Category: Finance

MIL-OSI: SEACOR Marine Announces Second Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

HOUSTON, July 30, 2025 (GLOBE NEWSWIRE) — SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its second quarter ended June 30, 2025.

SEACOR Marine’s consolidated operating revenues for the second quarter of 2025 were $60.8 million, operating income was $6.1 million, and direct vessel profit (“DVP”)⁽¹⁾ was $11.3 million. This compares to consolidated operating revenues of $69.9 million, operating loss of $3.9 million, and DVP of $20.3 million in the second quarter of 2024, and consolidated operating revenues of $55.5 million, operating loss of $5.3 million, and DVP of $13.6 million in the first quarter of 2025.

Notable second quarter items include:

13.0% decrease in revenues from the second quarter of 2024 and a 9.6% increase from the first quarter of 2025.
Average day rates of $19,731, a 3.1% increase from the second quarter of 2024, and a 4.8% increase from the first quarter of 2025.
68% utilization, a decrease from 69% in the second quarter of 2024 and an increase from 60% in the first quarter of 2025.
DVP margin of 18.6%, a decrease from 29.1% in the second quarter of 2024 and a decrease from 24.5% in the first quarter of 2025, due in part to $9.2 million of drydocking and major repairs during the second quarter of 2025 compared to $8.5 million in the second quarter of 2024 and $5.2 million in the first quarter of 2025, all of which are expensed as incurred.
During the second quarter of 2025, the Company completed the sale of two platform supply vessels (“PSVs”) and one fast supply vessel (“FSV”) for total proceeds of $33.4 million and a gain of $19.1 million. Approximately $12.9 million of the proceeds were used to fund the repurchase of shares and warrants from Carlyle, and the remainder was held as restricted cash to partially fund future milestone payments for the construction of two new PSVs scheduled to deliver in the fourth quarter of 2026 and first quarter of 2027.

For the second quarter of 2025, net loss was $6.7 million ($0.26 loss per basic and diluted share). This compares to a net loss for the second quarter of 2024 of $12.5 million ($0.45 loss per basic and diluted share). Sequentially, the second quarter 2025 results compare to a net loss of $15.5 million ($0.56 loss per basic and diluted share) in the first quarter of 2025.

Chief Executive Officer John Gellert commented:

“The second quarter results reflect the changes to our fleet as we continued to implement our asset rotation and repositioning strategy.

Our PSV fleet saw substantial improvement on average rates and utilization, achieving a 30.3% DVP margin, even with two of our premium PSVs being out of the market the entire quarter for repairs; one of which also received a hybrid power management upgrade. The two PSVs that we sold during the quarter were sold at compelling values and were some of our first-generation handy size vessels targeting the shallow water market, which is seeing increased vertical integration in some geographic markets. PSVs contributed greatly to our results in Latin America and West Africa, as well as in the Middle East where we operate two of our PSVs in a walk-to-work configuration outfitted with motion compensated gangways owned by SEACOR Marine.

In the Middle East, the results were largely affected by repairs to one of our premium liftboats for almost the entire quarter. These repairs are ongoing as the scope and cost has exceeded our initial expectations, with the liftboat expected to return to service in September 2025. Despite these challenges, activity in the Middle East market continues to be healthy, and we recently mobilized an additional FSV to respond to market demand.

In the U.S., we saw a noticeable improvement driven mostly by higher day rates and utilization for our liftboats, offset by higher drydocking expense and the layup of our three FSVs in the region. We anticipate redeploying these FSVs to international markets during the third and fourth quarter of 2025.

As previously announced, on April 4, 2025, we repurchased shares and warrants representing 9.1% of the outstanding shares of common stock of the Company, assuming the full exercise of the warrants, from Carlyle. The aggregate purchase price was approximately $12.9 million. This was a unique opportunity to buy back a significant number of shares and warrants in a single block, and to simplify our capital structure by eliminating all outstanding warrants.

We will continue to adapt and reposition SEACOR Marine into markets and assets with lower volatility and better returns over the coming quarters and ahead of our new PSV deliveries in 2026 and 2027. We have one of the youngest fleets in the sector and will continue to demonstrate the embedded value of our assets.”
___________________

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Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its regions, without regard to financing decisions (depreciation and interest expense for owned vessels vs. lease expense for lease vessels). DVP is also useful when comparing the Company’s global fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP. See page 4 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure.

SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine operates and manages a diverse fleet of offshore support vessels that deliver cargo and personnel to offshore installations, including offshore wind farms; assist offshore operations for production and storage facilities; provide construction, well work-over, offshore wind farm installation and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair. Additionally, SEACOR Marine’s vessels provide emergency response services and accommodations for technicians and specialists.

Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, many of which are beyond the Company’s control and are described in the Company’s filings with the SEC. It should be understood that it is not possible to predict or identify all such factors. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.
For all other requests, contact InvestorRelations@seacormarine.com

SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except share data)
	Three Months Ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
Operating Revenues	$	60,810		$	69,867		$	116,309		$	132,637
Costs and Expenses:
Operating		49,493			49,520			91,421			97,619
Administrative and general		11,998			10,889			23,484			22,806
Lease expense		325			486			662			967
Depreciation and amortization		12,090			12,939			24,900			25,821
		73,906			73,834			140,467			147,213
Gains on Asset Dispositions and Impairments, Net		19,163			37			24,972			36
Operating Income (Loss)		6,067			(3,930	)		814			(14,540	)
Other Income (Expense):
Interest income		372			445			808			1,038
Interest expense		(8,844	)		(10,190	)		(18,430	)		(20,499	)
Derivative gains (losses), net		87			104			212			(439	)
Foreign currency losses, net		(2,119	)		(560	)		(3,315	)		(640	)
Other, net		—			—			—			(95	)
		(10,504	)		(10,201	)		(20,725	)		(20,635	)
Loss Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies		(4,437	)		(14,131	)		(19,911	)		(35,175	)
Income Tax Expense (Benefit)		2,508			(682	)		3,412			243
Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies		(6,945	)		(13,449	)		(23,323	)		(35,418	)
Equity in Earnings (Losses) of 50% or Less Owned Companies		218			966			1,107			(134	)
Net Loss	$	(6,727	)	$	(12,483	)	$	(22,216	)	$	(35,552	)

Net Loss Per Share:
Basic	$	(0.26	)	$	(0.45	)	$	(0.83	)	$	(1.29	)
Diluted	$	(0.26	)	$	(0.45	)	$	(0.83	)	$	(1.29	)
Weighted Average Common Stock and Warrants Outstanding:
Basic		25,686,560			27,729,033			26,791,291			27,536,319
Diluted		25,686,560			27,729,033			26,791,291			27,536,319

SEACOR MARINE HOLDINGS INC. UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except statistics and per share data)
				Three Months Ended
	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
Time Charter Statistics:
Average Rates Per Day	$	19,731		$	18,825		$	18,901		$	18,879		$	19,141
Fleet Utilization		68	%		60	%		72	%		67	%		69	%
Fleet Available Days ⁽²⁾		4,310			4,583			4,870			5,026			4,994
Operating Revenues:
Time charter	$	57,673		$	51,933		$	66,095		$	63,313		$	65,649
Bareboat charter		838			708			364			372			364
Other marine services		2,299			2,858			3,349			5,231			3,854
		60,810			55,499			69,808			68,916			69,867
Costs and Expenses:
Operating:
Personnel		18,969			18,537			20,365			21,940			21,566
Repairs and maintenance		13,648			8,520			10,433			9,945			10,244
Drydocking		5,143			3,869			2,467			6,068			6,210
Insurance and loss reserves		2,982			2,153			2,473			2,584			3,099
Fuel, lubes and supplies		4,296			4,546			4,884			6,574			3,966
Other		4,455			4,303			6,104			5,796			4,435
		49,493			41,928			46,726			52,907			49,520
Direct Vessel Profit ⁽¹⁾		11,317			13,571			23,082			16,009			20,347
Other Costs and Expenses:
Lease expense		325			337			347			364			486
Administrative and general		11,998			11,486			10,888			11,019			10,889
Depreciation and amortization		12,090			12,810			12,879			12,928			12,939
		24,413			24,633			24,114			24,311			24,314
Gains (Losses) on Asset Dispositions and Impairments, Net		19,163			5,809			11,624			1,821			37
Operating (Loss) Income		6,067			(5,253	)		10,592			(6,481	)		(3,930	)
Other Income (Expense):
Interest income		372			436			372			358			445
Interest expense		(8,844	)		(9,586	)		(10,001	)		(10,127	)		(10,190	)
Derivative gains (losses), net		87			125			(536	)		67			104
Loss on debt extinguishment		—			—			(31,923	)		—			—
Foreign currency (losses) gains, net		(2,119	)		(1,196	)		1,308			(1,717	)		(560	)
Other, net		—			—			187			29			—
		(10,504	)		(10,221	)		(40,593	)		(11,390	)		(10,201	)
Loss Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies		(4,437	)		(15,474	)		(30,001	)		(17,871	)		(14,131	)
Income Tax Expense (Benefit)		2,508			904			(2,345	)		(513	)		(682	)
Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies		(6,945	)		(16,378	)		(27,656	)		(17,358	)		(13,449	)
Equity in Earnings (Losses) of 50% or Less Owned Companies		218			889			1,430			1,012			966
Net Loss	$	(6,727	)	$	(15,489	)	$	(26,226	)	$	(16,346	)	$	(12,483	)

Net Loss Per Share:
Basic	$	(0.26	)	$	(0.56	)	$	(0.94	)	$	(0.59	)	$	(0.45	)
Diluted	$	(0.26	)	$	(0.56	)	$	(0.94	)	$	(0.59	)	$	(0.45	)
Weighted Average Common Stock and Warrants Outstanding:
Basic		25,687			27,908			27,773			27,773			27,729
Diluted		25,687			27,908			27,773			27,773			27,729
Common Shares and Warrants Outstanding at Period End		26,976			29,488			28,950			28,950			28,941

__________________
(1) See full description of footnote above.
(2) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (in thousands, except statistics)
				Three Months Ended
	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
*United States, primarily Gulf of America*
Time Charter Statistics:
Average rates per day worked	$	25,262		$	23,874		$	26,116		$	17,188		$	22,356
Fleet utilization		48	%		25	%		45	%		42	%		37	%
Fleet available days		1,007			1,121			920			920			921
Out-of-service days for repairs, maintenance and drydockings		144			153			75			116			179
Out-of-service days for cold-stacked status ⁽²⁾		270			173			184			175			127
Operating Revenues:
Time charter	$	12,205		$	6,765		$	10,744		$	6,593		$	7,697
Other marine services		1,175			235			1,114			1,188			480
		13,380			7,000			11,858			7,781			8,177
Direct Costs and Expenses:
Operating:
Personnel		6,854			6,486			6,097			6,297			6,284
Repairs and maintenance		1,950			1,479			1,680			1,655			1,879
Drydocking		3,684			1,066			1,451			2,615			2,570
Insurance and loss reserves		1,067			702			854			799			943
Fuel, lubes and supplies		1,010			819			854			964			866
Other		631			349			229			225			226
		15,196			10,901			11,165			12,555			12,768
Direct Vessel (Loss) Profit ⁽¹⁾	$	(1,816	)	$	(3,901	)	$	693		$	(4,774	)	$	(4,591	)
Other Costs and Expenses:
Lease expense	$	139		$	136		$	136		$	140		$	141
Depreciation and amortization		3,203			3,705			3,196			3,194			3,194

*Africa and Europe*
Time Charter Statistics:
Average rates per day worked	$	19,140		$	17,294		$	16,895		$	18,875		$	18,580
Fleet utilization		77	%		70	%		73	%		77	%		74	%
Fleet available days		1,668			1,710			1,856			1,990			1,969
Out-of-service days for repairs, maintenance and drydockings		248			382			180			203			203
Out-of-service days for cold-stacked status		—			—			—			58			91
Operating Revenues:
Time charter	$	24,535		$	20,835		$	22,999		$	28,809		$	27,047
Other marine services		806			852			1,027			3,048			1,028
		25,341			21,687			24,026			31,857			28,075
Direct Costs and Expenses:
Operating:
Personnel		5,515			5,183			5,654			6,083			4,969
Repairs and maintenance		4,646			3,462			3,712			3,455			3,161
Drydocking		901			1,241			835			681			1,226
Insurance and loss reserves		899			594			577			599			819
Fuel, lubes and supplies		1,714			2,180			2,226			2,514			1,170
Other		2,357			2,727			3,748			3,975			2,801
		16,032			15,387			16,752			17,307			14,146
Direct Vessel Profit ⁽¹⁾	$	9,309		$	6,300		$	7,274		$	14,550		$	13,929
Other Costs and Expenses:
Lease expense	$	51		$	63		$	82		$	75		$	172
Depreciation and amortization		4,263			4,402			4,477			4,540			4,565

__________________
(1) See full description of footnote above.
(2) Includes three FSVs cold-stacked in this region as of June 30, 2025.

SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued) (in thousands, except statistics)
				Three Months Ended
	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
*Middle East and Asia*
Time Charter Statistics:
Average rates per day worked	$	15,506		$	17,848		$	17,337		$	17,825		$	17,083
Fleet utilization		73	%		75	%		88	%		71	%		82	%
Fleet available days		1,089			1,170			1,266			1,288			1,296
Out-of-service days for repairs, maintenance and drydockings		204			82			30			229			168
Operating Revenues:
Time charter	$	12,365		$	15,710		$	19,385		$	16,411		$	18,073
Other marine services		432			292			635			375			619
		12,797			16,002			20,020			16,786			18,692
Direct Costs and Expenses:
Operating:
Personnel		4,511			4,927			5,470			5,769			6,930
Repairs and maintenance		6,338			2,505			3,574			3,318			3,443
Drydocking		13			1,031			(226	)		832			707
Insurance and loss reserves		842			702			804			927			798
Fuel, lubes and supplies		1,279			883			840			1,043			1,103
Other		1,104			881			1,305			1,131			989
		14,087			10,929			11,767			13,020			13,970
Direct Vessel Profit ⁽¹⁾	$	(1,290	)	$	5,073		$	8,253		$	3,766		$	4,722
Other Costs and Expenses:
Lease expense	$	72		$	83		$	72		$	73		$	71
Depreciation and amortization		3,227			3,230			3,272			3,261			3,247

*Latin America*
Time Charter Statistics:
Average rates per day worked	$	23,764		$	22,084		$	21,390		$	21,984		$	22,437
Fleet utilization		66	%		67	%		73	%		63	%		71	%
Fleet available days ⁽²⁾		546			582			828			828			808
Out-of-service days for repairs, maintenance and drydockings		26			—			20			94			41
Operating Revenues:
Time charter	$	8,568		$	8,623		$	12,967		$	11,500		$	12,832
Bareboat charter		838			708			364			372			364
Other marine services		(114	)		1,479			573			620			1,727
		9,292			10,810			13,904			12,492			14,923
Direct Costs and Expenses:
Operating:
Personnel		2,089			1,941			3,144			3,791			3,383
Repairs and maintenance		714			1,074			1,467			1,517			1,761
Drydocking		545			531			407			1,940			1,707
Insurance and loss reserves		174			155			238			259			539
Fuel, lubes and supplies		293			664			964			2,053			827
Other		363			346			822			465			419
		4,178			4,711			7,042			10,025			8,636
Direct Vessel Profit ⁽¹⁾	$	5,114		$	6,099		$	6,862		$	2,467		$	6,287
Other Costs and Expenses:
Lease expense	$	63		$	55		$	57		$	76		$	102
Depreciation and amortization		1,397			1,473			1,934			1,933			1,933

__________________
(1) See full description of footnote above.
(2) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (in thousands, except statistics)
				Three Months Ended
	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
*AHTS*
Time Charter Statistics:
Average rates per day worked	$	—		$	—		$	10,410		$	10,316		$	8,125
Fleet utilization		—	%		—	%		79	%		46	%		49	%
Fleet available days		—			—			178			334			364
Out-of-service days for repairs, maintenance and drydockings		—			—			28			87			29
Out-of-service days for cold-stacked status		—			—			—			58			91
Operating Revenues:
Time charter	$	(22	)	$	15		$	1,465		$	1,576		$	1,459
Other marine services		(9	)		9			—			13			219
		(31	)		24			1,465			1,589			1,678
Direct Costs and Expenses:
Operating:
Personnel	$	9		$	1		$	595		$	981		$	1,045
Repairs and maintenance		255			38			128			239			465
Drydocking		—			—			5			436			280
Insurance and loss reserves		(4	)		—			49			66			97
Fuel, lubes and supplies		(125	)		66			25			90			69
Other		(4	)		12			210			263			230
		131			117			1,012			2,075			2,186
Other Costs and Expenses:
Lease expense	$	—		$	—		$	7		$	4		$	164
Depreciation and amortization		3			4			122			175			175

*FSV*
Time Charter Statistics:
Average rates per day worked	$	13,468		$	13,786		$	13,643		$	13,102		$	12,978
Fleet utilization		67	%		71	%		72	%		81	%		80	%
Fleet available days		1,935			1,980			2,024			2,024			2,002
Out-of-service days for repairs, maintenance and drydockings		181			135			118			96			128
Out-of-service days for cold-stacked status		270			90			92			83			36
Operating Revenues:
Time charter	$	17,573		$	19,357		$	19,992		$	21,606		$	20,698
Other marine services		516			762			416			1,012			516
		18,089			20,119			20,408			22,618			21,214
Direct Costs and Expenses:
Operating:
Personnel	$	4,526		$	4,933		$	5,078		$	5,637		$	5,829
Repairs and maintenance		3,542			2,983			4,480			4,378			4,572
Drydocking		666			353			426			448			457
Insurance and loss reserves		683			517			422			532			546
Fuel, lubes and supplies		1,449			1,173			1,586			1,962			993
Other		1,428			1,782			2,456			2,238			1,850
		12,294			11,741			14,448			15,195			14,247
Other Costs and Expenses:
Depreciation and amortization	$	4,703		$	4,932		$	4,746		$	4,744		$	4,746

SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (continued) (in thousands, except statistics)
				Three Months Ended
	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
*PSV*
Time Charter Statistics:
Average rates per day worked	$	22,231		$	19,424		$	17,912		$	21,819		$	20,952
Fleet utilization		68	%		55	%		72	%		58	%		66	%
Fleet available days ⁽¹⁾		1,738			1,890			1,932			1,932			1,900
Out-of-service days for repairs, maintenance and drydockings		247			396			117			349			291
Operating Revenues:
Time charter	$	26,440		$	20,286		$	24,865		$	24,488		$	26,390
Bareboat charter		838			708			364			372			364
Other marine services		433			508			1,561			2,855			2,266
		27,711			21,502			26,790			27,715			29,020
Direct Costs and Expenses:
Operating:
Personnel	$	8,567		$	8,351		$	8,999		$	9,360		$	8,979
Repairs and maintenance		3,799			3,949			4,101			3,798			3,151
Drydocking		1,993			2,513			1,046			2,629			2,616
Insurance and loss reserves		906			631			618			636			1,037
Fuel, lubes and supplies		1,858			2,594			2,379			3,594			1,575
Other		2,199			2,018			2,566			2,821			1,850
		19,322			20,056			19,709			22,838			19,208
Other Costs and Expenses:
Lease expense	$	—		$	—		$	—		$	(3	)	$	3
Depreciation and amortization		3,943			4,133			4,122			4,117			4,128

__________________
(1) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (continued) (in thousands, except statistics)
				Three Months Ended
	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
*Liftboats*
Time Charter Statistics:
Average rates per day worked	$	31,904		$	39,559		$	39,326		$	36,423		$	43,204
Fleet utilization		67	%		44	%		68	%		58	%		54	%
Fleet available days		637			713			736			736			728
Out-of-service days for repairs, maintenance and drydockings		194			87			41			109			143
Out-of-service days for cold-stacked status		—			83			92			92			91
Operating Revenues:
Time charter	$	13,682		$	12,275		$	19,773		$	15,643		$	17,102
Other marine services		1,168			1,289			1,177			1,142			666
		14,850			13,564			20,950			16,785			17,768
Direct Costs and Expenses:
Operating:
Personnel	$	5,673		$	5,247		$	5,678		$	5,926		$	6,842
Repairs and maintenance		6,022			1,571			1,722			1,531			2,054
Drydocking		2,484			1,003			990			2,555			2,857
Insurance and loss reserves		1,376			1,241			1,384			1,334			1,482
Fuel, lubes and supplies		1,114			712			894			928			1,329
Other		803			482			860			473			519
		17,472			10,256			11,528			12,747			15,083
Other Costs and Expenses:
Depreciation and amortization		3,424			3,719			3,866			3,866			3,865

*Other Activity*
Operating Revenues:
Other marine services	$	191		$	290		$	195		$	209		$	187
		191			290			195			209			187
Direct Costs and Expenses:
Operating:
Personnel	$	194		$	5		$	15		$	36		$	(1,129	)
Repairs and maintenance		30			(21	)		2			(1	)		2
Insurance and loss reserves		21			(236	)		—			16			(63	)
Fuel, lubes and supplies		—			1			—			—			—
Other		29			9			12			1			(14	)
		274			(242	)		29			52			(1,204	)
Other Costs and Expenses:
Lease expense	$	325		$	337		$	340		$	363		$	319
Depreciation and amortization		17			22			23			26			25

SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)
	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
ASSETS
Current Assets:
Cash and cash equivalents	$	34,381		$	42,988		$	59,491		$	35,601		$	40,605
Restricted cash		17,174			2,440			16,649			2,263			2,255
Receivables:
Trade, net of allowance for credit loss		63,287			63,946			69,888			76,497			70,770
Other		10,439			8,811			7,913			7,841			6,210
Tax receivable		507			1,602			1,601			983			983
Inventories		2,539			2,827			2,760			3,139			3,117
Prepaid expenses and other		4,716			6,075			4,406			4,840			5,659
Assets held for sale		—			12,195			10,943			—			500
Total current assets		133,043			140,884			173,651			131,164			130,099
Property and Equipment:
Historical cost		887,408			881,961			900,414			921,445			921,443
Accumulated depreciation		(377,265	)		(365,422	)		(367,448	)		(362,604	)		(349,799	)
		510,143			516,539			532,966			558,841			571,644
Construction in progress		31,772			27,248			11,904			11,935			11,518
Net property and equipment		541,915			543,787			544,870			570,776			583,162
Right-of-use asset – operating leases		1,179			3,293			3,436			3,575			3,683
Right-of-use asset – finance leases		25			28			36			19			28
Investments, at equity, and advances to 50% or less owned companies		2,310			4,507			3,541			2,046			2,641
Other assets		1,558			1,665			1,577			1,864			1,953
Total assets	$	680,030		$	694,164		$	727,111		$	709,444		$	721,566
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities	$	543		$	540		$	606		$	494		$	861
Current portion of finance lease liabilities		11			11			17			17			26
Current portion of long-term debt		30,000			30,000			27,500			28,605			28,605
Accounts payable		26,737			28,445			29,236			22,744			17,790
Other current liabilities		24,182			16,414			27,683			28,808			23,795
Total current liabilities		81,473			75,410			85,042			80,668			71,077
Long-term operating lease liabilities		812			2,926			2,982			3,221			3,276
Long-term finance lease liabilities		14			17			20			4			5
Long-term debt		310,980			310,108			317,339			272,325			277,740
Deferred income taxes		18,330			20,312			22,037			26,802			30,083
Deferred gains and other liabilities		625			1,356			1,369			1,416			1,447
Total liabilities		412,234			410,129			428,789			384,436			383,628
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock		281			293			287			287			286
Additional paid-in capital		468,669			480,904			479,283			477,661			476,020
Accumulated deficit		(202,816	)		(196,089	)		(180,600	)		(154,374	)		(138,028	)
Shares held in treasury		(9,639	)		(9,628	)		(8,110	)		(8,110	)		(8,110	)
Accumulated other comprehensive income, net of tax		10,980			8,234			7,141			9,223			7,449
		267,475			283,714			298,001			324,687			337,617
Noncontrolling interests in subsidiaries		321			321			321			321			321
Total equity		267,796			284,035			298,322			325,008			337,938
Total liabilities and equity	$	680,030		$	694,164		$	727,111		$	709,444		$	721,566

SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)
							Three Months Ended
	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
Cash Flows from Operating Activities:
Net Loss	$	(6,727	)	$	(15,489	)	$	(26,226	)	$	(16,346	)	$	(12,483	)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization		12,090			12,810			12,879			12,928			12,939
Deferred financing costs amortization		43			43			254			298			297
Stock-based compensation expense		1,510			1,627			1,622			1,604			1,587
Debt discount amortization		232			226			1,799			2,061			1,993
Allowance for credit losses		(213	)		(407	)		59			101			39
(Gains) losses from equipment sales, retirements or impairments		(19,163	)		(5,809	)		(11,624	)		(1,821	)		(37	)
Losses on debt extinguishment		—			—			28,252			—			—
Derivative (gains) losses		(87	)		(125	)		536			(67	)		(104	)
Interest on finance lease		1			1			2			—			1
Settlements on derivative transactions, net		—			(373	)		—			—			—
Currency losses (gains)		2,119			1,196			(1,308	)		1,717			560
Deferred income taxes		(1,982	)		(1,725	)		(4,766	)		(3,281	)		(3,790	)
Equity (earnings) losses		(218	)		(889	)		(1,430	)		(1,012	)		(966	)
Dividends received from equity investees		3,199			—			—			1,498			1,418
Changes in Operating Assets and Liabilities:
Accounts receivables		284			5,333			5,448			(7,411	)		(6,928	)
Other assets		1,901			(1,681	)		1,338			1,032			(2,395	)
Accounts payable and accrued liabilities		4,934			(6,204	)		1,693			9,325			(4,378	)
Net cash (used in) provided by operating activities		(2,077	)		(11,466	)		8,528			626			(12,247	)
Cash Flows from Investing Activities:
Purchases of property and equipment		(10,213	)		(20,795	)		(3,010	)		(210	)		(658	)
Proceeds from disposition of property and equipment		31,592			8,472			22,441			2,331			86
Net cash (used in) provided by investing activities		21,379			(12,323	)		19,431			2,121			(572	)
Cash Flows from Financing Activities:
Payments on long-term debt		(7,500	)		(5,000	)		(2,479	)		(7,770	)		(6,533	)
Payments on debt extinguishment		—			—			(328,712	)		—			—
Payments on debt extinguishment cost		—			—			(3,671	)		—			—
Proceeds from issuance of long-term debt, net of debt discount and issuance costs		8,097			(396	)		345,192			—			—
Payments on finance leases		(4	)		(9	)		(13	)		(10	)		(9	)
Payments for repurchase of common stock		(7,089	)		—			—			—			—
Payments for repurchase of warrants		(6,668	)		—			—			—			—
Proceeds from exercise of stock options and warrants		—			—			—			38			102
Tax withholdings on restricted stock vesting		(11	)		(1,518	)		—			—			(39	)
Net cash (used in) provided by financing activities		(13,175	)		(6,923	)		10,317			(7,742	)		(6,479	)
Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents		—			—			—			(1	)		(1	)
Net Change in Cash, Restricted Cash and Cash Equivalents		6,127			(30,712	)		38,276			(4,996	)		(19,299	)
Cash, Restricted Cash and Cash Equivalents, Beginning of Period		45,428			76,140			37,864			42,860			62,159
Cash, Restricted Cash and Cash Equivalents, End of Period	$	51,555		$	45,428		$	76,140		$	37,864		$	42,860

SEACOR MARINE HOLDINGS INC. UNAUDITED FLEET COUNTS
	Owned		Managed		Total
June 30, 2025
AHTS		—		1		1
FSV		21		1		22
PSV		19		—		19
Liftboats		7		—		7
		47		2		49
December 31, 2024
AHTS		—		2		2
FSV		22		1		23
PSV		21		—		21
Liftboats		8		—		8
		51		3		54

The MIL Network –

July 31, 2025

MIL-OSI: StoneX Group Inc. to Announce 2025 Fiscal Third Quarter Earnings on August 5, 2025

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 30, 2025 (GLOBE NEWSWIRE) — StoneX Group Inc. (NASDAQ: SNEX) today announced that it will release its fiscal 2025 third quarter results after the market close on Tuesday, August 5, 2025. Management will host a conference call on Wednesday, August 6, 2025 at 9:00 a.m. Eastern Time to review the Company’s 2025 fiscal third quarter results.

A live web cast of the conference call as well as additional information to review during the call will be made available in PDF form at https://www.stonex.com. Participants can also access the call via https://register-conf.media-server.com/register/BI844176c186b3462a83744b4b3946a567 approximately ten minutes prior to the start time. Participants may preregister for the conference call here.

For those who cannot access the live broadcast, a replay of the call will be available at https://www.stonex.com.

About StoneX Group Inc.

StoneX Group Inc., through its subsidiaries, operates a global financial services network that connects companies, organizations, traders and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high touch service and deep expertise. The Company strives to be the one trusted partner to its clients, providing its network, product and services to allow them to pursue trading opportunities, manage their market risks, make investments and improve their business performance. A Fortune-500 company headquartered in New York City and listed on the Nasdaq Global Select Market (NASDAQ:SNEX), StoneX Group Inc. and its more than 4,700 employees serve more than 54,000 commercial, institutional, and global payments clients, and more than 400,000 self-directed/retail accounts, from more than 80 offices spread across six continents. Further information on the Company is available at www.stonex.com.

CONTACT: StoneX Group Inc.

Investor Inquiries:

Kevin Murphy
(212) 403 – 7296
kevin.murphy@stonex.com

SNEX-G

The MIL Network –

July 31, 2025
MIL-OSI USA: On the 60th Anniversary of the Creation of Medicaid and Medicare, Luján, Leader Schumer, and Senate Democrats Introduce Legislation to Reverse Devastating Health Care Cuts in Republicans’ Budget Betrayal

US Senate News:

Source: US Senator for New Mexico Ben Ray Luján

WATCH HERE: Senator Luján Delivers Floor Speech on Effort to Reverse Devastating Health Care Cuts in Republicans’ Budget Betrayal

Washington, D.C. – Today, U.S. Senator Ben Ray Luján (D-N.M.), along with Senate Democratic Leader Chuck Schumer (D-NY), Ranking Member of the Finance Committee, U.S. Senator Ron Wyden (D-OR), U.S. Senator Jeanne Shaheen (D-NH), and Ranking Member of the Budget Committee, U.S. Senator Jeff Merkley (D-OR), led their Senate Democratic colleagues in introducing the Protecting Health Care And Lowering Costs Act.

