Category: Finance

MIL-OSI Security: Former East Bay Financial Advisor Charged with Allegedly Operating Long-Running $9.5 Million Ponzi Scheme

Source: US FBI

OAKLAND – A federal grand jury indicted Edwin Emmett Lickiss, Jr., on one count of wire fraud and one count of money laundering in connection with an alleged $9.5 million investment fraud scheme.

According to the indictment filed on July 17, 2025, and unsealed today, between 1998 and September 2024, Lickiss, 77, was a financial advisor based in Danville and Alamo, Calif., who owned and operated Foundation Financial Group, a firm that provided investment services to investors in the Northern District of California, Idaho, and throughout the United States. Lickiss was a registered broker until 2014, when the Financial Industry Regulatory Authority suspended his broker’s license. Despite the suspension and loss of his broker’s license, Lickiss allegedly continued to solicit and obtain investments from victim investors until around September 2024.

The indictment alleges that as part of his scheme, Lickiss falsely represented to investors that he would invest their funds in government bonds and other bonds. To induce his victims to invest their money with him, Lickiss claimed he had exclusive access to fictitious bonds that paid very high rates of returns, including rates in excess of 20 percent. Lickiss described the fictitious bonds as safe, secure, and tax-free, and falsely claimed, among other things, that they could be redeemed at any time.

In order to convince investors that he had invested their funds as promised, Lickiss allegedly gave fraudulent promissory notes that included the terms of the fake bond investments and purported to track investors’ total investment in the fake bonds. Lickiss also occasionally made lulling payments to victim investors, falsely describing the payments as interest that had accrued on the nonexistent bonds, when, in fact, the payments were made with funds Lickiss fraudulently obtained from subsequent victim investors. In addition to making the foregoing misrepresentations, Lickiss allegedly failed to disclose to victim investors that he had been suspended in 2014 from association with any broker-dealer and that he subsequently lost his broker’s license in 2016.

Instead of investing the funds as promised, Lickiss allegedly used victim investors’ funds to pay earlier investors, in the manner of a Ponzi scheme, and for his personal use, including cash withdrawals, home renovations, travel, and car, mortgage, and personal credit card payments. In all, Lickiss allegedly obtained at least $9.5 million from no fewer than 50 victim investors.

United States Attorney Craig H. Missakian, FBI Special Agent in Charge Sanjay Virmani, and IRS Criminal Investigation (IRS-CI) Oakland Field Office Special Agent in Charge Linda Nguyen made the announcement.

Lickiss is scheduled to make his initial appearance on July 22, 2025, at 10:30 a.m., before U.S. Magistrate Judge Nathanael Cousins in Courtroom F in San Francisco.

An indictment merely alleges that crimes have been committed, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law. Defendant faces a maximum statutory sentence of 20 years in prison and a $250,000 fine on the wire fraud count, and 10 years in prison and a $250,000 fine on the money laundering count. Any sentence following conviction would be imposed by the court after consideration of the U.S. Sentencing Guidelines and the federal statute governing the imposition of a sentence, 18 U.S.C. § 3553.

The U.S. Securities and Exchange Commission has also filed a civil enforcement action against Lickiss in the Northern District of California.

Assistant U.S. Attorneys Ryan Arash Rezaei and Benjamin J. Wolinsky are prosecuting the case with the assistance of Lynette Dixon. The prosecution is the result of an investigation by the FBI and IRS-CI. The U.S. Attorney’s Office thanks the Atlanta Regional Office of the SEC for its assistance in the investigation.

Lickiss Indictment

MIL Security OSI –

July 26, 2025
MIL-OSI Security: Conspiracy Ringleader of $78 Million Diverted Prescription Drug Operation Sentenced to 14 Years in Prison

Source: US FBI

MIAMI – Stephen Costa, 40, was sentenced to fourteen years in prison after pleading guilty to his leadership role in a conspiracy that distributed thousands of bottles of diverted pharmaceutical drugs, many intended for HIV and cancer patients, into the legitimate supply chain around the United States.

According to court documents, Costa was the architect of a scheme, which resulted in the prosecution of 20 defendants in a series of superseding indictments issued between 2019 and 2024. The conspiracy originated in early 2013, when Costa began acquiring licensed pharmaceutical wholesale companies using the names of recruited associates, and established new corporations to distribute the drugs he acquired. Several of Costa’s accomplices were individuals he had previously conspired with in a similar scheme based in New York and others he had known from other businesses or high school.

Once Costa had control of these companies, he purchased diverted drugs from suppliers he had worked with before and directed his co-conspirators on how to price, market, sell, and distribute the drugs. These diverted drugs were ultimately funneled to legitimate pharmacies around the country.

Costa continued to expand the Miami-based conspiracy even after his conviction in the New York scheme. Before reporting to prison to serve his sentence, Costa facilitated the introduction of his primary supplier of diverted pharmaceuticals to a co-conspirator to perpetuate the operation during his imprisonment. Costa received several payments from the proceeds of his co-conspirator’s continuing operation.

In total, approximately $78 million worth of diverted drugs were sold to unsuspecting patients, believing their medications had been shipped directly from legitimate manufacturers—not purchased on the streets and repackaged under false labeling. The criminal operation was shut down in May 2019 through a joint effort by the Food and Drug Administration, Office of Criminal Investigations (FDA-OCI), and FBI Miami.

U.S. Attorney Hayden P. O’Byrne for the Southern District of Florida, Special Agent in Charge Brett D. Skiles of FBI Miami, and Acting Special Agent in Charge Maximillian Pagano of the FDA-OCI Miami Field Office made the announcement.

Assistant U.S. Attorney Frank Tamen prosecuted the case.

Assistant U.S. Attorney Nicole Grosnoff is handling asset forfeiture.

You may find a copy of this press release (and any updates) on the website of the United States Attorney’s Office for the Southern District of Florida at www.usdoj.gov/usao/fls.

Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov, under case number 19-cr-20674.

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MIL Security OSI –

July 26, 2025

MIL-OSI: Federal Home Loan Bank of Des Moines Announces Second Quarter 2025 Financial Results, Declares Dividend

Source: GlobeNewswire (MIL-OSI)

DES MOINES, Iowa, July 25, 2025 (GLOBE NEWSWIRE) —

Second Quarter 2025 Highlights

Net income of $194 million
Affordable Housing Program (AHP) assessments of $21 million
Voluntary community and housing contributions of $43 million
Advances totaled $114.8 billion
Mortgage loans held for portfolio, net totaled $13.2 billion
Letters of credit totaled $17.7 billion
Retained earnings totaled $3.6 billion

Dividend

The Board of Directors approved a second quarter 2025 dividend to be paid at an annualized rate of 9.75% on average activity-based stock and 6.00% on average membership stock, unchanged from the prior quarter. The Federal Home Loan Bank of Des Moines (the Bank) expects to make dividend payments totaling $145 million on August 12, 2025.

Liquidity Mission

The Bank provides liquidity to its members to support the housing, business, and economic development needs of their communities. Members pledge mortgage loans and other collateral to access the Bank’s core liquidity products of advances, letters of credit, and purchased mortgage loans under the Mortgage Partnership Finance^® Program. During the six months ended June 30, 2025, advance balances averaged $104.0 billion, letters of credit averaged $19.2 billion, purchased mortgage loan balances averaged $12.4 billion, and the Bank held an average of $27.7 billion of short-term assets as a ready source of liquidity for its members.

Affordable Housing and Community Impact

The Bank’s housing and community development programs are central to its mission. The Bank contributes 10% of its net income each year to its AHP, a grant program that supports the creation, preservation, or purchase of affordable housing. This program includes a competitive AHP and two down payment assistance products called Home$tart and the Native American Homeownership Initiative. During the three and six months ended June 30, 2025, the Bank accrued statutory AHP assessments of $21 million and $44 million and voluntarily accrued $5 million and $6 million, to be awarded in 2026 through this program.
In addition to its AHP, the Bank offers its members voluntary programs to further its housing mission. During the three and six months ended June 30, 2025, the Bank recorded a total of $43 million and $55 million in voluntary community and housing contributions, including the voluntary AHP contribution. Through its voluntary programs in 2025, the Bank:

provided $20 million in 0% rate advances to members that originated or purchased mortgage loans from a Habitat for Humanity^® affiliate and recorded $4 million in subsidy expense;
funded $232 million of home mortgages with an interest rate lower than the current market rate under the Mortgage Rate Relief program, which provided $19 million in grants, including $18 million during the second quarter, to those seeking affordable homeownership; and
recorded contributions of $26 million, including $20 million during the second quarter, to its Member Impact Fund to match member donations to local housing and community development organizations.

Financial Results Discussion

Net Income – For the three and six months ended June 30, 2025, the Bank recorded net income of $194 million and $399 million compared to $230 million and $504 million for the same periods in 2024.

Net Interest Income – For the three and six months ended June 30, 2025, the Bank recorded net interest income of $289 million and $537 million, a decrease of $30 million and $131 million when compared to the same periods in 2024. The decrease was due to the yield on interest-earning assets declining at a quicker pace than the cost of interest-bearing liabilities driven primarily by changes in interest rates, which also reduced earnings on invested capital, and a decline in longer-term advances. The decline in net interest income was offset in part by mortgage loan and mortgage-backed security portfolio growth, as well as the call of higher-costing consolidated obligation bonds. In addition, during the three months ended June 30, 2025, the decline was offset by an increase in market value adjustments on the Bank’s fair value hedge relationships.

Net Interest Spread and Margin – Net interest spread was 0.38 percent and 0.35 percent for the three and six months ended June 30, 2025, a decrease of 0.07 percent and 0.10 percent when compared to the same periods in 2024. Net interest margin was 0.64 percent and 0.61 percent for the three and six months ended June 30, 2025, a decrease of 0.11 percent and 0.13 percent when compared to the same periods in 2024. The declines in net interest spread and margin were driven by the decrease in net interest income discussed above. The Bank’s cost of funds does not include net interest settlements on economic hedges, which are recorded in other income (loss). As a result, net interest spread and margin do not reflect the full impact of the Bank’s funding and hedging strategies and may experience volatility as interest rates change.

Other Income (Loss) – For the three and six months ended June 30, 2025, the Bank recorded other income of $16 million and $57 million, an increase of $25 million and $62 million when compared to the same periods in 2024, primarily due to the net changes in fair value on the Bank’s trading securities, fair value option instruments, and economic derivatives.

Other Expense – For the three and six months ended June 30, 2025, the Bank recorded other expense of $90 million and $151 million, an increase of $35 million and $46 million when compared to the same periods in 2024, primarily driven by an increase in voluntary community and housing contributions.

Assets – The Bank’s total assets increased to $190.0 billion at June 30, 2025, from $165.3 billion at December 31, 2024, driven primarily by an increase in advances and investments. Advances increased $14.9 billion due mainly to an increase in borrowings by large depository institution members and insurance companies. Investments increased $9.3 billion due in part to an increase in short-term investments, mainly federal funds sold and securities purchased under agreements to resell, as well as the purchase of agency mortgage-backed securities and U.S. Treasury obligations.

Capital – Total capital increased to $10.2 billion at June 30, 2025, from $9.5 billion at December 31, 2024, primarily due to an increase in activity-based capital stock resulting from an increase in advance balances.


Federal Home Loan Bank of Des Moines Financial Highlights (preliminary and unaudited) *Dollars in millions*
Selected Balance Sheet Items	June 30, 2025			December 31, 2024
Advances	$	114,845		$	99,951
Investments		61,353			52,032
Mortgage loans held for portfolio, net		13,197			11,896
Total assets		190,022			165,253
Consolidated obligations		176,770			153,251
Capital stock – Class B putable		6,660			5,989
Retained earnings		3,617			3,491
Total capital		10,225			9,451
Total regulatory capital¹		10,311			9,489
Regulatory capital ratio		5.43	%		5.74	%

¹ Total regulatory capital includes capital stock, mandatorily redeemable capital stock, and retained earnings. The regulatory capital ratio is calculated as regulatory capital as a percentage of period end assets.

	For the Three Months Ended						For the Six Months Ended
	June 30,						June 30,
Operating Results		2025			2024			2025			2024
Net interest income	$	289		$	319		$	537		$	668
Provision (reversal) for credit losses on mortgage loans		—			(1	)		—			(2	)
Other income (loss)		16			(9	)		57			(5	)
Other expense		90			55			151			105
Affordable Housing Program assessments		21			26			44			56
Net income	$	194		$	230		$	399		$	504
Performance Ratios
Net interest spread		0.38	%		0.45	%		0.35	%		0.45	%
Net interest margin		0.64			0.75			0.61			0.74
Return on average equity (annualized)		7.86			9.57			8.20			10.47
Return on average assets (annualized)		0.42			0.53			0.45			0.55

The financial results reported in this earnings release for the second quarter of 2025 are preliminary until the Bank announces unaudited financial results in its Second Quarter 2025 Form 10-Q filed with the Securities and Exchange Commission, expected to be available next month at www.fhlbdm.com and www.sec.gov.

The Bank is a member-owned cooperative whose mission is to be a reliable provider of funding, liquidity, and services for its members so that they can meet the housing, business, and economic development needs of the communities they serve. The Bank is wholly owned by nearly 1,250 members, including commercial banks, savings institutions, credit unions, insurance companies, and community development financial institutions. The Bank serves Alaska, Hawaii, Idaho, Iowa, Minnesota, Missouri, Montana, North Dakota, Oregon, South Dakota, Utah, Washington, Wyoming, and the U.S. Pacific territories of American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands. The Bank is one of 11 regional banks that make up the Federal Home Loan Bank System.

Statements contained in this announcement, including statements describing the objectives, projections, estimates, or future predictions in the Bank’s operations, may be forward-looking statements. These statements may be identified by the use of forward-looking terminology, such as believes, projects, expects, anticipates, estimates, intends, strategy, plan, could, should, may, and will or their negatives or other variations on these terms. By their nature, forward-looking statements involve risk or uncertainty, and actual results could differ materially from those expressed or implied or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. As a result, you are cautioned not to place undue reliance on such statements. A detailed discussion of the more important risks and uncertainties that could cause actual results and events to differ from such forward-looking statements can be found in the “Risk Factors” section of the Bank’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the SEC. These forward-looking statements apply only as of the date they are made, and the Bank undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.

Contact: Amber Pringnitz

515.412.2306

apringnitz@fhlbdm.com

The MIL Network –

July 26, 2025

MIL-OSI Africa: Angola’s National Oil, Gas & Biofuels Agency (ANPG) Drives Ambitious Investment Strategy, Joins African Energy Week (AEW) 2025 as Diamond Partner

Source: APO – Report:

Angola’s upstream regulator the National Oil, Gas & Biofuels Agency (ANPG) has joined Africa’s largest energy event – African Energy Week (AEW): Invest in African Energies – as a Diamond Partner. The ANPG’s participation comes as Angola witnesses a $60 billion investment drive across its upstream oil and gas industry between 2025 and 2030, led by a series of ambitious exploration and production projects. As the country strives to sustain oil production above one million barrels per day (bpd) while diversifying the industry through non-associated gas development, AEW: Invest in African Energies 2025 will serve as a vital platform for advancing investment across Angola’s blocks.

Angola’s upstream capital expenditure drive is largely accredited to the ANPG’s multi-year licensing strategy – launched in 2019 -, which laid the foundation for greater investment in both brownfield and greenfield blocks. Through this strategy, the ANPG aims to award 50 concessions by 2025, with 30 new concessions already awarded to date. Currently, the ANPG is preparing to launch its next licensing round in 2025, offering ten blocks for investment in the offshore Kwanza and Benguela basins. At AEW: Invest in African Energies 2025, insights into this licensing strategy will support future investments in Angola.

AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit https://AECWeek.com/ for more information about this exciting event.

Beyond the multi-year licensing strategy, the ANPG has introduced a series of flexible investment structures that enable operators to invest in Angolan blocks out of the confines of traditional bid rounds. Through its permanent offer program, the ANPG has enticed spending across blocks that have not been awarded under the bid rounds. At present, up to 11 blocks are available on direct negotiation. Meanwhile, the country also launched five marginal fields for investment in 2024. These fields are suited for smaller players seeking near-term production and are situated in producing blocks with proven petroleum systems. The ANPG also introduced an Incremental Production Initiative in 2024, aimed at enticing investment in producing and maturing assets. The program features improved fiscals for operators seeking to reinvest in ageing assets and has already yielded positive results. Energy major ExxonMobil, for example, made a discovery at the Likember-01 well in 2024. This find represented the first under the initiative.

These investment structures have laid the groundwork for billion-dollar projects in Angola. Between 2025 and 2028, the country expects several major projects to come online. These include the Cabinda Oil Refinery (2025); the Agogo Integrated West Hub Development (2025); the New Gas Consortium’s non-associated gas project (2026); and the Kaminho Deepwater Development (2028). The country is also spearheading onshore exploration with the aim of revitalizing production across inland basins. A range of onshore contracts have been signed by the ANPG and international operators in recent months, covering strategic acreage in the onshore Kwanza and Lower Congo basins. The ANPG also signed deals with XTG and ReconAfrica for exploration rights in the frontier Etosha-Okavango basin, with the companies targeting play-opening discoveries.

As sub-Saharan Africa’s second largest oil producer, Angola is also making forays into non-associated gas development. With the majority of the country’s gas developed through associated projects, the country is targeting gas-focused exploration wells under efforts to enhance feedstock for the Angola LNG plant, increase LPG production and support long-term economic growth through gas-to-power, petrochemicals and job creation opportunities. In July 2025, project partners at Block 1/14 in the Lower Congo basin made a new gas discovery at the Gajajeira-01 exploration well. Initial assessments suggest reserves of up to one trillion cubic feet of gas and up to 100 million barrels of associated condensate. An upcoming Gas Master Plan – offering a comprehensive guide to investing in Angola’s gas industry – is expected to further support discoveries of this nature, affirming the country’s position as a major gas producer.

“The ANPG’s investment strategy is one that should be replicated across various African countries. It’s multi-year licensing round offers recurring opportunities for companies to invest in onshore and offshore blocks while its permanent offer program introduces flexibility for operators. Marginal fields entice smaller players to invest while incremental production encourages spending in producing assets. This strategy has already led to large-scale projects and will continue to strengthen Angola’s oil and gas market for years to come,” states Tomás Gerbasio, VP Commercial and Strategic Engagement, African Energy Chamber.

– on behalf of African Energy Chamber.

Media files

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MIL OSI Africa –

July 26, 2025
MIL-OSI USA: Tillis, Padilla Applaud Senate Judiciary Committee Passage of the TRACE Act

US Senate News:

Source: United States Senator for North Carolina Thom Tillis
WASHINGTON, D.C. – Today, Senators Thom Tillis (R-NC) and Alex Padilla (D-CA) applauded the passage of the TRACE Act out of the Senate Judiciary Committee. The TRACE Act is a bipartisan, bicameral bill that would require the U.S. Department of Justice (DOJ) to include an additional category to the existing National Missing and Unidentified Persons Systems (NamUs) database so the public and law enforcement partners can denote cases where the person went missing or was identified on federal land or territorial waters of the United States —including by providing specific location details.
The bill also requires DOJ to submit an annual report to Congress on the number of cases of persons missing or suspected of going missing on public lands or territorial waters of the United States from the previous year. With this new feature, family and friends of people who have gone missing on public lands could more easily find and include this information in NamUs, while law enforcement agencies can simultaneously work to improve the national records of individuals missing on public lands.
“Every year, people go missing on public lands without being recorded in the National Missing and Unidentified Persons System,” said Senator Tillis. “This oversight is impeding law enforcement from keeping track of those who go missing to help search and rescue efforts. I applaud the Senate Judiciary Committee for passing this bipartisan, bicameral legislation so these cases can be added to the database and potentially save hundreds of lives in the future, and I look forward to supporting this legislation on the Senate floor.”
“Thousands of people go missing on public lands every year in the United States, but without an effective tracking system, law enforcement faces significant challenges in finding them,” said Senator Padilla. “Public lands should be safe for everyone. That’s why I will keep working with Senator Tillis and my colleagues across the aisle to pass this bipartisan legislation to improve data accuracy and accessibility, give law enforcement better tools to resolve cases, and bring peace of mind to affected families.”
Background:
According to a NamUs report, over 600,000 people go missing in the United States annually. While the majority of these cases are resolved, tens of thousands of people remain missing every year. There are approximately 640 million acres of federal land which include national parks, national forests, and Bureau of Land Management lands.
Estimates suggest that at least 1,600 people have gone missing on public lands, though the number is likely much higher, as isolated or rugged terrain on public lands can make it especially difficult to find or identify people who go missing. Despite this, there is no functional system to report people who have gone missing on public lands. Having accurate data on how many people go missing on our public lands every year is crucial to aid search and rescue efforts and resolve cases.
NamUs is the main system used by law enforcement, families and friends of missing persons, medical examiners, and coroners to report unidentified remains and missing persons, and is also used by the public.
The TRACE Act is endorsed by the Public Lands Solution, Jewish Women’s Institute, Major County Sheriffs Association, Association of State Criminal Investigative Agencies (ASCIA), NDAA, Raven, National Association to End Sexual Violence, and the Outdoor Industry Association.
Full text of the bill is available HERE.

MIL OSI USA News –

July 26, 2025
MIL-OSI Analysis: New polling: Reform is winning over Britain’s Christian support

Source: The Conversation – UK – By Stuart Fox, Senior Lecturer in Politics, University of Exeter

When we look at how people vote in elections and why they choose certain parties, analysis often focuses on age, education, location or socioeconomic status. Less discussed in Britain is religion. But close to two-thirds of its adults are still religious – expressing either a religious identity, holding religious beliefs, or taking part in religious activities.

For the one-in-three adults in Britain who are Christian, this identity remains an important influence on their political behaviour. New polling, published here for the first time, shows how Reform UK is disrupting our previous understanding of how Christians vote in British elections.

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The relationship between Britain’s Christian communities and the major political parties goes back centuries. The Conservative party has been very close to English Anglicanism since its emergence in the mid-19th century. Catholics and free-church Protestants (such as Baptists and Methodists) have tended towards the Labour and Liberal/Liberal Democrat parties. Even as Britain has become more secular, these relationships have persisted.

Anglicans, for example, have tended to vote Conservative even when the party was in dire straits. In the 2024 election, 39% of Anglicans voted Tory even as the party’s national vote share fell to 24%.

Since the 1980s and particularly in elections since 2015, however, we have started to see changes to the Christian vote. The traditional Catholic attachment to Labour has deteriorated, as has Labour’s appeal to other Christian communities such as Baptists, Methodists and Presbyterians.

Read more:
Britain’s changing religious vote: why Catholics are leaving Labour and Conservatives are hoovering up Christian support

Instead, driven by the rising salience of social values (attitudes towards immigration, social change and national identity) as a determinant of political support, the socially conservative leanings of some Christians of all stripes has led to increased support for the Conservatives. And those who traditionally did so – the Anglicans – have become even more supportive. The result has been a steady coalescing of the Christian vote behind the Conservatives.

But now, new polling by YouGov (on June 23-24 2025) for the University of Exeter reveals that this realignment is being disrupted by the growing popularity of Reform UK.

Instead of asking who people would vote for tomorrow, a nationally representative sample of 2,284 adults was asked how likely they were to ever vote for each major party, on a scale from zero (very unlikely) to ten (very likely).

While not the same as a direct question about how someone would vote in an election, the likelihood question provides a much richer measure of the strength of their support for all of the major parties.

Stuart Fox, data by YouGov for the University of Exeter

Among Anglicans, Labour remains deeply unpopular: over half gave the party a 0. In contrast, the Conservatives still enjoy strong support among Anglicans, with 35% giving them a vote likelihood of seven or higher – the kind of support associated with voting for the party in an election.

