	17,219

Basic EPS	$	2.13	$	2.41		$	1.64		$	4.54	$	3.13
Diluted EPS	$	2.09	$	2.38		$	1.62		$	4.47	$	3.10
Weighted average shares outstanding, basic		5,521,811		5,519,998			5,500,588			5,520,905		5,500,083
Weighted average shares outstanding, diluted		5,611,558		5,608,102			5,558,580			5,611,734		5,562,025

Balance Sheet
(Dollars in thousands)
(Unaudited)	June 30,			March 31,			June 30,
		2025			2025			2024

Assets:
Cash and due from banks	$	43,734		$	29,671		$	33,364
Interest bearing deposits in other banks		97,549			35,852			21,058
Investment securities available for sale, at fair value		429,421			463,096			584,964
Investment securities held to maturity		36,750			36,750			36,750
Marketable equity securities, at fair value		8,747			8,669			12,381
Investment in Federal Home Loan Bank stock		8,343			5,342			4,929
Loans held for sale		127,116			159,603			85,926

Portfolio loans		2,202,115			2,124,330			1,875,907
Allowance for credit losses, loans		(22,585	)		(20,922	)		(17,694	)
Net portfolio loans		2,179,530			2,103,408			1,858,213
Purchased receivables, net		109,098			95,489			25,722
Mortgage servicing rights, at fair value		27,506			26,814			21,077
Other real estate owned, net		—			—			—
Premises and equipment, net		36,501			37,070			40,393
Lease right of use asset		7,033			7,632			8,244
Goodwill and intangible assets		50,824			50,824			15,967
Other assets		81,608			80,740			72,680
Total assets	$	3,243,760		$	3,140,960		$	2,821,668

Liabilities:
Demand deposits	$	777,948		$	742,560		$	704,471
Interest-bearing demand		1,196,048			1,187,465			906,010
Savings deposits		248,141			256,650			238,156
Money market deposits		196,166			193,842			195,159
Time deposits		390,867			397,460			420,010
Total deposits		2,809,170			2,777,977			2,463,806
Other borrowings		63,026			13,136			43,961
Junior subordinated debentures		10,310			10,310			10,310
Lease liability		7,077			7,682			8,269
Other liabilities		63,958			52,099			48,122
Total liabilities		2,953,541			2,861,204			2,574,468

Shareholders’ Equity:
Total shareholders’ equity		290,219			279,756			247,200
Total liabilities and shareholders’ equity	$	3,243,760		$	3,140,960		$	2,821,668

Additional Financial Information
(Dollars in thousands)
(Unaudited)

Composition of Portfolio Loans
	June 30, 2025					March 31, 2025					December 31, 2024					September 30, 2024					June 30, 2024
	Balance			% of total		Balance			% of total		Balance			% of total		Balance			% of total		Balance			% of total
Commercial loans	$	569,753		27	%	$	573,593		27	%	$	518,148		24	%	$	492,414		24	%	$	495,781		26	%
Commercial real estate:
Owner occupied properties		447,561		20	%		430,442		20	%		420,060		20	%		412,827		20	%		383,832		20	%
Nonowner occupied and
multifamily properties		696,766		31	%		690,277		32	%		619,431		29	%		584,302		31	%		551,130		30	%
Residential real estate:
1-4 family properties
secured by first liens		206,905		9	%		188,219		9	%		270,535		13	%		248,514		12	%		222,026		12	%
1-4 family properties
secured by junior liens &
revolving secured by first liens		60,118		3	%		53,836		3	%		48,857		2	%		45,262		2	%		41,258		2	%
1-4 family construction		36,005		2	%		34,017		2	%		39,789		2	%		39,794		2	%		29,510		2	%
Construction loans		187,442		8	%		156,211		7	%		214,068		10	%		185,362		9	%		154,009		8	%
Consumer loans		7,570		—	%		7,424		—	%		7,562		—	%		7,836		—	%		6,679		—	%
Subtotal		2,212,120					2,134,019					2,138,450					2,016,311					1,884,225
Unearned loan fees, net		(10,005	)				(9,689	)				(9,187	)				(8,746	)				(8,318	)
Total portfolio loans	$	2,202,115				$	2,124,330				$	2,129,263				$	2,007,565				$	1,875,907

Composition of Deposits
	June 30, 2025				March 31, 2025				December 31, 2024				September 30, 2024				June 30, 2024
	Balance		% of total		Balance		% of total		Balance		% of total		Balance		% of total		Balance		% of total
Demand deposits	$	777,948	28	%	$	742,560	27	%	$	706,225	27	%	$	763,595	29	%	$	704,471	29	%
Interest-bearing demand		1,196,048	42	%		1,187,465	43	%		1,108,404	41	%		979,238	37	%		906,010	36	%
Savings deposits		248,141	9	%		256,650	9	%		250,900	9	%		245,043	9	%		238,156	10	%
Money market deposits		196,166	7	%		193,842	7	%		196,290	7	%		204,821	8	%		195,159	8	%
Time deposits		390,867	14	%		397,460	14	%		418,370	16	%		435,870	17	%		420,010	17	%
Total deposits	$	2,809,170			$	2,777,977			$	2,680,189			$	2,628,567			$	2,463,806

Additional Financial Information
(Dollars in thousands)
(Unaudited)

