Category: European Union

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

Source: GlobeNewswire (MIL-OSI)

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

Paris, 31 July 2025 – 5.35 p.m.

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

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

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

Key figures at 30 June 2025

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

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

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

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

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

1. Revenue

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

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

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

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

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

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

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

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

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

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

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

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

2. Result

Combined ratio

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

(i) Loss ratio

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

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

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

(ii) Cost ratio

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

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

Financial income

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

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

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

Operating income and net income

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

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

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

3. Shareholders’ equity

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

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

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

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

4. Outlook

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

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

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

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

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

Conference call for financial analysts

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

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

Appendices

Quarterly results

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

Cumulated results

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

* Excluding scope effect.

CONTACTS

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

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

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

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

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

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

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

www.coface.com

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

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

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

Attachment

2025 07 31 COFACE SA – PR results H1-2025

The MIL Network –

August 5, 2025

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

Source: GlobeNewswire (MIL-OSI)

2025 half-year financial report available

Paris, 31 July 2025 – 17.35

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

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

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

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

CONTACTS

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

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

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

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

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

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

www.coface.com

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

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

Attachment

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

The MIL Network –

August 5, 2025

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

Source: GlobeNewswire (MIL-OSI)

Paris (France), July 31, 2025

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

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

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

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

KEY HIGHLIGHTS PER BUSINESS LINE³

Data, Digital and Energy Transition (DDE)

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

Geoscience (GEO)

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

Earth Data (EDA)

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

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

Sensing and Monitoring (SMO)

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

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

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

CONSOLIDATED IFRS FIGURES⁴

Profit & Loss

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

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

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

Cash Flow and Net debt

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

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

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

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

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

OUTLOOK

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

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

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

***

Q2 2025 conference call details

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

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

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

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

Status of the statutory auditors’ procedures

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

Next financial information

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

About Viridien

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

Disclaimer

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

Investors contact

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

APPENDICES

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

Key Segment P&L figures

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

Other KPIs

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

Definition of Alternative Performance Indicators (API)

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

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

Reconciliation of API with the condensed interim consolidated financial statements

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

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

Interim Consolidated Statement of Operations

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

Interim Consolidated Statement of Financial Position

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

Interim Consolidated Statement of Cash Flows

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

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

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

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

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

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

Attachment

Viridien – Q2 2025 results

The MIL Network –

August 5, 2025

MIL-OSI: Euronext publishes Q2 2025 results

Source: GlobeNewswire (MIL-OSI)

Euronext publishes Q2 2025 results

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

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

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

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

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

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

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

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

Key figures for the second quarter of 2025:

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

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

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

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

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

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

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

Q2 2025 business highlights

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

Non-volume-related revenue
- Securities Services

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

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

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

Capital Markets and Data Solutions

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

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

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

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

Net treasury income

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

Volume-related revenue
- FICC Markets

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

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

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

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

Equity Markets

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

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

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

Q2 2025 financial performance

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

Q2 2025 adjusted EBITDA

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

Q2 2025 net income, share of the parent company shareholders

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

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

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

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

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

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

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

Partnership with Clearstream on collateral management

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

Euronext successfully launched its inaugural convertible bonds issuance

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

Euronext successfully migrated Italian markets to a harmonised clearing framework

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

Corporate highlights since 1 July 2025

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

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

Euronext to launch voluntary share exchange offer for all ATHEX shares

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

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

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

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

Results Webcast

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

For the live webcast go to: Webcast

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

Contacts

ANALYSTS & INVESTORS – ir@euronext.com

Investor Relations Aurélie Cohen

Judith Stein +33 6 15 23 91 97

MEDIA – mediateam@euronext.com

Europe Aurélie Cohen +33 1 70 48 24 45

Andrea Monzani +39 02 72 42 62 13

Belgium Marianne Aalders +32 26 20 15 01

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

Ireland Catalina Augspach +39 02 72 42 62 13

Italy Ester Russom +39 02 72 42 67 56

The Netherlands Marianne Aalders +31 20 721 41 33

Norway Cathrine Lorvik Segerlund +47 41 69 59 10

Portugal Sandra Machado +351 91 777 68 97

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

Disclaimer

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

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

Appendix

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

Non-IFRS financial measures

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

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

Non-IFRS measures are defined as follows:

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

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

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

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

Consolidated income statement

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

Adjusted EPS definition

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

Consolidated comprehensive income statement

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

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

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

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

Consolidated statement of financial position

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

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

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

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

Consolidated statement of cash flows

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

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

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

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

Business indicators for the second quarter of 2025

Securities Services

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

Capital Markets

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

FICC Markets

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

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

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

Equity Markets

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

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

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

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

Attachment

Q2 2025 Results – Press Release

The MIL Network –

August 5, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

PRESS RELEASE

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

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

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

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

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

H1 2025 highlights by type of business

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

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

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

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

H1 2025 highlights by Division

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

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

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

This Division accounts for 74.1% of total revenue.

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

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

This Division accounts for 14.2% of total revenue.

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

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

This Division accounts for 6.5% of total revenue.

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

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

The Division accounts for 4.4% of total revenue.

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

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

The Division accounts for 0.9% of total revenue.

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

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

H2 2025 outlook:

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

Financial calendar:

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

About Equasens Group

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

Listed on Euronext Paris™ – Compartment B

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

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

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

CONTACTS

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

Financial communications agency:
FIN’EXTENSO – Isabelle Aprile

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

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

Attachment

EQUASENS_PR_20250731_2025-FY-revenue_EN

The MIL Network –

August 5, 2025

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

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

# # #

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

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

The MIL Network –
August 5, 2025

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

Source: GlobeNewswire (MIL-OSI)

Press release
July 31, 2025 – N° 12

SCOR announces the availability of its 2025 Interim Financial Report

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

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

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

SCOR SE
5, avenue Kléber
75795 Paris Cedex 16
France

* *

SCOR, a leading global reinsurer

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

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

For more information, visit: www.scor.com

Media Relations
Alexandre Garcia
media@scor.com

Investor Relations
Thomas Fossard
InvestorRelations@scor.com

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

General

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

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

Forward-looking statements

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

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

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

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

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

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

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

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

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

Financial information

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

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

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

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

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

Attachment

SCOR Press Release

The MIL Network –

August 5, 2025

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

Source: Interpol (news and events)

31 July 2025

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

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

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

President Al-Raisi said:

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

Prince Abdulaziz Bin Saud said:

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

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

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

Secretary General Urquiza said:

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

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

[embedded content]

MIL Security OSI –

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

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

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

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

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

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

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

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

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

Looking for something good? Cut through the noise with a carefully curated selection of the latest releases, live events and exhibitions, straight to your inbox every fortnight, on Fridays. Sign up here.

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

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

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

A curatorial geomorphology of the sea

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

MIL OSI –

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

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

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

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

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

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

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

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

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

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

Concrete titans

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

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

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

Harnessing the rivers

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

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

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

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

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

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

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

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

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

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

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

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

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

MIL OSI –

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

Source: Government of India

Source: Government of India (4)

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

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

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

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

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

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

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

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

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

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

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

CALLS ON HAMAS TO DISARM

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

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

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

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

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

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

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

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

Hamas has rejected calls to disarm.

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

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

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

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

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

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

(Reuters)

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

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

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

Andrew Boitchenko, Minister of Tourism and Sport

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

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

Paul Sir, CEO, 3×3 Basketball Association

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

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

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

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

Translation. Region: Russian Federal

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

An important disclaimer is at the bottom of this article.