Reform, however, has caught up. Despite only 15% of Anglicans voting Reform in 2024, 38% now rate their likelihood of voting for the party as high. That’s the same as the proportion who are strongly opposed to Reform – showing that while the party polarises Anglicans more than the Conservatives, Reform could win as much Anglican support as the Tories in an election.

Catholics show a similar trend. Labour’s traditional support is eroding: 40% of Catholics said they had zero likelihood of voting Labour, while 29% are strong supporters. As with Conservatives for the Anglican vote, Reform is almost level-pegging with Labour for the Catholic vote at 28%. It has even supplanted the Conservatives, of whom 22% of Catholics are strong supporters.

It is not yet clear why this is happening. The distinction of Christian (and non-Christian) voting patterns is not an artefact of age – there are many studies that prove this is the case.

It may be that Reform’s stances on issues such as immigration resonate with Christians’ concerns to the extent that they are willing to set aside their historic party loyalties. Or it may be that Christians are as prone as other British voters to turn to Reform out of frustration with the performances of Labour and the Conservatives in office.

Swing voters and party competition

This data also shows the extent to which voters’ support for parties overlaps or is exclusive. In other words, which voters have a high vote likelihood for only one party (and so are likely committed to backing that party in an election), which do not have such high likelihoods for any party (and so will probably not vote at all), and which have similarly high likelihoods for more than one party (effectively swing voters, persuadable one way or the other).

Among the religiously unaffiliated, 29% aren’t strong supporters of any party. For Catholics, it’s 26%. Anglicans are more politically anchored, however, with only 20% in this category.

While traditionally, we would have expected this to reflect Anglicans’ greater tendency to support the Tories, only 17% of Anglicans are strong supporters of only that party, compared with 21% who are firmly behind Reform. These aren’t swing voters; they’ve switched sides.

A further 12% of Anglicans have high vote likelihoods for both the Tories and Reform. These are swing voters that the two parties could realistically expect to win over.

Stuart Fox, data by YouGov for the University of Exeter

Catholics are even more fragmented. Only 13% are strong supporters of Labour alone, along with 12% and 17% who are strong supporters of the Conservatives and Reform alone, respectively.

Few Catholics are torn between Labour and the other parties, but 5% are swing voters between the Conservatives and Reform: the Tories’ gradual winning over of Catholics over the last 50 years is also being challenged by the appeal of Reform.

The party has provided a socially conservative alternative to the Conservatives, with the result that the Christian vote has become more fragmented. The Tories are no longer the main beneficiaries of Labour’s loss of its traditional Catholic vote.

In addition, Reform is as popular as the Conservatives among Anglicans, and as popular as Labour among Catholics. This suggests it is appealing across the traditional denominational divide more successfully than either of the major parties.

If there is to be a single party that attracts the bulk of Britain’s Christian support, at this point it is far more likely to be Reform than anyone else.

This article was based on analysis by Dr Stuart Fox (University of Exeter), Dr Ekaterina Kolpinskaya (University of Exeter), Dr Steven Pickering (University of Amsterdam) and Prof Dan Stevens (University of Exeter), connected to the research project Investigating the individual and contextual role of religion in British electoral politics, funded by the Economic and Social Research Council. Stuart Fox also receives funding from the British Academy.

– ref. New polling: Reform is winning over Britain’s Christian support – https://theconversation.com/new-polling-reform-is-winning-over-britains-christian-support-260751

MIL OSI Analysis –

July 26, 2025
MIL-OSI USA: July 25th, 2025 Heinrich Announces Committee Passage of Over $69 Million for New Mexico
US Senate News:
Source: United States Senator for New Mexico Martin Heinrich

Investments Heinrich championed support homeownership & homebuilding, rental & homelessness assistance, Tribal health & education, Southwest Border Regional Commission, & more

WASHINGTON — U.S. Senator Martin Heinrich (D-N.M.) announced the bipartisan Senate Appropriations Committee passage of the Fiscal Year 2026 (FY26) Interior, Environment and Related Agencies; and Transportation, Housing, and Urban Development, and Related Agencies (THUD) Appropriations Bills. With Committee approval of these bills, Heinrich secured support for over $65 million for New Mexico, including $52 million in Congressionally Directed Spending for 39 local projects between these bills and their House-companions.

“While these Appropriations bills aren’t perfect, they include resources and investments I negotiated for New Mexico that will fund Tribal health care and education, help Tribal law enforcement officers solve and reduce violent crime, and continue funding for the Institute of American Indian Arts for the 2026-2027 school year,” said Heinrich, a member of the Senate Appropriations Committee. “This legislation will help over 11,000 families in New Mexico afford rent, build new housing, and invest in border communities through the Southwest Border Regional Commission. Additionally, the bill protects the Amtrak Southwest Chief train service in New Mexico, restores waterfowl habitat, and builds on my work to clean up abandoned hardrock mines. As a member of the Senate Appropriations Committee, I will always fight for investments that put New Mexico first.”

Additionally, Heinrich offered an amendment to require the U.S. Department of the Interior and the U.S. Forest Service to hire and maintain a minimum number of Full Time Employees in order to manage wildfire preparedness, suppression, and other mission-critical support, in the FY26 Interior, Environment and Related Agencies Appropriations Bill. Heinrich’s amendment would have also required the National Park Service to hire and maintain a minimum number of Full Time Employees for the operation of national park units, including administrative services. Despite Heinrich’s attempt to include the amendment in the Appropriations bill, the amendment was rejected by Republicans on the Committee.

Heinrich is a member of the Senate Appropriations Committee and the Subcommittee on Interior, Environment, and Related Agencies.

Next, the two bills passed out of the Appropriations Committee will be considered by the full United States Senate.

Interior, Environment and Related Agencies Key Points and Highlights

Congressionally Directed Spending

Heinrich successfully included $7.1 million in investments for the following ten local projects in the bill:
- $1,075,000 for the City of Truth or Consequences to replace aged and damaged waterlines.
- $1,000,000 for Zuni Pueblo to make improvements to their drinking water system.
- $1,000,000 for Pueblo of Tesuque to remove Siberian elm trees to restore the Rio Tesuque bosque to its natural vegetation.
- $1,000,000 for the Village of Questa to construct a well house to prevent contamination of their municipal well.
- $1,000,000 for Albuquerque Bernalillo County Water Utility Authority to conduct wastewater system improvements in Carnuel.
- $700,000 for the Mescalero Apache Tribe to restore coniferous forest and promote aspen stand growth along the Rio Ruidoso to prepare for the reintroduction of beavers, a culturally significant species.
- $525,000 for Taos Pueblo to purchase wildfire preparedness equipment.
- $500,000 for Eight Northern Indian Pueblos Council for a Caja del Rio Ethnographic Study.
- $150,000 for the Desert Tortoise Council to work on Bolson tortoise recovery efforts.
- $150,000 for the Bureau of Land Management to work with existing partners to replace barbed-wire fences with wildlife-friendly fences on the Rio Grande del Norte National Monument.
Heinrich and U.S. Senator Ben Ray Luján (D-N.M.) successfully included $3.39 million for the following three projects:
- $2,090,000 for the City of Rio Rancho to expand their aquifer reinjection system.
- $800,000 for the Enchanted Forest Mutual Domestic Water Consumers Association to develop a new water source pump house and appurtenances and to replace distribution lines.
- $500,000 for the New Mexico Department of Cultural Affairs to make water system improvements at the Fort Selden Historic Site.
Heinrich also successfully worked with his colleagues in the N.M. Delegation to include $2.18 million for the following two projects in the House-companion bill:
- $1,092,000 for the Town of Bernalillo will rehabilitate their current wastewater facilities.
- $1,092,000 for the City of Belen to rehabilitate their wastewater treatment plant.
Heinrich also successfully included three amendments into the Manager’s Package. These include:
1. An amendment for a U.S. Government Accountability Office (GAO) study comparing the per-patient funding levels for health care services provided by the Department of Veterans Affairs (VA) and the Indian Health Service (IHS). Additionally, the study would analyze potential recruitment and retainment strategies utilized by the VA that could be extended to IHS.
2. An amendment ensuring that the Bureau of Indian Education (BIE) is included in reference to the reauthorization of the Legacy Restoration Fund to address deferred maintenance.
3. An amendment for a Fish and Wildlife Service report on staffing levels and positions at National Wildlife Refuge System units and complexes.
Safeguard Tribal Objects of Patrimony (STOP) Act Implementation: Heinrich successfully included $500,000 to implement the Safeguard Tribal Objects of Patrimony (STOP) Act, a bipartisan law that Heinrich championed and passed in 2022 to prohibit the exporting of sacred Native American items and increase penalties for stealing and illegally trafficking Tribal cultural patrimony. Representing the first dedicated funding for this program, it would be used to halt the trade of culturally significant items and repatriate stolen pieces to the Tribal communities where they belong. Heinrich first introduced the STOP Act in 2016 after he helped halt the auction of a shield, stolen from the Pueblo of Acoma. Heinrich played a role in the effort to bring the shield home to Acoma by working with Governors Kurt Riley and Brian Vallo to call for its return.

Tribal Programs: Heinrich fought for and successfully included $13,482,000 to the Institute of American Indian and Alaska Native Culture and Arts Development (IAIA). After the administration threatened to withhold IAIA’s funding earlier this year, Heinrich secured the release of FY 2025 funds earlier this month. This bill will ensure continued investment for IAIA through FY26, supporting its mission to advance Indigenous arts, culture, and education for future generations.

Heinrich also successfully included funding to protect several Tribal programs, including $23,750,000 for Tribal Historic Preservation Offices, $2,658,289,000 for Indian Health Services (IHS) Hospitals and Health Clinics, and funding for IHS Facilities and Construction. He also protected funding for Bureau of Indian Affairs Tribal Law Enforcement and included report language to ensure the continuation of the Tribal law enforcement training program in New Mexico.

Abandoned Hardrock Mine Reclamation Program: Heinrich successfully included continued funding for the Abandoned Hardrock Mine Reclamation Program, after championing the creation of the program in the Infrastructure Law. Hardrock mines and mining features are related to the extraction of metals like copper, gold, silver, and uranium. When not reclaimed, many hardrock mines pose a hazard to public health and the environment. This funding will be used to clean up federal, state, Tribal, and private land and water resources affected by abandoned hardrock mines.

Southwest Ecological Research Institutes: Heinrich fought for and successfully maintained funding for the Southwest Ecological Research Institutes (SWERIs). Last month Heinrich pressed the U.S. Forest Chief on the Administration’s plan entirely to cut funding for the program in FY26. SWERIs offer unique opportunities for dedicated research in forest science and watershed health and represent the future of science in forest management. New Mexico Highlands University houses one center along with Colorado State University and Northern Arizona University. This funding would ensure the continuation of valuable research in southwestern forest and fire management.

Conservation: Heinrich successfully protected funding for the North American Wetlands Conservation Fund, which leverages private dollars to restore waterfowl habitat across the country. Senator Heinrich led the reauthorization of this fund last congress. He also protected core wildlife management and science capabilities at the Fish and Wildlife Service and the U.S. Geological Survey from the steep cuts proposed by the Trump administration.

Transportation, Housing, and Urban Development, and Related Agencies (THUD) Key Points and Highlights

Congressionally Directed Spending

Heinrich successfully included $17.1 million in investments for the following 11 local projects in the bill:
- $4,000,000 for Homewise to help moderate-income, first-time homebuyers purchase entry-level homes.
- $2,300,000 for the City of Socorro to replace aged and damaged waterlines.
- $2,073,000 for the City of Raton to upgrade its municipal airport infrastructure.
- $1,500,000 for the Boys & Girls Club of San Juan County to renovate a community center.
- $1,500,000 for DreamTree Project to complete the final phase of renovations to the Navigating Emergency Support Together (NEST) building and purchase land for on-site permanent supportive housing.
- $1,000,000 Serenity Mesa Youth Recovery Center to expand their facilities to support increased substance use crisis stabilization, treatment, and housing for adolescents and young adults.
- $850,000 for the Albuquerque Housing Authority will invest in necessary upgrades at public housing properties.
- $692,000 for the Northern Rio Grande National Heritage Area to conduct an affordable housing pilot project.
- $440,000 for Deming Silver Linings to provide emergency temporary housing for unhoused individuals.
- $200,000 for Mesilla Valley Community of Hope to support individuals and families experiencing poverty and homelessness by providing affordable housing and wraparound services.
Heinrich and U.S. Senator Ben Ray Luján (D-N.M.) successfully included $16.3 million for the following nine projects:
- $3,000,000 for Youth Development, Inc. for an early childhood development center.
- $3,000,000 for the Agri-Cultura Cooperative Network and La Cosecha Community Supported Agriculture to create a Food Hub at the Sacred Roots farm site to create economic development opportunity in the local food system, provide education to students and community members, and increase access to healthy foods.
- $2,500,000 for Santa Fe County to develop a Permanent Supportive Housing project designed to meet the urgent needs of the region’s unhoused population.
- $1,800,000 for the Town of Mountainair to rebuild, repave, and upgrade approximately two miles of downtown Mountainair’s roadways.
- $1,600,000 for the City of Raton to conduct an interchange alignment study as part of the Ports-to-Plains Corridor Interstate Planning process.
- $1,500,000 for Tierra Del Sol Housing Corporation to complete the first phase of construction for an affordable housing project in Vado, New Mexico.
- $1,210,000 for the City of Bloomfield to plan, design, and construct the expansion of East Blanco Boulevard in Bloomfield.
- $1,000,000 for the Pueblo of Acoma to construct new single-family homes for low-to-moderate income families on the Housing Authority’s waiting list.
- $700,000 for Cuidando Los Niños of Albuquerque to expand its facility to house early childhood education and family wraparound services.
Heinrich also successfully worked with his colleagues in the N.M. Delegation to include $8.4 million for the following four projects in the House-companion bill:
- $2,900,000 for the Pueblo of Acoma to repair housing for senior community members and provide ADA accommodations.
- $2,000,000 for the City of Albuquerque Health, Housing and Homelessness Department to improve security and accessibility at the city’s largest homeless shelter.
- $2,000,000 for the City of Albuquerque to establish a modular Shelter Stability site for seniors.
- $1,512,000 for Jemez Pueblo to demolish hazardous buildings within the Pueblo.
Rental Assistance: Heinrich successfully secured increased funding for the Tenant-Based Rental Assistance (Housing Choice Vouchers) and Project-Based Rental Assistance, despite the administration’s attempts to completely defund both programs. The Housing Choice Voucher (HCV) Program helps over 11,000 families in New Mexico afford rent. Heinrich also secured language urging HUD to expand resources to train public housing staff on how to use housing choice vouchers to make homeownership an attainable goal for residents of public housing.

Tribal Programs: Heinrich successfully included a $25 million investment for Tribal Transportation Program High Priority Projects, a set-aside that provides funds to Tribes or a governmental subdivision of a Tribe whose annual allocation of funding received under the Tribal Transportation Program is insufficient to complete the highest priority project of the Tribe. Heinrich secured an increase in funding for Tribal housing programs. Heinrich also secured a legislative proposal that would make certain home loans on Tribal lands easier to keep if homeowners are delinquent on payments.

Southwest Border Regional Commission: Heinrich successfully included a $5 million investment in the Southwest Border Regional Commission (SBRC) for transportation infrastructure planning to support supply chain connectivity and economic development in southern New Mexico and along the southern border.

Homelessness Assistance: Heinrich successfully secured an increase in funding for grant programs that address homelessness through emergency shelter, transitional and supportive housing, rapid re-housing, rental assistance and prevention, and supportive services. Heinrich successfully pushed back against the Trump administration’s attempts to curtail homelessness assistance funding by making grant match requirements overly burdensome for New Mexican service providers.

Homebuilding and Homeownership: Heinrich secured funding for the HOME Investment Partnership Program (HOME), a critical program that helps New Mexicans purchase or rehabilitate homes. The Trump administration also sought to cut all funding for this program. In New Mexico, HOME also provides gap funding for Low-Income Housing Tax Credit projects, which increases the supply of affordable rental units.

Amtrak Southwest Chief: Heinrich secured language that protects existing Amtrak Southwest Chief train service in New Mexico from cuts and closure.
MIL OSI USA News –
July 26, 2025
India proud to be most trusted friend of Maldives: PM Modi

Source: Government of India

Source: Government of India (4)

India takes great pride in being the Maldives’ “most trusted friend,” Prime Minister Narendra Modi said on Friday, reaffirming New Delhi’s deep-rooted partnership with the Indian Ocean nation. Speaking alongside Maldivian President Mohamed Muizzu during a joint press statement in Male, PM Modi emphasised the Maldives’ central role in India’s Neighbourhood First policy and its MAHASAGAR vision for maritime cooperation.

The remarks came as PM Modi visited the Maldives as the Guest of Honour for the country’s 60th Independence Day celebrations. Congratulating the people of Maldives on the historic milestone, he thanked President Muizzu for the warm invitation and recalled the long-standing ties between the two nations.

“This year, India and Maldives are also celebrating 60 years of their diplomatic relations. But, the roots of our relations are older than history and as deep as the sea,” PM Modi said. He highlighted the release of commemorative stamps featuring traditional boats of both countries as a symbolic reflection of shared heritage and neighbourly ties.

PM Modi underscored India’s unwavering support to the Maldives in times of crisis. “Be it a natural disaster or a pandemic, India has always stood with Maldives as a first responder. From providing essential commodities to supporting economic recovery post-COVID, our relationship is built on friendship first,” he said.

Stressing on mutual trust in the defence and security partnership, PM Modi noted the inauguration of the Maldives Defence Ministry building as a concrete symbol of that trust. A giant portrait of PM Modi displayed on the building marked the occasion.

To bolster economic ties, PM Modi announced a new Line of Credit of USD 565 million to the Maldives. He said both nations are now seeing results from the vision shared in October last year during President Muizzu’s visit to India, including significant progress in infrastructure and housing projects.

He cited key projects such as 4,000 social housing units built with Indian assistance, the Greater Male Connectivity Project, Addu Road Development Project, and the redevelopment of Hanimaadhoo International Airport as transformative initiatives that would boost connectivity and economic growth across the archipelago.

“With the ferry system soon in place, island connectivity will become faster and easier. We’ll measure distances by ferry time, not GPS coordinates,” PM Modi said.

In the economic sphere, the Prime Minister said efforts are underway to finalise a Bilateral Investment Treaty and to explore a Free Trade Agreement. He added that direct Rupee-Rufiyaa trade through a local currency settlement system will strengthen bilateral trade, while the growing popularity of UPI in Maldives will support tourism and retail sectors.

On regional and global issues, PM Modi reaffirmed India’s commitment to maritime security through the Colombo Security Conclave and highlighted climate change as a shared concern. “We will promote renewable energy and share India’s expertise with the Maldives,” he said.

PM Modi’s visit, his third to the Maldives, also marks the first by any head of state or government since President Muizzu took office.

-IANS

July 26, 2025
MIL-OSI USA: David Scott Demands SEC Accountability and Transparency for Massive Georgia Ponzi Scheme Operation
Source: United States House of Representatives – Congressman David Scott (GA-13)

Read Letter PDF

WASHINGTON D.C. – Today, Congressman David Scott (GA-13), a senior member of the House Financial Services Committee, sent a letter to Securities and Exchange Commission (SEC) Chair Paul Atkins demanding answers over the agency’s failure to detect the sprawling $140 million Ponzi scheme orchestrated by Georgia-based lender First Liberty Building and Loan. The letter calls for greater transparency and accountability following the SEC’s federal seizure of First Liberty.

In his letter, Congressman David Scott sharply criticizes the SEC for its years-long inability to detect or stop the fraud, which impacted hundreds of investors in Georgia and over a thousand investors nationwide. Despite numerous red flags, such as fabricated loan pools, implausible investment returns, and aggressive social media marketing, the SEC waited until July 10, 2025, to act, by which point nearly 90% of First Liberty’s loan portfolio had already defaulted. The congressman calls the SEC’s oversight breakdown “a catastrophic collapse of federal supervision.”

“This is not just a regulatory lapse, it is a total failure of oversight that enabled a $140 million Ponzi scheme to thrive in broad daylight,” said Congressman David Scott. “The worst hit investors are not millionaires or billionaires, they are retirees, faith leaders, and veterans who were failed by the SEC and Georgia state regulators. Many have lost their life savings, retirement security, and the very opportunity to financially support their families. The fact that this level of fraud went undetected for so long is completely unacceptable. The people of Georgia, especially those whose future was shattered by this scheme deserve accountability—not silence.”

Congressman David Scott’s letter aims at uncovering the full extent of the SEC’s oversight failures and identifying a path forward for victims to be made whole. The letter also questions why the SEC and state regulators—including the Georgia Department of Banking and Finance—failed to coordinate efforts, despite reportedly receiving multiple red flags and investor complaints. It demands a full accounting of:
- When and how the SEC first became aware of First Liberty’s operation and whether SEC examiners reviewed the firm’s activities prior to July 2025
- Why the firm was allowed to continue issuing unregistered offerings without disclosure or allowed to operate without registering as a broker dealer
- What structural failures exist in the SEC’s regional supervisory and whistleblower processes that led to this apparent regulatory breakdown
- What specific steps are being taken to pursue asset recovery, including offshore accounts or properties purchased with stolen investor funds
Additionally, Congressman Scott is requesting the SEC commit to a full and timely public report outlining how this massive Ponzi scheme operation was able to go on without detection. He has called for congressional hearings and a Government Accountability Office (GAO) investigation into whether loopholes in Regulation D and resource shortfalls at the SEC are enabling widespread abuse in private financial markets.

Congressman Scott remains committed to ensuring every victim receives justice and that the inexcusable regulatory failures which allowed this fraud to occur are addressed swiftly and thoroughly.

Read full letter HERE.

###

MIL OSI USA News –
July 26, 2025
MIL-OSI China: China’s fiscal expenditure up 3.4% in H1

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

China’s fiscal expenditure expanded 3.4 percent year on year to nearly 14.13 trillion yuan (about 1.98 trillion U.S. dollars) in the first half of 2025, official data showed Friday.

Financial departments at all levels have continued to shore up spending for key areas, with fiscal spending on social security and employment increasing by 9.2 percent year on year in the January-June period, according to the Ministry of Finance.

In the six-month period, fiscal expenditure on science and technology rose 9.1 percent year on year, while that on education and health expanded 5.9 percent and 4.3 percent, respectively.

On the revenue side, the country’s fiscal revenue edged down 0.3 percent year on year to around 11.56 trillion yuan in the first half of the year.

The central government collected nearly 4.86 trillion yuan in fiscal revenue, down 2.8 percent year on year, while local governments collected nearly 6.7 trillion yuan, up 1.6 percent year on year, the data showed.

MIL OSI China News –

July 26, 2025
MIL-OSI Security: Leader of Multi-State Fentanyl and Methamphetamine Trafficking Ring Sentenced to Federal Prison
Source: US FBI

ROME, Ga. – Wilfort Foster, III, 41, of El Monte, California, was sentenced to 28 years in federal prison after pleading guilty to narcotics and money laundering conspiracy charges. Foster, a convicted felon serving a sentence of probation during a portion of the offense, led an operation that moved hundreds of kilograms of methamphetamine, as well as significant quantities of fentanyl, from California to the North Georgia area and elsewhere, and then laundered hundreds of thousands of dollars in drug proceeds.

“Our office partnered with a host of federal, state, and local law enforcement agencies to dismantle a significant, multi-state drug trafficking and money laundering network,” said U.S. Attorney Theodore S. Hertzberg. “Foster’s 28-year prison sentence should serve as a robust warning to others who might consider trafficking deadly fentanyl and methamphetamine in North Georgia.”

“DEA is committed to going after money laundering networks that move cash made from the sale of illegal drugs in the United States,” said Jae W. Chung, Acting Special Agent in Charge of the DEA Atlanta Division. “We will continue to follow the money trail while working alongside our partners to hold those accountable who profit from the distribution of deadly fentanyl and methamphetamine.”