Asset Quality	June 30,		March 31,		June 30,
		2025		2025		2024
Nonaccrual loans – Community Banking	$	4,180	$	4,274	$	4,233
Nonaccrual loans – Home Mortgage Lending		197		221		253
Nonaccrual loans – Specialty Finance		3,484		3,573		344
Nonaccrual loans – Total		7,861		8,068		4,830
Loans 90 days past due and accruing – Community Banking		—		—		17
Loans 90 days past due and accruing – Total		—		—		17
Total nonperforming loans – Community Banking		4,180		4,274		4,250
Total nonperforming loans – Home Mortgage Lending		197		221		253
Total nonperforming loans – Specialty Finance		3,484		3,573		344
Total nonperforming loans – Total		7,861		8,068		4,847
Nonperforming loans guaranteed by gov’t – Community Banking		70		80		—
Nonperforming loans guaranteed by gov’t – Total		70		80		—
Net nonperforming loans – Community Banking		4,110		4,194		4,250
Net nonperforming loans – Home Mortgage Lending		197		221		253
Net nonperforming loans – Specialty Finance		3,484		3,573		344
Net nonperforming loans – Total		7,791		7,988		4,847

Repossessed assets – Community Banking		50		297		297
Repossessed assets – Total		50		297		297

Nonperforming purchased receivables – Specialty Finance		4,017		4,007		—

Net nonperforming assets – Community Banking		4,160		4,491		4,547
Net nonperforming assets – Home Mortgage Lending		197		221		253
Net nonperforming assets – Specialty Finance		7,501		7,580		344
Net nonperforming assets – Total	$	11,858	$	12,292	$	5,144

Adversely classified loans, net of gov’t guarantees – Community Banking	$	32,128	$	16,592	$	6,006
Adversely classified loans, net of gov’t guarantees – Home Mortgage Lending		223		252		718
Adversely classified loans, net of gov’t guarantees – Specialty Finance		3,484		3,573		344
Adversely classified loans, net of gov’t guarantees – Total	$	35,835	$	20,417	$	7,068

Special mention loans, net of gov’t guarantees – Community Banking	$	3,966	$	14,496	$	8,902
Special mention loans, net of gov’t guarantees – Home Mortgage Lending		790		637		—
Special mention loans, net of gov’t guarantees – Total	$	4,756	$	15,133	$	8,902

Asset Quality, Continued	June 30,				March 31,				June 30,
		2025				2025				2024
Nonperforming loans, net of government guarantees / portfolio loans		0.35		%		0.38		%		0.26		%
Nonperforming loans, net of government guarantees / portfolio loans,
net of government guarantees		0.38		%		0.40		%		0.28		%
Nonperforming assets, net of government guarantees / total assets		0.37		%		0.39		%		0.18		%
Nonperforming assets, net of government guarantees / total assets
net of government guarantees		0.38		%		0.41		%		0.19		%

Loans 30-89 days past due and accruing, net of government guarantees /								%
portfolio loans		0.06		%		0.04		%		0.03		%
Loans 30-89 days past due and accruing, net of government guarantees /
portfolio loans, net of government guarantees		0.06		%		0.04		%		0.04		%

Allowance for credit losses for loans / portfolio loans		1.03		%		0.98		%		0.94		%
Allowance for credit losses for loans / portfolio loans, net of gov’t guarantees		1.10		%		1.06		%		1.01		%
Allowance for credit losses for loans / nonperforming loans, net of
government guarantees		290		%		262		%		365		%

Gross loan charge-offs for the quarter – Community Banking	$3				$50				$—
Gross loan charge-offs for the quarter – Specialty Finance		152				—				—
Gross loan charge-offs for the quarter – Total		155				50				—

Gross loan recoveries for the quarter – Community Banking		(15	)			(84	)			(26	)
Gross loan recoveries for the quarter – Home Mortgage Lending		—				—				—
Gross loan recoveries for the quarter – Specialty Finance		—				—				—
Gross loan recoveries for the quarter – Total	($15		)		($84		)		($26		)

Net loan (recoveries) charge-offs for the quarter – Community Banking	($12		)		($34		)		($26		)
Net loan (recoveries) charge-offs for the quarter – Specialty Finance		152				—				—
Net loan (recoveries) charge-offs for the quarter – Total	$140				($34		)		($26		)

Net loan charge-offs (recoveries) year-to-date – Community Banking	($46		)		($34		)		($68		)
Net loan charge-offs (recoveries) year-to-date – Specialty Finance		152				—				—
Net loan charge-offs (recoveries) year-to-date – Total	$106				($34		)		($68		)

Net loan charge-offs (recoveries) for the quarter / average loans, for the quarter		0.01		%		—		%		—		%

Net loan charge-offs (recoveries) year-to-date / average loans,
year-to-date annualized		0.01		%		(0.01	)	%		(0.01	)	%

Allowance for credit losses for purchased receivables / purchased receivables		3.05		%		3.72		%		—		%

Net purchased receivable charge-offs (recoveries) for the quarter	$281				$—				$—

Net purchased receivable charge-offs (recoveries) year-to-date	$281				$—				$—

Net purchased receivable charge-offs (recoveries) for the quarter /
average purchased receivables, for the quarter		0.27		%	NA				NA

Net purchased receivable charge-offs (recoveries) year-to-date / average
purchased receivables, year-to-date annualized		0.61		%	NA				NA

Additional Financial Information
(Dollars in thousands)
(Unaudited)