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

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

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

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

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

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

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

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

.

MIL OSI Russia News –

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

Viridien

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

2025 Interim Financial Report available

Paris, France – July 31, 2025

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

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

About Viridien:

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

Contact: Legal Department, 27 avenue Carnot, 91300 Massy

Attachment
- communiqué rapport semestriel 2025 ENG – vF
The MIL Network –
August 5, 2025
MIL-OSI Security: Illicit firearms: Operation Trigger IX nets 14,260 arrests across Latin America
Source: Interpol (news and events)

18 April 2023

Drugs worth USD 5.7 billion also seized in INTERPOL-led operation targeting key trafficking routes and organized crime groups
LYON, France – In the biggest firearms operation ever coordinated by INTERPOL, authorities in Central and South America have made 14,260 arrests and seized some 8,263 illicit firearms, as well as 305,000 rounds of ammunition.

With illicit firearms used by criminals to commit armed robberies and murder, they are also closely associated with the proliferation of a wide range of other crimes using the same trafficking routes.

The links between illicit firearms and drug manufacturing and trafficking were thrown into sharp relief, with the seizure of 203 tonnes of cocaine and other drugs together worth some USD 5.7 billion, and 372 tonnes of drug precursors during Operation Trigger IX (12 March – 2 April).

Law enforcement across INTERPOL’s 195 member countries have reported record drug seizures in the past year and, in many cases, a spike in drug-related violence, fueled by the traffic of illegal firearms.

The operation, which saw an unprecedented level of cooperation across 15 countries, also identified a range of other crimes such as corruption, fraud, human trafficking, environmental crime and terrorist activities.

Colombian authorities arrested the subject of an INTERPOL Red Notice

Arrests in Honduras – Operation Trigger IX

Firearms are closely associated with the proliferation of a wide range of other crimes.

Border checks – Operation Trigger IX

Operational hub – Operation Trigger IX

Marine patrols – Operation Trigger IX

Operation Trigger IX led to the disruption of 20 organized criminal groups

Drug seizure – El Salvador

A woman attempting to smuggle pistols and chargers between Paraguay and Brazil.

Seizure by Chile – Operation Trigger IX

Vehicle checks – Operation Trigger IX

Uruguay saw its largest-ever seizure of ammunition.

Operational highlights

INTERPOL gathered firearms experts from participating countries at an operational hub in Foz do Iguaçu in the tri-border area of Argentina, Brazil, and Paraguay, to support frontline actions and ensure the swift exchange and cross-checking of intelligence.

On the ground, coordinated actions led to the disruption of 20 organized criminal groups, including the arrest of members of Primeiro Comando da Capital, Mara Salvatrucha and the Balkans Cartel, all involved in firearms trafficking.

In Uruguay, 100,000 pieces of ammunition trafficked internationally by two European nationals were seized by authorities, marking the country’s largest-ever such seizure.

Authorities in Brazil and Paraguay shut down several firearms dealerships following the identification of irregular transfers and unlicensed sales.

Other operational results include:
- 11 victims were rescued in Paraguay, when authorities dismantled a human trafficking ring.
- In cooperation with Venezuela, police in Colombia arrested a Venezuelan national subject to an INTERPOL Red Notice for terrorism and arms trafficking.
- A 32 year old woman was arrested at the land border between Paraguay and Brazil with eight pistols and 16 chargers taped to her body.
Looking ahead, some 30 investigations were opened as a result of actions on the ground, and authorities identified 15 new modus operandi for the illicit manufacturing, trafficking and concealment of firearms, with INTERPOL’s Purple Notice leveraged to help alert member countries.

Officers perform real-time checks against INTERPOL’s databases during Operation Trigger IX.

Operational hub – Brazil

Border checks between Argentina and Brazil

Seizure by Honduras – Operation Trigger IX

Police checks by Argentina – Operation Trigger IX

Authorities shut down several firearms dealerships in Brazil and Paraguay

Authorities had immediate access to the INTERPOL Ballistic Information Network

Arrest in Paraguay – Operation Trigger IX

El Salvador firearms dealership checks – El Salvador

INTERPOL’s global reach

“The fact that an operation targeting illicit firearms resulted in such massive drugs seizures is further proof, if needed, that these crimes are intertwined,” said INTERPOL Secretary General Jürgen Stock.

“The results, coming just weeks after our Americas Regional Conference was highlighting the need for greater information sharing on these linked organized crime activities, also demonstrate the unique value of INTERPOL in supporting efforts in the field.

“The organized crime networks behind all of these illicit activities have only one priority, which is profit. We, as law enforcement, must be equally determined to dismantle them across every region and globally,” concluded Secretary General Stock.

Valdecy Urquiza, INTERPOL’s Vice-President for the Americas, highlighted the value of joint initiatives such as Trigger IX in prioritizing national and regional efforts against illicit flows. “Intelligence-led investigations and operations enable police to cooperate internationally and remove illicit firearms from circulation to protect the public,” said Mr Urquiza.

INTERPOL global tools used by investigators during the operation include the Illicit Arms Records and Tracing Management System (iARMS), the only global database of illicit firearms, including stolen, lost and trafficked/smuggled firearms.

Authorities also had immediate access to the INTERPOL Ballistic Information Network (IBIN), enabling law enforcement officials to compare images of ballistic fingerprints from fired casings and projectiles to establish links between crimes worldwide.

Tracing the history and ownership of recovered firearms provides crucial investigative leads. Every firearm is unique and can be identified by its serial number, make, model and calibre as well as by its ballistic ‘fingerprint’. Comparing ballistics evidence of recovered cartridge casings and ammunition is therefore crucial to investigations.

During the operation, INTERPOL’s Firearms Programme was supported by INTERPOL’s Regional Bureaus in Argentina and El Salvador, its Drugs and Fugitives units, and its Command and Coordination Centre.

More than 100 national law enforcement agencies were involved in the operation, including the collaboration of US Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) and Homeland Security Investigations (HSI), which supported participating countries.

Participating countries: Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Panama, Paraguay, Peru, Uruguay.

Operation Trigger IX was funded by the European Union and carried out under the framework of Project Disrupt.
MIL Security OSI –
August 5, 2025
MIL-OSI Security: Europe: Drug trafficking, organized crime increasing by “an order of magnitude”

Source: Interpol (news and events)

8 May 2023

At INTERPOL’s 50th European Regional Conference, delegates have gathered to discuss common crime threats from drug trafficking to cybercrime.

OHRID, North Macedonia – Strengthening international police cooperation to counter the rapidly escalating threat posed by organized crime networks was the key focus of INTERPOL’s 50^th European Regional Conference.

The three-day (8-10 May) conference brings together more than 140 participants from 53 countries in Europe and beyond to discuss the most pressing crime issues facing the region.

The conference takes place in Ohrid, North Macedonia, which itself marks 30 years as an INTERPOL member country this year.

“These past 30 years, through our membership in the world’s largest police organization, have witnessed our commitment and willingness to be engaged in global police cooperation,” said Oliver Spasovski, Minister of Interior of the Republic of North Macedonia, in remarks during the conference’s opening ceremony.

“With the establishment of the global INTERPOL I-24/7 communication system, our country was among the first to connect with this global police family, to exchange information between members and the General Secretariat, as well as directly access global criminal databases,” the Minister added.

Unprecedented scale

Fueled by historic levels of drug trafficking, organized crime groups are increasingly posing a direct threat to state authority in many countries, and there is evidence that levels of violence related to these criminal networks is also increasing.