“This sentencing marks the end of a years-long effort to dismantle a dangerous drug trafficking network that was pushing lethal fentanyl and methamphetamine into our communities,” said Paul Brown, Special Agent in Charge of FBI Atlanta. “The FBI remains focused on dismantling these dangerous organizations at every level—from supply to distribution to laundering the proceeds of their crimes.”

“This significant sentence reflects the massive danger that fentanyl and illicit narcotics pose to our communities,” said Steven N. Schrank, the Special Agent in Charge of Homeland Security Investigations in Georgia and Alabama. “Thanks to the dedicated efforts of HSI and our law enforcement partners, Wilfort Foster, III, who led a major drug trafficking ring, will no longer be able to endanger lives with these deadly substances.”

According to U.S. Attorney Hertzberg, the charges and other information presented in court: Beginning in 2017 and continuing into 2022, Foster and others conspired to transport methamphetamine and fentanyl from California to Cartersville, Georgia and other areas. Foster ran a stash house and illegal gambling operation in his California barbershop, which he used to supply his network with large amounts of fentanyl and methamphetamine for sale. In one instance, Foster supplied a co-defendant with more than 22 kilograms of methamphetamine that law enforcement subsequently seized.

After Foster’s operation sold drugs, conspirators in Georgia laundered more than $600,000 in cash to Foster by using shell companies and flying with hundreds of thousands of dollars in cash to California. Foster maintained tight control of his network and once broke a co-defendant’s jaw during a feud over the co-defendant’s drug debt.

During the multi-agency investigation, law enforcement seized significant quantities of narcotics and more than a dozen firearms, including an AR-15. Foster continued his drug and money laundering operation in Georgia despite being on probation in California in a case involving the seizure of over nine kilograms of methamphetamine and two firearms.

Earlier today, United States District Judge William M. Ray II sentenced Foster to serve 28 years in prison to be followed by 5 years of supervised release. Foster was convicted of conspiracy to possess with the intent to distribute methamphetamine and fentanyl and conspiracy to commit money laundering on January 6, 2025, after he pleaded guilty.

Another member of Foster’s organization, Steven Ham, 43, of Cartersville, Georgia, was sentenced to 15 years in prison and 10 years of supervised release on November 26, 2024, after pleading guilty to conspiracy to possess with the intent to distribute methamphetamine.

Additionally, the following defendants have pleaded guilty as part of this case and are awaiting sentencing:
- Clifford Alexander, 39, of Gadsden, Alabama, pleaded guilty to conspiracy to possess with the intent to distribute methamphetamine.
- Frank Miller, 47, of Cartersville, Georgia, pleaded guilty to conspiracy to possess with the intent to distribute methamphetamine and fentanyl, possession of a firearm in furtherance of a drug trafficking crime, and conspiracy to commit money laundering.
- Kenneth Antoine Scott, 41, of East Point, Georgia, pleaded guilty to conspiracy to possess with the intent to distribute methamphetamine and possession of a firearm in furtherance of a drug trafficking crime.
- Lori Silvers, 46, of Rockmart, Georgia, pleaded guilty to conspiracy to possess with the intent to distribute methamphetamine.
- Nia Thomas, 31, of Atlanta, Georgia, pleaded guilty to conspiracy to possess with the intent to distribute methamphetamine.
This case was investigated by the Federal Bureau of Investigation, Drug Enforcement Administration, Homeland Security Investigations, United States Postal Inspection Service, Bartow-Cartersville Drug Task Force, Bartow County Sheriff’s Office, Cartersville Police Department, Cedartown Police Department, Polk County Police Department, Acworth Police Department, Kennesaw Police Department, El Monte (CA) Police Department, Los Angeles (CA) Sheriff’s Department, Rutherford County (TN) Sheriff’s Office, Sevier County (TN) Sheriff’s Office, Kansas City (KS) Police Department, and the Georgia Bureau of Investigation.

Assistant United States Attorneys Calvin A. Leipold, III, Matthew R. LaGrone, and Jeffrey Brown; former Assistant United States Attorneys Richard Beaulieu and Zachary Howard; and former Special Assistant United States Attorney Rachel Lyons prosecuted the case.

This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

This effort is part of an OCDETF operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

The U.S. Attorney’s Office in Atlanta recommends parents and children learn about the dangers of drugs at the following web site: www.justthinktwice.gov.

For further information please contact the U.S. Attorney’s Public Affairs Office at USAGAN.PressEmails@usdoj.gov or (404) 581-6185. The Internet address for the U.S. Attorney’s Office for the Northern District of Georgia is http://www.justice.gov/usao-ndga.

MIL Security OSI –
July 26, 2025
MIL-OSI Africa: Proposals sought to raise funds for foreign currency borrowing programme

Source: Government of South Africa

The Republic of South Africa, through the National Treasury, has called for eligible market participants to submit proposals that will raise a minimum amount of US$ 500 million for the country’s foreign currency borrowing programme.

This as National Treasury is seeking to supplement its foreign currency borrowing programme for the 2025/26 fiscal year by exploring innovative and cost-effective financing mechanisms.

“Proposals should raise, on a stand-alone or combined basis, a minimum amount of US$ 500 million. If funding is offered in another hard currency, the counterparty must commit to swapping the proceeds into US dollars at closing,” National Treasury said in a statement on Friday.

This funding initiative aims to diversifying the sovereign’s hard currency funding toolkit beyond a traditional Eurobond; reduce execution risk and minimise the all-in cost of funds; and maintain flexibility for future liability management actions aligned with evolving market conditions.

Government is expecting responses from primary dealers in South African government securities; internationally active arranging banks; multilateral institutions; institutional investors; and other regulated financial entities with capacity to fund at scale, either directly or through an arranging bank.

Treasury will consider a range of instruments, including, but not limited to:
•    bilateral term loans;
•    private placements of floating rate notes;
•    repurchase agreements against sovereign collateral;
•    cross-currency or total return swaps with funding legs in US dollars, and
•    other structured note formats.

Proposals incorporating environmental, social, and governance (ESG) or sustainability-linked features are encouraged, particularly if aligned with the National Treasury’s ESG framework.

Proposals will be assessed on the basis of:
•    overall cost of funds (spread over the Secured Overnight Financing Rate (SOFR) or equivalent benchmark);
•    speed and certainty of execution;
•    compatibility with the sovereign’s maturity profile and debt service peaks;
•    operational simplicity; and resilience to market shocks, including currency volatility and rate spikes.

Interested parties have been advised to submit a PDF term sheet, including proposed amount, tenor, pricing and indicative spread; settlement date; key covenants or conditions precedent; collateral requirements (if any); governing law and documentation platform; and any relevant ESG characteristics.

Deadline for submission

The deadline for the submission of proposals is Wednesday, 6 August 2025, at 12:00 South African Standard Time (SAST).
The evaluation window will start on Thursday, 7 August 2025 – Friday, 29 August 2025.

This request contains no material, non-public information and may be shared with public-side desks. All proposals and follow-up discussions will be treated confidentially and will comply with all applicable South African public finance regulations.

Submission channel and contacts are as follows:
•    Please email proposals to: debtissuanceandmanagement@treasury.gov.za

Enquiries may be directed to:
•    Terry Bomela Msomi Director: Treasury Funding Tel: +27 12 315 5135
•    Wanga Cibi Chief Director: Liability Management Tel: +27 12 315 5132

– SAnews.gov.za

MIL OSI Africa –

July 26, 2025
MIL-OSI: Bitcoin Swift Approaches Stage 1 Presale Deadline with $1 Token Price Set to Double in Next Phase
Source: GlobeNewswire (MIL-OSI)

AI-Enabled Blockchain Protocol Activates Proof-of-Yield Rewards Ahead of September Launch Schedule

LUXEMBOURG, July 25, 2025 (GLOBE NEWSWIRE) — Bitcoin Swift (BTC3), a programmable blockchain protocol that integrates artificial intelligence and decentralized identity, is nearing the final 24 hours of its Stage 1 presale. The project’s token remains fixed at $1.00 until the transition to Stage 2, at which point the price will increase to $2.00. Bitcoin Swift’s full 64-day presale period will conclude on September 18, 2025, with a confirmed launch price of $15.00.

The conclusion of Stage 1 marks the first key milestone in the project’s presale cycle, offering early participants access to live staking rewards through the platform’s Proof-of-Yield (PoY) mechanism. According to project materials, PoY rewards are automatically distributed at the end of each presale stage, providing participants with functional utility prior to full network deployment.

Programmable Infrastructure with AI Integration

Bitcoin Swift is designed to serve as a modular financial infrastructure for decentralized finance (DeFi), combining smart contract adaptability, real-time governance, and compliance-friendly privacy.

The protocol leverages a hybrid Proof-of-Work (PoW) and Proof-of-Stake (PoS) consensus model to secure network activity. In addition to this foundation, the system incorporates AI agents that manage contract logic, reward algorithms, and governance proposal validation.

Technical features include:
- Federated AI Oracles – Monitor chain activity and detect anomalies in reward cycles
- Learning-Enabled Smart Contracts – Adjust behavior based on usage data and transaction types
- Decentralized Identity (DID) – Enables user verification without exposing private data
- Quadratic Voting with AI Oversight – Ensures balance in governance participation by weighting votes according to verified identity credentials
These systems are supported by recent audits from Spywolf and Solidproof, and the project team has completed KYC verification to support transparency.

Roadmap Highlights and Timelines

Bitcoin Swift’s roadmap sets out a phased development and deployment strategy from mid-2025 through late 2026:
- Q3–Q4 2025: Launch on Solana network with immediate PoY activation and on-chain governance beta
- Q1 2026: Integration of AI-powered contract engine and smart reinforcement modules
- Q2 2026: Deployment of zk-ledger for shielded transactions and privacy-enhanced DeFi features
- Q3 2026: Expansion of DAO voting with AI-simulated governance tools
- Q4 2026: Native chain mainnet release, institutional onboarding, and transition from Solana via 1:1 bridge
Each milestone corresponds to a functional deliverable and is accompanied by developer documentation and user onboarding resources.

Final Hours of Stage 1 Presale

As of July 25, Bitcoin Swift’s Stage 1 presale is in its final day. Tokens are priced at $1.00 with an APY of 143% for staking rewards under the Proof-of-Yield model. When Stage 2 begins, the token price will rise to $2.00, and the staking terms will be recalibrated to reflect updated issuance and network participation.

The presale is structured across multiple stages over 64 days, with each stage introducing incremental pricing and adjusted yield distribution. Participants in Stage 1 also gain early access to key features including staking dashboards, governance voting modules, and beta smart contract interfaces.

Governance and Community Participation

Bitcoin Swift offers users the ability to engage with governance mechanisms prior to mainnet launch. The governance model includes identity-weighted quadratic voting and AI-based proposal risk scoring. These tools aim to encourage responsible participation and reduce the impact of token-weighted centralization.

The project’s compliance-focused structure also makes use of decentralized identifiers (DIDs) to facilitate KYC-compatible user onboarding without compromising data privacy. These systems are intended to support both retail and institutional use cases once the mainnet goes live in 2026.

About Bitcoin Swift

Bitcoin Swift (BTC3) is a decentralized blockchain protocol designed for adaptive finance. The project integrates artificial intelligence, modular smart contracts, zk-privacy, and governance by verified identity. It is built to support on-chain programmable staking, AI-based automation, and secure protocol-level participation through DID infrastructure.

The BTC3 token serves as the native utility asset for staking, governance, and fee payments across the Bitcoin Swift ecosystem. Current presale participants gain early access to live features, with future milestones set across phased rollouts through 2026.

To learn more and access the presale dashboard, visit:
https://bitcoinswift.com

Contact:
Luc Schaus
support@bitcoinswift.com

Disclaimer: This content is provided by Bitcoin Swift. 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.

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The MIL Network –
July 26, 2025
MIL-OSI: HTX Gives Away $500,000 Rewards to Celebrate Ethereum’s 10th Anniversary: Newcomers, Traders, and Loyal Users All Win
Source: GlobeNewswire (MIL-OSI)

PANAMA CITY, July 25, 2025 (GLOBE NEWSWIRE) — As the Ethereum blockchain approaches its 10th anniversary on July 30, HTX, a leading global crypto exchange, is commemorating this significant milestone with a week-long global giveaway totaling $500,000 in rewards. Running from July 25, 10:00 to August 1, 10:00 (UTC), the campaign honors a decade of DeFi, NFT, and DAO innovations that Ethereum helped shape, while empowering its community to continue exploring value in the new crypto cycle.

Diversified Trading and Referral Rewards for All Users

Welcome Gift for New Users & First-Time Traders: Simply complete a spot or futures trade of any amount during the campaign to unlock a welcome gift. Eligible participants will receive either $3 in ETH or free ETH futures positions worth up to 1,000 USDT. Daily rewards are limited to the first 2,000 qualifying users. Please note that futures position claims require Level 1 KYC verification and a minimum net deposit of 100 USDT into your Futures account.

Social Sharing & Referral Incentives: Share this exciting event on any social platform and invite a friend! If your friend registers and trades over 100 USDT on HTX, both of you can earn a 20 USDT Futures Trial Bonus. To qualify, both inviters and invitees must enroll in the event and complete Level 3 KYC verification. Rewards are available for the first 1,000 qualified participants.

Comeback Bonuses for Inactive Users: Red carpet for returning friends!

Spot Traders: Inactive spot traders who haven’t used HTX Spot since June 1, 2025, can receive a shot at winning up to 10 ETH through a lucky draw by simply restarting their spot trading.

Futures Traders: For inactive futures traders (last active before July 10, 2025), HTX is offering APY Booster Coupons for SmartEarn, increasing APY by 3-8% based on net deposits to their Futures accounts. Combined with the current 2% base APY, users can enjoy up to 10% APY for SmartEarn!

Special Offers for Ethereum’s Ecosystem Crypto Traders and HTX Earn Users

$200,000 Trading Contest for Top Ethereum Ecosystem Cryptos: A dedicated trading contest is now live on HTX for top Ethereum ecosystem cryptocurrencies, including ETH, ETHFI, UNI, LINK, ENA, AAVE, CRV, LDO, MKR, and ENS. Users who register for the contest and trade at least 5,000 USDT in spot or 20,000 USDT in futures with these cryptos will be ranked by volume. The top traders will share a 200,000 USDT prize pool based on their ranking:
- The top five traders will receive individual $HTX rewards ranging from $6,000 to $30,000.
- Participants ranked sixth through twentieth will split $60,000.
- The remaining $66,000 will be distributed proportionally among other eligible participants.
- Additionally, margin traders whose margin trading volume hits 5,000 USDT or more can compete for a dedicated $HTX token prize pool worth $30,000.
Exclusive ETH Earn Opportunities: ETH holders also have special opportunities:
- First-time HTX Earn users can subscribe to a special ETH product offering a remarkable 100% APY! This is a one-time opportunity requiring Level 2 KYC verification.
- Furthermore, all users can enjoy 6% APY on the ETH Flexible Earn product, featuring hourly compounding and instant withdrawals.
Important Note: All participants must click “Register Now” on the campaign page to enroll. Only trades, deposits, and subscriptions completed after registration will be counted. Rewards will be distributed within seven business days following the campaign’s end.

From 2015 to 2025, Ethereum has been the backbone of Web3 innovation. Now, HTX is proud to celebrate this milestone with a campaign designed to reward its community and fuel the future of decentralized finance. Register today on HTX and trade your way into the next decade of Ethereum.

About HTX

Founded in 2013, HTX has evolved from a virtual asset exchange into a comprehensive ecosystem of blockchain businesses that span digital asset trading, financial derivatives, research, investments, incubation, and other businesses.

As a world-leading gateway to Web3, HTX harbors global capabilities that enable it to provide users with safe and reliable services. Adhering to the growth strategy of “Global Expansion, Thriving Ecosystem, Wealth Effect, Security & Compliance,” HTX is dedicated to providing quality services and values to virtual asset enthusiasts worldwide.

To learn more about HTX, please visit https://www.htx.com/ or HTX Square , and follow HTX on X, Telegram, and Discord. For further inquiries, please contact glo-media@htx-inc.com.

Disclaimer: This content is provided by HTX. 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. 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/2a59ff0b-12f0-495f-b6e1-4d6e56171fcb

The MIL Network –
July 26, 2025
MIL-OSI Africa: Boosting Growth with Inclusive Financial Development Crucial to Unlock Angola’s Poverty Alleviation Efforts
Source: APO

.

Angola recorded the highest economic expansion since 2014, with real Gross Domestic Product (GDP) growth reaching 4.4% in 2024. According to the latest edition of the Angola Economic Update (AEU) published by the World Bank Group (WBG) today, titled Boosting Growth with Inclusive Financial Development, this growth was driven by the oil sector’s recovery and diamond extraction, along with strong expansion in commerce and fishing.

The report highlights that despite a rebound in economic activity in 2024, Angola still struggles with the lasting impacts of prolonged stagnation. From 2016 to 2020, the economy contracted by approximately 10.4%, averaging a 2.1% annual decline. This sluggish growth stemmed from structural challenges and heavy dependence on the oil sector, making it susceptible to global price fluctuations. Real GDP growth is projected at an average of 2.9% from 2025 to 2027, but this is unlikely to significantly improve living standards. Increased global uncertainty, including falling oil prices, emphasizes the need for Angola to diversify its economy and reduce reliance on oil.

“The Angolan economy is in urgent need of establishing a consistent pathway toward robust growth to address nearly a decade of stagnation and to improve conditions for poverty alleviation. There is optimism that the comprehensive economic reforms currently being implemented by the government will produce positive outcomes and unlock the country’s potential,” said Juan Carlos Alvarez, World Bank Country Manager for Angola. “The country must intensify its support for key sectors that can significantly contribute to the essential process of economic diversification. A deeper analysis of these sectors and the needed structural reforms are discussed in the Angola Country Economic Memorandum, also published today,” he added.

The AEU emphasizes the importance of promoting inclusive financial development in Angola to address the existing significant inequality and exclusion, particularly in rural areas where access to formal banking services is limited. Women and older adults are particularly affected. Compared to other countries in the region, Angolan households have less access to credit, savings, and digital financial services. Advancing financial inclusion can boost economic participation and resilience, leading to sustainable growth and poverty reduction. Access to banking, credit, and insurance empowers small businesses, farmers, and entrepreneurs, enhancing productivity and job creation. Moreover, financial inclusion can reduce income inequality by providing marginalized groups with opportunities to build assets and improve their well-being.

The report highlights that implementing key reforms can create a more robust and inclusive financial sector in Angola, essential for diversifying the economy and fostering growth and job creation. It emphasizes the need for broader access to financial services beyond Luanda, especially as Angola focuses on economic activities in the Lobito Corridor and develops secondary cities. Additionally, the rise of digital banking and mobile payments offers a significant opportunity to reach underserved populations, enhancing economic resilience and promoting inclusive development.

The report outlines essential reforms that Angola can implement to foster the growth of its financial sector and enhance accessibility in an inclusive manner. These reforms include:
1. Developing digital payments to expand access to financial services in remote areas.
2. Making digital payments more accessible and intuitive.
3. Establishing a favorable regulatory framework to increase access to finance for Microcredit and Small and Medium Enterprises (MSME).
4. Promoting lending to MSMEs and improving the transparency and market alignment of initiatives to finance MSMEs.
5. Implementing the Financial Action Task Force action plan and addressing deficiencies in the Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) Framework.
6. Increasing access to insurance for individuals and MSMEs, including weather-based-index insurance for agricultural activities.
“While addressing financial inclusion in Angola has several challenges, particularly for low-income and rural communities, there are constructive opportunities to address these barriers. By implementing regulatory reforms, embracing digital innovations, and enhancing financial education, Angola can pave the way for a more diverse economy and unlock new avenues for growth and job creation,” said Benedicte Baduel, World Bank Senior Country Economist for Angola.

Distributed by APO Group on behalf of The World Bank Group.

MIL OSI Africa –
July 26, 2025

MIL-OSI Banking: Ms. Anuradha Thakur, Secretary, Department of Economic Affairs, nominated on RBI Central Board

Source: Reserve Bank of India

The Central Government has nominated Ms. Anuradha Thakur, Secretary, Department of Economic Affairs, Ministry of Finance, Government of India as a Director on the Central Board of Reserve Bank of India vice Shri Ajay Seth. The nomination of Ms. Anuradha Thakur is effective from July 24, 2025 and until further orders.

(Puneet Pancholy)
Chief General Manager

Press Release: 2025-2026/789

MIL OSI Global Banks –

July 26, 2025

MIL-OSI Africa: Development Minister sets out new United Kingdom (UK) approach to development at G20 meeting in South Africa
Source: APO – Report:

.
- Development Minister Baroness Chapman will reset the UK’s approach to international development at the G20 Development Meeting in South Africa today (Friday, 25 July).
- Economic development underpins the UK’s new approach, as the Minister visits a South African food producer supported by the FCDO’s development arm BII.
- The UK is supporting countries to transition from traditional aid to innovative financing for development, as the Minister visits a centre for survivors of gender-based violence funded by both the UK and the private sector.
The UK is resetting its relationship with countries in the Global South and helping countries exit the need for aid, as Baroness Chapman attends the G20 Development Ministerial Meeting in South Africa today (Friday 25 July 2025).

This follows the publication of ODA allocations earlier this week (Tuesday 22 July 2025), which indicate how the UK is going to spend its aid budget for the next year.

The UK will move from being a donor to a genuine partner and investor, ensuring every pound spent on aid delivers for the UK taxpayer and the people we support.

Economic development underpins the UK’s new approach, to help countries grow fairer, more resilient economies and ultimately exit the need for aid, in support of the government’s Plan for Change.

The Minister saw this in action yesterday (Thursday 24 July 2025) as she visited an Agristar farm which produces macadamia nuts in Mbombela, eastern South Africa. British International Investment (BII), the UK’s development finance institution, is supporting Agristar to expand – supporting jobs and growth and helping to stock British supermarket shelves.

The Minister also visited a UK supported care centre for survivors of gender-based violence in Mbombela, alongside South African Minister for Women, Youth and Persons with Disability, Sindisiwe Lydia Chikunga. The centre is supported by a multi-donor fund which has seen increased backing from South African and international private investors. The innovative funding approach has supported over 200 community-based organisations in South Africa working to prevent violence in schools and communities and provide response services for survivors of gender-based violence. This demonstrates the UK and South Africa’s shared commitment to gender equality and women’s empowerment.

By mobilising private finance and empowering partners to take charge of their own development, the UK is moving away from a paternalistic approach to aid.

Minister for Development, Baroness Chapman said:

We want to help countries move beyond aid. In South Africa, I’ve seen the impact we can have with genuine partnerships, rather than paternalism. Our work is supporting jobs and generating global economic growth – and bringing high quality South African produce to UK shops.

At the G20 in South Africa, I have one simple message: the world has changed and so must we. The UK is taking a new approach to development, responding to the needs of our partners and delivering real impact and value for money for UK taxpayers.

At the G20, the Minister is due to discuss the UK’s new approach to international development with counterparts from Egypt, India and Germany.

The Agristar farm in Mbombela, which the Minister visited yesterday, has benefitted from UK investment as part of the Just Energy Transition Partnership (JETP). BII support has enabled the macadamia nut producer to expand its operations across Africa, invest in measures to mitigate climate risks, and support nearly 400 jobs. BII is also supporting Agristar’s expansion into Malawi.

BII, which aims to make a return on its investments, has so far supported 92 companies in South Africa and over 35,000 jobs.

Its success highlights how the UK’s investment in international development is driving green growth and jobs, boosting global prosperity and stability to help create the conditions to deliver the government’s Plan for Change at home.