This legislation would reverse all of the health care cuts in the “Big, Ugly Betrayal,” including those to Medicaid, and would permanently extend the ACA premium tax credits. After Republicans passed legislation earlier this month that would kick nearly 15 million people off their health insurance and totals more than one trillion dollars in health care cuts, Senate Democrats are fighting back and pushing to reverse these devastating cuts and extend tax credits to make health care affordable.

Today marks 60 years since Medicaid and Medicare was created on a bipartisan basis as a promise to the American people that we would stick by the poorest and most disadvantaged among us and take care of the elderly who paid into a system their whole lives. Democrats will be crisscrossing the country to make sure that the American people know it is Congressional Republicans who are reneging on that promise, ripping away health care from millions so they can give tax cuts to billionaires.

“Sixty years after Medicare and Medicaid opened the door to health care for millions, Congressional Republicans slammed it shut with their Budget Betrayal – ripping coverage from 15 million Americans, including over 100,000 New Mexicans,” said Senator Luján. “Their cuts target children, families, and seniors who depend on Medicaid to survive, and could force rural clinics and hospitals to close their doors. While Republicans gut health care, Senate Democrats are fighting to restore it and protect the people we represent.”

“For many, the “Big, Ugly Betrayal” is quite literally a matter of life and death. Too many will now have to make the heartbreaking decision between financial ruin and going without care. Already the effects of this bill are being felt. Already hospitals and health care systems are in jeopardy because of this legislation that passed just mere weeks ago,” said Leader Schumer. “Let’s be crystal clear: to pay for tax cuts for billionaires, millions of people are going to lose their health care. That’s the Republicans agenda right there. Well not on our watch. Democrats are fighting this tooth and nail. And today we are proud to introduction legislation which would reverse these devastating cuts and permanently extend the ACA premium tax credits. It is not too late for the Republicans to reverse course and save healthcare for millions.”

“Trump and Republicans in Congress have been actively misleading the American public. Americans were never told that this flawed bill will punch a hole in a lot more than Medicaid,” said Senator Wyden, Ranking Member of the Finance Committee. “There is simply no way to cut more than $1 trillion from the health care system without taking a deep toll on Americans of all stripes from coast to coast. The more Americans hear about this bill, the less they like it. It’s time to scrap Trumpcare and put America back on a path to affordable health care.”

“If Affordable Care Act enhanced premium tax credits expire at the end of the year, 20 million Americans will see their health care costs skyrocket at a time when they’re already struggling with increased prices. That pain will be felt almost immediately,” said Senator Shaheen. “That’s on top of the unprecedented health care cuts to Medicaid that were passed in the ‘Big Beautiful Betrayal’. We need to take action now to permanently extend those tax credits so that people know they can count on them.”

“Congressional Republicans betrayed hardworking families earlier this month when they chose to stand with billionaires by gutting Medicaid and kicking more than 15 million people off their health insurance,” said Senator Merkley, Ranking Member of the Senate Budget Committee. “Republicans have the opportunity to right this wrong by supporting our bill that will reverse these devastating cuts and prevent health care costs from skyrocketing across the country. On this 60th Anniversary of the enactment of Medicaid and Medicare, Democrats are fighting for an economy where families thrive and billionaires finally pay their fair share.”

The entire Democratic caucus has signed on to co-sponsor the legislation.

The legislation has been endorsed by American Civil Liberties Union, AFL-CIO. American Federation of State, County and Municipal Employees (AFSCME), AFT: Education, Healthcare, Public Services, All* Above All , Alliance for Retired Americans, American Association on Health and Disability, American Heart Association, American Nurses Association, Autistic Self Advocacy Network, ACLU, Can’t Wait Coalition, Care in Action, Caring Across Generations, Center for American Progress, Center for Medicare Advocacy, CEO Commission for Disability Employment, Children’s Hospital Association, Communication Workers of America, Community Catalyst, Disability Policy Consortium, Disability Rights and Defense Fund, Diverse Elders Coalition (DEC), FamiliesUSA, First Focus for Children, Guttmacher Institute, Health Care for America Now, Ibis Reproductive Health, Justice in Aging, Kids Can’t Wait, Lakeshore Foundation, Little Lobbysists, MoveOn.org, National Abortion Federation, National Alliance for Caregiving, National Alliance for Direct Service Professionals, National Alliance on Mental Illness, National Asian Pacific American Women’s Forum, National Council of Jewish Women, National Committee to Preserve Social Security and Medicare (NCPSSM), National Disability Rights Network, National Domestic Workers Alliance, National Hispanic Council on Aging, National Health Law Program (NHeLP), National Immigration Law Center, National Partnership for Women & Families, National Women’s Law Center, Physicians for Reproductive Health, Planned Parenthood Federation of America, Protect Our Care, Public Citizens, SEIU, Social Security Works, The Arc of the United States, UNIDOS US, United Mine Workers of America, Vizient, Inc., Well Spouse Association, Healthcare Association of New York and Texas Kids Can’t Wait.

The full text of the legislation can be seen here.

MIL OSI USA News –

July 31, 2025
MIL-OSI Banking: W&T Offshore to Ring the Closing Bell at the New York Stock Exchange to Commemorate its 20th Anniversary as a Public Company

Source: W & T Offshore Inc

Headline: W&T Offshore to Ring the Closing Bell at the New York Stock Exchange to Commemorate its 20th Anniversary as a Public Company

HOUSTON, July 30, 2025 (GLOBE NEWSWIRE) — W&T Offshore, Inc. (NYSE: WTI) (the “Company”) today announced that Tracy Krohn, W&T’s Founder, Chairman, CEO and President will ring the closing bell at the New York Stock Exchange (“NYSE”) on Monday, August 4, 2025, to commemorate the Company’s 20^th anniversary as a NYSE-listed company. W&T’s Board of Directors and senior management team will also participate in the ceremony. Live coverage of the event will begin on Monday, August 4, 2025, at 3:55 p.m. ET and will be available for streaming at www.NYSE.com/bell. An archived version of the ceremony will be posted to W&T’s Web site, www.wtoffshore.com, in the “Investors” section on the “Overview” page under “News and Events”.

Tracy Krohn commented, “It is truly an honor to ring the NYSE closing bell in celebration of our 20^th anniversary as a publicly traded company. I want to express my gratitude to each member of our Board of Directors, our management team and all of our dedicated employees across the Company for their invaluable contributions to W&T’s success since its inception. It has been an incredible journey these past 42 years, from our founding in 1983, our IPO in 2005, to now celebrating this milestone occasion. Throughout our history, we have remained committed to responsible energy production and being a staunch and vocal advocate for the offshore Gulf of America sector of the energy industry where we have been primarily focused since we began operations. Looking ahead, I remain excited about W&T’s future as we continue to execute and improve upon our unique and resilient business model.

About W&T Offshore

W&T Offshore, Inc. is an independent oil and natural gas producer with operations offshore in the Gulf of America and has grown through acquisitions, exploration and development. As of March 31, 2025, the Company had working interests in 52 fields in federal and state waters (which include 45 fields in federal waters and seven in state waters). The Company has under lease approximately 634,700 gross acres (496,900 net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama, with approximately 487,200 gross acres on the conventional shelf, approximately 141,900 gross acres in the deepwater and 5,600 gross acres in Alabama state waters. A majority of the Company’s daily production is derived from wells it operates. For more information on W&T, please visit the Company’s website at www.wtoffshore.com.

CONTACTS: Al Petrie Sameer Parasnis

Investor Relations Coordinator Executive VP and CFO

investorrelations@wtoffshore.com sparasnis@wtoffshore.com

713-297-8024 713-513-8654

Source: W&T Offshore, Inc.

Released July 30, 2025

MIL OSI Global Banks –

July 31, 2025
MIL-OSI: Euronet and CoreCard Announce Merger Agreement to Unlock Global Opportunities in Credit Card Issuing and Processing

Source: GlobeNewswire (MIL-OSI)

LEAWOOD, Kan. and NORCROSS, Ga., July 30, 2025 (GLOBE NEWSWIRE) — Euronet (NASDAQ: EEFT), a global leader in payments processing and cross-border transactions, and CoreCard Corporation (NYSE: CCRD), a leading provider of innovative credit technology solutions and processing services to the financial technology and services market, today announced they have entered into a definitive agreement for Euronet to acquire CoreCard in a stock-for-stock merger transaction that values CoreCard at approximately $248 million, or $30 per share of CoreCard common stock. The exchange ratio and other terms of the transaction are described below.

The proposed transaction marks a pivotal step in accelerating Euronet’s strategic goal of a more diversified, future-ready revenue mix, that is anchored in scalable, modern platforms designed for the next generation of digital financial services across the globe.

Acquisition to Add a Proven Credit Card Platform and Marquee Clients to Fuel Euronet’s Growth Strategy

CoreCard’s platform is proven and trusted by some of the most respected names in finance and technology, and has been instrumental in launching one of the most successful co-branded credit card offerings in U.S. history in partnership with Goldman Sachs. This credibility, combined with CoreCard’s deep expertise in credit products, positions Euronet to compete in a sizeable market traditionally dominated by a few legacy providers.

The CoreCard modern architecture enables faster deployment, easier integrations, and the flexibility to support rapid innovation, which are key advantages in today’s world of payments, where banks and fintechs are looking to embed financial experiences in their customer journeys. This has enabled CoreCard to support diverse, bespoke use cases for fintech innovators such as Cardless, who has recently been chosen as the partner for the Coinbase credit card.

“More than a product expansion, this acquisition will be a catalyst for long-term growth, and we expect it to be accretive in the first full year post close,” said Michael J. Brown, Euronet’s Chairman and Chief Executive Officer. “By integrating CoreCard’s platform with our own Ren architecture and global distribution network, we will be positioned to become a leading modern card issuer and innovation partner for the next generation of digital finance. This acquisition is a natural extension of our strategy to invest in scalable, high-margin businesses that align with long-term market trends. We also value and respect the work of CoreCard’s employees, who we are eager to welcome to Euronet, and we look forward to their contributions to our company in the future.”

“Joining Euronet marks an exciting new chapter for CoreCard,” said Leland Strange, CEO of CoreCard. “Our team has built a modern, resilient credit card processing platform that serves some of the largest companies and financial institutions in the world. We’re excited to bring our capabilities to a global stage. We have spent a lot of time and diligence over the last year exploring the right ‘fit’ for what our team has built over many years, and we believe this is a great outcome for the team and our shareholders. We are joining with a company that has also been built on a strong foundation over many years that has kept a strong team and customer-focused culture with a focus on innovation.”

Time and Approvals

The transaction has been approved by the boards of directors of both Euronet and CoreCard, and is expected to close in late 2025, subject to approval by CoreCard shareholders and the satisfaction of certain other customary closing conditions, including the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

Transaction Details

Under the terms of the merger agreement, each share of CoreCard common stock will be exchanged for a number of shares of Euronet common stock equal to an exchange ratio between 0.2783 and 0.3142, calculated as $30 divided by the volume weighted average share price of Euronet common stock over the 15-trading day period ending on and including the second to last trading day prior to the closing date (the “Final Euronet Stock Price”), subject to a floor of $95.48 per share and a ceiling of $107.80 per share. CoreCard shareholders will receive 0.3142 Euronet shares for each of their CoreCard shares if the Final Euronet Stock Price is at or below $95.48, and 0.2783 Euronet shares for each of their CoreCard shares if the Final Euronet Stock Price is at or above $107.80.

Advisors

Stinson LLP is acting as outside counsel to Euronet. Kilpatrick Townsend & Stockton LLP is acting as outside counsel to CoreCard. Keefe, Bruyette & Woods, a Stifel Company, provided certain financial advice to the board of directors of CoreCard.

About CoreCard

CoreCard Corporation (NYSE: CCRD) provides a modern card issuing platform built for the future of global transactions in an embedded digital world. Dedicated to continual technological innovation in the ever-evolving payments industry backed by decades of deep expertise in credit card offerings, CoreCard helps customers conceptualize, implement, and manage all aspects of their issuing card programs. Keenly focused on steady, sustainable growth, CoreCard has earned the trust of some of the largest companies and financial institutions in the world, providing truly real-time transactions via their proven, reliable platform operating on private on-premise and leading cloud technology infrastructure.

About Euronet

A global leader in payments processing and cross-border transactions, Euronet moves money in all the ways consumers and businesses depend upon. This includes money transfers, credit/debit processing, ATMs, point-of-sale services, branded payments, currency exchange and more. With products and services in more than 200 countries and territories provided through its own brand and branded business segments, Euronet and its financial technologies and networks make participation in the global economy easier, faster and more secure for everyone. Visit the company’s website at www.euronetworldwide.com.

Cautionary Statement Regarding Forward-Looking Statements

This communication contains “forward-looking statements” within the United States Private Securities Litigation Reform Act of 1995. You can identify these statements and other forward-looking statements in this document by words such as “may,” “will,” “should,” “can,” “could,” “anticipate,” “estimate,” “expect,” “predict,” “project,” “future,” “potential,” “intend,” “plan,” “assume,” “believe,” “forecast,” “look,” “build,” “focus,” “create,” “work,” “continue,” “target,” “poised,” “advance,” “drive,” “aim,” “forecast,” “approach,” “seek,” “schedule,” “position,” “pursue,” “progress,” “budget,” “outlook,” “trend,” “guidance,” “commit,” “on track,” “objective,” “goal,” “strategy,” “opportunity,” “ambitions,” “aspire” and similar expressions, and variations or negative of such terms or other variations thereof. Words and terms of similar substance used in connection with any discussion of future plans, actions, or events identify forward-looking statements.

Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such statements regarding the transactions contemplated by the Agreement and Plan of Merger (the “Merger Agreement’), dated as of July 30, 2025, by and among CoreCard, Euronet and Genesis Merger Sub Inc. (the “Transaction”), including the expected timing of the closing of the Transaction; future financial and operating results; benefits and synergies of the Transaction; future opportunities for the combined company; the conversion of equity interests contemplated by the Merger Agreement; the issuance of common stock of Euronet contemplated by the Merger Agreement; the expected filing by Euronet with the SEC of the Registration Statement and the proxy statement/prospectus; the ability of the parties to complete the proposed Transaction considering the various closing conditions and any other statements about future expectations that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All such forward-looking statements are based upon current plans, estimates, expectations and ambitions that are subject to risks, uncertainties and assumptions, many of which are beyond the control of Euronet and CoreCard, that could cause actual results to differ materially from those expressed in such forward-looking statements. Key factors that could cause actual results to differ materially include, but are not limited to, the expected timing and likelihood of completion of the Transaction, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the Transaction; the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreement; the possibility that CoreCard’s shareholders may not approve the Transaction; the risk that the parties may not be able to satisfy the conditions to the Transaction in a timely manner or at all; risks related to disruption of management time from ongoing business operations due to the Transaction; the risk that any announcements relating to the Transaction could have adverse effects on the market price of Euronet’s common stock; the risk that the Transaction and its announcement could have an adverse effect on the parties’ business relationships and business generally, including the ability of CoreCard or Euronet to retain customers and retain and hire key personnel and maintain relationships with their suppliers and customers, and on their operating results and businesses generally; the risk of unforeseen or unknown liabilities; customer, shareholder, regulatory and other stakeholder approvals and support; the risk of potential litigation relating to the Transaction that could be instituted against CoreCard or its directors and/or officers; the risk associated with third party contracts containing material consent, anti-assignment, transfer or other provisions that may be related to the Transaction which are not waived or otherwise satisfactorily resolved; the risk of rating agency actions and Euronet’s ability to access short- and long-term debt markets on a timely and affordable basis; the risk of various events that could disrupt operations, including: conditions in world financial markets and general economic conditions; inflation; the war in Ukraine and the related economic sanctions; and military conflicts in the Middle East.

These risks, as well as other risks related to the proposed Transaction, will be described in the Registration Statement that will be filed with the SEC in connection with the proposed Transaction. While the list of factors presented here and the list of factors to be presented in the Registration Statement are considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Additional factors that may affect future results are contained in each company’s filings with the SEC, including each company’s most recent Annual Report on Form 10-K, as it may be updated from time to time by quarterly reports on Form 10-Q and current reports on Form 8-K, all of which are available at the SEC’s website http://www.sec.gov. Euronet regularly posts important information to the investor relations section of its website. Any forward-looking statements made in this release speak only as of the date of this release. Except as may be required by law, neither Euronet nor CoreCard intends to update these forward-looking statements and undertakes no duty to any person to provide any such update under any circumstances.

Important Information for Investors and Stockholders

In connection with the proposed transaction, Euronet plans to file with the SEC a registration statement on Form S-4 (the “Registration Statement”), which will include a proxy statement of CoreCard that also constitutes a prospectus of Euronet, and any other documents in connection with the transaction. After the Registration Statement has been declared effective by the SEC, the definitive proxy statement/prospectus will be sent to the holders of common stock of CoreCard. INVESTORS AND SHAREHOLDERS OF CORECARD AND EURONET ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION WHEN THEY BECOME AVAILABLE, AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT EURONET, CORECARD, THE TRANSACTION AND RELATED MATTERS. The registration statement and proxy statement/prospectus and other documents filed by Euronet or CoreCard with the SEC, when filed, will be available free of charge at the SEC’s website at www.sec.gov. Alternatively, investors and stockholders may obtain free copies of documents that are filed or will be filed with the SEC by Euronet, including the registration statement and the proxy statement/prospectus, on Euronet’s website at https://ir.euronetworldwide.com/for-investors, and may obtain free copies of documents that are filed or will be filed with the SEC by CoreCard, including the proxy statement/prospectus, on CoreCard’s website at https://investors.CoreCard.com/. The information included on, or accessible through, Euronet’s or CoreCard’s website is not incorporated by reference into this press release.

No Offer or Solicitation

This press release is not intended to and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to appropriate registration or qualification under the securities laws of such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Participants in the Solicitation

Euronet and CoreCard and their respective directors, executive officers and other employees may be deemed to be participants in the solicitation of proxies from CoreCard’s shareholders in connection with the proposed Transaction. A description of participants’ direct or indirect interests, by security holdings or otherwise, will be included in the proxy statement/prospectus relating to the proposed Transaction when it is filed with the SEC. Information regarding Euronet’s directors and executive officers is contained in the definitive proxy statement, dated April 4, 2025, for its 2025 annual meeting of stockholders, and in Euronet’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Information regarding CoreCard’s directors and executive officers is contained in CoreCard’s definitive proxy statement, dated April 14, 2025, for its 2025 annual meeting of shareholders, and CoreCard’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Additional information regarding ownership of Euronet’s securities by its directors and executive officers, and of ownership of CoreCard’s securities by its directors and executive officers, is included in each such person’s SEC filings on Forms 3 and 4. These documents and the other SEC filings described in this paragraph may be obtained free of charge as described above under the heading “Important Information for Investors and Stockholders.”

The MIL Network –

July 31, 2025
MIL-OSI: Indicio and Black Mountain Investment Group Partner to Modernize KYC and Digital Identity Verification for Exchanges, Banks, and Law Firms

Source: GlobeNewswire (MIL-OSI)

Salt Lake City, Utah, July 30, 2025 (GLOBE NEWSWIRE) — Today, Indicio and Black Mountain Investment Group (“BMIG”) announced a strategic partnership to revolutionize KYC and identity verification processes for the financial and legal industries.
This partnership combines Indicio’s market-leading decentralized identity and authenticated biometric technology with Black Mountain’s expertise in business solutions to create a much-needed bridge between traditional and decentralized finance that delivers scalable, fraud-resistant technologies for institutions operating in increasingly global and regulated markets.
Global regulatory changes are accelerating growth in the cross-border asset ecosystem and fueling the evolution of decentralized finance (DeFi). Indicio and Black Mountain have developed proprietary technology that allows for a new, decentralized approach to verify investor, institution, and asset identities. This KYC is critical to scaling transactions in secure, fraud-resistant, and compliant ways.
Indicio developed the most powerful decentralized digital identity solution in the marketplace by incorporating authenticated biometrics in Verifiable Credentials trust-anchored to a blockchain with real encryption. This significantly increases the level of identity assurance for remote onboarding, KYC, and digital transactions- which can now be performed more rapidly and reliably than ever before by investors and institutions through the use of this technology.
“Indicio has developed an architectural approach to digital identity that meets the rapidly evolving needs of conventional and decentralized finance around KYC, account access, and digital asset management,” said Heather Dahl, CEO of Indicio. “We’re really excited to work with Black Mountain Investment Group to advance secure, seamless, decentralized trust for global financial transactions.”
“Trusted digital identity verification is a serious catalyst for advancing the digital transformation of and unlocking liquidity in global finance,” remarks Elijah Levine, CEO of BMIG. “It’s all too often that you work with the biggest and best banks and exchanges and they still operate on outdated and cumbersome KYC verification standards that are also often restricted to US-based financial transactions. When we saw the work that Indicio has been doing with biometric authentication and tamper-proof digital credentials in travel, not only did we want to invest immediately in their main business, but we also recognized that their tech is shockingly translatable to the finance industry.”
“We see a path towards rapid scale and believe that this technology should be implemented immediately across the biggest and best institutions in global finance for their own internal protection and liability purposes, outside of the efficiencies and liquidity that will be immediately unlocked. This partnership is centered around delivering innovative solutions that integrate the very latest technology into the rapidly expanding market of secure, privacy-preserving global asset transfers.”
About Indicio
Indicio is a global leader in Verifiable Credentials, decentralized identity, and digital trust infrastructure. From powering national identity pilots to enabling seamless international travel, Indicio helps governments and businesses build data and identity systems that are secure, privacy-preserving, and interoperable across borders and industries.
About Black Mountain Investment Group

Black Mountain Investment Group (“BMIG”) is a technology-driven back-office platform and entrepreneurial ecosystem designed to power the next generation of funds and businesses. BMIG provides operational support, strategic insight, and scalable infrastructure, empowering organizations to navigate growth and innovation at the intersection of traditional and decentralized finance.

Elijah Levine
hello@blackmountainig.com
blackmountainig.com
Indicio.tech

The MIL Network –

July 31, 2025
MIL-OSI: Abacus Global Management Announces Successful Completion of Exchange Offer and Consent Solicitation

Source: GlobeNewswire (MIL-OSI)

ORLANDO, Fla., July 30, 2025 (GLOBE NEWSWIRE) — Abacus Global Management, Inc. (“Abacus” or the “Company”) (NASDAQ: ABL), a leader in the alternative asset management space, today announced the completion of its previously announced exchange offer (the “Offer”) and consent solicitation (the “Consent Solicitation”) relating to its (i) outstanding public warrants (the “public warrants”) and (ii) outstanding private placement warrants (the “private placement warrants” and, together with the public warrants, the “warrants”) to purchase shares of common stock, par value $0.0001 per share, of the Company (“common stock”). The Company’s common stock and public warrants are listed on the Nasdaq Capital Market (the “Nasdaq”) under the symbols “ABL” and “ABLLW,” respectively. The Company issued 4,183,160 shares of common stock in exchange for the warrants tendered in the Offer.

On July 30, 2025, the Company and Continental Stock Transfer & Trust Company entered into the related amendment to the warrant agreement governing the warrants (the “Warrant Amendment”). Pursuant to the Warrant Amendment, the Company has exercised its right to exchange each warrant that is outstanding upon the closing of the Offer for 0.207 shares of common stock per warrant, which is a ratio 10% less than the exchange ratio applicable to the Offer (the “Post-Offer Exchange”). The Company has fixed the date for the Post-Offer Exchange as August 14, 2025.

As a result of the completion of the Offer and the Post-Offer Exchange, no warrants will remain outstanding. Accordingly, the public warrants are expected to be suspended from trading on the Nasdaq as of the close of business on August 14, 2025, and will be delisted. The shares of common stock will continue to be listed and trade on the Nasdaq under the symbol “ABL.” Following completion of the Offer, there are approximately 102,050,981 shares of common stock outstanding (an increase of approximately 4% from prior to the closing of the Offer), and following completion of the Post-Offer Exchange there will be approximately 102,555,154 shares of common stock outstanding (an increase of approximately 5% from prior to the closing of the Offer and the Post-Offer Exchange).

The Company engaged SG Americas Securities, LLC as the dealer manager for the Offer and Consent Solicitation, D.F. King & Co., Inc. as the information agent for the Offer and Consent Solicitation, and Continental Stock Transfer & Trust Company served as the exchange agent for the Offer and Consent Solicitation.

About Abacus

Abacus Global Management (NASDAQ: ABL) is a leading financial services company specializing in alternative asset management, data-driven wealth solutions, technology innovations, and institutional services. With a focus on longevity-based assets and personalized financial planning, Abacus leverages proprietary data analytics and decades of industry expertise to deliver innovative solutions that optimize financial outcomes for individuals and institutions worldwide.

Contacts:

Investor Relations
Robert F. Phillips – SVP Investor Relations and Corporate Affairs rob@abacusgm.com
(321) 290-1198

David Jackson – Managing Director of Investor Relations david@abacusgm.com
(321) 299-0716

Abacus Global Management Public Relations
press@abacusgm.com

The MIL Network –

July 31, 2025

MIL-OSI: Gran Tierra Energy Inc. Reports Second Quarter 2025 Results & Another Quarter of Record Production

Source: GlobeNewswire (MIL-OSI)

Achieved Record Total Company Average Quarterly Production of 47,196 boepd
Funds Flow From Operations⁽¹⁾of $54 million, Adjusted EBITDA⁽¹⁾of $77 million and Return to Free Cash Flow
Signed Mandate Letter for Funding of Up to $200 Million
Entered into Binding Agreement to Exit the UK North Sea
Achieved Company Record Total of 32 Million Hours Without a Lost Time Injury
Recorded Operating Costs per boe of $13.42 for the Quarter – the Lowest Since The First Quarter of 2022

CALGARY, Alberta, July 30, 2025 (GLOBE NEWSWIRE) — Gran Tierra Energy Inc. (“Gran Tierra” or the “Company”) (NYSE American:GTE) (TSX:GTE) (LSE: GTE) announced the Company’s financial and operating results for the quarter ended June 30, 2025 (the “Quarter”) and provided an operational update. All dollar amounts are in United States (“U.S.”) dollars and all production volumes are on an average working interest before royalties (“WI”) basis unless otherwise indicated. Production is expressed in barrels (“bbl”) of oil equivalent (“boe”) per day (“boepd” or “boe/d”) and are based on WI sales before royalties. For per boe amounts based on net after royalty (“NAR”) production, see Gran Tierra’s Quarterly Report on Form 10-Q filed July 30, 2025.

Message to Shareholders

Gary Guidry, President and Chief Executive Officer of Gran Tierra, commented: “Gran Tierra delivered record-setting production this quarter, reflecting the strength of our diversified portfolio and consistent operational execution across Colombia, Ecuador, and Canada.

In Ecuador, we are building on the momentum of our Iguana Block discoveries with the planned drilling of two high-impact exploration wells in the Charapa Block later this year. In Colombia, the successful development drilling at Costayaco and Cohembi, along with the strong early waterflood response in Cohembi’s north area, underscores the ongoing potential of our core assets and validates our disciplined approach to reservoir management. In Acordionero, our proactive waterflood management, surface facility upgrades, pump upsizes and ongoing improvement in electrical submersible pump run lives continue to mitigate base decline.

In Canada, our Montney and Clearwater assets are delivering encouraging results, with three gross-wells (1.2 net) brought on stream in the Quarter, outperforming expectations. These outcomes further reinforce our strategy of disciplined capital allocation and balanced growth as we focus on generating long-term value for our stakeholders.

We continue to optimize our portfolio with the signed disposition of the UK North Sea assets, which is expected to close in the third quarter of 2025.”

Operational Update:

Safety: Since 2022, Gran Tierra has achieved a record of 32 million person-hours equating to more than 3 years without a lost time injury.
Ecuador
- Building on the successful discoveries in the Iguana Block during the first quarter of 2025, civil works are currently underway to support the drilling of the final two wells under Gran Tierra’s exploration commitments in the country. These wells are planned for the Charapa Block in the Conejo prospect, with drilling expected to commence toward the end of the third quarter of 2025.
Colombia
- Gran Tierra successfully drilled the first of three development wells planned for 2025 in the northern area of the Costayaco field. The Costayaco-63 well was perforated in four productive sands, stimulated, and placed on immediate production. The well is currently producing ~800 bbls of oil per day (“bopd”) with a 48% watercut compared to an average field watercut of 92%. In July, the second well—Costayaco-64—was drilled, stimulated and completed. The well is currently producing ~1,300 bopd with a 13% watercut. The final well, Costayaco-65, was spud on July 20, 2025 and is scheduled to be brought on production in August 2025.
- During the Quarter the remaining two wells of the 2025 five well Cohembi program were brought onto production. The average drilling cost of the five wells was ~$3.0 million per well, representing a 47% reduction from the prior operator’s average last five wells drilled in 2017/18. As part of the program and to support pressure, water injection began on May 30, 2025. A strong waterflood response and increase of greater than 2,600 bopd gross across the northern part of the field has been observed and continues to improve.
- The Cristobal well in LLA-85 was drilled below budget to total depth (“TD”) and abandoned, fulfilling all the commitments on the block.
- In Acordionero, production in the Quarter averaged ~14,200 bopd compared to ~13,800 bopd in the first quarter of 2025 (the “Prior Quarter”). Increases in base production were achieved by increasing total fluid production through planned electrical submersible pump upsizes, additional surface injection capacity allowing for continued growth of total fluid production and water injection. Record highs were achieved in both total fluid production (~89,400 bbls/day) and water injection (~85,000 bbls/day) during the Quarter.
Canada
- In the Simonette, the first two (1.0 net) Lower Montney wells were completed successfully and brought on stream on April 5, 2025. Results from both wells are currently out-performing management’s current type curves. The third Montney well was spud on June 29, 2025 and reached TD on July 18, 2025. The fourth Montney well was spud on July 22, 2025 and is expected to reach total depth in the first half of August.