“Organized crime is a top concern,” said INTERPOL President Ahmed Naser al-Raisi in the conference’s opening ceremony. “These transnational crimes not only threaten the safety and security of the region, but also have a spillover effect on the rest of the world.”

Last month, INTERPOL announced its largest ever firearms trafficking operations, which saw more than 14,000 suspects arrested across Central and South America, and an unprecedented USD 5.7 billion in illegal narcotics seized.

“Over the last five years, [drug] trafficking and consumption have increased by an order of magnitude, with Europe one of the main transit and destination markets,” said INTERPOL Secretary General Jürgen Stock.

“We continue to see record seizures at European borders and ports, and a corresponding rise in violent crime, corruption and money laundering of unprecedented scale,” added Secretary General Stock.

The global scale of many organized crime networks, often spanning multiple continents, has underlined that international cooperation through INTERPOL is often the only means for police in Europe and other regions to bring fugitives to justice or gather crucial intelligence.

European crime landscape

Beyond drug trafficking, the results of INTERPOL’s 2022 Global Crime Trend report, which surveyed police across the Organization’s 195-country membership, show that money laundering and cyber or cyber-enabled crimes also top European law enforcement’s list of concerns.

Money laundering ranked second among the crime trends most frequently indicated by member countries in the region as posing a ‘high’ or ‘very high’ threat, with financial fraud also ranking very high.

The report notes that the use of online tools by criminals to perpetrate financial fraud schemes has also rapidly expanded in recent years, particularly since the COVID-19 pandemic.

Especially concerning, 76 per cent of police respondents from Europe expect online child sexual exploitation and abuse to increase or increase significantly in the next three to five years.

The report notes that the demand for livestreaming abuse has steadily increased in recent years, likely intensifying during the pandemic. While live distance child abuse most often take place in Southeast Asia, cases in the European Union have also recently been detected.

Keeping Europe safe

Founded in the heart of Europe – in Vienna – during the region’s interwar period 100 years ago, INTERPOL’s history is closely intertwined with that of Europe.

Established in a 1920s context of geopolitical upheaval and concerns of rising international crime, the Organization’s founding representatives agreed that only through collaboration could police combat transnational crime threats – a common goal shared throughout periods of political or economic tension.

Later, in one of the Organization’s darkest chapters, the Nazis assumed control of the International Criminal Police Commission – as INTERPOL was then called – after deposing its President. In 1946, Belgium spearheaded INTERPOL’s rebuilding in the new postwar era.

Today, European member countries remain global leaders in their use of and contribution to INTERPOL capabilities – and this activity is quickly growing. With regards to INTERPOL databases, European member countries contribute more records, undertake more searches and – crucially – receive more hits than any other region.

New historical peaks for records, searches and hits in INTERPOL databases from European member countries were reached in 2022. In the past year alone, searches of INTERPOL databases by European law enforcement have risen by nearly a third.

The figures underscore the fundamental place INTERPOL capabilities occupy in European countries’ approaches to keeping their communities safe.

MIL Security OSI –

August 5, 2025
MIL-OSI Analysis: Will the latest diplomatic moves to end the war in Gaza work?

Source: The Conversation – UK – By Jonathan Este, Senior International Affairs Editor, Associate Editor, The Conversation

This article was first published in The Conversation UK’s World Affairs Briefing email newsletter. Sign up to receive weekly analysis of the latest developments in international relations, direct to your inbox.

It feels as if things are moving at completely different speeds in Gaza and in the outside world. From the embattled Gaza Strip the narrative is depressingly familiar. Dozens more Palestinian civilians have been killed in the past 24 hours as they try to get hold of scarce supplies of food.

Aid agencies report that despite air drops of supplies and “humanitarian pauses” in the fighting, the amount of food getting through to the starving people of Gaza remains pitifully insufficient.

Two more children are reported to have died of starvation, bringing the total number of hunger-related deaths to 159, according to Palestinian sources quoted by al-Jazeera.

US envoy Steve Witkoff arrived in Jerusalem for more talks as the US president Donald Trump posted his latest bout of social media diplomacy on his TruthSocial site, a message which appears pretty faithful to the Netanyahu government’s position: “The fastest way to end the Humanitarian Crises in Gaza is for Hamas to SURRENDER AND RELEASE THE HOSTAGES!!”

Both sides continue to reject the other side’s demands, bringing ceasefire negotiations to an effective standstill.

In the outside world, meanwhile, events seem to be gathering pace. A “high-level conference” at the United Nations in New York brought together representatives of 17 states, the European Union and the Arab League, resulting in “a comprehensive and actionable framework for the implementation of the two-state solution and the achievement of peace and security for all”.

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

What first catches the eye about this proposal, which was signed by Saudi Arabia,
Qatar, Egypt and Jordan, is that it links a peace deal with the disarming and disbanding of Hamas. It also condemns the militant group’s savage attack on southern Israel on October 23 2023, which was the catalyst for the latest and arguably most grievous chapter of this eight-decade conflict. It’s the first time the Arab League has taken either of these positions.

The New York declaration, as it has been dubbed, envisages the complete withdrawal of Israeli security forces from Gaza and an end to the displacement of Palestinians. Government will be the responsibility of the Palestinian Authority (PA), and a conference to be scheduled in Egypt will design a plan for the reconstruction of Gaza, much of which has been destroyed in the 20-month assault by the Israel Defense Forces.

It is, writes Scott Lucas, a “bold initiative” which, “in theory could end the Israeli mass killing in Gaza, remove Hamas from power and begin the implementation of a process for a state of Palestine. The question is whether it has any chance of success.”

Lucas, an expert in US and Middle East politics at the Clinton Institute of University College Dublin, is not particularly sanguine about the short-term prospects for a ceasefire and the alleviation of the desperate conditions for the people of Gaza. But what it represents more than anything else, is “yet another marker of Israel’s increasing isolation”.

He points to recent announcements that France, the UK (subject to conditions) and Canada will recognise the state of Palestine at the UN general assembly in September. The prospect of normalisation between Israel and Arab states, at the top of the agenda a few short years ago, is now very unlikely. And in the US, which remains Israel’s staunchest ally, a Gallup poll recently found that public opinion is turning against Israel and its prime minister, Benjamin Netanyahu.

Read more:
New peace plan increases pressure on Israel and US as momentum grows for Palestinian statehood

But how important are the declarations by France, the UK and Canada of intent to potentially recognise Palestinian statehood, asks Malak Benslama-Dabdoub. As expert in international law at Royal Holloway University of London, who has focused on the question of Palestinian statelessness, Benslama-Dabdoub thinks that the French and British pledges bear closer examination.

The French declaration was made on July 24 on Twitter by the president, Emmanuel Macron. Macron envisages a “demilitarised” state, something Benslama-Dabdoub sees as a serious problem, as it effectively denies the fundamental right of states to self-determination and would rob a future Palestinian state of the necessary right to self-defence.

The declaration by the UK prime minister that Britain may also recognise Palestinian statehood in September is framed as a threat rather than a pledge. Unless Israel agrees to a ceasefire, allows the UN to recommence humanitarian efforts and engages in a long-term sustainable peace process, the UK will go ahead with recognising Palestine at the UN.

You have to consider that the UK government’s statement said that the position has always been that “Palestinian statehood is the inalienable right of the Palestinian people”. So to frame this as a threat rather than a demand is arguably to deny that “inalienable right”.