The Minister will also announce today a new £2 million commitment to support local agribusiness projects by partnering with South African investment funds to drive more private finance for the farming sector.

In G20 talks on tackling illicit financial flows, the Minister will highlight how money and assets siphoned away as part of criminal activity deprive lower-income countries of vital resources which could otherwise support growth and development. The Foreign Secretary is leading a campaign against illicit finance, mobilising the best UK expertise and international partnerships, so dirty money has nowhere to hide. This is also vital to deterring threats to the safety and security of Britain, as part of the government’s Plan for Change.

– on behalf of United Kingdom Foreign, Commonwealth and Development Office.

MIL OSI Africa –
July 26, 2025
MIL-OSI: Bitget’s GetAgent AI Trading Assistant Sees Explosive Adoption, Ignites Community Frenzy

Source: GlobeNewswire (MIL-OSI)

VICTORIA, Seychelles, July 25, 2025 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, has witnessed explosive demand following the launch of GetAgent, the world’s first crypto-native AI trading assistant. In just a few days, GetAgent has taken the crypto world by storm driving record-breaking user engagement, viral social media buzz, and significant token burns.

GetAgent is an AI trading assistant that combines real-time market intelligence with personalized trading strategies. Built on a large language model trained by Bitget, GetAgent allows users to interact with the market using natural language, asking questions like “What’s trending today?” or “Buy $1,000 USDT of ETH” and receive actionable insights and execution support. The assistant can generate tailored trading strategies based on user preferences, and even help execute trades on Bitget.

The launch in early July sparked unprecedented demand, with Bitget projecting a token burn of $300,000 to $500,000 in the first 30 days. This burn reflects not only the overwhelming interest in AI-powered crypto trading, but also Bitget’s deep commitment to creating sustainable value for its community and ecosystem.

Social media platforms have been flooded with positive sentiment, as users share screenshots of profitable trades made with GetAgent’s support. With over 30,000 mentions in the first 14 days of launch, 1.2 billion media impressions, and nearly 20,000 users still on the waitlist, access codes have quickly become one of the most sought-after commodities in the crypto community.

User engagement metrics further underscore GetAgent’s momentum. Those with access are averaging 15+ daily interactions, with a 7-day retention rate exceeding 30%—a remarkable benchmark in any digital product category. Users are increasingly relying on GetAgent as an everyday trading companion.

“GetAgent is more than just a tool—it’s the beginning of a new trading paradigm where AI empowers every crypto trader, regardless of experience level,” said Gracy Chen, CEO of Bitget. “The overwhelming response from our community reaffirms our vision to bring smart, accessible, and user-centric products to the market. We’re excited to see how GetAgent reshapes the future of trading.”

Looking ahead, GetAgent is expected to be made available to all Bitget users in Q3. The product will also be upgraded to support contract trading, earn products, and trading bots, enabling users to complete a wide range of crypto investment activities through simple, conversational interactions.

As the first product of its kind in the industry, GetAgent combines conversational AI with real market execution, making crypto trading smarter, faster, and more intuitive. Bitget will continue to roll out access to waitlisted users and enhance the product’s capabilities.

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/b4eea7a8-0492-4f6f-83a3-0d36e3837d42

The MIL Network –

July 26, 2025
MIL-OSI Banking: Phillips 66 Reports Second-Quarter Results

Source: Phillips

Reported second-quarter earnings of $877 million or $2.15 per share; adjusted earnings of $973 million or $2.38 per share; including $239 million of pre-tax accelerated depreciation on Los Angeles Refinery
Operated at 98% capacity utilization in Refining with 86% clean product yield
Completed Midstream acquisition of EPIC NGL, now renamed Coastal Bend
Announced sale of 65% interest in our Germany and Austria retail marketing business
Generated $845 million of net operating cash flow, $1.9 billion excluding working capital
Returned $906 million to shareholders through dividends and share repurchases

HOUSTON–(BUSINESS WIRE)– Phillips 66 (NYSE: PSX) announced second-quarter earnings.
“Phillips 66 delivered strong financial and operating results across our integrated value chain, reflecting the continued execution of our strategy. During the quarter, Refining ran at the highest utilization since 2018, achieved its lowest cost per barrel since 2021, strong market capture and record year-to-date clean product yield. Our results were made possible through disciplined execution and investment,” said Mark Lashier, chairman and CEO of Phillips 66.
“We also continued our strong growth trajectory in Midstream, which generated approximately $1 billion of adjusted EBITDA following the acquisition of Coastal Bend. The Dos Picos II gas processing plant in the Midland Basin recently came online ahead of schedule and on budget. These assets further our stable earnings growth, enhance returns and increase shareholder value as we progress our wellhead-to-market strategy. Looking ahead, we are focused on organic Midstream growth as we advance toward our 2027 targets.”
Financial Results Summary (in millions of dollars, except as indicated)

2Q 2025

1Q 2025

Earnings

$

877

487

Adjusted Earnings (Loss)1

973

(368)

Adjusted EBITDA1

2,501

736

Earnings (Loss) Per Share

Earnings Per Share – Diluted

2.15

1.18

Adjusted Earnings (Loss) Per Share – Diluted1

2.38

(0.90)

Cash Flow From Operations

845

187

Cash Flow From Operations, Excluding Working Capital1

1,920

259

Capital Expenditures & Investments

587

423

Acquisitions, net of cash acquired

2,220

—

Return of Capital to Shareholders

906

716

Repurchases of common stock

419

247

Dividends paid on common stock

487

469

Cash and Cash Equivalents, including cash classified within Assets held for sale2

1,144

1,489

Debt

20,935

18,803

Debt-to-capital ratio

42%

40%

Net debt-to-capital ratio1

41%

38%

1 Represents a non-GAAP financial measure. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.

2 Includes cash and cash equivalents of $92 million classified within Assets held for sale at June 30, 2025.

Segment Financial and Operating Highlights (Millions of dollars, except as indicated)

2Q 2025

1Q 2025

Change

Earnings (Loss)1

$

877

487

390

Midstream

731

751

(20)

Chemicals

20

113

(93)

Refining

359

(937)

1,296

Marketing and Specialties

571

1,282

(711)

Renewable Fuels

(133)

(185)

52

Corporate and Other

(428)

(376)

(52)

Income tax (expense) benefit

(212)

(122)

(90)

Noncontrolling interests

(31)

(39)

8

Adjusted Earnings (Loss)1,2

$

973

(368)

1,341

Midstream

731

683

48

Chemicals

20

113

(93)

Refining

392

(937)

1,329

Marketing and Specialties

660

265

395

Renewable Fuels

(133)

(185)

52

Corporate and Other

(383)

(355)

(28)

Income tax (expense) benefit

(283)

78

(361)

Noncontrolling interests

(31)

(30)

(1)

Adjusted EBITDA2

$

2,501

736

1,765

Midstream

972

885

87

Chemicals

148

244

(96)

Refining

867

(452)

1,319

Marketing and Specialties

718

315

403

Renewable Fuels

(110)

(162)

52

Corporate and Other

(94)

(94)

—

Operating Highlights

Pipeline Throughput – Y-Grade to Market (MB/D)3

956

704

252

Chemicals Global O&P Capacity Utilization

92%

100%

(8%)

Refining

Turnaround Expense4

53

270

(217)

Realized Margin ($/BBL)2

11.25

6.81

4.44

Crude Capacity Utilization

98%

80%

18%

Clean Product Yield

86%

87%

(1%)

Renewable Fuels Produced (MB/D)

40

44

(4)

1 Segment reporting is pre-tax.

2 Represents a non-GAAP financial measure. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.

3 Represents volumes delivered to fractionation hubs, including Mont Belvieu, Sweeny and Conway. Includes 100% of DCP Midstream Class A Segment and Phillips 66’s direct interest in DCP Sand Hills Pipeline, LLC and DCP Southern Hills Pipeline, LLC.

4 Excludes turnaround expense of all equity affiliates.

Second-Quarter 2025 Financial Results
Reported earnings were $877 million for the second quarter of 2025 versus $487 million in the first quarter of 2025. Second-quarter earnings included pre-tax special item adjustments of $(89) million in the Marketing and Specialties segment, $(45) million impacting Corporate and Other and $(33) million in the Refining segment. Adjusted earnings for the second quarter were $973 million versus an adjusted loss of $368 million in the first quarter.

Midstream second-quarter 2025 adjusted pre-tax income increased compared with the first quarter mainly due to higher volumes, largely driven by the acquisition of Coastal Bend, partially offset by seasonal maintenance expense and property taxes.

Chemicals adjusted pre-tax income decreased mainly due to lower margins driven by lower sales prices.

Refining adjusted pre-tax results increased mainly due to higher realized margins resulting from improved market crack spreads, as well as higher volumes and lower costs.

Marketing and Specialties adjusted pre-tax income increased primarily due to higher margins and volumes.

Renewable Fuels pre-tax results improved primarily due to higher realized margins including inventory impacts, as well as increased credits.

Corporate and Other adjusted pre-tax loss increased mainly due to higher net interest expense, partially offset by impacts from our investment in NOVONIX.

As of June 30, 2025, the company had $1.1 billion of cash and cash equivalents and $3.7 billion of committed capacity available under credit facilities.
Business Highlights and Strategic Priorities Progress

Advanced NGL wellhead-to-market strategy by acquiring Coastal Bend and nearing completion of a related pipeline expansion project, expected to increase capacity from 175 MBD to 225 MBD

Expanded natural gas gathering and processing capacity with the startup of Dos Picos II, a 220 MMCF/D plant in the Midland Basin

Maintained disciplined operations in Refining and achieved $5.46 per barrel in Refining Adjusted Controllable Costs 1, excluding adjusted turnaround expense in the second quarter and $6.17 per barrel year-to-date

Achieved a record year-to-date clean product yield of 87%, reflecting a 2% increase from the same period in 2024

On track to cease operations at the Los Angeles Refinery, as well as complete the Germany and Austria transaction by year-end.

1 Represents a non-GAAP financial measure. Reconciliations of non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.

Investor Webcast
Members of Phillips 66 executive management will host a webcast at noon ET to provide an update on the company’s strategic initiatives and discuss the company’s second-quarter performance. To access the webcast and view related presentation materials, go to phillips66.com/investors and click on “Events & Presentations.” For detailed supplemental information, go to phillips66.com/supplemental.
About Phillips 66
Phillips 66 (NYSE: PSX) is a leading integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company’s portfolio includes Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn.
Use of Non-GAAP Financial Information—This news release includes the terms “adjusted earnings (loss),” “adjusted pre-tax income (loss),” “adjusted EBITDA,” “adjusted earnings (loss) per share,” “adjusted controllable cost,” “cash from operations, excluding working capital,” “net debt-to-capital ratio,” and “realized refining margin per barrel.” These are non-GAAP financial measures that are included to help facilitate comparisons of operating performance across periods, to help facilitate comparisons with other companies in our industry and to help facilitate determination of enterprise value. Where applicable, these measures exclude items that do not reflect the core operating results of our businesses in the current period or other adjustments to reflect how management analyzes results. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.
References in the release to earnings refer to net income attributable to Phillips 66.
Basis of Presentation— Effective April 1, 2024, we changed the internal financial information reviewed by our chief executive officer to evaluate performance and allocate resources to our operating segments. This included changes in the composition of our operating segments, as well as measurement changes for certain activities between our operating segments. The primary effects of this realignment included establishment of a Renewable Fuels operating segment, which includes renewable fuels activities and assets historically reported in our Refining, Marketing and Specialties (M&S), and Midstream segments; change in method of allocating results for certain Gulf Coast distillate export activities from our M&S segment to our Refining segment; reclassification of certain crude oil and international clean products trading activities between our M&S segment and our Refining segment; and change in reporting of our investment in NOVONIX from our Midstream segment to Corporate and Other. Accordingly, prior period results have been recast for comparability.
In the third quarter of 2024, we began presenting the line item “Capital expenditures and investments” on our consolidated statement of cash flows exclusive of acquisitions, net of cash acquired. Accordingly, prior period information has been reclassified for comparability.
Cautionary Statement for the Purposes of the “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995—This news release contains forward-looking statements within the meaning of the federal securities laws relating to Phillips 66’s operations, strategy and performance. Words such as “anticipated,” “estimated,” “expected,” “planned,” “scheduled,” “targeted,” “believe,” “continue,” “intend,” “will,” “would,” “objective,” “goal,” “project,” “efforts,” “strategies” and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future events or performance, and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: changes in governmental policies relating to NGL, crude oil, natural gas, refined petroleum or renewable fuels products pricing, regulation or taxation, including exports; our ability to timely obtain or maintain permits, including those necessary for capital projects; fluctuations in NGL, crude oil, refined petroleum products, renewable fuels, renewable feedstocks and natural gas prices, and refined product, marketing and petrochemical margins; the effects of any widespread public health crisis and its negative impact on commercial activity and demand for our products; changes to government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs including the renewable fuel standards program, low carbon fuel standards and tax credits for biofuels; liability resulting from pending or future litigation or other legal proceedings; liability for remedial actions, including removal and reclamation obligations under environmental regulations; unexpected changes in costs or technical requirements for constructing, modifying or operating our facilities or transporting our products; our ability to successfully complete, or any material delay in the completion of, any asset disposition, acquisition, shutdown or conversion that we may pursue, including receipt of any necessary regulatory approvals or permits related thereto; unexpected technological or commercial difficulties in manufacturing, refining or transporting our products, including chemical products; the level and success of producers’ drilling plans and the amount and quality of production volumes around our midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; changes in the cost or availability of adequate and reliable transportation for our NGL, crude oil, natural gas and refined petroleum and renewable fuels products; failure to complete definitive agreements and feasibility studies for, and to complete construction of, announced and future capital projects on time or within budget; our ability to comply with governmental regulations or make capital expenditures to maintain compliance; limited access to capital or significantly higher cost of capital related to our credit profile or illiquidity or uncertainty in the domestic or international financial markets; damage to our facilities due to accidents, weather and climate events, civil unrest, insurrections, political events, terrorism or cyberattacks; domestic and international economic and political developments including armed hostilities, such as the war in Eastern Europe, instability in the financial services and banking sector, excess inflation, expropriation of assets and changes in fiscal policy, including interest rates; international monetary conditions and exchange controls; changes in estimates or projections used to assess fair value of intangible assets, goodwill and properties, plants and equipment and/or strategic decisions or other developments with respect to our asset portfolio that cause impairment charges; substantial investments required, or reduced demand for products, as a result of existing or future environmental rules and regulations, including greenhouse gas emissions reductions and reduced consumer demand for refined petroleum products; changes in tax, environmental and other laws and regulations (including alternative energy mandates) applicable to our business; political and societal concerns about climate change that could result in changes to our business or increase expenditures, including litigation-related expenses; the operation, financing and distribution decisions of our joint ventures that we do not control; the potential impact of activist shareholder actions or tactics; and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

Earnings (Loss)

Millions of Dollars

2025

2024

2Q

1Q

Jun YTD

2Q

Jun YTD

Midstream

$

731

751

1,482

767

1,321

Chemicals

20

113

133

222

427

Refining

359

(937

)

(578

)

302

518

Marketing and Specialties

571

1,282

1,853

415

781

Renewable Fuels

(133

)

(185

)

(318

)

(55

)

(110

)

Corporate and Other

(428

)

(376

)

(804

)

(340

)

(662

)

Pre-Tax Income (Loss)

1,120

648

1,768

1,311

2,275

Less: Income tax expense (benefit)

212

122

334

291

494

Less: Noncontrolling interests

31

39

70

5

18

Phillips 66

$

877

487

1,364

1,015

1,763

Adjusted Earnings (Loss)

Millions of Dollars

2025

2024

2Q

1Q

Jun YTD

2Q

Jun YTD

Midstream

$

731

683

1,414

753

1,366

Chemicals

20

113

133

222

427

Refining

392

(937

)

(545

)

302

615

Marketing and Specialties

660

265

925

415

722

Renewable Fuels

(133

)

(185

)

(318

)

(55

)

(110

)

Corporate and Other

(383

)

(355

)

(738

)

(340

)

(662

)

Pre-Tax Income (Loss)

1,287

(416

)

871

1,297

2,358

Less: Income tax expense (benefit)

283

(78

)

205

278

504

Less: Noncontrolling interests

31

30

61

35

48

Phillips 66

$

973

(368

)

605

984

1,806

Millions of Dollars

Except as Indicated

2025

2024

2Q

1Q

Jun YTD

2Q

Jun YTD

Reconciliation of Consolidated Earnings to Adjusted Earnings (Loss)

Consolidated Earnings

$

877

487

1,364

1,015

1,763

Pre-tax adjustments:

Impairments

—

21

21

224

387

Net (gain) loss on asset dispositions1

89

(1,085

)

(996

)

(238

)

(238

)

Legal accrual

33

—

33

—

—

Legal settlement

—

—

—

—

(66

)

Professional advisory fees

45

—

45

—

—

Tax impact of adjustments2

(40

)

200

160

13

(10

)

Other tax impacts

(31

)

—

(31

)

—

—

Noncontrolling interests

—

9

9

(30

)

(30

)

Adjusted earnings (loss)

$

973

(368

)

605

984

1,806

Earnings per share of common stock (dollars)

$

2.15

1.18

3.32

2.38

4.10

Adjusted earnings (loss) per share of common stock (dollars)

$

2.38

(0.90

)

1.47

2.31

4.21

Adjusted Weighted-Average Diluted Common Shares Outstanding (thousands)

407,934

409,182

409,012

425,734

429,003

Reconciliation of Segment Pre-Tax Income (Loss) to Adjusted Pre-Tax Income (Loss)

Midstream Pre-Tax Income

$

731

751

1,482

767

1,321

Pre-tax adjustments:

Impairments

—

—

—

224

283

Net gain on asset dispositions1

—

(68

)

(68

)

(238

)

(238

)

Adjusted pre-tax income

$

731

683

1,414

753

1,366

Chemicals Pre-Tax Income

$

20

113

133

222

427

Pre-tax adjustments:

None

—

—

—

—

—

Adjusted pre-tax income

$

20

113

133

222

427

Refining Pre-Tax Income (Loss)

$

359

(937

)

(578

)

302

518

Pre-tax adjustments:

Impairments

—

—

—

—

104

Legal settlement

—

—

—

—

(7

)

Legal accrual

33

—

33

—

—

Adjusted pre-tax income (loss)

$

392

(937

)

(545

)

(302

)

(615

)

Marketing and Specialties Pre-Tax Income

$

571

1,282

1,853

415

781

Pre-tax adjustments:

Net (gain) loss on asset dispositions1

89

(1,017

)

(928

)

—

—

Legal settlement

—

—

—

—

(59

)

Adjusted pre-tax income

$

660

265

925

415

722

Renewable Fuels Pre-Tax Loss

$

(133

)

(185

)

(318

)

(55

)

(110

)

Pre-tax adjustments:

None

—

—

—

—

—

Adjusted pre-tax loss

$

(133

)

(185

)

(318

)

(55

)

(110

)

Corporate and Other Pre-Tax Loss

$

(428

)

(376

)

(804

)

(340

)

(662

)

Pre-tax adjustments:

Impairments

—

21

21

—

—

Professional advisory fees

45

—

45

—

—

Adjusted pre-tax loss

$

(383

)

(355

)

(738

)

(340

)

(662

)

1. Gain on disposition of our 49% non-operated equity interest in Coop Mineraloel AG in 1Q 2025. In connection with our pending disposition of our Germany and Austria retail marketing business, in the second quarter of 2025 we recognized a before-tax unrealized loss from foreign currency derivatives.

2. We generally tax effect taxable U.S.-based special items using a combined federal and state annual statutory income tax rate of approximately 24%. Taxable special items attributable to foreign locations likewise generally use a local statutory income tax rate. Nontaxable events reflect zero income tax. These events include, but are not limited to, most goodwill impairments, transactions legislatively exempt from income tax, transactions related to entities for which we have made an assertion that the undistributed earnings are permanently reinvested, or transactions occurring in jurisdictions with a valuation allowance.

Millions of Dollars

Except as Indicated

2025

2Q

1Q

Reconciliation of Consolidated Net Income to Adjusted EBITDA Attributable to Phillips 66

Net Income

$

908

526

Plus:

Income tax expense

212

122

Net interest expense

230

187

Depreciation and amortization

816

791

Phillips 66 EBITDA

$

2,166

1,626

Special Item Adjustments (pre-tax):

Impairments

—

21

Net (gain) loss on asset dispositions

89

(1,085

)

Legal accrual

33

—

Professional advisory fees

45

—

Total Special Item Adjustments (pre-tax)

167

(1,064

)

Change in Fair Value of NOVONIX Investment

2

15

Phillips 66 EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment

$

2,335

577

Other Adjustments (pre-tax):

Proportional share of selected equity affiliates income taxes

17

18

Proportional share of selected equity affiliates net interest

15

14

Proportional share of selected equity affiliates depreciation and amortization

184

187

Adjusted EBITDA attributable to noncontrolling interests

(50

)

(60

)

Phillips 66 Adjusted EBITDA

$

2,501

736

Reconciliation of Segment Income before Income Taxes to Adjusted EBITDA

Midstream Income before income taxes

$

731

751

Plus:

Depreciation and amortization

260

233

Midstream EBITDA

$

991

984

Special Item Adjustments (pre-tax):

Net gain on asset dispositions

—

(68

)

Midstream EBITDA, Adjusted for Special Items

$

991

916

Other Adjustments (pre-tax):

Proportional share of selected equity affiliates income taxes

4

3

Proportional share of selected equity affiliates net interest

3

3

Proportional share of selected equity affiliates depreciation and amortization

24

23

Adjusted EBITDA attributable to noncontrolling interests

(50

)

(60

)

Midstream Adjusted EBITDA

$

972

885

Chemicals Income before income taxes

$

20

113

Plus:

None

—

—

Chemicals EBITDA

$

20

113

Special Item Adjustments (pre-tax):

None

—

—

Chemicals EBITDA, Adjusted for Special Items

$

20

113

Other Adjustments (pre-tax):

Proportional share of selected equity affiliates income taxes

13

13

Proportional share of selected equity affiliates net interest

(1

)

(1

)

Proportional share of selected equity affiliates depreciation and amortization

116

119

Chemicals Adjusted EBITDA

$

148

244

Refining Income (loss) before income taxes

$

359

(937

)

Plus:

Depreciation and amortization

443

456

Refining EBITDA

$

802

(481

)

Special Item Adjustments (pre-tax):

Legal accrual

33

—

Refining EBITDA, Adjusted for Special Items

$

835

(481

)

Other Adjustments (pre-tax):

Proportional share of selected equity affiliates income taxes

—

—

Proportional share of selected equity affiliates net interest

3

2

Proportional share of selected equity affiliates depreciation and amortization

29

27

Refining Adjusted EBITDA

$

867

(452

)

Marketing and Specialties Income before income taxes

$

571

1,282

Plus:

Depreciation and amortization

33

20

Marketing and Specialties EBITDA

$

604

1,302

Special Item Adjustments (pre-tax):

Net gain on asset disposition

89

(1,017

)

Marketing and Specialties EBITDA, Adjusted for Special Items

$

693

285

Other Adjustments (pre-tax):

Proportional share of selected equity affiliates income taxes

—

2

Proportional share of selected equity affiliates net interest

10

10

Proportional share of selected equity affiliates depreciation and amortization

15

18

Marketing and Specialties Adjusted EBITDA

$

718

315

Renewable Fuels Loss before income taxes

$

(133

)

(185

)

Plus:

Depreciation and amortization

23

23

Renewable Fuels EBITDA

$

(110

)

(162

)

Special Item Adjustments (pre-tax):

None

—

—

Renewable Fuels EBITDA, Adjusted for Special Items

$

(110

)

(162

)

Corporate and Other Loss before income taxes

$

(428

)

(376

)

Plus:

Net interest expense

230

187

Depreciation and amortization

57

59

Corporate and Other EBITDA

$

(141

)

(130

)

Special Item Adjustments (pre-tax):

Impairments

—

21

Professional advisory fees

45

—

Total Special Item Adjustments (pre-tax)

45

21

Change in Fair Value of NOVONIX Investment

2

15

Corporate EBITDA, Adjusted for Special Items and Change in
Fair Value of NOVONIX Investment

$

(94

)

(94

)

Millions of Dollars
Except as Indicated

June 30, 2025

March 31, 2025

Debt-to-Capital Ratio

Total Debt

$

20,935

18,803

Total Equity

28,626

28,353

Debt-to-Capital Ratio

42

%

40

%

Cash and Cash Equivalents, including cash classified within Assets held for sale1

1,144

1,489

Net Debt-to-Capital Ratio

41

%

38

%

1. Includes cash and cash equivalents of $92 million classified within Assets held for sale at June 30, 2025.

Millions of Dollars

Except as Indicated

2025

2Q

1Q

Reconciliation of Refining Income (Loss) Before Income Taxes to Realized Refining Margins

Income (loss) before income taxes

$

359

(937

)

Plus:

Taxes other than income taxes

94

110

Depreciation, amortization and impairments

446

457

Selling, general and administrative expenses

32

46

Operating expenses

848

1,074

Equity in earnings of affiliates

2

105

Other segment expense, net

(47

)

(5

)

Proportional share of refining gross margins contributed by equity affiliates

234

141

Special items:

None

—

—

Realized refining margins

$

1,968

991

Total processed inputs (thousands of barrels)

152,005

124,453

Adjusted total processed inputs (thousands of barrels)*

174,772

145,559

Income (loss) before income taxes (dollars per barrel)**

$

2.36

(7.53

)

Realized refining margins (dollars per barrel)***

$

11.25

6.81

*Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate.