Enhanced Liquidity:

Gran Tierra is pleased to announce it has signed a mandate letter with a syndicate of banks for a $200 million prepayment facility backed by crude oil deliveries. The Company is progressing toward full documentation, with closing expected in the third quarter of 2025 and funding anticipated shortly thereafter. The facility is structured to enhance financial flexibility, support long-term capital planning, and optimize the Company’s debt maturity profile. Further details of the prepayment will be announced in due course once final terms are agreed upon.
Separately, Gran Tierra recently completed the semi-annual redetermination of its Canadian credit facility, with lenders confirming an unchanged borrowing base of C$100 million. This outcome reflects the continued strength and stability of the Company’s Canadian asset base. The facility provides C$50 million in available commitments, comprised of a C$35 million syndicated facility and a C$15 million operating facility with a maturity date of October 31, 2026. The next redetermination is scheduled on or before November 30, 2025.
Gran Tierra also employs a disciplined, risk-managed hedging strategy designed to protect cash flow, support capital planning, and enhance financial stability across commodity cycles. The Company utilizes a diversified mix of oil and gas hedges that provide downside protection while preserving upside exposure. This proactive approach contributed to a $14 million derivative hedging gain booked during the Quarter. The Company also maintains a rolling 12-month hedging program to further mitigate volatility:
- South American Oil Hedges (Brent): For the second half of 2025, Gran Tierra has hedged approximately 50% of its South American oil production with a weighted average floor of $63.16 per barrel and a ceiling of $76.50 per barrel. For the first half of 2026 the Company has hedged approximately 33% of its South American oil production with a weighted average floor of $61.67 per barrel and a ceiling of $75.58.
- Canadian Oil Hedges (West Texas Intermediate): For the second half of 2025, Gran Tierra has hedged approximately 60% of its Canadian oil production with a weighted average floor of $61.67 per barrel and a ceiling of $72.37 per barrel. For the first half of 2026 the Company has hedged approximately 50% of its Canadian oil production with a weighted average floor of $56.82 per barrel and a ceiling of $72.01.
- Canadian Gas Hedges (AECO): For the second half of 2025, Gran Tierra has hedged approximately 40% of its Canadian gas production with a weighted average floor of $2.82 per GJ and a ceiling of $2.96 per GJ.
- FX Hedges (COP to USD): Starting in April 2025, Gran Tierra entered into a 12-month, $10 million per month hedging program for the COP to USD exchange rate. The hedges have a floor of 4,430 and a ceiling of 4,705.

Key Highlights of the Quarter:

Production: Gran Tierra’s total average WI production was 47,196 boepd, which was 44% higher than the second quarter of 2024 due to the production from the Canadian operations acquired on October 31, 2024 and positive exploration well drilling results in Ecuador. Total average WI production was 1% higher than the Prior Quarter as a result of successful drilling in Simonette, Cohembi infill drilling and waterflood management, strong Acordionero performance and continued exploration success in Ecuador from the Iguana wells. Working interest sales in the Quarter decreased to 45,727 boepd primarily due to the deferral of 143,730 barrels of Ecuador oil production, which were held in inventory at the end of June and subsequently sold in July.
Net Income (Loss): Gran Tierra incurred a net loss of $13 million, compared to a net loss of $19 million in the Prior Quarter and net income of $36 million in the second quarter of 2024.
Adjusted EBITDA⁽¹⁾: Adjusted EBITDA⁽¹⁾ was $77 million compared to $85 million in the Prior Quarter and $103 million in the second quarter of 2024. Twelve-month trailing net debt⁽¹⁾ to adjusted EBITDA⁽¹⁾ was 2.3 times (only accounts for eight months of Canadian operations adjusted EBITDA) and the Company continues to have a long-term target ratio of 1.0 times.
Funds Flow from Operations⁽¹⁾: Funds flow from operations⁽¹⁾ was $54 million ($1.53 per share), up 17% from the second quarter of 2024 and down 3% from the Prior Quarter. Brent price decreased by 11% per bbl compared to the Prior Quarter and our cash netback⁽¹⁾ decreased by 1% illustrating the resiliency of the portfolio.
Net Cash Provided by Operating Activities: Net cash provided by operating activities was $35 million ($0.98 per share), down 53% from the Prior Quarter and down 53% from the second quarter of 2024.
Cash and Debt: As of June 30, 2025, the Company had a cash balance of $61 million, total debt of $807 million and net debt⁽¹⁾ of $746 million. During the Quarter, the Company drew a total of $45 million on its credit facilities to fund capital expenditures. There were significant capital expenditures in the first quarter, amounting to approximately 40% of budgeted capital expenditures for the year, which were paid in the Quarter resulting in the Company drawing on its credit facilities. We currently forecast the facilities to have a zero balance by the end of the year. In addition to the $61 million cash on hand as of June 30, 2025, the Company currently has approximately $112 million in credit and lending facilities with $47 million drawn as of June 30, 2025.
Share Buybacks: Gran Tierra repurchased 239,754 shares of common stock during the Quarter. From January 1, 2023, to July 28, 2025, the Company repurchased approximately 5.2 million shares, or 15% of shares issued and outstanding on January 1, 2023.

Additional Key Financial Metrics:

Capital Expenditures: Capital expenditures were $51 million during the Quarter which were lower than the $95 million in the Prior Quarter and lower than $61 million in the second quarter of 2024. During the Quarter the majority of capital expenditures were incurred in Colombia on Cohembi drilling and infrastructure.
Oil, Natural Gas and Natural Gas Liquids (“NGL”) Sales: Gran Tierra generated sales of $152 million, down 8% from the second quarter of 2024 primarily as a result of a 22% decrease in Brent pricing, partially offset by 43% higher sales volumes due to higher production and lower Castilla, Oriente, and Vasconia oil differentials. Oil sales decreased 11% from the Prior Quarter primarily due to an 11% decrease in Brent price, partially offset by lower Castilla, Oriente, and Vasconia oil differentials.
South American Quality and Transportation Discounts: The Company’s quality and transportation discounts in South America per bbl were lower during the Quarter at $10.30, compared to $11.58 in the Prior Quarter and $12.79 in the second quarter of 2024. The Castilla oil differential per bbl tightened to $4.73, down from $5.34 in the Prior Quarter and $8.21 in the second quarter of 2024 (Castilla is the benchmark for the Company’s Middle Magdalena Valley Basin oil production). The Vasconia differential per bbl tightened to $1.71, down from $2.27 in the Prior Quarter, and $4.00 in the second quarter of 2024. The Ecuadorian benchmark, Oriente, per bbl was $7.26, down from $7.65 in the Prior Quarter and $8.38 in the second quarter of 2024. The current⁽²⁾ differentials are approximately $4.38 per bbl for Castilla, $1.38 per bbl for Vasconia, and $7.64 per bbl for Oriente.
Operating Expenses: On a per boe basis, operating expenses decreased by 17% when compared to the second quarter of 2024 and 16% when compared to the Prior Quarter, primarily due to lower workover activities and lower lifting costs associated with inventory build-up in Ecuador, power generation, and equipment rentals. This was the lowest operating expense per boe achieved since the first quarter of 2022. Total operating expenses decreased by 17% to $56 million, compared to the Prior Quarter, largely driven by lower workover activities and reduced lifting costs related to power generation, equipment rental, and inventory fluctuation in Ecuador. Compared to the second quarter of 2024, total operating expenses increased by 19% from $47 million, primarily due to the addition of Canadian operations and the ramp-up of activity in Ecuador. The increase in total operating costs is commensurate with the 44% increase in production.
Transportation Expenses: The Company’s transportation expenses increased by 10% to $8 million, compared to the Prior Quarter’s transportation expenses of $7 million as a result of incremental sales volumes transported by Canadian operations resulting in higher tolls. When compared to the second quarter of 2024 transportation expenses increased from $6 million due to new Canadian operations, higher sales volumes transported in Ecuador, partially offset by lower sales volumes transported in Colombia.
Operating Netback⁽¹⁾⁽³⁾: The Company’s operating netback(1)(3) was $21.39 per boe, down 6% from the Prior Quarter and down 45% from the second quarter of 2024, primarily as a result of a decrease in oil pricing. The decrease from the second quarter of 2024 is a result in the change in the Company’s production mix with the addition of the Canadian assets.
General and Administrative (“G&A”) Expenses: G&A expenses before stock-based compensation were $3.48 per boe, up from $2.86 per boe in the Prior Quarter, due to the timing of certain annual corporate expenses. G&A expenses before stock-based compensation were down from $3.77 per boe, compared to the second quarter of 2024 as a result of higher sales volumes from the inclusion of Canadian operations in the Quarter.
Cash Netback⁽¹⁾: Cash netback⁽¹⁾ per boe decreased to $12.95, compared to $13.04 in the Prior Quarter, primarily as a result of lower operating netback⁽¹⁾ and were offset by lower current income tax expense and positive cash settlement on derivative instruments. Compared to one year ago, cash netback⁽¹⁾ per boe decreased by $2.90 from $15.85 per boe as a result of lower operating netback⁽¹⁾ while being offset by lower current tax expense.

Financial and Operational Highlights (all amounts in $000s, except per share and boe amounts)

Consolidated Financial Data	Three Months Ended June 30,		Three Months Ended March 31,	Six Months Ended June 30,
	2025	2024	2025	2025	2024

Net (Loss) Income	$(12,741)	$36,371	$(19,280)	$(32,021)	$36,293
Per Share – Basic and Diluted	$(0.36)	$1.16	$(0.54)	$(0.90)	$1.15

Oil, Natural Gas and NGL Sales	$152,481	$165,609	$170,533	$323,014	$323,186
Operating Expenses	(55,855)	(47,035)	(67,354)	(123,209)	(95,501)
Transportation Expenses	(7,618)	(5,690)	(6,911)	(14,529)	(10,274)
Operating Netback ⁽¹⁾⁽³⁾	$89,008	$112,884	$96,268	$185,276	$217,411

G&A Expenses Before Stock-Based Compensation	$14,460	$10,967	$12,143	$26,603	$21,749
G&A Stock-Based Compensation Expense (Recovery)	546	6,160	(517)	29	9,521
G&A Expenses, Including Stock Based Compensation	$15,006	$17,127	$11,626	$26,632	$31,270

Adjusted EBITDA ⁽¹⁾	$76,987	$103,004	$85,162	$162,149	$197,796

EBITDA ⁽¹⁾	$84,908	$101,187	$79,710	$164,618	$193,078

Net Cash Provided by Operating Activities	$34,677	$73,233	$73,230	$107,907	$134,060

Funds Flow from Operations ⁽¹⁾	$53,906	$46,167	$55,344	$109,250	$120,474

Capital Expenditures (Before Changes in Working Capital)	$51,170	$61,273	$94,727	$145,897	$116,604

Free Cash Flow ⁽¹⁾	$2,736	$(15,106)	$(39,383)	$(36,647)	$3,870

Average Daily Production (boe/d)
WI Production Before Royalties	47,196	32,776	46,647	46,923	32,509
Royalties	(7,396)	(6,774)	(8,084)	(7,738)	(6,586)
Production NAR	39,800	26,002	38,563	39,185	25,923
Decrease (Increase) in Inventory	(1,469)	(811)	461	(509)	(288)
Sales	38,331	25,191	39,024	38,676	25,635
Royalties, % of WI Production Before Royalties	16%	21%	17%	16%	20%

Cash Netback ($/boe )⁽¹⁾
Average Realized Price before Royalties	43.71	72.24	48.55	46.14	69.27
Royalties	(7.07)	(15.31)	(8.33)	(7.69)	(14.16)
Average Realized Price	36.64	56.93	40.22	38.45	55.11
Transportation Expenses	(1.83)	(1.96)	(1.63)	(1.73)	(1.75)
Average Realized Price Net of Transportation Expenses	34.81	54.97	38.59	36.72	53.36
Operating Expenses	(13.42)	(16.17)	(15.89)	(14.67)	(16.29)
Operating Netback ⁽¹⁾⁽³⁾	21.39	38.80	22.70	22.05	37.07
G&A Expenses Before Stock-Based Compensation	(3.48)	(3.77)	(2.86)	(3.17)	(3.71)
Realized Foreign Exchange (Loss) Gain	(0.14)	0.37	(0.51)	(0.33)	(0.06)
Cash Settlement on Derivative Instruments	0.39	—	0.10	0.25	—
Interest Expense, Excluding Amortization of Debt Issuance Costs	(4.87)	(5.38)	(4.58)	(4.72)	(5.24)
Interest Income	0.06	0.35	0.10	0.08	0.29
Other Gain	0.09	—	—	0.04	—
Net Lease Payments	0.04	0.02	0.04	0.04	0.07
Current Income Tax Expense	(0.53)	(14.54)	(1.95)	(1.25)	(7.88)
Cash Netback ⁽¹⁾	$12.95	$15.85	$13.04	$12.99	$20.54

Share Information (000s)
Common Stock Outstanding, End of Period	35,289	31,022	35,524	35,289	31,022
Weighted Average Number of Shares of Common Stock Outstanding – Basic and Diluted	35,335	31,282	35,777	35,555	31,547

South American Operational Information	Three Months Ended June 30,		Three Months Ended March 31,	Six Months Ended June 30,
	2025	2024	2025	2025	2024
Operating Netback ⁽¹⁾⁽³⁾
Oil Sales	$118,187	$165,609	$138,671	$256,858	$323,186
Operating Expenses	(42,554)	(47,035)	(50,827)	(93,381)	(95,501)
Transportation Expenses	(4,176)	(5,690)	(4,304)	(8,480)	(10,274)
Operating Netback ⁽¹⁾⁽³⁾	$71,457	$112,884	$83,540	$154,997	$217,411

Capital Expenditures (Before Changes in Working Capital)	$49,327	$60,806	$64,984	$114,311	$116,137

Average Daily Production (boe/d)
WI Production Before Royalties	29,700	32,776	29,686	29,693	32,509
Royalties	(5,209)	(6,774)	(5,844)	(5,525)	(6,586)
Production NAR	24,491	26,002	23,842	24,168	25,923
Decrease (Increase) in Inventory	(1,469)	(811)	461	(509)	(288)
Sales	23,022	25,191	24,303	23,659	25,635
Royalties, % of WI Production Before Royalties	18%	21%	20%	19%	20%

Operating Netback ($/boe) ⁽¹⁾⁽³⁾
Brent	$66.71	$85.03	$74.98	$70.81	$83.42
Quality and Transportation Discount	(10.30)	(12.79)	(11.58)	(10.82)	(14.15)
Royalties	(10.41)	(15.31)	(12.29)	(11.36)	(14.16)
Average Realized Price	46.00	56.93	51.11	48.63	55.11
Transportation Expenses	(1.63)	(1.96)	(1.59)	(1.61)	(1.75)
Average Realized Price Net of Transportation Expenses	44.37	54.97	49.52	47.02	53.36
Operating Expenses	(16.56)	(16.17)	(18.73)	(17.68)	(16.29)
Operating Netback ⁽¹⁾⁽³⁾	$27.81	$38.80	$30.79	$29.34	$37.07

Canadian Operational Information ⁽⁴⁾	Three Months Ended June 30,		Three Months Ended March 31,	Six Months Ended June 30,
	2025	2024	2025	2025	2024
Operating Netback ⁽¹⁾⁽³⁾
Oil Sales	$23,196	$—	$21,269	$44,465	$—
Natural Gas Sales	6,894	—	7,561	14,455	—
NGL Sales	6,364	—	7,997	14,361	—
Royalties	(2,158)	—	(4,966)	(7,124)	—
Oil, Natural Gas and NGL Sales After Royalties	$34,296	$—	$31,861	$66,157	$—
Operating Expenses	(13,301)	—	(16,527)	(29,828)	—
Transportation Expenses	(3,442)	—	(2,607)	(6,049)	—
Operating Netback ⁽¹⁾⁽³⁾	$17,553	$—	$12,727	$30,280	$—

Capital Expenditures (Before Changes in Working Capital)	$1,796	$—	$29,360	$31,156	$—

Average Daily Production
Crude Oil (bbl/d)	4,335	—	3,623	3,981	—
Natural Gas (mcf/d)	50,124	—	49,860	49,992	—
NGLs (bbl/d)	4,807	—	5,029	4,917	—
WI Production Before Royalties (boe/d)	17,496	—	16,961	17,230	—
Royalties (boe/d)	(2,187)	—	(2,240)	(2,213)	—
Production NAR (boe/d)	15,309	—	14,721	15,017	—
Sales (boe/d)	15,309	—	14,721	15,017	—
Royalties, % of WI Production Before Royalties	13%	—%	13%	13%	—%

Benchmark Prices
West Texas Intermediate ($/bbl)	63.81	80.82	71.47	67.60	78.95
AECO Natural Gas Price (C$/GJ)	1.60	1.12	2.05	1.82	1.74

Average Realized Price
Crude Oil ($/bbl)	58.80	—	65.23	61.71	—
Natural Gas ($/mcf)	1.51	—	1.69	1.60	—
NGLs ($/bbl)	14.55	—	17.67	16.14	—

Operating Netback ($/boe) ⁽¹⁾⁽³⁾
Average Realized Price	$22.90	$—	$24.12	$23.50	$—
Royalties	(1.36)	—	(3.25)	(2.28)	—
Transportation Expenses	(2.16)	—	(1.71)	(1.94)	—
Operating Expenses	(8.35)	—	(10.83)	(9.56)	—
Operating Netback ⁽¹⁾⁽³⁾	$11.03	$—	$8.33	$9.72	$—

_{⁽¹⁾ Funds flow from operations, operating netback, net debt, cash netback, earnings before interest, taxes and depletion, depreciation and accretion (“DD&A”) (“EBITDA”) and EBITDA adjusted for non-cash lease expense, lease payments, foreign exchange gains or losses, stock-based compensation expense, other gains or losses, transaction costs and financial instruments gains or losses (“Adjusted EBITDA”), cash flow and free cash flow are non-GAAP measures and do not have standardized meanings under generally accepted accounting principles in the United States of America (“GAAP”). Cash flow refers to funds flow from operations. Free cash flow refers to funds flow from operations less capital expenditures. Refer to “Non-GAAP Measures” in this press release for descriptions of these non-GAAP measures and, where applicable, reconciliations to the most directly comparable measures calculated and presented in accordance with GAAP.}
_{⁽²⁾ Gran Tierra’s third quarter-to-date 2025 total average differentials and average production are for the period from July 1 to July 30, 2025.}
_{⁽³⁾ Operating netback as presented is defined as oil sales less operating and transportation expenses. See the table titled Financial and Operational Highlights above for the components of consolidated operating netback and corresponding reconciliation.}
_{⁽⁴⁾ Gran Tierra entered Canada with the acquisition of i3 Energy which closed October 31, 2024, therefore no comparative data is provided for the corresponding periods of 2024.}

Conference Call Information:

Gran Tierra will host its second quarter 2025 results conference call on Thursday, July 31, 2025, at 9:00 a.m. Mountain Time, 11:00 a.m. Eastern Time. Interested parties may access the conference call by registering at the following link: https://register-conf.media-server.com/register/BId33e377f2b494c3c95a7fbd1df59627e. The call will also be available via webcast at www.grantierra.com.

Corporate Presentation:

Gran Tierra’s Corporate Presentation has been updated and is available on the Company website at www.grantierra.com.

Contact Information

For investor and media inquiries please contact:

Gary Guidry
President & Chief Executive Officer

Ryan Ellson
Executive Vice President & Chief Financial Officer

+1-403-265-3221

info@grantierra.com

About Gran Tierra Energy Inc.

Gran Tierra Energy Inc., together with its subsidiaries is an independent international energy company currently focused on oil and natural gas exploration and production in Canada, Colombia and Ecuador. The Company is currently developing its existing portfolio of assets in Canada, Colombia and Ecuador and will continue to pursue additional new growth opportunities that would further strengthen the Company’s portfolio. The Company’s common stock trades on the NYSE American, the Toronto Stock Exchange and the London Stock Exchange under the ticker symbol GTE. Additional information concerning Gran Tierra is available at www.grantierra.com. Except to the extent expressly stated otherwise, information on the Company’s website or accessible from our website or any other website is not incorporated by reference into and should not be considered part of this press release. Investor inquiries may be directed to info@grantierra.com or (403) 265-3221.

Gran Tierra’s Securities and Exchange Commission (the “SEC”) filings are available on the SEC website at http://www.sec.gov. The Company’s Canadian securities regulatory filings are available on SEDAR+ at http://www.sedarplus.ca and UK regulatory filings are available on the National Storage Mechanism website at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

Forward Looking Statements and Legal Advisories:

This press release contains opinions, forecasts, projections, and other statements about future events or results that constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and financial outlook and forward looking information within the meaning of applicable Canadian securities laws (collectively, “forward-looking statements”). All statements other than statements of historical facts included in this press release regarding our business strategy, plans and objectives of our management for future operations, capital spending plans and benefits of the changes in our capital program or expenditures, our liquidity and financial condition, and those statements preceded by, followed by or that otherwise include the words “expect,” “plan,” “can,” “will,” “should,” “guidance,” “forecast,” “budget,” “estimate,” “signal,” “progress”, “anticipates” and “believes,” derivations thereof and similar terms identify forward-looking statements. In particular, but without limiting the foregoing, this press release contains forward-looking statements regarding: : the Company’s expectations regarding committed funding (including but not limited to the signing of a mandate for prepayment structure backed by crude oil deliveries), liquidity and its leverage ratio target, the Company’s plans regarding strategic investments, acquisitions, dispositions, synergies, and growth, the Company’s drilling program and capital expenditures and the Company’s expectations of commodity prices, exploration and production trends and its positioning for 2025. The forward-looking statements contained in this press release reflect several material factors and expectations and assumptions of Gran Tierra including, without limitation, that Gran Tierra will continue to conduct its operations in a manner consistent with its current expectations, pricing and cost estimates (including with respect to commodity pricing and exchange rates), the general continuance of assumed operational, regulatory and industry conditions in Canada, Colombia and Ecuador, and the ability of Gran Tierra to execute its business and operational plans in the manner currently planned.

Among the important factors that could cause our actual results to differ materially from the forward-looking statements in this press release include, but are not limited to: our ability to successfully integrate the assets and operations of i3 Energy Plc (“i3Energy”) and realize the anticipated benefits and operating synergies expected from the 2024 acquisition of i3 Energy; certain of our operations are located in South America and unexpected problems can arise due to guerilla activity, strikes, local blockades or protests; technical difficulties and operational difficulties may arise which impact the production, transport or sale of our products; other disruptions to local operations; global health events; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas, including inflation and changes resulting from actual or anticipated tariffs and trade policies, global health crises, geopolitical events, including the conflicts in Ukraine and the Middle East, or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by OPEC and other producing countries and the resulting company or third-party actions in response to such changes; changes in commodity prices, including volatility or a prolonged decline in these prices relative to historical or future expected levels; the risk that current global economic and credit conditions may impact oil prices and oil consumption more than we currently predict, which could cause further modification of our strategy and capital spending program; prices and markets for oil and natural gas are unpredictable and volatile; the effect of hedges; the accuracy of productive capacity of any particular field; geographic, political and weather conditions can impact the production, transport or sale of our products; our ability to execute our business plan, which may include acquisitions, and realize expected benefits from current or future initiatives; the risk that unexpected delays and difficulties in developing currently owned properties may occur; the ability to replace reserves and production and develop and manage reserves on an economically viable basis; the accuracy of testing and production results and seismic data, pricing and cost estimates (including with respect to commodity pricing and exchange rates); the risk profile of planned exploration activities; the effects of drilling down-dip; the effects of waterflood and multi-stage fracture stimulation operations; the extent and effect of delivery disruptions, equipment performance and costs; actions by third parties; the timely receipt of regulatory or other required approvals for our operating activities; the failure of exploratory drilling to result in commercial wells; unexpected delays due to the limited availability of drilling equipment and personnel; volatility or declines in the trading price of our common stock or bonds; the risk that we do not receive the anticipated benefits of government programs, including government tax refunds; our ability to access debt or equity capital markets from time to time to raise additional capital, increase liquidity, fund acquisitions or refinance debt; the risk that we are unable to successfully negotiate final terms and close an anticipated prepayment structure backed by crude oil deliveries, our ability to comply with financial covenants in our indentures and make borrowings under our credit agreements; and the risk factors detailed from time to time in Gran Tierra’s periodic reports filed with the Securities and Exchange Commission, including, without limitation, under the caption “Risk Factors” in Gran Tierra’s Annual Report on Form 10-K for the year ended December 31, 2024 filed February 24, 2025 and its other filings with the SEC. These filings are available on the SEC website at http://www.sec.gov and on SEDAR+ at www.sedarplus.ca.

The forward-looking statements contained in this press release are based on certain assumptions made by Gran Tierra based on management’s experience and other factors believed to be appropriate. Gran Tierra believes these assumptions to be reasonable at this time, but the forward-looking statements are subject to risk and uncertainties, many of which are beyond Gran Tierra’s control, which may cause actual results to differ materially from those implied or expressed by the forward looking statements. The risk that the assumptions on which the 2025 outlook are based prove incorrect may increase the later the period to which the outlook relates. All forward-looking statements are made as of the date of this press release and the fact that this press release remains available does not constitute a representation by Gran Tierra that Gran Tierra believes these forward-looking statements continue to be true as of any subsequent date. Actual results may vary materially from the expected results expressed in forward-looking statements. Gran Tierra disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. In addition, historical, current and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future.

The forecasts of expected liquidity to address bond amortization in the fourth quarter of 2026 and that Gran Tierra’s credit facilities would have a zero balance by the end of the year may be considered to be future-oriented financial information or a financial outlook for the purposes of applicable Canadian securities laws. Financial outlook and future-oriented financial information contained in this press release about prospective financial performance, financial position or cash flows are provided to give the reader a better understanding of the potential future performance of the Company in certain areas and are based on assumptions about future events, including economic conditions and proposed courses of action, based on management’s assessment of the relevant information currently available, and to become available in the future. In particular, this press release contains projected operational and financial information for the end of 2025 and the fourth quarter of 2026. These projections contain forward-looking statements and are based on a number of material assumptions and factors set out above. Actual results may differ significantly from the projections presented herein. The actual results of Gran Tierra’s operations for any period could vary from the amounts set forth in these projections, and such variations may be material. See above for a discussion of the risks that could cause actual results to vary. The future-oriented financial information and financial outlooks contained in this press release have been approved by management as of the date of this press release. Readers are cautioned that any such financial outlook and future-oriented financial information contained herein should not be used for purposes other than those for which it is disclosed herein. The Company and its management believe that the prospective financial information has been prepared on a reasonable basis, reflecting management’s best estimates and judgments, and represent, to the best of management’s knowledge and opinion, the Company’s expected course of action. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results.

Non-GAAP Measures

This press release includes non-GAAP financial measures as further described herein. These non-GAAP measures do not have a standardized meaning under GAAP. Investors are cautioned that these measures should not be construed as alternatives to net income or loss, cash flow from operating activities or other measures of financial performance as determined in accordance with GAAP. Gran Tierra’s method of calculating these measures may differ from other companies and, accordingly, they may not be comparable to similar measures used by other companies. Each non-GAAP financial measure is presented along with the corresponding GAAP measure so as to not imply that more emphasis should be placed on the non-GAAP measure.

Operating netback, as presented, is defined as oil sales less operating and transportation expenses. See the table entitled Financial and Operational Highlights above for the components of consolidated operating netback and corresponding reconciliation.

Cash netback as presented is defined as net income or loss adjusted for DD&A expenses, deferred tax expense or recovery, stock-based compensation expense or recovery, amortization of debt issuance costs, non-cash lease expense, lease payments, unrealized foreign exchange gain or loss, other gain or loss and unrealized derivative instruments gain or loss. Management believes that operating netback and cash netback are useful supplemental measures for investors to analyze financial performance and provide an indication of the results generated by Gran Tierra’s principal business activities prior to the consideration of other income and expenses. A reconciliation from net income or loss to cash netback is as follows:

	Three Months Ended June 30,						Three Months Ended March 31,			Six Months Ended June 30,
Cash Netback – (Non-GAAP) Measure ($000s)		2025			2024			2025			2025			2024
Net (Loss) Income	$	(12,741	)	$	36,371		$	(19,280	)	$	(32,021	)	$	36,293
Adjustments to reconcile net loss or income to cash netback
DD&A expenses		68,635			55,490			72,202			140,837			111,640
Deferred tax expense (recovery)		2,453			(51,361	)		(4,712	)		(2,259	)		(37,882	)
Stock-based compensation expense (recovery)		546			6,160			(517	)		29			9,521
Amortization of debt issuance costs		4,082			2,760			3,833			7,915			6,066
Non-cash lease expense		1,725			1,381			1,736			3,461			2,794
Lease payments		(1,545	)		(1,311	)		(1,567	)		(3,112	)		(2,369	)
Unrealized foreign exchange loss (gain)		3,114			(3,323	)		1,687			4,801			(5,589	)
Other loss		38			—			52			90			—
Unrealized derivative instrument (gain) loss		(12,401	)		—			1,910			(10,491	)		—
Cash netback	$	53,906		$	46,167		$	55,344		$	109,250		$	120,474

EBITDA, as presented, is defined as net income or loss adjusted for DD&A expenses, interest expense and income tax expense or recovery. Adjusted EBITDA, as presented, is defined as EBITDA adjusted for non-cash lease expense, lease payments, foreign exchange gain or loss, stock-based compensation expense or recovery, other gain or loss and unrealized derivative instruments gain or loss. Management uses this supplemental measure to analyze performance and income generated by our principal business activities prior to the consideration of how non-cash items affect that income, and believes that this financial measure is useful supplemental information for investors to analyze our performance and our financial results. A reconciliation from net income or loss to EBITDA and adjusted EBITDA is as follows:

	Three Months Ended June 30,						Three Months Ended March 31,			Six Months Ended June 30,						Twelve Month Trailing June 30,
EBITDA – (Non-GAAP) Measure ($000s)		2025			2024			2025			2025			2024			2025
Net (Loss) Income	$	(12,741	)	$	36,371		$	(19,280	)	$	(32,021	)	$	36,293		$	(65,098	)
Adjustments to reconcile net loss or income to EBITDA and Adjusted EBITDA
DD&A expenses		68,635			55,490			72,202			140,837			111,640			259,816
Interest expense		24,366			18,398			23,235			47,601			36,822			91,245
Income tax expense (recovery)		4,648			(9,072	)		3,553			8,201			8,323			41,267
EBITDA	$	84,908		$	101,187		$	79,710		$	164,618		$	193,078		$	327,230
Non-cash lease expense		1,725			1,381			1,736			3,461			2,794			6,590
Lease payments		(1,545	)		(1,311	)		(1,567	)		(3,112	)		(2,369	)		(5,778	)
Foreign exchange loss (gain)		3,716			(4,413	)		3,838			7,554			(5,228	)		3,974
Stock-based compensation expense (recovery)		546			6,160			(517	)		29			9,521			215
Other loss		38			—			52			90			—			90
Unrealized derivative instrument (gain) loss		(12,401	)		—			1,910			(10,491	)		—			(7,117	)
Adjusted EBITDA	$	76,987		$	103,004		$	85,162		$	162,149		$	197,796		$	325,204

Funds flow from operations, as presented, is defined as net income or loss adjusted for DD&A expenses, deferred tax expense or recovery, stock-based compensation expense or recovery, amortization of debt issuance costs, non-cash lease expense, lease payments, unrealized foreign exchange gain or loss, other gain or loss and unrealized gain or loss on derivative instruments. Management uses this financial measure to analyze performance and income or loss generated by our principal business activities prior to the consideration of how non-cash items affect that income or loss, and believes that this financial measure is also useful supplemental information for investors to analyze performance and our financial results. Free cash flow, as presented, is defined as funds flow from operations adjusted for capital expenditures. Management uses this financial measure to analyze cash flow generated by our principal business activities after capital requirements and believes that this financial measure is also useful supplemental information for investors to analyze performance and our financial results. A reconciliation from net income or loss to both funds flow from operations and free cash flow is as follows:

	Three Months Ended June 30,						Three Months Ended March 31,			Six Months Ended June 30,						Twelve Month Trailing June 30,
Funds Flow From Operations – (Non-GAAP) Measure ($000s)		2025			2024			2025			2025			2024			2025
Net (Loss) Income	$	(12,741	)	$	36,371		$	(19,280	)	$	(32,021	)	$	36,293		$	(65,098	)
Adjustments to reconcile net loss or income to funds flow from operations
DD&A expenses		68,635			55,490			72,202			140,837			111,640			259,816
Deferred tax expense (recovery)		2,453			(51,361	)		(4,712	)		(2,259	)		(37,882	)		7,735
Stock-based compensation expense (recovery)		546			6,160			(517	)		29			9,521			215
Amortization of debt issuance costs		4,082			2,760			3,833			7,915			6,066			14,767
Non-cash lease expense		1,725			1,381			1,736			3,461			2,794			6,590
Lease payments		(1,545	)		(1,311	)		(1,567	)		(3,112	)		(2,369	)		(5,778	)
Unrealized foreign exchange loss (gain)		3,114			(3,323	)		1,687			4,801			(5,589	)		2,497
Other loss		38			—			52			90			—			90
Unrealized derivative instrument (gain) loss		(12,401	)		—			1,910			(10,491	)		—			(7,117	)
Funds flow from operations	$	53,906		$	46,167		$	55,344		$	109,250		$	120,474		$	213,717
Capital expenditures	$	51,170		$	61,273		$	94,727		$	145,897		$	116,604		$	285,471
Free cash flow	$	2,736		$	(15,106	)	$	(39,383	)	$	(36,647	)	$	3,870		$	(71,754	)

Net debt as of June 30, 2025, was $746 million, calculated using the sum of the aggregate principal amount of 7.75% Senior Notes, 9.50% Senior Notes outstanding and amount drawn on credit facilities, excluding deferred financing fees, totaling $807 million, less cash and cash equivalents of $61 million. Management believes that net debt is a useful supplemental measure for management and investors in order to evaluate the financial sustainability of the Company’s business and leverage. The most directly comparable GAAP measure is total debt.