Read more:
UK to recognise Palestinian statehood unless Israel agrees to ceasefire – here’s what that would mean

Paul Rogers also sees serious problems with the pledges to recognise Palestinian statehood. Demands for Hamas to disarm and play no further role in Palestinian government he sees as a non-starter as is the thought of a demilitarised Palestine. “Neither plan has the slightest chance of getting off the ground.”

Rogers, who has researched and written on the Middle East for more than 30 years, also thinks that without the full backing of the US there is very little chance that a peace plan could succeed.

Rogers finds it hard to believe that Washington will change tack on the Palestinian question, “unless the US president somehow gets the idea that his own reputation is being damaged”. There’s always a chance of this. News from the Gaza Strip is relentlessly horrifying and the aforementioned polls suggest many voters are reassessing their views of the conflict. But Trump is heavily indebted for his re-election to the far-right Christian Zionist movement, who wield a great deal of power with the White House.

The other thing that might influence the conflict is if enough of the IDF’s top brass recognise the futility of waging what has always been an unwinnable conflict. This, writes Rogers, is whispered about in Israel’s military circles and one eminent retired general, Itzhak Brik, has come out and said: “Hamas has defeated us.”

These, writes Rogers, are currently the only routes to an end to the conflict.

Read more:
UK and France pledges won’t stop Netanyahu bombing Gaza – but Donald Trump or Israel’s military could

Inside Trumpian diplomacy

We mentioned earlier that the Canadian prime minister, Mark Carney, has also pledged to recognise the state of Palestine in September. This was immediately greeted by Trump with the threat that he does so it will derail a trade deal with the US. Whether this will cut any ice with Carney, who had to make concessions to get the trade deal done in the first place, remains to be seen.

But there’s a broader point here, writes Stefan Wolff. As Wolff reports, this week the foreign ministers of the Democratic Republic of Congo and Rwanda got together in Washington to sign a ceasefire deal, brokered by the US. Trump also claims to have successfully ended a conflict between India and Pakistan at the end of May and hostilities between Thailand and Cambodia earlier this month.

Meanwhile his efforts to secure peace deals, or even a lasting ceasefire, in Gaza or Ukraine have been unsuccessful.

Wolff considers why some countries respond to Trump’s diplomatic efforts while others don’t. There are a number of reasons, principally the US president’s ability to apply leverage through trade deals or sanctions and the differing complexity of the conflicts.

He also points to the depleted resources of the US state department, Trump’s use of personal envoys with little foreign affairs experience and the US president’s insistence on making all the important decisions himself. He concludes: “The White House simply may not have the bandwidth for the level of engagement that would be necessary to get to a deal in Ukraine and the Middle East.”

Read more:
Why Donald Trump has stopped some conflicts but is failing with Ukraine and Gaza

One US government department whose resources haven’t been depleted under Donald Trump is the US Immigration and Customs Enforcement agency, known as Ice. Part of the Department of Homeland Security, Ice has been responsible for identifying and detaining non-citizens and undocumented migrants.

Their agents carry guns, wear masks and typically operate in plain clothes, although they often wear military kit. The agency received massive funding via Trump’s One Bzig Beautiful Bill Act earlier this month, which will allow the agency to recruit hundreds, if not thousands, of new agents. The number of arrests is increasing steadily, as is the disquiet their operations are prompting in many American cities, where opposition protests are also growing.

Dafydd Townley, an expert in US politics at the University of Portsmouth, explains how Ice operates and where it sits in Donald Trump’s plan to deport millions of illegal migrants from the US.

Read more:
Masked and armed agents are arresting people on US streets as aggressive immigration enforcement ramps up

World Affairs Briefing from The Conversation UK is available as a weekly email newsletter. Click here to get updates directly in your inbox.

– ref. Will the latest diplomatic moves to end the war in Gaza work? – https://theconversation.com/will-the-latest-diplomatic-moves-to-end-the-war-in-gaza-work-262380

MIL OSI Analysis –

August 5, 2025
MIL-OSI United Nations: Speakers Stress Economic and Social Council’s Key Role in Responding to Today’s Global Challenges, as 54-Member Organ Begins 2026 Session, Elects Bureau

Source: United Nations MIL OSI

The Economic and Social Council commenced its 2026 session today, and as Canada handed its presidency to Nepal, speakers pointed to the important role that the organ must play in responding to the myriad challenges of the moment.

Opening the meeting, Robert Rae (Canada), the Council’s President for its 2025 session, noted that “we hear a lot in the UN discourse about how things are broken, how things have fallen apart, how things are unhinged”. While not disagreeing with those assessments, he emphasized: “Our job is not to give speeches saying how terrible things are — our job is to roll up our sleeves and fix things.” He added that no UN agency or body “has more of a responsibility to do that than the Economic and Social Council”.

Urging that body to take its responsibilities seriously, he recalled some of the problems that the Council addressed over the past year — the role of artificial intelligence, the situation in Haiti and development in the UN context. “I think this Council helped,” he stated. He also pointed out that current questions regarding the UN’s relevance are not new — some even raised them when the Organization was founded — and spotlighted, as a counterpoint, the important discourse concerning the State of Palestine during the recent high-level conference on the two-State solution.

President Appointed, Vice-Presidents Elected for 2026 Session

He concluded that the new Bureau will face new challenges ahead — “that’s how the world works” — and the Council then elected, by acclamation, Lok Bahadur Thapa (Nepal) as President of the Council at its 2026 session.

Taking his seat at the podium, Mr. Thapa directed the Council to proceed to the election of the other Bureau members for that session. The body then elected — also by acclamation — Amar Bendjamaa (Algeria), Paruyr Hovhannisyan (Armenia), Wellington Darío Bencosme Castaños (Dominican Republic) and Héctor Gómez Hernández (Spain) to serve as Vice-Presidents.

Mr. Thapa then delivered his inaugural statement, emphasizing: “For Nepal, this is a historic moment.” Recalling that his country was admitted to the UN 70 years ago, he said that assuming Presidency of the Council for the first time is a “testament to our enduring commitment to multilateralism and our aspiration to contribute meaningfully to build trust, strengthen multilateral cooperation and achieve a more just, inclusive, equitable and resilient world”.

Yet, “the world today is navigating a ‘polycrisis’” of conflict, climate disruption, economic uncertainty and deepening inequality, he said, also pointing to renewed great Power competition, escalating cyberthreats, an off-track 2030 Agenda for Sustainable Development, surging humanitarian needs and a $4 trillion annual financing gap for developing countries. “In this context, the role of ECOSOC has never been more relevant and important,” he stated.

Under ‘Delivering Better’ Motto, President Outlines Priorities for Session

Noting that his Presidency will be guided by the motto of “Delivering Better”, he underscored that doing so “is not an option — it is an imperative”. Detailing what that motto means for Nepal, he underlined the need to strengthen multilateralism and rebuild trust, accelerate the 2030 Agenda, ensure effective coordination and coherence within the UN system, strengthen partnerships and ensure implementation and follow-up. “ECOSOC must evolve from convening dialogue to driving measurable impact,” he urged.

He also outlined several priorities for his presidency, including transforming agriculture and food systems to strengthen food security and rural resilience; championing digital inclusion and youth entrepreneurship; and advancing climate action and resilience. On the latter, he said that special focus will be placed on mitigating glacial lake outburst floods and protecting vulnerable communities. Among other initiatives, he said that his presidency will also give “due priority to promoting the interests of countries in special situations”, as “their unique vulnerabilities demand tailored solutions”.

“ECOSOC is our place,” he stressed, encouraging all present to “bring forward your vision, your ideas and your transformative solutions”. He added: “We must send a clear and united message — multilateralism delivers, and it delivers for everyone.”