**Income (loss) before income taxes divided by total processed inputs.

***Realized refining margins per barrel, as presented, are calculated using the underlying realized refining margin amounts, in dollars, divided by adjusted total processed inputs, in barrels. As such, recalculated per barrel amounts using the rounded margins and barrels presented may differ from the presented per barrel amounts.

Millions of Dollars

Except as Indicated

2025

2Q

1Q

June YTD

Reconciliation of Refining Operating and SG&A Expenses to Refining Adjusted Controllable Costs

Turnaround expenses

$

53

270

323

Other operating expenses

795

804

1,599

Total operating expenses

848

1,074

1,922

Selling, general and administrative expenses

32

46

78

Refining Controllable Costs

880

1,120

2,000

Plus:

Proportional share of equity affiliate turnaround expenses1

24

27

51

Proportional share of equity affiliate other operating and SG&A expenses1

161

173

334

Total proportional share of equity affiliate operating and SG&A expenses1

185

200

385

Special item adjustments (pre-tax):

Legal accrual

(33

)

—

(33

)

Refining Adjusted Controllable Costs

1,032

1,320

2,352

Total processed inputs (MB)

152,005

124,453

276,458

Adjusted total processed inputs (MB)2

174,772

145,559

320,331

Refining turnaround expense ($/BBL)3

0.35

2.17

1.17

Refining controllable costs, excluding turnaround expense ($/BBL)3

5.44

6.83

6.07

Refining Controllable Costs per Barrel ($/BBL)3

5.79

9.00

7.24

Refining adjusted turnaround expense ($/BBL)4

0.44

2.04

1.17

Refining adjusted controllable costs, excluding adjusted turnaround expense ($/BBL)4

5.46

7.03

6.17

Refining Adjusted Controllable Costs ($/BBL)4

5.90

9.07

7.34

1. Represents proportional share of operating and SG&A of equity affiliates for our Refining segment that are reflected as a component of equity in earnings of affiliates on our consolidated statement of income.

2. Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate.

3. Denominator is total processed inputs.

4. Denominator is adjusted total processed inputs.

Millions of Dollars

Except as Indicated

2024

2023

2022

2021

Reconciliation of Refining Operating and SG&A Expenses to Refining Adjusted Controllable Costs

Turnaround expenses

$

484

538

772

497

Other operating expenses

3,243

3,707

3,958

3,663

Total operating expenses

3,727

4,245

4,730

4,160

Selling, general and administrative expenses

209

169

152

131

Refining Controllable Costs

3,936

4,414

4,882

4,291

Plus:

Proportional share of equity affiliate turnaround expenses1

68

93

118

118

Proportional share of equity affiliate other operating and SG&A expenses1

626

641

721

619

Total proportional share of equity affiliate operating and SG&A expenses1

694

734

839

737

Special item adjustments (pre-tax):

Hurricane-related (costs) recovery

—

—

21

(40

)

Winter-storm-related costs

—

—

—

(17

)

Alliance shutdown-related costs

—

—

(20

)

(32

)

Legal accrual

(22

)

(30

)

—

—

Los Angeles Refinery cessation costs

(44

)

—

—

—

Refining Adjusted Controllable Costs

4,564

5,118

5,722

4,939

Total processed inputs (MB)

588,316

607,958

612,741

638,145

Adjusted total processed inputs (MB)2

680,043

685,435

691,855

715,780

Refining turnaround expense ($/BBL)3

0.82

0.88

1.26

0.78

Refining controllable costs, excluding turnaround expense ($/BBL)3

5.87

6.38

6.71

5.95

Refining Controllable Costs per Barrel ($/BBL)3

6.69

7.26

7.97

6.72

Refining adjusted turnaround expense ($/BBL)4

0.81

0.92

1.29

0.86

Refining adjusted controllable costs, excluding adjusted turnaround expense ($/BBL)4

5.90

6.55

6.98

6.04

Refining Adjusted Controllable Costs ($/BBL)4

6.71

7.47

8.27

6.90

1. Represents proportional share of operating and SG&A of equity affiliates for our Refining segment that are reflected as a component of equity in earnings of affiliates on our consolidated statement of income.

2. Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate.

3. Denominator is total processed inputs.

4. Denominator is adjusted total processed inputs.

Source: Phillips 66

MIL OSI Global Banks –

July 25, 2025
MIL-OSI Banking: W&T Offshore Announces Timing of Second Quarter 2025 Earnings Release and Conference Call

Source: W & T Offshore Inc

Headline: W&T Offshore Announces Timing of Second Quarter 2025 Earnings Release and Conference Call

HOUSTON, July 25, 2025 (GLOBE NEWSWIRE) — W&T Offshore, Inc. (NYSE: WTI) (the “Company”) today announced the timing of its second quarter 2025 earnings release and conference call.

The Company said it will issue its second quarter 2025 earnings release on Monday, August 4, 2025, after the close of trading on the NYSE and host a conference call to discuss financial and operational results on Tuesday, August 5, 2025, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time.)

Interested parties may participate by dialing (844) 739-3797. International parties may dial (412) 317-5713. Participants should request to be joined to the “W&T Offshore, Inc. Conference Call.” This call will also be webcast and available on W&T Offshore’s website at www.wtoffshore.com under “Investors.” An audio replay will be available on the Company’s website following the call.

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

Source: W&T Offshore, Inc.

Released July 25, 2025

MIL OSI Global Banks –

July 25, 2025
MIL-OSI Africa: Committee on Human Settlements Successfully Started Its Two-Day Oversight Visit in Garden Route District Municipality
Source: APO – Report:

.

The Portfolio Committee on Human Settlements kick -started its two-day oversight visit to the municipalities in the Garden Route District Municipality in Knysna yesterday where it received briefings on the implementation of the Human Settlements Development Grant (HSDG), Informal Settlements and Upgrading Partnership Grant (ISUPG).

The committee expressed its displeasure with the absence of the MEC for Human Settlements and the Head of the department who failed to communicate their apologies in advance.

The committee also received briefings from the Western Cape Provincial Department of Human Settlements, Knysna Local Municipality, George Local Municipality, and Mossel Bay Local Municipality on the implementation of the human settlements’ strategic plans, projects and programmes.

The committee expressed its disappointment to learn that a total budget of about R300 million, which was allocated to the municipalities during the 2024/25 financial year, had to be given to other provinces due to poor performance of the municipalities and R100 million of that amount was initially budgeted for HSDG.

The Deputy Director-General of the National Department of Human Settlements, Dr Nana Mhlongo told the committee that the allocation of the budget to other provinces was due to the department’s due diligence in terms of monitoring performance within the province.

The HSDG is a key funding mechanism for human settlements development, while ISUPG focuses on upgrading of informal settlements. These programmes are being implemented by the Garden Route District Municipality, and they include the development of new housing units, infrastructure upgrades, and the formalisation of informal settlements.

Also, part of these programmes is the Integrated Human Settlements Strategic Plan that has been
developed by the Garden Route District Municipality which incorporates George, Mossel Bay, and Knysna local municipalities. This plan aims to guide the coordinated development of human settlements, and to ensure alignment with national, provincial strategic goals and performance plans.

Outlining the purpose of the visit, the Chairperson of the Portfolio Committee on Human Settlements, Mr Mammoga Seabi, highlighted the committee’s role regarding oversight over any executive organ of state that falls within its portfolio. He said: “This is in line with the mandate of the committee to undertake provincial oversight visits to evaluate progress made in the service delivery and to identify challenges.”

The Chairperson said the committee undertook this oversight due to the need for the improvement of institutional capacity at the local municipal level and the lack of strong instruments for implementation in the district municipality. “These issues hinder service delivery, economic development, and overall community well-being,” he said.

The committee heard that the Garden Route District Municipality faces challenges that include limited funding and implementation of non-human settlements related mandate in informal settlements upgrading, bulk infrastructure capacity constraints prevalence in most municipalities, municipal capacity challenges, lengthy statutory approval processes, lack of clear and coherent understanding, and response from stakeholders involved in upgrading process.

The committee conducted site visits to the Knysna Bungalos, temporal relocation site and the houses built for the Knysna Bungalo beneficiaries. The committee was unhappy with the appalling state of the temporary structures and requested the municipality, provincial and national departments of human settlements to review the project and provide a report to the committee in 30 days.

The committee will today conduct site visit in Mossel Bay as follows:
- Site visits in Mossel Bay from 09:00 to 13:00 to Sinethemba Project, Breaking New Ground Project (New Rest), Mountain View First Home Finance Project, and Izinyoka Informal Settlements.
- Site visits in George from 14:00 to 16:00 to projects: Moeggehuur Informal Settlements (Houtkapperjie), Syferfornein Project (ERF 325), Rosedale Informal Settlements, Metro Grounds and George Collapsed Building.
– on behalf of Republic of South Africa: The Parliament.

MIL OSI Africa –
July 25, 2025

MIL-OSI Banking: Euro area economic and financial developments by institutional sector: first quarter of 2025

Source: European Central Bank

25 July 2025

Euro area net saving decreased to €799 billion in four quarters to first quarter of 2025, compared with €813 billion one quarter earlier
Household debt-to-income ratio decreased to 81.7% in first quarter of 2025 from 83.8% one year earlier
Non-financial corporations’ debt-to-GDP ratio (consolidated measure) decreased to 67.2% in first quarter of 2025 from 68.4% one year earlier
Share of net wealth held by wealthiest 10% of households stood at 57.3% in 2024, largely unchanged from previous years.

Total euro area economy

Euro area net saving decreased to €799 billion (6.5% of euro area net disposable income) in the four quarters to the first quarter of 2025 compared with €813 billion in the four quarters to the previous quarter. Euro area net non-financial investment was broadly unchanged at €441 billion (3.6% of net disposable income), due to broadly unchanged net investment of all sectors (see Chart 1 and Table 1 in the Annex).

Euro area net lending to the rest of the world decreased to €388 billion (from €401 billion previously) reflecting the decreased net saving and broadly unchanged net non-financial investment. Non-financial corporations’ net lending decreased to €130 billion (1.1% of net disposable income) from €156 billion, while that of households increased to €598 billion (4.9% of net disposable income) from €588 billion. Financial corporations’ net lending (€123 billion, 1.0% of net disposable income) and general government net borrowing were broadly unchanged, the latter contributing negatively to euro area net lending (-€463 billion, -3.8% of net disposable income).

Chart 1

Euro area saving, investment and net lending to the rest of the world

(EUR billions, four-quarter sums)

Sources: ECB and Eurostat.

* Net saving minus net capital transfers to the rest of the world (equals change in net worth due to transactions).

Data for euro area saving, investment and net lending to the rest of the world (Chart 1)

Households

Household financial investment increased at a broadly unchanged annual rate of 2.5% in the first quarter of 2025. Among its components, investment in currency and deposits grew at an unchanged rate of 3.0%. Investment in debt securities increased at a lower rate (3.0%, after 8.2%), while investment in shares and other equity grew at a higher rate (2.3%, after 1.8%) – the latter mainly due to investment fund shares.

Households purchased, in net terms, mainly debt securities issued by the rest of the world, general government, and other financial institutions (see Table 1 below and Table 2.2. in the Annex). Households were overall net sellers of listed shares, selling predominantly listed shares of MFIs, while buying listed shares issued by the rest of the world (i.e. shares issued by non-euro area residents). Households increased their purchases of euro area non-money market investment fund shares, and continued to purchase money market fund shares, while purchases of investment fund shares issued by the rest of the world decelerated.

The household debt-to-income ratio^[1] decreased, to 81.7% in the first quarter of 2025 from 83.8% in the first quarter of 2024. The household debt-to-GDP ratio decreased, to 51.2% in the first quarter of 2025 from 52.3% in the first quarter of 2024 (see Chart 2).

Table 1

Financial investment and financing of households, main items

(annual growth rates)

	Financial transactions
	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Financial investment*	2.0	2.3	2.4	2.4	2.5
Currency and deposits	1.5	2.3	2.5	3.0	3.0
Debt securities	41.4	29.8	17.1	8.2	3.0
Shares and other equity**	0.2	0.4	0.9	1.8	2.3
Life insurance	0.0	0.4	1.3	1.6	1.7
Pension schemes	2.0	1.8	1.9	1.8	2.1
Financing***	0.9	1.2	1.2	1.6	1.8
Loans	0.6	0.6	0.9	1.3	1.7

Source: ECB.

* Items not shown include: loans granted, prepayments of insurance premiums and reserves for outstanding claims and other accounts receivable.

** Includes investment fund shares.

*** Items not shown include: financial derivatives’ net liabilities, pension schemes and other accounts payable.

Data for financial investment and financing of households (Table 1)

Chart 2

Debt ratios of households and NFCs

(percentages of GDP)

Sources: ECB and Eurostat.

* Outstanding amount of loans, debt securities, trade credits and pension scheme liabilities.
** Outstanding amount of loans and debt securities, excluding debt positions between NFCs
*** Outstanding amount of loan liabilities.

Data for debt ratios of households and non-financial corporations (Chart 2)

Developments in household wealth distribution in 2024

The Distributional Wealth Accounts show that household net wealth continued to increase in 2024, while wealth inequality, as measured by the Gini coefficient of net wealth, has remained broadly unchanged in recent years (see Chart 3). The share of household net wealth held by the wealthiest 10% of households stood at 57.3% at the end of 2024, largely unchanged from previous years.

Chart 3

Household net wealth distribution and wealth inequality

(left-hand scale: EUR trillions; right-hand scale: percentages)

Sources: ECB.

The growth in net wealth across the various household wealth groups was primarily driven by valuation effects of both financial and non-financial assets, while contribution of net saving was stable but lower. Since the fourth quarter of 2019, net wealth has risen substantially across all wealth groups, with increases of 32% for the bottom 50% of the wealth distribution, 24% for the next 40%, and 26% for the top 10%. The developments varied between different asset classes, resulting in distinct portfolio dynamics across household wealth groups (see Chart 4). A significant portion of overall net wealth growth – more than half in each wealth group – was driven by increases in housing wealth. For the bottom 50% of households, deposits were the second-largest contributor (+9 percentage points), with smaller contributions from other wealth components. Among the next 40% of households, deposits also made a positive contribution (+4 percentage points) to net wealth growth, though this was largely offset by the negative effect of increasing mortgages (-3 percentage points). For the wealthiest 10% of households, the growth in net wealth was also supported by significant increases in business wealth (+6 percentage points) and investment fund shares (+3 percentage points).

Chart 4

Contributions to growth of household net wealth between Q1 2019 and Q4 2024

(percentage points, percentage change)

Sources: ECB.

Note: The left-hand scale measures the percentage growth of net wealth and the percentage point contributions to net wealth growth of all other legend items.

Non-financial corporations

Financial transactions

2024 Q1

2024 Q2

2024 Q3

2024 Q4

2025 Q1

Financing*

0.8

0.9

1.0

0.9

1.3

Debt securities

2.0

2.9

2.5

1.5

1.6

Loans

1.6

1.4

1.3

2.0

Shares and other equity

0.3

0.6

0.4

0.5

Trade credits and advances

1.0

2.0

2.5

3.6

4.1

Financial investment**

1.7

1.8

2.0

1.8

2.0

Currency and deposits

0.2

2.6

1.7

2.4

2.1

Debt securities

10.9

8.1

3.9

2.1

4.1

Loans

3.9

3.7

3.2

2.6

2.8

Shares and other equity

1.1

0.9

1.2

0.7

0.4

MIL OSI Global Banks –

July 25, 2025

MIL-OSI: OMS Energy Technologies Inc. Filed 2025 Annual Report on Form 20-F

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, July 25, 2025 (GLOBE NEWSWIRE) — OMS Energy Technologies Inc. (“OMS” or the “Company”) (NASDAQ: OMSE), a growth-oriented manufacturer of surface wellhead systems (“SWS”) and oil country tubular goods (“OCTG”) for the oil and gas industry, today announced that the Company has filed its annual report on Form 20-F for the fiscal year ended March 31, 2025 with the U.S. Securities and Exchange Commission (the “SEC”) on July 25, 2025.

The annual report is available on the Company’s investor relations website at ir.omsos.com and on the SEC’s website at www.sec.gov. The Company will provide hard copies of the annual report, free of charge, to its shareholders upon written request. Requests should be directed to the Investor Relations Department, OMS Energy Technologies Inc., 10 Gul Circle, Singapore 629566.

About OMS Energy Technologies Inc.

OMS Energy Technologies Inc. (NASDAQ: OMSE) is a growth-oriented manufacturer of surface wellhead systems (SWS) and oil country tubular goods (OCTG) for the oil and gas industry. Serving both onshore and offshore exploration and production operators, OMS is a trusted single-source supplier across six vital jurisdictions in the Asia Pacific, Middle Eastern and North African (MENA) regions. The Company’s 11 strategically located manufacturing facilities in key markets ensure rapid response times, customized technical solutions and seamless adaptation to evolving production and logistics needs. Beyond its core SWS and OCTG offerings, OMS also provides premium threading services to maximize operational efficiency for its customers.

For more information, please visit ir.omsos.com.

For investor and media inquiries, please contact:

OMS Energy Technologies Inc.
Investor Relations
Email: ir@omsos.com

Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
Email: oms@thepiacentegroup.com

Hui Fan
Tel: +86-10-6508-0677
Email: oms@thepiacentegroup.com

The MIL Network –

July 25, 2025

MIL-OSI: Lakeland Financial Reports Record Second Quarter Performance; Net Income Grows by 20% to $27.0 Million, as Net Interest Income Expands by 14%

Source: GlobeNewswire (MIL-OSI)

WARSAW, Ind., July 25, 2025 (GLOBE NEWSWIRE) — Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported record second quarter net income of $27.0 million for the three months ended June 30, 2025, which represents an increase of $4.4 million, or 20%, compared with net income of $22.5 million for the three months ended June 30, 2024. Diluted earnings per share were $1.04 for the second quarter of 2025 and increased $0.17, or 20%, compared to $0.87 for the second quarter of 2024. On a linked quarter basis, net income increased $6.9 million, or 34%, from $20.1 million. Diluted earnings per share increased $0.26, or 33%, from $0.78 on a linked quarter basis.

Pretax pre-provision earnings, which is a non-GAAP measure, were $35.9 million for the three months ended June 30, 2025, an increase of $528,000, or 1%, compared to $35.4 million for the three months ended June 30, 2024. Adjusted core operational profitability, a non-GAAP measure that excludes the impact of certain non-routine operating events that occurred during 2024, improved by $7.8 million, or 41%, from $19.2 million to $27.0 million for the three months ended June 30, 2024 and 2025, respectively.

The company further reported net income of $47.1 million for the six months ended June 30, 2025, versus $46.0 million for the comparable period of 2024, an increase of $1.1 million, or 2%. Diluted earnings per share also increased 2% to $1.82 for the six months ended June 30, 2025, versus $1.78 for the comparable period of 2024. Pretax pre-provision earnings were $67.0 million for the six months ended June 30, 2025, an increase of $2.2 million, or 3%, compared to $64.7 million for the six months ended June 30, 2024. Adjusted core operational profitability improved by $5.2 million, or 12%, from $41.8 million to $47.1 million for the six months ended June 30, 2024 and 2025, respectively.

“We are pleased to report strong earnings momentum for the second quarter of 2025, which has benefited from double digit growth of net interest income and contributed to good overall performance in the first half of 2025,” observed David M. Findlay, Chairman and CEO. “Importantly, our Lake City Bank Team continues to generate healthy loan and deposit growth. It’s been a rewarding first six months of 2025 with this strong financial performance, healthy balance sheet growth and continued success on the business development front for all of our revenue producing teams.”

Quarterly Financial Performance

Second Quarter 2025 versus Second Quarter 2024 highlights:

Return on average equity of 15.52%, compared to 14.19%
Return on average assets of 1.57%, compared to 1.37%
Tangible book value per share grew by $2.14, or 8%, to $27.48
Average loans grew by $194.8 million, or 4%, to $5.23 billion
Core deposits grew by $423.9 million, or 8%, to $6.03 billion
Net interest margin improved 25 basis points to 3.42% versus 3.17%
Net interest income increased by $6.6 million, or 14%
Provision expense of $3.0 million, compared to $8.5 million
Watch list loans as a percentage of total loans improved to 3.67% from 5.31%
Nonaccrual loans declined 46% to $30.6 million compared to $57.1 million
Common equity tier 1 capital ratio improved to 14.73%, compared to 14.28%
Total risk-based capital ratio improved to 15.86%, compared to 15.53%
Tangible capital ratio improved to 10.15%, compared to 9.91%
Average equity increased by $58.0 million, or 9%

Second Quarter 2025 versus First Quarter 2025 highlights:

Return on average equity of 15.52%, compared to 11.70%
Return on average assets of 1.57%, compared to 1.20%
Average loans grew by $43.7 million, or 1%, to $5.23 billion
Core deposits grew by $191.6 million, or 3%, to $6.03 billion
Net interest margin improved 2 basis points to 3.42% versus 3.40%
Net interest income increased by $2.0 million, or 4%
Pretax, pre-provision earnings increased $4.9 million, or 16%
Provision expense of $3.0 million, compared to $6.8 million
Nonaccrual loans declined 47% to $30.6 million compared to $57.4 million
Watch list loans as a percentage of total loans improved to 3.67% from 4.13%
Common equity tier 1 capital ratio of 14.73%, compared to 14.51%
Total risk-based capital ratio of 15.86%, compared to 15.77%
Tangible capital ratio of 10.15%, compared to 10.09%

Capital Strength

The company’s total capital as a percentage of risk-weighted assets improved to 15.86% at June 30, 2025, compared to 15.53% at June 30, 2024 and 15.77% at March 31, 2025. These capital levels significantly exceeded the 10.00% regulatory threshold required to be characterized as “well capitalized” and reflect the company’s robust capital base.