Average Balances, Yields, and Rates
	Three Months Ended
	June 30, 2025					March 31, 2025					June 30, 2024
				Average					Average					Average
	Average			Tax Equivalent		Average			Tax Equivalent		Average			Tax Equivalent
	Balance			Yield/Rate		Balance			Yield/Rate		Balance			Yield/Rate
Assets
Interest bearing deposits in other banks	$	27,216		7.60	%	$	37,969		4.44	%	$	17,352		5.27	%
Portfolio investments		515,916		3.07	%		523,753		2.97	%		639,980		2.82	%
Loans held for sale		173,675		6.50	%		46,223		5.86	%		65,102		6.08	%
Portfolio loans		2,172,482		6.99	%		2,173,425		6.89	%		1,845,832		6.87	%
Total interest-earning assets		2,889,289		6.27	%		2,781,370		6.10	%		2,568,266		5.83	%
Nonearning assets		306,206					293,415					204,509
Total assets	$	3,195,495				$	3,074,785				$	2,772,775

Liabilities and Shareholders’ Equity
Interest-bearing deposits	$	2,029,100		2.04	%	$	2,002,594		2.01	%	$	1,725,013		2.21	%
Borrowings		86,404		4.14	%		37,081		3.55	%		38,390		3.92	%
Total interest-bearing liabilities		2,115,504		2.12	%		2,039,675		2.04	%		1,763,403		2.25	%

Noninterest-bearing demand deposits		737,112					697,534					706,339
Other liabilities		54,320					63,348					58,549
Shareholders’ equity		288,559					274,228					244,484
Total liabilities and shareholders’ equity	$	3,195,495				$	3,074,785				$	2,772,775
Net spread				4.15	%				4.06	%				3.58	%
NIM				4.66	%				4.55	%				4.24	%
NIMTE^*				4.72	%				4.61	%				4.30	%
Cost of funds				1.57	%				1.52	%				1.60	%
Average portfolio loans to average
interest-earning assets		75.19	%				78.14	%				71.87	%
Average portfolio loans to average total deposits		78.54	%				80.49	%				75.92	%
Average non-interest deposits to average
total deposits		26.65	%				25.83	%				29.05	%
Average interest-earning assets to average
interest-bearing liabilities		136.58	%				136.36	%				145.64	%

Additional Financial Information
(Dollars in thousands)
(Unaudited)

Average Balances, Yields, and Rates
	Year-to-date
	June 30, 2025					June 30, 2024
				Average					Average
	Average			Tax Equivalent		Average			Tax Equivalent
	Balance			Yield/Rate		Balance			Yield/Rate
Assets
Interest bearing deposits in other banks	$	32,563		5.77	%	$	39,457		5.36	%
Portfolio investments		519,813		3.02	%		655,458		2.82	%
Loans held for sale		110,301		6.35	%		48,868		6.10	%
Portfolio loans		2,172,950		6.94	%		1,819,629		6.81	%
Total interest-earning assets		2,835,627		6.19	%		2,563,412		5.76	%
Nonearning assets		299,848					202,819
Total assets	$	3,135,475				$	2,766,231

Liabilities and Shareholders’ Equity
Interest-bearing deposits	$	2,015,920		2.02	%	$	1,728,468		2.17	%
Borrowings		61,879		3.96	%		31,167		3.55	%
Total interest-bearing liabilities		2,077,799		2.08	%		1,759,635		2.19	%

Noninterest-bearing demand deposits		717,432					705,736
Other liabilities		58,809					59,478
Shareholders’ equity		281,435					241,382
Total liabilities and shareholders’ equity	$	3,135,475				$	2,766,231
Net spread				4.11	%				3.57	%
NIM				4.61	%				4.20	%
NIMTE^*				4.66	%				4.26	%
Cost of funds				1.55	%				1.57	%
Average portfolio loans to average interest-earning assets		76.63	%				70.98	%
Average portfolio loans to average total deposits		79.50	%				74.75	%
Average non-interest deposits to average total deposits		26.25	%				28.99	%
Average interest-earning assets to average interest-bearing liabilities		136.47	%				145.68	%

Additional Financial Information
(Dollars in thousands, except per share data)
(Unaudited)

Capital Data (At quarter end)
	June 30, 2025				March 31, 2025				June 30, 2024
Book value per share	$52.55				$50.67				$44.93
Tangible book value per share^*	$43.35				$41.47				$42.03
Total shareholders’ equity/total assets		8.95		%		8.91		%		8.76		%
Tangible Common Equity/Tangible Assets^*		7.50		%		7.41		%		8.24		%
Tier 1 Capital / Risk Adjusted Assets		9.80		%		9.76		%		11.68		%
Total Capital / Risk Adjusted Assets		10.71		%		10.62		%		12.58		%
Tier 1 Capital / Average Assets		7.99		%		8.02		%		9.17		%
Shares outstanding		5,522,271				5,520,892				5,501,562
Total unrealized loss on AFS debt securities, net of income taxes	($3,571		)		($5,452		)		($15,197		)
Total unrealized gain on derivatives and hedging activities, net of income taxes	$1,026				$1,097				$1,212

Profitability Ratios
	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
For the quarter:
NIM	4.66	%	4.55	%	4.41	%	4.29	%	4.24	%
NIMTE^*	4.72	%	4.61	%	4.47	%	4.35	%	4.30	%
Efficiency ratio	64.68	%	63.54	%	66.96	%	66.11	%	68.78	%
Return on average assets	1.48	%	1.76	%	1.43	%	1.22	%	1.31	%
Return on average equity	16.37	%	19.70	%	16.32	%	13.69	%	14.84	%

	June 30, 2025		June 30, 2024
Year-to-date:
NIM	4.61	%	4.20	%
NIMTE^*	4.66	%	4.26	%
Efficiency ratio	64.14	%	68.85	%
Return on average assets	1.61	%	1.25	%
Return on average equity	17.99	%	14.35	%

*Non-GAAP Financial Measures
(Dollars and shares in thousands, except per share data)
(Unaudited)

Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Although we believe these non-GAAP financial measures are frequently used by stakeholders in the evaluation of the Company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of results as reported under GAAP.