Following that statement, the newly elected Vice-Presidents — the representatives of Algeria, Armenia, Dominican Republic and Spain — as well as delegates from China, Australia, Djibouti, Republic of Korea, South Africa and the European Union, took the floor to thank the outgoing Bureau and express support for the incoming one. Many specifically thanked Mr. Rae for his work over the past year.

Speakers also acknowledged the challenges ahead and underlined the Council’s important role in addressing them at this critical juncture for development. An observer for the Major Groups and Other Stakeholders Coordination Mechanism, for her part, underlined the need for civil society to be heard during that endeavour.

Under-Secretary-General for Economic and Social Affairs Says Urgent Action, Stronger Cooperation Key to Advance Sustainable Development Goals

“Through its convening power — across segments, forums and special meetings — the Council has shown its continued relevance,” said Li Junhua, Under-Secretary-General for Economic and Social Affairs. Today’s interconnected world demands stronger cooperation to achieve sustainable solutions, he pointed out, calling for “urgent” action to advance the Sustainable Development Goals (SDGs) as only 35 per cent of targets are currently on track.

“ECOSOC’s role is central,” he stressed, “to forge consensus, provide policy guidance and mobilize coordination action and follow-up.” Its eightieth anniversary invites reflection, and upcoming reviews are key opportunities to ensure the realization of its full potential. He concluded: “I urge all Member States to continue actively engaging with the Council to advance the implementation of its mandates and the realization of the SDGs.”

Council Adopts Provisional Agenda, Working Arrangements for Session

Following that, the Council adopted, without a vote, its provisional agenda (document E/2026/1) and working arrangements (to be issued as document E/2026/L.1) for 2026.

MIL OSI United Nations News –

August 5, 2025
MIL-OSI USA: Early-Career Spotlight: From Astrophysics to Applied Artificial Intelligence, Hilary Egan Charts a Creative Path Through Science

Source: US National Renewable Energy Laboratory

Welcome to the Materials, Chemical, and Computational Science (MCCS) Early-Career Spotlight, a monthly feature showcasing NREL’s early-career researchers’ interests, motivations, and achievements. This month, features Hilary Egan, who has been a data scientist at NREL since 2020.

When not in the lab solving AI problems, Hilary Egan enjoys outdoor activities like paddleboarding, climbing, and biking. Photo by Hilary Egan, NREL

For Hilary Egan, a data scientist at NREL, a career in science was not a straight line but rather one shaped by curiosity, adaptability, and a deep interest in computational problem-solving.

“I was born in Germany to Canadian parents, and we moved around a lot throughout Canada and the United States,” Egan said. “When it came time for college, I landed at Michigan State University, majoring in physics with minors in math and computer science. I dabbled in experimental physics and worked in a laser lab early on, but honestly, I was a little too clumsy for it. I wanted something that connected all my interests.”

That desire to connect the dots led Egan to computational physics, where she found her stride.

“I started working at the high-performance computing center on campus and eventually joined an astronomy lab doing computational research—I absolutely loved it,” she said. That experience inspired her to pursue a Ph.D. in astrophysics and planetary science at the University of Colorado Boulder, with a strong focus on computation.

From Fellowship to National Laboratory Career

Egan’s graduate work was supported by the U.S. Department of Energy Computational Science Graduate Fellowship, a pivotal experience that introduced her to the national laboratory system.

“Through the fellowship, I had the opportunity to intern at NREL. I wanted to challenge myself and get outside my comfort zone, and NREL’s mission really resonated with me,” she said. “I was also curious about artificial intelligence (AI), which was just starting to gain momentum. During my internship, I worked on using AI to predict data center loads and align them with renewable energy availability. It was a great experience, and I was lucky to come back to NREL after finishing my Ph.D. I’ve been here ever since.”

Today, Egan applies her expertise in AI and computational science to a wide range of energy challenges.

“My work spans applied AI and computational methods across NREL’s mission space—from enhancing energy efficiency in data centers to using AI to accelerate building retrofits to developing autonomous laboratory systems,” she said.

This year, she is on detail to the U.S. Department of Energy Office of Energy Efficiency and Renewable Energy, where she is helping coordinate an agencywide AI strategy.

Embracing Growth, in Science and Beyond

What Egan enjoys most about her work is the constant opportunity to learn.

“I love getting to be a bit of a scientific dilettante,” she said. “I wasn’t interested in narrowing my focus to one small corner of science for my entire career. At NREL, I get to explore new areas and work with incredibly smart, passionate people who care deeply about the mission. It’s really inspiring.”

Egan credits strong communication skills as one of the most valuable tools in her professional toolkit.

“To me, scientific communication means understanding your audience, writing clearly, and giving compelling presentations,” she said. “I’ve developed those skills through everything from taking writing-focused liberal arts courses in college to writing science blogs and even doing community theater. Getting feedback from different audiences is key—it teaches you where the message isn’t landing and why.”

Outside the lab, Egan brings the same curiosity and enthusiasm to her free time.

“I’m definitely a serial hobby picker-upper,” she said. “I love climbing, mountain biking, birding, and paddleboarding. I also read constantly, and I’ve spent years playing and coaching competitive ultimate frisbee. Lately, I’ve been sewing and just started pottery classes. I kind of run my free time like a kid at summer camp!”

From astrophysics to AI-driven energy solutions, Egan exemplifies the spirit of scientific exploration and innovation that drives NREL forward.

Learn more about NREL’s computational science and AI research.

MIL OSI USA News –

August 5, 2025
MIL-OSI United Kingdom: Highland Council hails the importance of Nigg, as port changes hands

Source: Scotland – Highland Council

Wind turbine components at Nigg Bay. Pic Highland Council

Highland Council has today hailed the importance of the Port of Nigg to the region’s economy after ownership of the facility formally changed hands.

The multi-sector energy port forms part of the Inverness and Cromarty Firth Green Freeport – a partnership of public and private sector organisations, including The Highland Council, which aims to ensure the Cromarty Firth and wider region becomes a major global hub for green energy, delivering transformational benefits to Highland communities and the decarbonisation agenda.

The Port of Nigg has been sold by Global Energy Group (GEG) to Mitsui Group, a Japanese trading and investment group which has been an investor in GEG since 2012 and which will now drive the next stage of development at Nigg.

Highland Council praised the contributions made by Roy MacGregor and Global Energy Group, and wished the new owners continued success.

Highland Council leader Raymond Bremner said: “Roy MacGregor and the Global Energy Group have established an outstanding facility which has been integral to the establishment of the Inverness and Cromarty Firth Green Freeport and which has led the way in supporting the country’s energy transition.

“The legacy they leave is a substantial one – significant inward investment and jobs for the Highlands.

“We wish the new owners every success as they drive the next stage of development at Nigg, building on the solid foundations which have delivered long-term, secure, skilled employment.”

Highland Council convener Bill Lobban said: “Green energy continues to offer hope and opportunity for present and future generations to develop a highly skilled career without having to leave the region.

“Though under new ownership, we have no doubt the port will continue to innovate and grow as Scotland’s energy transition continues apace, and Nigg will continue to be a tribute to all that Roy has achieved to date.”

31 Jul 2025

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MIL OSI United Kingdom –

August 5, 2025
MIL-OSI United Nations: As World Grapples with Great Peril, Values Enshrined in Helsinki Final Act ‘Remain Our Moral and Strategic Compass’, Secretary-General Anniversary Message Says

Source: United Nations 4

SG/SM/22750

Following is the text of UN Secretary-General António Guterres’ video message for the fiftieth anniversary of the Helsinki Final Act, in Helsinki today:

I am pleased to send my warm greetings as you gather to mark the fiftieth anniversary of the Helsinki Final Act. I commend the Organization for Security and Co-operation in Europe (OSCE) Chair, Finland, for its leadership in convening this anniversary event.