The company’s tangible common equity to tangible assets ratio, which is a non-GAAP financial measure, improved to 10.15% at June 30, 2025, compared to 9.91% at June 30, 2024 and 10.09% at March 31, 2025. Unrealized losses from available-for-sale investment securities were $185.3 million at June 30, 2025, compared to $194.9 million at June 30, 2024 and $188.3 million at March 31, 2025. Excluding the impact of accumulated other comprehensive income (loss) on tangible common equity and tangible assets, the company’s ratio of adjusted tangible common equity to adjusted tangible assets, a non-GAAP financial measure, was 12.17% at June 30, 2025, compared to 12.18% at June 30, 2024, and 12.19% at March 31, 2025.

As announced on July 8, 2025, the board of directors approved a cash dividend for the second quarter of $0.50 per share, payable on August 5, 2025, to shareholders of record as of July 25, 2025. The second quarter dividend per share represents a 4% increase from the $0.48 dividend per share paid for the second quarter of 2024.

The company utilized its share repurchase program during the second quarter of 2025 and repurchased 30,300 shares of its common stock for $1.7 million at a weighted average price per share of $55.94. The company has $28.3 million of remaining availability under the board-approved share repurchase program.

“Our capital position is strong and provides capacity for continued organic growth of our balance sheet as well as continued growth of our common stock dividend to shareholders,” stated Kristin L. Pruitt, President. “While we did utilize our share repurchase program during the second quarter, our priority for capital is to continue capital retention to support loan growth in our Indiana markets and provide for continued balance sheet growth opportunities.”

Loan Portfolio

Average total loans of $5.23 billion in the second quarter of 2025 increased $194.8 million, or 4%, from $5.03 billion for the second quarter of 2024 and increased $43.7 million, or 1%, from $5.19 billion for the first quarter of 2025. Average total loans for the six months ended June 30, 2025 were $5.21 billion, an increase of $205.0 million, or 4%, from $5.00 billion for the six months ended June 30, 2024.

Total loans, excluding deferred fees and costs, increased by $173.8 million, or 3%, from $5.06 billion as of June 30, 2024, to $5.23 billion as of June 30, 2025. The increase in loans occurred across much of the portfolio, with our commercial real estate and multi-family residential loan portfolio growing by $177.0 million, or 7%, our consumer 1-4 family mortgage loan portfolio growing by $46.2 million, or 10%, and our other consumer loan portfolio growing by $6.0 million, or 6%. These increases were offset by contractions to our commercial and industrial loan portfolio of $32.5 million, or 2%, and our agri-business and agricultural loan portfolio of $21.6 million, or 6%. On a linked quarter basis, total loans, excluding deferred fees and costs, increased by $3.4 million, or less than 1%, from $5.23 billion at March 31, 2025. The linked quarter increase was primarily a result of growth in total commercial real estate and multi-family residential loans of $59.6 million, or 2%, and growth in total consumer loans of $17.5 million, or 3%. This growth was offset by contractions in total agri-business and agricultural loans of $44.3 million, or 12%, and total commercial and industrial loans of $29.8 million, or 2%.

Commercial loan originations for the second quarter included approximately $390.0 million in loan originations, offset by approximately $404.0 million in commercial loan pay downs. Line of credit usage increased to 44% as of June 30, 2025, compared to 41% at June 30, 2024 and 43% as of March 31, 2025. Total available lines of credit contracted by $48.0 million, or 1%, as compared to a year ago, and line usage increased by $100.0 million, or 5%, over that period. The company has limited exposure to commercial office space borrowers, all of which are in the bank’s Indiana markets. Loans totaling $106.9 million for this sector represented 2% of total loans at June 30, 2025, an increase of $6.4 million, or 6%, from March 31, 2025. Commercial real estate loans secured by multi-family residential properties and secured by non-farm non-residential properties were approximately 221% of total risk-based capital at June 30, 2025.

“We are pleased that commercial line utilization continues to improve with a utilization rate of 44% at the end of the second quarter 2025,” added Findlay. “This marks the highest line utilization rate since 2020, and we are encouraged that borrower demand for working lines of capital has increased. During the second quarter, construction loans migrated as planned to the CRE multi-family segment. In addition, loan payoffs received during the second quarter impacted the owner occupied CRE and Agriculture segments.”

Diversified Deposit Base

The bank’s diversified deposit base has grown on a year-over-year basis and on a linked quarter basis.

(in thousands)	June 30, 2025				March 31, 2025				June 30, 2024
Retail	$	1,755,750	28.4	%	$	1,787,992	30.0	%	$	1,724,777	29.9	%
Commercial		2,256,620	36.6			2,336,910	39.2			2,150,127	37.3
Public funds		2,014,047	32.6			1,709,883	28.7			1,727,593	30.0
Core deposits		6,026,417	97.6			5,834,785	97.9			5,602,497	97.2
Brokered deposits		150,416	2.4			125,409	2.1			161,040	2.8
Total	$	6,176,833	100.0	%	$	5,960,194	100.0	%	$	5,763,537	100.0	%

Total deposits increased $413.3 million, or 7%, from $5.76 billion as of June 30, 2024, to $6.18 billion as of June 30, 2025. The increase in total deposits was driven by an increase in core deposits (which excludes brokered deposits) of $423.9 million, or 8%. Total core deposits at June 30, 2025 were $6.03 billion and represented 98% of total deposits, as compared to $5.60 billion and 97% of total deposits at June 30, 2024.

The increase in core deposits since June 30, 2024, reflects growth in all three core deposit segments. Public funds deposits grew annually by $286.5 million, or 17%, to $2.01 billion. Public funds deposits as a percentage of total deposits were 33%, up from 30% a year ago. Growth in public funds was positively impacted by the addition of new public funds customers in the Lake City Bank footprint, including their operating accounts. Commercial deposits grew annually by $106.5 million, or 5%, to $2.26 billion and remained at 37% as a percentage of total deposits. Retail deposits grew by $31.0 million, or 2%, to $1.76 billion. Retail deposits as a percentage of total deposits was 28% of total deposits, down from 30% a year ago.

On a linked quarter basis, total deposits increased $216.6 million, or 4%, from $5.96 billion at March 31, 2025, to $6.18 billion at June 30, 2025. Core deposits increased by $191.6 million, or 3%, while brokered deposits increased by $25.0 million, or 20%. The linked quarter growth in core deposits, was positively impacted by the addition of new public funds customers. Offsetting this increase was a decrease in commercial deposits of $80.3 million, or 3%, and a decrease in retail deposits of $32.2 million, or 2%.

Average total deposits were $6.10 billion for the second quarter of 2025, an increase of $276.5 million, or 5%, from $5.82 billion for the second quarter of 2024. Average interest-bearing deposits drove the increase in average total deposits and increased by $263.4 million, or 6%. Contributing to the overall growth of interest-bearing deposits was an increase to average interest-bearing checking accounts of $492.4 million, or 15%. Offsetting this increase was a reduction in average time deposits of $225.9 million, or 22%, and a decrease to average savings deposits of $3.2 million, or 1%. Average noninterest-bearing demand deposits increased by $13.2 million, or 1% to $1.2 billion.

On a linked quarter basis, average total deposits increased by $221.8 million, or 4%, from $5.87 billion for the first quarter of 2025 to $6.10 billion for the second quarter of 2025. Average interest bearing deposits drove the increase to total average deposits, which increased by $236.1 million, or 5%. Average interest bearing checking accounts were responsible for the increase, growing by $281.5 million, or 8%. Offsetting this increase were decreases to total average time deposits of $47.4 million, or 6%, and average noninterest bearing demand deposits decreased by $14.3 million, or 1%.

Checking account trends as of June 30, 2025 compared to June 30, 2024 include growth of $352.1 million, or 23%, in aggregate public fund checking account balances, growth of $93.4 million, or 5%, in aggregate commercial checking account balances, and growth of $52.2 million, or 6%, in aggregate retail checking account balances. The number of accounts has also grown for all three segments, with growth of 9% for public funds accounts, 2% for commercial accounts and 1% for retail accounts during the prior twelve months.

“Deposit growth is strong in many measurable ways. All deposit segments have grown on a year over year basis, and the bank continues to add new public fund customers and their operating accounts,” commented Lisa M. O’Neill, Executive Vice-President and Chief Financial Officer.

Deposits not covered by FDIC deposit insurance as a percentage of total deposits were 59% as of June 30, 2025, compared to 57% at March 31, 2025, and 58% at June 30, 2024, reflecting growth in public fund deposits over those periods. Deposits not covered by FDIC deposit insurance or the Indiana Public Deposit Insurance Fund, which insures public funds deposits in Indiana, were 27% of total deposits at June 30, 2025, compared to 29% at March 31, 2025, and 29% at June 30, 2024. At June 30, 2025, 98% of deposit accounts had deposit balances less than $250,000.

Net Interest Margin

Net interest margin was 3.42% for the second quarter of 2025, representing a 25 basis point increase from 3.17% for the second quarter of 2024. This improvement was driven by a reduction in the company’s funding costs, with interest expense as a percentage of average earning assets falling by 49 basis points from 2.90% for the second quarter of 2024 to 2.41% for the second quarter of 2025. Offsetting the decrease in funding costs was a decrease to earning asset yields of 24 basis points from 6.07% for the second quarter of 2024 to 5.83% for the second quarter of 2025. During the second quarter of 2025, the company recorded a prepayment fee of $541,000 from the early payment of a fixed rate commercial loan, which was recorded as part of interest income. The prepayment fee benefited net interest margin by 3 basis points for the second quarter. Excluding the impact of the prepayment penalty, net interest margin improved by 22 basis points. The easing of monetary policy by the Federal Reserve Bank, which began in September of 2024, drove the reduction in funding costs that provided for the net interest margin expansion through deposit repricing as compared to the prior year quarter.

Net interest margin expanded by 2 basis points to 3.42% for the second quarter of 2025, compared to 3.40% for the linked first quarter of 2025. Average earning asset yields increased by 6 basis points from 5.77% to 5.83% on a linked quarter basis and interest expense as a percentage of average earning assets increased 4 basis points from 2.37% to 2.41%. Excluding the impact of the prepayment penalty, net interest margin contracted by 1 basis point compared to the linked first quarter.

The cumulative loan beta for the current rate-easing cycle that began in September 2024 is 29% compared to the deposit beta of 50% and has resulted in net interest margin expansion which has benefited net interest income. Net interest income was $54.9 million for the second quarter of 2025, representing an increase of $6.6 million, or 14%, as compared to $48.3 million for the second quarter of 2024. On a linked quarter basis, net interest income increased $2.0 million, or 4%, from $52.9 million for the first quarter of 2025. Net interest income increased by $12.0 million, or 13%, from $95.7 million for the six months ended June 30, 2024, to $107.8 million for the six months ended June 30, 2025.

O’Neill noted, “We are pleased to report healthy net interest margin expansion of 25 basis points as compared to a year ago. In this higher-for-longer interest rate environment, we continue to benefit from fixed rate loan repricing and new loan origination activity. In addition, we are pleased that our core deposits represent 98% of our total funding needs compared to 97% a year ago. Core deposit growth has outpaced our loan growth in 2025, which has strengthened our liquidity position. We have begun to reinvest some maturing investment securities into higher yielding investment securities with short duration, which is also benefiting net interest margin.”

Asset Quality

The company recorded a provision for credit losses of $3.0 million in the second quarter of 2025, a decrease of $5.5 million as compared to $8.5 million in the second quarter of 2024. On a linked quarter basis, the provision expense decreased by $3.8 million, from $6.8 million for the first quarter of 2025. Provision expense for the second quarter and for the six months ended June 30, 2025, was primarily driven by an increase in the specific allocation for a previously disclosed $43.3 million nonperforming credit for an industrial company in Northern Indiana as well as loan growth. During the second quarter of 2025, the non-performing borrower reached an agreement to sell and liquidate the business to two unrelated entities. The transactions are expected to close in the third quarter of 2025. As a result of the pending sale and liquidation, the company recognized a charge off of $28.6 million during the second quarter, which was fully allocated at the time of the charge off. The company expects to collect the remainder of the outstanding principal balance from sale and liquidation proceeds and proceeds from the personal guarantee from the borrower.

The ratio of allowance for credit losses to total loans was 1.27% at June 30, 2025, down from 1.60% at June 30, 2024, and 1.77% at March 31, 2025. The decrease in the allowance coverage was due to a significant reduction of 46%, or $26.5 million, in nonaccrual loans, which were $30.6 million at June 30, 2025 versus $57.1 million at June 30, 2024. Net charge offs in the second quarter of 2025 were $28.9 million, compared to $949,000 in the second quarter of 2024 and $327,000 during the linked first quarter of 2025. Annualized net charge offs to average loans were 2.22% for the second quarter of 2025, compared to 0.08% for the second quarter of 2024 and 0.03% for the linked first quarter of 2025. Annualized net charge offs to average loans were 1.13% for the six months ended June 30, 2025 compared to 0.05% for the six months ended June 30, 2024.

Nonperforming assets decreased $26.5 million, or 46%, to $31.1 million as of June 30, 2025, versus $57.6 million as of June 30, 2024. On a linked quarter basis, nonperforming assets decreased $26.8 million, or 46%, compared to $57.9 million as of March 31, 2025. The ratio of nonperforming assets to total assets at June 30, 2025 decreased to 0.45% from 0.88% at June 30, 2024, and decreased from 0.84% at March 31, 2025.

Total individually analyzed and watch list loans decreased by $76.6 million, or 29%, to $191.6 million as of June 30, 2025, versus $268.3 million as of June 30, 2024. On a linked quarter basis, total individually analyzed and watch list loans decreased by $23.9 million, or 11%, from $215.6 million at March 31, 2025. Watch list loans as a percentage of total loans were 3.67% at June 30, 2025, a decrease of 164 basis points compared to 5.31% at June 30, 2024, and 46 basis points from 4.13% at March 31, 2025.

“We are pleased to have reached a resolution on the nonperforming loan that we have been working through for the past several quarters,” stated Findlay. “Importantly, our semi-annual loan portfolio reviews with all loan officers of the bank affirmed that asset quality is stable and that economic conditions in our footprint are contributing to new business development opportunities. We continue to monitor the impact of tariffs on our borrowers. It is too early to quantify the impact of U.S. trade policy on our borrowers’ businesses, although there appears to be less concern on the impact of tariffs that we heard from borrowing clients previously.”

Investment Portfolio Overview

Total investment securities were $1.13 billion at June 30, 2025, reflecting an increase of $5.5 million, or less than 1%, as compared to $1.12 billion at June 30, 2024. Investment securities represented 16% of total assets on June 30, 2025, as compared to 17% and June 30, 2024 and March 31, 2025. The company anticipates receiving principal and interest cash flows of approximately $54.5 million during the remainder of 2025 from the investment securities portfolio and plans to use that liquidity to fund loan growth as well as to fund reinvestments to the investment securities portfolio. Tax equivalent adjusted effective duration for the investment portfolio was 5.9 years at June 30, 2025, compared to 6.5 years at June 30, 2024 and unchanged from 5.9 years at March 31, 2025.

Noninterest Income

The company’s noninterest income decreased $9.0 million, or 44%, to $11.5 million for the second quarter of 2025, compared to $20.4 million for the second quarter of 2024. Noninterest income was elevated during the second quarter of 2024 as compared to the second quarter of 2025 as a result of the net gain on Visa shares of $9.0 million that was recorded in the second quarter of 2024. Adjusted core noninterest income, a non-GAAP financial measure that excludes the effect of the net gain on Visa shares and an insurance recovery, increased $58,000, or less than 1%, from $11.4 million during the second quarter of 2024. Bank owned life insurance income increased $150,000, or 17%, primarily as a result of increased general account bank owned life insurance income from the purchase of insurance policies during the second quarter of 2025. Mortgage banking income increased $101,000 due to growth in the company’s mortgage pipeline, which favorably impacted secondary market loan sale gains and mortgage rate lock income. Wealth advisory fees increased $70,000, or 3%, driven by continued growth in customers and assets under management. Investment brokerage fees increased $72,000, or 15%, due to increased volume and product mix. Offsetting these increases was a decrease to other income of $296,000, or 43%, primarily driven by reduced limited partnership investment income.

Noninterest income for the second quarter of 2025 increased by $558,000, or 5%, on a linked quarter basis from $10.9 million during the first quarter of 2025. Bank owned life insurance income increased $718,000, or 223%, primarily as a result of improved market performance of the bank’s variable owned life insurance policies and increased general account bank owned life insurance income from the purchase of insurance policies during the second quarter of 2025. Loan and service fee income increased $122,000, or 4%, from increased interchange fee income. Mortgage banking income increased $175,000, as a result of income derived from secondary mortgage sales and pipeline growth. Investment brokerage fees income increased $98,000, or 22%. Offsetting these increases was a decrease to other income of $460,000, or 54%, primarily a result of reduced limited partnership investment income. Wealth advisory fees, which benefited in the linked first quarter of 2025 from significant estate settlement fee income decreased $200,000, or 7%.

“The linked quarter improvement of noninterest income of 5% is encouraging as we continue to focus on growing our fee-based businesses,” noted Findlay. “We are particularly pleased with the continued growth of our Wealth Advisory Management area, which has recently added revenue generating employees in our footprint with a focus in Indianapolis. Assets under management in this area have reached nearly $3.0 billion at quarter end.”

Noninterest income decreased by $10.6 million, or 32%, to $22.4 million for the six months ended June 30, 2025, compared to $33.1 million for the prior year six-month period. Noninterest income was elevated during the first six months of 2024 as compared to the comparable period of 2025 primarily because of the net gain on Visa shares of $9.0 million and a $1.0 million insurance recovery. Adjusted core noninterest income, a non-GAAP financial measure that excludes the impact of these non-routine events, declined $626,000, or 3%, from $23.0 million for the six months ended June 30, 2024. Other income decreased $1.6 million, or 56%, as other income during the first six months of 2024 benefited from the $1.0 million insurance recovery. Reduced limited partnership investment income further contributed to the decline between the periods. Bank owned life insurance income decreased $564,000, or 29%, primarily as a result of reduced market performance from the bank’s variable bank owned life insurance policies, which correlate to returns in the equities markets. Offsetting these decreases were increases to wealth advisory fees of $482,000, or 10%, and service charges on deposit accounts of $104,000, or 2%. The increase in wealth advisory fees was primarily driven by continued growth in customers and assets under management.

Noninterest Expense

Noninterest expense decreased $2.9 million, or 9%, to $30.4 million for the second quarter of 2025, compared to $33.3 million during the second quarter of 2024. Noninterest expense was elevated during the second quarter of 2024 as compared to 2025 due to a $4.5 million accrual that was recorded from the resolution of a legal matter. Adjusted core noninterest expense, which excludes the impact of the legal accrual, increased $1.6 million, or 6%, from $28.8 million for the second quarter of 2024. Salaries and benefits expense increased by $938,000, or 6%. The primary drivers for the increase to salaries and benefits expense were increased salaries expense of $756,000 and increased health insurance expense of $127,000. Additionally, data processing fees and supplies expense increased $340,000, or 9%, from continued investment in customer-facing and operational technology solutions. Offsetting these increases were decreases to other expense of $3.8 million, or 62%, professional fees of $417,000, or 20%, and corporate and business development expense of $105,000, or 8%. The decrease to other expense was driven by the legal accrual recorded during the second quarter of 2024. The decrease to professional fees was primarily driven by reduced technology implementation consulting fees and swap collateral fees. Corporate and business development expense decreased primarily as a result of lower advertising expense.

On a linked quarter basis, noninterest expense decreased by $2.3 million, or 7%, from $32.8 million during the first quarter of 2025. The primary drivers for the decrease to noninterest expense was a decrease to salaries and employee benefits of $806,000, or 5%, due to a reduction in HSA contributions expense of $441,000, resulting from the timing of the annual employer contribution to employee accounts, and a reduction in performance-based compensation accruals. Professional fees decreased $674,000, or 28%, and were primarily driven by reduced technology implementation consulting fees and swap collateral interest expense. Other expense decreased $353,000, or 13%, as other expense was elevated in the linked first quarter of 2025 from the timing of semiannual director share awards. Corporate and business development expense decreased by $246,000, or 18%, due to reduced advertising expense, primarily driven by the timing of when advertisement television spots were purchased and utilized. Net occupancy expense decreased $233,000, or 12%, due to reductions in seasonal expenses. Data processing fees and supplies expense decreased $113,000, or 3%.

Noninterest expense decreased by $843,000, or 1%, for the six months ended June 30, 2025 to $63.2 million compared to $64.0 million for the six months ended June 30, 2024. Adjusted core noninterest expense, which excludes the impact of the $4.5 million legal accrual, increased $3.7 million, or 6%, from $59.5 million for the six months ended June 30, 2024. Salaries and benefits expense increased by $2.0 million, or 6%. Data processing fees and supplies and expense increased $766,000, or 10%. Net occupancy expense increased $289,000, or 8%, as a result of increased occupancy expense from the continued expansion of the company’s branch network and improvements to existing facilities. Offsetting these increases were decreases to other expense of $3.4 million, or 41%, and professional fees of $500,000, or 11%.

The company’s efficiency ratio was 45.9% for the second quarter of 2025, compared to 48.5% for the second quarter of 2024 and 51.4% for the linked first quarter of 2025. The company’s adjusted core efficiency ratio, a non-GAAP financial measure, was 48.2% for the second quarter of 2024.

The company’s efficiency ratio was 48.6% for the six months ended June 30, 2025, compared to 49.7% for the comparable period in 2024. The company’s adjusted core efficiency ratio was 50.1% for the six months ended June 30, 2024.

Findlay added, “We are pleased with the improvement in our efficiency ratio, which has benefited from strong core revenue growth of 10% on a year-over-year basis. Our growth in noninterest expense is focused on continued investments in human capital, technology solutions and organic expansion of our banking footprint, particularly in Indianapolis.”

Information regarding Lakeland Financial Corporation may be accessed on the home page of its subsidiary, Lake City Bank, at lakecitybank.com. The company’s common stock is traded on the Nasdaq Global Select Market under “LKFN.” Lake City Bank, a $7.0 billion bank headquartered in Warsaw, Indiana, was founded in 1872 and serves Central and Northern Indiana communities with 54 branch offices and a robust digital banking platform. Lake City Bank’s community banking model prioritizes building in-market long-term customer relationships while delivering technology-forward solutions for retail and commercial clients.