Presentation of Oil and Gas Information

Boes have been converted on the basis of six thousand cubic feet (“Mcf”) natural gas to 1 boe of oil. Boes may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 boe is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In addition, given that the value ratio based on the current price of oil as compared with natural gas is significantly different from the energy equivalent of six to one, utilizing a boe conversion ratio of 6 Mcf: 1 boe would be misleading as an indication of value.

References to a formation where evidence of hydrocarbons has been encountered is not necessarily an indicator that hydrocarbons will be recoverable in commercial quantities or in any estimated volume. Gran Tierra’s reported production is a mix of light crude oil and medium heavy crude oil, tight oil, conventional natural gas, shale gas and natural gas liquids for which there is no precise breakdown since the Company’s sales volumes typically represent blends of more than one product type. Well test results should be considered as preliminary and not necessarily indicative of long-term performance or of ultimate recovery. Well log interpretations indicating oil and gas accumulations are not necessarily indicative of future production or ultimate recovery. If it is indicated that a pressure transient analysis or well-test interpretation has not been carried out, any data disclosed in that respect should be considered preliminary until such analysis has been completed. References to thickness of “oil pay” or of a formation where evidence of hydrocarbons has been encountered is not necessarily an indicator that hydrocarbons will be recoverable in commercial quantities or in any estimated volume.

This press release contains certain oil and gas metrics, including operating netback and cash netback, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. These metrics are calculated as described in this press release and management believes that they are useful supplemental measures for the reasons described in this press release.

Such metrics have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods.

The MIL Network –

July 31, 2025

MIL-OSI: Silicon Motion Announces Results for the Period Ended June 30, 2025

Source: GlobeNewswire (MIL-OSI)

Business Highlights

Second quarter of 2025 sales increased 19% Q/Q and decreased 6% Y/Y
- SSD controller sales: 2Q of 2025 increased 0% to 5% Q/Q and decreased 15% to 20% Y/Y
- eMMC+UFS controller sales: 2Q of 2025 increased 40% to 45% Q/Q and increased 10% to 15% Y/Y
- SSD solutions sales: 2Q of 2025 increased 0% to 5% Q/Q and decreased 45% to 50% Y/Y

Financial Highlights

	2Q 2025 GAAP	2Q 2025 Non-GAAP*
• Net sales	$198.7 million (+19% Q/Q, -6% Y/Y)	$198.7 million (+19% Q/Q, -6% Y/Y)
• Gross margin	47.7%	47.7%
• Operating margin	11.2%	12.8%
• Earnings per diluted ADS	$0.49	$0.69

* Please see supplemental reconciliations of U.S. Generally Accepted Accounting Principles (“GAAP”) to all non-GAAP financial measures mentioned herein towards the end of this news release.

TAIPEI, Taiwan and MILPITAS, Calif., July 31, 2025 (GLOBE NEWSWIRE) — Silicon Motion Technology Corporation (NasdaqGS: SIMO) (“Silicon Motion,” the “Company” or “we”) today announced its financial results for the quarter ended June 30, 2025. For the second quarter of 2025, net sales (GAAP) increased sequentially to $198.7 million from $166.5 million in the first quarter of 2025. Net income (GAAP) decreased to $16.3 million, or $0.49 per diluted American depositary share (“ADS”) (GAAP), from net income (GAAP) of $19.5 million, or $0.58 per diluted ADS (GAAP), in the first quarter of 2025.

For the second quarter of 2025, net income (non-GAAP) increased to $23.0 million, or $0.69 per diluted ADS (non-GAAP), from net income (non-GAAP) of $20.3 million, or $0.60 per diluted ADS (non-GAAP), in the first quarter of 2025.

All financial numbers are in U.S. dollars unless otherwise noted.

Second Quarter of 2025 Review
“We experienced a strong recovery in our business during the second quarter of 2025 and delivered revenue well above our previously provided range,” stated Wallace Kou, President and CEO of Silicon Motion. “Our industry leading PCIe5 client SSD controller sales grew more than 75% quarter-over-quarter as AI-at-the-edge PCs are beginning to gain market traction and as white box AI server makers continue to leverage mainstream hardware components. Our eMMC and UFS products experienced strong growth during the second quarter of 2025, primarily driven by better-than-anticipated smartphone sales and market share gains. We are benefiting from increased product and market diversification and we believe that we are better positioned to deliver long-term, sustainable growth due to our expanding portfolio of leading consumer, enterprise, automotive, industrial and storage solutions.”

Key Financial Results

(in millions, except percentages and per ADS amounts)	GAAP			Non-GAAP
(in millions, except percentages and per ADS amounts)	2Q 2025	1Q 2025	2Q 2024	2Q 2025	1Q 2025	2Q 2024
Revenue	$198.7	$166.5	$210.7	$198.7	$166.5	$210.7
Gross profit Percent of revenue	$94.7 47.7%	$78.4 47.1%	$96.8 45.9%	$94.7 47.7%	$78.4 47.1%	$96.8 46.0%
Operating expenses	$72.4	$68.6	$66.0	$69.3	$63.6	$62.1
Operating income Percent of revenue	$22.3 11.2%	$9.8 5.9%	$30.7 14.6%	$25.3 12.8%	$14.9 8.9%	$34.7 16.5%
Earnings per diluted ADS	$0.49	$0.58	$0.91	$0.69	$0.60	$0.96

Other Financial Information

(in millions)	2Q 2025	1Q 2025	2Q 2024
Cash, cash equivalents and restricted cash—end of period	$282.3	$331.7	$343.6
Routine capital expenditures	$7.4	$7.0	$6.3
Dividend payments	$16.7	$17.0	$16.8
Share repurchases	—	$24.3	—

During the second quarter of 2025, we had $15.6 million of capital expenditures, including $7.4 million for the routine purchases of testing equipment, software, design tools and other items, and $8.2 million for building construction and improvements in Hsinchu, Taiwan.

Returning Value to Shareholders

On October 28, 2024, our Board of Directors declared a $2.00 per ADS annual cash dividend to be paid in quarterly installments of $0.50 per ADS. On May 22, 2025, we paid $16.7 million to Silicon Motion shareholders as the third installment of the annual cash dividend.

On February 6, 2025, we announced that our Board of Directors had authorized a new program for the Company to repurchase up to $50 million of our ADSs over a six-month period. In the second quarter of 2025, we did not repurchase any of our ADSs.

Business Outlook
“Our diversification strategy is expanding our market opportunities as we continue to invest in new products and markets. In 2025, we are benefitting from the introduction of several new products including our leading 6nm, 8-channel PCIe5 client SSD controller, our new eMMC and UFS controllers, and our MicroSD controller that is selling alongside the Nintendo Switch 2. In the second half of the year, we expect to further benefit from the initial ramp of our new 6nm, 4-channel PCIe5 client SSD controller targeting the mass market in late 2025, our first MonTitan enterprise/AI-class product, and our boot drive storage products for DPU network accelerators for the greater SSD data storage ecosystem. We expect to ramp each of these products to scale in 2026 with our customers. Additionally, we continue to experience significant design win activity and demand for our leading automotive portfolio, and we expect to benefit from a mix shift to higher ASP products moving forward as customers shift to our growing portfolio of full solutions. We expect a stronger second half of the year, and we continue to target a revenue run rate of $1 billion for 2025 as we exit the year,” stated Mr. Kou.

For the third quarter of 2025, management expects:

($ in millions, except percentages)	GAAP	Non-GAAP Adjustment	Non-GAAP
Revenue	$219 to $228 +10% to 15% Q/Q	—	$219 to $228 +10% to 15% Q/Q
Gross margin	48.0% to 49.0%	Approximately $0.1*	48.0% to 49.0%
Operating margin	8.9% to 11.5%	Approximately $6.5 to $7.5**	12.3% to 14.3%

* Projected gross margin (non-GAAP) excludes $0.1 million of stock-based compensation.
** Projected operating margin (non-GAAP) excludes $6.5 million to $7.5 million of stock-based compensation and dispute related expenses.

Conference Call & Webcast:

The Company’s management team will conduct a conference call at 8:00 am Eastern Time on July 31, 2025.

Conference Call Details
Participants must register in advance to join the conference call using the link provided below. Conference access information (including dial-in information and a unique access PIN) will be provided in the email received upon registration.

Participant Online Registration:
https://register-conf.media-server.com/register/BI9e8eb8a4d35743cfa957757c6a1207e2

A webcast of the call will be available on the Company’s website at www.siliconmotion.com.

Discussion of Non-GAAP Financial Measures

To supplement the Company’s unaudited consolidated financial results calculated in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company discloses certain non-GAAP financial measures that exclude stock-based compensation and other items, including gross profit (non-GAAP), gross margin (non-GAAP), operating expenses (non-GAAP), operating profit (non-GAAP), operating margin (non-GAAP), non-operating income (expense) (non-GAAP), net income (non-GAAP), and earnings per diluted ADS (non-GAAP). These non-GAAP measures are not in accordance with or an alternative to GAAP and may be different from similarly-titled non-GAAP measures used by other companies. We believe that these non-GAAP measures have limitations in that they do not reflect all the amounts associated with the Company’s results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate the Company’s results of operations in conjunction with the corresponding GAAP measures. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the most directly comparable GAAP measure. We compensate for the limitations of our non-GAAP financial measures by relying upon GAAP results to gain a complete picture of our performance.

Our non-GAAP financial measures are provided to enhance the user’s overall understanding of our current financial performance and our prospects for the future. Specifically, we believe the non-GAAP results provide useful information to both management and investors as these non-GAAP results exclude certain expenses, gains and losses that we believe are not indicative of our core operating results and because they are consistent with the financial models and estimates published by many analysts who follow the Company. We use non-GAAP measures to evaluate the operating performance of our business, for comparison with our forecasts, and for benchmarking our performance externally against our competitors. Also, when evaluating potential acquisitions, we exclude the items described below from our consideration of the target’s performance and valuation. Since we find these measures to be useful, we believe that our investors benefit from seeing the results from management’s perspective in addition to seeing our GAAP results. We believe that these non-GAAP measures, when read in conjunction with the Company’s GAAP financials, provide useful information to investors by offering:

the ability to make more meaningful period-to-period comparisons of the Company’s on-going operating results;
the ability to better identify trends in the Company’s underlying business and perform related trend analysis;
a better understanding of how management plans and measures the Company’s underlying business; and
an easier way to compare the Company’s operating results against analyst financial models and operating results of our competitors that supplement their GAAP results with non-GAAP financial measures.

The following are explanations of each of the adjustments that we incorporate into our non-GAAP measures, as well as the reasons for excluding each of these individual items in our reconciliation of these non-GAAP financial measures:

Stock-based compensation expense consists of non-cash charges related to the fair value of restricted stock units awarded to employees. The Company believes that the exclusion of these non-cash charges provides for more accurate comparisons of our operating results to our peer companies due to the varying available valuation methodologies, subjective assumptions and the variety of award types. In addition, the Company believes it is useful to investors to understand the specific impact of share-based compensation on its operating results.

Restructuring charges relate to the restructuring of our underperforming product lines, principally the write-down of NAND flash, embedded DRAM and SSD inventory valuation and severance payments.

Dispute related expenses consist of legal, consultant, other fees and resolution related to the dispute.

Foreign exchange loss (gain) consists of translation gains and/or losses of non-US$ denominated current assets and current liabilities, as well as certain other balance sheet items, which result from the appreciation or depreciation of non-US$ currencies against the US$. We do not use financial instruments to manage the impact on our operations from changes in foreign exchange rates, and because our operations are subject to fluctuations in foreign exchange rates, we therefore exclude foreign exchange gains and losses when presenting non-GAAP financial measures.

Realized/Unrealized loss (gain) on investments relates to the disposal and net change in fair value of long-term investments.

Silicon Motion Technology Corporation Consolidated Statements of Income (in thousands, except percentages and per ADS data, unaudited)

	For Three Months Ended									For the Six Months Ended
	Jun. 30,			Mar. 31,			Jun. 30,			Jun. 30,			Jun. 30,
	2024			2025			2025			2024			2025
	($)			($)			($)			($)			($)
Net sales		210,670			166,492			198,675			399,981			365,167
Cost of sales		113,893			88,125			103,988			218,084			192,113
Gross profit		96,777			78,367			94,687			181,897			173,054
Operating expenses
Research & development		50,788			55,026			58,147			105,180			113,173
Sales & marketing		6,777			7,115			7,093			13,081			14,208
General & administrative		7,215			6,460			7,118			13,689			13,578
Loss from settlement of litigation		1,250			–			–			1,250			–
Operating income		30,747			9,766			22,329			48,697			32,095
Non-operating income (expense)
Interest income, net		4,175			2,929			2,706			7,241			5,635
Foreign exchange gain (loss), net		245			373			(3,302	)		833			(2,929	)
Realized/Unrealized gain(loss) on investments		1,855			3,296			(1,051	)		247			2,245
Others, net		–			–			1			–			1
Subtotal		6,275			6,598			(1,646	)		8,321			4,952
Income before income tax		37,022			16,364			20,683			57,018			37,047
Income tax expense (benefit)		6,201			(3,099	)		4,372			10,181			1,273
Net income		30,821			19,463			16,311			46,837			35,774

Earnings per basic ADS		0.92			0.58			0.49			1.39			1.06
Earnings per diluted ADS		0.91			0.58			0.49			1.39			1.06

Margin Analysis:
Gross margin		45.9	%		47.1	%		47.7	%		45.5	%		47.4	%
Operating margin		14.6	%		5.9	%		11.2	%		12.2	%		8.8	%
Net margin		14.6	%		11.7	%		8.2	%		11.7	%		9.8	%

Additional Data:
Weighted avg. ADS equivalents		33,684			33,634			33,557			33,596			33,596
Diluted ADS equivalents		33,697			33,827			33,562			33,687			33,681

Silicon Motion Technology Corporation Reconciliation of GAAP to Non-GAAP Operating Results (in thousands, except percentages and per ADS data, unaudited)

	For Three Months Ended									For the Six Months Ended
	Jun. 30,			Mar. 31,			Jun. 30,			Jun. 30,			Jun. 30,
		2024			2025			2025			2024			2025
	($)			($)			($)			($)			($)
Gross profit (GAAP)		96,777			78,367			94,687			181,897			173,054
*Gross margin (GAAP)*		45.9	%		47.1	%		47.7	%		45.5	%		47.4	%
Stock-based compensation (A)		14			73			–			86			73
Restructuring charges		46			–			–			46			–
Gross profit (non-GAAP)		96,837			78,440			94,687			182,029			173,127
*Gross margin (non-GAAP)*		46.0	%		47.1	%		47.7	%		45.5	%		47.4	%

Operating expenses (GAAP)		66,030			68,601			72,358			133,200			140,959
Stock-based compensation (A)		(371	)		(4,738	)		(175	)		(3,464	)		(4,913	)
Dispute related expenses		(3,527	)		(277	)		(2,841	)		(5,059	)		(3,118	)
Operating expenses (non-GAAP)		62,132			63,586			69,342			124,677			132,928

Operating profit (GAAP)		30,747			9,766			22,329			48,697			32,095
*Operating margin (GAAP)*		14.6	%		5.9	%		11.2	%		12.2	%		8.8	%
Total adjustments to operating profit		3,958			5,088			3,016			8,655			8,104
Operating profit (non-GAAP)		34,705			14,854			25,345			57,352			40,199
*Operating margin (non-GAAP)*		16.5	%		8.9	%		12.8	%		14.3	%		11.0	%

Non-operating income (expense) (GAAP)		6,275			6,598			(1,646	)		8,321			4,952
Foreign exchange loss (gain), net		(245	)		(373	)		3,302			(833	)		2,929
Unrealized holding loss (gain) on investments		(1,855	)		(3,296	)		1,051			(247	)		(2,245	)

Non-operating income (expense) (non-GAAP)		4,175			2,929			2,707			7,241			5,636

Net income (GAAP)		30,821			19,463			16,311			46,837			35,774
Total pre-tax impact of non-GAAP adjustments		1,858			1,419			7,369			7,575			8,788
Income tax impact of non-GAAP adjustments		(218	)		(610	)		(670	)		(365	)		(1,280	)
Net income (non-GAAP)		32,461			20,272			23,010			54,047			43,282

Earnings per diluted ADS (GAAP)	$	0.91		$	0.58		$	0.49		$	1.39		$	1.06
Earnings per diluted ADS (non-GAAP)	$	0.96		$	0.60		$	0.69		$	1.60		$	1.28

Shares used in computing earnings per diluted ADS (GAAP)		33,697			33,827			33,562			33,687			33,681
Non-GAAP adjustments		18			20			18			23			33
Shares used in computing earnings per diluted ADS (non-GAAP)		33,715			33,847			33,580			33,710			33,714

(A)Excludes stock-based compensation as follows:
Cost of sales		14			73			–			86			73
Research & development		94			3,003			55			2,237			3,058
Sales & marketing		173			862			79			520			941
General & administrative		104			873			41			707			914

Silicon Motion Technology Corporation Consolidated Balance Sheets (In thousands, unaudited)

	Jun. 30,	Mar. 31,	Jun. 30,
	2024	2025	2025
	($)	($)	($)
Cash and cash equivalents	289,175	275,140	208,043
Accounts receivable (net)	191,692	206,693	220,924
Inventories	240,811	180,903	208,005
Refundable deposits – current	51,036	53,015	70,308
Prepaid expenses and other current assets	31,460	32,102	68,040
Total current assets	804,174	747,853	775,320
Long-term investments	17,301	20,636	19,620
Property and equipment (net)	179,550	193,603	208,826
Other assets	29,121	29,310	29,997
Total assets	1,030,146	991,402	1,033,763

Accounts payable	36,411	23,048	37,455
Income tax payable	14,103	14,782	17,370
Accrued expenses and other current liabilities	134,947	130,277	134,377
Total current liabilities	185,461	168,107	189,202
Other liabilities	60,182	50,968	55,620
Total liabilities	245,643	219,075	244,822
Shareholders’ equity	784,503	772,327	788,941
Total liabilities & shareholders’ equity	1,030,146	991,402	1,033,763

Silicon Motion Technology Corporation Condensed Consolidated Statements of Cash Flows (in thousands, unaudited)

	For Three Months Ended									For the Six Months Ended
	Jun. 30,			Mar. 31,			Jun. 30,			Jun. 30,			Jun. 30,
		2024			2025			2025			2024			2025
	($)			($)			($)			($)			($)
Net income		30,821			19,463			16,311			46,837			35,774
Depreciation & amortization		5,802			7,225			7,445			11,411			14,670
Stock-based compensation		385			4,811			175			3,550			4,986
Investment losses (gain) & disposals		(1,855	)		(3,309	)		1,053			(247	)		(2,256	)
Changes in operating assets and liabilities		(13,660	)		22,082			(42,258	)		(32,246	)		(20,176	)
Net cash provided by (used in) operating activities		21,493			50,272			(17,274	)		29,305			32,998

Purchase of property & equipment		(10,427	)		(11,661	)		(15,551	)		(21,176	)		(27,212	)
Proceeds from disposal of properties		–			13			–			–			13
Net cash used in investing activities		(10,427	)		(11,648	)		(15,551	)		(21,176	)		(27,199	)

Dividend payments		(16,820	)		(16,956	)		(16,746	)		(33,629	)		(33,702	)
Share repurchases		–			(24,291	)		(21	)		–			(24,312	)
Net cash used in financing activities		(16,820	)		(41,247	)		(16,767	)		(33,629	)		(58,014	)

Net increase (decrease) in cash, cash equivalents & restricted cash		(5,754	)		(2,623	)		(49,592	)		(25,500	)		(52,215	)
Effect of foreign exchange changes		86			37			124			121			161
Cash, cash equivalents & restricted cash—beginning of period		349,279			334,333			331,747			368,990			334,333
Cash, cash equivalents & restricted cash—end of period		343,611			331,747			282,279			343,611			282,279

About Silicon Motion:

We are the global leader in supplying NAND flash controllers for solid state storage devices. We supply more SSD controllers than any other company in the world for servers, PCs and other client devices and are the leading merchant supplier of eMMC and UFS embedded storage controllers used in smartphones, IoT devices and other applications. We also supply customized high-performance hyperscale data center and specialized industrial and automotive SSD solutions. Our customers include most of the NAND flash vendors, storage device module makers and leading OEMs. For further information on Silicon Motion, visit us at www.siliconmotion.com.

Forward-Looking Statements:
This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” or the negative of these terms or other comparable terminology. Although such statements are based on our own information and information from other sources we believe to be reliable, you should not place undue reliance on them. These statements involve risks and uncertainties, and actual market trends or our actual results of operations, financial condition or business prospects may differ materially from those expressed or implied in these forward-looking statements for a variety of reasons. Potential risks and uncertainties include, but are not limited to the unpredictable volume and timing of customer orders, which are not fixed by contract but vary on a purchase order basis; the loss of one or more key customers or the significant reduction, postponement, rescheduling or cancellation of orders from one or more customers; general economic conditions or conditions in the semiconductor or consumer electronics markets; the impact of inflation on our business and customer’s businesses and any effect this has on economic activity in the markets in which we operate; the functionalities and performance of our information technology (“IT”) systems, which are subject to cybersecurity threats and which support our critical operational activities, and any breaches of our IT systems or those of our customers, suppliers, partners and providers of third-party licensed technology; the effects on our business and our customer’s business taking into account the ongoing U.S.-China tariffs and trade disputes; the uncertainties associated with any future global or regional pandemic; the continuing tensions between Taiwan and China, including enhanced military activities; decreases in the overall average selling prices of our products; changes in the relative sales mix of our products; changes in our cost of finished goods; supply chain disruptions that have affected us and our industry as well as other industries on a global basis; the payment, or non-payment, of cash dividends in the future at the discretion of our Board of Directors and any announced planned increases in such dividends; changes in our cost of finished goods; the availability, pricing, and timeliness of delivery of other components and raw materials used in the products we sell given the current raw material supply shortages being experienced in our industry; our customers’ sales outlook, purchasing patterns, and inventory adjustments based on consumer demands and general economic conditions; any potential impairment charges that may be incurred related to businesses previously acquired or divested in the future; our ability to successfully develop, introduce, and sell new or enhanced products in a timely manner; and the timing of new product announcements or introductions by us or by our competitors. For additional discussion of these risks and uncertainties and other factors, please see the documents we file from time to time with the U.S. Securities and Exchange Commission, including our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission on April 30, 2025. Other than as required under the securities laws, we do not intend, and do not undertake any obligation to, update or revise any forward-looking statements, which apply only as of the date of this news release.

The MIL Network –

July 31, 2025

MIL-OSI New Zealand: Retirement Commission – New data reveals financial discomfort among women at an all-time high
Source: e Ara Ahunga Ora Retirement Commission

New research from Te Ara Ahunga Ora Retirement Commission has revealed that record numbers of women are feeling more uncomfortable financially compared to their male counterparts.

Data from the Retirement Commission’s financial sentiment tracker has found that 62% of women are financially uncomfortable in comparison to 51% of men in the year to 30 June 2025. The proportion of women who were worried about their finances pay-to-pay and their levels of debt is now the highest since research began in July 2021.

The Retirement Commission surveys thousands of New Zealanders each year to track how people are feeling about their finances. The insights are used to help identify where particular challenges are and opportunities to provide better support.

Over the last few years, the financial sentiment tracker has shown the power that having an emergency savings fund can have on people’s financial wellbeing when they have some protections in place to cope with the unexpected. This latest report reveals that 44% of the population currently do not have an emergency fund in place, ultimately threatening their financial resilience.

Women were less likely than men to have an emergency fund (48% either don’t think they’ll have one or are just considering setting one up, compared to 41% of men).

Data found that 64% of people who had set up an emergency savings fund in the last three months felt confident about their future (almost identical to those with established funds at 65%) in comparison to only 22% of those without a fund.

This August, the Retirement Commission’s annual Sorted Money Month campaign is putting the spotlight on emergency savings.

Sorted Personal Finance Lead Tom Hartmann is encouraging New Zealanders to set up an emergency savings fund if they don’t already have one.

“Starting an emergency savings fund, even if it is only $5 a week, can help people avoid debt and cope better in a crisis,” he says.

“The research shows that putting money into emergency savings to deal with financial challenges when they arise, will also help you feel more optimistic about the future, and encourage a savings habit that ultimately builds financial resilience.”

The National Strategy for Financial Capability partners are also supporting Money Month with events and programmes across the country. These events can be found the on the Sorted event calendar allowing people to find out what is happening locally and get involved.

Ngā Tāngata Microfinance Trust’s General Manager, Vijay Farley-Naiker was keen to support the drive to build emergency savings with their community. Ngā Tāngata Microfinance offers affordable loans to help those on low incomes get ahead with money.

Farley-Naiker’s advice is, “start your emergency savings today, it’s a small step that can make a big difference and break the cycle of financial stress.”

Ngā Tāngata Microfinance is running a free family event in Henderson, Auckland Build your buffer, on Saturday 30 August, with a free sausage sizzle, games as well as budgeting services, financial mentors and financial institutions ready to help people start building their emergency fund.

Sorted will host two free webinars during Money Month, providing independent financial information to help people start an emergency savings fund. Stressed to sorted – Emergency savings 101 will be held on 12 August followed by How and emergency fund can save your life on 26 August, featuring a panel of experts from community and financial organisations as they share their tips for building and keeping emergency savings.

By the numbers:

44% of the general population do not currently have an emergency savings fund.

64% of those who’ve set up an emergency fund in the last three months agree with the statement ‘I/we feel optimistic and confident about my/our future right now’ compared to only 22% of those who don’t believe they will set one up in the near future.

Only 35% of those with an emergency fund are concerned about finances from pay to pay, compared to 64% of those without a fund.

56% of participants feel financially uncomfortable, while 44% feel financially comfortable.

The gap between women and men feeling financially comfortable has widened over the past four years, with only 38% of women feeling financially comfortable compared to 49% of men in 2025.

The proportion 18 to 34-year-olds feeling financially comfortable has declined from 53% in 2022 to 43% in 2025

The proportion of Māori participants feeling financially comfortable has dropped from 42% two years ago to 34% this year.

On a year-on-year basis, more people are concerned about finances from pay to pay this year (42%) compared to last year (40%), while optimism about the future has increased to 46% from 44%.

About Sorted
Sorted is a free service run by Te Ara Ahunga Ora Retirement Commission, the government-funded, independent agency dedicated to helping New Zealanders get ahead financially.
As New Zealand’s trusted personal finance site, Sorted has the information needed to tackle debt, plan and budget, save and invest, dial up your KiwiSaver, plan for retirement, protect what’s important, and manage a mortgage. Providing tools, guides and blogs, Sorted can help no matter where you are at when it comes to money.
About Te Ara Ahunga Ora Retirement Commission
Te Ara Ahunga Ora Retirement Commission aims to help New Zealanders to retire with confidence. Retiring with confidence means New Zealanders feel secure they’ll have resources to live and the know-how to make
MIL OSI New Zealand News –
July 31, 2025
MIL-OSI New Zealand: Government subsidies for dirty dairy dams will lead to polluted drinking water – Greenpeace

Source: Greenpeace

Greenpeace is calling on the Government to scrap subsidies for irrigation dams following news that the Tukituki water storage scheme – formerly known as the Ruataniwha Dam – is seeking funding from the Regional Investment Fund managed by Shane Jones.

Greenpeace spokesperson Will Appelbe says “There is no excuse for this Government to be funding intensive dairy infrastructure, including dirty irrigation dams. The Ruataniwha Dam will flood precious native forest – home to endangered wildlife – and destroy unique freshwater ecosystems in the Central Hawkes Bay.

“This dam is heavily opposed by the local community, and was ruled unlawful by the Supreme Court in 2017. Since then, this zombie dam has been resurrected under the Fast-Track Approvals Act.

“The Tukituki Water Storage Scheme will undoubtedly be used to expand the presence of intensive dairying in the Central Hawke’s Bay – which we know will lead to increased contamination of freshwater and drinking water with nitrate and E. coli. Not only this, but it will reduce the flow of the river and damage freshwater ecosystems,” says Appelbe.

“This Government is supporting dirty dairy dams across the country – and this must stop. We’re calling on Shane Jones to refuse funding to the Ruataniwha Dam and to end subsidies for irrigation dams across the country.”