Half a century ago, the Helsinki Final Act charted a bold and visionary course for peace — rooted in dialogue, grounded in international law, and anchored in the fundamental rights and freedoms of all people.

This year also marks the eightieth anniversary of the UN Charter. The principles of our Charter and OSCE are a shared foundation for peace and cooperation.

But today those principles are under grave strain. War continues to rage in the European continent. Trust between States is fraying. Human rights are under assault. Democratic space is shrinking. And disinformation is fuelling division and fear. We are witnessing a dangerous drift away from commitments that have safeguarded peace for generations.

Yet, in this moment of peril, the values enshrined in the UN Charter and echoed in the Helsinki Final Act — sovereignty, territorial integrity and peaceful coexistence — remain our moral and strategic compass.

The role of the OSCE as a platform for dialogue and a guardian of these principles is more vital than ever. The United Nations stands firmly with the OSCE in defending shared values: dialogue over division, cooperation over confrontation and dignity for all.

Let us recommit to the spirit of Helsinki. By strengthening regional partnerships to renew multilateralism. By principled leadership to uphold international law. And by forging unity of purpose to build a future of mutual respect, resilience and shared prosperity.

Let us honour this milestone by renewing our commitment to a world anchored in peace, justice, and human rights. Thank you — and my very best wishes for a successful meeting.

For information media. Not an official record.

MIL OSI United Nations News –

August 5, 2025
MIL-OSI Europe: Written question – German budget deficit – E-002965/2025
Source: European Parliament
Question for written answer E-002965/2025
to the Commission
Rule 144
Moritz Körner (Renew)

Germany recently reformed its national debt brake. The reform comprises three key elements. The federal states will have their own net borrowing capacity of 0.35 % of GDP per year. The Federal Government adopted a new special investment fund for infrastructure and climate protection worth EUR 500 billion, in addition to the existing special defence fund of EUR 100 billion. Defence and security expenditure will in future be explicitly exempted from the debt brake. According to the Federal Ministry of Defence, the following defence budgets are planned for the coming years:

2025: EUR 62.43 billion

2026: EUR 82.69 billion

2027: EUR 93.35 billion

2028: EUR 136.48 billion

2029: EUR 152.83 billion

1.What annual government deficits does the Commission expect for Germany from 2025 to 2029, as a percentage of GDP and in absolute terms?

2.How high can Germany’s annual deficit be between 2025 and 2029 if it applies the national escape clause in full?

3.In such a case, what would the maximum annual expenditure volume available to Germany be without infringing the rules of the Stability and Growth Pact?

Submitted: 17.7.2025
Last updated: 31 July 2025
MIL OSI Europe News –
August 5, 2025
MIL-OSI Europe: Written question – Impacts of SAFE – E-002960/2025

Source: European Parliament

Question for written answer E-002960/2025
to the Commission
Rule 144
Moritz Körner (Renew)

According to the Commission, what positive military or defence implications will the EU’s Security Action for Europe (SAFE) financial instrument have for Germany by 2030?

Submitted: 17.7.2025

Last updated: 31 July 2025

MIL OSI Europe News –

August 5, 2025
MIL-OSI Europe: Written question – Violations of the Animal Transport Regulation – E-002984/2025
Source: European Parliament
Question for written answer E-002984/2025
to the Commission
Rule 144
Maria Noichl (S&D), Thomas Waitz (Verts/ALE), Sebastian Everding (The Left), Sirpa Pietikäinen (PPE), Annalisa Corrado (S&D), Michal Wiezik (Renew), Tilly Metz (Verts/ALE), Anja Hazekamp (The Left), Krzysztof Śmiszek (S&D)

In spring 2025, the non-governmental organisations Soko Tierschutz and The Marker documented systematic violations of the EU Animal Transport Regulation[1]. One specific case is the transport of more than 34 000 calves, which were just a few weeks old, from Austria and Germany to Spain. Here, they were fattened in some cases in serious violation of their rights, and were later slaughtered without stunning in North Africa and the Middle East. It is particularly barbaric that the calves’ documented travel time was over 22 hours without sufficient rest breaks or care, which is a clear violation of the applicable EU regulations. Criminal charges have been filed with the Augsburg Public Prosecutor’s Office.

1.Does the Commission recognise a violation of the EU Animal Transport Regulation in the documented case, and what concrete steps is the Commission taking, in cooperation with the Member States concerned, (Germany, Austria and Spain) to clarify the case?

2.Does the Commission have information on comparable cases of systematic infringements in other Member States?

3.What measures does the Commission propose to prevent such structural abuse in the future – in particular with regard to controls, transparency and sanctioning mechanisms?

Submitted: 17.7.2025

[1] Council Regulation (EC) No 1/2005 of 22 December 2004 on the protection of animals during transport and related operations and amending Directives 64/432/EEC and 93/119/EC and Regulation (EC) No 1255/97 (OJ L 3, 5.1.2005, p. 1, ELI: http://data.europa.eu/eli/reg/2005/1/oj).
Last updated: 31 July 2025
MIL OSI Europe News –
August 5, 2025
MIL-OSI Europe: EIB supports €100 million initiative to improve Cyprus’s road network
Source: European Investment Bank

EIB
- EIB funds Cypriot government €100 million to make road travel easier and safer
- The financial agreement is second tranche of €200m total funding to co-finance network upgrades and extensions
- Works to include environmental management systems such as better water collection and drainage systems.
The European Investment Bank (EIB) is funding Cyprus a further €100 million for a range of road improvements in the country. The EIB credit will cover 50% of the costs of planned renovations and extensions to make road travel in Cyprus easier and safer.

The agreement is part of a €200 million approved EIB financing package for Cypriot road infrastructure. The first tranche of €100 million was signed in December 2024. The works, which will cover road networks and infrastructure improvement in various areas across the country, are due to be completed by 2029.

“Investing in essential infrastructure like road networks is vital for strengthening social cohesion and driving economic growth in Cyprus” said EIB Vice-President Kyriacos Kakouris. “This project will have a real and lasting impact on the daily lives of Cypriots — improving mobility, enhancing safety, and boosting climate resilience”.

The EIB’s agreement supports a multiyear national plan by the Cypriot Ministry of Transport, Communications and Works. The plan includes a wide range of works, from upgrading motorways, regional and rural roads, and building new bridges, tunnels and walking and cycling lanes, to upgraded traffic management systems and drainage systems.

“This new financing agreement with the EIB reflects our strong and long-standing partnership. It will allow us to implement essential infrastructure projects that enhance road safety, connectivity, and sustainable mobility across Cyprus. We are grateful for the EIB’s continued support and its role as a key partner in our development efforts”, said Cypriot Minister of Finance Makis Keravnos.

“The Ministry of Transport, Communications and Works, with the support of the European Investment Bank, promotes strategic land transport projects in urban and interurban areas, with the aim of improving accessibility in less privileged-isolated areas of Cyprus, enhancing road safety, addressing the impacts of climate change, promote alternative – sustainable travel options, as well as to improve the socio-economic cohesion of our island”, said Eleftherios Eleftheriou, Director of Public Works Department in his speech on behalf of the Minister of Transport, Communications and Works Alexis Vafeadis.