This document contains, and future oral and written statements of the company and its management may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of the company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the company’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “continue,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. The company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain and, accordingly, the reader is cautioned not to place undue reliance on any forward-looking statements made by the company. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the company undertakes no obligation to update any statement in light of new information or future events. Numerous factors could cause the company’s actual results to differ from those reflected in forward-looking statements, including the effects of economic, business and market conditions and changes, particularly in our Indiana market area, including prevailing interest rates and the rate of inflation; governmental trade, monetary and fiscal policies; the risks of changes in interest rates on the levels, composition and costs of deposits, loan demand and the values and liquidity of loan collateral, securities and other interest sensitive assets and liabilities; and changes in borrowers’ credit risks and payment behaviors, as well as those identified in the company’s filings with the Securities and Exchange Commission, including the company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

LAKELAND FINANCIAL CORPORATION SECOND QUARTER 2025 FINANCIAL HIGHLIGHTS

	Three Months Ended									Six Months Ended
(Unaudited – Dollars in thousands, except per share data)	June 30,			March 31,			June 30,			June 30,			June 30,
END OF PERIOD BALANCES		2025			2025			2024			2025			2024
Assets	$	6,964,301		$	6,851,178		$	6,568,807		$	6,964,301		$	6,568,807
Investments		1,129,346			1,132,854			1,123,803			1,129,346			1,123,803
Loans		5,226,827			5,223,221			5,052,341			5,226,827			5,052,341
Allowance for Credit Losses		66,552			92,433			80,711			66,552			80,711
Deposits		6,176,833			5,960,194			5,763,537			6,176,833			5,763,537
Brokered Deposits		150,416			125,409			161,040			150,416			161,040
Core Deposits (1)		6,026,417			5,834,785			5,602,497			6,026,417			5,602,497
Total Equity		709,987			694,509			654,590			709,987			654,590
Goodwill Net of Deferred Tax Assets		3,803			3,803			3,803			3,803			3,803
Tangible Common Equity (2)		706,184			690,706			650,787			706,184			650,787
Adjusted Tangible Common Equity (2)		866,758			854,585			820,534			866,758			820,534
AVERAGE BALANCES
Total Assets	$	6,904,681		$	6,762,970		$	6,642,954		$	6,834,217		$	6,598,711
Earning Assets		6,570,607			6,430,804			6,295,281			6,501,092			6,256,105
Investments		1,125,597			1,136,404			1,118,776			1,130,970			1,138,639
Loans		5,229,646			5,185,918			5,034,851			5,207,903			5,002,935
Total Deposits		6,096,504			5,874,725			5,819,962			5,986,227			5,725,196
Interest Bearing Deposits		4,852,446			4,616,381			4,589,059			4,735,066			4,472,693
Interest Bearing Liabilities		4,886,943			4,716,465			4,666,136			4,802,175			4,599,136
Total Equity		696,976			696,053			638,999			696,517			642,003
INCOME STATEMENT DATA
Net Interest Income	$	54,876		$	52,875		$	48,296		$	107,751		$	95,712
Net Interest Income-Fully Tax Equivalent		55,986			53,983			49,493			109,970			98,176
Provision for Credit Losses		3,000			6,800			8,480			9,800			10,000
Noninterest Income		11,486			10,928			20,439			22,414			33,051
Noninterest Expense		30,432			32,763			33,333			63,195			64,038
Net Income		26,966			20,085			22,549			47,051			45,950
Pretax Pre-Provision Earnings (2)		35,930			31,040			35,402			66,970			64,725
PER SHARE DATA
Basic Net Income Per Common Share	$	1.05		$	0.78		$	0.88		$	1.83		$	1.79
Diluted Net Income Per Common Share		1.04			0.78			0.87			1.82			1.78
Cash Dividends Declared Per Common Share		0.50			0.50			0.48			1.00			0.96
Dividend Payout		48.08	%		64.10	%		55.17	%		54.95	%		53.93	%
Book Value Per Common Share (equity per share issued)	$	27.63		$	26.99		$	25.49		$	27.63		$	25.49
Tangible Book Value Per Common Share (2)		27.48			26.85			25.34			27.48			25.34
Market Value – High	$	62.39		$	71.77		$	66.62		$	71.77		$	73.22
Market Value – Low		50.00			58.24			57.59			50.00			57.59

	Three Months Ended									Six Months Ended
(Unaudited – Dollars in thousands, except per share data)	June 30,			March 31,			June 30,			June 30,			June 30,
KEY RATIOS		2025			2025			2024			2025			2024
Basic Weighted Average Common Shares Outstanding		25,707,233			25,714,818			25,678,231			25,711,004			25,667,647
Diluted Weighted Average Common Shares Outstanding		25,776,205			25,802,865			25,742,871			25,782,817			25,746,773
Return on Average Assets		1.57	%		1.20	%		1.37	%		1.39	%		1.40	%
Return on Average Total Equity		15.52			11.70			14.19			13.62			14.39
Average Equity to Average Assets		10.09			10.29			9.62			10.19			9.73
Net Interest Margin		3.42			3.40			3.17			3.41			3.16
Efficiency (Noninterest Expense/Net Interest Income plus Noninterest Income)		45.86			51.35			48.49			48.55			49.73
Loans to Deposits		84.62			87.64			87.66			84.62			87.66
Investment Securities to Total Assets		16.22			16.54			17.11			16.22			17.11
Tier 1 Leverage (3)		12.21			12.30			11.98			12.21			11.98
Tier 1 Risk-Based Capital (3)		14.73			14.51			14.28			14.73			14.28
Common Equity Tier 1 (CET1) (3)		14.73			14.51			14.28			14.73			14.28
Total Capital (3)		15.86			15.77			15.53			15.86			15.53
Tangible Capital (2)		10.15			10.09			9.91			10.15			9.91
Adjusted Tangible Capital (2)		12.17			12.19			12.18			12.17			12.18
ASSET QUALITY
Loans Past Due 30 – 89 Days	$	1,648		$	4,288		$	1,615		$	1,648		$	1,615
Loans Past Due 90 Days or More		7			7			26			7			26
Nonaccrual Loans		30,627			57,392			57,124			30,627			57,124
Nonperforming Loans		30,634			57,399			57,150			30,634			57,150
Other Real Estate Owned		284			284			384			284			384
Other Nonperforming Assets		183			193			90			183			90
Total Nonperforming Assets		31,101			57,876			57,624			31,101			57,624
Individually Analyzed Loans		52,069			81,346			78,533			52,069			78,533
Non-Individually Analyzed Watch List Loans		139,548			134,218			189,726			139,548			189,726
Total Individually Analyzed and Watch List Loans		191,617			215,564			268,259			191,617			268,259
Gross Charge Offs		29,111			508			1,076			29,619			1,580
Recoveries		230			181			127			411			319
Net Charge Offs/(Recoveries)		28,881			327			949			29,208			1,261
Net Charge Offs/(Recoveries) to Average Loans		2.22	%		0.03	%		0.08	%		1.13	%		0.05	%
Credit Loss Reserve to Loans		1.27			1.77			1.60			1.27			1.60
Credit Loss Reserve to Nonperforming Loans		217.25			161.04			141.23			217.25			141.23
Nonperforming Loans to Loans		0.59			1.10			1.13			0.59			1.13
Nonperforming Assets to Assets		0.45			0.84			0.88			0.45			0.88
Total Individually Analyzed and Watch List Loans to Total Loans		3.67	%		4.13	%		5.31	%		3.67	%		5.31	%


	Three Months Ended									Six Months Ended
(Unaudited – Dollars in thousands, except per share data)	June 30,			March 31,			June 30,			June 30,			June 30
KEY RATIOS		2025			2025			2024			2025			2024,
OTHER DATA
Full Time Equivalent Employees		675			647			653			675			653
Offices		54			54			53			54			53

(1	)	Core deposits equals deposits less brokered deposits.
(2	)	Non-GAAP financial measure – see “Reconciliation of Non-GAAP Financial Measures”.
(3	)	Capital ratios for June 30, 2025 are preliminary until the Call Report is filed.

CONSOLIDATED BALANCE SHEETS (in thousands, except share data)
	June 30, 2025			December 31, 2024
	(Unaudited)
ASSETS
Cash and due from banks	$	97,413		$	71,733
Short-term investments		212,767			96,472
Total cash and cash equivalents		310,180			168,205
Securities available-for-sale, at fair value		996,957			991,426
Securities held-to-maturity, at amortized cost (fair value of $107,979 and $113,107, respectively)		132,389			131,568
Real estate mortgage loans held-for-sale		1,637			1,700
Loans, net of allowance for credit losses of $66,552 and $85,960		5,160,275			5,031,988
Land, premises and equipment, net		61,449			60,489
Bank owned life insurance		127,399			113,320
Federal Reserve and Federal Home Loan Bank stock		21,420			21,420
Accrued interest receivable		29,109			28,446
Goodwill		4,970			4,970
Other assets		118,516			124,842
Total assets	$	6,964,301		$	6,678,374

LIABILITIES
Noninterest bearing deposits	$	1,261,740		$	1,297,456
Interest bearing deposits		4,915,093			4,603,510
Total deposits		6,176,833			5,900,966

Borrowings
Federal Home Loan Bank advance		1,200			0
Other borrowings		5,000				0
Total borrowings		6,200			0

Accrued interest payable		9,996			15,117
Other liabilities		61,285			78,380
Total liabilities		6,254,314			5,994,463

STOCKHOLDERS’ EQUITY
Common stock: 90,000,000 shares authorized, no par value
26,016,494 shares issued and 25,525,105 outstanding as of June 30, 2025
25,978,831 shares issued and 25,509,592 outstanding as of December 31, 2024		130,664			129,664
Retained earnings		757,739			736,412
Accumulated other comprehensive income (loss)		(161,121	)		(166,500		)
Treasury stock, at cost (491,389 shares and 469,239 shares as of June 30, 2025 and December 31, 2024, respectively)		(17,384	)		(15,754		)
Total stockholders’ equity		709,898			683,822
Noncontrolling interest		89			89
Total equity		709,987			683,911
Total liabilities and equity	$	6,964,301		$	6,678,374

CONSOLIDATED STATEMENTS OF INCOME (unaudited – in thousands, except share and per share data)
	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
NET INTEREST INCOME
Interest and fees on loans
Taxable	$	84,418	$	84,226	$	166,158	$	166,268
Tax exempt		291		632		583		1,532
Interest and dividends on securities
Taxable		3,457		3,104		6,846		6,143
Tax exempt		3,917		3,932		7,827		7,879
Other interest income		2,302		1,842		3,426		2,948
Total interest income		94,385		93,736		184,840		184,770

Interest on deposits		39,111		44,363		75,569		85,527
Interest on short-term borrowings		398		1,077		1,520		3,531
Total interest expense		39,509		45,440		77,089		89,058

NET INTEREST INCOME		54,876		48,296		107,751		95,712

Provision for credit losses		3,000		8,480		9,800		10,000

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		51,876		39,816		97,951		85,712

NONINTEREST INCOME
Wealth advisory fees		2,667		2,597		5,534		5,052
Investment brokerage fees		550		478		1,002		1,000
Service charges on deposit accounts		2,827		2,806		5,601		5,497
Loan and service fees		3,006		3,048		5,890		5,900
Merchant and interchange fee income		854		892		1,676		1,755
Bank owned life insurance income		1,040		890		1,362		1,926
Interest rate swap fee income		20		0		20		0
Mortgage banking income (loss)		124		23		73		75
Net securities gains (losses)		0		0		0		(46	)
Net gain on Visa shares		0		9,011		0		9,011
Other income		398		694		1,256		2,881
Total noninterest income		11,486		20,439		22,414		33,051

NONINTEREST EXPENSE
Salaries and employee benefits		17,096		16,158		34,998		32,991
Net occupancy expense		1,747		1,698		3,727		3,438
Equipment costs		1,437		1,343		2,819		2,755
Data processing fees and supplies		4,152		3,812		8,417		7,651
Corporate and business development		1,160		1,265		2,566		2,646
FDIC insurance and other regulatory fees		839		816		1,639		1,605
Professional fees		1,706		2,123		4,086		4,586
Other expense		2,295		6,118		4,943		8,366
Total noninterest expense		30,432		33,333		63,195		64,038

INCOME BEFORE INCOME TAX EXPENSE		32,930		26,922		57,170		54,725
Income tax expense		5,964		4,373		10,119		8,775
NET INCOME	$	26,966	$	22,549	$	47,051	$	45,950

BASIC WEIGHTED AVERAGE COMMON SHARES		25,707,233		25,678,231		25,711,004		25,667,647

BASIC EARNINGS PER COMMON SHARE	$	1.05	$	0.88	$	1.83	$	1.79

DILUTED WEIGHTED AVERAGE COMMON SHARES		25,776,205		25,742,871		25,782,817		25,746,773

DILUTED EARNINGS PER COMMON SHARE	$	1.04	$	0.87	$	1.82	$	1.78

LAKELAND FINANCIAL CORPORATION LOAN DETAIL (unaudited, in thousands)

	June 30, 2025					March 31, 2025					June 30, 2024
Commercial and industrial loans:
Working capital lines of credit loans	$	717,484		13.7	%	$	716,522		13.7	%	$	697,754		13.8	%
Non-working capital loans		776,278		14.9			807,048		15.5			828,523		16.4
Total commercial and industrial loans		1,493,762		28.6			1,523,570		29.2			1,526,277		30.2

Commercial real estate and multi-family residential loans:
Construction and land development loans		552,998		10.6			623,905		12.0			658,345		13.0
Owner occupied loans		780,285		14.9			804,933		15.4			830,018		16.4
Nonowner occupied loans		869,196		16.6			852,033		16.3			762,365		15.1
Multifamily loans		477,910		9.1			339,946		6.5			252,652		5.0
Total commercial real estate and multi-family residential loans		2,680,389		51.2			2,620,817		50.2			2,503,380		49.5

Agri-business and agricultural loans:
Loans secured by farmland		150,934		2.9			156,112		3.0			161,410		3.2
Loans for agricultural production		188,501		3.6			227,659		4.3			199,654		4.0
Total agri-business and agricultural loans		339,435		6.5			383,771		7.3			361,064		7.2

Other commercial loans		95,442		1.8			94,927		1.8			96,703		1.9
Total commercial loans		4,609,028		88.1			4,623,085		88.5			4,487,424		88.8

Consumer 1-4 family mortgage loans:
Closed end first mortgage loans		273,287		5.2			265,855		5.1			259,094		5.1
Open end and junior lien loans		226,114		4.4			217,981		4.2			197,861		3.9
Residential construction and land development loans		16,667		0.3			16,359		0.3			12,952		0.3
Total consumer 1-4 family mortgage loans		516,068		9.9			500,195		9.6			469,907		9.3

Other consumer loans		103,880		2.0			102,254		1.9			97,895		1.9
Total consumer loans		619,948		11.9			602,449		11.5			567,802		11.2
Subtotal		5,228,976		100.0	%		5,225,534		100.0	%		5,055,226		100.0	%
Less: Allowance for credit losses		(66,552	)				(92,433	)				(80,711	)
Net deferred loan fees		(2,149	)				(2,313	)				(2,885	)
Loans, net	$	5,160,275				$	5,130,788				$	4,971,630

LAKELAND FINANCIAL CORPORATION DEPOSITS AND BORROWINGS (unaudited, in thousands)

	June 30, 2025		March 31, 2025		June 30, 2024
Noninterest bearing demand deposits	$	1,261,740	$	1,296,907	$	1,212,989
Savings and transaction accounts:
Savings deposits		283,976		293,768		283,809
Interest bearing demand deposits		3,841,703		3,554,310		3,274,179
Time deposits:
Deposits of $100,000 or more		584,165		602,577		776,314
Other time deposits		205,249		212,632		216,246
Total deposits	$	6,176,833	$	5,960,194	$	5,763,537
FHLB advances and other borrowings		6,200		108,200		55,000
Total funding sources	$	6,183,033	$	6,068,394	$	5,818,537

LAKELAND FINANCIAL CORPORATION AVERAGE BALANCE SHEET AND NET INTEREST ANALYSIS (UNAUDITED)

	Three Months Ended June 30, 2025							Three Months Ended March 31, 2025							Three Months Ended June 30, 2024
(fully tax equivalent basis, dollars in thousands)	Average Balance			Interest Income		Yield (1)/ Rate		Average Balance			Interest Income		Yield (1)/ Rate		Average Balance			Interest Income		Yield (1)/ Rate
Earning Assets
Loans:
Taxable (2)(3)	$	5,204,006		$	84,418	6.51	%	$	5,160,031		$	81,740	6.42	%	$	4,993,270		$	84,226	6.78	%
Tax exempt (1)		25,640			359	5.62			25,887			361	5.66			41,581			783	7.57
Investments: (1)
Securities		1,125,597			8,416	3.00			1,136,404			8,338	2.98			1,118,776			8,082	2.91
Short-term investments		2,832			28	3.97			2,964			28	3.83			2,836			35	4.96
Interest bearing deposits		212,532			2,274	4.29			105,518			1,096	4.21			138,818			1,807	5.24
Total earning assets	$	6,570,607		$	95,495	5.83	%	$	6,430,804		$	91,563	5.77	%	$	6,295,281		$	94,933	6.07	%
Less: Allowance for credit losses		(93,644	)						(87,477	)						(74,166	)
Nonearning Assets
Cash and due from banks		66,713							71,004							64,518
Premises and equipment		61,280							60,523							58,702
Other nonearning assets		299,725							288,116							298,619
Total assets	$	6,904,681						$	6,762,970						$	6,642,954

Interest Bearing Liabilities
Savings deposits	$	285,944		$	43	0.06	%	$	283,888		$	42	0.06	%	$	289,107		$	48	0.07	%
Interest bearing checking accounts		3,767,903			31,499	3.35			3,486,447			28,075	3.27			3,275,502			33,323	4.09
Time deposits:
In denominations under $100,000		208,770			1,745	3.35			212,934			1,832	3.49			217,146			1,871	3.47
In denominations over $100,000		589,829			5,824	3.96			633,112			6,509	4.17			807,304			9,121	4.54
Other short-term borrowings		33,297			398	4.79			99,830			1,122	4.56			77,077			1,077	5.62
Long-term borrowings		1,200			0	0.00			254			0	0.00			0			0	0.00
Total interest bearing liabilities	$	4,886,943		$	39,509	3.24	%	$	4,716,465		$	37,580	3.23	%	$	4,666,136		$	45,440	3.92	%
Noninterest Bearing Liabilities
Demand deposits		1,244,058							1,258,344							1,230,903
Other liabilities		76,704							92,108							106,916
Stockholders’ Equity		696,976							696,053							638,999
Total liabilities and stockholders’ equity	$	6,904,681						$	6,762,970						$	6,642,954
Interest Margin Recap
Interest income/average earning assets					95,495	5.83	%					91,563	5.77	%					94,933	6.07	%
Interest expense/average earning assets					39,509	2.41						37,580	2.37						45,440	2.90
Net interest income and margin				$	55,986	3.42	%				$	53,983	3.40	%				$	49,493	3.17	%

(1	)	Tax exempt income was converted to a fully taxable equivalent basis at a 21 percent tax rate. The tax equivalent rate for tax exempt loans and tax-exempt securities acquired after January 1, 1983, included the Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”) adjustment applicable to nondeductible interest expenses. Taxable equivalent basis adjustments were $1.11 million, $1.11 million and $1.20 million in the three-month periods ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively.
(2	)	Loan fees, which are immaterial in relation to total taxable loan interest income for the three-month periods ended June 30, 2025, March 31, 2025, and June 30, 2024, are included as taxable loan interest income.
(3	)	Nonaccrual loans are included in the average balance of taxable loans.

Reconciliation of Non-GAAP Financial Measures

Tangible common equity, adjusted tangible common equity, tangible assets, adjusted tangible assets, tangible book value per common share, tangible common equity to tangible assets, adjusted tangible common equity to adjusted tangible assets, and pretax pre-provision earnings are non-GAAP financial measures calculated based on GAAP amounts. Tangible common equity is calculated by excluding the balance of goodwill and other intangible assets from the calculation of equity, net of deferred tax. Tangible assets are calculated by excluding the balance of goodwill and other intangible assets from the calculation of total assets, net of deferred tax. Adjusted tangible assets and adjusted tangible common equity remove the fair market value adjustment impact of the available-for-sale investment securities portfolio in accumulated other comprehensive income (loss) (“AOCI”). Tangible book value per common share is calculated by dividing tangible common equity by the number of shares outstanding less true treasury stock. Pretax pre-provision earnings is calculated by adding net interest income to noninterest income and subtracting noninterest expense. Because not all companies use the same calculation of tangible common equity and tangible assets, this presentation may not be comparable to other similarly titled measures calculated by other companies. However, management considers these measures of the company’s value meaningful to understanding of the company’s financial information and performance.

A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).

	Three Months Ended									Six Months Ended
	Jun. 30, 2025			Mar. 31, 2025			Jun. 30, 2024			Jun. 30, 2025			Jun. 30, 2024
Total Equity	$	709,987		$	694,509		$	654,590		$	709,987		$	654,590
Less: Goodwill		(4,970	)		(4,970	)		(4,970	)		(4,970	)		(4,970	)
Plus: DTA Related to Goodwill		1,167			1,167			1,167			1,167			1,167
Tangible Common Equity		706,184			690,706			650,787			706,184			650,787
Market Value Adjustment in AOCI		160,574			163,879			169,747			160,574			169,747
Adjusted Tangible Common Equity		866,758			854,585			820,534			866,758			820,534

Assets	$	6,964,301		$	6,851,178		$	6,568,807		$	6,964,301		$	6,568,807
Less: Goodwill		(4,970	)		(4,970	)		(4,970	)		(4,970	)		(4,970	)
Plus: DTA Related to Goodwill		1,167			1,167			1,167			1,167			1,167
Tangible Assets		6,960,498			6,847,375			6,565,004			6,960,498			6,565,004
Market Value Adjustment in AOCI		160,574			163,879			169,747			160,574			169,747
Adjusted Tangible Assets		7,121,072			7,011,254			6,734,751			7,121,072			6,734,751

Ending Common Shares Issued		25,697,093			25,727,393			25,679,066			25,697,093			25,679,066

Tangible Book Value Per Common Share	$	27.48		$	26.85		$	25.34		$	27.48		$	25.34

Tangible Common Equity/Tangible Assets		10.15	%		10.09	%		9.91	%		10.15	%		9.91	%
Adjusted Tangible Common Equity/Adjusted Tangible Assets		12.17	%		12.19	%		12.18	%		12.17	%		12.18	%

Net Interest Income	$	54,876		$	52,875		$	48,296		$	107,751		$	95,712
Plus: Noninterest Income		11,486			10,928			20,439			22,414			33,051
Minus: Noninterest Expense		(30,432	)		(32,763	)		(33,333	)		(63,195	)		(64,038	)
Pretax Pre-Provision Earnings	$	35,930		$	31,040		$	35,402		$	66,970		$	64,725

Adjusted core noninterest income, adjusted core noninterest expense, adjusted earnings before income taxes, core operational profitability, core operational diluted earnings per common share and adjusted core efficiency ratio are non-GAAP financial measures calculated based on GAAP amounts. These adjusted amounts are calculated by excluding the impact of the net gain on Visa shares, legal accrual and 2023 wire fraud loss insurance recoveries for the periods presented below. Management considers these measures of financial performance to be meaningful to understanding the company’s core business performance for these periods.

A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).

	Three Months Ended									Six Months Ended
	Jun. 30, 2025			Mar. 31, 2025			Jun. 30, 2024			Jun. 30, 2025			Jun. 30, 2024
Noninterest Income	$	11,486		$	10,928		$	20,439		$	22,414		$	33,051
Less: Net Gain on Visa Shares		0			0			(9,011	)		0			(9,011	)
Less: Insurance Recovery		0			0			0			0			(1,000	)
Adjusted Core Noninterest Income	$	11,486		$	10,928		$	11,428		$	22,414		$	23,040

Noninterest Expense	$	30,432		$	32,763		$	33,333		$	63,195		$	64,038
Less: Legal Accrual		0			0			(4,537	)		0			(4,537	)
Adjusted Core Noninterest Expense	$	30,432		$	32,763		$	28,796		$	63,195		$	59,501

Earnings Before Income Taxes	$	32,930		$	24,240		$	26,922		$	57,170		$	54,725
Adjusted Core Impact:
Noninterest Income		0			0			(9,011	)		0			(10,011	)
Noninterest Expense		0			0			4,537			0			4,537
Total Adjusted Core Impact		0			0			(4,474	)		0			(5,474	)
Adjusted Earnings Before Income Taxes		32,930			24,240			22,448			57,170			49,251
Tax Effect		(5,964	)		(4,155	)		(3,261	)		(10,119	)		(7,414	)
Core Operational Profitability (1)	$	26,966		$	20,085		$	19,187		$	47,051		$	41,837

Diluted Earnings Per Common Share	$	1.04		$	0.78		$	0.87		$	1.82		$	1.78
Impact of Adjusted Core Items		0.00			0.00			(0.13	)		0.00			(0.16	)
Core Operational Diluted Earnings Per Common Share	$	1.04		$	0.78		$	0.74		$	1.82		$	1.62

Adjusted Core Efficiency Ratio		45.86	%		51.35	%		48.22	%		48.55	%		50.11	%

(1	)	Core operational profitability was $3.4 million lower than reported net income for the three months ended June 30, 2024 and $4.1 million lower for the six months ended June 30, 2024.