New Zealanders from across the country have campaigned against the construction of irrigation dams for decades, and in 2017, the Labour-led Government ended government subsidies for irrigation dams as a result of this pressure.

“Shane Jones and the Luxon Government are underestimating how much New Zealanders hate dirty dairy dams. If they refuse to withdraw their funding for these river-destroying projects, they should expect resistance.”

MIL OSI New Zealand News –

July 31, 2025
MIL-OSI Canada: Muscowpetung Saulteaux Nation and Canada reach agricultural benefits agreement
Source: Government of Canada News

July 30, 2025 — Muscowpetung Saulteaux Nation, Treaty 4 Territory, Saskatchewan — Crown-Indigenous Relations and Northern and Arctic Affairs Canada and Muscowpetung Saulteaux Nation

Today, Chief Melissa Tavita of Muscowpetung Saulteaux Nation and the Honourable Rebecca Alty, Minister of Crown-Indigenous Relations, announced a settlement agreement resolving the Nation’s Agricultural Benefits claim, also known as a Cows and Plows settlement.

Canada will pay nearly $99 million in compensation to the First Nation for failing to fulfill its Treaty 4 obligations to provide farming tools, crop seeds, and livestock.

These agricultural benefits were meant to facilitate Muscowpetung Saulteaux Nation’s transition to a strong, self-sustaining community through farming. However, as a result of Canada’s failure to meet its Treaty obligations, the Nation did not have the equipment it needed to support its members.

The settlement will be strategically allocated to uplift the Nation and support long-term prosperity. Key investments include:
- Housing Development: Significant funding will be dedicated to addressing the Nation’s housing backlog. Modern, culturally aligned homes will be constructed to ensure safe and dignified living conditions for families on-reserve.
- Infrastructure Upgrades: Investment in road systems, community facilities, and connectivity will strengthen the Nation’s ability to support future development and improve quality of life.
- Water System Improvements: Ensuring clean and reliable drinking water remains a top priority. This funding will be used to upgrade water-treatment systems and ensure every home has access to safe water.
- Youth Programming: The future of Muscowpetung lies in its youth. New programming will focus on cultural education, sports, leadership development, and mental wellness—empowering the next generation of leaders.
- Per-Capita Distribution: Every adult member of Muscowpetung will receive a one-time payment of $40,000. For Nation members under the age of 18, the funds will be placed in a secure trust account, earning 4% annually, to be accessed once they reach adulthood. This ensures that the benefits of the settlement are shared today and into the future.
Settling specific claims is an important part of Canada’s ongoing efforts to advance reconciliation by rebuilding trust and strengthening its relationships with First Nations. By providing fair compensation in recognition of unkept promises, Canada is taking responsibility and working toward a better future. This work is guided by the United Nations Declaration on the Rights of Indigenous Peoples Act.

MIL OSI Canada News –
July 31, 2025
MIL-OSI: Hampton Financial Corporation Announces 3rd Quarter Results
Source: GlobeNewswire (MIL-OSI)

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

TORONTO, July 30, 2025 (GLOBE NEWSWIRE) — Hampton Financial Corporation (“Hampton” or the “Company”, TSXV: HFC) today announced its financial results for the 3^rd quarter ended May 31^st, 2025.

Third Quarter ended May 31^st, 2025.

IFRS results highlights:
- Q3 Revenue of $1,738,000; decrease of 39% year-over-year
- Q3 Net Loss of $(1,201,000) or $(0.02) per share;
Fiscal results (IFRS results adjusted for non-cash Items) highlights:
- Q3 Adjusted Net Loss of $(945,000) or $(0.02) per share;
- Q3 EBITDA of $(686,000) vs $305,000 in the comparative quarter last year
Summary of Corporate Developments:

While our 3^rd quarter results reflect continued weakness, results for the 9 months ended May 31^st show signs of improvement which is being felt across across the Capital Markets industry. Corporate finance is improving slightly over the first half of our fiscal year but is still well below 2023/24 levels. While 2025 is showing some signs of improvement, the year ahead for our core business remains somewhat unclear. That said we intend to move ahead with a number of initiatives to further expand our business portfolio, while growing our existing Wealth Management and Capital Markets businesses.

Hampton’s commercial lending business, via its wholly owned subsidiary Oxygen Working Capital (“OWC”), has begun to show growth and make progress across a number of fronts, while onboarding new clients and diversifying it’s lending base. With further opportunities to lend across its existing portfolio currently being evaluated, the balance of the year is set to show similar signs of progress as the loan book continues to grow quarter over quarter.

“The third quarter results continue to demonstrate the industry-wide challenges faced during the fall of 2024, but we are beginning to see some selective improvements. Capital Markets activities continue to improve slowly as interest rates decline. We remain optimistic for the balance of the fiscal year,” said Hampton Executive Chairman & CEO Peter Deeb.

Copies of Hampton’s unaudited interim financial statements and its Management’s Discussion & Analysis for the nine months ended May 31^st, 2025, can be accessed on SEDAR+ at www.sedar.com.

About Hampton Financial Corporation

Hampton is a unique private equity firm that seeks to build shareholder value through long-term strategic investments.

Through its wholly-owned subsidiary, Hampton Securities Limited (“HSL”), Hampton is actively engaged in family office, wealth management, institutional services and capital markets activities. HSL is a full-service investment dealer, regulated by CIRO and registered in Alberta, British Columbia, Manitoba, Saskatchewan, Nova Scotia, Northwest Territories, Ontario, and Quebec. In addition, the Company, through HSL, provides investment banking services, which include assisting companies with raising capital, advising on mergers and acquisitions, and aiding issuers in obtaining a listing on recognized securities exchanges in Canada and abroad and HSL’s Corporate Finance Group provides early stage, growing companies the capital, they need to create value for investors. HSL continues to develop its Wealth Management, Advisory Team and Principal-Agent programs which offers to the industry’s most experienced wealth managers a unique and flexible operating platform that provides additional freedom, financial support, and tax effectiveness as they build and manage their professional practice.

Through its wholly-owned subsidiary, Oxygen Working Capital (“OWC”) the company offers factoring and other commercial financing services to clients across Canada.

The Company is exploring opportunities to diversify its sources of revenue by way of strategic investments in both complimentary business and non-core sectors that can leverage the expertise of its Board and the diverse experience of its management team.

For more information, please contact:

Olga Juravlev
Chief Financial Officer
Hampton Financial Corporation
(416) 862-8701

Or

Peter M. Deeb
Executive Chairman & CEO
Hampton Financial Corporation
(416) 862-8651

The TSXV has in no way approved nor disapproved the contents of this press release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

No securities regulatory authority has either approved or disapproved of the contents of this press release. This press release does not constitute or form a part of any offer or solicitation to buy or sell any securities in the United States or any other jurisdiction outside of Canada. The securities being offered have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United States and may not be offered or sold within the United States or to a U.S. person absent registration or pursuant to an available exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. There will be no public offering of securities in the United States.

Forward-Looking Statements

This press release contains certain forward-looking statements and forward-looking information (collectively referred to herein as “forward-looking statements”) within the meaning of applicable Canadian securities laws, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “should”, “hopeful”, “recovery”, “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “may”, “will”, “project” or similar words, including negatives thereof, suggesting future outcomes.

Forward-looking statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors beyond the Company’s ability to predict or control which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking statements herein. Forward-looking statements are not a guarantee of future performance. Although the Company believes that any forward-looking statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such statements, there can be no assurance that any such forward-looking statements will prove to be accurate. Actual results may vary, and vary materially, from those expressed or implied by the forward-looking statements herein. Accordingly, readers are advised to rely on their own evaluation of the risks and uncertainties inherent in forward-looking statements herein and should not place undue reliance upon such forward-looking statements. All forward-looking statements herein are qualified by this cautionary statement. Any forward-looking statements herein are made only as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward-looking statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.

The MIL Network –
July 31, 2025
MIL-OSI: Hampton Financial Corporation Announces 3rd Quarter Results
Source: GlobeNewswire (MIL-OSI)

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

TORONTO, July 30, 2025 (GLOBE NEWSWIRE) — Hampton Financial Corporation (“Hampton” or the “Company”, TSXV: HFC) today announced its financial results for the 3^rd quarter ended May 31^st, 2025.

Third Quarter ended May 31^st, 2025.

IFRS results highlights:
- Q3 Revenue of $1,738,000; decrease of 39% year-over-year
- Q3 Net Loss of $(1,201,000) or $(0.02) per share;
Fiscal results (IFRS results adjusted for non-cash Items) highlights:
- Q3 Adjusted Net Loss of $(945,000) or $(0.02) per share;
- Q3 EBITDA of $(686,000) vs $305,000 in the comparative quarter last year
Summary of Corporate Developments:

While our 3^rd quarter results reflect continued weakness, results for the 9 months ended May 31^st show signs of improvement which is being felt across across the Capital Markets industry. Corporate finance is improving slightly over the first half of our fiscal year but is still well below 2023/24 levels. While 2025 is showing some signs of improvement, the year ahead for our core business remains somewhat unclear. That said we intend to move ahead with a number of initiatives to further expand our business portfolio, while growing our existing Wealth Management and Capital Markets businesses.

Hampton’s commercial lending business, via its wholly owned subsidiary Oxygen Working Capital (“OWC”), has begun to show growth and make progress across a number of fronts, while onboarding new clients and diversifying it’s lending base. With further opportunities to lend across its existing portfolio currently being evaluated, the balance of the year is set to show similar signs of progress as the loan book continues to grow quarter over quarter.

“The third quarter results continue to demonstrate the industry-wide challenges faced during the fall of 2024, but we are beginning to see some selective improvements. Capital Markets activities continue to improve slowly as interest rates decline. We remain optimistic for the balance of the fiscal year,” said Hampton Executive Chairman & CEO Peter Deeb.

Copies of Hampton’s unaudited interim financial statements and its Management’s Discussion & Analysis for the nine months ended May 31^st, 2025, can be accessed on SEDAR+ at www.sedar.com.

About Hampton Financial Corporation

Hampton is a unique private equity firm that seeks to build shareholder value through long-term strategic investments.

Through its wholly-owned subsidiary, Hampton Securities Limited (“HSL”), Hampton is actively engaged in family office, wealth management, institutional services and capital markets activities. HSL is a full-service investment dealer, regulated by CIRO and registered in Alberta, British Columbia, Manitoba, Saskatchewan, Nova Scotia, Northwest Territories, Ontario, and Quebec. In addition, the Company, through HSL, provides investment banking services, which include assisting companies with raising capital, advising on mergers and acquisitions, and aiding issuers in obtaining a listing on recognized securities exchanges in Canada and abroad and HSL’s Corporate Finance Group provides early stage, growing companies the capital, they need to create value for investors. HSL continues to develop its Wealth Management, Advisory Team and Principal-Agent programs which offers to the industry’s most experienced wealth managers a unique and flexible operating platform that provides additional freedom, financial support, and tax effectiveness as they build and manage their professional practice.

Through its wholly-owned subsidiary, Oxygen Working Capital (“OWC”) the company offers factoring and other commercial financing services to clients across Canada.

The Company is exploring opportunities to diversify its sources of revenue by way of strategic investments in both complimentary business and non-core sectors that can leverage the expertise of its Board and the diverse experience of its management team.

For more information, please contact:

Olga Juravlev
Chief Financial Officer
Hampton Financial Corporation
(416) 862-8701

Or

Peter M. Deeb
Executive Chairman & CEO
Hampton Financial Corporation
(416) 862-8651

The TSXV has in no way approved nor disapproved the contents of this press release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

No securities regulatory authority has either approved or disapproved of the contents of this press release. This press release does not constitute or form a part of any offer or solicitation to buy or sell any securities in the United States or any other jurisdiction outside of Canada. The securities being offered have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United States and may not be offered or sold within the United States or to a U.S. person absent registration or pursuant to an available exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. There will be no public offering of securities in the United States.

Forward-Looking Statements

This press release contains certain forward-looking statements and forward-looking information (collectively referred to herein as “forward-looking statements”) within the meaning of applicable Canadian securities laws, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “should”, “hopeful”, “recovery”, “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “may”, “will”, “project” or similar words, including negatives thereof, suggesting future outcomes.

Forward-looking statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors beyond the Company’s ability to predict or control which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking statements herein. Forward-looking statements are not a guarantee of future performance. Although the Company believes that any forward-looking statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such statements, there can be no assurance that any such forward-looking statements will prove to be accurate. Actual results may vary, and vary materially, from those expressed or implied by the forward-looking statements herein. Accordingly, readers are advised to rely on their own evaluation of the risks and uncertainties inherent in forward-looking statements herein and should not place undue reliance upon such forward-looking statements. All forward-looking statements herein are qualified by this cautionary statement. Any forward-looking statements herein are made only as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward-looking statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.

The MIL Network –
July 31, 2025
MIL-OSI China: China to allocate 90 billion yuan for nationwide childcare subsidies

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

China’s central budget will allocate 90 billion yuan (about 12.6 billion U.S. dollars) this year to support the issuance of childcare subsidies, the Ministry of Finance said Wednesday.

A woman and her child have fun at a park in Zaozhuang, east China’s Shandong Province, June 1, 2025. (Photo by Sun Zhongzhe/Xinhua)

The fund, which is a transfer payment from the central budget, will assist local governments in issuing the subsidies, covering nearly 90 percent of the total amount distributed, ministry official Guo Yang told a press conference.

The move follows the country’s recent introduction of a nationwide childcare subsidy program, which sets a standard of 3,600 yuan per year for each child under the age of three, and is expected to benefit more than 20 million families each year.

The finance and healthcare departments are actively advancing the calculation and distribution of the fund, Guo said, emphasizing that through comprehensive oversight, every penny will safely reach those eligible for the support.

According to Wang Haidong, an official with the National Health Commission (NHC), childcare subsidy applications will be gradually rolled out across China in late August, with full access expected by Aug. 31.

EASY ACCESS TO CHILDCARE SUBSIDIES

The subsidy can be applied for online through a unified national information system, allowing everyone to submit applications without leaving home, while offline channels and in-person services will also be in place, Wang said at the press conference.

Those who are unable to apply online due to special circumstances can do so by going to the township or subdistrict office where the infant is registered, he added.

Measures have been introduced to make the application process easier. Applicants, notably, only need to submit essential materials that verify the infant’s identity and caregiving relationship — such as the birth certificate and household registration book.

A wide range of application channels will also be available, including provincial-level government service platforms and third-party platforms such as Alipay and WeChat, which are all commonly used and can be conveniently accessed online using mobile phones, Wang said.

Guo Yanhong, deputy head of the NHC, said the subsidy is available to all eligible children, regardless of whether they live in urban or rural areas, their ethnicity or region, or whether they are the first, second, or third child in the family.

She noted that the subsidy standard was set based on factors such as childcare costs and fiscal capacity, while also drawing on international practices, as direct financial support is a common policy tool to encourage childbirth globally. In China, some local governments have piloted similar programs, which have been well-received by the public.

EXPANDING BIRTH-FRIENDLY POLICIES

According to Liu Hongmei at the All-China Federation of Trade Unions, China has intensified efforts to protect the maternity rights of working women.

At the press conference, Liu said that from 2022 to 2024, the organization allocated 22.5 million yuan in employer subsidies to expand workplace childcare, making these services more accessible and affordable for working parents.

Trade unions nationwide are encouraged to foster family-friendly workplaces through multiple measures, such as providing breastfeeding rooms for female employees, the official said.

Liu Juan, an official of the National Healthcare Security Administration, said that a total of 253 million people were covered by China’s maternity insurance by June 2025, including rising numbers of flexible employees and migrant workers.

Since 2021, the country’s maternity insurance benefits have been accessed 96.14 million times, with cumulative fund expenditure totaling 438.3 billion yuan, she added.

Notably, assisted reproductive services are now covered by medical insurance across 31 provincial-level regions and in the Xinjiang Production and Construction Corps, and painless delivery services are also covered in certain regions, according to Liu.

MIL OSI China News –

July 31, 2025
MIL-OSI USA: Cotton to Greer: Investigate Jack Smith for Election Interference
US Senate News:
Source: United States Senator for Arkansas Tom Cotton

FOR IMMEDIATE RELEASE
Contact: Caroline Tabler or Patrick McCann (202) 224-2353
July 30, 2025

Cotton to Greer: Investigate Jack Smith for Election Interference

Washington, D.C. — Senator Tom Cotton (R-Arkansas) today sent a letter to Acting Special Counsel Jamieson Greer requesting an investigation into whether former Special Counsel Jack Smith violated federal law by using political actions to influence the 2024 election against then-candidate President Donald Trump.

In part, Senator Cotton wrote:

“These actions were not standard, necessary, or justified—unless Smith’s real purpose was to influence the election. In fact, throughout Special Counsel Smith’s tenure, he regularly used far-fetched and aggressive legal theories to prosecute the Republican nominee for president. I would add that President Biden also called during the election for President Trump to be ‘locked up.’”

Full text of the letter may be found here and below.

Mr. Jamieson Greer
Acting Special Counsel
United States Office of Special Counsel
1730 M Street NW
Washington, D.C. 20036-4504

Dear Acting Special Counsel Greer:

I write requesting the Office of Special Counsel to investigate whether Jack Smith, Special Counsel for Attorney General Merrick Garland, unlawfully took political actions to influence the 2024 election to harm then-candidate President Donald Trump. As the Office of the Special Counsel is tasked with ensuring federal employees aren’t conducting partisan political activity under the guise of their federal employment, you’re well situated to determine whether Smith broke the law.

Many of Smith’s legal actions seem to have no rationale except for an attempt to affect the 2024 election results—actions that would violate federal law.

Consider just the following examples, where Smith expedited trial proceedings and deliberately published information, with no legitimate purpose:
- After filing the indictment against President Trump on August 10, 2023, Smith demanded the trial start January 2, 2024, with jury selection beginning as early as December 11, 2023. Defendants in these types of cases typically have more than two years to prepare for trial, but President Trump’s defense team had fewer than six months to review 13 million pages of evidence and thousands of hours of video footage provided by prosecutors. Notably, jury selection was to begin just two weeks before the Iowa caucuses.
- On December 11, 2023, after President Trump filed his defense with the District of Columbia District Court, Smith pressed for a trial before the election by moving for an expedited review by the appeals court. On the same day, however, Smith further escalated this push and filed a petition with the Supreme Court to bypass the district court. Smith skirted the normal appellate process but failed to articulate a legitimate reason the court should grant this abnormal request.
- Following the Supreme Court’s decision recognizing presidential immunity, Smith’s prosecution team filed an initial brief on September 5, 2024, although there was no defense motion pending. The judge granted Smith permission to file the brief on September 26, 2024, but pointed out this was “procedurally irregular.” This timeline is highly unusual considering complex litigation matters normally take place over several months, rather than a mere three weeks. This action also appears to violate the Justice Department’s 60-day rule, which prohibits timing any action, for the purpose of affecting any election or giving advantage or disadvantage to a candidate, within 60 days of the election.
- Smith’s brief on Trump’s immunity from prosecution was 165 pages, which required special permission to exceed the normal maximum page limit by four times. In fact, Smith also incorporated grand jury testimony typically kept secret at this point in other proceedings. This action appears to be a deliberate and underhanded effort to disclose unsubstantiated and extensive allegations timed to maximize electoral impact.
These actions were not standard, necessary, or justified—unless Smith’s real purpose was to influence the election. In fact, throughout Special Counsel Smith’s tenure, he regularly used far-fetched and aggressive legal theories to prosecute the Republican nominee for president. I would add that President Biden also called during the election for President Trump to be “locked up.”

President Trump of course vanquished Joe Biden, Jack Smith, every Democrat who weaponized the law against him, but President Trump’s astounding victory doesn’t excuse Smith of responsibility for his unlawful election interference. I therefore ask the Office of Special Counsel to investigate whether Jack Smith or any members of his team unlawfully acted for political purposes.

Sincerely,

Tom Cotton

United States Senator
MIL OSI USA News –
July 31, 2025
MIL-OSI USA: Leading National Security Dems Alarmed by Trump’s Steep Concessions to China

US Senate News:

Source: United States Senator for Rhode Island Jack Reed

WASHINGTON, DC – Today, Senate Armed Services Ranking Member Jack Reed (D-RI) joined Ranking Senate Defense Appropriator Chris Coons (D-DE), Senate Minority Leader Chuck Schumer (D-NY), Senate Appropriations Vice Chair Patty Murray (D-WA), Senate Intelligence Committee Vice Chairman Mark Warner (D-VA), and several other key members of the Appropriations, Armed Services, Foreign Relations, and Intelligence Committees raised the alarm over public reporting that President Trump is pausing export controls on critical technology sold to China and undermining relations with Taiwan as part of an effort to secure a trade deal with Beijing.

The Senators are deeply concerned that President Trump’s desire for a perceived “deal” is clouding crucial U.S. export control decisions that could imperil national security, threaten U.S. artificial intelligence advantages, and put other American-generated emerging technologies critical to military programs at risk.

The twelve U.S. Senators, who also included Senate Appropriations Subcommittee on State and Foreign Operations Ranking Member Brian Schatz (D-HI), Senate Foreign Relations Committee member Tim Kaine (D-VA), Senate Foreign Relations Committee member Tammy Duckworth (D-IL), Senate Armed Services Committee member Mark Kelly (D-AZ), Senate Intelligence Committee member Michael Bennet (D-CO), Senate Armed Services Committee member Elissa Slotkin (D-MI), and Senate Subcommittee on National Security and International Trade and Finance Ranking Member Andy Kim (D-NJ), issued the following joint statement:

“President Trump has spent the past six months eroding our advantages over China, but recent developments make clear how willing his administration is to sacrifice American economic and technological leadership for symbolic “wins” with China in Trump’s self-inflicted trade war.

“In just the last two days, we have seen reporting that the Trump administration has cancelled a long-planned high-level security dialogue with Taiwan and denied the president of Taiwan the ability to transit the United States—a longstanding tradition respected by administrations of both parties. These developments come right on the heels of a decision to pave the way for the sale of advanced AI chips to China and to freeze export controls on additional American technologies enabling them to now flow to China, even as Beijing tightens export controls on the United States. Independent media reports today suggest these moves are an attempt to secure trade concessions, curry favor with President Xi Jinping, and ensure President Trump gets a visit to China. The president is demonstrating to Beijing that he can be cajoled into giving up America’s core interests.

“In the face of lackluster domestic economic forecasts and anemic interest from Beijing in achieving a real breakthrough in talks, President Trump and his economic team have ceded leverage and negotiating power to Beijing in a desperate attempt to lure President Xi to a meeting with President Trump. Even more dangerously, they risk putting American national security, technological advantage, and economic prosperity on the chopping block in order to do so.

“President Trump is handing our primary geopolitical adversary the keys to the castle of 21st century global technological dominance. Doing so will enable Chinese leadership in artificial intelligence, infusing the Chinese military with the technological advantage it needs to continue hostile operations across the globe. He is signaling his ambivalence about standing with Taiwan, our long-term partner in the region and a powerhouse of the global economy. And he is emboldening Beijing to take aggressive actions and seek even more aggressive concessions in whatever trade negotiations may follow.

“President Trump and this administration must reset their dangerously weak approach to China and make clear they will no longer accept symbolic wins in exchange for steep American concessions. An administration convinced it can renegotiate the world order needs to stop negotiating against itself.”

MIL OSI USA News –

July 31, 2025
MIL-OSI USA: Leading National Security Dems Alarmed by Trump’s Steep Concessions to China

US Senate News:

Source: United States Senator for Rhode Island Jack Reed

WASHINGTON, DC – Today, Senate Armed Services Ranking Member Jack Reed (D-RI) joined Ranking Senate Defense Appropriator Chris Coons (D-DE), Senate Minority Leader Chuck Schumer (D-NY), Senate Appropriations Vice Chair Patty Murray (D-WA), Senate Intelligence Committee Vice Chairman Mark Warner (D-VA), and several other key members of the Appropriations, Armed Services, Foreign Relations, and Intelligence Committees raised the alarm over public reporting that President Trump is pausing export controls on critical technology sold to China and undermining relations with Taiwan as part of an effort to secure a trade deal with Beijing.

The Senators are deeply concerned that President Trump’s desire for a perceived “deal” is clouding crucial U.S. export control decisions that could imperil national security, threaten U.S. artificial intelligence advantages, and put other American-generated emerging technologies critical to military programs at risk.

The twelve U.S. Senators, who also included Senate Appropriations Subcommittee on State and Foreign Operations Ranking Member Brian Schatz (D-HI), Senate Foreign Relations Committee member Tim Kaine (D-VA), Senate Foreign Relations Committee member Tammy Duckworth (D-IL), Senate Armed Services Committee member Mark Kelly (D-AZ), Senate Intelligence Committee member Michael Bennet (D-CO), Senate Armed Services Committee member Elissa Slotkin (D-MI), and Senate Subcommittee on National Security and International Trade and Finance Ranking Member Andy Kim (D-NJ), issued the following joint statement:

“President Trump has spent the past six months eroding our advantages over China, but recent developments make clear how willing his administration is to sacrifice American economic and technological leadership for symbolic “wins” with China in Trump’s self-inflicted trade war.

“In just the last two days, we have seen reporting that the Trump administration has cancelled a long-planned high-level security dialogue with Taiwan and denied the president of Taiwan the ability to transit the United States—a longstanding tradition respected by administrations of both parties. These developments come right on the heels of a decision to pave the way for the sale of advanced AI chips to China and to freeze export controls on additional American technologies enabling them to now flow to China, even as Beijing tightens export controls on the United States. Independent media reports today suggest these moves are an attempt to secure trade concessions, curry favor with President Xi Jinping, and ensure President Trump gets a visit to China. The president is demonstrating to Beijing that he can be cajoled into giving up America’s core interests.

“In the face of lackluster domestic economic forecasts and anemic interest from Beijing in achieving a real breakthrough in talks, President Trump and his economic team have ceded leverage and negotiating power to Beijing in a desperate attempt to lure President Xi to a meeting with President Trump. Even more dangerously, they risk putting American national security, technological advantage, and economic prosperity on the chopping block in order to do so.

“President Trump is handing our primary geopolitical adversary the keys to the castle of 21st century global technological dominance. Doing so will enable Chinese leadership in artificial intelligence, infusing the Chinese military with the technological advantage it needs to continue hostile operations across the globe. He is signaling his ambivalence about standing with Taiwan, our long-term partner in the region and a powerhouse of the global economy. And he is emboldening Beijing to take aggressive actions and seek even more aggressive concessions in whatever trade negotiations may follow.

“President Trump and this administration must reset their dangerously weak approach to China and make clear they will no longer accept symbolic wins in exchange for steep American concessions. An administration convinced it can renegotiate the world order needs to stop negotiating against itself.”

MIL OSI USA News –

July 31, 2025
MIL-OSI USA: Grassley Helps Reinstate FBI Whistleblower, Delivers Keynote Address During National Whistleblower Appreciation Day

US Senate News:

Source: United States Senator for Iowa Chuck Grassley

WASHINGTON – At the National Whistleblower Day celebration on Capitol Hill Wednesday, Sen. Chuck Grassley (R-Iowa) announced he has succeeded in reinstating Federal Bureau of Investigation (FBI) whistleblower Michael DeBey’s clearance and employment with the agency. This is the sixth whistleblower Grassley has successfully restored so far this year.

During his remarks, Grassley also spoke about his work to support patriotic whistleblowers and the important role they play in rooting out waste, fraud and abuse. Grassley is the co-founder and co-chair of the Whistleblower Protection Caucus.

Remarks by Senator Chuck Grassley of Iowa
“Whistleblower Appreciation Day”
Wednesday, July 30, 2025

It’s an honor to be among patriots here today.

Today, nobody will be treated like a skunk at a picnic.

Whistleblowers too often get the short end of the stick for simply telling the truth.

Instead, whistleblowers ought to be recognized for what they are: patriots and the government’s most powerful tool to root out waste, fraud, and abuse.

So, I’m proud to have introduced the National Whistleblower Appreciation Day resolution for the 12th year in a row.

Throughout my career, I’ve fought for whistleblowers.

I’m committed to ensuring that federal agencies treat whistleblowers fairly and are held accountable for retaliating against them.

That goes for both Republican and Democratic administrations.

When I first was elected to the Senate in 1981, I worked with brave whistleblowers like Ernie Fitzgerald.

Ernie was fired in 1968 by President Nixon for blowing the whistle on waste and fraud in Defense Department contracts.

I worked to pass laws to eliminate fraud that whistleblowers like Ernie told me about.

Now, because of this work, I passed the False Claims Amendment Act in 1986.

It’s helped recover more than $78 billion in fraud so far, and prevented countless billions more.

My “anti-gag” provision also became law. It’s an important sword and shield to protect whistleblowers.

Far too often, federal agencies tried to silence or intimidate whistleblowers through nondisclosure agreements.

My anti-gag provision is designed to put a stop to that.

I also championed laws and legislation to expand whistleblower protections for the Federal Bureau of Investigation (FBI).

This Congress, I introduced much needed legislation to strengthen whistleblower protections for FBI employees.

But just because we’ve introduced legislation and passed good laws doesn’t mean we can stop paying attention.

I’ve worked hard to ensure individuals who retaliate against whistleblowers are held accountable. I’ve also pushed federal agencies to do right by whistleblowers.

IRS whistleblowers Gary Shapley and Joseph Ziegler made legally protected disclosures about government misconduct.

They were retaliated against and sidelined from doing their job.

This year, at my urging, they were taken out of the shadows of retaliation and were promoted by the Treasury Department.

I also pushed the Department of Homeland Security Secretary to end the seven-year nightmare for Customs and Border Protection whistleblowers Mark Jones, Mike Taylor and Fred Wynn.

These brave whistleblowers faced years of retaliation for blowing the whistle on the government’s failure to collect DNA at the border.

At my urging, this year the Department of Homeland Security promoted them and restored their law enforcement credentials.

So, they got their guns and badges back to do their job.

I’ve also worked to restore the security clearances of FBI employees who had them suspended or revoked.

These FBI employees were retaliated against and, as we all know, the FBI’s illegal power move is to take away security clearances.

And it’s not just government whistleblowers who are important.

I’ve introduced legislation to protect private sector whistleblowers from retaliation for exposing waste, fraud, abuse and misconduct.

I’m the lead cosponsor of the bipartisan Expanding Whistleblower Protections for Contractors Act.

That bill increases whistleblower protections for employees of federal contractors and subcontractors.

I also introduced the bipartisan Securities and Exchange Commission Whistleblower Reform Act of 2025.

The bill protects corporate whistleblowers who report violations to the Securities and Exchange Commission.

Additionally, I’m proud to have introduced the bipartisan Artificial Intelligence Whistleblower Protection Act.