EIB road financing in Cyprus

With this new financing, total EIB’s investment in critical road projects in Cyprus has exceeded €670 million since 1998. Before the two recent €100m accords, the most recent EIB financing for this area in Cyprus was a 112 million loan in 2021 to support four projects in Nicosia, Limassol and Paphos as well as the Vasilikos Energy Centre road.

Background information

EIB

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, high-impact investments outside the European Union, and the capital markets union.

The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high -impact projects in 2024, boosting Europe’s competitiveness and security.

All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers. Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.

High-quality, up-to-date photos of our headquarters for media use are available here.

EIB supports €100 million initiative to improve Cyprus’s road network
EIB supports €100 million initiative to improve Cyprus’s road network
©EIB
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MIL OSI Europe News –
August 5, 2025
MIL-OSI: 2025 FIRST HALF RESULTS : MOBILIZE FINANCIAL SERVICES DELIVERS SOLID GROWTH
Source: GlobeNewswire (MIL-OSI)

PRESS RELEASE
 

Paris, 31st July 2025

 

2025 FIRST HALF RESULTS :
MOBILIZE FINANCIAL SERVICES DELIVERS SOLID GROWTH

Mobilize Financial Services records a progression in new financing by 3.8% in the first semester of 2025 compared to the same period in 2024. This performance reflects a rise in the average amount financed and the commercial dynamics of Renault Group’s brands, Nissan and Mitsubishi, supported by a robust growth in registrations.

With a progression of pre-tax profit by 9.7%, Mobilize Financial Services confirms the relevance of its strategy and its commitment to more sustainable mobility, in line with new uses.

This performance confirms Mobilize Financial Services’ ability to efficiently support the strategy of its automotive partners, while meeting the expectations of customers in quest of flexible and competitive financing solutions.

KEY INDICATORS

Commercial performance¹
- The amount of new financing progresses by 3.8% compared to the first semester of 2024, driven by a sustained commercial dynamic.
- 632,994 contracts were financed in the first semester of 2025, a slight increase in volume compared to the same period of the previous year (+0.8%).
- The penetration rate on electric vehicles reached 43.9% at the end of June 2025, a positive difference of 6.5 points compared to other motorization.
Financial performance
- The Average Performing Assets (APAs) register a growth of 7.3% compared to the end of June 2024, confirming the robustness of the portfolio.
- The Net Banking Income progressed by 5.3% over one year, to reach 1,132 million euros in the first semester of 2025.
- The pre-tax income of the group increased to 607 million euros, increasing by 9.7% compared to the first semester of 2024.
“In the beginning of the year 2025, we reaffirmed our ambition to support our customers as they transition to more sustainable mobility, by offering products and services in line with new uses. The half-year results support the robustness of our economic model and concretely illustrate our commitment to driving more responsible mobility, fully aligned with the ambitions of Renault Group”, declares Martin Thomas, Chief Executive Officer of Mobilize Financial Services.

A SUSTAINED COMMERCIAL DYNAMIC, IN A RECOVERING MARKET

In an automotive market with slight progression by 0.7%, the volumes of Renault Group, Nissan and Mitsubishi reached 1.19 million vehicles, increasing by 2.3% compared to the first semester of 2024. In this context, Mobilize Financial Services records a growth of its new financing by 3.8% (excluding cards and personal loans), for a total of 11.1 billion euros, driven by an increase in registrations and increases of the average financed amount.

Excluding companies consolidated by equity method, the overall penetration rate stands at 39.6%, slightly down by 0.4 point compared to the same period of last year. The penetration rate on electrified vehicles, as for it, reaches 43.9% at the end of June 2025, +6.5 points compared to other types of motorization.

In total, 632,994 new contracts were financed in the first semester of 2025, an almost stable volume (+0.8 %) compared to 2024. The financing activity of used vehicles recorded a slight decrease by 0.4% with 153,759 contracts financed.

Benefitting from a growing operational leasing market, Mobilize Lease&Co financed in the first semester of 2025, 120,039 operational leasing contracts for private and professional customers and reached a fleet under management of 655,000 vehicles, representing a growth by 4% compared to the first semester of 2024.

The Average Performing Assets (APAs) reached 58.9 billion euros, increasing by 7.3% compared to the first semester of 2024. APAs related to customer activity (private and professional) rose to 47.4 billion euros (+7%), whereas those related to dealership activity progressed by 8.6% to each 11.5 billion euros.

Finally, 1.8 million insurance and service contracts were sold during the semester, confirming the relevance of the additional offers proposed by Mobilize Financial Services.

A ROBUST FINANCIAL PERFORMANCE AND A DIVERSIFIED RE-FINANCING STRATEGY

In the first semester of 2025, the Net Banking Income (NBI) of Mobilize Financial Services amounted to 1,132 million euros, increasing by 5.3 % compared to the end of 2024. This performance is mainly the result of an improvement in the financial margin as well as the growth of outstanding loans.

The operating costs reached 389 million euros, increasing by 24 million euros compared to last year. This change is explained by the present of non-recurring items having reduced the expenses in the first semester of 2024. Reported to the Average Productive Assets, operating expenses remain stable at 1.33%.

The pre-tax income stands at 607 million euros, against 553 million, one year earlier, a progression by 9.7 %, driven by the rise of NBI. The share of income from associate companies progressed slightly by +0.9 million euros.

In a context marked by investor caution in the face of economic and geopolitical uncertainties, the group raised 1.3 billion euros on the bond market in the first semester of 2025. Three public issued were carried out:
- 2 senior bonds in Euros of 850 million euros (3 years) and 500 million euros (5 years, Green Bond)
- 1 Tier subordinated debt issue of 500 million euros
This latest transaction enables expending the maturity profile of the subordinated debt and falls within an active capital management strategy, aiming to maintain a solid financial structure and robust safety margins. Besides, the subsidiaries of the group in Argentina, Brazil, Korea, Morocco and Poland raised a total of 500 million euros on local bond markets.
In the securitization market, the group placed 624 million euros in automobile loan-backed securities via its German branch. Private securitization transactions in the United States (automobile loans) and in Germany (leasing) saw their revolving period extended by two years.

Finally, the savings collection activity, launched in 2012 and present in seven European countries (France, Germany, Austria, United Kingdom, Spain, the Netherland and Poland) continues to play a key role in the diversification of financing sources. The deposits collected reached 30.5 billion euros representing 49.1% of net assets at the end of June 2025.

¹ The factoring contracts for short-term rental companies were excluded from 2025 onwards. These contracts represented 32,000 contracts in the first half of 2024, representing a positive impact of 2.8 points on the penetration rate. A hypothetical calculated based on the 2024 figures.

Press contacts

William Servigne

william.servigne@mobilize-fs.com

Hopscotch PR for Mobilize Financial Services

+33 (0)1 41 34 23 06

mobilize@hopscotch.fr

About Mobilize Financial Services

Attentive to the needs of all its customers, Mobilize Financial Services, a subsidiary of Renault Group, creates innovative financial services to build sustainable mobility for all. Mobilize Financial Services, which began operations over 100 years ago, is the commercial brand of RCI Banque SA, a French bank specializing in automotive financing and services for customers and networks of Renault Group, and also for the brands Nissan and Mitsubishi in several countries. 

With operations in 35 countries and over 4,000 employees, Mobilize Financial Services financed more than 1,2 million contracts (new and used vehicles) in 2023 and sold 3,7 million service contracts.

At the end of June 2025, average earning assets stood at58.9 billion euros of financing and the pre-tax income at 607 million Euros.