Net interest margin on a tax equivalent basis

Net interest margin on a tax equivalent basis (“NIMTE”) is a non-GAAP performance measurement in which interest income on non-taxable investments and loans is presented on a tax equivalent basis using a combined federal and state statutory rate of 28.43% in both 2025 and 2024. The most comparable GAAP measure is net interest margin and the following table sets forth the reconciliation of NIMTE to net interest margin for the periods indicated.

	Three Months Ended
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Net interest income	$	33,592		$	31,297		$	30,841		$	28,842		$	27,053
Divided by average interest-bearing assets		2,889,289			2,781,370			2,787,517			2,674,291			2,568,266
Net interest margin (“NIM”)²		4.66	%		4.55	%		4.41	%		4.29	%		4.24	%

Net interest income	$	33,592		$	31,297		$	30,841		$	28,842		$	27,053
Plus: reduction in tax expense related to
tax-exempt interest income		409			379			379			385			378
	$	34,001		$	31,676		$	31,220		$	29,227		$	27,431
Divided by average interest-bearing assets		2,889,289			2,781,370			2,787,517			2,674,291			2,568,266
NIMTE²		4.72	%		4.61	%		4.47	%		4.35	%		4.30	%

	Year-to-date
	June 30, 2025			June 30, 2024
Net interest income	$	64,889		$	53,500
Divided by average interest-bearing assets		2,835,627			2,563,412
Net interest margin (“NIM”)³		4.61	%		4.20	%

Net interest income	$	64,889		$	53,500
Plus: reduction in tax expense related to
tax-exempt interest income		788			757
	$	65,677		$	54,257
Divided by average interest-bearing assets		2,835,627			2,563,412
NIMTE³		4.66	%		4.26	%

²Calculated using actual days in the quarter divided by 365 for the quarters ended in 2025 and 366 for the quarters ended in 2024, respectively.

³Calculated using actual days in the year divided by 365 for year-to-date period in 2025 and 366 for year-to-date period in 2024, respectively.

*Non-GAAP Financial Measures
(Dollars and shares in thousands, except per share data)
(Unaudited)

Tangible Book Value Per Share

Tangible book value per share is a non-GAAP measure defined as shareholders’ equity, less intangible assets, divided by shares outstanding. The most comparable GAAP measure is book value per share and the following table sets forth the reconciliation of tangible book value per share and book value per share for the periods indicated.

	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024

Total shareholders’ equity	$	290,219	$	279,756	$	267,116	$	260,050	$	247,200
Divided by shares outstanding		5,522		5,521		5,518		5,502		5,502
Book value per share	$	52.55	$	50.68	$	48.41	$	47.26	$	44.93

	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024

Total shareholders’ equity	$	290,219	$	279,756	$	267,116	$	260,050	$	247,200
Less: goodwill and intangible assets		50,824		50,824		50,968		15,967		15,967
	$	239,395	$	228,932	$	216,148	$	244,083	$	231,233
Divided by shares outstanding		5,522		5,521		5,518		5,502		5,502
Tangible book value per share	$	43.35	$	41.47	$	39.17	$	44.36	$	42.03

Tangible Common Equity to Tangible Assets

Tangible common equity to tangible assets is a non-GAAP ratio that represents total equity less goodwill and intangible assets divided by total assets less goodwill and intangible assets. The most comparable GAAP measure of shareholders’ equity to total assets is calculated by dividing total shareholders’ equity by total assets and the following table sets forth the reconciliation of tangible common equity to tangible assets and shareholders’ equity to total assets for the periods indicated.

Northrim BanCorp, Inc.	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024

Total shareholders’ equity	$	290,219		$	279,756		$	267,116		$	260,050		$	247,200
Total assets		3,243,760			3,140,960			3,041,869			2,963,392			2,821,668
Total shareholders’ equity to total assets		8.95	%		8.91	%		8.78	%		8.78	%		8.76	%

Northrim BanCorp, Inc.	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Total shareholders’ equity	$	290,219		$	279,756		$	267,116		$	260,050		$	247,200
Less: goodwill and other intangible assets, net		50,824			50,824			50,968			15,967			15,967
Tangible common shareholders’ equity	$	239,395		$	228,932		$	216,148		$	244,083		$	231,233

Total assets	$	3,243,760		$	3,140,960		$	3,041,869		$	2,963,392		$	2,821,668
Less: goodwill and other intangible assets, net		50,824			50,824			50,968			15,967			15,967
Tangible assets	$	3,192,936		$	3,090,136		$	2,990,901		$	2,947,425		$	2,805,701
Tangible common equity ratio		7.50	%		7.41	%		7.23	%		8.28	%		8.24	%

Note Transmitted on GlobeNewswire on July 23, 2025, at 12:15 pm Alaska Standard Time.

The MIL Network –

July 24, 2025

MIL-OSI United Kingdom: PM call with President Sandu of the Republic of Moldova: 23 July 2025
Source: United Kingdom – Executive Government & Departments

Press release

PM call with President Sandu of the Republic of Moldova: 23 July 2025

The Prime Minister met the President of the Republic of Moldova, Maia Sandu, this afternoon.
The Prime Minister met the President of the Republic of Moldova, Maia Sandu, this afternoon.