That bill is designed to increase transparency and provide whistleblower protections to employees who work in the Artificial Intelligence field.

But like I said, there’s still a lot of work to be done.

The task of supporting whistleblowers doesn’t start and stop with this day or depend on who’s in the White House.

If you make legally protected disclosures, you’re a whistleblower and ought to be protected from retaliation.

This administration has said Mr. Reuvini isn’t a whistleblower.

I’ve publicly disagreed.

The other two people who came forward about Mr. Bove are also whistleblowers.

Here’s my message to all whistleblowers in this room: just because I may disagree with the conclusions in a whistleblower disclosure, it doesn’t mean that I don’t support a whistleblower’s right to come forward.

And regardless of the content of the disclosure, every whistleblower must be protected from retaliation.

That’s why last week, I wrote President Trump about the importance of protecting whistleblowers from retaliation.

As this administration reduces the federal workforce, it must ensure terminations aren’t done because a protected disclosure was made. This administration, just like all the rest, has an obligation to comply with whistleblower laws.

In my letter, I also reminded President Trump of my outstanding request that he hold a Rose Garden Ceremony for whistleblowers.

I’ve asked every president since Ronald Reagan to have a Rose Garden ceremony honoring whistleblowers.

I’m not giving up on that request just like I’m not giving up on any of you.

Whistleblowers are some of the bravest people out there. It takes guts to stick your neck out and report misconduct.

All of you here have put your careers, livelihoods and reputations on the line in service to our great country.

God Bless you for your service and sacrifices.

I’ll continue to fight for you.

-30-

MIL OSI USA News –

July 31, 2025
MIL-OSI USA: Grassley Helps Reinstate FBI Whistleblower, Delivers Keynote Address During National Whistleblower Appreciation Day

US Senate News:

Source: United States Senator for Iowa Chuck Grassley

WASHINGTON – At the National Whistleblower Day celebration on Capitol Hill Wednesday, Sen. Chuck Grassley (R-Iowa) announced he has succeeded in reinstating Federal Bureau of Investigation (FBI) whistleblower Michael DeBey’s clearance and employment with the agency. This is the sixth whistleblower Grassley has successfully restored so far this year.

During his remarks, Grassley also spoke about his work to support patriotic whistleblowers and the important role they play in rooting out waste, fraud and abuse. Grassley is the co-founder and co-chair of the Whistleblower Protection Caucus.

Remarks by Senator Chuck Grassley of Iowa
“Whistleblower Appreciation Day”
Wednesday, July 30, 2025

It’s an honor to be among patriots here today.

Today, nobody will be treated like a skunk at a picnic.

Whistleblowers too often get the short end of the stick for simply telling the truth.

Instead, whistleblowers ought to be recognized for what they are: patriots and the government’s most powerful tool to root out waste, fraud, and abuse.

So, I’m proud to have introduced the National Whistleblower Appreciation Day resolution for the 12th year in a row.

Throughout my career, I’ve fought for whistleblowers.

I’m committed to ensuring that federal agencies treat whistleblowers fairly and are held accountable for retaliating against them.

That goes for both Republican and Democratic administrations.

When I first was elected to the Senate in 1981, I worked with brave whistleblowers like Ernie Fitzgerald.

Ernie was fired in 1968 by President Nixon for blowing the whistle on waste and fraud in Defense Department contracts.

I worked to pass laws to eliminate fraud that whistleblowers like Ernie told me about.

Now, because of this work, I passed the False Claims Amendment Act in 1986.

It’s helped recover more than $78 billion in fraud so far, and prevented countless billions more.

My “anti-gag” provision also became law. It’s an important sword and shield to protect whistleblowers.

Far too often, federal agencies tried to silence or intimidate whistleblowers through nondisclosure agreements.

My anti-gag provision is designed to put a stop to that.

I also championed laws and legislation to expand whistleblower protections for the Federal Bureau of Investigation (FBI).

This Congress, I introduced much needed legislation to strengthen whistleblower protections for FBI employees.

But just because we’ve introduced legislation and passed good laws doesn’t mean we can stop paying attention.

I’ve worked hard to ensure individuals who retaliate against whistleblowers are held accountable. I’ve also pushed federal agencies to do right by whistleblowers.

IRS whistleblowers Gary Shapley and Joseph Ziegler made legally protected disclosures about government misconduct.

They were retaliated against and sidelined from doing their job.

This year, at my urging, they were taken out of the shadows of retaliation and were promoted by the Treasury Department.

I also pushed the Department of Homeland Security Secretary to end the seven-year nightmare for Customs and Border Protection whistleblowers Mark Jones, Mike Taylor and Fred Wynn.

These brave whistleblowers faced years of retaliation for blowing the whistle on the government’s failure to collect DNA at the border.

At my urging, this year the Department of Homeland Security promoted them and restored their law enforcement credentials.

So, they got their guns and badges back to do their job.

I’ve also worked to restore the security clearances of FBI employees who had them suspended or revoked.

These FBI employees were retaliated against and, as we all know, the FBI’s illegal power move is to take away security clearances.

And it’s not just government whistleblowers who are important.

I’ve introduced legislation to protect private sector whistleblowers from retaliation for exposing waste, fraud, abuse and misconduct.

I’m the lead cosponsor of the bipartisan Expanding Whistleblower Protections for Contractors Act.

That bill increases whistleblower protections for employees of federal contractors and subcontractors.

I also introduced the bipartisan Securities and Exchange Commission Whistleblower Reform Act of 2025.

The bill protects corporate whistleblowers who report violations to the Securities and Exchange Commission.

Additionally, I’m proud to have introduced the bipartisan Artificial Intelligence Whistleblower Protection Act.

That bill is designed to increase transparency and provide whistleblower protections to employees who work in the Artificial Intelligence field.

But like I said, there’s still a lot of work to be done.

The task of supporting whistleblowers doesn’t start and stop with this day or depend on who’s in the White House.

If you make legally protected disclosures, you’re a whistleblower and ought to be protected from retaliation.

This administration has said Mr. Reuvini isn’t a whistleblower.

I’ve publicly disagreed.

The other two people who came forward about Mr. Bove are also whistleblowers.

Here’s my message to all whistleblowers in this room: just because I may disagree with the conclusions in a whistleblower disclosure, it doesn’t mean that I don’t support a whistleblower’s right to come forward.

And regardless of the content of the disclosure, every whistleblower must be protected from retaliation.

That’s why last week, I wrote President Trump about the importance of protecting whistleblowers from retaliation.

As this administration reduces the federal workforce, it must ensure terminations aren’t done because a protected disclosure was made. This administration, just like all the rest, has an obligation to comply with whistleblower laws.

In my letter, I also reminded President Trump of my outstanding request that he hold a Rose Garden Ceremony for whistleblowers.

I’ve asked every president since Ronald Reagan to have a Rose Garden ceremony honoring whistleblowers.

I’m not giving up on that request just like I’m not giving up on any of you.

Whistleblowers are some of the bravest people out there. It takes guts to stick your neck out and report misconduct.

All of you here have put your careers, livelihoods and reputations on the line in service to our great country.

God Bless you for your service and sacrifices.

I’ll continue to fight for you.

-30-

MIL OSI USA News –

July 31, 2025
MIL-OSI: Cre8 Enterprise Limited Announces Full Exercise of Over-Allotment Option

Source: GlobeNewswire (MIL-OSI)

Hong Kong, July 30, 2025 (GLOBE NEWSWIRE) — Cre8 Enterprise Limited (Nasdaq: CRE) (the “Company”), a Hong Kong-based integrated financial printing service provider, today announced the full exercise of the over-allotment option (the “Over-allotment”) by American Trust Investment Services, Inc., the representative of the underwriters of the Company’s firm commitment initial public offering (the “Offering”), to purchase an additional 217,500 Class A ordinary shares (the “Class A Ordinary Shares”) of the Company at the public offering price of US$4.00 per share, and the closing of such issuance.

The Class A Ordinary Shares of the Company commenced trading on the Nasdaq Capital Market on July 23, 2025, under the ticker symbol “CRE.”

The gross proceeds from this Over-allotment closing were US$0.87 million and the aggregate gross proceeds from the Offering increased to approximately US$6.67 million, before deducting underwriting discounts and other offering expenses.

The Company intends to use the net proceeds for upgrading the Company’s office in the Central District in Hong Kong and expanding its business, expanding its workforce and staff training, upgrading and/or acquiring equipment and information technology systems, and for working capital and other general corporate purposes.

The Offering was conducted on a firm commitment basis. American Trust Investment Services, Inc. acts as the representative of the underwriters, with Prime Number Capital, LLC acts as the co-underwriter (collectively, the “Underwriters”) for the Offering. Ortoli Rosenstadt LLP acts as U.S. securities counsel to the Company. Winston & Strawn LLP acts as the legal counsel to the Underwriters in connection with the Offering.

A registration statement on Form F-1 relating to the Offering has been filed with the U.S. Securities and Exchange Commission (“SEC”) (File Number: 333-281629) and was declared effective by the SEC on July 22, 2025. The Offering was made only by means of a prospectus. A final prospectus relating to the Offering was filed with the SEC on July 23, 2025 and may be obtained from American Trust Investment Services, Inc. by standard mail to 1244 119^th Street, Whiting, IN 46394, by telephone at +1 (219) 473-5542 or via email at IB@amtruinvest.com; or from Prime Number Capital, LLC by standard mail to Prime Number Capital, LLC, 12 E 49 St, Floor 27, New York, NY 10017, by email at info@pncps.com, or by telephone at +1 (516) 717-5671. In addition, a copy of the final prospectus relating to the Offering may be obtained via the SEC’s website at www.sec.gov.

Before you invest, you should read the prospectus and other documents the Company has filed or will file with the SEC for more information about the Company and the Offering. This press release has been prepared for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, and no sale of these securities may be made in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About Cre8 Enterprise Limited

Cre8 Enterprise Limited provides 24/7 integrated financial printing services for listed companies, IPO applicants and private companies in the finance and capital market in Hong Kong under its brand, “Cre8”. The services cover concept creation and artwork design, typesetting, proofreading, translation, printing, binding, logistics arrangement, uploading or making e-submissions of customers’ financial reports and compliance documents and media placements. In addition to these core services, it has expanded its offerings to include complementary design services such as website design, branding, and content creation for marketing materials. Moreover, it is now providing technological support to its customers by disseminating and publishing announcements, circulars, financial reports, and industry news feeds through a website of its “Cre8IR” brand.

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. These forward-looking statements include, without limitation, the Company’s statements regarding its intended use of proceeds from the sale of the Company’s Class A Ordinary Shares in the Offering. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

For more information, please contacts:

Cre8 Enterprise Limited

Email: ir@cre8corp.com
Phone: +852 3693 2688

The MIL Network –

July 31, 2025
MIL-OSI: ChainIntellect Launches HAIN Token Presale at Just $0.000000001 Per Token
Source: GlobeNewswire (MIL-OSI)

SAN FRANCISCO, July 30, 2025 (GLOBE NEWSWIRE) — ChainIntellect, a forward-thinking AI-powered blockchain ecosystem, has officially launched the public presale of its native token HAIN at the introductory price of $0.000000001. This marks a major milestone in the project’s roadmap as it moves toward building a decentralized, intelligent Web3 infrastructure.

With a bold vision to redefine the intersection of artificial intelligence and blockchain technology, ChainIntellect’s HAIN token is engineered to power a suite of advanced AI tools, autonomous data systems, and decentralized applications built on Ethereum.

Tokenomics That Inspire Early Adoption

At the current presale price of $0.000000001, early adopters have an unprecedented opportunity to acquire HAIN at a valuation designed for maximum growth potential. According to the team, the presale is structured in multiple stages, with the next price jump to $0.0000001, followed by a planned public listing at $0.001.

“We’re offering HAIN at its lowest price to reward our earliest believers,” said Val Andrew, CEO at ChainIntellect. “This presale stage is a rare opportunity to get in at the ground level of a token designed to power the future of AI in Web3.”

About HAIN and ChainIntellect

ChainIntellect is developing a decentralized ecosystem where AI agents and smart contracts work seamlessly to enable intelligent decision-making, data processing, and autonomous applications. The HAIN token is the utility and governance token for the ecosystem, allowing holders to:
- Access AI-powered tools and data services
- Participate in decentralized governance
- Stake tokens for yield and AI resource rewards
- Pay for computation within ChainIntellect’s smart agent networks
Transparent & Secure Presale Structure

The HAIN presale accepts ETH, USDT, USDC, providing flexibility for a wide range of crypto investors. All funds are securely processed through audited smart contracts with full Web3 wallet support.

Contract Address (Ethereum): 0xA6BF4a22E19ED9241d74eB3c77A8451f0fA2cfff
Official Payment Receiver: 0x212ba4E6B103e20B052c2d528A2aec66dD8d27b4

There is no set end date, and tokens will remain on sale until sold out. Admins retain the ability to pause or update presale parameters for security and demand responsiveness.

Join the Movement

Crypto enthusiasts, early adopters, and AI believers are invited to participate now before the next pricing tier is reached. With strong community backing, technological innovation, and a clear roadmap, HAIN aims to become a leading AI-integrated crypto asset in the Web3 revolution.

For more information or to participate in the presale, visit:
https://chainintellectcoin.com
Twitter: https://x.com/HAINCoin
Telegram: https://t.me/haintoken

Media Contact:
Val Andrew, CEO
support@chainintellectcoin.com

Disclaimer: This content is provided by ChainIntellectcoin. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.Globenewswire does not endorse any content on this page.

Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3dc3003f-6dfc-4605-b210-c1197c14ffe1

The MIL Network –
July 31, 2025
MIL-OSI: ChainIntellect Launches HAIN Token Presale at Just $0.000000001 Per Token
Source: GlobeNewswire (MIL-OSI)

SAN FRANCISCO, July 30, 2025 (GLOBE NEWSWIRE) — ChainIntellect, a forward-thinking AI-powered blockchain ecosystem, has officially launched the public presale of its native token HAIN at the introductory price of $0.000000001. This marks a major milestone in the project’s roadmap as it moves toward building a decentralized, intelligent Web3 infrastructure.

With a bold vision to redefine the intersection of artificial intelligence and blockchain technology, ChainIntellect’s HAIN token is engineered to power a suite of advanced AI tools, autonomous data systems, and decentralized applications built on Ethereum.

Tokenomics That Inspire Early Adoption

At the current presale price of $0.000000001, early adopters have an unprecedented opportunity to acquire HAIN at a valuation designed for maximum growth potential. According to the team, the presale is structured in multiple stages, with the next price jump to $0.0000001, followed by a planned public listing at $0.001.

“We’re offering HAIN at its lowest price to reward our earliest believers,” said Val Andrew, CEO at ChainIntellect. “This presale stage is a rare opportunity to get in at the ground level of a token designed to power the future of AI in Web3.”

About HAIN and ChainIntellect

ChainIntellect is developing a decentralized ecosystem where AI agents and smart contracts work seamlessly to enable intelligent decision-making, data processing, and autonomous applications. The HAIN token is the utility and governance token for the ecosystem, allowing holders to:
- Access AI-powered tools and data services
- Participate in decentralized governance
- Stake tokens for yield and AI resource rewards
- Pay for computation within ChainIntellect’s smart agent networks
Transparent & Secure Presale Structure

The HAIN presale accepts ETH, USDT, USDC, providing flexibility for a wide range of crypto investors. All funds are securely processed through audited smart contracts with full Web3 wallet support.

Contract Address (Ethereum): 0xA6BF4a22E19ED9241d74eB3c77A8451f0fA2cfff
Official Payment Receiver: 0x212ba4E6B103e20B052c2d528A2aec66dD8d27b4

There is no set end date, and tokens will remain on sale until sold out. Admins retain the ability to pause or update presale parameters for security and demand responsiveness.

Join the Movement

Crypto enthusiasts, early adopters, and AI believers are invited to participate now before the next pricing tier is reached. With strong community backing, technological innovation, and a clear roadmap, HAIN aims to become a leading AI-integrated crypto asset in the Web3 revolution.

For more information or to participate in the presale, visit:
https://chainintellectcoin.com
Twitter: https://x.com/HAINCoin
Telegram: https://t.me/haintoken

Media Contact:
Val Andrew, CEO
support@chainintellectcoin.com

Disclaimer: This content is provided by ChainIntellectcoin. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.Globenewswire does not endorse any content on this page.

Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3dc3003f-6dfc-4605-b210-c1197c14ffe1

The MIL Network –
July 31, 2025
MIL-OSI United Nations: Governments, Partners Mobilizing School Meals Coalition to Equip Youth with Nutrition, Health, Education They Deserve, Deputy Secretary-General Says at Stocktake Event

Source: United Nations MIL OSI

Following are UN Deputy Secretary-General Amina Mohammed’s remarks, as prepared for delivery, at the UN Food Systems Summit+4 Stocktake (UNFSS+4) School Meals Coalition Featured Event: “Unlocking Sustainable Investments for Home-Grown School Meals”, in Addis Ababa today:

It is truly inspiring to witness how far the School Meals Coalition has come. With over 100 Governments working together to expand and improve these strategic programmes, it is now one of the most successful global mobilizations in recent years.

First, I want to recognize the leadership that has brought us here, especially of the three co-chairs — Brazil, France and Finland — whose early and continued support has been instrumental to the Coalition’s success.

I also want to commend all Governments in the Coalition that are working resolutely to expand and strengthen their school meal programmes and that have achieved clear and measurable progress since the last Stocktake.

Today’s speakers are excellent examples. The progress we witness is being driven by Governments, but they are not walking alone. Partners across the School Meals Coalition are working hand in hand with Governments to deliver on their national commitments.

But, why is there so much momentum behind school meals? Why are so many Governments and partners making this a priority? Because school meals are more than just a plate of food. They are a lever to building more inclusive, sustainable food systems, and to equipping the next generation with the health, nutrition and education they deserve to reach their potential.

To truly pull that lever — to unlock its full power — we must focus on four key priorities.

First: Expand coverage and raise collective ambitions. As we’ve just heard from our distinguished speakers, momentum is building. Next to our Governments on stage, countries like Rwanda, which has achieved near-universal primary school coverage, and Indonesia, which is scaling up at an unprecedented pace, are showing what’s possible.

Now, the Global Alliance Against Hunger and Poverty has joined forces with the School Meals Coalition to rally Governments and development partners behind a bold global target: to reach an additional 150 million children in low- and middle-income countries by 2030, as agreed at the Group of 20 (G20) last year. This means moving from commitment to delivery with the School Meals Coalition and the Global Alliance working with countries ready to lead the way.

Second: Pull the lever — use procurement to transform food systems. Countries continue to harness the potential of school meal programmes to catalyse food systems transformation, including ambitious targets regarding procurement from smallholder farmers, but we must go further by aligning school-meal menus and procurement with nutrition, sustainability and social goals; by using clean cooking solutions in schools; by reducing food loss and waste; and through food, nutrition and climate education in schools.

Third: Integrate school meals into climate finance. When rooted in sustainability, school meals have enormous potential to advance climate mitigation and adaptationm and to promote biodiversity. The thirtieth session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP30) in Brazil offers us a chance to move school meals from a climate blind spot to a climate solution. Let’s work to ensure these programmes are included in future Nationally Determined Contributions and embedded in climate financing pipelines where they belong.

Fourth: Plug the financing gap. The Sevilla Commitment, adopted a few weeks ago, calls on all of us to close the gap between ambition and means. But, with 35 low- and middle-income countries in high risk of or in debt distress, we must explore innovative financing solutions to ensure an economically stable future for those countries– from health taxes and natural resource revenues to debt swaps and Multilateral Development Bank investments.

We have much to learn from the innovation that has taken place in countries for the last two years since we last met in Rome as reported in the UNFSS+4 Report of the Secretary-General. Let’s make sure we use the momentum of the Sevilla Commitment to attract the finance that is needed.

Let me close with a powerful motto from a dear friend and leading advocate, Ndidi Nwuneli of the ONE Campaign. “Our job is not to scale our work. It’s to scale what works.” This is what we see across the School Meals Coalition: Governments and partners coming together to expand a solution that works.

So, let’s build on the progress we’ve made — and finish what we started in 2021: by 2030, every child receiving a healthy, nutritious meal in school. Let’s feed the future together.

MIL OSI United Nations News –

July 31, 2025
MIL-OSI Security: Delaware County Man Arrested for Sexual Exploitation of a Child

Source: Office of United States Attorneys

Brent G. Trimbell had Been Released from State Pretrial Custody on Rape and Aggravated Sexual Abuse Charges Before Being Charged Federally

SYRACUSE, NEW YORK – Brent G. Trimbell, age 44, of Delaware County was arrested Sunday evening and had his initial appearance today on a charge of sexual exploitation of a child. Acting United States Attorney John A. Sarcone III and Craig L. Tremaroli, Special Agent in Charge of the Albany Field Office of the Federal Bureau of Investigation (FBI), made the announcement.

The complaint alleges that Trimbell exchanged sexually explicit messages with a female child victim, including messages persuading her to create and send him videos of her engaged in sexually explicit conduct. The child created the content Trimbell requested and sent it to him over social media. The complaint also alleges that Trimbell had sexual contact with the victim on at least three occasions and sent the victim videos depicting him masturbating.

Trimbell was first charged by state authorities with state sex offenses related to the foregoing conduct, but late last week he was released on bail.

If convicted of sexual exploitation of a child, Trimbell faces a maximum term of imprisonment of 30 years and a mandatory minimum term of imprisonment of 15 years, a term of supervised release of at least five years and up to life, a fine of $250,000, forfeiture of property used to commit the offense, and restitution to the victim. Trimbell also would be required to register as a sex offender.

Acting U.S. Attorney John A. Sarcone III stated: “Trimbell was charged with serious state sex offenses but was released on bail. Now, Trimbell is in federal custody—facing serious federal offenses—which if convicted, will result in a mandatory term of imprisonment of 15 years. This is how we keep the children in our community safe.”

FBI Special Agent in Charge Craig L. Tremaroli stated: “FBI Albany is incredibly thankful for the swift coordination from our partners at the Delaware County Sheriff’s Office and United States Attorney’s Office that has now resulted in serious federal charges against Mr. Trimbell. The FBI, together with our law enforcement partners, will continue to coordinate with our state and local partners to share the information and resources needed to ensure anyone hurting our most vulnerable is investigated and brought to justice.”

Following the initial appearance, Trimbell was remanded to the custody of the United States Marshals Service pending further proceedings.

The charges in the indictment are merely accusations. The defendant is presumed innocent unless and until proven guilty.

This case is being investigated by the Federal Bureau of Investigation and the Delaware County Sheriff’s Office. Assistant U.S. Attorney Michael D. Gadarian is prosecuting the case as part of Project Safe Childhood.

Project Safe Childhood is a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse. Led by the U.S. Attorneys’ Offices and the Criminal Division’s Child Exploitation and Obscenity Section (CEOS), Project Safe Childhood marshals federal, state and local resources to better locate, apprehend and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit https://www.justice.gov/psc.

MIL Security OSI –

July 30, 2025
MIL-OSI: Bitget Launchpool Features GAIA with over 4.7M Tokens in Rewards

Source: GlobeNewswire (MIL-OSI)

VICTORIA, Seychelles, July 29, 2025 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, has announced the feature of Gaia (GAIA) on its launchpool as well as a listing for spot trading. Gaia is a decentralized computing infrastructure that enables everyone to create, deploy, scale, and monetize their own AI agents. Trading for the GAIA/USDT pair will begin on 30 July 2025, 09:00 (UTC).

Bitget’s GAIA Launchpool campaign is offering 4,741,300 GAIA in total rewards. Eligible users can participate by locking BGB during the event, which runs from 30 July 2025, 09:00 to 1 August 2025, 09:00 (UTC). In the BGB locking pool, users can lock between 5 and 50,000 BGB, with maximum limits determined by their VIP tier, for a chance to earn a share of 3,858,300 GAIA.

Alongside the listing, Bitget will launch a CandyBomb campaign with 633,000 GAIA available in rewards. Of this, 211,000 GAIA will be allocated to the GAIA, BTC and BGB trading pool for new users, while 422,000 GAIA will be up for grabs in the GAIA trading pool for existing users. The campaign will run from 30 July 2025, 9:00 till 6 Aug 2025, 9:00 (UTC).

Bitget will also run an X Giveaway, where 750 qualified users will have the chance to win a share of 125,000 GAIA. The campaign runs from 30 July 2025, 9:00 to 1 August 2025, 9:00 (UTC). To participate, users must follow Bitget and Gaia on X, quote the giveaway post with the hashtag #GAIAxBitgetLaunchpool, tag a friend, sign up, deposit or trade GAIA on Bitget, and complete the form linked in the post.

In addition, a community campaign will run from 30 July 2025, 9:00 to 6 Aug 2025, 9:00 (UTC), offering another 125,000 GAIA to be shared among 750 qualified users. To join, users need to become members of both the Bitget Discord and BGB Holders Group, sign up, make a net deposit of over 100 USDT, and complete any GAIA/USDT spot trade.

Gaia is a decentralized AI network that enables users to host, own, and interact with autonomous AI agents in a secure and transparent environment. Built on blockchain technology, Gaia ensures each AI node operates independently while contributing to a broader, interconnected ecosystem. Users can deploy advanced models such as Qwen2 0.5B Instruct and customize them using personal or business data to create tailored AI services.

By prioritizing data sovereignty and privacy, Gaia introduces a new model for decentralized AI development and monetization. Its user-friendly infrastructure allows individuals to easily install node software, configure models, and participate in domain-based AI collaboration, unlocking new possibilities for innovation in the Web3 space.

Bitget continues to expand its offerings, positioning itself as a leading platform for cryptocurrency trading. The exchange has established a reputation for innovative solutions that empower users to explore crypto within a secure CeDeFi ecosystem.

With an extensive selection of over 800 cryptocurrency pairs and a commitment to broaden its offerings to more than 900 trading pairs, Bitget connects users to various ecosystems, including Bitcoin, Ethereum, Solana, Base, and TON. The addition of Gaia into Bitget’s portfolio marks a significant step toward expanding its ecosystem by embracing decentralized AI innovation, empowering users with greater control over data privacy, and supporting the next generation of AI-driven Web3 applications.

For more details on Gaia, visit here.

About Bitget

Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 120 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a leading non-custodial crypto wallet supporting 130+ blockchains and millions of tokens. It offers multi-chain trading, staking, payments, and direct access to 20,000+ DApps, with advanced swaps and market insights built into a single platform.

Bitget is driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

Aligned with its global impact strategy, Bitget has joined hands with UNICEF to support blockchain education for 1.1 million people by 2027. In the world of motorsports, Bitget is the exclusive cryptocurrency exchange partner of MotoGP™, one of the world’s most thrilling championships.

For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

For media inquiries, please contact: media@bitget.com

Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7730d634-b088-4a1c-b437-c1051b2dd570

The MIL Network –

July 30, 2025

MIL-OSI: Amundi: First half and second quarter 2025 results

Source: GlobeNewswire (MIL-OSI)

Amundi: First half and second quarter 2025 results

Record inflows of +€52bn in the first half of the year

Inflows already at full year 2024 level		Assets under management¹at an all-time high of €2.27tn at end-June 2025, +5% June/June despite the negative forex effect Net inflows +€52bn in H1, of which +€20bn in Q2 +€48bn in medium-to-long-term assets²(MLT) in H1 Record half-year net inflows for Institutionals: +€31bn

Growth in profit before tax		First half 2025: profit before tax³^,⁴€895m, up +4% H1/H1⁴: Driven by revenue growth (+5%) Cost control, with a cost-income ratio at 52.5%³

Continued success on strategic pillars		Partnership with Victory Capital finalised on 1 April Strong H1 inflows in strategic priorities: Third-party distribution +€13bn, of which 40% with digital players Asia +€22bn, of which +€13bn in JVs and +€8bn in direct distribution ETFs +€19bn, with success in European strategies and innovation Responsible investment: wins of key institutional mandates Amundi Technology: revenues up +48% H1/H1, strong organic growth and integration of aixigo Fund Channel: €613bn in assets under distribution, Ambitions 2025 target achieved

Paris, 29 July 2025

Amundi’s Board of Directors met on 28 July 2025 under the chairmanship of Olivier Gavalda, and approved the financial statements for the first half of 2025.

Valérie Baudson, Chief Executive Officer, said: “With net inflows of +€52bn, Amundi’s performance in the first half of the year was equivalent to the whole of 2024. The depth of our offering and our extensive expertise allow us to respond effectively to our clients’ needs, through our active strategies, passive management, responsible investment, employee savings schemes, technology services and fund distribution solutions.

Amundi has continued to grow both in terms of activity and results, with first half revenues³up +5% and profit before tax³up +4% year-on-year⁴.

Amundi has also leveraged its position as Europe’s leading asset manager, as our clients look for greater diversification in their allocations, with a renewed interest in Europe. With €2.3tn in assets under management, Amundi is the only European player among the top 10 global asset managers, and a preferred gateway for players wishing to invest on the continent. Our comprehensive range of solutions enables investors to finance European companies and economies, and we continue to expand, through ETFs and actively managed funds focused on European sovereignty.»

* * * * *

Highlights

Continued organic growth thanks to continued successes in the strategic pillars

2025 marks the final year of Ambitions 2025 plan, which set a number of strategic pillars aimed at accelerating the diversification of the Group’s growth drivers and exploiting development opportunities. Several objectives were achieved in 2024 and the first half of 2025 confirms Amundi’s growth momentum.