Contact Lisa M. O’Neill
Executive Vice President and Chief Financial Officer
(574) 267-9125
lisa.oneill@lakecitybank.com

The MIL Network –

July 25, 2025

MIL-OSI United Kingdom: Scotland gets £66 million transport boost as part of record Spending Review settlement
Source: United Kingdom – Government Statements

Press release

Scotland gets £66 million transport boost as part of record Spending Review settlement

Today (25 July) the Chancellor will visit Paisley to announce £66 million of investment in Scottish transport.
Chancellor Rachel Reeves announces millions for West of Scotland transport links and extra funding to explore upgrades to the A75.

Investment follows the Industrial Strategy which boosted Advanced Manufacturing clusters and the Spending Review which delivered a record settlement for Scottish public services.

Funding is part of Government’s plan to invest in the economy right across the UK.

The investment will help workers access jobs in high growth sectors supercharged by the government’s modern Industrial Strategy and Spending Review.

The UK Government is boosting investment across Scotland through two investment zones and multiple industrial sites from the North East of Scotland Investment Zone to the Prestwick Aerospace Cluster.

This £66 million will work alongside these investments to fund three Scottish transport schemes and create direct links between towns and economic hubs in the West of Scotland.

Renfrewshire Council will get £38.7 million to link Paisley town centre with Advanced Manufacturing Innovation District Scotland (AMIDS) and Glasgow Airport. New walking, cycling, bus and car links will be built so local people can benefit from the growth of high value manufacturing in Renfrewshire.

Another £23.7 million will be given to North Ayrshire Council to upgrade the B714. This upgrade will see a much faster route between the Three Towns of Ardrossan, Saltcoats and Stevenston to Glasgow, and cut traffic in Kilwinning. The Chancellor prioritised finding this cash during last month’s Spending Review, which also saw billions invested in Scotland’s growth sectors.

Chancellor of the Exchequer, Rachel Reeves said:

We’re pledging billions to back Scottish jobs, industry and renewal – that’s why we’re investing in the major transport projects, including exploring upgrades to the A75, that local communities have been calling for.

Whilst previous governments oversaw over a decade of decline of our transport infrastructure, we’re investing in Britain’s renewal. This £66 million investment is exactly what our Plan for Change is about, investing in what matters to you in the places that you live.

Meanwhile, the Scottish Government will be given an extra £3.45 million to suggest upgrades to the A75 in Dumfries and Galloway. The key road, which links the Cairnryan port serving Northern Ireland with the rest of the UK, is vital to UK connectivity and growing the economy. This new money comes on top of the up-to-£5 million announced at the Chancellor’s Autumn Budget 2024.

As part of a wider investment strategy in Scotland the Spending Review saw around £200 million committed to the Acorn Carbon Capture, Usage and Storage project, subject to business cases, and £8.3 billion confirmed for Great British Energy, strengthening Scotland’s position as the home of the UK’s clean energy revolution. 

A multi-decade, multi-billion project to secure jobs at HM Naval Base Clyde was also kickstarted with an initial £250 million investment.

Whilst in Scotland the Chancellor will also visit the Edinburgh Supercomputer, which will receive up to £750 million in UK Government funding, later on Friday. The funding, announced during the Chancellor’s Spending Review will ensure that Scotland becomes home to the UK’s most powerful Supercomputer, supporting Scottish research and development, and industry.

The Spending Review delivered a record settlement for Scottish public services, with the Scottish Government’s largest settlement, in real terms, since devolution in 1998. Scottish Government’s settlement is growing in real terms between 2024-25 and 2028-29. This translates into an average of £50.9 billion per year between 2026-27 and 2028-29.

Scotland Secretary, Ian Murray, said:

This £66 million investment in Scotland’s roads demonstrates the UK Government’s commitment to improving infrastructure and driving economic growth in all parts of the UK as part of our Plan for Change. This investment will make a real difference to people’s daily lives and to the local economies of the South of Scotland, Ayrshire and Renfrewshire.

New road links will connect Paisley town centre with Glasgow Airport and the new advanced manufacturing innovation district, to boost high value manufacturing in Renfrewshire. The upgrade to the B714 will speed up journeys between Glasgow and the three towns of Ardrossan, Saltcoats and Stevenston, as well as cutting traffic in Kilwinning. And the A75 is strategically important just not within but beyond Scotland. Its upgrading is long overdue. I am pleased that the UK Government has stepped up to fund the delivery of the A75 feasibility study in full.

This investment is yet another example of how the UK Government is building the foundations for a stronger, more prosperous future that benefits communities right across Scotland.

More information

As strategic roads in Scotland are the Scottish Government’s responsibility, any future upgrades to the A75 will be funded from the Scottish Government’s block grant.

The Ayrshire and Renfrewshire projects are part of a £378m UK-wide Levelling Up Fund cash boost, upgrading transport links across Britain, which will also be announced today.

Building work on the LUF projects will be able to start as final business cases are given the green light by the Department for Transport.

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Published 25 July 2025
MIL OSI United Kingdom –
July 25, 2025
MIL-OSI United Nations: Narrative analysis: Case studies in heat resilience
Source: UNISDR Disaster Risk Reduction
This narrative analysis highlights how twelve countries are confronting the realities of extreme heat through diverse governance models, partnerships, and innovations. The case studies span multiple regions and development contexts-Argentina, Australia, Bangladesh, Canada, Ecuador, Egypt, France, India, Senegal, South Korea, the United Kingdom, and the United States-offering a cross-cutting view of what’s working, where gaps remain, and how national strategies are evolving in the face of escalating climate threats.

Some of the common lessons from the case studies include:
- Successful implementation of heat action plans requires active engagement and participation of local communities.
- Addressing extreme heat requires coordinated involvement from sectors including health, urban planning, agriculture, and disaster management.
- Robust early warning systems are essential for prompt and effective dissemination of heat alerts and advisories
- Investing in heatresilient infrastructure, such as green spaces, cool roofs, and energy-efficient buildings, helps mitigate the impacts of extreme heat
- Enhancing the capacity of healthcare systems to manage heat-related illnesses through training, resource allocation, and infrastructure improvements is critical for reducing heatrelated morbidity and mortality.
Download

Links last checked: 25 July 2025

MIL OSI United Nations News –
July 25, 2025
MIL-OSI Europe: Italy: EIB and Banca Ifis provide €200 million in financing to back Italian pharmacies, with a focus on female entrepreneurs and cohesion
Source: European Investment Bank

EIB
- The EIB has approved a new €100 million credit line to Banca Ifis to make it easier for Italian pharmacies to access finance.
- Banca Ifis will match the EIB’s contribution with its own resources, bringing the total funding for businesses to €200 million.
- At least €60 million will go to pharmacies managed by women. This operation brings the total investments supported by the EIB and Banca Ifis to €800 million since 2019.
The European Investment Bank (EIB) and Banca Ifis have signed a €200 million agreement to back the development of pharmacies in Italy, with a particular focus on female entrepreneurs and cohesion. The signature was announced today by EIB Vice-President Gelsomina Vigliotti and Banca Ifis Vice-President Rosalba Benedetto.

“This agreement marks a further step towards a more inclusive, dynamic and sustainable economy. Backing small and medium companies strengthens a country’s business environment and becomes even more of a strategic imperative when access to finance means new opportunities for female entrepreneurs, promoting growth, innovation and social cohesion,” said EIB Vice-President Gelsomina Vigliotti.

“This agreement confirms our support for Italian small and medium companies and our commitment to backing gender equality and female entrepreneurship. The pharmacies we are backing with sector specialist Banca Credifarma provide access to local primary care services and are a vital focal point for local communities. This agreement reinforces our years-long journey with an institution at the highest echelons of the European Union – the EIB – which has always put environmental, social and governance issues at the heart of its initiatives with the aim of accelerating the sustainable transition of our economy,” said Banca Ifis Vice-President Rosalba Benedetto.

In concrete terms, the agreement states that EIB will provide Banca Ifis with €100 million by signing two contracts of €50 million each, opening a credit line with favourable interest rates. Banca Ifis will match the amount provided by the EIB, bringing the total funding offered to Italian pharmacies to €200 million. The loan will be granted by Banca Credifarma, a Banca Ifis-controlled financial institution specialised in supporting the needs of pharmacies.

Of the €200 million total, at least 30% (over €60 million) will back female entrepreneurs in pharmacies meeting the following criteria: i) at least 51% owned by women; ii) managed by a woman; iii) implementing inclusive policies promoting female employment, exceeding the national sector average. A particular focus will be placed on pharmacies located in cohesion regions.

The agreement signed today is the sixth between the EIB and Banca Ifis, with the two organisations providing over €800 million to Italian small and medium companies since 2019. This is also the EIB’s first credit line to focus solely on the Italian pharmacy sector.

EIB

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality. In the last five years, the EIB Group has provided more than €58 billion in financing for projects in Italy. All projects financed by the EIB Group are in line with the Paris Climate Agreement. The EIB Group does not fund investments in fossil fuels. We are on track to deliver on our commitment to support €1 trillion in climate and environmental sustainability investment in the decade to 2030 as pledged in our Climate Bank Roadmap. Over half of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation and adaptation, and a healthier environment. Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower.

Banca Ifis

Banca Ifis is an Italian challenger bank providing specialty finance services for the real economy. Founded in 1983, it is listed on the Milan Stock Exchange and has around 2 000 employees. Banca Ifis’ business model mainly focuses on three pillars: commercial and corporate banking services; acquisition and management of non-performing loan portfolios in the small tickets unsecured segment; and retail savings solutions with the Rendimax 20-year deposit account. Its 40-year presence on the market means that Banca Ifis can anticipate businesses’ needs, supporting them on a day-to-day basis with tailored financial solutions. Technological innovation research and ongoing digital transformation are enabling the bank to expand its range of products and services and to improve the quality and speed of service to businesses. It implements its sustainable business approach by seeking solutions promoting the environmental transition and inclusion.

To this end, Banca Ifis created the Kaleidos social impact lab to help spread of a more equitable, inclusive and supportive culture. Created under the auspices of Chairman Ernesto Fürstenberg Fassio, the initiative is backed by a proprietary social impact measurement model enabling Banca Ifis to measure positive impact inside and outside the company. In 2025, the bank successfully acquired illimity Bank in a public takeover and exchange offer that launched a new development phase in which Banca Ifis aims to consolidate its leadership in the Italian specialty finance market.
MIL OSI Europe News –
July 25, 2025
MIL-OSI Europe: EIB supports Greek foodtech innovator STIQ with €20 million under InvestEU to scale up AI-powered cloud kitchen platform
Source: European Investment Bank

EIB
- The European Investment Bank is investing €20 million in Greek foodtech company STIQ to support innovation, artificial intelligence, and sustainable food delivery solutions.
- The financing, backed by the InvestEU programme, will help STIQ scale up its technology platform, reduce food waste, and expand into new European markets.
- The project promotes digital transformation and economic cohesion, by supporting a Greece-based start-up bringing cutting-edge innovation to the traditional food services sector.
The European Investment Bank (EIB) is investing €20 million in STIQ, a fast-growing Greek foodtech company pioneering AI-powered cloud kitchen technology. The financing, backed by the InvestEU programme, will support the company’s R&D, digital innovation and international expansion, helping transform the future of food delivery in Europe through smarter, more sustainable and scalable operations.

The investment is part of the EIB’s strategic focus on digital transformation, innovation and cohesion, and reflects its continued support for high-potential technology ventures in Southern and Eastern Europe. Structured as venture debt with quasi-equity features, the financing will enable STIQ to accelerate the development of its proprietary platform, deploy advanced AI features, and expand its operational footprint beyond Greece into new EU markets.

EIB Vice-President Yiannis Tsakiris, said: “This investment reflects the EIB’s firm commitment to supporting innovation, digital transformation and entrepreneurship across Europe. STIQ is reshaping the food delivery model through technology, and we are proud to support a Greek company that is building scalable, sustainable solutions with European reach.”

Strategic impact and EU policy alignment

The EIB financing is backed by the InvestEU programme under the “Future Technologies” window and addresses key market gaps in access to growth capital for early-stage European tech companies. It reflects the EU’s broader commitment to:
- Accelerating the deployment of artificial intelligence and advanced digital services
- Enhancing food system resilience through innovation and data
- Reducing environmental impact in urban logistics and delivery networks
· Supporting economic cohesion by investing in regions with high growth potential but limited access to venture financing.

Scaling foodtech innovation from Greece to Europe

Founded in Athens in 2022, STIQ has quickly emerged as a trailblazer in the virtual restaurant (cloud kitchen) space. Its model integrates software, logistics and food operations into a single platform that allows multiple digital restaurant brands to be prepared and delivered efficiently from a network of culinary hubs.

Key features of the platform include:
- AI-powered demand forecasting, dynamic menu engineering and inventory optimisation
- Smart routing and grouped order delivery, reducing CO₂ emissions and delivery time
- Data-driven operations that enhance consistency, food safety, and customer satisfaction.
With five live kitchen hubs in Athens, serving over 20 brands to a potential market of 3 million residents, STIQ currently employs 200 staff and plans to reach 30 hubs across Europe by 2029. The company is scaling rapidly while maintaining a strong focus on food quality, operational efficiency and environmental responsibility, including zero-waste targets and the adoption of electric delivery fleets.

Konstantinos Davaris, Founder & CEO of STIQ said: “We are thrilled to welcome the European Investment Bank as a strategic partner in our mission to redefine fast-casual dining. At StiQ, we’re leading a new era of healthy eating by blending cutting-edge technology and AI with culinary excellence. Through our diverse portfolio of brands, including Protein Garden, Dinas, Healthy Concept, and more, we deliver

delicious, nutritious, and affordable meals that make healthy dining accessible to everyone. With EIB’s support, we’re ready to scale our vision, fostering a more sustainable, health-conscious future for communities worldwide.”

Background information

EIB

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

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

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

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

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

About InvestEU

The InvestEU programme brings together EU financial tools to support investment, innovation and job creation. Through an EU budget guarantee and cooperation with partners such as the EIB, it aims to mobilise more than €372 billion in investment during 2021–2027 across strategic sectors and regions.

About STIQ

STIQ is an AI-driven foodtech company operating a digital platform of cloud kitchens and virtual restaurant brands. Headquartered in Cyprus and founded in Athens, it combines technology, culinary expertise and logistics to deliver smarter, faster and more sustainable food services. The company has raised over €10 million to date and is now entering its European growth phase.

EIB supports Greek foodtech innovator STIQ with €20 million under InvestEU to scale up AI-powered cloud kitchen platform
EIB supports Greek foodtech innovator STIQ with €20 million under InvestEU to scale up AI-powered cloud kitchen platform
©EIB
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EIB supports Greek foodtech innovator STIQ with €20 million under InvestEU to scale up AI-powered cloud kitchen platform
EIB supports Greek foodtech innovator STIQ with €20 million under InvestEU to scale up AI-powered cloud kitchen platform
©EIB
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MIL OSI Europe News –
July 25, 2025
MIL-OSI Europe: EIB supports Greek foodtech innovator STIQ with €20 million under InvestEU to scale up AI-powered cloud kitchen platform
Source: European Investment Bank

EIB
- The European Investment Bank is investing €20 million in Greek foodtech company STIQ to support innovation, artificial intelligence, and sustainable food delivery solutions.
- The financing, backed by the InvestEU programme, will help STIQ scale up its technology platform, reduce food waste, and expand into new European markets.
- The project promotes digital transformation and economic cohesion, by supporting a Greece-based start-up bringing cutting-edge innovation to the traditional food services sector.
The European Investment Bank (EIB) is investing €20 million in STIQ, a fast-growing Greek foodtech company pioneering AI-powered cloud kitchen technology. The financing, backed by the InvestEU programme, will support the company’s R&D, digital innovation and international expansion, helping transform the future of food delivery in Europe through smarter, more sustainable and scalable operations.

The investment is part of the EIB’s strategic focus on digital transformation, innovation and cohesion, and reflects its continued support for high-potential technology ventures in Southern and Eastern Europe. Structured as venture debt with quasi-equity features, the financing will enable STIQ to accelerate the development of its proprietary platform, deploy advanced AI features, and expand its operational footprint beyond Greece into new EU markets.

EIB Vice-President Yiannis Tsakiris, said: “This investment reflects the EIB’s firm commitment to supporting innovation, digital transformation and entrepreneurship across Europe. STIQ is reshaping the food delivery model through technology, and we are proud to support a Greek company that is building scalable, sustainable solutions with European reach.”

Strategic impact and EU policy alignment

The EIB financing is backed by the InvestEU programme under the “Future Technologies” window and addresses key market gaps in access to growth capital for early-stage European tech companies. It reflects the EU’s broader commitment to:
- Accelerating the deployment of artificial intelligence and advanced digital services
- Enhancing food system resilience through innovation and data
- Reducing environmental impact in urban logistics and delivery networks
· Supporting economic cohesion by investing in regions with high growth potential but limited access to venture financing.

Scaling foodtech innovation from Greece to Europe

Founded in Athens in 2022, STIQ has quickly emerged as a trailblazer in the virtual restaurant (cloud kitchen) space. Its model integrates software, logistics and food operations into a single platform that allows multiple digital restaurant brands to be prepared and delivered efficiently from a network of culinary hubs.

Key features of the platform include:
- AI-powered demand forecasting, dynamic menu engineering and inventory optimisation
- Smart routing and grouped order delivery, reducing CO₂ emissions and delivery time
- Data-driven operations that enhance consistency, food safety, and customer satisfaction.
With five live kitchen hubs in Athens, serving over 20 brands to a potential market of 3 million residents, STIQ currently employs 200 staff and plans to reach 30 hubs across Europe by 2029. The company is scaling rapidly while maintaining a strong focus on food quality, operational efficiency and environmental responsibility, including zero-waste targets and the adoption of electric delivery fleets.

Konstantinos Davaris, Founder & CEO of STIQ said: “We are thrilled to welcome the European Investment Bank as a strategic partner in our mission to redefine fast-casual dining. At StiQ, we’re leading a new era of healthy eating by blending cutting-edge technology and AI with culinary excellence. Through our diverse portfolio of brands, including Protein Garden, Dinas, Healthy Concept, and more, we deliver

delicious, nutritious, and affordable meals that make healthy dining accessible to everyone. With EIB’s support, we’re ready to scale our vision, fostering a more sustainable, health-conscious future for communities worldwide.”

Background information

EIB

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

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

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

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

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

About InvestEU

The InvestEU programme brings together EU financial tools to support investment, innovation and job creation. Through an EU budget guarantee and cooperation with partners such as the EIB, it aims to mobilise more than €372 billion in investment during 2021–2027 across strategic sectors and regions.

About STIQ

STIQ is an AI-driven foodtech company operating a digital platform of cloud kitchens and virtual restaurant brands. Headquartered in Cyprus and founded in Athens, it combines technology, culinary expertise and logistics to deliver smarter, faster and more sustainable food services. The company has raised over €10 million to date and is now entering its European growth phase.

EIB supports Greek foodtech innovator STIQ with €20 million under InvestEU to scale up AI-powered cloud kitchen platform
EIB supports Greek foodtech innovator STIQ with €20 million under InvestEU to scale up AI-powered cloud kitchen platform
©EIB
Download original

EIB supports Greek foodtech innovator STIQ with €20 million under InvestEU to scale up AI-powered cloud kitchen platform
EIB supports Greek foodtech innovator STIQ with €20 million under InvestEU to scale up AI-powered cloud kitchen platform
©EIB
Download original
MIL OSI Europe News –
July 25, 2025
MIL-OSI Europe: Spain: Greene signs €224 million financing deal with EIB and Santander to invest in non-recyclable waste recovery
Source: European Investment Bank

EIB
- The financing will be used to build five innovative plants that will convert more than 200 000 tonnes of waste a year into raw materials for industry.
- Approximately 50% of the financing will come from the European Investment Bank (EIB) and the other 50% from Santander.
- The project supports the circular economy, climate action and cohesion between regions.
Greene Enterprise has signed a €224 million financing deal with the European Investment Bank (EIB) and Santander to build five innovative industrial plants in Spain for the treatment of non-recyclable waste. Greene is a Spanish company offering an innovative technology solution for the treatment and recycling of industrial and urban solid waste, biomass and sludge, diverting it from incineration and landfill.

Expected to be operational between 2026 and 2029, the plants will convert this waste into high-value industrial products through advanced pyrolysis technology. They will all concentrate on extracting value from the reject fraction – waste that would otherwise be sent to landfills or incinerated.

The total treatment capacity of the five plants will exceed 200 000 tonnes a year. The waste will be converted into pyrolytic oil, char and other reusable materials for industry, supporting the circular economy and helping reduce CO₂ emissions.

The projects to be financed are located in Muel (Zaragoza), La Selva del Camp (Tarragona), San Cristóbal de Entreviñas (Zamora), Madridejos (Toledo) and As Somozas (A Coruña). The Valogreene CML Madridejos and Valogreene Recinor As Somozas plants are in the final phase of construction and are expected to be commissioned in 2026. Two of the plants have been designated as priority interest projects by the autonomous communities of Aragón and Galicia, underscoring their strategic nature.

The construction and commissioning of the Valogreene plants will help boost the local economy and create jobs in the towns where they are located. Once operational, each plant is expected to create more than 20 direct jobs and more than 40 indirect jobs.

The project supports the EU Circular Economy Action Plan and contributes to the EIB’s strategic priorities of climate action and cohesion between regions set out in its Strategic Roadmap for 2024-2027.

Photo legend: Valogreene Recinor As Somozas plant

Background information

EIB

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

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

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

In Spain, the EIB Group signed €12.3 billion of new financing for more than 100 high-impact projects in 2024. This financing is contributing to the green and digital transition, economic growth, competitiveness and improved services for citizens.

High-quality, up-to-date photos of the organisation’s headquarters for media use are available here.

Greene

Greene Enterprise was founded in 2011 by four chemistry entrepreneurs from Elche, Alicante. Its shareholders include two major investment groups. Greene currently has more than 130 employees.

The company provides the market with an innovative and efficient technology that addresses the need to manage and eliminate materials classified as waste, diverting them from landfill and incineration. This solution applies to various types of waste, notably industrial solid waste, urban solid waste, biomass and water treatment sludge.

Our technology enables the efficient conversion of solid waste into high-quality raw materials. We use an integrated approach that combines advanced separation techniques and innovative chemical processes to extract reusable materials.

The Valogreene solid waste material recovery plants developed by Greene target the currently non-recoverable reject fraction of waste and convert it into sustainable raw materials such as oils, calcium carbonate-rich materials, activated carbon, synthetic waxes and hydrogen. This is achieved through a sustainable and profitable thermosconversion process that aligns with circular economy principles and supports 2030 targets.

High-quality, up-to-date photos of the organisation’s headquarters and projects for media use are available here: https://www.greene.es/multimedia/

Santander

Banco Santander (SAN SM) is a leading commercial bank founded in 1857, headquartered in Spain. It is one of the largest banks in the world by market capitalisation. The group’s activities are consolidated into five global businesses: Retail & Commercial Banking, Digital Consumer Bank, Corporate & Investment Banking (CIB), Wealth Management & Insurance and Payments (PagoNxt and Cards). This allows the bank to better leverage its unique combination of global scale and local leadership. Santander aims to be the best open financial services platform, providing services to individuals, small and medium-sized businesses, corporates, financial institutions and governments. The bank’s purpose is to help people and businesses prosper in a simple, personal and fair way. Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising €220 billion in green financing between 2019 and 2030. In the first quarter of 2025, Banco Santander had €1.4 trillion in total funds, 175 million customers, 7 900 branches and 207 000 employees.
MIL OSI Europe News –
July 25, 2025