Discussing Russia’s illegal war in Ukraine, the leaders agreed to work closely to stop the spread of malign disinformation and illicit finance, and the Prime Minister underscored the need to sanction those who seek to undermine democracy.

The Prime Minister updated the President on the progress of the Coalition of the Willing, and how all must ensure Ukraine is in the strongest possible position now and going forwards. The leaders discussed the effectiveness of sanctions on stopping Putin’s war machine, and how the international community must ramp up the pressure.

The leaders agreed on the importance of an unconditional ceasefire and the necessity of a just and lasting peace in Ukraine.

They looked forward to speaking soon.

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Published 23 July 2025
MIL OSI United Kingdom –
July 24, 2025
MIL-OSI USA: NASA Astronaut Jonny Kim, Axiom Mission 4 Commander Peggy Whitson Conduct Research in Space

Source: NASA

In this photo from June 28, 2025, Expedition 73 flight engineer Jonny Kim and former NASA astronaut and director of human spaceflight at Axiom Space Peggy Whitson work together inside the International Space Station’s Destiny laboratory module setting up hardware for cancer research.
The hardware is used to culture patient-derived cancer cells, model their growth in microgravity, and test a state-of-the-art fluorescence microscope. Results of this study may lead to earlier cancer detection methods, development of advanced cancer treatments, and promote future stem cell research in space.
Whitson returned to Earth on July 15, 2025, with fellow Axiom Mission 4 crew members ISRO (Indian Space Research Organisation) astronaut Shubhanshu Shukla, ESA (European Space Agency) project astronaut Sławosz Uznański-Wiśniewski of Poland, and Hungarian to Orbit (HUNOR) astronaut Tibor Kapu of Hungary. They completed about two and a half weeks in space.
Image credit: JAXA (Japan Aerospace Exploration Agency)/Takuya Onishi

MIL OSI USA News –

July 24, 2025
MIL-OSI Security: New operation to uncover fake paintings supported by Eurojust
Source: Eurojust

Following a successful major operation in November 2024 to uncover fake paintings, Eurojust has supported the Italian authorities with a new action to retrieve over one hundred false artworks worldwide. In this recent operation, 104 forged paintings of Picasso, Edvard Munch and Paul Klee were seized and brought to Italy. Eurojust assisted with the execution of European Investigation Orders to Germany and Spain, in order to retrieve the fake artworks and prevent them from being sold in auctions.
In 2022, the Italian Carabinieri’s specialised Command for the Protection of Cultural Heritage started investigations into a specific group of forgers, who counterfeited works of the three painters. The Italian-based culprits used a special graphic design program to print images of the originals on matrices. These were then printed on paper with falsified watermarks and copied signatures of the painters.

[embedded content]

To give the fakes a semblance of authenticity, the paper for the prints underwent artificial ageing treatments through coffee or tea baths. Accompanied by forged certificates of free circulation, in order to circumvent authenticity controls by experts, the counterfeited artworks were sent to auction houses outside Italy.

The investigations by the Carabinieri Command prevented certain fakes from being sold in Germany and Spain, through auction houses. Without this intervention and the support of Eurojust, the forgers would have gained at least EUR 1 million. The Italian authorities requested the support of Eurojust last year, following the successful previous operation to uncover an estimated 2 000 fake paintings.

The operations were carried out at the request of and by the following authorities:
- Italy: Carabinieri – Command for the Protection of Cultural Heritage
- Germany: Public Prosecutor’s Office Stuttgart
- Spain: Investigative Court no. 9 of Barcelona; Mossos d’Esquadra – Central Brigade for Cultural Heritage
MIL Security OSI –
July 24, 2025
MIL-OSI United Kingdom: Portmahomack to Tain bus pilot to start

Source: Scotland – Highland Council

The Highland Council has announced that a 2 day a week pilot bus service from Portmahomack to Tain will start on Thursday 24 July.

The 416A service will operate on Tuesdays and Thursdays.

The first bus of the day will depart from Main Street Portmahomack at 9:40, stopping at Tarrel 9:45am and Shore Road in Inver at 09:51 before arriving in Tain at 10.00am. Another two journeys from Portmahomack will depart at 13:40 and 17:40.

The two return journeys each Tuesday and Thursday from Tain to Portmahomack depart at 13:15 and 17:15.

During the summer school holidays, the service will be jointly delivered by The Highland Council and by Rapsons. From Tuesday 19 August, the service will be delivered entirely by Rapsons.

Chair of The Highland Council’s Economy and Infrastructure Committee, Councillor Ken Gowans said: “As this new twice a week bus is a pilot, people living and visiting in these communities are very much encouraged to use the service. As a bonus, during the school holidays, we will not be charging, so everyone can travel back and forth between Portmahomack and Tain for free.”

“The pilot will run for 3 months, after which we will assess usage patterns and user feedback.”

23 Jul 2025

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MIL OSI United Kingdom –

July 24, 2025
PM Modi arrives in London, begins two-day UK visit

Source: Government of India

Source: Government of India (4)

Prime Minister Narendra Modi arrived in London on Wednesday evening for a two-day official visit to the United Kingdom, marking a key diplomatic engagement aimed at strengthening strategic partnerships and advancing regional cooperation.

The visit, scheduled for July 23- 24, comes at the invitation of British Prime Minister Keir Starmer and is Modi’s fourth visit to the UK-highlighting the growing depth of bilateral ties.

“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 said in a post on X ahead of his arrival.