Amundi, the European expert: Amundi is the leading European asset manager, and the only European player among the world’s top 10⁵; this positioning allows the Group to manage ~€1.7tn in assets under management on behalf of European clients, who have entrusted it with an additional +€29bn€ in the first half to manage; Amundi invests, on behalf of its clients, more than half of its assets⁶ in euro-denominated securities; this European expertise is a key differentiator for Amundi’s comprehensive and innovative platform; the launch of new products, such as ETFs or actively managed funds to invest in the European defence sector, make it possible to nurture this distinctive element strongly quarter after quarter;
The Institutional division generated healthy net inflows of +€31bn in the fist half, thanks to several major wins, including the award of a Defined Contribution mandate with The People’s Pension in the UK(+€22bn), successes in Asia (+€5bn, particularly in China), record net inflows in Employee Savings and Retirement and the renewed interest in France in tradition life insurance “euro” contracts; in addition, Amundi secured several innovative mandates, for example with a German pension fund in private debt via the expertise of Amundi Alpha Associates, and a low-carbon mandate for Chile’s sovereign wealth fund thanks to the index and ESG expertise;
Third-Party Distribution continued to grow strongly, with assets under management up by more than +18% year-on-year excluding the contribution of US Distribution to Victory Capital (scope effect of -€62bn), thanks to 12-month net inflows of +€33bn, of which +€13bn⁷ was in the first half of 2025, mainly in MLT assets⁸, (+€12.1bn); net inflows were driven by ETFs and positive in active management, diversified by geographical areas and positive in almost all countries in terms of MLT assets⁸, particularly in Asia (+€3bn); the strong commercial momentum with digital platforms is confirmed, with this type of client accounting for around 40% of net inflows for the first half; it should be noted that a workshop dedicated to Third-Party Distribution was held on 19 June, in London to highlight the growth potential of this strategic focus of the MTP;

Asia: assets under management were up +2% year-on-year despite the decline in the US dollar and the Indian rupee, to reach €460bn; half-year net inflows reached +€22bn, of which +€14bn was in the second quarter; half-year net inflows were split +€14bn from JVs (including Amundi BOC WM) and +€8bn from direct distribution; it is also diversified by countries: India (+€7bn), China (+€5bn) with the two JVs, institutional clients and now the QDLP⁹ license in Third-Party Distribution¹⁰, Korea (+€5bn) thanks to the JV, Hong Kong (+€3bn) and Singapore (+€1bn) thanks to institutional investors and third-party distributors;
ETFs gathered +€19bn this half-year, placing Amundi in second place in the European ETF market in terms of net inflows as well as assets under management, which reached €288bn; this high level of activity was achieved thanks to the diversification of the business line by client types, geographies and asset classes covered: Asia and Latin America contributed +€4bn in net inflows over the half-year; the net inflows also reflect the success of the business line’s flagship products: the Stoxx Europe 600 ETF collected nearly +€3bn in the first half and assets now exceed €12bn; European strategies continued to benefit from investors’ renewed interest in the European markets, with +€4bn attracted in the second quarter alone; innovative products were launched, such as the low-duration euro zone sovereign green bonds ETF, capitalising on the success of the long-duration version, which reached €3bn in assets under management, and the launch in May of the European Defence ETF, in partnership with STOXX, on a platform and with partners only in Europe;
Amundi Technology continues to grow, with revenues up +48% H1/H1, thanks to strong organic growth amplified by the integration of aixigo; Amundi Technology has won new clients during this period, including AJ Bell in the UK.
Fund Channel, the fund distribution platform, has exceeded its target Ambitions 2025 target six months ahead of schedule, with €613bn in assets under distribution; the subsidiary has launched Fund Channel Liquidity, a multi-management platform for treasury products, in partnership with the Liquidity Solutions teams of Amundi and CACEIS; the platform has already been recognised with the innovation award of the AFTE (French association of corporate treasurers);
Following the success of Ambitions 2025, a new three-year strategic plan will be presented in the fourth quarter.

On 1 April, Amundi finalised its partnership with Victory Capital and received shares representing 26% of the share capital in return for contributing Amundi US to Victory. This stake is consolidated in the second quarter accounts under the equity method, with a one-quarter lag compared to Victory Capital’s publications because the company, listed on the Nasdaq, publishes its accounts after those of Amundi (on 8 August for its second quarter 2025 results). Assets under management are consolidated at 26% in a separate line (Victory Capital – US distribution” for the portion distributed to US clients, and at 100% in the relevant client segments and asset classes for the portion managed by Victory Capital but distributed by Amundi to clients outside the United States.

Activity

Record inflows in the first half of the year of +€52bn, already at the level of the whole of 2024

Assets under management¹as at 30 June 2025 rose by +5.2% year-on-year, to reach an all-time high at €2,267bn. They benefited over 12 months from a high level of net inflows, +€75bn, the positive effect of market appreciation for +€109bn, more than half reduced by the unfavourable impact of currency moves (-€60bn) linked to the fall in the US dollar and the Indian rupee.

These two currencies fell vs. the euro in average for the second quarter by -5% and -7% respectively year-on-year and by -7% and -6% quarter-on-quarter. In the first half of 2025 and also in average terms, the US dollar is down by -1% and the Indian rupee by -4% compared to the first half of 2024.

In the first half of 2025, the market effect and the forex effect amounted to +€58bn and -€73bn respectively,

Amundi recorded a scope effect of -€10bn related to the finalisation of the partnership with the American asset manager Victory Capital in the second quarter.

Net inflows were healthy at +€52bn in the first half of the year, almost reaching the level of the whole of 2024 (+€55bn), and far exceeding it in assets MLT⁸ excluding JVs and US distribution at +€48bn (compared to +€34bn for the whole of 2024).

These MLT net inflows⁸ (+€26bn) were driven by passive management (+€44bn), in particular ETFs (+€19bn) and active management (+€9bn), driven by fixed income strategies.

Treasury products excluding JVs and US distribution posted outflows of -€9bn over the half-year, entirely due to withdrawals from corporate clients, which were particularly strong over the first half (€15bn); on the contrary, all other client segments posted net inflows on this asset class, reflecting the wait-and-see attitude in the face of volatility in risky asset markets.

The three main client segments contributed to the net inflows of +€52bn:

the Retail segment, at +€7bn, thanks to Third-Party Distributors (+€13bn) and Amundi BOC WM (+€1.0bn), while risk aversion continues to affect net inflows from Partner networks;
the Institutional segment, at +€31bn, particularly in fixed income and equities thanks to the gain in the first quarter of The People’s Pension mandate (+€21bn, +22 in H1); all sub-segments contributed, to note the very high level of activity in Employee Savings & Retirement, at +€4bn, a record since the creation of Amundi, and the mandates of the insurers of Crédit Agricole and Société Générale, at +€9bn, which benefited from the renewed interest of French savers in life “euro” contracts;
and finally, JVs (+€13bn) posted a very positive performance over the half-year; despite market volatility in India, the SBI MF subsidiary gathered +€7bn thanks to a rebound in the second quarter, NH-Amundi (South Korea) +€5bn, and ABC-CA (China) +€2bn (excluding the discontinued Channel business), mainly driven by treasury products.
The net inflows from the US distribution of Victory Capital, recorded only over one quarter and only for the Group’s share of 26%, were at breakeven.

In the second quarter, net inflows reached +€20.4bn, divided between:

the MLT assets⁸ at +€11.1bn, driven by Third-Party Distributors (+€5bn) and the Institutional division (+€10.8bn); the activity was at a record level in Employee Savings & Retirement, even for a seasonally high quarter (+€4.1bn) and Crédit Agricole and Société Générale insurance mandates recorded a good performance (+4.6bn€), in the context already mentioned of the renewed interest in life “euro” contracts and the arbitrage of treasury products in favour of short-duration bonds; as regards asset classes, ETFs confirmed their success (+€8.2bn), but also positive net inflows in active management (+€2.9 billion), driven by fixed income;
JVs, for +€10.3bn, thanks in particular to the rebound in SBI MF’s activity in India (+€7.8bn) after two quarters of market volatility and withdrawals related to the end of the fiscal year in the first quarter; ABC-CA (China, +€1.2bn excluding Channel Business) also confirmed the recovery of its activity, particularly in fixed income, driven by a more favourable local market;
Treasury products posted outflows (-€1.0bn), with the continuation of seasonal withdrawals from Corporates (-€3.8bn), while all other segments posted net inflows or at least breakeven.

First half 2025 results

The income statement for the first half of 2025 includes, in the first quarter, Amundi US fully integrated in each line of the P&L and, in the second quarter, the equity-accounted contribution of Victory Capital (Group share, i.e. 26%). As Victory Capital has not yet published its earnings for this period, this contribution is estimated by taking Group share of the net profit for the first quarter of 2025.

The first half of 2024 has been restated in a comparable manner, i.e. as if Amundi US had been fully integrated in the first quarter and accounted for using the equity method in the second quarter (@100%)

Profit before tax³+4% H1/H1⁴

Adjusted data³

The Group’s results for the first half of 2025 include, in addition to the 26% equity contribution of Victory Capital, the contribution of aixigo, acquisition of which was finalised in early November 2024, as well as Alpha Associates, an acquisition finalised early April 2024, which were therefore not integrated or only partially integrated in the first half of 2024.

Victory Capital’s contribution is accounted for under the equity method for its 26% share with a one-quarter lag.

The profit before tax³reached €895m in up +4.2% compared to the first half of 2024 pro forma⁴. This growth comes mainly from revenue growth.

Adjusted net revenues³ reached €1,703m, +4.9% compared to the first half of 2024 (+4,0% excluding the integration of aixigo and an additional quarter of Alpha Associates). Contributing to this progression, at current scope:

Net Management Fees grew by +4.6% compared to the first half of 2024 pro forma⁴, at €1,542m, and reflect the increase in average assets under management² thanks to the good level of activity, despite the negative effect of the product mix on revenue margins;
Amundi Technology’s revenues, at €52m, grew strongly (+48.0% compared to the first half of 2024), amplified by the consolidation of aixigo (+€8m), organic growth was +25%;
Financial and other revenues³ amounted to €52m, +10.4% compared to the first half of 2024 on a pro forma basis⁴ thanks to capital gains on seed private equity investments and the portfolio’s positive mark-to-market in the first quarter, although the half-year remains characterised by the negative impact on voluntary investments of the fall in short-term rates in the euro zone, which halved in one year;
Performance fees (€58m), on the other hand, decreased by -13.2% compared to the first half of 2024 on a pro forma basis⁴, reflecting greater market volatility since the beginning of the year, particularly in the second quarter; however, the performance of Amundi′s management remains good, with more than 70% of assets under management ranked in the first or second quartiles according to Morningstar¹¹ over 1, 3 or 5 years, and 243 Amundi funds rated 4 or 5 stars by Morningstar as at 30 June.

The increase in adjusted operating expenses³, €894m, is +5,3% compared to the first half of 2024 pro forma⁴ and +3,4% excluding the integration of aixigo and an additional quarter of Alpha Associates. The jaws effect is therefore slightly positive on a like-for-like basis, reflecting the Group’s operational efficiency.

In addition to the scope effect, this increase is mainly due to investments in the development initiatives of the Ambitions 2025 plan, particularly in technology, third-party distribution and Asia.

The cost-income ratio at 52,5%, on an adjusted basis³, is stable compared to the first half of last year, and in line with the Ambitions 2025 target (<53%).

The adjusted gross operating income³reached €808m, up +4,5% compared to the first half of 2024 pro forma⁴, reflecting growth in revenues and cost control.

The contribution of equity-accounted JVs¹², at €66m, up +7.1% compared to the first half of 2024, reflects the strong momentum of the Indian JV SBI MF (+7.4%), which accounts for nearly 80% of the contribution of JVs. The commercial dynamism of the JV allowed the continued growth of its management fees and more than offset the effects of the depreciation of the Indian rupee (-€3m, or -6 percentage points of growth). The half-year contribution also benefited from the profitability of the Chinese JV ABC-CA.

The adjusted contribution³of the U.S. operations, accounted for under the equity method, which includes Victory Capital’s Group share (26%) contribution from the second quarter onward, amounts to €26m. As explained, this figure corresponds to Victory Capital’s first quarter adjusted net income, due to the lag in publication and therefore does not take into account the synergies that were announced as part of the combination with Amundi US ($110m at 100%, full year before tax) and of which $50m had already been achieved at the time of the finalisation of the partnership. The comparison with Amundi US contribution in the second quarter of 2024, at €32m, which also included positive non-recurring items, is therefore not relevant.

The adjusted corporate tax expense³ of the first half of 2025 reached -€259m, a very strong increase – +35.0% – compared to the first half of 2024 pro forma⁴.

In France, in accordance with the Finance Act for 2025, an exceptional tax contribution is recorded in the 2025 fiscal year. It is calculated on the average of the taxable profits made in France in 2024 and 2025. This exceptional contribution is estimated¹³ to -€72m for the year as a whole, and is not accounted for on a straight-line basis over the quarters. Thus, it amounted to -€54m in the first half of 2025. Excluding this exceptional contribution, the adjusted tax expense³ would have been -€205m and the adjusted effective tax rate³ would be equivalent to that of the first half of 2024.

Adjusted net income³ rose to €638m. Excluding the exceptional corporate income tax contribution, it would have reached €692m, up +4% compared to the first half of 2024 pro forma⁴.

Adjusted³earnings per share was €3.11 in the first half of 2025, including -€0.26 related to the exceptional tax contribution in France. Excluding this exceptional contribution, adjusted³ earnings per share would therefore have been €3.37, up +3.3% compared to the first half of 2024 pro forma⁴.

Accounting data in the first half of 2025

Accounting net income group share amounted to nearly one billion euros, at €998m. It includes a non-cash capital gain of €402m related to the finalisation of the partnership with Victory Capital.

As a reminder, this operation took the form of a share swap and did not give result in any cash payment. The accounting capital gain corresponds to the difference between the market value of what Amundi Group received at the transaction date, namely 26% of the share capital of the new entity Victory Capital, and the historical accounting price of Amundi US that the Group contributed to Victory Capital.

As in the other half-years, the reported net income includes various non-cash expenses as well as integration costs related to the partnership with Victory Capital, finalised on 1 April 2025. Finally, Victory Capital’s contribution also includes a number of expenses, including the amortisation of intangible assets. See the details of all these elements in p. 17).

Accounting earnings per share in the first half of 2025 was €4.86, including the capital gain and the exceptional tax contribution in France.

Second quarter 2025 results

The quarterly series have been restated as if Amundi US had been consolidated using the 100% equity method up to and including the first quarter of 2025. In the second quarter, following the finalisation of the partnership with Victory Capital, the contribution of Amundi US was replaced by the consolidation under the equity method of the Group share (26%) in Victory Capital, with a one-quarter lag in publication (integration for the second quarter 2025 of the net income published by Victory Capital in the first quarter of 2025).

Q2/Q2 decline in profit before tax³due to performance fees and financial revenues

Adjusted data³

The results include aixigo, acquisition of which was finalised in early November 2024.

Adjusted net revenues³ totalled €790m, down -1.0% compared to the second quarter of 2024 pro forma⁴, but business-related revenues, management fees and technology revenues, were up:

Net Management Fees grew by +1.2% compared to the second quarter of 2024 pro forma⁴, at €717m, thanks to the increase in average assets under management² over the same period, despite the unfavourable effect of the product mix on margins and the negative impact of the depreciation of the US dollar, which is the currency of approximately 25% of invested assets²; compared to the first quarter of 2025 pro forma⁴, two-thirds of the decline in these fees are explained by the fall in the US dollar;
Amundi Technology’s revenues, at €26m, continued their sustained growth (+46.2% compared to the second quarter of 2024), amplified by the consolidation of aixigo (+€3m); excluding aixigo, these revenues were up +30% organically;
Performance fees were down due to market volatility (28.9% compared to the second quarter of 2024 pro forma⁴), but they are higher than in the first quarter on a pro forma basis⁴ (+53,5%);
Financial revenues (-47.2%) were down due to the fall in short-term rates in the euro zone over the period.

Adjusted operating expenses³ are under control at €417m, i.e. +1,6% compared to the second quarter of 2024 pro forma⁴ and were stable excluding aixigo, reflecting the Group’s operational efficiency. Investments in the development initiatives of the Ambitions 2025 plan continued, particularly in technology, third-party distribution and Asia.

The cost-income ratio at 52,7% on an adjusted data basis³ is in line with the Ambitions 2025 objective (<53%).

The optimisation plan, which was announced in the first quarter, has been launched and will finance the acceleration of investments by generating between €35 and €40m in savings from 2026. The first concrete announcements were made in the second quarter, including the merger between CPR and BFT to create a leader in asset management in France within the Group, with around €100bn in assets under management. The restructuring costs of this plan will be recorded for an amount of €70 to 80m¹⁴in the second half of the year.

The Adjusted gross operating income³(GOI) amounted to €374m, down -3,8% compared to the second quarter of 2024 pro forma⁴.

The contribution of JVs¹⁵, at €38m (+16.6%), increased strongly thanks to the growth in activity and management fees of the main contributing entity, the Indian JV SBI MF (+19%), as well as the good profitability of the JV in China ABC-CA.

The adjusted contribution³of the U.S. operations, accounted for like JVs under the equity method, reflects for the first time this quarter the contribution of Victory Capital to the group share (26%), at €26m. As explained, this figure corresponds to Victory Capital’s first quarter result due to the publication lag, and therefore does not yet take into account the synergies that were announced as part of the combination with Amundi US ($110m at 100%, full-year before tax) and of which $50m were realised at the time of the finalisation of the partnership on 1 April 2025. The comparison with Amundi US’s contribution to Group net income in the second quarter of 2024 (€32m), which also included positive non-recurring items, is therefore not relevant. In addition, the average US dollar fell by -5% year-on-year, also weighing on this contribution.

Adjusted income before tax³reached €437m, down -1.8% compared to the second quarter of 2024 pro forma⁴.

The adjusted corporate tax expense³ of the second quarter of 2025 reached -€104m, up +9% compared to the second quarter of 2024 pro forma⁴.

In France, in accordance with the Finance Act for 2025, an exceptional tax contribution is recorded in the 2025 fiscal year. It is calculated on the average of the profits made in France in 2024 and 2025. This exceptional contribution is estimated¹⁶ at -€72m for the full year, is not accounted for on a straight-line basis. It amounted to -€9m in the second quarter of 2025, compared to -€46m in the first quarter. Excluding this exceptional contribution, the adjusted tax expense³ would have been -€95m and the adjusted³ effective tax rate 25.4%, equivalent to that of the second quarter of 2024 pro forma⁴.

Adjusted net income³ was €334m. Excluding the exceptional tax contribution, it would have been €343m.

Adjusted³earnings per share in the second quarter of 2025 achieved €1.63, including -4 cents related to the exceptional tax contribution in France.

Accounting data in the second quarter of 2025

Accounting net income group share amounted to €715m. It includes the non-cash capital gain of €402m related to the completion of the partnership with Victory Capital.

As in the previous quarters, reported net income includes various non-cash expenses as well as integration costs related to the partnership with Victory Capital, finalised on 1 April 2025. Finally, Victory Capital’s contribution also includes a number of expenses, including the amortisation of intangible assets. See the details of all these elements in p. 17).

Accounting earnings per share in the second quarter of 2025 reached €3.48, including the capital gain on the Victory Capital transaction and the exceptional tax contribution in France.

A solid financial structure, €1.3bn in surplus capital

Tangible equity¹⁷ amounted to €4.3bn as at 30 June 2025, down slightly compared to the end of 2024 due to the payment of dividends (-€0.9bn) for the fiscal year 2024 and the impact of foreign exchange (-€0.2bn), most of which were offset by accounting net income for the first half of the year, including the capital gain related to this transaction (+€1.0bn), including the capital gain related to the partnership with Victory Capital (+€0.4bn).

As indicated at the time of signing in July 2024, the partnership with Victory Capital did not have a significant effect on the CET1 ratio.

The capital surplus at the end of the first quarter stood at €1.3bn.

In a press release dated 4 July, the rating agency FitchRatings confirmed Amundi’s A+ issuer rating¹⁸ with a stable outlook, the best in the sector.

* * * * *

APPENDICES

Adjusted income statement³of the first half of 2025

(M€)	H1 2025	H1 2024*	% ch. H1/H1*

Net revenue – adjusted	1,703	1,623,	+4.9%
Management fees	1,542	1,475	+4.6%
Performance fees	58	66	-13.2%
Technology	52	35	+48.0%
Financial income and other revenues	52	47	+10.4%
Operating expenses – adjusted	(894)	(849)	+5.3%
Cost/income ratio – adjusted (%)	52.5%	52.3%	+0.2pp
Gross operating income – adjusted	808,	773,	+4.5%
Cost of risk & others	(6)	(8)	-28.7%
Equity-accounted companies – JVs	66	61	+7.1%
Equity-accounted companies – Adjusted Victory Capital	26	32	-16.8%
Income before tax – adjusted	895	858,	+4.2%
Corporate tax – adjusted	(259)	(192)	+35.0%
Non-controlling interests	2	1	+88.1%
Net income group share – adjusted	638,	668,	-4.5%
Amortization of intangible assets after tax	(28)	(32)	-10.8%
Integration costs and amortisation of the PPA after tax	(7)	0	NS
Victory Capital adjustments (after tax, on a co-payment basis)	(7)	0	NS
Victory Capital Capital Capital Gain, after tax	402	0	NS
Net income group share	998	636	+56.9%
Earnings per share (€)	4.86	3.11	+56.3%
Earnings per share – adjusted (€)	3.11	3.26	-4.8%

* Quarterly series have been restated as if Amundi US had been consolidated using the 100% equity method up to and including Q1 2025; in H1 2025 no restatement was applied and Amundi US is therefore fully consolidated in Q1 2025, and H1 2024 was restated accordingly, ie as if Amundi US had been fully integrated in Q1 2024 and equity-accounted in Q2 2024.

Adjusted income statement³of the second quarter

(M€)	Q2 2025	Q2 2024*	% var. T2/T2*	Q1 2025*	% ch. Q2/Q1*

Net revenue – adjusted	790	799	-1.0%	823	-3.9%
Management fees	717	709	+1.2%	737	-2.7%
Performance fees	35	49	-28.9%	23	+53.5%
Technology	26	17	+49.8%	26	+0.7%
Financial income & other revenues	12	23	-47.2%	37	-66.9%
Operating expenses – adjusted	(417)	(410)	+1.6%	(416)	+0.2%
Cost/income ratio – adjusted (%)	52,7%	51,4%	+1.4pp	50.6%	+2.2pp
gross operating income – adjusted	374	388	-3.8%	407	-8.1%
Cost of risk & others	(1)	(8)	-82.4%	(4)	-67.4%
Equity-accounted companies – JVs	38	33	+16.6%	28	+38.6%
Equity-accounted companies – Adjusted Victory Capital	26	32	-16.8%	22	+21.2%
Income before tax – adjusted	437	445	-1.8%	452	-3.3%
Corporate tax – adjusted	(104)	(95)	+9.0%	(149)	-30.6%
Non-controlling interests	1	0	NS	1	+32.6%
Net income group share – adjusted	334	350	-4.5%	303	+10.2%
Amortization of intangible assets after tax	(15)	(17)	-13.7%	(14)	+8.8%
Integration costs and amortisation of the PPA after tax	(1)	0	NS	(3)	-78.2%
Victory Capital adjustments (after tax, on a co-payment basis)	(7)	0	NS	(4)	+62.2%
Victory Capital Capital Capital Gain, after tax	402	0	NS	0	NS
Net income group share	715	333	NS	283	NS
Earnings per share (€)	3.48	1.63	NS	1.38	NS
Earnings per share – adjusted (€)	1.63	1.71	-4.8%	1.48	+10.2%

* Quarterly series have been restated as if Amundi US had been consolidated using the 100% equity method up to and including Q1 2025; In H1 2025 no restatement was applied and Amundi US is therefore fully consolidated in Q1 2025, and H1 2024 was restated accordingly, ie as if Amundi US had been fully integrated in Q1 2024 and equity-accounted in Q2 2024.

Pro Forma Historical Series³Adjusted⁴– First semester

(m€)	H1 2025	H1 2024	-Contrib. Amundi US T2 2024	H1 2024 pro forma	% ch. 25/24	% ch. 25/24 pro forma

Net management fees	1,542	1,560	85	1,475	-1.2%	-1.4%
Performance fees	58	67	1	66	-14.1%	-13.6%
Net asset management revenues	1,599	1,627	86	1 541	-1.7%	-1.9%
Technology	52	35	0	35	+48.0%	+48.0%
financial income & other revenues	12	6	3	3	NS	NS
Financial income & other revenues – adjusted	52	50	3	47	+4.1%	+6.6%
Net revenue (a)	1,663	1 667	89	1,578	-0.3%	-0.3%
Net revenue – adjusted (b)	1,703	1 711	89	1,623	-0.5%	-0.6%
Operating expenses (c)	(905)	(900)	(51)	(849)	+0.6%	-1.4%
Operating expenses – adjusted (d)	(894)	(900)	(51)	(849)	-0.6%	-2.0%
Gross operating income (e)=(a)+(c)	758	767	38	729	-1.2%	+0.9%
Gross operating income – adjusted (f)=(b)+(d)	808	811	38	773	-0.4%	+0.9%
Cost/income ratio (%) -(c)/(a)	54.4%	54.0%	57.2%	53.8%	0.44pp	-0.56pp
Cost/income ratio – adjusted (%) -(d)/(b)	52.5%	52.6%	57.2%	52.3%	-0.06pp	-0.72pp
Cost of risk & others (g)	397	(5)	3	(8)	NS	NS
Cost of risk & others – adjusted (h)	(6)	(5)	3	(8)	+16.4%	-29.7%
Equity-accounted companies – JV (i)	66	61		61	+7.1%	+7.1%
Equity-accounted companies – US operations (j)	20	0	(32)	32	NS	+18.1%
Equity-accounted companies – U.S. operations – adjusted (k)	26	0	(32)	32	NS	+51.8%
Income before tax (l)=(e)+(g)+(i)+(j)	1,240	824	9	814	+50.6%	+51.8%
Income before tax – adjusted (m)=(f)+(h)+(i)+(k)	895	868	9	858	+3.1%	+3.5%
Corporate tax (n)	(245)	(189)	(9)	(179)	+29.6%	+33.8%
Corporate tax – adjusted (o)	(259)	(201)	(9)	(192)	+28.8%	+32.0%
Non-controlling interests (p)	2	1	0	1	+88.1%	+88.1%
Net income group share (q)=(l)+(n)+(p)	998	636	0	636	+56.9%	+56.9%
Net income group share – adjusted (r)=(m)+(o)+(p)	638	668	0	668	-4.5%	-4.5%

Earnings per share (€)	4.86	3.11		3.11	+56.3%	+56.3%
Earnings per share – adjusted (€)	3.11	3.26		3.26	-4.8%	-4.8%

Pro Forma Historical Series³Adjusted⁴– Quarters 2024-2025

(m€)	Q2 2025	Q2 2024	-Contrib. Amundi US Q2 2024	Q2 2024 pro forma	% ch. T2/T2	% var. Q2/Q2 pro forma	Q1 2025*	-Contrib. Amundi US T1 2025	Q1 2025 pro forma	% ch. T2/T1	% var. Q2/Q1 pro forma
Net management fees	717	794	85	709	-9.7%	+1.2%	824	88	737	-13.0%	-2.7%
Performance fees	35	50	1	49	-29.9%	-28.9%	23	0	23	+52.0%	+53.5%
Net asset management revenues	752	844	86	758	-10.9%	-0.8%	847	88	760	-11.2%	-1.0%
Technology	26	17	0	17	+49.8%	+49.8%	26	0	26	+0.7%	+0.7%
Financial income and other revenues	(7)	3	3	(0)	NS	NS	19	2	18	NS	NS
Financial income and other revenues – adjusted	12	26	3	22	-52.9%	-43.7%	39	2	37	-68.4%	-66.9%
Net income (a)	771	864	89	775	-10.8%	-0.6%	892	90	803	-13.7%	-4.0%
Net income – adjusted (b)	790	887	89	799	-10.9%	-1.0%	912	90	823	-13.4%	-3.9%
Operating expenses (c)	(418)	(461)	(51)	(410)	-9.2%	+2.0%	(486)	(67)	(419)	-14.0%	-0.2%
Operating expenses – adjusted (d)	(417)	(461)	(51)	(410)	-9.6%	+1.6%	(478)	(62)	(416)	-12.8%	+0.2%
Gross Operating Income (e)=(a)+(c)	352	403	38	365	-12.6%	-3.5%	406	22	384	-13.3%	-8.2%
Rross operating income – adjusted (f)=(b)+(d)	374	426	38	388	-12.4%	-3.8%	434	28	407	-14.0%	-8.1%
Cost/income ratio (%) -(c)/(a)	54.3%	53.4%	57.2%	52.9%	0.95pp	1.38pp	54.5%	75.0%	52.2%	-0.20pp	2.08pp
Cost/income ratio – adjusted (%) -(d)/(b)	52.7%	51.9%	57.2%	51.4%	0.79pp	1.37pp	52.4%	69.0%	50.6%	0.35pp	2.16pp
Cost of risk & others (g)	401	(5)	3	(8)	NS	NS	(4)	(0)	(4)	NS	NS
Cost of Risk & Other – adjusted (h)	(1)	(5)	3	(8)	-71.0%	-82.4%	(4)	(0)	(4)	-67.9%	-67.4%
Equity-accounted companies – JV (i)	38	33	0	33	+16.6%	+16.6%	28	0	28	+38.6%	+38.6%
Equity-accounted companies – US operations (j)	20	0	(32)	32	NS	-37.7%	0	(18)	18	NS	+11.7%
Equity-accounted companies – U.S. operations – adjusted (k)	26	0	(32)	32	NS	-16.8%	0	(22)	22	NS	+21.2%
Profit before tax (l)=(e)+(g)+(i)+(j)	811	431	9	421	+88.3%	+92.5%	429	5	425	+89.0%	+91.0%
Profit before tax – adjusted (m)=(f)+(h)+(i)+(k)	437	454	9	445	-3.8%	-1.8%	458	10	452	-4.5%	-3.3%
Corporate tax (n)	(97)	(98)	(9)	(89)	-0.5%	+10.1%	(147)	(5)	(143)	-33.7%	-31.6%
Corporate tax – adjusted (o)	(104)	(105)	(9)	(95)	-0.8%	+9.0%	(155)	(6)	(149)	-33.2%	-30.6%
Non-controlling interests (p)	1	0	0	0	NS	NS	1	0	1	+32.6%	+32.6%
Net income group share (q)=(l)+(n)+(p)	715	333	0	333	NS	NS	283	0	283	NS	NS
Net income group share – adjusted (r)=(m)+(o)+(p)	334	350	0	350	-4.5%	-4.5%	303	0	303	+10.2%	+10.2%

Earnings per share (€)	3.48	1.63		1.63	NS	NS	1.38		1.38	NS	NS
Earnings per share – adjusted (€)	1.63	1.71		1.71	-4.8%	-4.8%	1.48		1.48	+10.2%	+10.2%

Definition of assets under management

Assets under management and net inflows including assets under advisory and marketed and funds of funds, including 100% of assets under management and net inflows from Asian JVs; for Wafa Gestion in Morocco, assets under management and net inflows are taken over by Amundi in the capital of the JV

Evolution of assets under management from the end of 2021 to the end of June 2025