Since 2012, the group has deployed deposits collecting activity in several countries. At the end of June 2025, the net amount of deposits collected represented 30.5 billion euros, representing 49.1% of the company’s net assets.

To find out more about Mobilize Financial Services: www.mobilize-fs.com/

Attachment
- VDEF UK – CP Résultats du premier semestre 2025 – EN
The MIL Network –
August 5, 2025
MIL-OSI: Telnyx Supercharges European Voice AI with Paris GPU Edge, Breaking 200ms Latency Barrier

Source: GlobeNewswire (MIL-OSI)

AUSTIN, Texas, July 31, 2025 (GLOBE NEWSWIRE) — Telnyx, the vertically integrated operator powering low-latency voice AI agents, today lit up a new GPU-accelerated Voice-AI Point-of-Presence (PoP) in Paris, France.

By embedding its inference stack directly inside the same data halls as its pan‑European telephony core, Telnyx now delivers sub‑200 ms round-trip time (RTT) to end users across the continent. RTT, the time it takes for audio to travel from the end user to Telnyx and back, is critical for creating engaging conversations that don’t lag behind the flow of natural speech.

“Latency is the silent killer of Voice AI,” said Ian Reither, COO of Telnyx. “Every millisecond counts. By colocating our GPU inference with our private backbone in Paris, we’re redefining what ‘real time’ means for European businesses. We shave off delay at its source and deliver voice AI experiences that feel instantaneous and lifelike, without your data ever leaving the region.”

Built for speed, built for sovereignty

By performing speech recognition, orchestration, and synthesis directly at the Paris PoP, audio never routes through a distant cloud, sharpening Telnyx’s edge in delivering high-impact Voice AI Agents to customers in Europe.

Solutions like intelligent IVRs and fully conversational AI agents can reliably handle high-volumes in over 30 languages, while keeping all data and AI prompts within EU borders for full GDPR, DORA, and local retention compliance.

Momentum that compounds

The Paris launch caps a summer of rapid Voice AI innovation on the Telnyx platform, designed to give customers the fastest path from prototype to production.

In-house NaturalHD neural voices to deliver lifelike speech synthesis, one-line web widgets that embed AI agents in minutes, a canary and versioning toolkit for safely A/B testing voice flows, and native MCP server mode for orchestrating complex multi-agent scenarios.

Powering Europe’s next wave of real-time automation

From retailers and fintechs to logistics operators and public-sector hotlines, businesses can now deploy compliant, human-like voice agents that route calls, verify transactions, and handle multilingual support quickly, eliminating trans-Atlantic backhaul delays and reducing dependence on costly legacy call centers.

About Telnyx

Telnyx is the full‑stack provider powering the future of intelligent, global communications. From private IP infrastructure and GPU‑accelerated inference to lifelike voices, orchestration tools, and carrier‑grade network services, Telnyx delivers everything enterprises need to build next‑generation voice and messaging applications at scale.

The MIL Network –

August 5, 2025
MIL-OSI United Kingdom: PM call with President El-Sisi of Egypt: 31 July 2025
Source: United Kingdom – Executive Government & Departments

Press release

PM call with President El-Sisi of Egypt: 31 July 2025

The Prime Minister spoke to President of Egypt Abdel Fattah El-Sisi this evening.
The Prime Minister spoke to President of Egypt Abdel Fattah El-Sisi this evening to discuss the situation in Gaza.

The leaders agreed the situation on the ground was a humanitarian catastrophe, and all possible efforts needed to be made to get more aid into Gaza at a greater pace and scale.

The Prime Minister outlined his peace plan and pathway to recognition and thanked the President for his leadership in the region to secure a lasting and durable two state solution.

It was vital there was an immediate ceasefire and the release of all hostages, the Prime Minister added.

The leaders also discussed the relationship between the UK and Egypt, including how both countries could work closer together to support regional security.

The leaders agreed to stay in close touch.

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Published 31 July 2025
MIL OSI United Kingdom –
August 5, 2025
MIL-OSI Security: Canadian Cybercriminal Sentenced to One Year in Prison for NFT Theft Scheme

Source: US FBI

ALEXANDRIA, Va. – A Canadian was sentenced yesterday to a year in prison for conspiracy to commit wire fraud, wire fraud, and conspiracy to commit aggravated identity theft.

According to court documents, in May 2022, Cameron Albert Redman, 22, of Mississauga, Ontario, formed a scheme to steal non-fungible tokens (NFTs) by gaining unauthorized access to the X accounts of various digital artists. The conspirators used the artists’ online identities to direct the artists’ followers to fraudulent websites. There, victims would seek to claim new NFTs from the digital artists. Though victims thought they were authorizing a transaction to receive NFTs into their digital wallets, they unknowingly enabled the conspirators to remove cryptocurrency and NFTs from their wallets.

Within a few days, Redman and his co-conspirators defrauded over 200 victims and profited over $794,000.

Erik S. Siebert, U.S. Attorney for the Eastern District of Virginia, and Reid Davis, Special Agent in Charge of the FBI Washington Field Office’s Criminal Division, made the announcement after sentencing by U.S. District Judge Leonie M. Brinkema.

The Justice Department’s Office of International Affairs provided substantial assistance to secure the arrest and March 2025 extradition from Portugal of Redman. The Royal Canadian Mounted Police Cybercrime Investigation Team, Central Region, provided valuable assistance in this case.

Assistant U.S. Attorney Zoe Bedell prosecuted the case.

A copy of this press release is located on the website of the U.S. Attorney’s Office for the Eastern District of Virginia. Related court documents and information are located on the website of the District Court for the Eastern District of Virginia or on PACER by searching for Case No. 1:25-cr-129.

MIL Security OSI –

August 5, 2025
MIL-OSI Security: Canadian Cybercriminal Sentenced to One Year in Prison for NFT Theft Scheme

Source: US FBI

ALEXANDRIA, Va. – A Canadian was sentenced yesterday to a year in prison for conspiracy to commit wire fraud, wire fraud, and conspiracy to commit aggravated identity theft.

According to court documents, in May 2022, Cameron Albert Redman, 22, of Mississauga, Ontario, formed a scheme to steal non-fungible tokens (NFTs) by gaining unauthorized access to the X accounts of various digital artists. The conspirators used the artists’ online identities to direct the artists’ followers to fraudulent websites. There, victims would seek to claim new NFTs from the digital artists. Though victims thought they were authorizing a transaction to receive NFTs into their digital wallets, they unknowingly enabled the conspirators to remove cryptocurrency and NFTs from their wallets.

Within a few days, Redman and his co-conspirators defrauded over 200 victims and profited over $794,000.

Erik S. Siebert, U.S. Attorney for the Eastern District of Virginia, and Reid Davis, Special Agent in Charge of the FBI Washington Field Office’s Criminal Division, made the announcement after sentencing by U.S. District Judge Leonie M. Brinkema.

The Justice Department’s Office of International Affairs provided substantial assistance to secure the arrest and March 2025 extradition from Portugal of Redman. The Royal Canadian Mounted Police Cybercrime Investigation Team, Central Region, provided valuable assistance in this case.

Assistant U.S. Attorney Zoe Bedell prosecuted the case.

A copy of this press release is located on the website of the U.S. Attorney’s Office for the Eastern District of Virginia. Related court documents and information are located on the website of the District Court for the Eastern District of Virginia or on PACER by searching for Case No. 1:25-cr-129.

MIL Security OSI –

August 5, 2025

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PM call with President El-Sisi of Egypt: 31 July 2025

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