According to a statement from the Ministry of External Affairs, the visit will focus on reviewing progress under the Comprehensive Strategic Partnership (CSP), with special emphasis on trade and economy, technology and innovation, defence and security, climate cooperation, health, education, and people-to-people exchanges.

The two sides are also expected to discuss key regional and global developments of shared interest.

The visit is seen as an opportunity to inject fresh momentum into the India-UK CSP, with both leaders set to explore new areas of collaboration. A major focus will be the ongoing negotiations around the India-UK Free Trade Agreement (FTA), which aims to enhance bilateral trade and economic integration.

July 24, 2025
MIL-OSI Russia: 3 killed in shooting in Northern Ireland

Translation. Region: Russian Federal

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

An important disclaimer is at the bottom of this article.

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

LONDON, July 23 (Xinhua) — Two children and a woman were killed in a shooting incident in Northern Ireland’s County Fermanagh on Wednesday morning, local police said.

All the victims were members of the same family, District Commander Inspector Robert McGowan told a news conference.

“We can advise that there is currently no threat to the public,” a Police Service of Northern Ireland spokesman said.

Law enforcement officials say the motive for the shooting remains unclear. A case of premeditated murder has been opened, and the investigation is in its early stages. –0–

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

.

MIL OSI Russia News –

July 24, 2025
MIL-OSI Russia: Chinese team wins RoboCup Humanoid League AdultSize for the first time

Translation. Region: Russian Federal

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

An important disclaimer is at the bottom of this article.

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

BEIJING, July 23 (Xinhua) — A team from China’s Tsinghua University has won first place in the AdultSize category of the Humanoid League of the RoboCup World Robot Football Championship, marking the first time China has won the top prize at the competition.

RoboCup, which has been held since 1997, is one of the most prestigious global robotics competitions. This year, the championship was held in Brazil, with more than 20 teams from 12 countries taking part, including China, the United States, Germany, the Republic of Korea and France.

The Tsinghua team, with its Chinese-developed Booster T1 robots, dominated the competition, winning convincingly against several opponents, including the University of Texas. In the all-Chinese final, Tsinghua University defeated China Agricultural University, giving the Chinese teams first and second place, a triumph for them.

As one of the executives at Booster Robotics, the company that developed the T1 robots, noted, participating in the competition requires not only a lightweight, maneuverable, and impact-resistant design, but also complex functions such as real-time environmental perception, cognitive decision-making, advanced motion control, and interaction between multiple intelligent agents. This means that the championship is a comprehensive test of the full range of robot capabilities.

Industry analysts said the outstanding performance of Chinese robots at the international championship once again demonstrated China’s strong potential in the development and practical application of robotics. –0–

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

.

MIL OSI Russia News –

July 24, 2025
MIL-OSI Europe: Written question – Proliferation of tiger mosquitoes in southern regions of France and of Europe – E-002763/2025
Source: European Parliament
Question for written answer E-002763/2025/rev.1
to the Commission
Rule 144
Julien Leonardelli (PfE), Georgiana Teodorescu (ECR), António Tânger Corrêa (PfE), André Rougé (PfE), Rody Tolassy (PfE), Marie-Luce Brasier-Clain (PfE), Susanna Ceccardi (PfE), France Jamet (PfE)

We are witnessing a veritable invasion of tiger mosquitoes in southern regions of France and of Europe. They are not only harmful, but also pose a health hazard. They are vectors of diseases such as dengue, chikungunya and Zika virus.

Cases of dengue (178 cases[1] in Occitanie[2] in 2024[3]) and chikungunya have been reported in southern France[4]. In 2023, 82 indigenous dengue cases were reported in Italy[5], and the species has spread to all regions of Romania[6] and Spain[7], even to the most inland areas such as Aragon or Madrid[8].

Municipalities must carry out investment plans: install mosquito traps[9], eliminate stagnant water or introduce natural predators of the tiger mosquito[10].

In view of the above:

1.Does the Commission intend to unlock funds to enable affected European municipalities to invest in measures to combat the tiger mosquito?

2.Will it support the measures to combat the health risk posed by tiger mosquitoes, in particular by releasing sterilised males to prevent their reproduction[11]?

3.Does it intend to launch a European plan to combat tiger mosquitoes – which have been ravaging the southern regions of Europe for many years – in particular through mosquito eradication measures?

Supporter[12]

Submitted: 8.7.2025

[1] According to French Public Health Data, December 2024.

[2] Actu.fr (21 July 2024). ‘Tiger mosquito invasion in Tarn: mosquito control operation and measures’, Actu Occitanie, https://actu.fr/occitanie/albi_81004/invasion-de-moustiques-tigres-dans-le-tarn-une-operation-de-demoustication-et-des-mesures_59894192.html.

[3] According to the 5 November 2024 epidemiological update by the Occitanie Regional Health Agency (ARS Occitanie), there had been three confirmed indigenous dengue outbreaks.

[4] France 24 (18 June 2025). ‘Chikungunya: the two recent indigenous cases are the earliest ever identified in mainland France’, France 24, https://www.france24.com/fr/info-en-continu/20250618-chikungunya-les-deux-cas-autochtones-r%C3%A9cents-sont-les-plus-pr%C3%A9coces-jamais-identifi%C3%A9s-en-m%C3%A9tropole.

[5] Based on ECDC data.

[6] Romania Insider (8 May 2024). ‘Mosquitoes carrying West Nile virus found in Bucharest’, Romania Insider, https://www.romania-insider.com/mosquitoes-west-nile-virus-found-bucharest-2024.