(€bn)	*Assets under management*	*Collection* *Net*	*Market and exchange rate effect*	*Scope* *effect*			*Change in assets under management* *vs. prior quarter*
As of 31/12/2021	2,064					+14%¹⁹
Q1 2022		+3.2	-46.4		–
As of 31/03/2022	2,021					-2.1%
Q2 2022		+1.8	-97.7		–
As of 30/06/2022	1,925					-4.8%
Q3 2022		-12.9	-16.3		–
As of 30/09/2022	1,895					-1.6%
Q4 2022		+15.0	-6.2		–
As of 31/12/2022	1,904					+0.5%
Q1 2023		-11.1	+40.9		–
As of 31/03/2023	1,934					+1.6%
Q2 2023		+3.7	+23.8		–
As of 31/06/2023	1,961					+1.4%
Q3 2023		+13.7	-1.7		–
As of 30/09/2023	1,973					+0.6%
Q4 2023		+19.5	+63.8		-20
As of 31/12/2023	2,037					+3.2%
Q1 2024		+16.6	+62.9		–
As of 31/03/2024	2,116					+3.9%
Q2 2024		+15.5	+16.6		+7.9
30/06/2024	2,156					+1.9%
Q3 2024		+2.9	+32.5		–
30/09/2024	2,192					+1.6%
Q4 2024		+20.5	+28.1		–
31/12/2024	2,240					+2.2%
Q1 2025		+31.1	-24.0		–
31/03/2025	2,247					+0.3%
Q2 2025		+20.4	+10.1		-10.6
30/06/2025	2,267					+0.9%

Total over one year between 30 June 2024 and 30 June 2025: +5.2%

Net inflows +€74.9bn
Market effect +€108.8bn
Forex effect -€62.1bn
Scope effects -€10.6bn
(Q2 2025 effect of the exit of Amundi US assets under management from Amundi US and the acquisition of 26% of Victory Capital assets under management in the US, the acquisition of aixigo has no effect on assets under management)

Details of assets under management and net inflows by client segments²⁰

(€bn)	AuM 30.06.2025	AuM 30.06.24	% change /30.06.24	Q2 2025 inflows	Q2 2024 inflows	H1 2025 inflows	H1 2024 inflows
Networks France	139	133	+4.3%	-0.7	-2.4	-0.5	-0.9
International networks	161	165	-2.5%	-2.9	-0.8	-5.6	-2.8
Of which Amundi BOC WM	3	3	-15.0%	+0.7	+0.4	+1.0	+0.1
Third-Party Distributors	350	359	-2.5%	+5.0	+5.4	+13.3	+12.4
Retail	650	658	-1.1%	+1.4	+2.2	+7.2	+8.7
Institutional & Sovereigns (*)	548	520	+5.4%	+1.7	+1.1	+31.8	+10.7
Corporates	107	108	-1.4%	-3.7	-3.9	-14.0	-8.1
Company savings	101	90	+12.8%	+4.9	+3.8	+4.0	+2.9
CA & SG Insurers	445	424	+4.8%	+5.9	+0.8	+9.4	+1.7
Institutional	1,201	1,142	+5.1%	+8.7	+1.7	+31.2	+7.3
JVs	359	356	+0.6%	+10.3	+11.6	+13.2	+16.1
Victory- US distribution	58	0	NS	-0.0	0.0	-0.0	0.0
Total	2,267	2,156	+5.2%	+20.4	+15.5	+51.6	+32.1

(*) Including funds of funds

Details of assets under management and net inflows by asset classes²⁰

(€bn)	AuM 30.06.2025	AuM 30.06.2024	% change /30.06.2024	Q2 2025 inflows	Q2 2024 inflows	H1 2025 inflows	H1 2024 inflows
Actions	556	515	+8.0%	+6.9	+3.2	+33.3	+0.7
Diversified	270	282	-4.3%	+0.1	+0.7	-0.9	-6.9
Obligations	737	706	+4.3%	+6.6	+10.1	+20.9	+24.0
Real, alternative, and structured	108	112	-4.0%	-2.5	+1.0	-5.2	+0.7
TOTAL MLT ASSETS excl. JV & US Distribution	1,671	1,616	+3.4%	+11.1	+15.1	+48.0	+18.5
Treasury products excl. JVs & US Distribution	180	184	-2.1%	-1.0	-11.2	-9.6	-2.5
TOTAL ASSETS excl. JV & US Distribution	1,851	1,800	+2.8%	+10.2	+3.9	+38.4	+16.0
JVs	359	356	+0.6%	+10.3	+11.6	+13.2	+16.1
Victory-distribution US	58	0	NS	-0.0	0.0	-0.0	0.0
TOTAL	2,267	2,156	+5.2%	+20.4	+15.5	+51.6	+32.1
*Of which MLT assets*	*2,051*	*1,938*	*+5.8%*	*+16.5*	*+23.7*	*+56.3*	*+31.5*
*Of which treasury products*	*216*	*218*	*-0.9%*	*+3.9*	*-8.3*	*-4.7*	*+0.6*

Details of assets under management and net inflows by type of management and asset classes²⁰

(€bn)	AuM 30.06.2025	AuM 30.06.24	% change /30.06.24	Q2 2025 inflows	Q2 2024 inflows	H1 2025 inflows	H1 2024 inflows
Active management	1,118	1,122	-0.4%	+2.9	+8.0	+9.1	+9.3
Equities	196	207	-5.4%	-0.8	-0.4	-4.8	-3.1
Multi-assets	261	272	-3.8%	+0.0	+0.3	-0.9	-7.7
Bonds	661	643	+2.7%	+3.7	+8.1	+14.9	+20.2
Structured products	41	42	-0.3%	-1.4	+1.3	-3.5	+1.9
Passive management	446	382	+16.7%	+10.7	+6.0	+44.2	+8.5
ETFs & ETC	288	237	+21.2%	+8.2	+4.5	+18.6	+9.5
Index & Smart beta	158	144	+9.2%	+2.5	+1.5	+25.6	-1.0
Real & Alternative Assets	67	71	-6.2%	-1.0	-0.3	-1.8	-1.2
Real assets	63	67	-5.4%	-0.6	-0.1	-1.2	-0.3
Alternative	4	4	-18.4%	-0.4	-0.2	-0.5	-1.0
TOTAL MLT ASSETS excl. JV & US Distribution	1,671	1,616	+3.4%	+11.1	+15.1	+48.0	+18.5
Treasury products excl. JVs & US Distribution	180	184	-2.1%	-1.0	-11.2	-9.6	-2.5
TOTAL ASSETS excl. JV & US Distribution	1,851	1,800	+2.8%	+10.2	+3.9	+38.4	+16.0
JVs	359	356	+19.8%	+11.6	-0.9	+16.1	-1.7
Victory-US Distribution	58	0,	NS	-0.0	0.0,	-0.0	0.0,
TOTAL	2,267	2,156	+5.2%	+20.4	+15.5	+51.6	+32.1
*Of which MLT assets*	*2,051*	*1,938*	*+5.8%*	*+16.5*	*+23.7*	*+56.3*	*+31.5*
*Of which treasury products*	*216*	*218*	*-0.9%*	*+3.9*	*-8.3*	*-4.7*	*+0.6*

Details of assets under management and net inflows by geographic area²⁰

(€bn)	AuM 30.06.2025	AuM 30.06.2024	% change /30.06.2024	Q2 2025 inflows	Q2 2024 inflows	H1 2025 inflows	H1 2024 inflows
France	1,028	971	+5.9%	+8.7	+0.0	+9.3	+10.0
Italy	199	207	-3.9%	-1.4	-1.8	-3.4	-2.9
Europe excluding France & Italy	461	406	+13.6%	-1.0	+0.1	+22.8	+4.1
Asia	460	451	+2.0%	+13.8	+15.4	+21.6	+22.3
Rest of the world	119	121	-1.5%	+0.3	+1.7	+1.3	-1.3
TOTAL	2,267	2,156	+5.2%	+20.4	+15.5	+51.6	+32.1
*TOTAL outside France*	1,239	1,185	+4.6%	+11.7	+15.5	+42.3	+22.1

Methodological Annex – Alternative Performance Indicators (APIs)

Accounting and adjusted data

Accounting data – These include

the amortisation of intangible assets, recorded in other revenues, and from Q2 2024, other non-cash expenses spread according to the schedule of price adjustment payments until the end of 2029; these expenses are recognised as deductions from net revenues, in financial expenses.
integration costs related to the transaction with Victory Capital and PPA amortization related to the acquisition of aixigo are recognized in the fourth quarter of 2024 and in the first quarter of 2025 as operating expenses. No such costs were recorded in the first nine months of 2024.

The aggregate amounts of these items are as follows for the different periods under review:

Q1 2024: -€20m before tax and -€15m after tax
H1 2024: -€44m before tax and -€28m after tax
Q4 2024: -€38m before tax and -€28m after tax
Q1 2025: -€29m before tax and -€20m after tax
Q2 2025: -€28m before tax and -€22m after tax + €402m of capital gain (not taxable)
H1 2025: -€57m before tax and -€42m after tax + €402m of capital gain (not taxable)

Adjusted data – In order to present an income statement that is closer to economic reality, the following adjustments have been made: restatement of the amortization of distribution agreements with Bawag, UniCredit and Banco Sabadell, intangible assets representing the client contracts of Lyxor and, since the second quarter of 2024, Alpha Associates, as well as other non-cash expenses related to the acquisition of Alpha Associates; These depreciation and amortization and non-cash expenses are recognized as a deduction from net revenues; restatement of the amortization of a technology asset related to the acquisition of AIXIGO recognized in operating expenses. The integration costs for the transaction with Victory Capital are also restated.

Partnership with Victory Capital

Victory Capital adjusts its US GAAP accounts to better reflect the Group’s economic performance. These US GAAP to Non-GAAP adjustments include, with the figures for the first quarter of 2025 included in Amundi’s financial statements for the second quarter of 2025, the amortisation of intangible assets and other acquisition-related charges, certain business tax, stock-based compensation, acquisition, restructuring and exit costs, Debt issuance costs and the tax benefit of goodwill and acquired intangible assets.

Alternative Performance Indicators²¹

In order to present an income statement that is closer to economic reality, Amundi publishes adjusted data that are calculated in accordance with the methodological appendix presented above.

The adjusted data can be reconciled with the accounting data as follows:

= accounting data

= adjusted data

(M€)	H1 2025	H1 2024*	Q2 2025	Q2 2024	Q2 2024*	Q1 2025	Q1 2025*


Net revenue (a)	1,663	1,578	771	864	775	892	803
– Amortisation of intangible assets (bef. Tax)	(37)	(43)	(18)	(22)	(22)	(18)	(18)
– Other non-cash charges related to Alpha Associates	(3)	(1)	(1)	(1)	(1)	(1)	(1)
Net revenue – adjusted (b)	1,703	1, 623	790	887	799	912	823

Operating expenses (c)	(905)	(849)	(418)	(461)	(410)	(486)	(419)
– Integration costs (bef. tax)	(7)	0	0	0	0	(7)	(2)
– Amortisation related to aixigo PPA (bef. Tax)	(4)	0	(2)	0	0	(2)	(2)
Operating expenses – adjusted (d)	(894)	(849)	(417)	(461)	(410)	(478)	(416)

Gross operating income (e)=(a)+(c)	758	729	352	403	365	406	384
Gross operating income – adjusted (f)=(b)+(d)	808	773	374	426	388	434	407
Cost / Income ratio (%) -(c)/(a)	54.4%	53.8%	54.3%	53.4%	52.9%	54.5%	52.2%
Cost / Income ratio, adjusted (%) -(d)/(b)	52.5%	52.3%	52.7%	51.9%	51.4%	52.4%	50.6%
Cost of risk & others (g)	397	(8)	401	(5)	(8)	(4)	(4)
Cost of risk & others – Adjusted (h)	(6)	(8)	(1)	(5)	(8)	(4)	(4)
Share of net income from JVs (i)	66	61	38	33	33	28	28
Share of net income from Victory Capital (j)	20	32	20	0	32	0	18
Share of net income from Victory Capital – Adjusted (k)	26	32	26	0	32	0	22
Income before tax (l)=(e)+(g)+(i)+(j)	1,240	814	811	431	421	429	425
Income before tax – adjusted (m)=(f)+(h)+(i)+(k)	895	858	437	454	445	458	452
Corporate tax (m)	(245)	(179)	(97)	(98)	(89)	(147)	(143)
Corporate tax – adjusted (n)	(259)	(192)	(104)	(105)	(95)	(155)	(149)
Non-controlling interests (o)	2	1	1	0	0	1	1
Net income group share (q)=(l)+(n)+(p)	998	636	715	333	333	283	283
Net income group share – adjusted (r)=(m)+(o)+(p)	638	668	334	350	350	303	303

Earnings per share (€)	4.86	3.11	3.48	1.63	1.63	1.38	1.38
Earnings per share – adjusted (€)	3.11	3.26	1.63	1.71	1.71	1.48	1.48

Shareholding

	30 June 2025		31 March 2025		31 December 2024		30 June 2024
(units)	Number of shares	% of capital	Number of shares	% of capital	Number of shares	% of capital	Number of shares	% of capital
Crédit Agricole Group	141,057,399	68.67%	141,057,399	68.67%	141,057,399	68.67%	141,057,399	68.93%
Employees	4,398,054	2.14%	4,128,079	2.01%	4,272,132	2.08%	2,879,073	1.41%
Self	1,625,258	0.79%	1,961,141	0.95%	1,992,485	0.97%	963,625	0.47%
Floating	58,338,551	28.40%	58,272,643	28.37%	58,097,246	28.28%	59,747,537	29.20%

Number of equities at the end of the period	205,419,262	100.0%	205,419,262	100.0%	205,419,262	100.0%	204,647,634	100.0%
Average number of equities since the beginning of the year	205,419,262	–	205,419,262	–	204,776,239	–	204,647,634	–
Average number of equities quarter-to-date	205,419,262	–	205,419,262	–	205,159,257	–	204,647,634	–

Average number of shares prorata temporis.

The average number of shares was unchanged between Q1 2025 and Q2 2025 and increased by +0.4% between Q2 2024 and Q2 2025.
A capital increase reserved for employees was recorded on 31 October 2024. 771,628 shares were created (approximately 0.4% of the share capital before the transaction).
Amundi announced on 7 October 2024 a buyback program of up to 1 million shares (i.e. ~0.5% of the share capital before the transaction) to cover performance shares plans, which was finalised on 27 November 2024.

Financial communication calendar

Tuesday 28 October 2025: Q3 and 9-month 2025 results
Fourth quarter 2025: new medium-term strategic plan

About Amundi

Amundi, the leading European asset manager, ranking among the top 10 global players²², offers its 100 million clients – retail, institutional and corporate – a complete range of savings and investment solutions in active and passive management, in traditional or real assets. This offering is enhanced with IT tools and services to cover the entire savings value chain. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages close to €2.3 trillion of assets²³.

With its six international investment hubs²⁴, financial and extra-financial research capabilities and long-standing commitment to responsible investment, Amundi is a key player in the asset management landscape.

Amundi clients benefit from the expertise and advice of 5,500 employees in 35 countries.

Amundi, a trusted partner, working every day in the interest of its clients and society

www.amundi.com

Press contacts:
Natacha Andermahr
Tel. +33 1 76 37 86 05
natacha.andermahr@amundi.com

Corentin Henry
Tel. +33 1 76 36 26 96
corentin.henry@amundi.com

Investor contacts:
Cyril Meilland, CFA
Tel. +33 1 76 32 62 67
cyril.meilland@amundi.com

Thomas Lapeyre
Tel. +33 1 76 33 70 54
thomas.lapeyre@amundi.com

Annabelle Wiriath

Tel. + 33 1 76 32 43 92

annabelle.wiriath@amundi.com

DISCLAIMER

This document does not constitute an offer or invitation to sell or purchase, or any solicitation of any offer to purchase or subscribe for, any securities of Amundi in the United States of America or in France. Securities may not be offered, subscribed or sold in the United States of America absent registration under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements thereof. The securities of Amundi have not been and will not be registered under the U.S. Securities Act and Amundi does not intend to make a public offer of its securities in the United States of America or in France.

This document may contain forward looking statements concerning Amundi’s financial position and results. The data provided do not constitute a profit “forecast” or “estimate” as defined in Commission Delegated Regulation (EU) 2019/980.

These forward looking statements include projections and financial estimates based on scenarios that employ a number of economic assumptions in a given competitive and regulatory context, assumptions regarding plans, objectives and expectations in connection with future events, transactions, products and services, and assumptions in terms of future performance and synergies. By their very nature, they are therefore subject to known and unknown risks and uncertainties, which could lead to their non-fulfilment. Consequently, no assurance can be given that these forward looking statement will come to fruition, and Amundi’s actual financial position and results may differ materially from those projected or implied in these forward looking statements.

Amundi undertakes no obligation to publicly revise or update any forward looking statements provided as at the date of this document. Risks that may affect Amundi’s financial position and results are further detailed in the “Risk Factors” section of our Universal Registration Document filed with the French Autorité des Marchés Financiers. The reader should take all these uncertainties and risks into consideration before forming their own opinion.

The figures presented have been subject to a limited review from the statutory auditors and have been prepared in accordance with applicable prudential regulations and IFRS guidelines, as adopted by the European Union and applicable at that date.

Unless otherwise specified, sources for rankings and market positions are internal. The information contained in this document, to the extent that it relates to parties other than Amundi or comes from external sources, has not been verified by a supervisory authority or, more generally, subject to independent verification, and no representation or warranty has been expressed as to, nor should any reliance be placed on, the fairness, accuracy, correctness or completeness of the information or opinions contained herein. Neither Amundi nor its representatives can be held liable for any decision made, negligence or loss that may result from the use of this document or its contents, or anything related to them, or any document or information to which this document may refer.

The sum of values set out in the tables and analyses may differ slightly from the total reported due to rounding.

¹        See definition of assets under management p.14
²        Excluding JV and Victory Capital – US Distribution US, whose contributions are equity-accounted
³        Adjusted data: see p. 16
⁴        For explanations of pro forma variations, see p. 12 and 13
⁵        Source: IPE “Top 500 Asset Managers” published in June 2025
⁶        Including JV and Victory Capital – US Distribution
⁷        The inflows presented in this section are not cumulative, as they may overlap in part, for example an ETF sold to a third-party distributor in Asia.
⁸        Medium to Long-Term Assets, excluding JVs
⁹        Qualified Domestic Limited Partner, ie asset managers allowed to invest in overseas markets and raise Renminbi funds from domestic investors
¹⁰        See Third-Party Distribution Investor Workshop of 19 June 2025
¹¹        Source: Morningstar Direct, Broadridge FundFile – Open-ended funds and ETFs, global fund scope, March 2025; as a percentage of the assets under management of the funds in question; the number of Amundi open-ended funds rated by Morningstar was 1071 at the end of March 2025. © 2025 Morningstar, all rights reserved
¹²        Reflecting Amundi’s share of the net income of minority JVs in India (SBI FM), China (ABC-CA), South Korea (NH-Amundi) and Morocco (Wafa Gestion), accounted for by the equity method after tax
¹³        Under the assumption that the 2025 tax result in France will be equivalent to that of 2024 and before adjusting the average to take into account the final 2025 tax result
¹⁴        Currently being estimated
¹⁵        Reflecting Amundi’s share of the net income of minority JVs in India (SBI FM), China (ABC-CA), South Korea (NH-Amundi) and Morocco (Wafa Gestion), accounted for by the equity method after tax
¹⁶        Under the assumption that the 2025 tax result in France will be equivalent to that of 2024 and before adjusting the average to take into account the final 2025 tax result
¹⁷        Net equity minus goodwill and intangible assets
¹⁸        Long-Term Issuer Default Rating (IDR)
¹⁹        Lyxor, integrated as of 31/12/2021; sale of Lyxor Inc. in Q4 2023
²⁰        See definition of assets under management, p.14
²¹        See also the section 4.3 of the 2024 Universal Registration Document filed with the AMF on April 16, 2025 under number D25-0272
²²Source: IPE “Top 500 Asset Managers” published in June 2025, based on assets under management as at 31/12/2024
²³Amundi data as at 30/06/2025
²⁴Paris, London, Dublin, Milan, Tokyo and San Antonio (via our strategic partnership with Victory Capital)

Attachment

Amundi PR Results Q2 2025_EN

The MIL Network –

July 30, 2025

MIL-OSI: WISeKey Renews WebTrust Compliance for OISTE/WISeKey Global Root of Trust

Source: GlobeNewswire (MIL-OSI)

WISeKey Renews WebTrust Compliance for OISTE/WISeKey Global Root of Trust

Geneva and Zug, Switzerland – July 29, 2025 – WISeKey International Holding Ltd (“WISeKey”, SIX: WIHN; Nasdaq: WKEY), a global leader in cybersecurity and IoT, today announced the successful renewal of its WebTrust Seal of Assurance. This renewal confirms that WISeKey’s OISTE/WISeKey Trust Model and Certification Authority (CA) services meet the rigorous audit criteria established by the WebTrust program.

The WebTrust for Certification Authorities program, now overseen by CPA Canada, is designed to strengthen public trust in digital certificate services and the broader PKI ecosystem. By maintaining this prestigious certification, WISeKey reinforces its position as a trusted provider of secure digital identity and cybersecurity solutions.

Comprehensive Audit Scope
WISeKey has successfully passed WebTrust audits in the following critical domains:

WebTrust for Certification Authorities – validates WISeKey’s operational integrity in the issuance and lifecycle management of digital certificates.
WebTrust for Baseline Requirements – confirms compliance with the CA/B Forum’s security and issuance standards for publicly trusted certificates.
WebTrust for Extended Validation (EV) – verifies WISeKey’s adherence to strict requirements for issuing EV SSL certificates.
WebTrust for S/MIME – introduced in 2024, it confirms WISeKey’s secure practices in issuing digital certificates for encrypted email communications.
WebTrust for Network Security – newly added in 2025, itattests to WISeKey’s robust cybersecurity controls across its infrastructure.

Advancing Trust Services
WISeKey delivers its trust services via next-generation certificate management platforms, which offer automated provisioning (via ACME and APIs), crypto-agility, and streamlined renewal and revocation processes, reducing operational risks and improving efficiency.

This latest certification also covers WISeKey’s newly deployed Root Certification Authorities, which serve as the foundation for its post-quantum trust services. Through its subsidiary, SEALSQ Corp (Nasdaq: LAES), WISeKey is investing heavily in quantum-resistant solutions that integrate both software and hardware components.

Carlos Moreira, Founder and CEO of WISeKey, stated: “The renewal of our WebTrust assurance demonstrates the reliability and resilience of WISeKey’s Trust Services. It reflects our commitment to maintaining the highest standards of security and compliance for our global clients.”

Expanding Global Recognition
In addition to WebTrust accreditation, WISeKey undergoes regular assessments to meet the diverse compliance requirements of its multinational clientele. These include accreditations for:

Matter, the smart home standard supported by CSA, Google, Apple, and Amazon.
Wi-SUN Alliance, reflects WISeKey’s standing as a trusted root for critical IoT and home automation.
GSMA, ensurs compliance with mobile security standards, such as the issuance of digital certificates for eSIM.

The Role of OISTE Roots in PKI and WISeKey Trust Services delivered by the WISeKey Holding
OISTE Root Certificate Authorities (Root CAs) sit at the top of the PKI hierarchy. They issue and validate subordinate CAs, anchoring trust for all digital certificates downstream. If a Root CA is compromised, the entire trust chain can be invalidated, making trustworthiness and security paramount.
Certificates issued by trusted CAs enable authentication, encryption, and integrity for digital communications. EV certificates, in particular, offer enhanced validation and are preferred for high-assurance applications.

By maintaining WebTrust accreditation, OISTE’s Root CAs remain embedded in major browsers and operating systems, ensuring seamless interoperability and global recognition.

WISeKey SA, another WISeKey subsidiary which specializes in RoT and PKI solutions for secure authentication and identification in IoT, Blockchain, and AI, acts as a “Trust Center” for the rest of companies of the group, centralizing and optimizing the investment in datacenter and PKI technologies.

For more information, visit: www.oiste.org and www.wisekey.com

About WISeKey

WISeKey International Holding Ltd (“WISeKey”, SIX: WIHN; Nasdaq: WKEY) is a global leader in cybersecurity, digital identity, and IoT solutions platform. It operates as a Swiss-based holding company through several operational subsidiaries, each dedicated to specific aspects of its technology portfolio. The subsidiaries include (i) SEALSQ Corp (Nasdaq: LAES), which focuses on semiconductors, PKI, and post-quantum technology products, (ii) WISeKey SA which specializes in RoT and PKI solutions for secure authentication and identification in IoT, Blockchain, and AI, (iii) WISeSat AG which focuses on space technology for secure satellite communication, specifically for IoT applications, (iv) WISe.ART Corp which focuses on trusted blockchain NFTs and operates the WISe.ART marketplace for secure NFT transactions, and (v) SEALCOIN AG which focuses on decentralized physical internet with DePIN technology and house the development of the SEALCOIN platform.

Each subsidiary contributes to WISeKey’s mission of securing the internet while focusing on their respective areas of research and expertise. Their technologies seamlessly integrate into the comprehensive WISeKey platform. WISeKey secures digital identity ecosystems for individuals and objects using Blockchain, AI, and IoT technologies. With over 1.6 billion microchips deployed across various IoT sectors, WISeKey plays a vital role in securing the Internet of Everything. The company’s semiconductors generate valuable Big Data that, when analyzed with AI, enable predictive equipment failure prevention. Trusted by the OISTE/WISeKey cryptographic Root of Trust, WISeKey provides secure authentication and identification for IoT, Blockchain, and AI applications. The WISeKey Root of Trust ensures the integrity of online transactions between objects and people. For more information on WISeKey’s strategic direction and its subsidiary companies, please visit www.wisekey.com.

Disclaimer
This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”), the FinSa’s predecessor legislation or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.

Press and Investor Contacts

WISeKey International Holding Ltd
Company Contact: Carlos Moreira
Chairman & CEO
Tel: +41 22 594 3000
info@wisekey.com

WISeKey Investor Relations (US)
The Equity Group Inc.
Lena Cati
Tel: +1 212 836-9611
lcati@theequitygroup.com

The MIL Network –

July 30, 2025

Sensex, Nifty trade flat after early losses; realty stocks lead gains

Source: Government of India

Source: Government of India (4)

The Indian stock market opened lower on Tuesday but recovered mildly to trade flat by mid-morning amid mixed global cues and cautious investor sentiment.

At 9:29 AM, the BSE Sensex was nearly unchanged, edging up just 1.69 points to trade at 80,892, while the NSE Nifty rose 16 points or 0.06% to 24,696. The indices had opened in the red, with Nifty briefly dipping to around 24,600 at the bell.

According to Hardik Matalia, equity strategist at Choice Equity Broking, the Nifty may find support at 24,600, followed by 24,500 and 24,300, while facing immediate resistance at 24,800, and further barriers at 24,900 and 25,000.

“A sustained move above the 25,000 mark is critical to easing the current selling pressure,” Matalia noted. “As long as the index remains below that level, the short-term trend remains weak. Traders should follow a sell-on-rise approach,” he added.

In early trade, realty stocks outperformed, with the Nifty Realty index leading sectoral gains. However, IT stocks slipped, with the Nifty IT index declining 0.32%. The Nifty Bank index remained largely flat, down 0.01%.

Among the top gainers in the Nifty pack were JSW Steel, Jio Financial, IndusInd Bank, Reliance Industries, and Shriram Finance. On the other hand, Eternal led the laggards with a 1.64% drop, followed by Infosys, SBI Life Insurance, Wipro, and Bharat Electronics.

Market sentiment was dampened by the lack of progress on a much-anticipated India–US trade deal, with expectations dimming for an agreement before the August 1 deadline.

In global markets, Wall Street presented mixed signals. The Dow Jones Industrial Average declined 0.14%, while the Nasdaq Composite rose 0.33%. The S&P 500 closed nearly flat, up by just 0.02%.

Across Asia, trading sentiment remained cautious. Japan’s Nikkei 225 dropped 0.91%, and Hong Kong’s Hang Seng Index fell 0.93%. However, South Korea’s Kospi gained 0.59%, while Chinese markets remained largely flat during morning hours.

On the institutional front, Foreign Institutional Investors (FIIs) extended their selling streak for the sixth consecutive session, offloading equities worth ₹6,082 crore on Monday. In contrast, Domestic Institutional Investors (DIIs) were net buyers, purchasing shares worth ₹6,764 crore, offering some support to the market.

– IANS

July 30, 2025

MIL-OSI: Equinor ASA: Share buy-back – third tranche for 2025

Source: GlobeNewswire (MIL-OSI)

Please see below information about transactions made under the third tranche of the 2025 share buy-back programme for Equinor ASA (OSE:EQNR, NYSE:EQNR, CEUX:EQNRO, TQEX:EQNRO).

Date on which the buy-back tranche was announced: 23 July 2025.

The duration of the buy-back tranche: 24 July to no later than 27 October 2025.

Further information on the tranche can be found in the stock market announcement on its commencement dated 23 July 2025, available here: https://newsweb.oslobors.no/message/651645

From 24 July to 25 July 2025, Equinor ASA has purchased a total of 519,300 own shares at an average price of NOK 258,9479 per share.

Overview of transactions:

Date	Trading venue	Aggregated daily volume (number of shares)	Daily weighted average share price (NOK)	Total daily transaction value (NOK)

24 July	OSE	259,300	258.5174	67,033,561.82
	CEUX
	TQEX

25 July	OSE	260,000	259.3773	67,438,098.00
	CEUX
	TQEX

Total for the period	OSE	519,300	258.9479	134,471,659.82
	CEUX
	TQEX

Previously disclosed buy-backs under the tranche	OSE
	CEUX
	TQEX
	Total

Total buy-backs under the tranche (accumulated)	OSE	519,300	258.9479	134,471,659.82
	CEUX
	TQEX
	Total	519,300	258.9479	134,471,659.82

Following the completion of the above transactions, Equinor ASA owns a total of 26,085,243 own shares, corresponding to 1.02% of Equinor ASA’s share capital, including shares under Equinor’s share savings programme (excluding shares under Equinor’s share savings programme, Equinor owns a total of 16,896,488 own shares, corresponding to 0.66% of the share capital).

This is information that Equinor ASA is obliged to make public pursuant to the EU Market Abuse Regulation and that is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

Appendix: A overview of all transactions made under the buy-back tranche that have been carried out during the above-mentioned time period is attached to this report and available at www.newsweb.no.

Contact details:

Investor relations
Bård Glad Pedersen, senior vice president Investor Relations,
+47 918 01 791

Media
Sissel Rinde, vice president Media Relations,
+47 412 60 584

Attachment

Detailed overview of transactions

The MIL Network –

July 30, 2025

CONTACTS:	Al Petrie	Sameer Parasnis
	Investor Relations Coordinator	Executive VP and CFO
	investorrelations@wtoffshore.com	sparasnis@wtoffshore.com
	713-297-8024	713-513-8654

Category: Finance

Source: Greenpeace