[7] Le Petit Journal, Madrid (June 2025). ‘Tiger mosquito in Spain: risk of dengue’, Le Petit Journal, https://lepetitjournal.com/madrid/sante/moustique-tigre-espagne-risques-dengue-388770.

[8] According to Carlos III Hospital in Madrid.

[9] Department of Tarn (n.d.). ‘The Department is taking action again the tiger mosquito’, Tarn.fr, https://www.tarn.fr/votre-departement/agit-a-vos-cotes/pour-la-sante/le-departement-agit-contre-le-moustique-tigre#:~:text=Le%20d%C3%A9partement%20du%20Tarn%20ne,sont%20concern%C3%A9s%20dont%20le%20Tarn.

[10] La Dépêche du Midi (26 May 2025). ‘“This plague is making life miserable for local residents”: how several municipalities in the Tarn region are combating the proliferation of tiger mosquitoes before the summer’, LaDepeche.fr, https://www.ladepeche.fr/2025/====doc–fleau-pollue-la-vie-de-nos-concitoyens-comment-plusieurs-communes-du-tarn-luttent-contre-la-proliferation-des-moustiques-tigres-avant-lete-12690547.php.

[11] Mousteek (n.d.). ‘The sterile insect technique tested in Italy’, Mousteek, https://www.mousteek.fr/moustique-tigre-sterile-italie/.

[12] This question is supported by a Member other than the authors: Jean-Paul Garraud (PfE)
Last updated: 23 July 2025
MIL OSI Europe News –
July 24, 2025
MIL-OSI Security: Man Wanted for Assaulting a Federal Officer and Destruction of Federal Property Arrested at Southern Border, Returned to Los Angeles

Source: US FBI

A man who hurled concrete blocks at law enforcement officers conducting immigration enforcement was taken into custody at the U.S.-Mexican border this morning following his surrender negotiated by FBI agents, who had been seeking his whereabouts since he fled to Mexico in June.

Elpidio Reyna, 39, of Compton, was wanted for the alleged assault of a federal officer in the city of Paramount, California, on June 7, 2025. Reyna was charged in a criminal complaint filed in U.S. District Court in Los Angeles on June 8. At approximately 3:30 p.m., Reyna allegedly threw projectiles (later determined to be concrete blocks) at law enforcement vehicles on Alondra Boulevard in Paramount, California, injuring a federal officer and damaging government vehicles.

The FBI issued video and photographs taken of the assailant on June 7, and Reyna was identified shortly thereafter. When agents attempted to arrest Reyna, he was not located and agents developed information confirming that he fled to Mexico. Subsequently, Reyna’s photograph and description was publicized in the United States and Mexico.

Based on the publicity, Reyna was arrested by authorities in the Mexican State of Sinaloa. Following negotiations, Reyna agreed to surrender to the FBI today.

Reyna was arrested at the San Ysidro port of entry by agents with the FBI, assisted by agents with U.S. Customs & Border Protection. FBI agents transported Reyna to Los Angeles, where he will have an initial appearance before a U.S. magistrate today.

If convicted, Reyna faces a statutory maximum penalty of eight years in federal prison.

This investigation was conducted by the FBI’s Los Angeles Field Office, with the assistance of the FBI’s San Diego Field Office and U.S. Customs and Border Protection, and is being prosecuted by Assistant United States Attorneys Thi Ho and Frances Lewis.

MIL Security OSI –

July 24, 2025
MIL-OSI United Kingdom: expert reaction to observational study looking at rates of depression and anxiety in teens who smoke and vape

Source: United Kingdom – Executive Government & Departments

July 23, 2025

An observational study published in PLOS Mental Health looks at mental health outcomes in teens who smoke or use e-cigarettes.

Prof Peter Hajek, Professor of Clinical Psychology, and Director of the Health and Lifestyle Research Unit, Queen Mary University of London (QMUL), said:

“There is not much novelty in this study. The findings add to the well-established link between mental health issues or other sources of stress, especially in childhood, and the use of psychoactive substances including nicotine.”

Prof Stella Chan, Charlie Waller Chair in Evidence-Based Psychological Treatment, University of Reading, said:

“This well conducted study has helpfully established robust evidence for a link between the use of cigarettes and vapes and symptoms of depression and anxiety in adolescents in the US. As acknowledged by the authors, the cross-sectional nature of the data cannot point towards causal relationships. It is therefore impossible to determine from this study if the use of tobacco increases the risk for mental health problems; or that adolescents with mood difficulties use tobacco as a coping strategy; or if a bit of both. Future research can also investigate differences between gender groups, those with neural divergent conditions, those belonging to minority or vulnerable groups such as LGBT+ , in care system, or justice system, to understand the effects of tobacco use in further details in order to inform support and intervention.”

Dr Jasmine Khouja, Senior Research Associate in the Tobacco and Alcohol Research Group, University of Bristol, said:

“This study design is not appropriate to address the research question. The study measures whether adolescents who have ever tried a “tobacco product” (even just once) are more or less likely to have some symptoms of anxiety or depression. It does not measure whether regularly using e-cigarettes or smoking causes depression or anxiety. Although the number of young people who used e-cigarettes more than once or twice is not reported, the majority of this group is likely made up of young people who vaped once or twice to give it a try. Therefore, the study measures whether people with anxiety and depression symptoms are more likely to have experimented with potentially risky products. This is not discussed in the limitations, which is concerning because the authors should be aware that the measure is not appropriate for this question.

“The study does not adequately account for other factors that could be driving this link, and it is cross-sectional, meaning that the mental health symptoms could have preceded the vaping experimentation. The authors state that nicotine could be a mechanism by which vaping could cause depression and anxiety, but they did not ascertain whether the products contained nicotine or not.

“It is important to note that although the authors describe e-cigarettes as tobacco products, e-cigarettes do not contain tobacco, and using e-cigarettes is not considered tobacco use.

“This study alone does not add much to our understanding of the relationship between vaping, smoking, and mental health. Much more research (with a more appropriate study design) is needed before we can determine whether vaping causes poor mental health.”

Dr Johnathan Livingstone-Banks, Lecturer & Senior Researcher in Evidence-Based Healthcare, Nuffield Department of Primary Care Health Sciences, University of Oxford, said:

“This study finds a correlation between ever trying cigarettes or vapes and reporting depression or anxiety, but as the authors note, it doesn’t show that one causes the other. It could just as easily be that young people with poor mental health are more likely to experiment. However, that does not mean that this correlation shouldn’t be taken seriously, and there is evidence in adults that quitting smoking can improve mental health.

“In the US, vapes are classed as tobacco products. But it’s worth clarifying: while they usually contain nicotine, they don’t contain any tobacco. In the UK, they’re not classified as tobacco products.

“This survey counts anyone who has ever used a vape or cigarette, even just once, as a user. That’s potentially misleading, especially when it comes to ‘dual use’. Someone who tried a vape once and a cigarette once, perhaps years apart, would be counted as dual users. Without more detailed data, we can’t tell whether these young people were actual users or just experimenting. The sample probably includes a mix of both.”

Dr Lion Shahab, Chartered member of the British Psychological Society, said:

“This study analysed cross-sectional data from the US National Youth Tobacco Survey to investigate the association of cigarettes and e-cigarette use in youth with self-reported depression and anxiety symptoms. The results show that exclusive cigarette and exclusive e-cigarette use, as well as co-use of both products was associated with higher depression and anxiety levels than not using either. Tobacco use has a well-established bidirectional relationship with mental health such that mental health symptoms predict later smoking and smoking leads to deterioration in mental health symptoms. This study shows that a similar relationship may exist with e-cigarette use.

“However, there are several caveats that need to be considered when interpreting these findings. First, as all measurements were taken at the same time, it is not clear whether e-cigarette use preceded poorer mental health symptoms or whether poorer mental health symptoms preceded e-cigarettes use, or whether there is evidence of an effect in both directions. This can only be assessed in a longitudinal cohort study where timelines of what occurs first (e-cigarette use or deterioration in mental health symptoms) can be clearly established.

“Due to the cross-sectional nature of this study, it is therefore as likely that adolescents who have experienced psychological stress or mental health problems may be more likely to start vaping as it is that prior vaping leads to later poor mental health outcomes. Second, as for most epidemiological studies, there is a risk that important factors that influence both e-cigarette use and mental health symptoms were not controlled for. For instance, this study did not account for familial history of mental health problems, which may – in part – explain the observed association.

“Lastly, the study used a relatively crude measure of e-cigarette use, which was defined ‘ever e-cigarette only use’. This category lumps together adolescents who may have used an e-cigarette once or twice with youth who vape daily, which is unhelpful. It is unlikely that very occasional e-cigarette use will have lasting effects on mental health. Future work would benefit from investigating whether the frequency of vaping and nicotine content in vapes has a dose-response relationship with mental health symptoms. Notwithstanding these issues, this study highlights the need to examine the effects of vaping in youth, not only in terms of potential physical health but also mental health.”

‘Mental health outcomes associated with electronic cigarette use, combustible tobacco use, and dual use among U.S. adolescents: Insights from the National Youth Tobacco Survey’ by Abdulhay et al. was published in PLOS Mental Health at 19:00 UK time on Wednesday 23th July.

DOI: 10.1371/journal.pmen.0000370

Declared interests

Dr Jasmine Khouja None

Prof Peter Hajek None

Prof Stella Chan None

Dr Jonathan Livingstone-Banks No financial conflicts – I’ve never received funding from industry. I’m a tobacco control researcher at the University of Oxford and I’m an author of numerous academic papers on smoking and e-cigarettes, including the Cochrane reviews on e-cigarettes for smoking cessation and interventions for vaping cessation.

Dr Lion Shahab None

For all other experts, no reply to our request for DOIs was received.

MIL OSI United Kingdom –

July 24, 2025

Category: European Union

£30 million to decarbonise shipping, boost careers and deliver growth across the UK

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Historic trade deal signed with India to deliver £50 million boost to Northern Ireland

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July 23, 2025

July 23, 2025

July 23, 2025

Prime Minister secures thousands of British jobs and £6 billion in investment and export wins as historic trade deal with India signed

Prime Minister Keir Starmer said:

Business and Trade Secretary Jonathan Reynolds said:

Tufan Erginbiligic, Rolls-Royce CEO, said:

Nik Jhangiani, Interim Chief Executive, Diageo, said:

William Bain, Head of Trade Policy at the BCC, said:

Jean-Etienne Gourgues, Chivas Brothers Chairman and CEO, said:

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The prolonged suffering will have irreversible consequences that will last generations: Joint statement on conflict and hunger in Gaza

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Boosting global co-operation

Urgent human development needs

Scant commitment to action

Poverty and inequality worsens

Directing money to where it’s needed most

Supporting green, equitable development

PM call with President Sandu of the Republic of Moldova: 23 July 2025

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July 23, 2025